India's GDP grows by 7.2% in FY23: Govt data



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India's gross domestic product (GDP) grew by 7.2 per cent in FY2022-23 against 9.1 per cent expansion in previous fiscal, as per the government data released on Wednesday.

Despite the rate of GDP growth coming at a slightly lower rate to the previous year, India remains one of the fastest-growing economies among major global players.

The GDP growth for FY2022-23 at 7.2% is higher than the 7% median estimate in a Bloomberg survey as well as the government’s forecast made three months ago.

The growth propelled the Indian economy to $3.3 trillion and set the stage for achieving $5 trillion target in the next few years.

The country's GDP grew at 6.1 per cent in January-March 2023, the data showed. "The higher-than-expected GDP growth in Q4 FY23 is a pleasant surprise and seems to have been driven by broad-based improvement in domestic drivers of private consumption, public consumption, and investments. Narrowing of external trade deficit also provided comfort," economist Vivek economist of Quanteco Research told Reuters.

In the same period, China's economy expanded 4.5 per cent year-on-year according to its National Bureau of Statistics, while Washington's Commerce Department said the United States grew by an anaemic 1.1 per cent.

China is rebounding after the end of zero-Covid measures that battered business and supply chains, but is bedevilled by a host of other headaches.

Meanwhile, the United States is battling persistently elevated inflation, Germany is in a technical recession amid an energy crisis triggered by the Ukraine war, and Japan expanded by just 0.4 per cent in the first quarter.

As per the data, the real GDP or GDP at constant (2011-12) prices in the year 2022-23 is estimated to attain a level of Rs 160.06 lakh crore, as against the first revised estimates of GDP for the year 2021-22 of Rs 149.26 lakh crore.

The growth is “far in excess of the overall expectations, driven primarily by a very rich growth” in the farm and services sectors, said Rupa Rege Nitsure, chief economist at L&T Finance. “Going by the high frequency indicators, this slowdown has primarily come from urban rather than rural belts. Improved farm sector conditions will help reduce the adverse impact of El Nino predicted for this year,” she added.

Services have emerged as a major driver of the economy, comprising more than half of the nation’s GDP. India has been gaining market share in information technology and business consulting work, boosting services activity to the highest in almost 13 years.

PM hails 2022-23 growth figures

Prime Minister Narendra Modi expressed satisfaction over the GDP numbers saying that the growth figures underscore the resilience of the Indian economy amidst global challenges.
"The 2022-23 GDP growth figures underscore the resilience of the Indian economy amidst global challenges. This robust performance along with overall optimism and compelling macro-economic indicators, exemplify the promising trajectory of our economy and the tenacity of our people," PM Modi said on Twitter.

GDP growth gives RBI room to pause key rates

India’s resilient growth could reassure the Reserve Bank of India that its monetary tightening hasn’t taken a big toll on the economy and give it more room to pause for a second straight meeting on June 8. This is an outcome predicted by economists in a Bloomberg survey which sees rates on hold for the rest of the year before RBI starts lowering borrowing costs in 2024. The benchmark repo rate is currently at 6.5%

Key numbers from the GDP report:
*Agriculture rose 4%, mining was up 4.6%, manufacturing increased 1.3% last fiscal year
*Electricity +9%; construction +10%; trade, hotels and transport +14%;
*Financial services +7.1%; public administration +7.2%
*Government spending rose marginally 0.12%, consumption was up 7.5%
*Gross fixed capital formation, a proxy for investment, increased 11.4%
*Gross value added, a key measure of economic productivity, rose 6.5% in January-March from a year ago
What experts say on India's GDP numbers
Upasana Bhardwaj, chief economist, Kotak Mahindra Bank

"The sharp upside to the GDP growth suggest the resilience of the Indian economy despite the global slowdown. However, we remain watchful on the sustainability of the strength especially when much of the non-agricultural growth has been led by public investment while consumption remain tepid."
Sakshi Gupta, principal economist, HDFC bank

"The GDP growth surprised (by being) significantly higher than expected for the fourth quarter, taking the full-year number to 7.2% in 2022-23. Growth was led by higher-than-expected agriculture growth and strong growth in services. The GDP data does validate the recent growth optimism for India, despite global headwinds. This is not to say that the growth outlook is without risks - particularly in regards to the monsoon progress and recession risks globally. We expect GDP growth at 5.8%-6% for FY24 with some upside to this forecast now emerging."

   

Hamas says 'yes' to Gaza ceasefire



International Desk, Barta24.com, Dhaka
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Hamas has accepted a ceasefire proposal brokered by Qatar and Egypt. But so far nothing has been reported from Israel in this regard. They are looking into the matter.

On Monday (May 6), Qatar-based media Al Jazeera reported this information.

According to a statement by Hamas leader Ismail Haniya, the head of Hamas' political wing, Ismail Haniya, called Qatar's Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani and informed him that Hamas had approved the proposal for a ceasefire agreement. Ismail Hania also said the same thing to the Minister of Intelligence of Egypt, Abbas Kamal.

Meanwhile, the residents of Gaza expressed joy at the news of Hamas agreeing to a ceasefire.

It should be noted that at least 34 thousand 737 people have been killed and 78 thousand 108 people have been injured in the Israeli attack on Gaza since October 7. And the number of dead in Israel is 1 thousand 139 people.

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Campuses can be battlegrounds around graduation ceremonies in the United States



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Protests against the Israeli attack on Gaza have erupted in several US universities. The student protests there have entered their second week. Last Saturday (May 4), police arrested at least 25 more pro-Palestinian protesters from the University of Virginia.

