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
February 2,2020

Lucknow, Feb 2: In an early morning firing at Lucknow's Hazratganj, the city centre, Vishva Hindu Mahasabha state president Ranjit Bachchan was killed while he was out on a morning walk on Sunday.

Ranjit Bachchan was taking a stroll in Hazratganj in the morning when bike-borne assailants opened fire on him and killed him on the spot. The Mahasabha leader was shot in the head multiple times.

The incident took place near the CDRI building in Lucknow's Hazratganj.

In the firing, Ranjit Bachchan's brother also suffered bullet injuries. He has been rushed to the trauma centre. Ranjit Bachchan was a resident of Gorakhpur.

The early morning shootout in the Uttar Pradesh capital's central area has caused tension in the area.

Dinesh Singh, DCP Central Lucknow, said, "The body has been identified as of Ranjit Bachchan, who had gone out on morning walk when some unknown assailant shot him. A police team has been formed and further investigation is being carried out."

Before being associated with the Mahasabha, Ranjit Bachchan was a Samajwadi Party member and was often spotted with former UP chief minister Akhilesh Yadav.

The Samajwadi Party has hit out at the Yogi Adityanath government over the law and order situation in the state and demanded immediate resignation of the government.

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Agencies
July 28,2020

New Delhi, Jul 28: Chief Minister Ashok Gehlot had "unconstitutionally" merged six MLAs of the Bahujan Samaj Party (BSP) with the Congress in Rajasthan, he did the same in his earlier tenure too, for which we wanted to teach him and his party a lesson, said BSP chief Mayawati on Tuesday.

The BSP chief added that her party could have gone to courts earlier but decided to wait for the "right opportunity".

"In Rajasthan, after elections results, BSP gave unconditional support of all its 6 MLAs to Congress. Unfortunately, Chief Minister Ashok Gehlot, out of his malicious intent and to damage BSP, merged them with Congress unconstitutionally. He did the same even during his earlier tenure," Mayawati said here.

"BSP could have gone to the court earlier too but we were looking for the time to teach Congress party and CM Ashok Gehlot a lesson. Now we have decided to go to the Court. We will not let this matter alone. We will go even to the Supreme Court," she added.

The BSP chief further reiterated that the party has asked the six MLAs to vote against the Congress government led by Ashok Gehlot if a trust vote takes place on the floor of the Rajasthan Assembly, failing which "their party membership will be cancelled".
She further said that the merger of BSP MLAs with Congress was immoral and went against the mandate given by voters in Rajasthan.
"Ulta-chor kotwal ko daante (the thief accuses the cop of wrongs) they (Congress) themselves indulge in wrongdoing and then accuse us," she further said.
On Sunday, the BSP issued a whip to six MLAs, asking them to vote against Congress in case of a no-confidence motion or any proceedings to be held during the Rajasthan Assembly session.

National General Secretary of BSP Satish Chandra Mishra, while speaking to news agecncy said, "Notices have been issued to the six MLAs separately as well as collectively, pointing out that since BSP is a National Party, there cannot be any merger at the state level at the instance of six MLAs unless there is a merger of BSP at the national level. If they violate it, they will be disqualified.

Notices have been issued to all six MLAs- - R Gudha, Lakhan Singh, Deep Chand, JS Awana, Sandeep Kumar and Wajib Ali, who are elected to the Rajasthan Assembly."
However, later on Monday, Lakhan Singh, hit back saying he and the five others had already joined the Congress.

"We six MLAs have already joined the Congress. BSP remembered us after nine months. They have issued this whip, after a message from the BJP. On this basis they are going to court", said Karauli MLA Lakhan Singh.

Rajasthan government is in turmoil after simmering differences between Deputy Chief Minister Sachin Pilot and Gehlot came out in the open. Pilot was removed as the Deputy Chief Minister and the state unit chief of Congress.

The Congress has accused the BJP of indulging in horse-trading to bring down the Gehlot government. The BJP has rejected the allegations.

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News Network
January 15,2020

New Delhi, Jan 15: The mother of 23-year-old paramedic student, who was raped and brutally assaulted by six men in December 2012, on Tuesday said she knew that the curative petitions of the convicts will be rejected and is confident that they will be hanged on January 22.

Her remarks came after the Supreme Court on Tuesday refused to stay the execution of two of the four death row convicts in the 2012 Nirbhaya gang rape and murder case while dismissing their curative petitions against their conviction and capital punishment.

"The curative please had to be rejected. This was the third time they had gone to the Supreme Court. Whatever pleas they file, we are ready to face them and we will fight it out. We feel that they will be hanged on January 22. We want that to happen," Nirbhaya's mother told PTI over phone.

The four convicts -- Vinay Sharma (26), Mukesh Kumar (32), Akshay Kumar Singh (31) and Pawan Gupta (25) -- are to be hanged on January 22 at 7 am in Tihar jail as a Delhi court issued their death warrants on January 7.

Vinay and Mukesh had filed curative petitions on January 9.

Shortly after the apex court refused to stay the execution of two of them, Mukesh moved a mercy petition before President Ram Nath Kovind.

Mukesh also approached the Delhi High Court for quashing the death warrant. The high court is expected to take up his petition on Wednesday.

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