India’s GDP fall worst in the world; Chain only major economy to gain amid pandemic

News Network
September 1, 2020

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Even as India has shown the sings of becoming the new global epicentre of novel coronavirus, the country’s economy has been served a knock-out punch amid the pandemic. The arbitrary and unplanned lockdown imposed by the Narendra Modi led government mainly weighed on the already-declining consumer demand and investment in the country.

With the data showing contraction in India’s GDP by 23.9 per cent in the first quarter of the financial year 2020, India is trailing behind all G7 countries — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

Barring China, the world's second-largest economy, all other major economies have felt the negative impact of coronavirus pandemic. In the April-June quarter of 2020, Chinese economy grew by 3.2 per cent.

Here's how the major economies of the world have performed during the period:

United Kingdom

The United Kingdom (UK) reported a 21.7 per cent contraction in the April-June quarter of 2020. It is the UK's second consecutive quarterly decline. On account of government restrictions, there has been a record quarterly fall in services, production and construction during the period.

France

France's GDP contracted by a record 18.9 per cent in the April-June quarter of 2020 amid coronavirus lockdowns. Even as the GDP numbers were better than forecast, the performance was much worse than other Eurozone economies.

Italy   

Italy's GDP shrank 17.7 per cent in the April-June quarter of 2020. These numbers are the lowest on record since Q1 of 1995. "After the significant decrease recorded in the first quarter (down 5.5 per cent), in the second quarter of 2020 the Italian economy suffered an unprecedented contraction...due to the full deployment of the (COVID-19) health emergency," the government agency which releases Italy's official statistics wrote in a note.

Canada

The GDP of Canada contracted by 13 per cent (as per CEIC) in the April-June quarter of 2020. The contraction was on account of fall in consumer spending, business investment, imports and exports due to COVID-19. The GDP contracted at a 38.7 per cent annualised rate in the given quarter.

Annualised rate is a rate for a period of less than a year. But, it is calculated as if it's a rate for a full year. In other words, it is an estimated rate of annual return that is extrapolated mathematically.

Germany

The GDP of Germany contracted during this year's April-June quarter by 11.3 per cent. It is the steepest since the country's statistical office began tracking quarterly economic data a half-century ago.

Japan

Japan's economy shrank a record 9.9 per cent in the April-June quarter of 2020 amid the coronavirus induced economic woes. It is the worst economic contraction for Japan since comparable data became available in 1980, eclipsing the brutal impact of the 2008 global financial crisis.

US

The US GDP shrank 9.1 per cent for the April-June quarter of 2020. This is the largest quarterly decline since the series began in 1947, even as the market expectations were much lower than the actual number. The GDP contracted at a 31.7 per cent annualised rate in the given quarter.

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News Network
January 14,2025

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New Delhi: Social media giant Meta is set to get a summons from a Parliamentary Standing Committee over its boss Mark Zuckerberg's remark on the 2024 Indian general election. Nishikant Dubey, BJP MP and chairman of the House panel on Communication and Information Technology, said Meta would be summoned on grounds of spreading misinformation.

"Misinformation on a democratic country maligns its image. The organisation would have to apologise to the Parliament and the people here for this mistake," Mr Dubey said in a post on X.

In a podcast on January 10, the 40-year-old Facebook co-founder said the Covid pandemic had led to an erosion of trust in incumbent governments the world over. He incorrectly cited India's example in this connection. "2024 was a very big election year around the world and all these countries, India, had elections. The incumbents basically lost every single one. There is some sort of a global phenomenon - whether it was because of inflation or the economic policies to deal with Covid or just how the governments dealt with Covid. It seems to have had this effect that's global," he said.

Soon after, Union Minister Ashwini Vaishnaw fact-checked Zuckerberg's remark and said the people of India had reaffirmed their trust in the NDA led by Prime Minister Narendra Modi in the Lok Sabha election held last year.

