Over 200 terrorists active in J&K, claims govt

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.

Chennai, Apr 25: Civic authorities on Saturday turned down a plea for exhuming the body of a doctor who died of COVID-19 here and burying it in another cemetery, citing health experts' view that it was unsafe to do so. Citing a request from the wife of the deceased doctor to allow exhumation and then re-burial at a cemetery in Kilpauk, the Greater Chennai Corporation said it sought a report from a committee of public health experts to ascertain the feasibility of entertaining her plea.

The spouse of the doctor had appealed to the GCC on April 22 to exhume and bury again her husband's body. She had said that burial in the Kilpauk cemetery here was her husband's last wish and he had conveyed it to her before he was put on a ventilator.

The report of experts has said that "it is not safe" to exhume and again bury the body of a COVID-19 victim and hence "it is not possible to accept her request," the GCC said in an official release. On April 19, a city-based 55-year-old neurosurgeon died of coronavirus and his burial at the Velangadu crematorium here was marred by violence.

A mob which falsely feared that the burial may lead to the spread of contagion had attacked the corporation health employees and associates of the deceased doctor. The doctor's wife and son also had to leave the burial ground in view of the violence.

The body was brought to Velangadu as people of Kilpauk area had opposed his burial there. Over a dozen men involved allegedly in violence were arrested and remanded to judicial custody. Later, in a video message, the surgeon's wife had said that it was her husband's last wish to be interred at the Kilpauk cemetery as per Christian rituals

Chief Minister K Palaniswami and DMK president M K Stalin had spoken to her on Wednesday over the phone and condoled her husband's death.

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.