ED's conviction rate is very low. Yet, there is a sense that it's a process, which has become very difficult for civil society institutions, which have been under investigation.
Tag: Nirmala Sitharaman
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We cannot afford to have IBC lose its sheen, says Nirmala Sitharaman
By PTI
NEW DELHI: Amid concerns in certain quarters over the pace of the insolvency resolution process, Finance Minister Nirmala Sitharaman on Saturday said that one can neither afford to have the legislation “lose its sheen” nor let early stress warnings go unnoticed.
The minister, who is also in charge of the corporate affairs ministry, touched upon the disruptions being faced by companies due to global developments and emphasised that “we have to keep our ears very close to the ground to know actually what is developing in the system (due to global developments)”.
In the context of the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution of distressed companies, Sitharaman stressed the importance of resolution professionals and that the efforts are more to keep companies as going concern.
“I want all of us, including me, to be conscious that we cannot afford to have IBC lose its sheen. whatever it takes for all of us to keep it (IBC) as sparkling as it was when we brought it.,” she said while speaking at a function here to celebrate the sixth annual day of IBBI.
Her comments come against the backdrop of reports and concerns expressed in certain quarters about delays and significant haircuts taken by creditors in certain insolvency resolution processes.
While noting that delay is the first big culprit in the erosion of the value of assets, the minister also said that companies in distress cannot be treated with indifference or even with delay.
IBBI should be kept on its toes so that it can bring in the required interventions, which will be a critical area for years to come.
“We cannot afford to have early stress warnings which are coming up go unnoticed,” she said.
The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing IBC, which is helping in addressing financial stress among companies since coming into force in 2016.
According to the minister, IBC and IBBI are facing a very different world post the pandemic where there are global disruptions that have nothing to do with the country, impacting companies.
“the disruptions due to the global developments that are having on us are also bringing a situation where many of the banks themselves are wondering how they are going to take it further (in terms of) distress some of the clients are feeling,” she said.
Further, the minister said that there is greater stress and greater exogenous factors that are playing on our companies’ health.
“I am not speaking of dooms day but I am only speaking about companies, few and far between, which can experience such a situation for whom early and timely detection (will help),” she added.
Sitharaman also expressed concerns over the pre-packaged insolvency resolution framework introduced for MSMEs during the pandemic not “taking off” and appealed to the stakeholders to look at the factors that might be holding back the entities from opting for the framework.
As many as 1,934 corporate debtors have been rescued through the Code till June this year. These include 517 through resolution plans, 774 through appeal or review or settlement and 643 through withdrawal.
In value terms, around 69 per cent of distressed assets, which entered the process under the Code, have been resolved, as per IBBI.
NEW DELHI: Amid concerns in certain quarters over the pace of the insolvency resolution process, Finance Minister Nirmala Sitharaman on Saturday said that one can neither afford to have the legislation “lose its sheen” nor let early stress warnings go unnoticed.
The minister, who is also in charge of the corporate affairs ministry, touched upon the disruptions being faced by companies due to global developments and emphasised that “we have to keep our ears very close to the ground to know actually what is developing in the system (due to global developments)”.
In the context of the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution of distressed companies, Sitharaman stressed the importance of resolution professionals and that the efforts are more to keep companies as going concern.
“I want all of us, including me, to be conscious that we cannot afford to have IBC lose its sheen. whatever it takes for all of us to keep it (IBC) as sparkling as it was when we brought it.,” she said while speaking at a function here to celebrate the sixth annual day of IBBI.
Her comments come against the backdrop of reports and concerns expressed in certain quarters about delays and significant haircuts taken by creditors in certain insolvency resolution processes.
While noting that delay is the first big culprit in the erosion of the value of assets, the minister also said that companies in distress cannot be treated with indifference or even with delay.
IBBI should be kept on its toes so that it can bring in the required interventions, which will be a critical area for years to come.
“We cannot afford to have early stress warnings which are coming up go unnoticed,” she said.
The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing IBC, which is helping in addressing financial stress among companies since coming into force in 2016.
According to the minister, IBC and IBBI are facing a very different world post the pandemic where there are global disruptions that have nothing to do with the country, impacting companies.
“the disruptions due to the global developments that are having on us are also bringing a situation where many of the banks themselves are wondering how they are going to take it further (in terms of) distress some of the clients are feeling,” she said.
Further, the minister said that there is greater stress and greater exogenous factors that are playing on our companies’ health.
“I am not speaking of dooms day but I am only speaking about companies, few and far between, which can experience such a situation for whom early and timely detection (will help),” she added.
Sitharaman also expressed concerns over the pre-packaged insolvency resolution framework introduced for MSMEs during the pandemic not “taking off” and appealed to the stakeholders to look at the factors that might be holding back the entities from opting for the framework.
