Bollywood legend Sridevi passes away due to cardiac arrest in Dubai

Washington, Jun 11: Music maestro AR Rahman has joined the international film 'No Land's Man' as co-producer and composer.

Helmed by renowned Bangladeshi filmmaker Mostofa Sarwar Farooki, the upcoming movie has Indian thespian Nawazuddin Siddiqui, Australian theatre actor Megan Mitchell, and Bangladeshi musician and actor Tahsan Rahman Khan in pivotal roles.

"Time always gives birth to new worlds, new ideals. The newborn world has new challenges and new stories to tell. This is one such story," Variety quoted Rahman as saying.

The movie chronicles the life of a South Asian, whose journey gets complicated when he meets an Australian woman in the U.S.

The film, shot in the U.S., Australia and India, is predominantly in English with some dialogue in Hindi and Urdu.

'Sacred Games' actor, Siddique said: "The filming experience for this project was challenging but a fulfilling one. AR Rahman's brilliance will definitely make the film richer."

"Farooki and I first spoke about 'No Land's Man' at Film Bazaar in 2014. Between then and now, the film has become even more relevant as it looks at what it means to be a vulnerable person in a racially-divided world," producer Srihari Sathe said.

'No Land's Man' won the MPAA (Motion Picture Association of America) and Asia Pacific Screen Awards' Script Development fund in 2014. It was part of the Asian Project Market at Busan and was chosen as the best project at India's Film Bazaar the same year.

Earlier in January, Siddiqui posted multiple pictures on Instagram with the team of the flick, marking the schedule wrap in New York and Sydney for 'No Land's Man.'

He also captioned the post as: "Wonderful experience with the most energetic team."

New Delhi, Jul 15: "I'm just happy with resuming work after a long break!" said Bollywood actor Vaani Kapoor, who is thrilled to get back for movie shootings after a long COVID-19 induced gap of nearly four months.

The 31-year-old star has been roped in to share screen space with Akshay Kumar for the upcoming espionage thriller 'Bell bottom'.

Kapoor, who is a big fan of the 'Mission Mangal' actor, has since then shared her excitement of working in the film, and also act opposite Kumar.

Talking about getting back to work amid the COVID-19 pandemic, she explained, "I, honestly, am just happy with work resuming after a long break. One will, of course, have to be extra cautious and keep all preventive measures in mind but it feels exciting to embark on a new journey!"

On July 6, the 'Befikre' actor had announced on Twitter that the movie is all set to go on floors in August. The makers of the movie have taken the decision to shoot the film in Scotland.

'Bell Bottom' will be the first film to see Vaani Kapoor and Akshay Kumar sharing the screen space.

"Well, this is a great opportunity for me! I have great respect for Akshay sir. It's super exciting and I am really looking forward to the experience," she noted.

The actor had completed the shooting of her next project 'Shamshera', in which she is paired opposite Ranbir Kapoor.

While 'Bell Botton' directed by Ranjit M Tewari, is slated for release on April 2, 2021. The first poster of the movie was released by Akshay Kumar in November, last year.

The film, set in the 80s, is an original screenplay inspired by true events. Akshay is most likely to essay the story of a spy in the movie.

'Bell Bottom' is produced by Vashu Bhagnani, Jackky Bhagnani, Deepshikha Deshmukh, Monisha Advani, Madhu Bhojwani, and Nikkhil Advani.

New Delhi, May 27: India’s fourth recession since Independence, first since liberalisation, and perhaps the worst to date is here, according to rating agency, Crisil.

CRISIL sees the Indian economy shrinking 5 per cent in fiscal 2021 (on-year), because of the Covid-19 pandemic. The first quarter will suffer a staggering 25 per cent contraction.

About 10 per cent of gross domestic product (GDP) in real terms could be permanently lost. "So going back to the growth rates seen before the pandemic is unlikely in the next three fiscals", Crisil said.

Crisil has revised its earlier forecast downwards. "Earlier, on April 28, we had slashed our prediction to 1.8 per cent growth from 3.5 per cent growth. Things have only gone downhill since", it said.

While we expect non-agricultural GDP to contract 6 per cent, agriculture could cushion the blow by growing at 2.5 per cent.

In the past 69 years, India has seen a recession only thrice as per available data in fiscals 1958, 1966 and 1980. The reason was the same each time a monsoon shock that hit agriculture, then a sizeable part of the economy.

