Any slippage could see India’s overall public finances come under pressure and raise the risk of a downgrade by rating companies.

The growth slowdown means weaker revenue for states, especially collections from GST

India’s sharp slowdown is endangering the fiscal deficit targets of its states, threatening to unravel progress made over the past few years and driving borrowing costs higher for some of them.

The states have budgeted a consolidated fiscal deficit target of 2.6 per cent of gross domestic product in the financial year ending March, a recent study by the Reserve Bank of India shows. While the deficit ratio has remained within the mandated threshold of 3 per cent of GDP in the previous two years, doubts are growing about their ability to meet the latest goal.

Any slippage could see India’s overall public finances come under pressure and raise the risk of a downgrade by rating companies. Only last month, Moody’s Investors Service cut the nation’s credit rating outlook to negative, citing a litany of problems from a worsening shadow banking crunch and a prolonged slowdown in the economy to rising public debt.

Outstanding debt of states has risen over the last five years to 25 per cent of GDP, posing medium-term challenges to its sustainability, according to the RBI study. India’s gross general government debt — including central and states’ borrowings — stood at 69 per cent of GDP, higher than China’s 55.6 per cent, according to the International Monetary Fund.

That spells bad news for states’ borrowing costs. The yield on 10-year bonds sold by West Bengal, which has one of the lowest deficit ratios among India’s 28 states, rose to 7.29 per cent in December from 7.06 per cent in July, data compiled by Bloomberg News show. That’s still lower than the 8.21 per cent at the beginning of the year, as yields tracked the RBI’s aggressive interest rate cuts.

Despite attractive yields on states’ debt that carry an implicit sovereign guarantee, there’s little interest from global funds — which have used only 2.2 per cent of the Rs 61,200-crore ($8.6 billion) investment limit available to them in such notes. Part of the reason, according to fund managers, is a lack of price differentiation between the better-run and poorer states.

West Bengal is joined by states such as Gujarat and Maharashtra that have managed to keep their fiscal deficits at less than 3 per cent of GDP. But they all pay a coupon similar to that of, or greater than some of their financially weaker peers. Take Rajasthan: the state had an average gross fiscal deficit of 5.4 per cent between financial years 2016 and 2019, but sold 10-year bonds this month at a yield of 7.18 per cent.

States haven’t had a problem attracting local investors with yields that are typically higher than those on notes issued by the central government.

Internet services remained suspended for the fifth consecutive day while banking services and businesses have been badly hit.

ALIGARH: A red alert was sounded and the city put under a heavy security cover in view of the first Friday prayers since the police crackdown on the students of Aligarh Muslim University protesting the Citizenship (Amendment) Act earlier this week.

A senior official said that District Magistrate Chandra Bhushan Singh has issued a red alert, and 10 companies of Provincial Armed Constabulary (PAC) and four companies of Rapid Action Force (RAF) have been deployed as a precautionary measure.

The heavy security measures are in view of the Friday prayers, officials said.

Internet services remained suspended for the fifth consecutive day while banking services and businesses have been badly hit.

The city has been witnessing continued demonstrations for the past few days, with the situation turning violent on Sunday when hundreds of AMU students protesting the amended Citizenship Act clashed with the police at a campus gate, leaving 60 injured.

Teachers from AMU took out a protest march on Thursday while shopkeepers in some areas of the city briefly downed shutters in support.

Over 62.4 per cent voter turnout was recorded at 15 Assembly constituencies covering four districts that went to polls in the fourth phase of elections in Jharkhand on December 16.

RANCHI: An estimated 12.01 per cent of over 40 lakh voters exercised their franchise till 9 am on Friday in the fifth and final phase of Jharkhand Assembly elections, Election Commission (EC) officials said.

The voting process, which began at 7 am, is underway in 16 assembly constituencies spread across six districts in the Santhal Pargana region of the state.

Women and men were seen waiting in queues outside the polling booths to exercise their franchise, braving the December cold.

Polling will end at 3 pm in five constituencies of Borio (ST), Barhait (ST), Litipara (ST), Maheshpur (ST) and Shikaripara (ST).

The other seats where polling is being held in this final phase are Rajmahal, Pakur, Nalla, Jamtara, Dumka (ST), Jama (ST), Jarmundi, Sarath, Poreyahat, Godda and Mahagama.

