PM Modi should assure nation he won't allow 'buying MLAs off': Kapil Sibal

Agencies
May 19, 2018

New Delhi, May 19: Ahead of the crucial floor test in the Karnataka assembly, the Congress on Saturday asked Prime Minister Narendra Modi to assure the country that he would not encourage “buying MLAs off” as the BJP seeks to prove majority, and welcomed the assurance of live telecast of House proceedings.

The Congress said that every alleged attempt of the BJP to derail the vote of confidence stood “defeated” and asserted the "democracy will win".

Addressing reporters here, senior Congress leaders Kapil Sibal and Abhishek Manu Singhvi, who represented the Congress-JD(S) combine in the Supreme Court, said they did not press for the replacement of pro tem speaker K G Bopaiah after the assurance of live broadcast of the proceedings.

The Congress and the JD(S) had approached the apex court raising questions over the appointment of Bopaiah as the temporary speaker, contending he was not the senior most legislator.

It also maintained that Bopaiah had a "tainted past" as he as the then speaker had tried to save a previous government of Yeddyurappa, who faced corruption charges, in 2011.

Singhvi said whosoever wins or loses in the trust vote, it is the "democracy which will win".

Sibal also took a dig at Prime Minister Narendra Modi, saying "He (Modi) should also say 'na kharidunga, na kharidane dunga' (will neither buy off, nor let anyone be bought over)."

"The prime minister keeps saying 'na khaunga, na khane dunga' (will neither indulge in corruption nor allow it). He should also say 'na kharidunga, na kharidane dunga'," quipped Sibal.

There was no question of replacing the pro tem speaker when proceedings would be live telecast and transparency would be ensured, he added.

Asked about the BJP’s claim that the Supreme Court’s order was a blow for the Congress, Sibal countered it, suggesting that things were otherwise as the time period allowed for the BJP by Governor Vajubhai Vala was reduced from 15 days to 24 hours (which ends today).

Singhvi seconded Sibal, and added that the Supreme Court also said no to secret ballot and the pro tem speaker was disallowed to take any other agenda, suggesting the decision favoured the Congress-JD(S) combine.

"The achievement of our petition before the court is holding the trust vote in one-and-a-half days as against 15 days allowed earlier," he added.

Asked why did the Congress move the petition if it had to withdraw its pleas, Singhvi said the offer to hold live telecast was given only after our petition. He described the move of live telecast as “a virtue out of necessity".

Singhvi said, "We wanted safeguards to be in place on our apprehension. In a way most of our demands have been met."

Another senior leader of the party, P Chidambaram, saluted the apex court and added the live broadcast of the House proceedings would mean every citizen watching television “will be a pro tem speaker”.

“In Karnataka, what is at stake is not only who will form the Government, but who will be loyal to the electorate and uphold the verdict of his/her voters.

“Every trick of the BJP to delay or derail the vote of confidence has been defeated. Now, I am sure the Congress and JDS MLAs will defeat Mr Yeddyurappa,” he tweeted.

The Supreme Court today ordered live telecast of the floor test, which is scheduled for 4 pm.

"Live broadcast of floor test will be the best possible way to ensure transparency in the proceedings," a bench comprising justices A K Sikri, S A Bobde and Ashok Bhushan said.

The bench also made it clear that no other item in the agenda shall be taken up during the trust vote.

The bench said the secretary of the Legislative Assembly will record the proceedings of the House.

It said that several local channels will be provided the live feed of the proceedings so that they can also be in a position to telecast simultaneously.

The Supreme Court yesterday ordered a floor test in the Karnataka Assembly at 4 PM today, drastically slashing the 15-day window given by the Governor to BJP Chief Minister B S Yeddyurappa to prove majority.

The BJP has emerged as the single largest party with 104 seats, followed by the Congress with 78, JD(S) with 37 and three seats have gone to others in the 224-member Assembly where elections were held for 222 seats.

The majority mark is 112 seats and the post-poll alliance strength of the Congress-JD(S) combine, which claims to have 117 MLAs, has alleged foul play in the Governor inviting BJP to form the government.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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News Network
June 12,2020

New Delhi, Jun 12: India's COVID-19 tally on Friday witnessed its highest-ever spike of 10,956 cases, according to the Union Ministry of Health and Family Welfare (MoHFW).

396 deaths have been reported due to the infection during the last 24 hours.

The total number of coronavirus cases in the country now stands at 2,97,535 including 1,41,842 active cases, 1,47,195 cured/discharged/migrated and 8,498 deaths.

COVID-19 cases in Maharashtra continue to soar with the number reaching 97,648. Tamil Nadu's coronavirus count stands at 38,716 while cases in Delhi reached 34,687.

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Agencies
May 17,2020

New Delhi, May 17: Eight of the 10 most valued domestic firms suffered a combined erosion of Rs 1,37,311.31 crore in market valuation last week, with Reliance Industries (RIL) taking the biggest knock.

Only Bharti Airtel and ITC from the top-10 list managed to close the week with gains.

RIL's market cap plunged Rs 65,232.46 crore to Rs 9,24,855.56 crore.

The market valuation of HDFC Bank declined Rs 22,347.07 crore to Rs 4,87,083.88 crore and that of Hindustan Unilever Limited tanked Rs 13,192.26 crore to Rs 4,77,458.89 crore.

ICICI Bank's market cap dropped Rs 9,770.06 crore to Rs 2,08,900.79 crore.

Infosys witnessed a decline of Rs 9,518.84 crore in valuation to reach Rs 2,77,814.09 crore while that of HDFC tumbled Rs 9,370.38 crore to Rs 2,83,293.70 crore.

The m-cap of Kotak Mahindra Bank slipped by Rs 7,805.2 crore to Rs 2,25,327.22 crore.

Tata Consultancy Services' market valuation dipped Rs 75.04 crore to Rs 7,10,439 crore.

In contrast, Bharti Airtel added Rs 13,147.89 crore to its valuation to stand at Rs 3,02,292.43 crore.

ITC's valuation also rose by Rs 7,744.11 crore to Rs 2,02,330.13 crore.

In the ranking of top-10 firms, RIL retained the number one spot, followed by TCS, HDFC Bank, HUL, Airtel, HDFC, Infosys, Kotak Mahindra Bank, ICICI Bank and ITC.

During the last week, the Sensex declined 544.97 points or 1.72 per cent.

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