President's dig at AAP: Populist anarchy can't be substitute for governance

January 26, 2014

Pranab-R-DayNew Delhi, Jan 26: In an apparent reference to the Aam Admi Party, President Pranab Mukherjee on Saturday warned in his Republic Day-eve speech about the dangers of intemperate populism, saying "populist anarchy" cannot be a "substitute for governance".

The President made unusually direct comments on AAP's politics and also stressed the need for a stable government after the forthcoming Lok Sabha election as he said a fractured mandate would be "catastrophic for the nation".

Mukherjee also warned political parties to either check corruption or be prepared to be voted out of office. He said popular aspirations were rising fast, and added: "Corruption is a cancer that erodes democracy, and weakens the foundations of our state. If Indians are enraged, it is because they are witnessing corruption and waste of national resources. If governments do not remove these flaws, voters will remove governments."

The President's speeches are usually a tepid affair replete with homilies, but this speech immediately attracted attention for the pointed observations and as it's written by the President with no input from the government unlike his address to the joint sitting of Parliament which is written by the central government.

'Govt is not a charity shop'

While his speech can be read to refer to populism in general, references to irresponsible populism seem aimed at AAP. He said: "Elections do not give any person the licence to flirt with illusions. Those who seek the trust of voters must promise only what is possible. Government is not a charity shop. Populist anarchy cannot be a substitute for governance."

Mukherjee went on to underline the possibility of public anger against institutions, saying "false promises lead to disillusionment, which gives birth to rage, and that rage has one legitimate target: those in power."

Mukherjee's comments on the significance of the 2014 election saw him pitching for a stable government not held to ransom by "capricious" regional parties. He added that voters have a responsibility to discharge and should not let the nation down.

"2014 is a precipice moment in our history. We must re-discover that sense of national purpose and patriotism, which lifts the nation above and across the abyss; and back on to the road of prosperity. Give the young jobs and they will raise the villages and cities to 21st century standards. Give them a chance and you will marvel at the India they can create," he said.

Saying this, he added, "This chance will not come if India does not get a stable government. This year, we will witness the 16th General Election to our Lok Sabha. A fractured government, hostage to whimsical opportunists, is always an unhappy eventuality. In 2014, it could be catastrophic. Each one of us is a voter; each one of us has a deep responsibility; we cannot let India down. It is time for introspection and action."

Mukerjee said, "Some cynics may scoff at our commitment to democracy but our democracy has never been betrayed by the people; its fault-lines, where they exist, are the handiwork of those who have made power a gateway to greed. We do feel angry, and rightly so, when we see democratic institutions being weakened by complacency and incompetence. If we hear sometimes an anthem of despair from the street, it is because people feel that a sacred trust is being violated."

Mukherjee said while political parties needed to be realistic about what they promise to people, they had to deliver development expeditiously. "This rage will abate only when governments deliver what they were elected to deliver: social and economic progress, not at a snail's pace, but with the speed of a racehorse," he said.

"The aspirational young Indian will not forgive a betrayal of her future. Those in office must eliminate the trust deficit between them and the people. Those in politics should understand that every election comes with a warning sign: perform, or perish."

"I am not a cynic because I know that democracy has this marvellous ability to self-correct. It is the physician that heals itself, and 2014 must become a year of healing after the fractured and contentious politics of the last few years," the President added.

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News Network
March 25,2020

India will suspend all domestic flights from midnight Tuesday, the final piece of a nationwide lockdown that threatens Prime Minister Narendra Modi’s attempts to revive an economy already expanding at the slowest pace in more than a decade.

The flight ban compliments a cancellation of all passenger trains through March 31, as authorities try to halt the spread of the coronavirus in the world’s second-most populous country, which has poorly equipped hospitals and inadequate social security. Modi on Monday held a conference call with some of India’s top entrepreneurs and bankers, who urged policymakers to immediately slash interest rates by as much as a full percentage point, transfer cash to the poorest citizens, and suspend loan-repayments.

Over the past three days, state after state has declared curfews and India’s international borders have been shut for most visitors since March 11. India so far has 492 virus cases, including nine deaths. But experts say the country could be on the same trajectory as Italy, where the outbreak quickly escalated, causing hospitals to overflow.
A traveller stands outside a near-empty Delhi Junction Railway Station in Delhi, March 22.

"This is the biggest lockdown in world history,” said Raghu Raman, a former soldier with the Indian Army and founder of the National Intelligence Grid, an umbrella database aimed at countering terrorism. “This strategic pause gives decision-makers more time to arrest the exponential spread of the virus and evaluate trade-offs.”

Controlling the outbreak is crucial for Modi, who remains India’s most popular political leader currently though his economic management has faced criticism. Foreign investors are selling Indian assets at an unprecedented pace and failure to contain deaths and infections could erode some of the prime minister’s personal appeal at home.

Oxford Economics slashed India’s January-March growth forecast to 3%, a number not seen even during the worst of the global financial crisis. The main equity gauge rose about 3% on Tuesday after a record 13.2% plunge Monday, and the rupee stayed near its all-time low.