As many as 1,934 corporate debtors have been rescued through the Code till June this year. These include 517 through resolution plans, 774 through appeal or review or settlement and 643 through withdrawal.
In value terms, around 69 per cent of distressed assets, which entered the process under the Code, have been resolved, as per IBBI.
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‘Will work for it’: Finance Minister Sitharaman bullish on double-digit GDP growth
By PTI
HYDERABAD: Hoping for double-digit growth in GDP in this financial year, Union Finance Minister Nirmala Sitharaman on Saturday said the nation is on a strong wicket when compared to others, and is responsive in terms of extending hand-holding to the required sections.
Speaking to media persons here, she quoted reports saying the country has zero per cent chance of slipping into recession.
“I hope for (double-digit growth). We will work for it. So if you’re not on the verge of recession, it also gives me the confidence that if you are constantly responsive in terms of the sections which need hand-holding, in terms of the boost that we have to give to the economy,” she said when asked if she expects double-digit growth in the gross domestic product (GDP) for the year.
Recent figures released by the Centre indicated that the nation clocked 13.5 per cent growth in GDP in the first quarter of the current financial year.
It was 20.1 per cent a year ago.
Sitharaman further said some may argue that the high growth rate is because of the low base.
“Compared to economies we are talking about, we are on a sound wicket. We are literally the fastest growing economy,” she said.
Referring to the World Bank and IMF reports, the Union minister said she was also taking into consideration the fact that economies which were far more developed than India and comparable with the country, are on the verge of recession.
To another query on freebies, she said everybody should participate in the debate on the issue.
“We should become a party to the discussion. Because if you are giving something free means somebody is paying for it,” Sitharaman said.
She suggested that any government after coming to power must assess its financial situation in terms of tax revenues and others, and make provisions before offering freebies.
HYDERABAD: Hoping for double-digit growth in GDP in this financial year, Union Finance Minister Nirmala Sitharaman on Saturday said the nation is on a strong wicket when compared to others, and is responsive in terms of extending hand-holding to the required sections.
Speaking to media persons here, she quoted reports saying the country has zero per cent chance of slipping into recession.
“I hope for (double-digit growth). We will work for it. So if you’re not on the verge of recession, it also gives me the confidence that if you are constantly responsive in terms of the sections which need hand-holding, in terms of the boost that we have to give to the economy,” she said when asked if she expects double-digit growth in the gross domestic product (GDP) for the year.
Recent figures released by the Centre indicated that the nation clocked 13.5 per cent growth in GDP in the first quarter of the current financial year.
It was 20.1 per cent a year ago.
Sitharaman further said some may argue that the high growth rate is because of the low base.
“Compared to economies we are talking about, we are on a sound wicket. We are literally the fastest growing economy,” she said.
Referring to the World Bank and IMF reports, the Union minister said she was also taking into consideration the fact that economies which were far more developed than India and comparable with the country, are on the verge of recession.
To another query on freebies, she said everybody should participate in the debate on the issue.
“We should become a party to the discussion. Because if you are giving something free means somebody is paying for it,” Sitharaman said.
She suggested that any government after coming to power must assess its financial situation in terms of tax revenues and others, and make provisions before offering freebies.
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‘Kejriwal giving perverse twist to debate on freebies’: Sitharaman, BJP attack Delhi CM
By PTI
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday hit out at Delhi Chief Minister Arvind Kejriwal for giving a “perverse twist” to the debate on freebies, saying the AAP leader’s comments are an attempt to create fears in the minds of the poor.
A day after Kejriwal joined the debate on freebies calling for a referendum on spending taxpayers’ money on healthcare and education, Sitharaman said that spending on these two has never been called or classified as freebies since Independence and to drag them now into the debate is to give a perverse twist.
“Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies,” she told reporters here.
“No Indian government has ever denied them since Independence. So, by classifying education and health as freebies, Kerjiwal is trying to bring in a sense of worry and fear in minds of poor,” she said.
In recent days, Prime Minister Narendra Modi has hit out at competitive populism of extending “rewaris” (freebies) which are not just wastage of taxpayers’ money but also an economic disaster that could hamper India’s drive to become Aatmanirbhar (self-reliant).
His comments were seen directed at parties like AAP which have in the run-up to assembly elections in states like Punjab promised free electricity and water, among other things.
Sitharaman said there has to be a genuine debate on the issue and everyone should participate in it.
The BJP Thursday claimed that while the central government’s welfare policies empower different deprived sections of society with targeted schemes, some parties’ engage in ‘revdi’ culture by dishing out freebies for everyone for political gains.
“Revdi culture is about dishing out lollipops for political gains and it makes no transformation to people’s lives. It misuses taxpayers’ money with the rich benefiting at the cost of the poor,” BJP spokesperson Shehzad Poonawalla said as he targeted Delhi Chief Minister Arvind Kejriwal for his counter-offensive after Prime Minister Narendra Modi’s denunciation of freebies.
