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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News Network
March 9,2020

Mumbai, Mar 9: India's Yes Bank will not be merged with State Bank of India, which is set to infuse funds in the beleaguered lender, the newly appointed administrator leading the rescue plan said in a television interview on Monday.

"There is absolutely no question of a merger," Prashant Kumar, the administrator, told the CNBC TV18 channel.

The Reserve Bank of India (RBI) on Thursday took control of Yes Bank, after the lender - which is laden with bad debts - failed to raise the capital it needs to stay above mandated regulatory requirements.

Placing Yes Bank under a 30-day moratorium, the central bank imposed limits on withdrawals to protect depositors and said it would work on a revival plan. The move spooked depositors, who rushed to withdraw funds from the bank.

Kumar, a former finance chief at SBI, assured depositors their money was safe and that the moratorium on Yes Bank might be lifted much before the deadline on April 3 and normal banking operations might resume as early as Friday.

He also mentioned that the withdrawal limit of Yes Bank may be removed by March 15, 2020.

SBI Chairman Rajnish Kumar said on Saturday the state-run bank would need to invest up to 24.5 billion rupees ($331 million) to buy a 49% stake in Yes Bank as part of the initial phase of the rescue deal, adding that the survival of troubled lender was a "must".

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News Network
April 4,2020

Srinagar, Apr 4: Two militants were reportedly killed in an encounter with security forces in Kulgam district of Jammu and Kashmir on Saturday, police said.

The security forces launched a cordon and search operation based on intelligence inputs about the presence of militants in Hardmand Guri village in Kulgam, a police spokesperson said.

"This operation based on a credible police input was launched this morning. Two terrorists have been reportedly killed so far," the spokesperson said, adding that the exchange of fire was going on.

Earlier, the police tweeted on its official handle that three militants had been trapped in the cordon. "Same group of #terrorists trapped who killed 3 civilians recently," the police said.

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News Network
March 25,2020

India will suspend all domestic flights from midnight Tuesday, the final piece of a nationwide lockdown that threatens Prime Minister Narendra Modi’s attempts to revive an economy already expanding at the slowest pace in more than a decade.

The flight ban compliments a cancellation of all passenger trains through March 31, as authorities try to halt the spread of the coronavirus in the world’s second-most populous country, which has poorly equipped hospitals and inadequate social security. Modi on Monday held a conference call with some of India’s top entrepreneurs and bankers, who urged policymakers to immediately slash interest rates by as much as a full percentage point, transfer cash to the poorest citizens, and suspend loan-repayments.

Over the past three days, state after state has declared curfews and India’s international borders have been shut for most visitors since March 11. India so far has 492 virus cases, including nine deaths. But experts say the country could be on the same trajectory as Italy, where the outbreak quickly escalated, causing hospitals to overflow.
A traveller stands outside a near-empty Delhi Junction Railway Station in Delhi, March 22.

"This is the biggest lockdown in world history,” said Raghu Raman, a former soldier with the Indian Army and founder of the National Intelligence Grid, an umbrella database aimed at countering terrorism. “This strategic pause gives decision-makers more time to arrest the exponential spread of the virus and evaluate trade-offs.”

Controlling the outbreak is crucial for Modi, who remains India’s most popular political leader currently though his economic management has faced criticism. Foreign investors are selling Indian assets at an unprecedented pace and failure to contain deaths and infections could erode some of the prime minister’s personal appeal at home.

Oxford Economics slashed India’s January-March growth forecast to 3%, a number not seen even during the worst of the global financial crisis. The main equity gauge rose about 3% on Tuesday after a record 13.2% plunge Monday, and the rupee stayed near its all-time low.

“A part of the cerebral cortex that senses fear and survival seems to have activated in the minds of investors,” said Umesh Mehta, Mumbai-based head of research at Samco Securities Ltd. “The only relief in this market can come from either policy makers and regulators, or from some positive news that a cure for the pandemic is near.”

Bloomberg Economics estimates Modi’s administration needs at least 1% of gross domestic product -- $30 billion -- to meaningfully respond to the virus outbreak. Meanwhile, the nation’s billionaires are diverting their factories to manufacture medical equipment and pledging to keep paying their staff even as production grinds to a halt. India allowed companies to use their philanthropy funds to prevent the spread of the coronavirus.

Reliance Industries Ltd., controlled by India’s richest man Mukesh Ambani, has helped equip a hospital in Mumbai dedicated to patients of Covid-19, the disease caused by the coronavirus. It will also build quarantine centers and produce 100,000 facemasks a day and other personal protective equipment for health workers. The group’s telecom unit will offer free broadband to enable work-from-home during the lockdown and will pay its lowest paid workers twice a month to protect household incomes.

Ambani joins Mahindra & Mahindra Ltd. Chairman Anand Mahindra and Vedanta Resources Ltd. Chairman Anil Agarwal -- a combined worth of more than $40 billion between the trio -- who have so far made pledges.

Indian companies are responding to Modi’s shutdown call. Maruti Suzuki India Ltd., Tata Motors Ltd., Toyota Kirloskar Motor, Hero MotoCorp., Samsung Electronics Co. and LG Electronics Inc., Mahindra Group, TVS Motor Co., Kia Motors Corp., Renault Nissan Automotive India Private Ltd., and Yamaha Motor India are among companies that have announced factory suspensions.

Policymakers are aware of the risks of such a move. India -- with a record 5.9 trillion rupees of local corporate debt maturing this year -- faces “waves of default” if cash flows aren’t maintained, the government’s principal economic adviser Sanjeev Sanyal said an interview.

Finance Minister Nirmala Sitharaman last week said the government will announce a relief package for coronavirus-affected sectors as soon as possible. The Reserve Bank of India, which is due to review interest rates April 3, announced a 1 trillion rupee cash injection on Monday.

“Let me assure, whatever it takes to keep the cash flow going in the economy will be done,” Sanyal said. “We need to make sure that when we are past the health storm, we still have an economy that has not gotten gridlocked. Because unwinding that would be more difficult.”

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