BJP will eliminate any remnants of corruption in its second term: Swamy

Agencies
April 9, 2018

New York, Apr 9: The BJP is "well set" to get a majority in the 2019 general elections and will eliminate any remnants of corruption in its second term, party leader Subramanian Swamy has said.

Swamy, who was in the city to address the 14th Annual India Business Conference at Columbia Business School hosted by the South Asia Business Association at the school, said in its second term in power the BJP will build a strong and "united" India.

"We are very well set to get a majority in 2019," Swamy told PTI here.

"We came to power for three reasons - Narendra Modi's reputation as a man of governance, the fight against corruption and persuading people, particularly Hindus to rise above their caste loyalties and vote for that party which will safeguard the interest of the Hindus, he said.

He said going into the 2019 national elections mode, the BJP will campaign on the promise to "eliminate whatever corruption we could not (eliminate) in the last five years".

"We want to build a strong and united India. We are not against the minorities, he said.

Addressing the conference, attended by students, academicians, entrepreneurs and executives, Swamy spoke at length about India's political and economic landscape.

He acknowledged that the BJP government's economic performance is still a long way off from the governance it had promised when it came to power in 2014, with demonetisation and the Goods and Services Tax (GST) further complicating the situation.

Swamy termed demonetisation as a "failure" and said the public, however, did not seem to mind it as it felt that by this move, the rich people were being brought to book.

On GST, he said, "we were totally unprepared for it. At the moment the GST is a nightmare, adding that the GST should not have been implemented before the 2019 elections.

At the moment, it (GST) is a nightmare. The lack of compliance is very very high. It is a failure, we have to admit that. There is definitely a feeling among businesses that there is tax terrorism and this needs to be corrected," he said.

Swamy, who has also called for abolishing Income Tax, said he is confident of the BJP coming back to power in 2019 and implementing more reforms that will put India on a 10 percent growth trajectory annually for the next 10 years, making it a major global economic power.

On the issue of multi-crore frauds at major banks, Swamy said this is due to the "collusion" of the politician with the businessmen.

"It is fundamentally a corruption issue. In my opinion, rather than catching the bank clerk and prosecuting him, we should concentrate on catching the people at the highest level and that will filter down to removing corruption, he said.

Swamy added that most of the corruption in the banks are clearly due to the "political patronage" and appointment system of banks' chairmen that are happening not only in the public sector but also in private sector banks.

Comments

angel of death
 - 
Tuesday, 10 Apr 2018

his daughter was married to MUSLIM, his hindu family generation ended LOL.

 

may be one day his grand child will ask who this scumbag you hate muslim with core.

 

Sur
 - 
Tuesday, 10 Apr 2018

LAUGH LOUDLY...HAHAHAHAHHAHAHAHAHAH

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News Network
March 19,2020

Mar 19: Amidst spiralling cases of COVID-19 in the country, Union Minister of State for Health and Family Welfare Ashwini Kumar Choubey on Thursday advocated "absorbing sunlight" as a possible precaution against coronavirus that has claimed over 8,000 lives globally.

Speaking to reporters outside parliament, Choubey said 10-15 minutes in the sun would build immunity as sunlight provides Vitamin D.

"From 11 am to 2 pm the sun is shining brightly. We should spend at least 10-15 minutes to absorb sunlight so that we get vitamin D which improves the immunity of our body and also kills such viruses. All should be aware of (this fact)," he said when asked about the spread of coronavirus.

COVID-19 cases in India climbed to 169 on Thursday after 18 fresh cases were reported from various parts of the country, according to the Union health ministry.

The cases include 25 foreign nationals -- 17 from Italy, 3 from the Philippines, two from the UK, one each belonging to Canada, Indonesia and Singapore.

The figure also includes three deaths reported from Delhi, Karnataka and Maharashtra so far.

According to the World Health Organisation, the novel coronavirus has killed over 8,000 people globally and infected more than two lakh.

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News Network
May 22,2020

Mumbai, May 22: The Reserve Bank of India (RBI) on Friday reduced repo rate by 40 basis points to 4 per cent in an effort to further boost liquidity in the economy which has been reeling under the impact of COVID-19 induced countrywide lockdown.

As a result, the reverse repo rate stands at 3.35 per cent, said RBI Governor Shaktikanta Das. The six-member monetary policy committee (MPC) voted 5:1 in favour of the decision.

Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them. 

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Agencies
May 26,2020

The Shopping Centres Association of India (SCAI) on Monday said the sector has lost over Rs 90,000 crore in the last two months, owing to the lockdown, and market players need much more than the repo rate cut and the loan moratorium extended by the RBI.

In a statement, the industry body said that the Reserve Bank of India's (RBI) relief measures are not adequate to support the liquidity needs of the industry.

According to the SCAI, there is a common misconception that the shopping centres' industry is centred around metros and large cities with investments only from large developers, private equity players and foreign investors.

"However, the fact is that most malls are part of the SMEs or standalone developers. i.e. more than 550 are single owned by standalone developers out of the 650-odd organised shopping centres across the country and there are 1,000+ small centres in smaller cities," it said.

Amitabh Taneja, Chairman of SCAI said: "The organised retail industry is in distress and has not earned anything since the lockdown and their survival is at stake. While the extension of the loan moratorium talks about some relief on repayment but won't help the industry in liquidity."

He said that a long term beneficial plan from the government is much required to revive the sector.

"Being the most safe, accountable, and controlled environment, unfortunately, malls have not been permitted to open which will lead to job losses and might even shut shops for a lot of mall developers," Taneja said.

In its representations to the Centre and the Reserve Bank of India, the association has also pointed out that, in absence of financial package and stimulus from the RBI, over 500 shopping centres may go bankrupt, that may lead to the banking industry staring at NPAs of Rs 25,000 crore.

The industry body has put forward its recommendations and requests to the government. It had sought moratorium till March 2021 at the least in terms of repayment of bank loans, interest, EMI and so on, without levy of any penalties or penal interest.

It has also sought a one-time loan restructuring with lower rates of interest, permitted for shopping centres and a facilitative and forward-looking support provision of short-term financing options for a period of six to 12 months, at lower interest rates, to meet the increased working capital requirements.

Among other relaxations, it had also appealed for GST rebates to offset the losses on account of and for the period of closure of business.

It also said that interest rates should be brought down to "manageable levels" of 5-6% in view of the precarious financial situation.

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