Fingers, hands raised against PM Modi will be chopped off: Bihar BJP chief

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.”

Bengaluru, Mar 4: A total of five people suspected of being infected with Coronavirus have been admitted to the isolation wards of Rajiv Gandhi Institute of Chest Diseases in Bengaluru.

Samples of these patients have been collected and their reports are likely to be received later today.

Karnataka Chief Minister BS Yediyurappa has assured people in state about preparedness to tackle Coronavirus.

Earlier in the day, Union Health Minister Dr Harsh Vardhan had said that there were 28 cases of Coronavirus in the country and added that universal screening of all international flights will begin to control the spread of the deadly virus.

Global deaths due to Coronavirus outbreak have risen above 3,000.

Bengaluru, May 26: Ministers of the central government or state governments or officers on their official duty, who are travelling across states, will be exempted from requirements of quarantine, the Karnataka government said on Monday.

The state government issued an addendum to Standard Operating Procedure (SOP) for inter-state passengers.

"Any person who gets a negative COVID test certificate (from ICMR approved lab) which is not more than two days old from the date of journey will be exempted from the requirement of institutional quarantine," read the addendum.

The state government has laid down new norms for those coming from other states (including those coming by domestic air flights).

Passengers coming from 'high prevalence states' (Maharashtra, Gujarat, Tamil Nadu, Delhi, Rajasthan, Madhya Pradesh) would be required to undergo a seven-day "institutional quarantine", which will be followed by home quarantine.

The new norms also said that home quarantine of 14 days would be necessary for the passengers coming from other states.