The ICU ventilators are the need of the hour in the challenging times as these high-specs machines would act as an interim lifesaver when the infection rate of COVID-19 in India was reported to be 1.7 with confirmed total number of 694 cases, 44 recoveries, 1 migration and 16 deaths in the nation.

In a tweet, Mr Anand Mahindra, Chairman of Mahindra Group applauded his team of engineers who were working hard at the company’s Igatpuri and Mumbai plants to make the first Mahindra & Mahindra Ambu Bag Ventilator prototype within just 48 hours.

What is an ambu bag ventilator?

The recently announced Artificial Manual-Breathing Unit (Ambu) Bag by the engineering teams of Mahindra & Mahindra company is a self-inflating machine. This game changer device is typically manufactured to help COVID-19 patients who are suffering from the breathing problems. A medical ventilator which has developed by a prototype of a bag valve mask is expected to work as a large number of low cost lifesavers.

“We are simultaneously working with an indigenous maker of ICU ventilators. These are sophisticated machines costing ₹5-10 lakhs. This device is an interim lifesaver and the team estimates that it will cost below ₹7,500,” Mahindra had said in his tweet. “We will seek guidance from specialists on the usefulness of the device.”

M&M Ventilators to be ready in 3 days

Mr Pawan Goenka, the Managing Director at M&M while sharing the organisation’s two-pronged approach to reduce ventilators shortage said on Twitter that the company hopes to have the prototype ready in 3 days for approval.

Once we get approval from the Indian Government, this design will be made available to all for manufacturing. He had added that M&M has teamed up two state-owned companies and an undisclosed manufacturer to simplify design and scale up production of ventilators in India.

“We along with 2 large PSUs are working with an existing manufacturer of high spec ventilators to help them to simplify design and scale up capacity. Our engineering team is right now with them working on it,” Goenka had said. We at Mahindra are overwhelmed with pouring in of support from individuals and companies for our effort to make available ventilators.” he added further.

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Also, Reserve Bank of India (RBI) has taken very necessary giant steps in order to safeguard economic slowdown which is caused by the coronavirus outbreak. In the Press Conference, RBI Governor Shaktikanta Das has announced a massive 75 basis points cut in repo rates to boost economic activities. Top economists and PM Narendra Modi strongly believe that the steps announced under RBI’s COVID-19 Rescue package would surely improve liquidity, reduce cost of funds on businesses/industries, help to attain a strong hold on financial stability.

2020 Coronavirus (COVID-19) pandemic in India is a major concern for citizens with the confirmed total number of 562 positive cases, 40 successful recoveries, 1 migration and sadly, 9 deaths in the nation. To prevent the COVID-19 infection that may drastically affect the entire 1.3 billion population of India, an honorable Prime Minister Shri Narendra Modi took a wonderful initiative i.e. 14-hour voluntary public curfew and later India observed a nationwide lockdown for 21 days in 75 districts.

Coronavirus (COVID-19) Relief Measures Announced by Finance Ministry amid 21 day lockdown: Key Highlights

Finance Ministry told that the Economic Task Force will soon announce an economic relief package to deal with the impact of the coronavirus pandemic on the economy of India.

1. No ATM withdrawal charges: There will be no ATM withdrawal charges levied on withdrawal of money from ATM’s ; this is done to minimize the crowd coming to the banks and also to facilitate people to buy things needed for daily needs.

2. No Minimum balance requirement charges: Following the footsteps of State Bank of India, FM has waived off the minimum balance requirements in the savings account for the time being.

3. Aadhar – PAN mandatory linking has been postponed to June 30th instead of usual March 30th.

4. The last date for filling taxes has also been extended to June 30th instead of usual March 30th.

5. The last date for compliances under Income Tax Act, Wealth Tax Act, Benami Transaction Act, Black Money Act, Vivaad se Vishwaas, has also been extended to June 30, 2020.

6. For filling GST returns for March, April, May and composition returns, the date is now extended to June 30, 2020.

7. With respect to the MCA21 registry, there is a moratorium being issued from April 1 till Sep 30 no additional fees for late filing.

8. The Finance Ministry has relaxed for 60 days, for holding the mandatory Board meeting for companies.

9. For newly incorporated companies, additional time of six more months is being given for filing declaration of commencement of business.

10. If there is a Director of the company who does not comply with minimum residency requirement of 182 days, then earlier this was treated as a violation but not now as announced by the FM.

Surely, these coronavirus (COVID-19) relief measures will play a significant role in economy wither the crisis arising out of the outbreak. “At the moment, these relaxations are for three months. As we go along, we will consider the situation and take decisions accordingly,” the finance minister said.

Highlights from the RBI Governor Shaktikanta Das’ press conference held on March 27,2020

Here are highlights from the RBI Governor Shaktikanta Das’ press conference on March 27:

1. RBI will decrease policy repo rate by 75 basis points to 4.4%

2. RBI is closely observing the evolving market and macroeconomic situation.

3. Projection of growth and inflation depends on spread, intensity and duration of virus, hence RBI is not giving any guidelines on growth and inflation.

4. Announcements of Rs 3.74 lakh crore of liquidity injection into system through several measures.

5. India has locked down and financial activities are under severe stress.

6. RBI said that “Living in extraordinary situation; war effort needs to be mounted against coronavirus using conventional, unconventional tools”.

7. All lending institutions allowed three month moratorium for all term loans.

8. Cash reserve ratio (CRR) of all banks reduced by 100 basis points to 3% with effect from March 28 for 1 year; to release Rs 1.37 lakh crore liquidity into the system.

According to Reserve Bank of India Governor FM Sitharaman “The 3 month moratorium on payments of term loan instalments (EMI) & interest on working capital give much-desired relief. Slashed interest rate needs quick transmission.”

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