“Lockdowns Only As A Last Resort,” Said PM Modi

Prime Minister Modi, has imposed a strict lockdown last year on short notice. India has now become the world’s second-worst hit country, which falls behind the U.S. For the last six days, India has reported more than 200,000 daily new Covid-19 cases. 

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“I urge states that they should consider lockdowns as the last option,” on Tuesday in a television address PM Modi said. “They should earnestly try to avoid lockdown and focus on focus on micro-containment zones.”

As the Covid-19 cases increase the country’s health system has been pushed to breaking point. The hospitals were reporting a shortage of essentials, from beds to medical oxygen. The rise in cases has forced the financial and political capitals of India to impose the restrictions on the movement. 

Starting from Tuesday, Delhi has ordered a six-day strict lockdown. 

The rupee is Asia’s worst-performing currency this month. India has now become the globe's epicenter of the new outbreak. Since end-January on Tuesday, the nation's benchmark stock index has knockdown to the lowest. 

It can be expected that the economy to expand 10.5% in the year, which began on April 1 after an estimated 7.7% contraction in the previous 12 months, the Central bank said in February. 

According to the estimates by HSBC Holdings Plc., the renewed lockdowns will cost the country 1% of gross value, which is added in the April- June quarter or more if it was replicated by other states. 

On Tuesday, a not is published in which HSBC economist Pranjul Bhandari wrote that there will be a rise in demand for social safety programs, whether tax revenues and uncertainty asset sales, will hit public finances. 

The government is working with states for the essentials to fight the pandemic, said PM Modi.