Tag: Modi government

BJP to launch fortnight-long public outreach campaign to mark 8 years of Modi government

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The BJP will launch a massive fortnight-long campaign on May 30 to reach out to all sections of society, with particular emphasis on minorities and scheduled castes and tribes, to mark the 8th anniversary of the Modi government.

Elected representatives of the party, including MPs and MLAs, will actively participate in the public outreach programmes from booth to national level during which rallies and ‘Prabhat Pheri’ will be organised across the country and a report card on the performance of the Modi government will be released, according to a party booklet.

BJP president J P Nadda will kick off the campaign themed ‘8 Years: Service, Good Governance and Welfare of the Poor’ on May 30 with the release of a book titled ‘A Report to the Nation’. Top party leaders, including Union ministers, will attend the function. It will be followed by a public outreach programme over 10 days, though the celebrations will continue for five more days. Each day of the exercise has been dedicated to specific segments of the society such as farmers, women, SCs, STs, OBCs, weaker sections, urban poor and others.

Under the campaign, the BJP has earmarked three days each for highlighting the welfare programmes focusing on minorities and tribals. From June 6 to 8, the party will reach out to minorities under the programme — ‘Interacting with Minorities’. The party’s minority cell members will meet people from minority communities and inform them about the community specific welfare programmes undertaken by the Modi government. From June 3 to 5, ‘Birsa Munda Vishwas Rally and Tribal Mela’ will be held in Ranchi, where BJP’s tribal leaders, including MPs, will highlight the government’s efforts for the upliftment of the tribal communities. Tribal fairs will be organised in all scheduled tribe dominated districts across the country.

Also Read: PM Modi to participate in 2nd global summit on COVID, to be hosted by US President Joe Biden

The BJP’s youth wing, Bhartiya Yuva Janata Morcha, has been tasked with organising ‘Prabhat pheri’ during which young volunteers will hold early morning processions highlighting the achievements of the Modi government. The BJYM will also take out ‘Vikas Tirath’ bike rallies in all districts where local MLAs and MPs will also participate. The party will also reach out to the vast scheduled caste community in a big way with a rally in Madhya Pradesh’s Mau. All senior dalit leaders of the party, including MPs and MLAs, will attend the rally.

The BJP will underline its unwavering commitment to the poor with emphasis on ‘Seva’ (service) all through the campaign, according to the booklet. A campaign song and website will also be launched during the exercise.

Meanwhile, External Affairs Minister S Jaishankar, hailing the PM’s foreign policy, on Wednesday said that eight years of his government has brought terrorism at the centre of the global debate and made the country strong enough to face “hard security challenges”.

Addressing the gathering where Vice President M Venkaiah Naidu released the book ‘Modi@20 Dreams Meet Delivery’, Jaishankar said Modi has practised a diplomacy which is more “development-focused” and people-centric.

“So it could be Uri and Balakot, it could be Doklam and Ladakh but you can see today this is not a country that shies away from its hard security challenges,” he said.

Also Read: PM Modi says no winner in Russia-Ukraine war, worried about impact on poor countries

Jaishankar also lauded Modi’s efforts to bring the capital and technology to the country from the world. “The interest he takes in trade he actually addressed every one of our embassies in pursuit of a goal of reaching $400 billion exports. The efforts which he makes to woo funds so that their investment in India generates employment,” the external affairs minister said.

“When he goes abroad, he looks at railways, he looks at EVs, he looks at environment, green projects, with a view to what he can take back to India. That quest for development is at the heart of whatever he does,” Jaishankar said. Stressing on his people-centric policies, Jaishankar said the Prime Minister ensured the ease of getting a passport by cutting through layers of bureaucracy.

He also drew attention to the Vande Bharat mission (operation to bring back Indians stranded during Covid), Operation Ganga (evacuation of Indians from Ukraine), and Operation Devi Shakti (evacuation from Afghanitan) as examples of Modi’s people-centric approach. “Today an Indian going abroad knows we have their back, that in whatever situation of distress we are there for them. That is a huge change in the country’s profile, in the confidence citizens have in us and the view the world has about us,” Jaishankar said.

Also Read: India achieves $400 billion goods export target, PM Modi says it is key ‘Aatmanirbhar Bharat milestone’

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Banks never got back money from defaulters under UPA government: FM Sitharaman

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Union Finance Minister Nirmala Sitharaman on Monday attacked the previous UPA regime for its alleged failure to recover money from those who turned their loan accounts into non-performing assets, and said under the Modi government, banks for the first time got back money from defaulters.

