Indian public sector banks had 'worst phase' under Manmohan, Rajan: Sitharaman

Agencies
October 16, 2019

New York, Oct 16: Finance minister Nirmala Sitharaman has said that the Indian public sector banks had the "worst phase" under the combination of former Prime Minister Manmohan Singh and Reserve Bank of India (RBI) governor Raghuram Rajan.

Delivering a lecture at the prestigious Columbia University's School of International and Public Affairs in New York on Tuesday, Sitharaman said that giving all the public sector banks a “lifeline” is today her primary duty.

"I'm taking a minute to respond … I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant,” Sitharaman said during the lecture organised by the Deepak and Neera Raj Centre on Indian Economic Policies of the Columbia University.

Asked about Rajan's comments during a recent lecture at Brown University in which he had apparently mentioned that in its first term, the Narendra Modi government had not done better on the economy because the government was extremely centralised and the leadership does not appear to have a consistent articulated vision on how to achieve economic growth, the minister said instead there were major issues with bank loans during Rajan's tenure as the central bank head.

"It was in Rajan's time as governor of the Reserve Bank that loans were given just based on phone calls from crony leaders and public sector banks in India till today are depending on the government's equity infusion to get out of that mire," she said.

"Dr Singh was the Prime Minister and I'm sure Dr Rajan will agree that Dr Singh would have had a ‘consistent articulated vision' for India,” she said amid laughter from the audience.

"With due respect, I'm not making fun of anybody but I certainly want to put this forward for a comment which has come like this. I have no reason to doubt that Rajan feels for every word of what he is saying. And I'm here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as the Prime Minister and the governor of Reserve Bank, had. At that time, none of us knew about it,” she said.

Sitharaman said while she is grateful that Rajan did an asset quality review, but people should know what makes the banks ailing today.

"I am grateful that Rajan did an asset quality review but I'm sorry, can all of us put together also think of asking what ails our banks today. Where has it been inherited from,” she said.

The event was also attended by former Niti Aayog vice-chairman Arvind Panagariya, professor and eminent economist Jagdish Bhagwati and India's Consul General in New York, Sandeep Chakravorty.

Sitharaman said: "While economists can take a view of what prevails today or prevailed years ago, but I will also want answers for the time when Rajan was in the Governor's post speaking about the Indian banks, for which today to give a lifeline is the primary duty of the finance minister of India. And the lifeline-kind of an emergency has not come overnight”.

Responding to the question, Sitharaman further pointed out that if there is a feeling that there's been a centralised leadership now, "I'd like to say that very democratised leadership led to a whole lot of corruption. Very democratised leadership. The Prime Minister, after all is the first among equals in any cabinet".

"You need to have a country as diverse as India with an effective leadership. A rather too democratic leadership, which probably will have the approval of quite a lot of liberals, I'm afraid, left behind such a nasty stink of corruption, which we are cleaning up even today," she said.

Comments

Haha....LOL

muslims are very very happy...god give them wisdom...Alhamdullilla

only you third rated people are in trouble....one day your child will spit on your face to choosing such a nalayak PM for futur india...

 

you will never come back from the business...you can sell your family to NAMO RSS orginazition..we all know what they do!!

 

so much poison in heart towards muslim will kill you one day like cancer...

 

look at all muslim country most are destroyed by america but still they live happly...

 

once muslim get world power we will treat all people equal and work for huminaty...

 

Dont take tension...LOL

 

 

 

 

Namo Again
 - 
Wednesday, 16 Oct 2019

Blaming other not a solution always. But still I support Modi ji. Mine business is in loss, but i am satisfied because muslims lost more .Because if I lost one eye, muslims will loss both eyes. 

Sandesh Shetty
 - 
Wednesday, 16 Oct 2019

Such a shameless fellow. 

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News Network
February 3,2020

New Delhi, Feb 3: Union minister Prakash Javadekar on Monday said Delhi Chief Minister Arvind Kejriwal had called himself an "anarchist" and there is not much of a "difference between an anarchist and a terrorist".

His remarks come a few days after the Election Commission issued a show cause notice to BJP MP Parvesh Verma for allegedly calling Kejriwal a "terrorist".

Addressing a press conference here, Javadekar raked up the issue of Kejriwal "staying a night at the Moga residence of Khalistan Commando Force chief Gurinder Singh during the Punjab Assembly polls".

"You knew it was a militant's house. Still, you stayed there. How much more evidence do you need?" he said.

"Kejriwal is now asking with a sad face, 'am I a terrorist?' You are a terrorist and there is a lot of evidence to prove that. You yourself had said you are an anarchist. There is not much of a difference between an anarchist and a terrorist," the senior BJP leader said.

