Winning polls by controlling media is the only aim of BJP: Yashwant Sinha pours his heart out in open letter

By Yashwant Sinha
April 22, 2018

We all worked very hard for the victory of the party in the 2014 Lok Sabha elections. Some of us had been struggling against the rule of the UPA government, in Parliament and outside, ever since it assumed office in 2004 while some others were enjoying the fruits of office in their respective states. We were delighted with the results of the 2014 elections and expected that the unprecedented victory would mark the beginning of a new and glorious chapter in our country’s history. We backed the prime minister and his team to the hilt, and in full faith. The government has now completed nearly four years in office, presented five budgets and used up all the opportunity available to it to show results. At the end of it, however, we seem to have lost our way and the confidence of the voters.

The economic situation is grim, despite tall claims to the contrary by the government that we are the world’s fastest growing economy. A fast growing economy does not accumulate the kind of non-performing assets in its banks, as we have done over the last four years. In a fast growing economy the farmers are not in distress, the youth are not without jobs, small businesses do not stand destroyed and savings and investment do not fall as drastically as they have done over the last four years. What is worse, corruption has raised its ugly head again and banking scams are tumbling out of the closet one after another. The scamsters also manage to run away from the country somehow, as the government watches helplessly.

Women are more unsafe today than ever before. Rapes have become the order of the day and instead of acting strictly against the rapists we have become their apologists. In many cases, our own people are involved in these heinous crimes. The minorities are alienated. The worst is that the Scheduled Castes and Tribes, the weaker sections of our society, have been exposed to atrocities and inequities as never before and the guarantees given to them in the Constitution stand threatened.

The sum total of our foreign policy seems to consist of frequent foreign visits by the prime minister and his hugging foreign dignitaries, whether they like it or not. It is completely devoid of substance and has failed miserably even in our immediate neighbourhood, where China is trampling all over our interests. The smartly executed surgical strike by our brave jawans against Pakistan has been wasted and Pakistan continues to export terror to India unabated as we watch helplessly. Jammu and Kashmir continues to burn, Left wing extremism refuses to be tamed, and the common man is suffering as never before.

Internal democracy in the party stands completely destroyed. Friends tell me that even in parliamentary party meetings, MPs do not get an opportunity, as in the past, to air their views. In the other party meetings, also, the communication is always one-way. They speak and you listen. The prime minister has no time for you. The party headquarter has become a corporate office where it is impossible to meet the CEO.

The most important threat that has emerged over the last four years, however, is to our democracy. Institutions of democracy have been demeaned and denigrated. Parliament has been reduced to the level of a joke. The prime minister did not even once sit down with senior leaders of the Opposition parties in Parliament when the just-concluded Budget Session was being disrupted in order to find a way out. Then he fasted to shift the blame to others. The first part of the most important Budget Session was the shortest ever. I compare this to the days of Atal Bihari Vajpayeewhen all of us were under strict instructions to accommodate the Opposition and ensure that Parliament functioned. So we had adjournment motions, no-confidence motions and other discussions under any rule the Opposition wanted.

The press conference by four senior-most judges of the Supreme Court was unprecedented in the annals of our democratic history. It brought out clearly the rot that has been allowed to afflict the highest judicial institution of our country. The judges have repeatedly pointed out that democracy in our country is under threat.

Today, it appears as if winning elections by controlling the means of communication, specially the media and social media, is the sole purpose of our party and even that is threatened seriously now. I do not know how many of you will get the ticket for the next Lok Sabha elections but if previous experience is any guide, half of you at least will not. The chances of your winning the election, even if you get the ticket are fairly remote. In the last Lok Sabha election the BJP had secured only 31 per cent votes; 69 per cent was polled against it. So, if the opposition unites, you will be nowhere.

The situation demands that you speak up in the national interest. I am glad to note that at least five Scheduled Caste MPs of the party have expressed their disenchantment with the government for not delivering on the promises made to the community. I am urging you to also express your opinion frankly before the bosses on all issues confronting us. If you remain silent now you will do a great disservice to the country. Future generations are unlikely to forgive you. It is your right to demand accountability from those who are in government today and are letting down the country. The interest of the country supersedes that of the party, just as the interest of the party supersedes the interest of an individual. I am appealing specially to Advaniji and Joshiji to take a stand in the national interest and ensure that the values they have made such unparalleled sacrifices to uphold are protected and preserved for future generations and corrective steps are taken in time.

There have been some minor successes no doubt, but the big failures overshadow them completely. I hope you will give serious consideration to the issues I have raised in this letter. Please pick up courage, and speak up and save democracy and the country.

Also Read: Yashwant Sinha quits BJP, says democracy is in danger under Modi govt

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Agencies
May 12,2020

New Delhi, May 13: Prime Minister Narendra on Tuesday announced Rs 20 lakh crore special economic package for the country to be 'self-reliant' and deal with COVID-19.

