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New Delhi [India], November 30 (ANI): The central government’s capital expenditure is expected to surge by an impressive 25 per cent year-on-year (YoY) in the second half of the financial year 2025, according to a report by Jefferies The report also noted that the overall expenditure of the government is also expected to surge by 15 per cent. It highlights that despite an increase in populist schemes in the run-up to elections, the central government remains committed to investing in infrastructure development over welfare-driven measures. The report underlined that while populist policies have gained traction, especially in state elections, the central government’s spending priorities show a balanced approach. It said “Jefferies’ India office expects total central government expenditure to rise by around 15% YoY in 2HFY25 ending 31 March 2025 with capex rising by over 25 per cent YoY.. Still the rise of such populist policies should be seen in the context of a central government which is still spending more on capex than welfare”. The report noted that the growing success of handout schemes in state elections, such as Maharashtra’s welfare programme costing Rs 460 billion annually (1.1 per cent of the state’s GDP), does raise concerns about a potential wave of populism. The report analysis showed that 14 out of 28 Indian states already have similar schemes, covering approximately 120 million households and costing a combined 0.7-0.8 per cent of India’s GDP. However, the central government’s focus remains on creating long-term economic assets through infrastructure development, which is vital for sustained growth. In the financial markets, the report suggested a reasonable chance that the Indian stock market is stabilizing after a recent correction, particularly in the mid-cap segment. It said “Meanwhile, there is a reasonable possibility that the Indian stock market is bottoming out after a correction which has been primarily in the more expensive mid-cap stocks” While foreign investors sold more than USD 12.5 billion worth of Indian equities in the last two months, a significant amount by historical standards–domestic investors have absorbed the outflows. Notably, October saw record inflows into equity mutual funds, even as the stock market was undergoing a correction. The report emphasized that the strong domestic inflows are a reassuring factor for India’s markets. The combined effects of government capex spending and robust local investment suggest a stable outlook, even amid concerns over rising populist measures at the state level. (ANI) This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content. var ytflag = 0;var myListener = function() {document.removeEventListener('mousemove', myListener, false);lazyloadmyframes();};document.addEventListener('mousemove', myListener, false);window.addEventListener('scroll', function() {if (ytflag == 0) {lazyloadmyframes();ytflag = 1;}});function lazyloadmyframes() {var ytv = document.getElementsByClassName("klazyiframe");for (var i = 0; i < ytv.length; i++) {ytv[i].src = ytv[i].getAttribute('data-src');}} Save my name, email, and website in this browser for the next time I comment. Δ document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() );
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As India’s first – and so far only – Sikh Prime Minister, Manmohan Singh said in Parliament that he hung his head in shame because some people affiliated to his own political party were responsible for massacring members of the community in November 1984 after Indira Gandhi was assassinated by her own bodyguard. He said his eyes had become weak because he studied under the light of a hurricane lantern when he was young. He was born on 26 December 1932 at Gah in West Punjab in what is today Pakistan. His family migrated to India when the subcontinent was partitioned. He studied in Cambridge in the United Kingdom on a scholarship. He held just about every important post in the Ministry of Finance, headed the Planning Commission and served as the Governor of the Reserve Bank of India before working for the United Nations Conference on Trade and Development. Despite the left-leaning views he espoused as head of the South Commission, as an “unlikely” 58-year-old Finance Minister in the P V Narasimha Rao government he was instrumental in shifting rightwards the trajectory of India’s economic policies. He devalued the Indian currency when the country was in the throes of a foreign exchange crisis. His critics derided him as weak and subservient to Sonia Gandhi during his ten-year term as Prime Minister between 2004 and 2014, but in one of his last press conferences in the position he asserted that history would judge him more kindly than the contemporary media and parties that were then in Opposition in Parliament. Despite his background as a non-political civil servant, he displayed unusual political savvy when, in 2008, he roped in the Samajwadi Party to save the first United Progressive Alliance government he headed after the Left withdrew support from his government because of the nuclear deal he signed with the United States. The former US President Barack Obama paid him a fulsome compliment when he said that when the Prime Minister spoke, people listened. He was attacked for the stock-market scandal masterminded by Harshad Mehta in 1992. Later, when he was Prime Minister, his government was pilloried by the Comptroller and Auditor General of India for the way in which telecommunications spectrum and coal mining areas were allocated. He was sharply criticised during the conduct of the Commonwealth Games in Delhi. Rahul Gandhi publicly tore up an ordinance his government had introduced. Still the soft-spoken and mild-mannered Manmohan Singh did not mince his words when he described the November 2016 demonetisation by the Narendra Modi government as organised loot and legalised plunder.
