PM tells FinMin to revive ‘animal spirit’ in economy

June 28, 2012

manmohan

New Delhi, June 28: Alarmed over the state of economy and low morale of India Inc, Prime Minister Manmohan Singh on Wednesday asked the finance ministry officials to take steps to “reverse the climate of pessimism and give a push to sagging economy.”

Addressing a meeting of the senior officials of the ministry and policy makers for the first time after taking charge of the finance ministry, Singh remarked that there was a need to revive investors’ sentiment.

“At the current juncture, we are passing through challenging times economically. The growth rate has taken a dip; the industrial performance is not satisfactory; things are not rosy on the investment front; inflation continues to be a problem,” he said.

Singh, who has taken charge of the ministry following the resignation of Pranab Mukherjee, stressed the need to “revive the animal spirit in the country's economy."

"Immediate emphasis is to manage balance of payment, for which all policies should be directed to help institutional flows to India," he said adding "in the short run, we need to revive investor sentiment".

He expressed concern over the way the rupee was getting weaker by the day. Investor sentiment is down and capital flows are drying up, he added.

“There are some external reasons and we need to work towards making our country resilient in meeting these external challenges. However, there are many domestic reasons as well. We need to address these quickly.”

“The way it (finance ministry) functions is critical for the future of millions of our countrymen who look up to the government to throw open channels for their progress, prosperity and welfare. Therefore, it has a vital role in evolving economic policies.”

Chief Economic Adviser, Kaushik Basu, Principal Secretary to PM Pulok Chatterjee, secretaries in the Finance Ministry, R Gopalan, R S Gujral, Sumit Bose, D K Mittal and Mohmd Haleem Khan were present at the meeting.

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Agencies
January 24,2020

Indore, Jan 24: Around 80 Muslim leaders of the BJP in Madhya Pradesh on Friday resigned from the primary membership of the party in protest over the Citizenship (Amendment) Act, calling it a "divisive" measure.

One of the leaders, Rajik Qureshi Farshiwala, said around 80 Muslim partymen have resigned from the BJP's primary membership after writing to the newly-appointed national president, J P Nadda, on Thursday.

These leaders, who dubbed the CAA "a divisive provision made on religious grounds", include several office- bearers of the BJP's minority cell, he said.

"It was becoming increasingly difficult for us to participate in our community's events after the CAA came into existence (in December 2019).

"At these events, people used to curse us and ask us how long we plan to keep quiet on a divisive law like the CAA?" he said.

"Persecuted refugees of any community should get Indian citizenship. You cannot decide that a particular person is an intruder or a terrorist merely on the basis of religion," Farshiwala added.

In their letter, the Muslim leaders stated, "Citizens have right to equality under Article 14 of the Indian Constitution. But the BJP-led Central Government is implementing the CAA on religious grounds.

"This is an act of dividing the country and against the basic spirit of the Constitution."

Some of the leaders who have resigned are considered close to BJP general secretary Kailash Vijayvargiya.

When asked about the development, Vijayvargiya on Thursday evening said, "I am not aware of the matter. But we will explain (about the CAA) if a person is being misled."

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News Network
January 15,2020

Jammu, Jan 15: Fresh landslides kept the Jammu-Srinagar National Highway shut for the third consecutive day on Wednesday, leaving over 5000 vehicles stranded.

"There were four fresh landslides in Digdol and Panthiyal belts on the highway in Ramban district. The traffic on the highway remained closed for the third day today", a police officer told PTI.

On Monday, heavy rains triggered shooting of stones in Moumpassi, Digdole and Panthiyal areas, forcing a suspension of the traffic, the official said.

Snowfall in Kashmir side of the highway, including Jawahar Tunnel, since Sunday has resulted in blockade of the highway.

"No fresh traffic was allowed from Nagrota in Jammu for Kashmir", he said.

As a result of the blockade of the highway, over 5000 vehicles remained stranded at various places en route from Lakhanpur in Kathua district to Banihal belt of Ramban district and also on the Kashmir side.

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News Network
May 28,2020

May 28: Congress President Sonia Gandhi on Thursday asked the central government to unlock its coffers and help the needy affected by the coronavirus-induced lockdown.

In a video message posted as part of the Congress' 'Speak Up India' campaign, she lamented that even though the country is passing through a serious economic crisis with loss of livelihood due to the pandemic and the lockdown, the central government has not heard the cries of pain and trauma of people.

"We again urge the Centre to unlock its coffers and help the needy. Put direct cash of Rs 7,500 per month in the account of every family for the next six months and provide Rs 10,000 immediately; ensure safe and free travel of labourers back home, employment opportunity and rations; and also increase the number of work days under MNREGA to 200 days to facilitate jobs in villages," Gandhi said.

"Instead of loans, provide financial relief to small and medium industry so that crores of jobs are saved and the country progresses," she said in her video message on the party's social media handles.

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