Akhilesh skips SP leaders' meeting; meets them separately

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.

Bengaluru, Mar 12: Imarti Devi, who recently resigned as Congress MLA from Madhya Pradesh, on Wednesday said that she was happy with Jyotiraditya Scindia's decision to join the BJP.

Imarti said: "All 22 MLAs are here (in Bengaluru) on their own. We're happy that Scindiaji has taken this decision. I'll always stay with him even if I had to jump in a well."

"When we were in the Congress, Kamal Nathji never heard us," she said.

Another rebel leader and former minister Mahendra Singh Sisodia said: "Betrayal is not done by Jyotiraditya Scindia. Instead, betrayal was done by the Congress and Kamal Nathji."

"Congress betrayed the people of Madhya Pradesh. We are with Jyotiraditya Scindia," he said.

New Delhi, April 2: The Defence Research and Development Organisation (DRDO) has developed a bio suit to keep the medical, paramedical and other personnel engaged in combating COVID-19 safe from the deadly virus.

"Scientists at various DRDO laboratories have applied their technical know-how and expertise in textile, coating and nanotechnology to develop the Personal Protective Equipment (PPE) having specific type of fabric with coating," read a statement.

The suit has been prepared with the help of the industry and subjected to rigorous testing for textile parameters as well as protection against synthetic blood. The protection against synthetic blood exceeds the criteria defined for body suits by the Ministry of Health and Family Welfare.

"DRDO is making all efforts to ensure that these suits are produced in large numbers and serve as robust line of defence for the medics, paramedics and other personnel in the front line combating COVID-19," the statement said.

The industry is geared up for production of the suit in large quantities. Kusumgarh Industries is producing the raw material and coating material, with the complete suit being manufactured with the help of another vendor. The current production capacity is 7,000 suits per day.

Another vendor is being brought in with the experience in garment technology and efforts are on to ramp up the capacity to 15,000 suits per day.

The bio suit production in the country by DRDO industry partners and other industries are being hampered due to non-availability of seam sealing tapes, the statement said.

"The DRDO has prepared a special sealant as an alternative to seam sealing tape based on the sealant used in submarine applications.

Presently, bio suits prepared using this glue for seam sealing by an industry partner has cleared test at Southern India Textile Research Association (SITRA) Coimbatore," it said.

"This can be a game changer for the textile industry. The DRDO can mass produce this glue through industry to support the seam sealing activity by suit manufacturers," the statement added.