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As GDP slumps to three-year low at 5.7 %, Congress hits out at Centre over DeMo, GST

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As GDP slumps to three-year low at 5.7 %, Congress hits out at Centre over DeMo, GST

[vc_row][vc_column][vc_column_text]The disappointing GDP figures for the April-June quarter come at a time when the Centre is already facing harsh criticism over the purported failure of demonetisation, with the RBI claiming that 99 per cent of banned notes made their way back to various commercial banks

Even as the Centre was trying hard to defend Prime Minister Narendra Modi’s 10-month old demonetisation move amid counter-claims that almost established how the move to curb black money had failed miserably, the latest GDP figures – 5.7 per cent for the April-June quarter – have further strengthened the argument that noteban was bad for the economy.

On Thursday, data released by the government revealed that the economic growth of India had slipped to a three-year low of 5.7 per cent in April-June, possibly due to disruptions caused by demonetisation and the rollout of the Goods and Services Tax regime and a slowdown of the manufacturing sector which itself was a result of a combination of noteban and GST rollout. GDP stood at 6.1 per cent in the preceding quarter. A revised growth of 7.9 per cent had been pegged by the government for the first quarter of 2016-17.

The latest GDP data has come, by Union finance minister Arun Jaitley’s own confession, as a “matter of concern”. The Congress party – which had been steadfast in its criticism of demonetisation and also the manner in which the GST rollout took place – has expectedly hit out at the Centre for the slump in the GDP growth figures.

As businesses destocked inventories ahead of the GST kick-off from July 1, gross value added (GVA) in manufacturing declined to a low of 1.2 per cent, from 10.7 per cent, year on year. Gross Domestic Product (GDP) growth in the first quarter of 2017-18 was lower than 6.1 per cent of the preceding one and 7.9 per cent in the same period last fiscal.

The finance minister admitted that the slump in the GDP was fuelled by the GST rollout, although he didn’t count demonetisation as a reason for the same. “Since it was announced that GST would come into operation from July 1, most manufacturers were de-stocking during period April-June. As a result, trading went up because sales were taking place but it was stocks which were being sold. No new manufacturing happened,” Jaitley said, adding that the slump in GDP “seems to be the pre-GST impact of de-stocking”.

When asked about whether the GDP can grow at 7 percent this fiscal, Jaitley said, “I am hopeful, because of the pre-GST de-stocking, this would really be the bottoming out.”

As GDP slumps to three-year low at 5.7 %, Congress hits out at Centre over DeMo, GSTFormer finance minister P Chidambaram, who has already been vociferous in his criticism of the manner in which the GST rollout took place and of demonetisation since the RBI admitted that 99 per cent of banned Rs 500 and Rs 1000 notes had been deposited back with the banks, took to Twitter to hit out at the Centre over the decline in the GDP numbers, which he called a “catastrophe”.[/vc_column_text][vc_raw_html]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[/vc_raw_html][vc_column_text]Economic experts too admitted that the slump in GDP was due to a combination of the GST rollout and impact of demonetisation.

Abheek Barua, Chief Economist of the HDFC BANK said, “GDP numbers are certainly disappointing. The numbers seem to suggest that the slowdown from last quarter has intensified due to the combination of long-term slowdown and temporary shock factors like demonetisation and GST (goods and services tax) destocking… We have to revise our GDP outlook numbers for the full year closer or perhaps lower than 7 percent.”

Noted economist Arup Kumar too expressed similar views, saying “demonetisation has been a complete and utter failure and its impact on the GDP growth figures is evident… the GST rollout too has taken its toll on economic growth and I don’t see the impact of either of these factors, especially demonetisation, waning for at least another quarter”.

It is perhaps timely to recall that in late November 2016, former Prime Minister Manmohan Singh had – while addressing the Rajya Sabha – called demonetisation a ‘mammoth tragedy’ and warned about a 2 percent hit on GDP in the aftermath of the demonetisation. The Narendra Modi government and demonetisation cheerleaders had then rubbished Singh’s prophecy. After 10 months of demonetisation, with no major tangible gains from the exercise and a severe hit on the economy, Dr Manmohan Singh is probably having the last laugh now.[/vc_column_text][/vc_column][/vc_row]

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Case registered against Mamata Banerjee over controversial 2025 religion remark

A formal police case has been registered against Trinamool Congress supremo Mamata Banerjee in Siliguri, West Bengal. The complaint alleges that her 2025 “Ganda Dharm” remark targeted Hinduism and hurt the religious sentiments of the community.

