This year's Vijaya Dashami 'very special': PM

October 9, 2016

New Delhi, Oct 9: Prime Minister Narendra Modi today said this year's Vijaya Dashami is "very special" for the country, an apparent reference to the Army's surgical strikes on terror launch pads across LOC, even as he stressed that a "very capable" armed forces is a must for a strong nation.modi 7593

"We will celebrate Vijaya Dashami in the coming days. This year's Vijaya Dashami is very special for the country," he said, evoking a thunderous applause from the audience at a function at Vigyan Bhavan here.

His remarks came in the backdrop of Indian Army's surgical strikes in POK. He also gave his best wishes to the people on the occasion of the festival that marks victory of good over evil.

The Prime Minister released a compendium of 15 books on the life and teachings of former Jana Sangh chief Deendayal Upadhyay whose birth centenary year is being celebrated by BJP.

Modi said Upadhyay's biggest contribution was the concept of organisation-based political party and not a political outfit run by a handful of individuals.

Quoting Upadhyay, the Prime Minister stressed on the need for an exceptionally strong military as a prerequisite for a strong nation and said the country must be a capable one which is a present-day requirement.

"He (Upadhyay) used to say that the country's armed forces should be very very capable, then only the nation can be strong," Modi said.

"In this time of competitiveness, the need is that the nation should be capable and strong," he said.

In a veiled reference to Pakistan, Modi said, "Being strong does not mean being against anyone. If we exercise for our strength, then the neighbour need not worry (thinking) that it is to target him. I am exercising to strengthen myself and for my health."

Referring to Upadhyay, he said even Ram Manohar Lohia spoke about the Jana Sangh leader's efforts that led to the evolution of an alternative to Congress in 1967.

The Prime Minister said as a tribute to Upadhyay, who talked of integral humanism, his government was making the poorest of the poor the focus of schemes evolved by it.

"The biggest contribution of Deendayalji is organisation- based political parties and not just a party run by a handful of individuals. This was the identity of Jana Sangh and BJP," he said.

"In a short span of time, one party completed the journey from 'vipaksh' to 'vikalp' and this was due to foundations laid by Deendayalji," he said, adding that simplicity was the hallmark of the former Jana Sangh leader.

Lauding the ideology of Upadhyay, Modi said he gave impetus to 'karyakarta nirman' (building party workers) and the workers inspired by him were party centric and the party nation centric.

He said at the core of Upadhyay's thoughts were the poor, the villages, the farmers, the Dalits and the marginalised and that is why this government is laying focus on such sections during the centenary year celebration.

"The poor is the central point of Panditji's entire thinking. He used to say that the poor should be the central point of every thing. That is why in this journey towards development, our government is focussing on the poor and to help empower it.

"This government is celebrating Panditji's centenary as 'gareeb kalyan varsh'. Because of that government decisions focus on the poor and poor-centric schemes and policies are evolved. I am confident that there will be no shortcoming in this journey," he said.

BJP President Amit Shah and RSS' second-in-command Suresh Bhayyaji Joshi spoke on the need for strengthening India's security with Joshi saying that India's pursuit for national security was inspired by the need to defend itself rather than to defeat others.

Shah, at the function to release "The Complete Works of Deendayal Upadhyaya", said the former Jana Sangh chief's philosophy is an ideal for those in public life and warnings given by him many years ago are staring at the world today.

"The concept of maintaining a balance between development and nature that he put forth, is before us today in the form of global warming and air and water pollution. If the world would have moved forward on the path of integral humanism, then probably the world would not have faced the present-day problems," he said.

"Earlier it was considered that there is a contradiction between a welfare state and development. This BJP government has proved that despite being poor the country can be empowered.

"This government has made this country secure. Without diverting from the path of peace, the BJP government has ensured the country's safety and security," he said.

Shah lauded Upadhyay as a successful politician who laid the foundation for an alternative to Congress when no option against it was available. He also highlighted his example of evolving alternative politics on basis of ideals, organisation and nationalism.

"He was the first to talk of cultural nationalism and that was his contribution to the country's polity. He had sown the seed of organisation-based political party's thought and BJP has today emerged as a big party and it was imperative upon all workers to follow the path shown by him," he said.

