Business
ICRA cuts India’s FY23 GDP growth forecast to 7.2%

Ratings agency ICRA has lowered India’s FY23 GDP growth forecast to 7.2 per cent from an earlier projection of 8 per cent.
Besides, the rating agency projected GDP expansion in FY22 at 8.5 per cent, which is modestly lower than the National Statistical Office’s (NSO’s) second advance estimate of 8.9 per cent.
“Following the elevated commodity prices and fresh supply chain issues arising from the Russia-Ukraine conflict, as well as the renewed lockdowns in parts of China, we have pared our forecast of India’s real GDP growth in FY2023 to 7.2 per cent from 8 per cent,” said Aditi Nayar, Chief Economist, ICRA.
“Higher prices of fuels and items such as edible oils are likely to compress disposable incomes in the mid to lower income segments, constraining the demand revival in FY2023.”
However, she cited that the prescient extension of free foodgrains under Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) until September 2022 may continue to offer some respite to the food budgets of vulnerable households.
“In the mid to upper income segments, normalisation of behaviours after the third wave is set to result in a pivot of consumption towards the contact-intensive services that were avoided during the pandemic, constraining the growth in demand for goods in FY2023,” she said.
Furthermore, the agency pointed out a gradual rise in the capacity utilisation to 74-75 per cent in Q3FY23 from 71-72 per cent in Q4FY22, leading to a potential modest delay in the awaited broad-basing of capacity expansion by the private sector.
At present, capacity expansion is being undertaken in select sectors such as cement, steel, as well as sectors covered under the PLI schemes.
As per ICRA, an early kick-off of the Government of India’s (GoI’s) budgeted capex programme remains crucial to boost investment activity in H1FY23.
However, concerns have been raised as the execution risk is shifting to the states, with a considerable portion of the step-up in the GoI’s budgeted capital spending coming through the enlargement in the size of interest-free capex loan to the state governments to Rs 1 trillion in FY23 from Rs 0.15 trillion in FY22.
“Moreover, the K-shaped recovery appears likely to continue with the formal sector gaining market share in FY2023,” Nayar added.
In addition, ICRA noted that the economic activity rebounded post the rapid abatement of the third wave of Covid-19 in February 2022 and the lifting of the state-wise restrictions.
“As expected, the third wave had a much smaller impact on the confidence levels relative to the first two waves. While the early data for March 2022 is mixed, the Russia-Ukraine conflict and the associated surge in commodity prices has heightened uncertainty, and the expected margin compression is likely to squeeze GVA growth,” the ratings agency said.
“ICRA expects the YoY growth in real GDP to moderate to 3-4 per cent in Q4FY22 from 5.4 per cent in Q3FY22. The YoY expansion in real GDP is, therefore, projected at 8.5 per cent in FY2022, a mild rise of 1.3 per cent relative to FY2020 levels.”
Crime
Parents of Kolkata law college rape victim should be ready for long battle like us: RG Kar victim’s parents

Kolkata, June 28: In the midst of the outrage and politics over the rape of a woman in a Kolkata law college, the parents of the R.G. Kar Medical College and Hospital rape and murder victim stated on Saturday that the law student’s parents should also be ready to fight a protracted legal battle.
Their comments came days after a Kolkata-based law college student became a victim of rape within the college premises on June 25 evening.
They stated that the woman’s parents should also be ready for a long battle considering the influential backing enjoyed by the three accused in the case.
The mother of the junior doctor who became a victim of a ghastly rape and murder in August last year, expressed apprehension that like the case of her daughter, there might be attempts to protect the accused in the law college rape case also in the due course.
Hence, they feel that what is required now is a mass movement exactly in line with what happened after the heinous crime with their daughter.
“What is even more shocking is that even after the tragedy with my daughter, there was not enough initiative to ensure the safety of women within educational institutions where they study. The administration and ruling party are now trying to shy away from their responsibilities over the crime in the law college rape. It is natural. But the reality is that the influential backing that the accused persons enjoyed gave them the courage to conduct such a heinous crime within the college premises,” the R.G Kar victim’s mother said.
The father of the R.G. Kar victim said that he fears that like the case of his daughter, there might be attempts by influential people and even a section within the administration to protect the accused.
“So I also feel that the parents of the victim in the law college case should also be prepared for a long battle like us. They should understand that the administration will not do anything and they will have to fight their own battle as we have been doing. What the victim’s parents need now is the spontaneous public support which we have received,” he said.
All the three accused in the case, namely Monojit Mishra, Zaib Ahmed, and Pramit Mukhopadhyay were linked to Trinamool Congress’ students’ wing Trinamool Chhatra Parishad (TMCP).
Pictures of Mishra with different top and heavyweight Trinamool Congress leaders have already flooded social media. While Mishra is a former student of the same law college, the other two are existing students.
All three of them, on Friday, were remanded to police custody till July 1.
Crime
25 prison officials in Punjab suspended in crackdown against drug networks

