'Govt ready to pay political price for tough decisions'

Agencies
December 14, 2018

Mumbai, Dec 14: Union Minister Nitin Gadkari on Wednesday said his government is ready to "pay a political price" for stringent decisions like demonetisation and the GST, even as he admitted there is an agricultural crisis and rural distress in the country.

He also hoped the results of the 2019 Lok Sabha elections won't be the same as the just-concluded assembly polls, in which the BJP lost three states to the Congress.

Stressing that agriculture was a focus area for the Modi government at the Centre, Gadkari said it was a complex issue and its remedy would take time.

Drawing a parallel, the minister said anything can happen in politics and cricket and it would be wrong to assume that the assembly results were giving a reflection of what would happen during the general elections next year.

He said development was the focus of the BJP and the Prime Minister Narendra Modi-led government, and they were ready to pay a political price for "certain stringent decisions" like demonetisation and GST, taken in the "interest of the country".

Speaking at the India Economic Conclave organised here by Times Network, the Minister for Road Transport and Highways said agenda of politics was different at national, state, district and municipal levels and it is highly difficult to predict on which issue a political party wins.

"As far as we are concerned, our agenda will be development and for this we have taken a few stringent decisions like demonetisation and GST. But I feel these issues should not be politicised as we are seeing its benefits in the form of reduction in black-money and improvement in the economy," he said.

"For the interest of the country if we have to take certain stringent decisions and if we have to pay a political price, we are ready for it," Gadkari added.

Admitting that there was an agricultural crisis and rural distress in the country, he said the government has been taking all necessary measures to ensure the sector grows significantly.

"Agriculture is our priority, but we need to understand that it is such a complex issue that there is no immediate solution and remedy to the problems of this sector and it will take time.

"Also, unless the rural and agri economy becomes robust, unless we increase the purchasing power of the large population and improve employment and boost manufacturing and services sectors, we will not be able to achieve overall development of the nation, and this is our priority," he said.

When asked if the BJP's defeat in three states has dented the party's image, Gadkari said, "It is matter of research on what parameters a voter elects a particular party during elections...Is it stability, economy or employment? But I feel that major part of politics is dominated by three Cs- cash, caste and criminals. Though this approach has changed to some extent, it still exists."

On the Maharashtra government's recent decision to grant 16 per cent reservation in education and government jobs to the Maratha community, Gadkari said, "No one is saying that he is forward and everyone wants to prove that he is backward...this is a fact. This is vote bank politics."

"There are people, who use reservation card strategically to win elections. But there are others who work on the grass-root levels and get elected every time," he said.

Talking about the defeat in Madhya Pradesh where the BJP ruled for 15 years under the leadership of Shivraj Singh Chouhan, the minister said, "After ruling for so many years, anti incumbency was bound to be there. But the outcome of 2019 Lok Sabha maybe or may not be same as that of the recent assembly elections."

"The agenda and subjects of all elections are different. The work which our government has done at the national level will be tested during the Lok Sabha elections only," he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
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).

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 7,2020

Mumbai, Jan 7: Against the backdrop of the attack on JNU students, the Shiv Sena on Tuesday hit out at Prime Minister Narendra Modi and Union Home Minister Amit Shah, alleging that what they wanted was happening, and said such "brutal politics" was never seen before in the country.

An editorial in Shiv Sena mouthpiece 'Saamana' further alleged that the BJP wanted to see "Hindu-Muslim riots" over the Citizenship Amendment Act, but that did not happen.

Since the BJP has been cornered over the issue of CAA, several things are happening out of "revenge", it said.

Comparing the attack on Jawaharlal Nehru University (JNU) students to the 26/11 Mumbai terror strikes, the Shiv Sena said: "divisive politics" was dangerous for the country.

It said the Union Home Ministry's decision to file cases against "unknown" attackers at JNU was laughable. "Those who entered JNU with masks are not unknown," it claimed.

On Sunday, a mob of masked young people stormed the Jawaharlal Nehru University (JNU) campus in south Delhi and targeted students in three hostels, unleashing mayhem with sticks, stones and iron rods, hitting inmates and breaking windows, furniture and personal belongings.

Nearly 34 people were injured in the violence.

"The fallout of JNU attack is being seen elsewhere in the country...what Modi and Shah want is happening. The country is in danger. Divisive politics is dangerous for the country," the Uddhav Thackeray-led party said.

Terrorists who attacked Mumbai on November 26, 2008, were also masked and the same was seen at JNU. Such elements need to be exposed, it said.

"Allowing blood stains in universities, colleges and beating up of students and indulging in politics over the burning situation...such brutal politics was never seen before," the Marathi publication said while terming the attack on JNU students as a "blot" on the law and order situation.

Lashing out at Amit Shah, the Sena said he his in Delhi and busy distributing official pamphlets door-to-door to promote the Citizenship Amendment Act.

There is "confusion and unrest" in the country over the new citizenship law, it pointed out.

"The BJP wanted to see Hindu-Muslim riots over the issue, but that did not happen. The nationwide protests are not being done by Muslims alone. Hindus will also be affected due to the new Act," the Shiv Sena said.

It said the BJP has been cornered over the CAA issue.

Since the prevailing situation is "BJP versus the rest", hence "out of revenge", several things are happening, the Marathi daily said, adding that "there is room for doubt if the JNU attack was part of the revenge."

The BJP has condemned the violence and said universities should stay away from politics, it noted.

"Who brought violence and politics in universities in the last five years? Who is implementing the policy of destroying those who don't agree with your ideology by use of power?" it asked.

Without taking any name, the Sena said those who call students opposing the CAA as anti-nationals, are themselves anti-national.

"When Amit Shah accuses Congress leaders Rahul Gandhi and Priyanka Gandhi of inciting violence, he admits that the Gandhi siblings have that much power to create mass awareness against a law brought in by the Centre and bring people to streets," the Sena said.

One cannot say if the Gandhi siblings incited violence, but one thing is sure that the Union Home Minister and his party are forced to distribute pamphlets to "clarify" on the new citizenship law, it said in sarcastic comments.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.