In the wake of Donald Trump’s victory last month, Democrats are still searching for answers to key questions, including whether Kamala Harris was a strong or weak nominee. With help from an Inside Elections metric, there’s a way to quantify how well the vice president performed in each state. The answer isn’t a complete surprise: Harris underperformed across the country, according to the Vote Above Replacement, or VAR, standard. And the dynamic wasn’t limited to critical battleground states but spread over Democratic and Republican territory alike. Harris finished ahead of a typical Democratic candidate in just 13 states, ran even in Connecticut and underperformed the average Democrat in 36 states. In contrast, Trump did much better. He underperformed a typical statewide Republican in 11 states, put in an average performance in New Hampshire and Colorado, but overperformed a typical GOP candidate in a whopping 37 states. The VAR metric measures the strength of political candidates relative to a typical candidate from their party within the same state. It’s the political version of baseball’s Wins Above Replacement, which assesses a player’s value to a team compared with a replacement-level player. The initial benchmark is derived using Inside Elections’ Baseline, which captures a state’s political performance by combining all federal and state election results over the past four cycles into a single average. (Technically, it’s a trimmed mean, which is the average after throwing out the highest and lowest totals.) VAR is then simply the candidate’s share of the vote minus the party’s Baseline. In the battlegrounds Harris’ performance mattered most in the key states that effectively decided the presidential election, and she didn’t do well. The vice president underperformed a typical statewide Democrat in six of the seven preelection battlegrounds, including Michigan (-2.7 VAR), Arizona (-2.4), Nevada (-1.2), Pennsylvania (-1.2), North Carolina (-0.9) and Wisconsin (-0.9). The only battleground state where she overperformed was Georgia, where the new Democratic Baseline is 47.6 percent and Harris received 48.5 percent of the vote. Georgia was the only state where Trump had a negative VAR (-1.0) even though he still won it as part of his battleground state sweep and his 312-226 Electoral College victory. Trump’s strong performances in Nevada (+3.4), Michigan (+3.3), and Arizona (+1.9), and his +0.9 VAR in Wisconsin nearly pulled those states’ Republican Senate nominees across the line with him, which would have given his party a stunning eight-seat gain. ( Senate Republicans ended up flipping four seats, still enough to win the majority.) Despite more than 90 felony indictments (and 34 convictions) since he was last president, and four additional years of baggage from being in the political arena, 2024 marked Trump’s strongest showing in a presidential race, according to VAR. In 2020, he posted a positive VAR in just four of the 12 closest presidential states. He did better than an average GOP statewide candidate in Iowa (+1.7), Michigan (+0.3), Minnesota (+1.6) and Pennsylvania (+2), but worse than the average Republican in Arizona (-2.0), Florida (-0.7), Georgia (-3.8), Nevada (-0.8), North Carolina (-0.7), Ohio (-1.4), Texas (-3.2) and Wisconsin (-0.1). And in 2016, Trump underperformed in seven of the 10 closest states but still won the election through the Electoral College because Hillary Clinton did even worse. She had a negative VAR in the four closest states ( Michigan, New Hampshire, Pennsylvania and Wisconsin) and that was enough to lock her out of the presidency. Beyond the battlegrounds There were a few bright spots for Harris this year, although they were mostly in states that didn’t really matter. Her biggest overperformances came in Utah (+5.6 VAR), Vermont (+5.5) and Louisiana (+5.2). The Pacific Northwest was a strength as well – Harris’ positive VARs in Oregon (+1.8) and Washington state (+1.0) probably helped save Democratic Rep. Marie Gluesenkamp Perez in Washington’s 3rd District and contributed to unseating GOP Rep. Lori Chavez-DeRemer in Oregon’s 5th. It’s not particularly surprising that a liberal Democrat from California underperformed in several Republican states, including Kentucky (-6.3), West Virginia (-4.8) and Mississippi (-3.8). But Harris also underperformed in Democratic states such as Hawaii (-6.2), Rhode Island (-4.1), New Jersey (-2.9), New Mexico (-2.8), New York (-2.7) and Illinois (-2.5), which helped Trump become the first GOP presidential nominee to finish ahead in the national popular vote in 20 years. Not only did Trump defeat Harris, he also overperformed by a greater margin. The president-elect had a +6.2 VAR in Hawaii and Louisiana and a +5.8 in Kentucky, overperforming a typical Democrat by an average of 2.5 points across the states where he had a positive VAR. Harris had a VAR of more than 2 points in just three states in total. Looking ahead It’s possible that Democrats will end up blaming Harris as a weak candidate, even though that doesn’t