Judicial inquiry ordered into Kishtwar violence

New Delhi, Jan 21: With the IMF lowering India's economic growth estimate for the current fiscal to 4.8 per cent, senior Congress leader P Chidambaram on Tuesday claimed an attack on the world body and its chief economist Gita Gopinath by government ministers was imminent.

He also alleged that the growth figure of 4.8 per cent given by the International Monetary Fund (IMF) is after some "window dressing" and he won't be surprised if it goes even lower.

"Reality check from IMF. Growth in 2019-20 will be BELOW 5 per cent at 4.8 per cent," Chidambaram said in a series of tweets.

"Even the 4.8 per cent is after some window dressing. I will not be surprised if it goes even lower," the former finance minister said.

IMF Chief Economist Gopinath was one of the first to denounce demonetisation, he noted.

"I suppose we must prepare ourselves for an attack by government ministers on the IMF and Dr Gita Gopinath," Chidambaram said.

The IMF lowered India's economic growth estimate for the current fiscal to 4.8 per cent and listed the country's much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In October, the IMF had pegged India economic growth at 6.1 per cent for 2019.

Listing decline in rural demand growth and an overall credit sluggishness for lowering of India forecasts, Gopinath, however, had said the growth momentum should improve next year due to factors like positive impact of corporate tax rate reduction.

Thiruvananthapuram, Apr 9: The Kerala government has set up five COVID-19 helpdesks for non-resident Keralites in countries which have a substantial number of Pravasi Malayalis.

Addressing a press conference here Kerala Chief Minister Pinarayi Vijayan on Wednesday said: "In order to address the concerns and issues faced by the non-resident Keralites, we have set up five dedicated COVID helpdesks in countries where we have a substantial number of Pravasi Malayalis."

The helpdesks started by Norka Roots will be managed locally by persons and voluntary organisations active among non-resident Keralites. The Kerala government has requested the Indian Ambassadors in various places to cooperate with these helpdesks.

The Chief Minister also informed that online medical services would be made available to the non-resident Keralites through the Norka Roots website.

"Pravasi Malayalis can consult prominent doctors in Kerala by audio or video calls through the website, with prior registration. The services of various speciality doctors will be available from 2 pm to 6 pm IST," he said.

Currently, registration for the Norka Pravasi ID card is only available for the Malayali expatriates residing or working abroad for a period of not less than six months. "Now students from Kerala studying abroad can also avail this facility. The overseas student registration service would enable them to get Insurance benefits and discounts on flight tickets. This registration will be mandatory for all students presently studying abroad as well as for those going abroad, from now on," Vijayan said.

The Pravasi ID card is a multi-purpose photo identity card that entitles every non-resident Keralite to avail all services and facilities offered by Norka Root. The card comes with an add-on Personal Accident Insurance (PAI) coverage. Two prominent airlines are offering a discount on the base fare for air tickets booked by Norka Id card holders. 

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."