"The recession staring at us today is different," it added. For one, agriculture could soften the blow this time by growing near its trend rate, assuming a normal monsoon. Two, the pandemic-induced lockdowns have affected most non-agriculture sectors. And three, the global disruption has upended whatever opportunities India had on the exports front.

Economic conditions have slid precipitously since the April-end forecast of 1.8 per cent GDP growth for fiscal 2021 (baseline), Crisil said.

On the lockdown extension, it said that the government has extended the lockdown four times to deal with the rising number of cases, curtailing economic activity severely (lockdown 4.0 is ending on May 31).

The first quarter of this fiscal will be the worst affected. June is unlikely to see major relaxations as the Covid-19 affliction curve is yet to flatten in India.

"Not only will the first quarter be a washout for the non-agricultural economy, services such as education, and travel and tourism among others, could continue to see a big hit in the quarters to come. Jobs and incomes will see extended losses as these sectors are large employers," Crisil said.

CRISIL also foresees economic activity in states with high Covid-19 cases to suffer prolonged disruption as restrictions could continue longer.

A rough estimate based on a sample of eight states, which contribute over half of India's GDP, shows that their 'red zones' (as per lockdown 3.0) contributed 42 per cent to the state GDP on average regardless of the share of such red zones.

On average, the orange zones contribute 46 per cent, while the green zones where activity is allowed to be close to normal contribute only 12 per cent to state GDP.

The economic costs are higher than earlier expectations, according to Crisil. The economic costs now beginning to show up in the hard numbers are far worse than initial expectations.

Industrial production for March fell by over 16%. The purchasing managers indices for the manufacturing and services sectors were at 27.4 and 5.4, respectively, in April, implying extraordinary contraction. That compares with 51.8 and 49.3, respectively, in March.

Exports contracted 60.3 per cent in April, and new telecom subscribers declined 35 per cent, while railway freight movement plunged 35 per cent on-year.

"Indeed, given one of the most stringent lockdowns in the world, April could well be the worst performing month for India this fiscal," it said.

Added to that is the economic package without enough muscle. The government recently announced a Rs 20.9 lakh crore economic relief package to support the economy. The package has some short-term measures to cushion the economy, but sets its sights majorly on reforms, most of which will have payoffs only over the medium term.

"We estimate the fiscal cost of this package at 1.2 per cent of GDP, which is lower than what we had assumed in our earlier estimate (when we foresaw a growth in GDP)," it said.

"We believe a catch-up to the pre-crisis trend level of GDP growth will not be possible in the next three fiscals despite policy support. Under the base case, we estimate a 10 per cent permanent loss to real GDP (from the decadal-trend level), assuming average growth of about 7 per cent between fiscals 2022 and 2024," Crisil said.

Interestingly, after the Global Financial Crisis (GFC), a sharp growth spurt helped catch up with the trend within two years. GDP grew 8.2 per cent on average in the two fiscals following the GFC. Massive fiscal spending, monetary easing and swift global recovery played a role in a V-shaped recovery.

To catch-up would require average GDP growth to surge to 11 per cent over the next three fiscals, something that has never happened before.

The research said that successive lockdowns have a non-linear and multiplicative effect on the economy a two-month lockdown will be more than twice as debilitating as a one-month imposition, as buffers keep eroding.

Partial relaxations continue to be a hindrance to supply chains, transportation and logistics. Hence, unless the entire supply chain is unlocked, the impact of improved economic activity will be subdued.

Therefore, despite the stringency of lockdown easing a tad in the third and the fourth phases, their negative impact on GDP is expected to massively outweigh the benefits from mild fiscal support and low crude oil prices, especially in the April-June quarter. "Consequently, we expect the current quarter's GDP to shrink 25 per cent on-year," it said.

Counting lockdown 4.0, Indians have had 68 days of confinement. S&P Global estimates that one month of lockdown shaves 3 per cent off annual GDP on average across Asia-Pacific.

Since India's lockdown has been the most stringent in Asia, the impact on economic growth will be correspondingly larger.

Google's Community Mobility Reports show a sharp fall in movement of people to places of recreation, retail shops, public transport and workplace travel. While data for May shows some improvement in India, mobility trends are much below the average or baseline, and lower compared with countries such as the US, South Korea, Brazil and Indonesia.