Fitch projects Indian economy to contract 10.5 per cent this fiscal

Agencies
September 8, 2020

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New Delhi, Sept 8: Fitch Ratings on Tuesday projected a massive 10.5 per cent contraction of India's economy in the current financial year.

India recorded one of the sharpest gross domestic product (GDP) contractions in the world in April-June.

India's GDP shrank by a staggering 24 per cent year-on-year amid the imposition of one of the most stringent global nationwide lockdown.

"GDP should rebound strongly in 3Q20 (October-December) amid a re-opening of the economy, but there are signs that the recovery has been sluggish and uneven," Fitch said.

"We have slashed our GDP forecast for this fiscal year to (-) 10.5 per cent, a huge revision of (-) 5pp compared to the June Global Economic Outlook (GEO)," it said.

Fitch had earlier projected India's GDP to contract 5 per cent this fiscal.

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Agencies
June 19,2024

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New Delhi: After the Prime Minister Narendra Modi-led union government did not allow the Australian Deputy High Commissioner to meet three West Bengal ministers during his proposed visit to the state, the Trinamool Congress on Wednesday alleged 'federal and fiscal terrorism' on the state as people had defeated the BJP in the state.

Australian Deputy High Commissioner Nicholas McCaffrey was to visit Kolkata and Sunderbans between June 18 and 21. During this visit, he wanted to meet Commerce Minister Shashi Panja, Information Technology and Electronics Minister Babul Supriyo and Agriculture Minister Sovandeb Chattopadhyay.

However, Trinamool Congress said, the Oceania Division of the MEA wrote to the High Commission saying that they do "not recommend" meetings as requested by the Australian side with the ministers.

At the same time, the Oceania Division had "no objection from political angle" in the diplomat meeting BJP MPs Sukanta Majumdar and Dilip Ghosh and Trinamool Congress MPs Derek O'Brien and Jawahar Sircar.

Trinamool Congress sources said the Deputy High Commissioner had not come to Bengal as scheduled and their MPs would not have met him when the ministers were not allowed.

The Australian side had requested for meetings to discuss opportunities for collaboration against the backdrop of India-Australia trade discussions and explore areas of economic interest in West Bengal.

Government sources said that they have allowed the Australian diplomat to meet officials at appropriate level based on the principle of reciprocity. They said the Indian Deputy High Commissioner in Australia is not allowed to meet Australian ministers.

When contacted, an Australian High Commission spokesperson said, "Australia and India are close friends, with strong strategic, economic and community ties. Australian diplomats travel regularly across India to continue strengthening the political, business, cultural and sporting linkages between our two countries. We don’t comment on the specific details of programs when our officials travel."

Attempt to 'spite Bengal'

Setting stage for another round of confrontation, Trinamool Congress Rajya Sabha Deputy Leader Sagarika Ghose said the union government's action was 'completely autocratic' and an attempt to 'spite Bengal'. She said they would strongly raise this 'serious issue', which he described as 'fiscal terrorism', in Parliament after discussing it with I.N.D.I.A. allies.

Addressing a press conference here, Ghose and another MP Saket Gokhale claimed that the federal structure of the state is being destroyed.

"The representatives of the states who want to go abroad are being stopped and the way they are doing this in such a dirty, uncivilised manner is very shameful," Ghose said.

Gokhale described the development as "federal terrorism" while alleging that several diplomats have claimed that they were informally told by the union government that they could get clearance for investments only if they choose Gujarat. 

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News Network
June 29,2024

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New Delhi: The Janata Dal United (JDU) concluded its national executive meeting with a resolution demanding special state status for Bihar. The party, led by Chief Minister Nitish Kumar, emphasized the longstanding need for Bihar to be granted special status, highlighting economic and developmental disparities.

Addressing the media after the meeting, a senior JDU leader stated, "The demand for special state status for Bihar is not new. It is a crucial step towards accelerating Bihar's growth trajectory and addressing the state's unique challenges."

The resolution also underscored the necessity of safeguarding Bihar's reservation quota, which was recently increased to 65 percent. The JDU proposed that this quota be included in the Ninth Schedule of the Constitution to shield it from judicial scrutiny, ensuring its uninterrupted implementation.

Regarding recent controversies, the party expressed deep concern over alleged irregularities in the NEET examination and called for a thorough investigation. "It is imperative to restore the credibility of such crucial examinations and uphold the trust of students and parents in the fairness of the process," the leader added.

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News Network
June 20,2024

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Amid the massive row surrounding the cancellation of the UGC-NET exam, the Education Ministry has said that the test was scrapped because its integrity may have been compromised and has emphasised that it won't hesitate to take action against anyone.

Govind Jaiswal, joint secretary in the Education Ministry, told the media that the exam, for which over 11 lakh students had registered, was cancelled on the basis of inputs received from the Indian Cyber Crime Coordination Centre. The exam, which was held on Tuesday, was cancelled yesterday.

"The matter has been handed over to the CBI for a thorough investigation. A fresh examination shall be conducted, for which information will be shared soon," he said.

The ministry, he said, will not hesitate in taking action against those involved in wrongdoing. "At this level, when the investigation is underway, we can't disclose more details. NTA has its own mechanism and a lot of other stakeholders are involved. This all is under investigation," he said.

The exam was conducted by the National Testing Agency, which is under fire for alleged irregularities in the National Eligibility cum Entrance Test for admission to medical colleges. A total of 24 lakh aspirants took the exam. Reports of irregularities have now prompted nationwide protests and triggered demands for a re-test.

The government, he said, has taken proactive steps.

The ministry official also responded to questions on why the exam was conducted in OMR (pen and paper) mode this time -- a shift from the earlier practice. "Based on NTA's experience of four years, inputs were received from different stakeholders and this decision was taken."

UGC-NET is a test to determine a candidate's eligibility for the post of assistant professor in universities and colleges, and also for the award of research fellowships. The Education Ministry yesterday ordered that the exam -- held Tuesday -- be scrapped after inputs that its integrity may have been compromised.

The cancellation of the UGC-NET examination amid the ongoing protests against the National Eligibility cum Entrance Test (NEET) has provided fresh ammunition to the Opposition parties to target the Narendra Modi government ahead of the Parliament session.

The Congress described the Narendra Modi-led NDA government as "paper leak government". Other members of the INDIA bloc, including Samajwadi Party, Trinamool Congress and Shiv Sena (Uddhav Balasaheb Thackeray) have also slammed the government over the two exams.

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