President's rule imposed in Uttarakhand

March 27, 2016

New Delhi, Mar 27: Uttarakhand was today brought under President's rule by the Centre on grounds of "breakdown of governance" in a controversial decision which comes in the wake of a political crisis triggered by a rebellion in the ruling Congress.president

President Pranab Mukherjee signed the proclamation under Art 356 of the Constitution dismissing the Congress government headed by Harish Rawat and placing the Assembly under suspended animation this morning on the recommendation of the Union Cabinet.
The Cabinet had held an emergency meeting here last night presided over by Prime Minister Narendra Modi, who had cut short a visit to Assam to return to the capital for the purpose.

The Cabinet considered several reports received from Governor K K Paul, who had described the political situation as volatile and expressed apprehensions over possible pandemonium during the scheduled trial of strength in the state Assembly tomorrow.

Finance Minister Arun Jaitley is believed to have briefed the President late last night explaining the rationale for the Cabinet's recommendation.

The dismissal of the Rawat government now renders tomorrow's confidence vote infructuous.

It also came amidst reports that Speaker Govind Singh Kunjwal had disqualified 9 rebel Congress MLAs that would have enabled Rawat to sail through in the trust vote.

The Congress denounced the decision calling it a "murder of democracy" and said it showed that BJP did not believe in democracy.

The political crisis in the state arose after the controversial circumstances in which the Appropriation Bill was declared passed in the Assembly by the Speaker with the BJP and the rebel Congress claiming that a division of votes pressed by them was not allowed.

They alleged that the Bill was defeated in the voice vote by a majority of the members present but the Speaker did not test it in a proper division of votes.

The opposition claimed that it had a majority of 35 MLAs, including 9 rebels, in the House that day out of 67 MLAs present. The BJP said the 35 MLAs had written to the Speaker in advance that they would be voting against the bill but the Speaker had refused to take it into his consideration.

Last night, the Union Cabinet met amidst reports that the Speaker had disqualified the rebel Congress MLAs that would would have helped the beleaguered government.

Apprehending imposition of President's rule, the Congress had attacked the BJP saying it was resorting to the extreme step as its earlier moves had failed.

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Abdullah
 - 
Sunday, 27 Mar 2016

The president Pranab Mukerjee working as a RSS agent.

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News Network
January 21,2020

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.

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Agencies
July 8,2020

New Delhi, Jul 8: India has reported a spike of 22,752 COVID-19 cases in the last 24 hours, taking the country's coronavirus tally to 7,42,417 on Wednesday, informed the Union Ministry of Health and Family Welfare.

Out of the total cases reported, 4,56,830 patients have been cured/discharged from the disease while one patient has been migrated, the Health Ministry informed.

It added that there are 2,64,944 active cases in the country.

482 deaths reported in the last 24 hours due to COVID-19 in the country, taking India's death toll to 20,642.

According to the Union Health Ministry, Maharashtra continues to be the worst affected state reporting 2,17,121 coronavirus cases and 9,250 fatalities.

Tamil Nadu -- the second worst-affected state from COVID-19 -- has a total of 1,18,594 cases and 1,636 deaths due to coronavirus.

While Delhi has a total of 1,02,831 COVID-19 cases including 3,165 deaths.

The Indian Council of Medical Research on Wednesday informed that a total of 1,04,73,771 samples tested for COVID-19 up to July 7. Of these, 2,62,679 samples were tested on Tuesday.

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News Network
April 8,2020

Bengaluru, Apr 8: The University Grants Commission (UGC) has asked all universities and higher education institutions across the nation to set up helpline to combat mental health issues among students during the Covid-19 crisis and nation-wide lockdown period.

In an official circular, the UGC stated that, "It is important to address psychological concerns of students and to address mental health and for the well-being of students, universities/colleges and higher education institutions should setup mental health helplines."

These helplines need to be monitored by counselors and other identified faculty members. "It is important for students to stay calm and stress-free. This can be achieved through telephones, e-mails, digital and social media platforms," says UGC.

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