PM tells FinMin to revive ‘animal spirit’ in economy

June 28, 2012

manmohan

New Delhi, June 28: Alarmed over the state of economy and low morale of India Inc, Prime Minister Manmohan Singh on Wednesday asked the finance ministry officials to take steps to “reverse the climate of pessimism and give a push to sagging economy.”

Addressing a meeting of the senior officials of the ministry and policy makers for the first time after taking charge of the finance ministry, Singh remarked that there was a need to revive investors’ sentiment.

“At the current juncture, we are passing through challenging times economically. The growth rate has taken a dip; the industrial performance is not satisfactory; things are not rosy on the investment front; inflation continues to be a problem,” he said.

Singh, who has taken charge of the ministry following the resignation of Pranab Mukherjee, stressed the need to “revive the animal spirit in the country's economy."

"Immediate emphasis is to manage balance of payment, for which all policies should be directed to help institutional flows to India," he said adding "in the short run, we need to revive investor sentiment".

He expressed concern over the way the rupee was getting weaker by the day. Investor sentiment is down and capital flows are drying up, he added.

“There are some external reasons and we need to work towards making our country resilient in meeting these external challenges. However, there are many domestic reasons as well. We need to address these quickly.”

“The way it (finance ministry) functions is critical for the future of millions of our countrymen who look up to the government to throw open channels for their progress, prosperity and welfare. Therefore, it has a vital role in evolving economic policies.”

Chief Economic Adviser, Kaushik Basu, Principal Secretary to PM Pulok Chatterjee, secretaries in the Finance Ministry, R Gopalan, R S Gujral, Sumit Bose, D K Mittal and Mohmd Haleem Khan were present at the meeting.

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News Network
June 25,2020

India has jumped past 4.5 lakh coronavirus cases and 14,476 people have succumbed to the viral infection so far. In this backdrop, speaking to IANS in an exclusive interview, AIIMS Director Randeep Guleria said India is also vulnerable to second wave of coronavirus and people should continue to follow social distancing, wearing mask and other precautions, after cases begin to decline.

He added that in order to contain the outbreak of Covid-19, a limited lockdown in hotspots, where volume of cases is very high, may be considered along with a micro-plan to prevent leakage of cases from these areas to other non-containment areas. Excerpts of the interview are below:

Q: Reports say China and South Korea are witnessing a second wave of coronavirus infection, what is this second wave, is India also vulnerable to this?

A: When cases come down significantly, people tend to drop their guard against the viral infection, and this leads to the second wave (which means a sudden increase in the number of cases). After cases begin to decline, people should continue to follow the precautions -- continue to maintain social distancing and wear masks regularly. See what happened in Singapore, it was struck by a second wave of coronavirus. Look, what happened in the 1918 pandemic, people dropped their guard and the second wave of viral infection struck back. If people do not follow social distancing then the spike in cases is apparent. We need to take these precautions at least for one year. India is also vulnerable to this second wave.

Q: If Covid-19 cases continue to rise rapidly, do you think we need another lockdown in areas where volume of cases are very high?

A: A large volume of cases is concentrated in specific areas like hotspots, and in order to maintain things in order, we may need a limited lockdown in these areas. This should be followed by a micro-plan which entails extensive testing of people and also extensive contact tracing of people who have got in touch with positive people. Need to ensure there is no leakage of cases from these areas. People from these areas should not mix with others in non-containment areas. This will aid in containing the outbreak of the virus. People who have developed symptoms should get themselves tested, especially in the containment areas.

Q: With more than 4.5 lakh cases and close to 14,500 deaths, do you think India has reached its peak and a decline in cases is prominent?

A: The cases will continue to increase for some time. The doubling time of cases has also increased. But, the cases will also begin to flatten. Though, it is difficult to give an exact time period in this viral infection, it seems, the growth in cases will flatten in the end of July or beginning of August. A decline will come to this viral infection, but it does not mean that people should drop their guard. As a measure, we need to decrease community participation and citizens should continue to follow social distancing. People should get themselves tested. All these efforts will help in preventing people from contracting this virus. These precautions will also prevent us from the second wave, and we must continue to take precautions. The virus has not gone away, it is still lurking.

