India's GDP contraction in FY 21 likely closer to 10%, says statistician Pronab Sen

Agencies
December 13, 2020

pronab_sen1.jpg

New Delhi, Dec 13: India's current macroeconomic situation is "very uncertain" and the country's GDP could contract closer to 10 per cent in the current fiscal, former chief statistician Pronab Sen said on Sunday.

In an interview with PTI, Sen said that although the overall macro-management of the economy by the Modi government has not been very good but this particular slowdown is really beyond its control.

"At the moment India's current macroeconomic situation is very uncertain. I would say we should be very very cautious. I think there is too much optimism going around.

"... the actual economic growth of India could be closer to -10 per cent in 2020-21," he said.

Sen said quarterly GDP numbers are still derived from some corporate accounts and corporates have not fared as badly as the non-corporate sector.

"We know that MSMEs have been hit much harder than the corporations. So, the headline number coming out in the national accounts is an overly optimistic picture of the economy," the eminent economist said.

Sen also stressed on bringing back confidence of the investors.

Investors are new people who put their money into creating new production capacity, that is completely missing, he said, adding that until that comes back, the economy cannot grow.

"Because at the moment, as things stand our production capacity will not be very higher than what it was in 2019-20. And in fact, it will be less than that because some of the capacity may have closed down," the former chief statistician noted.

Sen, who is also heading the Standing Committee on Statistics (SCES) said the committee could not finalise its report.

India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped the GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand.

The Gross Domestic Product (GDP) had shrunk by a massive 23.9 per cent in the first quarter of the current fiscal as the Covid-19 lockdown pummelled economic activity.

The second straight quarter of contraction pushed India into a technical recession for the first time.

According to the RBI, the Indian economy is likely to contract by 7.5 per cent in 2020-21.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 11,2024

kejrival.jpg

Out of jail and immediately hitting the campaign trail, Delhi Chief Minister Arvind Kejriwal on Saturday trained guns at Prime Minister Narendra Modi claiming that he will make way for Amit Shah next year when he turns 75 after sidelining all BJP leaders, including Yogi Adityanath, and jailing Opposition leaders.

Predicting that the BJP will be reduced to “220-230 seats” in the Lok Sabha polls, he claimed that Yogi Adityanath will be removed as Uttar Pradesh Chief Minister in two months if at all BJP returns to power to ensure Shah’s elevation as Prime Minister, as Modi himself has set the 75-year retirement rule in his party.

Accusing Modi of being dictatorial and seeking to implement ‘One Nation, One Leader’, Kejriwal insisted that the Prime Minister is not seeking votes for himself  and  people voting for BJP should know that they are not voting for Modi but Shah while wondering whether the latter would implement ‘Modi ki Guarantees’.

He also defended his decision not to resign as Chief Minister after his arrest, as it was a “trap” set by the Prime Minister to “finish off” AAP  and felt that JMM top leader Hemant Soren, who resigned as Jharkhand Chief Minister, also should not have quit his post.

Addressing a press conference that turned out to be a meeting of AAP supporters at the party headquarters here a day after he was released from Tihar jail on interim bail, he also asked Modi to “learn from Kejriwal on how to fight corruption”, as he referred to the induction of leaders who were accused of graft into the BJP. 

In his 20-minute address, which came after his visit to the Hanuman Temple in Connaught Place in the national capital, Kejriwal said Modi wants to crush his party as he knows that the AAP with its good work would replace the BJP.

If Modi does 'good work', no one will talk about AAP but people will not accept the attempts to decimate his party, which is working for the people, Kejriwal said.

“The Prime Minister says he fights against corruption but is inducting thieves and dacoits into his party. A leader who he described as one involved in a Rs 70,000 crore scam was inducted into the party ten days after Modi made the charges. If you want to fight corruption, learn from Kejriwal,” he said, citing instances of sacking and arrests of AAP ministers in Delhi and Punjab.

Warning that Opposition leaders like Mamata Banerjee, Tejashwi Yadav, NK Stalin and Uddhav Thackeray will be jailed by Narendra Modi if BJP wins, he said his arrest was meant to be a message to the country that if Kejriwal can be taken into custody, then anybody can be.

“People need to know, his mission's name is 'One Nation, One Leader'. To achieve this, there are two ways. One is to jail all Opposition leaders and the second is to sideline all leaders in BJP if they win. They have already sidelined L K Advani, Murli Manohar Joshi, Sumitra Mahajan, Shivraj Singh Chouhan who brought BJP back to power in Madhya Pradesh, Vasundhara Raje, ML Khattar…” Kejriwal said.

“Who is next in line? It is Yogi Adityanath. Take it in writing from me, if BJP wins, the UP Chief Minister will be changed in two months...He wants to crush democracy in this country. I am fighting against it," he said.

Referring to questions on who will be I.N.D.I.A. bloc's Prime Ministerial candidate, he said he has a counter question as Modi is turning 75 next September and he himself has set the retirement rule in the party.

“Now my question is who is BJP's Prime Ministerial candidate? If they can form the government, Yogi Adityanath will be first sidelined and then Amit Shah will be made the Prime Minister. Modiji is not seeking votes for him but for Amit Shah. Who will fulfil Modi's guarantees? Will Amit Shah fulfil it? I don't think they are going to form a government. But those who are going to vote for BJP should know that they are voting for Amit Shah,” he said.

