Rahul may take over as Congress chief after Diwali: Sachin Pilot

Agencies
October 1, 2017

New Delhi, Oct 1: Rahul Gandhi may take over as the Congress president shortly after Diwali, Rajasthan Congress leader Sachin Pilot said on Sunday, stressing that the time had come for the party vice-president to lead from the front.

The Gandhi confidant also said the last names of leaders should not be treated as a disqualification in politics. It was the performance of a leader that ultimately decided his worth, as a surname could only take him “so far,” he said.

Mr. Pilot added that Mr. Gandhi’s elevation had been in the pipeline for long.

“Organisational elections of the Congress are underway and the new president could take over shortly after Diwali. It is something that has been in the pipeline for a long time,” Mr. Pilot said in an interview.

The Congress leader said the general sentiment in the party was that the time had come for Mr. Gandhi to take charge and lead from the front, while favouring a “balanced approach” of a mix of the young and the old in the party.

“To my mind, there is a general sentiment in the party that he should take over as the party president,” Mr. Pilot said.

He pointed out that Mr. Gandhi had been handling “a lot of work” as the vice-president, but the party believed “this [Mr. Gandhi’s elevation] should happen in due course and the time has come for it to happen.”

Asked if Mr. Gandhi’s sister Priyanka Vadra should also enter active politics, the former Minister said, “Though she belongs to the Congress party, whether she should join active politics or not is her personal decision.”

On the issue of dynastic politics and accusations that the Congress promoted dynasties, Mr. Pilot said belonging to a political family might help someone initially, but it could not guarantee progress unless backed by performance.

“Belonging to a family that has been in politics should not be treated as a disqualification,” he said.

Ultimately, he said, success depended on performance.

“If you perform and win the hearts of people through work, delivery and performance, then it will decide. The mere last name will only take you so far,” said Mr. Pilot, the son of late Union Minister and Congress heavyweight Rajesh Pilot.

He brushed aside BJP’s criticism that the Congress was promoting dynasties, pointing out that several people in that party too were from political families.

“The BJP should introspect. Many of their leaders are also from political families,” he said.

Mr. Pilot added he neither promoted nor denounced dynastic politics, but sought to stress that individual calibre would decide one’s success.

”It [family] should not be the only reason to bring someone into public life. No one can be thrust upon the public and there is no short cut to hard work,” he said.

Asked if the time had come for a generational change in the Congress and for the old to make way for the young, the Rajasthan Congress chief said, “It is not a question of making way; it is a question of working together.”

The “cut-off date” system did not work in politics, he added.

Unlike the BJP, which he claimed “humiliates” its elders, the Congress uses their wisdom and moves together, he said.

“The BJP’s margdarshak mandal has become the biggest travesty of time. We don’t humiliate elders like [they do] in the BJP. I believe we should have a good mix between the old and the new while one must keep changing,” he said.

In the Congress, he held, the new generation comes in, with the old lending their support to it.

He favoured a “balanced approach” and claimed the Congress had maintained this as part of its history and tradition.

Mr. Pilot also hit out at the BJP, saying that a particular ideology should not be thrust upon others and there should not be any hatred in politics.

“One should have competitors and not enemies in politics and we must respect that basic tenet of democracy,” he said.

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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
April 20,2020

London, Apr 20 : Embattled liquor baron Vijay Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated ₹9,000 crore, today lost a High Court appeal in UK against his extradition order to India.

A consortium of Indian public sector banks led by the State Bank of India had sought a bankruptcy order against Mallya as part of efforts to recoup around GBP 1.145 billion of unpaid loans from Mallya.

The 64-year-old former Kingfisher Airlines boss had appealed to the High Court against his extradition to India at a hearing in February this year.

Lord Justice Stephen Irwin and Justice Elisabeth Laing, the two-member bench at the Royal Courts of Justice in London presiding over the appeal, dismissed the appeal in a judgment handed down remotely due to the current coronavirus lockdown.

"We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India," the judges ruled.

Earlier this month, the High Court in London had deferred hearings on a plea by the SBI-led consortium of Indian banks, seeking the indebted tycoon to be declared bankrupt to enable them recover their loan from him.

Justice Michael Briggs of the insolvency division of the High Court granted relief to Mallya, ruling that he should be given time till his petitions to the Supreme Court of India and his settlement proposal before the Karnataka High Court be determined, allowing him time to repay his debts to the banks in full.

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News Network
May 6,2020

May 6: The government on Tuesday said that the Food Corporation of India, the nodal agency for procurement and distribution of foodgrains, has sufficient stocks in its godowns, even after meeting the requirement of additional wheat and rice provided free of cost during the lockdown period.

Food Minister Ram Vilas Paswan has given detailed information about the various steps taken by the government and the total stocks of food grains and pulses available with the government and sent to the states till now, an official statement said.

"FCI currently has 276.61 lakh tonnes rice and 353.49 lakh tonnes wheat. Hence a total of 630.10 lakh tonnes food grain stock is available," it said.

As against this, about 60 lakh tonnes of food grains is required for a month under the NFSA (National Food Security Act) and other welfare schemes.

Paswan said FCI stocks are comfortable even after fulfilling extra commitments during the lockdown.

Under the 'Pradhan Mantri Garib Kalyan Ann Yojana', the Centre is providing 5 kg of free food grains per month to 80 crore ration card holders. This free of cost wheat and rice will be provided for three months. Besides, 1 kg of pulses will also be supplied per family.

This is over and above the normal quota of 5 kg of food grains provided per month per person to about 80 crore people under the food law.

The minister informed that since the lockdown, about 69.52 lakh tonnes of food grains have been transported through 2,483 rail rakes.

Apart from rail route, transportation was also done through roads and waterways. A total of 137.62 lakh tonnes has been transported.

During the lockdown, NGOs and social institutions running relief camps can purchase wheat and rice directly from FCI Depots at Open Market Sales Scheme (OMSS) rate.

The state governments can also purchase food grains directly from FCI. Under the OMSS, the rate of rice is fixed at Rs 22 per kg and wheat at Rs 21 per kg.

Under the 'Pradhan Mantri Garib Kalyan Ann Yojana', for the next 3 months a total of 104.4 lakh tonnes rice and 15.6 lakh tonnes of wheat is required of which 59.50 lakh tonnes rice and 8.14 lakh tonnes wheat have been lifted by various states and UTs.

The Government of India is bearing 100 per cent financial burden of approximately Rs 46,000 crore under the scheme, the statement said.

For pulses, the total requirement for the next three months is 5.82 lakh tonnes.

So far, 2,20,727 tonnes of pulses have been dispatched, while 1,47,165 tonnes of pulses have reached the states/UTs and 47,490 tonnes have been delivered, it said.

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