Lynchers cannot call themselves nationalists: Naidu

Agencies
September 9, 2018

New Delhi, Sept 9: Vice President M Venkaiah Naidu has said those involved in incidents of hate and lynching cannot call themselves nationalists while holding that legislation alone was not enough as a change in societal behaviour was required to prevent such cases.

The vice president also expressed anguish over the politicisation of incidents of lynching, saying such cases should not be linked with political parties.

"Societal change (is needed). This (lynching) is not because of this party or that party. The moment you attribute it to these parties, the cause is lost. That is what is happening, let me be very frank," he said.

Asked about the incidents of hate and lynching, he said it was not a new trend and there were such instances in the past also.

"It is the societal behaviour that has to change...when you kill the other man, how can you call yourself nationalist. On the basis of religion, on the basis of caste or on the basis of colour, or on the basis of gender, you discriminate. Nationalism, Bharat Mata Ki Jai has a wider meaning," Naidu told PTI in an interview on Tuesday.

He said "some of these things" cannot be tackled through legislation alone, and a societal change was needed to check them.

The government has been under attack from Congress and several other opposition parties for a spate of lynchings in various parts of the country in the last couple of years.

According to Home Ministry data, around 40 people were lynched in nine states in the past one year.

The opposition and various civil rights groups have also accused the government of not coming down hard on those involved in the incidents.

On July 17, the Supreme Court said that "horrendous acts of mobocracy" cannot be allowed to overrun the law of the land and issued a slew of guidelines to deal with mob lynching and cow vigilantism. It also asked the Centre to consider enacting a new law to sternly deal with such incidents.

A panel appointed by the government to examine ways to contain such incidents is believed to have recommended framing a new legislation.

"When the Nirbhaya issue came, there was a clamour for Nirbhaya act. Nirbhaya act has come, did they stop. I am not getting into politics, the political parties they have their own way of highlighting it. I (had) said, what is required is not a mere bill, political will, administrative skill, and then go for the kill of the social evil. I had said in Parliament," said Naidu.

Noting that there was also a debate on about nationalism in the country, Naidu said it should also be properly defined and articulated.

"According to me nationalism or 'Bharat Mata Ki Jai' means 'Jai Ho' to 130 crore people. Any discrimination on the basis of caste, creed, sex, religion or region is against nationalism," the vice president said.

In the Nirbhaya case, five men and a juvenile gangraped a woman on the intervening night of December 16-17, 2012 inside a running bus in South Delhi and severely assaulted her. She succumbed to injuries on December 29, 2012, at a Singapore hospital. The woman was given the name Nirbhaya (fearless).

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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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News Networkwork
May 14,2020

Bengaluru, May 14: ABB India has posted a profit after tax of Rs 66 crore during the first quarter (January to March) due to lower volumes including service revenue and unfavourable mix.

In Q1 CY19, it had reported a profit after tax of Rs 89 crore. ABB India follows calendar year as its fiscal year.

The company reported a profit including exceptional items and before tax of Rs 87 crore. The resultant under-absorption and mark-to-market impact due to forex volatility were partly offset by refund incomes and a one-time gain on sale of solar business during the quarter.

Revenues for the first quarter stood at Rs 1,522 crore, impacted by lower sales, non-receipt of delivery clearance, lower service revenue in the nationwide lockdown due to the COVID-19 pandemic. This impact primarily occurred in March, the company said in a statement.

ABB India said it continues to maintain a stable cash position of Rs 1,464 crore as on March 31 in a market where cash collection continues to be a challenge.

Besides, despite many activities coming to a standstill in March, the quarter was marked by commissioning for a mining major at Raigarh in Chhattisgarh, electrical and automation systems for a cement major and port and electrics, drives and automation for a leading mill in Bangladesh.

Terminal installation and commissioning for LPG, power management electrical control system for a leading refinery and commissioning of two units of a power plant in Kerala are some of the other projects where ABB's involvement ensured continuity and safe operations, it said.

On a global scale, the impact of COVID-19, as well as the fall in oil prices, has significantly impacted the short-term outlook. The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the pandemic.

Despite unprecedented stimuli by governments and central banks around the world and initial signs of recovering economic activity in China, macro-indicators point to a global recession of uncertain duration as many countries continue to face restrictions with anticipated long-term economic consequences, said ABB India.

While the company is taking prompt action to adapt its operations and cost base to safeguard profitability, it expects the results in the coming quarter to be impacted due to the loss of volumes.

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News Network
February 3,2020

Bengaluru, Feb 3: India's manufacturing activity expanded at its quickest pace in nearly eight years in January with robust growth in new orders and output, a private survey showed on Monday, suggesting the economy may be getting back on firmer footing.

In response to the jump in sales, factories hired new workers at the fastest rate in more than seven years.

If sustained, the improvement in business conditions could point to a gradual economic recovery in coming months, as forecast by analysts in a Reuters poll last month, after growth slowed to a more than six-year low in the July-September quarter.

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, jumped to 55.3 last month from 52.7 in December. It was the highest reading since February 2012 and above the 50-mark separating growth from contraction for the 30th straight month.

"The PMI results show that a notable rebound in demand boosted growth of sales, input buying, production and employment as firms focused on rebuilding their inventories and expanding their capacities in anticipation of further increases in new business," Pollyanna De Lima, principal economist at IHS Markit, said in a news release.

A new orders sub-index that tracks overall demand hit its highest level since December 2014 and output grew at its fastest pace in over seven and a half years, pushing manufacturers to hire at the strongest rate since August 2012.

Meanwhile, both input costs and output prices rose at a slower pace, indicating overall inflation may have eased after hitting a more than five year high of 7.35% in December, although probably not below the Reserve Bank of India's medium-term target of 4%.

That might keep the central bank, which cut its key interest rate by a cumulative 135 basis points last year, on the sidelines over the coming months.

"To complete the good news, there was also an uptick in business confidence as survey participants expect buoyant demand, new client wins, advertising and product diversification to boost output in the year ahead," added De Lima.

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