Modi arrives in New York on 2nd US visit

September 24, 2015

New York, Sep 24: Prime Minister Narendra Modi arrived here today on a five-day US visit, his second in as many years, during which he will address world leaders at a landmark UN sustainable development summit and interact with top CEOs and the Indian diaspora in Silicon Valley.

Modi1

Modi will have a packed agenda for the next two days in the city and then in California from September 26-27.

The Prime Minister was received at the airport by Indian Ambassador Arun K Singh, India's envoy to the UN Asoke Mukerji, Consul General Dnyaneshwar Mulay and their spouses.

Modi will return to New York on September 28 for a bilateral meeting with President Barack Obama as well as to attend a high-level peacekeeping summit at the United Nations.

On Friday, he will address global heads of state at the Sustainable Development Summit hosted by UN Secretary General Ban Ki-moon when the new and ambitious post-2015 development agenda will be adopted.

India will also host the G-4 summit here on September 26, before Modi leaves for the West Coast for a packed two-day trip during when he will have meetings with Facebook CEO Mark Zuckerberg, Apple CEO Tim Cook and Google's new CEO Sundar Pichai. He will also attend a grand community reception in San Jose.

Modi will also meet President Barack Obama on September 28, his third summit meeting with the President in about a year. Modi is expected to focus on giving a further push to early and urgent reform of the Security Council and to send an "unambiguous message" of "zero tolerance against terrorism".

In a letter to the UN Secretary General in July, Modi had said that that the UN must be made more effective for dealing with new security challenges as "we are now living in an era when non-state military actors are a major factor."

"We must use this historic year to jointly send an unambiguous message of zero tolerance against terrorism. An important step in this direction would be adopting the Comprehensive Convention against International Terrorism at the United Nations this year," Modi had written in the letter.

India's Permanent Representative to the UN Asoke Mukerji has said that the Prime Minister's speech at the Sustainable Development summit will focus on "Agenda 2030" since he "has given a lot of attention to the substance of the development agenda."

Among the ambitious 17 goals to be adopted by the UN for the next 15 years is complete poverty eradication, zero hunger, quality education, gender equality, sustainable cities and communities and clean water and sanitation.

In his letter to the UN Chief, Modi had also underscored that eliminating poverty by 2030 should "unquestionably" be at the heart of the post-2015 Development Agenda.

"The most acute forms of poverty still remain the most pressing problem and require direct, urgent and sustained interventions. Addressing the needs, concerns and human rights of 1.3 billion poor people in the world is not merely a question of their survival and dignity, but also a vital necessity for an enduring peaceful, sustainable and just international order," he said.

The post-2015 Development Agenda should ensure that no one is left behind and "we must rekindle the strength of international support and partnership that had characterised some of our social missions in the past for tackling poverty," he had said.

At the Waldorf Astoria hotel, a large number of BJP supporters gathered waiting to welcome the Prime Minister.

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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
August 7,2020

New Delhi, Aug 7 : Congress leader Rahul Gandhi on Friday slammed the Central government as India crossed the 20 lakh COVID-19 positive cases.

Taking to Twitter, the Congress leader reiterated his earlier tweet, sent out on July 17, which stated "The 10,00,000-mark has been crossed.

With the rapid spread of COVID-19, by August 10, more than 20,00,000 will be infected in the country. 

The government must take concrete, planned steps to stop the epidemic."
"20 lakh-mark has been crossed, Modi government is missing," the Congress leader tweeted today.

The Union Health Ministry has said active cases as a percentage of total cases have seen a significant drop from 34.17 per cent on July 24 to 30.31 per cent.

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News Network
February 28,2020

New Delhi, Feb 28: The months of March, April and May are "likely to be warmer than normal" over northwest, west, central and parts of south India, the India Meteorological Department said today in its summer forecast.

Above normal heat wave conditions are also likely in the core heat wave (HW) zone during the season (March-May), the weather department said.

The core heat wave zone covers the states of Punjab, Himachal Pradesh, Delhi, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh Gujarat, Madhya Pradesh, Bihar, Chhattisgarh, Jharkhand, West Bengal, Odisha and Telangana and parts of Maharashtra and coastal Andhra Pradesh.

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