Chidambaram not enthused by RBI’s stance

October 30, 2012

chidambaram

New Delhi, October 30: Apparently not enthused by the RBI’s cautious stance, Finance Minister P. Chidambaram on Tuesday said that growth is as much a challenge as containing inflation and government would “walk alone” to face the challenge if it comes to that.

“Growth is as much a challenge as inflation. If government has to walk alone to face the challenge of growth, then we will walk alone,” he said in his reaction to the RBI’s second quarter policy review.

Mr. Chidambaram was apparently upset over RBI’s decision to leave interest rates unchanged on inflation concerns despite the government unveiling a five-year fiscal consolidation road map ahead of the policy.

Although the RBI has lowered the Cash Reserve Ratio (CRR), the portion of deposit banks have to park with the apex bank, by 0.25 per cent, it did not cut interest rates in view on persistent inflationary pressures.

WPI inflation stood at 7.81 per cent in September, much above the RBI’s comfort level of 4-4.5 per cent.

“Government is doing its best to send the clear message that we are on the path of fiscal consolidation. It is my hope that everyone will read and understand the government commitment to path of fiscal consolidation,” Mr. Chidambaram said.

On the policy statement, he quipped: “I have not read the last few paragraphs of the statement but if it holds out hope for the future I look forward to that future.”

He was apparently referring to the RBI’s policy guidance of a likelihood of policy easing in the January-March quarter of the current fiscal.

Mr. Chidambaram further said: “Sometimes it is best to speak, sometimes it is best to remain silent. This is the time for silence”.


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News Network
March 13,2020

New Delhi, Mar 13: Delhi's Tis Hazari Court on Friday sentenced expelled Bharatiya Janata Party (BJP) MLA Kuldeep Singh Sengar and six others to 10 years imprisonment for the death of Unnao rape survivor's father. Sengar is already serving life imprisonment for raping the minor.

While sentencing them, District Judge Dharmesh Sharma said, "There can be no denying that rule of law was broken. Sengar was a public functionary and had to maintain the rule of law. The way the crime has been committed, it does not call for leniency."

Sengar and his brother Atul has been directed to give 10 lakh compensation to family of the victim for loss of their father. "There are four minor children involved, three girls and one boy. They have also been uprooted from native place," the judge said.

Seven people, including Sengar, his brother and two police personnel, were held guilty for culpable homicide and criminal conspiracy, earlier this month.

The case pertains to the death of rape survivor's father in custody on April 9, 2018. It was alleged that he was assaulted following a quarrel with some of the accused in the case.

He was taken to the police station and then framed for allegedly possessing an illegal firearm. Pursuant to this, he was sent to custodial remand, during which he died.

The case was transferred to Delhi from a trial court in Uttar Pradesh on the Supreme Court's directions in August last year. Both the death and illegal firearm case was later clubbed by the court.

During the arguments on sentencing on March 12, Sengar had told the court that he should be "hanged and acid poured into his eyes if he has done anything wrong".

The former MLA had also raped the daughter of the deceased in 2017 in Uttar Pradesh's Unnao district and was sent to jail for "remainder of his natural biological life", last year.

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Agencies
January 19,2020

Thiruvananthapuram, Jan 19: The CPI(M) will soon launch a nation-wide house-to-house campaign to explain to the people, the 'link' between CAA-NPR-NRC, party general secretary, Sitaram Yechury said on Sunday.

The intense campaign will take place all over the country, he said while briefing the media about the three-day central committee held at Vilapilsala near here.

The central committee also urged the people not to answer the NPR questions.

"The Central committee has called upon the people not to answer any questions concerning the NPR when the enumerators come to their houses...," the left leader said.

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News Network
May 13,2020

May 13: Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page.

Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

Chidambaram said he would count every additional rupee the government infuses into the economy and examine what the poor, hungry and devastated migrant workers get after walking hundreds of kilometres to their home states.

"Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank!

"Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy," he said on Twitter.

The former finance minister said "We will also carefully examine who gets what?".

"And the first thing we will look for is what the poor, hungry and devastated migrant workers can expect after they have walked hundreds of kilometres to their home states.

"We will also examine what the bottom half of the population (13 crore families) will get in terms of REAL MONEY," he said in a series of tweets.

Congress leader Jairam Ramesh also slammed the prime minister's announcement.

"Last night the Prime Minister did what comes to him best. Maximum packaging, Minimum meaning.It was a case of classic NAMO. No Action Message Only," he said on Twitter.

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