Sitharaman also said in the Lok Sabha that actions have been taken, including registration of FIRs, against those who have cheated small savings depositors through various fraudulent activities.

She said the Reserve Bank of India is also monitoring activities of app-based financial companies. Responding to questions by DMK’s T R Baalu about the government’s action against loan defaulters and NPAs, the minister said writing off loans does not mean complete waive off and the banks are following every loan to recover the outstanding amount.

“Over Rs 10,000 crore, I am saying ‘over’ as I don’t want to disclose the actual figure, have been recovered by PSU banks from loan defaulters after taking over their assets. For the first time in the country, under the Modi government, the banks got back money from many NPAs. While during the UPA government, no money was recovered from the NPAs,” she said.

Also Read: Govt did not raise taxes to fund economic recovery, focussed on capex: FM Sitharaman

Sitharaman’s remarks invited sharp reaction and protests from Congress leader in Lok Sabha Adhir Ranjan Chowdhury. The finance minister said the opposition party must listen to the bitter truth and alleged that the loans were given during the previous UPA regime due to political considerations.

Earlier, the minister said the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI Bill) was introduced in the Lok Sabha in August, 2017 and thereafter was referred to the Joint Committee of Parliament for examination and report thereon. The main objective of the FRDI Bill was to create a specialized resolution mechanism for select financial sector entities. The government had withdrawn the FRDI Bill in August, 2018 for further comprehensive examination and reconsideration of the subject.

The government has not taken a decision to bring a new law to provide for a legal framework for resolution of financial firms, she said. Sitharaman said with a view to provide a greater measure of protection to depositors in banks, the Deposit Insurance and Credit Guarantee Corporation (DICGC) has raised the limit of insurance cover for depositors in insured banks from the level of Rs 1 lakh to Rs 5 lakh per depositor with effect from February 4, 2020 with the approval of the Central government.

Also Read: Hospitalisation rates falling; rural, semi-urban areas to be growth driver: Star Health Insurance

The minister said the government has already notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 on November 15, 2019 to provide a generic framework for insolvency and liquidation proceedings of systemically important Financial Service Providers (FSPs) other than banks. Subsequently, she said, the government has also notified on November 18, 2019, that the insolvency resolution and liquidation proceedings of the Non-Banking Finance Companies (including housing finance companies) with asset size of Rs 500 crore or more shall be undertaken in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016).

Accordingly, the framework to deal with the select Non-Banking Finance Companies is already in place under IBC, 2016, she said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt approves second phase of Inter-Operable Criminal Justice System project

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Modi government has approved the second phase of the Inter-Operable Criminal Justice System (ICJS) project, which will be implemented at a cost of Rs 3,375 crore during 2022-23 to 2025-26. The Phase II of the ICJS project, closely monitored by Union Home Minister Amit Shah, will be a step towards ensuring effective and modern policing. The project will be implemented as a central sector scheme, an official statement said.

The ICJS system would be made available through a dedicated and secure cloud-based infrastructure with high-speed connectivity. The National Crime Records Bureau (NCRB) will be responsible for the implementation of the project in association with the National Informatics Center (NIC). The project will be implemented in collaboration with state governments and Union Territory administrations.

The ICJS is a national platform for enabling integration of the main IT system used for delivery of criminal justice in the country by five pillars of police (crime and criminal tracking and network systems), e-Forensics for forensic labs, e-courts for courts, e-Prosecution for public prosecutors e-Prisons for prisons.

In Phase-I of the ICJS project, individual IT systems have been implemented and stabilised and search of records have been enabled on these systems. Under Phase-II, the system is being built on the principle of ‘one data one entry’ whereby data is entered only once in one pillar and the same is then available in all other pillars without the need to re-enter the data in each pillar.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India may amend farm reform in the hope of ending protests

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s government will consider amending reforms that have sparked protests by farmers fearing the end of guaranteed crop prices but it will not abandon the plan, a government official said on Wednesday. Farmers have been demonstrating for two weeks against the deregulation that will allow them to sell produce to buyers beyond government-regulated wholesale markets, where growers are assured a minimum price.

Small growers fear the change, part of Prime Minister Narendra Modi’s liberalising reforms, will mean the end of price support for staples such as wheat and rice and leave them at the mercy of big business. The government is set to discuss the laws on Wednesday, sources said, with hopes that an offer of amendments to the legislation will end the opposition.

”We’re open to amendments but a complete withdrawal of the laws is just plain impossible,” said a senior government official in the agriculture ministry in New Delhi, who declined to be identified.

Talks between leaders of farmers’ unions and the government officials have failed to break the deadlock with the farmers demanding the complete rollback of the reforms.

