World Bulletin / News Desk
Half of India's 1.2 billion people were without power on Tuesday as the grids covering a dozen states broke down, the second major blackout in as many days and an embarrassment for the government as it struggles to revive economic growth.
Stretching from Assam, near China, to the Himalayas and the deserts of Rajasthan, the power cut was the worst to hit India in more than a decade.
Trains were stranded in Kolkata and Delhi and thousands of people poured out of the sweltering capital's modern metro system when it ground to a halt at lunchtime. Office buildings switched todiesel generators and traffic jammed the roads.
"We'll have to wait for an hour or hour and a half, but till then we're trying to restore metro, railway and other essential services," Power Minister Sushilkumar Shinde told reporters.
More than a dozen states with a total population of 670 million people were without power, with the lights out even at major hospitals in Kolkata.
Shinde blamed the system collapse on some states drawing more than their share of electricity from the overstretched grid. Asia's third-largest economy suffers a peak-hour power deficit of about 10 percent, dragging on economic growth.
"This is the second day that something like this has happened. I've given instructions that whoever overdraws power will be punished."
The country's southern and western grids were supplying power to help restore services, officials said.
The problem has been made worse by weak a monsoon in agricultural states such as wheat-beltPunjab and Uttar Pradesh in the Ganges plains, which has a larger population than Brazil. With less rain to irrigate crops, more farmers resort to electric pumps to draw water from wells.
Power shortages and a creaky road and rail network have weighed heavily on the country's efforts toindustrialize. Grappling with the slowest economic growth in nine years, Delhi recently scaled back a target to pump $1 trillion into infrastructure over the next five years.
Major industries have dedicated power plants or large diesel generators and are shielded from outages -- but the inconsistent supply hits investment and disrupts small businesses.
High consumption of heavily subsidized diesel by farmers and businesses has fuelled a gaping fiscal deficit that the government has vowed to tackle to restore confidence in the economy. But the poor monsoon means a subsidy cut is politically difficult.
On Tuesday, the central bank cut its economic growth outlook for the fiscal year that ends in March to6.5 percent, from the 7.3 percent assumption made in April, putting its outlook closer to that of many private economists.
Global economic trend does not augur well for developing countries: UN Conference on Trade and Development report
"We will look carefully at tax rulings issued by Luxembourg to GDF Suez," Vestager said in the Commission statement.
The Bank for International Settlements (BIS) -- dubbed the central bank of central banks -- said a gauge of Chinese debt had hit a record high in the first quarter of the year.
Civil claims involve bank's mortgage activities
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects.
May also ruled out a new general election anytime soon, saying Britain needed stability following June's referendum vote to pull out of the European Union.
A 2nd airport would put Rwanda on par with its regional peers, as more tourists flock to East Africa
Country GDP shrank by 2.06 percent in second quarter of 2016
Afghan traders worried fruit exports are rotting after two-week border closure
Foreign trade minister says Trans-Atlantic Trade and Investment Partnership negotiations should stop
Overnight lending rate gets cut by 25 points to 8.50 percent; overnight borrowing rate remains unchanged at 7.25 percent
"It appears that a programme of public spending in Germany would not be the most appropriate tool to help give a strong stimulus to the international economy," the central bank said following a study into the issue.
The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.
Qatari Ambassador to Ankara says bi-lateral trade could double through committment to undertake further investments in Turkey
Radical cleansing will start a new era in Turkey, says the head of the Turkish Cooperation and Development Agency (TIKA)