Manmohan Singh rehearses his lines before the curtain comes down on his prime ministerial act

January 4, 2014

Manmohan_SinghMumbai, Jan 4: Was it Manmohan Singh? Or was it a robot? To a neutral observer, the difficult answer would be that it was both.

At the end of close to 10 years in office, latent mechanical qualities like passivity, subservience and obedience that must have come in handy for survival at the top, have finally won the battle for the upper hand. The machine in the man spoke on Friday, and both self-styled achievements — growth rate, rural welfare, educational reforms, etc — and self-confessed failures — low employment and high food prices — acquired the same grey monotonous hum of a pre-recorded statement, rendering triumph indistinguishable from tragedy.

For a PM, an appearance before the media is not so much to do with his self-appraisal as selling an image. The image that the PM sold to the nation on Friday was that of a man bidding farewell.

He had done his job to the best of others’ abilities and he was now reconciled to not being thanked too warmly. The prime minister, it appeared, was by now used to expect nothing from the world.

Naturally, he was grim. Certainly, not a smile broke through his features. Whatever happened to those witty lines that Manmohan Singh laced his budget speeches as finance minister in the not too distant past, when Rahul Gandhi hadn’t yet developed the compulsive habit of tearing up ordinances and taking chief ministers to task in public. For someone, who has been in power for two successive terms, Manmohan Singh exuded the air of a man who had seen the end of an era in the mirror that very morning when he was tying the turban.

In the question-and-answer session following his speech, Manmohan Singh was again his inanimate self — at odds with the new virtual world.

In a tone devoid of emotions so natural to the living, he downgraded Narendra Modi’s credentials as a prime ministerial candidate and, in the exactly joyless manner of speech, appreciated Rahul Gandhi’s leadership potential. Praise never sounded so dull as when Manmohan Singh sang it.

The concluding lines of Manmohan Singh’s speech said his government would “revive growth, promote enterprise, generate employment, eliminate poverty and ensure safety and security of all our people, particularly our women and children.” No one listening could have believed him. The words were too repetitive to bear hope. And the prime minister looked as tired as the words.

Perhaps, what made Manmohan Singh think it was a bit too much, what with a billion endless expectations, was how it all started over ten years ago with such fanfare, when destiny had thrust greatness on him as the accidental architect of a “reformed India.” Halfway through in 2009, after he went in for a bypass, politics and life had become an elaborate, extended joke. His heart probably was not in it anymore. Politics was too complex a game. Survival was the collateral damage in the hunt for greatness. There must have been occasions in those ten years when Manmohan Singh asked himself: have I blown it?

And the answer, as it turns out, is yes, mostly. Manmohan Singh lost his resolve halfway through.

Which is why on Friday as Manmohan Singh faced the cameras grimly, the only real message that came through was that he was waiting for his term to end. It must console him that exit (as shown in the accompanying picture) is at hand. And he may be relieved that there was no wild applause at the back as he made egress, and the stage readied for someone else.

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Agencies
June 4,2020

New Delhi, Jan 4: The Supreme Court on Thursday extended till June 12 its earlier order of May 15 asking the government not to take any coercive action against companies and employers for violation of Centre's March 29 circular for payment of full wages to employees for the lockdown period.

A bench of Justices Ashok Bhushan, S K Kaul and M R Shah reserved the verdict on a batch of petitions filed by various companies challenging the circular of the Ministry of Home Affairs issued on March 29 asking the employers to pay full wages to the employees during the nationwide lockdown due to the coronavirus pandemic.

In the proceedings conducted through video conferencing, the top court said there was a concern that workmen should not be left without pay, but there may be a situation where the industry may not have money to pay and hence, the balancing has to be done.

Meanwhile, the apex court asked the parties to file their written submissions in support of their claims.

The top court on May 15 had asked the government not to take any coercive action against the companies and employers who are unable to pay full wages to their employees during the nationwide lockdown due to the coronavirus pandemic.

The Centre also filed an affidavit justifying its March 29 direction saying that the employers claiming incapacity in paying salaries must be directed to furnish their audited balance sheets and accounts in the court.

The government has said that the March 29 directive was a "temporary measure to mitigate the financial hardship" of employees and workers, specially contractual and casual, during the lockdown period and the directions have been revoked by the authority with effect from May 18.

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News Network
July 20,2020

New Delhi, July 20: India's retail trade has suffered a business loss of about Rs 15.5 lakh crore in past 100 days due to the COVID-19 lockdown, traders' body CAIT said on Sunday. 

