Over 600 global academicians write to PM Modi, blame him for 'terrible state of affairs'

Jan 7: India’s monetary authority allowed banks to offer foreign-currency transactions outside of local market hours, a move aimed at boosting trading volumes at home.

Interbank deals, as well as those with customers in and outside India, can be undertaken by banks or their overseas branches and units at all times, the Reserve Bank of India said in a statement late Monday. It stopped short of saying whether the timing of the onshore over-the-counter market has been extended from the current 9 a.m. to 5 p.m.

The move is in line with recent recommendations to reverse the trend of the partially convertible rupee being traded more abroad than in India. London has overtaken Mumbai to become the top center for trading the rupee, adding to a sense of urgency among local authorities to deepen the onshore market.

Average daily volumes for rupee in the U.K. soared to $46.8 billion in April, a more than fivefold jump from $8.8 billion in 2016, according to a survey from the Bank for International Settlements published in September. That exceeded the $34.5 billion recorded in India.

Analysts say more trading abroad could amplify volatility in the domestic market and reduce the effectiveness of policy actions.

India’s decision comes as the London Stock Exchange Group Plc has started asking market participants if they want the bourse to function fewer hours, signaling it’s open to an argument driven by changing trading patterns and calls for a better work-life balance.

May 27: At a time when India is struggling with the deadly coronavirus, huge swarms of locusts in many states has bought nightmares to the farmers.

Experts warn of extensive crop losses if authorities fail to curb the fast-spreading swarms by June when monsoon rains spur rice, cane, corn, cotton, and soybean sowing.

Locusts entered India after traveling from Africa through Yemen, Iran and Pakistan.

After massive devastation in Pakistan, t swarms of locusts entered India through Rajasthan and Gujarat. The number is so large that the farmers and authorities are feeling helpless in tackling the threat.

The situation has become more alarming as the locusts is spreading across the country at an extremely fast rate. After badly affecting the crops in Rajasthan, Gujarat, Maharashtra, and Madhya Pradesh, the swarm of locust have now entered Uttar Pradesh.

In Rajasthan alone, the locust attack has damaged 5 lakh hectares of crop and nearly 17 districts of Madhya Pradesh have also seen their terror. Earlier from May 2019 to February 2020, too, the locust swarms entered India several times.

Speaking on the current situation, Dr Ram Pravesh, District Agricultural Officer, Agra, Uttar Pradesh said the Department of Agriculture is working with farmers in dealing with the situation. He urged the farmers to inform their Mandal Krishi Adhikari if they require any help.

India's largest-ever locust attack was in 1993 when more than three lakh hectares of cultivated land were completely destroyed.

Earlier in 2020, farmers salvaged their wheat and oilseed crops from a previous locust scourge.

New Delhi, Jun 5: Around 20 staff members of Delhi Metro Rail Corporation (DMRC) have tested positive for COVID-19, all of them are asymptomatic and are doing well, said DMRC officials.

In a statement, the DMRC said, "Along with the rest of the country, DMRC is also fighting the battle against COVID-19. Delhi Metro's employees have shown exemplary resilience in reporting back to their duties to keep the Metro system in all readiness for the eventual resumption of services."

"Some employees, scattered across the NCR have unfortunately been infected by the virus as well. They are all safe and recovering gradually. However, in this hour of crisis as well, the spirit of Delhi Metro continues to be high," the DMRC stated.

DMRC Managing Director, Dr Mangu Singh, in a message today asked all employees to adhere to social distancing norms and wished those afflicted with the virus a speedy recovery.

"This indomitable spirit will surely help the Delhi Metro, whenever we resume our services in the days ahead," said DMRC.