‘Hands are tied... Can't sleep at night’: Despair over jobs as Jet Airways grounded

Ahmedabad, Nay 19: Over 2,200 Indian nationals stranded in the UK due to the coronavirus related international travel restrictions have been flown back home during the first phase of India's biggest ever repatriation exercise, according to official figures.

Since the first special Air India flight took off from London’s Heathrow Airport for Mumbai on May 8, there have been eight routes to different Indian cities from the UK for Indian students and tourists.

Indian nationals were flown home to the cities of Mumbai, New Delhi, Bengaluru, Chennai and Ahmedabad.

“We have facilitated repatriation of 2,288 Indians stranded in the UK through eight Air India flights till 17 May. Vande Bharat Mission continues to get Indians home,” said the Indian High Commission in London.

The Vande Bharat Mission is India’s biggest ever repatriation exercise to bring back Indians from abroad who are unable to travel home due to COVID-19 related international travel restrictions.

As the second phase of the repatriation process gets underway, retired Indian High Commissioner to the UK Ruchi Ghanashyam will be among the Indians flying back to New Delhi on Thursday.

“It has been such a hectic period, but I hope to return to the UK to say goodbyes in person sometime in the future,” Ghanashyam said during a virtual farewell organised by the Indian Journalists’ Association (IJA UK) on Monday.

As the packed flights take off daily, there are some still desperately waiting their turn, including those wanting to fly to some cities that are yet to be scheduled, including Kolkata.

“I have two young daughters, elderly parents, and a wife back at home. There is no way to return to Kolkata. I am worried for my parents,” says Suvendu, who came to the UK for work but recently lost his job.

“I am really surprised there are no Kolkata flights yet, but I am hoping they will be announced in the future,” adds Dr Arpita Ray, whose father needs to fly back home.

Another group waiting their turn to return home to their families in India includes students in the Overseas Citizen of India (OCI) category, which remains suspended in India’s extended COVID-19 lockdown.

According to the regulations issued by the Indian government last month and updated last week, visas of foreign nationals and OCI cards, that provide visa-free travel privileges to the people of Indian-origin, have been suspended as part of the new international travel restrictions following the COVID-19 pandemic.

“Our plight is no different from the struggles being faced by Indian students who hold Indian passports – India is home for all us,” says Tridip, an undergraduate at SOAS University of London.

“Yes, air travel at this point of time may be a risk but we are of course ready to take all precautionary measures and undergo the mandatory quarantine period upon arrival in India," adds the 18-year-old.

“Having lived in India for the greater part of my life, India is home to me as much as it is to an Indian citizen, and just as any Indian citizen wishes for the comfort of home and family, so do I. I can only hope that the government reviews its policy on OCI holders and appeal to them to include us in their repatriation plans," says Atulit, an under-graduate student at Imperial College London.

Bianta, a student at Bangor University in Wales, adds: “Along with all of the mental stress, financially the UK is too expensive. In the coming weeks my rental agreement will expire, after which I will have nowhere to go.

“I cannot continue funding myself here in the UK as I only planned to be here till May marking the end of my course. Please help us get home. The colour of my passport does not define where my home is."

As all commercial international flights continue to be grounded, the second phase of the Vande Bharat Mission with a total of 149 flights is aimed at bringing back Indians from 40 countries. On landing in India, these travellers have a 14-day quarantine requirement at venues organised by the respective state governments. 

Washington, Feb 16: India and the United States share "unshakeable" ties, said US Principal Deputy Assistant Secretary (PDAS), Alice Wells, on Sunday, adding that the upcoming visit of President Donald Trump will further strengthen the relationship between the two countries.

"The U.S. and #India enjoy a close partnership that grows stronger day by day. Together, we are breaking records. For example, we welcomed a record number of Indian exchange students to the US last year and hope to receive even more this year," said Bureau of South and Central Asian Affairs in a tweet attributed to Alice Wells.

"The ties between our countries are unshakeable, and we look forward to an even warmer relationship as @narendramodi hosts @POTUS later this month," it added.

Trump will pay a two-day state visit to India from February 24 at the invitation of Prime Minister Narendra Modi.

"India is at the heart of the Indo-Pacific region and plays an increasingly prominent role on the world's stage. The U.S. looks forward to partnering with #India at every step of the way, " Alice Wells further said.

According to the Ministry of External Affairs (MEA), Trump is expected to attend an event at the Motera Stadium in Ahmedabad on the lines of the ''Howdy Modi'' function that was addressed by the US President and PM Modi in Houston in September last year. Trump is slated to pay a two-day visit to India from February 24.

During the visit, Trump, who will be accompanied by First Lady Melania, will attend official engagements in New Delhi and Ahmedabad, and interact with a wide cross-section of the Indian society, the MEA said in a statement.

The announcement of Trump's first official visit to India was earlier made by the White House on Monday, which, in its statement, said that the US President and Modi had agreed during a recent phone conversation that the trip will "further strengthen the United States-India strategic partnership and highlight the strong and enduring bonds between the American and Indian people".

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.