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Indian economy hit as retail inflation reaches 7.35%, vegetable prices rise by 60%

In another setback to the Indian economy, the retail inflation in India rose by 7.35% in December 2019, which is the highest since July 2014, largely due to the increase in vegetable prices and phone tariffs.

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Indian Economy

In another setback to the Indian economy, the retail inflation in India rose by 7.35% in December 2019, which is the highest since July 2014, largely due to the increase in vegetable prices and phone tariffs.

The upsurge was largely due to the rise in food prices, which account to more than a third of Indian household’s budget, and the overall food inflation was 14.12% in the month of December, according to the Ministry of Statistics and Programme Implementation.

The vegetable prices have risen by 60%, while the price of pulses saw an increase by 15.44%, food & beverages at 12.16%, meat & fish by 9.57% and spies by 5.76%, mostly pertaining to the supply shocks caused largely by extreme weather events.

Prices of potatoes, onions and tomatoes, the three most important vegetables in the CPI basket, increased by 37%, 328% and 35% respectively in December on a year-on-year basis.

Food Price Inflation

Food Price Inflation

Retail inflation based on the Consumer Price Index was 2.11% in December 2018 and 5.54% in November 2019.

The economic growth of India was 4.5% in the third quarter of last year that ended in September 2019 and is expected to be to at 5% for the last quarter going into 2020.

Consumer Price Index. (Source: CMIE)

Consumer Price Index. (Source: CMIE)

Monetary Policy Committee (MPC) has paused the cutting of interest rates due to the rise in retail inflation and they will use the December data when they sit out for the meeting in February.

Trends:

According to CMIE report, over the last four months, food prices and fuel prices have seen a significant rise which in turn has affected the overall CPI.

Food CPI in February 2014 was 7.89%, which has now risen to 14.12%.

While the overall CPI in February 2014 was 7.27 %, which has now scaled to 7.35%.

Future:

State Bank of India (SBI) has projected the rate of retail inflation to breach eight per cent in January 2020, as per a report in Businessline. It also cautioned that if food price inflation does not revert, the economy can slip into stagflation.

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Delhi LG VK Saxena directs probe into remarks against Kangana Ranaut by Congress leader Supriya Shrinate

The Delhi Police will investigate who was behind the said social media post and whose mobile phone was used for the purpose.

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Delhi lieutenant governor Vinai Kumar Saxena today sought a detailed probe from Delhi Police commissioner Sanjay Arora in relation with the alleged defamatory social media post made by Congress’s Supriya Shrinate against actor-turned-politician Kangana Ranaut.

Reportedly, BJP candidate from New Delhi Bansuri Swaraj had given a complaint to the LG seeking probe and registration of an FIR against Shrinate for outraging the modesty of a woman. Subsequently, the Delhi LG has forwarded the complaint to the Delhi Police Commissioner, directing a scientific investigation in the matter and initiation of legal action, if necessary.

Reports said that the Delhi Police will also investigate who was behind the said social media post and whose mobile phone was used for the purpose. A major controversy erupted on Monday after an objectionable post from Supriya Shrinate’s social media handle against Kangana Ranaut, who has been announced as the BJP candidate from Himachal Pradesh’s Mandi.

Responding to the remarks, Kangana Ranaut said that they must free the daughters from the shackles of prejudices and must rise above the curiosity about their body parts. She added that people must refrain from using sex workers’ challenging lives or circumstances as some kind of abuse or slur. She concluded that every woman deserves her dignity. As the controversy intensified, the Congress leader asserted that someone else had posted the objectionable content from her handle. 

Meanwhile, the Election Commission on Wednesday issued a show cause notice to Congress leader Supriya Shrinate for her derogatory remarks against Kangana Ranaut. The Election Commission observed that the remarks are undignified and in a bad taste. The election body asked the Congress leader to respond to the commission by Friday. In the notice, the Election Commission stated that the statements made by the leader is prima facie violative of the Model Code of Conduct (MCC) being in force ahead of the Lok Sabha elections. 

