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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Agencies
January 11,2020

New Delhi, Jan 11: Senior Congress leader P Chidambaram on Friday said that he has never seen innocents like the Indian people, who believe the claims made by the government on the implementation of its programmes. The former Union Minister, addressing a literary event, said, "I have never seen innocents like the Indian people. If something appears on print (and named two newspapers also), we believe it. We believe anything."

Claims like all villages having been electrified in the country and toilets built for 99 per cent of families in India were being believed, he said.

Similar was the case of the Ayushman Bharat scheme, (Pradhan Mantri Jan Arogya Yojana or PM-JAY is a flagship health care scheme of the Centre), he alleged.

Stating that his Delhi-based driver's father had to get a surgery done under the scheme, he said, however, it could not be performed.

"I asked him (car driver) if he had the Ayushman card and he showed a card and I told him to take it (to hospital). In hospital after hospital, they said they were not aware of anything like that (Ayushman scheme). But we believe that the Ayushman scheme has come to the whole of India," he said.

Further, he said "we believe that for any disease, treatment will be done (indicating the Ayushman scheme) without shelling out money. We are being innocents."

Many news items and data were contrary to the truth, he added.

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News Network
April 23,2020

Thiruvananthapuram, Apr 23: Amid opposition charges, the Kerala government on Tuesday constituted a two-member committee to examine whether the privacy of personal and sensitive data of COVID-19 patients has been protected under the agreement entered by it with US-based IT firm Sprinklr.

The committee, headed by former Special IT Sscretary M Madhavan Nambiar and former health secretary Rajeev Sadanandan, will also ascertain whether adequate procedures were followed while finalising the arrangements with the private company.

The Opposition Congress has been levelling charges that the collection of data by the US firm violated the fundamental rights of the patients.

In its order, state government said it had initiated steps to set up a Data Analytics platform to integrate data from various sources available in the government to meet the "exigency of a massive and unprecedented surge of epidemic".

The committee will also examine whether deviations, if any, are fair, justified and reasonable considering the extraordinary and critical situation faced by the state, it said.

Meanwhile, the Kerala High Court on Tuesday asked the state government to file its reply by April 24 on a plea seeking to quash its contract with the US-based firm.

Expressing concern over the confidentiality of the citizen's data processed by a third party, the court sought to know why the sanction of the law department was not taken before finalising the agreement.

The court hailed the state government's fight against COVID-19, but said it is concerned about data confidentiality.

The government informed the court that the agreement with Sprinklr has safeguards for data protection "as per standard practices of software as a service model."

The ward-level committees, set up by the government for the anti-coronavirus fight, collect information of those under home isolation, the elderly and those at the risk of the disease, using a questionnaire and later uploads it on the server of the private agency.

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News Network
March 4,2020

Mumbai, Mar 4: BJP leader Devendra Fadnavis on Tuesday said Maharashtra Chief Minister Uddhav Thackeray should not give "vague" replies on the 5 per cent Muslim quota issue and declare "with courage" that his government will not bring law granting reservation to the minority community.

Mr Fadnavis made the remark after Mr Thackeray, during a press conference earlier in the day, said he has not yet received the proposal regarding giving quota to Muslims and that the Shiv Sena-led government is yet to take any decision on it.

Mr Thackeray made the comments after Maharashtra Minority Affairs Minister Nawab Malik recently said in the legislative council that thestate government will provide 5 per cent quota to Muslims in education.

Mr Malik, an NCP leader, had also said the state government will ensure that a legislation to this effect is passed soon.

The NCP and the Congress, both proponents of Muslim quota, are constituents of the Sena-led Maha Vikas Aghadi government.

Asked about Mr Thackeray's remarks on the issue, Mr Fadnavis said instead of making comments at the press conference, the chief minister should make a statement in the legislature which is currently having its budget session.

The Leader of the Opposition in the assembly said that Mr Malik's opinion is the official position of the government as the minister had talked about giving quota in the council.

"So, instead of making vague comments in the press conference, the chief minister should say in the council that it is not his view (the one expressed by chief minister).

"The chief minister gave vague answers during the press conference, saying the proposal has not come to him. Your minister (Malik) only has said it," Mr Fadnavis told reporters outside the legislature building complex.

The BJP leader maintained there is no provision in the Constitution for religion-based reservation in government jobs or education.

"Say with courage that you will not give the quota, that the Constitution doesn't accept quota based on religion. Hence, we (the government) will not bring law granting quota," the former Chief Minister said.

Mr Fadnavis claimed that if given within the 50 per cent ceiling set by the Supreme Court, the Muslim quota will affect the existing reservation granted to OBCs.

"And if given outside it, it will affect Maratha quota," he added.

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