‘Modi govt will not tolerate this’: HRD minister to universities against CAA

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.”

New Delhi, Jun 13: Petrol price on Saturday was hiked by 59 paise per litre and diesel by 58 paise as oil companies for the seventh day in a row adjusted retail rates in line with costs since ending an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 75.16 per litre from Rs 74.57, while diesel rates were increased to Rs 73.39 a litre from Rs 72.81, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

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

In seven hikes, petrol price has gone up by Rs 3.9 per litre and diesel by Rs 4.

The freeze in rates was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices.

Thiruvananthapuram, Apr 27: BJP's Kerala state President K Surendran on Monday said it is 'highly irresponsible' of Chief Minister Pinarayi Vijayan to not attend PM's video conference with all chief ministers on prevailing COVID-19 situation earlier today.

"The Kerala Chief Minister not attending the important conference regarding a pandemic in the country is not good for the state," Surendran said.

The BJP state President believes Vijayan has sent a wrong message by not attending the conference.

"It is the irresponsible behavior of the Chief Minister. Prime Minister Narendra Modi says that team India is fighting this pandemic together. By not attending the meeting, the Kerala CM has sent a wrong message, " he added.

Surendran said that the meeting was of high priority as PM was meeting the state CM's regarding the important decision of lockdown in the country.

"From the last meeting, many things have changed. Other chief ministers who did not get a chance to speak, participated in the meeting. But Kerala CM chose not to attend the meeting and BJP condemns it, " he said.

Kerala CM Pinarayi Vijayan had not participated in the PM's video conference held earlier today and instead Kerala Chief Secretary Tom Jose represented the state in the meet.

According to sources, Kerala has given its suggestions in writing.

This was the fourth such interaction of the Prime Minister with the Chief Ministers, the earlier ones had been held on March 20, April 2, and April 11.

PM Modi in the meeting said the lockdown has yielded positive results as the country has managed to save thousands of lives in the past one and a half months.