Flanked by Delhi BJP chief Manoj Tiwari and Union minister Anurag Thakur, Javadekar said the Aam Aadmi Party (AAP) was supporting Shaheen Bagh, where slogans of "Assam ko azadi", "Jinnah wali azadi" were being raised. "Supporting such slogans is also terrorism".

He alleged that Kejriwal stood with Jawaharlal Nehru University (JNU), where "anti-India slogans were raised, and did not grant sanction to prosecute (those who raised the slogans)".

"On January 26, you threatened that you would stop their prosecution. How much more proof do you need? The people of Delhi now know that you are the chief of liars, you are an anarchist and sympathise with terrorists.

"You are supporting Shaheen Bagh, JNU, the slogans being raised there and all such anarchists...then you are definitely a terrorist. This is your identity, no matter how innocent face you make," he said.

On Thursday, the Election Commission had issued a show cause notice to Verma, the BJP MP from West Delhi, for allegedly calling Kejriwal a "terrorist".

He was earlier barred from campaigning for 96 hours (four days) for making controversial remarks at a poll meet recently.

An emotional Kejriwal had later said it was for the people of Delhi to decide whether they consider him their son, brother, or a terrorist.

"How have I become a terrorist? I've arranged for medicines...did so much for the needy. I've never thought of myself or my family... am ready to give my life for the nation," he had said at a press conference.

Comments

Abdul Gaffar Bolar
 - 
Tuesday, 4 Feb 2020

RSS is a terrorist organization and they made agreement with another terrorist BODO organization.

Fairman
 - 
Monday, 3 Feb 2020

Kejrival or others no need to clarify these goons.

 

Who are these goons to be replied,

They are the worst terrorists on this whole universe.

 

Kerjrival and AAP team,  don't look at these goons, just focus on  your unfinished next work.

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News Network
June 8,2020

New Delhi, June 8: Only 20.26 lakh migrant workers of the targeted 8 crore such labourers have received free food grains in May and June (2020), according to data released by the Ministry of Consumer Affairs, Food and Public Distribution.

In the middle of May, as part of the Rs 20 lakh crore Atma Nirbhar Bharat package, the Modi government had announced that migrant labourers who are not covered under the National Food Security Act (NFSA) or any state-run PDS scheme, will receive free food grains for two months.

"Non-card holders shall be given 5 kg wheat or rice per person and 1 kg chana per family per month for the next 2 months. About 8 crore migrants will benefit from this scheme that will cost the government Rs 3500 crore,” Finance Minister Nirmala Sitharaman had said at a press conference following PM Modi’s announcement.

But the Ministry of Consumer Affairs, Food and Public Distribution said on Sunday, "The states and UTs have lifted 4.42 LMT (lakh metric tonne) of food grains and distributed 10,131 MT of it to 20.26 lakh beneficiaries."

It added, "The Government of India also approved 39,000 MT pulses for 1.96 crore migrant families. Around 28,306 MT gram/dal have been dispatched to the states and UTs. A total 15,413 MT gram have been lifted by various states and UTs". The state governments, the ministry added, had distributed only 631MT (metric tonnes) of gram so far.

Because of the constant movement of migrant workers, the Centre had said that the states will be responsible for identifying the migrants and subsequent food distribution.

The Centre claims it is spending approximately Rs 3,109 crore for food grains and Rs 280 crores for grams/chana under this package.

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News Network
February 13,2020

New Delhi, Feb 13: Arvind Kejriwal wrote to Delhi Lieutenant Governor Anil Baijal on Wednesday, staking claim to form the government in the national capital, sources said, while hinting that the AAP might not invite senior leaders and chief ministers of other parties for the oath-taking ceremony.

The sources said it was the formal process by the AAP chief, who was elected as the legislature party leader earlier in the day, to stake claim for forming the new government.

Kejriwal, who returned to power in Delhi with a stunning poll victory on Tuesday, will take oath as chief minister for the third consecutive time on February 16.

While the oath-taking ceremony will be open to the public, the Aam Aadmi Party (AAP) was considering not inviting leaders and chief ministers of other parties as it did not wish to be seen as a "confrontationist" against the BJP-led Centre, the sources said.

They, however, added that the party was yet to take a decision on it.

The AAP has planned mobilisation of people for the mega event and all the newly-elected MLAs of the party have been asked to ensure huge participation from their constituencies.

"I request the people of Delhi to attend the oath-taking ceremony of the chief minister at the Ramlila Maidan in large numbers," senior AAP leader Manish Sisodia told reporters, adding that the ceremony will start at 10 am.

The AAP won 62 seats in the 70-member Delhi Assembly, while the Bharatiya Janata Party (BJP) bagged the remaining eight seats. The Congress drew a blank for the second consecutive time in the Delhi polls.

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