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Mamata Banerjee

A formal police complaint has been lodged against Trinamool Congress (TMC) chief Mamata Banerjee in West Bengal’s Siliguri. The legal action stems from an alleged derogatory remark regarding Hinduism made during an Eid congregation in Kolkata in 2025.

The case was registered following a complaint filed by a local lawyer, Rinki Chatterjee, who alleged that the former Chief Minister’s comments deeply hurt the religious sentiments of Hindus globally.

Legal charges and complaint details

The police have invoked multiple sections under the Bharatiya Nyaya Sanhita (BNS) against Banerjee, including Section 351(1) for criminal intimidation, Section 352 for intentional insult with intent to provoke breach of peace, and Section 353 for promoting feelings of enmity, hatred, or ill will between different communities.

According to the complaint, the controversy traces back to an Eid event organized on Kolkata’s iconic Red Road in 2025. While delivering a speech targeting the Bharatiya Janata Party (BJP), Banerjee purportedly referred to the version of Hinduism championed by the political rival as “Ganda Dharm” (filthy religion).

Chatterjee stated in her complaint that labeling Sanatan Dharma in such a manner at a religious gathering was “absolutely unacceptable”. The complainant also pointed to other instances where senior TMC leaders allegedly targeted Hinduism, adding that Banerjee made indirect threats to the Hindu community during the 2026 West Bengal Assembly election campaign to influence voters through intimidation.

Political responses to the FIR

The reported statements had previously drawn sharp criticism from the state BJP leadership last year, including strong objections from current Chief Minister Suvendu Adhikari. However, this FIR represents the first formal legal action taken regarding the speech.

When approached for a response, Atri Sharma, a lawyer and general secretary of the TMC’s Darjeeling unit, declined to comment officially as a party spokesperson. However, he noted that many within the party internal circles found the remarks inappropriate at the time they were spoken. Sharma acknowledged that holding a high public office required restraint and affirmed that every individual holds the moral right to pursue legal remedies.

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Enforcement Directorate raids former Kerala Chief Minister Pinarayi Vijayan’s residence in money laundering probe

The Enforcement Directorate on Wednesday carried out searches at the Thiruvananthapuram residence of former Kerala Chief Minister Pinarayi Vijayan and 11 other locations in connection with a money-laundering probe registered in 2024.

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The Enforcement Directorate on Wednesday conducted extensive searches at the Thiruvananthapuram residence of former Kerala Chief Minister Pinarayi Vijayan. The action comes as part of an ongoing money-laundering investigation, with the central probe agency executing simultaneous raids at 12 separate locations across the state under the Prevention of Money Laundering Act (PMLA).

Broad Crackdown in Financial Probe

The central agency’s operations focused significantly on Vijayan’s rented residence in the state capital, alongside eleven other locations, including premises in Kochi, Kozhikode, Kannur, and Bengaluru. This major enforcement action was initiated shortly after the Kerala High Court dismissed a petition on Tuesday, which had been filed by Cochin Minerals And Rutile Ltd (CMRL) seeking to quash the ongoing ED proceedings.

The roots of the financial investigation trace back to a PMLA case registered in 2024. The core allegation involves an estimated illegal payment of ₹1.72 crore made between 2017 and 2019 by a private entity, Cochin Minerals And Rutile Ltd (CMRL), to Exalogic Solutions, an IT firm owned by Vijayan’s daughter, T Veena.

According to investigators, the financial transactions took place despite the IT firm allegedly rendering no services to the private company. Apart from the financial probe agency’s scrutiny, the Serious Fraud Investigation Office (SFIO) is also independently conducting an inquiry into the wider financial transactions of the matter.

