India's economic growth may tank below 5% to a new low, fear experts

Agencies
November 20, 2019

Nov 20: India's economic growth probably hit a new low last quarter, with early forecasts showing expansion below 5 per cent.

Economists at State Bank of India, Nomura Holdings Inc. and Capital Economics Ltd. lowered their growth forecasts for the quarter ended September to between 4.2 per cent to 4.7 per cent. The government is scheduled to publish the data on November 29.

Growth of 4.2 per cent would be the lowest since authorities adopted a new base year for gross domestic product data in 2012. The economy expanded 5 per cent in the three months through June.

"We now believe GDP growth did not bottom in" the April-June period, said Sonal Varma, chief economist for India and Asia at Nomura in Singapore, who is predicting 4.2 per cent growth for last quarter. "High-frequency indicators have plunged and domestic credit conditions remain tight amid weak global demand."

The Reserve Bank of India has cut interest rates five times this year to boost growth, with the monetary easing complemented by fiscal measures, including $20 billion of tax cuts for companies.

"We now expect larger rate cuts from RBI in December," said Soumya Kanti Ghosh, chief economic adviser at State Bank in Mumbai, whose growth estimate matches that of Nomura's Varma. "However, such rate cut is unlikely to lead to any immediate material revival."

Finance Minister Nirmala Sitharaman last week said it was too early to say if the slowdown had bottomed out. Companies are planning new investments which might take time to materialize, she said.

"We doubt that these tailwinds will have been enough to offset the weakness elsewhere," said Shilan Shah, senior India economist at Capital Economics in Singapore, who is forecasting a 4.7 per cent expansion. "It is clear that the recovery in growth we have been forecasting has so far proved elusive."

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News Network
May 12,2024

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Mangaluru: Dakshina Kannada Zilla Panchayat High School in Harekala, popularly known as Padma Shri awardee Harekala Hajabba’s school, is gearing up to inaugurate its first batch of Pre-University (PU) courses starting June 1. 

The government issued an order to elevate the school established by Padma Shri awardee Harekala Hajabba to the status of a PU College a few months ago.

The School Education and Literacy Department (PU Education) has formally sanctioned the upgrade for the school.

CD Jayanna, the deputy director of PU Education, confirmed that all necessary approvals have been obtained from the government to initiate PU classes.

“Hajabba’s school will kick off PU classes for its inaugural batch on June 1. We have appointed a senior lecturer as the interim principal for the PU college. Presently, the school possesses the essential temporary infrastructure to begin the I PU batch. Plans are underway to enhance the infrastructure for the PU college in the future. Currently, the school boasts adequate classrooms and facilities to commence PU classes,” stated Jayanna.

Harekala Hajabba, an orange vendor, personally erected the school in his native village, New Padpu in Harekala, situated approximately 35 km from Mangaluru. For several years, he has tirelessly petitioned the government for the establishment of a PU college.

Expressing his gratitude, Hajabba mentioned that 19 students who recently completed their SSLC examinations are poised to enroll in the new PU college. He added, “We anticipate enrollment from neighboring villages as well. Both the interim principal and the PU education department have been diligently orchestrating the necessary arrangements to initiate classes.” 

He extended his appreciation to the government, local representatives, and officials for their unwavering support.

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News Network
May 7,2024

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The International Criminal Police Organization (Interpol) on Monday responded to Karnataka’s Special Investigation Team (SIT) regarding a blue corner notice issued against JDS MP Prajwal Revanna.

In its response, Interpol said that all 196 member countries were alerted to identify and report if Prajwal Revanna is spotted at any port in their jurisdiction.

The Karnataka government issued a Blue Corner Notice on Sunday against Prajwal Revanna, who is facing allegations of sexual abuse by his staff members.

A Blue Corner Notice is issued by the international police cooperation body to collect additional information from its member countries about a person’s identity, location or activities about a crime.

The notice was issued after the 33-year-old Hassan MP reportedly flew to Germany soon after the Karnataka State Commission for Women chairperson Nagalakshmi Chowdhary wrote to the CM to order a probe into the sexual allegations against Prajwal.

Last week, the anticipatory bail application of Prajwal Revanna was also denied by Justice Santosh Gajanana Bhat’s bench of People’s Representative Court in Bengaluru.

Earlier, his MLA father and son of former Prime Minster HD Deve Gowda, HD Revanna was remanded to Karnataka SIT custody in a kidnapping-related sex scandal case.

His arrest came after the kidnapped victim was rescued from Revanna’s close assistant Rajasekhar’s farmhouse in Kalenahalli, Hunsur Taluk after the SIT conducted the rescue operation to find her, the police said.

The abduction case was filed by the son of a woman who worked at the Revannas’ house for nearly five years. He alleged that his mother was kidnapped from her home on April 29 by Satish Babanna a relative of Revanna.

The Karnataka Sex Scandal case pertains to explicit video clips allegedly involving the 33-year-old Prajwal, grandson of JD(S) patriarch and former Prime Minister H D Deve Gowda, which went viral on social media.

Those videos began to make rounds in Hassan in recent days, following which the state government constituted a Special Investigation Team (SIT) to probe the sexual abuse allegations against the MP.

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News Network
May 14,2024

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Bengaluru, May 14: JD(S) leader HD Revanna has been released from Parappana Agrahara Jail today, on May 14 after he was granted conditional bail. 

He was granted a conditional bail yesterday by a Bengaluru court in connection with a kidnapping case linked to sexual abuse allegation against him and his son Prajwal.

Revanna was arrested on May 4 by Special Investigative Team (SIT) officials in a kidnapping case registered against him at KR Nagar police station in the city. The case is linked to his son and Hassan MP Prajwal Revanna’s mega sex scam. 

Representing the JD(S) MLA from Holenarsipura, he termed this case a "political conspiracy" against him.

A SIT, constituted by the Karnataka government, is probing the alleged sexual abuse against against HD Revanna and his son Prajwal Revanna.

Prajwal Revanna, the incumbent MP, is seeking another term from Hassan Lok Sabha constituency. The voting for the seat took place on April 26.

Earlier, JD (S) chief HD Kumaraswamy alleged that Karnataka government does not want a fair inquiry.

"They are misusing the office. Nothing is going to happen ultimately. They wanted character assassination of HD Revanna and for that reason, they are using their office," Kumaraswamy told ANI.

Meeting Karnataka Governor Tawara Chanda Gehlot on May 9, a delegation of the Janata Dal (Secular) submitted a memorandum and urged Gehlot to recommend a CBI probe.

Prajwal sill absconding

The JD(S) MP, Prajwal, fled to Germany after Karnataka State Commission for Women Nagalakshmi Chowdhary wrote to Chief Minister Siddaramaiah seeking an investigation into over obscene videos of Prajwal Revanna allegedly sexually abusing several women. He has also skipped summons issued by the SIT to appear before it.

The ‘obscene videos’ involving Prajwal Revanna started making the rounds ahead of the first phase of Lok Sabha elections in Karnataka on April 26, triggering a political slugfest.

A lookout notice against Prajwal Revanna has been issued at all airports in India, along with a Blue Corner notice. A Blue Corner notice issued by Interpol helps countries collect and share information regarding a person's location and their activities as part of a criminal investigation.

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