Economy
Economic growth for 2015-16 to be nearly 8 percent: Debroy
Kolkata: Economic growth in 2015-16 will be close to eight percent, in view of increasing public investments in roads, railways and resolution of problems of projects that were stuck with banks, NITI Aayog member Bibek Debroy said on Tuesday.
 
"Public investments on roads and the railways have gone up. Several things have been done to resolve the problems of projects that are stuck with banks. As a result of all of those, I am inclined to think that this year (2015-16), the growth will not be 7.5 percent as the finance ministry has suggested, but it will be little bit more. It will probably be close to 8 percent," he said here.
 
Addressing a special session on 'Growth Engines for the Indian Economy: Some Perspectives', organised by Bharat Chamber of Commerce, he said: "Double digit growth is impossible until global economies recover."
 
Debroy also said there were pointless speculations about the veracity of growth figures and national income with the method of calculating the new growth numbers differing from the old one.
 
"The present series is much more in conformity with the international practice than the old series was and because several things have changed, it is impossible to compare the new series with the old series," he said.
 
Inflation has gone down and the RBI slashed rates, he said.
 
"If one is looking at interest rate to provide a kick-start to growth, that required a much sharper interest rate cut than the RBI is in a position to do. Central banks, world over tend to be conservative," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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COMMENTS

Mahesh S Bhatt

11 months ago

Is somebody accounting stressed assets and ROI??

It appeaers growth without ROI?

This is the story past 8 years & we are getting into bigger debt challenges across industries.

An International agency puts Debt /GDP ratio is around 165% around 8 months back for India? Is it true?

Mahesh

Panama Papers: Who leaked the biggest haul of secret documents?

The leak turned out to be a Monday mayhem for around 214,000 hidden offshore companies after a group of global journalists, International Consortium of Investigative Journalists (ICIJ), got hold of the papers of the practically unknown law firm Mossack Fonseca based in Panama

 

The Panama Papers leak, claimed by many as the "world's biggest", has created ripples across the world, upsetting the rich and mighty with accounts in tax havens. But there is confusion about who actually leaked the papers.
 
The leak turned out to be a Monday mayhem for around 214,000 hidden offshore companies after a group of global journalists, International Consortium of Investigative Journalists (ICIJ), got hold of the papers of the practically unknown law firm Mossack Fonseca based in Panama. 
 
So who leaked the 'Panama Papers' -- a collection of over 2,600 GB of data comprising more than 11 million documents? 
 
According to reports, over a year ago, an anonymous source contacted German newspaper Süddeutsche Zeitung (SZ) and submitted encrypted internal documents from Mossack Fonseca, detailing how the firm set up and sold anonymous offshore companies around the world. 
 
In the months that followed, the number of documents continued to grow far beyond the original leak. 
 
Ultimately, Süddeutsche Zeitung acquired about 2.6 terabytes, or 2,600 GB, of data --making the leak the biggest that journalists had ever worked with. 
 
The source, who contacted the German newspaper's reporter, Bastian Oberway, via encrypted chat wanted neither financial compensation nor anything else in return, apart from a few security measures, the daily said on its website.
 
After getting their hands on the data, the Süddeutsche Zeitung decided to analyse the data in cooperation with the ICIJ as the consortium had already coordinated the research for past projects that the daily was also involved in. 
 
In the past 12 months, around 400 journalists from more than 100 media organisations in over 80 countries have taken part in researching the documents. The team included journalists from the Guardian and the BBC in England, Le Monde in France, La Nación in Argentina and The Indian Express in India. 
 
In Germany, Suddeutsche Zeitung journalists cooperated with their colleagues from two public broadcasters, NDR and WDR. Journalists from the Swiss Sonntagszeitung and the Austrian weekly Falter have also worked on the project, as have their colleagues at ORF, Austria's national public broadcaster. 
 
The international team initially met in Washington, Munich, Lillehammer and London to map out the research process.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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In India’s district courts, a crisis is revealed
Delhi has India's worst people-to-judge ratio, other small states twice better than national average
 
As of today, there are more than 20 million cases pending in the Indian district courts; two-thirds are criminal cases and one in 10 have been pending for more than 10 years, our analysis of National Judicial Data Grid (NJDG) data has revealed.
 
More revelations:
 
  • * There is one judge for every 73,000 people in India, seven times worse than the United States.
  •  
  • * On an average, 1,350 cases are pending with each judge, who clears 43 cases per month.
  •  
  • * At the rate cases are handled at the district courts, civil cases will never get cleared, and it will take more than 30 years to clear criminal cases.
 
This is a looming crisis, and understanding where the problem lies is key to finding a solution.
 
