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Modi’s key reforms stall as pandemic upends economy

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Modi’s key reforms stall as pandemic upends economy

India’s delay in appointing a new central bank committee to decide interest rates is just the latest of Prime Minister Narendra Modi’s key economic reforms that are failing to gain traction during the nation’s worst crisis in decades.

Three of his major policies — the goods and services tax, a bankruptcy and insolvency law and the Monetary Policy Committee — have been mired in problems since the Covid-19 outbreak upended economic activity.

Modi’s administration has delayed payments it promised India’s 28 states as compensation under the new consumption tax regime, increasing tension between the two tiers of government.

The bankruptcy law has been suspended, frustrating the loan recovery efforts of lenders already saddled with one of the world’s worst bad-loan problem. And on top of that, the government didn’t appoint members to the central bank’s MPC in time for its scheduled policy decision last week, delaying possible stimulus that the economy desperately needs.

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Record Slump

Modi has been hailed by investors for his business-friendly reforms, which had been under discussion for years but pushed through in the first three years when he first took office in 2014. The stalling of those programs is weighing on the outlook for Asia’s third-largest economy, which has gone from one of the fastest-growing in the world to among the worst hit during the pandemic. India’s gross domestic product contracted a record 23.9% in the June quarter from a year ago, and Goldman Sachs Group Inc. is predicting the economy will shrink 14.8% in the fiscal year through March 2021. The government is still pushing through policy reforms in the farm sector and seeking changes to the nation’s rigid labour rules.

MPC Delay

The Insolvency and Bankruptcy Code “is the most effective instrument available to banks for recovering their defaulted loans to the best extent possible,” Subhash Chandra Garg, a former top bureaucrat at the Finance Ministry in the Modi government, told businessmen recently. “Suspension of IBC should be revoked,” he said, adding that the code had created an “institutional path and a shift in the effectiveness of dispute resolution.”

Finance Minister Nirmala Sitharaman said last week the delay in appointments to the MPC wasn’t by design, and the names of three new external members would be announced shortly. She is due to meet her counterparts from states Monday on the GST compensation matter.

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.

The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.

Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.

With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.

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The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.

Weather and AQI predictions in Delhi for next 7 days:

DateTemperatureSky
October 23, 202432.93 °CSky is clear
October 24, 202432.69 °CSky is clear
October 25, 202432.5 °CSky is clear
October 26, 202432.07 °CSky is clear
October 27, 202430.69 °CSky is clear
October 28, 202431.29 °CSky is clear
October 29, 202432.09 °CSky is clear

Weather in other cities on October 22, 2024

CityTemperatureSky
Mumbai28.35 °CLight rain
Kolkata28.84 °CSky is clear
Chennai28.94 °CLight rain
Bengaluru25.53 °CModerate rain
Hyderabad27.75 °CModerate rain
Ahmedabad31.9 °CSky is clear
Delhi32.93 °CSky is clear

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