Ukraine crisis: 6 students return to Gujarat's Rajkot from war-torn country

 According to students, they had to travel for more than seven hours to reach the airport in Romania, from where they were brought to Mumbai in Air India special flights.

Six students studying in Ukraine returned to Rajkot after landing at the Chhatrapati Shivaji International Airport– Mumbai on Sunday evening. The six of them are students at a University in Chernivtsi, which is 40 km from the Romania border, which is to the west of the war-torn country. According to students, they had to travel for more than seven hours to reach the airport in Romania, from where they were brought to Mumbai in Air India special flights.

Rajkot District Collector Arun Mahesh Babu welcomed these students. Speaking to reporters, Babu said, “We have a list of 45 students, who are stranded there. We are in frequent touch with them. We will be able to bring them back.” “We were safe in our university. But we were evacuated from the country because the government there wanted to accommodate their citizens affected due to war,” a student said.

Happy Bhalani, a Ukraine-returnee, recalled her horrifying five days which she spent in the country. She said, “When we heard explosion for the first time on February 23, we all were scared. It was a horrifying experience. The university arranged bus transport to Romania border and from there the officials took us to the airport in the same bus. After a drive of seven hours, we embarked on to an Air India flight to Mumbai.

Germany's move to help Ukraine with weapons signals a historic shift

 Germany’s decision to send anti-tank weapons and Stinger missiles to Ukraine leaving its long-held refusal to export weapons to war zones is a historic break with its post-World War II foreign policy

Germany’s stunning decision to send anti-tank weapons and surface-to-air missiles to Ukraine abandoning its long-held refusal to export weapons to conflict zones is nothing less than a historic break with its post-World War II foreign policy. “A new reality,” Chancellor Olaf Scholz called it in an uncharacteristically rousing speech on Sunday to a special session of parliament. The typically low-key Chancellor Scholz said Russia’s invasion of Ukraine required a dramatically different response from Germany than in the past.

“With his invasion of Ukraine on Thursday, President Putin created a new reality,” Scholz told the Bundestag, his speech repeatedly greeted by applause, particularly his condemnations of the Russian leader. “This reality demands a clear answer. We’ve given one.” Scholz said Germany is sending anti-tank weapons and surface-to-air missiles to Ukraine. He also said the country is committing 100 billion euros (USD 113 billion) to a special fund for its armed forces and will raise its defence spending above 2 per cent of GDP, a measure on which it had long lagged…Read More

What is Vande Bharat mission?

 Last week, an Air India plane, under the Vande Bharat Mission, evacuated 240 Indians before the Ukrainian airspace was shut for air traffic. Here’s what you should know about Vande Bharat Mission

On February 18th, Air India announced that it would operate three flights between India and Ukraine on 22nd, 24th and 26th under the Vande Bharat Mission to help Indian citizens fly back home. The second special Air India flight turned back mid-air in the morning hours of February 24 after Ukraine closed its airspace due to Russian invasion. While the government is devising alternate plans to evacuate Indians stranded in Ukraine, let us take a look at the Vande Bharat Mission.

Immediately after the outbreak of Coronavirus in 2020, India’s aviation regulator, The Directorate General of Civil Aviation (DGCA), had suspended all commercial international flights in March of that year. This restriction has been extended till February 28, 2022. Most of the other countries had also suspended the flights to check the disease. However, a large number of requests were received from Indian nationals abroad for repatriation. In response, the government had commenced operation under the Vande Bharat Mission on May 7, 2020 to facilitate return of stranded Indian nationals abroad in a phased manner.

Govt launches Operation Ganga to rescue Indians stuck in Ukraine

 The International Council of the Red Cross (ICRC), which deals with conflict-torn regions, will start operations from Monday and India is in close touch with it

To quicken the process of rescuing the Indians stranded in Ukraine, Foreign Secretary Harsh Vardhan Shringla, as part of Operation Ganga, on Sunday outlined new steps, including opening fresh exit points judged safe for them to leave the country. The government will pay for the operation entirely. Prime Minister Narendra Modi referred to this in Varanasi during an election campaign meeting, where he said India was making every effort to get its citizens out of Ukraine.

However, India continued to stay neutral on the conflict and suspended judgement on who was responsible for the war. Foreign Minister S Jaishankar has been in touch with his equivalent in Moldova, which has a border with Ukraine. He has also spoken to ministers in neighbouring countries.