Modi named no one in his speeches but the AAP leader sprang to defend it due to his sense of guilt, Poonawalla told a press conference.
He referred to Kejriwal’s promise of opening 500 new schools and claimed that two two dozen schools were shut in reality and accused him of giving people “free corruption, pollution, advertisements and liquor” instead of free education, water, health and electricity.
Later addressing another press conference, BJP spokesperson Gaurav Bhatia said that Kejriwal has made false allegations against the government.
Bhatia said Kejriwal claims that the government has reduced the MGNREGA budget whereas it was increased by Rs 25,000 crore in the 2021-22 financial year in wake of the Covid pandemic.
At the same time Bhatia said Kejriwal has again lied about state’s share in GST.
The states continue to get 42 per cent of the taxes collected by the Centre, not 29 per cent as claimed by Kejriwal, Bhatia added.
Poonawalla claimed more than 700 of the 1,027 schools the Delhi government runs do not have science and commerce teachers in Class 11 and 12 and over 745 schools have no principal.
Nearly 418 schools have no vice principal and 40,000 seats meant for the economically weaker sections had not been filled according to the RTE act and the court had come down hard on this, he added.
Alleging corruption in the AAP government, Poonawala accused Kejriwal of protecting his ministers Satyendra Jain and Manish Sisodia and Delhi Waqf Board head Amanatullah Khan against graft charges.
He also cited the four CAG reports that were tabled “belatedly” by the AAP government and over which the LG had expressed serious concerns.
Poonawalla alleged that huge corruption and mismanagement had taken place in the Delhi Jal Board.
Tanker mafia was promoted instead and that is why these reports were suppressed, he alleged.
He also accused the Delhi government of insulting “women and sportspersons” by allegedly targeting CWG medal-winner Divya Kakran.
Poonawalla said the AAP social media team trolled Kakran and its leader Saurabh Bharadwaj “insultingly” asked her to show a certificate after she complained about not being given any financial benefits by the Kejriwal government.
He said Kakran then produced a certificate regarding her representing Delhi and alleged that the AAP has a history of insulting those who raise the honour of the national flag whether soldiers or sportspersons.
He asked Kejriwal to sack Bharadwaj from all positions in the party.
NEW DELHI: Finance Minister Nirmala Sitharaman on Thursday hit out at Delhi Chief Minister Arvind Kejriwal for giving a “perverse twist” to the debate on freebies, saying the AAP leader’s comments are an attempt to create fears in the minds of the poor.
A day after Kejriwal joined the debate on freebies calling for a referendum on spending taxpayers’ money on healthcare and education, Sitharaman said that spending on these two has never been called or classified as freebies since Independence and to drag them now into the debate is to give a perverse twist.
“Delhi Chief Minister has given perverse twist to the debate on freebies. Health and education have never been called freebies,” she told reporters here.
“No Indian government has ever denied them since Independence. So, by classifying education and health as freebies, Kerjiwal is trying to bring in a sense of worry and fear in minds of poor,” she said.
In recent days, Prime Minister Narendra Modi has hit out at competitive populism of extending “rewaris” (freebies) which are not just wastage of taxpayers’ money but also an economic disaster that could hamper India’s drive to become Aatmanirbhar (self-reliant).
His comments were seen directed at parties like AAP which have in the run-up to assembly elections in states like Punjab promised free electricity and water, among other things.
Sitharaman said there has to be a genuine debate on the issue and everyone should participate in it.
The BJP Thursday claimed that while the central government’s welfare policies empower different deprived sections of society with targeted schemes, some parties’ engage in ‘revdi’ culture by dishing out freebies for everyone for political gains.
“Revdi culture is about dishing out lollipops for political gains and it makes no transformation to people’s lives. It misuses taxpayers’ money with the rich benefiting at the cost of the poor,” BJP spokesperson Shehzad Poonawalla said as he targeted Delhi Chief Minister Arvind Kejriwal for his counter-offensive after Prime Minister Narendra Modi’s denunciation of freebies.
Modi named no one in his speeches but the AAP leader sprang to defend it due to his sense of guilt, Poonawalla told a press conference.
He referred to Kejriwal’s promise of opening 500 new schools and claimed that two two dozen schools were shut in reality and accused him of giving people “free corruption, pollution, advertisements and liquor” instead of free education, water, health and electricity.
Later addressing another press conference, BJP spokesperson Gaurav Bhatia said that Kejriwal has made false allegations against the government.
Bhatia said Kejriwal claims that the government has reduced the MGNREGA budget whereas it was increased by Rs 25,000 crore in the 2021-22 financial year in wake of the Covid pandemic.
At the same time Bhatia said Kejriwal has again lied about state’s share in GST.
