As lockdowns have shut banks and money-transfer offices, marooned migrants couldn't send money home.
Covid-19 battered India's economy is projected to contract by 4.5 per cent this fiscal, said the International Monetary Fund. In the World Economic Outlook (WEO) forecast report, the IMF said that India's economy is expected to contract on the back of a longer lockdown and a slower recovery than anticipated in April.Accordingly, the country's economy will contract in FY21 from an expansion of 4.2 per cent in FY20. In terms of calendar year 2020, the economy is expected to contract by (-)4 .9 per cent.Coronavirus impact: IMF predicts India's economy to contract by 4.5% in FY21
The prolonged lockdown along with rain and hailstorm in many regions has heightened rural distress, pushing anxious villagers to moneylenders — a situation which farm leaders say can trigger agitations and suicides unless farmers get quick relief.
As the world is undergoing the impact of Coronavirus, the IMF has revised its global GDP growth estimate. ET Wealth studies how India is placed in this scenario.
In a more promising sign, E-Mini futures for the S&P 500 recouped their early losses to edge up 0.3% and EUROSTOXX 50 futures added 0.2%. FTSE futures dipped 0.2%.
The company is expected to undertake cash preservation measures such as reduced capital expenditure (capex) and limited dividend payout in FY21, which shall support liquidity. Additionally, to preserve liquidity, Vedanta has availed moratorium on its term debt obligation as per RBI guidelines after approval from respective banks.
Dubai, the Middle East's trade and tourism hub, has been hit hard by coronavirus-containment measures and is set for an economic contraction almost four times worse than during the global financial crisis in 2009, S&P said.
United Nations reaches out to India as COVID lockdown prompts other fears.India assures the UN on all vaccines.TIMES NOW's Srinjoy Chowdhury with details.UN reaches out to India for global vaccine supplies as COVID lockdown prompts fears
The Covid recession is the first since 1870 to be triggered solely by a pandemic, World Bank president said.
School closures during lockdown have exacerbated the situation because more women than men tend to care for children.
Moody's expects India's real GDP to contract by 4 per cent in fiscal 2020 due to the shock from the coronavirus pandemic and related lockdown measures, followed by 8.7 per cent growth in fiscal 2021 and closer to 6 per cent thereafter.
Creating jobs will be critical to cementing any upswing. More than one in six people stopped working.
Agriculture and allied activities are expected to grow 2-3% in the ongoing fiscal year, on the back of favourable government policies and forecast of a normal monsoon, after a 4% expansion in fiscal 2020. Overall, the economy is forecast to contract up to 7% in fiscal 2021, indicating a deep decline in industry and services.
The outbreak, which has infected more than 2.6 million people and killed more than 180,000 globally, has also crippled manufacturing, shutting factories and upending supply chains. Meanwhile, with restaurants, bars and other leisure options closed, holidays canceled and travel restricted, the situation in the services industry was dire.
IMF's Chief Economist Gita Gopinath, in an exclusive coversation with Times Now's Navika Kumar, said that they are projecting a 3% contraction of global GDP due to the COVID-19 pandemic. What the IMF has called the "Great Lockdown" will likely slice $9 trillion off of global growth over the next 20 months, and lower projected GDP in 2020 by more than 6 per cent. IMF chief economist said, "We call this the ‘Great Lockdown’ because Govts are putting economies in a lockdown while dealing with the health crisis. Govts need to provide unprecedented support to revive the economy."IMF projecting 3% contraction of global GDP due to COVID-19 pandemic: Gita Gopinath
US West Texas Intermediate crude fell 35 cents, or 1 per cent, to $35.91 a barrel.
Growth is expected to come in at 5.2 percent next year and 3.3 percent in 2022,European Central Bank chief Christine Lagarde said
In the absence of American leadership, India and other developing countries need to champion the cause of WTO and global trade.
With the shifts in global economic order, political landscape and social behavior all taking place simultaneously, it is safe to say we have only begun to get a glimpse of what the other side of the pandemic has in store for humanity. While an industrial revolution was already in progress, the pandemic has accelerated the process and created even more complications.
Modi cited the example of Punjab to impress upon micro-containment to fight the virus.
