Obama not properly informed, says Government on reforms remark; Opposition slams him

July 16, 2012

obama16

New Delhi, July 16: India has dismissed Barack Obama's statement that the investment climate in India is "deteriorating," suggesting that the US President is "not properly informed" about the country's strong economic fundamentals. And that certain "international lobbies" are attempting such misinformation. Mr Obama's weekend statement has raised the hackles of not just the government, but also opposition parties of every hue.

The US President had said on Sunday, "In too many sectors, such as retail, India limits or prohibits the foreign investment that is necessary to create jobs in both our countries, and which is necessary for India to continue to grow... there appears to be a growing consensus in India that the time may be right for another wave of economic reforms to make India more competitive in the global economy."

Corporate Affairs Minister M Veerappa Moily made a strong rejoinder saying, "Certain international lobbies like Vodafone are spreading this kind of a story and Obama was not properly informed about the things that are happening, particularly when India's economic fundamentals are strong."

In an interview to Press Trust of India, the minister also said that the perception of a deteriorating investment climate in India was not based on economic parameters, but on certain impressions of a few individuals, entrepreneurs and investors. "That is also being removed. Once that perception is removed, I think in 2-3 months, we are back again with a kickstart to pick up the same speed as we had done in the last decade," he added.

The minister was emphatic that there was no crisis in India, whereas the US and other countries had faced crises, "not once but twice in 2008 and 2010". "Not even a single financial institution has collapsed in this country, whereas many such things have collapsed in US and other countries," he said.

In the last one decade, India had registered a vibrant growth rate of 8 to 9.5 per cent, he said, adding "but perhaps for the economic crisis in the US and Europe, the country would have definitely crossed 10 per cent of the GDP."

"That is the potential of India which can recover back immediately by taking some remedial steps," Mr Moily said. He said 55 per cent of the investment in the form of Foreign Institutional Investors (FIIs) and Foreign Direct Investment (FDI) comes from as many as ten countries like Mauritius, Cyprus and Singapore, and only 19 per cent comes from the US and other countries.

"Ultimately Prime Minister Manmohan Singh is going to address all these problems and it is being considered. That's why, again, the investment climate is picking up," he said.

In this, the government's position is backed firmly by the Opposition. The BJP has taken umbrage at Mr Obama saying that India prohibits foreign investment in too many sectors. The party's Yashwant Sinha, a former Finance Minister, said India could not open its markets just because the US President wished it. "If Obama wants FDI in retail and India does not want, then it won't come just because he is demanding it," said Mr Sinha.

Noting that India prohibited foreign investment in too many sectors such as retail, Mr Obama had, on Sunday, cited concerns over the deteriorating investment climate to endorse another "wave" of economic reforms. (Read)

The party's Mukhtar Abbas Naqvi said the US President's remarks were "laughable". "That country is giving us a certificate on investment and economy when it itself is facing economic problems. We have to ensure our national interests on our own," he said.

The CPI-M reacted strongly too. "They want to open up our economy and market on their terms. For this purpose they are creating this pressure...as it is, no one believes that under the present situation, there will be any sea change in the investment scenario world over," said party leader Nilotpal Basu.

The BJP and the Left have opposed FDI, especially in retail, citing interests of the small trader.

The Samajwadi Party, which is extending outside support to the Congress-led United Progressive Allinace (UPA) at the Centre, too said India would not take a decision in support of the United States. "They only want their market to expand in our country," party leader Shahid Siddique said.


Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 15,2020

New Delhi, Apr 15: CPI-M leader Sitaram Yechury has sought a substantial increase in relief spending of the Central government in the fight against coronavirus, saying that there should be cash transfer of Rs 7,500 to families not paying income tax and distribution of free foodgrains to all needy.

In an article in the forthcoming issue of the party's mouthpiece -- People's Democracy -- Yechury said that India ranks among the countries that are testing the least for the coronavirus and testing should be increased rapidly.

Yechury said the financial stimulus package should be raised from the current 0.8 per cent to at least 5 per cent of GDP and States should be provided liberal funding.

"We must ensure that there are no starvation deaths that occur in our country. It is, therefore, imperative that the government must immediately implement a Rs 7,500 ex gratia cash transfer to all non-income tax-paying families and resort to universal distribution of free foodgrains to all needy people," Yechury said.

He said all MGNREGA workers should be paid wages irrespective of work and employers should be assisted financially to protect workers from job losses and wage cuts and arrangement should be made for the return of migrant workers to their homes.

