Abducted Indians safe, efforts on to free them

June 19, 2014

New Delhi, June 19: India Thursday said the 40 Indian workers abducted in Iraq were safe and told the distraught families that the "very best" efforts were on to have them freed.Sushma swaraj

External Affairs Minister Sushma Swaraj told a delegation of families of seven of the abducted men that all 40 workers were safe but did not disclose where they were being held.

The government was making all possible efforts to free the construction workers seized in Mosul, one of the major Iraqi cities over run by Sunni insurgents.

"I am personally mulling over all options. The government is making all kinds of efforts. We are not leaving any stone unturned," Sushma Swaraj told reporters here.

"The 40 men are safe... When the situation normalizes, we will try to get them released," she told the delegation that was accompanied by Punjab Chief Minister Parkash Singh Badal.

She said the men, who worked for a Turkish company and were mostly from Punjab, were holed up in a government building.

A spokesperson for the family members said the minister told them that the workers were abducted while being taken to a safe place following the outbreak of fighting in Mosul.

"The minister said blank passports and tickets would be issued to them so that they can be brought back when they are released," said Manjit Singh G.K., president of the Delhi Sikh Gurudwara Management Committee.

Manjit Singh was a part of the delegation that met the minister.

India has sent to Baghdad a veteran diplomat, Suresh Reddy, a former envoy to Iraq, to tap his extensive contacts in that country to ensure an early release of the construction workers.

Sushma Swaraj said earlier that she was "personally supervising" the rescue efforts.

"I want to assure the families that the government and I will try our very best... make every effort."

Badal had also earlier vowed to make every effort to ensure the release of the workers.

Food Processing Industries Minister Harsimrat Kaur Badal said meanwhile that the affected families in Punjab had been told to alert the authorities if they get a telephone call from the workers.

She added that Prime Minister Narendra Modi was personally monitoring the developments.

"Our prime minister and the external affairs ministry are closely monitoring the situation," Harsimrat Badal said.

The mother of one of the Indians, Gurdeep Singh, expressed dismay over the mass abduction.

"We don't know where he is," the woman said in Punjab. "He has not called for many days. I hope he is safe."

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News Network
July 16,2020

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said. 

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News Network
May 22,2020

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them. 

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News Network
March 7,2020

Mar 7: Two Malayalam news channels, Asianet News and Media One, which were banned by the information and broadcasting ministry for their coverage of the recent violence in Delhi on Friday evening, were allowed to resume telecasting on Saturday morning.

While Asianet News appeared to have begun operations around 7am on Saturday, Media One was screening content by 9.30am.

The ministry of information and broadcasting had imposed a 48-hour ban on Asianet News and Media One for their coverage of the Delhi violence for 48 hours from 7.30pm on Friday. Both Asianet News and Media One were barred under Rule 6(1 c) and Rule 6(1e) of the Cable Television Networks Act, 1994.

The ministry of information and broadcasting alleged Asianet News and Media One were "biased" and critical of the RSS and Delhi Police.

The ban on Asianet News and Media One triggered a torrent of criticism of the move. Congress MP Shashi Tharoor asked how "Malayalam channels inflame communal passions in Delhi?" and alleged some English news channels were continuing "their brazen distortions" with impunity.

In a statement issued on Friday after the ban, Media One termed the move "unfortunate and condemnable" and called it a "blatant attack against free and fair reporting". Media One called it "an order to stop free and fair journalism".

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