Hannan Mollah, the general secretary of All India Kisan Sabha (All India Farmers’ Union), said his members would discuss intensifying their campaign of opposition.

Modi’s government is facing criticism from opposition parties that have criticised the reform as a boon for big business but a disaster for India’s traditional agricultural markets.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Local elections open in Kashmir amid tight security

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The first phase of local civic polls opened in Indian-controlled Kashmir Saturday amid tight security. Nearly 6 million voters across the disputed regions 20 districts are eligible to elect 280 members of District Development Councils in a staggered eight-phase process that ends Dec. 19.

Authorities deployed tens of thousands of additional soldiers in the already highly militarized region to guard the vote. Government forces laid razor wire and erected steel barricades on roads around many of the 2,146 polling stations set up for the first phase.

Election Commissioner K.K. Sharma appealed to residents to cast their vote and participate in the biggest festival of democracy. The elected members will have no legislative powers and would be solely responsible for economic development and public welfare of the region.

India says the polls are a vital grassroots exercise to boost development and address civic issues. Separatist leaders and armed rebel groups that challenge India’s sovereignty over Kashmir have in the past called for a boycott of elections, calling them an illegitimate exercise under military occupation.

Indian Prime Minister Narendra Modi’s Hindu nationalist party has fiercely campaigned for the election in the Muslim-majority region in a bid to replace local Kashmiri pro-India parties that had formed an alliance. It has vigorously opposed Modi’s government after it revoked the region’s semi-autonomous status in August last year, annulled its separate constitution, split the area into two federal territories Ladakh and Jammu-Kashmir, and removed inherited protections on land and jobs.

The Indian government imposed sweeping restrictions, ranging from curfews to communications blackouts, and enacted new laws in measures that triggered widespread anger and economic ruin.

Kashmir is divided between India and Pakistan and both rivals claim the region in its entirety. Rebels have been fighting against Indian rule since 1989. Most Muslim Kashmiris support the rebel goal that the territory be united either under Pakistani rule or as an independent country.

New Delhi calls Kashmir militancy Pakistan-sponsored terrorism. Pakistan denies the charge, and most Kashmiris call it a legitimate freedom struggle. Tens of thousands of civilians, rebels and government forces have been killed in the conflict.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Modi govt pushing India towards financial emergency: Congress

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Congress Thursday accused the Modi government of pushing the country towards an economic collapse and a financial emergency, and said noteban, GST and lockdown were “disaster strokes” not “master strokes”.

The party’s chief spokesperson Randeep Surjewala said the GDP slump in the first quarter will have an adverse impact on the average income of every Indian, which is likely to decline by almost Rs 15,000 per person if the GDP fell by 11 per cent in the full year.

He said the government and Finance Minister Nirmala Sitharaman should not stay in office for any longer as they have inflicted a big blow and damage to the country’s economy, seen never before in the country’s history since independence.

“There are dark clouds of economic decay all around us. Lives, livelihoods and jobs have been ravaged. Businesses and small and medium industries lie dilapidated. The economy stands destroyed as GDP has been razed. India is being pushed towards an economic collapse and a financial emergency,” Surjewala told a virtual press conference.

The Congress leader alleged that demonetisation, GST and lockdown were not “master strokes” but “disaster strokes”.

Surjewala alleged the Modi government has “plundered” the economy in the last six years and is now describing its own ineptitude and incompetence as an act of God”.

Sadly, this is the only government in the past 73 years which has blamed God for its own follies , he said.

“Time to rise from the shackles of this ruinous Modi government and rediscover the aspirations and hopes of India,” the Congress leader said.

He said the GDP under Modi government has become “Grave Damage to Public Good” and if the GDP for the full year 2020-21 was to fall by 11 percent, it would lead to a reduction of at least Rs 14,900 in the income of every Indian.

He alleged that inflation is hitting the common man hard and the “surge” in taxes and an economy in free fall have broken the back of people.

“Today, India suffers from a confidence deficit in the Modi government. Ask the Micro, Small and Medium Enterprises and they will tell you that neither do the banks extend loans or financial assistance nor does the words of the Finance Minister have any meaning.

“States have no faith in the Central government. An atmosphere of distrust is prevailing,” he alleged.

Accusing the Central government of turning a defaulter by not paying GST compensation to states, Surjewala said this is an attack on federalism.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Modi govt lowered morale of armed forces by denying Chinese incursions in Ladakh: Congress

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Congress on Friday said the intelligence and diplomacy of the Modi government has failed to stop Chinese incursions in Ladakh and asked whether Prime Minister Narendra Modi was lying to the nation by saying no one has occupied Indian territory.

