CM Yogi’s drive to identify CAA beneficiaries runs into problems

Kochi, Apr 14: Reacting to the extension of the nationwide lockdown till May 3, Kerala Finance Minister Thomas Issac on Tuesday maintained that his state needs money more than appreciation for the work it has done to mitigate the impact of the lockdown and contain coronavirus spread.

"The only additional money that Kerala received is mere Rs 230 crore and that too for Covid-19 work. The funds we received to tide over revenue deficit is different -- we would have got it anyways," said Issac, who has been demanding more liberal financial assistance from the Centre.

"The need of the hour now is for the Centre to immediately hold a videoconference meeting with all state Finance Ministers. The Centre should borrow more money from the RBI and give it to the states. Otherise, things will be very bad, as the economy, especially rural economy, is tumbling. It needs to be checked," said the Kerala Minister.

Devasom and Tourism Minister Kadakampally Surendran said the state Cabinet will meet on Wednesday to decide how to go about things till May 3.

"The coronavirus figures reveal that Kerala has done quite well. The Cabinet will decide on how we move forward after looking into the guidelines of the Centre," said Surendran.

Local Self Government Minister A.C. Moideen said that local farm produce has to reach markets as rural economy revolves around this. The Cabinet will look into this issue as well.

Health Minister K.K. Shailaja stressed the need for maintaining social distancing and asked all to see that the lockdown guidelines were strictly followed.

"Our advantage is that we have been able to contain the spread, but we still have a long way to go. Singapore is the best example -- after a slowdown in positive cases, it picked up there. So, let us all continue to maintain strict vigil and wait till Wednesday's Cabinet meet," said Shailaja.

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

Mumbai, May 27: The Maharashtra government on Tuesday ordered re investigation by the CID into the suicide of a 53-year-old interior designer and his mother, allegedly over non-payment of dues by TV journalist Arnab Goswami and two others.

State Home Minister Anil Deshmukh said he ordered re investigation after Adnya Naik, daughter of interior designer Anvay Naik, claimed that Alibag Police in neighbouring Raigad district did not probe the non-payment of dues which had driven her father and grandmother to suicide.

"Adnya Naik had complained to me that #AlibaugPolice had not investigated non-payment of dues from #ArnabGoswami's @republic which drove her entrepreneur father & grandmom to suicide in May 2018," Deshmukh tweeted.

"I've ordered a CID re-investigation of the case," the minister, an NCP leader, added.

He also used the hashtag "Maharashtra government cares" while sharing the tweet. Earlier this month, the police registered an abetment of suicide case against Republic TV editor-in-chief Goswami and two others.

The suicide note purportedly written by Anvay Naik, managing director of Concorde Designs Private Limited, said he was forced to take his life as he was not paid dues of Rs 5.40 crore by the three accused.

Republic TV denied the allegation and said that certain vested interest groups were running "a false and malicious campaign and making false statements and innuendos against the company by exploiting the tragic event".

Mumbai Police are also conducting a probe against Goswami over his statements about the Palghar lynching case of April this year.