Coronavirus outbreak: A 21-day lockdown may have cost India Rs 8 trillion

The world’s biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 trillion during the 21-day period, analysts and industry bodies said.
With the intent to contain the spread of Covid-19, Prime Minister Narendra Modi with effect from March 25 announced a nationwide complete lockdown that brought as much as 70 per cent of economic activity, investment, exports and discretionary consumption to a standstill. Only essential goods and services such as agriculture, mining, utility services, some financial and IT services and public services were allowed to operate.
Stating that the pandemic came at the most inopportune time for India whose economy was showing signs of recovery after bold fiscal/monetary measures, Centrum Institutional Research said the country again stares at the possibility of low single-digit growth for FY21 (April 2020 to March 2021).
ALSO READ: 25 districts in 15 states have not reported new Covid-19 cases: Govt
“Nationwide complete lockdown is likely to shave off at least Rs 7-8 trillion,” it said. Acuite Ratings & Research earlier this month estimated that the lockdown will cost the Indian economy almost $4.64 billion (over Rs 35,000 crore) every day and the entire 21-day lockdown will result in a GDP loss of almost $98 billion (about Rs 7.5 trillion).
The rapid spread of Covid-19 has not only disrupted the global economy but also triggered a partial shutdown in many parts of India from early March and an almost complete shutdown from March 25.
“While the countrywide shutdown is scheduled to be lifted from April 15, 2020, the risks of prolonged disruption in economic activities exist depending on the intensity of the outbreak,” the credit rating agency said.
ALSO READ: Coronavirus lockdown: Congress calls for financial package of 5-6% of GDP
The sectors that are most severely impacted are transport, hotel, restaurant, and real estate activities.
chartPrime Minister Modi is likely to detail the post-lockdown scenario in an address to the nation on Tuesday morning.
All India Motor Transport Congress (AIMTC) Secretary-General Naveen Gupta said the accumulated losses to truckers during the first 15 days of lockdown were about Rs 35,200 crore given an average Rs 2,200 loss to per truck per day.
ALSO READ: PM Modi to make it official today: Lockdown will stay with caveats
“More than 90 per cent of the about one crore trucks in the country are off roads during the lockdown as truckers with only essential commodities are on the move,” he said. “Even if the lockdown is lifted, it will take at least two-three months for truckers to limp to some normal scale as we apprehend consumption of non-essential items to remain hit on the account of lack of purchasing power.” AIMTC represents about 9.3 million transporters and truckers and is their umbrella body.
National Real Estate Development Council — a body of realtors, puts the loss in the sector at Rs 1 trillion.
“I am scared to estimate what the losses would be. I think a potential loss of maybe Rs 1 trillion on a conservative basis on an all-India basis. It is a conservative figure.
I cannot think of the upper end of the figure. Based on thumb rule, at least Rs 1 trillion,” said its president Niranjan Hiranandani.
The Confederation of All India Traders estimates that the losses incurred by the retail trade of the country in the second half of March due to the Covid-19 pandemic were a massive $30 billion.
Vegetables to be sold from 6 am to 11 am in Delhi wholesale mkts
The Delhi government will implement odd-even rules in all wholesale markets in the city, under which traders will sell vegetables on alternate days, Development Minister Gopal Rai said on Monday. Speaking to PTI, the minister said that the government has also decided to stagger the timings for the sale of vegetables and fruits in these mandis.
“Vegetables will be sold from 6 am to 11 am and fruits from 2 pm to 6 pm in all wholesale markets in Delhi,” he said. The decisions were taken at a high-level meeting chaired by the development minister here. There are five major wholesale vegetable and fruit markets in the national Capital, including the Azadpur mandi, the Ghazipur mandi, and the Okhla mandi. Also, there two wholesale anaj mandis (grain markets) — Najafgarh and Narela.

