Tuesday, 28 February 2023

ExplainSpeaking | How to read Q3 growth data

 


 

The Ministry of Statistics and Programme Implementation Tuesday released economic growth data — Gross Domestic Product (GDP) and Gross Value Added (GVA) — for the third quarter (Q3 or October to December) of the current financial year (2022-23 or FY23), as well as the so-called Second Advance Estimates (SAEs) for the full year.

 

Numbers suggest that while India's economy grew faster in the past three years than previously reported, it is rapidly losing its growth momentum. It is likely to slow down from 9.1 per cent in FY22 to under 6 per cent in FY24. 

 
 
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Sunday, 26 February 2023

From Kyiv to Delhi, the big and small battles people fight

 

 
 
 

Dear Express Reader,

 

The week was pockmarked by numerous battlefronts - in Ukraine, Ajnala in Punjab, the airport, and even the Delhi municipal corporation. The Russian invasion of Ukraine completed a year on Friday, February 24, with no sign of peace anywhere. Its shadow fell on the G20 finance ministers meeting in Bengaluru, which could not issue a communique because Russia and China disagreed with the US and European states on describing the situation in Ukraine as "war". 

 

A year since, the war has turned into a contest of will between Russia and the West, and a test of the credibility of US global power, according to former Indian ambassador to the Russian Federation, D B Venkatesh Varma. In his excellent article, Varma outlines the complex nature of the conflict and warns that the "global stage is set for advantage China" ('The Putin pursuit', February 24). He argues that Indian diplomacy has done well to manage the contradictions in the global power equation post Ukraine war to its advantage. His advice to Delhi: "As the war grinds on, our task is to keep our head, think and act for ourselves, be less enamoured of the big powers but also show leadership in restoring peace amongst them. Their march of folly - hubris, poor statecraft, and gross miscalculations - have brought the world to the brink of catastrophe. The global order is almost broken. If this century belongs to us, and peace and not endless war is our destiny, then we should help in its re-building, as a matter of national self-interest and the common global good."

 

The Express editorial ('One Year Later', February 24), warns that "Delhi's tightrope walk on the Russia-Ukraine war will get tighter". The choice before New Delhi is to be nimble, and yet put the foot down, when necessary. "New Delhi needs to be constantly vigilant on the possible need to recalibrate its relationship with Moscow and, at the same time, ensure that its interests are protected".

 

A different battle erupted on the tarmac of the Indira Gandhi International Airport on Thursday, when policemen got Congress spokesperson Pawan Khera to de-board a flight that was to take him to Raipur for the party plenary and arrested him for a remark he made about Prime Minister Narendra Modi recently. Khera, speaking at a press conference in Delhi to demand an investigation by a joint parliamentary committee (JPC) against the Gautam Adani Group, had referred to the PM as "Narendra Gautamdas Modi". An FIR was registered at a police station in Assam. Khera's remark was in poor taste and, as the Supreme Court referred to while directing that he be given interim bail, a sign of the fall in the quality of political discourse. But did it call for penal action? The police action at the airport had overreach written all over it, and some critics of the BJP, drew parallels with the Emergency. The Express editorial ('Their Master's Quote', February 25) puts the incident in context: "Indian politics, over the years, has been a site for wordplay, wit and yes, even the odd insult. But the rise of electronic and social media has led to a form of 'debate' where one-upmanship and personal attacks have become the order of the day. It is precisely because the line between wordplay and outright insults is thin that the law and order machinery should not be deployed in a knee-jerk manner. At the same time, abuse and ad hominem attacks by party spokespersons and leaders -- as the Supreme Court indicated — should be something that is reflected on, and addressed internally. For, there will always be someone ready with an FIR and a friendly thana set to follow orders."

 

A third and unexpected battlefront opened in Punjab where a self-styled preacher invoked the dreaded K-word and led his armed followers to a police station in Ajnala near Amritsar to free an associate from custody. And, the policemen meekly bowed to the mob. Police said Amritpal Singh, who claims to be the head of Waris Punjab De, an outfit set up by the late Deep Sidhu, an actor-turned-activist, was carrying the Guru Granth Sahib with him and that prevented them from taking any escalatory action. Chief Minister Bhagwan Mann said those who use the Guru Granth Sahib as a shield cannot be called the "waris (heirs) of the state. The point is Mann's government was caught napping as Singh, until very recently working in Dubai, openly spoke about Khalistan and even issued threats to Union Home Minister Amit Shah. Much blood was shed in Punjab over Khalistan and few want a return of the violent 1980s. However, as the Express editorial ('Slipping in Punjab', February 25) warns: "the government's failure to enforce the rule of law can only embolden elements who want to create unrest and chaos in Punjab in order to breathe life into a discredited secessionist movement". The AAP, which swept the assembly polls last year, has called the incident a "conspiracy". This response is grossly inadequate. As Manraj Grewal writes ('A flashback from Ajnala', February 25): "As politicians clamour to keep the pot boiling, the man on the street is looking for some answers and action. While no actor in the state government would surely want a return of the dark decade, they would do well to remember that history has a habit of repeating itself. And a vigilant administration is the price of peace."

 

A promising slice of news in an otherwise bleak week was that Bill Watterson, the creator of Calvin and Hobbes, is poised to return with a new book, "a fable for grown-ups", called The Mysteries. Watterson, a cartoonist, had drawn Calvin and Hobbes for a decade till 1995, before retreating to do paintings. All that is known about the book is it is about a world beset with unexplainable calamities and a group of knights that sets out to find the cause. As the Express editorial ('Bill Watterson is back', February 25) says, "A book that reveals a whole new side of his genius would surely be worth the almost three-decade-long wait since a boy and his stuffed tiger sledded off into the sunset".

 

Till next week,

 

Amrith 

 

Amrith Lal is Deputy Editor with the Opinion team

 
 
 
 
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