Dangerous misuse of mandate by BJP: Sonia Gandhi

Agencies
September 12, 2019

Sept 12: Congress president Sonia Gandhi on Thursday expressed concern over the "grim" economic situation in the country and accused the BJP government of misusing its mandate in the "most dangerous" fashion.

Sources said, Gandhi, while addressing Congress leaders at a meeting at the party headquarters here asserted that the BJP government was testing the resolve and resilience of the Congress, which must now embark on an agitational agenda to reach out to the masses in exposing the BJP.

She noted that the democracy was at peril under the Modi government and alleged that it was misusing and abusing its mandate in the "most dangerous" fashion, the sources said.

Sonia Gandhi's remarks came while chairing a meeting of top party leaders from across the country to finalise plans for Mahatma Gandhi's 150th birth anniversary celebrations.

The meeting was attended by former prime minister Manmohan Singh, AICC general secretaries and in-charges of various states, state government chiefs and Congress' Legislative Party leaders, among others.

Former Congress president Rahul Gandhi was not present in the meeting.

"The Congress party must have an agitational agenda. Our resolve on resilience is being tested now," she was quoted as saying by the sources.

Sonia Gandhi also expressed concern over the economic situation prevailing in the country, saying losses are mounting and the general confidence of people is shaken.

All that the government is indulging in is "unprecedented vendetta politics" to divert attention from the mounting losses on the economic front, she said.

The Congress president, the sources said, accused the government of appropriating the legacy of freedom fighters like Mahatma Gandhi, Sardar Vallabhbhai Patel and B R Ambedkar.

The BJP is "misrepresenting" their true messages to further its "nefarious agenda", she said.

At the meeting, former prime minister Singh talked about the poor state of the economy.

"We are in the midst of dangerously protracted slow down and the economy was going from bad to worse," he was quoted as saying by the sources.

Singh said the government is not realising this and the worst could happen in the employment sector.

While Punjab Chief Minister Amarinder Singh and Rajasthan Chief Minister Ashok Gehlot and Puducherry CM V Narayanasamy were present at the meeting, Madhya Pradesh Chief Minister Kamal Nath and Chhattisgarh Chief Minister Bhupesh Bhagel did not attend.

Kamal Nath is battling infighting in the MP Congress. Party general secretary Jyotiraditya Scindia was, however, present at the meeting.

Among other leaders present were Ghulam Nabi Azad, Ahmed Patel, A K Antony, K C Venugopal, Mallilkarjun Kharge and Priyanka Gandhi Vadra.

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News Network
July 6,2020

New Delhi, Jul 6: India's COVID-19 tally neared the 7 lakh mark with 6,97,413 cases after 24,248 new cases were reported in the last 24 hours, said the Union Ministry of Health and Family Welfare.

As per the Health Ministry, there are 2,53,287 active cases in the country while 4,24,432 patients have been cured or discharged. While one patient has migrated.

425 new deaths were reported in the last 24 hours in the country due to COVID-19, taking the number of patients succumbing to the deadly virus to 19,693.

As per the Health Ministry, Maharashtra continues to be the most impacted state from the infection with 2,06,619 cases and 8,822 fatalities due to the virus. Tamil Nadu in second place has a total of 1,11,151 cases and 1,510 fatalities.

The national capital's COVID-19 cases are also nearing the 1-lakh mark with 99,444 coronavirus cases and 3,067 deaths.

The total number of samples tested up to July 5 is 99,69,662 of which 1,80,596 samples were tested yesterday, informed the Indian Council of Medical Research on Monday. 

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News Network
July 11,2020

New Delhi, Jul 11: Poll strategist Prashant Kishor took a swipe at Bihar Chief Minister Nitish Kumar on Saturday, saying this is time to fight the coronavirus not elections and that he should not endanger people's lives in a "hurry" to hold the assembly polls.

"The coronavirus situation in Bihar is worsening like it is in many other states of the country. But a big part of government machinery and resources are busy making preparation for the polls.

"Nitish Kumar ji, this isn't time to fight elections but the coronavirus. Don't endanger people's lives in this hurry to hold the polls," he tweeted.

Kishor, once a confidant of the JD(U) president before he turned a critic and was expelled from the party, joins leaders like LJP chief Chirag Paswan and RJD's Tejashwi Yadav in suggesting that the Bihar assembly polls should be deferred due to the pandemic.

Polls in Bihar are due in October-November but the Election Commission has so far not made any official announcement about its schedule.

The BJP and the JD(U) have been holding organisational meetings and said that they are ready for the elections.

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News Network
January 21,2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

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