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Bollywood actor Govinda joins Maharashtra Chief Minister Eknath Shinde’s Shiv Sena

Govinda on his official induction in the party by CM Eknath Shinde said he is joining Shiv Sena and it is a blessing from God. He said he thought he would not enter politics again. Govinda said Mumbai looks cleaner and better now.

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Bollywood actor Govinda joined Maharashtra chief minister Eknath Shinde’s Shiv Sena on Thursday ahead of the upcoming Lok Sabha elections in Maharashtra. In 2004 Govinda contested from Mumbai North Lok Sabha on a Congress ticket and earned the nickname of a giant slayer as he defeated BJP’s Ram Naik. He resigned from the party and said that he had decided to take a break from politics.

Govinda on his official induction in the party by CM Eknath Shinde said he is joining Shiv Sena and it is a blessing from God. He said he thought he would not enter politics again. Govinda said Mumbai looks cleaner and better now. He said his parents had a good relationship with Shiv Sena founder Balasaheb Thackeray.

Shiv Sena leader Krishna Hedge met the Bollywood actor at his residence in Juhu. Maharashtra CM Eknath Shinde said the actor’s joining the Shiv Sena does not come with a rider. Govinda said whatever work is assigned to him, he will do it to the best of the ability. He said he was a part of the 14th Lok Sabha and has returned to politics after 14 years.

Speaking about his role in politics, the actor said he would transform the film city of Mumbai. He did not reply when he was asked about contesting elections. Govinda said everybody has seen the same level of progress in Maharashtra in the last 2 years, as it has been seen in the country in the last 10 years. He said he is going to focus on the beautification of the state and work towards the growth of art and culture.

Rajya Sabha MP Milind Deora welcomed Govida into the party and said he has known the veteran Bollywood actor for almost 25 years. He recalled the 2004 election and said both of them had fought elections together.

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To browbeat, bully others is vintage Congress, says PM Modi after lawyers express concern over attempts to undermine judiciary

Lawyers, including Harish Salve and Bar Council chairperson Manan Kumar Mishra, wrote to CJI DY Chandrachud, alleging that a vested interest group is trying to put pressure on the judiciary and defame courts, particularly in cases of corruption involving politicians.

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PM Narendra Modi on Thursday launched a scathing attack on the Congress party after more than 600 lawyers and some bar associations across the country wrote to the Chief Justice DY Chandrachud, expressing concerns over attempts to undermine the judiciary’s integrity using political and professional pressure.

Taking to social media platform X, PM Modi wrote that to browbeat and bully others is vintage Congress culture. He recalled that five decades ago, the party itself had called for a committed judiciary, adding that they shamelessly want commitment from others for their selfish interests, but desist from any commitment towards the nation. He concluded that no wonder, 140 crore Indians are rejecting them.

Prime Minister Narendra Modi’s comments followed after lawyers, including Harish Salve and Bar Council chairperson Manan Kumar Mishra, wrote to CJI DY Chandrachud, alleging that a vested interest group is trying to put pressure on the judiciary and defame courts, particularly in cases of corruption involving politicians.

The lawyers said the tactics used by the vested interest group are damaging the courts and threatening democratic fabric. They stated that Chief Justice Chandrachud’s leadership is crucial in these tough times and the Supreme Court should stand strong, adding it is not the time to maintain dignified silence.

Without naming, the letter also targeted a section of lawyers and alleged they defend politicians by day and then try to influence judges through the media at night. Furthermore, they claimed that some elements are trying to influence who the judges are in their cases and spread lies on social media to put pressure on the judges to decide in a particular way.

In addition, the All Manipur Bar Association had also written to CJI DY Chandrachud highlighting the need to speak out against underhanded attacks on the judiciary on Wednesday. In its letter, the bar association said that it was extremely concerned about recent trends where vested interest groups were trying to defame the courts with frivolous logic and stale political agendas.

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