India's COVID-19 cases reach 56,342, death toll at 1,886

Jan 15: Amazon.com Inc Chief Executive Officer Jeff Bezos is facing a bitter welcome during his India visit this week as the country’s antitrust regulator initiated a formal investigation just hours before his arrival and trader bodies comprising millions of infuriated small store owners announced demonstrations.

Bezos is in New Delhi for the Smbhav summit, an Amazon India event for small and medium businesses. The billionaire is scheduled to conduct a fireside chat with Amazon India chief Amit Agarwal, anchoring an event that also features Infosys Ltd. co-founder Narayana Murthy and retail billionaire Kishore Biyani, who recently sold a stake in his retail group to Amazon. Ahead of the event, Bezos paid his respects at Mahatma Gandhi’s memorial, wearing a white tunic and a rust-colored Indian vest.

The small businesses that Amazon’s CEO is hoping to endear himself to, however, are organizing in opposition. The Confederation of All India Traders announced that members of its affiliate bodies across the country would stage sit-ins and public rallies in 300 cities to raise a war cry against the world’s largest online retailer. In a letter to Prime Minister Narendra Modi last week, the confederation’s Secretary General Praveen Khandelwal alleged that Amazon, much like Walmart Inc.-owned Flipkart, was an “economic terrorist” who engaged in predatory pricing that deprived the government of tax revenue and “compelled the closure of thousands of small traders.”

India’s e-commerce market is projected to grow to $150 billion by 2022, according to a 2018 report by software industry group Nasscom and consulting firm PwC India. Competition for this rapidly expanding sector is intensifying as Asia’s richest man, Mukesh Ambani, prepares to go live with JioMart, an online shopping platform challenging Amazon and Walmart directly. The latter’s Flipkart Online Services Pvt is also delving deeper into the countryside in its pursuit for more customers. Amazon, for its part, opened a huge office complex in the southern city of Hyderabad in September, underscoring its commitment to the country.

The Competition Commission of India said it would probe the deep discounts, preferential listings and exclusionary tactics that Amazon and Flipkart are alleged to have used as anti-competitive levers. India’s trade bodies have long argued that both retail giants were flouting rules by promoting sales and discounts through their favoured sellers, many of whom they have preexisting commercial arrangements. The regulator has ordered for the investigation to be completed within two months.

Bezos last visited India in 2014 under starkly different circumstances. During that trip, the Amazon founder wore local festive garb, rode atop a festooned truck for a photo opp and presented Amazon’s Indian unit with a giant check for $2 billion. Since then, Amazon has pledged a further $3.5 billion to expand in the country.

New Delhi, Apr 23: Congress president Sonia Gandhi on Thursday accused the BJP of spreading the virus of communal prejudice and hatred in the country, asserting that "grave damage" is being done to social harmony

Addressing a meeting of the Congress Working Committee, Gandhi said it should worry every Indian and her party will have to work hard to repair this damage.

"Let me also share with you something that should worry each and every one of us as Indians. When we should be tackling the coronavirus unitedly, the BJP continues to spread the virus of communal prejudice and hatred," she said.

"Grave damage is being done to our social harmony. Our party, we will have to work hard to repair that damage," the Congress president added

Former prime minister Manmohan Singh, former Congress president Rahul Gandhi and top Congress leaders attended the meeting through video conference

This is the second time the CWC, the Congress' top decision-making body, is meeting through video-conferencing in the past three weeks ever since the lockdown was enforced to contain the coronavirus threat.

The Congress president said the coronavirus pandemic has increased disturbingly in the past three weeks and called upon the government to increase testing for it

Gandhi said she has written several times to the prime minister since the lockdown was enforced and suggested several measures and constructive cooperation

"Unfortunately, they have been acted upon only partially and in a miserly way. The compassion, large-heartedness and alacrity that should be forthcoming from the central government is conspicuous by its absence," she said

The Congress chief said the focus of the party must continue to be on successfully engaging with health, food security and livelihood issues.

She claimed that around 12 crore people have lost jobs in the first phase of the lockdown and urged the government to provide a relief package for the MSME sector, which accounts for one-third of the GDP

Gandhi called upon the government to provide food and financial security to migrants and jobless stranded at various places and were desperate to reach back home

"We have repeatedly urged PM there is no alternative to testing, tracing and quarantine. Unfortunately, testing still remains low, testing kits still in short supply," she noted

Gandhi said trade, commerce and industry have come to a virtual halt and crores of livelihoods have been destroyed.

"The central government does not appear to have a clear idea on how the situation will be managed after May 3rd. A lockdown of the present nature after that date would be even more devastating," she said

Former prime minister Manmohan said the success of the lockdown will be judged finally on India's ability to tackle COVID-19

He also said the cooperation between the Centre and states was key to success of the country's fight against coronavirus

Singh said it is necessary to focus on a number of issues in the fight against coronavirus

The fight against COVID-19 would very much depend upon the availability of resources, he noted

Rajasthan chief minister Ashok Gehlot said unless the central government comes forward to financially help states, the fight against COVID-19 will get weakened

"Unless there is a big financial package for states, how will normalcy return to states post lockdown," he asked

Chhattisgarh chief minister Bhupesh Baghel said unless the Centre rises to the occasion and provides financial assistance to states, how will the fight against COVID-19 be won

Puducherry chief minister V Narayanasamy said the Union government has not given any assistance to the states

"How will states survive in times of crisis. We are not enemies but have to act and work together," Narayanasamy said at the CWC meet.

New Delhi, May 17: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report.

According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP).

"Given the continued rise of COVID-19 cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22," the report said.

India's COVID-19 tally has crossed 90,000 and the nationwide death toll has touched nearly 2,800 so far.

The report titled "India: Surmounting the economic challenges posed by COVID-19: A 10-point programme to revive and power India's post-COVID economy" said the 'collateral damage' of the forecasted GDP slowdown, will be felt most acutely in employment, poverty alleviation, per-capita income and overall nominal GDP.

"Unemployment may rise to 35 per cent from 7.6 per cent resulting in 136 million jobs lost and a total of 174 million unemployed. Poverty alleviation will receive a set-back, significantly changing the fortunes of many, putting 120 million people into poverty and 40 million into abject poverty," the report said.

"India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8 per cent in FY21. An opportunity loss of USD 1 trillion is staring India in its face," said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India and South Asia.

Maitra further said "for its USD 5 trillion vision, a radical economic approach is needed, centred on an immediate stimulus and structural reforms. The Prime Minister's visionary 'Atma Nirbhar Bharat Abhiyan' is a good start to this new approach."

The report lauded the steps taken by the government and the Reserve Bank of India, but said a far more assertive approach may be required given the magnitude of the adverse economic output.

The report suggested a 10-point programme to accelerate the recovery which include strengthening the 'safety net' significantly for the most vulnerable, enable survival of small and medium businesses, restarting the rural economy and providing targeted assistance to at-risk sectors.

It further said the government should launch "Make in India 2.0" to capture global opportunities, build 'Modern India', accelerate Digital India and Innovation, strengthen global investment corridors with the US, UAE, Saudi Arabia, Japan and the UK, debottleneck land and labour and transform banking and financial markets in a bid to secure a sustainable economic future for 1.3 billion Indians.