AP bandh over Telangana Bill in LS paralyses normal life

The World Bank says that a lack of credit and drop in private consumption have led to a gloomy growth outlook for India with a steep cut in growth rate for the current fiscal year and only a modest gain projected for the next year.

India's growth rate is forecast to be only 5 per cent for the current fiscal year, weighed down by a growth of only 4.5 per cent in the July-September quarter, according to the 2020 Global Economic Prospects report released on Wednesday.

"In India, [economic] activity was constrained by insufficient credit availability, as well as by subdued private consumption," the Bank said.

The growth rate is forecast by the Bank to pick up to 5.8 per cent in the next fiscal year and to 6.1 per cent in 2021-22.

India's growth rate was 6.8 per cent in 2018-19.

The 5 per cent growth rate projection for the current financial year is a sharp cut of 2.5 per cent from the 7.5 per cent forecast made by the Bank in January last year, toppling it from the rank of the world's fastest growing economy.

India's performance follows a global trend of lowered growth weighed down by developed economies.

The report estimated world economic growth rate to be only 2.4 per cent last year and forecast it to edge up 0.1 per cent to 2.5 per cent in the current year.

Even with the lower growth rate of 5 per cent in the current fiscal year and 5.8 per cent forecast for the next, India holds the second rank among large economies, behind only China with an estimated growth rate of 6.1 per cent for 2019 and 5.9 per cent this year.

The report blamed "weak confidence, liquidity issues in the financial sector" and "weakness in credit from non-bank financial companies" for India's slowdown.

The Bank predicated India's recovery to 5.8 per cent in the coming financial year for India but "on the monetary policy stance remaining accommodative" and the assumption that "the stimulative fiscal and structural measures already taken will begin to pay off."

It also warned that sharper-than-expected slowdown in major external markets such as United States and Europe, would affect South Asia through trade, financial, and confidence channels, especially for countries with strong trade links to these economies."

The Bank said that the growth of advanced economies was 1.6 per cent last year and "is anticipated to slip to 1.4 per cent in 2020 in part due to continued softness in manufacturing."

In contrast the growth of emerging market and developing countries is expected to accelerate from 3.5 per cent last year to 4.1 per cent this year, the report said.

In South Asia, Bangladesh is estimated to have the highest growth rate of 7.2 per cent in the current fiscal year, although down from 8.1 per cent last fiscal year.

But its higher regional growth rates are coming off a lower base with a per capital gross domestic product of $1,698 compared to $2,010 for India.

Bangladesh is expected to grow by 7.3 per cent in the next financial year.

Pakistan's growth rate is estimated at only 2.4 per cent in the current fiscal year and is projected to rise to 3 per cent in the next, according to the Bank.

The Bank blamed monetary tightening in Pakistan for a sharp deceleration in fixed investment and a considerable softening in private consumption for the fall in growth rate from 3.3 per cent in the 2018-19 fiscal year.

Sri Lanka's growth rate was estimated to be 2.7 per cent last year and forecast to grow to 3.3 per cent this year.

Nepal grew by an estimated 6.4 per cent in the current fiscal year and will rise to 6.5 per cent in the next.

Feb 26: In a midnight hearing, the Delhi High Court directed police to ensure safe passage to government hospitals and emergency treatment for those injured in the communal violence erupted in northeast Delhi over the amended citizenship law.

The court held a special hearing, which started at 12:30 am, at the residence of Justice S Muralidhar after receiving a call from an advocate explaining the dire circumstances under which the victims were unable to be removed from a small hospital to the GTB Hospital.

A bench of Justices S Muralidhar and Anup J Bhambhani directed the Delhi Police to ensure safe passage of the injured victims by deploying all resources at its command and on the strength of this order as well as to make sure they receive immediate emergency treatment if not at the Guru Teg Bahadur Hospital then at the Lok Nayak Jai Prakash Narayan Hospital (LNJP) or Maulana Azad or any other hospital.

The bench also called for a status report of compliance, including information about the injured victims and the treatment offered to them, and the matter will be heard during the day at 2:15 pm.

It said the order be communicated to the medical superintendents of the GTB and the LNJP Hospitals.

The urgent hearing was conducted after advocate Suroor Mander called the judge and sought urgent orders for safe passage of ambulances for the injured.

The Delhi Police and the government were represented through additional standing counsel Sanjoy Ghose.

During the hearing, the bench spoke over phone to doctor Anwar of the Al-hind Hospital in New Mustafabad who told the court that there were two bodies and 22 injured persons there and he had been trying to seek police assistance since 4 pm on Tuesday without success.

The court then directed the senior officials to reach to the hospital forthwith, following which they started the process of evacuating the injured to the nearest hospitals.

It also said this order be brought to the knowledge of the Delhi Police Commissioner.

Communal violence over the amended citizenship law in northeast Delhi claimed at least 18 lives till Wednesday.

On Tuesday, the violence escalated in northeast Delhi as police struggled to check the rioters who ran amok on streets, burning and looting shops, pelting stones and thrashing people.

Hyderabad, Jun 30: Hyderabad-based Bharat Biotech announced that it has successfully developed Covaxin, India's first vaccine candidate for Covid-19, in collaboration with the Indian Council of Medical Research (ICMR) and National Institute of Virology (NIV).

The Drug Controller General of India - CDSCO, Ministry of Health & Family Welfare granted permission to initiate Phase I & II Human clinical trials after the company submitted results generated from preclinical studies, demonstrating safety and immune response. Human clinical trials are scheduled to start across India in July 2020.

The SARS-CoV-2 strain was isolated in NIV, Pune and transferred to Bharat Biotech.

The indigenous, inactivated vaccine developed and manufactured in the company's Bio-Safety Level 3 (BSL-3) High Containment facility located in Genome Valley, Hyderabad.

Announcing the vaccine development milestone, Dr Krishna Ella, Chairman and Managing Director said: "We are proud to announce COVAXIN, India's first indigenous vaccine against COVID-19. The collaboration with ICMR and NIV was instrumental in the development of this vaccine."

Dr Ella added, "The proactive support and guidance from CDSCO has enabled approvals to this project. Our R&D and Manufacturing teams worked tirelessly to deploy our proprietary technologies towards this platform."
Expedited through national regulatory protocols, the company accelerated its objective in completing the comprehensive pre-clinical studies. Results from these studies have been promising and show extensive safety and effective immune responses.

Speaking about Bharat Biotech's prowess, Suchitra Ella, Joint Managing Director said, "Our ongoing research and expertise in forecasting epidemics has enabled us to successfully manufacture a vaccine for the H1N1 pandemic."
"Continuing our focus on creating the only BSL-3 containment facilities for manufacturing and testing in India, Bharat Biotech is committed to advancing vaccine development as a matter of national importance to demonstrate India's strength in handling future pandemics," she added.

Bharat Biotech's track record in developing vero cell culture platform technologies has been proven in several vaccines for Polio, Rabies, Rotavirus, Japanese Encephalitis, Chikungunya and Zika.