NCP-UPA trouble live: Congress in damage control after Sharad Pawar quits

July 20, 2012

congressdam

New Delhi, July 20: 11:15 am: The UPA is reportedly making all possible efforts to placate Nationalist Congress Party (NCP) chief Sharad Pawar after he and party leader Praful Patel sent their resignation letters to the Prime Minister. The Congress has said that the NCP is important to it.

"Pawar has supported Pranab Mukherjee, he is an important person. The NCP is important to us and ll our allies are intact," Congress leader Jagdambika Pal said.

10:45 am: It is being said that the UPA is not following the coalition dharma and is ignoring smaller allies. Sharad Pawar has now red-flagged the issue and has, in a way, asked the UPA to be serious about smaller allies.

10 am: The UPA is likely to accommodate some demands of Nationalist Congress Party (NCP) chief Sharad Pawar, according to sources. Sharad Pawar, in his meeting with UPA Chairperson Sonia Gandhi, conveyed his displeasure.

Sharad Pawar is reportedly angry at being superseded for the number two position in the Union Cabinet. However, Congress sources claim that the number two position in the Cabinet is not an issue and say the government will take up some of Pawar's demands like forward contracts soon.

9:30 am: Nationalist Congress Party (NCP) chief Sharad Pawar, who resigned from the Cabinet late on Thursday night, met UPA Chairperson Sonia Gandhi on Friday morning.

Nationalist Congress Party (NCP) chief Sharad Pawar and party member Praful Patel on Friday sent in their resignations to Prime Minister Manmohan Singh, sources said. The duo were said to be upset over the NCP chief not being made the number two within the UPA government.

The duo had said they will not attend their offices on Friday. Pawar and Patel sent their resignation letters to Prime Minister Manmohan Singh late on Thursday night. However, the letters have been written in a manner that leaves a window of opportunity open for the UPA as it provides a scope for negotiations.

This may be seen as a trouble for the UPA as the NCP has been one of the most reliable allies of the UPA as it has supported the UPA in important situations. The NCP was among one of the first parties to support UPA candidate Pranab Mukherjee in the Presidential poll. Therefore, the UPA is likely to make efforts to placate Pawar.

The UPA has two options. They can either give the number two position to Pawar, as he desires, or they can make him the Leader of the Lok Sabha. The UPA core committee will meet later on Friday and may chalk out a plan to placate Pawar and Patel.

In fact, for a second time on Thursday, Pawar and Patel had skipped the Cabinet meeting despite the fact that on agenda was a matter relating to Pawar's ministry.

Sources said the rift was over the number two slot. With Pranab Mukherjee gone, Pawar, as per seniority, should have been made number two.

Congress, however, argued that the NCP had only nine MPs while Congress was the largest constituent of the UPA and hence could choose the number two. It's Defence Minister AK Antony who got the slot. This upset the NCP.

NCP sources also said Pawar was upset by the Congress's witch-hunting and lack of gratitude.

Pawar is believed to have been angry that some of his nominees for the Governor's post and for chairmanship of NABARD and NAFED were rejected. Certain projects with which Sharad Pawar was involved were not cleared by government. Also, he accused the Cabinet of dragging its feet over forward trading.

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Agencies
May 17,2020

New Delhi, May 17: Eight of the 10 most valued domestic firms suffered a combined erosion of Rs 1,37,311.31 crore in market valuation last week, with Reliance Industries (RIL) taking the biggest knock.

Only Bharti Airtel and ITC from the top-10 list managed to close the week with gains.

RIL's market cap plunged Rs 65,232.46 crore to Rs 9,24,855.56 crore.

The market valuation of HDFC Bank declined Rs 22,347.07 crore to Rs 4,87,083.88 crore and that of Hindustan Unilever Limited tanked Rs 13,192.26 crore to Rs 4,77,458.89 crore.

ICICI Bank's market cap dropped Rs 9,770.06 crore to Rs 2,08,900.79 crore.

Infosys witnessed a decline of Rs 9,518.84 crore in valuation to reach Rs 2,77,814.09 crore while that of HDFC tumbled Rs 9,370.38 crore to Rs 2,83,293.70 crore.

The m-cap of Kotak Mahindra Bank slipped by Rs 7,805.2 crore to Rs 2,25,327.22 crore.

Tata Consultancy Services' market valuation dipped Rs 75.04 crore to Rs 7,10,439 crore.

In contrast, Bharti Airtel added Rs 13,147.89 crore to its valuation to stand at Rs 3,02,292.43 crore.

ITC's valuation also rose by Rs 7,744.11 crore to Rs 2,02,330.13 crore.

In the ranking of top-10 firms, RIL retained the number one spot, followed by TCS, HDFC Bank, HUL, Airtel, HDFC, Infosys, Kotak Mahindra Bank, ICICI Bank and ITC.

During the last week, the Sensex declined 544.97 points or 1.72 per cent.

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News Network
June 20,2020

New Delhi, Jun 20: Diesel price on Saturday hit a record high after rates were hiked by 61 paise per litre while petrol price was up 51 paise, taking the cumulative increase in rates in two weeks to Rs 8.28 and Rs 7.62 respectively.

Petrol price in Delhi was hiked to Rs 78.88 per litre from Rs 78.37, while diesel rates were increased to Rs 77.67 a litre from Rs 77.06, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

The 14th daily increase in rates since oil companies on June 7 restarted revising prices in line with costs after ending an 82-day hiatus in rate revision, has taken diesel prices to new high. Petrol price too is at a two-year high.

Prior to the current rally, diesel rate had touched a peak of Rs 75.69 per litre in Delhi on October 16, 2018.

The highest-ever petrol price was on October 4, 2018, when rates soared to Rs 84 a litre in Delhi.

When rates had peaked in October 2018, the government had cut excise duty on petrol and diesel by Rs 1.50 per litre each. State-owned oil companies were asked to absorb another Re 1 a litre to help cut retail rates by Rs 2.50 a litre.

Oil companies had quickly recouped the Re 1 and the government in July 2019 raised excise duty by Rs 2 a litre.

The 82-day freeze in rates this year was imposed in mid-March soon after the government hiked excise duty on petrol and diesel to shore up additional finances.

The government on March 14 hiked excise duty on petrol and diesel by Rs 3 per litre each and then again on May 5 by a record Rs 10 per litre in case of petrol and Rs 13 on diesel. The two hikes gave the government Rs 2 lakh crore in additional tax revenues.

Oil PSUs Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL), instead of passing on the excise duty hikes to customers, adjusted them against the fall in retail rates that was warranted because of a decline in international oil prices to two-decade lows.

International oil prices have since rebounded and oil firms are now adjusting retail rates in line with them.

In 14 hikes, petrol price has gone up by Rs 7.62 per litre and diesel by Rs 8.28 a litre.

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News Network
April 19,2020

New Delhi, Apr 19: The government on Sunday prohibited the sale of non-essential items through e-commerce platforms during the ongoing lockdown, four days after allowing such companies to sale mobile phones, refrigerators and ready-made garments.

Union Home Secretary Ajay Bhalla issued an order excluding the non-essential items from sale by the e-commerce companies from the consolidated revised guidelines, which listed the exemption given to the services and people from the purview of the lockdown.

The order said the following clause "E-commerce companies. Vehicles used by e-commerce operators will be allowed to ply with necessary permissions" is excluded from the guidelines.

The previous order had said such items were allowed for sale through e-commerce platforms from April 20.

However, the reason for reversing the order is not known immediately.

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