Fight between 2 top CBI officers exposed agency to ridicule, Centre tells SC

New Delhi, Mar 20: The coronavirus pandemic will leave behind a global recession with small businesses, self-employed and daily wagers taking the worst hit, Mahindra Group Chairman Anand Mahindra said on thursday.

"The virus will eventually be conquered, but it will have left behind a global recession. The costs of that are incalculably high at this time. The most fearsome toll will be on small businesses, the self-employed & those whose lives depend on meagre daily wages," Mahindra said in a tweet.

Apart from the toll on lives, the legacy of Covid-19 may well be deaths due to stress, loss of livelihoods, a rise in homelessness and in extreme situations, civil unrest, he added.

"The only global experience that has lessons for us in the current situation is the last world war. In the aftermath of WW2, the US came up with the Marshall plan to revive Europe, effectively a giant fiscal pump-priming," Mahindra said.

In the US, the government dramatically dismantled regulations and opened up the economy to trade and these actions led to a boom-cycle that stretched to 1975, he added.

"This time, there will be no victors, only the vanquished. So every country will have to create its own post ‘virus war” marshall plan & take care of those in society who are hit the hardest. Perhaps we too can build the foundations of a sustained global growth cycle," Mahindra said.

New Delhi, Jun 10: India on Wednesday reported a spike of 9,985 more COVID-19 cases in the last 24 hours, taking the country's COVID-19 count to 2,76,583, according to the Union Ministry of Health and Family Welfare.

279 deaths were reported in the last 24 hours taking the total death toll to 7,745.

The total number of active cases has reached 1,33,632 while 1,35,205 patients have recovered. While one person has migrated.

With 90,787 cases, Maharashtra reported the highest number of coronavirus cases in the country followed by Tamil Nadu with 34,914 cases.

According to the Indian Council of Medical Research (ICMR), 1,45,216 samples were tested in the last 24 hours while overall 50,61,332 samples have been tested so far.

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."