News for the day – 29 November 2019

  • GDP at 4.5%. Lowest economic growth rate in six years! This is not just an Economic Slowdown, this is an economic crisis of unprecedented proportions. The Govt needs to stop deflecting and start reflecting on its economic strategy : MK Stalin

  • The state of our economy is deeply worrying. But today I will argue how the state of our society is even more worrisome and that is a fundamental reason for the precarious state of our economy: Former PM Dr Manmohan Singh

  • This is clearly unacceptable and the aspirations of our people want that this country should grow at 8-9% p.a. And therefore the sharp decline in growth rate from 5% in the first quarter to 4.5% in the second quarter is indeed worrisome: Former PM Dr Manmohan Singh

  • We take note of announcement of the rate of GDP growth . The fundamentals of Indian Economy remain strong . GDP growth is expected to pick up from 3rd quarter of FY 2019-20 : Atanu Chakraborty, Secretary DEA

  • Q2 GDP growth falls to 4.5 per cent; lowest in more than 6 years

  • Noted Malayalam poet, Akkitham Achuthan Namboothiri wins 55th Jnapith Award 

  • BJP National Working President JP Nadda will lay the foundation stone for party offices in 16 districts and address party workes on 30th November 2019 in Tiruvallur, Tamil Nadu

  • Maharashtra CM Uddhav Thackeray orders stopping of work on the Aarey Metro Car shed project

  • Eminent statesman and former Prime Minister of Japan, Yasuhiro Nakasone passes away

 

 

Tamil Nadu

DMK MPs protest in front of Gandhi statue in Parliament premises demanding the release of National Conference leader Farooq Abdullah, who is under detention

Pic Courtesy : @DMK4TN

National

Q2 GDP growth falls to 4.5 per cent; lowest in more than 6 years

For economic growth to revive, it is very important that the govt enthuses trust & confidence : Manmohan Singh

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Former Prime Minister Manmohan Singh speaking at the National Economy Conclave :

  • Mutual trust and self-confidence are the bedrock of societal transformations and transactions that foster economic growth. Our social fabric of trust and confidence is now torn and ruptured.
  • There is a palpable climate of fear in our society today. Many industrialists tell me that they live in an atmosphere of fear in our society today. They tell me that they live in the fear of harassment by Govt authorities.
  • Bankers are reluctant to make new loans for fear of retribution. Entrepreneurs are hesitant to put up fresh projects for fear of failure attributed to ulterior motives.
  • Technology startups that are a new engine of economic growth and jobs seem to live under a shadow of constant surveillance and deep suspicion. Policy makers in Govt and other institutions are scared to speak the truth.
  • There is a profound fear and distress among our various economic participants. Public trust in independent institutions such as media, judiciary, regulatory authorities and investigative agencies has been severely eroded.
  • This toxic combination of deep distrust, pervasive fear and a sense of hopelessness in our society is stifling economic activity and hence economic growth.
  • This govt’s policy doctrine seems to suspect every industrialist, banker, policy maker, regulator, entrepreneur & citizen. This has halted economic development with bankers unable to lend, industrialists unable to invest and policymakers unable to act.
  • The govt has positioned itself as some saviour, resorting to foolhardy moral-policing policies such as demonetisation, that have proved to be disastrous. For economic growth to revive, it is very important that the govt enthuses trust & confidence.
  • India is now a $3 trillion global economic powerhouse driven largely by private enterprise. It is not a tiny command and control economy that can be bullied & directed at will. Nor can it be managed through colourful headlines and noisy media commentary.
  • Shooting messengers of bad news or shutting off economic reports & data is juvenile & does not behove a rising global economic powerhouse. No amount of subterfuge can hide the performance of a $3 trillion market economy.
  • Economic participants respond to social and economic incentives, Not diktats or coercions or public relations.
  • With an absolute majority in the Lok Sabha & low global oil prices, this is a once-in-a-generation economic opportunity to catapult India to the next phase of economic development and create new jobs for our youth.
  • I urge the Prime Minister to set aside his deep-rooted suspicion of our society and nurse us back to a harmonious, confident and mutually trustworthy society that can revive the animal spirits and help our economy soar.

It is like saying the patient has been saved but the patient is in an unending coma : R S Surjewala

 

 

A stable, secure and prosperous Sri Lanka is not only in India’s interest but also in the interest of the entire Indian Ocean Region : PM Modi

@narendramodi – Prime Minister :

  • Had in-depth conversations with President @GotabayaR on aspects relating to security. The menace of terror has plagued both India and Sri Lanka. Our nations will cooperate in counter terror training.
  • Sri Lanka is at the core of our ‘Neighbourhood First’ policy and Sagar doctrine. I am glad that our efforts, be it in infra projects, Indian Housing Project, solar projects and community development projects will bring a positive difference in the lives of many Sri Lankans.
  • President @GotabayaR, Today’s talks were very productive. We exchanged views on many bilateral and global subjects. India’s is committed to support our sisters and brothers of Sri Lanka in their developmental aspirations.
Pic Courtesy : @narendramodi

@GotabayaR – President of Sri Lanka :

  • I am grateful to HE @narendramodi for the assurances given & support extended to LKA on national security, infrastructure development, commercial and trade opportunities. I look forward to welcoming him soon, as the first head of state to visit SL under my presidency.

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  • The very fruitful hour-long 1:1 with PM @narendramodi focused on several key aspects which are important and close to our nations’ hearts and I am confident we will build a strong relationship based on mutual respect and shared values.PMSL.jpe
Pic Courtesy : @GotabayaR

 

It is imperative to bolster internal security in order to become a $5 trillion economy : Amit Shah

 

@Amitshah – Home Minister  :

  • Addressed the concluding session of the 47th All India Police Science Congress in Lucknow.
  • It is imperative to bolster internal security in order to become a $5 trillion economy.
  • AIPSC is an important platform for brainstorming & adopting new practices in the field of Policing.

 

 

Maharashtra CM Uddhav Thackeray orders stopping of work on the Aarey Metro Car shed project

Maharashtra Chief Minister Uddhav Thackeray has announced a stay on the construction of the Metro carshed project in Mumbai‘s Aarey Colony.

He further clarified that he had not stayed the work of the Mumbai metro rail project itself, he said that development will continue.

UT.jpePic Courtesy : @OfficeofUT

 

@Supriya_Sule :

  • Thank you Govt of Maharashtra on stopping the further erosion of ground cover at Aarey. Whilst we are all supportive on developmental issues, the same cannot be done at the cost of the environment.
  • Let us all collectively work towards a solution where development and the environment can exist together in harmony.

 

@Dev_Fadnavis : 

  • It’s unfortunate that State Government stayed Aarey Metro CarShed work in spite of Hon Supreme Court & Hon High Court orders. This shows State Government is not serious about Mumbai Infrastructure projects! And ultimate sufferer is common Mumbaikar only !
  • Japan’s JICA had funded ₹15,000crore for this Metro project on nominal interest rates. Such decisions will demotivate investors to come forward in future and all infra projects will get stalled which were already delayed for so long in previous 15 year rule

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