Emergency gave rise to new kind of politics: PM

October 11, 2015

New Delhi, Oct 11: Terming Emergency as the biggest blow to democracy, Prime Minister Narendra Modi today said its memories should be kept alive to further fortify the democratic structure as the struggle against it gave birth to a new generation of leaders and a new kind of politics in the country.

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"Emergency was the biggest blow to democracy. The kind of crisis that hit the country during that period had tempered the Indian democracy which came out stronger. I am grateful to those who struggled and fought against it. ...

"Emergency should be remembered not to cry or brood over what had happened then, but to strenghten our resolve to fortify and further strengthen the democratic values and framework in our country," Modi said at a programme 'Loktantra Prahari Abhinandan' to mark Loknayak Jayaprakash Narayan's 113th birth anniversary.

Paying glowing tributes to the Loknayak, he felicitated many of those who fought against Emergency and went to jail in 1975-76, including BJP veteran L K Advani and Akali Dal chief Parkash Singh Badal.

The Prime Minister earlier also visited the residences of former Prime Minister Atal Bihari Vajpayee and former NDA Convenor George Fernandes who had played a significant role in the fight for democracy in those days.

"The biggest message that came out of the anti-Emergency struggle was the inspiration to fight repression. So many people in politics today owe their initial days to those days of Emergency, JP Movement, Navnirman Movement ... they gave birth to a new kind of politics in the nation," the Prime Minister said.

Modi said "we do not want to remember Emergency to criticise someone, but to constantly be reminded of commitment towards democracy and freedom of press."
He said the Indian media may have its preferences, but it should never let people of forget the days of Emergency.

"Media should not let the country forget Emergency," he said, adding that the leadership born during Emergency was not one for TV screens. "It was a leadership committed to live and die for the nation."

Attacking then Prime Minister Indira Gandhi for imposing Emergency, Modi said something good emerges even from a bad and the struggle that ensued during that period helped strengthen democracy.

Noting that the struggle by Jayaprakash Narayan for democracy should be treated as a benchmark, he said his speeches reflected the "deep anguish" of the people who had suffered during Emergency. "Even though he was a soft-spoken man, his speeches were like the boiling lava."

Observing that democratic values are inherent among Indians, Modi said though the top political leadership was in jail when elections were announced by then Prime Minister Indira Gandhi, it was the people who sent home many bigwigs by exercising their franchise.

While there was one view at that time to boycott these elections, another view was to take part in them, he said.

"When elections were declared in 1977, the top leadership was in jail. No one knew what was happening outside. But see the strength of people and their respect for democracy. Elections were held in the shadow of fear, people did not attend public meetings due to fear. But voters sent home many bigwigs by employing the mighly tool of democracy," he said.

Modi said Indira Gandhi was more bothered about her image abroad than within the country, he said, adding that several opposition leaders went to foreign countries to spread the word against repression.

Paying glowing tributes to Jayaprakash Narayan, Modi said, "JP's message of total revolution should give us the strength to convert it into the form of total development while bringing about 'sabka saath, sabka vikas' and to further strengthen democracy."

He also lauded JP for being a person with an open mind who was not restricted to any one thought or ideology. "He lived for the truth and what he felt was right," he said.
Modi also recalled how he had worked closely with veteran leader L K Advani, whom he saw closely during the Emergency and highlighted the role played by Akali leaders who differed with the political views of those in power at the time.

He lauded Punjab Chief Minister Parkash Singh Badal as the 'Nelson Mandela of India', saying "he has spent so many years in prison and that too for political reasons."

"The programme to mark JP's birth anniversary was a great walk down the memory lane, with those who participated in anti-Emergency movement," he later tweeted.

Modi's comments on Jayaprakash Narayan came a day ahead of the first phase of polling in the Bihar assembly elections.

Besides Advani and Badal, among others felicitated at the function were four Governors -- Kalyan Singh, O P Kohli, Balram Dass Tandon and Valubhai Vala, former Deputy Speaker Kariya Munda, besides BJP leaders V K Malhotra, Jaywantiben Mehta and Subramanian Swamy,    NCP leader D P Tripathi, Kameshwar Paswan and Arif Baig.