The party said by denying Chinese incursions in eastern Ladakh the government has lowered the morale of the armed forces.

Addressing a joint press conference, Congress leaders MM Pallam Raju, Jitendra Singh and Pawan Khera said according to reports China has occupied Indian territory up to 18 km inside the LAC in Depsang plains, posing an alarming threat to India’s national security and territorial integrity.

They said satellite images suggest China has made fresh transgressions and new constructions between June 6 and June 24 and has reoccupied PP-14 in Galwan Valley, the area that witnessed violent clashes on the night of June 15 in which 20 Indian soldiers were killed.

Raju said reports and observations by retired generals and defence experts with the help of satellite imagery suggest the Chinese forces are now 7 km short of the Ladakh town of Burtse, on the Darbuk-Shyok-Daulat Beg Oldie road, and have come as close as 25 km from the crucial airstrip of Daulat Beg Oldie (DBO), that is within artillery range.

“Is the prime minister lying to the nation,” Raju asked, alleging that there has been a diplomatic and intelligence failure.

“Why is the Modi government afraid of acknowledging Chinese incursion in Galwan Valley and in the Depsang plains? Why is the Modi government demoralizing our brave solders by issuing contradictory statements? Why is the Modi government’s diplomacy not helping in protecting and restoring India’s territorial integrity,” the former union minister asked.

“What has India gained from the prime minister’s personal outreach to various countries in general and China in particular,” Raju asked.

Former Minister of State for Defence Jitendra Singh said this is the same Depsang area, called ‘Bottleneck or Y-junction’, where the Chinese had made incursions in 2013 during UPA but had to withdraw.

“The Modi government is a weak government as it unfortunately refuses to even acknowledge any incursions, thereby weakening the morale of our soldiers,” he said.

Khera alleged that while the nation has confidence in the country’s armed forces to throw out the Chinese from Indian territory, there is doubt in the party about this government’s political will.

“The sad part is that the prime minister does not even accept the reality,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Telangana CM to Centre: Give us powers or money

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Slamming the Centre for not coming to the rescue of the states facing financial crisis due to the coronavirus pandemic, Telangana Chief Minister K. Chandrashekhara Rao on Tuesday demanded Modi government to either give powers or the money.

Rao told a news conference late Tuesday night after the state cabinet meeting that the Centre was following wrong policies. “I feel sorry for the attitude of the government of India,” Chief Minister adding that he did not expect this from the Centre and cautioned that the country will have to pay a heavy price for this.

He said there was already an economic slowdown before the outbreak of coronavirus and now the pandemic has dealt a huge blow to the economy.

He pointed out that Telangana’s monthly revenue has come down from Rs 17,000 crore to Rs 1,600 crore.

“I clearly told Prime Minister during the video conference. The Centre has broad fiscal policy. It has the powers. Either transfer powers or give us money. You don’ have money. You can’t give it. In line with the global policy, I showed him an option but there is no response,” KCR said referring to Rs 10.15 lakh crore Quantitative Easing mooted by him to counter the impending recession.

“What I demanded before Prime Minister. Please increase FRBM limit as loans will be borne by the states and the Centre has to bear nothing. We have loans and I asked for deferment but there is no response. I am surprised what burden this will put on the Centre. What is this policy I am not able to understand.”

Chief Minister said he would wait for some time and if nothing happens he will lodge his strong protest.

KCR lashed out at the Centre for making migrant labourers pay train fares to return to their home states. “How can the Centre make the poor and unemployed people pay for their rail tickets. This is deplorable. Does the Centre have no money to pay the railway fares,” he asked.

Also Read: Coronavirus: Telangana government extends lockdown till May 29

Chief Minister said Telangana paid Rs 4 crore as advance to railways for the trains to be operated from the state to send back migrant workers.

He criticized the railways for charging Rs 30 as reservation charge for the special trains. “The trains are not operating at all and is this the time you should charge a reservation fee,” he asked.

The Telangana Rashtra Samithi (TRS) president alleged that the Centre is trying to usurp the states’ powers by bringing Electricity Bill. Stating that the Bill goes against the federal spirit, he said there was no question of accepting it.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Wilful defaulters beneficiaries of ‘phone banking’ under UPA regime: FM Sitharaman

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Hitting out at the Congress party, Finance Minister Nirmala Sitharaman has said that wilful defaulters were beneficiaries of ‘phone banking’ under the UPA regime and the Modi government is chasing them to recover the dues.

She was responding to the opposition’s allegations of loan waivers worth Rs 68,607 crore in the form of write-offs of top 50 wilful defaulters during the first half of the financial year ended March 2020.

