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Initial high frequency data suggests economic rebound in Feb: ICRA

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Initial high frequency indicators for February 2022 suggests a quick rebound in India’s economic activity, ratings agency ICRA said on Thursday.

As per the agency, the expected trend in February 2022 is based on the pick-up in generation of GST e-way bills, electricity demand, fuel sales, amongst others.

“These trends suggest that non-agri, non-government economic activity will stage a quick rebound after the subsiding of the less severe third wave,” it said.

The expected trend comes after the emergence of the third wave of the Covid-19 pandemic in India which temporarily interrupted the momentum of economic activity in January 2022.

Performance of 10 of the 16 high-frequency indicators deteriorated YoY in January 2022 compared to December 2021.

“While the performance in January 2022 on a month-on-month (MoM) basis was mixed, the adverse impact was largely concentrated in contact-intensive services, mobility and payments,” the agency said.

“Encouragingly, the industrial sector indicators appeared relatively insulated from the third wave, with a sequential rise in coal and auto output, and electricity and a very mild dip in GST e-way bill generation.”

According to ICRA, a larger number of sectors slipped below the pre-Covid volumes of January 2020- the number of indicators exceeding their pre-Covid volumes slipped to eight in January 2022, from 10 in December 2021.

“The output of PVs and motorcycles reverted to below pre-Covid levels in January 2022 from above pre-Covid in December 2021.”

“Following the rapid abatement of the third wave, early data for February 2022 is positive. The daily average generation of the GST e-way bills rose to 2.36 million during February 1-13, 2022 from 2.22 million seen in January 2022, within striking distance of the record-high generation of 2.37 million seen in October 2021.”

Business

12 nations to get US tariff letters on Monday, says Trump

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New Delhi/Washington, July 5: US President Donald Trump has signed tariff letters on exports from 12 countries, which are expected to be sent out on July 7 (Monday).

Speaking to the media aboard Air Force One, the US President said the names of the countries which will receive the letters would only be revealed on Monday.

“I signed some letters and they’ll go out on Monday, probably 12. Different amounts of money, different amounts of tariffs,” he told reporters.

“The letters are better. It is much easier to send a letter,” Trump added.

Trump has suggested that the reciprocal tariffs could go even higher, potentially reaching 70 per cent for some countries, and take effect from August 1.

The US President in April unveiled a base tariff of 10 per cent on most goods entering the country, along with higher rates for certain countries, including China. Those elevated tariffs were later suspended till July 9.

Washington has concluded trade agreements with two countries – the United Kingdom and Vietnam.

Meanwhile, India’s high-level official delegation, led by chief negotiator Rajesh Agrawal, has returned from Washington without reaching a final agreement with US officials on the sensitive issue of trade in agricultural and dairy products that the US is pushing for.

However, there is still a glimmer of hope that an interim bilateral trade agreement may be reached at the highest political level in the two countries before the July 9 deadline.

The Indian team was in Washington for negotiations on an interim trade agreement with the US from June 26 – July 2.

According to Commerce Minister Piyush Goyal, India will not hurry into signing a free trade agreement under pressure from any deadline.

Speaking on the sidelines of an event in the national capital, Minister Goyal emphasised that India is ready to make trade deals in the national interest but it “never negotiates trade deals with a deadline”.

The US is seeking broader market access for its agricultural and dairy products, which is a major hurdle, as for India, this is a livelihood issue for the country’s small farmers, and hence, is considered a sensitive area.

While India is looking to secure an exemption from President Trump’s 26 per cent tariffs by concluding an interim deal before July 9, it is also pushing for significant tariff concessions for its labour-intensive exports such as textiles, leather and footwear.

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Crime

NIA nabs 2 human traffickers from Delhi, HP for role in sending over 100 youths to US via ‘donkey route’

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New Delhi, July 5: The National Investigation Agency (NIA) on Friday arrested two human traffickers from different locations in Himachal Pradesh and Delhi. The duo, accused of sending more than 100 youths to the United States using the notorious ‘donkey route’ were nabbed after extensive searches.

The accused were identified as Sunny Donker, a resident of Kangra (Himachal Pradesh) and Shubham Sandhal, a resident of Punjab who was currently residing in the national Capital.

Both are said to be associates of Gagandeep Singh alias Goldy, arrested earlier in March.

Gagandeep was arrested over a victim’s complaint who was illegally trafficked to the US using the infamous ‘donkey route’ and was deported back to India in February, this year.

Goldy, a resident of Tilak Nagar in Delhi, was subsequently chargesheeted by the NIA.

As per the findings of the law enforcement agency, Gagandeep Singh used to take around Rs 45 lakh from each victim on the pretext of sending them to US on a valid visa.

He would then illegally send them on an arduous journey via multiple countries, including Spain, El-Salvador, Guatemala and Mexico.

He had sent more than 100 victims illegally to the US, in this manner before being arrested.

Sunny was the main associate of Gagandeep Singh and played a key role in facilitating the journey of the victims on the ‘donkey route’.

Also, the victims were physically and mentally harassed on the way by agents to extract more money.

Shubham Sandhal operated as key hawala conduit, who transferred funds to agents in Latin America. Gagandeep used him to transfer part of the money taken from the victims to the agents based in Latin America.

The NIA, took over the case from Punjab Police in March this year. As the investigation proceeds, it continues to unravel dark secrets of the human trafficking racket.

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National

Maha: Oppn slams NCP MLA for political remarks while presiding in Assembly

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Mumbai, July 5: The opposition parties in Maharashtra took a serious objection to the political remarks made by the Assembly’s Presiding Officer Chetan Tupe while conducting the business in the House.

They said that it was not acceptable, demanding that the dignity of the chair must be maintained.

The issue was raised by the Congress Legislature Party leader Vijay Wadettiwar and it was supported by Bhaskar Jadhav (Shiv Sena-UBT) and Nana Patole (Congress).

They also asked, “Do those who make political statements have the right to be the presiding officer?”

Assembly Speaker Rahul Narwekar took a serious note and expressed serious displeasure, saying that such incidents should not happen in future.

“Those sitting as presiding officers should maintain letter and spirit of the law. It is necessary for the presiding officers to work within the framework of the rules given by the Constitution.”

The Speaker assured that the chair of the Speaker will not be used for political purposes.

He also told the House that he will take a decision in this regard in his chamber.

Earlier, Wadettiwar criticised the presiding officer for his political remarks during the discussion over a motion on farmer suicides and the current state of agriculture amid the state government’s apathy.

He appealed to the Assembly Speaker to reprimand the presiding officer Chetan Tupe.

“While the discussion was on, the Agriculture Minister and the officials of that department were not present, but the work continued. But since some members were not present, does the presiding officer Chetan Tupe have the right to sit in the chair and present the government’s position? While the chair has a certain dignity, it is not right to make political speeches from there, such a thing has not happened in the past,” Wadettiwar said.

He also said: “The presiding officer in his statements targeted opposition party members for their absence while saying they speak about farmers but skip the proceedings. Tupe said he has been in the House for 13 hours and has not given out.”

He added that even though the presiding officer is conducting the business in the absence of a Speaker, he is treated as the Speaker and it is binding on him not to make any political statements.

“While it is the responsibility of the government to ensure that the House functions properly, it is the responsibility of the Parliamentary Affairs Minister to see whether the Ministers of the department are present in the House. In such a case, the custom and tradition should be followed from the highest position in the House,” Wadettiwar said.

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