‘Foolhardy initiatives’, says Manmohan Singh in sharp takedown on Modi govt

Agencies
October 27, 2018

New Delhi, Oct 27: In one of his sharpest attacks yet on Narendra Modi, former prime minister Manmohan Singh said his successor’s rule has not been good for India as he “failed” the electorate and led a government that was “mostly silent” on incidents of communal violence, mob lynching and cow vigilantism.

Singh, while speaking at the launch of Congress leader Shashi Tharoor’s new book, alleged that under the present dispensation the environment in universities and national institutions like the CBI was being vitiated and dissent stifled.

His remarks came amid the current crisis in the CBI, whose top two bosses were divested of their powers and sent on leave by the government. In a scathing criticism of Modi, Singh said he was elected as the 14th prime minister of India on the back of many lofty promises, but in the past four years, he and his government “failed” their electorate and eroded the voters’ faith.

He said Modi is a “paradoxical prime minister” and Tharoor has demonstrated this through his “superbly written and devastatingly accurate book”.

Tharoor’s book is titled “The Paradoxical Prime Minister: Narendra Modi and His India”.

“He (Modi) has spoken of being a prime minister for all Indians but the government he presides over has been mostly silent in the face of widespread communal violence, mob lynching and cow vigilantism.

“At the same time, academic freedoms are being sought to be curbed. The environment in our universities and national institutions like the CBI is being vitiated and dissent stifled,” Singh alleged.

His criticism of the government’s economic policies was even more severe as the former prime minister said nothing concrete had been done to bring back the “promised billions of dollars” allegedly held abroad as black money.

The “hastily-implemented” demonetisation and GST have proved to be “disastrous” for the economy, Singh said. Petrol and diesel prices are at a “historic high” despite the fall in international crude oil prices because the Modi government chose to levy excessive excise duties instead of passing the benefits of low prices to the people of India, he said, adding that Modi, instead, has thought it fit to “punish our people”.

Singh also alleged that Modi presides over a “fearful population, an economy that has been set back by foolhardy initiatives, painful lack of jobs, the growing distress among India’s farming communities, a devastating number of farmer suicides, insecure borders, instability in Kashmir, and the palpable failure in implementation of even laudable initiatives like Swachch Bharat, Skill Development, Make in India and Beti Bachao, Beti Padhao”.

“This is what he presides over, and not a secular, plural, free and equal society that was... envisioned and built in its six and a half decades as a free nation,” he added. Modi’s rule has “not been good” for India and it all arises from the Modi paradox that Tharoor has shown in his book, he said.

“Much of what the Modi government is all about has turned out to be little more than a series of empty gestures...with very little substance having been achieved on the ground,” he said.

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Agencies
July 28,2020

New Delhi, Jul 28: India on Wednesday reported 47,704 more COVID-19 cases in the last 24 hours, taking the country's count of coronavirus cases to 14,83,157, informed the Union Ministry of Health and Family Welfare.

Out of the total cases, there are 4,96,988 active cases in the country while the number of patients cured/discharged and migrated stands at 9,52,744.

With 654 deaths due to COVID-19 in the country reported in the last 24 hours, the death toll rises to 33,425.

The recovery rate among COVID-19 patients has increased to 64.23 per cent. The recoveries to deaths ratio is 96.6 per cent:3.4 per cent, informed the Centre.

As per the data provided by the Ministry, Maharashtra continues to be the worst-affected state from the infection with 1,48,905 active cases and 13,656 deaths due to COVID-19. Tamil Nadu has a total of 53,703 active cases and 3,494 deaths.

Delhi has a total of 11,904 active cases and 3,827 deaths.

The Health Ministry further informed that more than 5 lakh COVID-19 tests were conducted in a single day over two consecutive days. On 26th July, India tested a total of 5,15,000 samples and on 27th July, a total of 5,28,000 samples were tested.

The total number of COVID-19 samples tested up to July 27 is 1,73,34,885 including 5,28,082 samples tested yesterday, said the Indian Council of Medical Research (ICMR).

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News Network
March 28,2020

Amaravati, Mar 28: The state governments of Andhra Pradesh and Karnataka carried out a joint quarantine operation to help over a thousand migrant labourers from various districts of Andhra Pradesh.
The Andhra Pradesh administration received the information that 1,334 migrant labourers were trying to return to the state after obtaining passes from the Deputy Director of Fisheries in Mangalore, Karnataka.
The labourers, according to a press release by the Andhra Pradesh government, were headed towards the Nangili Toll Plaza in Kolar district, from where they would enter the state to return to their native places.
"The Chittoor Collector, Superintendent of Police and Sub-Collector rushed to the spot to coordinate with their counterparts from Kolar, Karnataka. The migrant workers were not permitted to enter AP due to the lockdown and the guidelines of the Union as well as state government," according to the release.
Instead, both the governments decided to initiate a joint quarantine operation in Kolar while taking precautionary measures to ensure that none of the labourers are carriers of the COVID-19 infection.
The Andhra government also reassured the Kolar administration that it will provide doctors, healthcare and all other facilities. It has also issued directions for logistical support, food, water, transport to take the labourers to quarantine facility, and medical team, consisting of 12 doctors, 22 supervisors and other staff, to be provided.
While the Prime Minister had imposed a nationwide lockdown, including the suspension of inter-state travel to prevent the spread of coronavirus, migrant workers and labourers around the country have started returning back to their native places fearing joblessness and cash crunch.
Andhra Pradesh as of Saturday 9:30 am, had 14 confirmed cases of coronavirus while Karnataka's count stood at 55, according to the Ministry of Health and Family Welfare.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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