Lockdown extension: Put cash in hands of poor, Chidambaram tells govt

Prime Minister Narendra Modi announced that the nationwide lockdown to contain the spread of coronavirus would continue till May 3. He said that the fight against Covid-19 could be successful only if the citizens cooperate and maintain the discipline.
“In view of all suggestions, it has been decided that the nationwide lockdown would be extended until May 3. This means we all will have to stay indoors, in a lockdown, until May 3 — with the same discipline and resolve that we have shown so far," said PM Modi in a televised address to the nation at 10 am.
Here are some reactions from the industry.
Ashish Chauhan of Bombay Stock Exchange said exchanges will continue to function as is. No changes in the way exchanges function in the second leg of lockdown.
Former finance minister P Chidambaram said that the government needs to put cash in the hands of the poor. He said, "But beyond the lockdown, what was ‘new’ in PM’s new year message? It is obvious that livelihood for the poor — their survival — is not among the priorities of the government. CMs’ demand for money elicited no response. Not a rupee has been added to the miserly package of March 25, 2020. From Raghuram Rajan to Jean Dreze, from Prabhat Patnaik to Abhijit Banerji, their advice has fallen on deaf years. The poor have been left to fend for themselves for 21+19 days, including practically soliciting food. There is money, there is food, but the government will not release either money or food. Cry, my beloved country."
Chidambaram added that restarting the economy is important and banks need to lend.

P. Chidambaram
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We reciprocate the PM’s New Year greetings. We understand the compulsion for extending the lockdown. We support the decision
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Chandrajit Banerjee, Director General of Confederation of Indian Industry said, "The coronavirus curve trajectory as of now required a fitting containment response and Prime Minister’s decision for continuation of the lockdown is necessary to avert a larger humanitarian crisis. PM's attention to ensuring that harvesting of the rabi crop continues and to taking care of distressed persons is very appropriate. PM has also provided guidance on exit from the lockdown after 20 April which helps the industry plan better. The extension gives the government adequate preparation time to organise an orderly and safe restart of the economy as and when health conditions permit. Industry too can devise its strategies for commencing operations accordingly during this extension period. CII hopes that support measures will be announced for industry, especially MSME, to tide over this crisis."
Mohandas Pai of Aarin Capital says the poor are the first priority of the nation. But the big issue of the country is retaining jobs. Banks have liquidity issues, not solvency issues. Banks need to lend to MSMEs otherwise 30-40 per cent MSMEs will die. RBI needs to be involved. RBI must make sure funds are passed on to MSMEs so that jobs can be retained. We need to look at what the US Fed has done.
He added, MSMEs, startups need cash. They need funds. GST refunds need to be released immediately for them to survive. RBI has Rs 7 trillion reserve. These are once in a lifetime situation and RBI needs to step up. RBI needs to transfer Rs 3 trillion to the government balance sheet so that the situation can be dealt with. It is government's money anyway. RBI needs to step up now like other central banks of other nations have done.
Soumya Kanti Ghosh of SBI said, the support to service sector is crucial so that banks can find it easy to lend money. A package worth Rs 6 trillion is required to rise above this storm. SBI had cut GDP growth projections to 2.6 per cent but it may go down further. However, the nominal GDP number will be more crucial and give a better picture.
Biocon chief Kiran Mazumdar Shaw said, "Important and right decision taken by PM as cases were rising, People don’t realise the importance of stopping the spread".
Keki Mistry of HDFC said the retrenchment may become a problem in some sectors going ahead. He added that it is critical to have liquidity in the system.
Dilip Chenoy, Secretary General, FICCI, said, Prime Minister's address to the Nation was very timely and appropriate. PM has also talked about the gradual calibrated opening up post 20th April in select areas where there are no coornavirus positive cases:
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Prime Minister's address to the Nation was very timely & appropriate. PM has also talked about the gradual calibrated opening up post 20th April in select areas where there are no #COVID__19 positive cases: Mr Dilip Chenoy, Secretary General, FICCI.@PIB_India @PMOIndia
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Coronavirus LIVE: Maharashtra cases at 2455, Delhi 1510, India tally 10,541

Coronavirus cases in India: Prime Minister Narendra Modi today extended the nationwide lockdown till May 3 in order to prevent spread of coronavirus. The total number of confirmed corona cases in India has reached 10,541, and fatalities 358, according to Worldometer.
In a nearly 25-minute televised address to the nation, Modi said implementation of the lockdown will be strictly ensured in its second phase and detailed guidelines will be brought out on Wednesday to ensure that outbreak does not spread to new areas.
Some relaxations may be allowed after April 20 in places where there are no hotspots, he said.
Globally, 119,732 people have died from Covid-19 and confirmed infections have reached 1,926,305.
Coronavirus update country-wise: The US has recorded 586,941 coronavirus cases and its death toll stands at 23,640. Russian President Vladimir Putin has said outbreak in his country is bad and getting worse. In war-torn Libya, residents are facing a dire choice — stay home or flee missiles.
Stay tuned for all coronavirus LIVE updates.
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#WATCH Indian Navy’s Southern Command,Kochi has developed an air evacuation pod to airlift any COVID19 patient from a warship or any other place while minimising the threat of spread of infection. It was developed locally on available stretchers&can be used by other agencies also
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The total number of COVID19 positive cases in Indore rise to 411: Indore's Chief Medical and Health Officer (CMHO) Dr. Praveen Jadiya #MadhyaPradesh (file pic)
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Diversified global, US and Europe funds saw biggest outflow: Cameron Brandt

