In a big boost to Narendra Modi govt, Moody's raises India's rating, hails GST

Agencies
November 17, 2017

New Delhi, Nov 17: Pinning faith in the continued progress on economic front backed by institutional reforms, Moody`s Investor Services lifted the Government of India`s local and foreign currency debt ratings to Baa2 from Baa3.

The rating agency said that the reforms will improve the business climate in the country and raise productivity.

Moody`s also changed its rating outlook to stable from positive, saying that at the Baa2 level the risks to India`s credit profile were broadly balanced.

Moody`s said the recently-introduced goods and services tax (GST), a landmark reform that turned India`s 29 states into a single customs union for the first time, will promote productivity by removing barriers to interstate trade.

"In the meantime, while India`s high debt burden remains a constraint on the country`s credit profile, Moody`s believes that the reforms put in place have reduced the risk of a sharp increase in debt, even in potential downside scenarios," the ratings agency said in a statement.

Moody`s expects India`s real GDP growth to moderate to 6.7 percent in the fiscal year ending in March 2018 from 7.1 percent a year earlier.

Moody`s also raised India`s local currency senior unsecured debt rating to Baa2 from Baa3 and its short-term local currency rating to P-2 from P-3.

The government of Prime Minister Narendra Modi eased tax requirements last month for small- and medium-sized companies in response to growing criticism of its economic stewardship.

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News Network
May 28,2020

New Delhi, May 28: BJP national spokesperson Sambit Patra has been admitted to a private hospital in Gurgaon after he showed symptoms of COVID-19, sources said.

He is admitted to the Medanta hospital in Gurgaon, hospital sources said on Thursday.

The BJP leader has shown symptoms of COVID-19, a source said.

Patra is one of the most visible BJP faces on news channels.

He is also very active on social media and posted several tweets on Thursday as well.

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News Network
July 11,2020

Geneva, Jul 11: The World Health Organization said Friday that it is still possible to bring coronavirus outbreaks under control, even though case numbers have more than doubled in the past six weeks.

WHO chief Tedros Adhanom Ghebreyesus said the examples of Italy, Spain, South Korea and India's biggest slum showed that however bad a outbreak was, the virus could still be reined in through aggressive action.

"In the last six weeks cases have more than doubled," Tedros told a virtual press conference in Geneva.

However, "there are many examples from around the world that have shown that even if the outbreak is very intense, it can still be brought back under control," said Tedros.

"And some of these examples are Italy, Spain and South Korea, and even in Dharavi -- a densely packed area in the megacity of Mumbai -- a strong focus on community engagement and the basics of testing, tracing, isolating and treating all those that are sick is key to breaking the chains of transmission and suppressing the virus."

The novel coronavirus has killed at least 555,000 people worldwide since the outbreak emerged in China last December, according to a tally from official sources compiled by AFP on Friday.

Nearly 12.3 million cases have been registered in 196 countries and territories.

"Across all walks of life, we are all being tested to the limit," Tedros said, "from countries where there is exponential growth, to places that are loosening restrictions and now starting to see cases rise.

"Only aggressive action combined with national unity and global solidarity can turn this pandemic around."

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Agencies
July 16,2020

New Delhi, Jul 16: A group of 174 Indian nationals, including seven minors, has filed a lawsuit against the recent presidential proclamation on H-1B that would prevent them from entering the United States or a visa would not be issued to them.

Judge Ketanji Brown Jackson at the US District Court in the District of Columbia issued summonses on Wednesday to Secretary of State Mike Pompeo and acting Secretary of Homeland Security Chad F Wolf, along with Labor Secretary Eugene Scalia.

The lawsuit was filed in the US District Court on Tuesday.

"The proclamation 10052's H-1B/H-4 visa ban hurts the United States' economy, separates families and defies the Congress. While the two former points render it unseemly, the latter point renders it unlawful," said the lawsuit filed by lawyer Wasden Banias on behalf of the 174 Indian nationals.

The lawsuit seeks an order declaring the presidential proclamation restriction on issuing new H-1B or H4 visas or admitting new H-1B or H-4 visa holders as unlawful. It also urges the court to compel the Department of State to issue decisions on pending requests for H-1B and H-4 visas.

In his presidential proclamation on June 22, Trump temporarily suspended issuing of H-1B work visas till the end of the year.

"In the administration of our nation's immigration system, we must remain mindful of the impact of foreign workers on the United States labor market, particularly in the current extraordinary environment of high domestic unemployment and depressed demand for labor," said the proclamation issued by Trump.

In his proclamation, Trump said the overall unemployment rate in the United States nearly quadrupled between February and May of 2020 -- producing some of the most extreme unemployment ever recorded by the Bureau of Labor Statistics.

While the May rate of 13.3 per cent reflects a marked decline from April, millions of Americans remain out of work.

The proclamation also extends till year-end his previous executive order that had banned issuance of new green cards of lawful permanent residency. Green Card holders, once admitted pursuant to immigrant visas, are granted "open-market" employment authorisation documents, allowing them immediate eligibility to compete for almost any job in any sector of the economy, Trump said.

Forbes, which first reported the lawsuit filed by the Indian nationals, said the complaint points out that the Congress specified the rules under which H-1B visa holders could work in the US and balanced the interests of US workers and employers.

"The complaint seeks to protect H-1B professionals, including those who have passed the labor certification process and possess approved immigrant petitions. Such individuals are waiting for their priority date to obtain permanent residence, a wait that can take many years for Indian nationals," Forbes reported.

Meanwhile, several lawmakers urged Scalia on Tuesday to reverse the work visa ban.

"Throughout this administration, the president has continued to lament the alleged abuses of the immigration system while failing to address the systemic problems that have persisted and allowed businesses and employers to exploit and underpay immigrant workers, guest workers and American workers," the lawmakers wrote.

"This misguided attempt by the president to scapegoat immigrants for policy failures during the pandemic not only serves to hurt immigrants, but dismisses the true problem of a broken work visa program that is in desperate need of reform," said the letter, which among others was signed by Congressmen Joaquin Castro, Chair of the Congressional Hispanic Caucus; Bobby Scott, Chair of the Education and Labor Committee; Karen Bass, Chair of the Congressional Black Caucus; Judy Chu, Ra l Grijalva, Vicente Gonzalez, Yvette Clarke and Linda S nchez.

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