Rain wreaks havoc in Himachal, Punjab; 8 dead

Agencies
September 24, 2018

New Delhi, Sept 24: Incessant showers triggered flash floods and landslides in the hill states of northern India with at least eight people killed on Monday in rain-related incidents in Jammu and Kashmir, Himachal Pradesh and Haryana.

In the wake of heavy rains, a "red alert" was issued in Punjab where educational institutes have been ordered to remain closed on Tuesday. Schools have also been closed in Doda district of Jammu and Kashmir and in most places of Himachal Pradesh.

Heavy rains led to landslides which blocked the roads to Badrinath, Kedarnath and Yamunotri, affecting the Chardham Yatra, while traffic snarls were witnessed in the national capital due to waterlogging following downpour.

The Punjab government has asked district authorities to maintain vigil to avert any untoward situation due to heavy rains, an official said.

Punjab has been witnessing widespread rain for the last two days and the downpour continued Monday, prompting state authorities to review preparations to tackle flood-like situations.

The Army has been asked to remain on alert to help Punjab deal with any eventuality arising out of the situation, an official spokesperson here said in a release. The DCs have been asked to identify hotspots with clear evacuation and relief plans ready before hand, the spokesperson said.

Incessant rains in Punjab and Haryana could cause damage to kharif crops and dip in their yield, farm experts said.

In Haryana's Ambala, a 45-year-old man died when the roof of his home collapsed due to heavy rains, police said.

Torrential rains triggered flash floods in Himachal Pradesh, sweeping away a man and a girl in Kangra and Kullu districts, respectively. A "high alert" has been sounded for Kullu district.

Several houses were also swept away in flash floods as the Beas is flowing at a dangerous level, HP forest minister Govind Singh Thakur said, cautioning people against going near rivers and nullahs.

An Indian Air Force team had rescued, with the help of a chopper, 21 people stranded due to flash floods at Dobi in Kullu district in the last 48 hours.

BJP MP from Hamirpur Anurag Thakur said, "So far, 126 roads have been affected by landslides triggered by rains and news of the loss of lives are too pouring in from many places."

People residing in low-lying areas, especially in Kangra, Chamba, Kullu and Mandi districts, are being evacuated, officials said.

In Chamba, the Ravi river is still flowing at a dangerous level and people are being evacuated from low-lying areas by the administration since Sunday, superintendent of police Monica Bhutunguru said.

Issuing a flood warning, the Bhakra Beas Management Board (BBMB) said excess water from the Pong Dam would be released due to high-pattern inflows in the Pong reservoir due to heavy rain in catchment areas.

In Uttarakhand, most of the places including state capital Dehradun received showers with around 45 rural roads blocked in these districts, the state emergency operation centre said.

Heavy rains lashed several parts of the national capital, causing waterlogging and traffic snarls on major intersections in the city.

In Jammu and Kashmir, five members of a family, including three minors, were killed on Monday when their house was buried under debris after a landslide in the Doda district, while 29 people stranded in Kathua district after flash floods were rescued.

Doda and other parts of Jammu region have been lashed by incessant rain over the past two days.

"A total of 29 persons, including six women and 10 children, were rescued from various flood-hit areas of Kathua district during overnight operations," a police officer said.

With improvement in weather, authorities Monday morning opened the 270-km Jammu-Srinagar national highway for traffic.

Multiple landslides and shooting stones from a hillock along the highway between Ramban and Udhampur districts had blocked the arterial road since Sunday morning.

According to the Meterological department, heavy to very heavy rain is expected at isolated places in Arunachal Pradesh, Assam, Meghalaya, western Uttar Pradesh, Uttarakhand, Haryana, Chandigarh, Delhi and Himachal Pradesh.

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News Network
March 26,2020

New Delhi, Mar 26: Finance Minister Nirmala Sitharaman on Thursday announced a Rs 50 lakh insurance cover for healthcare workers who are at the forefront of dealing with coronavirus pandemic.

Sitharaman said the government has finalised an economic stimulus package to deal with the impact of 21-day countrywide lockdown to prevent spread of the virus.

“It’s only 36 hours since the lockdown has been imposed. Now we have come with a package which immediately take care of the welfare concerns of the poor and suffering workers and those who need immediate help,” Sitharaman said.

She also said that 80 crore poor people, nearly two thirds of the population  will get five kg of rice or wheat per month for three months, in addition to the 5 kg they already receive, for free."

The rationcard holders can take the foodgrains and pulses from the Public Distribution System (PDS) in two installments, she added.

"This measure will ensure no gareeb (poor) remains hungry," Sitharaman said.

The package will include cash transfer and food subsidy, she said.

"Farmers who currently receive Rs 6,000 annually, will be given the first installment of the next financial year immediately. 8.7 crore farmers will benefit from it," said Sitharaman.

As many of 20.5 crore women Jan Dhan Account holders will get Rs 500 per month for next three months to run their households.

For poor senior citizens, widow and disabled will get an ex-gratia of Rs 1,000.

Also, the daily wage under MNREGA has been increased to Rs 202 a day from Rs 182 to benefit 5 crore workers.

The minister said the government will front-load Rs 2,000 payment to farmers in the first week of April under the existing PM Kishan Yojana to benefit 8.69 crore farmers.

Also, the beneficiaries of Ujjwala LPG scheme will get free cooking gas for the next three months, she said.

This forms part of the Rs 1.70 lakh crore Gramin Kalyan Package.

Prime Minister Narendra Modi last week had constituted a task force headed by the Finance Minister to work out package for economy hit by coronavirus.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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News Network
June 17,2020

New Delhi, Jun 17: With an increase of 10,974 new cases and 2,003 deaths in the last 24 hours, India's COVID-19 count reached 3,54,065 on Wednesday while the toll due to the virus stands at 11,903.

This includes 1,55,227 active cases and 1,86,935 cured, discharged and migrated patients, according to the Union Health Ministry.

While the spike in the number of cases has stayed below the 11-thousand mark, the death toll has increased manifold today as compared to the 380 death reported on Tuesday.

Maharashtra with 1,13,445 cases continues to be the worst-affected state in the country with 50,057 active cases while 57,851 patients have been cured and discharged in the state so far. The toll due to COVID-19 has crossed the five thousand mark and reached 5,537 in the state.

It is followed by Tamil Nadu with 48,019 and the national capital with 44,688 confirmed cases.

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