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
Two Indian officials working at Indian Mission in Islamabad go missing
News Network
June 15,2020
New Delhi, Jun 15: Two officials working with the Indian High Commission in Islamabad have reportedly gone missing, sources said.
The two officials are untraceable for the last few hours.
Recently news agency reported on how Pakistan 's spy agency ISI has been tailing and harassing Indian officials and also increased their presence at the residence of Acting High Commissioner Gaurav Ahluwalia.
This incident came in the backdrop when two Pakistani officials were caught red-handed and sent back trying to collect classified information and spying in Delhi.
South block is watching the developments closely, the Indian mission has also launched a complaint with local authorities and taken up the matter Pakistan Foreign Ministry.
This incident can cause a further dip in the already tense India-Pakistan relations.
Earlier in the month, India deported two Pakistani officials for espionage activities in India.
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Budget 2020: 'New education policy soon, Rs 99,300 cr allocated for sector'
News Network
February 1,2020
New Delhi, Feb 1: Finance Minister Nirmala Sitharaman promised to make India a higher education destination, as she unveiled the government’s plan to invest in the education sector in her Budget speech.
“We propose Rs 99,300 crore for education sector in 2020-21 and Rs 3,000 crore for skill development,” said Sitharaman. While there is an increase of 4.6 per cent in the education spending than last year, the budget for skill development remains almost unchanged. Sitharaman also announced holding IND-SAT exam in African and Asian countries, for foreign candidates who wish to study in India.
The Finance Minister had listed three themes of the Union Budget 2020 while presenting the financial statement of the government in Parliament: Aspirational India to boost the standard of living, economic development for all, and building a humane and compassionate society. The spend under education is being done under aspirational India, “which focusses on focussed on skills, education, and agriculture” said Sitharaman.
“A degree-level full-fledged online education programme will be offered by institutes in top 100 in National Institutional Ranking Framework,” said Sitharaman, adding that Centre will announce a new education policy soon. “The government has received over 2 lakh suggestions on it.”
Further giving boost to India’s import of skilled human capital, Sitharaman said, “I propose special bridge course for nurses and medical professional for labour export to countries who open their door for such jobs.”
“Steps will be be taken to attract external commercial borrowing and Foreign Direct Investment (FDI) in the education sector,” the finance minister added.
She further said the government plans to start a programme for urban local bodies to provide opportunities for internship to young engineers.
The Finance Minister also said National Police University and National Forensic University are being proposed.
The government has also proposed to attach medical colleges with district hospitals on PPP model to deal with shortage of doctors, Sitharaman added.
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Over 38,000 doctors volunteer to join fight against COVID-19
News Network
May 29,2020
New Delhi, May 29: More than 38,000 doctors, including those retired from the Armed Forces Medical Services, have volunteered to help the government in its fight against COVID-19 pandemic, a senior official said on Friday.
On March 25, the government had made an appeal to doctors, including the retired ones, to come forward and join the efforts to fight the pandemic.
"38,162 volunteer doctors, including retired government, Armed Forces Medical Services, public sector undertaking or private doctors have signed up with the government to battle COVID-19 pandemic," the official said.
The official further said Niti Aayog has sent a list of names of these doctors to Ministry of Health and Family Welfare and National Disaster Management Authority (NDMA).
In a statement posted on Niti Aayog's website on March 25, the government had said those who wish to contribute to this noble mission may register themselves through a link provided on the Aayog's website.
"The Government of India requests for volunteer doctors who are fit and willing to be available for providing their services in the public health facilities and the training hospitals in the near future.
"We appeal to such doctors to come forward at this hour of need. You could also be a retired government, Armed Forces Medical Services, public sector undertaking or a private doctor," the statement had said.
It had noted that in case the outbreak leads to a high number of infected individuals, India's public health facilities will face tremendous load to take care of a large number of patients.
Many countries, including the US, Italy, the UK and Vietnam, had also urged retired health workers to come back to work amid the pandemic.
The number of COVID-19 cases in India has climbed to 1,65,799, making it the world's ninth worst-hit country by the coronavirus pandemic.
The Health Ministry on Friday said the death toll due to COVID-19 rose to 4,706 in the country.
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