Cong no to sparing PM for Prez post, rebuffs SP-TMC

June 14, 2012
New Delhi, Jun 14: In a rebuff to SP and TMC, Congress today ruled out sparing Prime Minister Manmohan Singh for the Presidential race as it rejected the three names proposed by the two allies, sending signals that it was not in a mood to bow before them.

"We cannot afford to spare Dr Manmohan Singh as Prime Minister. The other two names (A P J Abdul Kalam and Somnath Chatterjee) are not acceptable," Congress General Secretary Janardan Dwivedi told reporters.

"During UPA-II (election of leader), we have already said he (Singh) will remain the Prime Minister till 2014. Congress does not take such a step (of changing its leader) in between," he said.

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His forthright assertion came after Congress President Sonia Gandhi held parleys with senior party leaders Pranab Mukherjee, A K Antony and P Chidambaram at her residence in the wake of TMC and SP stunning the party by proposing the names of Manmohan Singh, Kalam and Chatterjee as a counter to candidature of Mukherjee and Vice President Hamid Ansari.

Virtually disapproving of Trinamool chief Mamata Banerjee's action of disclosing the names of Mukherjee and Ansari as first and second choices of Congress, Dwivedi said the process of consultation was still on and Gandhi had not finalised any name.

Gandhi is in the process of consulting even single-member parties and in the course of it two names have come up. "If Congress had decided on the name, two names would not have come up," he said.

"There is a dignity to the process. When such talks are held, names are not discussed outside," the Congress leader said, apparently referring to Banerjee disclosing the names to the media immediately after meeting Gandhi at her residence yesterday. The Congress Core Group, headed by Gandhi and including the Prime Minister and senior Cabinet ministers, will meet this evening to devise further strategy on the President's election.

Earlier in the day, Mukherjee drove to the 10, Janpath residence of Gandhi and was with her for about 30 minutes.

Senior Congress leaders A K Antony and P Chidambaram also met Sonia Gandhi.

Gandhi also held discussions with other UPA allies like DMK and NCP.

DMK Parliamentary leader T R Baalu met her and said Gandhi will be announcing the name of the UPA Presidential candidate anytime later this week.

"Keeping in view the political stature and seniority in public life, my leader Karunanidhi was consulted by Madam last month through Antony. My leader had suggested a name. The name has been communicated by Antony to Madam. Madam at any point of time, will be announcing the decision," Baalu told reporters.

He said the name of the person cannot be divulged as of now and parried questions on whether the candidate is among the five persons whose names have been made public.

"Madam will announce it shortly. Not today... At any point within this week," he said.

When asked if DMK was fine with Mukherjee's candidature, he said, "it is between the two higher ups. My leader has communicated the matter long back. We stand by it."

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News Network
July 26,2020

New Delhi, Jul 26: Union Home Minister Amit Shah on Sunday saluted the valour and grit of the Indian soldiers on the occasion of 21st anniversary of the 'Kargil Vijay Diwas'.

Shah took to Twitter and said that 'Kargil Vijay Diwas' is a symbol of India's proud, valour and steadfast leadership.

"Kargil Vijay Diwas is a symbol of India's proud, valor and steadfast leadership. I bow to the soldiers who, with their indomitable courage, drove the enemy from the inaccessible hills of Kargil and waved the tricolor there again. The country is proud of the heroes of India, who are dedicated to protecting the motherland," Shah tweeted (translated from Hindi)
The country is celebrating the anniversary of the 'Kargil Vijay Diwas'.

The Indian armed forces had defeated Pakistan on July 26, 1999. Since then, the day is celebrated as 'Kargil Vijay Diwas' to rekindle the pride and valour of the soldiers who took part in Operation Vijay.

The day marks the victory of Indian soldiers in recapturing the mountain heights that were occupied by the Pakistani Army on July 26, 1999, known as the Kargil War. 

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Agencies
July 24,2020

Mumbai, Jul 24: Reliance India Limited (RIL) on Friday overtook ExxonMobil to become the world's second most valuable energy company and 46th among the world's largest companies by market capitalisation.

RIL's market capitalisation stood at Rs 14.16 lakh crore (USD 189.3 billion) at market close on Friday. ExxonMobil's current market value is USD 184.77 billion.

"Reliance Industries, with a market capitalisation of USD 189.3 billion now is the second-most valuable energy company in the world. Reliance Industries now stands at 46th among the world's largest companies by market capitalisation ahead of well-known names like ExxonMobil, Abbott Laboratories, Oracle Corp, Chevron and Unilever Plc, and just below PepsiCo," RIL said in an official release.

RIL continued its rally on Friday, notwithstanding overall weak market conditions.

RIL shares made a new all-time high of Rs 2,163 and were last traded at Rs 2,148.8 on NSE with a gain of 4.4 per cent. The market capitalisation of fully paid-up shares stands at Rs 13.62 lakh crore (USD 182.06 billion), the release said.

Reliance partly paid-up shares gained 9.33 per cent on NSE today to last trade at Rs 1289.95. The partly paid-up shares now have a market capitalisation of Rs 0.55 lakh crore (USD 7.29 billion).

"Reliance's share price had touched a bottom of Rs 867 on March 23, 2020, when the total market value of the company stood at Rs 5.5 lakh crore or $73.5 billion. Thus, RIL has added $115.9 billion to shareholder wealth within just four months - one of the highest value creation feats in the world in such a short time," the release said.

Reliance had earlier raised Rs 212,809 crore through Rights Issue, combined investments in Jio Platforms and investment by bp.

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News Network
January 14,2020

Chennai/New Delhi, Jan 14: India's annual electricity demand in 2019 grew at its slowest pace in six years with December marking a fifth straight month of decline, government data showed, amid a broader economic slowdown that led to a drop in sales of everything from cars to cookies and also to factories cutting jobs.

Electricity demand is seen as an important indicator of industrial output in the country and a sustained decline could mean a further slowdown in the economy.

India's power demand grew at 1.1% in 2019, data from the Central Electricity Authority showed, the slowest pace of growth since a 1% uptick seen in 2013. The power demand growth slowdown in 2013 was preceded by three strong years of consumption growth of 8% or more.

In December, the country's power demand fell 0.5% from the year-earlier period, representing the fifth straight month of decline, compared with a 4.3% fall in November.

But in India's western states of Maharashtra and Gujarat, two of India's most industrialised provinces, monthly demand increased.

In October, power demand had fallen 13.2% from a year earlier, its steepest monthly decline in more than 12 years, as a slowdown in Asia's third-largest economy deepened.

Industry accounts for more than two-fifths of India's annual electricity consumption, while homes account for nearly a fourth and agriculture more than a sixth.

The slower demand growth is a blow for many debt-laden power producers, who are facing financial stress and are owed over $11 billion by state-run distribution companies.

India's overall economic growth slowed to 4.5% in the July-September quarter, government data released in November showed, the weakest pace since 2013 as consumer demand and private investment fell.

The government has estimated growth in the current financial year that runs through to March will be the slowest since the 2008 global crisis.

"This reflects overall economic slowdown, because if you look at other high frequency data like diesel consumption, everywhere you are seeing contraction," Rupa Rege Nitsure, chief economist at L&T Financial Holdings.

But India's central bank will not have much scope to cut rates to stimulate the economy because inflation has been rising sharply and reached 7.35% in December compared with 1.97% in January last year.

Economists say India's growth will continue to hover around 4.5% levels in the Oct-Dec quarter.

"In the Oct-Dec quarter as well growth (GDP) will be around the same level as July-September. My estimate for the full year is around 4.7% growth," Nitsure said.

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