Advani said the focus after independence was not just on freedom from colonialism but also on strengthening democratic framework, while Badal said JP was one who thought of integrating and developing villages. "JP was an institution, he was a light house and a role model," Badal said.

Describing JP as "an all-party man", Union Minister Venkaiah Naidu said that is why he could bring about such a change in the country.

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Agencies
July 7,2020

Bhopal, Jul 7: Anil Mishra, personal assistant to BJP Rajya Sabha MP Jyotiraditya Scindia, has tested positive.

He has been accompanying Scindia throughout his tours post-corona infection.

His contact trail is longer than that of Scindia. He has been in touch with Chief Minister Shivraj Singh Chouhan.

Mishra was present during Scindia's meetings with the MLAs and the swearing in ceremony of the MP ministry on July 2.

BJP sources say there is concern over the possible list of people who will be put in isolation to check the spread of the virus.

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Agencies
June 2,2020

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.

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News Network
January 9,2020

Mumbai, Jan 9: India's weddings are famously lavish -- lasting days and with hundreds if not thousands of guests -- but this season many families are cutting costs even if it risks their social standing.

It is symptomatic of a sharp slowdown in the world's fifth-largest economy, with Indians spending less on everything from daily essentials to once-in-a-lifetime celebrations.

Growth has hit a six-year low and unemployment a four-decade high under Prime Minister Narendra Modi. Prices are rising too, squeezing spending on everything from shampoo to mobile data.

Chartered accountant Palak Panchamiya, for example, has already slashed the budget on her upcoming Mumbai nuptials by a third, trimming spending on clothing and the guest list.

"Initially I chose a dress that cost 73,000 rupees ($1,000)," Panchamiya told news agency as she picked through outfits at a recent marriage trade fair.

"But my partner felt it was too expensive, and so now I am here reworking my options and looking for something cheaper."

India's massive wedding industry is worth an estimated $40-50 billion a year, according to research firm KPMG.

The celebrations can last a week and involve several functions, a dazzling variety of cuisines, music and dance performances, and lots of gifts.

Foreigners can even buy tickets to some events.

But these days, except for the super-rich -- a recent Ambani family wedding reportedly cost $100 million -- extravagance is out and frugality is in as families prioritise saving.

"Earlier Indian weddings were like huge concerts, but now things have changed," said Maninder Sethi, founder of Wedding Asia, which organises marriage fairs around the country.

Cracks emerged in 2016 when the Indian wedding season, which runs from September to mid-January, was hit by the government's shock withdrawal of vast amounts of banknotes from circulation in a bid to crack down on undeclared earnings.

Mumbai-based trousseau maker Sapna Designs Studio shut for months as the economy was turned on its head by Modi's move.

"No exhibitions were happening and there were no avenues for us to sell either," said Vishal Hariyani, owner of the clothing studio.

Hopes for a recovery proved short-lived when the cash ban was followed by a botched rollout of a nationwide goods and services tax (GST) in 2017 that saw many small-scale businesses close.

Since then, keeping his studio afloat has been a challenge, with consumers increasingly reluctant to spend too much, says Hariyani.

"We customise our clothes as per their budgets, and now week-long weddings have been converted to just a 36-hour ceremony," he told news agency.

"We have to pay GST, pay workers and even offer discounts to customers," he added.

"The whole economy has slowed down and reduced spending on weddings is a by-product of that. Everyone except the super-rich are affected," Pradip Shah from IndAsia Fund Advisors told news agency.

"It is reflective of how sombre the mood is," he said.

In a country where families traditionally spend heavily on weddings -- including taking on debt in some cases -- the downturn is also a source of sadness and shame, with elaborate celebrations often seen as a measure of social status.

"We haven't even invited our neighbours. It is embarrassing but the current situation doesn't offer us much respite," 52-year-old Tara Shetty said ahead of her son's wedding.

"In my era, we always spent a lot and had thousands of people attending the weddings," she explained.

"My wedding was supremely grand, and now my son's is the polar opposite."

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