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
January 9,2020

New Delhi, Jan 9: JNU students who tried to march towards the Rashtrapati Bhavan on Thursday protesting the violence on the university campus were stopped by police and later detained.

The police also resorted to baton charge to control the mob who tried to block the traffic at Janpath. Using loudspeakers, the police also appealed to the crowd to maintain peace.

Before the students tried to proceed towards the Rashtrapati Bhavan, a delegation of JNU Students' Union and JNU Teachers' Association also met Human Resource Development (HRD) Ministry officials and demanded the removal of Vice-Chancellor M Jagadesh Kumar from his post.

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Agencies
April 24,2020

New Delhi, Apr 24: The Central government said on Wednesday that the number of COVID-19 cases in the country is now doubling in every 10 days, adding that had the lockdown not been imposed on time, the number of cases would have sky-rocketed to over one lakh by now.

"Had we not taken the decision to impose nationwide lockdown, we would have had around one lakh COVID-19 cases by now. This is a reasonable estimate," said Niti Aayog member V.K. Paul.

Paul, who is also the Chairman of the government's Empowered Committee- 1, said the "cases are now doubling in every 10 days."

"As on March 21, our doubling time of cases was three days. Results started showing on March 23, due to travel restrictions imposed earlier. On April 6, further slowing of doubling rate became visible, thanks to the nationwide lockdown," he added.

He further added that the decision to impose the lockdown was timely and asserted that the curve has begun to flatten.

"Nationwide lockdown helped take us away from the exponential growth curve and thereby contain the growth of COVID-19 cases," he said.

Paul further added that surveillance has been a great strength in containing the spread of the virus.

"Besides containing the spread, augmenting testing and improving preparedness, the nation has brought about a massive behavioural change through a ‘Jan Andolan' (mass movement)," he said.

Meanwhile, the number of confirmed cases in the country has crossed the 23,000-mark, with 718 deaths. Globally, the number of cases has crossed 2.7 million while the death toll has mounted to 1.9 lakh.

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News Network
February 12,2020

New Delhi, Feb 12: The Centre on Wednesday said the NRC data in Assam is safe even though some technical issues were visible and that will be resolved soon.

The Union Home Ministry clarification came in view of reports that data of the final list of the National Register of Citizens has been made offline from its official website.

"The NRC data is safe. Some technical issues are in visibility on cloud. These are being resolved soon," a home ministry spokesperson said.

The data was not available for a couple of days and it created panic in the public, mostly among the people excluded from the list as the rejection certificates were yet to be issued.

NRC State Coordinator Hitesh Dev Sarma accepted that the data has been made offline, but refuted the allegation of any "malafide" intent in it.

The cloud service for the huge set of data was provided by IT firm Wipro and their contract was till October 19 last year. However, this was not renewed by the previous coordinator.

So, the data got offline from December 15 after it was suspended by Wipro, Sarma said.

He said the state coordination committee had decided to do necessary formalities in its meeting on January 30 and wrote to the Wipro during the first week of February.

"Once Wipro makes the data live, it will be available for public. We hope people will be able to access it in the next 2-3 days," Sarma said.

The complete detail of exclusion and inclusion of bonafide Indian citizens in the NRC was uploaded on its official website http://www.nrcassam.nic.in after the final list was published on August 31, 2019.

The final NRC was published by excluding 19,06,657 persons. A total of 3,11,21,004 names were included out of 3,30,27,661 applicants.

After the earlier NRC State Coordinator Prateek Hajela relinquished the charge on November 11 following his transfer to home state Madhya Pradesh on a direction from the Supreme Court, Sarma was appointed in his place on November 9.

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