India-origin man loses 6 family members in Ethiopian air crash

Agencies
March 12, 2019

Mar 12: The "trip of a lifetime" to a safari park in Kenya turned into a nightmare for six members of a family from India in Canada who perished when the Nairobi-bound Ethiopian Airlines plane crashed minutes after take-off from Addis Ababa.

The Boeing 737 took-off from Bole International Airport on Sunday and lost contact six minutes later before coming down near Tulu Fara village outside the Ethiopian town of Bishoftu, killing all 149 passengers and eight crew on board, including tourists and business travellers.

The victims included Pannagesh Vaidya, 73; his wife Hansini Vaidya, 67; their daughter Kosha Vaidya, 37; her husband Prerit Dixit, 45; and their two children - Anushka and Ashka - Brampton Mayor Patrick Brown was quoted as saying by the Canadian Broadcasting Corporation.

While the Surat-based Vaidya couple were Indian nationals, their daughter, husband and two children were Canadians of Indian-origin. The family who were living in Canada, heading for a safari vacation, were about to experience "the trip of a lifetime" in Kenya when the tragic loss happened. "This is an unbelievably tragic situation for this family," Brown said in a statement.

"As more details become known, I will provide a further update on how Brampton residents can assist this family. Our thoughts and prayers are with them during this time of sorrow and reflection."

The flags at city hall will remain at half-mast until further notice in honour of the family, Brown said in a message on Twitter. "It's a huge tragedy," Manant Vaidya, son of Pannagesh, said. "I lost my parents, I lost my sister. I don't have anyone else now."

Manant said his sister, who became a Canadian permanent resident in 2003, wanted to take her children to Kenya to visit her birthplace. "They thought March break was the perfect time for them to go over there, have fun," he said. "It was going to be a really great trip for everybody."

"I asked my dad why he wanted to go and he told me that in his life he wants to go one more time."

The Peel District School Board said Monday that two of our students Ashka and Anushka Dixit along with their parents and grandparents were passengers on the Ethiopian Airlines plane that was involved in a fatal crash over the weekend. This tragedy has brought great sadness to the students and staff at Centennial Sr. Public School and Chinguacousy Secondary School, the school board said.

"Tomorrow, the flags at @ChinguacousySS & @CentennialSrPS will be lowered to half-mast to remember and honour Anushka Dixit, Ashka Dixit, their parents and grandparents who lost their lives over the weekend," the school board tweeted.

Manant said he last saw his family Saturday morning when he dropped them off at Toronto Pearson International Airport for their 10 am flight overseas. Manant and his wife said they are currently speaking with consular officials overseas and waiting for more information on their family's remains, the report said. People from 35 countries were reportedly on board the flight ET 302 when it ploughed into a field, 60-kilometer southeast of Addis Ababa. 

According to the Indian Embassy in Ethiopia, four Indian nationals were killed and they have been identified as Pannagesh Vaidya, Hansini Vaidya, Nukavarapu Manisha, a doctor based in the US, and Shikha Garg, the United Nations Development Programme (UNDP) consultant attached with the Environment Ministry. 

Ethiopian Airlines said Kenya had the largest number of casualties with 32, followed by Canada with 18, Ethiopia nine, then Italy, China, and the US with eight each. Britain and France each had seven people on board, Egypt six, and Germany five. Twelve countries in Africa and 14 in Europe had citizens among the victims.

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News Network
May 4,2020

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.

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Agencies
February 6,2020

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.

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News Network
January 15,2020

New Delhi, Jan 15: The mother of 23-year-old paramedic student, who was raped and brutally assaulted by six men in December 2012, on Tuesday said she knew that the curative petitions of the convicts will be rejected and is confident that they will be hanged on January 22.

Her remarks came after the Supreme Court on Tuesday refused to stay the execution of two of the four death row convicts in the 2012 Nirbhaya gang rape and murder case while dismissing their curative petitions against their conviction and capital punishment.

"The curative please had to be rejected. This was the third time they had gone to the Supreme Court. Whatever pleas they file, we are ready to face them and we will fight it out. We feel that they will be hanged on January 22. We want that to happen," Nirbhaya's mother told PTI over phone.

The four convicts -- Vinay Sharma (26), Mukesh Kumar (32), Akshay Kumar Singh (31) and Pawan Gupta (25) -- are to be hanged on January 22 at 7 am in Tihar jail as a Delhi court issued their death warrants on January 7.

Vinay and Mukesh had filed curative petitions on January 9.

Shortly after the apex court refused to stay the execution of two of them, Mukesh moved a mercy petition before President Ram Nath Kovind.

Mukesh also approached the Delhi High Court for quashing the death warrant. The high court is expected to take up his petition on Wednesday.

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