Rakhi Sawant seeks Rs.50 crore for comparing hers with Kejriwal’s ‘exposes’

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

New Delhi, Aug 8: Former Union Minister Rajiv Pratap Rudy on Saturday said that it is unfair and unfortunate to blame the pilots or the Airports Authority of India (AAI) for the Kerala place crash which took place on Friday evening.

"It is very unfortunate and unfair when experts come under television channel and they try to put blame on the Airports Authority of India or the pilots. Airport authority in an institution which has had survived various tests of time for the last 65 to 70 years, or pre-independence, so it is unfair to blame them," he said.

While speaking to news agency, Rajiv Pratap Rudy said that the 737 Boeing aircraft is reliable and the pilots were experienced, and it was wrong to blame them.

He further said that there are many possibilities on what could have happened, and said, "It is an accident and we need to find the facts."
Rajiv Pratap Rudy also expressed his deepest condolences to the family members of those who lost their lives in the plane crash. "This accident is terrible and heart-rending. 

I offer my deepest condolences to the family members of the captain and first officer, and the families of passengers who died and were injured," he said.

At least 18 people died when a plane carrying 190 passengers came from Dubai met with an accident at Karipur airport in Kozhikode on Friday evening, as per the Directorate General of Civil Aviation (DGCA).

"Eighteen people, including two pilots, have lost their lives. It is unfortunate. 127 people are at hospitals, others have been released," said Puri on the Air India Express flight that crash-landed on Friday evening.

Air India Express Dubai-Kozhikode IX-1344 flight, carrying 190 people on board from Dubai under the Vande Bharat Mission, skidded off the runway at Karipur Airport in Kozhikode at 7.41 pm on Friday in which several people sustained injuries.