Shamika Ravi to be appointed as member of PM economic panel

New Delhi, Jul 19: Blaming the BJP for the political drama in Rajasthan, senior Congress leader Digvijaya Singh on Sunday asked Sachin Pilot not to leave the grand old party.

In an interview to news agency, the former Madhya Pradesh chief minister said Pilot should not follow Jyotiraditya Scindia into the BJP, as he has bright future in Congress.

His remarks follow Pilot's open rebellion against the Ashok Gehlot government, which has been on shaky ground with at least 18 legislators backing the rebel leader.

Pilot was sacked as Rajasthan deputy chief minister and the state Congress chief recently and the Congress has accused the BJP of making efforts to topple the Gehlot-led government by indulging in horse-trading.

"The BJP is behind the crisis in Rajasthan," Singh said.

The Congress veteran said he tried to call Pilot but his calls and text messages went unanswered.

"Age is on your side. Ashok (Gehlot) may have offended you, but all such issues are best resolved amicably. Dont make the mistake that Scindia made. BJP is unreliable. Nobody who joined it from any other party has succeeded there," Singh said.

He said this is the first time that Pilot hasn't responded to him.

"Sachin is like my son. He respects me and I also like him. I called him three-four times and also texted him. He didn't revert. He used to respond immediately earlier," he said.

"It is good to be ambitious. How can one move forward without having ambitions, but along with ambition, one must also have commitment to your organisation, ideology and the nation," Singh said.

For latest updates on the Rajathan Political Crisis, click here

"I heard that he (Pilot) may form a new party. But what is the need for it. Has Congress not given him anything? He was made an MP at 26, a Union minister at 32, the state Congress president at 34 and deputy chief minister at 38. What else does he want? Time is on his side," Singh said.

If Pilot had any issue, then as the state party unit president, he should have called a meeting and discussed the matter, he said. Pilot could have involved Congress national general secretary and Rajasthan in-charge Avinash Pande in talks with Gehlot to resolve differences, he added.

"If you have faith in your legislators, why have you have confined 18-19 of them in ITC Grand hotel at Manesar in Haryana," Singh said.

This is the same hotel where the BJP kept MLAs from Maharashtra, Karnataka and Madhya Pradesh (during political dramas in those states), he said.

Pilot should forget whatever has happened, come back and sit across the table to discuss how Congress could be strengthened, he said

Lucknow , May 13: Samajwadi Party chief Akhilesh Yadav on Wednesday took a jibe at Prime Minister Narendra Modi over announcing Rs 20 lakh crore special economic package to boost the economy saying that the Centre is again making "false promises to 133 crore Indians".

"Earlier, you promised Rs 15 lakh and now Rs 20 lakh crore. You have made false promises 133 times with 133 crore Indians. How can someone trust you this time? People now are not asking how many zeroes there are but how many false promises have been made," he tweeted (translated from Hindi).

Yesterday, Prime Minister Narendra Modi had announced a Rs 20 lakh crore economic stimulus package for the country fighting COVID-19, stating that it will give a new impetus and a new direction to the self-reliant India campaign.

The Prime Minister had also announced that the fourth phase of lockdown will be completely redesigned with new rules and will commence from May 18.

Mar 21: India’s economy, already in the grip of a slowdown, is in for more pain after Prime Minister Narendra Modi appealed to citizens to stay at and work from home to curb the coronavirus outbreak.

The services sector, which accounts for about 55% of India’s gross domestic product, is poised to be the worst hit after Modi, in a late evening address on Thursday, urged citizens to go on a self-imposed curfew for a day and private companies to allow employees to work from home for longer. In the country’s vast informal sector, social-distancing measures could mean a dent to productivity and consumption because of job or pay losses.

“The impact of a partial lock-down or social distancing will be significant,” said Rahul Bajoria, a senior economist at Barclays Plc in Mumbai. “If there’s a widespread community outbreak, GDP could fall as low as 3.5% in the year starting April 1.”

Shrinking output may limit growth in an economy that’s already set to expand at an 11-year low of 5% in the current year to March 31. Before the virus outbreak, India had forecast growth to recover to 6%-6.5% in the next fiscal year. S&P Global Ratings and Fitch Ratings have already slashed their growth forecast by 50 basis points.

“The current social-distancing measures will severely impact airlines, hotels, malls, multiplexes, restaurants and retailers,” according to analysts at Crisil Ltd., the local unit of S&P Global. “Lower footfalls and occupancies, decline in business volume and sub-optimal operating efficiencies will impact cash flows of companies in these sectors,” wrote the analysts led by Chief Economist Dharmakirti Joshi.

The government will try to announce a relief package for virus-affected sectors as early as possible, Finance Minister Nirmala Sitharaman said Friday.

In a televised address, Modi advised all citizens to stay at home for a day on March 22, as he sought to stem the spread of the coronavirus -- cases of which are relatively low in India at about 200, compared with more than 200,000 infected people globally. His government also barred incoming flights for a week from that day, joining a growing list of countries effectively sealing their borders.

What Bloomberg’s Economists Say

We had only earlier this week lowered our GDP outlook to consider the direct impact of the local outbreak as confirmed virus cases exceeded 100 as of March 15 and the federal and state governments announced social distancing measures that have already started to crimp economic activity. We are now revising down our GDP estimate for 4Q fiscal 2020 to 3.3%, from our 3.5%.

-- Abhishek Gupta, India economist

For more, click here

“Consumption being the biggest component of GDP, a lock-down is bound to have a big impact on the economy,” said Devendra Kumar Pant, chief economist at India Ratings and Research, the local unit of Fitch. “Modeling uncertainty in any system will be very difficult, but one can say the slowdown could deepen or prolong further.”

Work From Home

While companies, including billionaire Mukesh Ambani-controlled Reliance Industries Ltd., are asking employees to work from home, the option isn’t feasible in India’s vast informal sector.

“The option to work remotely simply won’t exist for most,” said Shilan Shah, an economist with Capital Economics Pte. in Singapore.

As many households don’t have savings buffers, the government would probably have to back this up with large-scale cash handouts that reach the poorest, he said.

Work from home is posing implementation challenges for the manufacturing sector where workers are required to be physically present at the production sites. The services sector, such as banking and information technology, also needs employees to be present in offices as confidential data is used, according to industry group Federation of Indian Chambers of Commerce and Industry.