News Analysis India

Tag: inflation

  • Russia-Ukraine war will affect poor sections, remote areas severely: Farooq Abdullah

    By PTI

    SRINAGAR: National Conference president Farooq Abdullah on Saturday said the Russia-Ukraine war will affect the entire world including India, causing spike in inflation that will severely hit the poor sections and remote areas of the country.

    “The situation in Ukraine is not going to affect only India but it will affect the entire world.As soon as the elections will be over, you will see prices of oil will increase because the prices of crude is going to increase rapidly.And that will affect prices of all commodities.”

    Those who live in far flung areas will be affected far more, inflation will increase and it will be difficult for the poor man to sustain it in honour and in dignity.

    In Jammu and Kashmir, it is going to adversely affect us. Even survival will be difficult,” Abdullah told reporters here. He said India wants peace to return to the region at the earliest.

    “Therefore we would want peace to emerge as soon as possible and we want peace to be restored in the region,” he added. Abdullah, however, said the Russia has its own justification for its actions in Ukraine. “Russia has also it’s own claim because it does not want NATO around them as they think it affects their sovereignty.

    ALSO READ | A strong NC ‘eyesore’ for elements opposed to J-K’s spirit of inclusiveness

    It is therefore for the world to realise, as Russia has said, how would the US feel if missiles are put as before in Cuba,” he added. Abdullah said New Delhi had it’s own outlook about the situation and how to survive it.

    “Foreign minister of India is trying his best for something to emerge but India does not have the capacity to pull these people apart,” he said.

    The Lok Sabha member from Srinagar said the impact of the war will be immense on global economy including that of India. “The finance minister has said recently it will adversely affect our economy.Our development will fall.

    This is something we all, the world, should have realized.It is going to affect Europe very badly,” he added. Asked about India’s abstention in the UNSC vote, Abdullah said it was for the Centre to answer.”I am not part of Government of India,” he added.

  • Good sign that issues like inflation, unemployment dominating election scene: Mayawati

    Mayawati had led the BSP government of the state between 2007 to 2012. The fifth phase of polling on 61 seats is slated for Sunday.

  • Uttarakhand records highest inflation rate in urban areas in the country, reveals NSSO report

    By Express News Service

    DEHRADUN: in urban areas of Uttarakhand has been recorded 7.62%, highest in the country, revealed a recent report released by the National Sample Survey Office (NSSO). 

    However, in rural areas of the hill state inflation rate is 5.71% Inflation has been one of the major issues in just concluded assembly polls in Uttarakhand. 

    Commenting on the issue, former Chief Minister Harish Rawat said, “The data of the center itself confirms how bad are the people of the state as well as the country are hit by the inflation. Common people are bearing the burn of policies of the Bhartiya Janta Party government.”

    Over all ranking of the hill state in terms of inflation is eight with 6.38%.  Haryana tops the list in the country with inflation rate of 7.23%.

    The data indicates that the inflation rate is highest in Haryana with 7.23% inflation rate followed by West Bengal (7.11%), Jammu and Kashmir (6.74%), Telangana and Himachal recorded the inflation rate of 6.72%, Uttar Pradesh (6.71%), Madhya Pradesh (6.52%), Maharashtra (6.47%), Uttarakhand (6.38%), Karnataka (6.20%) and Jharkhand (6.19%). 

    Meanwhile, Election Commission of India released the final voting percentage of Uttarakhand which stood 65.37%. the voting for 70 state assembly seats across 13 districts concluded on February 14 in the hill state. 

    Highest voting percentage was recorded in Haridwar district with 74.77% followed by, Udham Singh Nagar (72.27%), Uttarkashi (68.48%), Nainital (66.35%), Rudraprayag (63.16%), Dehradun (63.16%), Bageshwar (63%), Champawat (62.66%), Chamoli (62.38%), Pithoragarh (60.88%), Tehri (56.34%), Pauri (54.97%) and Almora (53.71%). 

  • Opposition members walk out after Rajya Sabha Dy Chairman rejects discussion on inflation

    By PTI

    NEW DELHI: The Congress and other opposition parties on Thursday walked out from the Rajya Sabha over the issues of inflation, price rise and farmers.

    The Congress was the first to walk out after Deputy Chairman Harivansh rejected their demand for a discussion on inflation.

    Leaders of other parties like the Left and some smaller parties also joined them soon.

    The TMC, TRS and DMK and some other parties also walked out of the House while raising the issues of farmers.

