Sridevi was murdered, alleges Subramanian Swamy

New Delhi, May 17: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report.

According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP).

"Given the continued rise of COVID-19 cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22," the report said.

India's COVID-19 tally has crossed 90,000 and the nationwide death toll has touched nearly 2,800 so far.

The report titled "India: Surmounting the economic challenges posed by COVID-19: A 10-point programme to revive and power India's post-COVID economy" said the 'collateral damage' of the forecasted GDP slowdown, will be felt most acutely in employment, poverty alleviation, per-capita income and overall nominal GDP.

"Unemployment may rise to 35 per cent from 7.6 per cent resulting in 136 million jobs lost and a total of 174 million unemployed. Poverty alleviation will receive a set-back, significantly changing the fortunes of many, putting 120 million people into poverty and 40 million into abject poverty," the report said.

"India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8 per cent in FY21. An opportunity loss of USD 1 trillion is staring India in its face," said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India and South Asia.

Maitra further said "for its USD 5 trillion vision, a radical economic approach is needed, centred on an immediate stimulus and structural reforms. The Prime Minister's visionary 'Atma Nirbhar Bharat Abhiyan' is a good start to this new approach."

The report lauded the steps taken by the government and the Reserve Bank of India, but said a far more assertive approach may be required given the magnitude of the adverse economic output.

The report suggested a 10-point programme to accelerate the recovery which include strengthening the 'safety net' significantly for the most vulnerable, enable survival of small and medium businesses, restarting the rural economy and providing targeted assistance to at-risk sectors.

It further said the government should launch "Make in India 2.0" to capture global opportunities, build 'Modern India', accelerate Digital India and Innovation, strengthen global investment corridors with the US, UAE, Saudi Arabia, Japan and the UK, debottleneck land and labour and transform banking and financial markets in a bid to secure a sustainable economic future for 1.3 billion Indians. 

Thiruvananthapuram, Mar 8: Five more people from

Kerala have tested positive for coronavirus, Health minister, K K Shailaja said on Sunday.

All the five hail from Pathnamthitta district.

While three of them had returned from Italy on February 29, two others were their relatives, the minister said.

All the five have been isolated in Pathnamathitta general hospital and are under observation.

Their tests were confirmed on Saturday night.

Earlier, India's first three positive cases had been reported from the state.

All the three patients, medical students from Wuhan, have been treated and discharged from hospitals.

Thane, Feb 28: Former BJP MLA Narendra Mehta was on Friday charged for allegedly  raping and harassing a woman corporator in Bhayandar, which is in the Thane district near Mumbai, on Friday, police said.

His associate Sanjay Tharthare has also been charged in the case, they said.

The district rural police lodged an FIR against Narendra Mehta, who resigned from the BJP three days ago, and his associate, an official from the Mira-Bhayandar police station said.

No arrest has been made till now.

A video of the corporator purportedly speaking about the alleged harassment and abuse she suffered at the hands of Narendra Mehta went viral on social media two days ago, the official said.

The corporator has alleged that the abuse is going on since 1999 and her family is facing threats from him, he added.

Narendra Mehta and Sanjay Tharthare were charged under relevant section of the Indian Penal Code for rape and other relevant provisions of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989, he said.

Meanwhile, Shiv Sena MLA Pratap Sarnaik demanded the immediate arrest of Narendra Mehta, saying it is a "tragedy" that the BJP, which raises the issue of women's safety in the state, has not taken any action against its leader.

"Law and order issue will arise if such a person (facing rape and harassment charges) roams freely. He should be arrested as soon as possible," Mr Sarnaik said.

The Thane legislator also termed Narendra Mehta as "Marathi-hater" and alleged that he had once questioned Chief Minister Uddhav Thackeray's culture.

"I wonder why the BJP did not take strict action against Mehta, it needs to introspect," Mr Sarnaik said.