More reforms in next few days to spur investment: Chidambaram

June 13, 2013
New Delhi, Jun 13: Seeking to accelerate reforms to spur investments, Finance Minister P Chidambaram today said the government will announce host of decisions, including relaxation of FDI caps and resolution of gas and coal prices, in the next few days.

He further said there was no need for panic over declining value of rupee and the domestic currency would regain the losses suffered in last few days and stabilise.

chidu"I am looking forward to more reforms... I expect a number of decision in the next few days and weeks... In June, you can expect number of decisions taken and implemented that will accelerate reforms and spur investments in critical sectors," Chidambaram said.

He said the decision will be taken on coal and gas pricing, coal allocation to power plants, FDI limit in various sectors, including defence, and skill development.

Chidambaram said the Sebi board will take a decision on K M Chandrasekhar committee report on rationalisation of foreign investment norms on June 25.

The Minister was addressing media in the backdrop of steep decline in rupee which on Tuesday touched life-time low of 58.96 intra-day against the US dollar.

Rupee, which touched 58.22 to a dollar in early trade, lost ground during the day, and is currently trading at 58.48 today.

"There is no reason for panic... Countries with large current account deficit have taken a hit on currencies. Rupee will find its level. We are concerned about volatility. Rupee will regain losses suffered in the last few days," he said.

Expressing satisfaction over declining gold imports, Chidambaram appealed to the people to "resist the temptation to buy gold" saying it will dramatically change the CAD position.

Chidambaram, however, ruled out any immediate hike in gold import duty saying he doesnt want to be "too unpopular".

Chidambaram said Prime Minister Manmohan Singh has called a meeting of the Finance Minister and other key advisers to discuss steps to revive investment and stalled projects.

The government should keep in mind the long-term interest while taking important decision relating to pricing of natural resources, he said.

Chidambaram said the steps taken by the government since August last year have yielded results and the fiscal deficit has come down to 4.9 per cent in 2012-13 and inflation has moderated.

The economic condition is stronger today than what it was in the same period last year, he said, adding that lot of people continue to keep faith in India growth.

The government, he said, will leave no stone unturned to achieve the revenue targets in the current financial year and hoped that fiscal deficit of 4.8 per cent is achievable. "If it is better, so be it," he added.

The stocks markets today tanked sharply and the BSE benchmark Sensex was trading down by 217 points to 18,824.86 in the afternoon trade.

Ruling out any expenditure compression in the current fiscal, the Minister said the Ministries have been asked to move ahead with their investment plans, which is necessary for improving investment sentiment and reviving growth.

"Revenue collections are satisfactory. I will achieve my revenue target. I will leave no stone unturned to achieve the revenue target," he said.

Replying to a question on whether government was contemplating a VDIS (Voluntary Disclosure of Investment Scheme) type amnesty scheme to bring out gold, the Minister said: "I have one wish if people of India can fulfil is that don't buy gold."

Chidambaram further said the real concern is the performance of the crude, natural gas and fertilisers sector as they have recorded negative growth in last three years.

"We need to get our act together. I am sure we can share some decisions in July," he said.

On the possibility of issuing NRI Bonds to raise overseas funds, the Minister said: "Can't answer question on which decision have not been taken. We are watching the situation. When we take a decision, we will share it with you".

Asked about disinvestment of Coal India, the Minister said the coal major was on the list of PSUs which have to be divested and the Ministry will try to impress upon the Trade Unions that funds raised would be used for capital expenditure of other state-owned companies.

"I have to put in Rs 15,000-20,000 crore annually for five years into PSU banks," he said.

On the impact of rupee depreciation on subsidies, Chidambaram said it will have a bearing on goods which are imported.

However, as far as the domestic prices of petroleum products are concerned, he said, the impact of rupee decline could be neutralised by a decline in value of crude oil in international markets.