    Leader of Opposition Mallikarjun Kharge sought to raise the issue of inflation and price rise and demanded a discussion on it.

    The deputy chairman said it cannot be entertained as the Question Hour was on.

    Soon other parties also walked out as they wanted to raise the issues of farmers and MSP.

  • Provide relief to common man hit by rising prices of commodities: BSP chief Mayawati

    By PTI

    LUCKNOW: BSP president Mayawati on Thursday asked the Centre and state governments to initiate prompt and strict measures to provide relief to the common man facing hardships due to rising prices.

    देश में एक तरफ आएदिन पेट्रोल, डीजल व रसोई गैस आदि की बढ़ती कीमतों ने तथा वहीं दूसरी तरफ रोजमर्रा की वस्तुओं के बढ़ते हुए दामों से आमजन-जीवन पुरी तरह से अस्त-व्यस्त व त्रस्त। केन्द्र व सभी राज्य सरकारें जनता के राहत हेतु तुरन्त सख्त व प्रभावी कदम उठाएं, बीएसपी की यह मांँग।
    — Mayawati (@Mayawati) October 14, 2021
    In a tweet in Hindi, the former Uttar Pradesh chief minister said the life of the common man is disturbed and troubled due to rising prices of petrol, diesel and LPG and also that of everyday use items. She said the Central and state governments should immediately take strict and effective steps to bring relief to the public.

  • Extent of food items price rise remained relatively modest in Covid second wave: RBI article

    The article has been prepared by Jibin Jose, Vimal Kishore, and Binod B Bhoi from the Department of Economic and Policy Research, RBI.

  • INTERVIEW| This government is not willing to discuss real issues: Rajya Sabha MP Syed Nasir Hussain

    Express News Service

    ENGALURU: The recent monsoon session ended in an impasse between the government and opposition, and marked a new low in parliamentary discourse. The opposition claimed that it wanted a meaningful discussion on the issues facing the nation — inflation, farmers’ agitation, Pegasus issue, mishandling of the COVID pandemic, and the Chinese incursions — but the government “failed to discuss real issues and was arrogant and stubborn”, Congress Party Whip and Rajya Sabha MP Syed Nasir Hussain said.

    In the past, the ruling Congress blamed the opposition BJP, now the tables have turned and the BJP is blaming the opposition for disrupting the House. What do you have to say?

    Under Rule 267, the opposition raised the issue of inflation and fuel price, which has crossed Rs 100, the farmers’ agitation which went on for more than eight months, and during which more than 500 farmers died.

    We wanted to discuss the Pegasus snooping issue, as phones of judges, journalists, defence officials and opposition leaders were spied upon, and are asking for an impartial inquiry monitored by the Supreme Court. Germany, France, Canada, Algeria, Hungary have already set up a probe.

    What is the government afraid of, if it was serious, it could have called for a discussion. This is why the opposition was agitating.

    House Chairman Venkaiah Naidu shed tears, what is your response?

    Those in power should function impartially. He should be above politics. Instead of shedding tears and pointing out that he is helpless, he could have convinced the government to have a discussion on these vital issues. Both the government and those looking after business in the Rajya Sabha failed on this count.  Kharge said the PM did not have a minute to talk to Rajya Sabha members.

    The PM, who had 11 hours and 45 minutes for rallies in West Bengal, did not have a minute to talk about inflation, farmers’ agitation, COVID mismanagement and other issues. The Home Minister, too, did not come to answer questions on phone tapping. Each bill was discussed for an average of nine minutes, which is a mockery of parliamentary process.

    The treasury benches have alleged that opposition members behaved in an uncivil manner in the House of Elders?

    The House of Elders is supposed to have a deeper and mature discussion on important issues, this is what the opposition is asking for. Whatever happened in the past four weeks is only because of the government’s immature approach to the request from opposition benches to raise urgent issues.

    What do you have to say about women marshals being manhandled?

    Selectively releasing a 2-minute 40-second doctored video to the media — which goes against House rules — and later blaming the opposition is only a cover-up for surreptitiously passing an important bill like GIC, especially as it was not even listed.

    Add to this three layers of security with a ‘women shield’ of marshals to pass an important bill was a cheap move by the government. Two of our women MPs were manhandled and injured seriously, we have taken it up with the Rajya Sabha chairperson.  

    Is there a plan to end the logjam?

    This government has been arrogant, adamant and stubborn. If the government and opposition sit across the table, things can be sorted out.

