Haryana govt order for athletes to deposit 1/3rd share of their earnings sparks a row

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.

Karachi, Jul 3: Pakistan limited overs captain Babar Azam is tired of his constant comparisons with India skipper Virat Kohli and says he would rather be compared to the greats at home.

Babar, six years younger to Kohli, has a long way to go in getting close to Kohli's staggering numbers across formats. The India skipper has 70 hundreds to his name and averages more than 50 in all three formats.

"I would be more happy if you compare to me say a Javed Miandad, Muhammad Yousuf or Younis Khan. Why compare me to Kohli or any Indian player?" asked the 25-year-old, who is in England with the national team, said in an online media interaction on Thursday.

Babar has scored 16 international hundreds and averages more than 50 in ODIs and T20s. In 26 Tests, he has scored 1850 runs at 45.12.

He also said that he is not targeting any English bowler for the series next month.

"I don’t see who the bowler is or his reputation. I just try to play each ball on merit. England no doubt has a top bowling attack and they have advantage of playing at home but this is a challenge I want to score runs in," he said.

Before the squad’s departure for England, Pakistan batting coach Younis Khan said that pacer Joffra Archer will be a handful for the Pakistani batsmen.

Babar said that he would try to play every English bowler on merit but conceded that after getting runs in Australia last year, he was keen to leave his footprint in the coming Test and T20 series in England.

Reminded that some former Test players had already written off Pakistan for the England series, Babar said they were entitled to their opinion.

"But we don’t have a bad team and already we have been enjoying our training. It is good to be back on the field after such a long lay-off. I think we have the bowlers to trouble them like Abbas, Naseem, Shaheen and others while we have some experience in our batting line-up."

Babar said he would love to get a triple century in a Test match.

"When you score a century, you naturally want to go on and convert that into a double or a triple century. This is something I would like to do during the Test series.

"I like to play my natural game but my selection of shots depends on the conditions and bowlers."

Babar also ruled out any problems in the Pakistan dressing room due to the presence of former skipper Sarfaraz Ahmed, who was sacked last year.

But he said that since Muhammad Rizwan had been playing in all formats for Pakistan in recent times, he would be the starting keeper in the Test series ahead of Sarfaraz.

"I think we first have to give Rizwan a proper chance and Sarfaraz is there as back up."

London, Mar 19: Talking about the break in cricketing activities due to the COVID-19 pandemic, South Africa pacer Dale Steyn said that the disease seems to be to the only topic of conversation these days.

"I don't know how to describe it. Doesn't matter where you go, everyone is talking about it - whether it is on an airplane or you are just popping into a grocery store. It just seems like it is the only topic of conversation," ESPN Cricinfo quoted Steyn as saying.

"Yeah, it's so strange. Normally if I am on holiday I'll be planning a fishing trip or a surfing trip. At the moment I am just chilling at home," he added.

Steyn was last seen in action in the Pakistan Super League where he took two wickets in two matches.

When asked whether he has enough hand sanitizers, he replied: "We just decided that stockpiling is definitely not the way to go. It is not fair on everybody who needs that stuff. I went to the grocery store the other day and everyone had bought all the toilet paper. We have what we need, and when that runs out, that runs out, and we need to go and get some more".

"We didn't feel it was necessary to go and absolutely just, like, zombie our lives up. There's other people that live on a day-to-day basis. They are not going to get all of that stuff, so we thought it was best not to do that".

Steyn also had a message for the fans, "Stay healthy, wash your hands, look after yourself, don't be greedy. Right now they are saying old people are really struggling, so if in a position to help, rather help them than help yourself. Pretty simple, really."

Due to the COVID-19 outbreak, the ODI series between India-South Africa and Australia-New Zealand have been postponed.

The start of the Indian Premier League (IPL) has also been postponed until April 15.

Cricket South Africa has suspended all forms of cricket for 60 days while Cricket Australia has advised all its employees to work from home.