Editor, TV channel head arrested over defermatory content against Adityanath

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

Washington, Jul 18: The Foreign Direct Investment (FDI) from the US to India has crossed the $40 billion mark so far this year, reflecting the growing confidence of American companies in the country, the head of an India-centric business advocacy group has said.

The American companies, during the Covid-19 pandemic, which has battered the world economy, have shown great confidence in India and its leadership, said Mukesh Aghi, president of the US-India Strategic and Partnership Forum (USISPF), which keeps a track of the major US FDIs in India.

“Year to date investment from the US, including the recent ones, is over $40 billion,” Aghi said.

In recent weeks alone, the announcement of the FDI into India has been over $20 billion, he said, referring to the announcements made by some of the top companies like Google, Facebook and Walmart.

“Investors’ confidence in India is high. India still remains a very promising market for global investors. If you look at the $20 billion… not just the US, but (investment) has also come from other geographies such as the Middle East and the Far East.

“So, India still remains a very, very bullish market for the investor community,” Aghi said in response to a question.

The USISPF has been working with New Delhi to bring in FDI into India… playing a key role in encouraging American companies planning to move their bases out of China, he said, adding that the move was going on in the last three years of the Trump administration, but gained momentum during the coronavirus pandemic.

“We feel that Prime Minister (Narendra Modi’s) intention is very high. The challenges lie on the execution side. Efforts are being made to encourage manufacturing… I've never seen it so better. The policy framework is moving in the right direction,” he said.

Early this week, Larry Kudlow, the White House Economic Advisor, told reporters that the US tech giants like Google and Facebook announcing big investments in India shows that people are losing trust in China and India is emerging as a big competitor.

At the same time, he rued that India continues to be a protectionist country.

“The question is how do you define protectionism... the administration here is saying America first and India is saying vocal for local…,” Aghi added.

Hyderabad, Feb 26: Hyderabad Police on Tuesday registered a case against well-known poet Imran Pratapgarhi for his statement asking why there was "no Shaheen Bagh in Hyderabad".

According to Charminar Police, the complaint was registered by Sub-Inspector S Guruswamy, who was on duty at the QQ Stadium on February 24 where an Ehtaji Mishaira (Poetry Program) against the Citizenship Amendment Act, National Register Commission and National Population Register was held.

Permission for the said event was granted by Hyderabad Additional Commissioner of Police to the program organisers with certain guidelines including that poetry program should be held on February 24 from 6 pm to 9 pm, and no speaker should give provocative speeches in the program.

However, police said that the program was started by the organisers at 6 pm and continued till 9:48 pm even after police officers asked them to end the event by 9 pm. The program was attended by around 3,000 members at QQ stadium.

According to police, while addressing the meeting Pratapgarhi said: "Mujhe hairath hai us Hyderabad mein koi Shaheen Bagh kyu nahi hai (I am surprised why there is no Shaheen Bagh in Hyderabad)", which is "provocative" and may cause fear to any section of the public.

In this regard, a case has been registered against organisers for disobeying public servants' orders and the poet has been booked for delivering provocative statements under the relevant sections of the Indian Penal Code.

Further investigation is underway.

Meanwhile, Congress leader Mohammed Ali Shabbir took to Twitter to condemn the police action.

"Hyderabad Police booked a case against poet Imran Pratapgarhi for expressing surprise on why there is no Shaheen Bagh in Hyderabad. For police, this sentence is provocative. Is Shaheen Bagh not a part of India?," Shabbir tweeted.

"Shame on TRS Government and Hyderabad Police for targeting a poet for no-fault," he added.