"As the world's largest democracy, India conducted the 2024 elections with over 640 million voters. People of India reaffirmed their trust in NDA led by PM @narendramodi Ji's leadership. Mr. Zuckerberg's claim that most incumbent governments, including India in 2024 elections, lost post-COVID is factually incorrect," Mr Vaishnaw, who handles portfolios of Railways, Information and Broadcasting and Electronics and Information Technology in the Modi 3.0 government, said in a post on X.

"From free food for 800 million, 2.2 billion free vaccines, and aid to nations worldwide during COVID, to leading India as the fastest-growing major economy, PM Modi's decisive 3rd-term victory is a testament to good governance and public trust. Meta, it's disappointing to see misinformation from Mr. Zuckerberg himself. Let's uphold facts and credibility," he added.

The ruling BJP, which had scored thumping victories in the 2014 and 2019 Lok Sabha polls, suffered some setbacks in the general election last year and ended below the majority mark. The NDA alliance, however, crossed the magic figure comfortably with key allies bolstering the BJP's numbers. A united Opposition led by the Congress did make gains, but fell well short of the numbers required to turn the tables. With Modi 3.0, Prime Minister Modi became only the second Indian Prime Minister after Jawaharlal Nehru to get the top post for three consecutive terms.

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News Network
January 8,2025

Bengaluru: In a sweeping anti-corruption operation, the Karnataka Lokayukta conducted simultaneous raids on the properties of eight government officials across eight districts on Wednesday. The raids, part of ongoing investigations into disproportionate assets cases, targeted over 20 locations linked to these officials.

According to Lokayukta sources, the coordinated operation spanned Bengaluru, Mandya, Bidar, Belagavi, Tumakuru, Gadag, Ballari, and Raichur. Properties of the following officials were under scrutiny:

Shobha – Joint Commissioner, Bengaluru Transport Department

S. N. Umesh – Health and Family Welfare Officer, Kadur

Ravindra – Inspector, Minor Irrigation and Groundwater Development Sub-Division, Bidar

Prakash Sridhar Gaikwad – Tahsildar, Khanapur

S. Raju – Retired RTO Officer, Tumakuru

Huchesh alias Huchappa – Assistant Executive Engineer, Gadag Municipality

R. H. Lokesh – Welfare Officer, Backward Class Department, Ballari

Huliraja – Junior Engineer (Electric), Raichur

Lokayukta officials are thoroughly examining documents, assets, cash, and other valuables found during the raids.

This operation is the Lokayukta’s first major crackdown in 2025. Notably, on December 12, the watchdog had unearthed disproportionate assets worth Rs 48.55 crore in raids on properties belonging to 10 government officials.

The Lokayukta’s intensified efforts signal its commitment to curbing corruption and ensuring accountability among government officials.

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News Network
January 1,2025

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New Delhi: In a jibe at AAP supremo Arvind Kejriwal on Wednesday, Delhi BJP chief Virendra Sachdeva urged him to give up what he said were the former CM's "deceitful and dishonest" political practices as a new year resolve.

The dig at Kejriwal comes in response to his letter to RSS head Mohan Bhagwat in which he has accused the BJP of "openly" distributing money and trying to get Puravanchali and Dalit voters deleted from Delhi's electoral rolls ahead of the assembly polls.

Sachdeva extended Kejriwal new year greetings in his letter and said since childhood we all make resolutions on New Year's day to give up bad habits and start something good and new.

The Delhi BJP president said he hoped that, on the first day of 2025, Kejriwal would strive to bring meaningful change by abandoning "dishonest and deceitful political practices".

As part of his New Year's resolution, Kejriwal should resolve to "never to swear in the name of his children", and "apologise for promoting liquor" and "making false assurances" of cleaning Yamuna, Sachdeva said.

He also said he hoped the AAP chief would stop "playing with the sentiments" of Delhi's women, elders, and religious communities by making "false promises" and will not "associate with or accept donations" from "anti-national forces" for political gains.

"May God give you the strength to walk on the path of righteousness," Sachdeva said concluding the letter.

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