Petrol cheaper by Rs 2.43/litre, diesel by Rs 3.60

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.

Patna, Apr 9: In a horrifying incident, a migrant woman was sexually abused in a Gaya hospital where she was kept in an isolation ward. Three days later, she died due to excessive bleeding.

The matter came to light on Tuesday when her mother-in-law informed the authorities concerned about the shocking incident.

The 25-year-old victim had returned to Bihar’s Gaya district from Ludhiana (in Punjab) along with her husband on March 25. Before returning to her in-laws’ place, she had undergone abortion at Ludhiana just when she was two months pregnant.

On reaching Gaya, she complained of excessive bleeding. Her husband admitted her to Anugrah Narain Magadh Medical College and Hospital (ANMMCH) on March 27 where she was kept in the emergency ward.

Later, on April 1, on being suspected to be coronavirus patient, she was kept in an isolation ward. Her family members alleged that it was in this isolation ward where a doctor attending to her overnight outraged her modesty for two successive nights on April 2 and 3.

“The following day, she was discharged from the hospital after her coronavirus test report was found to be negative. However, after returning home, she remained aloof and struck by fear. On questioning, she revealed how a doctor had sexually abused her in the isolation ward. On April 6, she passed away due to excessive bleeding,” said her mother-in-law.

On receiving the information, the local police asked the mother-in-law to come to the hospital on Tuesday and identify the doctor (about whom the victim had given a description). However, the accused was not identified.

“Prima facie, the matter is serious. We are verifying the allegations. We will dig out the CCTV footage in the hospital and take strict action after identifying the culprit,” said Dr VK Prasad, the hospital superintendent.

Meanwhile, the Gaya police have arrested two people who posed as doctors and entered the isolation ward using doctors’ kits. One of the apprehended people works in a private.