Cong slams PM Modi for ‘mess of economy’, raises doubts over credit rating Agencies

Agencies
November 25, 2017

New Delhi, Nov 25: The Congress on Friday held Prime Minister Narendra Modi "solely responsible" for creating a "mess" of the economy, after Standard & Poor's kept its sovereign rating for the country unchanged.

Senior Congress leader Anand Sharma said the government was taking shelter under these "dubious" certificates from rating agencies.

Rating agency Moody's had on last Friday raised India's sovereign rating from the lowest investment grade of Baa3 to Baa2 - the first upgrade in almost 14 years.

Sharma accused Modi of being solely responsible for creating a "mess" of the economy and charged him with being in "arrogant denial".

He said that a "sudden flurry" of certificates from credit rating agencies is the "only fall back" of a government which has derailed India's economy.

Sharma alleged that GDP has sharply fallen, jobs have been "destroyed" in millions and business have shut down.

The leader also further raised questions over the ratings agencies waking up when all the parameters of the Indian economy are "in the red".

"About 3.72 crore jobs have been lost in the MSME/unorganised sector. Investment rate has plunged by 7%, credit offtake falling to a 65-year low. This calls into question the very credibility of these rating agencies," he said on the micro-blogging site.

Declining to follow Moody's recent India rating upgrade, Standard & Poor's on Friday kept its sovereign rating for the country unchanged at the lowest investment grade of 'BBB- minus' citing high government debt and low income levels.

Lauding it, defence minister Nirmala Sitharaman said that the rating is a reflection of the agency's appreciation of the steps taken by the government to keep the economy stable and ensure a high growth trajectory.

"The S&P had inferred that over the next two years, growth in India will remain strong and the country will maintain its sound external accounts position," Sitharaman
said.

Union minister Mukhtar Abbas Naqvi lauded it, saying "After Moody's, S&P gives Narendra Modi govt thumbs up, keeps India's outlook stable."

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News Network
April 23,2024

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The genocidal Israeli war on the Gaza Strip has entered its 200th day, with occupation forces killing more Palestinians in defiance of widespread international outcry to end the carnage.

The aggression marked its 200th day on Tuesday with no end in sight to the Israeli war that has so far killed a shocking number of Palestinians and led to a humanitarian crisis in the besieged territory.

The Gaza Health Ministry said Israeli forces have committed three "massacres" over the past 24 hours, killing at least 32 Palestinians and wounding 59 others.

The numbers, it added, bring the Palestinian death toll to more than 34,183, with at least 77,143 injured and an estimated 7,000 missing and presumed dead since early October.

More than 14,500 children and 9,500 women are among those killed, making up over 70 percent of the victims, according to health officials.

Israel waged its brutal US-backed war on the Gaza Strip on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Israel has been carrying out war crimes in Gaza by deliberately starving people and forcing their evacuation, as well as targeting hospitals and schools sheltering displaced Palestinians.

Despite all these atrocities, the regime has failed to achieve its declared objectives of “destroying Hamas” and finding Israeli captives held in Gaza.

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News Network
May 1,2024

Hassan MP and Lok Sabha election candidate of the BJP-JD(S) alliance Prajwal Revanna, who is facing an inquiry over the alleged sexual abuse of several women, said the truth will prevail.

The MP, who left the country as soon as the election to his constituency ended, has also sought seven days' time to appear before the Special Investigation Team (SIT) formed by the Karnataka government to inquire into the huge cache of about 3,000 explicit videos and photos allegedly pertaining to him, which have gone viral on social media.

“As I am not in Bangalore to attend the enquiry, I have communicated to CID Bangalore through my advocate. Truth will prevail soon,” Prajwal, grandson of former prime minister and JD(S) patriarch H D Deve Gowda, said in a post on X.

A case has been registered against MLA and former minister H D Revanna and his son Prajwal at Holenarasipura on a complaint lodged by their former cook and relative for allegedly sexually harassing her.

She also alleged that Prajwal made video calls to her daughter and spoke in an objectionable manner, which forced her to block him.

The MP who is seeking re-election from Hassan on a JD(S) ticket, shared a letter by his lawyer Arun G to the Deputy Superintendent of Police of the SIT, in which he has sought seven days' time to appear before the official because he is abroad.

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News Network
April 28,2024

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Campuses of several US Universities have been witnessing massive protests with the students seeking a ceasefire in Israel's war with Hamas. Police have arrested over 550 protesters and some universities are witnessing violent crackdown of protests by the ruthless cops. 

Law enforcement officials at the behest of college administrators have deployed tasers and tear gas against students protesters at Atlanta's Emory University, even though the protests have been largely peaceful, say activists and media personnel present at the spot.

Emil' Keme, professor of English and Indigenous studies, at the University said that the scene reminded him of the civil war in Guatemala as a teenager.

"Police immediately began to force people to move. I felt like I was in a war zone, with all the police and their weapons, the rubber bullets. We were pushed away," Mr Keme told the Guardian describing what happened as soon as cops entered the Emory campus.

“Police took the student next to me, pushed an older lady nearby and then pushed me.”

Student protesters say they are expressing solidarity with Palestinians in Gaza, where the confirmed death toll has topped 34,305, according to the Hamas-run territory's health ministry. They want universities to cut their investments in everything tied to Israel and weapons that fuel the war in Gaza. That means funds run by BlackRock, Google as well as Amazon's cloud service, Lockheed Martin and even Airbnb.

Video circulated widely on social media shows two women who identified themselves as professors being detained, with one of them slammed to the ground by one officer as a second officer then pushes her chest and face onto a concrete sidewalk.

Atlanta police and Georgia troopers are leading a joint operation within the campus to dismantle the tents and camps the activists have set up at the school's quadrangle. Within minutes of the authorities entering the campus, 28 people, 20 of whom were "Emory community members", had been arrested, the institute said in a statement.

The school president said that the videos of police clashing with the students "are shocking" and that he is "horrified horrified that members of our community had to experience and witness such interactions."

The university's response was likely the quickest show of police force in response to a divestment protest among the dozens nationwide that have occurred in recent weeks. It was also probably the only one where pepper balls, stun guns and rubber bullets were used.

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