40 years are enough: US tells Pak to support PM Modi's peace efforts

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

New Delhi, Jan 7: When a reign of terror was unleashed by "masked goons" in the Jawaharlal Nehru University (JNU) on Sunday, Delhi Police registered two cases against varsity students union president Aishe Ghosh, who was badly injured in the attack, within a span of five minutes.

The registration of cases on two separate complaints against Ghosh and other students filed by JNU security department on January 3 and January 4 were registered on Sunday night when the violence was on, triggering questions about the motive behind the timing.

While the FIRs against Ghosh and others were registered between 8.44 pm and 8.49 pm after the JNUSU president was admitted to AIIMS, an FIR on the Sunday violence was registered on Monday at 5.36 am against unknown persons. The Sunday violence case has been transferred to Crime Branch for further investigations.

Questions are being raised over the registration of FIRs on Sunday while the complaints were filed on the previous days. Students allege that it was an afterthought from the police and authorities, as a nationwide outrage erupted as soon as the violence was reported.

Delhi Police is under attack for not coming to the aid of students targeted by the mob of ABVP activists armed with iron rods and sticks who went on a rampage on the campus. While no single person in the Sunday violence was arrested, the police are also accused of being a "mute spectator" by allowing the rioters to leave the campus without being arrested.

In its complaints, the JNU Security Department has alleged that Ghosh and others entered into a verbal and physical scuffle with security guards, including women, when officials tried to open the Centre for Information System (CIS) that was blocked by students protesting against the fee hike and registration process.

While the January 3 complaint claims that the students switched off the power supply to the CIS and evicted staff forcefully, the January 4 complaint alleged that they damaged the information system.

They also claimed the students damaged the servers, made it dysfunctional, severely damaged optic fibre cables and broke the biometric system in the CIS. The complaint also cited a Supreme Court order that prevented any protest within 100 metres of Administration Block and claimed the students violated the direction.

The FIR filed on Sunday violence on the basis of the statement of Inspector Anand Yadav said that the first phase of violence was reported at 3.45 pm when "40-50 unidentified" people who had "covered their faces" attacked students in Periyar Hostel and the situation was brought under control.

However at around 7 pm, "50-60 people with rods in their hands" targeted students in Sabarmati Hostel in which students were attacked and public property destroyed.

The FIR said that students were injured but skipped the mention of the attack on teachers, who were injured. At least two faculty members Sucharita Sen and Ameet Parameswaran were taken to AIIMS while several other teachers suffered minor injuries.

New Delhi, Apr 28: With 1,594 new cases of COVID-19 reported in the last 24 hours and 51 deaths, India's total count of coronavirus cases surged to 29,974, said the Union Ministry of Health and Family Welfare on Tuesday.

The total cases are inclusive of 7,026 cured and discharged patients, one migrated and 937 deaths.

At present, there are 22,010 active COVID-19 cases in the country.

Addressing a press conference here, Lav Agarwal, Joint Secretary, Union Health and Family Welfare Ministry, said that in the last 28 days, 17 districts have had no new Covid-19 cases. "This means we need to maintain constant vigil," he added.