With spike of 19,148 cases, India's COVID-19 tally crosses 6 lakh mark

News Network
July 2, 2020

New Delhi, Jul 2: India's COVID-19 tally breached the 6 lakh cases mark with 19,148 new coronavirus cases being reported in the last 24 hours, informed the Union Ministry of Health and Family Welfare on Thursday.

The total cases now stand at 6,04,641 of which there are 2,26,947 active cases while 3,59,860 patients have been cured/discharged/migrated.

434 deaths have been reported in the last 24 hours taking the number of COVID-19 deaths in the country to 17,834.

Maharashtra, the worst-hit state, has a total of 1,80,298 cases including 8,053 fatalities. Meanwhile, Tamil Nadu has 94,049 cases inclusive of 1,264 deaths.

Delhi has 89,802 coronavirus cases including 2,803 deaths.

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News Network
March 6,2020

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.

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News Network
January 17,2020

New Delhi, Jan 17: Airports in Srinagar and Jammu are to be “immediately” brought under the security cover of the CISF in view of the arrest of DSP Davinder Singh, a Jammu and Kashmir government order has said.

The two sensitive airports are to be “handed over” to the CISF by January 31, the order of the Jammu and Kashmir Home Department to the Director General of Police (DGP) said.

“This issue (CISF security at Srinagar and Jammu airports) has acquired immediacy in view of the recent developments relating to the arrest of Davinder Singh, DSP airport security, for trying to assist militants to travel to other parts of the country,” the order issued on Wednesday said.

Police had arrested Singh, a deputy superintendent of police, at Mir Bazar in Jammu and Kashmir’s Kulgam district on Saturday, along with Hizbul Mujahideen terrorists Naveed Baba and Altaf, besides a lawyer who was operating as an overground worker for terror outfits.

The two airports are guarded by the CRPF and the J-K Police at present.

The Union government had last year decided that the Central Industrial Security Force (CISF) will be handed over security of these two airports along with the one in Leh in view of their sensitive and strategic location and the threats it faced related to possible terrorist and hijack attempts.

CISF is the national civil aviation security force and at present it guards 61 airports including the ones at Delhi and Mumbai.

News agency had on January 13 reported that the Union home ministry sanctioned about 800 personnel to the CISF in order to take over security duties at the three airports of the newly created Union Territories of Jammu and Kashmir and Ladakh.

As per the original plan, the CISF was to take over Jammu airport by next month and the Srinagar and Leh airports after the spell of severe cold ends.

However, officials said, keeping in mind the arrest of the DSP and his alleged links, the latest order has been issued which also directs the J-K Police to make arrangements for accommodation, transport and other logistical requirements of the armed contingent of the CISF on a quick basis.

Once inducted at the most-sensitive Srinagar airport, the CISF will secure access control at both city and air side (tarmac area) while the CRPF will be responsible for securing the outer periphery. At the Jammu airport, the peripheral security duties will be rendered by the JK Police.

An assortment of surveillance and security gadgets like CCTVs, observation monitors, hand-held metal detectors, bullet-proof patrol vehicles and bomb detection and disposal equipment are also being provided by the airport operator, the Airports Authority of India (AAI), to the CISF.

The Union government sometime back made it clear that CISF will be the only civil airports guarding force and all such facilities in the country will be gradually brought under its command to bolster aviation security and tighten anti-terror and anti-hijack protocols.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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