India\'s GDP to contract by 8.6% in FY21\, fiscal stimulus needed soon: UBS Securities

India's GDP to contract by 8.6% in FY21, fiscal stimulus needed soon: UBS Securities

India's GDP to contract by 8.6% in FY21, fiscal stimulus needed soon: UBS Securities
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It said the country's potential rate of growth has also come down to 5.75-6.25 per cent as per its estimate as against 7.1 per cent, driven by factors including the weak government response to arrest the growth slide.

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The country is among the few worldover where the brokerage has downwardly reviewed its growth estimate.
Swiss brokerage UBS Securities said it forecasts a GDP contraction of 8.6 per cent in FY21 as against its earlier prediction of 5.8 per cent, citing factors including the “modest” government response to the crisis for its estimate.

It said the country's potential rate of growth has also come down to 5.75-6.25 per cent as per its estimate as against 7.1 per cent, driven by factors including the weak government response to arrest the growth slide.

Some improvement is being observed in the high frequency data, but much of it is pent-up demand and economic recovery will be “gradual” after the September quarter, its chief economist Tanvee Gupta Jain told reporters.

It can be noted that the country's gross domestic product (GDP) shrunk by nearly a fourth in the June quarter as the COVID-19 pandemic fuelled lockdowns chilled all economic activity. The infections continued to increase, making India the second most affected country.

Jain said the modest recovery which we are seeing right now cannot be sustained because of the rising infections and also income uncertainty, which is holding back people from consumption in the economy that relies 60 per cent on consumption.

“We are a little bearish as against the consensus and feel that the GDP will contract by 8.6 per cent in FY21 before growing by 10 per cent in FY22,” she said.

She also revised down the potential rate of growth in the economy, citing the permanent damage done by the pandemic because of the problems on company balance sheets and the “modest policy response” to the crisis. She also warned that debt sustainability may become a challenge going ahead.

The fiscal stimulus is of only 1.8 per cent and there is an urgent need for a second round of the same, she said.

“India needs a credible fiscal stimulus,” she said, adding that the response has to be coupled with reforms.

The government needs to spend on infrastructure development and construction activities, undertake more employment generation act works in both the rural and urban areas and broaden the incentives for manufacturers shifting base to India as part of the global supply chain realignment, she said.

The country is among the few worldover where the brokerage has downwardly reviewed its growth estimate, she said, adding that in many other countries, it is an upward revision from the previous estimates given right after the pandemic began.

There is a rise in savings in the country despite the absence of a corresponding rise in incomes, she said, pointing out that these are “precautionary spendings” undertaken by cutting expenditure and may be temporary.

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(Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

India\'s GDP to contract by 8.6% in FY21\, fiscal stimulus needed soon: UBS Securities

Egypt Building Highways Near Pyramids, Conservationists Flabbergasted

Egypt Building Highways Near Pyramids, Conservationists "Flabbergasted"

Critics say they could cause irrevocable damage to one of the world's most important heritage sites.

Egypt Building Highways Near Pyramids, Conservationists 'Flabbergasted'

Superhighway cuts across desert within a view of the Red Pyramid in Egypt.

Memphis:

Egypt is building two highways across the pyramids plateau outside Cairo, reviving and expanding a project that was suspended in the 1990s after an international outcry.

The Great Pyramids, Egypt's top tourist destination, are the sole survivor of the seven wonders of the ancient world and the plateau is a UNESCO world heritage site.

The highways are part of an infrastructure push spearheaded by Egypt's powerful military and championed by President Abdel Fattah al-Sisi, who is building a new capital city to ease the population pressure on Cairo, home to 20 million people.

The northern highway will cross the desert 2.5 km (1.6 miles) south of the Great Pyramids. The southern one will pass between the Step Pyramid of Saqqara - the oldest one - and the Dahshur area, home to the Bent Pyramid and the Red Pyramid.

Each highway appears to be about eight lanes wide.

Critics say they could cause irrevocable damage to one of the world's most important heritage sites. Authorities say they will be built with care and improve transport links, connecting new urban developments and bypassing central Cairo's congestion.

"The roads are very, very important for development, for Egyptians, for inside Egypt," said Mostafa al-Waziri, secretary-general of Egypt's Supreme Council of Antiquities. "Know that we take good care of our antiquities sites everywhere in Egypt."

Some Egyptologists and conservationists say the highways will disrupt the integrity of the pyramids plateau, pave over unexplored archaeological sites, generate pollution that could corrode monuments, produce litter and expose closed areas packed with hidden archaeological treasures to looting.

