PMC Bank crisis: Fourth death 83-year-old unable to pay for surgery

Chennai, Feb 20: Three people, including an assistant director were killed and 9 others injured when a crane used for the shooting of “actor Kamal Haasan starrer “Indian 2” film crashed down at Nazarathpet near Poonamallee here late on Wednesday night.

Police said the accident occurred when a group of workers were engaged in erecting a set for a scene at EVP film city, private studio. As the crane crashed down, a heavy-duty light stand that was mounted on it also fell on the workers.

Mr Haasan and the film director S.Shankar escaped unhurt in the accident.

The deceased were identified as Krishna (34), an assistant director of the film, Madhu (29) and Chandran (60), who was part of the catering team.

Tamil Nadu Fire and Rescue Services personnel, along with a fire tender from Irungattukottai rushed to the spot and retrieved the bodies from the spot.

Mr Haasan, who was at the accident spot, also helped to transport the injured people to a private hospital near Poonamallee.

The bodies were sent to the Government General Hospital for post-mortem.

The Nazarathpet police have filed a case and are investigating the cause of the accident.

Meanwhile, Mr.Haasan condoled the death of three people during the film shoot. “The accident is the most horrific I have seen in my film career. I have lost three colleagues, but my pain pales in comparison to the grief of those who have lost their loved ones.

My deepest sympathies to them, he tweeted.

The Lyca productions also expressed condolences over the tragic accident. “We are extremely saddened with the unfortunate accident happened at the sets of Indian 2. We have lost three of our most hardworking technicians, it tweeted.

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.

The government suspended all the India-bound air travel from China and has declared all visas 'invalid', on Monday, due to the rapid escalation of cases of novel coronavirus outbreak which originated in Wuhan.

"Embassy and our Consulates have been receiving several queries from Chinese citizens as well as other foreign nationals, who are based out of China or visited China in the last 2 weeks, as to whether they can use their valid single/multiple entry visas to travel to India," tweeted the Embassy of India in Beijing, China.

"It is clarified that existing visas are no longer valid. Intending visitors to India should contact the Indian Embassy in Beijing ([email protected]) or the Consulates in Shanghai ([email protected]) and Guangzhou ([email protected]) to apply afresh for an Indian visa," it said.

Further, regarding the validity of visas, the embassy said, "Indian Visa Application Centres (http://blsindia-china.com) in these cities may also be contacted in this regard. Visa Section of the Embassy/Consulates of India in China can be contacted to ascertain the validity of visa before undertaking any visit to India."

"All those who are already in India (with regular or e-visa) and had traveled from China after January 15 are requested to contact the hotline number of Ministry of Health and Family Welfare of Government of India (+91-11-23978046 and email: [email protected])," the embassy said.