BJP MP Satish Gautam says he will send AMU's Jinnah portrait to Pakistan

New Delhi, May 13: Prime Minister Narendra on Tuesday announced Rs 20 lakh crore special economic package for the country to be 'self-reliant' and deal with COVID-19.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore. This is 10 per cent of India's GDP," said Prime Minister Modi in his address to the nation. The Prime Minister said that humanity would not accept defeat from the coronavirus but the people have to stay safe and move forward.

"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. It is unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward," he said.

Talking about the gravity of the virus, Modi said: "It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them."

"Today when the entire world is in crisis, we will have to further firm our resolve," he added.

The Prime Minister on Monday held a video conference meeting with Chief Ministers of all states to discuss the road ahead in India's fight against COVID-19 and noted that he was of the firm view that measures needed during the third phase of lockdown will not be needed in the fourth phase.

Prime Minister Modi had said the need was to reduce the transmission rate of the disease and to increase public activity gradually while adhering to all the guidelines and efforts to be made towards achieving both these objectives.

The phase three of the lockdown is coming to an end on May 17.

New Delhi, Apr 14: Prime Minister Narendra Modi on Tuesday requested young scientists of the country to come forward and take the lead in developing a vaccine for novel coronavirus which has claimed over one lakhs lives worldwide.

"While India has limited resources today. I have a special request for India's young scientists. They should come forward and take a lead in developing a vaccine for coronavirus for the welfare of the world, for the welfare of the human race," the Prime Minister said in the address to the nation.

He said that if people continue to be patient and follow rules then the country will be able to defeat even a pandemic like coronavirus.
Prime Minister Modi also announced that the country will remain under lockdown till May 3 to contain COVID-19 cases. The 21-day lockdown, which was announced by the Prime Minister last month, was slated to end today.

However, he indicated at easing of lockdown restrictions in places where there are no hotspots after April 20.

"Till 20th April, all districts, localities, states will be closely monitored, as to how strictly they are implementing norms. The states which will not let hotspots increase, they could be allowed to let some important activities resume, but with certain conditions," Modi said.

Odisha, Punjab, Maharashtra, Telangana, Tamil Nadu and Puducherry have already announced the extension of lockdown.

India's total number of coronavirus positive cases has climbed to 10,363 including 8,988 active cases, 1,035 cured/discharged/migrated and 339 deaths, the Ministry of Health and Family Welfare said today.

Mar 21: India’s economy, already in the grip of a slowdown, is in for more pain after Prime Minister Narendra Modi appealed to citizens to stay at and work from home to curb the coronavirus outbreak.

The services sector, which accounts for about 55% of India’s gross domestic product, is poised to be the worst hit after Modi, in a late evening address on Thursday, urged citizens to go on a self-imposed curfew for a day and private companies to allow employees to work from home for longer. In the country’s vast informal sector, social-distancing measures could mean a dent to productivity and consumption because of job or pay losses.

“The impact of a partial lock-down or social distancing will be significant,” said Rahul Bajoria, a senior economist at Barclays Plc in Mumbai. “If there’s a widespread community outbreak, GDP could fall as low as 3.5% in the year starting April 1.”

Shrinking output may limit growth in an economy that’s already set to expand at an 11-year low of 5% in the current year to March 31. Before the virus outbreak, India had forecast growth to recover to 6%-6.5% in the next fiscal year. S&P Global Ratings and Fitch Ratings have already slashed their growth forecast by 50 basis points.

“The current social-distancing measures will severely impact airlines, hotels, malls, multiplexes, restaurants and retailers,” according to analysts at Crisil Ltd., the local unit of S&P Global. “Lower footfalls and occupancies, decline in business volume and sub-optimal operating efficiencies will impact cash flows of companies in these sectors,” wrote the analysts led by Chief Economist Dharmakirti Joshi.

The government will try to announce a relief package for virus-affected sectors as early as possible, Finance Minister Nirmala Sitharaman said Friday.

In a televised address, Modi advised all citizens to stay at home for a day on March 22, as he sought to stem the spread of the coronavirus -- cases of which are relatively low in India at about 200, compared with more than 200,000 infected people globally. His government also barred incoming flights for a week from that day, joining a growing list of countries effectively sealing their borders.

What Bloomberg’s Economists Say

We had only earlier this week lowered our GDP outlook to consider the direct impact of the local outbreak as confirmed virus cases exceeded 100 as of March 15 and the federal and state governments announced social distancing measures that have already started to crimp economic activity. We are now revising down our GDP estimate for 4Q fiscal 2020 to 3.3%, from our 3.5%.

-- Abhishek Gupta, India economist

For more, click here

“Consumption being the biggest component of GDP, a lock-down is bound to have a big impact on the economy,” said Devendra Kumar Pant, chief economist at India Ratings and Research, the local unit of Fitch. “Modeling uncertainty in any system will be very difficult, but one can say the slowdown could deepen or prolong further.”

Work From Home

While companies, including billionaire Mukesh Ambani-controlled Reliance Industries Ltd., are asking employees to work from home, the option isn’t feasible in India’s vast informal sector.

“The option to work remotely simply won’t exist for most,” said Shilan Shah, an economist with Capital Economics Pte. in Singapore.

As many households don’t have savings buffers, the government would probably have to back this up with large-scale cash handouts that reach the poorest, he said.

Work from home is posing implementation challenges for the manufacturing sector where workers are required to be physically present at the production sites. The services sector, such as banking and information technology, also needs employees to be present in offices as confidential data is used, according to industry group Federation of Indian Chambers of Commerce and Industry.