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(Covid-19) India is likely to grow at 7.4% in 2020-21, says RBI governor

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(Covid-19) India is likely to grow at 7.4% in 2020-21, says RBI governor
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(Covid-19) India is likely to grow at 7.4% in 2020-21, says RBI governor

Shaktikanta Das said the reverse repo rate has been reduced by 25 basis points from 4% to 3.75%.

10.42 am: The RBI governor concludes his address saying: “Eventually, we are confident that we shall cure and we shall endure.”

10.38 am: Das says that Consumer Price Index-based inflation for March 2020 declined by 70 basis points to 5.9%. “This is, however, based on data gathered up to March 19. The data showed a softening of food inflation around 160 basis points on account of the easing of prices of vegetables, meat, eggs, fish, pulses, among other items,” he adds.

10.35 am: “Scheduled commercial banks and cooperative banks shall not make any further dividend payouts from profits pertaining to the financial year ended March 31, 2020 until further instructions,” says the RBI governor. “This restriction shall, however, be reviewed on the basis of the financial position of banks for the quarter, ending September 30, 2020.”

10.27 am: “The reverse repo rate is being reduced 25 basis points from 4% to 3.75%,” Das says. “The police repo rate, however, remains unchanged at 4.4% because that is matter decided by MPC.”

10.24 am: “Based on our assessment of the evolving situation, and based on pattern of utilisation of Rs 50,000 crore…it is always open for RBI to step up this amount beyond Rs 50,000 crore as necessary,” says the RBI governor.

10.23 am: “For 2020-’21, International Monetary Fund projects sizeable reshaped recoveries, close to nine percentage points for the global GDP,” Das says. “India is expected to post a sharp turnaround and resume its pre-covid, pre-slowdown trajectory by growing at 7.4% in 2020-’21.”

10.22 am: “It has been decided to conduct targeted long-term repo operations…for an aggregate amount of Rs 50,000 crore to begin with in tranches of appropriate sizes,” Das says.

10.21 am: “IMF projection of 1.9% GDP growth for India is highest in G20,” says Das. “India among a handful of countries projected to register positive growth rate amid the Covid-19 crisis.”

10.14 am: “Since the nationwide lockdown was imposed, the RBI has taken a number of steps to ensure normal business functioning by the entire banking sector,” Das says. “As a result, payment infrastructure is running seamlessly. Banks have been required to put in place business continuity plans to operate from their disaster recovery sites.”

10.14 am: “The mission is to do whatever it takes to prevent the curve from steepening further,” Das says.

10.10 am: Das speaks about the Indian economy amid the outbreak of coronavirus.

10.09 am: Das thanks healthcare workers and people for their contribution in the fight against Covid-19. “Today humanity is facing the trial of its time, as Covid-19 grips the world with its deadly embrace,” he says. “In this kind of environment, Reserve Bank of India has been very proactive and monitoring the situation closely.”

10.08 am: Reserve Bank of India Governor Shaktikanta Das begins his address.

10.02 am: The Union Ministry of Home Affairs includes more activities in a few sectors in the consolidated revised guidelines on lockdown measures. These activities will be exempted:

  • Activities related to minor/non-timber forest produce.
  • Activities related to bamboo, coconut, arecanut, cocoa, spices plantations.
  • Nonbank financial companies and Cooperative Credit Societies.
  • Activities related to construction in rural areas.

9.39 am: Brazil’s President Jair Bolsonaro has fired Health Minister Luiz Henrique Mandetta amid rumours over the latter’s handling of the nation’s response to coronavirus, reports The Washington Post. “I do not condemn, I do not recriminate, and I do not criticise Minister Mandetta,” Bolsonaro told reporters on Thursday. “He did what, as a doctor, he thought he should do at the time. Isolation, increasingly, became a reality. But we cannot make decisions that destroy the work that has already been done.”

9.37 am: China raises toll in Wuhan, where the coronavirus is said to have emerged, by 50% to a total of 3,869. The administration also admits that several cases were “mistakenly reported” or missed completely, reports AFP.

9.34 pm: China reports its first-ever quarterly contraction at 6.8% – the slowest pace on record, reports The Guardian.

9.30 am: The Uttar Pradesh government begins to procure wheat from farmers amid lockdown. “All procurement centers that were decided earlier have been opened,” GS Priyadarshi, commissioner tells ANI. “Farmers are our priority and we are ensuring that they don’t face any problems.”

