Business & Finance

For The First Time, India In Technical Recession: RBI Warns

RBI

If the research is to be believed, then the country has gone into an economic recession for the first time in history

Mumbai| The trend of an economic downturn in India continues with serious warnings about the country’s economic health coming out every day. In the latest, the Reserve Bank of India has warned of a drop in GDP. Moreover, for the first time ever, the RBI has also warned about a recession.

The lockdown intended to curb the spread of Covid-19 in India hit the Indian economy severely which was already passing through a slowdown. There appeared some uptick in the economic activity after the unlock began. However, the threat persisted.

A Reserve Bank of India (RBI) official said that the country’s gross domestic product (GDP) in the second quarter (July-September) of the current financial year is projected to decline by 8.6 per cent compared to a year ago. Thus, the country is engulfed in recession for the first time with GDP declining for two consecutive quarters. It was down by 23.9 per cent in the first quarter due to the pandemic and the impact of the lockdown.

RBI estimated 8.6 per cent fall

Government figures for the second-quarter GDP are yet to come, but researchers at the central bank have estimated the forecast to fall to 8.6 per cent in the September quarter using the immediate forecast method. The views of these researchers have been published in the RBI monthly bulletin released on Wednesday.
If the research is to be believed, then the country has gone into an economic recession for the first time in history

RBI has already projected that GDP could fall by 9.5 per cent in the current financial year. A study report prepared by RBI researcher Pankaj Kumar stated that India has technically gone into an economic downturn for the first time in its history in the first half of 2020-21.

The article, titled ‘Economic Activity Index’, an index of economic functioning, states that economic contraction is expected to occur for the second consecutive quarter. However, it also states that the rate of contraction is decreasing with activities gradually normalizing and the situation is expected to improve.

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Bihar Election 2020

Two-Thirds of Newly Elected MLAs In Bihar Have Serious Criminal Cases Against Them: ADR

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Nitish Kumar

ADR report showed that 163 i.e. 68 per cent of the candidates have reported criminal cases against them.

 

Patna| Nitish Kumar will again become the Chief Minister of Bihar. It is believed that after Diwali, he will be sworn in as the new CM.

According to a recent report, about two-thirds of newly elected MLAs in Bihar have criminal cases against them while 81 percent of MLAs are millionaires. In a report by the election rights group ‘Association for Democratic Reforms’ (ADR), the affidavits of 241 candidates who won the election were analyzed. It shows that 163 i.e. 68 per cent of the candidates have reported criminal cases against them.

MLAs with Criminal Cases

In the ADR report, 123, or about 51 percent of the MLAs, have reported that there are cases against them in the relevant sections including murder, attempt to murder, kidnapping, crime against women. The report said that out of 243 MLAs won in the 2015 Bihar Assembly elections, 142, ie 58% had criminal cases against them. According to the report, nine newly elected MLAs have declared that a case of murder (under Section 302 of the Indian Penal Code) is registered against them. 31 new MLAs have a case of attempt to murder (under section 307 of Indian Penal Code) registered against them. Eight newly elected MLAs have reported in their election affidavits that they have registered cases related to crimes against women.

The report said that 54 out of 74 (73 per cent) RJD MLAs have declared criminal cases against themselves. 47 out of 73 (64 per cent) MLAs of BJP have reported criminal cases. In addition, 20 out of 43 (47 per cent) of JDU, 16 out of 19 of Congress (84 per cent), 10 out of 12 (83 per cent) of CPI-ML and all five (100 per cent) of AIMIM MLAs against themselves Criminal lawsuit has been announced.

The ADR said that 44 out of 74 (60 per cent) of RJD, 35 out of 73 (48 per cent) of BJP, 11 out of 43 (26 per cent) MLAs of JDU have reported criminal criminal cases against them. Eleven of the 19 (58 per cent) of the Congress, eight of the 12 (67 per cent) of the CPI-ML and all the five (100 per cent) MLAs of the AIMIM have declared criminal cases against them in their affidavits. .

Millionaire candidates

According to the ADR, analyzing the affidavits of 241 newly elected MLAs, it was found that 194 (81 per cent) new MLAs are millionaires. Of the 243 MLAs won in the 2015 elections, 162 (67 per cent) were millionaires. The report says that 65 out of 73 (89 per cent) of BJP, 64 out of 74 (87 per cent) of RJD, 38 out of 43 (88 per cent) of JDU and 14 out of 19 in Congress (74 per cent) MLAs. Has declared assets of more than crores of rupees.

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