President's dig at AAP: Populist anarchy can't be substitute for governance

January 26, 2014

Pranab-R-DayNew Delhi, Jan 26: In an apparent reference to the Aam Admi Party, President Pranab Mukherjee on Saturday warned in his Republic Day-eve speech about the dangers of intemperate populism, saying "populist anarchy" cannot be a "substitute for governance".

The President made unusually direct comments on AAP's politics and also stressed the need for a stable government after the forthcoming Lok Sabha election as he said a fractured mandate would be "catastrophic for the nation".

Mukherjee also warned political parties to either check corruption or be prepared to be voted out of office. He said popular aspirations were rising fast, and added: "Corruption is a cancer that erodes democracy, and weakens the foundations of our state. If Indians are enraged, it is because they are witnessing corruption and waste of national resources. If governments do not remove these flaws, voters will remove governments."

The President's speeches are usually a tepid affair replete with homilies, but this speech immediately attracted attention for the pointed observations and as it's written by the President with no input from the government unlike his address to the joint sitting of Parliament which is written by the central government.

'Govt is not a charity shop'

While his speech can be read to refer to populism in general, references to irresponsible populism seem aimed at AAP. He said: "Elections do not give any person the licence to flirt with illusions. Those who seek the trust of voters must promise only what is possible. Government is not a charity shop. Populist anarchy cannot be a substitute for governance."

Mukherjee went on to underline the possibility of public anger against institutions, saying "false promises lead to disillusionment, which gives birth to rage, and that rage has one legitimate target: those in power."

Mukherjee's comments on the significance of the 2014 election saw him pitching for a stable government not held to ransom by "capricious" regional parties. He added that voters have a responsibility to discharge and should not let the nation down.

"2014 is a precipice moment in our history. We must re-discover that sense of national purpose and patriotism, which lifts the nation above and across the abyss; and back on to the road of prosperity. Give the young jobs and they will raise the villages and cities to 21st century standards. Give them a chance and you will marvel at the India they can create," he said.

Saying this, he added, "This chance will not come if India does not get a stable government. This year, we will witness the 16th General Election to our Lok Sabha. A fractured government, hostage to whimsical opportunists, is always an unhappy eventuality. In 2014, it could be catastrophic. Each one of us is a voter; each one of us has a deep responsibility; we cannot let India down. It is time for introspection and action."

Mukerjee said, "Some cynics may scoff at our commitment to democracy but our democracy has never been betrayed by the people; its fault-lines, where they exist, are the handiwork of those who have made power a gateway to greed. We do feel angry, and rightly so, when we see democratic institutions being weakened by complacency and incompetence. If we hear sometimes an anthem of despair from the street, it is because people feel that a sacred trust is being violated."

Mukherjee said while political parties needed to be realistic about what they promise to people, they had to deliver development expeditiously. "This rage will abate only when governments deliver what they were elected to deliver: social and economic progress, not at a snail's pace, but with the speed of a racehorse," he said.

"The aspirational young Indian will not forgive a betrayal of her future. Those in office must eliminate the trust deficit between them and the people. Those in politics should understand that every election comes with a warning sign: perform, or perish."

"I am not a cynic because I know that democracy has this marvellous ability to self-correct. It is the physician that heals itself, and 2014 must become a year of healing after the fractured and contentious politics of the last few years," the President added.

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News Network
March 23,2020

New Delhi, Mar 23: The central government has asked state governments to take strict action against violators of the coronavirus lockdown being enforced in 80 districts across the country.

An official statement released on Monday said there will be a total lockdown in 80 districts where coronavirus cases have been reported. The shutdown will end on March 31.

Delhi's borders will remain sealed during the lockdown, but essential services related to health, food, water and power supply will continue, and 25 per cent of the DTC buses will run to transport people associated with essential services.

Prime Minister Narendra Modi earlier on Monday appealed to state governments to ensure that rules and regulations of the coronavirus lockdown are enforced as he noted that many people were not taking the measure seriously.

"Many people are still not taking the lockdown seriously. Please save yourself, save your family, follow the instructions seriously. I request state governments to ensure rules and laws are followed," he said in a tweet in Hindi.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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News Network
June 30,2020

New Delhi, Jun 30: With a spike of 18,522 COVID-19 cases in the last 24 hours, India's coronavirus count now stand at 5,66,840, said the Union Health and Family Welfare Ministry on Tuesday.

According to the Ministry, 418 deaths due to COVID-19 were reported in the last 24 hours. The number of deaths in the country now stands at 16,893.

There are 2,15,125 active coronavirus cases in the country while the number of cured/discharged patients stands at 3,34,821 and one patient migrated.

As per the Ministry, Maharashtra is the worst-hit state with regard to the COVID-19 cases and has reported 1,69,883 cases, including 73, 313 active cases 88,960 cured/discharged patients and 7,610 fatalities.

Tamil Nadu has a total of 86,224 cases including 1,141 deaths. Delhi's COVID-19 count stands at 85,161 cases and 2,680 fatalities.

The total number of samples tested up to 29 June is 86,08,654 of which 2,10,292 samples were tested yesterday, informed the Indian Council of Medical Research.

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