“A part of the cerebral cortex that senses fear and survival seems to have activated in the minds of investors,” said Umesh Mehta, Mumbai-based head of research at Samco Securities Ltd. “The only relief in this market can come from either policy makers and regulators, or from some positive news that a cure for the pandemic is near.”

Bloomberg Economics estimates Modi’s administration needs at least 1% of gross domestic product -- $30 billion -- to meaningfully respond to the virus outbreak. Meanwhile, the nation’s billionaires are diverting their factories to manufacture medical equipment and pledging to keep paying their staff even as production grinds to a halt. India allowed companies to use their philanthropy funds to prevent the spread of the coronavirus.

Reliance Industries Ltd., controlled by India’s richest man Mukesh Ambani, has helped equip a hospital in Mumbai dedicated to patients of Covid-19, the disease caused by the coronavirus. It will also build quarantine centers and produce 100,000 facemasks a day and other personal protective equipment for health workers. The group’s telecom unit will offer free broadband to enable work-from-home during the lockdown and will pay its lowest paid workers twice a month to protect household incomes.

Ambani joins Mahindra & Mahindra Ltd. Chairman Anand Mahindra and Vedanta Resources Ltd. Chairman Anil Agarwal -- a combined worth of more than $40 billion between the trio -- who have so far made pledges.

Indian companies are responding to Modi’s shutdown call. Maruti Suzuki India Ltd., Tata Motors Ltd., Toyota Kirloskar Motor, Hero MotoCorp., Samsung Electronics Co. and LG Electronics Inc., Mahindra Group, TVS Motor Co., Kia Motors Corp., Renault Nissan Automotive India Private Ltd., and Yamaha Motor India are among companies that have announced factory suspensions.

Policymakers are aware of the risks of such a move. India -- with a record 5.9 trillion rupees of local corporate debt maturing this year -- faces “waves of default” if cash flows aren’t maintained, the government’s principal economic adviser Sanjeev Sanyal said an interview.

Finance Minister Nirmala Sitharaman last week said the government will announce a relief package for coronavirus-affected sectors as soon as possible. The Reserve Bank of India, which is due to review interest rates April 3, announced a 1 trillion rupee cash injection on Monday.

“Let me assure, whatever it takes to keep the cash flow going in the economy will be done,” Sanyal said. “We need to make sure that when we are past the health storm, we still have an economy that has not gotten gridlocked. Because unwinding that would be more difficult.”

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Agencies
July 24,2020

Mumbai, Jul 24: Reliance India Limited (RIL) on Friday overtook ExxonMobil to become the world's second most valuable energy company and 46th among the world's largest companies by market capitalisation.

RIL's market capitalisation stood at Rs 14.16 lakh crore (USD 189.3 billion) at market close on Friday. ExxonMobil's current market value is USD 184.77 billion.

"Reliance Industries, with a market capitalisation of USD 189.3 billion now is the second-most valuable energy company in the world. Reliance Industries now stands at 46th among the world's largest companies by market capitalisation ahead of well-known names like ExxonMobil, Abbott Laboratories, Oracle Corp, Chevron and Unilever Plc, and just below PepsiCo," RIL said in an official release.

RIL continued its rally on Friday, notwithstanding overall weak market conditions.

RIL shares made a new all-time high of Rs 2,163 and were last traded at Rs 2,148.8 on NSE with a gain of 4.4 per cent. The market capitalisation of fully paid-up shares stands at Rs 13.62 lakh crore (USD 182.06 billion), the release said.

Reliance partly paid-up shares gained 9.33 per cent on NSE today to last trade at Rs 1289.95. The partly paid-up shares now have a market capitalisation of Rs 0.55 lakh crore (USD 7.29 billion).

"Reliance's share price had touched a bottom of Rs 867 on March 23, 2020, when the total market value of the company stood at Rs 5.5 lakh crore or $73.5 billion. Thus, RIL has added $115.9 billion to shareholder wealth within just four months - one of the highest value creation feats in the world in such a short time," the release said.

Reliance had earlier raised Rs 212,809 crore through Rights Issue, combined investments in Jio Platforms and investment by bp.

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Agencies
July 28,2020

Ghaziabad, Jul 28: Days ahead of Eid-ul-Adha, Nand Kishore Gurjar, a BJP MLA from Loni assembly constituency in Ghaziabad, has stoked controversy as he asked people celebrating the festival to "sacrifice their children instead of animals" on the occasion. He also claimed that "meat spreads coronavirus" so people should not be allowed to sacrifice innocent animals.

"People who want to sacrifice on Eid should sacrifice their children. I will not let people consume meat and alcohol in Loni. We will not let people sacrifice innocent animals because meat spreads coronavirus," the BJP legislator said while speaking to reporters.

"The way people have followed the guidelines of the government by not offering prayers and namaz at temples and mosques to contain COVID-19, in the same way, they must not give the sacrifice of animals on this Eid," he added.

"Earlier, sacrifices of animals used to be done in Sanatan Dharam as well. However, now coconut is offered instead. I request the Muslim brothers not to give 'qurbani' of animals. We will stop those who will perform the ritual animal sacrifice. We will not let this happen in Loni," he said.

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