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Chidambaram suggests to Govt to borrow money or print notes as GDP shrinks in darkest year

Former Finance Minister P Chidambaram on Tuesday said that the financial year 2020-21 has been the darkest year of the economy in four decades and that the government must print money if necessary.

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P chidambaram

Former Finance Minister P Chidambaram on Tuesday said that the financial year 2020-21 has been the darkest year of the economy in four decades and that the government must print money if necessary. 

Addressing a press conference on GDP, Chidambaram said, the GDP in 2020-21 is lower than the GDP in 2018-19. 2020-21 has been the darkest year of the economy in four decades. The performance in the four quarters of 2020-21 tells the story. 

The National Statistical Office (NSO) on Monday released the GDP numbers that showed the economy had contracted by 7.3 percent over FY20/21- its worst performance in more than 40 years.

Commenting on the figures, Chidambaram said, the first two quarters witnessed a recession (-24.4 and -7.4 per cent)… performance in the third and fourth quarters did not herald a recovery. The positive Q3 and Q4 rates – 0.5 and 1.6 percent – should be seen in the context of a very low base of 3.3 and 3.0 per cent in the corresponding quarters of the previous year.

He urged the Union government to borrow money or print banknotes and to spend it aggressively without worrying about the fiscal deficit. He said, This is not the time to worry about the fiscal deficit. So what if the deficit widens to 6.5%? We can’t lose another year like we lost the last year.

But the way the government is reacting, we are going to lose another year. My advice to the government is to act boldly and spend. Borrow or print money and spend, he added

Slamming the Modi-led government, he said, the current state of the economy is no doubt largely due to the impact of the pandemic, but it has been compounded by the ineptitude and incompetent economic management of the BJP-led NDA government.

Chidambaram claimed that the ruling government misled the people. When the first wave of the pandemic appeared to subside last year, the finance minister Nirmala Sitharaman and her chief economic adviser began to sell the story of a recovery. They saw “green shoots” when no one else did. They predicted a V-shaped recovery. It was a false story, he said.

Further criticising Sitharaman, the Congress MP said, Unless you take steps now, how will you tackle the third or fourth wave? The finance minister said budget proposals will kick in. The budget was placed on February 1. Today is June 1. How long it will take for the budget proposals to kick in?

What is most worrying is that the per capita GDP has fallen below ₹1 lakh, to ₹99,694. In percentage terms, it is a decline of (-) 8.2 per cent over the previous year. It is lower than the level achieved in 2018-19 (and maybe even 2017-18). The deeply worrying conclusion is that most Indians are poorer than they were two years ago, the former finance minister said.

Read Also: Month after Trinamool big win, rebels who joined BJP, seek re-entry

As the overall economic situation has pushed millions of people below the poverty line, the financial crisis of the states arising out of non-payment of their share of GST revenues will impact the vaccination programme, he apprehended. 

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Entertainment

Tamil actor Manoj Bharathiraja passes away at 48 due to cardiac arrest

Tamil actor Manoj Bharathiraja, son of renowned filmmaker Bharathiraja, has passed away at the age of 48 following a cardiac arrest.

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Tamil actor Manoj Bharathiraja

Tamil actor Manoj Bharathiraja, son of acclaimed filmmaker Bharathiraja, died of a cardiac arrest on Tuesday in Chennai. He was 48. The news of his demise was confirmed by the Nadigar Sangam (actors’ association), which expressed condolences on social media.

Manoj, who made his debut in Tamil cinema with Taj Mahal, a film directed by his father, went on to act in films like Eera Nilam and Varushamellam Vasantham. In recent years, he had taken on supporting roles, appearing in various Tamil films. His final acting role was in Snakes & Ladders, streamed on Prime Video.

In 2023, Manoj ventured into direction with Margazhi Thingal, a romantic drama featuring his father, Bharathiraja. The film marked a turning point in his career, showcasing his evolving creative vision.

Prominent personalities from across Tamil Nadu expressed their grief over his untimely death. Tamil Nadu Chief Minister M K Stalin, music maestro Ilaiyaraaja, actor-politician Khushbu Sundar, director Venkat Prabhu, and political leaders including AIADMK chief Edappadi K Palaniswami, Tamil Maanila Congress President G K Vasan, and Tamil Nadu BJP President K Annamalai offered their condolences.

Khushbu Sundar shared an emotional tribute on social media, stating, “Extremely shocked to hear that Manoj is not among us anymore… May God give strength to his father Thiru Bharathiraja and his family to overcome this unbearable, painful loss.”

Manoj is survived by his wife, actor Nandana, and their two daughters, Arshitha and Mathivadhani. His death marks a significant loss to the Tamil film industry, where he was admired for his artistic contributions and family legacy.

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India News

India responds after US religious freedom panel report, says attempts to tarnish goodwill

It also accused Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) of propagating “hateful rhetoric” against Muslims during the 2024 election campaign, referencing Modi’s past remarks labeling Muslims as “infiltrators.”

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India has strongly dismissed a U.S. government report alleging deteriorating religious freedoms in the country, calling it a “misrepresentation” aimed at tarnishing its global reputation.

