Ruckus in Parliament over land bill, Jaitley defends NDA's ordinance route

February 24, 2015

New Delhi, Feb 24: Opposition parties on Tuesday remained adamant on their stance over the land acquisition bill and created a ruckus in Parliament even as the government said it is well within its right to issue ordinances.

Ruckus in Parliament

The Narendra Modi government will introduce the land acquisition amendment bill 2015 to replace the ordinance in Lok Sabha on Tuesday. The BJP-led National Democratic Alliance has a commanding majority in Lok Sabha, but is in a minority in Rajya Sabha where it needs the support of opposition parties to pass laws.

In the Upper House, finance minister Arun Jaitley defended the government's decision to bring in ordinances and invoked the Jawaharlal Nehru government saying it had introduced 77 ordinances.

"Allegations that ordinances are bypassing Parliament is not a valid argument," Jaitley said.

"The Opposition can't pre-empt discussion on the land bill in Lok Sabha," he said while listing ordinances passed by the previous UPA government.

Jaitley added that the government is within its rights to take the ordinance route.

"You expect Parliament to rubber stamp your ordinances, you don't send anything to standing committee," Congress leader Anand Sharma hit back at Jaitley.

The Congress has already given a notice for suspension of question hour in the Upper House to discuss the ordinance and its leader Kamal Nath told ANI that his party will oppose the bill strongly.

In Lok Sabha, Speaker Sumitra Mahajan rejected Congress MP Jyotiraditya Scindia's adjournment motion over land acquisition bill.

The Opposition has remained firm that the ordinance, along with five more, would not be allowed to go through Parliament. These ordinances would expire on March 20, if not passed during this budget session.

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Bill, 2015 will replace the ordinance promulgated by the government in December last year, which had brought changes in the earlier bill passed in 2013 by the UPA government.

The government had promulgated the ordinance making significant changes in the land act including removal of consent clause for acquiring land for five areas -- industrial corridors, PPP projects, rural infrastructure, affordable housing and defence.

The prime objection to the land acquisition ordinance has been that it removed the need for written consent from 70% of landowners for joint public-private projects.

The ruling BJP also has its hands full after rights activist Anna Hazare on Monday started a protest against the "anti-farmer" land law.

He got support from old associates Arvind Kejriwal and Manish Sisodia, the chief minister of Delhi and his deputy whose Aam Aadmi Party had routed the BJP in the national capital's assembly polls. They will join Hazare in his protest on Tuesday.

"This is land grab by the government ... This is what the British used to do. To cater to industrialists, how can you betray farmers?" Hazare said before his dharna at Jantar Mantar.

To make matters worse, the Rashtriya Swayamsevak Sangh (RSS)-affiliated Bharatiya Kisan Sangh (BKS) has also raised objection to the ordinance, seeing in it a reason for the BJP’s drubbing in Delhi.

Ways around

Given the heat generated by the land law before the NDA government's presents its first full-year budget on February 28, fear mounted within the BJP of a possible Parliament washout in the face of the Opposition's belligerent stand.

Barring Prime Minister Modi, top BJP leaders closeted on Monday evening to see if the bill to be place before Lok Sabha could be further refined to pacify the protesters.

There were hints that the government might consider the demands when Parliament debates the bill.

"We discussed all issues, including land acquisition. We discussed issues farmers have raised. Twenty-seven farmer organisations have met home minister Rajnath Singh," Union minister Ananth Kumar said.

"We will consider what is on farmers' minds. The Prime Minister has said at an all-party meet we will welcome suggestions."

The government tried its hand to bring the Opposition on board as PM Modi said dialogue and discussion were an essential part of democracy and hoped for a positive outcome of the budget session.

He walked up to the opposition benches with folded hands after entering Lok Sabha on Monday morning — a first by the Prime Minister in almost nine months since taking charge.

Meanwhile, setting in motion the process of replacing ordinances relating coal mines, e-rickshaws and FDI in insurance with fresh bills, the government has listed for the withdrawal of old bills in Rajya Sabha.

Union ministers Arun Jaitley, Nitin Gadkari and Piyush Goyal will move for withdrawal of these bills.

The government is racing against time to convert the six ordinances into bills in the first part of the Budget session, which comes to an end on March 20.

The government will also introduce a bill in Lok Sabha to amend the Mines and Minerals (Development and Regulation) Act, 1957, which will replace the ordinance promulgated on the issue recently.

 

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News Network
July 18,2020

Washington, Jul 18: The Foreign Direct Investment (FDI) from the US to India has crossed the $40 billion mark so far this year, reflecting the growing confidence of American companies in the country, the head of an India-centric business advocacy group has said.

The American companies, during the Covid-19 pandemic, which has battered the world economy, have shown great confidence in India and its leadership, said Mukesh Aghi, president of the US-India Strategic and Partnership Forum (USISPF), which keeps a track of the major US FDIs in India.

“Year to date investment from the US, including the recent ones, is over $40 billion,” Aghi said.

In recent weeks alone, the announcement of the FDI into India has been over $20 billion, he said, referring to the announcements made by some of the top companies like Google, Facebook and Walmart.

“Investors’ confidence in India is high. India still remains a very promising market for global investors. If you look at the $20 billion… not just the US, but (investment) has also come from other geographies such as the Middle East and the Far East.

“So, India still remains a very, very bullish market for the investor community,” Aghi said in response to a question.

The USISPF has been working with New Delhi to bring in FDI into India… playing a key role in encouraging American companies planning to move their bases out of China, he said, adding that the move was going on in the last three years of the Trump administration, but gained momentum during the coronavirus pandemic.

“We feel that Prime Minister (Narendra Modi’s) intention is very high. The challenges lie on the execution side. Efforts are being made to encourage manufacturing… I've never seen it so better. The policy framework is moving in the right direction,” he said.

Early this week, Larry Kudlow, the White House Economic Advisor, told reporters that the US tech giants like Google and Facebook announcing big investments in India shows that people are losing trust in China and India is emerging as a big competitor.

At the same time, he rued that India continues to be a protectionist country.

“The question is how do you define protectionism... the administration here is saying America first and India is saying vocal for local…,” Aghi added.

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News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

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News Network
July 16,2020

New Delhi, Jul 16: With the highest single-day spike of 32,695 cases and 606 deaths reported in the last 24 hours, India's COVID-19 tally on Thursday reached 9,68,876, informed the Union Ministry of Health and Family Welfare on Thursday.

The total number of COVID-19 cases includes 3,31,146 active cases, 6,12,815 cured/discharged/migrated and 24,915 deaths.

As per the Ministry, Maharashtra -- the worst-affected state from the infection -- has a total of 2,75,640 COVID-19 cases and 10,928 fatalities. While Tamil Nadu has a tally of 1,51,820 cases and 2,167 deaths due to COVID-19.

Delhi has reported a total of 1,16,993 cases and 3,487 deaths due to COVID-19.

Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,27,39,490 samples have been tested for COVID-19 till 15th July, of these 3,26,826 samples were tested yesterday.

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