UP govt urges Hajj pilgrims to plant saplings

Mumbai, Jul 13: In a significant landmark, the BrihanMumbai Municipal Corporation (BMC) has achieved a doubling-rate of 50 days for COVID-19 cases, a top official said on Monday.

This was possible because of the civic body's 'open testing policy', implying tests without prescriptions, making it the only city in the country to implement it.

"After the open testing policy, our testing has gone up from 4,000 to 6,800, daily. But the total positive cases have come down from 1,400 to 1,200 now," BMC Municipal Commissioner I.S. Chahal told IANS.

Of these 1,200 positive cases, the symptomatic cases are less than 200, so the BMC needs only 200 beds daily, the civic chief said.

Even the BMC's discharge rate now stands at 70 percent, and on Sunday, after allotting beds to all patients, there were still 7,000 COVID beds plus 250 ICU beds lying vacant, said Chahal.

For this achievement, Chahal gave the credit to the entire 'Team BMC' where - despite losing a little over 100 officials to the virus - civic officials and other Corona warriors are engaged 24x7 in controlling the pandemic for over four months.

Since the first case was detected in Mumbai on March 11 (after the state's first infectees in Pune on March 9) and the state's first death notched in Mumbai on March 17, the current Maharashtra Covid-19 tally stands at 2,54,427 cases and fatalities at 10,289, while Mumbai has recorded 92,988 cases with a death toll of 5,288.

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.

New Delhi, Jul 26: Union Home Minister Amit Shah on Sunday saluted the valour and grit of the Indian soldiers on the occasion of 21st anniversary of the 'Kargil Vijay Diwas'.

Shah took to Twitter and said that 'Kargil Vijay Diwas' is a symbol of India's proud, valour and steadfast leadership.

"Kargil Vijay Diwas is a symbol of India's proud, valor and steadfast leadership. I bow to the soldiers who, with their indomitable courage, drove the enemy from the inaccessible hills of Kargil and waved the tricolor there again. The country is proud of the heroes of India, who are dedicated to protecting the motherland," Shah tweeted (translated from Hindi)
The country is celebrating the anniversary of the 'Kargil Vijay Diwas'.

The Indian armed forces had defeated Pakistan on July 26, 1999. Since then, the day is celebrated as 'Kargil Vijay Diwas' to rekindle the pride and valour of the soldiers who took part in Operation Vijay.

The day marks the victory of Indian soldiers in recapturing the mountain heights that were occupied by the Pakistani Army on July 26, 1999, known as the Kargil War.