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
July 21,2020

The Retailers Association of India (RAI) has said that ad hoc lockdowns by state governments are impacting the businesses of already-stressed retailers, along with hurting the economic revival of the country.

In a statement, the body of the organised retail industry said that the long road to recovery for the Indian retail industry continues to meet stumbling blocks with numerous restrictions being imposed at the state and local levels.

"Total lockdowns in some places and limited operational hours and days in several others are creating setbacks for retailers as the already stressed retail businesses are getting further interrupted and in turn, dampening consumer sentiment," it said.

According to RAI, although the intentions are that of citizen safety and social distancing, the recent instances of local lockdowns and ad hoc restrictions being imposed in Uttar Pradesh, Maharashtra, Andhra Pradesh and Karnataka are having a distressing impact on retail businesses.

Retailers are already facing huge setbacks in terms of payment of wages and rentals due to very low sales of about 40 per cent as compared to last year, thanks to the extended lockdown, it said.

Contesting the restrictions on operating hours, Sandeep Kataria, CEO, Bata India said: "Restricted shopping time can lead to unnecessary overcrowding of stores, which is unfavourable towards the personal safety of both store staff and customers. Longer operational hours will support recovery for retailers as well as help adhering to social distancing norms."

Arvind Mediratta, MD and CEO, METRO Cash & Carry India said that these lockdowns will create severe inconvenience for all citizens as they also bar operations of food and grocery retail and wholesale stores.

Such hastily-implemented decisions by states undermine investor confidence and would come in the way of making the country "aatmanirbhar" or self-reliant, he said.

Voicing the concerns of retailers, the RAI has submitted representations to various state and local authorities that puts forth recommendations to get businesses and life of consumers on the track to recovery.

It has said that authorities should mandatorily allow essential shops including kiranas, general trade shops, supermarkets, hypermarkets and wholesalers to operate every day of the week until 9 p.m. to cater to the daily needs of the customers.

It has also sought ensuring uniform and regular opening of all categories of retail for full working hours while following stringent hygiene practices and adhering to social distancing norms. This will help avoid overcrowding outside stores as demand will get distributed over all days of the week, it said.

The industry body has also asked the local authorities to open malls in all states. Malls can ensure a safe shopping experience wherein safety measures are taken by both, the mall authorities and the retailers, it said.

Kumar Rajagopalan, CEO, RAI, said: "The need of the hour is concerted efforts by all stakeholders. While retailers are doing their bit by following stringent hygiene practices, the policymakers too need to support to ensure economic revival across the country. Consumption is important for the country and supports the business environment."

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News Network
June 8,2020

New Delhi, Jun 8: Delhi Chief Minister Arvind Kejriwal has announced that malls, restaurants and religious places in the national capital would open from Monday after more than two months since the coronavirus-induced lockdown was imposed, but banquet halls and hotels would remain closed.

At an online briefing on Sunday, Kejriwal said hotels and banquet halls might be converted into hospitals in the coming days to treat coronavirus patients and therefore, they would remain shut.

"Malls, restaurants and religious places will be opening from Monday in Delhi in accordance with the Centre's guidelines," he said.

The city government will comply with the instructions of the Centre and its experts like maintaining social distancing and wearing of masks at these places, Kejriwal said.

"In view of the rising number of coronavirus cases, we might attach hotels and banquet halls with hospitals and convert them into hospitals. Hotels and banquet halls will not be opened for now," he said.

The Centre had said on May 30 that "Unlock-1" would be initiated in the country from June 8 and the lockdown would be relaxed to a great extent.

The Delhi government also issued an order allowing opening of restaurants, shopping malls and places of worship except in the COVID-19 containment zones, "subject to compliance with the Standard Operating Procedure (SOP) issued by the Ministry of Health and Family Welfare".

Kejriwal urged the elderly people, who are at a higher risk of contracting the coronavirus, to confine themselves in a room and not to interact with even the family members in order to protect themselves.

