UPA names Ansari VP candidate

The Dragon slows

China's gross domestic product grew at an annual rate of 7.6 per cent in the April to June period, down sharply from the 9.5 per cent a year earlier, according to government figures released on Friday. The second-quarter growth rate was half a point below the 8.1 per cent for the first three months of this year.
For the first half of the year, the economy grew 7.8 per cent.
The decline is partly caused by a weak global economy. Europe, which until this year was China's biggest trading partner, is in recession, while the United States economy remains weak. Even developing countries like India and Brazil have weakened considerably.
But part of the downturn is self-induced -an effort by China to wean itself off decades of inefficient growth caused by heavy investment in sometimes dubious projects.
Chinese officials say this reflects China's maturing economy.

The rate was the lowest since the 2008-2009 global recession, when growth dipped to 6.6 per cent in early 2009 before a huge government stimulus package provided double-digit economic growth.
Now, however, that stimulus has worn off and economists are divided over China’s prospects.
Signs abound of weakness. Housing prices are officially falling for the first time since 2009, albeit only by 1.2 per cent for May.

Retail sales are up 13.8 per cent, which is slightly down over previous months but not out of line based on historic figures. Exports have also increased to most parts of the world, except struggling Europe.
The challenge, economists say, will be for Chinese companies to adapt to slower growth. Companies in construction and energy industries will face tougher times, but those aimed at consumers could profit. 

Congress chatter

Economix

Kolkata's new airport terminal

Chocolates, flowers and a swanky new terminal greeted passengers of an IndiGo Airlines flight from Mumbai that landed in Kolkata on Sunday afternoon.
Expecting grumpy airport staff, dirty toilets and a prolonged wait for baggage in the old domestic terminal, the 84 passengers were bowled over by the swanky terminal and efficient service that could match the best in the country. The staff was courteous and toilets sparkling clean. Best of all, the baggage had arrived even before they had stepped into the terminal.
“It is top class and great for the city,” gushed former Indian soccer captain Baichung Bhutia, who arrived by flight 6E 321 that touched down at 12.15pm. Sunday’s was the first in a series of test runs leading to the actual commissioning in October.
“The trial runs will be completed by August 31 and the terminal will be ready for commissioning by September 30,” airport director B P Sharma said.
That is nearly a year beyond the original deadline. The project, scheduled to be completed in 30 months, is now in the 43rd month. To keep the cost within the Rs 2,300-crore budget, parts of the project, including a new ATC tower, was dumped.  

BJP's poll promises begin

“Farmers across the country will get agricultural loans at 0% interest if the BJP is voted to power at the Centre after the 2014 general elections. It’s a promise,” said party president Nitin Gadkari at a farmers’ rally  in Madhya Pradesh. 
Gadkari announced this after MP CM Shivraj Singh Chouhan was felicitated by the state unit of the party. A month ago, Chouhan had said he would provide interest-free loans to farmers in the state. The scheme was passed and implemented with retrospective effect from April 1, 2012. “If Chouhan can give farming loans at 0% interest, then why can’t the Congress in Maharashtra?” he asked. 

Second Sufi shrine gutted

A shrine of a revered sufi saint was gutted in a mysterious fire at Ratsuna village of central Kashmir’s Budgam district, triggering protests in the area.
A fire broke out at Baba Haneefuddin’s shrine, made mostly of wood, in the wee hours at Ratsuna village in Beerwah area of the district, official sources said. A complete shutdown was observed in Beerwah town following the incident, but the situation remained peaceful.
Ghulam Rasool Hami, chairman of the Mutteheda Ulema Ahl-e-Sunnat (MUAS), accused the government of failing to protect the religious places in Kashmir. 
This is the second shrine to be destroyed in a mysterious fire within 20 days. On June 25, the shrine of Dastageer Sahib in Khanyar was gutted.