A deserted railways station entrance - India is set to slip into recession as consumption takes a hit during the nation wide 21-day lockdown. (AP Photo
A deserted railways station entrance - India is set to slip into recession as consumption takes a hit during the nation wide 21-day lockdown. (AP Photo
A deserted railways station entrance - India is set to slip into recession as consumption takes a hit during the nation wide 21-day lockdown. (AP Photo
A deserted railways station entrance - India is set to slip into recession as consumption takes a hit during the nation wide 21-day lockdown. (AP Photo

Recession looms in India as consumption slumps amid virus lockdown


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India’s economy will likely contract in the first two quarters of the year as consumption plunges during a three-week lockdown to contain the coronavirus outbreak, according to Goldman Sachs.

Gross domestic product is forecast to shrink an annualised 1.4 per cent on a quarter-on-quarter basis in the first three months of the year and 3.8 per cent in the second quarter, Goldman economists Prachi Mishra and Andrew Tilton wrote in a report.

That will bring down growth in the fiscal year through March 2021 to 1.6 per cent, down from a previous estimate of 3.3 per cent, they said.

The pandemic has brought “an unprecedented sudden stop” to activity in India, where consumption makes up 60 per cent of the economy, the economists said.

Goldman expects a strong sequential recovery in the second half of the fiscal year based on a staggered removal of the ongoing nationwide lockdown and further monetary and fiscal support.

Prime Minister Narendra Modi’s government has so far provided virus-relief stimulus of only 0.8 per cent of the country's gross domestic product, while the central bank has cut interest rates by 75 basis points and has injected cash worth 3.2 per cent of GDP since February.

“The global Covid-19 crisis – or more precisely, the response to that crisis – represents a physical [as opposed to purely financial] constraint on economic activity that is unprecedented in postwar history,” the economists wrote.

FA Cup quarter-final draw

The matches will be played across the weekend of 21 and 22 March

Sheffield United v Arsenal

Newcastle v Manchester City

Norwich v Derby/Manchester United

Leicester City v Chelsea

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Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

 

Group B

UAE, Iran, Kuwait, Saudi Arabia

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The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

The specs: 2018 Alfa Romeo Stelvio

Price, base: Dh198,300
Engine: 2.0L in-line four-cylinder
Transmission: Eight-speed automatic
Power: 280hp @ 5,250rpm
Torque: 400Nm @ 2,250rpm
Fuel economy, combined: 7L / 100km

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

SPEC%20SHEET%3A%20APPLE%20TV%204K%20(THIRD%20GENERATION)
%3Cp%3E%3Cstrong%3ECPU%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECapacity%3A%3C%2Fstrong%3E%2064GB%2C%20Wi-Fi%20only%3B%20128GB%2C%20Wi-Fi%20%2B%20ethernet%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%2C%20ethernet%20(Wi-Fi%20%2B%20ethernet%20model%20only)%2C%20IR%20receiver%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20HDMI%2C%20ethernet%20(128GB%20model%20only)%3B%20Siri%20remote%20(charging%20via%20USB-C)%3B%20accessibility%20features%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20SDR%2FDolby%20Vision%2FHDR10%2B%20up%20to%202160p%20%40%2060fps%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPeripherals%3A%3C%2Fstrong%3E%20Compatible%20with%20HD%2FUHD%20TVs%20via%20HDMI%2C%20Bluetooth%20keyboards%2C%20AirPods%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPhoto%3A%3C%2Fstrong%3E%20GIF%2C%20HEIF%2C%20JPEG%2C%20TIFF%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColour%3A%3C%2Fstrong%3E%20Black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20TV%204K%2C%20Siri%20remote%2C%20power%20cord%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Dh529%2C%20Wi-Fi%20only%3B%20Dh599%2C%20Wi-Fi%20%2B%20ethernet%3C%2Fp%3E%0A

Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)