Mumbai, Mar 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Monetary Policy Committee (MPC) has taken note of the global economic activity coming to a near standstill due to the coronavirus pandemic and added that large parts of the world could slip into recession in the coming days to the coronavirus crisis.
"The MPC noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing are imposed across a widening swath of affected countries. Expectations of a shallow recovery in 2020, from 2019's decade low in global growth, have been dashed," Das said.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," he added.
The RBI Governor further added that "the implied GDP growth of 4.7 per cent in Quarter 4 of 2019-20, in the second advance estimates of the National Statistics Office which was released in February 2020, within the annual estimate of 5 per cent for the year as a whole is now at risk."
As per the outlook for the year 2020-21, Das said, "Apart from continuing resilience of agriculture and allied activities most other sectors of the economy will be adversely impacted by the pandemic depending upon, its intensity, spread and duration."
Das also announced a reduction in the repo and reverse repo rates for banks.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability."
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Rising probability that large parts of world will slip into recession due to COVID-19: RBI Governor
News Network
March 27, 2020
'Ramarchan puja' begins in Ayodhya ahead of 'bhoomi pujan'
Agencies
August 4,2020
Ayodhya, Aug 4: Ramarchan puja begins at Ram Janmabhoomi site ahead of the foundation laying ceremony of Ram Temple in Ayodhya.
Ramarchan Puja is a prayer to invite all major gods and goddesses ahead of Lord Ram's arrival.
Mahesh Bhagchandka, one of the trustees of Ashok Singhal foundation as Yajman in the puja said, "This is being conducted at the temporary seat of Ramlalla. The pooja will be conducted in four phases."
Speaking about the third and fourth phases, he said: "In the third phase, Dashrath, father of Lord Ram with his wives will be worshipped and then all three brothers of Lord Ram - Laxman, Bharat and Shatrughan with their wives. Lord Hanuman ji will too be worshipped. Whereas in the fourth phase, Lord Ram will be worshipped."
Meanwhile, security has been heightened in Ayodhya ahead of the foundation laying ceremony.
Temples across the city is decorated with lights, diyas and flowers ahead of the grand event. Patna's Mahavir Mandir Trust is preparing over 1.25 lakh 'Raghupati Laddoos' for the occasion. Thes laddoos will be distributed as 'prasad' to devotees.
Uttar Pradesh Chief Minister Yogi Adityanath on Monday offered prayers at the Hanuman Garhi temple during his visit to Ayodhya to take stock of the preparations for the 'bhoomi pujan'.
He along with officials also visited 'Ram ki Paudi' to inspect the arrangements ahead of the foundation stone laying ceremony.
Prime Minister Narendra Modi is scheduled to lay the foundation stone of the Ram Temple in Ayodhya on August 5.
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With spike of 19,148 cases, India's COVID-19 tally crosses 6 lakh mark
News Network
July 2,2020
New Delhi, Jul 2: India's COVID-19 tally breached the 6 lakh cases mark with 19,148 new coronavirus cases being reported in the last 24 hours, informed the Union Ministry of Health and Family Welfare on Thursday.
The total cases now stand at 6,04,641 of which there are 2,26,947 active cases while 3,59,860 patients have been cured/discharged/migrated.
434 deaths have been reported in the last 24 hours taking the number of COVID-19 deaths in the country to 17,834.
Maharashtra, the worst-hit state, has a total of 1,80,298 cases including 8,053 fatalities. Meanwhile, Tamil Nadu has 94,049 cases inclusive of 1,264 deaths.
Delhi has 89,802 coronavirus cases including 2,803 deaths.
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India among 58 nations including 27 EU members questioning WHO on COVID-19 response
Agencies
May 18,2020
India is among 58 nations, including 27 European Union members, who have moved a draft resolution demanding evaluation of the World Health Organisation (WHO)'s response towards the novel coronavirus pandemic.
The European Union-led draft resolution on global COVID-19 response is set to be tabled at the upcoming World Health Assembly on Monday.
The draft resolution demands initiation "at the earliest appropriate moment to review experience gained and lessons learned from the WHO-coordinated international health response to COVID-19".
"We are deeply concerned by the morbidity and mortality caused by COVID-19 pandemic, the negative impacts on physical and mental health and social well-being, the negative impacts on economy and society and the consequent exacerbation of inequalities within and between countries," read the draft.
"We express solidarity to all countries affected by the pandemic, as well as condolences and sympathy to all the families of the victims of COVID-19," it added.
The resolution says timelines are to be evaluated regarding "recommendations the WHO made to improve global pandemic prevention, preparedness, and response capacity".
The WHO on January 23 declare a global health emergency, but did not declare it and waited for a week for its director-general Tedros Adhanom Ghebreyesus to return from China.
By that time, COVID-19 cases increased 10 times and the virus entered 18 countries.
According to Health Policy Watch, till as late as February, the WHO did not support countries for imposing travel restrictions to China.
"When countries began evacuating their citizens from Wuhan, the COVID-19 epicentre, the WHO said it did not favour this step".
The WHO finally declared it a pandemic on March 11.
The global health body has come under criticism not just from the US for its response being "China-centric".
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