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

New Delhi, Jun 2: Congress leader Rahul Gandhi on Monday took a jibe at Prime Minister Narendra Modi over Moody's Investors Service downgrading India's sovereign rating to the lowest investment rate and said that the global rating agency has rated his handling of the country's economy "a step above junk".

"Moody's has rated Modi's handling of India's economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come," the Congress leader tweeted citing a media report on Moody's downgrading the nation.

On Monday, Moody's downgraded the country's rating to "Baa3" from "Baa2". This comes at a time when the government is facing criticism from the Opposition over its handling of the COVID-19 situation and measures to boost the economy.

The government has already announced a stimulus package of Rs 20 lakh crore to deal with the situation.

London, Jul 10: India's Reliance will load its first cargo of Venezuelan crude in three months this week in exchange for diesel under a swap deal the parties say is permitted under the US sanctions regime on the Latin American country, according to a Reliance source and a shipping document from state oil firm PDVSA.

Washington has exempted some Venezuelan oil trade from sanctions when transactions are in exchange for fuel and food or to repay debts rather than for cash. But that trade slowed as the US tightened restrictions and refiners, shippers and insurers have been steering clear of Venezuela to avoid any risk they may fall foul of sanctions.

Washington aims to deprive Venezuelan socialist President Nicolas Maduro of his main source of revenue with the sanctions, which have driven Venezuelan oil exports to their lowest level since the 1940s.

Reliance gave the US State Department and the Office of Foreign Assets Control (OFAC) notice of the diesel swap and received word back that the policies that allowed the transaction were still in place, the Reliance source told Reuters.

Reliance has previously said that its supplies of fuel to PDVSA in exchange for crude were permitted under sanctions.

An oil tanker named Commodore would load the cargo of crude in Venezuela and ship it to India, the tanker's manager NGM Energy said.

"All details of the transaction and transportation were shared with US authorities, who confirmed that the U.S. policy authorizing such transactions remained in place," NGM Energy said in a statement to Reuters.

"The shipment is made in connection with the humanitarian exchange of oil for diesel fuel."

The Commodore is loading a 1.9-million barrel cargo of crude for Reliance at Venezuela's main oil port of Jose, according to an internal PDVSA cargo schedule seen by Reuters.

The Liberian-flagged Commodore was at the Jose Terminal on Thursday, ship tracking data on Refinitiv Eikon showed.

The US State Department, Treasury's enforcement arm OFAC, and PDVSA did not immediately respond to a request for comment.

Reliance has a swap deal to provide diesel to Venezuela in exchange for fuel but has not received a cargo of crude since April. Sources at Indian refiners told Reuters earlier this year they planned to wind down their purchases of Venezuelan oil to avoid any problems with supply due to sanctions.

Other long-time customers of PDVSA, including Italy's Eni and Spain's Repsol, have continued taking cargoes of Venezuelan crude this year under permission granted by the US Treasury Department to exchange the oil for diesel supply as part of debt repayment deals, according to sources from the companies.

NGM Energy also manages the Voyager I tanker, which the United States removed from its list of sanctioned vessels last week after NGM and the ship's owner Sanibel Shiptrade said they would increase measures to ensure vessels complied with international sanctions.

"Last month, NGM Energy SA adopted a firm policy of not allowing vessels under its commercial management to trade to Venezuela, or to carry Venezuelan petroleum cargoes, absent US government authorization," NGM said.

"NGM continues to stand by that pledge."

New Delhi, Feb 11: Senior Delhi Congress leader and national spokesperson of the party Sharmishtha Mukherjee alleged delay in decision making and lack of strategy and unity at the state level for the party's humiliating performance reflected in the Assembly poll results on Tuesday.

Mukherjee, president of Delhi Mahila Congress, stated that it was high time that the party takes some action. She added that she too was responsible for the Congress' poor show.

The Congress is on the verge of drawing blank again in the Assembly polls as all its candidates were way far behind their AAP and BJP opponents on all the 70 seats. In the 2015 Assembly elections too, Congress failed to win any seat.

"We r again decimated in Delhi. Enuf of introspection, time 4 action now. Inordinate delay in decision making at the top, lack of strategy & unity at state level, demotivated workers, no grassroots connect-all r factors. Being part of d system, I too take my share of responsibility (sic)," Mukherjee tweeted as the results came out.

She also accused the BJP of playing divisive politics while crediting Delhi Chief Minister Arvind Kejriwal for playing "smart politics" as the results showed a clean sweep by the AAP to return to power.

"BJP playing divisive politics, Kejriwal playing ‘smart politics’ & what r we doing? Can we honestly say that we’ve done all 2 put our house in order? We r busy capturing Congress whereas other parties are capturing India. If we r 2 survive, time 2 come out of exalted echo chambers! (sic)," she said in another tweet.

The Congress contested the Delhi polls in alliance with the Rashtriya Janta Dal (RJD), fielding candidates on 66 seats and leaving four to its partner.