As web-based media sites publish a woman's allegations of sexual harassment against CJI Ranjan Gogoi, the Supreme Court Secretariat denies all charges and Justice Gogoi recuses himself from passing orders. He says it is a larger conspiracy to destabilize the judiciary

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  • BCCI ombudsman fines Hardik Pandya and KL Rahul Rs 20 lakhs each for misogynistic comments on the chat show Koffee With Karan
  • Buzz around BJP fielding Sunny Deol from Amritsar as Amit Shah meets the actor
  • EC bans web series on Modi and asks the channel to take down all content
  • #MeToo reaches Supreme Court. Former junior research assistant levels sexual harassment charges against CJI Ranjan Gogoi
  • In West Bengal, official in charge of EVMs goes missing but EC says it is for personal reasons
  • Mulayam and Mayawati share the stage at Mainpuri to bury 24-year old enmity
  • After nation-wide outrage, Pragya apologizes and says Karkare was a martyr who was killed by enemy bullets
  • BJP says Pragya's statement are her personal views
  • Pragya Thakur, Malegaon blasts accused and BJP candidate from Bhopal, says police officer Hemant Karkare of anti-terror squad, tortured her in jail and was killed in the 26/11 operations due to her "curse"
  • PM Modi defends choice of Pragya Thakur as BJP's contestant from Bhopal
  • India suspends trade across the Line of Control with Pakistan
  • PM Modi says Pak PM Imran Khan tried to influence Indian elections with "reverse swing" by making comments favouring him
  • 66% voting recorded in phase 2. sporadic violence reported from many places, especially West Bengal
  • Election Commission bans chowkidar chor hai campaign in MP
  • BJP workers' son commits suicide by hanging from a tree in West Bengal
gdp
GDP: Brakes on Economic Recovery?

By Sunil Garodia

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Writes for a number of publications.

The signs of economic recovery in the first quarter of FY 2018-19 are showing some signs of reversal, although that may be due to temporary factors like rising oil prices and the weakening rupee. GDP grew at 7.1% in the second quarter (July-September) this year, compared to a robust 8.2% in April-June. Agriculture, manufacturing and mining faltered to bring down the figure. The gross value added (GVA) in agriculture, forestry and fishery grew at only 3.8%, down 1.5% from the last quarter. This was mainly because kharif-season foodgrain output grew at a mere 0.6% compared to 1.7% in the last quarter. This situation is not going to improve in a hurry as there has been below-normal rain this monsoon resulting in lower rabi sowing (shortfall is estimated between 8 to 10% till November). That is going to deepen the distress in the farm sector and weaken the demand for goods in the hinterland causing a cascading effect on all sectors. Manufacturing, on the other hand, nearly halved from the last quarter posting an expansion of just 7.4%, down 6.1% from the 13.5% posted in April-June.

The only bright spot is the rock-solid gross fixed capital formation (GFCF) that measures gross net investment in the economy. It grew at 12.5%, up from the 10% registered in the first quarter, and was 32.3% of the GDP. There has also been a revival in the non-food bank credit. These are encouraging signs for the economy as demand for investment is obviously generated by hopes for future demand for consumption. But the government must put a leash on its spending on non-essentials. The figures for fiscal deficit show that it has ballooned to gobble up the entire budget estimates for the full year in the first seven months. Despite assurances by the finance minister, there is no way the government can keep it down to 3.3% of the GDP. General elections next year, along with uncertainties in global trade, means economic management has to be at its best if the economy is to revive.

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