Pak can’t manage its own provinces; doesn’t need Kashmir; let humanity prevail: Shahid Afridi

New Delhi, Jun 13: India's COVID-19 tally on Saturday witnessed its highest-ever spike of 11,458 cases, according to the Union Ministry of Health and Family Welfare (MoHFW).

A total of 386 deaths have been reported due to the infection during the last 24 hours.

The total number of coronavirus cases in the country now stands at 3,08,993 including 1,45,779 active cases 1,54,330 cured/discharged/migrated and 8,884 deaths.

COVID-19 cases in Maharashtra continue to soar with the number reaching 101141. Tamil Nadu's coronavirus count stands at 40,698 while cases in Delhi reached 36,824.

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.

Paris, Jun 13: The coronavirus pandemic has killed 425,000 people since it emerged in China late last year, according to an AFP tally of official sources at 0130 GMT on Saturday.

A total of 425,282 deaths have now been recorded from 7,632,517 cases.

Europe has registered 186,843 deaths from 2,363,538 cases, but the epidemic is progressing most rapidly in Latin America, where there have been a total of 76,343 deaths recorded from 1,569,938 cases.

The United States remains the country with the most recorded deaths at 114,643, ahead of Brazil which on Friday became the second worst-hit nation with 41,828 deaths. Britain is next with 41,481 deaths, followed by Italy (34,223) and France (29,374).