All the perfumes of Arabia

[email protected] (MARKANDEY KATJU, The Hindu)
February 17, 2013

Narendra Modi is being projected by a large section of Indians as the modern Moses, the one who will lead the beleaguered and despondent Indian people into a land of milk and honey, the man who is best suited to be the next Indian Prime Minister. And it is not just the Bharatiya Janata Party and RSS who are saying this at the Kumbh Mela. A large section of the Indian so-called 'educated' class, including many of our 'educated' youth, who have been carried away by Mr. Modi's propaganda is saying this.
katju

I was flying from Delhi to Bhopal recently. Sitting beside me was a Gujarati businessman. I asked him his opinion of Mr. Modi. He was all praise for him. I interjected and asked him about the killing of nearly 2,000 Muslims in 2002 in Gujarat. He replied that Muslims were always creating problems in Gujarat, but after 2002 they have been put in their place and there is peace since then in the State. I told him this is the peace of the graveyard, and peace can never last long unless it is coupled with justice. At this remark he took offence and changed his seat on the plane.

The truth today is that Muslims in Gujarat are terrorised and afraid that if they speak out against the horrors of 2002 they may be attacked and victimised. In the whole of India, Muslims (who number over 200 million) are solidly against Mr. Modi (though there are a handful of Muslims who for some reason disagree).

Dubious spontaneity

It is claimed by Modi supporters that what happened in Gujarat was only a 'spontaneous' reaction (pratikriya) of Hindus to the killing of 59 Hindus on a train in Godhra. I do not buy this story. First, there is still mystery as to what exactly happened in Godhra. Secondly, the particular persons who were responsible for the Godhra killings should certainly be identified and given harsh punishment, but how does this justify the attack on the entire Muslim community in Gujarat? Muslims are only 9 per cent of the total population of Gujarat, the rest being mostly Hindus. In 2002 Muslims were massacred, their homes burnt, and other horrible crimes committed on them.

To call the killings of Muslims in 2002 a spontaneous reaction reminds one of Kristallnacht in Germany in November 1938, when the entire Jewish community in Germany was attacked, many killed, their synagogues burnt, shops vandalised after a German diplomat in Paris was shot dead by a Jewish youth whose family had been persecuted by the Nazis. It was claimed by the Nazi government that this was only a 'spontaneous' reaction, but in fact it was planned and executed by the Nazi authorities using fanatic mobs.

In terms of historical evolution, India is broadly a country of immigrants and consequently, it is a land of tremendous diversity. Hence, the only policy which can hold it together and put it on the path of progress is secularism — equal respect and treatment to all communities and sects. This was the policy of the great Emperor Akbar, which was followed by our founding fathers (Pandit Nehru and his colleagues) who gave us a secular Constitution. Unless we follow this policy, our country cannot survive for one day, because it has so much diversity, so many religions, castes, languages, ethnic groups.

India, therefore, does not belong to Hindus alone; it belongs equally to Muslims, Sikhs, Christians, Parsees, Jains etc. Also, it is not only Hindus who can live in India as first-rate citizens while others have to live as second or third rate citizens. All are first-rate citizens here. The killing of thousands of Muslims and other atrocities on them in Gujarat in 2002 can never be forgotten or forgiven. All the perfumes in Arabia cannot wash away the stain on Mr. Modi in this connection.

It is said by his supporters that Mr. Modi had no hand in the killings, and it is also said that he had not been found guilty by any court of law. I do not want to comment on our judiciary, but I certainly do not buy the story that Mr. Modi had no hand in the events of 2002. He was the Chief Minister of Gujarat at the time when horrible events happened on such a large scale. Can it be believed that he had no hand in them? At least I find this impossible to believe.

Let me give just one example. Ehsan Jafri was a respected, elderly former Member of Parliament living in the Chamanpura locality of Ahmedabad in Gujarat. His house was in the Gulbarga Housing Society, where mostly Muslims lived. According to the recorded version of his elderly wife Zakia, on February 28, 2002 a mob of fanatics blew up the security wall of the housing society using gas cylinders. They dragged Ehsan Jafri out of his house, stripped him, chopped off his limbs with swords and burnt him alive. Many other Muslims were also killed and their houses burnt. Chamanpura is barely a kilometre from a police station, and less than two kilometres from the Ahmedabad Police Commissioner's office. Is it conceivable that the Chief Minister did not know what was going on? Zakia Jafri has since then been running from pillar to post to get justice for her husband who was so brutally murdered. Her criminal case against Mr. Modi was thrown out by the district court (since the Special Investigation Team appointed by the Supreme Court found no evidence against him and filed a final report), and it is only now (after a gap of over 10 years) that the Supreme Court has set aside the order of the trial court and directed that her protest petition be considered.