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News Network
May 8,2020

New Delhi, May 8: The Supreme Court on Friday suggested that states should consider indirect sale and home delivery of liquor as per its statute and law to avoid crowding at liquor shops amid the ongoing coronavirus-induced lockdown.

A bench headed by Justice Ashok Bhushan refused to pass any orders on a public interest litigation (PIL) seeking clarity on the sale of liquor and to ensure social distancing while it is being sold in liquor shops during the lockdown.

"We will not pass any order but the states should consider indirect sale/home delivery of liquor to maintain social distancing norms and standards," Justice Ashok Bhushan said while disposing of the petition.

The PIL, filed by one Sai Deepak, sought directions for closure of liquor shops for failing to enforce social distancing, which is essential to prevent the spread of coronavirus.

The petitioner told the apex court that he only wants that the life of common people is not affected because of crowding at liquor shops during COVID-19.

Justice Sanjay Kishan Kaul, another judge in the bench, said that discussion on home delivery is already going on.

The top court, after hearing the petition complaining about flouting of safety norms at liquor shops, observed that it cannot pass any orders to different states but they should consider online sale and home delivery of liquor.

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News Network
July 21,2020

Lucknow, Jul 21: Madhya Pradesh Governor Lalji Tandon, a veteran political figure in Uttar Pradesh where he had served as a cabinet minister, died at a hospital here early Tuesday.

The 85-year-old was admitted to the hospital on June 11 with breathing problems, fever and difficulty in urination.

He died at 5:35 am in Medanata Hospital, according to his son Ashutosh Tandon, a UP cabinet minister.

Lalji Tandon is survived by wife and three sons.

His body will be kept at his official residence in Hazratganj and later at his Sindhi Tola residence in Chowk to enable people to pay their last respects.

The last journey will start at 4 in the evening for the Gulala Ghat where his last rites will be performed later in the day, Ashutosh Tandon said in a statement.

The UP government has announced three days mourning as a mark of respect to Lalji Tandon, a former cabinet minister, a government spokesman said.

Belonging to the Atal Bihari Vajpayee and L K Advani era of BJP leaders, Lalji Tandon proved himself as an able administrator during his decades-long political career in Uttar Pradesh.

A former Lok Sabha MP, he was later given gubernatorial responsibility.

He took oath as Madhya Pradesh governor on July 29, 2019, when the Congress was in power in the state, after serving in the same post in Bihar for nearly 11 months. 

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News Network
January 7,2020

Mumbai, Jan 7: Facing criticism from social media and political quarters for holding a 'Free Kashmir' poster during a protest against violence at Jawaharlal Nehru University (JNU), Mehak Prabhu, a Mumbai-based storyteller, on Tuesday clarified that she meant to highlight the restrictions imposed in Jammu and Kashmir and wishes to see peace in the region, adding she had no other motive behind her actions.

"At around 7 pm yesterday, I reached where the protest was happening at the Gateway of India. Like anybody else who believes in democracy, I also joined that protest. We were standing for justice to the JNU students," Prabhu said in a video posted on Facebook.

"I saw a bunch of people who were painting placards on every issue like NRC, CAA and for JNU students. There was a placard lying on the side which said 'Free Kashmir'. The first thing which came to my mind when I saw that placard was about the basic constitutional rights of Kashmiris," she said.

Prabhu also said that she was not a Kashmiri and was brought up in Mumbai. She outlined that she was standing with a flower in her hand and asserted that the entire matter was "completely blown out of proportion".

"I was quietly standing with a flower in my hand. This means we need to make peace together. That was my only intention in holding that placard. The narrative that has been put out is absolutely wrong," she said, describing the reactions to the matter was "crazy".

The Mumbai-based storyteller underlined that the incident is scary and urged the people to spread the words of what she said and not hatred.

"The way it has gone, it is very scary. I am a simple person. As a woman, it is very scary for my safety right now. Spread this side of my story and let's stop it here. Let us not spread the hate. It has happened to me, it can happen to anyone. We should not live in fear," Prabhu further said.

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