“India’s GDP is expected to contract by 9.6% in the fiscal year that started in March,” the World Bank said on Thursday. Regional growth is projected to rebound to 4.5% in 2021, it said.

The Washington-based global lender, in its latest South Asia Economic Focus report ahead of the annual meeting of the World bank and International Monetary Fund, forecasts a sharper than expected economic slump across the region, with regional growth expected to contract by 7.7 per cent in 2020, after topping six per cent annually in the past five years.

World Bank said that India is facing an exceptional situation since the spread of the coronavirus and containment measures have severely disrupted supply and demand conditions in India.

There was a 25% decline in GDP in the second quarter of the year, which is the first quarter of the current fiscal year in India.

“The situation is much worse in India than we have ever seen before,” Hans Timmer, World Bank Chief Economist for South Asia told reporters during a conference call.

Factoring in population growth, however, income-per-capita in the region will remain 6 per cent below 2019 estimates, indicating that the expected rebound will not offset the lasting economic damage caused by the pandemic, it said.

Prime Minister Narendra Modi announced a nationwide lockdown from March 25 to contain the spread of Covid-19, which brought as much as 70% of economic activity, investment, exports, and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate.

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The new draft Environment Impact Assessment (2020) notification of India is widely criticised for its controversial changes in rules. Experts believe most of the provisions in the new draft EIA prove to be a regressive departure from the earlier version. EIA is aimed at the protection of the environment but this draft does not seem to be concerned about sustainable development. This is a pressing issue and it needs everybody’s attention.

Environmental activists, young Indians, political leaders, celebrities and YouTube stars are coming forward voicing their opinions against the precarious draft.

Congress leader Rahul Gandhi on Monday lashed out at the Centre over the draft environment impact assessment (EIA) notification 2020, saying that it must be withdrawn to stop “environmental destruction”. Gandhi alleged that the aim of the EIA 2020 draft notification was clear “loot of the nation”.

Actor Karthi Sivakumar is one of the first few celebrities to raise his voice against the EIA 2020 draft. The actor, in a press release published in July has said that the proposed EIA 2020 Draft has instilled new fears in the minds of the common man and experts.

Parvathy Thiruvothu is also one among the many who urged the public to raise their voice against the draft.

Eco diversity as collateral

1. Violates Freedom of Speech and Expression

The duration to raise public opinion has been reduced from 30 days to 20 days. Moreover, the draft was put out at a time when public hearing was least possible due to the nation-wide lockdown owing to COVID-19 pandemic.

Apart from this, the new draft has not been translated into all regional languages/22 official languages of India, which directly shuts out the voice of half of the Indian population.

2. Strategic projects

Any project that is related to National Security and Defence are considered strategic but according to the new draft, any development on coastal areas, expansion of roads and so on, will fall under the category of “Strategic Project, and hence the details of such projects will not be disclosed to people.

3. Ecologically Sensitive Areas

According to the existing EIA (2006), wetlands, grasslands, and marshlands are considered as Ecologically Sensitive Areas (ESA). These areas are home to various species of animals, birds, plants and indigenous people and therefore, no industry/business can exist here. But the new draft removes these lands from the ESA category. This will definitely shoot the economic development but at the cost of the environment

4. Allows Post-Facto Approval

It simply allows huge projects to start operations without having a clearance certificate. Thus, the 2020 draft paves way for banned industries to function legally. These include 40 ‘Big Projects’ like coal mining extraction of metals and minerals etc.

Earlier, an exemption was given to projects that occupy less than five acres (20,000 sq.mts) to start their business without approval. But the 2020 draft increases the threshold to 40 acres (1.5lakh sq.mts)

EIA has been amended over 12 times since 1994 and each time changes were made favouring the corporates.

People can send their objection mail to: eia2020-moefcc@gov.in . Augut 11 is the last date to submit feedback against draft EIA 2020 notification.

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The Nehru family had never acknowledged the contributions of Narasimha Rao, who made history by becoming the first Congress leader to become Prime Minister outside of the family. The Congress leadership refused to arrange funeral due for one of the tallest leader of the party in the national capital when Narasimha Rao, who was at loggerheads with the Nehru family, died.
Sonia Gandhi recalls that under Narasimha Rao’s leadership the party was able to overcome challenges it faced at a time when the Congress was getting thinner day by day. It is not uncommon for people to repent even after death for what they did to their old enemies in the face of huge setbacks.

The reign of Narasimha Rao from 1991 to 1996 was a turning point in the history of independent India. Politically and economically, India’s history can be divided into before and after the reign of Narasimha Rao. The major policy changes and political events during his time as Prime Minister and Congress leader were decisive.

It was Narasimha Rao who led India into a new era from the days of the Licence Raj through economic reforms. With the aim of implementing globalisation and liberalisation, he appointed Manmohan Singh, an IMF official and economist, as Finance Minister. Despite oppositions, it was these policies that led India on a new path of economic growth. Since then, there have been revolutionary changes in the business environment, job creation and consumer climate in India.

The factor behind the successful completion of five years of a minority government was the flexibility of the political strategist that Narasimha Rao was. At the same time, some of his loose political views were reactionary enough to change the later course of Indian history. The Babri Masjid in Ayodhya was demolished by the Sangh Parivar during the reign of Narasimha Rao. Although it could have been prevented, the lax attitude of the Central Government led to the rewriting of later political equations.

The autumn of Narasimha Rao’s life did not suit the dignity of a former Prime Minister who ruled India for five years overcoming many challenges that the grand old party faced. Congress refused to pay homage to even the mortal remains of Narasimha Rao when he died after being politically isolated for long.

When Sonia Gandhi recalls Narasimha Rao’s contributions at a time when the Congress is collapsing without an energetic leader or a clear political plan, it should also be seen as payback time with history settling scores.

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President Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020, to ensure safety of depositors across banks.Thus,India, on Saturday, brought cooperative banks under the regulatory framework of the Reserve Bank of India (RBI) by amending the seven-decade old Banking Regulation Act through a presidential decree.

The Ordinance amends the Banking Regulation Act, 1949, as applicable to Cooperative Banks. The Ordinance seeks to protect the interests of depositors and strengthen cooperative banks by improving governance and oversight by extending powers already available with RBI in respect of other banks to Co-operative Banks as well for sound banking regulation, and by ensuring professionalism and enabling their access to capital.

The amendments do not affect existing powers of the State Registrars of Co-operative Societies under state co-operative laws. The amendments do not apply to Primary Agricultural Credit Societies (PACS) or co-operative societies whose primary object and principal business is long-term finance for agricultural development, and which do not use the word “bank” or “banker” or “banking” and do not act as drawees of cheques.

The Ordinance also amends Section 45 of the Banking Regulation Act, to enable making of a scheme of reconstruction or amalgamation of a banking company for protecting the interest of the public, depositors and the banking system and for securing its proper management, even without making an order of moratorium, so as to avoid disruption of the financial system.

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