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
'No place for Communists': Fringe Hindu group claims responsibility for JNU attack
News Network
January 7,2020
New Delhi, Jan 7: A fringe right-wing group calling itself the Hindu Raksha Dal has purportedly taken responsibility for the attack on students of Jawaharlal Nehru University (JNU) in a video posted on social media.
The video, which was posted on social media on Monday and has gone viral since then, shows a man identifying himself as Pinki Chaudhary saying that those who resort to “anti-national activities” will be treated in the same way that JNU students and faculty were.
He later told news channels that others involved in "anti-national activities" would face similar attacks.
There was no immediate reaction from the police on Chaudhury's claims.
“For several years, JNU has been a bastion of communists and we will not tolerate it. Hindu Raksha Dal, Bhupendra Tomar, Pinki Chaudhury take the responsibility of what has happened in JNU...all of them were our volunteers. Those who cannot do such work for Mother India don't have the right to live in this country,” Chaudhary is seen saying in the video.
“We are always ready to sacrifice our lives for Mother India. We will not tolerate anyone who speaks against the religion,” he added.
Efforts to reach the man were unsuccessful: his phone was switched off.
More than 35 students were injured Sunday when a masked mob went on the rampage, attacking students and professors and vandalising property. The JNUSU has accused the RSS-affiliated ABVP volunteers of attacking the students.
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India sees highest single-day spike of 15,968 COVID-19 cases, tally reaches 4,56,183
News Network
June 24,2020
New Delhi, Jun 24: With the highest single-day spike of 15,968 cases and 465 deaths in the last 24 hours, India's COVID-19 count reached 4,56,183 on Wednesday.
According to the latest update by the Union Ministry of Health and Family Welfare (MoHFW), 14,476 deaths have been recorded due to the infection so far in the country.
The count includes 1,83,022 active cases, and 2,58,685 cured/discharged/migrated patients.
Maharashtra with 1,39,010 confirmed cases remains the worst-affected by the infection so far in the country. The state's count includes 62,848 active, 69,631 cured, discharged patients while 6,531 deaths have been reported due to the infection so far.
Meanwhile, the national capital's confirmed coronavirus cases reached 66,602.
2,301 deaths have been reported in Delhi due to the infection so far.
Tamil Nadu has reported 64,603 cases so far with the death toll reaching 833.
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Supreme Court to hear plea for FIRs against hate speeches leading to Delhi riots
News Network
March 2,2020
Feb 2: The Supreme court on Monday decided to hear on March 4 a plea seeking registration of FIRs against politicians for hate speeches which allegedly led to violence in the national capital.
A bench headed by Chief Justice S A Bobde agreed to hear the plea filed by riots victims.
The petition was mentioned for urgent listing by senior advocate Colin Gonsalves, appearing for the riots victims.
Gonsalves said that the Delhi High Court has deferred for four weeks the matters related to riots in the national capital despite the fact that people are still dying due to the recent violence.
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