PM Modi to feature in Discovery's 'Man vs Wild' with Bear Grylls

New Delhi, Jun 15: On Monday, petrol and diesel prices across the country were raised for the ninth consecutive day by 48 paise and 59 paise, respectively.

Petrol price per litre was raised to Rs 76.26 in New Delhi, Rs 83.17 in Mumbai, Rs 79.96 in Chennai, Rs 79.17 in Hyderabad, Rs 78.73 in Bengaluru and Rs 78.10 in Kolkata.

Diesel price per litre was hiked to Rs 74.62 in New Delhi, Rs 73.21 in Mumbai, Rs 72.69 in Chennai, Rs 72.93 in Hyderabad, Rs 70.95 in Bengaluru and Rs 70.33 in Kolkata.

Since 7 June, after ending their 82-day hiatus in daily revision, state-owned oil marketing companies have increased petrol price by Rs 5 per litre and diesel by Rs 5.23 per litre.

These prices are close to levels last seen in October-November 2018 when international oil prices had spiked close to $80 per barrel. In October 2018, petrol price in Mumbai had crossed Rs 90-mark and in Delhi, it was around Rs 83 per litre.

Comparatively, on Monday, Brent crude, the international benchmark for crude oil prices, fell 2.3 percent to $37.84 a barrel over concerns of subdued demand for fuel as new coronavirus infections were reported in China and the US.

The present spike in fuel prices in India could be attributed to the fact that central and state governments, along with oil marketing companies are looking to make up for their loss in revenues due to the lockdown.

Last month, the central government had increased the excise duty on per litre of petrol by Rs 10 and per litre of diesel by Rs 13. Several state governments have also hiked their VAT or cess on fuel in the last month. In fact, now around 70 percent of the retail price of fuel is just some form of tax.

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

New Delhi, April 7: The government continued to take steps to contain the spread of coronavirus including a strategy of cluster containment as the cases continued to rise and Tuesday saw single-day largest jump of 722 positive cases.

The total number of positive cases reached 4,789 on Tuesday, the 14th day of lockdown.

According to the latest update of the Health Ministry, there are 4,312 active cases, 352 persons have been cured or discharged (one migrated) and 124 have died.

Maharashtra has the largest number of positive cases at 868 and also accounts for the largest number of deaths at 48. Tamil Nadu has 621 confirmed cases.

Thirteen persons have died in Madhya Pradesh and the same number in Gujarat.
The 21-day lockdown was announced on March 24 by Prime Minister Narendra Modi.

At the regular media briefing at 4 pm, Lav Aggarwal, Joint Secretary in the Health Ministry, said that the government is adopting a strategy for cluster containment.

"This strategy is producing positive results, especially in Agra, Gautam Buddh Nagar, Pathanamthitta, Bhilwara and East Delhi," he said.

Aggarwal said that a recent study by the Indian Council of Medical Research (ICMR) has shown that a person infected with coronavirus can infect 406 others in just 30 days if he does not follow the lockdown and social distancing norms.

He said no decision has been taken on extending the lockdown and urged against any speculation.

He said latest technology was being used for management of COVID-19 and there was real-time tracking of ambulances.

The official said the dedicated facilities for COVID-19 are divided into three parts -- COVID Care Centre, Dedicated COVID Health Centre and Dedicated COVID Hospitals.

He said that COVID Care Centres were for treating mild, very mild and likely to be COVID-19 patients. Hostels, hotels, school, and stadium can be used for this. "We have asked states to map it with COVID Care Hospitals and COVID Health Centre so that patients can be shifted if needed," he said.

The official said that COVID Health Centres were for treating COVID-19 patients of clinically moderate level of seriousness. "For this, fully functional hospitals will be used. A dedicated block of a fully functional hospital can also be used for this. The hospitals must have beds with oxygen support," he said.

Aggarwal said that dedicated COVID Hospitals were meant for severe and critical cases and these must be fully-equipped with ICUs and ventilators.
New coronavirus cases were reported on Tuesday from several states including Maharashtra, Madhya Pradesh, West Bengal, and Tamil Nadu.

The Ministry of Environment, Forest and Climate Change has issued an advisory about containing coronavirus in national parks, sanctuaries and tiger reserves in view of the spread of COVID-19 and a report about tiger being infected in New York. The Central Zoo Authority has also advised zoos in India to remain on high alert.

Here's a quick read on the COVID-19 related updates

1. The Indian Railways has prepared 40,000 isolation beds in 2,500 coaches and this work is ongoing in 133 locations across the country.

2. Madhya Pradesh Chief Minister Shivraj Singh Chouhan said he was willing to extend the lockdown in the state after the completion of 21-day period to save lives.

3. The government is monitoring the movement of pharmaceuticals closely and the movement of pharmaceuticals through trucks has stabilised in the country.

4. Under the 'Lifeline Udan' initiative, 152 flights have transported over 200 tonnes of cargo till April 6.

5. According to ICMR, testing of 1,07,006 people has been carried out till date and 136 government labs and 59 private labs are conducting tests in the country.

6. The Home Ministry said that the status of essential goods and services was by and large satisfactory in the country. Home Minister Amit Shah has issued directives to the states to ensure there is no hoarding or black marketing in any corner of the country.

7. The number of corona positive cases in Uttar Pradesh has reached 314. Of these, 168 patients are connected to Tablighi Jamaat, state Chief Minister Yogi Adityanath said on Tuesday.

8. The government has lifted restrictions on export of 24 pharmaceutical ingredients and medicines made from them.

9. Union Defence Minister Rajnath Singh said the Group of Ministers had "an extensive discussion on the prevailing situation post the lockdown" in the country. They also appreciated the Cabinet's decision to cut MP's salary for a year.

10. Central Zoo Authority has advised zoos in the country to remain on highest alertness, watch animals on 24X7 basis, using CCTV for any abnormal behavior or symptoms.