Centre submits relevant documents before SC on sub-quota issue

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.”

Bhopal, Mar 13: The Madhya Pradesh Economic Offences Wing (EOW) on Thursday decided to verify facts afresh in a complaint against former Union Minister Jyotiraditya Scindia and his family, in which they are accused of falsifying a property document while selling land.

The development came after Mr Scindia quit the Congress and joined the BJP on Wednesday. 22 MLAs who belong to his camp also resigned, threatening the survival of the Kamal Nath government in the state.

"Yes, an order has been given for re-verification of facts in the complaint filed by Surendra Shrivastava," an Economic Offences Wing official told PTI.

An EOW release said Mr Shrivastava on Thursday filed a new complaint against Mr Scindia and his family, alleging that by falsifying a registry document, they sold him a piece of land at Mahalgaon which was smaller by 6,000 sq feet than the original agreement in 2009.

He had lodged the complaint first on March 26, 2014. But it was investigated and closed in 2018, the EOW official said. "As he again petitioned us today, we will re-verify the facts," the officer said.

Jyotiraditya Scindia's close aide Pankaj Chaturvedi alleged that it was political vendetta.

"The case had been closed for want of evidence. Now for vengeance, it is being reopened. We have full faith in the Constitution and law. We will get justice and Kamal Nath government a befitting reply," Mr Chaturvedi said.

New Delhi, Mar 21: Novel coronavirus cases in India rose to 258 on Saturday after 35 fresh cases were reported in various parts of the country, according to the Health Ministry.

Among the 258 are 39 foreign nationals, including 17 from Italy, three from the Philippines, two from the UK, one each belonging to Canada, Indonesia and Singapore.

The total figure also includes four deaths reported from Delhi, Karnataka, Punjab and Maharashtra.

"The total number of active COVID-19 cases across India stands at 231 so far," the ministry said, adding that 23 others have been cured/discharged/migrated while four have died.

Delhi has, so far, reported 26 positive cases, which include one foreigner, while Uttar Pradesh has recorded 24 cases, including one foreigner.

Maharashtra has 52 cases, including three foreigners, while Kerala has recorded 40 cases, which include seven foreign nationals.

Karnataka has 15 coronavirus patients. The number of cases in Ladakh rose to 13 and Jammu & Kashmir four. Telangana has reported 19 cases, which include 11 foreigners.

Rajasthan has also reported 17 cases, including two foreigners. Gujarat has reported seven cases so far.

Tamil Nadu, Andhra Pradesh and Uttarakhand have reported three cases each.

West Bengal, Odisha and Punjab each reported two cases while Puducherry, Chhattisgarh and Chandigarh reported one case each.

In Haryana, there are 17 cases, which include 14 foreigners.