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India’s GDP is actually 0%, or in negative: Congress

Commenting on the Prime Minister’s recent ‘Howdy Modi’ US tour, Vallabh said the visit was “hyped”, full of gaffes and a failure.

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Panaji, Sep 28 : Congress national spokesperson Gourav Vallabh on Saturday claimed that India’s Gross Domestic Product (GDP) was not five percent as was articulated by the NDA government, but 0 per cent or even negative.

Speaking at a seminar in the state capital, Vallabh, who is a finance professional, said that Prime Minister Narendra Modi’s ‘Abki baar Trump Sarkar’ call during his recent visit to the US could put the Indo-US diplomatic relationship at risk.

“Our GDP is not 5 per cent it is 0 per cent. I will prove here. GDP is 0 per cent or may be negative, because in GDP calculation, only formal economy is taken into account. Informal economy as per SBI is dipping down by 7 per cent per year and in our country more or less (there is) 50 per cent is formal and 50 per cent is informal (economy),” Vallabh said.

Commenting on the Prime Minister’s recent ‘Howdy Modi’ US tour, Vallabh said the visit was “hyped”, full of gaffes and a failure.

“Have you ever seen an Indian PM go to US and say ‘Abki baar Trump ki sarkar?’ What if Trump loses the election as there is a 50-50 chance, what is going to happen to Indo-US relationship?” Vallabh said.

The Congress leader also said that the Prime Minister, during his visit had failed to arrest the slide of visa rejections of Indian nationals, especially those working in the Information Technology sector.

“Why can’t he (Modi) ask why rejection of visa for our people has increased by four to five times. The service industry is feeling the heat of this rejection. Our IT companies are feeling the heat,” Vallabh said, claiming that Modi had also failed to back the supply of Indian produce like apples and basmati rice in US markets.

“‘Howdy’ is good, but why can’t he do howdy with the people of our country. Why can’t he ask President Trump. He says they are very close, they are buddies, then why can’t he ask trump why he excluded India from the GSP (Generalised System of Preferences) list?

“Our goods are not going to become competitive, because a lot of countries are on that list, so the price of their goods is going to be less,” Vallabh said, adding that in 2019, India’s exports to the US were less than in 2014.

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French Amundi threatens to sell-off SBI bonds over proposed Rs 5,000 cr Adani coal mine loan

Protesters were wearing a t-shirt which read slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.

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Ind Aus SBI Adani protest

New Delhi: France-based Amundi, which is one of the largest investors in India’s State Bank of India (SBI), threatened to sell off SBI green bonds held by it unless it stops its scheduled Rs 5,000 crore loan to Adani’s Carmichael coal mine in Australia.

“We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.

“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.

“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.

Amundi, which holds the SBI green bonds as part of its Amundi Planet Green Emerging Fund, said it learnt recently that the public lender is slated to fund the controversial coal mine project in Australia.

Adani’s billion-dollar Carmichael coal mine project in Queensland, Australia, has been the centre of many controversies ever since its inception as activists owing to environmental problems posed by it.

The development comes within days of Samsung Securities, the investment arm of South Korean conglomerate, announcement that it won’t back the project after it was targetted by protesters for having links to the coal miner.
Earlier this week, the first One-Day International (ODI) match between India and Australia in Sydney was halted briefly after two protesters appeared on the field holding placards against SBI and Adani Carmichael coal mine project.

Six overs into Australia’s innings, protestors walked to the center of the ground holding placards which read ‘No $1b Adani loan’ signs.

Protesters were wearing a t-shirt which read slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.



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Manufacturing GVA growth in Q2 ‘surprising’: SBI Report

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Manufacturing

New Delhi, Nov 28 : The manufacturing sector played a major role in narrowing down the India’s GDP contraction in Q2 of FY21. An SBI Ecowrap report, however, dubbed the growth in manufacturing GVA as “astonishing” as the IIP manufacturing for the same period declined by 6.7 per cent.

India’s GDP in the July-September period contracted 7.5 per cent, compared with 23.9 per cent in the preceding quarter.

The GVA in Q2 2020-21 from the manufacturing sector grew 0.6 per cent, as compared with a degrowth of 0.6 per cent in the corresponding quarter of the previous fiscal.

The report by Soumya Kanti Ghosh, Group Chief Economic Adviser, State Bank of India, said: “Though the whole press release is full of surprising numbers, the most astonishing number is the positive growth in manufacturing in Q2.”

He noted that despite being the worst affected sector in Q1 (due to lockdown), it is quite puzzling how manufacturing turned itself around.

The IIP manufacturing and manufacturing GVA growth are highly correlated (almost more than 0.90) and this correlation collapsed in Q2 when IIP manufacturing declined by 6.7 per cent (average of July/August/September) while manufacturing GVA grew by 0.6 per cent.

He said that one possible reason for this could be stellar corporate GVA numbers in Q2 on the back of massive purge in costs.

Further, he said that small companies, with turnover of up to Rs 500 crore, are more aggressive in cutting cost, displaying reduction in employee cost by 10-12 per cent.

“This could turn a potential headwind in future in terms of a drag on consumption. Additionally, there is evidence of inventory build-up that could act as a drag on future manufacturing growth,” said the report.

“Interestingly, government consumption expenditure has also nosedived in Q2, that is difficult to explain, as such expenditures are typically pro cyclical.”

During the July-September period, agriculture sector continued to perform well with its growth pegged at 3.4 per cent. Services remained in the negative territory, although the decline was contained as trade, hotels, transport, communication and services related to broadcasting showed recovery.

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Apple patents new MacBook Touch Bar with Force Touch technology

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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San Francisco: Apple is reportedly planning to add Force Touch sensors to the OLED Touch Bar on a future MacBook Pro.

A new patent published by the US Patent And Trademark Office, suggests Force Touch could have an expanded role in the future on the Mac, with the development of a new pressure-sensitive Touch Bar, reports MacRumors.

The patent offers visual examples of how force-sensing technology would be implemented in a MacBook Touch Bar, with Force Touch circuitry surrounding the touch-sensitive OLED strip.

“The secondary display and force-sensing circuitry may be encapsulated between two glass layers that are bonded to one another by a frit. In some embodiments, the force-sensing circuitry is formed from or constitutes part of, the frit,” reads the abstract of the patent application

Force Touch sensors were introduced for the first time with the first-generation Apple Watch and they allow the screen to identify the touch pressure in order to perform different actions based on touch intensity.

This technology was then introduced to the MacBook trackpad in 2015.

It was also made available on iPhones and it was known as 3D Touch. Later with iPhone XR, Apple decided to replace 3D Touch with Haptic Touch for a better experience.

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