The states continue to get 42 per cent of the taxes collected by the Centre, not 29 per cent as claimed by Kejriwal, Bhatia added.
Poonawalla claimed more than 700 of the 1,027 schools the Delhi government runs do not have science and commerce teachers in Class 11 and 12 and over 745 schools have no principal.
Nearly 418 schools have no vice principal and 40,000 seats meant for the economically weaker sections had not been filled according to the RTE act and the court had come down hard on this, he added.
Alleging corruption in the AAP government, Poonawala accused Kejriwal of protecting his ministers Satyendra Jain and Manish Sisodia and Delhi Waqf Board head Amanatullah Khan against graft charges.
He also cited the four CAG reports that were tabled “belatedly” by the AAP government and over which the LG had expressed serious concerns.
Poonawalla alleged that huge corruption and mismanagement had taken place in the Delhi Jal Board.
Tanker mafia was promoted instead and that is why these reports were suppressed, he alleged.
He also accused the Delhi government of insulting “women and sportspersons” by allegedly targeting CWG medal-winner Divya Kakran.
Poonawalla said the AAP social media team trolled Kakran and its leader Saurabh Bharadwaj “insultingly” asked her to show a certificate after she complained about not being given any financial benefits by the Kejriwal government.
He said Kakran then produced a certificate regarding her representing Delhi and alleged that the AAP has a history of insulting those who raise the honour of the national flag whether soldiers or sportspersons.
He asked Kejriwal to sack Bharadwaj from all positions in the party.
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No question of India getting into recession, says Sitharaman in Lok Sabha; Congress walks out
By Agencies
NEW DELHI: Highlighting India’s robust economic health despite the COVID pandemic and geo-political situation, Union Finance Minister Nirmala Sitharaman on Monday said there is no question of India getting into stagflation or recession like other major economies of the world.
In her reply to the debate on price rise at the Lok Sabha, Sitharaman said, “We have never seen a pandemic of this kind. All of us were trying to make sure that people in our constituencies are given extra help. I recognise that everybody – MPs and state governments have played their role. Otherwise, India would not be where it is compared to the rest of the world.”
“So, I fully credit the people of India for this. Even against adversity, we are able to stand up and be recognised as the fastest growing economy,” she said.
The Finance Minister emphasized that due to the measures taken by the government, India is in a much better position than most countries.
“Repeatedly in the assessment of global agencies, India remains the fastest growing economy in the assessment of global agencies. This House irrespective of the party should feel proud of the country and its people. State governments have helped,” she stated in the Lok Sabha.
Referring to a survey, Sitharaman said there is zero possibility of India getting into recession.
Sitharaman said the Gross Domestic Product (GDP) of the US fell 0.9 per cent in the second quarter following a 1.6 per cent decline in the first quarter. “They start it calling an unofficial recession. There is no question of India getting into recession or stagflation,” said the Minister.
ALSO READ | Ruckus continues in Parliament as Opposition protests over Sanjay Raut arrest, price rise, Congress MPs’ suspension
“Pandemic, second wave, Omicron, Russia-Ukraine (war), even today largest supply components in China are under lockdown. In spite of that, we have held inflation well within 7 per cent or below. That has to be recognised,” she told Lok Sabha.
She further said, “4,000 banks in China are reported to be going bankrupt. In India, the gross NPAs (Non-Performing Assets) of scheduled commercial banks is at a 5-years low of 5.9 per cent in 2022. So our NPAs are improving. The government debt to GDP Ratio of many countries is in triple digits including Japan, Greece, Bhutan, Singapore, the US, Portugal, Spain, France, Sri Lanka and Canada. But the central government very consciously controlled its debt and it is at 56.29 per cent of the GDP at the end of 2021-22 compared to the 59.9 per cent revised estimate that year.”
According to IMF data, Sitharaman said the general debt to GDP ratio is 86.9 per cent including the Centre and the state.
In July 2022, the Minister said the country has garnered the second highest level ever since the introduction of the GST which is 1.49 lakh crore. “In April 2022, it was 1.67 lakh crore which was the highest we reached. This is the fifth consecutive month that collections have been above Rs 1.4 Lakh crores,” she said.
Quoting former Reserve Bank of India (RBI) Governor Raghuram Rajan, she said, “On Saturday, Raghuram Rajan said that ‘RBI has done a good job in increasing foreign exchange reserve in India, insulating India from problems being faced by neighbouring countries such as Pakistan and Sri Lanka.
“Differentiating India from its vulnerable neighbours, Raghuram Rajan further added that ‘New Delhi is less indebted’, calling it a good sign, the Minister said.
Amid Sitharaman’s reply to the debate on price rise, Congress members walk out from Lok Sabha.
