Economic growth for FY19 at 7 projected to be lowest for Modi

first_imgIndian workers store steel coils unloaded from an Indian Railways train at a new private freight terminal in Sachana village near Viramgam, some 50 kms from Ahmedabad on January 27, 2016.SAM PANTHAKY/AFP/Getty ImagesIndian economy’s growth estimate for the current financial year (FY19) has been lowered to 7 per cent, the lowest during the term of Prime Minister Narendra Modi who is expected to face the electorate again in a couple of months.This follows the Central Statistics Organisation’s (CSO) estimate that growth of the gross domestic product (GDP) slowed to 6.6 per cent in the third quarter that ended in December, the lowest for six quarters. The CSO estimates that this happened because of subdued growth in agriculture, manufacturing, and government expenditure.The CSO has lowered the growth estimate for Q1 for the 2018-19 financial year to 8 per cent from 8.2 per cent and for Q2 to 7 per cent from 7.1 per cent, newly released data show.Only the manufacturing sector is projected to show a higher growth this year when compared to the previous year because of the high growth in the sector in the first quarter of FY19, according to media reports.The CSO has also lowered its projection for the last quarter of the financial year to 6.5 per cent. “FY19 GDP growth at 7 per cent is the lowest in the past five years, and Q3 growth at 6.6 per cent is at sixth-quarter low. This indicates the economy is losing steam,” the Business Standard quotes Devendra Pant, chief economist at India Ratings, as saying. A labourer stacks concrete blocks on his head at the construction site of a residential complex on the outskirts of Kolkata in this November 2, 2015 file photo. The construction sector has continued the upswing, growing at 9.6 per cent in Q3, up from 8.5 percent in the previous quarter.Some economists expect the Reserve Bank of India’s (RBI) monetary policy committee to further cut the repo rate to boost growth in an election year. The RBI cut the recently cut the repo rate by 25 basis points to 6.25 per cent, hoping to increase the economy’s liquidity beleaguered by lower than desirable employment growth. “The lower growth in GDP could prompt the RBI to lower interest rates as economic growth has been cited as a concern,” CARE Ratings said. Another interest rate would, however, depend on the economy’s performance on the inflation front in the coming months.The growth in the gross value added (GVA) by agriculture, forestry and fishing slowed to 2.7 per cent in Q3 from 4.2 per cent in Q2. At current prices, the sector’s growth is pegged at 2 per cent in Q3 down from 3.4 per cent in Q2. The sector’s growth for the whole financial year is now projected at 2.7 per cent, down from 5 per cent in FY18, according to CSO estimates. A farmer standing on a plastic drum winnows wheat in a field on the outskirts of Ahmedabad. The growth in the gross value added (GVA) by agriculture, forestry and fishing slowed to 2.7 per cent in Q3 from 4.2 per cent in Q2.ReutersManufacturing activity has also slowed over the year with GVA growth estimated at 6.7 per cent in Q3, down from 12.4 per cent in Q1. The Q2 growth was 6.9 per cent. However, the high growth of Q1 is expected to help the sector post 8.1 per cent growth in FY19, up from 5.9 per cent in FY18.The construction sector has continued the upswing, growing at 9.6 per cent in Q3, up from 8.5 per cent in the previous quarter. The CSO estimates 8.9 per cent for the financial year, up from 5.6 per cent the year before.last_img read more

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Migrant boat sinks off Cyprus 19 dead

first_imgRescue workers from the Proactiva Open Arms Spanish NGO retrieve the bodies of an adult and a child amid the drifting remains of a destroyed migrant boat off the Libyan coast, on Tuesday 17 July, 2018. A migrant rescue aid group accused Libya`s coast guard of abandoning three people in the Mediterranean Sea, including an adult woman and a toddler who died, after intercepting some 160 Europe-bound migrants on Monday near the shores of the northern African country. Photo : APNineteen people died when a boat carrying 150 migrants sank off the coast of northern Cyprus and rescuers were searching for 25 other people, Turkey’s coast guard said on Wednesday.It said 103 migrants were rescued by boats and helicopters of the Turkish and northern Cypriot coast guards, helped by commercial boats in the area, from the sunken boat some 30 km (18 miles) off the north Cyprus coast.One rescued person was in critical condition and has been brought to northern Cyprus by helicopter, the coast guard said. It did not say where the other rescued passengers had been taken.A Panama-flagged commercial ship spotted the migrant boat some 25 nautical miles from Turkey’s southern province of Antalya and alerted the coast guard on Wednesday morning, the statement said.In 2015, Turkey became one of the main launch points for more than a million migrants taking the dangerous sea route to the European Union, many fleeing conflict and poverty in the Middle East and Africa.A 2016 deal between Turkey and the European Union sharply reduced the flow of refugees into the bloc, after thousands died crossing from Turkey to Greek islands a few miles offshore.From January to May this year at least 26 migrants died trying to cross to Europe from Turkey, according to coast guard statistics.Mediterranean arrivals to the bloc, including refugees making the longer and more perilous crossing from north Africa to Italy, stood at 172,301 in 2017, down from 362,753 in 2016 and 1,015,078 in 2015, according to data from the United Nations.last_img
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WATCH Golf Coast Mockingbird and Armadillo

first_imgAlong the floor, the Houston Freeways are mapped in tape, and there’s even a theater to represent the Houston Theater District. Set course, and shoot for par – along the Golf Coast!  Ernie and his MockArm crew visit the new interactive exhibition at San Jacinto College South Campus (SJCS) in Houston, that recreates Houston’s bayou system, using found objects and reusable materials.   Staff and students transform the college gallery into a seven-hole mini-golf course – representing White Oak, Brays, and Buffalo Bayou. The exhibit runs through September 27, 2019. Sharelast_img

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