Sonal Verma said : “The bottom [of the income pyramid] is where you need income support, which is where your employment support schemes are necessary,”

economictimes Wednesday, January 20, 2021 10:30:00 PM EAT

Sonal Verma says : "An aligned approach is required... I am really distressed because it is a Herculean task to open up,” he told Mr Gandhi. And the effect on production is evident in India’s manufacturing data, which contracted for the second month in a row. “Production is down by 50% and demand is very weak,” says Kshitij Ghai, who owns a textile mill that produces acrylic fabric in the northern city of Ludhiana. He says he is unable to bring operations back to optimal capacity. Millions of daily-wage workers have left cities, creating a labour shortage. “I haven’t even received payments for goods sent back in January and February. It is very difficult to ask dealers for money, because they themselves haven’t had any sales”. But expenses have shot up due to compliance costs such as disinfectants, sanitisers, thermometers and masks for workers. The exodus of migrant workers from cities during the lockdown has also meant severe labour shortages for some businesses. At a construction site in the capital Delhi, where one of the country’s largest real estate firms, Raheja Developers, is erecting a residential building, the labour strength has dropped by 40% since the pandemic hit India. “This is still a better situation than other construction sites around Delhi and Gurgaon, as we are among the few companies that have labour on payroll as opposed to daily wages,” says executive director Nayan Raheja. But he says this will cause delays, and extend the project’s timeline. Bleak months ahead. None of this bodes well for a quick recovery, especially for an economy that was already reeling from a slowdown. India’s economy grew at 4.2% in the 2019-20 financial year - its slowest pace in nearly a decade - according to data released by the government last week. For the first three months of this year, which overlapped with the first week of the lockdown, the country’s GDP expanded by a measly 3.1% - partially the result of businesses closing. But economists predict a further slide downward - India’s GDP for the 2020-21 financial year is likely to contract between -7% to 0%, the worst technical recession since the 1970s. New graduates are on the job hunt even as millions have lost work. While the easing of restrictions will lead to a recovery, they expect it will take up to three months for economic activity to reach even half the level it was at before the outbreak. Meanwhile, the rising number of Covid-19 cases has put Prime Minister Narendra Modi’s government in a Catch 22-like situation. “Increased economic activity will come at the inevitable cost of elevated risk of higher infection rate,"

news-yahoo Thursday, June 4, 2020 2:54:00 AM EAT

Sonal Verma said : "The revision reflects more extended lockdown and early evidence that the hit to growth during the April-June quarter is likely to be much more severe than we had earlier expected,"

business-standard Friday, May 8, 2020 7:22:00 PM EAT

Sonal Verma says : “Initially, when this broke out, I was optimistically thinking things would settle down as nothing lasts forever. But as the days pass, the optimism is reducing,” “There are so many ifs and buts, as no one knows what’s in store for the future”

thenational Thursday, April 9, 2020 8:14:00 AM EAT

Sonal Verma says : “Practising yoga at home has really helped to keep me centred and maintain my sanity,” “The positive of this situation is that it has really given me time to bring out my creative side”

thenational Thursday, April 9, 2020 8:14:00 AM EAT

Sonal Verma says : “We were supposed to get someone arriving from India to help us out when I deliver, now I don’t know if that will be possible. We were supposed to shift into a three-bedroom home, I don’t know if that can happen. "We had ordered a crib from a store, I don’t know if we will receive it on time,” “We hadn’t bought many basic things as I was going to do it post-baby shower, which I had to cancel. Now I don’t know if we will be able to”

thenational Thursday, April 9, 2020 8:14:00 AM EAT

Sonal Verma said : “Our initial estimates suggest that 75 per cent of the economy will be shutdown, resulting in a direct output loss of 4.5 per cent,”

business-standard Friday, March 27, 2020 1:30:00 AM EAT

Sonal Verma says : “A voluminous sleeve too long can be uncomfortable to the wearer while dining or travelling. Too short can make wearer look awfully proportionate from the arms. So it’s essential to know the right lengths when following trends”