Foreign portfolio investors (FPIs) pulled out Rs 62,000 crore from Indian equities in March. This was the biggest monthly outflow, based on the National Securities Depository data available as far back as 2002. Cameron Brandt, director of research at EPFR Global, tells Puneet Wadhwa that sentiment towards India had started to sour before the Covid-19 pandemic began to dominate the investment climate. Edited excerpts:
How has the big money moved across geographies in the March, and especially in March 2020 quarter? What is the quantum of outflow from the developed markets and the emerging markets?

VDO.AI
Before the coronavirus-triggered sell-off in late February, flows were coming into bond funds, particularly US ones, at a record-setting pace. Flows to equity funds were more subdued, but funds with global mandates were attracting plenty of fresh money —including above average amounts of retail cash. Among the emerging market (EM) fund groups, China and Brazil equity funds recorded above-average inflows. In March, we saw a broad rush. This, I think, was because liquidating those assets tended to come with smaller losses.
Below is a table showing the preliminary monthly figures for the three main groups, and where those numbers rank historically.
Equity, bond, money market flowsEquity, bond, money market flows
Are we done with the exchange-traded fund (ETF) selling, especially in the Indian context, or can there be more pain in the coming months?
I don’t think so. Sentiment towards India was souring before the Covid-19 pandemic began to dominate the investment climate. Capex trends, the government’s focus on nationalist rather than economic goals, inflation, and the health of India’s banking system were all giving investors pause for thought.
Could India attract incremental foreign flows over the next few months?
Fund groups dedicated to EMs, which are viewed as being on top — or on the right track to get on top of — the pandemic, are attracting inflows. India, as mentioned earlier, has issues that were crimping flows before the latest crisis.
Which regions/geographies saw the maximum pullout and where (regions and asset classes) did this money get deployed?
In cash terms, funds with diversified global, US, and European mandates saw the biggest outflow.
What money that rotated rather than exited to money market funds has gone to several country fund groups, such as the United Kingdom, China, Switzerland, Japan, Brazil, and Taiwan equity funds and Germany bond funds.
What’s your view on how the markets have reacted to the Covid-19 pandemic? Is worst over? Has a ‘selling fatigue’ now set in?
A range of strategies have been deployed with varying degrees of success, and credible sources of information have emerged. But there is still enough uncertainty. Many questions remain unanswered -- such as will there be a second peak, what is the ability of virus to mutate, etc – to make it a little early to rule out another sharp sell-off.
ALSO READ: How economic crisis due to Covid-19 is different from 2008 meltdown
How long do you think it will take for the global markets and the economy to return to pre-Covid-19 levels? How severely has the health crisis dented the confidence of investors?
I think the equity markets will recover faster than the bond markets. A lot of the support measures from central banks and governments complicate the issuance and yield equations for bonds, while the response of individual businesses to the Covid-19 pandemic gives equity investors a clear metric to judge individual stocks.
ALSO READ: FPIs pull out Rs 9,103 cr in April as Covid-19 triggers rush to safe havens
Are the central bank measures adequate to address the problem at hand? What’s your view on how the global central banks have responded and what more do you expect over the next few months?
It is too early to forecast this. If things start to ‘normalise’ by early May, I suspect the global economy will muddle through. If large chunks of the global workforce and consumer base is still locked down in June, the problems will be much harder to solve. Most central banks are low on ammunition.
What is the road ahead for the debt segment because of the health crisis and how the central banks and various governments have responded to it? Is it time to switch to debt?
Before the pandemic sell-off, people were pouring money into bond funds with a pre-retirement rotation playing a big role. So, the underlying demand is strong. Yield hunger is also extreme: The junk bond funds we track had record inflows last week. And there is a US Federal Reserve / European Central Bank (ECB) backstop again. But the official response involves greatly increased debt levels and issuance.