NEW DELHI: Highlighting India’s robust economic health despite the COVID pandemic and geo-political situation, Union Finance Minister Nirmala Sitharaman on Monday said there is no question of India getting into stagflation or recession like other major economies of the world.
In her reply to the debate on price rise at the Lok Sabha, Sitharaman said, “We have never seen a pandemic of this kind. All of us were trying to make sure that people in our constituencies are given extra help. I recognise that everybody – MPs and state governments have played their role. Otherwise, India would not be where it is compared to the rest of the world.”
“So, I fully credit the people of India for this. Even against adversity, we are able to stand up and be recognised as the fastest growing economy,” she said.
The Finance Minister emphasized that due to the measures taken by the government, India is in a much better position than most countries.
“Repeatedly in the assessment of global agencies, India remains the fastest growing economy in the assessment of global agencies. This House irrespective of the party should feel proud of the country and its people. State governments have helped,” she stated in the Lok Sabha.
Referring to a survey, Sitharaman said there is zero possibility of India getting into recession.
Sitharaman said the Gross Domestic Product (GDP) of the US fell 0.9 per cent in the second quarter following a 1.6 per cent decline in the first quarter. “They start it calling an unofficial recession. There is no question of India getting into recession or stagflation,” said the Minister.
ALSO READ | Ruckus continues in Parliament as Opposition protests over Sanjay Raut arrest, price rise, Congress MPs’ suspension
“Pandemic, second wave, Omicron, Russia-Ukraine (war), even today largest supply components in China are under lockdown. In spite of that, we have held inflation well within 7 per cent or below. That has to be recognised,” she told Lok Sabha.
She further said, “4,000 banks in China are reported to be going bankrupt. In India, the gross NPAs (Non-Performing Assets) of scheduled commercial banks is at a 5-years low of 5.9 per cent in 2022. So our NPAs are improving. The government debt to GDP Ratio of many countries is in triple digits including Japan, Greece, Bhutan, Singapore, the US, Portugal, Spain, France, Sri Lanka and Canada. But the central government very consciously controlled its debt and it is at 56.29 per cent of the GDP at the end of 2021-22 compared to the 59.9 per cent revised estimate that year.”
According to IMF data, Sitharaman said the general debt to GDP ratio is 86.9 per cent including the Centre and the state.
In July 2022, the Minister said the country has garnered the second highest level ever since the introduction of the GST which is 1.49 lakh crore. “In April 2022, it was 1.67 lakh crore which was the highest we reached. This is the fifth consecutive month that collections have been above Rs 1.4 Lakh crores,” she said.
Quoting former Reserve Bank of India (RBI) Governor Raghuram Rajan, she said, “On Saturday, Raghuram Rajan said that ‘RBI has done a good job in increasing foreign exchange reserve in India, insulating India from problems being faced by neighbouring countries such as Pakistan and Sri Lanka.
“Differentiating India from its vulnerable neighbours, Raghuram Rajan further added that ‘New Delhi is less indebted’, calling it a good sign, the Minister said.
Amid Sitharaman’s reply to the debate on price rise, Congress members walk out from Lok Sabha.
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Jaishankar to brief parties on Modi government’s intervention in Sri Lanka
By Express News Service
NEW DELHI: External Affairs Minister S Jaishankar and Finance Minister Nirmala Sitharaman will brief representatives of all political parties following appeals by the AIADMK and the DMK to the Narendra Modi government to intervene in the political and economic crisis in Sri Lanka.
This was confirmed here today by Parliamentary Affairs Minister Pralhad Joshi. Citing a July 16 office memorandum, a senior government official said that the briefing by the finance and external affairs ministries was scheduled for the evening of July 19, the second day of the monsoon session of Parliament.
The DMK and the AIADMK demanded at a meeting of political parties ahead of the monsoon session of Parliament an Indian intervention in Sri Lanka which is faced with its worst economic emergency since its independence. The DMK’s T R Baalu and the AIADMK’s M Thambudurai raised the condition of Sri Lanka’s Tamil population. The AIADMK is a coalition partner of the BJP-led NDA government at the Centre.
While India’s position so far has been to not intervene politically in Sri Lanka, it has dispatched aid through other channels. This was evident in a Ministry of External Affairs statement last week, which said that “India stands with the people of Sri Lanka as they seek to realise their aspirations for prosperity and progress through democratic means values, established institutions and constitutional framework”.
It is clear that Jaishankar and Sitharaman will brief on their respective domains. While the External Affairs Minister will focus on India’s position, especially in the context of the political instability in Sri Lanka and the role it could play in seeing a stable regime in Colombo, Sitharaman will emphasise on the crippled economy and the extent to which New Delhi could go to pull the island nation out of the morass.