The Finance Minister, through a series of tweets posted late night on Tuesday, said that the Congress has attempted to mislead people, and former Congress President Rahul Gandhi should introspect why his party fails to play a constructive role in cleaning up the system.

“Shri @RahulGandhi MP (LS) and Shri @rssurjewala spokesperson of @INCIndia have attempted to mislead people in a brazen manner. Typical to @INCIndia, they resort to sensationalising facts by taking them out of context. In the following tweets wish to respond to the issues raised.

“@INCIndia and Shri.@RahulGandhi should introspect why they fail to play a constructive role in cleaning up the system. Neither while in power, nor while in the opposition has the @INCIndia shown any commitment or inclination to stop corruption & cronyism,” she said.

Highlighting that between 2009-10 and 2013-14, scheduled commercial banks had written off Rs 1,45,226 crore, she quipped, Wished Gandhi consulted former Prime Minister Manmohan Singh on what this writing-off was about .

She also referred to media reports quoting former Reserve Bank of India (RBI) governor Raghuram Rajan as having said that a large number of bad loans originated in the period 2006-2008 and “too many loans were made to well-connected promoters who have a history of defaulting on their loans”.

“Those defaulters who do not repay despite having capacity to pay, divert or siphon-off funds, or dispose of secured assets without bank’s permission are categorised as wilful defaulters. They are those well connected promoters who benefitted from UPA’s phone banking’,” she added.

In another tweet she said, “Earlier, on 18.11.2019, in the Lok Sabha for an unstarred Question no:52, a list of Borrowers flagged as wilful defaulter by Public Sector Banks under CRILIC (Central Repository of Information on Large Credits) reporting as on 30.09.2019 (For borrowers with exposure of Rs. 5 crore and above, Global operations) was provided.”

Bank-wise details of aggregate funded amount outstanding and amount technically/prudentially written off pertaining to top 50 wilful defaulters was provided as an annex to the answer to Lok Sabha starred question 305 of Gandhi on March 16, 2020.

However, Congress leader Rahul Gandhi on Tuesday said he had asked the government in Parliament the names of the top 50 bank loan defaulters, but the Finance Minister did not answer his question.

“Now the RBI has given the names of Nirav Modi, Mehul Choksi and many of BJP’s ”friends” in the list of bank frauds. That is why this truth was held back from Parliament,” Gandhi said in a tweet in Hindi.

The Congress alleged the government waived loans worth Rs 6.66 lakh crore since 2014 till September 2019.

Sitharaman said this is an attempt of Congress leaders to mislead on wilful defaulters, bad loans and write-offs.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Government needs to bring in stimulus packages, corporate incentives, says Apollo Tyres

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid a lockdown in over 75 districts till March 31 and rising coronavirus cases in India, many original equipment manufacturers (OEMs) have shut down their production. Apollo Tyres has also shuts 3 out of its 4 plants.

Throwing more light on this development, Neeraj Kanwar, VC and MD of Apollo Tyres said, “We all are living in very uncertain and challenging time. Most of our plants are progressively shutting down. Both our Europe plants in Hungary and in Holland – are progressively shutting down. In India, most of our plants are  going towards the same shut down process.”

“The key area for us is the safety and the health of our employees given that we all are part of one family, we are trying to fight this battle and try and be safe at our homes and at our work places,” he added.

“Apollo has been very proactively taking steps as soon as the virus hit the world. As we are based out of Europe, we took very proactive steps within the organization to start closing offices and to look after the safety of our people,” he said in an interview with CNBC-TV18.

Speaking about his own assessment in terms of what would be required to be done, Kanwar said, “We have seen economies in the US giving out USD 1 trillion, we have seen UK giving 330 billion pounds, so I think the Modi government has been very proactive as far as curtailing the virus is concerned, with yesterday’s ‘Janata curfew’ – it was a very good move, also with the lockdown of airports much before various countries did, the Modi government has done, very good.”

“However, this is the time when the government has to put up a stimulus package, liquidity needs to come into the markets specifically into the capital markets and as far as corporates are concerned, a lot of sops have been given in Europe. India also needs to be proactive in this and start bailing out corporates as far as they can. Put stimulus packages into the system.”

“Previous to the virus, we all knew that the auto industry has been going through a very challenging time. We have been taking it up with the government to bring in some stimulus packages, some incentives into the auto segment. I am hoping that this will be seen positively by the government and start bringing in corporate incentives and also bring in liquidity into the capital markets. That is really required and request the government to please have a look at this,” he further mentioned.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow