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New Delhi, May 15: The World Bank on Friday approved $1 billion 'Accelerating India's COVID-19 Social Protection Response Program' to support the country's efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.

This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

A $1 billion support was announced last month to support India's health sector.

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

These measures, intended to contain the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world's largest lockdown has not been an exception to this trend, he said.

Of the $1 billion commitment, $550 million will be financed by a credit from the International Development Association (IDA) – the World Bank's concessionary lending arm and $200 million will be a loan from the International Bank for Reconstruction and Development (IBRD), with a final maturity of 18.5 years including a grace period of five years.

The remaining USD 250 million will be made available after June 30, 2020.

Feb 28: Life was limping back to normalcy in some parts of the riot-hit northeast Delhi, with police and paramilitary personnel maintaining strict vigil in view of Friday prayers at mosques.

Police officers said they were also making extra efforts to quell rumours, and holding regular flag marches and interactions in the neighbourhoods of affected areas as confidence-building measures.

In some areas of northeast Delhi, signs of normal life were witnessed with opening of shops. In violence-hit areas also, shops in streets and bylanes were open.

Nearly 7,000 paramilitary forces have been deployed in the affected areas of the northeast district since Monday. Besides, hundreds of Delhi police personnel are on the ground to maintain peace and prevent any untoward incident.

At least 38 were killed and over 200 injured in the communal clashes that broke out in northeast Delhi on Monday after violence between citizenship law supporters and protesters spiralled out of control The areas affected include Jaffrabad, Maujpur, Chand Bagh, Khureji Khas and Bhajanpura..

The Union Home Ministry had said on Thursday night that no major incident was reported from the northeast district in the past 36 hours, It had said that prohibitory orders imposed under Section 144 would be relaxed for 10 hours in view of improvement in the situation.

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.