seem to be a focus of their angst in the immediate aftermath of the election. But Trump’s victory was so broad that it’s harder for Democrats to focus on a single problem as opposed to the many issues that need to be addressed. If any one person should receive significant blame for Democrats’ debacle, it’s probably someone who wasn’t even on the ballot. While Harris was not the perfect candidate, Joe Biden’s performance as president soured the electorate on the direction of the country and strength of the economy under Democratic leadership. Going by the VAR numbers, it might be easy to pin the Democratic losses on Harris. But there’s no guarantee a different nominee would have done better. And Biden certainly would have been worse had he stayed in. The combination of frustration with the economy and direction of the country coupled with questions about his age would likely have fueled a GOP wave reminiscent of 1980 – when Ronald Reagan won the presidency in an Electoral College landslide, Senate Republicans flipped 12 seats on their way to winning the majority and the House GOP gained 34 seats. © 2024 CQ-Roll Call, Inc. Distributed by Tribune Content Agency, LLC.A memorial for Dr Singh: Centre should be generous, says KPCC chief ShivakumarNissan and Honda to attempt a merger that would create the world's No. 3 automaker TOKYO (AP) — Japanese automakers Nissan and Honda have announced plans to work toward a merger that would catapult them to a top position in an industry in the midst of tectonic shifts as it transitions away from its reliance on fossil fuels. The two companies said they signed an agreement on integrating their businesses on Monday. Smaller Nissan alliance member Mitsubishi Motors agreed to join the talks. News of a possible merger surfaced earlier this month. Japanese automakers face a strong challenge from their Chinese rivals and Tesla as they make inroads into markets at home and abroad. What a merger between Nissan and Honda means for the automakers and the industry BANGKOK (AP) — Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels. The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses. Honda will initially lead the new management, retaining the principles and brands of each company. Following is a quick look at what a combined Honda and Nissan would mean for the companies, and for the auto industry. Nordstrom to be acquired by Nordstrom family and a Mexican retail group in $6.25 billion deal Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group in a $6.25 billion deal. Nordstrom shareholders will receive $24.25 in cash for each share of Nordstrom common stock, representing a 42% premium on the company’s stock as of March 18. Nordstrom’s board of directors unanimously approved the the proposed transaction, while Erik and Pete Nordstrom — part of the Nordstrom family taking over the company — recused themselves from voting. Following the close of the transaction, the Nordstrom Family will have a majority ownership stake in the company. An analyst looks ahead to how the US economy might fare under Trump WASHINGTON (AP) — President-elect Donald Trump won a return to the White House in part by promising big changes in economic policy — more tax cuts, huge tariffs on imports, mass deportations of immigrants working in the United States illegally. In some ways, his victory marked a repudiation of President Joe Biden’s economic stewardship and a protest against inflation. It came despite low unemployment and steady growth under the Biden administration. What lies ahead for the economy under Trump? Paul Ashworth of Capital Economics spoke recently to The Associated Press. The interview has been edited for length and clarity. American consumers feeling less confident in December, Conference Board says American consumers are feeling less confident in December, a business research group says. The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Consumers had been feeling increasingly confident in recent months. The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months. The measure of Americans’ short-term expectations for income, business and the job market tumbled more than a dozen points to 81.1. The Conference Board says a reading under 80 can signal a potential recession in the near future. The internet is rife with fake reviews. Will AI make it worse? Researchers and watchdog groups say the emergence of generative artificial intelligence tools that allow people to efficiently produce detailed and novel online reviews has put merchants, service providers and consumers in uncharted territory. Phony reviews have long plagued many popular consumer websites, such as Amazon and Yelp. But AI-infused text generation tools enable fraudsters to produce reviews faster and in greater volume, according to tech industry experts. The deceptive practice is illegal in the U.S. and becomes a bigger problem for consumers during the holiday shopping season, when many people rely on reviews to buy gifts. A tech company and watchdog group that uses software to detect fake reviews says AI-generated reviews have multiplied. Romanian lawmakers narrowly approve new pro-European coalition during period of political turmoil BUCHAREST, Romania (AP) — Romanian lawmakers have voted narrowly in favor of a new pro-European coalition government led by incumbent Prime Minister Marcel Ciolacu. The move on Monday could usher in an end to a protracted political crisis in the European Union country following the annulment of a presidential