'Oversight' Overturned
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Read & Lead Rs 5 • NEW DELHI • chandigarh • WEEKLY • saturDAY • 03 april 2021 • volume 11, issue 01 CITY TALKS 2 th POTPOURRI 8 LG GETS SWEEPING SUNNY DEOL’S SON POWERS OVER DELHI RAJVEER TO MAKE HIS GOVT AS NCT BILL GETS B’WOOD DEBUT WITH PRESIDENTIAL ASSENT 11 SOORAJ BARJATYA’S SON Core sectors’ output ‘OVERSIGHT’ OVERTURNED Abdul Wasey shrinks 4.6 per cent Editor NEW DELHI: The output of eight core sectors declined CENTRE WITHDRAWS ORDER TO SLASH INTEREST RATES ON SMALL SAVINGS SCHEMES by 4.6 per cent in February, the steepest contraction in the last six months which experts said could drag the overall oversight shall be withdrawn,” industrial production in the month into the negative territory. Sitharaman said in an early As FW turns 21, Delhi All the key segments, including coal, crude oil, natural Interest rates of morning tweet. gas, and refinery products, witnessed a decline in produc- small savings schemes Interest rate on PPF was edition is 11 years old tion, according to the official data released on Wednesday. reduced by 0.7 per cent to 6.4 The growth rate of the eight infrastructure sectors -- coal, of GoI shall continue to per cent while NSC was to earn AS THE Financial World (FW) turns 21 years old crude oil, natural gas, refinery products, fertilisers, steel, ce- be at the rates which 0.9 per cent less at 5.9 per cent. and its Delhi edition enters its 11th year, we take this ment and electricity -- stood at 6.4 per cent in February 2020. existed in the last The highest cut of 1.1 per cent opportunity to thank our readers for trusting and Last time in August 2020, the sectors had recorded a was effected in the one-year supporting us all along. Throughout its more than negative growth of 6.9 per cent. in January this year, the quarter of 2020-2021, ie, term deposit. The new rate was two-decade-old journey, which started in 2001, the segments have registered a positive growth of 0.9 per cent. rates that prevailed as brought down to 4.4 per cent as newspaper witnessed many ups and downs, accolades According to the data, coal production declined by 4.4 of March 2021. Orders compared to 5.5 per cent. and brick bats. But FW never failed to report objec- per cent, crude oil by 3.2 per cent, It is to be noted that the rates tively, without any bias or prejudice. natural gas by 1 per cent, refinery issued by oversight shall on fixed deposits under small Receiving and delivering news involves a push and products by a steep 10.9 per cent, be withdrawn” savings scheme are regulated by a pull, a cacophony of platforms, a surfeit of devices, fertilisers by 3.7 per cent, steel by the government while banks are an unceasing, unending, unrelenting and unremitting 1.8 per cent, cement by 5.5 per cent free to decide their deposit and 24x7 news cycle - and recycle. For past 240 months, and electricity by 0.2 per cent in lending rates based on their as- our colleagues have been working hard to ensure February. set liability position. As a result that you get your news in real time wherever you are. According to Commerce and In- fixed deposit rates of different Our teammates have been continuously giving dustry Ministry data, during April- banks vary unlike under small bird’s-eye view on wars and famines, natural and February 2020-21, the eight sectors’’ NEW DELHI: The government day’’s decision to cut interest for the fourth quarter January savings schemes. Taking a dig manmade disasters, social and political upheavals, growth declined by 8.3 per cent as compared to (+) 1.3 per on Thursday revoked a steep rates by up to 1.1 per cent across 1, 2021 to March 31, 2021 of at the finance minister after economic and environmental crises, disease outbreaks cent in same period of the previous fiscal. interest rate cut on small sav- various small savings schemes, 2020-21, the finance ministry she announced that the govern- and pandemics. FW’s enthusiastic and extraordinary Commenting on the figures, ICRA Ltd Principal Econo- ings schemes such as PPF and including Public Provident said in an office memorandum ment will withdraw orders to team has been reporting, recounting, narrating, relat- mist Aditi Nayar said that given the sharp base effect, the NSC, with Finance Minister Fund (PPF) and National Sav- on Thursday. cut interest rate on small sav- ing and recording history as it unfolds for more than core sector output is expected to expand by 9-11 per cent Nirmala Sitharaman saying it ings Certificates (NSC), had “This has the approval of com- ings schemes, the Congress on 1,042 weeks. in March 2021, which should result in a modest growth of was an oversight -- a move being come a day before the second petent authority,” it said Thursday said one can imagine Today once again our team of dedicated editors, around 2 per cent in Q4 FY2021. seen as an attempt by the BJP phase of polling in West Bengal, The ministry’’s office memo- the functioning of the economy reporters, contributing writers and photographers, “The lead indicators such as the core sector, auto output to contain the fallout of such a including at political hotbed randum to roll back cut in rates when such a duly approved or- along with talented designers, sales representatives and non oil exports have revealed a decidedly mixed trend decision hitting common people Nandigram from where West on small savings scheme came der affecting crores of people and administrative support, pledge to keep creating for February 2021. Based on the available data, we expect amid the ongoing elections in Bengal Chief Minister Mamata hours after the finance minister can be issued by an “oversight”. the high quality newspaper you, our readers, have the contraction in the IIP (index of industrial production) West Bengal and Assam. Banerjee is contesting. termed Wednesday’’s notifica- Senior Congress leader P come to expect and deserve, each and every week. to deepen to 2-3 per cent in February 2021 from 1.6 per Elections are also slated It has been decided that tion as “oversight”. Chidambaram said when in- Our FW team also vows to continue chronicling cent in January 2021,” she said. AGENCIES in the coming days in Kerala, the rate of interest on various “Interest rates of small savings flation is at about 6 per cent change and cataloguing events of the present to pro- Tamil Nadu and Puducherry. small savings schemes for the schemes of GoI shall continue and expected to rise, the BJP vide a context to the past and a contour of the future. While the government rou- first quarter of 2021-22 start- to be at the rates which existed government is offering interest We will keep risking our lives and well-being to keep tinely announces interest rates ing from April 1 and ending in the last quarter of 2020-2021, rates below 6 percent hitting our readers out of harm’s way. Both FW editions — Centre defers labour for small savings schemes at the on June 30, 2021 shall remain ie, rates that prevailed as of the savers and the middle class Chandigarh and Delhi — look forward to serve you codes’ implementation end of every quarter, Wednes- unchanged from those notified March 2021. Orders issued by below the belt. AGENCIES for many more decades to come. Thanks once again! NEW DELHI: The four labour codes will not come into ef- fect from April 1 as States are yet to finalise the relevant rules, which means that there will be no change in take home pay of Farmers set for Parliament march Delhi under fourth wave of COVID-19 employees and provident fund liability of companies for now. Once the wages code comes into force, there will be sig- NEW DELHI: Announcing WILL DISCUSS WITH meeting. The meeting was called nificant changes in the way basic pay and provident fund of their plans for the upcoming to prepare an action plan to fight employees are calculated. The labour ministry had envisaged two months, farmers, who PEOPLE BEFORE the increase in the COVID-19 implementing the four codes on industrial relations, wages, social have been protesting against ANNOUNCING cases in Delhi. security and occupational health safety & working conditions the new farm laws at the Delhi LOCKDOWN: KEJRIWAL Clearing the confusion about from April 1, 2021. The ministry had even finalised the rules borders, said they will march to locdown in the capital, chief under the four codes. “Since the states have not finalised the the Parliament on foot in May, NEW DELHI: Amid the rising minister said, “There is no plan rules under four codes, the implementation of these laws are the Samyukt Kisan Morcha said number of coronavirus cases in for lockdown.” He further men- deferred for the time being,” a source told PTI. on Wednesday. the national capital, Delhi chief tioned, “If such need arises, will According to the source, few “The Sanyukt Kisan Morcha minister Arvind Kejriwal on Fri- consult people of Delhi first,” states had circulated the draft met yesterday, and decided that day said the state is witnessing according to PTI. “We are fo- rules. These states include Uttar the farmers will be undertaking fourth wave of COVID-19. Delhi Kejriwal. Assuring the people, he cusing on the COVID19 vac- Pradesh, Bihar, Madhya Pradesh, a march to the Parliament. The has seen a sharp jump in CO- said, “We are taking all possible cination, 71,000 vaccinations Haryana and Uttarakhand.