I am not going into this matter any further since it is still sub judice.

Mr. Modi has claimed that he has developed Gujarat. It is therefore necessary to consider the meaning of 'development'. To my mind development can have only one meaning, and that is raising the standard of living of the masses. Giving concessions to big industrial houses, and offering them cheap land and cheap electricity can hardly be called development if it does not raise the standard of living of the masses.

Questionable progress

Today, 48 per cent of Gujarati children are malnourished, which is a higher rate of malnourishment than the national average. In Gujarat, there is a high infant mortality rate, high women's maternity death rate, and 57 per cent poverty rate in tribal areas, and among Scheduled Castes/Backward Castes. As stated by Ramachandra Guha in his recent article in The Hindu (“The man who would rule India”, February 8) environmental degradation is rising, educational standards are falling, and malnutrition among children is abnormally high. More than a third of adult men in Gujarat have a body mass index of less than 18.5 — the seventh worst in the country. A UNDP report in 2010 has placed Gujarat after eight other Indian States in multiple dimensions of development: health, education, income levels, etc.

Business leaders no doubt claim that Mr. Modi has created a business friendly environment in Gujarat, but are businessmen the only people in India?

I appeal to the people of India to consider all this if they are really concerned about the nation's future. Otherwise they may make the same mistake which the Germans made in 1933.

(Markandey Katju, a former judge of the Supreme Court, is Chairman of the Press Council of India)

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News Network
February 5,2020

Feb 5: Tesla is making Elon Musk a lot richer without paying him a dime.

A blistering stock rally has bolstered the value of CEO Musk's 19% stake in the electric car maker by $16 billion since the start of 2020, to $30 billion.

Tuesday's steep climb in the share price could sweeten Musk's payday under his record-breaking compensation package, which is built on stock options that rely on market value targets. Two milestones have now been achieved that could see Musk unlock options worth $1.8 billion.

The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral.

Musk does not take a salary, choosing instead a risky options package that envisions the stock market value of Tesla rising to $650 billion over 10 years, a prospect that was derided by some investors when the deal was announced in 2018.

That target now looks less crazy. Shares of Tesla have rallied over 50% since the company posted its second consecutive quarterly profit last Wednesday, which was viewed as a major accomplishment for a company competing against established automotive heavyweights including General Motors Co  and BMW.

Tesla shares have climbed about 400% since early June, helped by the company's better-than-expected financial results and ramped-up production at its new car factory in Shanghai.

On Tuesday, Tesla surged as much as 24% before falling back in the final minutes of the trading session to end the day up 13.7%. That put its market capitalization at $160 billion, almost twice the combined value of Ford Motor and General Motors.

The shares had also rallied on Monday, partly fueled by Panasonic Corp's 6752.T saying its automotive battery venture with Tesla was profitable for the first time.

The options Musk was awarded in 2018 vest incrementally based on targets for Tesla's stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement's 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company's meeting revenue and profit targets.

Musk is on his way to seeing his first two tranches of options vest. He achieved operational targets on revenue and adjusted earnings last year.

The rise in Tesla's market capitalization last month to a target of $100 billion opened the way for Musk's first tranche of options to vest. With Tuesday's surging share price, the market capitalization blew past the second target of $150 billion, opening the way for the second tranche to vest. Tesla's market capitalization must stay at or above each target level for one- and six-month averages for each set of options to vest.

Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.

A full payoff for Musk would surpass anything previously granted to U.S. executives, according to Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time.

Musk currently owns about 34 million Tesla shares, and his compensation package would let him buy another 20.3 million shares if all his options tranches vest.

When Tesla unveiled Musk’s package, it said he could in theory reap as much as $55.8 billion if no new shares were issued. However, Tesla has since awarded stock to employees and last year sold $2.7 billion in shares and convertible bonds, diluting the value of the stock.

Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S. and Chinese factories. So far it has stayed ahead of more established rivals including BMW and Volkswagen.

Many investors remain skeptical that Tesla can consistently deliver profit, cash flow and growth. More Wall Street analysts rate Tesla "sell" than "buy," and the company's stock is the most shorted on Wall Street.

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Agencies
May 30,2020

The GST Council is unlikely to make major changes in the indirect tax structure at its next meeting slated mid June.

A top government source said that the Centre is not in favour of increasing tax rates on any goods or service as it could further impact consumption and demand that is already suppressed due the COVID-19 pandemic and lockdown.

It was widely expected that the GST Council could consider raising tax rates and cess on certain non-essential items to boost revenue for states and the Centre. Several states have reportedly taken an over 80-90 per cent hit in GST collections in April, the official data for which has not yet been released by the Centre.

"The need of the hour is to boost consumption and improve demand. By categorising items into essential and non-essential and then raising taxes on non-essential is not what Centre favours. But, the issue on rates and relief will be decided by the GST Council that is meeting next month," the finance ministry official source quoted above said.

The GST Council is chaired by the Union finance minister and thus the views of the Centre play out strongly in the council meetings.

However, the Council will also have to balance the expectations of the states whose revenues have nosedived after the coronavirus outbreak and wide scale disruption to businesses while they have still not been paid GST compensation since the December-January period.

To the question of wider scale job losses in the period of lockdown as businesses get widely impacted, the official said that the Finance Ministry has asked the labour ministry to collect data on job losses during Covid-19 and is constantly engaging with the ministry to oversee job losses and salary cuts.

On restrictions put on Chinese investment in India, the official clarified that no decision had yet been taken to restrict China through the Foreign Portfolio Investment (FPI) route.

Asked about monetising government debt, the official said that the issue would be looked at when we reach a stage. It has not come to that stage yet.

In the government's over Rs 20 lakh crore economic package, the official defended its structure while suggesting that comparisons with the economic packages of other countries should not be drawn as India's needs were different from others.

"We have gone in more reforms that is needed to give strength to the economy. This is required more in our country," the official source said.

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Agencies
April 17,2020

New Delhi, Apr 17: The Indian Railways turned 167 years old on Thursday and for the first time ever, its trains did not carry any passengers on its birthday and instead stood idle in the yards waiting for the nationwide lockdown to end.

On this day 167 years ago, the wheels of the first passenger train in the country from Mumbai to Thane started rolling.

In 1974, Indians experienced life without trains for the first time. In May 1974 during the strike of the railways that lasted for around three weeks, drivers, station masters, guards, track staff and many others went on 'chakka jam' demanding fixed working hours for train drivers and an across-the-board pay hike.

"I can recall those times vividly. I remember that our leader George Fernandes had almost secured a deal with the then railway minister, but it fell through when it was taken to the then Prime Minister Indira Gandhi," All India Railwaymens Federation General Secretary Shiv Gopal Mishra, who was an apprentice in the railways at that time, told PTI.

"Fernandes was arrested in Lucknow. The workers went through a lot at that time. But those were days that angry workers had refused to give in and took great risks to get their demands met," he said.

However, just like this time, four decades ago too freight trains carrying essential supplies were run and the unions agreed to let some passenger trains run on the trunk routes like the Kalka Mail from Howrah to Delhi.

"Never ever in its history, there has been such a long interruption of services. Not during the World Wars, not during the 1974 railway strike, or any other national calamity or natural disaster," a railway spokesperson said.

The first Indian Railways passenger train was flagged off on April 16, 1853, from Mumbai to nearby Thane.

On Thursday, the Railway Ministry wished the railways a happy birthday on Twitter - "Today, 167 years ago with the zeal of 'never to stop' the wheels of the first passenger train from Mumbai to Thane started rolling. For the first time, passenger services are stopped for your safety. Stay indoors & make the nation victorious," it said.

Railway has suspended all passenger services since March 25 till May 3 due to the coronavirus outbreak. Around 15,523 trains run by the railways have been affected including 9,000 passenger trains and 3,000 mail express services which are run daily. It caters to over 20 million passengers every day.

According to the Union health ministry, the death toll due to coronavirus rose to 414 and the number of cases to 12,380 in the country on Thursday.

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