Policy balance
The recent appointment of Sanjay Malhotra as Governor of the Reserve Bank of India (RBI), replacing Shaktikanta Das, signals a pivotal shift in India’s monetary policy dynamics.
The Centre is most likely to extend the 21-day lockdown in India, that is to end on April 14, any day now.
The global toll due to COVID-19 is crossed 95,000, as the number of infections rose above 1.6 million on Friday. India reported 6,412 cases of COVID-19 on Friday, including 503 patients who have been treated and discharged and 199 deaths. Maharashtra has most of these cases at 1,364, and 125 deaths. Tamil Nadu has 834 cases and 21 deaths. New Delhi has witnessed 720 cases and 25 deaths. The Centre is most likely to extend the 21-day lockdown, that is to end on April 14, any day now.
Meanwhile, the head of the International Monetary Fund said on Thursday, the Coronavirus pandemic will trigger the worst economic fallout in 2020 since the 1930s Great Depression, with only a partial recovery seen in 2021.
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Speaking on the social and economic impact of the coronavirus IMF Managing Director Kristalina Georgieva said even though governments had already undertaken fiscal stimulus measures of $8 trillion, more would likely be needed. She said the crisis would hit emerging markets and developing countries hardest of all, which would then need hundreds of billions of dollars in foreign aid.
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The effects of global recession can be seen as 16.8 million Americans lost their jobs in the last three weeks after the coronavirus pandemic brought the US economy to a standstill. 6.6 million of those jobs were lost in the last week alone.
UK Prime Minister Boris Johnson was moved out of intensive care on Thursday night. The Guardian reports, a spokesperson said, “The prime minister has been moved this evening from intensive care back to the ward, where he will receive close monitoring during the early phase of his recovery.”
The Guardian reports, Pope Francis presided at a scaled-down Holy Thursday mass in an empty St Peter’s Basilica. He spoke from a secondary altar behind the main one he normally uses and the occasion was attended by only two dozen people, including a few aides, nuns and a scaled-down choir.
Italy has lost the most number of people to the virus at 18,279, followed by Spain 15,447 and France 12,210. The US has the highest number of confirmed cases at 462,135, followed by Spain 153,222 and Italy 143,626, according to John Hopkins.
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