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India on course for 9% GDP growth in FY22, 3rd wave still a concern

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GDP

The high GDP growth despite low base of last year has given confidence that the Indian economy may well grow over 9 per cent in FY22 with tailwinds coming from rapid recovery of manufacturing and construction sectors.

The data released by the Union Ministry of Statistics on Tuesday showed that the country’s GDP has recovered swiftly to clock a growth of 20.1 per cent in the April-June quarter of FY22 as against a contraction of 24.4 per cent seen in the same period of previous year.

Though the Q1 growth is a tad lower than RBI’s expectation of 21.4 per cent growth, it is still on course to make a good recovery taking the economy back to its pre-Covid size.

According to a Bank of Baroda economic research, GDP is expected to grow at 9.7 per cent in FY22. The improving pace of vaccinations, government tax collections, exports and corporate investments in select sectors are a tailwind for growth, it has said.

Taking a similar line, a report by Kotak Institutional Equities expects GDP growth of 9 per cent in FY22 against RBI’s own projections of 9.5 per cent growth. But the brokerage has cautioned that growth momentum may get disrupted if a third wave of the pandemic comes before a larger population gets fully vaccinated. Furthermore, one of the key drivers of growth in CYTD21 has been robust external demand, which risks slowing given the increasing Covid cases globally.

Additionally, surging freight costs and container shortages amid logistic bottlenecks pose downside risks to growth. So may be the pressure of lower agricultural yield this year in wake of projections of lower than normal monsoon.

Agriculture sector has been pandemic resilient. Its output is 8 per cent above pre-pandemic level. A below normal monsoon poses a risk to its growth in FY22.

But according to BoB research manufacturing and construction activity are likely to do well on the back of exports and government spending. Contact intensive services sector is likely to recover with a lag and rising infections in certain states pose a risk to services recovery.

Crime

Bengaluru: Nursing student raped by PG owner after confessing to theft; accused held

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Bengaluru, June 25: An incident has been reported from Bengaluru on Wednesday where a nursing student was allegedly raped by the owner of a paying guest (PG) accommodation after she confessed to a theft, officials said.

The police have arrested the accused.

The arrested person has been identified as 35-year-old Ravi Teja Reddy, the owner of the PG facility.

According to the police, Reddy raped the 21-year-old woman after she admitted to stealing three gold rings from another girl residing in the same PG.

Following the victim’s complaint, Reddy has been booked for rape and taken into police custody.

The victim, a nursing graduate from Andhra Pradesh, had joined the PG only a week prior to the incident and was searching for a job, the police said.

Investigations revealed that the victim had allegedly stolen three gold rings from another PG inmate.

She had also disconnected the CCTV camera wire during the theft.

However, she asked another inmate whether the CCTV footage would still be recorded despite the wire of the CCTV camera being cut.

This conversation was shared with Reddy, which raised his suspicion on the nurse.

Reddy then summoned the victim for questioning and threatened to hand her over to the police.

The girl reportedly confessed to the theft, after which Reddy instructed his aides to retrieve the hidden valuables, police added.

When the victim pleaded with Reddy to forgive her and not to inform the police, he allegedly slapped her and sexually assaulted her.

Initially hesitant to file a complaint, the victim later confided in a male friend.

The friend then contacted a city-based advocate, who helped lodge a formal complaint with the police.

Based on the complaint, the police sent the victim for a medical examination and arrested the accused.

Reddy has been booked under Sections 64(1), 74, and 75(1) of the Bharatiya Nyaya Sanhita (BNS) Act.

In her complaint, the victim said that Reddy initially touched her private parts under the pretext of checking her.

When she resisted, he allegedly forced her to perform oral sex.

The FIR further mentions that the victim, unable to control her urge to vomit after the assault, ran to the restroom.

Reddy followed her and allegedly forced her to have unnatural sex again.

The victim also said that Reddy later threatened her not to reveal the incident to anyone.

It was only after the victim’s friends came to her support that she gathered the courage to file a complaint.

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International

South Korea welcomes Israel-Iran ceasefire, commends US’ diplomatic efforts

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Seoul, June 25: The South Korean Foreign Ministry on Wednesday welcomed the announcement of a ceasefire between Israel and Iran and praised the diplomatic efforts led by the US and other involved countries.

“We hope that all parties will faithfully implement the terms of the agreement so that tensions in the region can be eased swiftly,” the ministry said in a statement.

As a non-permanent member of the UN Security Council, South Korea “will continue to participate in the international community’s efforts to promote peace and stability in the Middle East,” Yonhap news agency reported.

Earlier on Tuesday, US President Donald Trump declared that a ceasefire between Iran and Israel had officially taken effect, urging both sides to maintain restraint.

“THE CEASEFIRE IS NOW IN EFFECT. PLEASE DO NOT VIOLATE IT! DONALD J. TRUMP, PRESIDENT OF THE UNITED STATES!” Trump posted on the social media platform Truth Social.

The announcement came amid escalating violence in the Middle East, but President Trump’s declaration appeared to catch both parties off guard. The ceasefire claim was quickly contradicted by Iran, which asserted it had not received any formal proposal from Washington and had not agreed to a bilateral ceasefire.

US President Trump also wrote, “Israel & Iran came to me, almost simultaneously, and said, ‘Peace’! I knew the time was NOW. The World, and the Middle East, are the real winners!”

“Both Nations will see tremendous love, peace and prosperity in their futures. They have so much to gain, and yet, so much to lose if they stray from the road of righteousness and truth. The future for Israel & Iran is unlimited and filled with great promise. God bless you both!” he added.

Earlier, Iran announced a unilateral halt to its military operations against Israel, effective 4 a.m. local time, but made it clear that the pause was conditional, based entirely on whether Israel would stop its own airstrikes and military actions.

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Crime

PFI had ‘hit list’ of 950 in Kerala including judge, reveals NIA probe

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Kochi, June 25: In a startling revelation made by the National Investigating Agency (NIA), it has surfaced that the banned Popular Front of India (PFI) had prepared a hit list of 950 people in Kerala.

The list, which surfaced in the media on Wednesday, included a now-retired district judge.

Incidentally, this list was submitted early this month by the NIA at a special court here when the bail applications of four accused in the murder of RSS leader Sreenivasan came up for hearing. The NIA opposed the bail strongly. The four accused, identified as Muhammad Bilal, Riyasudheen, Ansar K.P. and Saheer K.V., were arrested for murdering Sreenivasan at Palakkad, Kerala, in 2022.

The list of 950 was compiled after getting confirmed inputs from different places by the NIA probe team. It includes eight documents seized from the 51st accused, Sirajudheen, which contain a list of 240 people from other communities.

Then, while conducting a search held at Periyar Valley Campus at Aluva, NIA was able to get the details of five targeted persons from the purse of the 15th accused, Abdul Wahad, who is presently on the run.

It was in this list that the name of a former district judge was found.

Another document seized from an accused, who turned approver later, contained a hit list with the names of 232 people.

Similarly, a search held at the home of the 69th accused, Ayoob, a hit list containing the names of about 500 people was found.

When the NIA was probing the Sreenivasan case, the PFI link emerged. It was later found that PFI had sinister plans to create unrest in the country.

During the investigation, the anti-terror agency got details of the PFI carrying out physical and arms training for its cadres.

The NIA has now claimed that it has voice clips and witness statements that reveal the ‘India 2047 plan’ of setting up Islamic rule in India.

The special court, after hearing both sides and going through the documents produced before it, observed that there were reasonable grounds for believing that the accusation against the petitioners was prima facie true, and rejected the bail petition.

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