BJP trying to fool country on NRC issue, says Congress

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

New Delhi, Apr 12: With 34 deaths and 909 new positive COVID-19 cases in the last 24 hours, the total number of coronavirus cases in India on Sunday climbed to 8356, including 716 cured and discharged and 273 deaths, said the Ministry of Health and Family Welfare.

At present, there are 7367 active COVID-19 cases in the country.

"A total number of COVID-19 positive cases rises to 8356 in India, including 716 cured/discharged, 273 deaths and 1 migrated," said the Health Department.

The highest number of positive cases of coronavirus was reported from Maharashtra at 1761, including 127 deaths, followed by Delhi (1069 and 19 deaths), Tamil Nadu (969 and 10 deaths) and Rajasthan (700 and 3 deaths).

There are 452 coronavirus positive cases in Uttar Pradesh, including 45 cured and discharged and 5 deaths.

The states which have crossed 200-mark for COVID-19 positive cases also include Madhya Pradesh (532), Telangana (504), Gujarat (432), Andhra Pradesh (381) and Kerala (364).

While 19 people were detected positive for coronavirus in Chandigarh, 207 cases were confirmed from Jammu and Kashmir and 15 from Ladakh.

In North-East, Assam has confirmed the highest number of corona positive cases at 29, followed by Manipur and Tripur at two each and Mizoram, Arunachal Pradesh at one each.

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.