election. Parliament approved the new administration in a 240-143 vote in the 466-seat legislature. The new coalition is made up of the leftist Social Democratic Party, the center-right National Liberal Party, the small ethnic Hungarian UDMR party and national minorities. President Klaus Iohannis is expected to swear in the new government later Monday. Stock market today: Wall Street mixed at the start of a holiday-shortened week Stock indexes are mixed in afternoon trading on Wall Street at the start of a holiday-shortened week. The S&P 500 rose 0.6% Monday. Several big technology companies helped support the gains. The Dow Jones Industrial Average slipped 21 points, or 0.1%, and the Nasdaq composite rose 1%. Japanese automakers Honda Motor and Nissan Motor said they are talking about combining in a deal that might also include Mitsubishi Motors. Eli Lilly rose after announcing that regulators approved Zepbound as the first prescription medicine for adults with sleep apnea. Treasury yields rose in the bond market. AI will eavesdrop on world's wildest places to track and help protect endangered wildlife PUERTO JIMÉNEZ, Costa Rica (AP) — A biologist hid 350 audio monitors across Costa Rica’s tropical rainforests to spy on endangered spider monkeys in order to help protect them. But she had to go back to collect the data and feed those sounds into artificial intelligence systems that can recognize monkey calls. Now tech giant Microsoft's philanthropic arm is hoping to supercharge AI-assisted wildlife research with new solar-powered devices that can capture sounds, images and other wilderness data for a year or more without human intervention. Researchers say more AI wildlife surveillance is urgently needed to monitor the health of species at risk of extinction. Many Americans have come to rely on Chinese-made drones. Now lawmakers want to ban them WASHINGTON (AP) — The economic and technological rivalry between the U.S. and China has come to the drone market, where Chinese-made flying devices are a dominant player in America. Lawmakers in Washington are seeking to ban new sales of Chinese-made drones, arguing they could be used to spy on Americans and that the low-cost models are hurting the U.S. drone industry. But U.S. users — spanning from police officers to farmers to mappers and filmmakers — have come to rely on Chinese-made drones, especially those by DJI Technology, for their work or lives. Florida has banned Chinese drones in state-funded programs, but also appropriated $25 million to help offset replacement costs.RIYADH: Kuwait’s First Deputy Prime Minister, Minister of Defense, and Minister of Interior, Sheikh Fahad Al-Yousef Saud Al-Sabah, visited several key security facilities in Saudi Arabia on Monday, as part of his official visit to the Kingdom. According to a statement from Kuwait’s Ministry of Interior, Sheikh Fahad’s visit on the second day of his official trip to Riyadh included a tour of the Saudi National Center for Security Operations (911), where he was welcomed by Saudi Minister of Interior Prince Abdulaziz bin Saud bin Nayef bin Abdulaziz. The Deputy Prime Minister was briefed on the center’s role in providing security services to citizens and residents, as well as the advanced technologies used to receive reports and direct the relevant authorities to handle them. Sheikh Fahad’s tour also included a visit to the Saudi National Cybersecurity Authority, where he was greeted by Saudi Minister of State and Chairman of the Cybersecurity Authority, Dr Musaed Al-Aiban. He was accompanied by Kuwait’s Acting Head of the National Cybersecurity Center, Dima Al-Sumait. During the visit, Sheikh Fahad was informed about the authority’s role in enhancing and protecting cybersecurity in the Kingdom, as well as its support for security agencies on cybersecurity-related matters. The minister also visited the King Fahd Security College where he watched a documentary film about the college. He learned about the college’s educational and security programs, which focus on research and studies related to security. Sheikh Fahad also visited the Saudi Reform and Rehabilitation Center, where he was welcomed by Deputy Head of State Security, Abdullah Al-Owais. The visit included an overview of the center’s programs for intellectual and psychological rehabilitation, aimed at enhancing intellectual security and reintegrating individuals into society. The Deputy Prime Minister’s tour concluded with a visit to the General Directorate of Border Guard, where he was received by the Director General, Major General Shaya Al-Wadani. He was briefed on the Border Guard’s mission to protect the Kingdom’s land and maritime borders. In his statement, Sheikh Fahad praised the technological and human progress he observed at the visited facilities, highlighting their role in enhancing security and stability in Saudi Arabia according to the best global law enforcement standards. He expressed his gratitude to Saudi Interior Ministry personnel for their outstanding efforts and dedication, wishing the Kingdom’s leadership, government, and people continued prosperity and success. The Deputy Prime Minister also commended the achievements of law enforcement agencies in both Kuwait and Saudi Arabia in combating crime, underscoring the coordination and collaboration between the two countries’ security forces. Sheikh Fahad was accompanied on the tour by Kuwait’s Ambassador to Saudi Arabia, Sheikh Sabah Nasser Sabah Al-Ahmad Al-Sabah, and a security delegation. — KUNA