9.24 am:

reports 38 new coronavirus cases. Of these, 18 are in Jodhpur, six in Tonk, five are in Jaipur, two in Nagaur, one each in Jhunjhunu, Ajmer and Jhalawar, and four in Kota. The total number of cases rises to 1,169, reports ANI.

9.20 am: Ghaziabad Police have been using drones to keep an eye on Covid-19 hotspots in the district. “We are using drones to monitor the hotspots regularly,” Superintendent of Police (city) Manish Mishra tells ANI. “Lockdown measures are being implemented and rules are being enforced.”

9.15 am: Attacks on healthcare workers have increased in Bihar as four cases have emerged from the state within 24 hours, reports NDTV. Two of these episodes were reported in Bihar Sharif.

9.13 am: Sixty-eight staff members, including doctors and nurses, of a hospital in Delhi have been sent to home quarantine after the death of a pregnant Covid-19 patient, reports PTI. The woman died on Wednesday night.

9.07 am: A few currency notes of Rs 100, Rs 200 and Rs 500 find no takers in Indore after an unidentified person threw them on a street, fearing they were infected. Later on Thursday, police officials and municipal authorities collected them after spraying them with disinfectants, reports News18.

8.43 am: The number of coronavirus cases in India rises to 13,387, the Ministry of Health’s figures show. The toll is up to 437. The number of active cases is 11,201.

8.37 am: Hundreds of migrant workers started walking towards their homes down the Mumbai-Agra Highway on Thursday, The Indian Express reports.

8.20 am: Reserve Bank of India Governor Shaktikanta Das will address the media at 10 am today. It is widely expected that the government will announce a second stimulus package in light of the economic conditions during the Covid-19 crisis.

8 am: Bihar Rural Development Minister Shravan Kumar has said the district administrations are taking action against the Tablighi Jamaat congregation in Bihar Sharif. “I would like to appeal to all those who attended the congregation to come forward and get themselves checked so that we can combat coronavirus,” he says, reports ANI.

7.55 am: Around 200 people were made to sit on the road at Swargate area in Pune, Maharashtra for more than four hours for defying lockdown norms on Thursday, reports ANI.

7.52 am: In India,a cancer patient and his family have allegedly not been allowed entry into their house by the landlord in Odisha’s Balasore district as they had returned from Bhubaneswar – a coronavirus hotspot – after a medical check-up, reports ANI.

“The family had to spend seven to eight hours outside their house,” Balasore’s tehsildar says. “After we spoke with the landlord it was decided that the patient and his wife will be staying in the house while their sons would stay at a relative’s place. They can take legal action against this inhuman act.”

7.50 am: US President Donald Trump has launched a new phase-wise approach to reopen the nation’s economy, allowing governors to take the decision on lifting restrictions in their states, reports PTI. The country has the highest number of infections and Covid-19 deaths in the world.

7.45 am: Toll in the United States due to coronavirus stands at 33,101. The country has reported a total of 6,70,353 confirmed cases, according to the Johns Hopkins University tracker.

Here are the biggest updates from Thursday:

  • India on Thursday received 5 lakh testing kits from China, the Indian Council of Medical Research said during the Centre’s daily press briefing on the coronavirus pandemic. These testing kits are not meant for early diagnosis but only for epidemiology.
  • Maharashtra, the worst-hit Indian state in the Covid-19 pandemic, confirmed 286 new positive cases of the coronavirus infection, taking the total number of patients so far to 3,202. The number of cases in Maharashtra is nearly two times that in Delhi, the second worst-hit region in India.
  • India has sent huge quantities of hydroxychloroquine and paracetamol to over 100 countries in the world over the past two weeks. Some claim that hydroxychloroquine could be effective in treating coronavirus, but scientists say there is no conclusive evidence yet.
  • India criticised the comments made by the United States Commission on International Religious Freedom following reports on coronavirus patients being segregated along religious lines in a hospital in Ahmedabad, Gujarat.
  • The IMF has backed India’s proactive decision of imposing a nationwide lockdown. This came a day after it slashed its growth projection for India to 1.9% from the earlier estimated 5.8% for the financial year 2020-2021.
  • Congress leader Rahul Gandhi said the nationwide lockdown is not a solution to tackle the coronavirus pandemic, adding that it is like “a pause button”. He said the government has to test “aggressively and strategically” and urged Prime Minister Narendra Modi to empower the chief ministers and district-level authorities. However, in the daily government press briefing, the Centre denied the claim and said not everyone is vulnerable to the coronavirus.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Quickclarity news.

Publisher: Scroll

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