Economy to get back from stress shortly : Chidambaram

October 5, 2013

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Bangalore, Oct 5: India's sagging economy would recover from stress in the second half of this fiscal to return to high growth over the next two years, Finance Minister P. Chidambaram said Saturday.

"The country's economy will recover from stress this fiscal (2013-14) as it has enough the capacity to get over it to post higher growth than last fiscal (2012-13)," Chidambaram said on the margins of a bank function here.

In view of a normal monsoon resulting in higher growth in the farm sector and steps to boost demand in services and manufacturing sectors, Chidambaram hoped the national gross domestic product (GDP) growth this fiscal would be better than last fiscal (2012-13) when it was 5 percent as against 6.5 percent in 2011-12.

"The recovery will enable the economy to grow 6-7 per cent next fiscal (2014-15) and return to 8 percent growth in fiscal 2015-16," the finance minister said.

The economy has been projected to grow at 4.5-5 percent GDP this fiscal (2012-13) as against 5 percent last fiscal (2012-13) due to slow down in the first two quarters.

"Last year, pundits, analysts, rating agencies and all the wise people, who appear on television channels daily, told me that we cannot contain fiscal deficit. I am happy that we were able to surprise them. We did contain fiscal deficit at a level below (4.9 percent) what I had indicated (5.2 percent)," Chidambaram said after unveiling 101 branches of the State Bank of Mysore (SBM) simultaneously through remote switch.

Referring to the current account deficit (CAD), the finance minister said he would ensure it is restricted to $70 billion this fiscal as against $88 billion last fiscal.

"We were told that we will not be able to contain CAD. But I will surprise them (pundits) once again by containing it well below $70 billion. Though I do not have a magic wand, I say this because we have intellectual capacity and the people who give us confidence that we can overcome the stress period," Chidambaram said.

Extolling the people for being very good in savings, the finance minister said even in the worst of times the savings rate did not go below 30 percent.

"I have no doubt everyone saves, which is a great fortune of our country. If those savings are channelised into productive investments and if we create a climate where people can take risks, I am sure we will get over this period of stress," he said.

Noting that the country was blessed with very good economists, economic advisors and administrators, Chidambaram said a fresh set of policies could be drafted through dialogue with stakeholders and time could be given to them for implementation.

"Believe me, sooner than later we will find results," he added.

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News Network
December 15,2025

Mangaluru police have arrested a 27-year-old NRI on his return from Saudi Arabia in connection with an Instagram post allegedly containing derogatory and provocative remarks about the Hindu religion, officials said on Monday.

The accused, Abdul Khader Nehad, a resident of Ulaibettu in Mangaluru, was working in Saudi Arabia when the post was uploaded, police said.

A suo motu case was registered at the Bajpe police station on October 11 after an allegedly offensive post circulated from the Instagram account ‘team_sdpi_2025’. Police said the content was flagged for being provocative and derogatory in nature.

During the investigation, technical analysis traced the Instagram post to Nehad, who was residing abroad at the time, a senior police officer said. Based on these findings, a Look Out Circular (LOC) was issued against him.

On December 14, Nehad arrived from Saudi Arabia at Calicut International Airport in Kerala, where he was taken into custody on arrival. Police said further investigation is underway.

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coastaldigest.com news network
December 2,2025

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Udupi, Dec 2: A wave of regional pride is sweeping through Udupi district as Shagun S Verma Hegde, a talented Class 9 student from Christ King English Medium High School, Karkala, has been named the captain of the Indian National Team for the Under-15 Girls’ Volleyball Championship.

Shagun holds the unique distinction of being the sole player from Karnataka selected to represent the country in the prestigious international tournament. The championship, organized by the School Games Federation, is scheduled to take place in Shangluo, China, from December 3 to 13, where Shagun will lead the national squad.

A Remarkable Journey to the Top

Shagun’s selection is a testament to her dedication and exceptional skill on the court. Her journey included several rigorous rounds of selection:

•    She was the only player from Udupi district to qualify for the state-level selection camp.

•    Out of eight players from Karnataka who advanced to the national selection camp in Pune, Maharashtra, Shagun was the only one to secure a place in the final national squad.

•    The national camp saw participation from approximately 200 players, which was shortlisted to 23. Shagun not only made the final cut but was also ranked as the second-best player overall, solidifying her leadership role.

Shagun, who is the daughter of Sandesh Verma and Shruthiraj of Kallotte, Karkala, has trained under experienced coaches Santosh D’Souza, Jeevan D’Silva, Jairaj Poojary, and Ramesh. Her selection as the team captain has brought profound honour to her family, school, the Udupi district, and the entire state of Karnataka.

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News Network
December 15,2025

Mangaluru, Dec 15: Educational institutions in Mangaluru that rely on the popular Mangala Stadium for their annual sports events are bracing for an inconvenience as the city's key sporting venue is set to close its gates for a significant upgrade. The stadium is expected to be unavailable for approximately two months starting from January 15, 2026.

The closure is necessitated by a proposed overhaul of the stadium's facilities, with a special focus on upgrading the synthetic track. Pradeep Dsouza, Assistant Director of the District of Youth Empowerment and Sports (DYES), Dakshina Kannada, confirmed the development.

"Experts have visited the stadium, conducted a thorough inspection, and have given the go-ahead for a complete makeover," Dsouza stated. "Funds have been allocated for the project, and we are currently awaiting the final green signal from state officials to commence the work. We anticipate that the work will likely begin in the second week of January. Consequently, we have stopped renting out the stadium to colleges and other organizations in preparation for the upgrade."

The timing presents a logistical challenge for colleges, as many schools have already concluded their sports meets.

"Colleges will now be organizing their events and will need to find alternative locations to host their sports meets," Dsouza added. He suggested a few potential venues, including the Dakshina Kannada police ground, University College grounds, Panambur grounds, Swaraj Maidan in Moodbidri, and the Mangalore University sports grounds in Konaje.

However, many institutions note that finding a comparable venue will be difficult. While the DK police ground and University College grounds are closer to the city center, they do not possess the extensive facilities and infrastructure offered by Mangala Stadium.

Dr. P Dayananda Pai - P Satisha Govt First Grade College, Carstreet, is one such institution dependent on the stadium. Principal Jayakar Bhandary expressed hope for a swift completion of the work. "We expect the work to be completed at the earliest. If not, we will be forced to look for other venues to host the sports day for our students," Bhandary said, highlighting the pressing need for the city's main sporting facility.

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