The Evening Wrap: Economic Survey sees V-shaped recovery

The Hindu Newsletter - Here are the latest updates and the big news stories to follow today [The Hindu Logo]( [Facebook]( [Twitter]( [Youtube]( [Linkedin]( [Instagram]( Friday 29, January 2021 [alt_text]( The Evening Wrap Here are the biggest news stories of the day [alt_text]( Welcome to the Evening Wrap newsletter, your guide to the day’s biggest stories with concise analysis from The Hindu. We hope you are staying safe. India’s GDP to grow 11% in FY 2022, aided by V-shaped recovery: Economic Survey India’s [economic growth is likely to rebound with a 11% growth]( in the next financial year as it makes a ‘V-shaped’ recovery after suffering a pandemic-led carnage, according to the Pre-Budget Economic Survey, released on Friday. It needs to be kept in mind, however, that the GDP is projected to contract by a record 7.7% in the current fiscal ending March 31, 2021. This means that the 11% growth projection is on a much smaller base. India’s last annual contraction was in 1979-80, when the GDP shrank by 5.2%. The [Economic Survey 2020-21]( said the agriculture sector was the only silver lining while services, manufacturing and construction were most hit by the lockdown. “After an estimated 7.7% pandemic-driven contraction in 2020-21, India’s real GDP is projected to record a growth of 11.0% in 2021-22 and nominal GDP by 15.4%. These conservative estimates reflect upside potential that can manifest due to the continued normalisation in economic activities as the rollout of Covid-19 vaccines gathers traction,” the Survey said. The growth will be further supported by supply-side push from reforms and easing of regulations, push for infrastructural investments, boost to manufacturing sector through the Productivity Linked Incentive Schemes, recovery of pent-up demand for services, and increase in discretionary consumption subsequent to roll-out of the vaccine, it said. The survey, tabled in Parliament by Finance Minister Nirmala Sitharaman, said there was likely to be a fiscal slippage during the year based on the available trends for April to November 2020. India is expected to witness a current account surplus during the current financial year after a gap of 17 years, the report said. Unrest at Singhu border as groups of violent men attack farmers Days after the chaos witnessed in the national capital on Republic Day, [violence again erupted as a group of men claiming to be ‘locals’ stormed the farmers’ protest site at Singhu border]( near Delhi, demanding that the area be vacated. They went on to pelt stones and vandalised the tents of the protesting farmers. It is worth noting that the farmers had been protesting peacefully at this site for nearly two months, until today. Multiple videos shared by reporters and independent journalists on social media showed security personnel standing mute witnesses as the group of ‘locals’ marched freely through the heavily barricaded and guarded approach to the Singhu protest site and launched attacks on the farmers camped there. They could also be seen chanting ‘Goli Maaro’ [shoot them] slogans, which were last used in early 2020 by groups opposed to the protests against the Citizenship Amendment Act. [Police using teargas on protestors during a clash between farmers and local villagers at Singhu border on Friday. ]Police using teargas on protestors during a clash between farmers and local villagers at Singhu border on Friday. “Unrest at Singhu border is not a case of locals clashing with agitating farmers, but a concerted effort by goons to attack the farmers protest,” said activist Yogendra Yadav, one of the spokespersons of the protesting farmers. Meanwhile, following an emotional speech by Bharatiya Kisan Union (BKU) leader Rakesh Tikait, triggered by a police attempt to forcibly evict farmers from the Ghazipur protest site on the night of January 28, thousands of more farmers were reportedly on their way to Ghazipur and Singhu protest sites in a show of solidarity with their fellow farmers. In a related development, Congress President Rahul Gandhi, in a press conference today warned the Narendra Modi government that if it doesn’t take steps to resolve the farmers’ unrest quickly, it could soon spread to other parts of the country. The only to way to resolve the issue, he said, was to repeal the three laws, and unless this demand is met, “the farmers are not going to go home”. India could be reduced to ‘a country of incarcerated artists and flourishing lapdogs,’ Kunal Kamra tells SC Stand-up comedian Kunal Kamra, facing contempt for scandalising the Supreme Court with his tweets, said the phenomenon of “taking offence” to comedy or satire has been elevated to the status of a much-loved indoor sport in a growing culture of intolerance. “The suggestion that my tweets could shake the foundations of the most powerful court in the world is an over-estimation of my abilities... Just as the Supreme Court values the faith public places in it, it should also trust the public not to form its opinions of the court on the basis of a few jokes on Twitter... My tweets were not published with the intention of diminishing the faith of the people in the highest court,” [Kamra said in a six-page reply]( to the suo motu contempt notice against him. [ Kunal Kamra. File ] Kunal Kamra. File Taking offence was now seen as a “fundamental right”, Kamra said. “Comedians like Munawar Faruqui are jailed for jokes they did not make. School students are interrogated for sedition,” Kamra told the Supreme Court. “Hope the court will demonstrate that free speech is a cardinal constitutional value. If the powerful are unable to tolerate rebuke and criticism, we will be reduced to a country of incarcerated artists and flourishing lapdogs,” Kamra said. Jokes need no defence, he wrote, pointing out that they were based on a comedian’s perception. His job was to share his perception with his audience and make them laugh. “Most