RSS bats for dialogue with Pak, calls separatists 'silly'

New Delhi, May 24: The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.

According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

"The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced," Dun & Bradstreet India Chief Economist Arun Singh said.

The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

Besides, measures taken by the Reserve Bank of India like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.

Singh said while the measures announced by the government are "positive", most of them have been directed towards strengthening the supply side of the economy, and "it is to be noted that supply needs to be matched with demand", he said.

Besides, "in the absence of cash-in-hand benefits under the government's stimulus package, demand for goods and services is expected to remain depressed", he added.

He further said the loss in income and employment opportunities, and cautiousness among consumers, will lead to a delayed recovery in consumer demand, even after the pandemic. As debt and bad loan levels increase, the banking sector might face challenges.

The report further noted that even as the monetary stimulus is expected to inject liquidity and stimulate demand for a wider section of the economy, the channelisation of funds from the financial institutions will be subjected to several constraints.

The foremost concern being increase in risk averseness, as the balance sheets of firms, households, and banks/NBFCs have weakened considerably and low demand for funds by firms as production activities have been on a standstill during the lockdown period, Singh said.

India has been under lockdown since March 25 to contain the spread of the coronavirus, resulting in supply disruptions and demand compression.

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with some relaxations. The fourth phase of the lockdown is set to expire on May 31. 

New Delhi, Mar 2: Senior Congress leader P Chidambaram on Sunday hit out at Union Home Minister Amit Shah for his comments that no one from the minority community will be affected by amended Citizenship Act and asked why then was the community excluded from the law in the first place.

Addressing a rally in Kolkata, Shah assured people of the minority community that not a single person will lose citizenship due to the Citizenship (Amendment) Act (CAA).

"The Home Minister says that no minority will be affected by CAA. If this is correct, they should tell the country who would be affected by CAA. If no one would be affected by CAA, as it currently is, why did the government pass the law?

"If the CAA aims to benefit all minorities (no one will be affected, says HM), then why are Muslims excluded from the list of minorities mentioned in the Act?," the former finance minister asked in a post on Twitter.

At his first public rally in Kolkata after the 2019 general elections, Shah said, "The opposition is terrorising the minorities. I assure every person from the minority community that the CAA only provides citizenship, does not take it away. It won't affect your citizenship."

"The opposition parties are spreading canards that refugees will have to show papers but this is absolutely false. You don't have to show any paper. We will not stop until all refugees are granted citizenship," Shah told the public.

New Delhi, Jul 16: A group of 174 Indian nationals, including seven minors, has filed a lawsuit against the recent presidential proclamation on H-1B that would prevent them from entering the United States or a visa would not be issued to them.

Judge Ketanji Brown Jackson at the US District Court in the District of Columbia issued summonses on Wednesday to Secretary of State Mike Pompeo and acting Secretary of Homeland Security Chad F Wolf, along with Labor Secretary Eugene Scalia.

The lawsuit was filed in the US District Court on Tuesday.

"The proclamation 10052's H-1B/H-4 visa ban hurts the United States' economy, separates families and defies the Congress. While the two former points render it unseemly, the latter point renders it unlawful," said the lawsuit filed by lawyer Wasden Banias on behalf of the 174 Indian nationals.

The lawsuit seeks an order declaring the presidential proclamation restriction on issuing new H-1B or H4 visas or admitting new H-1B or H-4 visa holders as unlawful. It also urges the court to compel the Department of State to issue decisions on pending requests for H-1B and H-4 visas.

In his presidential proclamation on June 22, Trump temporarily suspended issuing of H-1B work visas till the end of the year.

"In the administration of our nation's immigration system, we must remain mindful of the impact of foreign workers on the United States labor market, particularly in the current extraordinary environment of high domestic unemployment and depressed demand for labor," said the proclamation issued by Trump.

In his proclamation, Trump said the overall unemployment rate in the United States nearly quadrupled between February and May of 2020 -- producing some of the most extreme unemployment ever recorded by the Bureau of Labor Statistics.

While the May rate of 13.3 per cent reflects a marked decline from April, millions of Americans remain out of work.

The proclamation also extends till year-end his previous executive order that had banned issuance of new green cards of lawful permanent residency. Green Card holders, once admitted pursuant to immigrant visas, are granted "open-market" employment authorisation documents, allowing them immediate eligibility to compete for almost any job in any sector of the economy, Trump said.

Forbes, which first reported the lawsuit filed by the Indian nationals, said the complaint points out that the Congress specified the rules under which H-1B visa holders could work in the US and balanced the interests of US workers and employers.

"The complaint seeks to protect H-1B professionals, including those who have passed the labor certification process and possess approved immigrant petitions. Such individuals are waiting for their priority date to obtain permanent residence, a wait that can take many years for Indian nationals," Forbes reported.

Meanwhile, several lawmakers urged Scalia on Tuesday to reverse the work visa ban.

"Throughout this administration, the president has continued to lament the alleged abuses of the immigration system while failing to address the systemic problems that have persisted and allowed businesses and employers to exploit and underpay immigrant workers, guest workers and American workers," the lawmakers wrote.

"This misguided attempt by the president to scapegoat immigrants for policy failures during the pandemic not only serves to hurt immigrants, but dismisses the true problem of a broken work visa program that is in desperate need of reform," said the letter, which among others was signed by Congressmen Joaquin Castro, Chair of the Congressional Hispanic Caucus; Bobby Scott, Chair of the Education and Labor Committee; Karen Bass, Chair of the Congressional Black Caucus; Judy Chu, Ra l Grijalva, Vicente Gonzalez, Yvette Clarke and Linda S nchez.