Temple rape: Lawyer braves threats, says it’s a fight for her daughter too

Jan 27: Bidders for Air India Ltd. will need to absorb $3.26 billion of its debt, as Prime Minister Narendra Modi’s administration tries once again to sell the national carrier.

The entire company will be sold but effective control needs to stay with Indian nationals, according to preliminary terms published Monday. Bids are invited by March 17 with Ernst & Young LLP India as transaction adviser.

Air India, which started in 1932 as a mail carrier before winning commercial popularity, saw its fortunes fade with the emergence of cutthroat low-cost competition. The state-run airline has been unprofitable for over a decade and is saddled with more than $8 billion in debt.

Indian regulations allow a foreign airline to buy as much as 49% of a local carrier, while overseas investors other than airlines can buy an entire carrier. The government didn’t find a single bidder when it tried to sell Air India in 2018.

Washington, Feb 1: The Indian economy experienced some abrupt slowdown in 2019 due to turbulence in non-banking financial institutions and major reform measures such as GST and demonetisation, but it is not in a recession, IMF Managing Director Kristalina Georgieva has said.

"The Indian economy indeed has experienced an abrupt slowdown in 2019. We had to revise our growth projections, downwards to four percent for last year. We are expecting 5.8 per cent (growth rate) in 2020 and then an upward trajectory to 6.5 percent in 2021," Georgieva told a group of foreign journalists here on Friday.

"It appears that the main reason for this slowdown was the non-banking financial institutions experiencing a turbulence," she said on the eve of Union Finance Minister Nirmala Sitharaman presenting the annual budget in Parliament on Saturday.

She said India had undertaken some important reforms that over the longer term would be beneficial for the country, but they do have some short-term impact.

"For example, coming with the unified tax system, and the demonetisation that took place. These are steps that over time are beneficial, but of course they might, might be somewhat disruptive over short term," Georgieva said in response to a question.

The International Monetary Fund (IMF) Managing Director said that there is not a lot of fiscal space in India. “But we also recognise that the policies of the government on that side, on the fiscal side have been prudent. We will see how the reading of the budget, the submission of the budget goes, tomorrow,” she said.

In the medium-term, she said, the IMF remains optimistic about India. “This is why we see that upswing potential for the growth in the country,” she said.

Georgieva said that the current economic slowdown cannot be described as a recession. "No.... You're far from that. But it is a significant slowdown, not the recession," she said.

The IMF managing Director noted that the consumption in India also slowed down and that contributed to the overall slowdown in the economy. The IMF would be keen to see what India does to get relatively sound macroeconomic fundamentals to pay off in terms of better growth trajectory, she said ahead of the budget.

One thing that is important for India is that budgetary revenue have been below target. "The country knows that. The finance minister knows it. They need to increase budgetary revenue collection so they can improve their fiscal position. I said it's tight on the spending side, but I also want to stress that there is room to improve collection on the revenue side," she said.

New Delhi, Jan 12: A fact-finding committee of the Congress on the JNU violence on Sunday said the January 5 attack inside the university campus was "state-sponsored" and recommended Vice Chancellor M Jagadesh Kumar be dismissed and criminal investigation initiated against him.

The Congress had appointed a four-member fact-finding committee to carry out a detailed inquiry into the violence at the Jawaharlal Nehru University (JNU).

Sushmita Dev, member of the committee, said the committee recommended that Kumar should be dismissed immediately and all the appointments in faculty should be probed and independent inquiry should take place.

"Criminal investigation must take place against the VC and faculty members and the security company," the Mahila Congress chief said.

"It is clear that the attack on JNU campus was state-sponsored," Dev said.

She also demanded a complete rollback of the JNU fee hike.

The other members of the fact-finding committee are Hibi Eden, MP and former NSUI president, Syed Naseer Hussain, MP and former president of JNU NSUI and Amrita Dhawan, a former NSUI president and ex-DUSU president.

On January 5 night, masked people armed with rods and sticks stormed the JNU campus and assaulted students and faculty members, and vandalised property, leaving several people injured.

Leftist outfits and the RSS-affiliated Akhil Bharatiya Vidyarthi Parishad (ABVP) blamed each other for the violence.