The government’s decision to brief representatives of political parties comes in the wake of the Indian High Commission to Sri Lanka Gopal Baglay’s assurance to Sri Lankan Parliament Speaker Mahinda Yapa Abeywardana on July 16. Baglay and Abetwardana’s meeting took place a day after the latter accepted President Gotabaya Rajapaksa’s resignation that was sent in after his exit from the country.
NEW DELHI: External Affairs Minister S Jaishankar and Finance Minister Nirmala Sitharaman will brief representatives of all political parties following appeals by the AIADMK and the DMK to the Narendra Modi government to intervene in the political and economic crisis in Sri Lanka.
This was confirmed here today by Parliamentary Affairs Minister Pralhad Joshi. Citing a July 16 office memorandum, a senior government official said that the briefing by the finance and external affairs ministries was scheduled for the evening of July 19, the second day of the monsoon session of Parliament.
The DMK and the AIADMK demanded at a meeting of political parties ahead of the monsoon session of Parliament an Indian intervention in Sri Lanka which is faced with its worst economic emergency since its independence. The DMK’s T R Baalu and the AIADMK’s M Thambudurai raised the condition of Sri Lanka’s Tamil population. The AIADMK is a coalition partner of the BJP-led NDA government at the Centre.
While India’s position so far has been to not intervene politically in Sri Lanka, it has dispatched aid through other channels. This was evident in a Ministry of External Affairs statement last week, which said that “India stands with the people of Sri Lanka as they seek to realise their aspirations for prosperity and progress through democratic means values, established institutions and constitutional framework”.
It is clear that Jaishankar and Sitharaman will brief on their respective domains. While the External Affairs Minister will focus on India’s position, especially in the context of the political instability in Sri Lanka and the role it could play in seeing a stable regime in Colombo, Sitharaman will emphasise on the crippled economy and the extent to which New Delhi could go to pull the island nation out of the morass.
The government’s decision to brief representatives of political parties comes in the wake of the Indian High Commission to Sri Lanka Gopal Baglay’s assurance to Sri Lankan Parliament Speaker Mahinda Yapa Abeywardana on July 16. Baglay and Abetwardana’s meeting took place a day after the latter accepted President Gotabaya Rajapaksa’s resignation that was sent in after his exit from the country.
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Sri Lankan economic crisis: Centre calls all-party meet on Tuesday
By PTI
NEW DELHI: The government has called an all-party meeting Tuesday on the Sri Lankan crisis which will be briefed by Union ministers Nirmala Sitharaman and S Jaishankar, Parliamentary Affairs Minister Pralhad Joshi said.
During a meeting of parties convened on Sunday ahead of the Monsoon Session of Parliament, Tamil Nadu-based DMK and AIADMK demanded India intervene in the neighbouring country which is facing a debilitating economic crisis.
During the Sunday meet, both DMK and AIADMK raised the Sri Lankan issue, especially the condition of the country’s Tamil population.
Talking to reporters after the meeting, NDA constituent DMK leader M Thambidurai said India should intervene to resolve the crisis in Sri Lanka.
Party leader TR Baalu also demanded India’s intervention in addressing the situation confronting the island nation.
Sri Lanka is facing its worst economic crisis in seven decades, with a severe foreign exchange shortage hampering the import of essentials including food, fuel and medicines.
The economic crisis also sparked a political crisis in the country after a popular uprising against the government.
NEW DELHI: The government has called an all-party meeting Tuesday on the Sri Lankan crisis which will be briefed by Union ministers Nirmala Sitharaman and S Jaishankar, Parliamentary Affairs Minister Pralhad Joshi said.
During a meeting of parties convened on Sunday ahead of the Monsoon Session of Parliament, Tamil Nadu-based DMK and AIADMK demanded India intervene in the neighbouring country which is facing a debilitating economic crisis.
During the Sunday meet, both DMK and AIADMK raised the Sri Lankan issue, especially the condition of the country’s Tamil population.
Talking to reporters after the meeting, NDA constituent DMK leader M Thambidurai said India should intervene to resolve the crisis in Sri Lanka.
Party leader TR Baalu also demanded India’s intervention in addressing the situation confronting the island nation.
Sri Lanka is facing its worst economic crisis in seven decades, with a severe foreign exchange shortage hampering the import of essentials including food, fuel and medicines.
The economic crisis also sparked a political crisis in the country after a popular uprising against the government.
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FM has more interest in Uranus, Pluto than taking measures to tackle inflation: Congress
By PTI
NEW DELHI: The Congress on Wednesday hit out at Finance Minister Nirmala Sitharaman, saying she is more interested in Uranus and Pluto than in steering the country’s economy towards recovery.
A day after the government released its inflation data, Congress spokesperson Gourav Vallabh said the finance minister was busy tweeting pictures from NASA’s webb telescope rather than explaining to the country how she planned to rein in inflationary trends.
Sitharaman had on Tuesday retweeted images unveiled by the NASA from its new powerful space telescope.
