Modi receives Israeli PM Netanyahu at airport

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, Apr 15: Tablighi Jamaat leader Maulana Saad Kandhalvi has been booked for culpable homicide after some of the attendees of the religious congregation died due to coronavirus, police said on Wednesday.

Kandhalvi had organised the religious gathering at Nizamuddin Markaz last month against the social distancing protocol imposed by the Centre to curb the spread of the deadly disease.

An FIR was registered against the cleric on March 31 at Crime Branch police station on a complaint of the Station House Officer of Nizamuddin.

He was earlier booked for holding the event, police said.

“After several attendees of the Tablighi Jamaat event succumbed to coronavirus, we added IPC section 304 (culpable homicide not amounting to murder) in the FIR against the leader, a police official said.

Some foreigners who attended the event have also been booked for violation of visa norms.

In an audio message, Kandhalvi had said that he was exercising self-quarantine after several hundreds who visited the Tablighi Jamaat congregation at Nizamudddin Markaz tested positive for coronavirus.

The FIR registered against the Tablighi Jamaat event says that the Delhi Police contacted the authorities of Nizamuddin Markaz on March 21 and reminded them of the government order which prohibited any political or religious gathering of more than 50 people.

It says that despite repeated efforts, the event organisers failed to inform the health department or any other government agency about the huge gathering inside the Markaz and deliberately disobeyed government orders.

“The sub district magistrate of Defence Colony inspected the premises several times and found that around 1,300 people, including foreign nationals, were residing there without maintaining social distance. It was also found that there were no arrangements of hand sanitizers and face masks,” the FIR adds.

The Nizamudddin centre, attended by thousands, turned out to be a hotspot for spread of coronavirus not only in the national capital, but the entire country.

More than 25,500 Tablighi members and their contacts have been quarantined in the country after the Centre and the state governments conducted a "mega operation" to identify them.

At least 9,000 people participated in the religious congregation in Nizamuddin. Later, many of the attendees travelled to various parts of the country.