Construction, property industries in trouble: Rajan

News Network
December 7, 2019

Dec 7: India’s real estate, construction and infrastructure industries are in “deep trouble,” and non-bank finance companies which lend to these sectors should have their asset quality reviewed, former Reserve Bank of India (RBI) Governor Raghuram Rajan said.

There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in a growth recession, defined as an economy growing at a slow pace and where unemployment is rising.

India’s GDP growth slowed to 4.5% in the quarter ended September, a six-year low. A crisis among shadow lenders and a build-up of bad loans at banks have curbed lending in the economy.

The RBI should carry out an asset quality review of the non-bank finance companies, Rajan said. The central bank closely monitors the top fifty non-bank financiers, which account for about 75% of total assets in the shadow banking sector, Governor Shaktikanta Das said in a press conference on Thursday.

“We have a fairly good idea of where the vulnerabilities lie,” said Das, reiterating that the central bank won’t allow any large or systematically important non-bank lender to collapse.

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News Network
March 5,2020

New Delhi, Mar 5: Union Health Minister Harsh Vardhan assuring that the government has the coronavirus crisis under control, is like the Titanic captain telling passengers not to panic as his ship was unsinkable, Congress leader Rahul Gandhi said on Thursday.

Gandhi's remarks came after Vardhan's assurance in Parliament that the government is taking all necessary measures to prevent the spread of COVID-19 (coronavirus disease) in India.

“The health minister saying that the Indian government has the coronavirus crisis under control, is like the Captain of the Titanic telling passengers not to panic as his ship was unsinkable,” Gandhi said in a tweet.

“It's time the government made public an action plan backed by solid resources to tackle this crisis,” he said.

RMS Titanic was a British passenger liner that sank in the North Atlantic Ocean in the early morning hours of April 15, 1912, after striking an iceberg during her maiden voyage from Southampton to New York.

Gandhi has been raising concerns over the coronavirus infection since long. In a February 12 tweet, he had said coronavirus is an extremely serious threat to “our people and our economy”.

“My sense is the government is not taking this threat seriously. Timely action is critical,” he had said.

Earlier this week, Gandhi had hit out at Prime Minister Narendra Modi over the detection of fresh coronavirus cases in the country, saying he should quit wasting India's time “playing the clown” with his social media accounts when India is facing an emergency.

With the message of “Here's how it's done”, Gandhi had also tweeted a video of Singaporean Prime Minister Lee Hsien Loong addressing Singaporeans on how to deal with the coronavirus.

The number of coronavirus cases in India is 29, including 16 Italians, the government had said on Wednesday, adding all international passengers will now be screened at airports, amid growing concern over the spread of the respiratory infection.

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News Network
February 9,2020

New Delhi, Feb 9: As the outbreak of novel coronavirus has lead to the death of more than 800 Chinese nationals, aviation regulator DGCA on Saturday said that foreigners who went to China on or after January 15 will not be allowed to enter India.

The DGCA, in its circular to airlines on Saturday, reiterated that all visas issued to Chinese nationals before February 5 have been suspended.

However, the Directorate General of Civil Aviation (DGCA) clarified, "These visa restrictions will not apply to aircrew, who may be Chinese nationals or other foreign nationalities coming from China."

"Foreigners who have been to China on or after January 15, 2020, are not allowed to enter India from any air, land or seaport, including Indo-Nepal, Indo-Bhutan, Indo-Bangladesh or Indo-Myanmar land borders," the DGCA said.

Among Indian airlines, IndiGo and Air India have suspended all of their flights between the two countries. SpiceJet continues to fly on Delhi-Hong Kong route.

On February 1 and 2, Air India conducted two special flights to Chinese city of Wuhan, epicentre of the outbreak, evacuating 647 Indians and seven Maldivians.

Till date, three Indians have tested positive for novel coronavirus.

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News Network
February 24,2020

Ahmedabad, Feb 24: US President Donald Trump and his wife Melania on Monday tried their hands at spinning the 'charkha' (spinning wheel) at the Sabarmati Ashram here.

Accompanied by PM Narendra Modi, the US president and his wife went around the Ashram, before resuming the roadshow from the airport to the Motera stadium. "To my great friend Prime Minister Naredra Modi, thank you for this wonderful visit," Trump wrote in the Ashram visitors' book.

The US President was briefed about Gandhiji and the importance of charkha as a symbol of self reliance. Trump reached Ahmedabad at 11.37 am for the first leg of his India visit.

US President Donald Trump arrived in Ahmedabad on Monday for the first leg of his India trip. The Air Force One plane carrying Trump and his wife Melania landed at the Sardar Vallabhbhai Patel international airport here at 11.37 am, officials said. It was scheduled to land at 11.40 am.

Trump, who is also accompanied by daughter Ivanka, son-in-law Jared Kushner and top brass of his administration, will get a taste of India's cultural melange during his high- optics Gujarat itinerary, after the bonhomie between the two leaders at the 'Howdy, Modi!' event in Houston last year.

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