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New Delhi, Jun 30: With a spike of 18,522 COVID-19 cases in the last 24 hours, India's coronavirus count now stand at 5,66,840, said the Union Health and Family Welfare Ministry on Tuesday.

According to the Ministry, 418 deaths due to COVID-19 were reported in the last 24 hours. The number of deaths in the country now stands at 16,893.

There are 2,15,125 active coronavirus cases in the country while the number of cured/discharged patients stands at 3,34,821 and one patient migrated.

As per the Ministry, Maharashtra is the worst-hit state with regard to the COVID-19 cases and has reported 1,69,883 cases, including 73, 313 active cases 88,960 cured/discharged patients and 7,610 fatalities.

Tamil Nadu has a total of 86,224 cases including 1,141 deaths. Delhi's COVID-19 count stands at 85,161 cases and 2,680 fatalities.

The total number of samples tested up to 29 June is 86,08,654 of which 2,10,292 samples were tested yesterday, informed the Indian Council of Medical Research.

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

New Delhi, Jun 22: India's COVID-19 cases per lakh people is one of the lowest in the world despite its high population density, and the recovery rate has now reached almost 56 per cent, the Union Health Ministry said on Monday.

For every one lakh population, there are 30.04 coronavirus cases in India, while the global average is over three times at 114.67, the ministry said, referring to the WHO Situation Report 153, dated June 21.

“This low figure is thus a testimony to the graded, pre-emptive and pro-active approach the Government of India along with the states and UTs took for prevention, containment and management of COVID-19," the ministry said in a statement.

Citing the WHO Situation Report, the ministry said the US has 671.24 cases per lakh population, while Germany, Spain, Brazil and the UK have 583.88, 526.22, 489.42 and 448.86 cases per lakh population, respectively.

It said Russia has 400.82 cases per lakh people, while Italy, Canada, Iran and Turkey have 393.52, 268.98, 242.82 and 223.53, respectively.

Coming back to India, as on Monday morning, the total number of coronavirus cases stood at 4,25,282 and the death toll at 13,699, according to figures issued by the ministry.

In its update issued at 8 AM Monday, the ministry said 9,440 COVID-19 patients recovered in the last 24 hours, taking the total number of recoveries to 2,37,195, a recovery rate of 55.77 per cent.

Presently, there are 1,74,387 active cases and all are under medical supervision, it said.

"The difference between the recovered patients and the active COVID-19 cases continues to widen. Today, the number of recovered patients has crossed the number of active patients by 62,808," the ministry said.

The COVID-19 testing infrastructure is continuously being ramped up and number of government labs has been increased to 723 and the private labs to 262, adding up to a total of 985, it said.

According to the Indian Council of Medical Research, a total of 69,50,493 samples have been tested up to 21 June, 1,43,267 of them just on Sunday.

On Monday, the country added 14,821 new COVID-19 cases in a single day, pushing the tally to 4,25,282, while the death toll rose to 13,699 with 445 new fatalities reported till 8 am.

The country breached the four lakh-mark on Sunday, eight days after crossing three lakh COVID-19 cases. It has recorded 2,34,747 infections since June 1.

Monday was the 11th day in a row when the country registered over 10,000 cases.