New Delhi, Dec 10: RBI Governor Urjit Patel, who had a run in with the government over autonomy of the central bank, Monday resigned from his post.
In a brief statement, Patel said he has decided to step down with immediate effect.
He, however, did not specify the reason for the decision.
Patel was appointed the 24th Governor of the RBI on September, 2016 for a three-year term.
Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.
There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.
“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.
“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.
The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.
Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.
“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.
The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.
“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”
New Delhi, Jun 29: India recorded 19,459 new coronavirus cases and 380 deaths in the last 24 hours.
According to the Ministry of Health and Family Welfare on Monday, the total coronavirus cases in the country stands at 5,48,318 including 2,10,120 active cases, 3,21,723 cured/discharged/migrated and 16,475 deaths.
Maharashtra's COVID-19 count touched 1,64,626 and cases in Delhi have reached 83,077.
The total number of samples tested up to 28 June is 83,98,362 of which 1,70,560 samples were tested yesterday, as per the data provided by the Indian Council of Medical Research (ICMR).
New Delhi, Jan 13: The Delhi High Court on Monday sought response of the city police, Delhi government, WhatsApp Inc, Google Inc and Apple Inc on a plea of three JNU professors to preserve data, CCTV footage and other evidence relating to the January 5 violence on the varsity campus.
The Delhi Police informed the court that it has asked the JNU administration to preserve and hand over CCTV footage of the violence.
Justice Brijesh Sethi listed the matter for further hearing on Tuesday.
The court was told by Delhi government Standing Counsel (criminal) Rahul Mehra that the police has not yet received any response from the university administration.
The counsel said police has also written to WhatsApp to preserve data of two groups "Unity Against Left" and "Friends of RSS" including messages, pictures and videos and phone numbers of members, related to JNU violence incident.
The petition was filed by JNU professors Ameet Parameswaran, Atul Sood and Shukla Vinayak Sawant seeking necessary directions to the Delhi Police Commissioner and Delhi government.
The petition also sought direction to the Delhi Police to retrieve all CCTV footage of JNU campus.
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