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Kolkata, May 19: The super cyclonic storm 'Amphan' in west-central Bay of Bengal is likely to weaken into an 'extremely severe cyclonic storm' by noon on Tuesday, the Met department said here.

The system, which was situated 670 km south-southwest of Digha in West Bengal, is very likely to move north-northeastwards across northwest Bay of Bengal, and cross West Bengal-Bangladesh coasts in the afternoon or evening of Wednesday as a 'very severe cyclonic storm', the Met department said.

The weatherman said that 'Amphan' is expected to cross West Bengal-Bangladesh coasts between Digha in West Bengal and Hatiya islands in Bangladesh on May 20 as a very severe cyclonic storm, after losing some steam as it approaches landfall, with a maximum sustained wind speed of 155 to 165 kmph gusting to 180 kmph.

Gale wind speeds reaching 240 to 250 kmph were prevailing over west-central and adjoining east-central Bay of Bengal, the Met office said, adding, it will gradually reduce to 200 to 210 kmph gusting to 230 kmph by Tuesday evening.

The Met department, which has issued an "orange message" for West Bengal, warned of extensive damage in Kolkata, Hooghly, Howrah, South and North 24 Parganas and East Midnapore districts.

There is likely to be disruption of rail and road link at several places, uprooting of communication and power poles and extensive damage to all types of 'kutcha' houses, the weatherman said.

There is also likelihood of massive harm to standing crops, plantations and orchards, the Met office said.

Wind speeds along and off the coastal areas of West Bengal will reach 45 to 55 kmph with gusts of 65 kmph from Tuesday afternoon, and will gradually increase becoming gale wind speeds reaching 75 to 85 kmph with gusts up to 95 kmph from May 20 morning along and off districts of North and South 24 Parganas, East and West Midnapore, Kolkata, Howrah and Hooghly, Regional Met Director G K Das said.

"It will gradually increase thereafter becoming 110 to 120 kmph gusting to 130 kmph over West Midnapore, Howrah, Hooghly, Kolkata and wind speeds of 165 to 175 kmph gusting to 195 kmph over the districts of North and South 24 Parganas and East Midnapore from the afternoon to night of May 20," Das said.

Under its impact, the coastal districts of Gangetic West Bengal, including North and South 24 Parganas, Kolkata, East and West Midnapore, Howrah and Hooghly are likely to experience light to moderate rain at many places with heavy downpour at isolated places on Tuesday, he said.

On Wednesday, rainfall will occur in many places over the districts of Gangetic West Bengal, with extremely heavy rain at one or two places in Kolkata, Howrah, East Midnapore, North and South 24 Parganas and Hooghly districts, he said.

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.

Jul 2: Democratic presidential candidate and former US vice-president Joe Biden has said that if he wins the November elections, strengthening the relationship with India which is America’s "natural partner", will be a high priority for his administration.

"India needs to be a partner in the region for our safety's sake and quite frankly for theirs," he said in response to a question on India-US relationship during a virtual fundraiser event on Wednesday.

At the fundraiser hosted by Chairman and CEO of Beacon Capital Partners Alan Leventhal, the former vice president said that India and the United States were natural partners.

"That partnership, a strategic partnership, is necessary and important in our security," Biden said when asked by an attendee whether India is critical to the US' national security.

Referring to his eight years as the vice president, he said, "In our administration, I was proud to play a role more than a decade ago in securing Congressional approval for the US-India Civil Nuclear Agreement, which is a big deal".

"Helping open the door to great progress in our relationship and strengthening our strategic partnership with India was a high priority in the Obama-Biden administration and will be a high priority if I'm elected president,” Biden said.

Both as the vice president and a senator from Delaware, he was a big supporter of India-US relationship.

About the November polls, Biden said that the character of the country is on the ballot. The upcoming election is the most important poll of a lifetime and that the country is currently engaged in a battle for its soul, he claimed.

Biden also slammed President Donald Trump and his administration over the handling of the coronavirus pandemic.

"Trump ignored warnings from the very beginning, refused to prepare and failed to protect the country. Not just now but throughout his presidency, undermining the very core pillars of ours, what I would argue, moral and economic strength.

"I really do believe that our country is crying out for leadership and maybe even more important, some healing. Today, we have an enormous opportunity not only to rebuild but to build back better than before. To build a better future. That's what America does," he added.