MPs under pressure to backtrack: American groups

July 24, 2013
Washington, Jul 24: Arguing that "human rights are universal", secular Indian American groups have justified the letter written by 65 Members of Parliament to US President Barack Obama urging him to maintain the current policy of denying visa to BJP leader Narendra Modi.

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These Indian American groups, who have been in the forefront of the anti-Modi campaign for more than eight years now and have been successful in convincing the US to deny an American visa, however, noted that some of the politicians who signed on to the letter to Obama against Modi last year, now have come under pressure to deny having signed it.

One letter was signed by 25 Rajya Sabha members and the other by 40 Lok Sabha members written on November 26 and December 5, 2012 respectively and re-faxed to the White House on Sunday.

Meanwhile, the MPs decision to write a letter to Obama on an internal issue, has been described by The Washington Post as, almost unthinkable.

"It is almost unthinkable that Indian lawmakers would appeal to the United States to take a stand on an internal matter.

Most Indian politicians, many of whom still nurse a Cold War-era suspicion of Washington, would bristle at the very thought of it," The Washington Post reported.

"It couldn't have been easy, then, for 65 members of India's parliament to fax a letter to President Obama on Sunday requesting that his government not grant a visa to the controversial Hindu nationalist politician Narendra Modi, the chief minister of the state of Gujarat," the daily said.

The group of Indian Americans, who worked for several years convincing MPs for such a move, have justified writing a letter to Obama.

"Human rights are universal. he victims of Gujarat pogrom have not received justice even after a decade while the person responsible might become the candidate for PM," said Shaik Ubaid president of ImanNet and one of the founder of the Coalition Against Genocide.

"India took a moral stand in "internal affairs' of other countries, such as against apartheid in South Africa and even after riots against Indians in Fiji, so why cannot President Obama be involved. After all Mr Rajnath brought the issue to the US, coming with a begging bowl for visa and a laundry bag with Modi's dirty linen," he said.

Ubaid brushed off the BJP attacks on the letter that one MP has backtracked. "It is a desperate diversionary tactic by the Modi camp. Politicians "flip flop" even in the US, I was expecting more to come under pressure. The issue is Modi. The whole episode shows Modi is a stigma and liability for India, Gujarat, Hinduism and even for BJP," Ubaid said. In another statement, the Coalition Against Genocide, hailed the letters.

"The letters represent an unprecedented move by MPs from various parties belonging to both houses of Parliament, in writing a candid missive to the US President on gross violations of human rights violations committed within India's borders," it said.

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Agencies
May 12,2020

New Delhi, May 13: Prime Minister Narendra on Tuesday announced Rs 20 lakh crore special economic package for the country to be 'self-reliant' and deal with COVID-19.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore. This is 10 per cent of India's GDP," said Prime Minister Modi in his address to the nation. The Prime Minister said that humanity would not accept defeat from the coronavirus but the people have to stay safe and move forward.

"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. It is unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward," he said.

Talking about the gravity of the virus, Modi said: "It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them."

"Today when the entire world is in crisis, we will have to further firm our resolve," he added.

The Prime Minister on Monday held a video conference meeting with Chief Ministers of all states to discuss the road ahead in India's fight against COVID-19 and noted that he was of the firm view that measures needed during the third phase of lockdown will not be needed in the fourth phase.

Prime Minister Modi had said the need was to reduce the transmission rate of the disease and to increase public activity gradually while adhering to all the guidelines and efforts to be made towards achieving both these objectives.

The phase three of the lockdown is coming to an end on May 17.

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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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News Network
March 25,2020

Mumbai, Mar 25: Maharashtra Health Minister Rajesh Tope on Wednesday confirmed that five people from a family in Sangli and four others from Mumbai tested positive for coronavirus, taking the total count to 116, which is the highest in any state of the country.
"The current count of COVID19 patients in the state of Maharashtra is 116. In Sangli, 5 people from one family are identified as positive due to contacts and 4 people from Mumbai are identified as positive due to travel history or contacts," Tope tweeted.
The state Health Minister informed that out of 116 people, 14 people have recovered and are in the process of being discharged from the hospitals.
"14 people from these have been recovered and are in the process of being discharged from the hospitals," he said in another tweet.
Meanwhile, the Sangli district administration in Maharashtra has released contact numbers for citizens to get home delivery of essential items during the 21-day lockdown to prevent the spread of coronavirus.
The police personnel and district administration will be in charge of facilitating delivery for the essential commodities during the lockdown.
The Indian Council of Medical Research (ICMR) on Wednesday confirmed 539 positive cases of coronavirus in the country.
Prime Minister Narendra Modi had on Tuesday announced a 21-day lockdown in the entire country effective from midnight to deal with the spread of coronavirus, saying that "social distancing" is the only option to deal with the disease, which spreads rapidly.

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