oppn parties The Economy Is On Track For 7% Growth

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  • Allahabad HC said that the UP Police is acting as law unto themselves as they detained a person unlawfully even before his arrest
  • Kolkata witnesses traffic snarls on the first day of the Durga Puja festival as revellers start pnadal-hopping
  • Neha Bora was subsequently released and Dipke is to appear before a magistrate today at noon
  • Delhi Police detained Cockroach Janta Party founder Abhijeet Dipke, Neha Bora of AISA, student leaders and supporters ahead of a rally in Connaught Place demanding Chief Election Commissioner Gyanesh Kumar's resignation. The protest followed the detention and jailing of two CJP leaders earlier in the week over demonstrations at Jantar Mantar
  • The Reserve Bank of India is considering further monetary tightening to counter capital outflows and increase the cost of betting against the rupee, according to bankers and analysts cited by Reuters. The measures follow recent rate increases and steps to drain liquidity as pressure on the currency and inflation concerns persist
  • India directed oil marketing companies to stop diverting sugar-based feedstocks for ethanol production in the 2026–27 supply year, according to a new tender issued on Friday. The companies have invited bids for 11 billion litres of ethanol made from alternatives including corn and broken rice, amid concerns about domestic sugar supplies and prices
  • Finance Minister Nirmala Sitharaman said India's trade imbalance with China was growing sharply and attributed the problem partly to restrictions on Indian goods and services entering the Chinese market. China subsequently said it was ready to work with India to address mutual economic and trade concerns; India's trade deficit with China reached $69 billion in the first half of FY2026–27, up 27% year-on-year
  • Indian equity benchmarks extended their recovery on Friday, with the Sensex rising 413.66 points to close at 74,729.27 and the Nifty 50 gaining 148.80 points to settle at 23,146.15. Information technology shares, including Tech Mahindra, Infosys and TCS, helped lift the indices
  • India defeated Zimbabwe by four wickets in the opening women's T20 International in Raipur, taking a 1–0 lead in the three-match series. Deepti Sharma and Niki Prasad combined in an 82-run stand after India's top order collapsed, helping the hosts chase down Zimbabwe's total of 114 for five
  • Indian wrestler Komal won bronze in the women's 59 kg category at the Under-23 World Wrestling Championships in Las Vegas, defeating Kazakhstan's Viktoriia Khusainova 7–2. Fellow Indian Amruta Pujari advanced to the women's 72 kg final after recording two pinfall victories
  • Indian shuttler Jagsher Singh Khangurra secured a bronze medal at the BWF World Junior Badminton Championships in Cairo
  • The Supreme Court of India upheld the Bombay High Court's decision quashing the 2020 write-off of ₹8,415 crore in additional tier-1 bonds issued by Yes Bank (Yes Bank). The court ruled that the bank's administrator lacked the authority to extinguish the bonds under the final reconstruction scheme, strengthening bondholders' claims
  • The Supreme Court issued notices to the Election Commission of India, Delhi Police and opposition leaders, including Rahul Gandhi and Akhilesh Yadav, in separate petitions concerning electoral-roll revision and protests held in Delhi on October 10–12. The court also directed the preservation of CCTV footage linked to allegations of police excesses
  • The Supreme Court ruled that a person converting from Hinduism to Islam cannot automatically claim backward-class reservation benefits in the new religious community solely on the basis of their previous caste status. The judgment upheld the Madras High Court's decision striking down a 2024 Tamil Nadu government order that permitted such certification for specified communities
  • The Election Commission of India ordered a Special Summary Revision of electoral rolls in 14 states and three Union Territories, using January 1, 2027, as the qualifying date for voter eligibility. The draft rolls are scheduled for publication on November 12, claims and objections will be accepted until December 11, and the final rolls are due on January 4, 2027
Delhi HC refuses to ban CJP's Tiranga rally at Central Park in Connaught Place today /////// Police says will control and regulate it /////// NDMC closes the park for the public on Friday and Saturday
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The Economy Is On Track For 7% Growth

By A Special Correspondent
First publised on 2022-11-02 07:58:22

The news on the economic front is reassuring and suggests that growth will be on track at around 7%. GST collections in October were Rs 1,51,718 lakh crore, the second highest ever, although growth in collection, at 16.8% Y-O-Y, has slowed down due to normalizing base. But with robust e-way bill generation due to the festive season in October, collections are expected to be high in November too.

The manufacturing sector also showed healthy uptick in activity. The Purchase Manager's Index, which stood at 55.1 in September, jumped to 55.3 in October as new orders filled the books. Job creation was also at its fastest pace in nearly three years. These are good signs as growth in manufacturing and agriculture related activities, along with construction and services can reduce unemployment rapidly.

Other indicators were also positive. Railway freight earning rose 17% and passenger bookings were also healthy. Fuel sales recorded the sharpest volume growth at 12% since June, mainly due to the festive season. Car sales were also robust but two-wheeler sales were subdued. UPI payments rose by 7.7% in October. The stock exchanges also reflected this with the Sensex reclaiming 61000 after 10 months on November 1.

But September and October, being festive months, always see a sharp rise in demand for goods and services. Yet, the Y-O-Y growth is promising. Economic activity is picking up fast and with 5 months still left in this financial year, most targets, including the fiscal deficit target, are likely to be met. Government finances are healthy despite a huge shortfall in divestment due to rising direct tax collections. But food and subsidizer subsidies are taking an increasing toll. However, if crude prices remain stable, if exports do not suffer due to feared recession in developed countries and if the Ukraine conflict does not escalate further throwing supply chains out of gear once more, India can hope to achieve excellent GDP growth this financial year.oooooHoweveroweverpoowever, oweveH

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