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New Delhi: The Indian economy is stuck in a groove and the growth of the Gross Domestic Product in 2015-16 is not likely to be higher than 7.3 percent, former finance minister P. Chidambaram said on Friday.
There was acute distress in rural India since promised jobs were not created and people were not impressed by Modi’s numerous visits to foreign countries, he said at a press conference here.
The Congress leader said the BJP-led government had confidently predicted the growth of Indian economy at 8.1 to 8.5 per cent in 2015-16 at the beginning of 2015 and that many of its promises, including on more jobs, were premised on a high growth of GDP.
“I am afraid none of the promises has materialized. For the whole of 2015-16, GDP growth is not likely to be higher than 7 to 7.3 percent, which means it will be the same as – or lower than – in 2014-15. The economy is stuck in a groove,” Chidambaram said.
He said the mid-year economic analysis has pointed out that private investment and exports – two of the four drivers of demand – were languishing.
“The Indian economy is like a car running on two wheels. Corporate balance sheets are stressed, net sales have fallen by 5.3 percent, and profit after tax is flat. Non-food credit growth at 8.3 percent is the slowest in 20 years. The growth of credit to industry is 4.6 percent while credit to medium enterprises has actually shrunk by 9.1 percent,” the Congress leader said.
The former minister said exports have recorded decline for 12 successive months compared with the previous year. “This is unprecedented,” he said.
He said the government did not seem confident of meeting the fiscal deficit target of 3.9 per cent and cautioned it against deviating from the path of fiscal consolidation in 2016-17.
“Crop insurance is unavailable to most farmers. Banks are reluctant to give loans against jewelry. Education loans have practically stopped,” he said.
The Congress leader accused the government of failing to check price rise and alleged growing intolerance, saying these had led to “much grief and fear among the people”.
The former minister said the 26th quarterly employment survey showed that job creation in manufacturing and export-oriented sectors fell by 43,000 whereas these sectors added 182,000 jobs in the same period in 2014.
“There is no evidence that the promised jobs are being created,” the former finance minister said.
Chidambaram referred to the low prices of international crude oil and said there was no international pressure on the government.
“I am not yet prepared to say that there has been fiscal mismanagement, but there are pointers to serious mistakes in fiscal management.”
Chidambaram accused the Narandra Modi government of not engaging the opposition on any important issue and said people were wondering if the central government had a clear and consistent policy on Pakistan.
He also rejected the charge of “obstructionism” made against the Congress by Prime Minister Narendra Modi on Thursday.
Chidambaram said the Congress opposition to the government’s alleged wrong policies or poorly-drafted laws or acts of misconduct or misuse of government agencies cannot be termed as obstructionism.
The Congress leader said that the overbearing attitude of the government was mainly responsible for the frequent disruptions in parliament and the absence of cooperation outside parliament.
He said the Congress had cooperated with the government in passing 67 and 45 bills in the Lok Sabha and the Rajya Sabha respectively during the last 19 months.
Referring to Nepal, he said India seemed to have lost the goodwill of the people as well as the government of Nepal as also Madhesi parties.
“Rhetoric, U-turns, and impulsive steps do not make for a coherent foreign policy,” he remarked.
Referring to Modi’s visits abroad, the Congress leader said: “When anything is overdone, there are not only diminishing returns, but it also invites ridicule, as you will find from a cursory survey of the social media.” (IANS)
Super model and actress Hailey Bieber said she is lucky to have a husband like Justin Bieber, refuting rumours of the ace singer not treating her properly. Hailey was speaking at singer Demi Lovato's podcast '4D With Demi Lovato', dailymail.co.uk reported.
Talking about her popstar husband and rumours around their marriage, Hailey said: "I think one of the biggest things is you have to know what the truth is behind everything. You know, there's so many narratives that float around about me, about him, about us together." She addressed the rumours point blank as she said: "There's one big fat narrative that goes around that's like, 'Justin is not nice to her, and that he mistreats her', and I'm just like, it's so far from the truth, and it's the complete and utter opposite."
