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India’s GDP could even shrink 0.9% in case coronavirus outbreak extends: CII
Amid the nationwide lockdown, the economists and industry experts are estimating contraction for country’s GDP or gross domestic product.
The latest estimates by economists and industry experts highlight a gloomy situation for the county’s economy on account of the coronavirus-triggered lockdown, which continues to disrupt businesses worldwide.
As per the reports, the Confederation of Indian Industry (CII) has said the country’s GDP could even shrink 0.9 per cent in case the outbreak extends and spreads further.
In a report, titled “A Plan For Economic Recovery”, the CII estimated economic expansion between a negative 0.9 per cent (contraction) and 1.5 per cent based on three scenarios: “optimistic” (1.5 per cent growth), “base” and “downside risk” (0.9 per cent contraction).
“Given the extent of damage to the economy from disruption to business, the GDP growth in FY21 is likely to be the lowest in many decades,” said Director General Chandrajit Banerjee while releasing a paper with three scenarios.
Another Credit ratings major Fitch has also brought down its growth forecast for the country to 0.8 per cent in the fiscal year ending March 2021. Earlier, three weeks ago, it had projected a 2 per cent growth rate for the country.
It further expected the growth to rebound to 6.7 per cent in 2021-22.
The rating agency has predicted two consecutive quarters of contradiction – (-) 0.2 per cent in April to June and (-) 0.1 per cent in July to September.
As per the definition, the two consecutive quarters of negative GDP growth are known as a recession.
“World GDP is now expected to fall by 3.9 per cent in 2020, a recession of unprecedented depth in the post-war period,” NDTV quoted Brian Coulton, Chief Economist at Fitch Ratings as saying.
Government has announced a spending package of Rs 1.7 lakh crore, and the central bank has cut key interest rates to fight down the economic crisis due to the 40-day lockdown.
However, many economists believe that the measures announced by the government and the RBI fall short of the support needed to aid the country’s fight against the pandemic.
Representational Image | Image Courtesy : Paramjit Dhillon @Paramjitdhillon (Twitter)
Delhi, India – Chaos ensues as the Ashram Flyover becomes a traffic nightmare for commuters in the city. But fear not, as a group of marshals has been deployed to restore order and bring some sense to the madness.
The Ashram Flyover, a major artery in the bustling metropolis of Delhi, has been a headache for commuters for quite some time now. The flyover, which connects the city’s south and central areas, sees heavy traffic congestion during peak hours, causing long delays and frayed nerves.
But things have taken a spicy turn as marshals have been brought in to keep things under control. These marshals, donning bright green jackets, have been tasked with managing the traffic flow, ensuring that vehicles move smoothly and without incident.
The marshals have their work cut out for them, as the chaos on the flyover seems to have no end in sight. The heavy traffic, coupled with the city’s notorious lack of lane discipline, has resulted in a free-for-all on the flyover, with vehicles jostling for space and tempers flaring.
But the marshals are undeterred. Armed with whistles and hand signals, they are determined to bring some order to the chaos. And their efforts seem to be paying off, as traffic has started moving more smoothly, and the honking and shouting have reduced considerably.
Representative Image | Source : Wikimedia
The New Delhi Municipal Council (NDMC) has decided to re-launch the ‘Raahgiri Days’ programme in Connaught Place from Sunday, with a focus on sustainable mobility, under the G20 theme. This theme is an invitation for action to make sustainable and secure cities, and the Raahgiri Day completely synchronizes with this goal, said a NDMC official.
Raahgiri Day is an idea that started in 2013 and is an auto-free citizens’ effort that promotes safe, open and comprehensive public streets where individuals can walk to close by markets and kids can walk to close by schools securely.
This will be the initial installment of a progression of Raahgiri Days to be facilitated at Connaught Place post the Covid-19 pandemic. It will be held as a part of Delhi Police Week (February 16-22) under the topic of street security, including center on walkability and ladies’ security. During these occasions, the Connaught Place market zone will be changed into a vehicle free zone, permitting inhabitants to partake in an assortment of exercises, including yoga classes, Zumba, games zones, music, move and even instructive programmes on different points like street security.
Officials from the NDMC (New Delhi Municipal Council) asserted that the Raahgiri Day is an initiative to make people aware of the fact that roads and streets are not just meant for vehicles. It is a means to reclaim public spaces and use them for leisure activities as a community. On February 19, the Raahgiri Day will be relaunched at Connaught Place and all Delhi citizens are encouraged to be a part of it. A senior official expressed that this is a chance to make a positive impact on our society and relish the roads in a different way while also encouraging the formation of a safer, more sustainable and walkable city. This event is being organised in collaboration with Delhi Police and other organisations.
Image Source: ANI
The Delhi Police, led by Assistant Sub Inspector (ASI) Parvinder, took immediate action as soon as they were informed that a 17-year-old girl had jumped into the Yamuna river from the Signature Bridge in the national capital on Tuesday night, reportedly due to a quarrel with her father.
The Station House Officer (SHO) Tribhuvan Singh Negi of Timarpur police station, along with a team of more than half a dozen police personnel, began the rescue operation with the help of divers and managed to save the schoolgirl, who is a resident of Wazirabad, within 45-50 minutes. The girl was later handed over to her family.
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