SBI Cards slips 13%, hits new low; stock down 32% from issue price

Shares of SBI Cards and Payment Services slipped 13 per cent to Rs 516 on the BSE on Monday amid the buzz of lockdown being extended beyond April 14.
The non-banking finance company's stock was trading at its lowest level since listing on March 16, 2020. With today’s fall, the stock has now fallen 32 per cent below its issue price of Rs 755 per share. SBI Cards saw a weak debut due to prevailing market condition as the uncertainty regarding the effect of the coronavirus epidemic kept investor sentiment in check.
VDO.AI

SBI Cards is the second largest credit card issuer in India. It offers various types of credit cards considering the need of retail clients (viz. Lifestyle Cards, Rewards, Shopping, Travel and Fuel). It also offers corporate cards and is the largest co-brand credit card issuer in India. It also issues card in partnership with smaller or regional banks.
Axis Capital in January-March quarter (Q4FY20) results preview said that the segments like credit cards, two-wheeler finance, auto/ consumer durable finance (which requires presence at dealerships/ stores) are likely to slow down significantly.
Meanwhile, domestic mutual funds and foreign portfolio investors (FPIs) have increased their stake in SBI Cards post its listing. Total holding of institutional investors rose by 1.78 per centage points to 7.86 per cent as on March 31, 2020. They held 6.08 per cent stake as on March 16, 2020, the shareholding pattern data shows.
Mutual funds holding in SBI Cards increased to 3.04 per cent from 1.6 per cent and of FPIs to 4.07 per cent from 3.53 per cent. Individual shareholders, however, reduced their stake in the company to 5.57 per cent from 7.33 per cent, data shows.
At 11:54 am, SBI Cards was trading 12.5 per cent lower at Rs 520 on the BSE, against 0.66 per cent decline in the S&P BSE Sensex. The trading volumes on the counter jumped nearly three-fold with a combined 11.5 million shares changing hands on the BSE and NSE so far.

Coronavirus lockdown: Govt may start economic activity in 'green zones'

Even as the country awaited a formal announcement by Prime Minister Narendra Modi to extend the nationwide lockdown, Telangana became the fourth state to extend it till April 30. The current phase of lockdown ends on Tuesday.
The health ministry data revealed that coronavirus (Covid-19) has claimed 273 lives in India as the number of cases climbed to 8,447 by Sunday. There were over 900 new cases, it said.
According to finance ministry sources, the PM might address the nation once the Centre shapes the contours of the plan to revive economic activity in a phased manner. The Centre is keen to restart economic activity in ‘green zones’, or areas with a low incidence of Covid-19 cases.
ALSO READ: Coronavirus LIVE: India cases breach 9,000 mark; global tally over 1.8 mn
Some of the states showed how a less than total lockdown is likely to be enforced, with the Delhi government categorising Covid-19 areas, depending on the intensity of the spread, as red, orange, and green. Delhi Chief Minister Arvind Kejriwal said containment zones had been declared as red and orange as high-risk. While a final plan is in the works, one suggestion is to classify areas with more than 15 cases as red, fewer than 15 orange, and no cases as green.
The government is considering a blanket approval to all forms of farming activity with proper safety measures in place, and not just specific activities within farming as has been the case.
Some of the states are also keen to start at least industries producing essential commodities.
The Uttar Pradesh (UP) government has helped reopen 5,281 industrial units during the lockdown period. These are mostly involved in manufacturing of medical supplies and essential commodities. A senior government official in the Haryana government said the state managed to retain around 50 per cent of the labour who were migrating back to their native places. However, some of the state’s industrial areas, like Gurugram and Faridabad, also fall in ‘red zone’ because of the spread of the virus, and cannot be opened right now.
Construction activity would also commence in Haryana, but only after approvals are taken by contractors for standard operating procedure (SOP) with social distancing of workforce in mind.