New Delhi, Apr 20(ANI): Reliance Foundation has scaled up its meal distribution programme under Mission Anna Seva to provide over 3 crore meals to marginalised and under-resourced communities across India. Under the programme, Reliance Foundation is providing cooked meals, ready-to-eat food packets and dry ration kits to families and bulk ration to community kitchens. The entire staff of Reliance Foundation is working together in the mission on a war footing to ensure that no Indian goes hungry during the lockdown period. RIL has contributed Rs 535 crore to various relief funds, including Rs 500 crore to the PM-CARES Fund. COVID-19 lockdown: Reliance to provide meals for 3 crore Indians
Japan’s economy braced for its worst postwar slump even as first-quarter GDP contracted less than initially thought, as the coronavirus crisis slams the brakes on global growth and raises pressure on Tokyo to cushion the blow to business and consumers.
The greenback bought 0.9429 Swiss franc, little changed on the day
As a fast rising power, China is growing more assertive and jostling with many countries.
Kerala govt report estimates a loss of about Rs 80,000 crore in GVA to the Kerala economy in Q1 (Apr-Jun) of 2020. For March, the shortfall in GVA could have been roughly Rs 29,000 crore. The direct and indirect losses in gross state value addition (GSVA), based on an input-output model, is estimated to be 10% in 2019-20 and 20% in 2020-21.
The analysis by the UN Department of Economic and Social Affairs (DESA) said the COVID-19 pandemic is disrupting global supply chains and international trade. With nearly 100 countries closing national borders during the past month, the movement of people and tourism flows have come to a screeching halt.
The USFDA had issued an Emergency Use Authorization (EUA) to Gilead Sciences Inc for emergency use of remdesivir for the treatment of coronavirus patients.
New Delhi: Uttar Pradesh Chief Minister Yogi Adityanath's father, Anand Singh Bisht, died this morning. Mr Bisht who was admitted to the All India Institute of Medical Sciences (AIIMS) in Delhi last month due to kidney problems died at 10.44 am.UP CM Yogi Adityanath not to attend father's last rites amid COVID-19 lockdown challenges
New Delhi, Apr 20 (ANI): Amid extended nationwide lockdown to curb the spread of COVID-19, many patients and their attendants are left stranded outside prestigious All India Institute of Medical Science (AIIMS) hospital in a night shelter due to lack of amenities. Patients those who were scheduled for appointment prior to implementation of lockdown are now nowhere to go as they don’t have access to transportation and basic amenities which force them to accommodate in a night shelter. For these people, life has come to a standstill and left with nowhere to go as they hope for relaxation from the lockdown to move ahead in life. Prime Minister Narendra Modi has extended nationwide lockdown till May 03. COVID-19 lockdown: Lack of basic amenities force patients to stay in night shelters in Delhi
A United Nations University study estimates that 104 mn Indians could fall below the World Bank-determined poverty line of $3.2 a day for lower-middle-income countries but the picture of where the Indian economy is headed should be a bit clearer tomorrow when the GDP data comes out.
"The crisis is “much worse from an economic impact” point of view compared to 2008 meltdown," Gurnani said.
New Delhi, Apr 12 (ANI): Massive crowd was seen at a vegetable market in Delhi on April 12 amid nationwide lockdown in the wake of coronavirus pandemic. Delhiites were seen violating norms of social distancing while purchasing vegetables. On April 11, District Magistrate North directed DCP North West and Secretary APMC took all necessary measures to ensure social distancing protocol is followed at Azadpur Mandi and took strict action against those violating norms. There are total 903 confirmed cases of coronavirus in Delhi including 14 deaths. According to the Ministry of Health and Family Welfare, the total number of COVID-19 active cases surpassed 7,000 in India with over 240 deaths.COVID-19 outbreak: Delhiites violate ‘social distancing’ norm at Azadpur Mandi
With revenues nosediving due to Coronavirus lockdown, how will states recover and jump-start the economy? Here's a report from ETNOW's Ruchi Bhatia.Lockdown impact: Here's how states are planning to jump-start economy, ET NOW report
Confirmed coronavirus cases in India shot well past the 15,000 mark today, Health Ministry data updated at 8 am showed.The number of cases in the country stands at 15,712 at the moment. Casualties number 507 till now, while 2,231 have been listed as cured/discharged/migrated.As of 9 pm yesterday, a total of 3,72,123 samples from 3,54,969 individuals had been tested for the virus, according to latest data at Indian Council of Medical Research (ICMR) website.India now has over 15,000 confirmed Covid-19 cases
Of the 56 firms that moved bases from China in 2018-19, Vietnam got 26, Taiwan 11, Thailand 8 and India 3.
