India's economic growth falls to decade low of 5% in 2012-13

May 31, 2013

Indias_economic
New Delhi, May 31: Pulled down by poor performance of farm, manufacturing and mining sectors, economic growth slowed to 4.8 per cent in the January-March quarter and fell to a decade's low of 5 per cent for the entire 2012-13 fiscal.

The economic growth or gross domestic product (GDP) had expanded by 5.1 per cent in January-March quarter of last fiscal. Economy had grown at 4 per cent in 2002-03.

India's economic growth was at 6.2 per cent for the 2011-12 fiscal. It had grown by 5.4 per cent, 5.2 per cent and 4.7 per cent in the first, second and third quarters, respectively, of 2012-13, according to data released by the Central Statistical Organisation (CSO) on Friday.

In January-March quarter of 2012-13, manufacturing sector grew marginally by 2.6 per cent, against 0.1 per cent growth in the same period of the earlier fiscal.

During 2012-13, the sector under review grew by a meagre one per cent compared to 2.7 per cent in the previous fiscal.

Mining and quarrying sector contracted by 3.1 per cent during the fourth quarter of last fiscal, as against growth of 5.2 per cent in output in the same period of 2011-12. The contraction in mining sector remained unchanged at 0.6 per cent in 2012-13 over the previous fiscal.

Farm sector output expanded by just 1.4 per cent in January-March this year, as against 2 per cent in the same quarter of 2011-12.

The agriculture sector also grew at a slower rate of just 1.9 per cent in 2012-13 compared to 3.6 per cent in 2011-12.

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Agencies
June 27,2024

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New Delhi: The people of India have given a clear and stable mandate to the Modi government for a third time, President Droupadi Murmu said on Thursday as she addressed a joint sitting of Parliament.

The President also congratulated the people of Jammu and Kashmir for the high voter turnout recorded in the union territory in the recent Lok Sabha elections and lauded the Election Commission for holding the world's biggest democratic exercise.

Congratulating the new MPs in her first address to the joint sitting of Parliament after the constitution of the 18th Lok Sabha, Murmu said she hoped they would act as the medium for fulfilling the aspirations of the people of India.

"A very good outcome has emerged from Jammu and Kashmir in this election. Voting records of decades have been broken," she said.

"In the last four decades, we only saw low voter turnout in Kashmir amid strikes and shutdowns. Enemies of India used to project it as the opinion of Jammu and Kashmir on the global stage. This time, the people of Jammu and Kashmir gave a befitting reply to such forces," she said.

Murmu said the whole world is talking about the 2024 elections.

"The world can see Indians have for the third time formed a government with a stable and full mandate," she said.

"This has happened after six decades. People have shown trust in my government for the third time. People of India are confident that only my government can fulfil their aspirations," she said.

"This is a stamp of approval for the mission of service and good governance that my government has run for the last 10 years," the President said.

The President added that many historic and major economic decisions will be taken in the upcoming budget.

The budget that will be presented by the government in the next Parliament session will be a document of its futuristic vision, the President said in her first address to the joint sitting of Parliament after the constitution of the 18th Lok Sabha.

"The budget will have major economic and social decisions and many historic steps will be taken. The speed of reforms will be increased to fulfil the aspirations of people," she said.

She said her government believes there should be healthy competition between states for investment. "This is in the spirit of competitive-cooperative federalism," she added.

AAP boycotts President Murmu's address to Parliament over Arvind Kejriwal's arrest

Murmu further said, "India has become the world's fifth-largest economy. There has been an average 8 per cent growth in the last 10 years, even though these were not normal times."

"This growth rate has been achieved despite a global pandemic and conflicts in different parts of the world. This is the result of the reforms of the last 10 years. India alone is contributing 15 per cent to global growth. My government is working to make India the world's third-largest economy," she said.

Amid the NEET row, President Murmu assured during her address that the government is fully committed to investigating the recent incidents of paper leaks and ensure that the guilty are punished.

Addressing the 18th Lok Sabha for the first time, the president said her government is working to create an environment to enable youth of the country dream big and achieve them.

As she mentioned steps taken by the government on the education front, some opposition members were heard shouting "NEET".

"If due to any reason there is obstruction in examinations it is not appropriate. Sanctity, transparency are a must in government recruitments and examinations," she said.

"The government is committed to conduct fair investigation and ensure the most stringent punishment to those guilty in the recent incidents of paper leak," she said.

There were incidents of paper leaks in some states earlier as well, the president said, stressing that there is need to rise above partisan politics and take strong steps at the national level.