In a statement, the Confederation of All India Traders (CAIT) said traders across the country are depressed because of minimal of the consumers, considerable absence of employees, facing financial crunch and yet have to meet several financial obligations.

"No support policy from the central or state governments is yet another crucial factor which is haunting the traders," CAIT claimed. 

CAIT Secretary General Praveen Khandelwal said the domestic trade is passing through its worst period in the current century which reflects that if immediate steps are not taken about 20 per cent of the shops in India will have to close down their shutters.

The traders’ body has also urged the government to award a substantial package to traders to ensure their survival. Their demands include: Relaxation in payment of taxes, extension in repayment of bank loans and EMIs without any further interest or penalty as well as measures that would provide money directly in the hands of the traders.

In April, the losses stood at about Rs. 5 lakh crore whereas in May it was estimated to be about Rs. 4.5 lakh crore, followed by Rs. 4 lakh crore in June. Losses stood at about 2.5 lakh crore in the first fortnight of July offering a grim snapshot of the effect of the pandemic on consumer spending. 

“Even as the lockdown was relaxed, store footfall was only 10 per cent. Most of these traders do not have deep pockets to sustain this severe economic catastrophe and on the other hand have several financial obligations to meet. At this crucial time, handholding of these traders is all the more much required,” Khandelwal said.

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News Network
January 24,2020

Jan 24: India’s economy appears to be shaking off a slump, as activity in the services and manufacturing sectors expanded for a second straight month in December.

The needle on a gauge measuring so-called animal spirits signaled the economy may be taking a turn for the better, as five of the eight high-frequency indicators tracked by Bloomberg News came in stronger last month. The dial was last at the current position in August.

“Animal spirits” is a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action, and the gauge uses the three-month weighted average to smooth out volatility in the single-month numbers.

The nascent recovery would need a helping hand, with expectations building that Finance Minister Nirmala Sitharaman will provide some stimulus when she presents the budget Feb. 1. Official forecasts show the economy is set to expand at 5% in the year ending March 2020 -- the weakest pace in more than a decade.

Here are the details of the dashboard:

Business Activity

The dominant services index rose to the highest level in five months in December as improving new work orders helped boost activity. The seasonally adjusted Markit India Services PMI index climbed to 53.3 from 52.7 in November, helping post a strong end to the calendar year.

India’s manufacturing PMI also rose -- to 52.7 from 51.2 a month ago -- boosted by the fastest increase in new orders since July. A reading above 50 means expansion while anything below that signals contraction.

The uptick in business confidence was accompanied by a rise in inflationary pressures, the survey showed. That trend may keep monetary policy makers from resuming interest-rate cuts anytime soon, leaving most of the heavy-lifting to boost growth with the government.

“The relative stability in macro indicators over the past two months suggests that the worst is behind, but the recovery is likely to be prolonged,” said Teresa John, an economist at Nirmal Bang Equities Pvt. in Mumbai. “Still, sluggish growth and rising inflation indicate that India may well remain in stagflation for most of 2020.”

Exports

Exports remained a laggard, falling 1.8% in December from a year ago. The drag was mainly because of a fall in export of engineering goods, which constitute a third of India’s non-oil exports.

Capital goods imports continued to contract and was lower by 16.5% year-on-year in December after a 22% drop in November. This was the seventh consecutive month of continuous decline, underscoring the weakness in the capex cycle, according to IDFC First Bank.

Consumer Activity

Weakness in demand for passenger vehicles persisted, with local sales falling 1.2% in December from a year ago, according to the Society of Indian Automobile Manufacturers. That capped the worst yearly passenger vehicle sales on record. A Nielsen study on demand for fast-moving consumer goods showed volume growth dropped to 3.5% in the last quarter of 2019 from 3.9% in the same period of 2018.

Funding conditions held out hope, showing considerable improvement in December, according to the Citi India Financial Conditions Index. Credit growth remained tardy though, with demand for loans rising at a slower 7.1% pace from a year ago compared with a nearly 8% growth in November.

Industrial Activity

Industrial output rose for the first time in four months in November. The pick up was broad-based, led by mining, manufacturing and electricity. Mining and manufacturing, in particular, posted a second month of sequential growth. Production of consumer goods also rose after a few months of contraction.

The index of eight core infrastructure industries, which feeds into the index of industrial production, however, declined 1.5% in November from a year ago -- the fourth straight month of contraction. That was on account of shrinking production of electricity, steel, coal, natural gas and crude oil. Both the core sector and industrial output numbers are reported with a one-month lag.

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