From economy to cricket, it is all ‘depressing’ news says Pak CJI

Agencies
June 20, 2019

Islamabad, Jun 20: Pakistan’s chief justice Asif Saeed Khosa Wednesday lamented that Pakistanis were only hearing “depressing” news these days -- on the state of the economy, politics and even from the cricket field.

Addressing a ceremony to highlight the work of model courts in Pakistan, the Chief Justice of Pakistan said that the reports of the ‘national economy in ICU’ were not good news.

“We hear about the economy and we are told that either it is in the Intensive Care Unit (ICU) or it has just come out of the ICU,” he said, referring to the serious balance of payments crisis that threatens to cripple Pakistan’s economy.

The cash-strapped government of Prime Minister Imran Khan is negotiating with the International Monetary Fund, the World Bank and the Asian Development Bank for bailout packages worth billions of dollars.

“We see the noise coming out of Parliament and we see that leader of the house as well as the leader of the opposition, they are not even being allowed to speak. It depresses,” he said, pointing out to the confrontation between the ruling Pakistan Tehreek-e-Insaf (PTI) and Pakistan Muslim League-Nawaz (PML-N) in the National Assembly.

“We change the channel, we look at the Cricket World Cup, unfortunately again the news is depressing,” Khosa was quoted as saying by Dunya News. Apparently commenting about the recent ICC World Cup loss Pakistan suffered at the hands of arch-rival India, Khosa said: “We try and get away from all the negativity around us and turn on the TV, change the channel and we see our team losing the match.”

During such chaotic times, the only good news people are hearing comes from the courts of Pakistan, the chief justice said.

“Now in this depressing atmosphere, I am very happy to say that at least there is one sector in our society from where some good news is coming. “As the relevant organ of the state and in charge of dispensation of justice, it is our constitutional responsibility to provide inexpensive and expeditious justice. This is a gigantic task,” he said. Khosa has said 5,800 trials were decided through model courts in 48 working days.

The priority of the judiciary is to provide justice to public without delays, he said, adding that the concept of Artificial Intelligence (AI) was being introduced in Pakistan’s judicial system which will factor in with the due process of inquiries.

“The AI system will help in taking us closer to the truth and would be able to help the judges know about the verdicts they have given in the past.

Khosa said that the Supreme Court of Pakistan is the first apex court in the entire world, which has started hearing cases online. He said a state of the art Research Centre has been established at the Supreme Court, where five to six search engines will be installed to facilitate the legal fraternity and researchers, Radio Pakistan reported.

“I am proud of the good news coming out from the judiciary and God willing they will continue to come,” he added.

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News Network
July 10,2020

New Delhi, Jul 10: With the highest single-day spike of 26,506 COVID-19 cases and 475 deaths reported in the last 24 hours, the total number of COVID-19 cases in India reached 7,93,802 on Friday, according to the Union Ministry of Health and Family Welfare.

Out of the total number of cases, 2,76,685 are active, 4,95,513 have been cured/discharged/migrated and 21,604 have died so far due to the infection.

With as many as 2,30,599 COVID-19 cases, Maharashtra continues to remain the worst-affected state, followed by Tamil Nadu (1,26,581) and Delhi (1,07,051).

Meanwhile, 2,83,659 samples were tested for coronavirus on Thursday, taking the total number of samples tested up to July 9 to 1,10,24,491, according to the Indian Council of Medical Research (ICMR).

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News Network
January 6,2020

Jan 6: Senior Bharatiya Janata Party leader Subramanian Swamy on Sunday said the country's economy is not showing good signs though Prime Minister Narendra Modi has manifested tremendous leadership skills in fighting terror and in social welfare projects.

The fiscal decisions of the government have not yielded the desired results, the Rajya Sabha MP said here.

"Modi had shown tremendous leadership skill in fighting terror, in several social areas, micro areas like bringing toilets to every village home. But the economy is a complex system...," he said while taking part in a discussion.

While every minister is talking about a 5 trillion dollar economy by 2024, but the current GDP growth has to be multiplied in four years to achieve that, the former Union minister said.

He said, if wages are slashed as a measure to cope with the situation, labor will become cheap but that will also cut down the people's purchasing power triggering dip in demand, closing down factories and rise in unemployment.

"This is one problem for which you really need an economist," he said.

Swamy said in jest, "I think Modi has one problem with me. Not only I am an economist but also a politician."

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Agencies
February 10,2020

New Delhi, Feb 10: The government is set to privatise Central Electronics Ltd, a CPSE under the Department of Science and Technology, by selling its 100% stake with management control and has invited the Expression of Interest for the same by March 16.

The selected bidder will be required to lock in its shares for a period of three years during which it cannot undertake the sale of its stake in CEL, the PIM (Preliminary Information Memorandum) said.

"The government of India has 'in-principle' decided to disinvest 100 per cent of its equity shareholding in CEL (which is equivalent to 100 per cent of the total paid up equity share capital of CEL) through Strategic Disinvestment with transfer of management control (Strategic Disinvestment or Transaction)," DIPAM, the Disinvestment Department, said.

The process for the transaction has been divided into two stages, namely, Stage I and Stage II.

After BPCL and Air India, this is yet another CPSE which government is slated to privatise if it gets offers from bidders.

The government has set a challenging target of Rs 2.1 lakh crore disinvestment proceeds from CPSE sell-offs and IPOs, OFSs (Offer for sale) in the next fiscal and it going out all guns blazing to meet that target after revising this fiscal target of Rs 1.05 lakh crore to Rs 65,000 crore.

The Interested Bidders (which can also include employees of CEL) must have a minimum net worth of Rs 50 crore as on March 2019. DIPAM has released complete invitation Preliminary Information Memorandum (PIM) of CEL. Resurgent India Limited is the advisor to the Transaction.

CEL is a pioneer in the country in the field of Solar Photovoltaic (SPV) with the distinction of having developed India's first Solar cell in 1977 and first Solar panel in 1978 as well as commissioning India's first solar plant in 1992.

More recently, it has developed and manufactured the first crystalline flexible solar panel especially for use on the passenger train roofs in 2015.

Its solar products have been qualified to International Standards IEC 61215/61730. CEL is further working on development of a range of new and upgraded products for signaling and telecommunication in the railway sector.

In the SWOT analysis of the CPSE, DIPAM has stated under weakness that "the company has weak financial loss due to past losses, high manufacturing cost and non payment of dues by state nodal agencies affecting the financial position of the company".

The CPSE has adequate land for expansion, the SWOT analysis said adding "the CPSE faces threat of dumping of solar cells at very low rates which makes solar PV manufacturing industry unviable".

Entry of new players in the market for solar products and railway signalling systems also is cited as a threat.

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