PIL seeking report on Jayalalithaa's health condition filed

New Delhi, May 17: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report.

According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP).

"Given the continued rise of COVID-19 cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22," the report said.

India's COVID-19 tally has crossed 90,000 and the nationwide death toll has touched nearly 2,800 so far.

The report titled "India: Surmounting the economic challenges posed by COVID-19: A 10-point programme to revive and power India's post-COVID economy" said the 'collateral damage' of the forecasted GDP slowdown, will be felt most acutely in employment, poverty alleviation, per-capita income and overall nominal GDP.

"Unemployment may rise to 35 per cent from 7.6 per cent resulting in 136 million jobs lost and a total of 174 million unemployed. Poverty alleviation will receive a set-back, significantly changing the fortunes of many, putting 120 million people into poverty and 40 million into abject poverty," the report said.

"India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8 per cent in FY21. An opportunity loss of USD 1 trillion is staring India in its face," said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India and South Asia.

Maitra further said "for its USD 5 trillion vision, a radical economic approach is needed, centred on an immediate stimulus and structural reforms. The Prime Minister's visionary 'Atma Nirbhar Bharat Abhiyan' is a good start to this new approach."

The report lauded the steps taken by the government and the Reserve Bank of India, but said a far more assertive approach may be required given the magnitude of the adverse economic output.

The report suggested a 10-point programme to accelerate the recovery which include strengthening the 'safety net' significantly for the most vulnerable, enable survival of small and medium businesses, restarting the rural economy and providing targeted assistance to at-risk sectors.

It further said the government should launch "Make in India 2.0" to capture global opportunities, build 'Modern India', accelerate Digital India and Innovation, strengthen global investment corridors with the US, UAE, Saudi Arabia, Japan and the UK, debottleneck land and labour and transform banking and financial markets in a bid to secure a sustainable economic future for 1.3 billion Indians. 

Kochi, May 5: India has sent three naval ships to evacuate its citizens stranded in the Maldives and UAE due to the COVID-19 pandemic, a defence spokesperson said in the early hours on Tuesday.

INS Jalashwa deployed off Mumbai coast, along with INS Magar, diverted for Maldives on Monday night, he said.

While INS Shardul diverted to Dubai to evacuate the expatriates, the spokesperson added.

The three ships will return to Kochi, he said.

INS Magar and INS Shardul are Southern Naval Command ships, while INS Jalashwa is from Eastern Naval Command.

New Delhi, Feb 5: AIMIM chief Asaduddin Owaisi on Wednesday expressed his suspicion over the government using force to clear the Shaheen Bagh stretch where an agitation has been ongoing for over 50 days against Citizenship Amendment Act (CAA).

While speaking to ANI over the phone, Owaisi was asked that there are indications from the government that after February 8, Shaheen Bagh will be cleared.

In reply, he said, "Might be they will shoot them, they might turn Shaheen Bagh into Jallianwala Bagh. This might happen. BJP minister gave a statement to 'shoot a bullet'. The government must give an answer as (to) who is radicalising."

Further speaking about NPR and NRC, Owaisi said, "Government must give a clear cut answer that till 2024 NRC will not be implemented. Why are they spending Rs 3900 crore for NPR? I feel this way because I was a History student. Hitler during his reign conducted census twice and after that, he pushed the jews in a gas chamber. I don't want our country (to) go in that way."