Construction, property industries in trouble: Rajan

News Network
December 7, 2019

Dec 7: India’s real estate, construction and infrastructure industries are in “deep trouble,” and non-bank finance companies which lend to these sectors should have their asset quality reviewed, former Reserve Bank of India (RBI) Governor Raghuram Rajan said.

There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in a growth recession, defined as an economy growing at a slow pace and where unemployment is rising.

India’s GDP growth slowed to 4.5% in the quarter ended September, a six-year low. A crisis among shadow lenders and a build-up of bad loans at banks have curbed lending in the economy.

The RBI should carry out an asset quality review of the non-bank finance companies, Rajan said. The central bank closely monitors the top fifty non-bank financiers, which account for about 75% of total assets in the shadow banking sector, Governor Shaktikanta Das said in a press conference on Thursday.

“We have a fairly good idea of where the vulnerabilities lie,” said Das, reiterating that the central bank won’t allow any large or systematically important non-bank lender to collapse.

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News Network
February 29,2020

New Delhi, Feb 29: Former Union Minister M J Akbar told a Delhi court on Friday that journalist Priya Ramani had defamed him by calling him with adjectives such as 'media's biggest predator' in the wake of #MeToo movement in 2018 that harmed his reputation.

M J Akbar made the allegations before Additional Chief Metropolitan Magistrate Vishal Pahuja through his lawyer during the final hearing of a private criminal defamation complaint filed by him against Priya Ramani. Akbar resigned as Union minister on October 17, 2018.

Ramani in 2018 accused Akbar of sexual misconduct around 20 years ago when he was a journalist.

Senior advocate Geeta Luthra, appearing for Akbar, said that the allegations were intentional and malafide.

“When you call someone media's biggest predator, it is per se defamatory. Calling a person with such adjectives is on the face of it defamatory. In the eyes of the people, Akbar's reputation was harmed... The per se effect was lowering of my (Akbar) reputation in the eyes of the right thinking members of the society,” she told the court.

She said there was no due process in the allegations. “It has a cascading effect. Embarrassing questions were asked. I (Akbar) am a person of greatest integrity... There was no due process in the allegations. You cannot just make allegation and let that person suffer,” she added.

Luthra said that if there was any grievance, it had to be raised then and there before the appropriate authority.

“We need to realise the effect has what we say or what we do. It's not like she went to any authority or raised any grievance. Opportunity was there, rights were there but to attack so person behind their back on social media...knowing that his whole life will be adversely affected? It's not right,” she said.

M J Akbar has denied all the allegations of sexual harassment against the women who came forward during #MeToo campaign against him.

Akbar had earlier told the court that the allegations made in an article in the 'Vogue' and the subsequent tweets were defamatory on the face of it as the complainant had deposed them to be false and imaginary and that an “immediate damage” was caused to him due to the “false” allegations by Priya Ramani.

Ramani had earlier told the court that her “disclosure” of alleged sexual harassment by Akbar has come at “a great personal cost” and she had “nothing to gain” from it.

She had said her move would empower women to speak up and make them understand their rights at workplace.

Several women came up with accounts of the alleged sexual harassment by M J Akbar him while they were working as journalists under him.

He has termed the allegations “false, fabricated and deeply distressing” and said he was taking appropriate legal action against them.

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News Network
July 11,2020

New Delhi, Jul 11: Poll strategist Prashant Kishor took a swipe at Bihar Chief Minister Nitish Kumar on Saturday, saying this is time to fight the coronavirus not elections and that he should not endanger people's lives in a "hurry" to hold the assembly polls.

"The coronavirus situation in Bihar is worsening like it is in many other states of the country. But a big part of government machinery and resources are busy making preparation for the polls.

"Nitish Kumar ji, this isn't time to fight elections but the coronavirus. Don't endanger people's lives in this hurry to hold the polls," he tweeted.

Kishor, once a confidant of the JD(U) president before he turned a critic and was expelled from the party, joins leaders like LJP chief Chirag Paswan and RJD's Tejashwi Yadav in suggesting that the Bihar assembly polls should be deferred due to the pandemic.

Polls in Bihar are due in October-November but the Election Commission has so far not made any official announcement about its schedule.

The BJP and the JD(U) have been holding organisational meetings and said that they are ready for the elections.

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News Network
May 27,2020

May 27: At a time when India is struggling with the deadly coronavirus, huge swarms of locusts in many states has bought nightmares to the farmers.

Experts warn of extensive crop losses if authorities fail to curb the fast-spreading swarms by June when monsoon rains spur rice, cane, corn, cotton, and soybean sowing.

Locusts entered India after traveling from Africa through Yemen, Iran and Pakistan.

After massive devastation in Pakistan, t swarms of locusts entered India through Rajasthan and Gujarat. The number is so large that the farmers and authorities are feeling helpless in tackling the threat.

The situation has become more alarming as the locusts is spreading across the country at an extremely fast rate. After badly affecting the crops in Rajasthan, Gujarat, Maharashtra, and Madhya Pradesh, the swarm of locust have now entered Uttar Pradesh.

In Rajasthan alone, the locust attack has damaged 5 lakh hectares of crop and nearly 17 districts of Madhya Pradesh have also seen their terror. Earlier from May 2019 to February 2020, too, the locust swarms entered India several times.

Speaking on the current situation, Dr Ram Pravesh, District Agricultural Officer, Agra, Uttar Pradesh said the Department of Agriculture is working with farmers in dealing with the situation. He urged the farmers to inform their Mandal Krishi Adhikari if they require any help.

India's largest-ever locust attack was in 1993 when more than three lakh hectares of cultivated land were completely destroyed.

Earlier in 2020, farmers salvaged their wheat and oilseed crops from a previous locust scourge.

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