"I announce a special economic package today. This will play an important role in the 'Atmanirbhar Bharat Abhiyan.' The announcements made by the government over COVID, decisions of RBI and today's package totals to Rs 20 lakh crore. This is 10 per cent of India's GDP," said Prime Minister Modi in his address to the nation. The Prime Minister said that humanity would not accept defeat from the coronavirus but the people have to stay safe and move forward.

"We had never seen or heard about such a crisis ever before. This is definitely unimaginable for mankind. It is unprecedented. But humanity will not accept defeat from this virus. We have to not only protect ourselves but also move forward," he said.

Talking about the gravity of the virus, Modi said: "It has been four months the world is fighting COVID-19. More than 42 lakh people from different countries have been infected by COVID-19. More than 2.75 lakh people have lost their lives due to the virus. In India too many families have lost their dear ones, I express my condolences to them."

"Today when the entire world is in crisis, we will have to further firm our resolve," he added.

The Prime Minister on Monday held a video conference meeting with Chief Ministers of all states to discuss the road ahead in India's fight against COVID-19 and noted that he was of the firm view that measures needed during the third phase of lockdown will not be needed in the fourth phase.

Prime Minister Modi had said the need was to reduce the transmission rate of the disease and to increase public activity gradually while adhering to all the guidelines and efforts to be made towards achieving both these objectives.

The phase three of the lockdown is coming to an end on May 17.

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News Network
May 27,2020

Washington, May 27: Most viruses and other germs do not spread easily on flights, the US Center for Disease Control and Prevention has said in its COVID-19 guidelines which do not recommend following social distancing between two passengers inside a plane or keeping the middle seat unoccupied.

As a result of coronavirus pandemic, air traffic inside the US has come to a near halt. Air traffic is said to be down to about 90 per cent. For all travellers coming from overseas, the Center for Disease Control and Prevention (CDC) has recommended 14 days quarantine.

"Most viruses and other germs do not spread easily on flights because of how air circulates and is filtered on aeroplanes," the CDC has said in its set of COVID-19 guidelines for air travellers.

However, it noted that the air travellers were not risk-free especially in the time of the coronavirus pandemic and recommended Americans to avoid travel as far as possible.

"Air travel requires spending time in security lines and airport terminals, which can bring you in close contact with other people and frequently touched surfaces," it said.

"Social distancing is difficult on crowded flights, and you may have to sit near others (within six feet), sometimes for hours. This may increase your risk for exposure to the virus that causes COVID-19," the CDC said.

But instead of recommended social distancing inside commercial planes, the CDC has advised a series of preventive and hygienic measures to be taken by the airlines pilot and crew to prevent the spread of coronavirus.

The US Department of Transportation and Federal Aviation Administration in its latest safety alerts for operators on May 11 said that air carriers and crews conducting flight operations having a nexus to the US, including both domestic and foreign air carriers, should follow CDC's occupational health and safety guidance.

The CDC issued its guidelines in first guidelines for the airlines and airline crew on March and again in May.

The CDC, which has issued an exhaustive social guideline measures in various sections, is silent on keeping the middle seat of a plane unoccupied so as to maintain the six feet distance between two passengers.

It calls for the plane crew to report to the CDC a traveller with specific COVID-19 symptoms like fever, persistent cough, difficulty in breathing and appearing unwell.

Asking the airlines and cabin crew to review infection control guidelines for cabin crew, the CDC recommends several measures for cabin crew to protect themselves and others, manage a sick traveller, clean contaminated areas, and take actions after a flight.

Prominent among them include washing hands often with soap and water for at least 20 seconds, particularly after assisting sick travellers or touching potentially contaminated body fluids or surfaces and use of alcohol-based hand sanitizer (containing at least 60 per cent alcohol) if soap and water are not available.

Airlines should consider providing alcohol-based hand sanitizer to cabin and flight crews for their personal use, it said.

The CDC guidelines do not recommend following social distancing inside a plane between two passengers or keeping the middle seat unoccupied. But it asks to minimise contact between passengers and cabin crew and the sick person.

"If possible, separate the sick person from others (by a distance of 2 meters or 6 feet, ideally) and designate one crew member to serve the sick person. Offer a facemask, if available and if the sick person can tolerate it. If a facemask is not available or cannot be tolerated, ask the sick person to cover their mouth and nose with tissues when coughing or sneezing," said the CDC guidelines.

If no symptomatic passengers were identified during or immediately after the flight, the CDC recommends airlines to follow routine operating procedures for cleaning aircraft, managing solid waste, and wearing PPE.

"If symptomatic passengers are identified during or immediately after the flight, routine cleaning procedures should be followed, and enhanced cleaning procedures should also be used," it said.

Clean porous (soft) surfaces (e.g, cloth seats, cloth seat belts) at the seat of the symptomatic passengers and within 6 feet of the symptomatic passengers in all directions, it added.

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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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