Mumbai, Mar 27: Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday said that Monetary Policy Committee (MPC) has taken note of the global economic activity coming to a near standstill due to the coronavirus pandemic and added that large parts of the world could slip into recession in the coming days to the coronavirus crisis.
"The MPC noted that global economic activity has come to a near stand-still as COVID-19 related lockdowns and social distancing are imposed across a widening swath of affected countries. Expectations of a shallow recovery in 2020, from 2019's decade low in global growth, have been dashed," Das said.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the world will slip into recession," he added.
The RBI Governor further added that "the implied GDP growth of 4.7 per cent in Quarter 4 of 2019-20, in the second advance estimates of the National Statistics Office which was released in February 2020, within the annual estimate of 5 per cent for the year as a whole is now at risk."
As per the outlook for the year 2020-21, Das said, "Apart from continuing resilience of agriculture and allied activities most other sectors of the economy will be adversely impacted by the pandemic depending upon, its intensity, spread and duration."
Das also announced a reduction in the repo and reverse repo rates for banks.
"The repo rate has been reduced by 75 basis points to 4.4 per cent. The reserve repo rate has been reduced by 90 basis points to 4 per cent," Das said addressing the media.
The decision for "a sizeable reduction" in the policy repo rate, according to the RBI Governor was taken to "revive growth and mitigate the impact of COVID-19 and ensure financial stability."
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Rising probability that large parts of world will slip into recession due to COVID-19: RBI Governor
News Network
March 27, 2020
It's Sri Ram's will that I attend bhoomi pujan: Babri case litigant Iqbal Ansari
News Network
August 3,2020
Aug 3: Iqbal Ansari, who was a litigant in the Ayodhya land dispute case, has decided to gift a 'Ram nami' stole and a copy of the Ramcharitmanas to Prime Minister Narendra Modi when he attends the bhoomi pujan ceremony for the Ram temple here on Wednesday.
"Yes, I have received the invitation from Shri Ram Janmabhoomi Teerth Kshetra Trust for the bhoomi pujan ceremony. I will certainly attend it. The dispute is over now after the court's verdict," Ansari, 69, told .
"Our Prime Minister is coming. I will meet him and give him a 'Ramnami' stole (with Ram's name written on it) and Ramcharitmanas as a present," Ansari said.
His father Hashim Ansari, the oldest litigant in the Babri Masjid-Ram Janmabhoomi land dispute case, died at the age of 95 in 2016 after which the son started pursuing the case in the court.
Talking about Wednesday's ground-breaking ceremony to mark the beginning of the construction of a grand Ram temple here, Ansari said, "I belong to Ayodhya. All this (temple's construction) will change the fate of Ayodhya. We all want our child to get better opportunities".
He further said, "I respect sadhus and saints. I am happy to have received the invitation for the ceremony. I think it is Lord Ram's will that I attend it".
When asked what he would have done had the court decided the case in his favour, Ansari said he had wanted the construction of a school and a hospital on the disputed land.
"I feel the city needs development. The future of our children should be safe and secure and they should get employment. Dispute in the name of religion should end now and we should let the city witness a new beginning," he said.
The Supreme Court had in November last year paved the way for the construction of a Ram temple by a Trust at the disputed site of the Babri Masjid's demolition in Ayodhya, and directed the Centre to allot an alternative 5-acre plot to the Sunni Waqf Board for building a new mosque at a "prominent" place in the holy town in Uttar Pradesh.
The state government has allotted a five-acre land in Dhannipur village in Sohaval Tehsil of Ayodhya for the mosque's construction.
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Will never let supreme sacrifice of braves at Galwan Valley go in vain, ready to counter any contingency at LAC: IAF Chief
News Network
June 20,2020
Hyderabad, Jun 20: IAF Chief Air Chief Marshal RKS Bhadauria on Saturday said that the force is well prepared and suitably deployed to respond to any contingency and it will never let the sacrifice of the bravehearts of Galwan go in vain.
"It should be very clear that we are well prepared and suitably deployed to respond to any contingency. I assure the nation that we are determined to deliver and will never let the sacrifice of the braves of Galwan go in vain," IAF Chief Air Chief Marshal Bhadauria said here.
Bhadauria was speaking at the Combined Graduation Parade (CGP) at Air Force Academy in Hyderabad.
His remarks come days after 20 Indian soldiers lost their lives in the violent face-off on June 15-16 during an attempt by the Chinese troops to unilaterally change the status quo during the de-escalation in eastern Ladakh.
Speaking about the current border situation with China, he said: "We are aware of the situation, be it on LAC or beyond, be it their air deployments, their posture and kind of deployments. We've full analysis and we have taken necessary action that we need to take to handle any contingency that may come up."
"We are monitoring all the moments and we are aware of the full situation," he added.
He further said that in spite of the "unacceptable Chinese action" at Galwan Valley in eastern Ladakh, which claimed lives of 20 Indian Army personnel, efforts are underway to ensure that the current situation at the Line of Actual Control (LAC) is resolved peacefully.
He asserted that the IAF is determined to deliver and the development at the LAC in Ladakh is a small snapshot of what the force is required to handle at short notice.
The IAF Chief further appealed to people to join him in paying tribute Colonel Santosh Babu and his brave men who made the sacrifice while defending the LAC in Galwan valley.
"The gallant actions in a highly-challenging situation have demonstrated our resolve to protect India's sovereignty at any cost," the Indian Air Force (IAF) chief said.
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3 ships sent to evacuate stranded Indians from Maldives, UAE
News Network
May 5,2020
Kochi, May 5: India has sent three naval ships to evacuate its citizens stranded in the Maldives and UAE due to the COVID-19 pandemic, a defence spokesperson said in the early hours on Tuesday.
INS Jalashwa deployed off Mumbai coast, along with INS Magar, diverted for Maldives on Monday night, he said.
While INS Shardul diverted to Dubai to evacuate the expatriates, the spokesperson added.
The three ships will return to Kochi, he said.
INS Magar and INS Shardul are Southern Naval Command ships, while INS Jalashwa is from Eastern Naval Command.
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