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

News Network
October 25, 2020

economy.JPG

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.

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
November 28,2024

Mangaluru: The upcoming assembly session at Suvarna Soudha, Belagavi, scheduled from December 9 to 19, will primarily focus on addressing issues pertaining to North Karnataka, according to Assembly Speaker U T Khader. "While the main emphasis will be on North Karnataka, concerns from other regions will also be part of the discussions," he clarified.

Speaking to reporters at the Circuit House in Mangaluru on Thursday, Khader shared that a meeting of the Business Advisory Committee had been convened, with the Chief Minister, Leader of the Opposition, and other key figures in attendance to ensure effective deliberations during the session.

"The session was initially planned from December 9 to 20. However, it was later decided to conclude it by December 19, as the All India Kannada Literary Convention is set to begin on December 20 in Mandya," Khader explained.

When asked about the process for discussions in the Assembly, Khader assured, "Discussions will take place according to the established rules."

The Speaker also highlighted his participation in various international conferences. "As Speaker of the Legislative Assembly, I have consistently sought opportunities to represent the Assembly at overseas conventions. I am pleased to announce that I will be attending the International Peace Conference in Vatican City," he said. "It is an honor to participate as a representative of the Mangaluru constituency and as the Speaker of the Assembly."

In response to questions about government grants, Khader remarked, "Grants do not come automatically. MLAs must actively follow up with the relevant authorities rather than simply complain about the lack of grants in their constituencies."

Addressing the tragic incident of three students drowning at a resort in Ullal, the Speaker emphasized, "The Deputy Commissioner has been instructed to enforce strict safety measures in resorts to prevent such incidents in the future."

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
November 28,2024

Udupi: A 53-year-old woman fell victim to a sophisticated online fraud, losing ₹19.7 lakh to scammers posing as officials from telecom companies and the police.

According to the complaint filed by Vidya, the incident began on October 4 when she received a call from an individual claiming to be from Airtel. The caller alleged that a SIM card linked to her Aadhaar was being misused in Mumbai for spam and fraudulent activities. They warned her that all her mobile numbers could be blocked and connected her to a supposed "Sahara police station."

A man identifying himself as Mohan Kumar, an "investigation officer" from the Sahara police station, then contacted Vidya. He alleged that a fraudulent bank account had been opened in her name at an SBI branch in Mumbai. This account, he claimed, was being used for human trafficking and money laundering activities by someone named Vivek Das. He insisted that all her bank accounts needed to be reviewed.

On October 5, the scam escalated when Kumar, posing as a police officer, threatened Vidya with arrest and warned her not to leave her location without his permission. He demanded that she transfer funds from her accounts to specific UPI IDs and bank accounts under the pretext of "reviewing" her finances. Fearing legal consequences, Vidya complied and transferred ₹19.7 lakh in installments between October 16 and November 7.

The fraud came to light only after she realized she had been deceived. A case has been registered at the CEN (Cyber, Economic, and Narcotics) police station, and an investigation is underway.

Public Warning:

  • Beware of unsolicited calls claiming to be from telecom companies, banks, or police stations.
  • Never share sensitive personal or banking details over the phone.
  • Always verify the identity of callers through official channels before taking any action.
  • If in doubt, contact your local police or cybercrime cell immediately.
  • Stay vigilant to avoid falling prey to such scams!

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
November 27,2024

vokkaliga.jpg
Chandrashekaranatha Swami (left) with chief minister

Bengaluru: Amidst the ongoing Waqf controversy in the state, a Vokkaliga seer has sparked controversy by suggesting the disenfranchisement of Muslims, claiming it would end vote bank politics in India.

The provocative remarks were made by Kumara Chandrashekaranatha Swami during a protest organized by the Bharatiya Kisan Sangh, a farmers’ organization with links to the RSS. The protest focused on farmers' lands being marked as Waqf properties.

"Politicians are exploiting this issue for votes. Muslims should be deprived of voting rights. This step is necessary to eliminate vote bank politics and allow India to prosper," the seer stated. He is the head of the Vishwa Vokkaliga Mahasamsthana Mutt, which was founded with support from JD(S) leader and former Prime Minister HD Deve Gowda.

The seer also made misleading claims about Pakistan, stating, “In Pakistan, minorities don’t have the right to vote. If we implement the same in India, Muslims would be isolated, and peace would prevail.” However, minorities in Pakistan have voting rights. 

Chandrashekaranatha Swami continued his criticism of the Waqf Board, accusing it of unlawfully seizing properties. “It is unjust to take someone’s property. We must ensure that the Waqf Board is abolished,” he said. He further emphasized the need for farmers' land to remain protected, even at the cost of political fallout.

Minister Condemns Remarks

Minister for Social Welfare, H.C. Mahadevappa, swiftly condemned the seer’s comments, stating, “After years of struggle, Baba Saheb Dr. B.R. Ambedkar established the principle of ‘one vote, one value.’ It is crucial for Dalits, backward communities, and minorities to understand its significance.”

He continued, "Those who spread hatred for political gain under the guise of religion must end their harmful rhetoric."

Earlier, Kumara Chandrashekaranatha Swami had stirred controversy by suggesting that Chief Minister Siddaramaiah step down to allow Deputy Chief Minister D.K. Shivakumar to assume the role of Chief Minister for the remainder of the term. The statement created a fresh political debate, raising questions about the power dynamics in Karnataka's ruling party.

The seer remarked, “Everyone has had the opportunity to hold the Chief Minister’s position, except D.K. Shivakumar. I request our experienced Chief Minister Siddaramaiah to vacate the post and bless Shivakumar with the opportunity.”

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.