Malls lose Rs 90,000 crore in 2 months amid lockdown; SCAI seeks relief

New Delhi, Mar 14: The number of novel coronavirus cases in India rose to 83 on Saturday, which includes one death each from Delhi and Karnataka, the Union Health Ministry said.

While a 76-year-old man from Kalaburagi who had recently returned from Saudi Arabia died on Thursday, a 68-year-old woman in Delhi who had tested positive for coronavirus passed away at Ram Manohar Lohia (RML) Hospital on Friday night.

The woman, whose son with a travel history abroad had tested positive, died because of co-morbidity (diabetes and hypertension), the Health Ministry said, adding that she had tested positive for COVID-19.

Delhi has reported seven positive cases and Uttar Pradesh 11 so far. Karnataka has six coronavirus patients while Maharashtra has 14 and Ladakh three.

Besides, Rajasthan, Tamil Nadu, Jammu and Kashmir, Andhra Pradesh and Punjab have reported one case each. Telangana has reported two.

Kerala has recorded 19 cases, including three patients who were discharged last month after they recovered from the contagious infection with flu-like symptoms.

The total number of 84 confirmed cases includes 17 foreigners -- 16 Italian tourists and a Canadian, the ministry officials said.

Amid rising coronavirus cases in India, the government has asked people not to panic, saying no community transmission of the virus has been observed and there has only been a few cases of local transmission so far and that is "not a health emergency" in India at present.

With the World Health Organisation (WHO) declaring COVID-19 a pandemic, a Health Ministry official said over 4,000 people who had come in contact with the 83 positive cases have been identified through contract tracing and were being tracked while 42,000 people across the country are under community surveillance.

He said all essential facilities like community surveillance, quarantine, isolation wards, adequate personal protective equipment (PPEs), trained manpower, rapid response teams are being strengthened further in all the states and union territories.

The Centre as part of its measures to contain the spread of the disease on Friday announced that people will be allowed to travel through 19 of 37 land border checkposts from Saturday midnight and services of the Indo-Bangladesh cross border passenger trains and buses will continue to remain suspended till April 15.

Only four Indo-Nepal border checkposts will remain operational, and for citizens of Bhutan and Nepal visa-free entry to the country will continue, Home Ministry Additional Secretary Anil Malik had said.

He said the decision on closing the Kartarpur Corridor is under consideration

The government on Wednesday suspended all visas, barring a few categories like diplomatic and employment, in an attempt to prevent the spread of coronavirus.

It has asked Indian nationals to avoid all non-essential travel abroad.

All incoming international passengers returning to India should self-monitor their health and follow the required do's and dont's as detailed by the government.

May 11: Congress leader Rahul Gandhi on Monday said many states were amending labour laws, but the fight against the novel coronavirus pandemic cannot be an excuse to exploit workers, suppress their voice and crush their human rights.

Gandhi said there cannot be any compromise on the basic principles by allowing unsafe workplaces.

"Many states are amending labour laws. We are together fighting against corona, but this cannot be an excuse to crush human rights, allow unsafe workplaces, exploit workers and suppress their voice," he said.

"There cannot be any compromise on these basic principles," he added.

Congress leader Jairam Ramesh also said it would be dangerous and disastrous to loosen labour, land and environment laws in the name of economic revival and stimulus.

"In the name of economic revival and stimulus, it will be dangerous and disastrous to loosen labour, land and environmental laws and regulations as the Modi govt is planning.

"The first steps have already been taken. This is a quack remedy like demonetisation," Ramesh tweeted.

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.