Delhi result not a referendum on Modi govt's performance: Naidu

February 4, 2015

New Delhi, Feb 4: Amidst most of the opinion polls giving an edge to AAP in Delhi elections, Union Minister M Venkaiah Naidu today said the electoral mandate in the national capital cannot be seen as a referendum on the performance of Narendra Modi government at the Centre.VENKAIAH NAIDU

"It is the election for the Chief Minister and not for the Prime Minister. Narendra Modi is not fighting assembly elections. It is a state election. You are going to elect a Chief Minister not a Prime Minister. It is the BJP versus the rest. That is all," Naidu told medi persons in an interview.

However, he defended his party's aggressive campaign to win Delhi polls, saying the mood of the country now was to strengthen the hands of the Prime Minister, who is trying to bring a transformation and Delhi being the capital, naturally acquires importance.

Dismissing that Delhi polls were Modi versus Arvind Kejriwal, he said, "Who is Kejriwal. He fought Parliamentary elections. See, what happened. The same thing is going to happen to him here also. There is no comparison between Modi and Kejriwal. Modi is the Prime Minister of India, who has been elected by people and then backed by nearly 400 MPs."

To a specific question on whether the results in Delhi could be called some sort of a referendum on Modi government's performance at the Centre, the minister, who had been President of the BJP twice, wondered, "How can it be? Then what about Maharashtra , Jharkhand, Haryana, Jammu and Kashmir elections. Were they also referendum?"

On the decision to name former IPS officer Kiran Bedi as the party Chief Ministerial nominee, he said it was a "considered decision taken unanimously" by the party leaders and rejected views that her nomination was a mistake.

Naidu also alleged that both AAP and Congress had earlier "ruled and ruined" Delhi together and will join hands again.

Terming as "absurd" Congress general secretary Digvijay Singh's remarks that there could be BJP's hand behind AAP funding allegations, he said, "Congress and AAP have very good connections. They were together.

"They have ruled and ruined Delhi.... That shows where does the Congress sympathy lie. They are trying to rescue AAP. It's an indication of things to come. People should see it. I say 'pyar kiya to darna kya'... Tell people that you are together".

Pointing out that it was not BJP which had levelled allegations against AAP but its own former members, Naidu said, "We have not made these allegations. These allegations are to be seen in the backdrop of AAP claiming to be seen as a clean party, value-based party.

"They (AAP) said all other parties accept cash but they do not. They said they check it and have a high-level committee, which scrutinises all this. People have a right to know whether the high-level committee met, scrutinised the donations, approved it? Are they aware of the antecedents of these people? Who are they? What are their source? They are now trying to divert the issue."

On AAP's position that it was ready for a probe with the rider that it should also cover the funding of Congress and BJP, Naidu claimed that they want to buy time, prolong it till the time poll is over. "Then enquiry or no enquiry will not matter. That is why they are trying to buy time. That is why they are talking about going to the Supreme Court on such an issue. These are diversionary tactics. AAP is caught pants down. They have no answer," he said.

Asked why the BJP manifesto for Delhi is silent on the issue of statehood for Delhi, a demand which they raised many times, Naidu did not give a direct answer and said while this is being talked about for years, "there is no consensus in the political parties. That is why."

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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Agencies
May 17,2020

New Delhi, May 17: Following the COVID-19-induced economic disruptions, up to 135 million jobs could be lost and 120 million people might be pushed back into poverty in India, all of which will have a hit on consumer income, spending and savings, says a report.

According to a new report by international management consulting firm Arthur D Little, the worst of COVID-19's impact will be felt by India's most vulnerable in terms of job loss, poverty increase and reduced per-capita income, which in turn will result in a steep decline in the Gross Domestic Product (GDP).

"Given the continued rise of COVID-19 cases, we believe that a W-shaped recovery is the most likely scenario for India. This implies a GDP contraction of 10.8 per cent in FY 2020-21 and GDP growth of 0.8 per cent in FY 2021-22," the report said.

India's COVID-19 tally has crossed 90,000 and the nationwide death toll has touched nearly 2,800 so far.

The report titled "India: Surmounting the economic challenges posed by COVID-19: A 10-point programme to revive and power India's post-COVID economy" said the 'collateral damage' of the forecasted GDP slowdown, will be felt most acutely in employment, poverty alleviation, per-capita income and overall nominal GDP.

"Unemployment may rise to 35 per cent from 7.6 per cent resulting in 136 million jobs lost and a total of 174 million unemployed. Poverty alleviation will receive a set-back, significantly changing the fortunes of many, putting 120 million people into poverty and 40 million into abject poverty," the report said.

"India is headed towards a W-shaped economic recovery with a potential GDP contraction of 10.8 per cent in FY21. An opportunity loss of USD 1 trillion is staring India in its face," said Barnik Chitran Maitra, lead author of the report and Managing Partner & CEO of Arthur D Little, India and South Asia.

Maitra further said "for its USD 5 trillion vision, a radical economic approach is needed, centred on an immediate stimulus and structural reforms. The Prime Minister's visionary 'Atma Nirbhar Bharat Abhiyan' is a good start to this new approach."

The report lauded the steps taken by the government and the Reserve Bank of India, but said a far more assertive approach may be required given the magnitude of the adverse economic output.

The report suggested a 10-point programme to accelerate the recovery which include strengthening the 'safety net' significantly for the most vulnerable, enable survival of small and medium businesses, restarting the rural economy and providing targeted assistance to at-risk sectors.

It further said the government should launch "Make in India 2.0" to capture global opportunities, build 'Modern India', accelerate Digital India and Innovation, strengthen global investment corridors with the US, UAE, Saudi Arabia, Japan and the UK, debottleneck land and labour and transform banking and financial markets in a bid to secure a sustainable economic future for 1.3 billion Indians. 

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News Network
May 9,2020

Lucknow, May 9: The first patient to receive plasma therapy as an experimental treatment for coronavirus infection in Uttar Pradesh died following a heart attack on Saturday.

The patient, a 58-year-old doctor, was admitted at the King George’s Medical University (KGMU) here.

The doctor, who was on ventilator since the last 14 days, died on Saturday evening following a heart attack, KGMU Vice-Chancellor M L B Bhatt said.

Since he had high blood pressure and diabetes, he was under the continuous observation of doctors in the isolation ward, Bhatt said.

“The patient was in a stable condition. His lungs had improved, but he later developed urinary tract infection. Two reports of his samples came out as negative (for COVID-19) today,” the vice-chancellor said.

“He, however, suffered a heart attack around 5 pm. Despite all efforts, he could not be saved,” he said.

The doctor from Orai in Uttar Pradesh was administered plasma therapy at the state-run KGMU on April 26. He was administered the plasma donated by a doctor from Canada who was the first COVID-19 patient admitted at the hospital and later recovered.

Tulika Chandra of Blood Transfusion Department, KGMU said, "When the patient was given plasma therapy, his condition was very bad. His lungs, however, improved. But as he was an old patient with diabetes, he was kept on the ventilator.”

Convalescent Plasma Therapy is an experimental procedure for treating COVID-19 patients. In this treatment, plasma, a blood component, from a cured patient is transfused to a critically ill coronavirus patient.

The blood of a person who has recovered from COVID-19 develops antibodies to fight the virus. This therapy uses the antibodies from the blood of a cured patient to treat another critical patient.

The Union health ministry, however, had advised against considering the therapy to be a regular treatment for coronavirus, adding it should be used for research and trial purposes till there is a piece of robust scientific evidence to support its efficacy.

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