BJP defends Pranab, warns Kejriwal against questioning credibility of Prez’s office

New Delhi, April 5: People were seen buying diyas and candles across the country to light them at 9 p.m. on Sunday to fight the "darkness of coronavirus" as requested by Prime Minister Narendra Modi.

Although the country is under a lockdown and all the shops barring those selling essential items are shut, but a number of makeshift roadside shops and carts have cropped up selling earthen lamps or diyas at various places.

The earthen lamps, along with other 'puja samgari', are also sold near various temples. Those shops also opened on Sunday.

Gatherings at the temples and other religious places too are barred.
Those who did not find diyas in their localities contended with candles available at the local general stores.

Prime Minister Narendra Modi had on April 3 appealed to people in a televised address to light diyas and candles on April 5 at 9 pm to fight the darkness spread by coronavirus pandemic.

"Friends, amidst the darkness spread by the corona pandemic, we must continuously progress towards light and hope. We must defeat the deep darkness of the crisis by spreading the glory of light in all four directions," said the Prime Minister in a video message.

"And that is why, this Sunday, on April 5, we must all together, challenge the darkness spread by the corona crisis, introducing it to the power of light. On this day, we must awaken the superpower of 130 crore Indians. We must take the super resolve of 130 crore Indians to even greater heights," Modi said.

He asked the people to turn off all the lights in their homes and stand at doors or balconies and light candles or diyas, torches or mobile flashlights for 9 minutes on April 5.

"In that light, in that lustre, in that radiance, let us resolve in our minds that we are not alone, that no one is alone! 130 crore Indians are committed, through a common resolve!" he said.
PM Modi's call to light diyas, torches or mobile flashlights amid the lockdown has proved to be a boon for shopkeepers selling diyas and candles.

"Sales of diyas have increased to 50 per cent and we also got orders. It has happened because of Modi ji's appeal. We are with him in this," Ram Ravi Kumar, a shopkeeper in Delhi told news agency.

Vikas Kumar, a resident of Patna, said, "I have bought 50 diyas for today. PM Modi had said that people have to light the diyas for nine minutes after switching off light at home."
Modi has asked citizens to not assemble anywhere while participating in this programme and emphasised on the importance of social distancing to prevent coronavirus spread.

Meanwhile, the number of positive cases of coronavirus in the country continues to surge. As per the Ministry of Health and Family Welfare, the total number of confirmed COVID-19 cases is 3,374 with 79 deaths.

New Delhi, May 25: Realtors' apex body CREDAI has written a letter to Prime Minister Narendra Modi, seeking immediate relief measures to tide over the crisis caused by the COVID-19 pandemic.

The association, which has around 15,000 developer members, has sought one-time debt restructuring, lower interest rate on home loans and tax sops to boost liquidity and demand in the sector.

In an open letter to the prime minister, the Confederation of Real Estate Developers' Associations of India (CREDAI) said, "In this distressful situation arising out of the COVID-19 calamity, we in the real estate sector seek immediate relief for our survival."

Stating that the sector contributes substantially to the country's GDP and has backward and forward linkages with almost 250 industries, CREDAI said, "Our survival, therefore, is not just desirable, it is rather crucial for the economy."

Liquidity crunch, stagnant demand and cartelization of raw materials are major impediments for the industry to kickstart, it added.

CREDAI made seven recommendations to revive the sector and sought immediate intervention from the prime minister.

Pointing out that the situation is "much worse" than global financial crisis in 2008, CREDAI said "a one-time restructuring scheme as was permitted by RBI in 2008 may be quickly instituted by all lending institutions."

Since real estate was already reeling under a cyclical downturn before COVID-19, debt restructuring needs to be allowed for all accounts which were standard as on December 31, 2019, it added.

CREDAI demanded that all banks, non-banking financial companies (NBFCs) and housing finance companies (HFCs) should be directed to provide additional credit equal to 20 per cent of the existing real estate project related advances with no additional security and without the classification of project as NPA.

The penal interest charged by banks and financial institutions should be suspended for a period of one year or until such time as it takes for the pandemic to abate.

