Bandh evokes mixed response, CII estimates Rs 12,000 crore loss to economy

September 20, 2012
Bundh

New Delhi, September 20: The bandh called by NDA, Left parties and SP to protest against diesel price hike, FDI in multi-brand retail and cap on subsidized LPG on Thursday evoked mixed response as protestors disrupted road and rail traffic in parts of UP, Bihar, West Bengal and Odisha but it had little impact in Mumbai.

In Delhi, most of the markets remained closed and vehicular movement was normal though protesters blocked traffic at some places.

Shops in some areas like Bhogal, Laxmi Nagar, Defence Colony and South Extension in the capital were open in the morning hours but big markets like Khan Market, Connaught Place, Greater Kailash, Karol Bagh, Chandni Chowk and Kashmere Gate were shut.

Auto rickshaws plied in the city and buses of state-run Delhi Transport Corporation (DTC) were on the roads in large numbers. At New Delhi railway station, auto drivers staged a protests and refused to carry passengers.

However, most of the private schools in Delhi remained closed.

BJP supporters blocked vehicular movement on Vikas Marg. A BJP spokesperson said the party will be staging protests at around 100 locations in the capital.

A senior Delhi Police official said a large number of personnel have been deployed. "We have ensured that every major road has police presence," he said.

Samajwadi Party and BJP workers staged demonstrations and stopped trains at a number of places in Uttar Pradesh. Protestors stopped trains in Mathura, Agra, Varanasi, Allahabad and Lucknow while BJP workers and traders blocked the Agra-Gwalior Highway by burning tyres.

Major markets remained closed at a number of places in UP, including in the state capital, official sources said in Lucknow.

Raising slogans against FDI in retail, a group of SP workers held a demonstration outside the Wal-Mart store at Sultanpur in Lucknow. The party also protested outside divisional railway manager's office in Hazratganj.

The bandh evoked little response in Mumbai owing to Ganesh festivities across Maharashtra. Shiv Sena and Maharashtra Navnirman Sena (MNS) have kept away from the day-long bandh due to the festival.

Loss of Rs 12,000 crore

"Today's bandh (strike) has been disruptive for business and trade in many parts of the country. While an exact loss for the entire economy is not known, it can be estimated that almost Rs 12,500 crore ($2 billion) has been the loss to the country in terms of disruptions in production and trade," the Confederation of Indian Industry (CII) said on Thursday.

It also said the government should not roll back the recent reform measures under political pressure.

"Good economics seldom makes for good politics and therefore, it is important to communicate to the masses the merit and necessity of the reform measures announced by the government," the CII said.


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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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News Network
March 24,2020

New Delhi, Mar 24: The total number of active COVID-19 cases reported so far in the country stands at 446 while the number of people who have been cured or discharged stands at 36, according to the Ministry of Health and Family Welfare.

Nine people have died from the disease while one case has migrated, the Ministry further informed.
The Central government has taken several steps to contain the rapid spread of the virus, including stoppage of all incoming passenger traffic on 107 immigration check posts at all airports, seaports, land ports, rail ports, and river ports.
There is a complete lockdown in as many as 548 districts of the country affecting several hundred million people.
The Indian Railways has also cancelled all passenger train operations till March 31.

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News Network
April 3,2020

New Delhi, Apr 3: Jamiat Ulema-e-Hind leader Mahmood Madani on Thursday said that misbehaviour with doctors cannot be tolerated as they are working to protect everyone.

"We can only spread awareness about coronavirus that its only cure is by taking precautions. The government shared the precautions that people should not take part in any gathering, be clean and maintain social distance. After the reports, it will clear that how it is spread in the country," Madani told news agency.

"People who are objecting to testing in Lok Nayak Jai Prakash Narayan Hospital are very wrong and they should follow the instructions.

Hospital authorities and administration should talk to them. Today doctors are our soldiers who protect us and wrong behaviour with doctors cannot be tolerated," he added.

He further said that Jamiat wrote to the PM Narendra Modi that they will provide a place for 10,000 people in different states. Our workers also distributed food to one lakh people, he added.

People who attended a religious prayer meeting from March 13-15 at Markaz in the Nizamuddin area of Delhi were sent to Lok Nayak Hospital for coronavirus test on March 30.

The Union Ministry of Health and Family Welfare on Thursday said that there are 2,069 coronavirus positive cases in India, including 1,860 active cases, 156 cured/discharged/migrated people and 53 deaths.

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