India will suspend all domestic flights from midnight Tuesday, the final piece of a nationwide lockdown that threatens Prime Minister Narendra Modi’s attempts to revive an economy already expanding at the slowest pace in more than a decade.
The flight ban compliments a cancellation of all passenger trains through March 31, as authorities try to halt the spread of the coronavirus in the world’s second-most populous country, which has poorly equipped hospitals and inadequate social security. Modi on Monday held a conference call with some of India’s top entrepreneurs and bankers, who urged policymakers to immediately slash interest rates by as much as a full percentage point, transfer cash to the poorest citizens, and suspend loan-repayments.
Over the past three days, state after state has declared curfews and India’s international borders have been shut for most visitors since March 11. India so far has 492 virus cases, including nine deaths. But experts say the country could be on the same trajectory as Italy, where the outbreak quickly escalated, causing hospitals to overflow.
A traveller stands outside a near-empty Delhi Junction Railway Station in Delhi, March 22.
"This is the biggest lockdown in world history,” said Raghu Raman, a former soldier with the Indian Army and founder of the National Intelligence Grid, an umbrella database aimed at countering terrorism. “This strategic pause gives decision-makers more time to arrest the exponential spread of the virus and evaluate trade-offs.”
Controlling the outbreak is crucial for Modi, who remains India’s most popular political leader currently though his economic management has faced criticism. Foreign investors are selling Indian assets at an unprecedented pace and failure to contain deaths and infections could erode some of the prime minister’s personal appeal at home.
Oxford Economics slashed India’s January-March growth forecast to 3%, a number not seen even during the worst of the global financial crisis. The main equity gauge rose about 3% on Tuesday after a record 13.2% plunge Monday, and the rupee stayed near its all-time low.
“A part of the cerebral cortex that senses fear and survival seems to have activated in the minds of investors,” said Umesh Mehta, Mumbai-based head of research at Samco Securities Ltd. “The only relief in this market can come from either policy makers and regulators, or from some positive news that a cure for the pandemic is near.”
Bloomberg Economics estimates Modi’s administration needs at least 1% of gross domestic product -- $30 billion -- to meaningfully respond to the virus outbreak. Meanwhile, the nation’s billionaires are diverting their factories to manufacture medical equipment and pledging to keep paying their staff even as production grinds to a halt. India allowed companies to use their philanthropy funds to prevent the spread of the coronavirus.
Reliance Industries Ltd., controlled by India’s richest man Mukesh Ambani, has helped equip a hospital in Mumbai dedicated to patients of Covid-19, the disease caused by the coronavirus. It will also build quarantine centers and produce 100,000 facemasks a day and other personal protective equipment for health workers. The group’s telecom unit will offer free broadband to enable work-from-home during the lockdown and will pay its lowest paid workers twice a month to protect household incomes.
Ambani joins Mahindra & Mahindra Ltd. Chairman Anand Mahindra and Vedanta Resources Ltd. Chairman Anil Agarwal -- a combined worth of more than $40 billion between the trio -- who have so far made pledges.
Indian companies are responding to Modi’s shutdown call. Maruti Suzuki India Ltd., Tata Motors Ltd., Toyota Kirloskar Motor, Hero MotoCorp., Samsung Electronics Co. and LG Electronics Inc., Mahindra Group, TVS Motor Co., Kia Motors Corp., Renault Nissan Automotive India Private Ltd., and Yamaha Motor India are among companies that have announced factory suspensions.
Policymakers are aware of the risks of such a move. India -- with a record 5.9 trillion rupees of local corporate debt maturing this year -- faces “waves of default” if cash flows aren’t maintained, the government’s principal economic adviser Sanjeev Sanyal said an interview.
Finance Minister Nirmala Sitharaman last week said the government will announce a relief package for coronavirus-affected sectors as soon as possible. The Reserve Bank of India, which is due to review interest rates April 3, announced a 1 trillion rupee cash injection on Monday.
“Let me assure, whatever it takes to keep the cash flow going in the economy will be done,” Sanyal said. “We need to make sure that when we are past the health storm, we still have an economy that has not gotten gridlocked. Because unwinding that would be more difficult.”
Comments
Muslims worship allah and don't want to say vandemataram.
Christians worship Jesus only still they do not have problem in singing vandemataram.
Bhudhist worship bhudha only still they do not have problem in singing vandemataram.
Jains worship mahavir only still they do not have problem in singing vandemataram.
why it is only problem for muslim to sing vandemataram.-
Please everyone try to know, that Islam has codes to follow. Islam strongly and strictly has to follow the God’s rule. No human interference is allowed to complement to God’s rules. Islam has 2books. Quran and Hadees the sayings of the prophet Muhammad (peace upon him PBU)
Muslims are not allowed to introduce new things which are contradictory to Islam.
Because Islam is flexible enough to allow allowable things. These things will suffice the needs. No need to invent the wheels. Islam is purely based on 1God and Message came thru prophet Muhammad PBU.
This is called 1ness of God. Nothing should be worshipped other than 1 the true God. We worship only the God and we seek all our requirements with this 1God. This is the important message. Anyone contradicting and violating it by worshiping others or praying others for our requirements is a unforgivable offense which leads to hell fire. it is command to us to be careful of this error.
30% of the teaching of Islam is repeatedly discouraging to worship or attribute others with the God. What a serious teaching we have to be careful of. This is repeated in Quran and hadees. Nothing is allowed even in a minute level to equate into the Quality of the God. This is oneness of God. Things against is called as doing shirk(associating to the God). May the God save us from this error.
1.VANDE MATARAM : We can not sing this song because its meaning contradicts the above oneness of the God.
2. Celebrating other festival
Muslims are allowed to observe 2eids (Eid ul Fitr. This is after end of Ramadan fasting, 2nd is Eid us Adha)
Even we don’t celebrate the birth day of anyone including our prophet.
Patriotism
We are not against national interest. We have to fight for the right of our nation as long as we are not offending others. If required we are commanded to fight and sacrifice our lives. What a great teaching. Is it in taught in any other books.
So we don’t celebrate even National independence day. No need for celebration but we are ready to sacrifice to defend the nation.
Mr bogi , from last year rss nagpur headquartes started hoisting indian flag , from 1947 our madrasas hoisting clelebrating indipendence day , you sangis were with british when indians were fighting for freedom , now its time for indians to fight against sangh parivar .
To Yogi and his chela Mohsin: - Do you want the video that I'm Celebrating Ind. Pen Day and Fl-ag hosting in bathroom..........
Mr Yogi's statement is a proof for his trust in minorities, for video recording... Its better to send those Usthads who all attended the MRM meet yesterday in Bantwal constituency.
Yogi ji could you please request your headquarters in Nagpur to hoist national flag above RSS's Saffron flag,
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