Vallabh also accused the Modi government of polarising society and creating disharmony instead of tackling rising inflation, unemployment and the depreciating Rupee.
The Congress leader said with such data on rising inflation, it was expected that the finance minister would come out with a plan on how to tackle inflation, but she has different priorities.
“She has an interest in Pluto, Jupiter and Uranus. Unfortunately, our finance minister is showing the way to Pluto, Uranus and Jupiter and is unable to show the way forward to our economy,” he told reporters.
“It has become very evident in the last eight years where the focus of the BJP government has been. Polarisation and disharmony have taken a front seat whereas distressing issues such as rising inflation, unemployment and depreciating Rupee are nowhere on its agenda. The country witnessed the highest unemployment in the last 45 years,” he alleged.
Vallabh also alleged that the BJP has brought about a “doom with 7s”, with retail inflation at 7.01 percent, unemployment at 7.8 percent and the Rupee depreciated 7 percent in the last six months vs the US Dollar.
“While these are worrying data points, the BJP government is in deep slumber,” he said.
“What has the government done to bring relief to the common Indian as far as inflation is concerned,” he asked, noting that increasing GST on items such as flour will only propel inflation.
The Congress leader also asked why there is a complete silence on part of the Modi Government on the issue of tackling a barrage of macro-economic indicators going wrong.
With the RBI’s projection for inflation at 7.4 percent for the next quarter, he asked what are measures that the government has in mind.
“Any government can bring relief to the common mass only when sympathy leads over apathy. The ED and CBI are not tools that bring relief. Unless the BJP government moves beyond petty politics and starts looking beyond ED politics, common Indians will continue suffering,” he alleged.
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Sitharaman, Surjewala among 8 elected to RS, row over rules breach delays counting in Maha, Haryana
By PTI
BENGALURU/JAIPUR: Union Finance Minister Nirmala Sitharaman, Congress’ chief spokesperson Randeep Surjewala and senior leader Jairam Ramesh were among the eight candidates elected to the Rajya Sabha on Friday from Karnataka and Rajasthan, while counting got delayed in Maharashtra and Haryana amid wrangling by rival parties over alleged breach of voting rules.
Representations made by the BJP and the Congress and its allies, accusing each other of flouting the open balloting rules and seeking invalidation of the votes of some MLAs, are being examined by the Election Commission.
The counting will be taken up only after the poll panel gives the go ahead. In an emphatic endorsement for the BJP in Karnataka, the ruling party had the last laugh as it won all the three Rajya Sabha seats it contested out of the four that went to polls.
The main opposition Congress managed to win only one of the two seats for which its nominees were in the fray, while the JD(S) drew a blank.
Union Finance Minister Nirmala Sitharaman, actor-politician Jaggesh, and MLC Lehar Singh Siroya of the BJP, and former Union Minister Jairam Ramesh of the Congress were declared victorious. Sitharaman and Ramesh have been re-elected to the Rajya Sabha from Karnataka.
There was suspense over the outcome of the fight for the fourth seat, which witnessed a tight contest between all the three major political parties none of which had enough votes for an easy win.
However, BJP’s Siroya triumphed over Mansoor Ali Khan of the Congress and D Kupendra Reddy (JDS), apparently aided by cross-voting from rival parties and the help of Independents. In Rajasthan, the ruling Congress won three of the four seats and the BJP one.
BJP-backed Independent nominee and media baron Subhash Chandra, whose entry into the fray had added spice to the electoral tussle, fell by the wayside. Chandra, who had won the last RS election as an Independent from Haryana, tried his luck from Rajasthan.
Congress candidates Randeep Surjewala, Mukul Wasnik and Pramod Tiwari were declared elected, and so was BJP’s Ghanshyam Tiwari.
In an interesting development, BJP MLA Shobharani Kushwah cross-voted in favour of Congress candidate Pramod Tiwari. The BJP promptly suspended her from the party’s primary membership.
“When everybody knows that 126 MLAs are with us, why did they (BJP) field an independent candidate? They wanted to attempt horse-trading but that did not happen,” a jubilant Chief Minister Ashok Gehlot told reporters at the Assembly complex in Jaipur.
The victory of the Congress candidates has sent out a strong message in the country, he said, asserting the party will retain power in the Assembly elections next year. The Congress, with 108 MLAs in the 200-member Assembly, needed 123 votes to win the three seats. The Bharatiya Tribal Party (BTP) with two MLAs had extended support to it.
The ruling party also had the claimed support of 13 Independents and one Rashtriya Lok Dal MLA, who is a state minister. On the other hand, the BJP had 71 MLAs. After the victory of its party candidate, who secured 43 votes, the BJP had 28 surplus votes to help Chandra’s bid.
Three MLAs of the Rashtriya Loktantrik Party (RLP) too had extended support to Chandra, but he still couldn’t manage the additional votes required for a victory.
