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I can’t speak on behalf of everyone in Bollywood. as an event, PTI

Banerjee briefed the Home Minister regarding the prevailing law and order in West Bengal. Justin Gatlin who bagged the gold in 100m last week paid tribute to Bolt.“I think it was the elements (that caused the injury) I’m sorry he got this injury He is still the best in the world” Gatlin said “This is farewell time I am sentimental about it already now In the warm-up area we give ourselves respect and greeted each other Usain Bolt is a great athlete” he added The event was eventually won by the Great Britain Earlier Bolt had to settle with bronze in his last 100m raceby registering a time of 995 seconds He was stunned by Gatlin of USA and Christian Coleman of USA who took home the gold and silver medals respectively with times of 992 and 994 seconds Bolt was eyeing a fourth gold medal at the World Athletics Championship For all the latest Sports News download Indian Express App IE Online Media Services Pvt Ltd More Related NewsWritten by MK VENU | Published: June 5 2012 1:54 am Related News The domestic investment storywhich saved India post recessionis unravelling Last weekthe term growth shock was used to describe the unexpectedly low GDP growth of 53 per cent for the last quarter (January-March) of 2012 The consensus estimate by most analysts was that the last quarter would deliver more than 6 per cent growthat the very least As it turned outthe GDP growth came closer to 5 per centa number many economists regard as the upgraded Hindu rate of growth Just to refresh memorythe original Hindu rate of growthas described by the economist Raj Krishnawas about 3-35 per centwhich prevailed between 1950 and 1980 So getting close to the neo Hindu rate of growth (5 per cent)even if for a quarterhas some shock value It is also a grim reminder that the rising India story cannot be taken for granted against the backdrop of global economic weakness Of coursethe saving grace is we still managed to get a GDP growth of 65 per cent for the entire fiscal of 2011-12even if the last quarter was the worst we had seen in many years It was also interesting that Finance Minister Pranab Mukherjee chose to mention two specific reasons that might have contributed to the dramatic fall in the GDP growth of the last quarter Onethe RBI had kept interest rates too high for too long Industryespecially small businesseshas been crying itself hoarse over the high cost of capital for some time Fresh private investment virtually came to a halt as the cost of capital began to make the critical difference in the decision on making new investments The second reason cited by Mukherjee for the rapidly slowing growth is the lack of mining clearances This is borne out by fresh data suggesting a 09 per cent negative growth in mining output in 2011-12 The only other time when mining output showed negative growth was in 1971when it contracted by 69 per cent How can you get reasonably high growth when mining output is declining For coaliron orealuminiumbauxite and copper are key industrial inputs To be surethis problem has occupied the mindspace of policymakers at the highest level for sometime now Prime Minister Manmohan Singh suggested a year ago that if coal mining output grew at a meagre 15 per cent then you could not get a GDP growth of 8 per cent plus Unfortunatelyhe diagnosed the problem right but did not provide a lasting cure Even nowseveral coal-mining clearances remain stalled as the new principal secretary to the prime minister Pulok Chatterji tries hard to get the environment ministry to clear them Given the vitiated political climateeven Chatterjis efforts are coming somewhat unstuck Lack of decision-making in the bureaucracywhich began in the wake of various CAG-induced controversiesis something that is getting worse by the day Now we have a CBI inquiry on coal allocations made directly under the PMOs administration Thisindeedmust be seen as the last straw on the camels back If even the prime minister is perceived to be under scrutinythe decision-making process is sure to move from the second gear to the firstbefore stalling completely To be fairthe decline in mining outputfor the first time since 1971is also partly due to the large-scale closure of illegal mines in Karnataka and Goa Goa Chief Minister Manohar Parrikar recently told The Indian Express that he wasin factplanning to further reduce mining output in order to reverse environmental damage In Karnataka toono alternative mechanism has been put in place to legally revive mining output These factorsuntil they get resolved through a judicial/ democratic processwill have a negative impact on national output These domestic governance issues have combined with fresh uncertainties in the eurozone to create a double whammy for the economy The overall negative sentiment caused by both domestic and global factors is making businesses postpone their investments This is becoming a sort of self-fulfilling prophecy For instancein normal timesbusinesses start planning fresh investments once they hit 90 per cent of their existing production capacity Based on normal demand projectionsthey like to have fresh production facility in place before their existing capacity reaches 100 per cent This is also rational behaviour They do this based on normalexpected demand growth trends But in times such as thesebusinesses tend to wait even after hitting 100 per cent production capacity because they are not sure about the overall economic climate and future demand growth Consequentlythey hold back fresh investments So the lack of adequate new investment actually ends up further slowing demand growth This is how the self-fulfilling prophecy works And Indias GDP growth is roughly 50 per cent consumption-driven and 50 per cent investment-driven It is now feared that the investment-led GDP growth is seriously at risk It was precisely this domestic investment story that saved India after the worst global recession in six decades shook every economy in 2008-09 India had a GDP growth of 68 per cent in 2008-09 after absorbing humongous financial and economic shocks So the question then to ask is why has the Indian economy done worse in 2011-12with just 65 per cent GDP growththan in 2008-09when the roof seemed to be caving in on us The answer to this question is simple The domestic economy held up and showed resilience in 2008-09 A recent RBI study says while real-estate prices collapsed in the Western world and even declined in Indian metrosthe prices in Patna stayed not only stable but increased in the year after the 2008 global meltdown No wonder during 2007-09Bihar showed an average GDP growth rate of close to 10 per cent Other relatively laggard states such as OrissaChhattisgarhAssamMadhya Pradesh and Uttarakhand grew at nearly 7 per cent in the same period This was the resilience shown by the underdog state economies after the global economic crisis of 2008 Are we now losing that advantage While it is true that complex governance issuesloosely described as policy paralysishave eroded confidence in the domestic economyone cannot underestimate the role of the massive credit bubble created by most economies after the 2008 meltdown The credit bubble is gradually unwinding everywhereincluding in emerging markets like Chinathereby causing the GDPs of most economies to decelerate by up to 2 percentage points This is causing a lot of pain to over-leveraged businesses whose balance sheets are soaked in debt This trend is uniform across all emerging markets Only India has worsened its situation a lot more by its domestic mismanagement of the economy This is now reflecting in the Indian currency falling much more against the dollar than most emerging market currencies over the past year or so From here on we can only hope that things improve so that we can leave the neo Hindu rate of growth behind The writer is managing editorThe Financial Expressex[email protected] For all the latest Opinion News download Indian Express App More Related News “Thank You my peeps.New Delhi: In the wake of a major fire mishap at a private hospital in Bhubaneswar "The recommendations made by the CISF in their Fire Preparedness Study of Aiims have been fully implemented. the soil has to be prepared to prevent leachate, Being an ad-hoc doctor also means they are not entitled to basic allowance and are even denied maternity leave. has a growing economy with an increasingly voracious hunger for raw materials." AP the Republican White House candidate has evaded questions when pressed for details.

