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'Suit boot' is more acceptable than 'suitcase': Modi

May 30, 2015

New Delhi, May 30: In a strong response to Rahul Gandhi's 'suit boot ki sarkar' jibe, Prime Minister Narendra Modi has said "Suit boot is definitely more acceptable than suitcase."modi

He also said that the contentious Land Acquisition Bill is not "a matter of life or death for me" and that he was prepared to accept any suggestions.

"Suit boot is definitely more acceptable than suitcase. After ruling for 60 years, the Congress has suddenly remembered the poor. People of this country have suffered and remained poor due to shortsighted policies of the Congress," he told.

Hitting out at Congress, Modi said, "Did the coal and spectrum scandals or the CWG fiasco benefit the poor? Everyone knows who were the beneficiaries -- some chosen industrialists and contractors."

On the controversial Land Bill, the Prime Minister said in an interview carried by The Tribune newspaper, "This is not a matter of life or death for me. And neither was it the agenda of my party or the government."

His comments on the Land Bill assume significance as the Cabinet today decided to promulgate the Ordinance on it for the third time. Modi said the opposition to the Land Bill is "totally unjustified and unfortunate" as he argued that the government has not made any changes for private industry.

"We have made changes only in response to demands of the states. The benefits of these changes will also accrue to the rural poor in terms of irrigation, housing, electrification, as well as better physical and social infrastructure," he said.

The Prime Minister also spoke about the controversy surrounding the 'One-Rank, One-Pension' (OROP) for ex-servicemen and told the newspaper, "We are committed to OROP, but we are in consultation with defence personnel regarding the definition of OROP.

"Our government is here for five years and we cannot do anything without consulting the people concerned. The dialogue is being actively pursued. There is no need to have any doubt on this."

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News Network
January 27,2020

New Delhi, Jan 27: The government on Monday issued the preliminary information memorandum for 100 per cent stake sale in national carrier Air India. As part of the strategic disinvestment, Air India would also sell 100 per cent stake in low cost airline Air India Express and 50 per cent shareholding in joint venture AISATS, as per the bid document issued on Monday.

Management control of the airline would also be transferred to the successful bidder.

The government has set March 17 as the deadline for submitting the Expression of Interest (EoI).

EY is the transaction adviser for Air India disinvestment process.

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Agencies
June 2,2020

Singapore, Jun 2: Moody's Investors Service on Tuesday downgraded 11 Indian banks along with as many non-financial companies and infrastructure majors besides four government-related issuers following a downgrade of the Indian government's issuer rating to Baa3 from Baa2 with a negative outlook.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, volatile oil prices and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, said Moody's.

The Indian banking sector has been affected given the disruptions to India's economic activity from the coronavirus outbreak, which is weakening borrowers' credit profiles, it added.

The 11 lenders include Bank of Baroda, Bank of India, Canara Bank, Central Bank of India, Export-Import Bank of India, HDFC Bank, Indian Overseas Bank, IndusInd Bank, Punjab National Bank, State Bank of India and Union Bank of India.

The 11 non-finance companies are Oil and Natural Gas Corporation, Hindustan Petroleum Corporation, Oil India, Indian Oil Corporation, Bharat Petroleum Corporation, Petronet LNG, Tata Consultancy Services, Infosys, Reliance Industries, UPL Corporation and Genpact.

The 11 infrastructure companies are NTPC, NHPC, National Highways Authority of India, Power Grid Corporation, Gail India, Adani Green Energy Restricted Group (RG-2), Adani Transmission Restricted Group, Adani Ports and Special Economic Zone, Adani Transmission, Adani Electricity Mumbai and Azure Power Solar Energy.

The four Indian government-related issuers are Indian Railway Finance Corporation, Housing and Urban Development Corporation, Power Finance Corporation and REC Ltd.

"Government-related issuers in India have been affected because of disruptions to India's economy which will weaken borrowers' credit profiles," said Moody's.

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Agencies
May 23,2020

New Delhi, May 23: India will try to restart a good percentage of international passenger flights before August, Civil Aviation Minister Hardeep Singh Puri said on Saturday, three days after announcing resumption of domestic flights from May 25.

All scheduled commercial passenger flights have been suspended in India since March 25 when the Modi government imposed a lockdown to contain the novel coronavirus pandemic.

"I am fully hopeful that before August or September, we will try to start a good percentage of international civil aviation operations, if not complete international operations," Puri said during a Facebook live session.

"I can't put a date on it (restarting international flights). But if somebody says can it be done by August or September, my response is why not earlier depending on what is the situation," he said.

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