'India’s biggest shopping season wasn’t all that big'

News Network
November 6, 2019

Nov 6: The festival of Diwali is supposed to herald India’s biggest shopping season of the year. Purchases did happen, but not a lot, according to a Bank of America Merrill Lynch report.

More than 90% of storekeepers indicated footfalls were lower than the last year’s festival period, according to the report, based on analysts’ visits to more than 120 retail outlets in the financial capital of Mumbai in the week leading to Diwali, the country’s equivalent to Christmas.

“Despite the festive season, we observed several empty shelves and early store closures,” said Sanjay Mookim, an equity strategist at the bank. “Mumbai is not India, and our sample is arguably small. Yet, we think our conversations help create a useful reference for recent festive season demand trends.”

India is witnessing a sharp slowdown due to waning consumption and businesses had pinned their hopes on Diwali for a revival in sales. Purchasing managers surveys on manufacturing and services activity for October indicate that demand in the economy is still pretty weak.

India is set for another quarter of weak growth following the 5% expansion seen in the April-June period -- its slowest pace in six years. Gross domestic product data for the quarter ended September is due Nov. 29 and will probably show the economy grew 5.5%, mainly flattered by a low base last year.

The BofAML report said about 70% of retailers suggested revenues were lower year-on-year and given the low expectations, about 35% were satisfied with sales this year. Many retailers reported they were losing out to online sales and branded stores in popular malls.

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Agencies
June 17,2020

New Delhi, Jun 17: AAP MLA and national spokesperson Atishi has tested positive for COVID-19, her party colleagues said on Wednesday.

Delhi Chief Minister Arvind Kejriwal took to Twitter to wish her speedy recovery.

"Atishi ji has played an important role in the fight against corona. I hope that she will get healthy soon and again get involved in serving the people," Kejriwal tweeted in Hindi.

According to sources, Atishi was tested on Tuesday for COVID-19 and her report came positive today.

She is presently under home quarantine, the sources said.

"Get well soon Atishi, recover soon from Corona," AAP MLA Saurabh Bhardwaj tweeted.

Atishi represents Kalkaji assembly constituency.

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Agencies
June 4,2020

New Delhi, Jun 4: CSIR Director-General Shekhar Mande said on Thursday that the World Health Organisation's (WHO) decision to halt hydroxychloroquine (HCQ) drug trial was taken in haste and the global body should have actually analysed the data before making the decision.

"I firmly believe that WHO decision was taken in haste it was a kind of knee jerk reaction they should have actually analyse the data on their own before temporarily suspend the trials that is my personal opinion," Mande said.

India's nodal government agency ICMR (Indian Council of Medical Research) overseeing the country's response to the coronavirus pandemic last month wrote to the WHO citing differences in dosage standards between Indian and international trials that could explain the efficacy issues of HCQ in treating COVID-19 patients.

In addition, Dr Sheela Godbole, National Coordinator of the WHO-India Solidarity Trial and Head of the Division of Epidemiology, ICMR-National AIDS Research Institute also wrote a letter via an email to Dr Soumya Swaminathan, Chief Scientist at World Health Organisation.

In a letter, Dr Godbole stated: "There was no reason to suspend the trial for safety concern," attributing it to the current RECOVERY data which differs significantly from the non-randomised assessment by Mehra et al, a scientific paper.

Referring to the letter, the CSIR head said, "We don't know what actually happened behind the scenes but the hypothesis is that because of the paper published in Lancet. It is a very well known journal and if Lancet has done due vigilance in publishing the paper. 

Therefore, the WHO thought the paper's findings are right that's why WHO hold based on what is published on Lancet. The WHO shouldn't have accepted it immediately this should have taken their own due vigilance to find out that study is right or not."

DG CSIR said because there is a global outcry it must have put pressure on both Lancet as well as WHO and both of them now retracted from their original position. "WHO has started a trial again and Lancet has put an expression of concern on their website both of these are very welcome development for science," he said.

"So I am pretty sure that Lancet would have published the reports only after seeing somewhere the drug failed to work," Mande said.

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News Network
April 6,2020

New Delhi, April 6: Prime Minister Narendra Modi on Monday said that people from every section of the society and age group demonstrated unity on Sunday by responding to the Prime Minister '9 pm-9minute' appeal and strengthened the resolve to the fight against COVID-19.

"We experienced yesterday at 9 pm, the strength of togetherness of 130 crores people of our country," said PM Modi.

He further praised the citizens of the country for their support to the lockdown imposed across India in the wake of coronavirus threat.

"The maturity shown by the people during the lockdown, in a large country like India, is unprecedented. No one could have imagined that the people will abide by this with such obedience and sense of service," said Prime Minister Modi.

"I state it with full responsibility that this is a long war against coronavirus pandemic. But we do not have to get tired or take a rest in this war. We have to emerge victoriously. Today, the country has only one goal and one resolve - to win this war," he added.

The Prime Minister continued saying, that the government has developed an Aarogya Setu app through which one can get information regarding the infected cases around them.

"I request all of you to tell people about it, everyone should make sure that at least 40 others install it. They will get info through it about possibly infected cases around them. In these tough times, we have to ensure this," he added.

The Prime Minister also advised everyone to take necessary preventive measures and stay protected by adopting the mantra of social distancing.

"Always remember, whenever you go out your face should be covered, I say you should keep your face covered even at your homes. The mantra today for the whole world is social distancing and discipline," he added.

Prime Minister Modi addressed the BJP workers and the nation on the occasion of the Bharatiya Janata Party's (BJP) 40th Foundation Day.

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