Chandigarh, June 28: In a major action against corruption and drug networks in prisons, the Punjab government on Saturday said it has suspended 25 officials, including three Deputy Superintendents and two Assistant Superintendents.
The government said the action is part of the drive to root out corruption and dismantle drug networks operating inside prisons.
“Following reports of irregularities and drug-related activities within jails, the government said the action was to end corruption and drug networks. The big action was taken as per information received about corruption and drug networks in jails,” the government said in a statement.
In March, the government shifted notorious jailed gangster Jaggu Bhagwanpuria from the high-security Bathinda Central Jail to Silchar Jail in Assam as authorities suspected that detained gangsters were running drug syndicates from Punjab’s prisons.
The Narcotics Control Bureau (NCB) had arrested Bhagwanpuria, also an accused in the killing of Punjabi singer Sidhu Moosewala, under the Prevention of Illicit Traffic in Narcotics and Psychotropic Substances (PIT NDPS) Act.
Bhagwanpuria, against whom 128 FIRs have been registered in Punjab and other states, was arrested in a murder case in 2015 and, since then, has been lodged in several jails, previously in Punjab.
In the singer Moosewala’s murder case, it was Bhagwanpuria and gangster Lawrence Bishnoi who had hatched a conspiracy to kill him.
However, later, both fell apart. Bhagwanpuria, a native of Gurdaspur district, is considered the most dreaded gangster of Punjab after Bishnoi and has more than five cases under the Unlawful Activities (Prevention) Act (UAPA) for hatching conspiracies to disturb communal harmony in Punjab.
Bhagwanpuria is facing 15 cases of arms and drug smuggling. On his shifting to Assam, the NCB had said then that Bhagwanpuria was moved out of Punjab as he had “established linkages” with international operatives in Canada, the US and Pakistan. His relocation was a must to disrupt the ecosystem, facilitating continued criminal activities, it added.
Business
US to send out tariff rate letters to countries starting next week

Washington, June 28: US President Donald Trump has said his administration will send letters to countries “over the next week and a half or so” to tell them about their tariff rates, while noting that his pause on “reciprocal” tariffs could be extended or shortened.
Trump made the remarks as South Korea and other countries have been seeking to strike a trade deal with the United States to avoid or minimise the impact of the reciprocal tariffs, with his pause on the new tariffs scheduled to end on July 8, media reports.
“So at a certain point over the next week and a half or so, or maybe before, we’re going to send out a letter. We talked to many of the countries,” Trump told a press briefing. “So we’re just going to tell them what they have to pay to do business in the United States.
Asked whether the pause on the tariffs can be extended, the president said, “We can do whatever we want.”
“We could extend it. We could make it shorter,” he said. “I would like to make it shorter. I’d like to just send letters out to everybody, (saying) ‘Congratulations. You are paying 25 percent.'”
Earlier in the day, Treasury Secretary Scott Bessent told Fox Business that the Trump administration could wrap up its trade talks with countries by Labor Day on Sept.1, as he reiterated that trading partners are approaching it with “very good” deals.
Noting that there are 18 “important” trading partners, Bessent pointed out that Washington has struck a deal with Britain and reached an accommodation with China.
“So if we can ink 10 or 12 of the important 18 — there are another important 20 relationships — then I think we could have trade wrapped up by Labor Day,” the secretary said.
On April 2, Trump announced reciprocal tariffs, including 25 percent duties on South Korea. Intended to match what other countries impose on U.S. goods, the new tariffs took effect on April 9, but the president paused them for 90 days that same day to allow for negotiations.
South Korea and other countries have been hoping to reach a trade deal with the U.S. before the temporary suspension of the reciprocal tariffs ends on July 8.
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