Modi consults allies on ministry berths

May 24, 2014

Modi consults ministryNew Delhi, May 24: Prime minister-designate Narendra Modi is giving final shape to a compact “right-sized” council of ministers, which may see the BJP offering its allies at least one Cabinet and two Ministers of State (MoS) berths, depending on their tally of Lok Sabha seats.

Under this formula, big allies like the Shiv Sena and the Telugu Desam Party (TDP), which won 18 and 16 seats respectively, could look forward to even one Cabinet rank and three MoS.

Smaller allies could be offered a Cabinet berth or a MoS with independent charge.BJP insiders said Modi had in mind a team of 20 to 25 Cabinet ministers in all and an equal number of MoS after clubbing together some ministries and departments that were doing the same area of work.

In any case, Modi was against a jumbo ministry of 70 or more nominees. The 91st amendment to the Constitution, enacted in 2003, warrants that the total number of ministers, including the prime minister or chief minister, in the council of ministers should not exceed 15 per cent of the total number of members of the Lok Sabha or a state Assembly.

Besides the Shiv Sena and the TDP, Modi will have to accommodate Ram Vilas Paswan-led Lok Janshakti Party (LJP), which won six seats.

Though Modi is in no mood to accept Paswan’s demand for Railways, the prime minister- designate cannot ignore the “social importance” of the LJP when the Bihar assembly polls are due next year. Paswan’s party could be offered a Cabinet and a MoS berth.

Another Bihar NDA ally, Upendra Kushwaha-led Rashtriya Lok Samta Party, is likely to get one MoS post. The party won three LS seats.

Modi’s formula for the Shiv Sena will have to take into account the fact that Maharashtra is headed for Assembly polls in November. Therefore, the BJP will have to accommodate its wishes though portfolios will be chosen by Modi, party sources said.

TDP president N Chandrababu Naidu will meet Modi and other top BJP leaders on Sunday to decide the berths for his party MPs. TDP sources said Naidu hoped to secure at least four berths as the list of aspirants in his party was long.

The party has six MPs in Rajya Sabha, including two from Telangana, and 16 in Lok Sabha, of which only one is from Telangana.

As many as 12 of the 16 MPs are new faces in Parliament though three of them -- J C Diwakar Reddy, P Ashok Gajapathi Raju and Thota Narasimham -- have rich experience as MLAs and state ministers.

Going by his seniority as a six-time legislator and command over parliamentary affairs, Raju could be a front-runner for a Cabinet berth, party sources said. Five-time MP Rayapati Sambasiva Rao joined the TDP on election eve and won a sixth term. He too is tipped for Cabinet rank.

Chittoor MP N Siva Prasad, who has been elected for the second consecutive term, is likely to be TDP’s choice under Dalit quota and may get MoS. He had previously served as a minister in the Naidu ministry.

Earlier in the day, Akali Dal chief and Punjab Chief Minister Parkash Singh Badal and his deputy-CM son Sukhbir Badal met BJP?president Rajnath Singh at his residence. Akali Dal, one of the oldest BJP allies, may land a berth.

Badal had initially conveyed his party’s reluctance to join Modi’s Cabinet because of its poor performance, which saw the defeat of senior BJP leader Arun Jaitley from Amritsar. The Akali Dal won only four of the 13 seats from Punjab.

Modi, who will be sworn in on May 26, held a meeting with senior leaders, including Rajnath Singh, Amit Shah, Nitin Gadkari and Arun Jaitley at Gujarat Bhawan on Friday.

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Agencies
May 4,2020

Mumbai, May 4: Days after Facebook, private equity firm Silver Lake said it will invest 56.56 billion rupees ($746.74 million) in Reliance Industries's digital arm, giving it a valuation of 4.90 trillion rupees. Silver Lake on Monday agreed to pay Rs 5,655.75 crore to buy 1.15 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio.

The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 per cent stake in Jio Platforms. The investment is at a premium of 12.5 per cent to the Facebook deal.

"This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.

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News Network
March 2,2020

Mar 2: Two more positive cases of the novel coronavirus -- one in Delhi and another in Telangana -were reported, the Union Health Ministry said on Monday.

The person from Delhi had travelled to Italy, it said adding he is being diagnosed at RML hospital.

The other person with the coronavirus infection has a travel history to Dubai, the ministry added.

"Both the patients are stable and being closely monitored," the ministry said.

Sunitha Krishnan is the name of the patient from Telangana and she is a social activist.

Krishnan has tweeted, "So going to enjoy hospitality at Gandhi Hospital for two days as admitted in the isolation ward suspected coronavirus. They have not started the tests yet( 1.30 hrs since I arrived).I believe the results make take 48hrs. At this pace, I have a feeling I am might be here sometime."

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News Network
May 18,2020

May 18: Goldman Sachs expects India will experience its deepest recession ever after a poor run of data underscored the damaging economic impact of lockdowns in the world’s second-most populous nation.

Gross domestic product will contract by an annualized 45% in the second quarter from the prior three months, compared with Goldman’s previous forecast of a 20% slump. A stronger rebound of 20% is now seen for the third quarter, while projections for the fourth quarter and first of next year are unchanged at 14% and 6.5%.

Those estimates imply that real GDP will fall by 5% in the 2021 fiscal year, which would be deeper than any other recession India has ever experienced, Goldman economists Prachi Mishra and Andrew Tilton wrote in a note dated May 17.

India’s government has extended its nationwide lockdown until May 31, while further easing restrictions in certain sectors to boost economic activity, as coronavirus cases escalate across the country. The announcement followed Finance Minister Nirmala Sitharaman’s fifth briefing in as many days, in which she outlined details of the country’s $265 billion virus rescue package, which is equivalent to 10% of India’s GDP.

 “There have been a series of structural reform announcements across several sectors over the past few days,” the Goldman economists wrote. “These reforms are more medium-term in nature, and we, therefore, do not expect these to have an immediate impact on reviving growth. We will continue to monitor their implementation to gauge their effect on the medium-term outlook.”

Infections are surging across the South Asian nation of 1.3 billion people, with more than 91,300 infections, including 2,897 deaths as of Sunday, according to data from Johns Hopkins University.

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