With travel bans finally lifted in April in Wuhan, the epicentre of the country's coronavirus crisis, China has largely managed to recover from strict lockdowns that had led to weeks of economic paralysis.
Covid-19 crisis: MoHFW issues a 17-point guideline to all central govt employees. Details by TIMES NOW's Mohit Sharma.Covid-19 crisis: MoHFW issues guideline to all central govt employees
The Sharjah-based airline, which has about 2,000 employees, did not say how many employees had been affected. It laid off 57 employees in May. The latest job cuts were a "last alternative" after the airline took a series of steps in past months to protect jobs, the spokesman said, without elaborating.
New Delhi, Apr 16 (ANI): Bollywood actor Salman Khan is deeply disturbed after reading about the growing violence against doctors and police personnel in various cities. Salman Khan said, “Doctors and nurses came to save you and you pelted stones on them, COVID-19 patients are running from hospital to nowhere, all these will not anyone.” “Because of some people all the citizens are suffering,” the actor further added and urged people to support the doctors and police personnel during this humanitarian crisisCOVID-19: Actor Salman Khan condemns attacks on doctors, police personnel
There are several inspiring ways in which youth-led enterprises across Asia-Pacific are innovating to support their communities to combat coronavirus and improve the situation.
India is facing an unprecedented economic crisis, where some of the safe and traditional jobs are under the threat of being axed even as India breached the 2 lakh mark, with the highest spike of nearly 9000 cases in a day. Tough times ahead.
Stimulus spending will pile more debt on countries already struggling with the aftermath of the 2008 crisis .
On Wednesday, the Wall Street brokerage Bank of America Securities had projected global growth at 2.2 per cent, which was lowered to only 40 basis points (bps) on Thursday, shaving down 180 bps and on Friday, it said the global economy is in recession.
Modi's mantra can fix all three problems: the pandemic, economic crisis, and the Ladakh security challenge.
The Indian pharma industry has been a world leader in generics both globally and in domestic markets.
Based on assessments made by different analysts and industry body Ficci, here is an impact analysis in healthcare sector.
"The world's second-most populous country with 1.3 billion people had reported just over 130 coronavirus cases and three deaths by Tuesday, in stark contrast to exploding numbers of cases around the world and despite its close proximity to massive virus clusters in Asia and a relatively unsophisticated public healthcare system," an article in the Global Times stated.
Soros, 89, said the damage to the euro zone economy from the new coronavirus would last "longer than most people think", adding that the rapid evolution of the virus meant that a reliable vaccine would be hard to develop.
‘We are expecting global growth to contract by 3.2% of GDP’
Mumbai: At least 20 sailors of the Indian Navy at INS Angre have tested positive for Covid-19 in Mumbai on Saturday. The INS Angre is a shore based logistics and shore-based support establishment of the Western Naval Command.COVID-19 crisis: Over 20 Navy sailors in Mumbai test positive for coronavirus
Detailing the government's plan to contain local outbreak of coronavirus, Lav Agarwal, Joint Secretary, MoHFW, underlined that the affected areas have been divided into two zones- Containment zone and Buffer Zone. The containment zone has been divided into sectors with 50 houses each (30 houses in difficult areas) emphasised Agarwal. The cluster-containment strategy has yielded positive results, said the officialCOVID-19: Government identifies 170 hotspot districts
The coronavirus pandemic has brought the global economy to a standstill and plunged the world into a recession that will be “way worse” than the global financial crisis a decade ago, the head of the International Monetary Fund said on Friday, calling it “humanity’s darkest hour.” IMF’s managing director, Kristalina GeorgievaGlobal recession will be ‘way worse’ than 2008 crisis: IMF
New Delhi, Apr 06 (ANI): Jain temples are closed on the occasion of ‘Mahavir Jayanti’ in national capital on April 06. Shri Digambar Jain Ratnatraya Jain Mandir in Delhi’s Dwarka is closed due to coronavirus lockdown.Covid-19: Jain temples closed on occasion of ‘Mahavir Jayanti’ amid nationwide lockdown
India can’t spend its way out of the current economic mess. That however, doesn’t mean nothing can be done.
