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India’s GDP growth dips to 7-year low of 4.7%; earlier growth rates revised



India’s GDP growth slipped to a nearly 7-year low of 4.7 per cent in October-December 2019, weighed by a contraction in manufacturing sector output, according to official data released on Friday.

The Gross Domestic Product (GDP) growth was registered at 5.6 per cent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO).

Interestingly, the data furnished by the National Statistical Office (NSO) in the ‘Second Advance Estimates of National Income, 2019-20’ as well as ‘Quarterly Estimates of GDP for Q3, 2019-20’, showed revised growth figures for earlier periods.

As per the data, the revised second quarter GDP growth rate stood at 5.1 per cent from the earlier 4.5 per cent.

The GDP growth for the December quarter is the lowest since January-March of 2012-13 when it stood at 4.3 per cent.

According to the data released by the National Statistical Office (NSO), the gross value added (GVA) growth in the manufacturing sector contracted by 0.2 per cent in the third quarter of this fiscal from 5.2 per cent expansion a year ago.

However, the farm sector GVA growth was up at 3.5 per cent, compared to 2 per cent growth in the corresponding period of the previous fiscal.

Construction sector GVA growth too slowed to 0.3 per cent from 6.6 per cent expansion earlier. Mining sector growth came in at 3.2 per cent, as against a contraction of 4.4 per cent a year ago.

Electricity, gas, water supply and other utility services segment contracted by 0.7 per cent, from 9.5 per cent growth a year ago.

Similarly, trade, hotel, transport, communication and services related to broadcasting growth declined to 5.9 per cent in the third quarter from 7.8 per cent a year ago.

Financial, real estate and professional services growth was up at 7.3 per cent in Q3 FY2019-20 from 6.5 per cent.

Public administration, defence and other services reported improvement with a 9.7 per cent rise during the quarter under review, from 8.1 per cent a year earlier.

During April-December 2019, the GDP growth reduced to 5.1 per cent as compared to 6.3 per cent in the same period a year ago.

“GDP at Constant (2011-12) Prices in Q3 of 2019-20 is estimated at Rs 36.65 lakh crore, as against Rs 35.00 lakh crore in Q3 of 2018-19, showing a growth of 4.7 per cent,” the NSO said in a statement.

“The Per Capita Income at current prices during 2019-20 is estimated to be Rs 134,432, showing a rise of 6.3 per cent as compared to Rs 1,26,521 during 2018-19,” it added.

Meanwhile, Economic Affairs Secretary Atanu Chakraborty said the decline in economic growth has bottomed out.

Data released by the commerce ministry showed that eight core industries recorded a 2.2 per cent growth in January, helped by expansion in the production of coal, refinery products and electricity.

The Reserve bank of India (RBI) earlier this month kept the repo rate unchanged at 5.15 per cent in its last monetary policy for the current financial year.

Inflation for December had touched 7.35 per cent raising the case for a no rate-cut.



Breaking News: Silicon Valley Bank’s Collapse Sends Shockwaves Through Financial World – Is India’s Banking System Next to Crumble?



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Are Indian Banks Ready to Face the Heat of Rising Interest Rates?

As Silicon Valley Bank (SVB) faces the heat of collapsing amidst rising domestic interest rates, Indian banks are left wondering if they are next in line. With the Indian economy still recovering from the COVID-19 pandemic, the prospect of rising interest rates could lead to a devastating blow to the country’s banking sector. Will Indian banks be able to weather the storm or will they collapse like SVB?

Indian banks have already faced a tumultuous few years with multiple frauds and defaults taking place, leaving many questioning their resilience. With the Reserve Bank of India (RBI) indicating that it may hike interest rates in the near future, the pressure on Indian banks is set to increase. The question remains – are Indian banks prepared to face the heat of rising interest rates or will they buckle under the pressure? Only time will tell.

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Delhi: Businesses can now remain open 24×7, over 300 applications cleared by L-G



Photo by Rehan Fazal on Unsplash

From restaurants to transport services and BPOs to online delivery services, all those who apply for exemptions will be allowed to operate 24×7 in Delhi starting next week, with Lieutenant Governor V K Saxena approving the proposal to exempt 314 such places to operate all day long, some of them pending since 2016, officials said.

“The L-G has directed that notification to this effect be issued within seven days. The decision of providing exemption under Sections 14, 15 & 16 of the Delhi Shops & Establishment Act, 1954, is expected to boost employment generation and promote a positive and favorable business environment that is a prerequisite for economic growth. The decision will also provide a fillip to the much desired ‘nightlife’ in the city,” said an official.

Source: IndianExpress

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Swiggy Instamart figures, Mumbaikars ordered 570 times more condoms in the last one year



Customers are also ordering medical-related things through online shopping platforms. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year.

These days people are doing online shopping fiercely in the country. Through Grocery Service Platforms, the goods of need are easily reaching people’s homes. From vegetables to medicines, just a few clicks on the smartphone are reaching people’s doorsteps. According to a survey, Swiggy Instamart has provided service to more than 9 million users between June 2021 and June 2022. In metros like Mumbai, Hyderabad, Delhi, and Bangalore, people are buying goods online in large numbers.

Healthcare products orders

Customers are also ordering medical-related things through online shopping platforms. According to a survey, Mumbaikars have ordered 570 times more condoms in the last 12 months. At the same time, in 2021, Instamart received orders for about two million sanitary napkins, menstrual cups, and tampons. Apart from this, a lot of orders have also been received for grocery items.

56 lakh packets of noodles ordered

According to the survey, between April and June last year, there was a 42 percent increase in the demand for ice cream in these metro cities. It was also learned that most of the orders were placed after 10 pm. In metro cities, people have ordered 5.6 million packets of instant noodles. In Hyderabad, users ordered around 27,000 bottles of fresh juice during the summer months.

60 lakh eggs ordered

The demand for eggs has increased manifold in the last two years. People living in metro cities including Bengaluru, Delhi, and Mumbai ordered an average of 6 million eggs in the last year. According to the report, customers from Bangalore and Hyderabad ordered the maximum number of eggs for breakfast. At the same time, people of Mumbai, Jaipur, and Coimbatore have ordered the maximum number of eggs online at the time of dinner.

Demand for dairy products

There has been a huge jump in orders for both tea and coffee. According to the report, there has been an increase of 2,000 percent in its demand. At the same time, 3 crore orders of milk have come for milk. People from Bangalore and Mumbai have placed more orders in the morning. Regular milk, full cream milk and toned milk are the most ordered dairy products.

Ordering fruits and vegetables

Orders for 62,000 tonnes of fruits and vegetables have been received in the last year. With 12,000 orders, Bengaluru tops the list of organic product buyers. At the same time, Hyderabad and Bangalore together have ordered more than 290 tonnes of green chilies in 12 months. Over 2 lakh orders have been received for bathroom cleaners, scrub pads, drain cleaners, and more in the last year.

Source: Aajtak

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