Amit Shah says Congress 'can't preserve democracy'

Agencies
July 14, 2018

Gandhinagar, Jul 14: In a sharp attack on the Congress and the Gandhi-Nehru family, BJP president Amit Shah said on Saturday that a party which "failed" in establishing internal democracy can never preserve India's democracy.

Before the BJP came to power under the leadership of Prime Minister Narendra Modi in 2014, India was lagging behind other countries in most key areas such as economic growth, agriculture and on social sector indicators, he said.

However in the past four years, things have improved considerably, Shah said, addressing the audience at 'Youth Parliament' organised in the Karnavati University here.

"Before 2014, a particular party remained in power for the maximum period after Independence. But the way these governments functioned, a large part of the population remained deprived of development.

"These people had a feeling that independence brought no benefit for them," he said, without taking the name of the Congress party.

He then highlighted the achievements of the BJP-led government at the Centre.

"After assuming office (in May 2014), the first task Modiji took up was to uplift 50 crore people. In these four years, he brought 30 crore citizens into the formal economy by opening their bank accounts. More than 4.5 crore women were given LPG connections, while 7.5 crore toilets were built during that period," Shah said.

Continuing his attack on the Congress, the BJP chief said though many people sacrificed their lives during the freedom struggle, attempts were made to give credit for Independence to one party or a particular family.

"The party which came to power immediately after Independence has abolished internal democracy in the party. It has become family-centric. A party which has failed to preserve its own internal democratic structure can never preserve the country's democracy," Shah said.

"If we want to preserve democracy in our country, we must establish internal democracy in politics. Since that did not happen in the past, our country could not achieve desired results post independence," the BJP chief said.

Shah said the Indian Space Research Organisation realised its full potential after the Modi government came to power. This was reflected in the ISRO sending a record number of satellites in space in one go in early 2017, he added.

"In the past, the ISRO used to launch one or two or a maximum 13 satellites at one go. But after Modiji came (to power), ISRO launched 104 satellites in one go, leaving the US behind.

"We did that with the same scientists and resources which were there in the past," Shah said.

Referring to the World Economic Forum meet in Davos earlier this year, he again targeted the Congress, saying previous prime ministers - most of them from the Congress party - were concerned about getting photos clicked with world leaders at the conclave.

"In the past, there existed no chance for Indian PMs to address the forum. But this time, despite the presence of many world leaders, Modiji got the privilege to inaugurate the meet and gave his speech in Hindi," he said.

Commenting on the surgical strikes across the LoC in Pakistan-occupied Kashmir, he said Modi's go-ahead to the armed forces for the 2016 raid put India in the league of nations such as the US and Israel, which are known to avenge the killing of their soldiers.

Shah urged the youth to join Modi's mission to build a New India by 2022.

The BJP leader said the New India will be a society free of casteism, poverty, community divisions, dynastic political system, corruption and politics of appeasement.

"Let's take a pledge to build a New India as envisaged by Modiji, who is the most charismatic and popular leader in the world. We all are lucky to have him at the helm of affairs in the country," Shah said.

Comments

Sharief Fairman
 - 
Sunday, 15 Jul 2018

BJP is openly declaring, INDIA is Hindu Rashtra,  No Democracy only Hindutva,   then how these stupid leaders talk about restoring democracy.

This is Hiprocracy on democracy. These people have no right to say on democracy where it is allergice for them.

God help us save our innocent citizens not falling prey into the dirty politics of these goonda party.

 

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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News Network
May 13,2020

New Delhi, May 13: Vice President M. Venkaiah Naidu on Wednesday said that Prime Minister Narendra Modi's announcement of Rs 20 lakh crore stimulus package "will go a long way in overcoming challenges" posed by the COVID-19 pandemic.

"Welcome the Rs. 20 lakh crore stimulus package announced by the Prime Minister, Shri Narendra Bhai Modi Ji to revive economy, boost efficiency of various sectors through reforms & make India self reliant and resilient. #AtmaNirbharBharatAbhiyan," the Vice President tweeted.

Calling the reforms as the "need of the hour", he further said: "Bold reforms are the need of the hour to realize the dream of #AtmanirbharBharat."

Expressing confidence in the five-pillar approach, he said that it would help promote local industries "while making India face global competition effectively".

"I am confident that a focused approach on the five pillars- Economy, Infrastructure, Technology driven System, Vibrant Demography & Demand--will promote local industries led growth while making India face global competition effectively. #AtmaNirbharBharatAbhiyan," he said.

"I am certain this timely economic package will go long way in overcoming challenges posed by the unprecedented COVID-19 pandemic. #AtmaNirbharBharatAbhiyan #IndiaFightsCorona," he wrote on the micro-blogging site.

The Prime Minister had on Tuesday announced Rs 20 lakh crore special economic package for the country to become 'self-reliant' and deal with COVID-19.

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