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 6,2024

Mangaluru, May 6: A five-year-old girl from Arendur village of Siddapura taluk of Uttara Kannada district died of Kyasanur Forest Disease (monkey fever) recently.

As her health deteriorated, she was admitted to the KMC Hospital in Mangaluru, where she failed to respond to the treatment and died on Friday night.

It is learned that the KFD is slowly spreading to the newer areas of coastal and malnad areas of Karnataka

According to officials, KFD spreads due to bites of ticks that generally survive on monkeys. This tick bites humans which causes the infection. Humans also contract the disease by coming in contact with cattle bitten by ticks.

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News Network
April 28,2024

Prajwal.jpg

Bengaluru: JD(S) leader H D Kumaraswamy on Sunday said he would like to wait for the facts to come out of the investigation into an alleged sex scandal involving his nephew and Hassan MP Prajwal Revanna, but asserted that there is no question of forgiving anyone who has committed a crime as per law.

The former chief minister said he has nothing to do with Prajwal Revanna reportedly leaving the country, and it is the responsibility of the Special Investigation Team (SIT) to get him back if required.

The 33-year-old Prajwal Revanna is the son of former prime minister and JD(S) patriarch H D Deve Gowda's elder son H D Revanna, who is an MLA and former minister.

Some explicit video clips allegedly involving Prajwal Revanna had started making the rounds in Hassan in recent days.

Prajwal Revanna is the BJP-JD(S) alliance's candidate from Hassan, which went to polls on Friday.

Kumaraswamy said, "I have noticed that the chief minister has ordered an SIT probe. Whether it is me or Deve Gowda (his father), we have always conducted ourselves respectfully towards women and have responded positively when anyone came with any sufferings. We have tried to address them."

Speaking to reporters here, he said, "The Hassan related issue that started during elections, let the facts come out through a probe. Whoever it is, who has committed the mistake as per the law of the land...there is no question of forgiving anyone who has committed the mistake. So let the facts come out from the probe, after that I will react."

To a question on Prajwal Revanna going to a foreign country, Kumaraswamy said, "It is not related to me. SIT probe has been ordered, officials have been put to work. If he has gone to a foreign country, getting him back is their responsibility. What should I say, if I'm asked. They (SIT) will get him, don't worry."

Chief Minister Siddaramaiah announced the decision to constitute a SIT to probe the alleged sex scandal involving the MP.

Meanwhile, the police have information that Prajwal has left the country, according to a statement issued by the Chief Minister’s office.

"Prajwal Revanna’s explicit video clips are being circulated in Hassan and it appears prime facie that women were sexually assaulted,' the statement said, adding that the government decided to form an SIT based on a petition by the chief of the Karnataka State Commission for Women.

The Commission's chairperson Dr Nagalakshmi Chaudhary on Thursday wrote to Siddaramaiah and state police chief Alok Mohan, seeking a probe into the videos that are in circulation in Hassan.

Prajwal has through his election agent lodged a complaint with the authorities that the videos are "doctored" and being circulated to tarnish his image ahead of elections.

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News Network
May 1,2024

Bengaluru: A red alert denoting severe heat wave has been issued for six districts of Karnataka by the Karnataka State Natural Disaster Monitoring Centre (KSNDMC), as temperatures are likely to cross 46 degrees Celsius.

Bagalkote, Belagavi, Dharwad, Gadag, Haveri and Koppal districts will see temperatures ranging from 40 to 46 degrees Celsius between May 1 and May 9, according to KSNDMC.

The monitoring centre also pointed out that when comparing the maximum temperature recorded in Karnataka in the past seven years – between 2017 and 2024 – April 30, 2024 recorded the highest, 45.6 degrees Celsius.

Meanwhile, in a statement released by the India Meteorological Department in Bengaluru, the trough/wind discontinuity from southeast Madhya Pradesh to South Interior Karnataka (SIK), across Vidarbha, Marathawada and North Interior Karnataka (NIK) extending up to 1.5km above mean sea level persists.

But as per IMD, the department issued a severe heat (red) alert only when the actual maximum temperature crosses 47 degrees Celsius.

The maximum temperatures are likely to continue and also be around 40 to 46 degrees Celsius over parts of NIK districts, such as Raichur, Kalaburgi, Yadgir, Bellary and Vijayapura districts till May 6, the natural disaster management centre said on social media platform X.

The remaining NIK districts, most of the SIK districts and Dakshina Kannada district are likely to experience maximum temperature between 40 and 44 degrees Celsius, it added.

Parts of Kodagu, Udupi, Hassan, Shivamogga, Chikkamagaluru and parts of Uttara Kannada districts are likely to experience between 33 and 40 degrees Celsius till May 6, according to the centre.

From May 7, maximum temperatures are likely to come down by 2 to 3 degrees Celsius across the state, according to KSNDMC.

Meanwhile, as per realised rainfall across the state data by KSNDMC, while isolated rains were observed in six districts -- Haveri, Dharwad, Gadag, Vijayapura, Shivamogga and Uttara Kannada -- dry/negligible rains were received in 25 districts, including Bengaluru rural and urban on April 30.

Maximum rainfall of 35mm was recorded at Bhogavi in Haveri district.

As per the cumulative date of rainfall from January 1 to April 30, only coastal Karnataka recorded an excess of 59% rainfall from usual, while the rest of Karnataka had deficit rainfall ranging from 13% to 80%, said a press release by KSNDMC, which compiles the data from telemetric rain gauge locations established by it across the state.

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