Top headlines: RBI talks economic risks; Odisha extends virus lockdown

Odisha extended the lockdown to prevent the coronavirus pandemic till April 30, becoming the first state to do so as the number of patients infected by the disease continues to rise across India. The pandemic has severe economic risks for the country, said the Reserve Bank of India in its monetary policy report. Here is more on what made news today.

'Covid-19 hangs over future like spectre': RBI in Monetary Policy Report
 

The macroeconomic risks held forth by the Covid-19 outbreak would be severe for India, the Reserve Bank of India (RBI) said in its monetary policy report, released on Thursday morning. The impact of the pandemic came at a time when the economy was just at the turn of a recovery, “but Covid-19 now “hangs over the future, like a spectre,” it said. “While efforts are being mounted on a war footing to arrest its spread, Covid-19 would impact economic activity in India directly through domestic lockdown.” Read More

Covid-19: Odisha becomes first state to extend lockdown till April 30
 

The Odisha government on Thursday decided to extend the ongoing lockdown in the state till April 30 to effectively contain the spread of coronavirus. Schools and other education institutions will remain closed till June 17, Chief Minister Naveen Patnaik announced after a video conference with his ministers. "We have decided to extend the lockdown period till April 30 and a recommendation in this regard will be sent to the Centre," he said in a video message. Read More

India will do everything to help humanity's fight against Covid-19: PM Modi
 

Prime Minister Narendra Modi on Thursday said that India will do everything possible to help humanity's fight against Covid-19 while responding to US President Donald Trump's tweet. Earlier on Wednesday, Trump thanked India for the decision of lifting the export ban of anti-malarial drug hydroxychloroquine. "Fully agree with you President @realDonaldTrump. Times like these bring friends closer. The India-US partnership is stronger than ever. We shall win this together," Modi tweeted. Read More

Petrol, diesel demand slumps 66%; ATF down 90% as lockdown hurts business

 

Demand for petrol and diesel is down 66 per cent in April, while aviation turbine fuel (ATF) consumption has collapsed by 90 per cent as most airlines have stopped flying, industry officials said. India's fuel consumption slumped as a nationwide lockdown halted economic activity and travel, which eviscerated demand. Read More

Gold-backed ETFs see $23 billion inflow during March 2020 quarter: WGC

 

Gold-backed exchange traded funds (ETFs) witnessed a net inflow of $23 billion, or 298 tonnes (t), in the January – March 2020 quarter across all regions, suggests the latest data from World Gold Council (WGC). This is the highest quarterly amount ever in absolute US dollar terms and the largest tonnage additions since 2016. “During the past year, gold ETFs added 659 tonnes, the highest on a rolling annual basis since the financial crisis, with assets under management (AUM) growing 57 per cent over the same period,” WGC said. Read More

Covid-19 strategy working in US, number of new cases stabilizing: Trump
 

Amid the coronavirus outbreak in the US that has caused thousands of fatalities in the country, President Donald Trump on Wednesday sought to reassure the country, saying there are signs that the aggressive strategy to slow the spread is working and the number of new cases is stabilizing. "The numbers are changing and they are changing rapidly and soon we will be over that curve. We will be over the top and we will be headed in the right direction. I feel strongly about that," Trump told reporters during his daily White House news conference on coronavirus. Read More

Time for global unity: Guterres after US blasts WHO for Covid-19 response
 

UN Secretary General Antonio Guterres on Wednesday called for global unity and solidarity to stop the coronavirus pandemic and said it is not the time to look back and assess how organisations and nations have reacted to the coronavirus crisis. This comes a day after US President Donald Trump accused the WHO of being "China-centric" and criticised its handling of the Covid-19 outbreak. "Once we have finally turned the page on this pandemic, there must be a time to look back fully to understand how such a disease emerged and spread its devastation so quickly across the globe, and how all those involved reacted to the crisis. The lessons learned will be essential to effectively address similar challenges, as they may arise in the future," Guterres said. Read More