Don’t communalise, says Army after Owaisi reveals religion of martyred soldiers

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

New Delhi, May 24: Overwhelmed by the donations that poured in from the society for his help, Phool Mia, the fruit seller in north Delhi's Jagatpuri area whose mangoes were looted by the ordinary people, said that those who helped him have made his "Eid" and have shown that "humanity is still alive".

Video footage that went viral on social media, shows that scores of passers-by looted the unattended crates of mangoes of a fruit seller after a fight broke out in the neighbourhood. The incident took place on Wednesday.

"My stock of mangoes worth Rs 30,000 was kept there. Some persons were fighting with each other fearing which I left the place to avoid any sort of altercation. When I returned, I saw that they were looting the mangoes kept there. There were 50-100 people who were involved in this act," Phool Mia, narrated the ordeal.

"A video got viral about the incident after which people donated to me on a portal. They empathised with me when I was ruined. I thank the media and all those people who have donated from the bottom of my heart as they made my Eid. Now, I would be able to celebrate Eid with my children. This shows humanity is still alive," he added.

However, four people have been arrested on the basis of video footage, Delhi Police said.

May 28: Congress President Sonia Gandhi on Thursday asked the central government to unlock its coffers and help the needy affected by the coronavirus-induced lockdown.

In a video message posted as part of the Congress' 'Speak Up India' campaign, she lamented that even though the country is passing through a serious economic crisis with loss of livelihood due to the pandemic and the lockdown, the central government has not heard the cries of pain and trauma of people.

"We again urge the Centre to unlock its coffers and help the needy. Put direct cash of Rs 7,500 per month in the account of every family for the next six months and provide Rs 10,000 immediately; ensure safe and free travel of labourers back home, employment opportunity and rations; and also increase the number of work days under MNREGA to 200 days to facilitate jobs in villages," Gandhi said.

LIVE: Congress President Smt. Sonia Gandhi's message to the people & the BJP govt. #SpeakUpIndia https://t.co/OqpYFaU6AD

— Congress (@INCIndia) May 28, 2020

"Instead of loans, provide financial relief to small and medium industry so that crores of jobs are saved and the country progresses," she said in her video message on the party's social media handles.