The exit route from Moldova is less choked than the ones from Poland, which are jammed by Ukrainians seeking to flee from the war. Shringla said around 4,000 Indians were in the Kharkiv and Sumy regions in East Ukraine, as well as Odessa and the Crimea, where fighting is most intense. These regions are also close to the Russian border, just at a distance of 70 km, and teams from the Indian embassy are at the border points, ready to evacuate Indians as soon as a window opens and there is respite from the fighting….

India skips resolution to call for UN General Assembly session on Ukraine

 The resolution was adopted with 11 votes in favour, paving the way for the General Assembly to meet on the crisis as soon as Monday.

India abstained from a procedural vote taken in the UN Security Council to call for a rare special emergency session of the UN General Assembly on Russia’s aggression against Ukraine. The resolution was adopted with 11 votes in favour, paving the way for the General Assembly to meet on the crisis as soon as Monday. India, China and the UAE abstained, while Russia voted against the resolution.

The 15-nation Security Council met on Sunday afternoon to hold the vote on the emergency special session of the 193-member General Assembly on Russia’s invasion of Ukraine. This comes two days after the Russian veto blocked a UNSC resolution on its “aggression” against Ukraine.

The vote calling for the UNGA session was procedural so none of the five permanent members of the Security Council — China, France, Russia, UK and the US — could exercise their vetoes. President of the 76th session of the General Assembly Abdulla Shahid, who was to attend the 49th regular session of the Human Rights Council in Geneva, cancelled his trip “due to the ongoing situation in Ukraine and potential developments in the Security Council,” for the vote…Read More

Ukraine conflict: Oil surges on Russia nuclear alert as sanctions intensify

 The nuclear alert and bank payment constraints heightened fears that oil supplies from the world’s second-largest producer could be disrupted

Oil prices jumped more than $7 in early trade on Monday after Russian President Vladimir Putin put the country’s nuclear deterrent on high alert in the face of Western nations and Japan stepping up sanctions against Russian banks.

The nuclear alert and bank payment constraints heightened fears that oil supplies from the world’s second-largest producer could be disrupted as Russia digs in following its invasion of neighbouring Ukraine conflict. Brent crude futures were up $5.46 or 5.6%, at $103.39 at 2331 GMT, after hitting a high of $105.07 a barrel shortly after trade opened. Last week the benchmark contract hit a more than seven-year high of $105.79 after the invasion began.

U.S. West Texas Intermediate (WTI) crude futures were up $5.64, or 6.2%, at $97.23 a barrel, after hitting a high of $99.10 shortly after opening. WTI hit a high of $100.54 last week. Putin raised the stakes on Sunday, ordering Russia’s “deterrence forces” – which wield nuclear weapons – onto high alert, citing aggressive statements by NATO leadrs and the range of economic sanctions imposed on Russia by the West….

Third list of defence items banned for import to come out soon: PM Modi

 Indian Defence Ministry will come up with a third list of defence items banned for import very soon, PM Narendra Modi said stressing upon self reliant in the sector.

 

Indian Defence Ministry will come up with a third list of defence items banned for import very soon, Prime Minister Narendra Modi said on Friday stressing upon self reliant in the sector. "A total 70 per cent has been allocated for domestic defence industry this budget," said Prime Minister while addressing a post budget webinar titled 'Aatmnirbharta in Defence - Call to Action' on the announcements made in the budget.

The webinar was organised by the Ministry of Defence. Prime Minister Modi recalled that India's defence manufacturing was quite strong even during the period of slavery and in the immediate aftermath of independence. Indian made weapons played a major role during the Second World War. "Though, in the later years, this prowess of ours declined, still it shows that there has been no dearth of capabilities, neither then nor now", he said. Underscoring the importance of customisation and uniqueness of the defence system for a surprise element over the adversaries, PM Modi said: "Uniqueness and surprise elements can only happen when the equipment is developed in your own country."...Read More

 

FM meets tourism, hospitality representatives on banking-related issues

 Union Finance Minister Nirmala Sitharama met with representatives from travel, tourism, and hospitality sectors to discuss various banking-related issues.

Union Finance Minister Nirmala Sitharaman on Friday met with representatives from travel, tourism, and hospitality sectors to discuss various banking-related issues. Along with the Finance Minister, the meeting was also attended by the Union Minister of State for Finance Bhagwat Karad, Finance Secretary T V Somanathan, Secretaries for Financial Services, Economic Affairs and Revenue; chiefs of public sector banks (PSBs) and Indian Banking Association (IBA), besides senior officials from the finance ministry, the Union Finance Ministry said in a tweet.

