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
Five more people from Kerala test positive for coronavirus
Agencies
March 8,2020
Thiruvananthapuram, Mar 8: Five more people from
Kerala have tested positive for coronavirus, Health minister, K K Shailaja said on Sunday.
All the five hail from Pathnamthitta district.
While three of them had returned from Italy on February 29, two others were their relatives, the minister said.
All the five have been isolated in Pathnamathitta general hospital and are under observation.
Their tests were confirmed on Saturday night.
Earlier, India's first three positive cases had been reported from the state.
All the three patients, medical students from Wuhan, have been treated and discharged from hospitals.
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Coronavirus is now spreading at the fastest pace in India
Bloomberg
July 27,2020
New Delhi, Jul 27: India’s coronavirus epidemic is now growing at the fastest in the world, increasing 20% over the last week to more than 14 lakh confirmed cases, according to Bloomberg’s Coronavirus Tracker.
Infections in the South Asian nation of 130 crore people have reached 14.3 lakh, including 32,771 deaths, India’s health ministry said, with daily cases close to a record 50,000 on Monday. India is only trailing the US and Brazil now in the number of confirmed infections, but its growth in new cases is the fastest.
Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka are among the states where the maximum number of daily cares are being reported. The world’s second-most populous country has been ramping up testing, with 515,472 samples taken on Sunday, according to the Indian Council of Medical Research.
Still, India and Brazil have some of the world’s lowest testing rates, with 11.8 tests and 11.93 tests per 1,000 people respectively, compared to the US with 152.98 tests per 1,000 and Russia with 184.34, according to Our World in Data, a project based at the University of Oxford in the UK.
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Murder of Unnao rape victim's father: Delhi court sentences Kuldeep Singh Sengar to 10 years in prison
News Network
March 13,2020
New Delhi, Mar 13: Delhi's Tis Hazari Court on Friday sentenced expelled Bharatiya Janata Party (BJP) MLA Kuldeep Singh Sengar and six others to 10 years imprisonment for the death of Unnao rape survivor's father. Sengar is already serving life imprisonment for raping the minor.
While sentencing them, District Judge Dharmesh Sharma said, "There can be no denying that rule of law was broken. Sengar was a public functionary and had to maintain the rule of law. The way the crime has been committed, it does not call for leniency."
Sengar and his brother Atul has been directed to give 10 lakh compensation to family of the victim for loss of their father. "There are four minor children involved, three girls and one boy. They have also been uprooted from native place," the judge said.
Seven people, including Sengar, his brother and two police personnel, were held guilty for culpable homicide and criminal conspiracy, earlier this month.
The case pertains to the death of rape survivor's father in custody on April 9, 2018. It was alleged that he was assaulted following a quarrel with some of the accused in the case.
He was taken to the police station and then framed for allegedly possessing an illegal firearm. Pursuant to this, he was sent to custodial remand, during which he died.
The case was transferred to Delhi from a trial court in Uttar Pradesh on the Supreme Court's directions in August last year. Both the death and illegal firearm case was later clubbed by the court.
During the arguments on sentencing on March 12, Sengar had told the court that he should be "hanged and acid poured into his eyes if he has done anything wrong".
The former MLA had also raped the daughter of the deceased in 2017 in Uttar Pradesh's Unnao district and was sent to jail for "remainder of his natural biological life", last year.
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