people do not react to jokes that do not make them laugh. They ignore them like our political leaders ignore their critics. That is where the life of a joke must end,” he told the Supreme Court. The more attention you paid to a joke, the more credible it became. “The public faith in the judiciary is founded on the institution’s own actions, and not on any criticism or commentary about it,” Kamra said. He said constitutional offices — including judicial offices — needed no protection from jokes. The comedian said he did not buy the argument that judges would be unable to perform their functions just because they were the subject of satire or comedy. Irreverence and hyperbole were essential tools for the comedic enterprise. A comic raises public issues in his own unique way. Language and style were not meant to insult but to draw attention. “Brevity is the soul of comedy, though it may not be a familiar concept for the legal community,” he quipped. The case hearing has been adjourned by two weeks. Govt will abide by SC order to stay rollout of farm laws, says President; condemns Republic Day violence The Union [Government respects the Supreme Court and will abide by its decision]( to stay the implementation of the three farm laws, President Ram Nath Kovind told a joint sitting of Parliament on Friday, even as he strongly defended the new laws and asserted that 10 crore small farmers have benefited from them. Referring to the violence during the tractor parade and the chaos after groups of farmers stormed the Red Fort on January 26, the President said it was “unfortunate” that the national flag was disrespected on the occasion of Republic Day. “My government has always respected freedom of expression and the holding of peaceful agitations in a democratic set-up. However, the recent acts of dishonouring the national flag and showing disrespect to the auspicious occasion of the Republic Day are unfortunate,” Kovind said. “While the Constitution gives us the right to freedom of expression, it is also expected that we abide by the laws and rules with equal sincerity,” the President said. While the President’s address — prepared by the Cabinet to showcase the achievements of the union government — dwelt on agricultural reforms at length, it was boycotted by more than 20 Opposition parties, including the Congress. Budget to be seen as building on ‘mini-budgets’: PM Modi Prime Minister Narendra Modi termed the current Budget Session the first of this decade and an opportunity to fulfill the dreams of freedom fighters. “The last year was also a year which saw not one but several mini-budget-like packages announced as we dealt with the Covid-19 pandemic, and this [budget is to be seen as part of that series of mini-budgets]( presented by the government last year,” said Modi, offering key hints on the Union budget to be presented on February 1. [Prime Minister Narendra Modi addresses the media at Parliament House on January 29, 2021. ]Prime Minister Narendra Modi addresses the media at Parliament House on January 29, 2021. Modi added that the government would take every step to fulfill the expectations of the people and hoped that all members of Parliament would direct their energy to this goal. The Budget Session of Parliament will be held between January 29 and April 8, with a recess from February 15 to March 7. The continued protest by farmer unions on the three agriculture-related laws cleared by Parliament in the last Monsoon Session is expected to make this a stormy session. Dr Reddy’s eyes March launch of Sputnik V vaccine under Emergency Use Authorisation Dr Reddy’s Laboratories, which is conducting phase-3 trials of Russia’s Covid-19 vaccine Sputnik V, believes [the jab can be expected to be launched in India through Emergency Use Authorisation (EUA)](, a senior official of the city-based drug maker said on Friday. “The phase-3 trial is currently ongoing. We are dosing patients and we expect to complete the dosing as part of the phase-3 trials by February.“After that we expect to compile the data and submit for Emergency Use Authorisation, and make the request to the DCGI with our dossier,” company’s CEO of APIs and Pharmaceutical Services Deepak Sapra said. In September last, Dr Reddy’s partnered with Russia Direct Investment Fund (RDIF) to conduct the clinical trials of the Sputnik V vaccine and for its distribution rights in India. “Based on the approval from the DCGI, we believe that we should be in a position to launch the vaccine through a EUA in the month of March 2021 (in India),” Sapra said at a press conference in Hyderabad. Sputnik V, developed by the Gamaleya National Research Institute of Epidemiology and Microbiology, was registered by the Ministry of Health of Russia and became the world’s first registered vaccine against Covid-19 based on the established human adenoviral vector platform. Covid Watch: Numbers and Developments The [number of reported coronavirus cases from India]( stood at 1,07,22,362 at the time of publishing this newsletter, with the death toll at 1,54,094. In Brief: A [minor IED blast took place outside the Israeli Embassy]( in the heart of Lutyens’ Delhi on January 29 evening, police said. No one was injured. Some cars were damaged in the blast that took place near the pavement outside the embassy on A.P.J. Abdul Kalam Road, a very high-security zone in the national capital. Delhi Police Additional PRO Anil Mittal said that initial impressions suggest that it could be a mischievous attempt to create a sensation. Trinamool Congress MLA [Rajib Banerjee on Friday resigned from the West Bengal Assembly](. He had resigned as Forest Minister on January 22. The MLA from Domjur in Howrah district had been sounding unhappy with the party for the past several months. He had spoken against ‘nepotism’ in the party and alleged that deserving people were being sidelined. Evening Wrap will return tomorrow. 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