Al-Waziri said existing roads were much closer to the pyramids and carried a lot of tourist buses. "That is why we are doing a lot of development," he said, noting plans to use electric tourist buses within the plateau to avoid pollution.

MEMPHIS

The highways, which will dissect the plateau into three, will cross a section of ancient Memphis, one of the world's biggest and most influential cities for almost 3,000 years.

"I was flabbergasted by what I saw," said former senior UNESCO official Said Zulficar, who visited a portion of the southern highway two months ago. "All the work that I had done nearly 25 years ago is now being put into question."

Zulficar led a successful campaign in the mid 1990s to suspend construction of the northern highway, a branch of Cairo's first ringroad. UNESCO said it had requested detailed information on the new plan several times and asked to send a monitoring mission.

The state press centre referred a Reuters request for further comment on the plans to a communications advisor of the tourism and antiquities ministry, who could not be reached.

Construction began well over a year ago in desert areas largely out of public sight and became more visible around March, Egyptologists and Google Earth images indicate.

On a recent visit, Reuters journalists saw heavy machinery clearing fields and building bridges and junctions along both highways. Hundreds of uprooted date palms lay in piles.

The southern highway is a part of Cairo's second ringroad that will connect the western satellite city of Sixth of October to the new capital city east of Cairo via 16 km of desert on the pyramids plateau, farmland and a corner of Memphis.

In 2014, the World Bank estimated congestion in the greater Cairo area cut about 3.6 percentage points off Egypt's output.

"The road cuts through archaeologically unexplored cemeteries of the little-known 13th Dynasty, in walking distance of the pyramids of Pepi II and Khendjer and the Mastabat el-Fara'un", said an Egyptologist who knows the area.

The person was among six Egyptologists Reuters spoke to. Most of them declined to be named for fear of losing clearance to handle antiquities.

One said caches of statues and blocks with hieroglyphs had been unearthed since highway construction began; the antiquities authority said on its Facebook page these had been discovered on nearby private property.

Memphis, said to have been founded in about 3,000 BC when Egypt was united into a single country, was eclipsed but not abandoned when Alexander the Great moved the capital to Alexandria in 331 BC.

It extended more than 6 square kilometres, the Nile valley's largest ancient settlement site.

The new road comes close to the ancient city's commercial districts, its harbour walls and the former site of an ancient Nilometer, used to measure the height of the annual flood, said David Jeffreys, a British Egyptologist who has been working on Memphis for the Egypt Exploration Society since 1981.

It also endangers a Roman wall that once bordered the Nile that Jeffreys said few people were aware of.

"Memphis has long been neglected, even by Egyptologists, as it is a complicated site to excavate," another Egyptologist said. "But it is enormously rich, bursting with temples, archives, administrative buildings and industrial areas."

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

India\'s GDP to contract by 8.6% in FY21\, fiscal stimulus needed soon: UBS Securities

Authorities charge Uber backup driver involved in fatal self-driving crash

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The backup safety driver that was behind the wheel of a self-driving Uber vehicle that crashed in 2018, killing a pedestrian, has been charged.

Officials said on Tuesday that driver Rafaela Vasquez was charged with negligent homicide on August 27 over the crash in Tempe that killed 49-year-old Elain Herzberg, the Associated Press reports. It was the first pedestrian fatality involving a self-driving vehicle.

The charge comes in light of allegations that Vasquez was distracted moments before the self-driving Uber she was monitoring struck Herzberg who was crossing the road.

[Read: Another UK escooter trial is on hold because people are breaking the rules]

Vasquez told investigators that she didn’t use her phone before the accident. While you can’t see a phone in the video evidence that depicts the moments before the crash, it’s clear her eyes were not entirely on the road.

Warning: The footage is edited, but viewer discretion is still advised.

The National Transportation Safety Board (NTSB) investigating the case found Vasquez failed to watch the road sufficiently as she watched TV on her phone, which resulted in the crash.

Investigators also cited other contributing factors including: “Uber’s inadequate safety procedures and ineffective oversight of its drivers, Herzberg’s decision to cross the street and not use a crosswalk, and the Arizona Department of Transportation’s insufficient oversight of autonomous vehicle testing.”

Despite the above reported contributing factors, Uber is not being charged.

Vasquez pleaded not guilty during Tuesday’s hearing and now faces further investigation and a trial on February 11, 2021.

