UPA govt opens FDI floodgates

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

Thiruvananthapuram, Mar 10: Senior Congress leader Shashi Tharoor on monday thanked PM Narendra Modi  for extending birthday wishes to him in malayalam.

"Thank you, Prime Minister Narendra Modi, for this elaborate birthday greeting in shudh sahitya Malayalam! Am touched by your thoughtfulness," Tharoor tweeted with a picture of the letter from Modi.

Thank you ⁦@narendramodi⁩ & ⁦@PMOIndia⁩ for this elaborate birthday greeting in shudh sahitya Malayalam! Am touched by your thoughtfulness. pic.twitter.com/UJX7D0092L

— Shashi Tharoor (@ShashiTharoor) March 9, 2020

In another tweet, the Congress MP also posted its translation, that reads,

Thank you ⁦@narendramodi⁩ & ⁦@PMOIndia⁩ for this elaborate birthday greeting in shudh sahitya Malayalam! Am touched by your thoughtfulness. pic.twitter.com/UJX7D0092L

— Shashi Tharoor (@ShashiTharoor) March 9, 2020

Tharoor, who is an MP from Thiruvananthapuram, turned 64 on march 9.

New Delhi, Jun 18: The Delhi High Court Thursday asked the Delhi Police to file status report on a plea by Jamia Coordination Committee member Safoora Zargar, who was arrested under the anti-terror law --UAPA -- seeking bail in a case related to communal violence in northeast Delhi during protests against the Citizenship Amendment Act in February.

Zargar, M Phil student of Jamia Millia Islamia University, is more than four months pregnant.

Justice Rajiv Shakdher issued notice to the police and asked it to file a status report on the bail plea.

The high court listed the matter for further hearing on June 22.

Zargar, who was arrested by the Special Cell of Delhi Police on April 10, has challenged the June 4 order of the trial court denying her bail in the case.

The trial court, in its order, had said “when you choose to play with embers, you cannot blame the wind to have carried the spark a bit too far and spread the fire.”

It had said that during the course of investigation a larger conspiracy was discernible and if there was prima evidence of conspiracy, acts and statements made by any one of the conspirators, it is admissible against all.

The court had said that even if there was no direct act of violence attributable to the accused (Zargar), she cannot shy away from her liability under the provisions of the Unlawful Activities (Prevention) Act (UAPA).

However, the trial court had asked the concerned jail superintendent to provide adequate medical aid and the assistance to Zargar.

The police had earlier claimed that Zargar allegedly blocked a road near Jaffrabad metro station during the anti-CAA protests and instigated people that led to the riots in the area.

It further claimed that she was allegedly part of the “premediated conspiracy” to incite communal riots in northeast Delhi in February.

Communal clashes had broken out in northeast Delhi on February 24 after violence between citizenship law supporters and protesters spiralled out of control leaving at least 53 people dead and scores injured.