Alliances crumble in M'rashtra

September 26, 2014

New Delhi/Mumbai, Sep 26: After weeks of hardball politics, the two coalitions in Maharashtra — the ruling Congress-NCP and the opposition BJP-Shiv Sena — parted ways in a bitter way on Thursday night, setting the stage for a multi-cornered contest in the upcoming Assembly elections.

Alliances crumbleThe key players were in a wrangle over the sharing of seats for the 288-member Assembly election with the aim of dominating the political space in the state. Maharashtra goes to polls on October 15 and the last day for filing of nomination papers is Saturday.

The BJP, the junior partner in the 30-year-old alliance, was the first to announce the split with the Sena. Within an hour, the NCP walked out of the 15-year-old coalition with the Congress, plunging the state into a political flux. Buoyed by the Modi wave in the Lok Sabha elections, the BJP had been demanding 135 seats from the Shiv Sena while it had contested 119 seats in the 2009 Assembly elections.

BJP leaders have been contending that Sena’s position in the state had diminished following the death of its founder Bal Thackeray in 2012, a claim which did not find favour with its chief Uddhav Thackeray.

“The Shiv Sena-BJP alliance, which lasted over 25 years, has ended,” Maharashtra BJP leader Eknath Khadse told reporters at the party office in Mumbai.

“Even now, we and many in the Maharashtra BJP do regret that vested interests have prevailed over unity,” Aditya Thackeray, the 24-year-old son of Uddhav, posted on Twitter.

The Shiv Sena is the second ally after the Haryana Janhit Congress to part ways with the BJP after its spectacular success in the Lok Sabha elections. However, Sena’s lone representative in the Union Cabinet Anant Geete said the alliance would continue at the Centre.

On the other hand, the NCP was demanding an equal share from the Congress. The NCP, which won four seats in the recent Lok Sabha elections, argued that the influence of the Congress is limited as the party managed to secure only two seats.

Announcing the NCP-Congress split, Deputy Chief Minister Ajit Pawar accused Chief Minister Prithviraj Chavan of ignoring the alliance partner of 15 years and creating an atmosphere of distrust.

Pawar also announced that the NCP was withdrawing support to the state government and he will meet Governor Ch Vidyasagar Rao to submit his resignation.

“Unbelievable and unimaginable has happened. Ekla chalo won; all four parties lose at least something. But politically best way to grow strong,” Congress spokesman Abhishek Manu Singhvi said.

Earlier, the first signs of an impending separation in the saffron alliance came as BJP president Amit Shah cancelled his visit to Mumbai on Thursday even as last minute efforts were on to save the coalition.

The seat sharing talks between the Sena and the BJP witnessed several twists and turns.

The alliance was finalised two days back only to be rocked by minor partners who were not willing to accept the “raw deal” offered to them.

The Sena had kept 151 seats for itself, offering 130 to the BJP while leaving seven seats to the four minor parties — Swabhimani Paksha, RPI (A), Rashtriya Samaj Paksha and Shiv Sangram.

According to an earlier proposal, the Sena had 151 seats, BJP 119 while the four minor parties had 18. Another bone of contention between the BJP and the Shiv Sena was the post of the chief minister.

Sena had staked claim to the post citing the agreement between Bal Thackeray and BJP leader Pramod Mahajan, who had first struck the alliance in the 1980’s. BJP was keen to have the post contending that it had been performing better than the Sena in the state elections.

In the current Assembly, the BJP has 46 members as against 45 of the Sena. The superior performance of the BJP in the 2009 elections had resulted in the nomination of its leader Eknath Khadse as the Leader of the Opposition in the Assembly.

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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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News Network
February 28,2020

Feb 28: The best economic tonic for the coronavirus shock is to contain its spread and worry about stimulus later, said Raghuram Rajan, former head of the Reserve Bank of India.

There’s little central banks can do, and while more government spending would help, the priority should be on convincing companies and households that the virus is under control, he said.

“People want to have a sense that there is a limit to the spread of this virus perhaps because of containment measures or because there is hope that some kind of viral solution can be found,” Rajan told Bloomberg Television’s Haidi Stroud Watts and Shery Ahn.

“At this point I would say the best thing that governments can do is to really fight the epidemic rather than worry about stimulus measures that comes later,” said Rajan, who is currently a professor at the Chicago Booth School of Business.

The spread of coronavirus is pushing the world economy toward its worst performance since the financial crisis more than a decade ago.

Bank of America Corp. economists warned clients Thursday that they now expect 2.8% global growth this year, the weakest since 2009.

“We have moved from extreme confidence in markets to extreme panic, all in the space of one week,” said Rajan, who previously was chief economist at the International Monetary Fund.

The virus outbreak will force companies to rethink supply chains and overseas production facilities, he said.

“I think we will see a lot of rethinking on this, coming on the back of the trade disruption, now we have this,” Rajan said. “Globalization in production is going to be hit quite badly.”

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Agencies
May 23,2020

New Delhi, May 23: India will try to restart a good percentage of international passenger flights before August, Civil Aviation Minister Hardeep Singh Puri said on Saturday, three days after announcing resumption of domestic flights from May 25.

All scheduled commercial passenger flights have been suspended in India since March 25 when the Modi government imposed a lockdown to contain the novel coronavirus pandemic.

"I am fully hopeful that before August or September, we will try to start a good percentage of international civil aviation operations, if not complete international operations," Puri said during a Facebook live session.

"I can't put a date on it (restarting international flights). But if somebody says can it be done by August or September, my response is why not earlier depending on what is the situation," he said.

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