Hailey went on to set the record straight about Justin, who she married in 2018. She said: "I really am lucky to say I'm with someone who is extremely respectful of me, who makes me feel special every single day. So when I see the opposite of that, I'm just like, 'Huh?' And everybody around who knows us personally would say the same thing." (IANS/ MBI)
Keywords: Hailey Bieber, Justin Bieber, husband, respectful, truth, married
Among the Tamil epics written during the Sangam age, only a few survived to this day. Manimegalai is one such. It is written as a sequel to the Sillapadikaram, taking the story forward of Kovalan and Madhavi's daughter, Manimegalai. The Sillapadikaram is about the injustice of the Madurai kingdom in the execution of Kovalan, which turned Kannagi, his wife into a goddess seeking vengeance for her husband's death. Kovalan, before his death, has an affair with a court dancer, Madhavi, and his daughter, Manimegalai, is said to begin a different tradition among the Tamils.
The epic, written by Sattanar, introduces Buddhism to Dravidian culture, something that has been alien to them for years. Manimegalai is the protagonist, who flees constantly from the pursuit of Chola prince Udhayakumara, and tries to lead an ascetic life. Throughout the plot, Buddhist tenets are used to avoid the culmination of a love-story. Manimegalai is believed to be the anti-love story sequel to the Sillapadikaram.
A complete work of Tamil epic written by hand on leaves Image source: wikimedia commons
The Sillapadikaram was written by a Jain monk, Illango Adigal, and Sattanar, uses the sequel to question Jainism. It is almost a political battle between two new religions competing for a place in a predominantly Hindu society. Parts of Manimegalai even go to the extent of opening ridiculing Jain practices and beliefs.
Critics of Tamil literature have stated that while the Tamil epics have great poetic significance, they are inferior to other world epics when it comes to clearly portraying religious affiliations. In fact, they refer to the newer religions with an infant's perspective. Some scholars have found that Sillapadikaram has more ethical substance than its sequel, but in and of itself, despite being written by a Jain monk, reads like Hindu poetry (Subhramanya Aiyar, 1906).
Keywords: Manimegalai, Sillapadikaram, Tamil Epic, Sattanar, Ilango Adigal, Chola kingdom, Sangam Age, Buddhism
The Covid-19 pandemic could act as an inflection point to shift India's growth model from being consumption driven to investments-led. In its Ecoscope report, Motilal Oswal Financial Services, said: "With Covid-19 hurting India's 'Household' (HH) and 'Government' sectors adversely, the continuity of strong consumption growth is in question."
"On the contrary, with listed companies' financial positions improving and an uptick in household investments in the Real Estate sector (called physical savings), the narrative of investment-led recovery is gaining momentum." The report prescribed that various economic participants - households, governments, listed companies, and unlisted corporates -- to increase their fixed asset investments in the immediate future based on their financial position.
The Covid-19 pandemic could act as an inflection point to shift India's growth model from being consumption driven to investments-led. | Photo by Fusion Medical Animation on Unsplash
At present, the listed and unlisted corporate sector accounts for only about half of total investments in India. The 'HH' sector including unincorporated enterprises accounts for 35-40 per cent in India's investments, while the remaining 12-13 per cent is contributed by centre and states governments. Besides, the report cited that demand environment is expected to remain subdued due to weak financial position of 'HH' and government sector.
"Despite household investments picking up strongly in 2HFY21, given that Indian households bore the maximum brunt of Covid-led losses in CY20 (and CY21), we believe household spending would remain subdued over the next few years." It further pointed out that unless 'HH', 'Unlisted Corporate', and government sectors can improve their financial positions -- leading to a demand uptick -- a strong revival in investments seems challenging. (IANS/ MBI)
Keywords: India, covid, pandemic, growth, household, government, investment