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India to impose national lockdown from midnight, Prime Minister Modi said




Prime Minister Narendra Modi imposed a three-week national lockout and allocated an additional US $ 1.97 billion for health care to contain the spread of coronavirus infections that are spreading in the southern nation -Asian.

If we listen to health experts, we know that 21 days are crucial to breaking the cycle of transmission, Modi said in his televised speech to the nation on Tuesday. For a few days, forget what it means to go out. Today’s national lockout decision draws a line outside your home.

India is struggling to contain the economic and health benefits of the spread of the coronavirus epidemic which has so far infected 519 people in India and killed 10 people. Ashish Chauhan, CEO of Bombay Stock Exchange, said the stock market would remain open during the foreclosure.

The Indian rupee weakened off the coast during his speech in Modis, after the closure of local markets. The one-month undeliverable futures contract traded at $ 77.63, up from $ 77.32 before the speech. The SGX Nifty Futures for delivery in March fell more than 3%.

Last week, the government put in place an almost complete foreclosure on its main cities and suspended train, flight and long-distance bus services.

It’s a war of survival between us and the virus, said Suresh Kumar Rathi, associate professor at the Public Health Foundation of India and epidemiologist. Three weeks of complete foreclosure is essential for India as it has a high population density and limited resources.

Protect the economy

Modi’s biggest challenge will be to curb the spread of the virus in a country of 1.3 billion people and protect an economy that is expected to grow at the slowest pace in more than a decade. But experts say the country could be on the same trajectory as Italy, where the epidemic has quickly intensified, causing hospitals to overflow.

In his half-hour speech, Modi said that the amount set aside to fight the coronavirus will be used to add testing facilities, purchase personal protective equipment for health workers, and expand beds. isolation, fans and other important equipment.

State governments will ensure that essential services and supplies, including hospitals, medical stores and establishments engaged in the manufacture of drugs, vaccines, disinfectants, masks and medical devices, remain open, according to the communicated.

The health allowance comes at a time when the income of governments is already under pressure with the fall in tax revenues. Global economic uncertainty is expected to frustrate sales plans for Crown corporations, and supply chain disruptions could affect trade.

Oxford Economics cut Indian growth forecasts for the first quarter of 2020 to 3%, a figure never seen even during the worst of the global financial crisis. Meanwhile, the central bank announced measures last week to increase liquidity while staying out of step with global peers with lower rates.

– With the help of Upmanyu Trivedi

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