Voters in these 11 assembly segments can exercise their franchise till 5 pm.

In all, 40,05,287 electorate, including 19,55,336 women and 30 third gender voters, are eligible to cast their vote, Jharkhand Chief Electoral Officer Vinay Kumar Choubey said.

Adequate security forces have been deployed, he said.

Of 5,389 polling stations, 396 in Naxal-affected areas have been marked as “critical” while 208 have been declared “sensitive”.

In all, 1,321 polling stations in non-left wing extremism affected areas have been marked as “critical” while 1,765 declared “sensitive”.

The Election Commission has set up 8,987 ballot units, 6,738 control units and 7,006 VVPAT machines.

Altogether, 249 polling stations have been marked as model booths.

As many as 133 polling stations have women staff while 1,347 have webcasting facilities, Choubey said.

BJP candidate and Jharkhand Agriculture Minister Randhir Singh is seeking re-election from Sarath.

State Women and Child Development Minister Louis Marandi is contesting against JMM’s working president and former chief minister Hemant Soren from Dumka.

Louis Marandi had defeated Soren in the 2014 assembly elections.

Like the previous assembly polls when he contested from two seats, Soren is in the fray from Barhait as well.

Soren’s sister-in-law Sita Soren is seeking re-election from Jama.

The BJP, which is contesting on all 16 seats in this final phase, has fielded sitting MLAs Ashok Kumar Bhagat, Anant Ojha and Amit Mandal from Mahagama, Rajmahal and Godda assembly constituencies, respectively.

Former deputy chief minister and sitting JMM MLA Stephen Marandi is seeking re-election from Maheshpur.

The state president of the Janata Dal (United) and former MP, Salkhan Murmu, is contesting from Sikaripara.

The JMM-Congress-RJD alliance has fielded candidates from all 16 constituencies.

While the JMM has fielded nominees in 11 constituencies, the Congress and the RJD are contesting from four and one segments, respectively.

The Babulal Marandi-headed Jharkhand Vikas Morcha (Prajatantrik) has also fielded candidates in this round.

Candidates of the Bahujan Samaj Party, Lok Jan Shakti Party, AJSU Party and the Left are also in the fray.

Of the 81 assembly seats, elections had concluded in 65 constituencies in the previous four phases between November 30 and December 16.

Votes will be counted on December 23.

Condemning the raids on its offices in Guwahati and the arrest of its State President Aminul Haque, Popular Front of India (PFI) has slammed the central government, accusing them of trying to silence organizations like them.

PFI Assam President Aminul Haque was arrested Tuesday in connection with the arson and the violence that took place outside the Janata Bhawan in Guwahati. There are allegations on Haque for instigating the mob to set public property on fire. This incident took place on December 12, the day when the Parliament passed the Citizenship (Amendment), Bill.

Earlier in the day, the Finance Minister of Assam, Himanta Biswa Sarma accused PFI, Campus Front of India (CFI) and Assam Pradesh Youth Congress (APYC) of being involved in the attack.

In an official statement released by the organisation, PFI’s National Secretary Abdul Wahid Sait termed the allegation against them as baseless and ill-motivated.

“These repressive actions of the police are totally biased as the fact is that no Popular Front leader or member had indulged in any violent activity. The police actions started after the statement of a state minister that alleged Popular Front among those who are behind a particular incident without showing any evidence. The Central Secretariat of Popular Front has termed the allegation baseless and ill-motivated,” the statement read.

Demanding the immediate release of Haque, PFI accused the BJP-led government of turning the agitation against the Citizenship Act as anti-Muslim, by targeting the organisation.

“The BJP agenda behind isolating and targetting Popular Front is to turn the ongoing ethnic agitation of Assamese people as anti-Muslim, in an attempt to ultimately break and defeat the present agitation,” it said.

According to the Citizenship Act, members of Hindu, Sikh, Buddhist, Jain, Parsi and Christian communities who have come from Pakistan, Bangladesh and Afghanistan till December 31, 2014, and facing religious persecution there will not be treated as illegal immigrants but given Indian citizenship. The Act intentionally leaves out Muslims.

The BJP-led government has said the new law will be followed by a National Register of Citizens (NRC) that means Muslims must prove they were original residents of India and not refugees from these three countries. Non-Muslims listed in the law, by contrast, have a clear path to citizenship.