Travel, tourism and hospitality sectors are among the worst hit due to the COVID pandemic. The industry leaders from these sectors have been pitching for financial support from the government. In the Union Budget 2022-23 presented in Parliament on the first day of this month, Sitharaman proposed to open an additional Rs 50,000 crore window under the Emergency Credit Line Guarantee Scheme (ECLGS) to support the hospitality and related services sector.

Meghalaya students stuck in Ukraine, CM Sangma seeks MEA intervention

 Appeals to the Centre have also been made by the chief ministers of Kerala, Karnataka, Andhra Pradesh, Haryana and Jharkhand

At least 10 students from Meghalaya are stranded in Ukraine and Chief Minister Conrad K Sangma joined his counterparts in other states to seek the intervention by ministry of external affairs to ensure safe return of all those stuck there following a military confrontation with Russia.

Received news about students from Meghalaya stranded in #Ukraine. Humbly request Hon’ble Union External Affairs Minister @DrJaishankar Ji to ensure the safe return of all Indian citizens. We are praying for everyone’s safety. May peace prevail, Conrad tweeted. The students are persuing undergraduate studies at the Zaporozhye State Medical University, a family member of one of the students told PTI.

A student has reportedly told his family that tickets purchased for flights to return to India have been cancelled. Appeals to the Centre have also been made by the chief ministers of Kerala, Karnataka, Andhra Pradesh, Haryana and Jharkhand. An Air India plane that took off for Kyiv in Ukraine on Thursday morning to bring back Indians from the eastern European nation returned to Delhi due to the closure of Ukrainian airspace amid the Russian military offensive…Read Full Story

We will bring you back home safe, sound: India to its citizens in Ukraine

 A government statement said Modi conveyed to Putin that India attaches highest priority to the safe exit of Indians from Ukraine and their return to India

India on Thursday mounted a major initiative to evacuate its citizens from Ukraine to neighbouring countries through land border crossings after Russia launched a large-scale military assault on the eastern European nation triggering major global concerns and sanctions against Moscow by several Western powers.

Amid the deepening crisis, Prime Minister Narendra Modi spoke to Russian President Vladimir Putin and “sensitised” him about India’s concerns regarding the safety of the Indian citizens in Ukraine, especially students. A government statement said Modi conveyed to Putin that India attaches highest priority to the safe exit of Indians from Ukraine and their return to India.

“The prime minister appealed for an immediate cessation of violence, and called for concerted efforts from all sides to return to the path of diplomatic negotiations and dialogue,” an official statement said. With increasing concerns over the safety of Indians in Ukraine, Modi chaired a meeting of the Cabinet Committee on Security (CCS) with a primary focus of evacuating the citizens.

US to have consultations with India on Ukraine crisis, says Joe Biden

 It is understood that India and the United States are not on the same page on the Ukrainian crisis

President Joe Biden on Thursday said that the United States will have consultations with India on the crisis in Ukraine following a military operation from Russia. In a televised address on Thursday, Russian President Vladimir Putin said his move to launch a military operation in Ukraine came in response to threats emanating from the neighbouring country. He also warned other countries that if they attempted to interfere with the Russian military operation they would see “consequences they have never seen”.

“We are going to have consultations with India (on the Ukrainian crisis). We haven’t resolved that fully,” Biden told reporters during a White House news conference on the Ukrainian crisis.

He was responding to a question if India was fully on board with the United States on the Russian aggression. It is understood that India and the United States are not on the same page on the Ukrainian crisis. India has a historic and time-tested friendship with Russia. At the same time, its strategic partnership with the United States has grown at an unprecedented pace over the last decade and half….

Biden unveils new sanctions on Russian businesses after Ukraine attack

 Biden said the sanctions would limit Russia’s ability to do business in dollars, euros, pounds and yen

Russia Ukraine Conflict: President Joe Biden unveiled harsh new sanctions against Russia on Thursday after Moscow launched an all-out invasion of Ukraine, imposing measures to impede Russia’s ability to do business in the world’s major currencies along with sanctions against banks and state-owned enterprises.

“This is a premeditated attack,” Biden told reporters at the White House, saying Russian President Vladimir Putin rejected attempts by the West to engage in dialogue and had violated international law. “Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences.” Biden said the sanctions were designed to have a long-term impact on Russia and to minimize the impact on the United States and its allies. And he said Washington was prepared to do more.

