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Real GDP expected to grow at 8-9% YoY in Q2FY22

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GDP

 India’s real GDP is expected to grow at 8-9 per cent year-on-year (YoY) in Q2FY22, Motilal Oswal Financial Services (MOFSL) said.

The real GDP is the inflation adjusted figure of all the finished goods and services produced in a country within a specific time period.

In a report, MOFSL said its in-house estimates suggest India’s real GDP grew at 8-9 per cent YoY in Q2FY22, marginally higher than “our expectations”.

The second quarter GDP numbers have not yet been released. The macro-economic data points are slated to be released on November 30.

MOFSL said: “Looking at our EAI estimates, we believe that better growth was largely supported by massive government spending in 2QFY22.”

Besides, the report said the economic activity for October 2021 appeared promising.

“Most of the indicators – PMI manufacturing, toll collections, e-way or vahaan registrations, mobility indicators, and power generation – improved last month.”

However, the brokerage house’s preliminary estimates indicate that Economic Activity Index (EAI) for India’s GVA posted a seven-month low growth of 5.4 per cent YoY in September 2021 versus 11.7 per cent YoY in August 2021.

“Consequently, EAI-EVA grew 9.2 per cent YoY in 2QFY22 on account of lower growth in the aFarm and Non-Farm’ sectors.

This further indicates the favourable base effect is waning off.”

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Hyderabad Chemical Factory Blast: Death Toll Rises To 32 After 15 Succumb Overnight

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Hyderabad: The death toll in the explosion in a pharmaceutical unit at Pashamylaram near Hyderabad rose sharply to 32 on Tuesday, with about 15 injured succumbing at hospitals overnight.

The death toll in the worst industrial disaster in Telangana may go up further as the rescue workers continued searching for the bodies in the debris of a three-storey building, which collapsed under the impact of the blast.

A massive explosion had rocked Sigachi Industries Limited’s pharmaceutical factory at Pashamylaram industrial area in Sangareddy district, about 50 km from Hyderabad, on Monday morning.

The explosion in the Microcrystalline Cellulose (MCC) drying unit also left 35 workers injured. The condition of 11 of them is stated to be critical.

According to officials, 27 workers were still missing. They were feared trapped under the debris.

Personnel of the State Disaster Response Force (SDRF), Hyderabad Disaster Response and Asset Protection Agency (HYDRAA), Revenue and police continued clearing debris.

The majority of the victims were migrant workers from states like Bihar, Uttar Pradesh and Odisha.

As many as 108 workers were at the factory at the time of the blast, which could be heard about five km away. The explosion triggered a huge fire, and 15 fire engines were used to douse the flames.

According to eye-witnesses, such was the impact of the explosion that workers were tossed in the air and fell several meters away.

As the bodies of some victims were blown to pieces or charred beyond recognition, the authorities were conducting DNA tests to establish their identity.

Chief Minister A. Revanth Reddy will be visiting the accident site on Tuesday. He will also call on the injured at a government hospital.

Health Minister Damodar Raja Narasimha told media persons at the spot on Monday that the cause of the explosion was not yet known. The company, which is 40-45 years old, manufactures Microcrystalline Cellulose, he said.

Labour Minister G. Vivek said prima facie it was not a reactor blast. Some problem in the air dryer system is believed to have resulted in the explosion and fire.

The state government appointed a high-powered committee to probe the disaster and its underlying causes.

The committer comprises the Chief Secretary, Special Chief Secretary (Disaster Management), Principal Secretary (Labour), Principal Secretary (Health) and Additional DGP (Fire Services).

According to the Chief Minister’s Office, the panel would also make recommendations to prevent the recurrence of such accidents.

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Maha govt tables bill to set up Gadchiroli district mining authority

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Mumbai, June 30: The Maharashtra government on Monday tabled the bill for the establishment of the 16-member Gadchiroli District Mining Authority for the coordination and supervision of orderly and rapid development of the mineral-bearing area and execution of plans and projects.

The authority will be headed by Chief Minister Devendra Fadnavis, who is also the Gadchiroli district guardian minister. The government’s move is important as it hopes to finish the Left Wing Extremism (LWE) and develop Gadchiroli as the next steel city of India.

