With Amit Shah at helm, Home Ministry plans ‘Hindu moves’ in Jammu & Kashmir

June 5, 2019

New Delhi, Jun 5: With Jammu and Kashmir high on agenda, the Narendra Modi government is reportedly toying with the idea of conducting the stalled delimitation exercise to redraw Assembly constituencies in the troubled state to address "regional disparity and anomalies".

The Ministry of Home Affairs (MHA) may appoint a delimitation commission to carry out the exercise and it could end up in reversing the present scenario by giving more seats to Jammu region. At present, Kashmir region has 46 seats while Jammu region has 37 and Ladhak four.

In case the government goes ahead with the plan, some sections believe, it would enable non-Muslims from Jammu region to become Chief Minister of the state which has only seen Muslim Chief Ministers and help BJP to spread its wings in the state. Congress' Ghulam Nabi Azad was the only Chief Minister from Jammu region.

The delimitation exercise is considered part of BJP's plans for Kashmir where it wants to repeal both Article 370 that provides for special status to the state and Article 35(A) that gives special rights to Kashmiris.

However, MHA sources said there was no discussion in the Ministry on the issue of delimitation in Jammu and Kashmir.

PDP president Mehbooba Mufti tweeted, "distressed to hear about GoI (Government of India) plan to redraw assembly constituencies in Jammu and Kashmir. Forced delimitation is an obvious attempt to inflict another emotional partition of the state on communal lines. Instead of allowing old wounds to heal, Government of India is inflicting pain on Kashmiris."

National Conference chief Omar Abdullah said, "when delimitation takes place in the rest of the country the BJP is welcome to apply it to Jammu and Kashmir until then we will oppose, tooth and nail, any attempt to make changes without a mandate from the people of the state."

Officials have already briefed Home Minister Amit Shah about the security situation across the country, especially in Jammu and Kashmir which is under President's Rule. While the government is not in a hurry to conduct elections Jammu and Kashmir, the President's Rule is likely to be extended for another six months on July 3.

Reportedly, the government is keen on embarking on the delimitation exercise, which is on freeze since 2002, to address allegations of regional disparity. The last such exercise was held in 1995 and as per Jammu and Kashmir Constitution, another delimitation should have been done in 2005.

However, Farooq Abdullah-led government in 2002 chose to freeze delimitation until 2026 through an amendment to the Jammu and Kashmir Constitution. Owing to its special status, Jammu and Kashmir has a separate Constitution and penal code.

To enable the conduct of the exercise, the Constitution of Jammu and Kashmir has to be amended and with the state under President's Rule, sources claimed, the Governor has powers to do so as the legislative authority is vested with the Raj Bhavan when it does not have a functioning Assembly.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

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SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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Agencies
August 3,2020

New Delhi, Aug 3: Congress leader and Rajya Sabha MP Digvijaya Singh on Monday said that Prime Minister Narendra Modi should defer the foundation stone laying ceremony for Ram temple from August 5 as it will be an "inauspicious hour" for the event.

"I request Modi Ji again that the inauspicious occasion of August 5 (for foundation stone laying ceremony for Ram temple) should be deferred. The construction of Ram temple is to begin after hundreds of years of struggle and PM Modi should leave his stubbornness that may cause an obstruction in the process," Digvijaya tweeted (translated from Hindi).

The Congress leader went on to claim that several BJP leaders were falling sick due to COVID-19 as the result of ignoring the norms of Sanatan Dharma. "The results of ignoring the norms of Sanatan Dharma are - all priests of Ram temple tested positive for COVID-19, death of UP Minister Kamal Rani Varun due to corona, UP BJP chief tested COVID-19 positive, Home Minister Amit Shah tested positive for COVID-19, Madhya Pradesh CM Shivraj Singh Chouhan tested positive for COVID-19, Karnataka CM Yediyurappa tested positive for COVID-19," he added.

"Lord Ram is the epicentre of faith for crores of Hindus and the PM should not play with norms and traditions of Sanatan Dharma established across thousands of years," he added.

The Congress leader further questioned the urgency of holding the foundation stone laying event in times when COVID-19 spread is prevalent across the country.