Six persons including Anand Paranjpe, Thane city NCP president tested positive for Covid-19 on Tuesday, It is suspected that Paranjpe may have been infected during one of two recent visits to state housing minister Jitendra Awhad’s residence.TIMES NOW's Aruneel with detailsMaharashtra: NCP leader Anand Paranjpe tests positive for Covid-19
Downturn in business and investment activity deepened in May despite parts of the economy exiting lockdown.
Noida: Two recovered COVID-19 patients relapse and have been admitted to the hospitalCOVID-19 crisis: Two recovered patients get relapse bout, admitted to Noida hospital
Modi has little choice but to focus on manufacturing, given the slump in the services sector.
Chinese Govt restricts publications on the origin of COVID-19.Details by TIMES NOW's Athar Khan.Chinese Govt restricts publications on the origin of COVID-19
Sixteen fresh COVID-19 positive cases have been reported in Noida.Details by TIMES NOW's Siddhant.Noida: Sixteen fresh Covid-19 positive cases have been reported
Congress leader Priyanka Gandhi Vadra said it is imperative for India to immediately ramp up its rate of testing for coronavirus and that the government must act now for the lockdown to yield results. The Congress general secretary asserted that extremely valuable information about the severity of the disease, disease clusters and focal points is gained from testing."It is imperative that India immediately ramps up its rate of testing. Extremely valuable information about the severity of the disease, disease clusters and focal points is gained from testing," she said in a tweet.Covid-19: Priyanka Gandhi calls for large scale testing
The Ficci-Dhruva Advisors industry survey was conducted in June 2020 and saw participation of over 100 top corporate executives (CxOs) from across sectors.
A senior police inspector from Thane police commissionerate tested positive for coronavirus in Nasik hospital on Saturday.Maharashtra fights Covid-19: Thane Police officer tests positive, 35 cops quarantined
COVID-19 curve in India crosses the 9,000 mark. The total number of deaths reported in the country stands at 308India's Covid-19 count crosses the 9,000 mark
Pollution and greenhouse gas emissions fell across continents earlier this year, as countries tried to contain the spread of Covid-19 with strict lockdowns.
Nashik (Maharashtra), Apr 09 (ANI): The dairy farmers in Maharashtra’s Nashik are facing losses due to the lockdown. Nationwide lockdown has been imposed in backdrop of COVID-19 outbreak. Milk price dipped to almost half amid pandemic and farmers are forced to sell the milk at low prices. While speaking to ANI, one of the farmers said, “We used to sell milk at Rs 50-55 per kg, now we have to sell it at Rs 30-35 per kg. The demand is low as hotels and tea stalls are closed. It is becoming difficult to manage expenses.” There are total 1574 confirmed cases of coronavirus in Maharashtra including 110 deaths and 188 have been cured.Covid-19 outbreak: Dairy farmers facing losses amid lockdown in Maharashtra’s Nashik
MHA writes to State Home Secys to keep an eye on the detention centres across the states.Details by TIMES NOW's Nikunj Garg.COVID-19 crisis: MHA writes to State Home Secys to keep an eye on detention centres across states
The meeting comes amid drastic reduction in GDP growth forecast by various multi-lateral funding agencies for the current fiscal due to the impact of COVID-19 and consequent lockdown.
Britain's economy contracted two percent in the first three months of the year, rocked by fallout from the coronavirus pandemic, official data showed Wednesday.
"Country at this juncture needs liquidity. Without liquidity our economy's wheel will not accelerate... Rs 50-60 lakh crore foreign investment is needed in the country under present circumstances to boost the economy," the Road Transport, Highways and MSME Minister said.
