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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Agencies
May 19,2020

New Delhi, May 19: Former Union Minister P Chidambaram said that as the fourth phase of the nationwide lockdown amid the coronavirus scare began from Monday, his thoughts were with the people of Kashmir who were in a "terrible lockdown within a lockdown."

The senior Congress leader said that at least now, the people in the rest of India will understand that he dubbed the "enormity of the injustice" done to those who were detained in Kashmir and those still under detention" immediately before and after the abrogation of Article 370 of the Indian Constitution on August 5, 2019.

Chidambaram said that former Jammu and Kashmir Chief Minister Mehbooba Mufti was the "worst sufferer" of preventive detention and even courts had shirked their constitutional duty with respect to detainees.

"The worst sufferers are Mehbooba Mufti and her senior party colleagues who are still in custody in a locked-down state in a locked-down country. They are deprived of every human right," he said in a statement.

"I cannot believe that for nearly 10 months, the courts will shirk their constitutional duty to protect the human rights of citizens," he added.

The detention on Mehbooba Mufti under the Public Safety Act (PSA) had been extended for three more months on May 5. Booked under the stringent PSA, she was initially kept at the Hari Niwas guesthouse in Srinagar but later shifted to a Tourism Department hut in the Chashma Shahi area.

She was shifted to her Gupkar Road official residence on April 7.

Besides Mehbooba Mufti, two other former Chief Ministers -- Omar Abdullah and his father Farooq Abdullah -- were also detained under the PSA but later released.

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News Network
January 2,2020

Kolkata, Jan 2: In what could spark fresh tensions between West Bengal Chief Minister Mamata Banerjee and the BJP-led centre, the Union Ministry of Defence on Wednesday rejected her state's tableau proposal for the Republic Day parade on January 26.

"The tableau proposal of West Bengal government was examined by the expert committee in two rounds of meetings. The tableau proposal of the West Bengal government was not taken forward for further consideration by the committee after deliberations in the second meeting," the ministry said in its statement.

Twenty two proposals comprising 16 states and union territories and six ministries and departments have been shortlisted for the parade. The shortlist was compiled from as many as 56 tableau proposals - 32 from states and union territories and 24 from various ministries and departments - received by the central government.

"The expert committee examines the proposals on the basis of theme, concept, design and visual impact before making its recommendations. Due to time constraints arising out of the overall duration of the parade, only a limited number of tableaux can be shortlisted for participation in the parade," the statement read, adding that West Bengal was shortlisted for the 2019 Republic Day parade through a similar process.

"The rejection of the West Bengal tableau for the Republic Day parade is discriminatory. It has been done because West Bengal has been opposing the centre's CAA (Citizenship Amendment Act) and the NRC (National Register of Citizens) plans," Trinamool Congress MP Saugata Roy told news agency.

"West Bengal is known to be living state as far as culture, including arts, music and other things are concerned. So obviously, this is a discriminatory step taken by the central government against West Bengal," Mr Roy added.

The Trinamool Congress-led Bengal government is at loggerheads with the central government over several issues, and the expanding presence of the BJP in the eastern state ahead of the 2021 assembly elections has further intensified their rivalry.

Mamata Banerjee has repeatedly said that she will not allow Bengal to be a part of the proposed nationwide National Register of Citizens, an assertion that the BJP claims is proof of her minority appeasement strategy. Last month, a four-member delegation of Trinamool Congress politicians that visited BJP-ruled Uttar Pradesh to meet families of those killed in violent protests against the Citizenship Amendment Act were stopped by police personnel at the Lucknow airport.

The BJP leadership has now decided to launch a campaign blitzkrieg in West Bengal to counter what it claims is the Trinamool's "misinformation programmes" against the amended citizenship law and reach out to refugees. Protests across the country have currently put the party on the backfoot.

The Citizenship Amendment Act, for the first time, makes religion the test of citizenship in India. The government says it will help minorities from three Muslim-dominated countries get citizenship if they fled to India because of religious persecution before 2015. Critics say it is designed to discriminate against Muslims and violates the secular principals of the Constitution.

Brazilian President Jair Bolsonaro will be the chief guest at the Republic Day celebrations.

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News Network
February 11,2020

New Delhi, Feb 11: The government has decided to rename National Institute of Financial Management (NIFM), Faridabad, as Arun Jaitley National Institute of Financial Management, an official statement said on Tuesday.

Set up in 1993 as a registered society under the Department of Expenditure, NIFM trains officers of Finance and Accounts Services recruited by the Union Public Service Commission (UPSC) as also officers of Indian Cost Accounts Service. The Union Finance Minister is the President of the NIFM Society.

"Aligning the vision and aspiration of the Institute for the future with the vision and contribution of late Arun Jaitley, the Government has decided to rename National Institute of Financial Management (NIFM) as the Arun Jaitley National Institute of Financial Management(AJNIFM)," the statement said.

NIFM has become a premier resource centre to meet the training needs of the central government for senior and middle level of management in the fields of public policy, financial management, public procurement and other governance issues for promoting highest standards of professional competence and practice.

Padma Vibhushan awardee Jaitley was the Union Minister for Finance and Corporate Affairs during May 26, 2014 to May 30, 2019.

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