Earlier, RSS leader Bhaiyyaji Joshi said the thoughts of Upadhyay given many years ago are now recognised by the world. He said the late Jana Sangh leader accepted everything that went in the welfare of humanity and had said that if humans are happy the society will be happier.

"India should be safe and secure. It's borders are posing a challenge and everyone has seen that this issue can be resolved too," he said.

"India has a lot to give to the world and that is being recognised now. India's strength is never destructive, but constructive. India's strength has never been used to spread boundaries and be expansionist. We go to win over the world but not defeat anyone...There is need that India should be a country that should lead the world," he also said.

The compendium highlights key events in the life of Upadhyay and the journey of the Jana Sangh and of the country, including watershed events like the 1965 Indo- Pakistan war, the Tashkent Agreement and Goa's liberation.

The collection collated from varied sources contains writings, speeches, intellectual discourses and dialogues of Upadhyay, who pioneered the philosophy of integral humanism.

The volumes are dedicated to 15 personalities including Syama Prasad Mookerjee. The penultimate volume relates to the events leading upto the murder of Upadhyay soon after he became Jana Sangh chief in 1967.

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News Network
February 2,2020

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

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Agencies
June 29,2020

New Delhi, Jun 29: Fuel prices rose on Monday again after a days pause with oil marketing companies increasing the pump price of petrol by 5 paisa and diesel by 13 paisa per litre in Delhi.

In the national capital, petrol price on Monday stood at Rs 80.43 per litre while that of diesel at Rs 80.53 a litre.

With this increase, fuel prices have moved up on 22 of the last 23 days (with no rise on Sunday). Petrol prices, however, were unchanged for an additional day in between after the daily revision based on dynamic pricing was reinstated by OMCs.

Since the daily price revision resumed on June 7, petrol price has increased Rs 9.17 and diesel rose by Rs 11.14 in the national capital. In the other cities the magnitude of increase was similar.

During the past 23 days, the quantum of price hike gradually declined from around 60 paise raise for a few days, immediately post the resumption of daily price revision, to less than 20 paise during the past few days and now even less than 10 paisa per litre.

In a historic development, the price of diesel surged above that of petrol in the national capital during this period. It continues to remain higher even though on Saturday the quantum of petrol price hike was higher than that of diesel.

Officials in oil marketing companies said that it is hard to predict which of the two fuels will be priced higher in the Capital as the gap between the two is almost negligible. But petrol prices have shown more volatility in international markets that may take it ahead once again in coming days.

Apart from Delhi, the retail prices of petrol and diesel have followed the traditional path in other metros with petrol being priced at a premium of between Rs 5 and 8 per litre. The difference between the auto fuel prices in Delhi and other metros is because of the taxation structure.

While both petrol and diesel are at similar levels of taxes (state and centre) in Delhi, it is higher for petrol in many other Indian cities.

Globally diesel is priced a tad higher than petrol. In India too, the base price of diesel is slightly higher than petrol but taxation at central and state levels changed the complexion of retail prices.

If the price of petroleum products and crude hold their positions in global markets, then petrol and diesel prices rise may stop for a longer period and we may even see marginal fall in prices.

Fuel prices have been increasing since June 7 when oil companies began the daily price revision mechanism after a hiatus of 82 days during the lockdown.

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News Network
June 6,2020

New Delhi, Jun 6: With 9,887 new positive cases reported in the last 24 hours, India's COVID-19 count touched 2,36,657 on Saturday surpassing Italy's latest tally of over 2.34 lakh, taking India to the sixth spot among countries with the highest caseloads of the virus.

The Union Ministry of Health and Family Welfare (MoHFW) said that India registered a spike of 9887 new cases and 294 deaths in the past 24 hours taking the tally to 1,15,942 active cases and 6642 deaths.

Today's count was the highest single-day spike in the country, which has now overtaken Italy, according to the tally posted by the Johns Hopkins University which posted that globally the coronavirus had infected over 66.64 lakh people and claimed over 3.91 lakh lives so far.

In india, the MoHFW informed that 1,14,073 persons have been cured/discharged/migrated so far.

Maharashtra remains the worst-hit State as the total number of COVID-19 positive cases reached 80,229. While the total number of active cases in the state stands at 42,224.

In Tamil Nadu, 28,694 cases have been detected so far while Delhi has reported 26,334 coronavirus cases.

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