Narendra Modi, BJP MPs to observe fast to protest budget session washout

New Delhi, Jul 20: India's COVID-19 case tally crossed the 11 lakh mark with the highest single-day spike of 40,425 new cases and 681 deaths reported in the last 24 hours, informed the Union Health and Family Welfare Ministry on Monday.

Total cases in the country now stand at 11,18,043 while the death toll is 27,497.
The Health Ministry said the total number of cases includes 3,90,459 active cases and 7,00,087 patients have been cured/discharged/migrated.

Maharashtra remains the worst affected state with 3,10,455 cases reported until Sunday.
Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,40,47,908 samples have been tested for COVID-19 till July 19, of these 2,56,039 samples were tested yesterday.

New Delhi, 17: Tensions on the Indo-China border have spiked to the highest since 1962 after over 20 troops, including an Indian commanding officer, were killed in the face-off in Galwan valley that has seen a six-week long standoff underway with the Peoples Liberation Army.

The Army said that the soldiers – including the Commanding Officer of 16 Bihar regiment in charge of the area – died while a `de-escalation process’ was underway. Sources said that this death toll could rise up as some soldiers are currently not accounted for after PLA troops attacked with spiked sticks and stones in the Galwan valley.

Chinese side also has casualties but the number is still not known. The Indian death toll is perhaps the worst single day loss in decades and has come at a time when thousands of troops are forward deployed in Eastern Ladakh.

ET was the first to report on May 12 about a massive troop build up in the Galwan valley, which is an old flashpoint that had seen action in the 1962 war as well.

There have been reports of casualties on the Chinese side in the clash but numbers are currently not available. Worryingly, information from the ground suggests that several Indian soldiers, including four officers, are missing and could have been taken captive by a vastly larger Chinese force. Their status is still not known.

“During the de-escalation process underway in the Galwan Valley, a violent face-off took place yesterday night with casualties. The loss of lives on the Indian side includes an officer and two soldiers. Senior military officials of the two sides are currently meeting at the venue to defuse the situation,” an Indian Army statement reads.

The Ministry of External Affairs said that the clash occurred when the Chinese side violated the LAC. “On the late-evening and night of 15th June, 2020 a violent face-off happened as a result of an attempt by the Chinese side to unilaterally change the status quo there. Both sides suffered casualties that could have been avoided had the agreement at the higher level been scrupulously followed by the Chinese side,” a statement reads.

The loss of the Commanding Officer is especially devastating and he had been directly involved in de-escalation talks with the Chinese side, including one hours before the clash took place. Sources said that the talks on Monday morning had led to an agreement for Chinese forces to withdraw from Indian territory as part of the disengagement.

According to one version, the CO had gone to the standoff point with a party of 50 men to check if the Chinese had retreated as promised. As the Indian side proceeded to demolish and burn illegal Chinese structures on its side of the LAC, including an observation post constructed on the South bank of the river, a fresh stand off took place as a large force of Chinese troops returned back.

Sources said that a Chinese force in excess of 250 quickly assembled near Patrol Point 14 and were physically stopped by Indian soldiers from entering Indian territory. Soldiers from both sides did not use firearms but the Chinese soldiers carried spiked sticks to attack.

Given the terrain of the region, a part of the standoff and clash took place in the middle of the Galwan river that is currently flowing at full spate, leading to high casualties as injured soldiers got swept away. Indian soldiers have to cross the Galwan river at atleast five points to reach PP 14, which marks the LAC.

Chinese media reports on Tuesday quoted the spokesperson from its Western Theatre Command as laying claim over the Galwan valley region and blaming the Indian side for the clash. Reports quoted Col Zhang Shuili as saying that India has violated the consensus made during Army commander level talks.

As reported, Galwan river area has a painful history with China, with Peoples Liberation Army (PLA) soldiers surrounding a freshly set up Indian Army post in July 1962, in what would be one of the early triggers to the Sino-Indian war. At an Army post that was overrun at Galwan, 33 Indian soldiers were killed and several dozen taken captive in 1962.

In the past, the Doklam crisis in 2017 saw tensions building up along the Pangong Tso lake as well with soldiers engaging in a fight with sticks and stones. However, the Eastern Ladakh standoff is of a much more serious nature, with over 6000 Chinese troops lined up with tanks and artillery, faced off with a larger Indian forces. Troop build up has also been reported across the borders in Himachal Pradesh, Uttarakhand, Sikkim and Arunachal.

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.