Political Developments

The searches also covered locations linked to other political and executive figures associated with the matter, including premises connected to senior CMRL executives. While the ruling party has previously described the investigations as politically motivated, the central agency has intensified its probe following the high court’s refusal to grant interim relief to the private firm. The case has sparked intense political debate, with opposition parties using the findings to allege financial irregularities, while local party leaders maintain that the transactions were part of a legitimate business arrangement.

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IPL 2026 Qualifier 1: Rajat Patidar, Virat Kohli shatter playoff records as RCB crush GT to reach final

Defending champions Royal Challengers Bengaluru advanced to their second consecutive IPL final after a historic 92-run demolition of Gujarat Titans in Qualifier 1, powered by Rajat Patidar’s breathtaking 93*

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Defending champions Royal Challengers Bengaluru (RCB) created history in the Indian Premier League (IPL) 2026 Qualifier 1 against Gujarat Titans (GT), sealing their spot in a second consecutive final with a clinical 92-run victory on Tuesday.

Riding on captain Rajat Patidar’s blistering, unbeaten 93 off just 33 balls, Bengaluru piled up a colossal 254 for 5 in their 20 overs after being asked to bat first at the scenic Dharamsala stadium. The monumental total surpassed the previous playoff benchmark of 233 for 3, set by GT against Mumbai Indians in 2023, making it the highest-ever score in IPL playoff history. In response, a ruthless RCB bowling assault dismantled the Gujarat Titans batting line-up, bowling them out for 162 in 19.3 overs.

Patidar blitzkrieg anchors historic RCB innings

After GT skipper Shubman Gill won the toss and opted to field, RCB’s top order asserted early dominance by racing to 76 for 1 within the powerplay. Venkatesh Iyer provided a quickfire 19 off seven balls, while Devdutt Padikkal struck 30 off 19 deliveries to set a brisk tempo.

The foundation allowed Virat Kohli to maintain the middle-order momentum with a fluent 43 off 25 balls. With this knock, Kohli carved out another historic milestone, becoming the first player in IPL history to accumulate over 600 runs in four consecutive seasons. Jason Holder briefly checked RCB’s charge by removing both Kohli and Padikkal in the 10th over to leave them at 99 for 3.

However, skipper Rajat Patidar took complete control from there on. Surviving two dropped catches early on, Patidar launched a brutal counter-attack, smashing five fours and nine towering sixes at an astonishing strike rate of 281.81. He combined forces with Krunal Pandya, who played a crucial anchoring role with 43 off 28 balls, putting together a blistering 90-run partnership. Patidar turned particularly merciless in the death overs, hammering a massive over from Kulwant Khejroliya as RCB finished their death overs on an absolute high.

Gujarat Titans collapse under scoreboard pressure

Faced with a steep mountain to climb, the Gujarat Titans chase imploded right from the start, losing five wickets inside the powerplay against a lethal pace battery. Openers Sai Sudharsan and skipper Shubman Gill were dismissed in the third and fourth overs respectively.

Sudharsan, the tournament’s leading run-scorer, suffered a bizarre and unfortunate dismissal when his bat slipped during a cut shot, knocking back his own stumps to be out hit-wicket off Jacob Duffy. Gill followed shortly after, cleaned up by an excellent delivery from Bhuvneshwar Kumar.

Jos Buttler offered a brief, aggressive resistance by hitting four boundaries and two sixes in a quick 29, but Australian pacer Josh Hazlewood exacted quick revenge by clean-bowling him in the fifth over. From a precarious position, the Titans slipped further as Jacob Duffy tore through the middle order, dismissing Washington Sundar and Rashid Khan.

Rahul Tewatia was the lone warrior for the Titans, waging a solitary battle to smash a fighting 68. His aggressive hitting brought up the team’s hundred in the 13th over and dragged the side past the 150-mark. However, the target proved far too distant. Krunal Pandya claimed the final wicket in the final over, dismissing GT’s tailender Mohammed Siraj—who was caught by Tim David—to bundle out GT for 162, securing the second-largest victory margin in IPL playoff history for RCB.

While RCB marches straight into the grand finale with ultimate momentum, Gujarat Titans remain alive in the tournament. They will get another opportunity to reach the final when they play the winner of the Eliminator clash between Sunrisers Hyderabad and Rajasthan Royals in Qualifier 2.

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