Friends, I’m sure u must have read about or watched how our brave corona warriors have been attackd in certain pockets wth stone pelting causing severe injuries to them. Docs, nurses, policemen, none are spared! Utterly disgusting! These ppl are sacrificing so much-treat them with respect: Hema MaliniLockdown 2.0: Hema Malini condemns attack on Corona Warriors, health workers
As China emerges from its Covid-19 lockdown, it is becoming clear that many of the challenges they faced are here to stay - and that some of the changes they introduced should be, as well. We identified 11 lessons to help inform business leaders throughout the rest of the world.
akistan skips virtual Saarc meet on overcoming Covid-19 impact on regional tradePakistan skips SAARC trade meeting on Covid-19
72 people in South Delhi were quarantined after a pizza delivery man tests positive for Coronavirus. TIMES NOW's Parvina with details.COVID-19: Pizza delivery man tests positive in south Delhi; 72 quarantined
India's economic recovery is more likely to be a 'U' or 'W' shaped rather than 'V', analysts said.
Gurugram (Haryana), Apr 12 (ANI): A drive-through sample collection centre has been set up in Haryana’s Gurugram to ease COVID-19 tests. This initiative was started by Healthians lab on April 11 along with Municipal Corporation of Gurugram. Any person can apply for COVID-19 test by filling their details online. The facility has been established in collaboration with the Healthians testing group at Tau Devi Lal Stadium. While speaking to ANI, the Commissioner of Municipal Corporation of Gurugram, Vinay Pratap Singh said, “One can apply for the test by filling details online. The patient can drive on own or can be accompanied by another person.” “It takes about 1-2 minute to collect nasal or throat swab and the reports will be given online. It is compulsory for those who want to be tested for COVID-19 to obtain a prescription from a registered medical practitioner,” he added. There are total 177 confirmed cases of coronavirus in Haryana including three deaths and 29 cured. According to the Ministry of Health and Family Welfare, the total number of COVID-19 active cases rose to 6634 in India and 242 deaths.Haryana: Drive-through COVID-19 testing facility launched in Gurugram
The novel coronavirus has infected 8,356 people in India, killed 273, as per the latest update by the Union Health Ministry. According to the latest data available 909 new cases were reported in the last 24 hours, 34 people have died of the infectionIndia's Covid-19 count crosses the 8,000 mark
We speak to experts, economists and policymakers to put together a checklist of possible steps to mitigate the impact.
Delhi Chief Minister Arvind Kejriwal on Sunday announced that the lockdown will continue as usual in Delhi and no relaxations will be allowed before a review meeting of experts on April 27.“Delhi has 11 districts and all of them have been declared hotspots. As per the central government, restrictions cannot be relaxed in containment zones,” Kejriwal said.Coronavirus crisis: No relaxations in hotspots in city, says Arvind Kejriwal
The grim result for the industry, the engine of growth, underlines the pandemic's impact.
WHO cautions India saying that lockdown is not just enough to curb the spread of COVID-19. According to WHO, aggressive measures that include more testing are necessary, lockdown just buys more time.Lockdown not enough to curb the spread of COVID-19: WHO cautions India
India has been relatively conservative in extending fiscal measures to deal with the negative impact of COVID-19 on the economy. However, it has to take far more aggressive steps to contain the damage to the economy as few of the macroeconomic factors such as low oil prices, adequate forex reserves and lesser dependence on export will work in its favour.
The market, which has soared 23% from lows, is signaling that many investors expect a quick rebound.
The benchmark Nikkei share average retreated from early slight gains and finished 0.18 per cent lower at 22,437.27, with 72 advancers against 147 decliners.
Some analysts say infinite monetary policy easing may not be enough and fiscal steps are crucial.
The travel industry is bracing itself for the new changes that will have to be factored in post lockdown.
Inequality is not a tool that creates differential impact during pandemic. It is also the reason behind the outbreak itself.
