Cong denies report on projecting Nilekani as PM candidate

December 12, 2013

Nandan_Nilekani

New Delhi, Dec 12: Congress today dismissed as "hypothetical" talk of Nandan Nilekani being made the PM candidate, maintaining that it was for the high command to choose Rahul Gandhi or any other leader.

Party spokesman Sandeep Dikshit also said that "Rahul Gandhi has lot of support and lot many of us consider him our leader" but feigned ignorance about the possibility of his being made the PM candidate.

He also brushed aside suggestions that Prime Minister Manmohan Singh could be replaced in wake of the poll drubbing, insisting that party has already made it clear that he will complete his term.

"I don't know from where this talk (about Nilekani) has come. That a newspaper has said this does not necessarily mean it is the information of Congress...The Congress President has said that the PM candidate will be announced at an appropriate time", Dikshit told reporters while replying to a volley of questions on the issue.

"I am not privy to the information whether Nandan Nilekani is being considered or not considered...I don't know the sources of the information and from where it has come. I do not believe in its substance. I have never heard of it before this article came...Right now it is hypothetical," the Congress spokesperson said.

He said he has absolutely no idea of the talk about Nilekani before this article appeared. A newspaper article spoke of the possibility of Nilekani as a wild card entry as Congress PM candidate for the next general elections given the background of his being a successful technocrat with clean image.

A number of party leaders, speaking on the condition of anonymity, said it is unlikely but Dikshit chose to play safe in the official briefing.

"...But I can say with confidence that whoever the high command decides would be among the best and one who is competent to lead", he said when asked whether the Congress President's statement meant that Rahul would not be the candidate.

"Mr Gandhi or someone (else) it is for the high command to decide...But I can say Mr Gandhi has lot of support and lot many of us consider him our leader," he said.

Dikshit, at the same time, said that he was "not suggesting anything".

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Agencies
June 22,2020

Mumbai, Jun 22: After downgrading India's outlook to negative from stable, Fitch Ratings on Monday revised the outlook on nine Indian banks to negative.

The outlook on the Long-Term Issuer Default Ratings (IDR) was revised to negative from stable due to the banks' high dependence on the Centre to re-capitalise them.

Accordingly, the IDR outlook of the Export-Import Bank of India, the State Bank of India, the Bank of Baroda, the Bank of Baroda (New Zealand), the Bank of India, the Canara Bank, the Punjab National Bank, ICICI Bank and Axis Bank Ltd have been downgraded to negative.

"At the same time, Fitch has affirmed IDBI Bank Limited's (IDBI) IDR while maintaining the outlook at negative," Fitch said in a statement.

The rating actions follow Fitch's revision of the outlook on the 'BBB-' rating on India to negative from stable on June 18, due to the impact of the escalating coronavirus pandemic on India's economy.

"The IDRs for all the above Indian banks are support-driven and anchored to their respective SRFs," the statement said.

"They are based on Fitch's assessment of high to moderate probability of extraordinary state support for these banks, which takes into account our assessment of the sovereign's ability and propensity to provide extraordinary support."

According to the statement, the negative outlook on India's sovereign rating reflects an increasing strain on the state's ability to provide extraordinary support, due to the sovereign's limited fiscal space and the significant deterioration in fiscal metrics due to challenges from the COVID-19 pandemic.

"The rating action does not affect the banks' Viability Rating (VR). EXIM does not have a VR as its role as a policy bank makes an assessment of its standalone credit profile less meaningful."

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News Network
March 6,2020

New Delhi, Mar 6: Union Finance Minister Nirmala Sitharaman on Friday will move the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019 for consideration and passing in Lok Sabha.

In December last year, the Union Cabinet had approved a proposal to promulgate an ordinance to amend the Insolvency and Bankruptcy Code (IBC) 2016.

The amendments will remove certain ambiguities in the IBC 2016 and ensure smooth implementation of the code, an official statement said.

The move is aimed at easing the insolvency resolution process and promoting the ease of doing business. Aimed at streamlining of the insolvency resolution process, the amendments seek to protect last-mile funding and boost investment in financially-distressed sectors.

Under the amendments, the liability of a corporate debtor for an offence committed before the corporate insolvency resolution process will cease.

The debtor will not be prosecuted for an offence from the date the resolution plan has been approved by the adjudicating authority if a resolution plan results in change in the management or control of the corporate debtor to a person who was not a promoter or in the management or control of the corporate debtor or a related party of such a person.

The amendments are aimed at providing more protection to bidders participating in the recovery proceedings and in turn boosting investor confidence in the country's financial system.

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News Network
January 21,2020

Lucknow, Jan 21: Defending his brainchild, the Citizenship Amendment Act (CAA), Union home minister Amit Shah on Tuesday said the new law will not be scrapped despite the countrywide protests against it.

Addressing a rally here to drum up support for the CAA, Shah also declared that construction of a Ram temple "touching the skies" in Ayodhya will begin within three months.

He said there is no provision in the amended law for taking anyone's citizenship away. "A canard is being spread against the CAA by the Congress, SP, BSP, and Trinamool Congress. The CAA is a law to grant citizenship," he added.

"I want to say that irrespective of the protests this will not be withdrawn," he added.

Shah challenged Congress leaders to hold a discussion with him on CAA at a public forum.

He named Congress leader Rahul Gandhi, Samajwadi Party's Akhilesh Yadav, Bahujan Samaj Party's Mayawati and TMC chief Mamata Banerjee while throwing the "challenge".

Congress has become blind due to vote bank politics,"he said. He also blamed the Congress for Partition.

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