Govt allowed Mallya to escape: Cong; Loans given by UPA: Govt

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.”

New Delhi, Apr 3: Prime Minister Narendra Modi on Friday urged people to gather together for a unique exercise on April 5 at 9 pm to show they were together in the fight against coronavirus.

"On this Sunday, April 5, we will challenge the darkness of coronavirus threat together. On April 5, at 9 pm, I need your 9 minutes. At 9 pm, turn off all the lights in your houses and light a Diya, candle, torch or flashlight for 9 minutes at your doors, or balcony," Modi said.

The Prime Minister further said that this will send out a message that nobody among the 130 crore Indians is alone in this fight against the deadly infection.

"I have one more prayer to all of you, nobody has to gather at any place during this event. Everyone will light a Diya only at their doors, windows or balconies. The Laxman Rekha of social distancing must be followed," Modi said.
Earlier, the Prime Minister had said that 130 crore Indians are together in this fight against coronavirus and praised the countrymen for following the lockdown.

"Today when crores of people are inside homes, then some of us may think how will they fight this battle against COVID-19 alone. Such questions might come up in your mind? But please remember, none of us is alone. The strength of 130 crores of Indians is with each one of us," he said.

He also expressed gratitude towards countrymen for participating in 'Janata curfew' on March 22 and said it has become "an example for all countries" today as they are following it.

In his address to the nation on March 24, the Prime Minister had announced a 21-day lockdown in the country to contain the spread of novel coronavirus, which has infected over 2,000 people in the country.

During the last "Mann Ki Baat" on COVID-19 related issue, the Prime Minister had apologised to the countrymen for taking the tough decision of enforcing complete lockdown in the nation. "My conscience says you will forgive me," he had said.

Mumbai, Jan 15: A relative of Maharashtra Chief Minister Uddhav Thackeray was killed and three others injured when their car met with an accident on Mumbai-Nashik highway, police said on Wednesday.

The mishap took place at Sinnar in Nashik on Tuesday night when the CM's sister-in-law Vina Karande and six other relatives were returning from Shirdi in a sports utility vehicle (SUV), Nashik (Rural) Superintendent of Police Aarti Singh said.

The car driver apparently lost control over the wheels, following which the vehicle overturned on a roadside while passing through a narrow bridge, located around 190 km from here, the official said.

They were rushed to a hospital in Nashik where Ajay Karande, husband of Vina Karande, died during treatment, the official said.

The three others were undergoing treatment at the hospital, the police said, adding that their condition was reported to be out of danger.