Security, welfare of people are govt's priority: Amit Shah

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.

New Delhi, May 19: Former Union Minister P Chidambaram said that as the fourth phase of the nationwide lockdown amid the coronavirus scare began from Monday, his thoughts were with the people of Kashmir who were in a "terrible lockdown within a lockdown."

The senior Congress leader said that at least now, the people in the rest of India will understand that he dubbed the "enormity of the injustice" done to those who were detained in Kashmir and those still under detention" immediately before and after the abrogation of Article 370 of the Indian Constitution on August 5, 2019.

Chidambaram said that former Jammu and Kashmir Chief Minister Mehbooba Mufti was the "worst sufferer" of preventive detention and even courts had shirked their constitutional duty with respect to detainees.

"The worst sufferers are Mehbooba Mufti and her senior party colleagues who are still in custody in a locked-down state in a locked-down country. They are deprived of every human right," he said in a statement.

"I cannot believe that for nearly 10 months, the courts will shirk their constitutional duty to protect the human rights of citizens," he added.

The detention on Mehbooba Mufti under the Public Safety Act (PSA) had been extended for three more months on May 5. Booked under the stringent PSA, she was initially kept at the Hari Niwas guesthouse in Srinagar but later shifted to a Tourism Department hut in the Chashma Shahi area.

She was shifted to her Gupkar Road official residence on April 7.

Besides Mehbooba Mufti, two other former Chief Ministers -- Omar Abdullah and his father Farooq Abdullah -- were also detained under the PSA but later released.

Domestic flights resumed operations on a truncated schedule on Monday with the first aircraft departing from the Delhi Airport for Pune, more than two months after a nationwide lockdown was announced to combat COVID-19.

The first flight to take off was an IndiGo aircraft to Pune, flying passengers stranded in the national capital since the lockdown was announced on March 24.

Passengers were screened at the airport with electronic thermometers, and revised protocol for air travel that included santisation of luggage through ultra-violent scanners, and maintaining physical distancing.

Only asymptomatic passengers were allowed to enter the airport.

Passengers were also seen wearing face masks and face shields given to them at the embarkation point by the airline to minimise the chances of infection while onboard.

The first flight arrived at Delhi Airport from Ahmedabad – a SpiceJet aircraft – at around 8:00 am.

BJD Lok Sabha member Anubhav Mohanty was among those who took the Air Vistara flight to Bhubaneshwar that departed Delhi airport at 6:50 am.

The first flight to take off from Mumbai was an IndiGo aircraft that departed for Patna at 6:45 am, while passengers from Lucknow were the first to reach the financial capital on an IndiGo aircraft that touched down at 8:20 am.

The food & beverage and retail outlets, which were closed for the past 63 days, opened at Terminal 3 of Delhi’s Indira Gandhi International (IGI) Airport.

The flight services resumed after a day of long and hard negotiations between the Centre and the states on Sunday.

All states finally agreed to accept at least some flights but announced different quarantine and self-isolation rules for arriving passengers to address apprehension about infections being brought in from other cities.

The Centre had issued guidelines for all modes of domestic travel that advised all asymptomatic passengers to self-monitor their health parameters for 14 days on completion of the journey and report to health authorities if they displayed any symptoms for COVID-19.

However, the Centre had allowed state governments to prescribe their own health protocols for disembarking passengers which led to differential guidelines across the country.