The BJD president and Odisha CM also appealed to the people of his state to maintain peace and not fall for rumours.

BHUBANESWAR: Odisha Chief Minister Naveen Patnaik on Wednesday said the ruling BJD does not support NRC but backed the amended citizenship law, noting that it applies only to foreigners.

He also appealed to the people of Odisha to maintain peace and not fall for rumours.

“The amended Citizenship Act has nothing to do with Indians. It deals only with foreigners. The BJD MPs both in the Lok Sabha and the Rajya Sabha have made it clear that we do not support the NRC,” Patnaik told reporters before leaving for the national capital.

The chief minister’s statement came a day after people protesting the Act took out a peaceful rally in the state capital and urged Patnaik to make the BJD government’s stance clear on the amended citizenship law and the National Register of Citizens (NRC).

KOLKATA: West Bengal Chief Minister Mamata Banerjee on Wednesday hit the streets for the third consecutive day against the amended citizenship law and NRC.

TMC supremo Banerjee, along with her party colleagues, began a protest march from Howrah Maidan which will culminate at Dorina Crossing at Esplanade in the heart of Kolkata.

“We will never allow NRC and the amended Citizenship Act in Bengal. No one will be asked to leave the state. We believe in the coexistence of all religions, castes and creed. All of us are citizens of this country, no one can take that away from us,” she said before commencing the march.

Responding to the allegation that the TDP leaders resorted to illegal means in purchase of lands in Amaravati, he sought to know why don’t the government take action if the claims were true.

VIJAYAWADA: On a day when Chief Minister YS Jagan Mohan Reddy hinted at three capitals  for the State citing decentralisation of development, Opposition leader and TDP leader N Chandrababu Naidu said decentralisation was nothing but promoting industries by giving incentives and developing all parts of the State and generating employment.  Naidu, who held an emergency meeting soon after Jagan’s announcement on Tuesday, said, “There is no second capital for the country. In fact, our government had taken a decision to set up a High Court bench in Kurnool.’’

“Let us see what he (Jagan) is going to do tomorrow. Some say that they are preparing sketches and purchased lands in Visakhapatnam,’’ he said.“Such unilateral decisions and wrong steps will lead to several problems and cause damage to the State besides stalling development and decreasing revenue. I can’t understand whether their anger is against the region or Amaravati or against me. Even today the discussion in Hyderabad is that the acts of Jagan is benefiting Hyderabad and Bangalore so as to increase the value of his assets located in those cities by damaging the interests of AP,’’ Naidu alleged.  Responding to the allegation that the TDP leaders resorted to illegal means in purchase of lands in Amaravati, he sought to know why don’t the government take action if the claims were true.

“What is the use of taking away the employees from here to Visakhapatnam after cancelling the Adani Data Centre, Lulu Convention Centre and without taking forward the Airport works? The employees should be brought here for attending Assembly session, which needs expenditure. Where are we heading?

 “After bifurcation, we all came from Hyderabad to Amaravati and now will have to go from Amaravati to Vizag. For announcing the decision, they have suspended us from the House. How can the CM make an announcement in the House after saying that decision will be taken only after getting the report from the expert committee. He called us buffoons and now he proved himself a big buffoon,” Naidu alleged.

The expelled students had reportedly protested on the Madhya Pradesh varsity campus recently, demanding suspension of two adjunct professors, Dilip Mandal and Mukesh Kumar.

BHOPAL: As many as 23 students of Makhanlal Chaturvedi National University of Journalism and Communication who recently indulged in violent protests on the varsity campus demanding suspension of two adjunct professors have been expelled till further orders.

According to order issued in this regard by the in-charge Registrar Deependra Singh Baghel, all the 23 students have been expelled till further orders following the recommendation by the University’s Disciplinary Committee.

Out of the 23 expelled students, 11 are students of Journalism Department (three of them being MA students) and eight are students of Electronic Media department.

The expelled students had reportedly protested on the varsity campus recently, demanding suspension of two adjunct professors, Dilip Mandal and Mukesh Kumar over the duo’s alleged caste bias on social media, classrooms and public forum.

While the agitating students had claimed their protests was non-partisan, a group of students supporting the two adjunct professors had alleged BJP and RSS backing behind the protests against the two adjunct professors.