So you like mobility? Then join our online event, TNW2020, where you’ll hear how data, autonomy, and connectivity are fueling the future of mobility.


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Published September 16, 2020 — 09:51 UTC

India\'s GDP to contract by 8.6% in FY21\, fiscal stimulus needed soon: UBS Securities

India Shreds Pakistan At UN: Their Prime Minister Admits Training Terrorists For Jammu And Kashmir

"Their PM Admits Training Terrorists For J&K": India Shreds Pak At UN

The diplomat said that it was not surprising that other relevant multilateral institutions have been raising serious concerns on Pakistan's failure to stop terror financing.

'Their PM Admits Training Terrorists For J&K': India Shreds Pak At UN

India also slammed Pakistan for abusing various HRC mechanisms (Representational)

Geneva:

India on Tuesday described Pakistan as an "epicenter of terrorism" and said no one deserves unsolicited lecture on human rights from Islamabad that has consistently persecuted its ethnic and religious minorities including Hindus, Sikhs and Christians.

Exercising the Right of Reply to the statements made by Pakistan at the 45th session of Human Rights Council (HRC), the Indian representative said that it has become habitual for Pakistan to malign India with false and fabricated narratives for its self-serving malicious purposes.

"Neither India nor others deserve this unsolicited lecture on human rights from a country that has consistently persecuted its ethnic and religious minorities, is an epicenter of terrorism, has the distinction of providing pensions to individuals on UN Sanctions list and has a Prime Minister who proudly admits training tens of thousands of terrorists to fight in Jammu and Kashmir," the Indian diplomat said.

The diplomat said that it was not surprising that other relevant multilateral institutions have been raising serious concerns on Pakistan's failure to stop terror financing and lack of effective actions against all terror entities in Pakistan.

Highlighting the nefarious designs of Pakistan in Pakistan-occupied Kashmir, the diplomat said, "the mass influx of outsiders has whittled down the number of Kashmiris to an insignificant number in Pakistan occupied parts of Indian Union Territories of Jammu and Kashmir and Laddakh."

"In its zeal to reassert its theocratic ideology, it has ensured that ethnic and religious minorities have no future through systematic persecution, blasphemy laws, forced conversions, targeted killings, sectarian violence and faith-based discrimination," the diplomat said.

"Thousands of Sikh, Hindus and Christian minority women and girls have been subjected to abductions, forced marriages and conversions in Pakistan."

On the plight of people in Balochistan, Khyber Pakhtunkhwa and Sindh, the Indian diplomat said, "Not a single day has gone by when a family in Balochistan doesn't find its members picked up or kidnapped by the security forces of Pakistan."

"Pakistan does well when it comes to intimidation and attacks against journalists, human rights defenders and political dissidents in particular by its state machinery. It is not without a reason that Pakistan has been highlighted by international organizations as a country where journalists are slain and their killers go scot free," the diplomat said.

India also slammed Pakistan for "abusing various HRC mechanisms and platforms for raising issues, which are extraneous to the mandate of the HRC and which relate to internal affairs of India, with a view to distract the attention of the international community from serious human rights violations committed by it against its own people, including in Indian territories occupied by it."

India also rejected the reference made by the Organisation of Islamic Cooperation (OIC) to Jammu and Kashmir, which is an integral part of India.

"The OIC has no locus standi to comment on internal affairs of India. The OIC has allowed itself to be misused by Pakistan to subverse its own Agenda. It's for the members of the OIC to decide if it is in their interests to allow Pakistan to do so," the Indian representative said.

India also advised Turkey to refrain from commenting on its internal affairs and develop a better understanding of the democratic practices.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

India\'s GDP to contract by 8.6% in FY21\, fiscal stimulus needed soon: UBS Securities

Governments Clarification On Migrant workers Death issue - प्रवासी श्रमिकों के मौत के आंकड़ों के मामले में निशाने पर आई सरकार ने दी अब यह सफाई.. | India News in Hindi

प्रवासी श्रमिकों के मौत के आंकड़ों के मामले में निशाने पर आई सरकार ने दी अब यह 'सफाई'..

केंद्रीय श्रम मंत्रालय (Union labour ministry) ने सोमवार को लोकसभा में जानकारी दी थी कि प्रवासी मजदूरों की मौत (migrant deaths data) पर सरकार के पास आंकड़ा नहीं है, ऐसे में मुआवजा देने का 'सवाल नहीं उठता है'.