BMC has temporarily converted the National Sports Club of India’s (NSCI) dome in Worli into a massive quarantine cum observation facility. Details by TIMES NOW's Aruneel.Covid-19: NSCI dome in Worli turned into quarantine facility
CEC Sunil Arora and two other ECs take a 30% salary cut for a year amid the COVID-19 crisisCOVID-19 crisis: CEC Sunil Arora to take 30% salary cut for a year
Indiana (USA), Apr 09 (ANI): Indian students from Surat who are stranded in parts of US have appealed for help and evacuation to the Indian government in wake of spread of COVID-19 in the country. One of the students said there are total 11 students from different states of India. Flight services are currently closed due to Novel Coronavirus.Covid-19: Indian students stranded in US seek govt help in evacuation
All passenger train services to be canceled till May 3: Indian Railways.Details by TIMES NOW's Mohit Sharma.India in Lockdown-2: Railways cancel all passenger train services till May 3
Hours before Prime Minister Narendra Modi's address to the nation, Congress chief Sonia Gandhi in a video message this morning praised those at the forefront in the fight against coronavirus - doctors, sanitation workers, policemen - and said they were fighting the pandemic despite the lack of resources.Sonia Gandhi's video message to nation, thanks frontline workers and citizens for adhering to lockdown
A 6-month old toddler in Mumbai has successfully recovered from COVID-19 and has come back home amongst heartening cheers.Mumbai: 6-month old toddler has successfully recovered from COVID-19
Karnataka: Corona fears amongst farmers, wash currency notes in water fearing Corona transmission. Times Now's Imran Khan with details. Listen in!Karnataka: Farmers wash currency notes in water, fearing Covid-19 transmission
Kanpur (Uttar Pradesh), Apr 05 (ANI): Several researches are going on to curb coronavirus pandemic, which have killed 56, 985 people globally so far. Indian Institutes of Technology (IIT) Kanpur has also joined the fight against the coronavirus. Researchers are working on cost- efficient special antiviral coating masks, which may replace N95 masks whose price shoot upto Rs 500 in recent days. Researcher at IIT Kanpur, Professor Ramkumar said, “We developed an alternative material for N95 masks, and we are making it manually as we don’t have access to automatic machines due to nationwide lockdown. By next 2-3 days, we will start manufacturing of the masks.” The N95 masks filters at least 95% of airborne particles. It is said that healthcare workers who are expected to perform patient activities with those suspected or confirmed to be infected with COVID-19 to wear respiratory protection, such as an N95 respirator. Unlike a respirator, a surgical mask does not have an air-tight seal and thus does not protect its wearer against airborne particles such as virus material.Covid-19: IIT Kanpur to manufacture cost efficient antiviral coating masks
Defence Minister Rajnath Singh on Tuesday chaired a meeting of Group of Ministers on COVID-19.Home Minister Amit Shah, Minister of Information and Broadcasting Prakash Javadekar, Minister for Textiles and Women and Child Development Smriti Z Irani, Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan were among the Union Ministers present at the meeting.COVID-19: Rajnath Singh chairs meeting of Group of Ministers
82-year-old patient recovers from COVID-19 in Delhi. The patient will be discharged today. Details by TIMES NOW's Mohit Bhatt82-year-old patient recovers from COVID-19 in Delhi
In what could turn out to be the biggest evacuation plan within the State, the Maharashtra government on Friday decided to allow over one lakh migrant sugarcane workers to return to their native villages.As per the guidelines signed by Chief Secretary Ajoy Mehta, over 1 lakh migrant labourers and their families, who work in 38 sugar factories, are unable to go to their native districts due to the nationwide lockdown in place to curb the spread of novel coronavirus. These workers have been living in temporary shelters in the sugar mills.Lockdown 2.0: Maharashtra Govt allowed over a 1 Lakh sugarcane workers to go back to their homes
The spread of COVID-19 brought to the forefront the need to focus more on innovation.
Plummeting fuel prices were the main driver of the steep decline, plunging 33.2 per cent in March, while prices of minerals, ores, metals, food and agricultural raw materials tumbled by less than 4 per cent. The more than 20 per cent fall in commodity prices in March was a record in the history of the FMCPI. By comparison, during the global financial crisis of 2008, the maximum month-on-month decrease was 18.6 per cent.
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