Pray at home during Ramzan: Tablighi Jamaat leader Maulana Saad to followers

New Delhi, Jun 15: After Two Indian officials working with Indian High Commission in Pakistan wet missing on Monday,  the Ministry of External Affairs summoned Pakistan's Charge d'affaires to India in the national capital and told them not to interrogate or harass Indian officials.

"Two Indian High Commission officials are missing since morning while on official work. The matter has been taken up with the Pakistani authorities," Akhilesh Singh, First Secretary and spokesperson, Indian High Commission, Pakistan, said.

According to sources quoted by PTI news agency, the MEA told the  Pakistan's Charge d'affaires to India that the responsibility of safety and security of Indian personnel in Islamabad "lays squarely with Pakistani authorities."

"Pakistan was asked to ensure return of two Indian officials along with official car to Indian High Commission in Islamabad immediately," sources added. 

The incident comes after two Pakistani officials at the Pakistani High Commission in New Delhi were accused of espionage and deported.

The two officials have been missing since Monday morning. Officials said the issue has been taken up with the Pakistan government.

Earlier, a vehicle of India's Charge d'affaires Gaurav Ahluwalia was chased by Inter-Services Intelligence (ISI) member.

In March, the Indian High Commission in Pakistan sent a strong protest note to the foreign ministry in Islamabad protesting against the continuing harassment of its officers and staff by Pakistani agencies.

Kochi, May 28: In these pandemic times, when the businesses are gravely affected and the MSMEs are particularly feeling the heat, a Kerala institute has come up with an initiative to help the distressed industry. The Institute of Small Enterprises and Development (ISED) has come out with a unique platform -- 'business clinic' for extending advisory services to the COVID-19 affected MSMEs in the state.

The Kochi based ISED's multi-disciplinary team of experts will offer free guidance to entrepreneurs to make a self-evaluation for improving their performance.

It will serve the interests of the MSMEs, entrepreneurial aspirants, such as the returning migrants, start-ups, educated unemployed, and women entrepreneurs.

ISED director, PM Mathew said COVID-19 pandemic has shattered the budgets and operations of most SMEs, globally, as also in India.

"Post-lockdown, the operational problems are likely to get aggravated. Beyond the broad macro level projections and debates, it is now time to act at the grassroots level. Many entrepreneurs need appropriate clinical assessment, and moral and psychological support, said Mathew.

According to the work force participation data at the national level, Kerala is ranked 31 in terms of the number of self employed, and placed in second rank in relation to the size of casual labour.

The Kerala Enterprise Development Report, brought out by the ISED states while the number of the unregistered enterprises is sizeable, constituting 76.85 % of the total, the respective share of registered MSMEs is only 9.53 %.

The constraints to these enterprises today are, poor sales, large inventory, delayed payments, damage of stock, wage bill arrears, unreliable labour supplies, fund diversion due to exigencies, GST related problems, and NPA/poor credit score.

"For all businesses, unlike in a sporadic recession in the economy, the danger today is circular and cumulative. Both from the demand side, and the supply angle, there is a serious contraction of business activities, which essentially means a glut in the cash flow. Corporate businesses, obviously, will come out of the mess due to their relative advantages of high reserve funds, liberal credit offerings, and easier access to alternative sources of finance," said Mathew.

New Delhi, Jul 16: With India's economic growth sputtering, the Reserve Bank of India was expected to maintain a rate-cutting cycle, but an uptick in near-term inflation could give the central bank's Monetary Policy Committee reason to pause for now.

Having cut its key lending rate by an aggressive 115 basis points (bps) in 2020, on top of 135 bps cuts in 2019, the RBI so far has had little success in spurring credit growth amid varying degrees of lockdowns across India.

Some economists and market insiders argue it may be prudent for the MPC, the policy committee, to hold its fire when it meets early next month.

"It's probably too early to administer a demand stimulus. The RBI still has room to cut rates, but we probably want to be more cautious of the timing," said Venkat Pasupuleti, portfolio manager at Dalton Investments.

"Maybe they should wait a quarter to see how things pan out once the lockdown situation is eased further."

Market participants have factored in at least a 25 bps rate cut by the MPC on August 6 while analysts are predicting a total 50-75 bps cuts over the rest of the fiscal year that runs to March 31.

The spike in the retail inflation rate above the RBI's mandated 2%-4% target range is another reason for the central bank to take a breather, analysts say.

Annual retail inflation rose to 6.09% in June, compared to 5.84% in March and sharply above a 5.30% median forecast in a Reuters poll of economists.

Rahul Bajoria, an economist at Barclays, said the spike in both consumer and wholesale prices "could lead to a tempering in enthusiasm for material front-loaded policy support from here on."

Almost all economists however agreed the RBI cannot move away from its accommodative stance or call an end to the rate cutting cycle just yet.

India's economy grew at 3.1% in the March quarter - an eight year low - and some economists have predicted a contraction of more than 20% in the June quarter and a contraction of up to 5% in the fiscal year.

"Even in the event of a pause, we think the RBI and MPC would want to hold out the promise of more cuts," said A. Prasanna, economist with ICICI Securities.

RBI Governor Shaktikanta Das said in a recent speech the need of the hour is to restore confidence, preserve financial stability, revive growth and recover stronger, suggesting inflation concerns are unlikely to deter the downward trajectory for rates too soon.

"The August policy decision would boil down to a judgment call over whether RBI can maintain easy monetary and financial conditions without the aid of a token rate cut," Prasanna said.