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Anandiben Patel resigns as Gujarat chief minister

August 1, 2016

Ahmedabad, Aug 1: Gujarat chief minister Anandiben Patel has submitted her resignation after a week of protests across the state following the assault on four Dalits by a so-called cow vigilante group. Patel sent her resignation to the BJP top brass seeking relief from the top job in the state.anandiben 2 copy

In a letter posted on her Facebook page, Patel, who took charge as Gujarat’s first woman chief minister in May 2004 after then CM Narendra Modi was elected to the Lok Sabha, has said that she had two months earlier sought to resign from the party to give “enough time to the new incumbent to prepare for important events like the upcoming Vibrant Gujarat summit”.

“For the last some time there has been a tradition in the party that those who attain the age of 75, voluntarily retires from the post. I will attain the age of 75 in November,” the state’s first woman chief minister, who succeeded Narendra Modi on May 22, 2014, said in a Facebook post.

“Two months ago I had requested the party to relieve me from the post and today also through this letter, I request the party to relieve me of the post,” Patel said.

“I am asking the party to relieve me two months in advance as the new chief minister will require the time to work, when the state is going to face elections in 2017 and an important event like Vibrant Gujarat Summit to be held in January,” Patel said.

“It (the rule of 75) is a good thing and it will give a chance to young leaders to come up,” she added.

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Elections in the state are due in the later part of 2017.
The unwritten convention in the party, set by Prime Minister Narendra Modi, in recent times has been that those attaining the age of 75 have to quit the post.

Patel had to faced some upsets as BJP recently fared badly in the rural civic bodies polls in December 2015 and the opposition Congress making gains at the cost of the saffron rival.

She also had to face the fierce Patel community quota agitation, one of the factors which contributed to BJP losing in rural local bodies polls, while retaining urban areas.

Recently, the Dalit uprising after the Una trashing incident had also dented the image of party.

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SYED
 - 
Monday, 1 Aug 2016

GOOD DECESION ....AND WORST CM IN THE HISTORY OF WOMEN MINISTERS SO FAR....SHE DESERVES IT.

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News Network
July 27,2020

New Delhi, Jul 27: India's COVID tally on Monday crossed 14 lakh mark with the highest single-day spike of 49,931 cases reported in the last 24 hours, said the Union Ministry of Health and Family Welfare.

The total COVID-19 cases stand at 14,35,453, including 4,85,114 active cases, 9,17,568 cured/discharged/migrated, it added.

With 708 deaths in the last 24 hours, the cumulative toll reached 32,771.

India had crossed 13 lakhs COVID-19 cases on July 25.

Maharashtra has reported 3,75,799 coronavirus cases, the highest among states and Union Territories in the country.

A total of 2,13,723 cases have been reported from Tamil Nadu till now, while Delhi has recorded a total of 1,30,606 coronavirus cases.

According to the Indian Council of Medical Research (ICMR), 5,15,472 samples were tested for coronavirus on Sunday and overall 1,68,06,803 samples have been tested so far.

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News Network
May 20,2020

New Delhi, May 20: With 5,611 new cases reported in the last 24 hours, India's COVID-19 tally reached 1,06,750 on Wednesday, according to the Union Ministry of Health and Family Welfare.

As many as 140 deaths have been reported in the last 24 hours, taking the total number of deaths to 3,303.

Out of the total cases, 61,149 are actives cases and 42,298 patients have been cured/discharged/migrated.

Maharashtra continues to remain the worst-affected state with 37,136 cases, followed by Tamil Nadu (12,448 cases), Gujarat (12,140 cases), and Delhi (10,554 cases).

The nationwide lockdown imposed as a precautionary measure to contain the spread of coronavirus has been extended till May 31.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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