Govt. may cut spend, raise NRI deposit rates to boost economy

June 24, 2012
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New Delhi, June 24: The steps to be announced on Monday by the government and the Reserve Bank of India may include raising the interest for deposits of Non-Resident Indians, cutting down wasteful expenditures and unveiling a bond issue for overseas investors to improve capital inflows in the wake of the rout in rupee.

Economic growth has fallen to a nine-year low of 6.5 per cent in 2011-12 and industrial output continues to be sluggish with a mere 0.1 per cent growth in April. Inflation too remained at an elevated level of 7.55 per cent in May 2012.

“Private investment in India is constrained by lack of availability of funds. Government might announce some measures for attracting investments and also steps to cut down wasteful expenditures,” said Y.K. Alagh, chairman, Institute of Rural Management.

Hit by a weak global sentiment and subdued local macroeconomic performance, the rupee has lost over 25 per cent in the last one year. It also breached the 57 level against the dollar on June 22, 2012.

Market analysts expect RBI to announce an increase in interest rates for NRI deposits. They also expect government to announce a bond issue to attract inflows.

“RBI may increase the interest rate on FCNR(B) deposit further and announce the issuance of bonds for Non-Resident Indians to address the issues in the short-term” Crisil Chief Economist D.K. Joshi said.

Experts also see steps being taken to reduce the twin deficits. CNI Research Head Kishor Ostwal said, “It might take steps to tame fiscal and current account deficits.”

Finance Minister Pranab Mukherjee had on Saturday announced that the government and the RBI would take steps to arrest the declining rupee and improve market conditions.

“The steps we have taken... And we will be able to take certain measures to be announced on Monday which will improve market condition,” he had said.

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News Network
April 13,2020

Thiruvananthapuram, Apr 13: Three more people in Kerala tested positive for novel coronavirus disease on Monday, said Chief Minister Pinarayi Vijayan.

"With 3 new COVID-19 cases, the total number of cases in the state has reached 378," said Vijayan at a press conference.

Giving a break-up of the three confirmed COVID-19 cases, he said, "Of the 3 cases, 2 are from Kannur and 1 is from Palakkad."

He further said, "Till date, 15,683 samples tested, out of which 14,829 tested negative."

However, the total number of positive cases is decreasing, the Chief Minister added.

According to a recent update by the Ministery of Health and Family Welfare, the total number of cases in the country has reached 9352.

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Agencies
March 22,2020

New Delhi, Mar 22: The total number of novel coronavirus cases in India rose to 341 on Sunday after fresh cases were reported from various parts of the country, the Union Health Ministry said.

The total includes 41 foreign nationals and five deaths, the latest being reported from Maharashtra, taking the death toll in the state to two.

Delhi, Karnataka and Punjab have reported one death each so far. Twenty-four others have been cured/discharged/migrated.

The figure of 341 cases include 63 cases in Maharashtra, which has reported the highest number of COVID-19 cases, including three foreigners.

Kerala has reported 52 cases, including seven foreign nationals.

Delhi has reported 27 positive cases, including a foreigner, while Uttar Pradesh has recorded 25 cases, including a foreigner.

Telangana has reported 21 cases, including 11 foreigners. Rajasthan has reported 24 cases, including two foreigners.

In Haryana, there are 17 cases, which include 14 foreigners.

Karnataka has 20 coronavirus patients. Punjab and Ladakh have 13 cases each. Gujarat has 14 cases while Tamil Nadu has 6 cases, which includes 2 foreigners. Chandigarh has five cases.

Madhya Pradesh, Jammu and Kashmir, and West Bengal reported four cases each. Andhra Pradesh and Uttarakhand have reported three cases each. Odisha and Himachal Pradesh reported 2 cases each.

Puducherry and Chhattisgarh have reported one case each.

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Agencies
February 17,2020

New Delhi, Feb 17: The Supreme Court said on Monday that people have a fundamental right to protest against a law but the blocking of public roads is a matter of concern and there has to be a balancing factor.

Hearing pleas over the road blocks due to the ongoing protests at Shaheen Bagh against the Citizenship Amendment Act (CAA), a bench comprising Justices S K Kaul and K M Joseph said its concern is about what will happen if people start protesting on roads.

Democracy works on expressing views but there are lines and boundaries for it, the bench said.

It asked senior advocate Sanjay Hegde and advocate Sadhana Ramachandran to talk to Shaheen Bagh protestors and persuade them to move to an alternative site where no public place is blocked.

The matter has been posted for next hearing on February 24.

People have a fundamental right to protest but the thing which is troubling us is the blocking of public roads, the bench said.

Solicitor General Tushar Mehta said Shaheen Bagh protestors should not be given a message that every institution is on its knees trying to persuade them on this issue.

The apex court said that if nothing works, we will leave it to the authorities to deal with the situation.

Protestors have made their made their point and the protests have gone on for quite some time, it said.

Restrictions have been imposed on the Kalindi Kunj-Shaheen Bagh stretch and the Okhla underpass, which were closed on December 15 last year due to the protests against CAA and Register of Citizens.

The top court had earlier said the anti-CAA protesters at Delhi's Shaheen Bagh cannot block public roads and create inconvenience for others.

The apex court was hearing an appeal filed by advocate Amit Sahni, who had approached the Delhi high court seeking directions to the Delhi Police to ensure smooth traffic flow on the Kalindi Kunj-Shaheen Bagh stretch, which was blocked by anti-CAA protesters on December 15.

While dealing with Sahni's plea, the high court had asked local authorities to deal with the situation keeping in mind law and order.

Separately, former BJP MLA Nand Kishore Garg has filed a petition in the apex court seeking directions to the authorities to remove the protestors from Shaheen Bagh.

One of the pleas has sought laying down of comprehensive and exhaustive guidelines relating to outright restrictions for holding protests or agitations leading to obstruction of public place.

In his plea, Garg has said that law enforcement machinery was being "held hostage to the whims and fancies of the protesters" who have blocked vehicular and pedestrian movement from the road connecting Delhi to Noida.

State has the duty to protect fundamental rights of citizen who were continuously being harassed by the blockage of arterial road, it said.

"It is disappointing that the state machinery is muted and a silent spectator to hooliganism and vandalism of the protesters who are threatening the existential efficacy of the democracy and the rule of law and had already taken the law and order situation in their own hand," the plea had said.

In his appeal, Sahni had sought supervision of the situation in Shaheen Bagh, where several women are sitting on protest, by a retired Supreme Court judge or a sitting judge of the Delhi High Court.

Sahni has said in his plea that protests in Shaheen Bagh has inspired similar demonstrations in other cities and to allow it to continue would set a wrong precedent.

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