Wishing for better news on a joyous occasion like Holi is, unfortunately, misplaced as the Sensex hits an all-time-low since 1991 and dominates the headlines. And as crude oil prices crash, newspapers disagree on whether or not this is a good thing for India.
The coronavirus cases is still the big story of the day, as the numbers continue to increase worldwide and in India.
Politics resurface on Page 1 with the Uttar Pradesh government being slammed by the Allahabad High Court for its controversial hoardings in Lucknow. And the Congress state government in Madhya Pradesh totters on the brink this festival day.
The Times of India calls it “1942, A Horror Story” as Sensex suffers worst loss in history, “tumbling down to 1,942 points” amid “the coronavirus impact and sliding oil prices. Dalal Street caved in under fears of financial instability in India due to the crisis at Yes Bank.”
“MP govt in crisis as Scindia, 17 loyal MLAs fly to B’luru” reads the second lead’s headline as overnight the “15-month-old Kamal Nath government plunged into crisis”.
Another report (“HC slams recovery hoardings, tells UP govt to remove them instantly”) notes how “The Allahabad high court on Monday ordered immediate removal of hoardings carrying names, address and photographs of anti-CAA protesters against whom recovery notices had earlier been served for allegedly damaging private and public properties.”
And a tragic tale of a love gone terribly wrong is the anchor story — “ Youth enters east Delhi flat, kills ex-girlfriend & her mom”. The horrifying murder took place because “Samrita, who was interning at a five-star hotel in Lutyens’ Delhi, had ended her relationship with Nagar but he hadn’t reconciled with the break-up”.
Also, pay attention to the exclusive report which offers some hope in the treatment of the deadly virus: ‘First time in India, anti-HIV drugs used on Italian couple with coronavirus in Jaipur’ explains that antiretroviral or HIV drugs were used to treat the Italian couple. The report quotes Health Minister Harsh Vardhan who said, “Yes, ICMR (Indian Council of Medical Research) has taken approval for the second line HIV drugs on COVID patients.”
The monsoon may be far off on the horizon, but some people believe in the motto, be prepared. The report “Monsoon months away, fearful Kerala prepares” describes how with the southwest monsoons, three months away, “scores of residents in flood-prone areas of Kerala are marking a new addition to their parking slots at home alongside two-wheelers and cars: small fibre-glass canoes”. This after their lives were “battered” by floods over the last two years.
The coronavirus is spreading: “3 yr-old infected in Kerala; first cases in J&K, Punjab” reports that this case has taken the “total number of cases in the country to 44 and prompting top authorities to intensify preparations for a possible surge in the outbreak by beefing up isolation and quarantine facilities”.
An accompanying report reveals an “Italy link in 35 of India’s 44 corona cases”. Italian tourists account for 16 of the 44 corona positive cases as the story identifies the country of pasta and pizza as the “superspreader”.
Developments in the Yes Bank saga make the anchor — “CBI raids 7 places, issues look-out circular” notes that “seven premises in Mumbai belonging to Rana Kapoor, his family members, and entities belonging to Kapil and Dheeraj Wadhawan as it deepened its investigation into whether Yes Bank’s founder and former chief benefited from loans given by the bank”.
Like Express, Hindu reports on the arrests made in connection to the Delhi riots (“Three men picked up by police in midnight swoop, families clueless”), but gives it much more importance. The report notes that those close to those arrested claim the innocence of the arrested men: “Their relatives claim they were guarding the area, especially a temple in the vicinity.”
The New Indian Express focuses on the crash in crude oil prices with a pun banner headline, “Oil roils markets”. But this brings little cheer to consumers, apparently: the report “Retail tariff doesn’t match price plunge” says although global crude prices have been decreasing over the years, “retail fuel prices instead of falling has shot up” as “the government has pocketed most of the gains through higher central and state levies”.
And “Why crash is not always good news”, observes that “the benefits of the price crash may remain elusive for India”. Quoting several analysts, the report notes that the benefits might be capped because of the “demand destruction caused by the Covid-19 outbreak”.
There’s an interesting anchor story about a truck driver’s son from Rohtak, who was chosen to represent India in the upcoming Olympic Games.
Although it may seem that Mint sees red in the crash in markets and crude oil prices, the paper indicates that while the slip in markets will worsen India’s woes, the price war could work to its advantage. Like Express, the paper notes in “Virus fears trigger shock waves…“ that “Indian shares saw their biggest single-day decline in absolute terms ever, wiping off investors’ wealth worth ₹7 trillion”. But while the crash in prices of crude oil has increased a risk of recessions, it “augurs well for the Indian economy”.
The paper still sounds an alarm in its flap noting the record drop in crude oil prices “could spark new global price war”. The explainer notes that the “low prices have implications for energy markets and the US, which has made heavy capital investments in the sector”.
The anchor story is about the findings of the probe into the crash of Ethiopian Airlines. According to the report, “software designed to stop an aerodynamic stall activated four times as Ethiopian Airlines pilots struggled to control their Boeing 737 Max 8”.
Business Standard also leads with the “Saudi-Russia standoff“ which has dragged oil prices down. The report notes that while this “could help the Indian economy, which is facing a slowdown, to keep the subsidy bill under control, the fall could accentuate global distress”.
There’s an anchor story based on an exclusive interview of Prashant Kumar, the “new man in charge of Yes Bank”. Kumar remained “hopeful that by Friday we will be able to lift the moratorium on withdrawals”.