Will Modi have courage to fight from Kerala, asks Shashi Tharoor

Agencies
April 7, 2019

New Delhi, Apr 7: Rahul Gandhi's decision to contest from Wayanad shows he has the confidence to win from both north and south India, senior Congress leader Shashi Tharoor said Sunday and asked whether Prime Minister Narendra Modi would have the courage to fight from a seat in Kerala or Tamil Nadu.

With Gandhi contesting the Lok Sabha polls from Kerala's Wayanad constituency, there is “palpable excitement” across the southern states that the next prime minister could be elected from the the region, Tharoor told PTI in an interview.

Tharoor also slammed Modi and the BJP for suggesting that Gandhi chose Wayanad to "run away" from majority dominated areas, saying the ruling party has repeatedly resorted to peddling bigotry. It was dismaying that this was coming from the prime minister, he added.

"By reinforcing his role as a torchbearer for the BJP's bigotry, Mr Modi has disregarded the principled position that a prime minister of India must be a prime minister for all Indians," he told PTI from Thiruvananthapuram.

Addressing a rally in Wardha in Maharashtra, the prime minister had said the opposition party was "scared" to field its leaders from constituencies where the majority dominates.

Tharoor claimed Gandhi's decision to contest from Wayanad comes at a time of "unprecedented strain" on the spirit of cooperative federalism that has held the country together since its Independence in 1947.

Under the BJP-led Centre, he alleged, relations between the southern states and the federal government have "steadily deteriorated" over a number of issues such as threats to the economic security of the south as well as the future of its political representation.

In that context, Gandhi has made a “bold statement” of intent to suggest he can be the bridge that repairs the growing north-south divide within the country, Tharoor said, adding that it also signals that the Congress chief has the confidence to win elections in both the north and the south.

"Can Narendra Modi make such a claim? Would he have the courage to fight for a seat in Kerala or Tamil Nadu?" the former diplomat turned politician asked.

His remarks come after Gandhi, who is fighting the Lok Sabha elections from his traditional bastion Amethi in Uttar Pradesh, on Thursday also entered the poll fray in Wayanad by filing his nomination papers from the constituency in Kerala.

Tharoor, who himself is seeking a third straight Lok Sabha term from Thiruvanathapuram, cited the "incredibly warm and rousing reception" Gandhi received in Wayanad and said it was reflective of the genuine spirit of celebration that has seized the south.

Asked if the message of support for the people of south India that Gandhi wanted to convey by contesting from Wayanad was well received, Tharoor said, "I think it certainly has and today as a result of his decision there is a palpable excitement across the southern states that the next prime minister of the country could be elected from the south."

Quoting Gandhi's statement that "south India feels hostility from Narendra Modi" and he wanted to send a message of support to the people there, Tharoor said a sense of confidence and reassurance is spreading across the region, including in Kerala and neighbouring Karnataka and Tamil Nadu.

Asked if the move could create a 'Rahul wave' in the south, Tharoor said, "In Kerala, it has had an invigorating effect among our workers particularly those working on the ground and we are already seeing a ripple effect of this 'wave' spreading across neighbouring Karnataka and Tamil Nadu.”

"… arguably, the implications of his decision have not just been prompted by a strategic choice to energise the Congress workers, but by a larger sense of duty and commitment," the former Union minister added.

Discussing the BJP's criticism of the move and the PM remarks at the Wardha rally, Tharoor said for the country to have a prime minister with such "well documented and blatant disregard for minorities" is one of the "greatest tragedies" of the five years of the present ruling dispensation.

It is also a “severe blemish" on the record of the illustrious men and women who have held the post before him,” he said.

"But for all this bigotry, the BJP has still not managed to open their account in Kerala and their chauvinistic ideals have been repeatedly rejected by the people of the state," the 63-year-old leader said.

According to him, Kerala's educated and inclusive electorate is once again going to offer "the same boot" to the BJP's hopes in the state.

Tharoor asserted the Congress chief will be one of the rare leaders in the country who enjoys a clear and demonstrated popularity in both the south and the north if he wins from both Amethi and Wayanad.

“And, most important, the south will be galvanised by the fact that its concerns are unlikely to be ignored by such a leader, one who will walk into Parliament on the back of their support," he said.

Asked if Gandhi's fighting from south also boost his credentials as a prospective prime minister, Tharoor answered in the affirmative.

Gandhi's decision to contest from the south is part of a larger outreach to the southern states and to demonstrate his electability among the voters of the south, he said. At the same time, the Congress president is also reiterating the party's historic commitment towards an inclusive India, the author-politician said.

Comments

Shiju
 - 
Monday, 8 Apr 2019

If bjp has guts let them ask Modi to contest agaisnt Rahul in Wynad, KIerala.   Modi is not willing to contest from his own state also.  