  • Opposition plans breakfast meeting, mock parliament, staying on in the houses to corner Centre

    Express News Service
    NEW DELHI: With the monsoon session of Parliament entering its third week on Monday, the Opposition will have a breakfast meeting on Tuesday where they will discuss ideas like organizing a mock session in the parliament compound and MPs staying on in both the houses after proceedings are over. The aim — to corner the government on the Pegasus issue since the Centre is not ready to take up discussion on the spyware.

    The floor leaders of the Opposition parties in both Rajya Sabha and Lok Sabha have been regularly meeting to discuss strategies for each of the houses. Congress leader Rahul Gandhi has now taken it to the next level by inviting all the opposition MPs from both houses for a breakfast meeting on Tuesday at the Constitution Club of India to discuss future plans. The Monsoon session ends on August 13. 

    K Suresh, chief whip of the Congress in Lok Sabha, told The New Indian Express, “Rahul Gandhi has invited all the Opposition MPs for a breakfast meeting Tuesday at 9:45 am to discuss strategy to take on the government on key issues. Several ideas are on the table and will be discussed and finalized.”

    Talking about the meeting, CPI(M) floor leader Elamaram Kareem said, “Many Opposition parties have given ideas to put pressure on the Modi government to take up discussion on key issues in the house. These include holding parallel parliament and staying on by MPs in both the houses.”

    EDITORIAL | No place for Centre to hide on Pegasus snoopgate

    The Opposition leaders feel the Centre is scuttling their voices by not allowing them to raise issues while legislative business is pushed through amidst the din. 

    Several Opposition MPs have been giving suspension of business notices under Rule 267 to discuss urgent issues but none have been accepted by the Rajya Sabha Chairman M Venkaiah Naidu or Lok Sabha Speaker Om Birla.

    The “unofficial” parliament session is one of the innovative ways in which the Opposition wants to register its protest against the government. The Opposition MPs plan to discuss key issues like Pegasus, the ongoing farmer agitation and price rise among other issues here. 

    Kapil Sibal Column | Pegasus misuse: Over to the Supreme Court

    The monsoon session of the Parliament so far has seen disruptions and repeated adjournments with a united Opposition taking on the Centre over the alleged use of Pegasus to snoop on politicians, judges, journalists, bureaucrats and others. The government has remained tight-lipped on whether it has bought the spyware.

  • ADB cuts India’s FY22 economic growth forecast to 10 per cent; inflation seen rising marginally to 5.5 per cent

    By PTI
    NEW DELHI: The Asian Development Bank (ADB) has downgraded India’s economic growth forecast for the current financial year to 10 per cent on Tuesday, from 11 per cent projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.

    India’s GDP growth recovered to 1.6 per cent in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8 per cent estimated in April to a revised 7.3 per cent, the multilateral funding agency said in the Asian Development Outlook (ADO) Supplement.

    “Then a second wave of the pandemic induced many state governments to impose strict containment measures. New COVID-19 cases daily peaked at more than 4,00,000 in early May, then fell to a little over 40,000 in early July.

    “Early indicators show economic activity resuming quickly after containment measures eased. The growth projection for FY2021 (ending March 2022), downgraded from 11 per cent in ADO 2021 to 10 per cent, reflects large base effects,” it said.

    The ADO was released in April. Meanwhile, the inflation forecast for Asia and the Pacific this year has been raised to 2.4 per cent, from 2.3 per cent in April, reflecting rising oil and commodity prices.

    The projection for 2022 remains at 2.7 per cent, it added. For South Asia, the inflation forecast has been raised for 2021 to 5.8 per cent from 5.5 per cent, mainly reflecting a higher forecast for India.

    However, it has been kept unchanged at 5.1 per cent for 2022. Indian consumer price inflation rose to 6.3 per cent year-on-year in May as both food and fuel inflation outpaced expectations.

    “This Supplement raises the inflation forecast for India in FY2021 (fiscal ending March 2022) by 0.3 percentage points to 5.5 per cent while keeping the forecast for FY2022 at 4.8 per cent,” ADB said.

    Meanwhile, growth projection for FY2022 (ending in March 2023), by which time much of India’s population is expected to be vaccinated, is upgraded from 7 per cent to 7.5 per cent as economic activity normalises, said the Manila-headquartered funding agency.