"By laying the foundation stone for Ram temple at an inauspicious hour, how many people do you want to send to the hospital Modi Ji? Yogi Ji, please explain to Modi Ji. In your presence, why are the norms and traditions of Sanatan Dharma being broken? What is your compulsion that you are allowing this to happen?" he contended.

"One more question arises. A minister of the Uttar Pradesh government died due to coronavirus. Union Home Minister tested positive for COVID-19 and Uttar Pradesh BJP chief also tested positive. In these circumstances, whether Uttar Pradesh Chief Minister and India's Prime Minister should not be quarantined? Is being quarantined only mandated for common people? Not for Prime Minister and Chief Ministers? The time limit for quarantine is 14 days," he added.

He further said that the entire cabinet should go into quarantine otherwise they will infect the residents of Ayodhya.

"These people's religion is 'Hindutva' and not 'Sanatan Dharma'. hence they have nothing to do with Sanatan Dharma's traditions. They have broken all the norms. Now, Modi Ji will issue the muhurta and he will only lay the foundation stone," he tweeted.

The Prime Minister is scheduled to lay the foundation stone of the Ram temple in Ayodhya on August 5.

The construction of Ram temple will begin after the ceremony to lay the foundation stone in which Chief Ministers of several states, Ministers from the Union Cabinet and RSS chief Mohan Bhagwat are also likely to participate.

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News Network
January 6,2020

Jan 6: India’s Finance Ministry has delivered a challenge to its revenue collectors: meet tax targets despite $20 billion of corporate tax cuts.

Through a video conference on Dec. 16, officials were exhorted to meet the direct tax mop-up target of 13.4 trillion rupees ($187 billion), a government official told reporters. Collection in the eight months to November grew at 5% from a year earlier, against the desired 17%.

The missive shows Prime Minister Narendra Modi’s urgent need to buoy public finances in a slowing economy where April-November tax collections were half the amount budgeted. Authorities withheld some payments to states and have capped ministries’ expenditure as the fiscal deficit ballooned beyond the target.

The government’s efforts to maintain its deficit goal goes against advice from some quarters, including central bank Governor Shaktikanta Das, who urged more spending to spur economic growth.

It’s uncertain though how much room Modi’s administration has to boost expenditure, given that it may already be borrowing as much as 540 billion rupees through state-run companies, a figure that isn’t reflected on the federal balance sheet. Uncertainty about public finances pushed up sovereign yields in November and December, compelling Das to announce unconventional policies to keep costs in check.

“This is not a time to conceal the fiscal deficit by off-budget borrowing or deferring payments,” said Indira Rajaraman, an economist and a former member of the Reserve Bank of India’s board. “If they were to stick to the target, that would be catastrophic because there is so much pump-priming that is needed right now.”

GDP grew 4.5% in the quarter ended September, the slowest pace in more than six years as both consumption and investments cooled in Asia’s third-largest economy. Only government spending supported the expansion, piling pressure on Modi to keep stimulating.

S&P Global Ratings warned in December it may downgrade India’s sovereign ratings if economic growth doesn’t recover. Government support seems to be waning now, with ministries asked to cap spending in the final quarter of the financial year at 25% of the amount budgeted rather than 33% allowed earlier. This new rule will hamstring sectors including agriculture, aviation and coal, where not even half of annual targets have been disbursed.

As the federal government runs short of money, it’s been delaying payouts to state administrations.

Private hospitals have threatened to suspend cash-less services to government employees over non-payment of dues, while a builder informed the stock exchange about delayed rental payments from no less than the tax office itself.

India is considering a litigation-settlement plan that will allow companies to exit lingering tax disputes by paying a portion of the money demanded by the government, the Economic Times newspaper reported Saturday.

The move will help improve the ease of doing business besides unlocking a part of the almost 8 trillion rupees ($111 billion) caught up in these disputes. The step, which is being considered as part of the annual budget, could also bridge India’s fiscal gap.

Finance Minister Nirmala Sitharaman has refused to comment on the deficit goal before the official budget presentation due Feb. 1.

A deviation from target, if any, “will need to be balanced with a credible consolidation plan further-out,” said Radhika Rao, an economist at DBS Group Holdings Ltd. in Singapore.

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