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News Network
March 6,2020

New Delhi, Mar 6: Shares of YES Bank and State Bank of India came under huge selling pressure on Friday as developments unfolded regarding SBI picking stake in the private lender. Shares of the lender hit record low of Rs 5.55, plunging 85 per cent, and were trading below its previous low of Rs 8.16 hit on March 9, 2009.

SBI, on the other hand, slumped 11 per cent to Rs 257.35 on the BSE. The benchmark S&P BSE Sensex was trading with a cut of over 3 per cent at 37,251.37 level.

In the past three months, share price of the private lender has plunged 41 per cent, while the state-owned lender has slipped 14 per cent. In comparison, the S&P BSE Sensex has dipped 5.6 per cent till Thursday.

On Thursday, the Reserve Bank of India superseded the board of troubled private sector lender YES Bank and imposed a 30-day moratorium on it “in the absence of a credible revival plan” amid a “serious deterioration” in its financial health.

During the moratorium, which came into effect from 6 pm on Thursday, YES Bank will not be allowed to grant or renew any loans, and “incur any liability”, except for payment towards employees’ salaries, rent, taxes and legal expenses, among others.

This is the first time that a bank of this size will be put under a moratorium by the RBI.

“The financial position of YES Bank had undergone a steady decline “largely due to inability of the bank to raise capital to address potential loan losses and resultant downgrades, triggering invocation of bond covenants by investors, and withdrawal of deposits,” RBI said in a statement.

“After the moratorium, the next step will be to infuse to money and keep the bank afloat. So from shareholders’ point of view, the future is certainly hazy as the capital requirement is huge. The good part, however, is that the RBI has stepped in and depositors don't have to worry,” says Siddharth Purohit, a research analyst at SMC Securities.

Meanwhile, analysts at Nomura believe that placing the Bank under moratorium implies that equity value in the bank would be negligible, and that the chances of private capital participating in future capital raising plan are near zero.

"Any resolution for Yes Bank is more proposed from the perspective of deposit holders and systemic stability, and not from the perspective of Yes Bank equity investors or even perpetual bond holders," they wrote in a note dated March 6.

In another development, SBI’s Board Thursday gave in-principle approval to consider an “investment opportunity” in YES Bank, even as it said “no decision had yet been taken to pick up stake in the bank”.

According to a  report, highly-placed sources indicated a rescue plan involving SBI and Life Insurance Corporation of India (LIC) was being discussed and an announcement in this regard might be made soon.

“While the finer details of the deal are being worked out, it is anticipated that both SBI and LIC together will take a 51 per cent stake in the bank, with a one-year lock-in period,” the report said.

Most analysts believe it is a positive step for the Indian financial sector as the government has tried to avoid a repeat of IL&FS-like crisis.

“The move is a positive step for the financial sector as a whole. By this, the government has tried to avoid a repeat of IL&FS-like crisis and has saved the depositors,” said AK Prabhakar, Head of Research at IDBI Capital. While we know that YES Bank has a huge pile of bad loans, SBI is the only bank that has the capacity to absorb it, he added.

However, the valuation at which YES bank would be taken over remains a cause of concern.

Global brokerage firm JP Morgan Thursday cut its target price for YES Bank on Thursday to Rs 1 per share, taking into account the potential fall in the lender’s net worth due to stressed assets.

“We believe forced bailout investors will likely want the bank to be acquired at near-zero value to account for risks associated with the stress book and likely loss of deposits. We think the bank will need to be recapitalised at nominal equity value and could test dilution of additional tier 1 (AT1) capital. We remain underweight and cut our target price to Rs 1 as we believe net worth is largely impaired,” JP Morgan said in a note.

Global brokerage firm Nomura estimates a need of Rs 25,000-44,000 crore and adjusted for Rs 7,400 crore of current coverage, if the current stress of Rs 65,000-70,000 crore faces 70 per cent loss given default (LGD).

"It implies Rs 18,000-37,000 crore needed for provisioning against the current net worth of Rs 25,700 crore Also, to run as going concern, the bank would require over Rs 20,000 crore of CET-1 capital as well," the note said.

YES Bank has registered slippages of Rs 12,000 crore so far in FY20, while it has placed Rs 30,000 crore of loan assets under the watch list. Its deposits stood at Rs 2.09 trillion on September 30, 2019, while its advances totalled Rs 2.24 trillion. The bank has delayed publishing its December quarter results by a month to March 14.

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News Network
February 21,2020

New Delhi, Feb 21: Global terror financing watchdog FATF on Friday decided continuation of Pakistan in the "Grey List" and warned the country that stern action will be taken if it fails to check flow of money to terror groups like the LeT and the JeM, sources said.

The decision has been taken at the Financial Action Task Force's plenary in Paris.

The FATF decided to continue Pakistani in the "Grey List". The FATF also warned Pakistan that if it doesn't complete a full action plan by June, it could lead to consequences on its businesses, a source said.

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News Network
June 9,2020

New Delhi, Jun 9: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre - the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

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