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
January 1,2020

New Delhi, Jan 1: On the New Year's eve, the railways announced fare hike across its network effective from January 1, 2020, according to an order issued on Tuesday.

While suburban fares remain unchanged, ordinary non-AC, non-suburban fares were increased by 1 paise per km of journey.

The railways also announced a two paise/km hike in fares of mail/express non-AC trains and four paise/km hike in the fares of AC classes.

The fare hike is also applicable to premium trains such as Shatabdi, Rajdhani and Duronto, according to the order.

In the Delhi-Kolkata Rajdhani, which covers a distance of 1,447 km, the hike at the rate of 4 paise per km will be around Rs 58.

According to the order, there will not be any change in the reservation fee and superfast charge and the hike in fares will not be applicable to tickets already booked.

The last such hike was announced in 2014-2015 when fares of all classes of trains were raised by 14.2 per cent and freight charges by 6.5 per cent. However, since then, the railways introduced the flexi-fare scheme which significantly raised fares on select trains and launched trains like Vande Bharat Express and Tejas Express which have relatively higher fares. Trains with dynamic pricing like Suvidha Express were also introduced.

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News Network
March 3,2020

Wayanad, Mar 3: Anguished over the alleged delay in receiving flood relief from the Kerala government, a 42-year-old man committed suicide in Wayanad district, police said on Tuesday. Sanal Kumar, a native of Thrikaipatta in Meppadi near here was found hanging inside the temporary shelter built by his friends and local people on Monday. He was among the hundreds who had lost their homes in the August 2019 floods.

His home, built on a three cent plot, had been damaged partially in 2018 floods and completely in the 2019 deluge. Family members of the deceased alleged that it was due undue delay on the part of the authorities in allotting funds for rebuilding his house that drove Kumar to take the extreme step. Kumar was hoping to get a house under the Life Mission project, sources said.

A relative said Kumar had only 3 cent of land and had lot of debts. Even the Rs 10,000 assistance promised by the state government for the flood affected, had not reached him. Since the past two years he had filed several applications for assistance and apporached many revenue authroties for the promised government assistance, but it never came, the locals alleged.

According to K K Sahad, president of Meppadi Panchayat the deceased had some other financial issues and it was not the delay in rehabilitation that made him commit suicide. "It is true that he was not included in the first list of beneficiaries under the LIFE project as he had to have "pattayam" (land records) for his land.

However, he was included in the second list, thanks to the dilution in the norms that possession was enough for those who had no 'pattayam' for their property. The amount of Rs 4 lakhs was sanctioned for him, but was delayed a bit due to some technical issues."

Wayanad MLA C K Saseendran described it as an "extremely sad" development. As Kumar had some difficulties in producing the land recrods, the authroties had been unable to include his name in the LIFE housing scheme in the first phase.

The matter has been brought before the notice of the revenue authorities, he said. Vythiri Tahsildar, Abdul Hameed, visited Kumar's relatives this morning as the family members of the deceased wanted his presence before the body was taken for post-mortem.

"There was some technical issues with regard to the land as it falls within the adhivasi reserve. But they were occupying it for long. However, the issue has been sorted out and that his family members would be getting the eligibility amount of four lakhs," Hameed said.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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