Q: India has crossed the 4.5 lakh coronavirus cases so far, although our recovery rate is good, but still 10,000 to 15,000 cases are reported daily. Why do cases continue to spiral, what is the reason?

A: We have to remember a few things -- the bulk of cases are in 10 cities, nearly 70 per cent, and if we take into account cases per million population, the number is not very high, as compared with countries including countries in Europe. Many European countries put together still do not add up to the Indian population. Do not compare India to countries like Italy, Spain etc. We need to focus on hotspots, which contribute to between 70 -80 per cent of cases, and we have to identify cases in these areas at an early stage. The population density is very high in these cities. People in lower socio-economic status are highly vulnerable to the viral infection, as many live together in small spaces and there is a lot of mixing of people happening there. Look at the market places, people are not following social distancing and not wearing masks. In fact, many are in close vicinity of each other.

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Agencies
March 22,2020

New Delhi, Mar 22: The total number of novel coronavirus cases in India rose to 341 on Sunday after fresh cases were reported from various parts of the country, the Union Health Ministry said.

The total includes 41 foreign nationals and five deaths, the latest being reported from Maharashtra, taking the death toll in the state to two.

Delhi, Karnataka and Punjab have reported one death each so far. Twenty-four others have been cured/discharged/migrated.

The figure of 341 cases include 63 cases in Maharashtra, which has reported the highest number of COVID-19 cases, including three foreigners.

Kerala has reported 52 cases, including seven foreign nationals.

Delhi has reported 27 positive cases, including a foreigner, while Uttar Pradesh has recorded 25 cases, including a foreigner.

Telangana has reported 21 cases, including 11 foreigners. Rajasthan has reported 24 cases, including two foreigners.

In Haryana, there are 17 cases, which include 14 foreigners.

Karnataka has 20 coronavirus patients. Punjab and Ladakh have 13 cases each. Gujarat has 14 cases while Tamil Nadu has 6 cases, which includes 2 foreigners. Chandigarh has five cases.

Madhya Pradesh, Jammu and Kashmir, and West Bengal reported four cases each. Andhra Pradesh and Uttarakhand have reported three cases each. Odisha and Himachal Pradesh reported 2 cases each.

Puducherry and Chhattisgarh have reported one case each.

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News Network
February 28,2020

Feb 28: National oil marketer Indian Oil Corporation (IOC) on Friday said it is ready to supply low emission BS-VI fuels from April 1 and that there will be a marginal increase in retail prices.

The largest oil supplier has spent over Rs 17,000 crore to upgrade its refineries to produce the low-sulfur diesel and petrol, the company's chairman Sanjiv Singh told reporters here.

Without disclosing the quantum of price increase, Singh said, “there will definitely be a marginal increase in retail prices of the fuels from April 1 when the whole country will be run on new fuels, which will have a sulphur content of only 10 parts per million (ppm) as against the present 50 ppm.

“But let me assure you, we will not be burdening the consumers with a steep hike,” Singh said.

He said, state-run oil marketing companies (OMCs) have invested Rs 35,000 crore to upgrade their refineries, of which Rs 17,000 crore have been spent by IOC alone.

Earlier this week, the sell-off bound BPCL said it had invested around Rs 7,000 crore for the same. ONGC-run HPCL has not so far disclosed its readiness for BS-VI supplies or its capex on the same.

HPCL had said from February 26-27 it was ready with BS-VI fuels and that it would sell only the new fuels from March 1.

IOC switched to BS-VI fuel production a fortnight ago and all its depots and containers are ready now, Singh said.

However, he said some remote locations, where the intake is very low, will take some more time to switch. But the company is planning to drain out the entire BS-IV stock and replenish the new fuels at such locations, he added.

Further, it has been reported that the companies will have to increase prices by 70-120 paise a litre, but Singh said, to arrive such a weighted average is not possible given the complexities of each refinery.

He, however, asserted that the price hike will not be a burden on consumers.

We are not looking at this investment from a pure return on investment basis, but this is a national mandate and we have done it.

Having said that, all those countries that moved to low emission fuels are charging higher prices; and from April 1, our prices will also be benchmarked against Euro VI prices as against the present practice of the cost-plus model, Singh concluded.

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