On December 13 late evening, the Bhopal police had entered the varsity campus and forcibly brought the students staging sit-in protest outside the varsity’s Vice Chancellor’s office, just a few hours before the examinations were to start in the varsity. Some agitating students had also indulged in violent protests on varsity campus the same evening.

While the Bhopal Police had on December 14 registered case against 10 of the agitating students and others, the entire episode the students who indulged in violent protests was referred to varsity’s disciplinary committee.

The committee after probing the entire sequence of events and examining video footage, recommended the varsity to act against the 23 students.

According to the order pertaining to the 23 students’ expulsion from the varsity, the expelled students will not be allowed to attend classes or appear in examination till they stay expelled.

Meanwhile, the BJP has latched onto the issue following expulsion of the 23 students.

Former MP CM and BJP national vice president Shivraj Singh Chouhan tweeted on Tuesday evening, “We won’t allow the conspiracy to gag the students voice and ruin their future. I demand that all rightful demands of the varsity’s students be met and their expulsion be revoked.”

Police said the incident took place when a group of protesters blocked a local road for over three hours and a contingent of police personnel was attacked.

KOLKATA:  Protestors against the amended Citizenship Amendment Act (CAA) hurled bombs at the police on Tuesday injuring an IPS officer and two other police personnel at Sankrail, near Howrah on Tuesday.DCP (headquarters), Howrah, Ajit Singh and two other policemen received splinter injuries when they tried to get a blockade lifted.

The incident took place even as Chief Minister Mamata Banerjee, who led a TMC protest march against NRC and CAA, appealed for cessation of violence.

Police said the incident took place when a group of protesters blocked a local road for over three hours and a contingent of police personnel was attacked.

“We lobbed tear gas shells and used baton charges to disperse the mob. Suddenly, the group started hurling bombs,’’ said an officer. 

The police, meanwhile, raided trouble spots and arrested 354 persons, including a leader of the AIMIM in Malda even as rail tracks and highways were blockaded.

The CM held a meeting with the DGP and Kolkata police commissioner and asked them to step up surveillance.

Meanwhile, leading a TMC protest-march against CAA, the CM accused the Centre of suspending railway services in large parts of the state.

The rally started from Jadavpur and passed through the areas dotted with colonies which were set up during the Left Front regime for the refugees from Bangladesh. 

Referring to PM Narendra Modi’s speech in Jharkhand, where he had said that the protesters could be identified by their clothes, Mamata hit out saying, “Miscreants and commoners cannot be differentiated on the basis of attire or food habits,’’ while asking people to organise a mass movement against CAA.

She claimed 30 persons committed suicide in Bengal because of NRC fear.

“More than 13 lakh Hindus were left out of NRC in Assam… Now they are trying to divide Bengalis on the line of religion.’’

Train services in South 24-Parganas were affected after protesters threw banana leaves on the overhead wires. Long distance trains from New Jalpaiguri to Sealdah and Howrah were suspended throughout the day

“The country is burning and they are talking about clothes…. Miscreants and commoners cannot be differentiated on the basis of attire or food habits. Clothes do not determine a person’s political view
Mamata Banerjee,”  West Bengal CM

The court on Wednesday dismissed the review petition challenging the death penalty given to Akshay Kumar, one of the convicts in the 2012 Nirbhaya rape case.

NEW DELHI: Nirbhaya’s mother on Wednesday welcomed the Supreme Court decision to dismiss the plea filed by one of the four convicts in the Delhi gang-rape and murder case, seeking review of its 2017 judgment upholding his death penalty.

“I am very happy with this. We have a hearing in Patiala House court regarding the issuance of death warrant to the accused and we hope it will be in our favour,” she said.

The court on Wednesday dismissed the review petition challenging the death penalty given to Akshay Kumar, one of the convicts in the 2012 Nirbhaya rape case.

A three-judge bench headed by Justice R Banumathi dismissed the petition and said, “The petitioner has again sought to assail the facts and findings, which cannot be permitted. Grounds raised were the same raised in previous appeals and review petitions.”

“Arguments raised have been made previously in the Supreme Court and had also been looked at during consideration of aggravating and mitigating circumstances,” the bench said.

The bench made it clear that there was no error in the judgement of the trial court, Delhi High Court and the apex court convicting the accused and awarding death sentence.