Delhi has India's worst people-to-judge ratio, other small states twice better than national average
 
Delhi stands out for having the worst population-to-judge ratio. While the national average is 73,000 people to a judge, Delhi is almost seven times worse with about 500,000 people to a judge. At the other end, smaller states and union territories such as Chandigarh, Goa, Andaman and Nicobar Islands, Sikkim, Haryana and Himachal Pradesh have at least twice as many judges per person, compared to the national average.
 
Let us next look at the case burden on judges in each state. As expected, smaller states which have a better population-per-judge ratio perform better and the bigger states are worse off.
 
Uttar Pradesh stands out as the state with the maximum case burden on each judge, with about 2,500 cases pending per judge. That is almost twice the national average of 1,350 cases per judge.
 
Sikkim and Mizoram are the best performing states with 71 and 118 pending cases per judge respectively.
 
States with fewer judges and higher burdens have most cases pending for more than a decade
 
Does the burden on judges translate to judicial delays?
 
We have mixed results. Smaller states and UTs such as Haryana, Sikkim, Chandigarh, Punjab, Mizoram and Himachal Pradesh have less than one of cases pending more than 10 years. Among states with the worst ratio, Gujarat heads the list with about one in 4 cases delayed more than 10 years.
 
There is a correlation between the case burden on judges and population per judge. Uttar Pradesh, Orissa, Bihar and West Bengal, which have a higher burden and higher population per judge, also have a higher ratio of cases pending more than 10 years.
 
Maharashtra builds a backlog of 100,000 cases every month; UP clears 44,500 per month
 
Next, let us look at the rate at which states are able to dispose the cases each month. This is the number of cases disposed minus the cases filed in that month.
 
A positive number implies than more cases are disposed than filed each month. This will result in eventual clearance of pending cases. A negative number means that the state is adding to its pending cases each month.
 
Maharashtra and Uttar Pradesh stand out at either extreme. Maharashtra builds a backlog of more than 100,000 cases each month, while UP clears more than 44,500 pending cases each month. Karnataka clears about 34,000 pending cases each month.
 
Uttar Pradesh, which has 2,513 pending cases per judge and a total of 631,290 cases pending for more than 10 years, is clearing 44,571 cases each month, five times faster than the national average. Gujarat and Bihar, which have a high ratio of cases pending for more than 10 years, continue to pile on more cases each month.
 
Why some states will never be able to clear pending cases (at current disposal rates)
 
States that build a backlog will never be able to clear their pending cases at the current rate of clearance. The 10 states with the fastest-growing backlog: Maharashtra, Gujarat, Bihar, Delhi, Goa, Himachal Pradesh, Chandigarh, Meghalaya, Sikkim and Orissa.
 
Among the states clearing the case backlog, the southern states of Karnataka, Kerala, Andhra Pradesh, Telangana and Tamil Nadu are the best. They will clear all pending cases within six years. Uttar Pradesh, which has the highest number of pending cases per judge, will also clear pending cases within 10 years due to its high case-disposal rate.
 
Two pending criminal cases for each civil case
 
The NJDG allows us to see the criminal and civil cases pending in each state. This helps us understand the rate at which justice is delivered to criminal cases relative to civil cases.
 
The national average is two pending criminal cases for each pending civil case. Bihar, Uttarakhand and Jharkhand have almost five times as many pending criminal cases to civil cases. At the other extreme, Tamil Nadu, Andhra Pradesh, Manipur, Himachal Pradesh, Karnataka and Punjab have a very low ratio.
 
In sum:
 
Delhi and Orissa have the worst rating. Bihar, Gujarat, Uttar Pradesh and West Bengal are the next states with a poor rating. Of these, West Bengal and Uttar Pradesh may get better in coming years because they are clearing pending cases faster.
 
Himachal Pradesh and Sikkim score high. The district judicial systems of these states need to be studied and best practices replicated in other states. However, they are piling pending cases each month.
 
We can predict the states that will soon face a crisis. For example, states like Delhi, Himachal Pradesh, Goa and Maharashtra, which are accumulating pending cases each month, will soon be in the red on parameters of pending cases per judge and cases pending for more than 10 years.
 
On the positive side, states such as Karnataka and Kerala, which are clearing pending cases every month, will soon reduce the number of pending cases per judge.
 
It is well known that India's judicial infrastructure is crippled. This analysis helps us understand where the problems lie. Our analysis reveals where to invest on judicial infrastructure, fill vacancies for judges and provides the evidence needed for urgent reforms and target the reforms at the right areas.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Bapoo Malcolm

11 months ago

This looks like the beginning of a lively debate.

Let's go.

J Pinto

11 months ago

The nation needs a Swachha Bharat Adalat to sweep away the cobwebs in the Courts ?

Did Jaitley's budget refer to strengthening the budget system ?

Will those who take the law as the Patiala Courts into their hands ever face justice given the goons are defending the same values as the ruling party ?

We are listening!

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