EU deal to ban Russian oil import The ban will affect oil that arrives by sea — around two-thirds of imports Exemption for oil delivered via pipeline to safeguard landlocked Hungary’s energy security EU currently pays €400 billion chennai l wednesday l june 1, 2022 l `9.00 l PAGES 20 l late city EDITION a year to buy oil and gas from Russia Ukrainian demonstrators demand an embargo on Russian oil prior to an EU meet in Brussels on Monday | AP Move is aimed $123.82 at pressuring per barrel Russia to end Brent crude its invasion of Ukraine | P16 price on Tuesday CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Economy crawled in FY22’s last quarter to 4.1% No risk of recession, says Chief Economic Advisor V Anantha Nageswaran; hopes private investment would pick up soon E x p r e ss N e ws Se r v i c e @ New Delhi INDIA’s GDP growth for the January-March 2022 quarter slowed to 4.1% compared to 5.4% in the year-ago period, data released by the Ministry of Statistics on Tuesday showed. The growth is the slowest in FY22. In the second and first quarters, growth was 8.5% and 20.3%,respectively . However, the country registered overall growth of 8.7% for full year FY22, compared with the contraction of 6.6% in FY21. Chief Economic Advisor Venkatraman Anantha Nageswaran blamed Omicron for the tepid growth, saying several sectors such as hospitality tourism, , real estate and aviation were im- Telling Numbers Real GDP growth in FY22 was 8.7% lower than the govt’s earlier estimate of 8.9% in February GDP in the fourth quarter rose by 4.1% compared to 5.4% in the third quarter Size of India’s economy (nominal GDP) FY21 FY22 19% growth `198.01 lakh cr `236.65 lakh cr Private final consumption expenditure, which accounts for 55-56% of GDP, grew 7.9% in FY22 but it is only L1.2 lakh crore higher than that in FY20 TN pension bill to surge as 20K retire this year C S h i va k u m a r @ Chennai With 20,000 State government employees retiring this financial year, Tamil Nadu’s pension bill is expected to balloon to around `40,000 crore. While 15,000 employees will become pensioners in December, on Tuesday 5,200 govern, ment employees hung up their hats. The government seems to be in no hurry to fill the rising vacancies, with a finance department official saying staff are being recruited as and when required. It is learnt the State government has only nine lakh employees against the sanctioned strength of 14-15 lakh. According to the State’s 2022-23 Budget, the government spent `26,410 crore (revised estimate) in 2021-22 and estimated an expenditure of `39,508 on pensions in 202223. This includes one-time settlements as well as monthly pensions. The official said the `13,000 crore estimated increase in expenditure is for State government staff pensions as well as pensions of government-aided school staff who will be retiring. “This total amount is not just for those retiring this year. There are usual pensioners, family pensioners and those availing one-time settlement. There is also death-cum-retirement gratuity as well as gratuity So these can’t be divided . on an average basis,” he said. However, the finance department official said the exchequer had funds to pay out the benefits to State government staff and rejected reports that 25,000 government staff, including teachers, retired on Tuesday However, it is learnt . that local body employees too had retired, but don’t come under the finance department. Of those who retired, 49 are from the State Secretariat, and 20 are in the ranks of additional secretary joint secre, tary and under secretary , . Continued on: P5 express read `61 cr kuruvai package to benefit 3L farmers Singer KK dies after Kolkata concert Tiruchy: Chief Minister MK Stalin on Tuesday announced a kuruvai package worth `61 crore to benefit 3 lakh farmers in TN. This year’s kuruvai crop target is 5.20 lakh acres, and samba target is 13.5 lakh acres, he said after inspecting desilting work in the delta districts. Almost 5,000 km of rivers and canals have been desilted | P4 Kolkata: Bollywood singer Krishnakumar Kunnath, 53, popularly known as KK, died in Kolkata on Tuesday night. He reportedly collapsed after a concert, where he sang for an hour. He was taken to a private hospital where he was declared brought dead Second Hindu shot dead in a month in Kashmir F aya z W a n i @ Srinagar In the second targeted killing of minority community members in the Valley this month, terrorists on Tuesday shot dead a female Hindu teacher on her school premises in south Kashmir’s Kulgam district. It set off warnings from the jittery Kashmiri Pandits posted across the Valley under the PM’s job scheme, of mass migration if they are not relocated to safer places outside Kashmir within 24 hours. The police identified the teacher as Rajni Bala (36), who hailed from Samba district. They said terrorists pumped bullets into her from close range while she was at her high school in the Gopalpora area of Kulgam. The school does not have a compound wall. Bala sustained critical gunshot injuries and was declared brought dead in a local hospital. Bala and her husband were posted in the Valley about five years ago in two different government schools in Kulgam. Her husband said he had sought her transfer multiple times. Parallelly, Bala had requested officials that the couple be posted in one school itself. “Last evening, her request was granted. It would have taken us 3-4 days to join our new place of work. But unfortunately she was shot dead this morning,” he said. “Had the authorities transferred us much earlier, maybe she would have been alive today .” Calling it reprehensible, Lt Governor Manoj Sinha said, “Terrorists and their sympathisers will be given an unforgettable response for the dastardly attack.” P10 Core sector growth rose to a six-month high 8.4% in April 2022 from 4.9% in March 2022 Centre’s fiscal deficit in FY22 was lower at 6.7% than the revised budgeted target of 6.9% on the back of strong tax collection Govt’s gross tax revenue surged 34% with corporate taxes increasing 55% and income tax collection by 43% pacted. Besides, the RussiaUkraine war hampered growth. Talking to reporters, Nageswaran played down the risk of recession. “I don’t see the prospects of recession for India in FY23. People normally consider two quarters of growth contraction as a recession. As far as India is concerned, I don’t think this is on the cards for FY23.” The CEA also sounded optimistic about private investment in the country, which got adversely affected by the pandemic and geopolitical tensions. He expects it to pick up in the second half of the current year. Commenting on the GDP numbers, Dharmakirti Joshi, chief economist at CRISIL, said: “The Indian economy in fiscal 2022 was only 1.5% above the pre-pandemic level (fiscal 2020), compared with 1.8% estimated earlier. But the estimates for both private consumption and fixed investment estimates are a touch higher than before.” Meanwhile, government finances looked slightly better than expected with provisional data showing fiscal deficit at `15.86 lakh crore was 6.7% of the FY22 GDP against the revised budget estimate of 6.9%. Gross tax collection soared to 34% to `27 lakh crore while net tax collection (after deducting state’s share) stood at `18.2 lakh crore against the revised budget estimate of `17.65 lakh crore. P13 Jab-o-meter Take your shot May 30 11,67,191 doses May 31 9,50,739 doses Total: 1,93,55,79,324 NATIONWIDE may 30 may 31 tamil nadu may 30 may 31 Fresh cases Recoveries Deaths Fresh cases Recoveries Deaths 2,706 2,070 25 2,338 2,134 19 89 44 0 98 49 0
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