Hindu Wednesday, March 1, 2017 2:52:00 PM EAT

Sonal Verma said : “The bottom [of the income pyramid] is where you need income support, which is where your employment support schemes are necessary,”

economictimes Wednesday, January 20, 2021 10:30:00 PM EAT

Sonal Verma says : "An aligned approach is required... I am really distressed because it is a Herculean task to open up,” he told Mr Gandhi. And the effect on production is evident in India’s manufacturing data, which contracted for the second month in a row. “Production is down by 50% and demand is very weak,” says Kshitij Ghai, who owns a textile mill that produces acrylic fabric in the northern city of Ludhiana. He says he is unable to bring operations back to optimal capacity. Millions of daily-wage workers have left cities, creating a labour shortage. “I haven’t even received payments for goods sent back in January and February. It is very difficult to ask dealers for money, because they themselves haven’t had any sales”. But expenses have shot up due to compliance costs such as disinfectants, sanitisers, thermometers and masks for workers. The exodus of migrant workers from cities during the lockdown has also meant severe labour shortages for some businesses. At a construction site in the capital Delhi, where one of the country’s largest real estate firms, Raheja Developers, is erecting a residential building, the labour strength has dropped by 40% since the pandemic hit India. “This is still a better situation than other construction sites around Delhi and Gurgaon, as we are among the few companies that have labour on payroll as opposed to daily wages,” says executive director Nayan Raheja. But he says this will cause delays, and extend the project’s timeline. Bleak months ahead. None of this bodes well for a quick recovery, especially for an economy that was already reeling from a slowdown. India’s economy grew at 4.2% in the 2019-20 financial year - its slowest pace in nearly a decade - according to data released by the government last week. For the first three months of this year, which overlapped with the first week of the lockdown, the country’s GDP expanded by a measly 3.1% - partially the result of businesses closing. But economists predict a further slide downward - India’s GDP for the 2020-21 financial year is likely to contract between -7% to 0%, the worst technical recession since the 1970s. New graduates are on the job hunt even as millions have lost work. While the easing of restrictions will lead to a recovery, they expect it will take up to three months for economic activity to reach even half the level it was at before the outbreak. Meanwhile, the rising number of Covid-19 cases has put Prime Minister Narendra Modi’s government in a Catch 22-like situation. “Increased economic activity will come at the inevitable cost of elevated risk of higher infection rate,"

news-yahoo Thursday, June 4, 2020 2:54:00 AM EAT

Sonal Verma said : "The revision reflects more extended lockdown and early evidence that the hit to growth during the April-June quarter is likely to be much more severe than we had earlier expected,"

business-standard Friday, May 8, 2020 7:22:00 PM EAT

Sonal Verma says : “Initially, when this broke out, I was optimistically thinking things would settle down as nothing lasts forever. But as the days pass, the optimism is reducing,” “There are so many ifs and buts, as no one knows what’s in store for the future”

thenational Thursday, April 9, 2020 8:14:00 AM EAT

Sonal Verma says : “Practising yoga at home has really helped to keep me centred and maintain my sanity,” “The positive of this situation is that it has really given me time to bring out my creative side”

thenational Thursday, April 9, 2020 8:14:00 AM EAT

Sonal Verma says : “We were supposed to get someone arriving from India to help us out when I deliver, now I don’t know if that will be possible. We were supposed to shift into a three-bedroom home, I don’t know if that can happen. "We had ordered a crib from a store, I don’t know if we will receive it on time,” “We hadn’t bought many basic things as I was going to do it post-baby shower, which I had to cancel. Now I don’t know if we will be able to”

thenational Thursday, April 9, 2020 8:14:00 AM EAT

Sonal Verma said : “Our initial estimates suggest that 75 per cent of the economy will be shutdown, resulting in a direct output loss of 4.5 per cent,”

business-standard Friday, March 27, 2020 1:30:00 AM EAT

Sonal Verma says : “A voluminous sleeve too long can be uncomfortable to the wearer while dining or travelling. Too short can make wearer look awfully proportionate from the arms. So it’s essential to know the right lengths when following trends”

Hindu Wednesday, March 1, 2017 2:52:00 PM EAT