It's a sign that you're hiding real data: Rajan on Goyal faux pas | WeForNews | Latest News, Blogs It’s a sign that you’re hiding real data: Rajan on Goyal faux pas – WeForNews | Latest News, Blogs
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It’s a sign that you’re hiding real data: Rajan on Goyal faux pas

Goyal had inadvertently erred in attributing the theory of gravity to Einstein while asking the industry not to get into nitty gritties of calculations of economic growth, which requires a rate of 12 per cent to achieve the envisaged $5 trillion economy mark.

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New Delhi, Sep 13 : Commerce Minister Piyush Goyal’s “gravity” gaffe refuses to die down. Former RBI governor Raghuraman Rajan on Friday launched a scathing attack on Goyal dissecting every word of his remark and saying that he fails to understand the “gravity” of economic slowdown.

“When you don’t understand the #GRAVITY of the economic slowdown, the words stumble and reasoning becomes feeble. If someone thinks that maths doesn’t help understanding gravity and economics, then it’s a sign that you are hiding the actual statistical data. Newton must be smiling,” Rajan said in tweet.

Goyal had on Thursday inadvertently erred in attributing the theory of gravity to Albert Einstein while asking the industry not to get into nitty gritties of calculations of economic growth, which requires a rate of 12 per cent to achieve the envisaged $5 trillion economy mark.

While speaking at the Board of Trade meeting under his Ministry, Goyal said: “Let’s work with a new spirit of enthusiasm believing that nothing is impossible. And together we can achieve that $1 trillion target in five years. Don’t get into the calculations (that to have a Rs 5 trillion economy, the country will have to grow at 12 per cent today, but it is growing at 6-7 per cent. Dont get into that maths. Because maths never helped Einstein discover gravity.. if he had only gone by structured formulae, and what was past knowledge, I don’t think there would have been any innovation in this world.”

Albert Einstein’s general theory of relativity is one of the towering achievements of 20th-century physics. While Newton’s law of universal gravitation states that every mass attracts every other mass in the universe, and the gravitational force between two bodies is proportional to the product of their masses and inversely proportional to the square of the distance between them.

The Minister was roasted on Twitter for his erroneous linking, with netizens mockingly asking, “What did Newton discover, if Einstein discovered the theory of gravity?”

Goyal later tried to wriggle out of the embarrassment. “This is a very mischievous and baseless narrative sought to be presented at my closing comments at the Board of Trade meeting this morning. The comment that I made had a certain context. Unfortunately some friends have sought to remove the context, pick up one line and create a very mischievous narrative,” he said.

On Friday, however, Goyal accepted that he had “made a mistake”. “Due to a slip of tongue, I made a mistake yesterday. We all get opportunities to make mistakes. In fact, Einstein said and I quote, ‘A person who never made a mistake. Never tried anything new.’ I am not among those, who are afraid of making a mistake. As soon I realised the mistake, I tried to explain the context in which I had made the statement. Unfortunately, the context took a backseat and the mistake was highlighted. I thought I should take this opportunity to accept on a public platform that I made a mistake,” Goyal tweeted.

Earlier, Finance Minister Nirmala Sitharaman too faced the wrath of Twitteratti following her comment linking the millennials’ preference for Uber and Ola cabs to the auto sector crisis. The sarcastic hashtag “#BoycottMillennials” quickly became a top Twitter trend. Currently in a grip of slowdown, the GDP posted a six-year low of 5 per cent growth in Q1 of the current fiscal.

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Amazon Quiz Answers Today, November 25, 2020: Answer and Win Rs 5000 Pay Balance

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance.

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Amazon

Amazon quiz Answers Today, November 25, 2020: The Amazon Quiz for November 25, 2020, is live and today you have the chance to Win Rs 5000 Pay Balance. The trivia quiz gives a chance to users across the country to win exciting gifts every day by answering a set of simple questions.

After giving the right answers to the questions users can win mobile phones, other gadgets, and Amazon Pay Balance. E-commerce giant Amazon never disappoints its users and today’s gift is special for all the online shopping lovers.

Today’s Amazon Quiz Information

Today’s Amazon Quiz Prize: Win Rs 5000 Pay Balance
Amazon Quiz Date: November 25, 2020:
Amazon Quiz Time: 8 am–12 pm
Winners List Declaration Date: To be announced

Answers for today’s Amazon quiz contest- November 25, 2020

Q1- Char-chaporis are shifting riverine islands of the Brahmaputra located in which Indian state?
Ans- Assam
Q2- In 2020, who became the first bowler to pick up a wicket off the first ball in an IPL final?
Ans- Trent Boult
Q3- Alu, Bittu and Sattu are characters in which recent Rajkummar Rao movie?
Ans- Ludo
Q4- These objects are used to do what kind of activity?
Ans- Surfing
Q5- In which city also known as the ‘Blue City’ is this picture taken?
Ans- Jodhpur

How to Play Amazon Quiz Contest Daily?

1. Download the Amazon India App from Google Play Stores or Android App
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3. Once login you can check the homepage banner of the App click on Amazon Quiz for today.
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Where to find the latest answers for Amazon Quiz?

You can find all the right Answers for Amazon Quiz here. With Amazon Quiz you can win various exciting prizes. Choose the right answers for the Amazon daily quiz and you can be the lucky winner. The Amazon Quiz contest is live at 8:00 AM and it ends at 12:00 PM.

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Congress opposes move to let corporates enter banking sector

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chidambaram

New Delhi: The Congress on Tuesday opposed the proposal to allow corporates and business houses enter the banking sector, contending that this move will leave the depositors at their mercy as it happened in the case of Yes Bank and Laxmi Vilas Bank.

Addressing a press conference, former Finance Minister P. Chidambaram said: “The Congress party condemns the proposal and demands that the government, unequivocally and forthwith, declare that it has no intention of pursuing the proposal.”

“We call upon all the people of India and all political parties and trade unions to join us in resolutely opposing the retrograde idea of allowing corporates and business houses to enter the banking sector and set up banks,” he added.

The Congress alleged that the proposal, ostensibly based on a report of an RBI Internal Working Group, has the fingerprints of the Modi government written all over it.

This proposal, along with some other recommendations, is part of a deeper game plan to control the banking industry, it said, claiming that the proposal, if implemented, will completely reverse the enormous gains made in the last 50 years of retrieving the banking sector from the clutches of business houses.

Noting that all over the world, especially in developed economies, three principles govern banking — broad-based shareholding reflecting shareholder democracy, strict separation of ownership and management with ownership with shareholders and management in professional hands, and prohibition of connected lending, Chidambaram said that all three will be thrown out of the window if corporates and business houses are allowed to set up banks.

“Bank funds belong to the depositors who are the people of this country. As a proportion of total deposits, the equity of a bank is minuscule. The total deposits in the banking industry is of the order of Rs 140 lakh crore… If business houses are allowed to own banks, they will, with a small equity investment, control very large amounts of the nation’s financial resources. This must not happen and the Congress will strive its utmost to ensure that this will not happen,” Chidambaram said.

He said that it “is shocking that such an idea should have been presented to the people as though it has the imprimatur of experts and the endorsement of the RBI”.

“Just as the RBI was the cat’s paw of the government in the saga of demonetisation, the RBI is being used by the government to push through its dangerous agenda,” he said.

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Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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