BSF jawan Gurnam Singh, injured in cross-border fire, succumbs to injuries

New Delhi, Mar 26: Finance Minister Nirmala Sitharaman on Thursday announced a Rs 50 lakh insurance cover for healthcare workers who are at the forefront of dealing with coronavirus pandemic.

Sitharaman said the government has finalised an economic stimulus package to deal with the impact of 21-day countrywide lockdown to prevent spread of the virus.

“It’s only 36 hours since the lockdown has been imposed. Now we have come with a package which immediately take care of the welfare concerns of the poor and suffering workers and those who need immediate help,” Sitharaman said.

She also said that 80 crore poor people, nearly two thirds of the population  will get five kg of rice or wheat per month for three months, in addition to the 5 kg they already receive, for free."

The rationcard holders can take the foodgrains and pulses from the Public Distribution System (PDS) in two installments, she added.

"This measure will ensure no gareeb (poor) remains hungry," Sitharaman said.

The package will include cash transfer and food subsidy, she said.

"Farmers who currently receive Rs 6,000 annually, will be given the first installment of the next financial year immediately. 8.7 crore farmers will benefit from it," said Sitharaman.

As many of 20.5 crore women Jan Dhan Account holders will get Rs 500 per month for next three months to run their households.

For poor senior citizens, widow and disabled will get an ex-gratia of Rs 1,000.

Also, the daily wage under MNREGA has been increased to Rs 202 a day from Rs 182 to benefit 5 crore workers.

The minister said the government will front-load Rs 2,000 payment to farmers in the first week of April under the existing PM Kishan Yojana to benefit 8.69 crore farmers.

Also, the beneficiaries of Ujjwala LPG scheme will get free cooking gas for the next three months, she said.

This forms part of the Rs 1.70 lakh crore Gramin Kalyan Package.

Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Ahmedabad, Jul 23: Private schools in Gujarat have suspended online classes for an indefinite period from Thursday, after a state government order said they should not collect fees from students until the schools reopen.

In a notification issued last week, the Gujarat government directed self-financed schools in the state not to collect tuition fees from students as long as they remain shut in the wake of the COVID-19 pandemic.

It also asked these schools not to hike fees for the academic year 2020-21.

Unhappy with the move, a union of representing nearly 15,000 self-financed schools in Gujarat decided to put on hold online classes, an alternative arrangement started earlier this month for students.

Majority of these schools informed the parents through SMS on Wednesday night that there will not be any online classes for their wards from Thursday.

Self-financed School Management Association's spokesperson Dipak Rajyaguru on Thursday said almost all the self-financed schools in the state refrained from imparting online education.

"If the government believes online education is not real education, then there is no meaning of imparting such unreal education to our students. Online education will remain suspended until the government withdraws that notification," Rajyaguru said in a statement.

He said the association will also approach the high court against state government's decision.

Jatin Bharad, a prominent educationist and member of the association, said there is no alternative to online education in the present scenario.

"Self-financed schools need to pay salaries to the teachers and other staff. No state in India has taken such decision that fees cannot be collected despite conducting online classes. If we adhere to the state notification, it will be impossible for us to pay salaries and run the school.

Thus, we have decided to suspend the online classes," said Bharad said.