Al-Jazeera reported that more than two and a half thousand students have been arrested from campuses across the United States. In the meantime, graduation ceremony in universities is approaching.

It is feared that various university campuses in the United States may turn into battlefields around graduation ceremonies in the coming days.

At 47 US universities, students are protesting against Israeli aggression and genocide in Gaza. This protest has been going on since April 17. Since the beginning, the police have used excessive force to suppress this peaceful protest.

In this way, the rights activists protested the suppression of the protest and the arrest of the protesting students. They demanded to ensure the freedom of expression of the students.

Graduation ceremonies are scheduled for the end of this week at four universities hit by protests. The event is scheduled to take place this month or next June at several other universities, including New York's Columbia University, the epicenter of the protests.

The university authorities fear that the protesting students may disrupt the graduation ceremony. For this reason, the authorities are taking initiatives to strengthen the security system.

The protesting students have threatened that if their demands are not met, they are thinking of alternative programs including boycotting these events and walking out of the venue. In such circumstances, some universities have canceled these programs. Some are procrastinating.

The peaceful protests at the University of Virginia continued until Saturday morning. At that time a video spread among the students. In the video, police are seen detaining some protesting students from the campus lawn.

Apart from this, the police are using chemical sprays to quell the protests. After that the protest turned into a riot.

In a statement, University President Jim Ryan said that the protesters were detained when campus security informed the police that they would be protesting in tents last Friday night. However, it is not clear how many university students are among those detained.

Pro-Palestinians protest in front of the stage at the graduation ceremony at the University of Michigan. But this protest was peaceful. Campus police quickly surrounded the protesters and escorted them to the back of the stadium. But dozens of students dressed in flags, kaffiahs and graduation caps staged a university graduation ceremony.

A day later, Northeastern University and Ohio State University were supposed to hold the closing ceremony on Sunday, but the commencement ceremony was disrupted.

Meanwhile, apart from the United States, this protest has now spread to new countries. Students from France, UK, Italy, Australia, Canada, Japan, India, Lebanon, Germany, Switzerland, Ireland and Mexico have come to protest for the Palestinians.

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Israel launched a ground attack in Rafah amid ceasefire talks



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Israel launched a ground attack in Rafah in the midst of Israel-Hamas ceasefire talks in Gaza.

A delegation from the Palestinian group Hamas is in the Egyptian capital for ceasefire and prisoner-release talks. Sources said Ceasefire talks have progressed.

International media Al Jazeera reported in a report that despite the negotiations, Israel continued its ground attack on Rafah, the southernmost city of Gaza.

A Hamas delegation arrived in Cairo on Saturday to meet with mediators from Qatar, Egypt and the United States to negotiate a 40-day ceasefire, according to reports published by the United Kingdom.

The talks are at a critical stage, sources told Al Jazeera, as a Qatari technical team is working out the details of a potential deal with the Egyptians.

As technical teams indicate, we are moving into the operational side of a deal. They are monitoring the issues in detail in this agreement.

A senior Hamas spokesman, Osama Hamdan, told Al Jazeera, "It is clear that we are moving forward. There are some good points.

"So far we are still talking about the main issue, which is a complete ceasefire and a complete withdrawal from Gaza," he said. We hope to find some good and positive answers today.

Israel said it will continue to attack Rafah despite talk of a possible deal with Hamas. UN agencies and aid groups have long warned that the ground operation would spell disaster for the 15 lakh people taking refuge there.

Hamdan said, "Unfortunately, Netanyahu has made a clear statement that no matter what happens, if there is a ceasefire or not, he will continue to attack." That means there will be no ceasefire, and that means that the offensive will continue.

Al Jazeera's Ahlbara said the talks were focused on convincing Hamas that it should refrain from demanding a permanent ceasefire from Israel during the first phase of the deal because it is unlikely to happen.

On October 7, Hamas fighters attacked southern Israel, killing more than 1,100 people. During this time, more than 240 people were captured by Hamas.

Later, more than 34,600 Palestinians have died in Israel's attack on Gaza. More than 70 percent of Palestinian territory has been reduced to rubble, pushing the region toward famine.

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Attacks on environmental journalists are on the rise worldwide: UN



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According to a recently published report by the United Nations Educational, Scientific and Cultural Organization UNESCO, 44 environmental journalists from 15 countries around the world lost their lives in violent attacks from 2009 to 2023; And 24 people managed to return alive.

This information was reported in the report of the news agency Reuters on Friday (May 3).

According to the report, attacks on environmental journalists are increasing around the world. UNESCO representatives interviewed 905 environmental journalists from 129 countries to prepare the report.

In the interview, 749 out of 905 journalists (more than 70 percent) said that they had to face physical attacks or intimidation, threats, and pressure at some point in their lives to perform their professional duties. Many have also had to deal with the legal problems of detention and defamation cases.

Analyzing the cases of assault-harassment, it has been found that the cases of physical assault have occurred more among male journalists. On the other hand, women journalists are more victims of harassment.

Journalists have been attacked and harassed while reporting on various environmental issues. These issues include various mining irregularities, land tenure conflicts, deforestation, extreme weather related disasters, pollution and environmental damage, fossil fuel sector and its trade etc.

All of these attacks and harassment have come from individuals and groups associated with the power structure of the state. In this context, the UNESCO report said, 'Police, army, government officials and employees, people of local government authorities are responsible for these attacks and harassment. 

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