To revive housing demand, CREDAI suggested that "government should reduce the maximum rate of interest on new home loans to 5 per cent by subsidizing the interest component of EMIs for next five years."

The limit of principal deduction on housing loan under Section 80C should be increased to 2.5 lakh.

Interest deduction under Section 24 on housing loan for homebuyers may be increased to Rs 10 lakh, it said.

There should be no capital gains for residential properties held for a period longer than one year.

CREDAI also demanded that the subvention scheme be allowed again by National Housing Bank (NHB) and the Reserve Bank.

Under the scheme, builders used to pay EMIs on behalf of homebuyers during construction of projects.

"The economic uncertainty and job insecurity at the moment would not allow purchase of residential property at this time. A scheme whereby a homebuyer would need to pay only margin money with no EMI for 24 months will address this insecurity," the letter said.

The association pointed out that prices of cement and steel have been increased during the lockdown period, and asked for crackdown on cartelisation by manufacturers.

On the GST front, CREDAI said that the current regime of GST provides a rate of 1 per cent  for affordable housing.

"The limit of Rs 45 lakh serves as a criterion of affordability for the purpose of GST. On all other housing, GST is applied at the rate of 5 per cent without input tax credit. It has been felt that the criterion of Rs 45 lakh is too low an index of affordability anywhere across the country, and especially so in the metros," the letter said.

It will serve as an inducement to buyers in the metros if the benefit of GST at the rate of 1 per cent is extended to units costing up to Rs 75 lakh, the association said.

CREDAI pointed out that the flat rate of 5 per cent GST for under construction residential housing is causing cost build up and is acting as a deterrent for sale of under construction projects since there is no GST on completed units.

It suggested that GST rate of 1 per cent and 5 per cent, without input tax credit, should continue.

"However, an option of GST @12 per cent for normal housing/ 8 per cent for affordable housing (with 1/3rd deduction for land i.e. effective GST rate of 8 per cent for normal housing and effective GST rate of 5 per cent for affordable housing) with input tax credit (ITC) benefits in line with the scheme applicable for the works contracts for government may be revived and made applicable to the real estate," the letter said.

Lastly, CREDAI demanded that a Rs 25,000 crore stress fund for completing stalled housing projects should be deployed at the earliest.

"We shall be grateful for your much-needed intervention for the above mentioned measures required to revive the real estate sector," CREDAI said in the letter to the PM.

Vishakhapatnam, May 15: LG Chem on Thursday said following the gas leak at its Visakhapatnam polymers plant, the company has started support measures and has begun the transportation of the Styrene Monomer inventory to South Korea to eliminate all risks factors.

The company would continue to work with government agencies to ensure all possible support for bereaved families and victims, LG Polymers, a step-down firm of LG Chem, said in a statement.

"We confirm the status-quo of the plant remains completely controlled by all measures. We have begun the transportation of the Styrene Monomer (SM) inventory within the plant as well as in the styrene tanks at the port by vessels to South Korea to prevent and eliminate all risks factors," the statement said.

The South Korean chemicals giant has sent an eight-member team from Seoul to investigate the Visakhapatnam gas leak incident and rehabilitate the victims of the tragedy that killed at least 11 people and forced the evacuation of thousands.

"The team of production, environment, and safety experts are currently investigating the cause of the incident and already supporting responsible rehabilitation which is their main objective," the statement said.

Furthermore, the team is working closely with related authorities to analyze the cause of the incident, prevent a recurrence, and support damage recovery in a prompt and expedient manner, it added.

On the support measures, the company said a special task force is currently supporting the bereaved victims and families and visiting them at the hospitals and their homes.

Besides, food and medical services have been organized for the returning residents. Various support activities such as supplying medical and household goods and sanitation of homes will be continued, it said.

"We assure everyone we will do our best to resolve the situation and prevent any incident in the future," the company said.

The company further said that "our teams will carry out mid-to-long-term Corporate Social Responsibility (CSR) projects that can contribute to the local community based on suggestions of the residents.