'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.

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News Network
March 9,2020

New Delhi, Mar 9: A war of words broke out between the BJP and the Congress on Sunday over the Yes Bank crisis with the ruling party seeking to link it with the Gandhi family, while the opposition wondered if the prime minister and finance minister were "complicit" as the bank's loan book grew manifold.

Posting on Twitter a clip of a news channel report that Rana Kapoor, the arrested Yes Bank founder, had bought a painting from Congress leader Priyanka Gandhi Vadra, BJP's information and technology wing in-charge Amit Malviya alleged that every financial crime in India has "deep links" with the Gandhis.

The Congress dismissed the charge "fake" and called it a "diversionary" tactic.

It said Priyanka Gandhi had sold an M F Hussain painting of her father Rajiv Gandhi to Kapoor for Rs 2 crore, and the entire amount was disclosed in her income tax return of 2010.

Malviya tweeted, "Every financial crime in India has deep link with the Gandhis. Mallya used to send flight upgrade tickets to Sonia Gandhi. Had access to MMS (Manmohan Singh) and PC (P Chidambaram). Is absconding. Rahul inaugurated Nirav Modi’s bridal jewellery collection, he defaulted. Rana bought Priyanka Vadra’s paintings."

Congress' chief spokesperson Randeep Surjewala asked how does an M F Hussain painting of Rajiv Gandhi sold 10 years ago by Priyanka Gandhi to Yes Bank owner Rana Kapoor and disclosed in her tax returns connect with unprecedented giving of loans of Rs 2,00,000 crore in five years of the Modi government.

"More so, when (Kapoor's) proximity to BJP leaders is well known," he said.

Rubbishing the BJP's allegation, Congress spokesperson Abhishek Manu Singhvi at a press conference said it was a "diversionary" tactic by the government.

He noted that the bank's loan book rose from Rs 55,633 crore in March 2014, the year Narendra Modi became prime minister, to Rs 2,41,499 crore in March 2019.

"Why did the loan book rise by 100 per cent in two years after demonetisation i.e from Rs 98,210 cr in March 2016 to Rs 2,03,534 ar in March 2018? Were PM and FM sleeping, ignorant or complicit?" he asked.

The entire amount Priyanka Gandhi had received was in cheque and was fully disclosed in the income tax return, Singhvi said.

Surjewala, taking to Twitter, said instead of diverting from the real issue of people's money sinking into a bad bank, should not the government answer questions like how did loans given by Yes Bank rise from Rs 55,633 crore in March 2014 to Rs 2,41,499 crore in March 2019, an increase of almost Rs 2,00,000 crore in fiver years of the Modi government.

Why did the loans given by Yes Bank rise by a whopping 100 per cent in just two years after demonetisation, he asked.

Surjewala also questioned why did the prime minister address a conference sponsored by Yes Bank on March 6 despite the RBI moratorium.

"Why did the Haryana BJP government deposit over Rs 1,000 crore in Yes Bank a month ago, knowing that it was sinking? Is this figure Rs 3,000 cr? Did Fadnavis government in Maharashtra make similar deposits?" Surjewala asked.

"Of course, the government's media proxies won't dare to ask these questions. But the nation wants to know!" he said in a series of tweets.

Kapoor, 62, was arrested by the Enforcement Directorate in Mumbai after charges of alleged financial irregularities and mismanagement in the bank's operations surfaced and the RBI and Union government initiated action to control its affairs.

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News Network
April 27,2020

New Delhi, Apr 27: Indian prime minister Narendra Modi has said the monthlong ongoing lockdown has yielded positive results and that the country has managed to save “thousands of lives”.

Modi, who had a videoconference with various heads of the states on Monday, said the impact of the coronavirus, however, will remain visible in the coming months, according to a press statement released by his office. On the issue of getting back Indians who are overseas, the Prime Minister said that this has to be done keeping in mind the fact that they don’t get inconvenienced and their families are not under any risk.

During the meeting with state heads, Modi advocated for social distancing of at least 6 feet and the use of face masks as a rapid response to tackle COVID-19.

He said that states should put their efforts of converting hotspots, or red zones, into “orange and thereafter green zones”.

India last week eased the lockdown by allowing shops to reopen and manufacturing and farming activities to resume in rural areas to help millions of poor, daily-wage earners. But the economic costs of the nationwide lockdown continue to mount in a country of 1.3 billion people.

Modi, who put India under a strict lockdown on March 25, did not say if the lockdown restrictions will extend after May 3.

India has confirmed over 27,000 cases of the coronavirus, including 872 deaths.

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News Network
June 1,2020

Jun 1: Gold prices rose on Monday as riots in major U.S. cities rattled investors already reeling from strained Sino-U.S. relations and boosted demand for the safe-haven metal, with a weaker dollar lending further support.

Spot gold gained 0.8% to $1,739.75 per ounce by 0242 GMT. U.S. gold futures ticked up 0.1% to $1,752.60.

"Concerns about the unrest in the United States at the moment appear to be weighing on market sentiment," said Michael McCarthy, chief strategist at CMC Markets, adding that rising tensions between the world's top two economies provided further support to gold.

Protesters have flooded the streets in the United States over the death of George Floyd in police custody, in a wave of outrage sweeping a politically and racially divided nation.

The closely packed crowds and demonstrators not wearing masks have sparked fears of a resurgence of COVID-19, which has killed more than 101,000 Americans.

In Asia, China's state media and the government of Hong Kong lashed out on Sunday at U.S. President Donald Trump's pledge to end Hong Kong's special status if Beijing imposes new national security laws on the city.

Gold is often used as a safe store of value during times of political and financial uncertainty.

Indicative of sentiment, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.3% to 1,123.14 tonnes on Friday, a fresh seven-year high.

Further supporting gold's appeal, the dollar index fell 0.4% against its rivals.

Elsewhere, silver jumped 2% to $18.20 per ounce, its highest since Feb. 26, before retreating slightly to trade 1.8% higher at $18.16.

Speculators cut their bullish positions in COMEX gold and increased them in silver contracts in the week to May 26, the U.S. Commodity Futures Trading Commission said on Friday.

Palladium rose 0.7% to $1,958.25 per ounce, while platinum declined 0.3% to $835.56.

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