Raisina Hill all set to welcome Pranab Mukherjee as 13th President

July 23, 2012

Pranab_after

New Delhi, July 23: Rashtrapati Bhavan is getting ready for its new resident, Pranab Mukherjee, who will take oath as the 13th President of India at 11.30 am on Wednesday. This evening, Parliamentarians will gather in Central Hall to give a farewell to Pratibha Patil.

In the end, the suspense on Sunday was only over what the margin of Mr Mukherjee's victory would be. He got 69.31 per cent votes, very close to the 70 per cent that his poll managers had promised he would. In absolute numbers that meant 713,937 votes of the total 10,29,924 valid votes polled. This included a windfall from cross-voting by MLAs in BJP-ruled Karnataka.

The BJP's man, Purno Sangma, got the other 30.69 per cent and is still crying foul.

None of the North East states voted for Mr Sangma, who, while conceding defeat and wishing Mr Mukherjee success last evening, also alleged that threats, gifts and coercion by the central government had helped Mr Mukherjee's cause. He also said he might rake up the office of profit issue again to challenge Mr Mukherjee's election in court.

There are other detractors. Team Anna has said it will begin a fast on Wednesday, the day Mr Mukherjee takes over, with what activist Arvind Kejriwal called a revelation of corruption charges against the President-elect, who was the country's Finance Minister before he resigned last month.

Mr Mukherjee has other things on his mind. Like meeting the hundreds of visitors now making a beeline for his residence. He said on Sunday evening as news of his victory came in, "I have received much more from the people, parties, Parliament than I have given them. I will try to justify."

Chief Minister of West Bengal Mamata Banerjee reportedly called Mr Mukherjee to congratulate him last evening and confirmed that she would attend the swearing-in ceremony. Ms Banerjee had said last week that she would vote for Mr Mukherjee, but very reluctantly.

Among the many important visitors that he received last evening were Congress President Sonia Gandhi and Rahul Gandhi, Lok Sabha Speaker Meira Kumar and Prime Minister Manmohan Singh and his wife. Today, the list of high-profile visitors included Nationalist Congress Party (NCP) leaders Sharad Pawar, Praful Patel, Tariq Anwar and DP Tripathi.

BSP chief Mayawati visited and said, "I have come to congratulate him and I had said this earlier that for the President's post, he is capable and well-accomplished. I am confident that he will fulfill his responsibility with dignity, honesty and abide by the constitution."

NCP chief Sharad Pawar, in Delhi today to decide on whether his party will continue to participate in the UPA government, is expected to also visit Mr Mukherjee this morning. The NCP duly waited till the Presidential elections were over before it went public with its sulk.

The returning officer for the presidential election and Rajya Sabha Secretary General V K Agnihotri will send a copy of the result and the victory certificate to the Law Ministry to enable the government initiate the process of installing the new President. A similar copy will be sent to the Election Commission.

On Wednesday morning, Mr Mukherjee will be escorted by the President's Military Secretary to Rashtrapati Bhavan. From there President Pratibha Patil and Mr Mukherjee will leave in a ceremonial cavalcade for the swearing-in ceremony. The short route will be lined with soldiers. He will take oath in the Central Hall of Parliament. The Chief Justice of India will administer the oath of office.

Soon after the swearing-in ceremony, Mr Mukherjee will go to Rashtrapati Bhavan where he will be received at the forecourts by outgoing President. Mr Mukherjee will then escort Ms Patil to her temporary accommodation in Tughlak Lane where she will stay till her post-retirement home in Pune is ready.

Up ahead lie tough tasks for Mr Mukherjee. There are more than 10 petitions sent by prisoners on death row to the President's office, asking for clemency. Among them, that of Afzal Guru, convicted for a terror attack on Parliament in 2001, a brazen assault in which 12 people were killed when Parliament was in session. The new President will have to decide what becomes of these mercy petitions, some of which have major political ramifications. For example, Balwant Singh Rajoana, who is in jail in Punjab for the assassination of former chief minister Beant Singh, is treated as a martyr and paid lavish tribute by the Sikh clergy.

