Member of RBI's rate-setting panel questions world-beating GDP numbers
NEW DELHI: India probably overestimated manufacturing output while calculating economic growth that topped 8 per cent in the June quarter, according to a member of the central bank’s rate-setting panel.
The new gross domestic product series has mostly replaced the Annual Survey of Industries with corporate financial data for estimating manufacturing value added, according to an article Ravindra Dholakia, a member of the Monetary Policy Committee, co-authored with R. Nagaraj and Manish Pandya in the latest edition of the Economic and Political Weekly. This has resulted in its higher share in GDP and a faster growth rate compared to the older series, they said.
Statistics ministry data on Friday showed manufacturing sector expanded 13.5 per cent in the three months to June, driving the broader economic growth by 8.2 per cent -- the fastest pace for any major economy. Finance minister Arun Jaitley attributed the economy’s performance to the government’s reforms and fiscal prudence amid uncertainty spawned by the trade spat between the US and China.
“Does the new series represent a fuller description of the manufacturing value added, or is it an overestimation?” the authors wrote.
Higher manufacturing growth rate gives “rise to serious doubts about the veracity of new estimates” and is at “variance with other macroeconomic correlates,” wrote Dholakia, an external member on the monetary policy committee and a management professor.
The Reserve Bank of India has maintained its full-year growth forecast at 7.4 per cent, while flagging risks from high oil prices and trade tensions turning into a currency war. The central bank increased policy rates twice since June to curb inflationary pressures.
Dholakia has been advocating lower interest rates to support growth and was the only member to oppose a rate increase at the August meeting.
courtesy : timesofindia.indiatimes.com
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Man chased, brutally stabbed inside public toilet in northwest Delhi; one arrested; juvenile held
New Delhi (PTI): An alleged road rage incident took a fatal turn when a 27-year-old factory worker was chased down by assailants and stabbed multiple times inside a public toilet in northwest Delhi's Ashok Vihar area, police said on Thursday.
According to police, the incident took place on Wednesday night, when witnesses saw the victim, Santosh Kumar, running into a public toilet in a desperate bid to save his life, with his attackers hot on his heels.
"A PCR call was received at 6:23 pm on April 8 regarding a man being stabbed inside the compound of a Sulabh Sauchalaya located at the fish market in Wazirpur Industrial Area," a senior police officer said.
A police team rushed to the spot and found the victim lying in a pool of blood inside the toilet premises. The victim, originally from Nepal, was residing in Macchi Market area, the official said.
Preliminary inquiry revealed that the incident stemmed from an altercation between the victim and a motorcycle rider. The verbal spat soon escalated into a physical scuffle, during which the accused, along with an associate, allegedly attacked Santosh with a knife.
Police sources said in a desperate attempt to save himself, the injured victim ran towards the nearby public toilet and tried to latch the door from inside. Eyewitness accounts suggest he tried to take refuge inside the public toilet and shut the door to prevent his attackers from entering. However, he was chased down, overpowered, and stabbed multiple times.
Santosh collapsed on the spot, where he later succumbed to his injuries, police said.
A case under sections 103(1) (murder) and 3(5) (common intentions) was registered at Ashok Vihar police station and an investigation was taken up.
During the probe, police arrested one accused identified as Tanish (19), a resident of CSA Colony in Macchi Market area, and apprehended a juvenile allegedly involved in the incident.
Police said the motorcycle used by the accused, which they had abandoned while fleeing after the attack, was recovered near the crime scene.
Family members and acquaintances of the deceased expressed shock over the killing. Santosh's uncle, who reached the spot after being informed, recounted the scene.
"When I came here, I saw him lying on the floor, dead. I noticed that he had been stabbed twice. I am not aware of what exactly happened. He was just 27 years old and used to work in a steel company with me. I don't know how many people were involved in the attack. We are from Nepal, and I have been working here for 15 years. I think he was stabbed outside and later came inside the toilet to save himself. There was a bike outside which I think belonged to the attackers," he said.
Police said the motive behind the crime appears to be road rage -- a sudden and heated altercation on the road that spiralled into a violent assault resulting in the victim's death.
Efforts are underway to identify and apprehend any other persons involved in the attack. Police teams are analysing CCTV footage from the surrounding area and examining local witnesses to piece together the sequence of events.
