Angela Merkel in Bengaluru, PM Modi to join her

New Delhi, May 13: Union Finance Minister Nirmala Sitharaman will address a press conference in New Delhi at 4 pm on Wednesday.

The information regarding the press conference by the Union Finance Minister was given through a tweet by the Ministry of Finance today morning.

Sitharaman's press conference comes a day after Prime Minister Narendra Modi announced USD 265 billion fiscal stimulus to deal with COVID-19 situation in the country. The package is the second largest in Asia after Japan.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore (USD 265 billion). This is 10 per cent of India's GDP," the Prime Minister said in his address to the nation on Tuesday.

"This economic package is for our small-scale industries, MSMEs, which are the means of livelihood of crores of people and is the strong base of our resolve for self-reliant India. To prove the resolve of self-reliant India, the emphasis has been given on land, labour, liquidity and laws, in this package," he added.

The PM had also said that the economic package is for "the country's workers, farmers, who are working hard day and night for the countrymen in every season. This economic package is for the middle class of our country, who pays tax honestly and contributes to the development of the country."

He had announced that the fourth phase of the nationwide COVID-19 induced lockdown would be in "new form with new rules."

Jammu, Jan 6: Union Minister Jitendra Singh on Sunday said India is the only shelter for religiously persecuted Hindus, Sikhs and other minorities who come from Pakistan, Bangladesh or Afghanistan, for the safety of their life and honour.

"India owes responsibility towards the minorities living in these countries which proclaim Islam as their state religion," Singh said here while launching the BJP's countrywide 10-day mass contact drive to spread awareness about the Citizenship Amendment Act (CAA).

Accompanied by senior party colleagues, including former deputy chief minister Kavinder Gupta and former minister Sat Sharma, he began by visiting the house of veteran columnist, writer and Padmashri awardee K L Pandita, where he spent time with them discussing the Act.

Later, he visited prominent social activist Amjad Mirza, eminent Sikh religious leader Baba Swaranjit Singh, retired High Court judge Justice G D Sharma, veteran journalist and former bureau head of Hind Samachar group Gopal Sachar, retired principal of Jammu government medical college Subhash Gupta, social activist and president of Peoples' Forum Ramesh Sabharwal, among others.

During his interaction with them, the Minister of State in the Prime Minister's Office claimed that Congress leaders and their allies protesting against the Act are doing so without "conviction".

He opined that if a "survey" was conducted among the family members of these Congress leaders, then, even they would not support their "anti-CAA stand".

"The tragedy of Congress party and contemporary leaders of Congress is that either they do not read their own history or are blissfully ignorant of the statements made by their own party patriarchs and former prime ministers," he said.

The minister recalled that the Nehru-Liaquat Pact of 1950 was inspired by the realisation on the part of the then Congress government headed by prime minister Jawaharlal Nehru that minorities, particularly Hindus, were not getting a fair deal in Pakistan.

"In 1949, Nehru had written a letter expressing concern about people coming in from then East Pakistan, which is now Bangladesh, and while doing so, he had referred to Hindus coming from there as 'refugees' and Muslims arriving here as 'immigrants'," Singh said.

Further, Nehru had stated that India owed a "responsibility" to these refugees, the minister said.

Referring to the opposition of senior Congress leaders Rahul Gandhi and Priyanka Gandhi to the amended legislation, the minister said someone should show them records of proceedings of the winter session of Parliament in 1950 when their great-grandfather (Nehru) had himself said that they deserved to be given citizenship and if the law was inadequate for it, then, the law should be changed.

"PM Modi should actually be given credit for showing courage and conviction to carry forward the task, which the Congress government lacked, to accomplish this," the minister opined.

Singh reiterated that a false fear psychosis against Muslims is being sought to be manufactured when there is no place as safe and comfortable to live for the community as India.

Turning the tables on the opposition to the National Population Register(NPR) and proposed National Register of Citizens (NRC), Singh pointed out that PM Modi and Union Home Minister Amit Shah have been stating that the exercise on NRC is yet to begin.

He also said that it was then Union home minister P Chidambaram, who had stated in Parliament in 2010 that NPR could be a basis for NRC.

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.