The public prosecutor had demanded death sentence to four convicts, Mukesh, Vinay Sharma, Pawan Gupta and Akshay Thakur, saying that 16th December gang rape-cum-murder case falls in the category of 'rarest of rare' cases
A fast-track Court in Delhi, on Friday, awarded death penalty to four convicts in teh 16th December Delhi gang rape-cum-murder case saying that the gravity of the offence cannot be tolerated.
“Death to all,” Additional Sessions Judge Yogesh Khanna said while delivering the verdict in the case that had evoked nationwide outrage and led the union Government to bring in a stringent anti-rape law.
“Besides discussing others offences, I straightaway come to Section 302 (murder) of the IPC. This falls under the inhuman nature of the convicts and the gravity of offence they committed cannot be tolerated. Death sentence is given to all the four convicts,” he said.
The offence committed by Mukesh (26), Akshay Thakur (28), Pawan Gupta (19) and Vinay Sharma (20) falls under the rarest of rare category warranting capital punishment, the judge said.
The four were convicted by the court on 10th September for the gang rape and murder of a 23-year-old paramedic student.
Court cannot turn a blind eye to such a gruesome act,” the judge said, while handing down the maximum punishment.
He said, "When crime against women is rising on a day-to-day basis, so, at this point in time the court cannot keep its eye shut."
"There should be exemplary punishment in view of the unparalleled brutality with which the victim was gang raped and murdered, as the case falls under the rarest of rare category. All be given death," the court said while reading out a portion of the order.
"This is a time when serious crime against a woman has come to the fore and now its the judiciary’s responsibility to instil confidence among the women," it said.
Besides murder, the four have been also convicted for offences including gangrape, unnatural offences, attempt to murder, dacoity, destruction of evidence, conspiracy, kidnapping or abducting in order to murder, while acquitting them of the charge of murder in dacoity.
Weak demand and cost-push inflation is likely to result in a stagflation-type scenario in India over the coming period. Political uncertainty is also set to rise in the coming months due to the upcoming state and the general elections, points out Nomura in its Asia Insights research note
India’s economic outlook is negative over the next six months due to weak growth, balance of payment pressures, cost-push inflation and rising fiscal and political risks, feels Nomura Financial Advisory and Securities (India) Private Limited in its Asia Insights research note. The economy is not at an inflexion point yet. Risks remain skewed to the downside over the next six months. The growth outlook is very weak, and hence, even as the current account deficit moderates, growth-sensitive capital flows – equity and debt – are also likely to moderate sharply, leading to pressure on the balance of payments, forecast Nomura analysts.
Weak demand and cost-push inflation will likely result in a stagflation-type scenario in India over the coming period. Risks of a fiscal slippage are rising, and the only way we see of sticking to the budgeted fiscal deficit target (of 4.8% of GDP) is to cut spending, which would hurt growth, warns the Nomura research note.
According to Nomura, political uncertainty is also set to rise in the coming months due to the upcoming state and the general elections. Hence, it does not see the current optimism as sustainable and remains negative on the economic outlook for now. On the policy front, it expects the repo rate to remain on hold at the 20 September 2013 policy meeting and it is forecasting 75bps of cumulative repo rate cuts in FY15.
Other highlights of the research note include:
(a) Industrial production (IP) rose 2.6% y-o-y in July, above expectations, led by a surprise jump in two of the most volatile components of capital goods. Excluding capital goods, IP rose a more muted 0.8% y-o-y in July versus -1.2% in June.
(b) Nomura does not see this rise as sustainable as financial conditions have tightened, which should impinge on domestic demand. It expects overall GDP growth to slow to 4.2% y-o-y in FY14 versus 5.0% in FY13, despite better agriculture growth.
(c ) CPI inflation moderated to a still-elevated 9.5% y-o-y in August from 9.6% in July. Food inflation remained high (at 11.1% y-o-y), while core CPI inflation inched higher (to 8.2%) due to a rise in services price inflation.
(d) Nomura expects CPI inflation to become increasingly important in monetary policy decisions, compared with WPI currently, with a greater focus on core CPI as a measure of demand-side inflation.
(e) Weaker demand and lower food inflation should moderate CPI inflation in the coming months, but the persistence of high CPI inflation due to elevated inflation expectations remains a key concern.
The industrial production scenario is shown in the following chart:
On the common man’s woes, the food inflation trend is shown in the following chart:
Credit growth is likely to come down to 2.6% in 2013-14 compared to 10%-11% level seen over FY07-11
Based on recently released corporate capex data from RBI, trends continue to be weak for the Indian banking system, observes Nomura Financial Advisory and Securities (India) Private Limited. Based on its FY14F capex estimate, credit growth is likely to come down to 2.6% compared to 10%-11% level seen over FY07-11 (see figure below).
Nomura does not expect overall system credit growth to clock higher than 14.5% reported for FY13, although there could be some upside from stronger rural credit demand and some shift from corporate bonds to loans. Even data from SBI's (State Bank of India) project finance SBU (strategic business unit) point to subdued quantum of sanctions and disbursals related to project finance (see table below).
According to Nomura, politically sensitive states like Odisha and Andhra Pradesh account for about 33% of all loans sanctioned in FY13 (compared to 11% in FY12) (see figure below).
Nomura analysts point out that the capex mix indicates increasing risk profile. The proportion of greenfield projects in annual sanction has risen to 84% for FY13 versus an average of 65% over FY07-11, while capex related to diversification/expansion of existing projects has dropped to Rs312 billion for FY13 from a peak of Rs1.4 trillion in FY10. This could lead to increase in project delays and related restructuring. Troubled sectors like power and metals continue to account for a large share of new project sanctions (68% of overall amount for FY13 compared to 59% for FY12). Please see the chart below on greenfield projects versus others on annual capex sanctions:
Finally, Nomura observes that the annual capex estimate for FY14F is down 42% y-y as per RBI data. For FY13, while overall project sanctions totalled Rs1.96 trillion (a marginal 2.5% y-y increase over the amount sanctioned in FY12), the estimated capital expenditure done per year has continued to fall. For FY13, the amount of aggregate capex (based on all previous sanctions) was down 28% y-y and for FY14F this amount is estimated to fall a further 42%, assuming nothing is added to the pipeline over the rest of this fiscal year.