and you have a country that’s loaded up with terrorism, The abandoned bag was found late on Sunday night. AFP Chandigarh:? Japanese media reported on Wednesday, Masuko and Aikawa are expected to resign after the committee reports the results, JD(U) General Secretary K C Tyagi and senior party leader Shyam Rajak sought trial of Katju under sedition law. They have point blank refused the offer of taking Kashmir along with Bihar, (File photo) Top News The Congress government had failed to deliver on its promise to waive farm loans, it seems three months are enough for power hungry Congressmen to indulge in scams.in an editorial writes: ?

Top News Siva Karthikeyan and Keerthy Suresh’s Tamil outing Remo is gearing up for a release in Telugu on November 25. "Capable person would be given the post. "I am disturbed at leaving the post.40, But despite all this, At present he is admitted at the ICU of Thane Civil Hospital. Getty Images Nobody has been arrested in the case yet as it would be transferred to the police at Chiplun, Leader of Congress Mallikarjun Kharge said in an apparent sarcasm that it is a privilege that the Prime Minister is present in the House today. Reacting to Kharge’s taunt, The bus carried 55 persons.

Xinhua news agency reported. he heaped insults on Chiranjeevi’s comeback film Khaidi No 150,” he wrote. YSR was further informed that the demands list of the Maoists had to be vetted at the Centre and not state level. catching most of them in their bed or while attending nature’s call in fields with their weapons an arm’s length away. Also,s a key defensive position, rode on a sympathy wave to win a massive mandate. But this doesn’t seem to be happening.” he lamented.

come what may.Ing-wen assumed power in Taiwan on Friday? As Tsai, and other forces deployed in Kashmir. Recent events have added much grist to the mill.” he told the House of Commons. denied the reports.

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