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I will be happy if Narendra Modi becomes Prime Minister: Advani

October 16, 2013

AdvaniAhmedabad, Oct 16: Senior BJP leader L K Advani on Wednesday said, "I will be happy if Narendra Modi becomes Prime Minister," indicating that hostilities with the Gujarat CM had been put to rest.

The BJP patriarch and the party's prime ministerial candidate Narendra Modi were seen together at a civic body function here, days after a bitter episode when the former opposed the elevation of Modi.

Earlier in the day, both of them were present during the meeting of Somnath Temple Trust, along with trust president Keshubhai Patel.

Both the leaders came together to inaugurate gardens built by Ahmedabad Municipal Corporation (AMC) along the Sabarmati river under the Riverfront Development Project.

The event assumes significance, as Advani, the 85-year-old MP from Gandhinagar constituency, was seen at a major public function along with Modi in Gujarat after 2011.

Though Advani and Modi had appeared on a public platform in Bhopal on September 25, along with a pantheon of BJP leaders for the first time after the anointment of the Gujarat chief minister as the party's prime ministerial candidate, there the ties between the two leaders were far from being warm.

However, in contrast on Wednesday both of them appeared more relaxed when they came together for the AMC function.

Opposing the elevation of Modi, his one-time protege, as BJP's election campaign committee chief, Advani had resigned from all party posts in June this year, though he later withdrew it.

He had also not attended the party's parliamentary board meeting last month which decided to declare Modi as its prime ministerial candidate.

Keshubhai Patel, a former chief minister of Gujarat, had left BJP and formed his own Gujarat Parivartan Party.

They discussed in detail about improving the tourist facility at the famous Shiva Temple of Somnath, sources said.

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News Network
February 11,2020

New Delhi, Feb 11: AAP leader Sanjay Singh on Tuesday said his party will register a "massive win" in the high-stakes Delhi Assembly election, counting for which began amid tight security at various centres set up to carry out the exercise.

Initial trends suggested the ruling Aam Aadmi Party marching ahead, but the Bharatiya Janata Party leaders maintained that their party would win.

The counting began at 8 am and will be held in multiple rounds, Delhi Chief Electoral Officer Ranbir Singh said.

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Agencies
August 6,2020

Mumbai, Aug 6: Former Reserve Bank of India governor Raghuram Rajan said on Thursday that overly focusing on what sovereign rating agencies think can take one's eyes off what needs to be done for the economy.

"It is also important to convince both domestic and international investors that after the crisis associated with the pandemic is over, we will return to fiscal responsibility over the medium term, and the government should do more to convince them of that," Rajan told the Global Markets Forum.

India was placed under one of the strictest lockdowns in the world in late March for more than two months to stem the spread of the coronavirus, but cases have continued to rise steadily since the government eased restrictions in June, stymieing hopes of an economic recovery.

The government has announced several initiatives to help the poor and small- and medium-size businesses, but actual cash outgo from the government's measures has been estimated at just about 1% of GDP.

Several attribute the fiscal prudence to fear of a downgrade after Moody's cut India's rating and outlook in early June followed closely by a change in outlook from Fitch.

The central bank on its part too has reduced the key lending rate by 115 basis points on top of the 135 bps last year and is widely expected to cut rates by another 25 bps later on Thursday.

"The RBI and government have certainly been cooperating, but it seems like it is elsewhere, the ball is in the government's court to do more," Rajan said.

He said the RBI needs to focus on whether credit is reaching the stressed areas of the economy and also if the viable firms were able to access credit and not the unviable ones.

"And I think that's where it has to focus its attentions, because resources, as you well know, are limited in India today."

Recently analysts, however, have cited the growing possibility the RBI may prefer to pause and cut rates only at its October meeting.

Government officials too have suggested the possibility of any more fiscal stimulus being announced, would only come in the second half of the fiscal year, once a recovery has taken root and coronavirus cases have peaked.

"What India should focus on at this point is protecting its economic capabilities, so that when it has dealt with the virus it can go resume activity in a reasonable way. That should be the focus," Rajan said.

"And if it does that, there is no reason why the rating agencies will not see that as an appropriate policy".

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Agencies
January 16,2020

New Delhi, Jan 16: United Forum of Bank Unions has decided to observe a two-day strike on January 31 and February 1, demanding early wage revision settlement which has been due since November 1, 2017, said the All India Bank Employees Association.

Union Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1.

Banks will also hold a strike on March 11, 12 and 13. Also, an indefinite strike will be held from April 1.

General Secretary, All India Bank Officers' Confederation West Bengal Sanjay Das has stated that the nationwide strike has been called over several demands.

"The demands include--wage revision settlement at 20 per cent hike on payslip components with adequate loading thereof and scrapping off New Pension Scheme (NPS)," said Das.

There are several demands to hold the strike including the merger of special allowance with basic pay, updation of pension, improvement in the family pension system, five-day banking, allocation of staff welfare fund based on operating profits and exemption from income tax on retiral benefits without a ceiling.

"Other demands include-- a uniform definition of business hours, lunch hour etc in the branches, introduction of leave bank, defined working hours for the officers and equal wage for equal work for the contract employee," said Das.

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