Biden said the sanctions would limit Russia’s ability to do business in dollars, euros, pounds and yen. Biden said NATO would meet on Friday to map out further measures. He reiterated that the United States would not engage in war with Russia, but that it would meet its Article 5 commitments to defend NATO partners…Read More

Budget can be effective means to bring change in agriculture: PM

 PM mentioned how his government has brought in smartness in all things related to agriculture, ‘Beej se Bazar Tak’ by improving the systems over the last 7 years

Emphasising that the agriculture budget allocation this year is much more than previous years, Prime Minister Narendra Modi on Thursday said it is aimed at the complete modernisation of the sector and suggested seven pointers from the budget provisions.

In just six years the agriculture budget has increased manifold and agriculture loans for farmers have also increased by two and half times in the last seven years, the Prime Minister said, and added that the preparation for multiple schemes that have been discussed during this budget need preparation, for which the month of March can be utilized and then, “start rolling out right from day one in the new financial year.” If all this is done properly, the budget will not just be a numbers game but, in reality, can be an effective means to bring about change in life, change in agriculture,” he said while addressing a webinar on the positive impact of Union Budget 2022 in the Agriculture sector.

The seven important pointers from the budget that Modi mentioned started with the provision for natural farming along the Ganga banks on both sides up to five kms, including a push for herbal, medicinal plants and also for horticulture; infusion of modern technology for improving agriculture and horticulture practices; focus on Mission Oil Palm and encouragement to other oil seeds too for lessen the import burden on edible oil and incorporating new schemes under PM Gati Shakti for transportation of agriculture goods…Read More

Punjab: SAD leader Majithia surrenders before trial court in Mohali

 Facing charges under the Narcotic Drugs and Psychotropic Substances Act, senior Shiromani Akali Dal leader Bikram Majithia applied for regular bail and the trial court started arguments over his plea

Facing charges under the Narcotic Drugs and Psychotropic Substances (NDPS) Act, senior Shiromani Akali Dal (SAD) leader Bikram Singh Majithia on Thursday surrendered before a trial court in Mohali near here following directions of the Supreme Court. Majithia applied for regular bail and the trial court started arguments over his bail plea, it is learnt. The court, however, allowed the Special Investigation Team to interrogate Majithia for about an hour in the court complex.

A bench comprising Chief Justice N.V. Ramana and Justices A.S. Bopanna and Hima Kohli had directed Majithia to surrender before the trial court after the Punjab Assembly polls on February 20. His interim bail had ended on Wednesday night. Majithia, the brother-n-law of SAD chief Sukhbir Badal, was in fray for the February 20 assembly polls from Amritsar (East). In a 49-page FIR filed by the state police Crime Branch at the Mohali police station, the SAD leader has been booked under sections 25, 27A and 29 of the NDPS Act….Read More

India to move to T+1 settlement from Friday: Here's what it means

 India To Start with T+1 stock settlement from February 25, which means that trade-related settlements must be done within one day of the transaction’s completion.

Currently, trades on the Indian stock exchanges are settled within two days, just like most major markets such as Singapore, Hong Kong, Australia, Japan, and South Korea. Indian exchanges, however, will be moving to T+1 settlement from February 25 in a phased manner. T stands for trade day. Here is the lowdown on what the shorter settlement cycle means:

What is the new T+1 settlement cycle?

T+1 means that trade-related settlements must be done within one day of the transaction’s completion. Trades on Indian stock exchanges are currently settled in two working days after the transaction is completed (T+2). For example, if you buy shares on Wednesday, they will be credited to your Demat account by the next day, which is Thursday. Till now they were getting settled on Friday.

Will it be a gradual transition?

Initially, on the last Friday of February, only 100 stocks that are placed at the bottom according to their market valuation will be placed under the new settlement cycle. After that, 500 more stocks will be added every last Friday of subsequent months, until every stock is placed under the new settlement system…Read More

Russia dares West with attack on Ukraine, warned of 'decisive response'

 Russia launched a barrage of missile, artillery and air attacks early Thursday, triggering the worst security crisis Europe has witnessed in decades.

Russian forces attacked targets across Ukraine after President Vladimir Putin ordered an operation to “demilitarize” the country, prompting international condemnation and a U.S. threat of further “severe sanctions” on Moscow, sending markets tumbling worldwide.

