Indian markets need not be so sensitive to US data: Chidambaram

August 16, 2013
New Delhi, Aug 16: Attributing the 4 per cent plunge of the BSE Sensex to global factors, Finance Minister P Chidambaram today said the market should not be "so sensitive" to data flowing from the US but reflect Indian conditions.

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"I have no doubt in mind, when calm is restored in the market, people will begin to understand India market indicators must basically reflect Indian market conditions. They should not be so sensitive to data coming out of the US," he said on sidelines of an event here.

The BSE 30-stock index, Sensex, fell nearly 770 points or 4 per cent and the rupee breached the 62 level against the US dollar on concerns among large investors of capital curbs. The gold prices too shot up by Rs 1,310 per 10 gram to Rs 31,010.

Worried over the developments, Chidambaram said: "I think this is time for calm; this is time for reflection and let's see what happens next week."

Observing that nothing has happened in the Indian economy between Wednesday and Friday morning, the minister said, "nevertheless the markets have taken a hit and that is reflected in the rupee also. We have taken a number of measures...a number of measures are being taken. Let's wait to see what the first quarter growth rates are."

Chidambaram said markets all over the world have taken a hit in reaction to job reduction data that came out of the US.

"A fewer people are waiting for jobs in US or a few more people are waiting for jobs in US, how does it affect the fundamentals of Indian economy. It does not. I thought that is elementary...if they have come down or they go up has really no relevance or impact on Indian economy.

"Nevertheless markets react to these signals that have come out of US. They reacted in the same way on May 22 when (US Federal Reserve chief) Ben Bernanke made a statement. They reacted in the same way to jobless claims numbers in the US. Sometimes I am surprised why they reacted," he said.

In case of India, Chidambaram said, as yesterday was a holiday, "Indian market has observed two days of hit in one day which is why it appears to be severe hit".

Earlier, while launching the National Skill Certification and Monetary Reward Scheme, he underlined the need for enhancing skills of workforce to ensure that they are gainfully employed.

The Minister said money will not be a constrain as far as funding of skill development programmes are concerned.

As many as 20 million jobs have been created between 2004-5 and 2009-10 and unemployment rate has declined in the country, he said.

Speaking on the occasion, Planning Commission Deputy Chairman Montek Singh Ahluwalia said the programme would benefit people in all walks of life.

The National Skilling Mission envisages adding 500 million skilled Indians by the year 2022. While 150 million are expected to be trained by the private sector working under National Skill Development Corporation, 350 million will be by 18-odd ministries at the Centre.

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Agencies
February 10,2020

New Delhi, Feb 10: After an hour-long standoff between the security forces and the students on Monday, the police resorted to a lathi-charge on the protesters near Holy Family hospital which is within walking distance of Jamia Millia Islamia.

A scuffle ensued when police confronted the protesters who tried to push forward towards Parliament. The lathi-charge was made to push back the protesters.

In the melee that ensued, many from both sides fainted.

Some security forces personnel resorted to the lathi-charge while others pushed back the protesters when they threw water pouches at the security forces and abused them.

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Agencies
July 12,2020

Jaipur/New Delhi, Jul 12: The crisis in Rajasthan Congress has deepened with state Chief Minister Ashok Gehlot and his deputy Sachin Pilot at loggerheads.

While Gehlot is blaming BJP for trying to destabilise the state government by poaching MLAs, Pilot is camping in Delhi to speak to the party leadership regarding the political turmoil in the state.

According to sources, Pilot has sought an appointment with party's interim president Sonia Gandhi but time for the meeting has not yet been given by her. Although Pilot met another party leader to apprise him about the situation in the state and spelled out his grievance.

As of now, many MLAs, who are believed to be in the Pilot camp, are also in Delhi to meet the party leadership. According to sources, the deputy chief minister has the support of nearly 30 Congress MLAs along with many independent legislators.

It is important to note that the controversy broke out in Rajasthan after Special Operation Group (SOG) sent a notice to Sachin Pilot to record his statement in the case registered by SOG in the alleged poaching of Congress MLAs in the state. The clash between Gehlot and Pilot is also over the post of PCC Chief as Gehlot Camp wants that 'One Leader One Post' formula to be implemented in Rajasthan. Currently, Sachin Pilot is heading the PCC besides holding the Deputy CM post.

Sources close to Sachin Pilot have informed that the young leader is upset with the notice issued to him. He believes it is aimed to record his phone calls and keep him under surveillance. Many of Pilot's supporters feel indignation and told Pilot that they cannot work with Ashok Gehlot. Also, Pilot is unlikely to attend the meeting called by Gehlot today, according to sources.

While the top leadership of the party is keeping mum, sources say it is keeping a watch on the development. General Secretary KC Venugopal has taken up the matter of the rift with the party's top brass with them not happy about it.

Rajasthan AICC Incharge Avinash Pandey told media persons: "Everything is under control. Few MLAs had issues and after discussion, they have returned back to Jaipur and others are also in touch. BJP's attempt of destabilising the government will not be successful in Rajasthan and government is stable."

Gehlot also held a meeting with ministers last night in Jaipur.  According to Gehlot camp, the top leadership is apprised of the development of the poaching attempt in the state. Amid Political Crisis Rajasthan CM Ashok Gehlot called a meeting of Ministers and all Cong MLAs tonight at his residence.

The Rajasthan crisis has alerted the other senior leaders of the party who have opined that the Madhya Pradesh incident should not get repeated in Rajasthan.

Former Union Minister and Rajya Sabha MP Kapil Sibbal tweeted, "Worried for our party. Will we wake up only after the horses have bolted from our stables?"

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News Network
March 24,2020

Kochi, Mar 24: Long queues were witnessed in front of state beverages corporation outlets across Kerala on Tuesday despite the statewide lockdown to prevent the spread of the coronavirus.

As tipplers thronged the outlets unmindful of the curfew, officials asked them to ensure that they kept a one metre distance between them as part of preventive steps to check the COVID-19 transmission.

Official sources said precautionary measures have been taken at the beverages outlets to prevent the virus spread.

Only those wearing masks were allowed to stand in queues, the sources said.

Police were deployed to ensure that the people standing in queues keep a one metre distance between them, they added.

The opposition Congress slammed the CPI(M)-led LDF government for not taking steps to restrict crowds in front of the Kerala State Beverages Corporation (Bevco) outlets, apprehending that such a situation would pave way for spreading the virus.

Ernakulam district congress committee general secretary Sherin Varghese claimed if the government had implemented a 2017 Kerala high court order directing the beverages corporation to take remedial steps to end long queues in front of the outlets, such a situation would not have arisen.

"Had the beverages corporation complied with the court order, safety and security of persons standing in queues could have been ensured.

Now there is no protective measure to prevent the possible transmission of the coronavirus from a carrier to another person," he told PTI.

Meanwhile, the state government has directed that adequate distance be kept between people standing in queues.

Chief Minister Pinarayi Vijayan on Monday justified the decision to keep the liquor shops open citing the "peculiar" situation prevailing in the state.

Kerala is in a total lockdown since Monday midnight till March 31 to check the virus spread.

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