Narendra Modi hits out at Congress-led UPA govt, compares it to 'termites'

March 3, 2013

Narendra_Modi

New Delhi, Mar 3: Against the backdrop of a growing chorus for making him the BJP's prime ministerial candidate, Gujarat chief minister Narendra Modi today lashed out at the "commission-seeking" Congress-led UPA government which is destroying the nation like a termite and dubbed Prime Minister Manmohan Singh as a "night watchman" for the Gandhi family.

Modi was scheduled to speak on good governance in Gujarat, but he used the forum at the BJP conclave here to lambast the UPA government and the Congress in his one-hour speech.

"Congress is destroying this country like termites. It is very difficult to deal with termites - you finish them in one place and they rise in another. The only medicine for this ailment is sweat of the BJP worker. Only this sweat can free this nation from the termite that is the Congress," Modi said in his speech, amid applause from the gathering.

In what sounded virtually like an election speech, Modi said the time has come to throw out the Congress and bring in a government that is sensitive towards the sufferings of the people.

Attacking the Congress for scams like the VVIP helicopter deal and 2G spectrum, Modi said, "The time has come to draw a comparison between the Congress and the BJP. While BJP is for a mission, Congress is for commission. The contest will be between mission and commission."

Modi also alleged that the Congress tradition has been to sacrifice the nation's interest for the sake of one family.

Without naming Prime Minister Manmohan Singh, he said the Congress appointed a "night watchman" to keep the seat warm for the first family of the Congress.

"They did not realize that the night will be so long and dark. As a buffer, they appointed an economist to the post," he said.

Modi's address stood out in sharp contrast to that of his Madhya Pradesh and Chhattisgarh counterparts Shivraj Singh Chouhan and Raman Singh. While the two chief ministers stuck to highlighting achievements of their governments, Modi dwelled on national issues.

The Talkatora Indoor Stadium was jam-packed when Modi delivered his speech.

Modi said that though Pranab Mukherjee was more deserving, the Congress did not make him the Prime Minister and chose Manmohan Singh. "They realized that if Pranab Mukherjee is successful then what will happen to the (Gandhi) family."

The Gujarat chief minister also criticized the National Advisory Council, headed by Congress president Sonia Gandhi, as one which is filled with people belonging to the "five- star" culture and having "total disconnect" with the people.

Modi, who may be given a prominent role in national politics by the BJP later this month by inducting him into the parliamentary board of the party, said it is a very big challenge and a matter of concern that the UPA government is there at the Centre.

"There is no feeling of whether there is a government or not. It is not in the Congress character or in their blood to do something for the nation," he alleged.

Earlier, Modi began his speech by thanking BJP president Rajnath Singh for felicitating him yesterday and attributed his third consecutive victory in Gujarat Assembly elections to the guidance of the national party leadership, party workers and the people of his state.

"This is a victory of the BJP's ideology and of its political culture," he said.

Modi praised the performance of the BJP governments in Madhya Pradesh, Chhattisgarh and Goa.

"My experience in Gujarat has been that the country has decided to move ahead. People of the country have decided to throw out the Congress. Our only concern is to fill the places vacated by the Congress with the right people," Modi said.

He also asked the party workers to rise above leadership issues and work tirelessly to bring the BJP to power.

"We should go from here with the pledge that we will contribute all our might for the party. BJP and lotus, the symbol of the BJP, have the strength to save this nation. Who is the individual, who is the leader does not matter. The aim is important. We have no right to disappoint the people," Modi said.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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News Network
April 19,2020

New Delhi, Apr 19: The government on Sunday prohibited the sale of non-essential items through e-commerce platforms during the ongoing lockdown, four days after allowing such companies to sale mobile phones, refrigerators and ready-made garments.

Union Home Secretary Ajay Bhalla issued an order excluding the non-essential items from sale by the e-commerce companies from the consolidated revised guidelines, which listed the exemption given to the services and people from the purview of the lockdown.

The order said the following clause "E-commerce companies. Vehicles used by e-commerce operators will be allowed to ply with necessary permissions" is excluded from the guidelines.

The previous order had said such items were allowed for sale through e-commerce platforms from April 20.

However, the reason for reversing the order is not known immediately.

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Agencies
February 29,2020

Thiruvananthapuram, Feb 29: With Saudi Arabia indefinitely suspending visas for visit to Islam's holiest site for the Umrah pilgrimage in the wake of coronavirus outbreak, more than 10,000 people in the state who are awaiting their turn this year for the annual Hajj pilgrimage are a worried lot.

"This year more than 10,000 people in Kerala have been cleared by the Hajj committee," said C Muhammed Faizy, chairman, Kerala State Hajj Committee.

"There is no cause of worry. We hope that during the time of the pilgrimage, the travel restriction by Saudi Arabia will be lifted," he said.

Umrah is a pilgrimage to the holy site that can be undertaken at any time of the year, while the annual Hajj pilgrimage has specific months according to the lunar calendar.

"The move by the Saudi Arabian Government to impose travel restriction was due to the outbreak of coronavirus. It is a preventive step to contain it. In such large gatherings, if one person is affected, it will spread to others. So we fully understand the concerns of the Saudi Government," Muhammed Faizy added.

He said that the Hajj Committee only processes the requests of annual Hajj visit pilgrims and not Umrah.

"This year we expect the Hajj pilgrimage season to be from June to August after Ramzan. But it may vary according to the Ramzan date. We are yet to get any official correspondence from the Saudi Government regarding travel restrictions," he added.

The Saudi Arabian Government suspended visas for tourists from countries affected by the coronavirus, with many having to cancel their Umrah pilgrimage at the last minute.

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