Geelani holds rally; pro-Pak slogans raised; case against Alam

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

Bhopal, Mar 15: Madhya Pradesh Chief Minister Kamal Nath on Saturday sought the intervention of Home Minister Amit Shah for the "release" of 22 Congress MLAs in Karnataka, saying they had been held "captive" and were under "pressure".

In a letter to Shah, Chief Minister Nath said the BJP's demand for floor test had "no meaning" till the MLAs do not reach the state.

He said that the MLAs do not have any means of personal communication and all efforts to reach them have failed.

In the four-page letter, Nath said Governor Lalji Tandon had told him that the responsibility of security of those who will come to meet the Speaker should be with the CRPF but as the Chief Minister, it is his duty to ensure the security of all residents of the state including MLAs.

"I assure you that if these 22 MLAs are released by the Karnataka Police, then I will ensure maximum security by the state government so that they are able to convey their views without fear and take part in the proceedings of the assembly," Nath said.

He urged Shah to use his powers as Home Minister so that 22 MLAs safely reach Madhya Pradesh and discharge their responsibilities "without fear or greed" in the assembly session beginning on March 16."

Chief Minister Nath said that he had been informed that the MLAs had been deprived of all personal communication facilities.

He said that a father was not allowed to meet his son and two ministers who were accompanying the father of the legislator were "arrested" and manhandled by the Karnataka Police.

"My efforts to reach them as also of their relatives have failed which proves my apprehension that they are under captivity."

He said the videos released in the name of MLAs to "mislead" the people of the state were similar. "This proves that all these MLAs are under pressure and they are being forced to act in a particular way," he said.

Nath said that he was drawing Shah's attention to the developments in the state since March 3 which were aimed at destabalising the government.

He said three Congress MLAs, one BSP, and one independent MLA were taken to Gurugram and two ministers of his government were able to "rescue" the BSP legislator.

He said the three Congress MLAs and the independent MLA were later taken to Bengaluru by the BJP. He said a BJP MLA and a party functionary accompanied them.

"Later, 19 Congress MLAs were taken to Bengaluru in chartered planes and the arrangement was done by the BJP," he said, adding that they were accompanied by two former BJP MLAs and a former minister.

Kamal Nath said the number of MLAs in Bengaluru grew to 22 and they are all in the protection of the Karnataka Police.

He said some BJP leaders from Madhya Pradesh can be seen in pictures of the place where the MLAs were staying. "All reported expenses on these MLAs are being borne by the BJP," he said.

He said the BJP leaders had told the media about the resignation of MLAs and they had not presented themselves before the assembly Speaker.

Kamal Nath said he was concerned about the security of the MLAs and had written to the Governor earlier.

"You would agree with me that the demand for floor test has no meaning till the 22 MLAs are in captivity. This is unprecedented that the BJP is demanding floor test and several Congress MLAs have been kept outside the state,' he said.

New Delhi, Feb 6: Unemployment rate in the country as per a new survey was 6.1 per cent in 2017-18, the government informed Rajya Sabha on Wednesday.

Minister of State for Labour Santosh Gangwar said the government is conducting a new Periodic Labour Force Survey (PLFS) with new parameters and bigger sample size, and its results cannot be compared with previous surveys in this regard.

"As per the new Periodic Labour Force Survey being conducted by the government, the labour force participation is 36.9 per cent and the rate of unemployment for 2017-18 is 6.1 per cent," he said.

Replying to supplementaries during the Question Hour, the minister said the report of this survey is very different than the surveys conducted in previous years.

This survey is not comparable to previous surveys, he said, adding it was an attempt to provide authentic data with the new survey conducted through the Ministry of Statistics.

"We are focusing on infrastructure development and ease of doing business and India's position in the world has improved. India has improved its position to 63rd rank now in 2019 against 196 in previous years," he said.

"Our government is very conscious of creating employment opportunities and is running such programme which generates employment.

"The way our government is functioning, employment opportunities are being created and the youths are getting jobs also," the minister said.

Gangwar said the government has stopped the previous survey as the sample size was low and an attempt is being made to improve the data by adding various parameters and provide more authentic data.

The minister said it will take time for collection of data as households have to be visited on the ground for authentic data collection in rural areas also.