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New Delhi, June 21: The world is feeling the need for yoga more than ever due to the coronavirus pandemic and the ancient Indian practice is helping a large number of Covid-19 patients across the globe in defeating the disease, Prime Minister Narendra Modi said on Sunday.

The coronavirus specifically attacks the respiratory system and 'pranayama' or breathing exercise helps in strengthening the respiratory system the most, Modi said in his message on the sixth International Day of Yoga.

Modi said yoga has emerged as a force for unity and it does not discriminate as it goes beyond race, colour, gender, faith and nations.

"Yoga enhances our quest for a healthier planet. It has emerged as a force for unity and deepens the bonds of humanity. It does not discriminate. It goes beyond race, colour, gender, faith and nations. Anybody can embrace Yog," the prime minister said.

In his nearly 15-minute address early Sunday morning, Modi said that due to the coronavirus pandemic, the world is feeling the need for yoga more than ever.

"If our immunity is strong, it is of great help in defeating this disease. For boosting immunity, there are several methods in yoga, various 'asanas' are there. These asanas are such that they increase the strength of the body and also strengthen our metabolism," he said.

Talking about the benefits of 'pranayama' -- a form of breathing exercise, Modi said it is very effective and has countless variations like 'Sheetali, Kapalbhati and Bhrastika'.

"All these forms of yoga, help a lot in strengthening both our respiratory and immune system," he said, urging people to include 'pranayama' in their daily routine.

"A large number of Covid-19 patients all over the world are taking the benefits of all these techniques of yoga. The strength of yoga is helping them defeat this disease," Modi said.

Asserting that anybody can embrace yoga, the prime minister said that all that is needed is some part of one's time and an empty space.

"Yoga is giving us not only the physical strength, but also mental balance and emotional stability to confidently negotiate the challenges before us," Modi said.

"If we can fine-tune our chords of health and hope, the day is not far away when world will witness the success of a healthy and happy humanity. Yoga can definitely help us make this happen," he said.

With the shadow of the COVID-19 pandemic looming large, International Day of Yoga is being marked on digital media platforms sans mass gatherings. This year's theme is 'Yoga at Home and Yoga with Family'.

Yoga Day is going digital for the first time since June 21, 2015, when it began to be celebrated annually across the world, coinciding with the Summer Solstice each year.

On December 11, 2014, the United Nations General Assembly declared June 21 as 'International Day of Yoga', months after Prime Minister Modi had proposed the idea.

The Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) had planned to hold a grand event in Leh, but cancelled it due to the pandemic.

In his message on Sunday, Modi said the International Yoga Day is a day of unity and gives the message of universal brotherhood.

"It is a day of oneness and humanness. What brings us together, unites us, that is yoga. What bridges distances is yoga. In times of this coronavirus pandemic, people's participation in the 'My Life - My Yoga' across the world shows that people's interest in yoga is increasing," he said.

He said that doing work properly and fulfilling one's duties is also a form of yoga.

"Eating the right food, playing the right sports, having right habits of sleeping and waking, and doing your work and your duties is yoga," Modi said.

"With this 'karmayoga', we get the solution to all the problems. 'Karmayoga' is also helping others selflessly. This spirit of 'karmayoga' is embedded in the spirit of India. Whenever the need arose, the whole world witnessed India's selflessness," he said.

The power as an individual, society and country increases manifold when people act according to yoga and with the spirit of 'karmayoga', Modi said.

"Today we have to take a pledge in this spirit -- we will do everything possible for our health, for the health of our loved ones. As a conscious citizen, we will move forward unitedly as a family and society," he said.

The PM's message was followed by a live demonstration of Common Yoga Protocol (CYP). The CYP drill was designed keeping in mind people of different age groups and of varied walks of life, the ministry had said in its statement.

Yoga programmes are organised across the globe by Indian missions every year, but this year will be different. Several missions are organising digital events to mark the occasion.

Washington, Feb 1: The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, IMF Managing Director Kristalina Georgieva has said.

"The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to four percent for last year. We are expecting 5.8 per cent (growth rate) in 2020 and then an upward trajectory to 6.5 percent in 2021," Georgieva told a group of foreign journalists here on Friday.

"It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence," she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday.

She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact.

"For example, coming with the unified tax system, and the demonetisation that took place. These are steps that over time are beneficial, but of course they might, might be somewhat disruptive over short term," Georgieva said in response to a question.

The International Monetary Fund (IMF) Managing Director said that there is not a lot of fiscal space in India. “But we also recognise that the policies of the government on that side, on the fiscal side have been prudent. We will see how the reading of the budget, the submission of the budget goes, tomorrow,” she said.

In the medium-term, she said, the IMF remains optimistic about India. “This is why we see that upswing potential for the growth in the country,” she said.

Georgieva said that the current economic slowdown cannot be described as a recession. "No.... You're far from that. But it is a significant slowdown, not the recession," she said.

The IMF managing Director noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

One thing that is important for India is that budgetary revenue have been below target. "The country knows that. The finance minister knows it. They need to increase budgetary revenue collection so they can improve their fiscal position. I said it's tight on the spending side, but I also want to stress that there is room to improve collection on the revenue side," she said.

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.”