Russian arms exports to India fell by 42% between 2014-18 and 2009-13: Report

New Delhi, Jun 2: Congress leader Rahul Gandhi on Monday took a jibe at Prime Minister Narendra Modi over Moody's Investors Service downgrading India's sovereign rating to the lowest investment rate and said that the global rating agency has rated his handling of the country's economy "a step above junk".

"Moody's has rated Modi's handling of India's economy a step above JUNK. Lack of support to the poor and the MSME sector means the worst is yet to come," the Congress leader tweeted citing a media report on Moody's downgrading the nation.

On Monday, Moody's downgraded the country's rating to "Baa3" from "Baa2". This comes at a time when the government is facing criticism from the Opposition over its handling of the COVID-19 situation and measures to boost the economy.

The government has already announced a stimulus package of Rs 20 lakh crore to deal with the situation.

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.

Ayodhya, Feb 18: A senior Supreme Court lawyer has written to the Ram temple trust on behalf of a group of Muslims in Ayodhya, asking that five acres of land around the demolished Babri Masjid where a graveyard is situated be spared for the sake of 'sanatan dharma'.

The letter, written by advocate M R Shamshad, is addressed to all 10 trustees of Shri Ram Janmabhoomi Teertha Kshetra.

Shamshad said according to Muslims, there is a graveyard known as 'Ganj Shahidan' around the demolished Babri Masjid where 75 Muslims who lost their lives in the 1885 riots in Ayodhya were buried.

"There is a mention of this in Faizabad Gazetteer also," he said.

"The central government has not considered the issue not using the grave-yard of Muslims for constructing the grand temple of Lord Ram. It has violated 'dharma'," the letter stated.

"In view of religious scriptures of 'sanatan dharma', you need to consider whether the temple of Lord Ram can have foundation on the graves of Muslims? This is a decision that the management of the trust has to take," it said.

"With all humility and respect to Lord Ram, I request you, not to use the land of about four to five acres in which the graves of Muslims are there around the demolished mosque," the letter added.