'...Factory output, measured in terms of Index of Industrial Production (IIP), contracted by 3.8% in October after shrinking 4.3% in September against 8.4% in October last year, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Thursday. The IIP maps the change in the volume of production in Indian industries across manufacturing, mining and energy sectors.
'The BJP’s Ashwini Choubey, Minister of State for Health and Family Welfare, has claimed that he is unaware of the onion crisis in the country because he is “a vegetarian and has never tasted an onion”. This comes a day after Finance Minister Nirmala Sitharaman made a statement in Parliament that she “comes from a family that does not consume much onion and garlic”. Sitharaman’s comment invited heavy trolling online and prompted the viral hashtag #SayItLikeNirmalaTai. “I am a vegetarian. How will a person like me know about the shortage and price of onions?” Choubey told news agency ANI.
'Bharatiya Janata Party leader Virendra Singh Mast on Thursday dismissed reports of a slowdown in the automobile sector and claimed that traffic jams on roads were an indication of the growth, ANI reported. He alleged that the Opposition’s talks about slowdown were a conspiracy to “defame” the government and the nation. Mast, a Lok Sabha MP from Ballia constituency in Uttar Pradesh, told the Parliament that an atmosphere of economic slowdown was being created. “To defame the nation and government people are saying that the automobile sector has slowed down,” he said.
'Biocon Chairperson and Managing Director Kiran Mazumdar Shaw on Sunday said the government did not want to hear any criticism on the economy while expressing hope that it reaches out to India Inc. to work out solutions to revive growth. Shaw’s remarks came a day after veteran industrialist Rahul Bajaj said the people were afraid to criticise the government...'
'India’s economy grew at its slowest pace in six years for the second quarter of this fiscal year, according to official data released by the government on Friday evening. Gross domestic product (GDP) growth rose just 4.5% for the quarter ended September 2019, in a development that reinforces concerns that the Indian economy is slowing down and unlikely to record 6% growth for the whole fiscal year. In ‘gross value added’ (GVA) terms, the economy grew at 4.3% compared to 4.9% in the previous quarter.
'The Centre has admitted in parliament that the unemployment rate in rural areas nearly doubled from 2.9% in 2013-14 to 5.3% in 2017-18. In the same period, there was over 50% increase in unemployment in urban areas. The most striking trend has been the rise in unemployment among urban males from 3% to 6.9% during the two year period from 2015-16 to 2017-18...'
'A government committee set up in February examined computers and pen drives and interrogated officials in charge of printing documents in an effort to identify the source of a leaked report showing that unemployment figures had hit a four-decade high in the year after demonetisation. Details of the report were published in the Business Standard in January, after the government’s refusal to release the data prompted two senior officials of the National Statistical Commission to resign in protest the same month.
'In an affidavit submitted to the Delhi High Court, the Citizens Whistle Blower Forum stated that Yes Bank, a private-sector lender founded by Rana Kapoor, advanced “dubious” loans amounting to at least Rs 5,698 crore to various companies of the Indiabulls group and others owned by its founder and promoter, Sameer Gehlaut. Publicly available documents reveal that many of these loans were issued after the respective companies had reported a negative net worth.
'Over 200 economists, academics and journalists on November 21 issued a statement demanding the release of NSSO consumption survey data. The government had on November 15 put the report on hold citing data quality issues, after a media report said consumer spending had slowed down for the first time in more than 40 years. Here is the full statement...'
'A leaked report by the National Statistical Office (NSO), based on a consumption expenditure survey conducted by the organisation between July 2017 and June 2018, has shown a drop in consumer spending for the first time in more than four decades on weak rural demand, Business Standard reported on Friday, 15 November. However, hours after the newspaper report, the government said that the 2017-18 consumer spending survey won't be released due to "data quality issues.” It added that the government will release the next report in two years...'