Russia launched a barrage of missile, artillery and air attacks early Thursday, triggering the worst security crisis Europe has witnessed in decades. Ukraine’s Interior Ministry warning that the capital, Kyiv, was being targeted and urged citizens to go to shelters. Ukraine’s border guard said that it was being shelled from five regions, including from Crimea in the south and Belarus to the north.

In a nationally televised address ahead of the offensive, Putin said that Russia doesn’t plan to “occupy” its neighbor but said the action was necessary after the U.S. and its allies crossed Russia’s “red lines” by expanding the NATO alliance. U.S. President Joe Biden called Putin’s move “an unprovoked and unjustified attack” and said the “world will hold Russia accountable.” Commodities markets surged, with Brent oil extending gains above $100 a barrel for the first time since 2014–when Russia annexed Ukraine–while gold jumped as investors scrambled for havens….Read More

Hijab row: Plea filed in SC challenging Karnataka HC interim order

 The plea filed by a student has sought a stay on the direction of the high court, which is hearing the hijab issue, as well as the proceedings going on before the three judge bench

An appeal has been filed in the Supreme Court challenging the direction of the Karnataka High Court that has asked students not to insist on wearing any cloth on campuses of educational institutions which can instigate people, till the matter is resolved. The plea filed by a student has sought a stay on the direction of the high court, which is hearing the hijab issue, as well as the proceedings going on before the three judge bench.

The appeal contended that the high court has sought to curtail the fundamental right of Muslim student women by not allowing them to wear the hijab row. The high court has posted the matter for Monday and also said educational institutions can resume classes for students. The three-judge full bench of Chief Justice Ritu Raj Awasthi, Justice J M Khazi and Justice Krishna S Dixit, which was formed on Wednesday, also said it wants the matter to be resolved at the earliest but till that time peace and tranquillity is to be maintained.

Budget has nothing for poor, farmers, middle class: Adhir Ranjan Chowdhury

Leader of Opposition in Lok Sabha Adhir Ranjan Chowdhury on Thursday said that there is nothing in the Union Budget for the poor, farmers and middle class.

Leader of Opposition in Lok Sabha Adhir Ranjan Chowdhury on Thursday said that there is nothing in the Union Budget for the poor, farmers and middle class. Chowdhury said, “Budget documents are perceived to be a roadmap for the future but here is what I have found there may be a map but there is no road in this Budget. The Budget document is nothing but a sheer rigmarole and rumbling stories much to the confusion of common people.”

“The budget which has come on the backdrop of retail inflation over 6 per cent has nothing on controlling price rise. Unemployment and inflation have crossed record highs. We can summarise the Budget as a zilch,” he added. Citing the National Survey Report of September 2021, he pointed out that the average income of farmers is mere Rs 27/day and the average debt of a farmer is Rs 74,000.

“National Survey Report of Sept 2021 pointed out that average income of farmers is mere Rs 27/day and average debt of a farmer is Rs 74,000. The double whammy is that the per hectare cost of farming increased by Rs 25,000/hectare/year. Do you have any answers? In seven years, Modi Government has fleeced the farmers of an additional Rs 17,50,000 crore,” he said. He further said Budget is a cruel joke for poor, working and salaried class, middle class, farmers, migrant workers of the country.

 

Reliance Industries to acquire stake in EV technology firm Altigreen

 Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles.

Reliance Industries Ltd on Thursday announced the acquisition of a stake in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. “Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, has entered into an agreement with Altigreen for the subscription of 34,000 Series-A Compulsorily Convertible Preference Shares of face value Rs 100 each for an aggregate consideration of Rs 50.16 crore,” Reliance said in a stock exchange filing.

The company did not say how much equity shareholding will it get against the investment. The transaction is proposed to be completed before March 2022. Based out of Bengaluru, Altigreen is an electric vehicle technology and solutions company for commercial last-mile transportation through 2/3/4 wheeled vehicles.

It has developed an E3W vehicle, and its vehicles are built in-house in Bangalore on a mobility platform that is 100 per cent indigenous. Its current patent portfolio spans 60 countries with 26 global patents, the firm said, adding some of Altigreen’s current technologies include electric motors and generators, vehicle controls, motor controls, EV transmissions, telematics & IoT and battery management. “The investment is part of our company’s strategic intent of collaborating with innovative companies in new energy and new mobility ecosystems,” it said.

