Modi govt working for 'New India'; has given hope to people: President Kovind

Agencies
January 31, 2019

New Delhi, Jan 31: Presenting a virtual report card of the Modi government's tenure, President Ram Nath Kovind Thursday highlighted its various development works and commitment to social justice, as he asserted it has worked to build a " New India" after assuming power in 2014 when the nation was passing through "uncertain times".

In his address to the joint sitting of Parliament at the beginning of the Budget Session, Kovind also referred to the contentious Rafale deal, saying that the Indian Air Force will welcome the ultra-modern fighter aircraft in the coming months to strengthen its strike capability after a gap of many decades.

The President's address, which reflects the government's view, assumes significance as it comes ahead of the Lok Sabha polls, expected to be held in April-May.

The 10 per cent reservation for the general category poor, the triple talaq legislation and the controversial Citizenship Amendment Bill also figured in his over an hour-long speech at Parliament's central hall in the presence of Vice President M Venkaiah Naidu, Prime Minister Narendra Modi, Congress president Rahul Gandhi, Union ministers and other MPs.

"Prior to the 2014 General Election, the country was passing through a phase of uncertainty. After the elections, my government assumed charge and vowed to build a New India. A New India with no place for imperfect, corrupt and inertia ridden systems," he said.

In the last four and a half years, the government has infused new hope and confidence among the people of the country, enhanced the country's image and has effectively brought in social and economic change, he said.

From day one, the government's mission, based on transparency, was to improve the lives of citizens, to eradicate their difficulties owing to poor governance, and to make sure that the benefit of public services reach the lowest strata of the society, he said.

Highlighting the government's achievements and various welfare schemes, Kovind said 21 crore poor people were covered under the PM's life insurance scheme, while over 2 crore households got power connection as part of the Saubhagya scheme.

"Under the Swachh Bharat initiative, the government has built nine crore toilets," he said.

The president also described 2019 as a significant year for democracy as the country is observing the 150th birth anniversary of Mahatma Gandhi.

Be it cities or villages, the government has worked towards strengthening the health care infrastructure by building new AIIMS and wellness centres across the country, he said.

"The country was going through times of uncertainty before the 2014 Lok Sabha elections, and after the polls my government resolved to make a New India," the president said.

Highlighting the governments achievements and various welfare schemes, Kovind said 21 crore poor people were covered under the PM's life insurance scheme, while over 2 crore households got power connection as part of the PM's Saubhagya scheme.

"Under Swachh Bharat initiative, the government has built nine crore toilets," he said.

Touching on the triple talaq bill, which has been stuck in Rajya Sabha due to stiff opposition after being passed in Lok Sabha, he said the BJP-led NDA government is striving hard to get the triple talaq bill passed by Parliament to "liberate Muslim daughters" from a life of fear and anxiety and to provide them with equal right.

On the Rafale issue, the President said the government believes that neglecting the country's defence needs even for a moment is detrimental to the present as well as future of the country.

"After a gap of many decades, the Indian Air Force is preparing to welcome, in the coming months, its new generation ultra-modern fighter aircraft Rafale and strengthen its strike capability," he said.

India displayed its new policy by carrying out surgical strikes on terror launch pads across the border, he said.

Citing other achievements of the government, Kovind said the number of people filing Income Tax returns have doubled from 3.8 crore to 6.8 crore under its tenure and added that over 73 per cent of around 15 crore Mudra loan beneficiaries are women, he said.

Approvals for works costing over Rs 66,000 crore out of Rs 80,000 crore package have been given by the government for development in Jammu and Kashmir, he said, asserting that the government to committed to the state's growth.

Comments

Wellwisher
 - 
Thursday, 31 Jan 2019

Yes it is revealed yseterday in Luknow - they short on Father Of  Nations Gandhijis statute. Then what else India want.  Patriot Indians  all understood if they lead the central govt India never develop.  US Spymater already

announced their report before election what is our Moadi govt intention and agenda.

Abdullah
 - 
Thursday, 31 Jan 2019

wah re wah... Bade k RSS Tattooo....

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Agencies
January 25,2020

Patna, Jan 25: JD Women's College in Patna has issued a direction to the students to follow the prescribed dress code on the campus while stating that wearing a 'burqa' in college is prohibited.

"All students have to come to college in the prescribed dress code, every day except on Saturday. Students are prohibited from wearing 'burqa' in college", reads a notice signed by the Principal and Proctor of the college.

The college administration has also imposed a fine of Rs. 250 for violation of the norm.

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Abdullah
 - 
Sunday, 26 Jan 2020

I think this college management will allow girl students to wear tight jeans + t-shair and miniskirts but is not allowing a girl to cover her body.    Are we in ancient days where humans had no dress to cover themselves or in the time of Nair kings in kerala who restricted ladies of low caste from covering their chest.     

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Agencies
May 18,2020

India is among 58 nations, including 27 European Union members, who have moved a draft resolution demanding evaluation of the World Health Organisation (WHO)'s response towards the novel coronavirus pandemic.

The European Union-led draft resolution on global COVID-19 response is set to be tabled at the upcoming World Health Assembly on Monday.

The draft resolution demands initiation "at the earliest appropriate moment to review experience gained and lessons learned from the WHO-coordinated international health response to COVID-19".

"We are deeply concerned by the morbidity and mortality caused by COVID-19 pandemic, the negative impacts on physical and mental health and social well-being, the negative impacts on economy and society and the consequent exacerbation of inequalities within and between countries," read the draft.

"We express solidarity to all countries affected by the pandemic, as well as condolences and sympathy to all the families of the victims of COVID-19," it added.

The resolution says timelines are to be evaluated regarding "recommendations the WHO made to improve global pandemic prevention, preparedness, and response capacity".

The WHO on January 23 declare a global health emergency, but did not declare it and waited for a week for its director-general Tedros Adhanom Ghebreyesus to return from China.

By that time, COVID-19 cases increased 10 times and the virus entered 18 countries.

According to Health Policy Watch, till as late as February, the WHO did not support countries for imposing travel restrictions to China.

"When countries began evacuating their citizens from Wuhan, the COVID-19 epicentre, the WHO said it did not favour this step".

The WHO finally declared it a pandemic on March 11.

The global health body has come under criticism not just from the US for its response being "China-centric".

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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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