Citing early polls, Mamata keeps her MPs on their toes

May 13, 2012

mamatha_toeNew Delhi, May 13: A day after she said she had information that a political party had held a meeting to advance general elections to 2013, Trinamool Congress chief and West Bengal Chief Minister Mamata Banerjee said she would be happy to see the United Progressive Alliance — of which her party is a part — last its full term.

Her statement about the possibility of early elections came at a party meeting here on Friday, when she advised her colleagues to be ready for elections at any time as she had heard that polls could be advanced.

While Ms. Banerjee is well-known for her whimsicality, it is not a secret that she herself is keen that general elections be held as soon as possible to derive the maximum advantage of her party's performance in last year's Assembly elections when the Trinamool Congress-Congress combine swept the polls, ousting the Left Front from power.

Her fear is that if general elections are held on time in 2014, she may not make the gains she might make if they are held sooner. This is especially as West Bengal is in dire economic straits and the Centre has made it clear that there will be no bailout package until the State itself pulls up its socks and takes some tough measures — something Ms. Banerjee is not prepared to do.

Simultaneously, for while her personal popularity may be intact in rural Bengal, and the Left Front is a long away from rebuilding its party machine, Ms Banerjee is rapidly losing support in the urban areas of the State, especially Kolkata. Apart from that, she is not sure of the loyalty of many of her MPs: the first one to challenge her was the former Railway Minister, Dinesh Trivedi, whom she unceremoniously sacked for announcing a hike in rail passenger fares in his budget, and then refusing to roll them back. It would help to keep her MPs on their toes, by scaring them into believing that elections are round the corner, party sources say, especially as they remain dependent on her not just to get the party nomination but to get elected.

Meanwhile, the Congress officially responded to the Trinamool leader's statement.

“I have not gone through Ms. Banerjee's statement but one thing is clear: UPA-II will complete its term and elections will be held on schedule [in 2014],” party spokesman Rashid Alvi said adding, “There is no question of any mid-term poll. The Manmohan Singh-led government will complete its full term. I can specifically say the [next Lok Sabha] election will be held as per schedule … if any political group talks to its workers about mid-term [election], it is their internal matter.”

Within the Congress, the majority view remains that UPA-II should last its full term, so that it has another two years to set its house in order. Only occasionally, a few of the younger MPs have been heard saying that as this is a lame duck government, it would be better to advance the polls. But given that the core of the party is cautious, it looks unlikely that the Congress would willingly advance the polls: it would rather wait it out.

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News Network
March 13,2020

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

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News Network
May 13,2020

May 13: Senior Congress leader P Chidambaram on Wednesday mocked the prime minister's announcement of a Rs 20 lakh crore financial package as a "headline and blank page", and said he was looking forward to the finance minister filling the blank page.

Prime Minister Narendra Modi on Tuesday announced massive new financial incentives on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore.

Chidambaram said he would count every additional rupee the government infuses into the economy and examine what the poor, hungry and devastated migrant workers get after walking hundreds of kilometres to their home states.

"Yesterday, PM gave us a headline and a blank page. Naturally, my reaction was a blank!

"Today, we look forward to the FM filling the blank page. We will carefully count every ADDITIONAL rupee that the government will actually infuse into the economy," he said on Twitter.

The former finance minister said "We will also carefully examine who gets what?".

"And the first thing we will look for is what the poor, hungry and devastated migrant workers can expect after they have walked hundreds of kilometres to their home states.

"We will also examine what the bottom half of the population (13 crore families) will get in terms of REAL MONEY," he said in a series of tweets.

Congress leader Jairam Ramesh also slammed the prime minister's announcement.

"Last night the Prime Minister did what comes to him best. Maximum packaging, Minimum meaning.It was a case of classic NAMO. No Action Message Only," he said on Twitter.

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News Network
May 15,2020

New Delhi, May 15: The World Bank on Friday approved $1 billion 'Accelerating India's COVID-19 Social Protection Response Program' to support the country's efforts for providing social assistance to the poor and vulnerable households, severely impacted by the pandemic.

This takes the total commitment from the World Bank towards emergency COVID-19 response in India to $2 billion.

A $1 billion support was announced last month to support India's health sector.

The response to the COVID-19 pandemic around the world has required governments around the world to introduce social distancing and lockdowns in unprecedented ways, said Junaid Ahmad, World Bank Country Director in India in a webinar interaction with the media.

These measures, intended to contain the spread of the virus have, however, impacted economies and jobs – especially in the informal sector. India with the world's largest lockdown has not been an exception to this trend, he said.

Of the $1 billion commitment, $550 million will be financed by a credit from the International Development Association (IDA) – the World Bank's concessionary lending arm and $200 million will be a loan from the International Bank for Reconstruction and Development (IBRD), with a final maturity of 18.5 years including a grace period of five years.

The remaining USD 250 million will be made available after June 30, 2020.

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