LIC share sale may fetch govt up to Rs 65,000 cr; DRHP filing likely today

 High testing, rural-urban mobility, disbanded ground force reasons behind high daily caseload

Insurance behemoth Life Insurance Corporation of India’s (LIC’s) initial public offering (IPO) could garner anywhere between Rs 60,000 crore and Rs 65,000, said people with direct knowledge of the development. At the time of writing, investment bankers were giving the final touches to the company’s draft red herring prospectus (DRHP), which is expected to be filed with the Securities and Exchange Board of India (Sebi) on Friday. LIC’s IPO will be India’s largest-ever share sale, surpassing digital payments firm Paytm (One97 Communications), which raised Rs …Read More

4,844 foreigners granted Indian citizenship in past 5 years: Centre

1,773 foreigners were granted Indian citizenship in 2021, 639 in 2020, 987 in 2019, 628 in 2018 and 817 in 2017

As many as 4,844 foreigners were granted Indian citizenship in the past five years under the Citizenship Act 1955, Union Minister Nityanand Rai told Lok Sabha in a written reply on Tuesday. The minister informed that 1,773 foreigners were granted Indian citizenship in 2021, 639 in 2020, 987 in 2019, 628 in 2018 and 817 in 2017. MoS Rai was asked about the total number of foreigners granted Indian Citizenship by the Central government during the last five years with the clarification of reasons for taking it. “The citizenship to eligible foreigners is granted by registration under section 5, by neutralization under section 6 or by incorporation of territory under section 7 of the Citizenship Act, 1955,” he said in a written reply.

What is the Central Vista project?

 The central axis of New Delhi with gardens and buildings around India Gate and Raisina Hill are now giving way to the govt’s Central Vista Project. How will this area look like once it is completed?

The Housing and Urban Affairs Ministry has been allocated Rs 2,600 crore in Union Budget 2022-23 for the construction of non-residential office buildings of the Central Vista redevelopment project, including the Parliament and Supreme Court. This is Rs 767.56 crore more than Rs 1,833.43 crore given in the last fiscal. For residential purposes, the ministry has been given Rs 873.02 crore. The Central Vista is India’s central administrative area located in New Delhi. During the colonial era, leading British architects Edwin Lutyens and Herbert Baker had designed the Central Vista complex.

It was inaugurated in 1931 and comprised Rashtrapati Bhawan, Parliament House, North and South Blocks and the Record Office, which was later named as The National Archives, along with the India Gate monument and the civic gardens on either side of the Rajpath. The redevelopment of Central Vista was conceived in September 2019, involving multiple projects spread over six years and estimated to cost Rs 20,000 crore. Facing flak from opposition over it, the government said that a new parliament building was needed as the current one dates back to the 1920s and shows signs of “distress and over-use”.

The planned redevelopment works include the new triangular Parliament building, Chambers for Members of Parliament, the Central Vista Avenue, 10 buildings of the Common Central Secretariat, Central Conference Centre, Additional Buildings for National Archives, new Indira Gandhi National Centre for the Arts building, facilities for security officials, and official residences for the Vice President, Prime Minister, Executive Enclave with Prime Minister’s Office, Cabinet Secretariat, National Security Council Secretariat

China's 'zero-Covid' curbs may hurt global growth, says BOJ policymaker

 The remark follows a warning last month by IMF head Kristalina Georgieva that China should reassess its zero-Covid approach to the pandemic

China’s “zero-COVID” restrictions could weigh on world growth by prolonging supply chain disruptions and global inflationary pressures, a Bank of Japan policymaker said on Wednesday. The remark follows a warning last month by International Monetary Fund head Kristalina Georgieva that China should reassess its zero-COVID approach to the pandemic given the emergence of the highly contagious Omicron variant.

“China’s economy is the world’s market and factory,” BOJ board member Toyoaki Nakamura said in a speech. “There’s a risk its ‘zero-COVID’ policy amid widening Omicron infections could weigh on the global economy, as well as prolong global supply chain disruptions and inflationary pressures,” he said.

Uncertainty over how quickly Japanese companies pass on rising raw material costs to households is also among risks to the country’s economy, said Nakamura, a former executive at Japanese electronics giant Hitachi Ltd. Nakamura said Japan’s economy is expected to recover as the impact of the pandemic and supply constraints subside.But he said the BOJ will maintain its ultra-loose policy to ensure the economy strengthens enough to accelerate inflation to its 2% target.