The President is also likely to have a huge imprint on the political future of the country in 2014, when the general elections are expected to yield a hung Parliament. The President could then have a casting vote to decide who should come to power. He also has the right to dissolve a deeply-fractured Parliament, if that's what the results deliver.

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News Network
January 31,2020

New Delhi, Jan 31: Substantial competition and low tariff rates by telecom operators since 2016 have led to a financial stress in the sector, the Economic Survey said on Friday.

The data price in the country came down by over 99 per cent during 2016-2019, making it among the lowest tariff in the world, according to the survey.

"Since 2016, the sector has witnessed substantial competition and price cutting by the telecom service providers (TSPs), creating financial stress in the sector. As a result, the sector is experiencing consolidation. While some operators have filed for bankruptcy, others have merged, in their quest to improve viability," the survey report said.

In April-June 2019, the price of data was Rs 7.7 per gigabyte (GB) as compared to Rs 200 per GB in June 2016, it added.

"The Average Revenue Per User (ARPU) for GSM based mobile services has also gone down substantially from Rs 126 in June 2016 to Rs 74.30 in June 2019," the survey said.

The tariff war started in the market with entry of new telecom operator Reliance Jio in September 2016.

"BSNL and MTNL are also affected by the tariff war that has impacted their cash flow resulting in mounting losses," the survey said.

The financial health of the public sector telecom firms plummeted to a level where they have been finding hard to pay employees salaries in time.

The government has drawn up a plan to revive these PSUs which is still in works.

The revival plan consists of several measures, including reduction of staff cost through voluntary retirement scheme, allotment of spectrum for 4G services, monetisation of land and building, tower and fibre assets of BSNL and MTNL, debt restructuring through sovereign guarantee bonds and ''in-principle'' approval for merger of BSNL and MTNL.

The survey said that the wireless telephony now constitutes 98.27 per cent of all subscriptions whereas share of landline telephones now stands at only 1.73 per cent where market share is dominated by private sector players.

"The overall tele-density in India stands at 90.45 per cent, the rural tele-density being 57.35 per cent and urban teledensity being 160.71 per cent at the end of September 2019. The private sector dominates with a share of 88.81 per cent (106.06 crore connections) at the end of September, 2019 while the share of public sector was 11.19 per cent (13.36 crore connections)," the survey said.

The lower price of data has also lead in surge of broadband connections and average consumption of the internet.

Total broadband connections increased by about ten times, from 6.1 crore in 2014 to 59.46 crore in June 2019, the survey said.

The number of internet subscribers (both broadband and narrowband put together) stood at 66.53 crore at the end of June 2019 as compared to 25.16 crore in 2014.

The number of mobile internet subscribers was 64.36 lakh at the end of June 2019 while the number of wireline internet subscribers was 2.17 crore.

"India is now the global leader in monthly data consumption, with average consumption per subscriber per month increasing 157 times from 62 MB in 2014 to 9.8 GB in June 2019. The cost of data has also reduced substantially, enabling affordable internet access for millions of citizens," the survey said.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
February 12,2020

New Delhi, Feb 12: Unidentified people opened fire at the convoy of the newly elected Aam Aadmi Party legislator Naresh Yadav in Southwest Delhi when he and his supporters were returning home after visiting a temple after his victory, killing a party volunteer, police and a senior AAP leader said.

The firing incident happened in Kishangarh village late Tuesday night.

Police said they have detained a person for questioning and the incident appears to be a case of personal enmity. Sources said seven rounds were fired at the MLA's convoy.

Another person injured in the incident has been admitted to a hospital.

AAP leader Sanjay Singh identified the dead party volunteer as Ashok Mann.

“Convoy of MLA Naresh Yadav attacked in Mehrauli, Ashok Mann killed. Naresh Yadav was returning home after visiting a temple,” Singh said in a tweet in Hindi.

“At least one volunteer has passed away due to bullet wounds. Another is injured,” AAP tweeted.

Ankit Lal, AAP's social media in-charge, added that miscreants in another car opened fire on the MLA's convoy near Fortis Hospital.

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