Former Dubai top cop praises Indians, calls Pakistanis a threat

Wayanad, May 14: Coronavirus scare has gripped the police in the district as around 70 personnel, including their chief, have gone on quarantine as a precautionary measure after three colleagues tested positive for the pathogen.

A day after three personnel of Mananthavady police station tested positive for COVID-19, District Superintendent of Police R Illango said on Thursday he and others decided to quarantine themselves as they had been in contact with some other colleagues from the station. Twenty four personnel, including a Deputy Superintendent of Police, have gone on quarantine after giving their samples for testing three days ago as a measure of abundant caution after a man questioned in Manathavady police station in connection with a case tested positive for the virus on May 9.

Of the 24, results of 18 have been received so far and three personnel tested positive on Wednesday, following which the station has been disinfected and virtually closed and contact tracing underway.

On Wednesday, the SP and some other police personnel had interacted with the DySp for close to an hour at a checkpost following which over 40 police personnel have voluntarily decided to go on quarantine.

"We are actually being over cautious. I have spoken to all the policemen. We know we are in the high-risk job. We are concerned that we might spread it to family members, public, or colleagues. So we want to maintain extreme caution", Illango, who is on home quarantine, told PTI.

With the three personnel testing positive in the state, Kerala Director General of Police Loknath Behera said the force should take all necessary precautions and fearlessly go ahead in the fight against the virus.

The three from Manathavady are believed to have contracted the virus after they came in contact with a man who was called to the station in connection with a case on April 28 and May 2. He later tested positive for COVID-19 on May 9. This man is suspected to be a contact of a truck driver, who has turned out to be a super spreader after returning to the district from Chennai's Koyambedu market, a hotspot, and had infected at least 10 others, including his wife, mother and grandchild.

The Mananthavady police station has been disinfected with the help of the Health Department and Fire Force personnel. Computers and wireless equipment have been shifted to other police buildings and the station's charge has been temporarily given to Vallamunda Station House Officer, a release from the DGP's office said. Two police personnel wearing personal protection equipment (PPE) kits would be at the station to take care of necessary work and a health worker posted to help them, it said.

Police personnel from other stations have been mobilised to meet any shortage, Illangosaid adding they need not come to the police station but directly go to the duty points. Meanwhile, the district health authorities said the standard operating procedure (SOP) has been initiated as soon as the test results of the three came by Wednesday noon. Accordingly, all personnel who were on duty were sent to nearby lodges and resorts for quarantine.

One of the policemen who tested positive had been to Sulthan Bathery police station and Muthanga area, where the DySP and few other officials were also present. This is being seen as a lapse on the part of the police department. However, police sources said none had directed the 24 personnel, whose samples were collected on Monday, to go on quarantine or abstain from duty. The health department is trying to map out the contact list of the police personnel to contain further spread from their direct and secondary contacts.

According to police sources, the Sulthan Bathery Circle Inspector, two sub-inspectors and about 18 police personnel of the Mananthavady police station are among those who have been put on quarantine. As part of containment measures, the courts in Sulthan Bathery and Mananthavady have been closed on Thursday, officials said. 

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. 

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.