    With regard to China, the ADB supplement said the expansion in the People’s Republic of China is still projected at 8.1 per cent in 2021, and 5.5 per cent in 2022, as favorable domestic and external trends align with April forecasts.

    On South Asia, ADB said the economic outlook for the subregion is dampened by new waves of COVID-19 hitting the subregion from March to June 2021.

    The adverse economic impact of these new waves is expected to be limited, with businesses and consumers better able to adapt to the pandemic and containment measures now than they were a year ago, it said.

    “The GDP growth forecast for the subregion in 2021 is downgraded from 9.5 per cent in ADO 2021, to 8.9 per cent but upgraded for 2022, from 6.6 per cent to 7 per cent,” ADB said in the supplement. The COVID-19 pandemic remains the biggest risk to the outlook, as outbreaks continue in many economies.

    Daily confirmed cases in the region peaked at about 4,34,000 in mid-May. They narrowed to about 1,09,000 at the end of June, concentrated mainly in South Asia, Southeast Asia, and the Pacific, ADB said.

    Meanwhile, the vaccine rollout in the region is gaining pace, with 41.6 doses administered per 100 people by the end of June — above the global average of 39.2, but below rates of 97.6 in the United States and 81.8 in the European Union.

    Lowering the growth projections for South Asia, Southeast Asia, and the Pacific for 2021, ADB said : “renewed outbreaks are met with containment measures and restrictions, hampering economic activity”.

    “Asia and the Pacific’s recovery from the COVID-19 pandemic continues, although the path remains precarious amid renewed outbreaks, new virus variants, and an uneven vaccine rollout,” said ADB Chief Economist Yasuyuki Sawada.

    “On top of containment and vaccination measures, phased and strategic rejuvenation of economic activities — for instance, trade, manufacturing, and tourism — will be key to ensure that the recovery is green, inclusive, and resilient,” Sawada said.

    ADB said even as the pandemic persists, developing Asia is forecast to sustain its strong rebound broadly in line with the April forecasts of the ADO.

    Recovery is under way in developing Asia, but with the growth projection for this year revised down slightly from 7.3 per cent in the Asian Development Outlook 2021 in April, to 7.2 per cent following renewed virus outbreaks in some economies.

    The projection (developing Asia) for 2022 is upgraded from 5.3 per cent to 5.4 per cent, it added. ”Developing Asia” refers to a group of over 40 countries that are members of the ADB.

  • RJD leaders protest against inflation, unemployment by riding on bullock-carts

    Express News Service
    PATNA: Thousands of leaders and supporters of Bihar’s principal opposition RJD hit the streets on Sunday to stage a demonstration against the rising inflation following a call of slogan by RJD chief Lalu Prasad. 

    The RJD supporter symbolically protested against inflation by riding on traditional bullock carts, carrying empty gas cylinders and diesel, petrol-carrying pots while shouting slogans amid the rainfall. 

    Mahua MLA of RJD Dr Mukesh Raushan protesting

    RJD’s 2-day state-wide protest will end on Monday with a resolve to fight against inflation by uprooting the NDA from the governance. 

    The protest by RJF got momentum when RJD chief Lalu Prasad Yadav made a clarion call taking to his twitter handle and saying: “I am giving a recipe to reduce inflation. Remove the NDA, Reduce the Inflation”. 

    महंगाई कम करने का नुस्खा दे रहा हूँ।NDA हटाओ, महंगाई घटाओ
    — Lalu Prasad Yadav (@laluprasadrjd) July 17, 2021

    The 2-day protest was further backed up when Lalu wrote in his tweet on July 17: ‘There will be a protest of RJD on 18-19 July against inflation. Corruption, inflation, unemployment, poverty is increasing and the government is fighting with the common people. Oppose this cruel government vehemently. There has been a lot of inflation, leave the chair shameless government”.

    महंगाई के ख़िलाफ 18-19 जुलाई को राजद का विरोध प्रदर्शन होगा। भ्रष्टाचार, महंगाई, बेरोजगारी ग़रीबी बढ़ रही है और सरकार आम जनता से लड़ रही है। इस ज़ालिम सरकार का मुखरता से विरोध करो।बहुत हुई महंगाई की मारकुर्सी छोड़ो निर्लज्ज सरकार
    — Lalu Prasad Yadav (@laluprasadrjd) July 17, 2021

    On Saturday, the RJD’s ally in the Mahagatvandhan-the Congress Party had protested against the inflation and hike in fuel prices by organizing a cycle rally across the state capital.