Modi govt freezes ads in 3 Indian newspaper groups

Agencies
June 30, 2019

New Delhi, Jun 30: India's government has cut off advertisements to at least three major newspaper groups in a move that executives and an opposition leader said was likely retaliation for unfavourable reports.

Critics have said that freedom of the press has been under attack since Prime Minister Narendra Modi's government first took office in 2014 and journalists have complained of intimidation for writing critical stories.

Now the big newspaper groups, which have a combined monthly readership of more than 26 million, say they are being starved of government ads worth millions of rupees that began even before Modi was elected to power last month with a landslide mandate.

"There is a freeze," an executive at Bennett, Coleman & Co that controls the Times of India and The Economic Times, among the country's biggest English-language newspapers, said. "Could be (because of) some reports they were unhappy with," the executive said, seeking anonymity because he was not authorised to speak to the press.

Around 15 per cent of the Times Group's advertising comes from the government, the executive said. The ads are mostly government tenders for contracts as well as publicising government schemes.

The ABP Group, which publishes The Telegraph that has run reports questioning Modi's record on everything from national security to unemployment, has seen a similar 15 per cent drop in government advertisements for around six months, two company officials said.

"Once you don't toe the government line in your editorial coverage and you write anything against the government, then obviously the only way they can penalise you (is) to choke your advertising supply," the first ABP official said.

The second ABP official said that there had been no communication from the government, and the company was looking to other sources to plug the gap.

"Press freedom must be maintained and it will be maintained despite these things," the official said. Both also sought anonymity.

Satyendra Prakash, director general of the Bureau of Outreach and Communication, the agency responsible for advertisements from the federal government, did not reply to Reuters emails or phone calls seeking comment.

But a spokesman for Modi's ruling Hindu nationalist Bharatiya Janata Party said the press in India remained fully free.

Nalin Kohli said there was ample criticism against the ruling party in newspapers and on TV news channels. "That's testimony of freedom of speech," he said, "The suggestion that the BJP is throttling free press is ridiculous."

India ranked 140th out of 180 in the 2019 World Press Freedom Index, lower than countries like Afghanistan, Myanmar and the Philippines. It ranked 80th out of 139 countries surveyed when the index was started in 2002.

The Hindu newspaper group also saw government advertising plunge after publishing investigative stories on a multi-billion dollar deal to buy combat planes from France's Dassault that strengthened an opposition campaign alleging government wrongdoing, a company official said.

The government rejected the accusation.

A leader of the main opposition Congress told parliament this week the government was trying to bring the three newspaper groups to heel.

"The undemocratic and megalomaniac style of stopping government advertisement is a message to media from this government to toe its line," Adhir Ranjan Chowdhury said.

Chief executive officers of all three newspaper groups did not respond to Reuters emails.

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News Network
March 23,2020

Bengaluru, Mar 23: Indian stocks plunged over 9% on Monday, as the rapidly spreading coronavirus pandemic sent major states including the country's capital into a lockdown amid increasing fears that outbreak could bring world economies to a grinding halt.

The NSE Nifty 50 index slipped 9.17% to 7,937.75 by 0408 GMT, while the S&P BSE Sensex was 9.42% lower at 27,093.24.

Over the weekend in India, the virus drove several companies to shut operations and the government sent states into lockdowns, bringing normal life to a grinding halt.

"Panic has gone up domestically because of the lockdown situation," said Vinod Nair, head of research at Geojit Financial Services.

"There is fear that the situation will not be brought under control soon."

The rupee hit a fresh record low of 76.05 against the dollar, as a flight into cash and worries about tightening liquidity boosted demand for the world's reserve currency.

Meanwhile, global markets crumbled, with MSCI's broadest index of Asia-Pacific shares outside Japan sliding nearly 4% as the global death toll climbed to over 14,000, further battering economic activity, and raising fears of a global recession.

After market hours on Friday, the Securities and Exchange Board of India halved position limits for certain stock futures, restricted short-selling of index derivatives and raised margin rates for some shares to curb "abnormally high" volatility amid the pandemic.

In domestic trading, the Nifty PSU Bank Index plunged 8%, while the Nifty bank index crashed nearly 10%.

The Nifty Auto Index slid 9% after several carmakers over the weekend suspended production due to the virus.

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News Network
May 27,2020

New Delhi, May 27: Professor Johan Giesecke of the Karolinska Institute, Sweden, on Wednesday claimed that India will ruin its economy very quickly if it had a severe lockdown.

Claiming that a strict lockdown may disrupt India's economic growth, Giesecke during an interaction with Congress leader Rahul Gandhi said: "In India, you will do more harm than good with strict lockdown measures. India will ruin its economy very quickly if it had a severe lockdown."

While calling for a soft lockdown approach in India, he suggested that India has to ease restrictions one by one. It may, however, take months to completely come out of lockdown, he said.

He further criticised countries across the globe for having no post-lockdown strategy.

Emphasising on the disease, the Swedish health expert said that coronavirus is spreading like a wildfire across the world. "It is a very mild disease. Ninety-nine per cent infected people will have very less or no symptoms," he added.

Meanwhile, Ashish Jha, Director Harvard Global Health Institute and a recognised public health official, in interaction with Gandhi, called for a need to go in for an 'aggressive' COVID-19 testing to create confidence among people.

"When the economy is opened post-lockdown, you have to create confidence. There is a need for aggressive testing strategy in high-risk areas," he said.

He asserted that COVID-19 is not the last pandemic in the world, adding that "We are entering the age of large pandemics".

Jha further said that countries like South Korea, Taiwan and Hong Kong have responded the best to COVID-19 pandemic, while Italy, Spain, the US and the UK have responded the worst.

A few days ago, the Gandhi scion had interacted with former Reserve Bank of India Governor Raghuram Rajan and Nobel Prize Winner Abhijit Banerjee to discuss various issues related to the COVID-19 crisis.

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Agencies
June 10,2020

New Delhi, Jun 10: The Enforcement Directorate (ED) on Wednesday brought back over 2,300 kg of polished diamonds and pearls worth Rs 1,350 crore of firms belonging to Nirav Modi and Mehul Choksi from Hong Kong, officials said.

Out of the 108 consignments that landed at Mumbai, 32 belong to overseas entities "controlled" by Modi while the rest are of Mehul Choksi firms.

Both the businessmen are being probed by the ED under the Prevention of Money Laundering Act (PMLA) in connection with an over USD 2 billion alleged bank fraud at a PNB branch in Mumbai.

The valuables include polished diamonds, pearls and silver jewellery, and is worth Rs 1,350 crore. 

The ED completed "all legal formalities" with authorities in Hong Kong to bring back these valuables, the agency said.

These will formally seized under the PMLA now, it said.

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