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Narendra Modi has given land equal to Vadodara to Adani, says Rahul Gandhi

April 13, 2014

Modi_RahulNew Delhi, Apr 13: In a strong attack on Adani group perceived to be close to Narendra Modi, Rahul Gandhi said that he had been given land equal to the size of Vadodara at throwaway prices and also the Gujarat coastline of the size of Mumbai coastline.

Without explicitly mentioning the group by name, the Congress vice president alluded to it when he said, "land equal to Vadodara was given to him. Do you know for how much? For Rs 300 crore. Coastline equal to Mumbai was also given to him."

He was asked specifically during the interview to a news channel whether he was referring to the Adani group to which he said he would not like to name anybody.

Vadodara has an area of 149 square kilometers and the Mumbai coastline is 167 km long.

"When Gujarat grew, it was because of the small industries, because of movements like Amul and that is its strength. Now you see the Gujarat model, the turnover of one industrialist has grown from Rs 3,000 crore to Rs 40,000 crore," the Congress Vice President said.

He went on to add that Modi's economic model is that the "entire money of the state should be given to two-three persons. This mindset is also dangerous for the country. I keep fighting against such mindset."

Though he did not name the Adani group, Rahul has in the recent days been attacking it.

Slamming Modi's development model, he said "the reality of Gujarat is that two-three industrialists are prospering" while people are dying in the state.

"Their (Modi's) focus is on benefitting three-four industrialists so that there is trickle-down effect. Trickle-down effect happened in the US also and it has gone bust," the Congress leader said.

He insisted that UPA government headed by Manmohan Singh had performed better than NDA even though there was slowdown in growth briefly because of global recession.

While listing a number of programmes and achievements of the UPA government, he said, "The reality is that we have been in power for 10 years... There will be little bit of anti-incumbency."

When pointed out that the election campaign had become personal, Rahul said he has "no interest in personal attacks and I don't indulge in that."

He added, "Narendra Modiji is a person. He has his issues. I have nothing to do with that. But he represents an ideology. This ideology pits one Indian against another Indian. That is dangerous for the country. My fight is against this ideology."

On the issue of corruption, he said it is a "reality" but it is time to stop talking and start action against it by building institutional frameworks.

He insisted that the UPA government and he himself had been working in this direction through initiatives like RTI, Lokpal, Land Acquisition Bill and MNREGA.

Targeting BJP in this regard, he said its manifesto talks about corruption but "show me one line which says what it will do.... Talking is one thing, doing is another thing."

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News Network
May 22,2020

New Delhi, May 22: India on Friday recorded its biggest spike in COVID-19 cases with 6,088 new cases and 148 deaths reported in the last 24 hours, taking the tally of coronavirus cases in the country to 1,18,447, as per the Union Ministry of Health and Family Welfare (MoHFW).

Out of the total cases, 66,330 are active cases and 3,583 have succumbed to the infection.

As many as 48,533 patients have been cured/discharged and one migrated till date.

Maharashtra continues to remain the worst-affected state with 41,642 cases, followed by Tamil Nadu (13,967 cases), Gujarat (12,905 cases), and Delhi (11,659 cases).

While Rajasthan has confirmed 6,227 cases of which 3,485 people have recovered while 151 patients are dead, Madhya Pradesh reported 5,981 cases including 2,843 patients recovered and 270 patients dead.

Uttar Pradesh has 5,515 COVID-19 positive cases.

In Kerala, which reported the first COVID-19 case, 690 people have been detected positive for coronavirus.

Ladakh has confirmed 44 coronavirus cases, 1,449 people have infected by the virus in Jammu and Kashmir.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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News Network
May 18,2020

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.

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