Moody's India upgrade: Will continue reforms, says FM

Agencies
November 17, 2017

New Delhi, Nov 17: Finance Minister Arun Jaitley today termed the upgrade of India's credit rating by Moody's after a gap of 13 years as a "belated recognition" of reforms in the last few years and vowed to continue them while maintaining fiscal discipline.

Commenting on Moody's upgrading India to Baa2, from Baa3, he said it is a recognition that India continues to follow the path of fiscal prudence which has brought stability to the economy.

"It is an upgrade which has happened after 13 years. We welcome it and believe that it is a belated recognition of all the positive steps taken in India in the last few years which have contributed to the strengthening of the Indian economy," he told reporters here.

The upgrade is a recognition of the reform process in India, particularly in the last 3-4 years, in which structural reforms placed India on a high growth trajectory, he said.

Listing the series of reforms which led to the upgrade, he said while demonetisation took the economy towards greater formalisation and digitisation, use of Aadhaar ensured targeted delivery of government benefits.

Also, a new insolvency and bankruptcy code has been enacted, massive bank recapitalisation programme formulated and a smooth transition to GST has happened, he said

The GST itself has been universally regarded as landmark reform in the tax structure, he added.

Stating that all these steps constitute major reforms and are directional, he said the rating upgrade, therefore, is "extremely encouraging".

Jaitley said: "It is extremely encouraging that there is an international recognition and the fact that this recognition merely furthers our determination to follow the track we have embarked upon."

He said the upgrade has not happened in isolation and for the last three years, the India has been the fastest-growing major economy.

"And after a long spell of 13 years, India gets the rating upgrade. I am sure that many who had doubts would now seriously introspect on their own positions," he said in a jibe at critics of his government's reforms programme.

The government, he said, will maintain the fiscal discipline and continue to remain in fiscal glide path.

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Agencies
June 21,2020

New Delhi, June 21: Diesel prices rise to record high after 60 paise hike in rates, petrol up 35 paise; rates up by Rs 8.88 and Rs 7.97 in 15 days.

Petrol price in Delhi was hiked to Rs 79.23 per litre from Rs 78.88, while diesel rates were increased to Rs 78.27 a litre from Rs 77.67, according to a price notification of state oil marketing companies. 

In Bengaluru, petrol will be costlier by 37 paise at Rs 81.81 per litre, while diesel will cost 57 paise more per litre at Rs 74.43.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 15th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to a new high. The petrol price too is at a two-year high.

Over 63 per cent of the retail selling price of diesel is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT. 

Petrol in Mumbai costs Rs 86.04 per litre and diesel is priced at Rs 76.69.

Prior to the current rally, the peak diesel rates had touched was on October 16, 2018 when prices had climbed to Rs 75.69 per litre in Delhi. The highest-ever petrol price was on October 4, 2018 when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in the retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 15 days of hike, petrol price has gone up by Rs 7.97 per litre and diesel by Rs 8.88 a litre.

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News Network
April 23,2020

New Delhi, Apr 23: The entire Muslim community cannot be held responsible for one group's "crime", Minority Affairs Minister Mukhtar Abbas Naqvi said on Thursday while reacting to instances of Muslims being blamed for the spurt in COVID-19 cases after Tablighi Jamaat congregation here, and asserted that most of the minority community members have condemned the group's action.

In an interview to news agency, Naqvi also expressed confidence that Muslims will abide by lockdown guidelines during the holy month of Ramzan.

He said across the India, imams, Ulema and Muslim organizations have unanimously decided that during Ramzan (the Islamic holy month), Muslims will not congregate in mosques, religious places and perform all rituals like 'Iftaar' (breaking of fast) and 'taraweeh' (special prayers) at home keeping in mind social distancing norms.

Naqvi said he has spoken with state waqf board officials, social and religious leaders, imams on adherence to the lockdown and social distancing guidelines during the Ramzan month starting Friday or Saturday evening and they have begun creating awareness among the people.

Asked about some people blaming Muslims for the spread of the pandemic after a large number of cases were found linked to the Tablighi Jamaat event at Nizamudddin here, Naqvi said the whole community cannot be held responsible for the "crime" of one organisation or one person.

"Whatever that organisation did, criminal negligence or crime...most Muslims have strongly reacted to it, condemned it and called for action against it. Entire community cannot be held responsible for one person or one organisation's crime," he asserted, adding that this has always been India's culture.

Last week, the Union Health Ministry had said 29.8 per cent of the total COVID-19 cases — 4,291 out of 14,378 COVID-19 infections — in the country were linked to the Tablighi Jamaat congregation in March at the group's headquarters in Delhi following which some sections of the society severely criticised Muslims, and blamed them for the spread of the pandemic in the country.

Naqvi's comments also assume significance in view of the 57-member prominent international Mulim grouping, Organisation of Islamic Cooperation (OIC), asking India to take "urgent steps" to protect the rights of its minority Muslim community and stop the incidents of "Islamophobia" in the country.

Hitting out at the OIC, the minister had said the country is "heaven for Muslims" and those trying to vitiate the atmosphere of prosperity cannot be friends of Indian Muslims.

Naqvi said those targeting Muslims are few isolated people who are trying to spread "misinformation" and "we should be united and isolate such elements".

On the COVID-19 lockdown restrictions during Ramzan, Naqvi said no Muslim wants to stay away from mosques during the holy month, but everyone has resolved to win this battle against coronavirus.

During this month, everyone should pray to God that not only India but also the entire world is freed from this COVID-19 pandemic, he said.

Asked whether Muslims have followed lockdown and social distancing guidelines till now, Naqvi said, "absolutely, the entire country is standing united in this fight against coronavirus."

"When Prime Minister Narendra Modi had appealed to people with folded hands, he had appealed to 130 crore Indians, it was not based on caste or religion. And everybody responded to his appeal and acted on it," he said.

People have faith that whatever Prime Minister Modi does is for the health and safety of the people, Naqvi said.

Asked about the role of the Opposition in the fight against COVID-19 and Congress chief Sonia Gandhi and Rahul Gandhi's suggestions, Naqvi said,"some people have criticized, but that is their habit, we don't take any offence to it."

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Agencies
April 27,2020

Thiruvananthapuram, Apr 27: Over 1.5 lakh Non-Resident Keralites (NRK)s, stranded in various countries, have registered online for returningto the state, once the Centre gives the nod and air services resume

The Norka (Non Resident Keralites Affairs) department had commenced the registration process at around 6pm on Sunday and within an hour 25,000 had registered, government sources said.

Till Monday morning, over 1.5 lakh NRKs have registered, the maximum is from UAE-- over 60,000.

The aged, pregnant women, children, critically ill patients, those with expired visas and those who had gone abroad on visiting visa are among thelarge numbers of people who are waiting to return.

Those wanting to return, have to get themselves tested for COVID-19 in the respective countries, where they are and register after getting a negative certificate for the infection.

Theregistration is for arranging quarantine facilitiesin the state, if necessary, and not for getting any priority on flight bookings,the sources said.

After the NRKs register themselves, the government would draw up a list on how to bring them back as per priority.

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