"Testing is of crucial importance to identify the clusters where the pandemic is spreading in order to isolate and insulate them to contain the community spread. Inadequate testing does not provide us with such information. It is dangerous both for the inability to contain the spread and to identify the critical areas," the article said.

It said that till April 9, India's record of testing was 0.092 per thousand, while in Germany it was 15.96, Italy 14.43, Australia 12.99, Denmark 10.73 and Canada 9.99. "Unless our testing rate increases substantially, our strength to combat the pandemic will not grow," the article said.

Yechury said that the first case in India was reported on January 30 and "no substantive measures were taken despite this for seven long weeks" until the declaration of the lockdown on March 24.

"As far as the lockdown is concerned, many countries in the world moved with greater urgency - China locked down Wuhan on January 23, the whole of Italy was locked down on March 10, USA declared a national emergency on March 13, Spain on March 14, France on March 17 and UK on March 23," he said.

Yechury said the people were looking forward to the Prime Minister's address to the nation on the last day of the three-week countrywide lockdown.

"These three weeks have thrown up many experiences that need to be addressed urgently in order, both, to strengthen our fight against the COVID-19 pandemic and to protect the lives and survival of crores of our fellow citizens. On none of these issues of vital importance did the Prime Minister have anything substantial to say," he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 2,2020

Beijing, Feb 2: India on Sunday temporarily suspended e-visa facility for Chinese travellers and foreigners residing in China in view of the virulent coronavirus that has killed more than 300 people, infected 14,562 others and spread to 25 countries, including India, the US and the UK.

“Due to certain current developments, travel to India on e-visas stands temporarily suspended with immediate effect," the Indian Embassy announced.

“This applies to holders of Chinese passports and applicants of other nationalities residing in the People's Republic of China. Holders of already issued e-visas may note that these are no longer valid," the announcement said.

“All those who have a compelling reason to visit India may contact the Embassy of India in Beijing or the Indian consulates in Shanghai or Guangzhou, as well as the Indian Visa Application Centres in these cities," it said.

On Sunday, India airlifted a second batch of 323 stranded Indians and seven Maldivian citizens from coronavirus-hit Wuhan city, taking the total number of people evacuated to 654.

Air India's jumbo B747 made two flights to Wuhan city - the ground zero of the coronavirus epidemic. In the first flight on early Saturday, 324 Indians were evacuated and on Sunday another 323 Indians and seven Maldivian citizens were flown back.

Comments

dinah
 - 
Friday, 14 Feb 2020

It's not surprising for countries to restrict. it just feels wrong to treat them that way specially those who are not really infected. It could really hurt their feelings.

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 28,2020

New Delhi, Feb 28: The Congress on Friday reacted sharply to the petition in the court seeking registration of a First Information Report against Sonia Gandhi, Rahul Gandhi and Priyanka Gandhi Vadra for alleged hate speeches. It said the petition was to save BJP leaders Pravesh Verma, Anurag Thakur and Kapil Mishra, referring to the trio as "PAK".

Congress leader Jaiveer Shergil told news agency, "It is political interest litigation to hide the failure of the government and to put a lid on the BJP's involvement in fuelling the fire in Delhi riots.

"This is to hide and save BJP's PAK -- Pravesh, Anurag and Kapil," said Shergil.

The BJP has two parameters, the laws for the common man and citizens of the country are different from those for the BJP leaders, added Mr Shergil.

The Delhi High Court on Friday issued notices on a petition for the registration of an FIR against Sonia Gandhi, Rahul Gandhi, Priyanka Gandhi Vadra and others on charges of delivering hate speeches.

Congress said that the PIL was politically motivated and the inaction on the hate speeches made by the BJP leaders, which led to the riots, was shocking.

"When there are 48 cases registered, why three cases against the BJP leaders are not registered," asked Mr Shergil.

A Bench of Chief Justice DN Patel sought responses from the Central and Delhi governments apart from Delhi Police on a petition filed by Lawyers Voice. The matter will again be heard on April 13.

The petition also sought a case against Aam Aadmi Party leaders Manish Sisodia and Amanatullah Khan, All India Majlis-e-Ittehadul Muslimeen leaders Akbaruddin Owaisi and Waris Pathan, and lawyer Mehmood Paracha.

"Issue directions to constitute an SIT to look into these hate speeches and take appropriate action. Issue direction to register an FIR against those named in the petition," the petition said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.