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Officials say most of these green zones are likely to be in rural areas, as they are less affected by the pandemic compared to the cities. Hence, top priority is to restart activity in the agriculture sector, with timely harvesting of the late rabi crop being the main concern.
For this, the biggest impediment is labour. The Centre is working with states on how to make agricultural manpower available, and whether limited transportation for such labour force can be allowed.
“There are some hotspots or ‘red zones’ where nothing can be restarted. A majority of such clusters are in urban or semi-urban areas. Based on what we are receiving from states so far, rural India is less affected than urban India. Hence, reviving farm activity is top priority,” said a senior official.
ALSO READ: Covid-19 lockdown: DPIIT flags a long list of industries that need to open
In the green zones in urban and industrial areas, the Centre is again keen to restart activity as much as possible, with strict social distancing and health norms. These details are being worked out with states and industry representative bodies. Bodies like Federation of Indian Chambers of Commerce & Industry and Confederation of Indian Industry have offered their own SOPs and road map for partial resumption of activity.
On Sunday, former Congress president Rahul Gandhi cautioned against takeovers of Indian corporates. “The massive economic slowdown has weakened many Indian corporates, making them attractive targets for takeovers. The government must not allow foreign interests to take control of any Indian corporate at this time of national crisis,” he tweeted.
In Haryana, the state government has tried to retain its labour force. “In consultation with the industry, we devised ways so that the labour could be housed and given food and other essential items within the factory premises,” an official said. This was being done in all industrial areas, including Panipat and Yamunagar. The manufacturing hubs of Gurugram and Faridabad, however, would not open up anytime soon since Chief Minister Manohar Lal Khattar said on Friday that these areas fell under the state’s red zone.
As for harvesting, the Centre has already relaxed almost all major harvesting and sowing, repair of farm machinery, export of farm goods and also import of plant chemicals from the purview of lockdown guidelines, but even if something remains, the blanket approval will take care of that.
Most big rabi-producing states of Punjab, Haryana, Madhya Pradesh, UP, and Rajasthan have staggered their procurement to enable farmers to come in batches, so that there is no overcrowding. The number of purchase centres has also been substantially high, while in UP, the state government has planned doorstep-purchase of wheat from growers.
ALSO READ: India too complex to be under long lockdown: Tata Steel's T V Narendran
Punjab has issued 2.7 million coupons to farmers for bringing wheat crop to mandis, while the number of purchase centres has also been expanded to around 3,691 in the state by involving 1,824 rice mills, against 1,840 last year to avoid overcrowding.
A farmer shall be entitled to take multiple coupons each day or on different days depending on space in the purchase centre in order to avoid rush in the mandis, the official said. Similar arrangement has also been put in place in Rajasthan. The coupons with holograms will allow farmers to bring their crop to mandis in their tractor trolleys.
To ensure social distancing at grain markets, the ground space at mandis has been divided into 30x30 feet for 50 quintals of crop, the official added. Curfew restrictions are in place in Punjab in the wake of the Covid-19 outbreak.
Farmers will be required to bring minimum possible persons with tractor trolley in order to avoid gathering at grain markets.
Meanwhile, the vegetable market of Azadpur in Delhi, which is among the biggest in Asia, has introduced a system of odd-even, a sort of staggered timings — 6 am to 11 am for sale of vegetables and 2 pm to 6 pm for sale of fruits — at the mandi. The decisions were taken following reports that social distancing rules were not being followed at the mandi, which spreads over 80 acres.
“Under the odd-even rules, we will allow all the 22 sheds to operate, according to their numbers. For instance, on an even date, even-numbered sheds such as 0, 2, 4, 6, 8 will be allowed to function.
“This will help us maintain social distancing in the market in view of the Covid-19 outbreak,” Adil Ahmad Khan, chairman of the Agricultural Produce Marketing Committee, Azadpur, told PTI. Odd-even rules may also be implemented at other wholesale markets of the national Capital.
In UP, the state government has proactively resolved issues pertaining to labour, passes, and transport.
Relaxing the lockdown restrictions, Kerala on April 10 notified that rubber plantation workers could set up rain guards. Besides, washing machine and other household equipment repair has been allowed on one day of the week.
In related developments, Union Minister Ram Vilas Paswan said the Centre had enough foodgrain for nine months of PDS supply to over 810 million beneficiaries.
Kerala Finance Minister Thomas Isaac said the Centre should allow states to directly borrow from the Reserve Bank of India.
An Assam government order on Sunday evening allowed liquor shops, bottling plants, and breweries in the state to open for limited hours from Monday, PTI reported. The Haryana government had issued a similar order on Saturday. Its excise department had instructed district administrations to ensure operations of distilleries, bottling plants, wineries with immediate effect and full operations after lockdown is lifted. However, these will not be allowed in ‘red zones’.
Both Haryana and Assam are ruled by the Bharatiya Janata Party and this could enthuse other states to start manufacturing, bottling, and sale of liquor.
Meghalaya, too, decided to allow wine shops to operate in the state from Monday owing to demand from the people, said officials.