Delhi has so far registered over 27,500 coronavirus cases, including 761 deaths.

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Agencies
June 18,2020

New Delhi, Jun 18: Reliance Industries Ltd on Thursday said it has sold a 2.32 per cent stake in its digital unit to Saudi Arabia's Public Investment Fund (PIF) for Rs 11,367 crore, taking the cumulative fund raising to about Rs 1.16 lakh crore in two months.

Starting with Facebook Inc on April 22, Reliance has sold almost 25 per cent of equity in Jio Platforms - the maximum reports suggest the company intends to dilute to financial investors.

The investment by Saudi sovereign wealth fund is "at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore", the company said in a statement.

With this investment, Jio Platforms has raised Rs 115,693.95 crore from some of the leading global investment powerhouses at a time when the world is deeply impacted by the coronavirus pandemic, resulting in a recession kind of environment for the global economy.

"With the addition of PIF's investment, Jio Platforms has established partnerships with a marquee set of global financial investors, who will contribute to establishing the Digital Society vision for India," the statement said.

Jio Platforms houses India's biggest telecom firm by subscribers, Reliance Jio. With more than 388 million users, Jio has forced out several rivals and driven consolidation in the sector since entering the market in 2016 with free voice services and cut-price data.

Over the past two months, billionaire Mukesh Ambani's oil-to-telecom conglomerate has announced the sale of about $14 billion of assets, completed a Rs 53,124 crore rights issue and slowed the run rate of new investment by a quarter.

These will help Reliance meet its target of paying off Rs 1.61 lakh crore of net debt by the end of the year.
This is PIF's largest investment into the Indian economy to date.

Ambani, chairman and managing director of Reliance Industries, said, "We at Reliance have enjoyed a long and fruitful relationship with the Kingdom of Saudi Arabia for many decades. From oil economy, this relationship is now moving to strengthen India's New oil (data-driven) economy, as is evident from PIF's investment into Jio Platforms."

Yasir Al-Rumayyan, governor of PIF, commented: "We are delighted to be investing in an innovative business which is at the forefront of the transformation of the technology sector in India. We believe that the potential of the Indian digital economy is very exciting and that Jio Platforms provides us with an excellent opportunity to gain access to that growth."

"This investment will also enable us to generate significant long-term commercial returns for the benefit of Saudi Arabia's economy and our country's citizens, in line with our mandate to safeguard and grow the national wealth of the Kingdom," he said.

The transaction is subject to Indian regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners and Davis Polk & Wardwell acted as legal counsels.

Prior to this deal, Reliance had sold 22.38 per cent of Jio Platforms to investors including Facebook Inc, securing Rs 104,326.95 crore in eight weeks.

Facebook kicked off the party, investing Rs 43,573.62 crore for a 9.99 per cent stake on April 22. This was closely followed by a further Rs 60,753.33 crore in investment.

Silver Lake - the world's largest tech investor - bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore on May 4. It invested another Rs 4,546.80 crore for additional 0.93 per cent stake on June 5, taking its total holding to 2.08 per cent
Private equity KKR and Vista Equity Partners have taken 2.32 per cent stake each for Rs 11,367 crore apiece. KKR invested in Jio Platforms on May 22 while Vista invested on May 8.

Abu Dhabi sovereign wealth fund Mubadala Investment Co picked up 1.85 per cent in Jio Platforms for Rs 9,093.60 crore on June 5. Abu Dhabi Investment Authority on June 7 invested Rs 5,683.50 crore for a 1.16 per cent stake in Jio Platforms.

On May 17, global equity firm General Atlantic picked up 1.34 per cent stake in Jio Platforms for Rs 6,598.38 crore.

Global investment firm TPG on June 13 picked up 0.93 per cent for Rs 4,546.80 crore while L Catterton bought 0.39 per cent for Rs 1,894.50 crore.

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