Create schools, hospitals on 5-acre Ayodhya plot: Salim Khan

News Network

November 11, 2019

Mumbai, Nov 11: Veteran screenwriter Salim Khan on Sunday reacted to Supreme Court's Ayodhya verdict by claiming Muslims should set up schools and hospitals instead of a mosque on the 5-acre plot given to the community as per the apex court order.

Screenwriter Javed Akhtar, who along with Khan, formed the legendary Salim-Javed pair, called for the construction of a charitable hospital with contribution from people of all communities on the plot.

The Supreme Court in a unanimous verdict on Saturday cleared the way for the construction of a Ram Temple at the disputed site at Ayodhya and directed the Centre to allot a 5-acre plot to the Sunni Waqf Board for building a mosque.

Khan (83), the co-writer of legendary movies like Sholay and Deewar, added it was good the issue had finally ended.

"Like a film, it has come to an end. It doesn't matter if you criticise it, call it good or whatever, it's the end. This was going on for years and was long-drawn, becoming more complicated than ever. The Supreme Court took time and gave a verdict. You cannot go on about it now," Khan told PTI.

"We have to offer namaz, but we can do it from anywhere, on train, plane, while travelling. All we need is a clean place. We don't need a masjid for that. Today's priority is schools, colleges, hospitals. We must look into that," he added.

"We must build schools, hospitals and colleges on the five-acre land. Our tall leaders will come from educational institutions. In fact, the first chapter of our Holy Book focuses on the importance of education," Khan stated.

He said the film industry did not have good writers because "no one reads books here anymore", stressing that "we need to change this".

His former writing partner Javed Akhtar tweeted, "It would be really nice if those who get the 5 acres as compensation decide to make a big charitable hospital on that land sponsored and supported by the people all the communities."

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Hi,

Please give land back to govt we dont require charity .Muslim have enough money to buy 5 acers land.

we fought case not for 5 acers land.

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With highest single-day spike of 38,902 cases, India's COVID-19 tally reaches 10,77,618

News Network

July 19,2020

New Delhi, Jul 19: With the highest single-day spike of 38,902 cases reported in the last 24 hours, India's total COVID-19 tally on Sunday reached 10,77,618, informed the Union Health and Family Welfare Ministry on Sunday.

The death toll has gone up to 26,816 with 543 fatalities reported in the last 24 hours.

The Health Ministry said the total number of cases includes 3,73,379 active cases and 6,77,423 patients have been cured/discharged/migrated.

Maharashtra remains the worst affected state with 3,00,937 cases reported until Saturday.
Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,34,33,742 samples have been tested for COVID-19 till July 18, of these 3,61,024 samples were tested yesterday.

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ABB India Q1 profit drops to Rs 66 crore on COVID-19 impact

News Networkwork

May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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India needs to look beyond what rating agencies think, says Raghuram Rajan

Agencies

August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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