PM hints at lockdown extension, says situation like 'social emergency'

In an effort to shape a consensus on the ongoing nationwide lockdown, Prime Minister Narendra Modi on Wednesday told Parliament floor leaders that the situation in the country was akin to a “social emergency”, and indicated the curbs were likely to continue beyond April 14.
Interacting with them via videoconferencing, the PM said he would take a decision on extending the lockdown after a meeting with chief ministers on Saturday.
The number of coronavirus cases in the country crossed 5,000 on Wednesday, with 149 deaths, the data from the heath ministry said.
According to a government statement, the PM said “several state governments, district administrations, and experts had asked for an extension of the lockdown”.
Over the last week, Modi has spoken of a “staggered exit” and a “graded” lifting of the lockdown. Several state governments have also put forward their suggestions on graded lifting, including running special trains, and allowing some industrial activity.
There are concerns in several states, particularly those with bustling urban centres, like Maharashtra, that lifting the lockdown now could be counterproductive and any gains in controlling the spread might be lost. After the four-hour meeting, Congress leader Ghulam Nabi Azad said nearly 80 per cent of political leaders, including himself, suggested the PM that the lockdown should be extended.
ALSO READ: Can't miss peak April-June season due to coronavirus: Exporters to Centre
The Uttar Pradesh government announced that it would seal coronavirus hotspots in 15 districts across the state from Wednesday midnight till April 14. UP Additional Chief Secretary Awanish Kumar Awasthi said 104 coronavirus hotspots had been identified across 81 police station areas in these districts. A ‘complete lockdown’ would be enforced, he said.
The Delhi government also announced the sealing of 20 coronavirus hotspots comprising small pockets of settlements and apartment complexes, and made it compulsory for people to wear face masks when stepping outdoors.
At the meeting of the floor leaders, the PM said the country had been forced to take tough decisions and must remain vigilant. He said the priority of the government was saving each and every life.
“Prime Minister Modi made it clear that lockdown is not being lifted and also that the life pre-corona and post-corona will not be same," Biju Janata Dal leader Pinaki Misra said after the meeting.
ALSO READ: Govt unlikely to grant any package for industry to pay workers' salaries
The PM, however, said the impact of the emerging situation could be witnessed in resource constraints. “Yet, India has been among the few nations to control the pace of spread of the virus till now,” Modi said.
The PM, however, “warned that the situation keeps changing continuously and one needs to maintain vigil at all times”.
Modi said the country was facing serious economic challenges as a result of Covid-19, and the government was committed to overcoming them.
chartOpposition leaders flagged the issue of shortage of Personal Protective Equipment (PPE) for health workers. Some said the government should avoid spending Rs 20,000 crore on its plan to redevelop the central vista in the national capital.
Azad said MNREGA workers should be deployed in helping farmers harvest their crop free of cost; and pesticides, fertilizers and other agriculture equipment exempted from GST.
ALSO READ: Stop private labs from charging coronavirus testing fee, SC tells govt
Azad suggested the setting up of a government task force with chief ministers of the worst-affected states as members for better coordination since they had their ears to the ground, as also a separate multi-party forum. He also suggested changing the education calendar for the year and restarting some of the factories to maintain supply of essential commodities.
Trinamool Congress’ Sudip Bandyopadhyay said Bengal had demanded Rs 25,000 crore aid, and Rs 36,000 crore that the Centre owed it. He protested diverting of MPLADS funds to the Consolidated Fund of India.
Nationalist Congress Party’s Sharad Pawar said the Tablighi Jamaat incident was unfortunate, but round-the-clock demonising of a particular sect or community needed to stop.
Meanwhile, state governments have begun acting to tackle the fallout from the lockdown and the setback to local economies.
In Madhya Pradesh, for instance, the Shivraj Singh Chouhan-led BJP government constituted a four-member committee to suggest ways to handle the economic crisis.
In West Bengal, Chief Minister Mamata Banerjee indicated she was readying herself for an extension of the lockdown and said if lives could be saved, they must be saved.