Hope floats for UPA as SP signals support to 'keep Narendra Modi at bay'

September 20, 2012

New Delhi, September 20: Samajwadi Party on Wednesday indicated its support to the UPA government, saying that doing so was necessary to ward off the prospect of Gujarat chief minister Narendra Modi taking over as prime minister.

Spelling out his party's stance, senior SP leader Ramgopal Yadav criticized Congress on a number of counts, but said the SP will have to come to UPA's assistance because of the "secular compulsion" to stop the BJP. "This government would have fallen long ago. Many parties share our view on it (corruption, price rise and unilateralism in alliance). But we cannot forget Gujarat riots and how the state sponsored them. We have seen that face of BJP. So, we have to think twice before taking a step lest it helps such forces in coming to power," he told TOI.

Ramgopal, Mulayam Singh Yadav's brother who is also the leader of SP in Rajya Sabha, stressed that but for this compulsion dogging the "secular" parties, UPA government would have been history by now.

"The consideration to thwart BJP's advance has become greater in the wake of a big section of the saffron outfit wanting to project Narendra Modi as PM," he further said.

Ramgopal also clarified that SP had not called a meeting of its parliamentary board, a clear indication that despite its protest against diesel price hike and FDI in multi-brand retail, Mulayam is in no hurry to review his support to UPA.

When asked about the UP government's relations with the UPA, Ramgopal noted the generous central help to the party-ruled state, underlining another factor that may have dulled SP's hostility towards Congress after a bitter assembly campaign. "There is cordial relationship since SP has come to power. The Centre is positive. The Centre has given more than eligible money for our schemes. If our state government performs, then we feel no central ministry is rigid about the grants. We hope that the state will continue to get central help," he said.

Central assistance is crucial for the SP to implement populist promises it had made in the poll campaign to trump BSP in the assembly elections.

Mamata Banerjee's revolt against Congress has placed Mulayam Singh Yadav at the heart of the debate, with his 22-MP flock crucial, if not indispensable, to UPA's survival. The indication of a rescue act for the Centre does not sit well with the assessment that Samajwadis would gain from early elections because they are strongly placed in Uttar Pradesh. Observers attribute Mulayam's magnanimity towards Congress to the realization that the Centre will survive Mamata's mutiny anyway.

However, Ramgopal stressed on anti-BJPism. "The government is in crisis after TMC's exit... but communal forces can take advantage of the situation. We don't want to be accused of bringing down the government and helping the communal forces," he said.

He conceded the irony of 'communal vs secular' politics. "Whether Congress tries to exploit it or not, it does gain from the compulsion of secular parties," he said.

Still_A_Touch_And_Go_Game


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News Network
July 21,2020

New Delhi, Jul 21: With a spike of 37,148 cases and 587 deaths reported in India in the last 24 hours, the total number of COVID-19 cases stands at 11,55,191, according to the Union Ministry of Health and Family Welfare.

The total number of cases include 4,02,529 active cases, 7,24,578 cured/discharged/migrated and 28,084 deaths, the ministry informed.

Maharashtra remains the worst affected state with 3,18,695 cases and 12,030 deaths.
The second worst-hit state, Tamil Nadu has reported 1,75,678 COVID-19 cases so far while Delhi has reported 1,23,747 cases, according to the Health Ministry.

Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,43,81,303 samples have been tested for COVID-19 up to July 20. Of these 3,33,395 were tested yesterday.

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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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News Network
February 4,2020

New Delhi, Feb 4: The investigation into the incident of violence at Jamia Millia Islamia during an anti-citizenship law protest was at a crucial stage, the Centre told the Delhi High Court on Tuesday.

The submission before a bench of Chief Justice D N Patel and Justice C Hari Shankar was made by Solicitor General Tushar Mehta while seeking more time to file a report regarding the probe.

Taking note of the submission, the bench granted the Centre time till April 29 to file a reply.

During the hearing, senior advocate Colin Gonsalves, appearing for some students of Jamia, said 93 students and teachers filed complaints about alleged attacks on them by police but no FIR has been filed against the agency till date.

The other lawyers for the petitioners alleged that the government has not complied with the court order to file a response within four weeks of the last date of hearing on December 19.

The bench, however, declined to pass any interim order and granted time till April 29 to the government to file a reply.

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