The Ministry of External Affairs (MEA) responded sharply to the annual report by the U.S. Commission on International Religious Freedom (USCIRF), which recommended designating India as a “country of particular concern” and imposing sanctions on its intelligence agency, R&AW.

MEA spokesperson Randhir Jaiswal rejected the USCIRF findings, stating that the report selectively highlights isolated incidents while ignoring India’s pluralistic ethos. “The USCIRF’s persistent attempts to misrepresent India’s multicultural society reflect a deliberate agenda rather than genuine concern for religious freedom,” he said. “India, with its 1.4 billion people representing all major religions, thrives on harmonious coexistence. We have no expectation that USCIRF will acknowledge this reality.”

The USCIRF report, released on March 25, alleged rising discrimination and violence against religious minorities in 2024, citing hate speech, anti-conversion laws, and policies like the Citizenship Amendment Act (CAA). It also accused Prime Minister Narendra Modi’s Bharatiya Janata Party (BJP) of propagating “hateful rhetoric” against Muslims during the 2024 election campaign, referencing Modi’s past remarks labeling Muslims as “infiltrators.”

The report further recommended sanctions against R&AW over alleged involvement in assassination plots targeting Sikh separatists abroad—a claim India has repeatedly denied. The issue has strained U.S.- India relations since 2023, particularly after the U.S. charged an ex-Indian intelligence officer in a foiled assassination plot. India maintains that Sikh separatists pose security threats but denies extrajudicial actions.

Analysts note that while USCIRF’s recommendations are non-binding, the report adds to the growing scrutiny of India’s human rights record. However, Washington’s strategic focus on countering China’s influence in Asia makes punitive action unlikely.

Rights groups have flagged concerns over India’s revocation of Kashmir’s autonomy, mosque demolitions, and laws critics say marginalize Muslims. The Modi government denies discrimination, pointing to welfare schemes benefiting all communities.

The USCIRF also criticized Vietnam for tightening control over religious groups, recommending similar “country of particular concern” status. Vietnam’s new decree allows authorities to demand financial records from religious organizations and suspend activities for vaguely defined violations.

New Delhi has long dismissed USCIRF reports as “deeply biased,” asserting that India’s constitutional safeguards ensure equality for all faiths. The MEA’s rebuttal underscores its stance that external assessments overlook ground realities of interfaith harmony.

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Cricket news

Sunil Gavaskar reacts to Sanjiv Goenka’s chat with Rishabh Pant after DC’s thrilling win over LSG

After LSG’s narrow loss to DC, Sunil Gavaskar addressed the live broadcast of Sanjiv Goenka’s chat with Rishabh Pant, backing the captain to improve and praising Ashutosh Sharma.

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Sunil Gavaskar, Rishabh Pant, Sanjiv Goenka, Pant Goenka chat

Following a nerve-wracking IPL 2025 encounter between Delhi Capitals (DC) and Lucknow Super Giants (LSG), a post-match chat between LSG owner Sanjiv Goenka and newly appointed captain Rishabh Pant sparked renewed attention, especially as it aired live on television. While the conversation appeared cordial, it reminded fans of a past controversial interaction between Goenka and former captain KL Rahul, which ultimately preceded Rahul’s release from the franchise.

In the high-profile mega auction, LSG secured Rishabh Pant for a record Rs 27 crore and handed him the captaincy. However, his debut as LSG skipper did not go as planned. Pant failed to score in his six-ball stay at the crease and made questionable decisions while defending in the final overs against DC. Notably, he gave the penultimate over to debutant Prince Yadav, who conceded 16 runs, instead of using seasoned bowler Shardul Thakur. The final over, bowled by Shahbaz Ahmed, was sealed with a six by Ashutosh Sharma, sealing a memorable win for Delhi.

Gavaskar reacts to Pant-Goenka exchange

Legendary cricketer Sunil Gavaskar, who was commentating during the match, weighed in on Goenka’s televised interaction with Pant and offered his perspective on Pant’s performance and captaincy.

“I think he knows,” Gavaskar said, referring to Pant’s self-awareness of his errors. “He actually mentioned in the post-match interview that you often learn more from your mistakes than from your successes… This is just the first match, and there are 13 more to go. Rishabh Pant is an intelligent cricketer, and he will have picked up valuable insights regarding his batting and captaincy.”

Gavaskar added that scoring runs helps boost a captain’s confidence when making tactical decisions. “Once he gets some runs under his belt, I expect his captaincy to become even more assured,” he said.

Praise for Ashutosh Sharma’s match-winning knock

Gavaskar was also effusive in his praise for Ashutosh Sharma, whose unbeaten 66 off 31 balls was key to DC’s last-over win. He called the finish “fabulous” and said it exemplified what makes the IPL so thrilling.

“These last-over thrillers, these breath-taking finishes—that’s what I call BOLD: Breath-taking, Outstanding, Lightning, and Devastating,” Gavaskar said, praising both Ashutosh and the drama of IPL cricket.

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