Indian economy on verge of slow recovery; unemployment remains key challenge: PHDCCI

News Network
October 25, 2020

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New Delhi, Oct 25: Industry body PHDCCI expects India’s GDP to contract by 7.9 per cent in the current financial year and grow by 7.7 per cent in 2021-22, assessing that the worst is over and the economy is on the verge of a slow recovery.

The chamber, however, stated that unemployment remains a key challenge to be addressed by the government.

The PHDCCI drew the conclusions based on its analysis of 25 high-frequency economic indicators which point out that there has been a pickup in business normalisation.

However, the unemployment rate still remains a worry as it worsened to 8.3 per cent in August from 7.4 per cent in July, it said in a report.

"Going ahead, India should focus on moving away from imports from China, divert trade towards friendly economies, build domestic capacities and significantly scale-up indigenous production with a thrust to become self-reliant," PHD Chamber of Commerce and Industry (PHDCCI) said.

It said also that efforts should be made to diversify the portfolio of export products in terms of more countries and also in terms of more products, where India has a core competence.

PHDCCI President Sanjay Aggarwal said on the back of various reforms undertaken by the government during the last six months, economic recovery has become visible in the high-frequency indicators.

“At this juncture, on the basis of PHDCCI Economic and Business Momentum (EBM) Index, we estimate that the GDP growth will be at around (-) 7.9 per cent for the current financial year 2020-21 and 7.7 per cent for the next financial year 2021-22,” Aggarwal told PTI.

The chamber suggests that the government should prioritise demand creation measures to attain a positive growth trajectory in the third and fourth quarters of the current financial year ending March 2021.

“Demand creation will have a significant effect on the enhanced production sentiments of producers, increased investments and employment creation. Investments in the infrastructure will refuel the growth trajectory with increased demand for commodities such as steel, cement and power which in turn will rejuvenate private investments and create new employment opportunities in the country,” said Aggarwal.

The chamber observed that while several sectors of the economy will continue to have the after-effects of the pandemic, recent economic data shows that the worst is over and India is on the verge of a slow recovery.

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News Network
November 14,2024

Bengaluru: Karnataka Deputy Chief Minister D K Shivakumar on Thursday backed Chief Minister Siddaramaiah over his claim that the BJP had offered Rs 50 crore each to 50 Congress MLAs in an attempt to "topple" the state government.

Addressing reporters here, Shivakumar, also the Congress state president, said, “The BJP indeed lured 50 Congress MLAs with Rs 50 crore each.”

He defended Siddaramaiah’s statement and said the Congress MLAs were briefed about the BJP’s alleged 'Operation Lotus', a term used to describe the BJP's attempts to destabilise ruling governments through horse-trading.

“Some of our MLAs informed the Chief Minister about this matter, and he, in turn, shared it with the media,” Shivakumar said.

At an event in Mysuru, Siddaramaiah reiterated the claim that "none of the Congress MLAs had accepted the offer".

He also accused the BJP of filing false cases against him in a bid to "remove him and overthrow his government".

The BJP has yet to respond to the allegations.

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coastaldigest.com news network
November 5,2024

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Several videos have been circulating across social media platforms, claiming that football superstar Cristiano Ronaldo is shown reading the Quran in a mosque. Several posts have gone further to claim that Ronaldo and his wife have converted to Islam. The videos have attracted millions of views and sparked widespread speculation. 

Is Ronaldo Reciting the Quran?

One such video shows a man reading from the Quran, with captions like "Cristiano Ronaldo Reciting Quran." Several posts, especially on TikTok and Facebook, claim that Ronaldo has not only read the Quran but has also embraced Islam along with his wife, Georgina Rodríguez. One of these TikTok posts amassed 1.7 million likes and over 58,000 shares, adding to the viral momentum of this claim.

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Ronaldo Lookalike from Iraq

Contrary to these claims, the man in the video is not Cristiano Ronaldo. The individual is Bewar Abdullah, a well-known Ronaldo lookalike originally from Iraq, who now resides in Birmingham, U.K. Abdullah has gained fame for his striking resemblance to Ronaldo and regularly posts content online imitating the footballer.

The Reality

The viral video was initially posted by Bewar Abdullah on his TikTok account (@bewarabdullah) on July 20, 2021, with the caption "Eat Mubarek🕌 (sic)." Abdullah has a large following of 1.7 million people.

Abdullah is frequently mistaken for Ronaldo due to his resemblance, and his name appears at the end of the viral video, confirming his identity.

Abdullah’s online popularity stems from his likeness to Ronaldo, and he regularly receives invitations to events and appearances due to this.

Apart from the video, there are also widespread claims that Ronaldo and his wife have converted to Islam. However, there is no credible evidence to support this. These rumors appear to have emerged from the same viral content surrounding Ronaldo’s lookalike, without any basis in fact.

Why the Confusion?

The confusion arises from Abdullah’s close resemblance to Ronaldo and the viral nature of social media posts that often mislead viewers. The presence of Ronaldo-related hashtags and captions like "#Ronaldo #CristianoRonaldo #CR7 #SaudiArabia" further fueled the speculation, making it seem more believable to the football star's global fanbase.

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News Network
November 4,2024

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Bengaluru: In a chilling case of moral policing gone violent, three men have been arrested for the brutal murder of a 21-year-old college student at a farmhouse near Bengaluru. The accused, identified as Chandru, Nagesh, and Murali from Honnapura, allegedly killed the student, Punith, following an altercation.

Punith, a BCom student at a private college, had gone to the Chikkenahalli Farmhouse on October 26 with seven classmates, including two women, for a casual outing. According to police reports, the group was enjoying their time when the accused, all locals, became aware of the gathering.

At around 10:30 pm, the three men stormed the farmhouse and began recording videos of Punith’s female classmates, who were in the swimming pool. They verbally abused the students, questioning their presence and demanding to know who had permitted them to use the farmhouse.

When Punith protested against their actions, the situation escalated violently. He was viciously attacked with a wooden log, sustaining severe head injuries. Punith was rushed to a nearby hospital but succumbed to his injuries three days later. Another student, Likith, was also assaulted but suffered only minor injuries.

The Ramanagara Rural police have registered a case of murder against the suspects, who are now in custody. Further investigations are ongoing.

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