Won't pull out of UPA, say DMK sources, but will take part in bandh

September 20, 2012
Wont_pull

Chennai, September 20: After Mamata Banerjee's dramatic exit, the Congress is left without its biggest ally in the coalition it leads at the centre, but another big partner, the DMK, has made a welcome reassurance.

(After Mamata pullout, Congress gauges room for compromise: Top 10 facts)

Sources in the Southern party, which has 18 Lok Sabha MPs, say that the DMK has decided "not to embarrass the UPA" and that its course will not be affected by Ms Banerjee's pull-out last night, which has converted the UPA to a minority. The party, will however, participate in a bandh or strike called tomorrow to protest against the centre's new reforms.

Ms Banerjee said she could not remain part of the government after its decision last week to increase diesel prices, cap the amount of subsidized cooking gas available to households, and open up the retail market to foreign super-chains. (Who is Mamata Banerjee?)

Sources said this morning that a section of the DMK is in favour of following Ms Banerjee's lead and quitting the UPA, but was over-ruled. There are a few reasons why it would be politically expedient for the DMK to distance itself from the Congress now - a massive coal scam has over-shadowed the Congress, deepening the perception that it is a party infected with corruption. Like Ms Banerjee, any party that opts out of the UPA now can claim that it is doing so in the interest of the aam admi or common man, who will allegedly be hit hard by the government's new big-ticket reforms.

(Poll: Should the government give in to Mamata Banerjee?)

Tomorrow's strike against those new policies has won the support of parties ranging from the Left to the BJP, and crucially, Mulayam Singh Yadav, whose Samajwadi Party is now key for the government's survival. (Mulayam keeps UPA on tight leash, verdict on support tomorrow)

The DMK has in the recent past threatened twice to abandon the UPA. The first flashpoint was before the state elections in Tamil Nadu last year, which the DMK and Congress fought jointly. The DMK said it was not being given enough seats. Congress president Sonia Gandhi intervened to strike a compromise. However, the partnership was decimated in the polls. The DMK also flexed its muscle to pressure the Prime Minister to commit India's support to a UN resolution that asked Sri Lanka to investigate allegations of vast human rights violations against the island's minority Tamils in the final months of the civil war that ended in May 2009.

The DMK's allegiance to the government is also guided by the fact that two of its senior leaders, including the party president's daughter, are being tried for corruption in the telecom scam. The case is being investigated by the CBI, which, opposition parties, is often used by the ruling party to settle political scores or offer protection.


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News Network
July 14,2020

New Delhi, Jul 14: India's COVID-19 tally breached the 9 lakh mark as 28,498 new coronavirus cases were reported in the last 24 hours, informed the Union Ministry of Health and Family Welfare on Tuesday.

As per the Health Ministry, there are a total of 9,06,752 coronavirus cases in the country of which 3,11,565 patients are active cases.

5,71,459 patients have been cured/discharged while one patient has been migrated, the Ministry informed further.

553 more deaths due to COVID-19 were reported in the last 24 hours in the country, taking the number of patients succumbing to the virus to 23,727.

The Centre further informed that India's recovery rate from COVID-19 stands at 63.02 per cent while the recoveries and deaths ratio stood at 96.01 per cent and 3.99 per cent respectively.

As per the Ministry, Maharashtra -- the worst-affected state from the infection -- has a total of 2,60,924 COVID-19 cases and 10,482 fatalities. While Tamil Nadu has a tally of 1,42,798 cases and 2,032 deaths due to COVID-19.

Delhi has reported a total of 1,13,740 cases and 3,411 deaths due to COVID-19.

As per the information provided by the Indian Council of Medical Research (ICMR) 1,20,92,503 samples have been tested for COVID-19 till July 13, of these 2,86,247 samples were tested on Monday.

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News Network
March 2,2020

New Delhi, Mar 2: The Supreme Court on Monday dismissed a curative petition filed by convict Pawan Kumar Gupta who was sentenced to death in the 2012 Nirbhaya gang rape and murder case.

A five-judge bench headed by Justice N V Ramana said that no case is made out for re-examining the conviction and the punishment of the convict.

Other members of the bench were justices Arun Mishra, R F Nariman, R Banumathi and Ashok Bhushan.

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News Network
March 27,2020

Mumbai, Mar 27: The Reserve Bank of India (RBI) on Friday lowered the key repo rate by 75 basis points to 4.4 per cent in a bid to arrest the economic slowdown amid coronavirus (COVID-19) outbreak.
The reverse repo rate now stands at 4 per cent, down by 90 basis points, said RBI Governor Shaktikanta Das adding this has been done to make it unattractive for banks to passively deposit funds with the central bank and instead lend it to the productive sectors.
The six-member monetary policy committee (MPC) met on March 24, 25 and 27 and voted 4:2 in favour of the repo rate reduction. The MPC also decided to continue with the accommodative stance as long as it is necessary to revive growth and mitigate the impact of COVID-19 on the economy while ensuring that inflation remains within the target.
"The need of the hour is to shield the economy from the pandemic," said Das. "We need to mitigate the impact of coronavirus, revive economic growth and provide financial stability."
Repo rate is the rate at which a country's central bank lends money to commercial banks, and the reverse repo rate is the rate at which it borrows from them.
The RBI Governor further said that the economic growth and inflation projection will be highly contingent depending on the duration, spread and intensity of the pandemic.
"Global economic activity has come to a near standstill as COVID-19 related lockdowns and social distancing are imposed across a widening swathe of affected countries. Expectations of a shallow recovery in 2020 from 2019's decade low in global growth have been dashed," said Das.
"The outlook is now heavily contingent upon the intensity, spread and duration of the pandemic. There is a rising probability that large parts of the global economy will slip into recession," he said.
However, the RBI has injected liquidity of Rs 2.8 lakh crore via various instruments equal to 1.4 per cent of GDP. "Along with today's measures, liquidity measures equal to 3.2 per cent of GDP. The RBI will take continuous measures to ensure liquidity in the system."
The RBI governor has said that all banking institutions can offer a three-month moratorium on all loans for a period of three months. The RBI has also allowed banks to restructure the working capital cycle for companies without worrying that these will have to be classified as a non-performing asset (NPA).
The three-month moratorium will permit banks to avoid a large onset of NPAs during the 21-day lockdown and keep their books healthy.
Das said banks and other financial institutions should do all they can to keep credit flowing to economic agents facing financial stress on account of the isolation that the virus has imposed.
"Market participants should work with regulators like the RBI and the Securities and Exchange Board of India (SEBI) to ensure the orderly functioning of markets in their role of price discovery and financial intermediation," he said.

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