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SBI chief predicts GDP growth to contract by 8-9% in FY21

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SBI chief predicts GDP growth to contract by 8-9% in FY21

There has been a significant improvement in the economy during the second quarter, said Dinesh Khara, chairman, State Bank of India. Khara was speaking at the Hindustan Times Leadership Summit 2020. “I’ll co-relate the improvement with the unlock situation. Unlocks lead to rise in demands, which leads to significant improvement,” Khara said.

“The way Indian economy is reviving post lockdown is giving hopes to many,” Khara added.

Indian economy is projected to contract by a massive 10.3% this year, according to an IMF forecast. Even the Reserve Bank of India expects the economy to shrink by 9.5% in the current financial year. SBI chairman predicted 8-9% contraction for FY21, adding that “all of us are expecting lower contraction in Q2 than Q1.” The Indian economy shrank 23.9 per cent year-on-year in the first quarter of 2020.

“Post-unlock, every day is a new day. The way economic revival is happening, it is giving hope to many. The evaluation matrix is seeing change, in corporate houses too. People will wait for demand revival,” Dinesh Khara added.

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“Unorganised sector in rural economy is seeing positive activity. Migrant labourers are returning to cities, according to remittance informance,” Khara explained.

On corporate ownership of banks in India, Khara said, “Much depends on corporate governance, be it public or private ownership. As long as corporate governance is tight, ownership structure does not matter much. When law is in place, it is important how it is being implemented by management.”

“Banking systems apprehensive about slackness or oversight. Regulation has become strict over time,” Khara added.

Tap To Explore More : Money Control

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Also Read : SCHEDULED INTERNATIONAL FLIGHTS SUSPENDED TILL DECEMBER 31

Movie

The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.

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The Madras High Court has granted early screenings of Vijay’s Leo movie from 7 AM, requesting the TN government to resolve any issues.

Madras High Court Grants Early Screenings of Vijay’s “Leo” Movie at 7 AM, Urges TN Government to Address Concerns

The Madras High Court has made a landmark decision in favor of the much-anticipated Tamil film “Leo,” starring actor Vijay. In a significant move, the court has granted permission for early screenings of the movie from 7 AM, urging the Tamil Nadu government to swiftly address any issues and facilitate the smooth release of the film. This decision marks a pivotal moment in the realm of Tamil cinema and the entertainment industry at large.

Historical Context:

The Indian film industry, particularly the Tamil film industry, has seen its share of controversies and challenges related to film releases. Issues such as censorship, political disputes, and public sentiment have often played a significant role in shaping the release schedules and screening times for films. Vijay, one of Tamil cinema’s most prominent actors, has been at the center of such controversies in the past. This decision by the Madras High Court is, therefore, particularly noteworthy.

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The Ruling:

The Madras High Court’s decision to permit early screenings of “Leo” comes as a response to a plea filed by the film’s producers. The court, while considering the plea, took into account various factors, including the film’s anticipated popularity and the prevailing circumstances. The court emphasized the importance of accommodating the audience’s interests and allowing them to enjoy the film without disruptions.

A Step Towards Normalization:

The court’s decision signifies a positive shift in the film industry, where release dates and screening times are often mired in controversy. By allowing screenings to commence at 7 AM, the court aims to reduce the chances of public unrest and congestion near theaters, especially in the wake of high-profile film releases.

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The Role of the Tamil Nadu Government:

The Madras High Court, in its ruling, also called upon the Tamil Nadu government to cooperate in ensuring a seamless release for the film. This cooperation extends to providing necessary security measures to maintain law and order around theaters during the early screenings.

Implications for the Entertainment Industry:

The decision is expected to set a precedent for the release of other highly anticipated films, not just in Tamil cinema but also in the broader Indian film industry. The court’s emphasis on the importance of accommodating the audience’s interests could lead to more flexible screening times for movies in the future.

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The Audience’s Perspective:

For moviegoers and fans of Vijay, this decision comes as a welcome relief. They can now look forward to enjoying the film without any undue delays or disruptions, ensuring a memorable cinematic experience.

In conclusion, the Madras High Court’s ruling to allow early screenings of Vijay’s “Leo” at 7 AM while urging the Tamil Nadu government to resolve any issues paves the way for a more audience-centric approach in the film industry. It is a landmark decision that highlights the importance of balancing the interests of filmmakers and the movie-loving public. This judgment is poised to make a positive impact on the release of future films, ushering in a new era of flexibility and convenience for cinema enthusiasts.

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