प्रवासी श्रमिकों के मौत के आंकड़ों के मामले में निशाने पर आई सरकार ने दी अब यह 'सफाई'..

कोरोना लॉकडाउन के दौरान बड़ी संख्‍या में मजदूर महानगरों से अपने घर लौटे थे

खास बातें

  • कहा, जिलों में ऐसा डाटा एकत्र करने का मैकेनिज्‍म नहीं है
  • जन्‍म-मृत्‍यु से संबंधित डाटा निकाय स्‍तर पर रखे जाते हैं
  • ऐसे में श्रम मंत्रालय के रुख पर सवाल उठाना सही नहीं
नई दिल्ली:

कोरोना वायरस लॉकडाउन (Coronavirus lockdown)के दौरान प्रवासी श्रमिकों की मौत (Migrant Deaths) का कोई आंकड़ा उपलब्‍ध न होने की बात कहकj विपक्ष के निशाने पर आई केंद्र सरकार ने आज इस मामले में सफाई दी. सरकार (Government) की ओर से बुधवार को कहा गया कि जिलों में ऐसा डाटा एकत्रित करने का कोई 'मैकनिज्‍म' नहीं है. अधिकारियों ने कहा कि कई दशकों से स्‍थापित मानदंडों के अनुसार, जन्‍म और मृत्‍यु से संबंधित आंकड़े (birth and death-related data) नगरीय निकाय के स्‍तर पर रखा जाता है. सूत्रों ने कहा कि नगरीय निकाय स्‍तर पर किसी जिले में प्रवासी मजदूरों की मौत से संबंधित डाटा एक‍त्र करने का तंत्र (mechanism) मौजूद नहीं है. ऐसे में इस मामले में श्रम मंत्रालय की ओर से अपनाए गए रुख पर सवाल उठाना सही नहीं है. 

यह भी पढ़ें

सरकार का 'अजीब' जवाब, ''फर्जी खबरों' के कारण बड़ी संख्‍या में प्रवासी श्रमिकों ने किया पलायन

केंद्रीय श्रम मंत्रालय (Union labour ministry) ने सोमवार को लोकसभा में जानकारी दी थी कि प्रवासी मजदूरों की मौत (migrant deaths data) पर सरकार के पास आंकड़ा नहीं है, ऐसे में मुआवजा देने का 'सवाल नहीं उठता है'. दरअसल, सरकार से पूछा गया था कि कोरोना वायरस लॉकडाउन में अपने परिवारों तक पहुंचने की कोशिश में जान गंवाने वाले प्रवासी मजदूरों के परिवारों को क्या मुआवजा दिया गया है? सरकार के इस जवाब पर विपक्ष की ओर से खूब आलोचना और हंगामा हुआ था. श्रम मंत्रालय ने माना है कि लॉकडाउन के दौरान 1 करोड़ से ज्यादा प्रवासी मजदूर देशभर के कोनों से अपने गृह राज्य पहुंचे हैं. वैसे सरकार इस मुद्दे पर आज डेमेज कंट्रोल के मूड में नजर आई. श्रम मंत्रालय की ओर से कोविड-19 संकट के दौरान प्रवासी श्रमिकों के कल्‍याण के लिए किए गए उपायों के बारे में जानकारी दी गई.

प्रवासी मजदूरों को मुफ्त में अनाज बांटने वाली योजना पर खाद्य मंत्री का आया बयान

गौरतलब है कि कोरोनावायरस के बीच हो रहे पहले संसदीय सत्र में मंत्रालय से पूछा गया था कि क्या सरकार के पास अपने गृहराज्यों में लौटने वाले प्रवासी मजदूरों का कोई आंकड़ा है? विपक्ष ने सवाल में यह भी पूछा था कि क्या सरकार को इस बात की जानकारी है कि इस दौरान कई मजदूरों की जान चली गई थई और क्या उनके बारे में सरकार के पास कोई डिटेल है? साथ ही सवाल यह भी था कि क्या ऐसे परिवारों को आर्थिक सहायता या मुआवजा दिया गया है? इस पर केंद्रीय श्रम मंत्री संतोष कुमार गंगवार ने अपने लिखित जवाब में बताया था कि 'ऐसा कोई आंकड़ा मेंटेन नहीं किया गया है. ऐसे में इसपर कोई सवाल नहीं उठता है.'

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'सरकार ने नहीं गिना, तो क्या मौत नहीं हुई' सरकार पर बरसे राहुल गांधी

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