Insisting that I.N.D.I.A. bloc will form the next government and that AAP will be part of it, Kejriwal promised full statehood for Delhi in such a dispensation. Emphasising that he did not resign when he was arrested because Modi had scripted it to finish off the party, he said he wanted to show that if democracy was jailed, it would run from jail.
 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 7,2024

HDKvillain.jpg

Bengaluru: JD(S) leader H D Kumaraswamy has claimed that 25,000 pen drives with videos of women being sexually abused allegedly by his nephew, Lok Sabha election candidate Prajwal Revanna, were distributed before polls, and accused Chief Minister Siddaramaiah and his deputy D K Shivakumar of a conspiracy.

The former chief minister also sought to discredit the Special Investigation Team (SIT) formed by the Congress government on April 28 to probe the charges against Prajwal of sexually abusing several women after videos allegedly involving him started making the rounds on social media.

"It is not a Special Investigation Team but 'Siddaramaiah Investigation Team' and 'Shivakumar Investigation Team'," the JD(S) second-in-command, who is the son of party supremo and former prime minister H D Deve Gowda, said.

MLA H D Revanna and his son and Hassan MP Prajwal have been booked for allegedly molesting their cook. In another case, Revanna has been booked and arrested for allegedly kidnapping a woman who was allegedly sexually assaulted by Prajwal. A case of rape has also been registered against Prajwal.

Addressing a press conference here, Kumaraswamy said the pen drives were circulated by police officers who were "threatened to do it".

“It (pen drive carrying videos) was released in Bengaluru Rural constituency (where the Congress candidate in the Lok Sabha elections is D K Suresh, who is the brother of Shivakumar). This was an April 21 development. On April 22, Poornachandra, our polling agent, gave a complaint to the District Deputy Commissioner, who is the Returning Officer,” the JD(S) leader said.

“Poornachandra received a message at 8 pm on April 21 asking people to 'follow a WhatsApp channel to see Prajwal Revanna’s sleaze video'. There was a message on this WhatsApp channel, 'Countdown for the release of Prajwal’s sleaze videos'," Kumaraswamy further said.

According to Kumaraswamy, one Naveen Gowda had sent the message about the "countdown".

In his complaint to the Deputy Commissioner and the Superintendent of Police of Hassan district, Poornachandra has named five people including Naveen Gowda, Karthik Gowda (Revanna’s driver), Chethan and Puttaraju alias Putty, he said.

It has been more than a fortnight since the complaint made on April 21 but no action has been taken against these five people, Kumaraswamy said and demanded that they should first be arrested for "mortgaging the modesty" of women in the videos.

Kumaraswamy alleged that 25,000 pen drives were distributed in the entire state, and cited a report in a regional daily to support his claim.

“My question here is why no action was taken. If someone posts something on social media, immediately houses are searched and the person is made to sit in the police station. Why no action was taken against these five people despite a complaint?” he asked.

"Chief Minister Siddaramaiah had confidently said that all the three JD(S) candidates in the Lok Sabha elections will be defeated," Kumaraswamy said, adding, "It raises doubts about the involvement of many people."

On April 25, Karnataka State Commission for Women Chairperson Nagalakshmi Chowdhary wrote to Siddaramaiah demanding an SIT probe into the tapes where Prajwal is allegedly seen sexually abusing several women. The same night, the CM gave his nod and ordered the formation of a SIT, Kumaraswamy said.

“In that letter, Nagalakshmi Chowdhary did not mention the name of Prajwal or Revanna but the chief minister called it ‘Prajwal Revanna’s explicit videos’ in his post on X when he announced the formation of SIT. This shows how the conspiracy was hatched,” the JD(S) leader claimed.

He also alleged that the first complaint "framing" his brother H D Revanna and nephew Prajwal was typed on a computer in Bengaluru and was sent to Holenarasipura, which is represented in the Karnataka Legislative Assembly by Revanna, on April 28.

“It’s not a Special Investigation Team but there are two teams within it – one is ‘Siddaramaiah Investigation Team’ and another one is ‘Shivakumar Investigation Team’,” he charged.

He said the ‘convenor’ of the 'pen drive story', Karthik Gowda should be traced first and brought before the people.

“Going through the conspiracies, one can doubt the intention behind the investigation because more than protecting the women victims, you are limiting the scope of the probe only to defame people,” Kumaraswamy further alleged.

He underlined that he was not trying to protect anyone. “I have said that in this case I will not protect anyone doing wrong. Stringent punishment should be given to the person involved in this crime as per the law of land."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 10,2024

girlKodagu.jpg

Madikeri: A 15-year-old was bludgeoned to death and the accused fled with her severed head at Mutlu village in Somwarpet of Kodagu district on Thursday late night, hours after her SSLC examination result was declared.  

The victim has been identified as US Meena, a 10th grade student of Surlabbi High School. She had passed the SSLC examination and her school attained 100% results. 

However, she was brutally murdered by accused Prakash (32), a resident of the village. The police have launched a search operation to find the suspect, said Kodagu SP K Ramarajan 

It is said that the minor girl's engagement with the suspect was thwarted by officials from Women and Child Development department on May 9, and later officials had even convinced her parents of not to marry the minor girl.

However, the suspect barged into her house in the night and allegedly kidnapped her. Later, he took her to an area near the periphery of the forest and murdered her after which he fled with her severed head.

Victim's mother too has suffered injuries and is admitted to a hospital for treatment. The reason for the murder will be known after the probing officials have inquired the victim's mother, said the SP. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.