Blow to India: Moody’s cuts India’s credit rating outlook to negative

Agencies
November 8, 2019

New Delhi, Nov 8: Moody's Investors Service has changed the outlook on India's ratings to 'negative' from 'stable', saying there was increasing risks that economic growth will remain materially lower than the past.

It affirmed the Baa2 foreign-currency and local-currency long-term issuer ratings for India.

"Moody's decision to change the outlook to negative reflects increasing risks that economic growth will remain materially lower than in the past, partly reflecting lower government and policy effectiveness at addressing long-standing economic and institutional weaknesses than Moody's had previously estimated, leading to a gradual rise in the debt burden from already high levels," the rating agency said in a statement.

While government measures to support the economy should help to reduce the depth and duration of India's growth slowdown, prolonged financial stress among rural households, weak job creation, and, more recently, a credit crunch among non-bank financial institutions (NBFIs), have increased the probability of a more entrenched slowdown, it said.

"Moreover, the prospects of further reforms that would support business investment and growth at high levels, and significantly broaden the narrow tax base, have diminished," it said.

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News Network
June 26,2020

New Delhi, Jun 26: With the highest single-day spike of 17,296 COVID-19 cases reported in the last 24 hours, India's COVID-19 count reached 4,90,401 on Friday, said the Union Ministry of Health and Family Welfare (MoHFW).

The country also saw 407 deaths in the last 24 hours, which pushed the death toll to 15,301.

The total number of cases includes 1,89,463 active cases, 2,85,637cured/discharged/migrated cases, as per the MoHFW.

According to the Indian Council of Medical Research (ICMR), the total number of samples tested up to June 25 is 77,76,228; the number of samples tested on 25 June is 2,15,446.

Maharashtra remains the worst-affected state in the country with 1,47,741 cases. The active cases in the state are 63,357. The number of people cured or discharged stands at 77,453 while the death toll is at 6,931.

Delhi has so far reported 73,780 cases. The active cases in the national capital stood at 26,586. While the cured and discharged numbers stood at 44,765. The death toll in the city is 2,429.

Tamil Nadu has so far reported 70,977. With active cases at 30,067 and the number of cured or discharged at 39,999, while the death toll stood at 911.

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News Network
June 20,2020

Jun 20: Congress leader Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi over his remark that neither is anyone inside India's territory nor has any of its posts been captured, alleging that the PM has "surrendered" Indian territory to Chinese aggression.

In a statement on the all-party meeting called by Modi on Friday to discuss the situation at the India-China border, the government said, "At the outset, prime minister clarified that neither is anyone inside our territory nor is any of our post captured."

Tagging PM's remarks with his tweet, Gandhi said, "PM has surrendered Indian territory to Chinese aggression."

"If the land was Chinese: 1. Why were our soldiers killed? 2. Where were they killed?" Gandhi said.

The categorical statement by the prime minister came in the wake of reports that Chinese military has transgressed into the Indian side of the Line of Actual Control, the de-facto border, in several areas of eastern Ladakh including Pangong Tso and Galwan Valley.

Soon after Gandhi's tweet, Union Home Minister Amit Shah posted video of father of a soldier, who was injured in Galwan face-off, and hit out at the Congress leader, accusing him of indulging in "petty politics".

"A brave armyman’s father speaks and he has a very clear message for Mr. Rahul Gandhi. At a time when the entire nation is united, Mr. Rahul Gandhi should also rise above petty politics and stand in solidarity with national interest," Shah wrote.

The prime minister's assertion came even as Congress president Sonia Gandhi, at the all-party meet, questioned the government's handling of the situation, asking if there was any intelligence failure, and seeking assurance that China will "revert" to its original position.

Rahul Gandhi on Friday accused senior ministers in the government of "lying" to protect the prime minister and that the Centre was "fast asleep" while martyred jawans paid the price in Ladakh.

The former Congress chief also tagged a one-minute video of a jawan's father saying the Indian soldiers were unarmed when they were attacked by Chinese troops.

He has been questioning the government on the LAC standoff and asking how the Chinese occupied Indian territory and why Indian soldiers were sent "unarmed to martyrdom" in Ladakh.

Twenty Indian Army personnel, including a colonel, were killed in a clash with Chinese troops in the Galwan Valley in eastern Ladakh on Monday night, the biggest military confrontation in over five decades that has significantly escalated the already volatile border standoff in the region.

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News Network
March 12,2020

Mar 12: Three women were arrested for allegedly administrating fake coronavirus vaccines to villagers in Maharashtra's Jalna district, police said on Thursday.

The police on Wednesday arrested Beed residents Radha Ramnath Saamse, Seema Krishna Andhale and Sangeeta Rajendra Avhad, who allegedly posed as doctors and healthcare workers, an official said.

The trio met villagers of Pipalgoan in Ambad tehsil, informed them about a vaccine that could protect them from coronavirus and administered it to gullible locals, he said.

Some villagers informed Dr Mahadev Munde, a medical officer at a rural health centre, about this, after which a complaint was lodged, the official said.

Fake vaccines and bottles, which were seized from the accused, have been sent to the state health department, he said, adding that a case of cheating has been registered against the trio.

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