Modi launches campaign blitzkrieg in Karnataka; resorts to personal attack against Rahul

Bengaluru, Mar 11: The Insurance Regulatory Authority of India has asked insurers to settle all claims related to coronavirus expeditiously under existing health policies that provide for treatment of hospitalisation expenses.

It has also asked insurers to design products covering the cost of treatment of coronavirus that has fast spread across the world and also resulted in increasing number of infections in India. There has been over 3,000 deaths globally and 58 cases tested positive in India.

In order to provide need-based health insurance coverage, insurers are intro ducing products for various specific diseases, including vector borne diseases. "For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for coronavirus," the IRDAI said in a circular.

The regulator said that under existing health insurance policies where hospitalisation is covered, not only the cases related to coronvirus disease (COVID-19) shall be expeditiously handled, but all the costs of admissible medic al expenses during the course of treatment, including the treatment during quarantine period, should be settled in accordance to the applicable terms and conditions of policy contract and the extant regulatory framework.

This would bring much needed relief to policy holders some of whom were facing difficulty in getting coverage for treatment takers to coronavirus. In the absence of clear information, a few hospitals were reportedly denying for forward such claims of policy holders to the insurers.

IRDAI has now said that all the claims reported under COVID-19 shall be thoro ughly reviewed by review committee before repudiating the claims. This would prevent blanket rejection of such claims.

But to get full claim for treatment of coronavirus, industry experts said, a person should be hospitalised at least for 24 hours. Most insurers do not c over outpatient treatment.

Like most of the political phenomenon, even the practice of Nationalism is not a static one. It changes with the changing political equations of the political forces and assumes the expressions which are very diverse. As such the phenomenon of Nationalism has a long journey and various state policies in particular have used it for purposes which relate more to the power of the state ‘vis a vis’ its people, power of the state ‘vis a vis’ the neighboring countries among others.

In India there has been a certain change in the practices of the state which have transformed the meaning of Nationalism during last few years. Particularly with BJP, the Hindu Nationalist outfit gaining simple majority, it has unfolded the policies where one can discern the drastic change in the meaning and application of Nationalism in regard to its citizens, particularly those belonging to minority community, with regard to those who are liberal, and with those who stand with the concept of Human rights.

Our former Prime Minister of Dr. Manmohan Singh hit the nail on the head when he said that “Nationalism and the "Bharat Mata Ki Jai" slogan are being misused to construct a "militant and purely emotional" idea of India that excludes millions of residents and citizens. Former Prime Minister recently stated this in an apparent attack on the BJP.” The occasion was the release of a book, ‘Who is Bharat Mata’, edited by Purushottam Agarwal and Radhakrishna. This is a compilation of significant extracts from writings of Nehru, and important assessments of and contributions of Nehru by prominent personalities.

Dr. Singh went on to add "With an inimitable style…Nehru laid the foundation of the universities, academies and cultural institutions of Modern India. But for Nehru's leadership, independent India would not have become what it is today," This statement of Dr. Singh has great importance in contemporary times, as Nehru is being denigrated by Hindu nationalists for all the problems which India is facing today and attempts are on to undermine his role and glorifying Sardar Vallabh Bhai Patel. This is also significant as it gives us the glimpses of what Nationalism meant for Nehru.

As Singh’s statement captures the present nationalism being practiced by BJP and company, the Hindu nationalists, immediately shot back saying that Dr. Singh is supporting the anti India activities at JNU and Jamia and his party is supporting the anti India nationalists. They asked whether Singh likes the nationalism of the likes of Shashi Tharoor or Manishankar Ayer who are provoking the Shaheen Bagh protest rather than making the protestors quiet. Whether he likes the anti national protests which go on at JNU or Jamia? As per them there is no Nationalism in Congress. One more example being cited is the private visit of Shatrughan Sinha who talked to Pakistani President during his visit there recently!

Most of the arguments being used to oppose Dr. Singh are very superficial. What is being referred to; is not opposition to Indian nationalism and its central values which were the core of anti colonial struggles. While ‘Bharat Mata Ki Jai’ may not be acceptable to a section of population, even the book he was releasing has the title ‘Who is Bharat Mata’. What is being stated by Singh is the twist which slogan ‘Bharat Mata ki Jai’ has been used by Hindu nationalists to frighten the religious minorities.

Indian nation came into being on the values, which later were the foundation of Indian Constitution. Indian Constitution carefully picked up the terminology which was away from the concepts of Hindu or Muslim nationalism. That’s how the country came to be called as ‘India that is Bharat’. The freedom of expression which was the hallmark of freedom movement and it was given a pride of place in our Constitution. It respected the diversity and formulated rules where the nation was not based on particular culture, as Hindu nationalists will like us to believe, but cultural diversity was centrally recognized in the Constitution. In addition promoting good relations with neighbors and other countries of the World was also part of our principles.

JNU, Jamia and AMU are being demonized as most institutions so far regard the freedom of expression as a core part of Indian democracy. These institutions have been thriving on discussions and debates which have base in liberalism. Deliberately some slogans have been constructed to defame these institutions. While Constitution mandates good relations with neighbors, creation of ‘Anti Pakistan hysteria’ is the prime motive of many a channels and sections of other media, which are servile to the ideology of ruling Government. They also violate most of the norms of ethical journalism, where the criticism of the ruling party is an important factor to keep the ruling dispensation in toes.

A stifling atmosphere has been created during last six years. In this the Prime Minster can take a detour, land in Pakistan to have a cup of tea with Pakistan PM, but a Congress leader talking to Pakistani President is a sign of being anti National. Students taking out a march while reading the preamble of Indian Constitution are labeled as anti-national; and are stopped while those openly wielding guns near Jamia or Shaheen Bagh roam freely.

