Modi asks BJP MPs, MLAs to submit account statement post demonetisation

New Delhi, Jun 9: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre - the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

Mumbai, Apr 4: As many as six Central Industrial Security Force (CISF) personnel stationed at Mumbai airport in Maharashtra have tested positive for coronavirus, taking the total number of positive cases among the central force to 11. The first case of a CISF jawan being diagnosed with the viral disease was reported on March 28. 

After the first case, the armed police force reported four more cases of COVID-19 among the personnel stationed at the airport on Thursday. On the same day, the CISF collected samples of 146 staff and sent them to Kasturba hospital for testing. The results, which arrived on Friday, recorded six more COVID-19 cases among, reported news agency.

The personnel were posted at Kharghar adjoining Mumbai, a senior official told news agency.

As of now, there are 14 COVID-19 cases in Panvel Municipal Corporation (PMC) area in Mumbai. Kharghar comes under the civic body's jurisdiction.

All the 146 CISF personnel were shifted to a quarantine centre at a facility at Kamothe reported the Times of India.

Maharashtra reported 67 new COVID-19 cases, taking the total tally to 490. A total of 26 deaths have been reported in the state.  

In the meantime, the Centre on Friday said there is no shortage of medical supplies across the country to fight COVID-19 outbreak.

"The government of India is making sure that all the essential medical supplies are in place to fight COVID-19. Sixty-two lifeline Udan flights transported over 15.4 tons of essential medical supplies in the last five days," Union Minister for Chemical and Fertilisers DV Sadanada Gowda said in a tweet.

The government is also paying full attention to the manufacturing activities of essential items like pharmaceuticals and hospital devices. For this, over 200 units in Special Economic Zones (SEZs)  are operational, he added.

"A Central Control Room has also been set up for close monitoring of the distribution of essential medical items and to address logistic related issues," Gowda said.

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.”