The district is endowed with abundant minerals such as iron ore, hematite, magnetite, BHQ, limestone, Dolomites and coal, which are used as raw materials for various manufacturing industries.

Further, Gadchiroli district, which is rich in iron ore, has the potential to be developed as a hub for mineral-based industries, especially the steel industry, said the bill.

“Currently, the absence of an integrated administrative mechanism hampers the swift execution of the mining project. Hence a need was felt for the establishment of a unified authority comprising of certain ministers and secretaries of the relevant departments under the chairmanship of the Chief Minister to expedite mining approvals and foster the growth of mineral based industries such as steel and cement, thereby accelerating the holistic development of the Gadchiroli district and consequently of the state,” said the bill.

It pointed out that the authority will act as a catalyst in speeding up the process of operationalisation of approved mining leases, and will also generate employment in the district and boost the revenue of the state.

According to the bill, the Mines and Minerals (Development and Regulation) Act, 1957, and rules framed thereunder govern the development and regulation of mines and minerals. The major mineral blocks are auctioned following the Mineral (Auction) Rules, 2015. The mining concession holder is required to obtain various clearances and no-objection certificates from various departments and district officers of the government and local authorities within the timelines prescribed in the rules.

If the bidder fails to meet the prescribed timeline, the alloyed major mineral blocks will have to be auctioned again.

The Chief Minister last week at the industry conference said, “Gadchiroli 10 years ago was zero industrial area, nobody thought that it would become an Industrial magnet. Due to a slew of policies, Gadchiroli is becoming a new steel city of India to produce one-third of India’s steel that will change the entire outlook of the district.”

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Hindi cannot be forced now in Maharashtra: Uddhav Thackeray

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Uddhav Thackeray

Mumbai, June 30: Shiv Sena(UBT) chief Uddhav Thackeray on Monday said the Hindi language cannot be forced upon people now as the power of the Marathi people has compelled the state government to withdraw two of its resolutions on introducing Hindi along with Marathi and English for Classes 1 to 5.

Thackeray, who attended the Monsoon Session of the state legislature on its first day, said, “We will announce in two to three days what exactly the victory rally or victory march will be like and where on July 5 it will be held (as the joint morcha has been cancelled due to the government’s decision). We are also talking to everyone about that. The Marathi traitors raise their heads as soon as they realise that we are a little scattered. Yesterday, we crushed this head. If we don’t want them to come back, then we should maintain this unity instead of waiting for another crisis. We will not stop until we create a vision of this unity on July 5. We will definitely celebrate the victory. Everyone forgot their party differences and came together with us during the movement. We need to show the same unity in the victory march.”

“Love for the mother language should be beyond the party, the government has made a lot of efforts. Still, I thank them. A new committee has been appointed under the chairmanship of Narendra Jadhav (former Planning Commission member). I am telling the government that this is a matter of education, and you have appointed a committee of an economist. Whatever the committee, the issue of compulsion is over now. Even if a committee is formed now, Hindi cannot be forced on us; the power of the Marathi people has shown this yesterday,” said Thackeray at the press conference.

Thackeray said that the slogan of ‘Jai Maharashtra’ has once again been raised in every village and corner of Maharashtra.

“Shiv Sena and Shiv Sainiks were at the forefront in raising this slogan of Maharashtra. But along with that, I sincerely thank all the political parties and Marathi-speaking people who forgot their party differences and participated. We will know in the coming days whether the government has shown wisdom or not. But they immediately cancelled the government resolution on making Hindi compulsory. It was achieved due to the unity of the Marathi people. If they had not cancelled it, many Marathi lovers from the BJP, Shinde group and Ajit Pawar group would have participated in the July 5 morcha, which now will become a victory rally,” he added.

Thackeray on Sunday said the government’s power faced defeat before the power of Marathi Manoos on the contentious issue of the introduction of Hindi as a third language after Marathi and English for Classes 1 to 5. “Now this unity of Marathi people should continue,” asserted Thackeray.

“The BJP’s hidden agenda was to divide the Marathi people and attract the non-Marathi voters by raking up the Marathi vs Non-Marathi issue. But the good news is that the Marathi people took a sensible stance. They are not against the Hindi language, but against coercion. Since there was a movement against coercion, there was no division. The government thought that the division of the Marathi people would be beneficial to it,” claimed Thackeray.

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