Nationalism should promote amity and love of the people; it should pave the way for growth and development. Currently the nationalism which is dominant and stalking the streets has weakened the very fraternity, which is one of the pillars of our democracy. Nehru did explain that Bharat Mata is not just our mountains, rivers and land but primarily the people who inhabit the land. Which nationalism to follow was settled during the freedom movement when Muslim nationalism and Hindu nationalism were rejected by the majority of people of India in favor of the Nationalism of Gandhi, Nehru, Patel and Maulana Azad, where minorities are equal citizens, deserving affirmative action. In today’s scenario the Hindu nationalists cannot accept any criticism of their policies.

For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.

Indian banks wrote off a record $39 billion of loans in the 18 months through September in a bid to repair their balance sheets as they battled the world’s worst bad debt pile. Making matters worse, a shadow banking crisis led to a funding squeeze, crushing debt-laden businesses that were critically dependent on rollover financing.

“Life has come a full circle for tycoons that had enjoyed debt-fueled growth,” said Nirmal Gangwal, founder of distress and debt restructuring advisory firm Brescon & Allied Partners LLP. “Many firms collapsed like a house of cards. The downfall was rather unprecedented.”
The government has also been cracking down on economic crime to assuage public anger over absconding businessmen. It’s even barred some from traveling overseas if they were deemed a flight risk.

Here are some of the country’s biggest and most-storied businessmen who saw their fortunes fade. Spokespersons for none of these tycoons, except Essar, immediately replied to emails and text messages seeking comments.

Anil Ambani

The chairman of Reliance Group, which makes movies to metro lines, had a close shave with jail time in March before his elder brother and Asia’s richest man, Mukesh Ambani, bailed him out at the last minute. The woes of the ex-billionaire came to the fore when India’s top court asked him to pay Ericsson AB’s India unit about $77 million of past dues or go to jail since Anil Ambani, 60, had given a personal guarantee. His telecom carrier slipped into insolvency this year, while unprofitable Reliance Naval & Engineering Ltd. faced a cash crunch. Reliance Capital Ltd. is selling assets to pare debt. Ambani is also fending off Chinese lenders in a London court.

Malvinder & Shivinder Singh

Karma caught up with ex-billionaires and brothers Malvinder Singh, 47, and Shivinder Singh, 44, and how. Scions of a prominent business family, they once helmed India’s top drug maker and second-largest hospital chain. In October, the two were arrested on charges of fraudulently diverting nearly $337 million from a lender they controlled. India’s market regulator found in 2018 that the brothers had defrauded their hospital company of about $56 million. The collapse of the $2 billion empire turned brother against brother, prompting their mother to broker a peace deal that was short-lived. In February, Malvinder accused Shivinder and their spiritual guru of fraud.

Shashikant & Ravikant Ruia

After a hard-fought battle to keep their flagship steel mill, the first-generation entrepreneurs finally saw the bankrupt Essar Steel India Ltd. pass on to ArcelorMittal last month. The $5.9 billion takeover was almost two years in the making with multiple legal wrangles. The group, controlled by Shashikant Ruia, 76, and Ravikant Ruia, 70, were also reprimanded by a U.K. judge in March this year for concealing documents. Started in 1969 as a construction firm, Essar Group diversified, investing about $18 billion between 2008 and 2012, and piled on debt. In 2017, the group had sold another prized asset, Essar Oil.

Selling an asset to pare a liability shouldn’t be seen as a “lost asset,” an Essar spokesman said, adding that the group remains a diversified conglomerate.

VG Siddhartha

Before jumping off a bridge into a river in July in an apparent suicide, the founder of India’s biggest coffee chain Cafe Coffee Day had penned a letter that spoke of pressure from lenders, a private equity firm and harassment by tax officials. He had spent much of the last two years pledging ever more of Coffee Day Enterprises Ltd. shares to refinance loans for ever shorter periods, at ever higher interest rates. “I would like to say I gave it my all,” V.G. Siddhartha, 60, wrote in the letter. “I fought for a long time but today I gave up.”

Naresh Goyal

The former ticketing agent who built India’s largest airline by value, stepped down as chairman of Jet Airways India Ltd. in March, caving in to pressure from banks who took over the company. Cut-throat price wars and surging costs pushed Jet deeper into loss. The airline stopped flying in April and went into bankruptcy two months later as lenders failed to find a buyer. In July, an Indian court barred Naresh Goyal from flying overseas after the government said it was investigating an alleged $2.6 billion fraud involving Jet Airways.

Rana Kapoor

The founder of Yes Bank Ltd., which became India’s fourth-largest non-state lender, tweeted in September 2018 that his shares were invaluable and requested his children never to sell them upon inheritance. But trouble was brewing. The nation’s banking regulator, which found the lender had repeatedly under-reported its bad loans, refused to extend his tenure as chief executive officer. This forced Rana Kapoor, 62, to step down by end-January. Kapoor, who has pledged some of his Yes Bank shares in July, sold almost his entire stake in the lender by October.

Subhash Chandra

The rice trader-turned-media mogul, 69, who brought cable television into Indian homes in the early 1990s with his ZEE TV, resigned as chairman of Zee Entertainment Enterprises Ltd. in November and lost control of his crown jewel. Subhash Chandra has been selling stake in Zee Entertainment in the past few months to repay group’s debt.

Gautam Thapar

A default by Gautam Thapar, founder of the paper mill-to-power transmission Avantha Group, on pledged shares made Yes Bank Ltd. the biggest shareholder in CG Power and Industrial Solutions Ltd. In August, the firm was hit by an accounting scandal forcing the board to remove Thapar, 59, from the chairman’s post. A month later, the market regulator ordered a forensic audit of the firm and barred Thapar from accessing securities market.