The president added that Parliament has also made a strong law against paper leaks.

She added that the government is working to bring reforms in the examination process.

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News Network
June 24,2024

The Yemeni Armed Forces say they have conducted new operations against Israel-linked ships in the nearby waters in support of Palestinian people and in retaliation for the US-British aggression against the country.

Spokesman for the Yemeni army, Brigadier General Yahya Saree, made the announcement in a Sunday statement.

“The naval forces of our Armed Forces carried out a second targeting operation against the ship Transworld Navigator in the Red Sea, using an uncrewed surface boat, which led to a direct hit against the ship,” he said.

Transworld Navigator had been already attacked by Yemeni forces in the Arabian Sea with a number of ballistic missiles on Saturday.

“The missile force of our Armed Forces carried out an operation targeting the ship Stolt Sequoia in the Indian Ocean with a number of cruise missiles, and the operation has successfully achieved its objectives,” Saree added in his statement.

He noted that the two ships were targeted after the companies owning them decided to violate the ban enforced by the Yemeni Armed Forces on the entry of ships to the ports in the occupied Palestinian territories.

The new operations came after earlier on Saturday, the Yemeni forces carried out a host of attacks targeting American and Israel-linked vessels, including the US aircraft carrier Eisenhower, which was hit for the second time.

In his Sunday statement, Saree said, “As part of retaliation for the American-British aggression against our country, the operations of the Yemeni Armed Forces forced the American aircraft carrier Eisenhower to leave the Red Sea.”

He once again warned all maritime companies to avoid doing business with the occupying regime of Israel, adding that “their ships will be directly targeted in the operation zone of the Yemeni Armed Forces regardless of their destination.”

He concluded by saying that operations carried out by the Yemeni Armed Forces will continue until the Israeli aggression against the Gaza Strip stops and the siege of the Palestinian territory is lifted.

Yemen’s Armed Forces have been carrying out countless operations against Israel-linked ships or those heading towards ports in the occupied Palestinian territories since October 7, 2023 when the Tel Aviv regime began its genocidal war on Gaza.

Nearly 37,600 Palestinians have been killed, most of them women and children, and over 86,000 others sustained injuries in the brutal Israeli military onslaught against the coastal sliver.

The Yemeni forces have also conducted many operations against American and British vessels in response to deadly attacks by the United States and the UK against their country, which have been seeking to stop the forces’ pro-Palestinian operations.

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Agencies
June 18,2024

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Expelled Congress leader Acharya Pramod Krishnam on Tuesday claimed that attempts are being made within the Congress party to diminish Priyanka Gandhi's stature by giving her a ticket to Lok Sabha in the by-elections. 

His comment came a day after Congress president Mallikarjun Kharge announced that Priyanka Gandhi Vadra will contest the bypoll from the Wayanad Lok Sabha seat and Rahul Gandhi will retain Rae Bareli. 

"Priyanka Gandhi is the most popular face in Congress. She should have been made the Congress president... By giving her a ticket to Lok Sabha in by-elections, attempts are being made to diminish the stature of Priyanka Gandhi," he said. 

Krishnam further trained his guns at the Congress and claimed the grand old party has proven that it "does not trust Hindus" by fielding Priyanka from Wayanad. 

While wishing Priyanka good luck, Acharya Krishnam said, "But Congress has proven one thing by making Priyanka Gandhi contest from Wayanad, that Congress doesn't trust Hindus. Had they trusted Hindus, she would have been made to contest from elsewhere."

Not only Acharya Pramod Krishnam, BJP spokesperson Shehzad Poonawalla also attacked the Congress over its decision to field Priyanka Gandhi from Wayanad, stating this decision proves that the Congress is not a party but a "family business."

Priyanka Gandhi on contesting from Wayanad

After Kharge's announcement that she will contest from Wayanad in the upcoming by-poll, Priyanka Gandhi said that she was happy to be able to represent Wayanad. She added that she would not let the people of Wayanad feel her brother's absence. 

"I will work hard and I will try my best to make everyone happy and be a good representative. I have a very old relationship with Raebareli and Amethi and it cannot be broken. I will also help my brother in Raebareli. We will both be present in Raebareli and Wayanad," she said. 

In the Lok Sabha elections 2024, Rahul Gandhi contested and won from both Raebareli and Wayanad Lok Sabha seats. Rahul Gandhi won the Raebareli Lol Sabha seat by a margin of more than 3.90 lakh votes whereas he clinched Wayanad by a margin of more than 3.64 lakh votes. 

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