However, the counting was held up in Maharashtra after opposition BJP alleged three MLAs of the ruling Maha Vikas Aghadi (MVA)–Cabinet ministers Jitendra Awhad (NCP) and Yashomati Thakur (Congress), besides Shiv Sena legislator Suhas Kande violated the model code for voting.
The Congress retaliated, demanding that the Election Commission invalidate the votes of BJP MLA Sudhir Mungantiwar and Independent MLA Ravi Rana.
Maharashtra Congress president Nana Patole, in a letter to the CEC claimed Mungantiwar “vitiated the voting procedure” by showing his ballot paper to people other than his own party’s election agents.
Rana openly displayed the Hanuman Chalisa, a religious book, and sought to influence other voters, he alleged.
The counting was also put on hold in Haryana for identical reasons after BJP nominee Krishan Lal Panwar and Independent candidate Kartikeya Sharma shot off a missive to the EC, alleging Congress MLAs Kiran Choudhary and B B Batra showed their ballot papers to unauthorised persons after marking them and that the episodes were “duly captured” on cameras.
Prominent among the candidates who are expected to score a facile victory in Maharashtra include Union minister Piyush Goyal and Shiv Sena’s ubiquitous face and spokesperson Sanjay Raut. Both are sitting Rajya Sabha members from the state.
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RS polls: Nirmala Sitharaman, Jaggesh file nominations
By PTI
BENGALURU: Union Finance Minister Nirmala Sitharaman, and actor-politician Jaggesh of the BJP, were among the prominent faces to file their nominations for the June 10 Rajya Sabha polls from Karnataka on Tuesday, as the contest heats up for the fourth seat.
While Sitharaman is seeking re-election from Karnataka, for Jaggesh, a former MLA and MLC, this is his first election to the Upper House of the Parliament.
Among the others who filed papers today, the last day to do so, are BJP’s third candidate and outgoing MLC Lehar Singh Siroya, and former MP D Kupendra Reddy from the JD(S).
Congress candidates — former Union Minister Jairam Ramesh and state general secretary Mansoor Ali Khan — filed their nominations on Monday itself.
The announcement of Khan’s name as party’s second candidate was a surprise move by the Congress, as it has an adequate number of votes to win just one seat.
Following this move, the ruling BJP too on Monday night announced the candidature of Siroya, despite having numbers to comfortably win just two seats.
The election to four Rajya Sabha seats is necessitated as the term of office of members Nirmala Sitharaman and K C Ramamurthy of BJP, and Jairam Ramesh — is due to expire on June 30.
The fourth member Oscar Fernandes of the Congress passed away last year.
A candidate needs 45 votes to win, and based on their strength in the Legislative Assembly, the BJP can win two seats and the Congress one.
However, despite not having an adequate number of votes to win the fourth seat from the State Assembly, all the three political parties in the state — BJP, Congress and JD(S)– have fielded candidates for the seat, forcing an election.
After electing two Rajya Sabha candidates (Sitharaman and Jaggesh) on their own strength in the Assembly, the BJP will be left with an additional 29 votes.
The Congress will be left with 24 extra votes after electing Jairam Ramesh, while the JD(S) has only 32 votes, which is not sufficient to win a seat.
So, Sitharaman, Jaggesh, and Jairam Ramesh are likely to get elected unopposed, while the contest is likely to take place between Siroya, Khan and Reddy for the fourth seat if their nominations are accepted and there are no withdrawals.
Meanwhile, JD(S) on Tuesday claimed that its patriarch H D Deve Gowda had spoken to Congress National President Sonia Gandhi, and she and other party leaders had consented to support its candidate.
Expressing surprise over Congress fielding a second candidate “all of a sudden”, senior JD(S) leader and former Minister H D Revanna requested the national party for support to keep the “communal forces” out of the race.
“There are a couple of days’ time (for withdrawal of candidature), let’s wait and see.
” The scrutiny of nominations will take place tomorrow, and June three is the last date for withdrawal of candidature.
Sitharaman was accompanied by Chief Minister Basavaraj Bommai, former CM B S Yediyurappa, and state BJP President Nalin Kumar Kateel, among other party leaders, for filing of nominations.
Expressing gratitude and thanks to Bommai, Yediyurappa, Kateel and Law Minister J C Madhuswamy for proposing and supporting her nomination, Sitharaman in a tweet said, “Dedicate myself to serving Karnataka to the best of my abilities.
“Noting that the expectation of state unit and workers was that Sitharaman should contest from Karnataka, Yediyurappa said, “we will hundred per cent win two seats and will make all efforts to win the third one, which Lehar Singh Siroya is contesting; we are confident of winning it too.”
Jaggesh and Siroya too were accompanied by several party leaders while filing their nominations.