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[ad_1] Deploring the education system of Uttar Pradesh, Samajwadi Party chief Akhilesh Yadav on Monday recounted the day he was mistaken for Congress leader Rahul Gandhi by a child in a school when he was the state chief minister.  During his address in the state assembly during a discussion on the state budget, Yadav attacked the BJP saying that instead of “ease of doing business”, there was an “ease of doing crime” in the state.  “UP on education index is fourth from the bottom. This is the level of education in the state which gave so many prime ministers,” he said, adding that even Narendra Modi was PM because of the state. “I had once gone to a primary school where a child did not recognise me. When I asked who I was, the child said ‘Rahul Gandhi’,” Yadav said. Akhilesh Yadav publicly mentioning an incident where a primary school student mistook him to be Rahul Gandhi!! LOL ???????????? pic.twitter.com/vdE1cPc9lt — Priti Gandhi – प्रीति गांधी (@MrsGandhi) May 30, 2022 When members in the treasury benches laughed at this, Yadav said: “They are not sad about the level of education in the state, but because I took the name of the Congress leader.” Putting the state government in the dock over law and order, Yadav said, “There is no ease of doing business in the state, but an ease of doing crime. BJP men are taking law in their hands.”   “This budget is all smoke and mirrors. BJP has a new policy in operation — ‘one nation, one capitalist’,” he said, apparently accusing the party ruling the state of favouring big businesses. Finance minister Suresh Kumar Khanna had presented the annual budget for 2022-23 in the house on May 26. Akhilesh said that the state government is claiming this to be the biggest budget, but every year the budget size becomes bigger than the previous one. “Still no heed is paid to farmers, unemployed, women and cattle in the budget.” He said the BJP had promised to double the income of farmers by 2022 but the turnaround is yet to be seen.  Akhilesh also took a dig at the ruling party members, saying sometimes they try to teach him “samajwad” (socialism).He said Adityanath knows about socialism and has got a book too written for him. Yadav was referring to the biography of the chief minister written by a senior journalist in 2017.  “If I am socialist, what’s wrong with it? You are also a socialist. The money which is being distributed to farmers is also done on a socialist principle. Whatever you are giving to the girls is also based on the same principle,” he said. “If you raise a question mark on my being socialist then you are also not democratic. You don’t trust democracy, and if you are not ‘samajwadi’, you also cannot be secular,” he said. The leader of opposition said this in an apparent counter to a remark made by UP Chief Minister Yogi Adityanath last week. Adityanath had then alleged that the former CM had been dumping socialism which is still being held by Shivpal Yadav – his estranged uncle. [ad_2] Source link

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[ad_1] Inflation is expected to moderate in the coming months on the back of fiscal and monetary measures announced recently, economic affairs secretary Ajay Seth said on Monday. He expected that the global commodity prices may have peaked. While wholesale price inflation hit an over 30-year high of 15.08% in April, retail inflation scaled an 8-year high of 7.79% and breached the upper band of the RBI’s medium-term target for a fourth straight month. Recently, the RBI flagged risks of a double-digit wholesale price inflation exerting upward pressure on retail inflation, albeit with a time lag. Former chief economic adviser Kaushik Basu recently said CPI inflation may rise further and even breach 9%, chasing the elevated WPI inflation. “We do expect that inflation should be moderating in the coming months. And for that whatever steps that were needed from the fiscal side have been taken, and the RBI is also taking certain measures,” Seth said. He was speaking on the sidelines of an event on the Azadi Ka Amrit Mahotsav. Asked if more measures are being firmed up by the government to curb inflation, the secretary said, given the evolving situation, it’s difficult to predict the steps at this point. However, the government is responding to challenges as they come. Commenting on the regulation of cryptocurrencies, the secretary said “countries that have banned these digital assets can’t succeed” unless there is a global consensus on their regulation. He said India will soon finalise a consultation paper on cryptocurrencies with inputs from various stakeholders and even multilateral institutions such as the World Bank and the International Monetary Fund (IMF). At the same time, he underscored the need to firm up a global strategy around cryptocurrencies to effectively regulate them, as they operate in a virtual world. “There has to be a broad framework of participation. Digital assets, whatever way we want to deal with those assets, there has to be a broad framework on which all economies have to be together,” Seth said. As part of the measures to control runaway inflation, the Reserve Bank of India (RBI) hiked the repo rate by 40 basis points — the first since August 2018 and the sharpest in about 11 years — in an out-of-cycle increase in May. Subsequently, the government cut excise duties on petrol and diesel by Rs 8 and Rs 6 per litre, respectively. It also slapped an export duty on certain steel products, reduced the import duties on select raw materials for steel and plastics to ease supply-side bottlenecks. RBI governor Shaktikanta Das has also hinted at another repo rate hike in June. Former RBI deputy governor Rama Subramaniam Gandhi on Monday told Bloomberg TV that India’s coordinated fiscal and monetary efforts to tame inflation, plus a good agricultural production outlook, may take pressure off the central bank to aggressively raise interest rates later in the year. Responding to a question if the geopolitical tension can dent growth, the economic affairs secretary said, “When (external) headwinds are there, obviously things slow down.” Nevertheless, the government had firmed up a conservative real growth estimate of 7.5% while presenting the Budget for FY23, weeks before the Ukraine war, Seth said. “I have not seen any rating agency talking about a number lower than this (at that time). This is a dynamic situation…please understand we are fairly integrated with the global economy.” Even after a recent downward revision, the IMF still estimated India’s FY23 growth at 8.2%, while the RBI has pegged it at 7.2%. “There are strong global headwinds which have impacted the global economy. Even despite all those, India is poised to grow the fastest among all large countries in the world. That was the position six months ago and that will be our assessment even today,” Seth said. [ad_2] Source link

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[ad_1] Private weather forecaster Skymet on Monday questioned the India Meteorological Department’s (IMD) announcement that the southwest monsoon arrived in Kerala on Sunday, three days ahead of the “normal” date. “Declaring monsoon based on single day observations amounts to gross violation of standards, never attempted in the past,” Skymet said. Going by what it called “specified objective criteria” for forecasting monsoon arrival, the agency said, “Monsoon does not seem to be kicking up soon over Kerala and Peninsular India.” An IMD official, however, told FE that the department had “complied with all parameters to predict the onset of monsoon. “We don’t want to react to statements made by any private agencies,” he said. Earlier, Skymet had forecast monsoon reaching the Kerala coast on May 26 while IMD’s initial forecast was May 27. On Friday, the official weather agency said monsoon would arrive in the Indian subcontinent “in the nxt two to three days”. On Sunday, it confirmed the onset. IMD and Skymet had such spats in the past too. For instance, in 2013, both differed on whether the showers over north India during mid-June that year were monsoon rain. IMD said it was indeed monsoon, Skymet asserted it was pre-monsoon freak shower. Skymet said: “Onset of monsoon has specified objective criteria comprising of rainfall, winds and outgoing long wave radiations (OLR). If after May 10, 60% of the available 14stations, viz Minicoy, Amini Divi, Trivandrum, Punalur, Kollam, Alappuzha, Kottayam, Kochi, Thrissur, Kozhikode, Thalassery, Kannur, Kudulu, and Mangalore report rainfall of 2.5mm or more for 2 consecutive days, the onset over Kerala be declared on the 2nd day, provided the winds and OLR criteria also remains in concurrence.” It added that “today (Monday), 7 out of the 14 earmarked stations have recorded nil rainfall and 2 more locations have registered less than 1mm. Most locations with fair amount of sunshine fail to give the monsoon feel … Most areas of Tamil Nadu, Karnataka, Kerala and Rayalaseema will have to wait to catch up with proper monsoon stream”. While forecasting the onset of the annual weather phenomenon on Sunday, IMD had listed out the conditions that were satisfied for declaration of onset of monsoon over Kerala namely “the depth of westerly winds is extending up to 4.5km above sea level, the strength of the westerly winds have increased over southeast Arabian Sea in lower levels and is about 25-35kmph, increase in cloudiness over southeast Arabian Sea and adjoining areas of Kerala and the average OLR of 189.7 W/M2 (thus <200 W/M2) over the region. It had also noted “there has been widespread rainfall activity over Kerala during past 24-hours and out of 14 rainfall monitoring stations for declaring onset of monsoon over Kerala, 10 stations have received rainfall of 2.5mm or more”. Both IMD and Skymet have forecast a normal monsoon for the fourth year in a row. Last month, IMD had said India would receive a ‘normal’ monsoon (June-September) at 99% of the benchmark long period average (LPA), with a model error of +/- 5%. Skymet said monsoon would be ‘normal’ at 98% of LPA, with an error margin of +/- 5%. [ad_2] Source link

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