Siddaramaiah objects to lesser share of central funds, says ‘Karnataka stood against divide & rule policy’

News Network
August 15, 2023

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Bengaluru, Aug 15: In the occasion of the 77th Independence Day, Karnataka Chief Minister Siddaramaiah during his speech objected to the lesser share of returns to the state in terms of GST tax, and underlined that Karnataka has stood against the divide and rule policy.

Siddaramaiah hoisted the national flag at the Field Marshal Manekshaw Parade Ground here, and also delivered his first Independence Day speech as Karnataka’s chief minister during his second stint in the seat.

He said that Karnataka is the second highest tax paying state in the country.

“We are paying over Rs 4 lakh crore in form of taxes and duties to the Centre. However, we are just getting Rs 50,000 crore in return from the Centre. Karnataka will be the richest state if we get what actually we deserve naturally,” he stated.

Siddaramaiah maintained that, “despite this challenging situation, we are complying with fiscal discipline. We are committed to a comprehensive development of the state. True patriots are aware of our efforts.”

“People of Karnataka have stood against the efforts of divide and rule policy. ‘All inclusive’ is our policy and hence people have chosen us for power. This promise of strengthening the new Karnataka Development Model which ensures inclusive growth and yearns for development of everyone, is the most important promise that I make on the occasion of the Independence Day.

“The country has been facing a crisis in the last few years. Hatred, violence, suspicion, revenge and intolerance are growing. Rather, there are efforts to fuel these traits. Some sections of the society are producing these traits and are projecting that these have acceptance too.

“There is a need to defeat these efforts as they are aimed to create negativity. As a civilised society we will doom if such efforts are not thwarted. Only peace and harmony can ensure development. Any society marred by violence, chaos, lack of law and order situation nurtures poverty. Lakhs of young talented and skilled youths are leaving the country and its citizenship. Our institutions of higher learning and universities should create highly talented and skilled students with a scientific bent of mind,” he said.

Invoking Jawaharlal Nehru in his speech, CM Siddaramaiah said, “As Pandit Nehru remarked, let us work with unity. Let us herald a new dawn of development. Let peace, happiness and harmony thrive in our land. Let us be grateful to our army who are protecting us, to youth who are increasing the land’s wealth; to the farmers who are producing food for us.

“Citizens of Karnataka are convinced that peace in society is inevitable for development and hence have rejected deliberate efforts of negative forces.

“In our society, only about 10 per cent of people have established their ownership over 78 per cent of resources. The British administration looted the country’s resources during the colonial era. However, today only a few people have accumulated wealth. Does this situation lead us to development?

“In this background, we are implementing policies that are aimed at ensuring social justice in terms of accumulation of resources and their redistribution. This is the idea behind the introduction of five guarantee schemes such as Shakti, Gruha Jyothi, Anna Bhagya, Gruha Lakshmi and Yuva Nidhi. We strongly believe in the premise of economist Amartya Sen that ‘development is real freedom’ and hence have introduced the five guarantee schemes,” he said.

“We are working under the guidance of ‘Gandhiji’s Talisman’. Whenever implementing a scheme, whether it benefits the last person and whether social justice has been achieved are the guiding principles of our administration.

“People were in distress due to price rise, unemployment, corruption and discrimination due to caste and religion. Per capita income in several districts has not increased when compared to our previous tenure and there has been an increase in poverty. Considering this, our government followed Universal Basic Income policy and introduced the five guarantee schemes to boost the economic and social energy of the people.

“We are mooting the ‘Brand Bengaluru’ initiative. The objective is to transform Bengaluru to international standards. Much focus has been laid to ensure smooth traffic flow, management of solid wastes, proper utilisation of public places, proper health of livestock and citizens, introduction of citizen-friendly e-administration, water security and management of challenges arising out of natural calamities.

“We dream of transforming Karnataka into the number one state in Asia in terms of modern technology. We want the state to be the number one manufacturing hub in Asia too. In the last 10 years, the industrial sector of the state has registered a 9.3 per cent growth rate. We have set a goal of achieving 15 per cent and 16 per cent growth rate in the coming days. This requires an investment of about Rs 1.4 lakh crore every year and generation of 14 lakh new jobs,” CM Siddaramaiah stated.

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News Network
November 21,2024

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Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

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News Network
November 21,2024

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After the US prosecutors charged Gautam Adani with bribery and fraud, Congress reiterated its call for a Joint Parliamentary Committee (JPC) probe into the transactions of the Adani group, and hit out at Prime Minister Narendra Modi, alleging an "internal nexus" between him and "his favourite businessman."

Senior Congress leader Jairam Ramesh said the indictment of Gautam Adani and others by the US Securities and Exchange Commission validates his party’s call for a Joint Parliamentary Committee investigation.

The Congress has been pushing for the probe since January 2023, raising concerns over alleged irregularities involving Adani and his business dealings, said Ramesh.

Ramesh referred to the party’s “Hum Adani ke Hain” series, where 100 questions were raised about the alleged scams and the links between Prime Minister Narendra Modi and Gautam Adani.
He noted that the questions remain unanswered, reiterating the need for accountability in the matter.

The US prosecutors have charged Adani with deceiving investors by concealing information about his firm's solar energy project in India, which allegedly involved bribery.

Adani has been charged with securities fraud and conspiracy, according to an indictment unsealed on Wednesday. The case focusses on an agreement between Adani Green Energy Ltd. and another organisation to supply 12 gigawatts of solar power to the Indian government.

'BETRAYAL OF INDIAN INVESTORS'

Congress leader Pawan Khera described the allegations against Gautam Adani and his conglomerate as a “betrayal of Indian investors.”

Taking to X, Khera outlined the US charges, including claims that Adani’s group bribed Indian government officials between 2020 and 2024 to secure contracts. Citing media reports, he also pointed out that Gautam Adani personally met a government official to advance the scheme.

Khera referred to a March 2024 incident where the Adani Group allegedly misled the Bombay Stock Exchange and the National Stock Exchange, calling it a “grave violation of investor trust.”

He further highlighted a March 2023 FBI raid on the premises of Sagar Adani, Gautam Adani’s nephew, where electronic devices were seized as part of the investigation.

'SEBI NOT ABLE TO PROVE ANY CHARGES AGAINST ADANI'

Shiv Sena (UBT) leader Priyanka Chaturvedi criticised central probe agencies following US charges against Gautam Adani and others in an alleged bribery case linked to solar energy contracts.

Chaturvedi raised concerns about corporate governance and regulatory oversight in the country. “They talk about corporate governance, responsibility, and accountability. The industrialists should be asked to follow the rules and regulations, but even the agencies were defending him. The SEBI has not yet been able to prove charges against him,” she said, pointing to what she viewed as failures in ensuring accountability.

'BROUGHT DISREPUTE TO INDIA'

On US charges against Gautam Adani, AAP leader Sanjay Singh called for a probe against the industrialist. He said that the probe should be conducted by an investigation agency under the Supreme Court.

"Adani Group has brought disrepute to India. This is a very serious matter. The PM of India should come forward and answer this. All the pending matters against Adani should be probed by an investigation agency under Supreme Court monitoring, and all the corruption done by him, within and outside the country, should come out before the country and action should be taken against him," he said.

BJP DFENDS

BJP IT cell chief Amit Malviya responded sharply to the Opposition’s criticism regarding allegations involving Adani Green Energy and US-based Azure Power. He pointed out that the charges in the indictment are only allegations and emphasised, “The defendants are presumed innocent unless and until proven guilty.”

Malviya argued that the crux of the case concerns agreements to supply 12 GW of power to the Solar Energy Corporation of India (SECI), contingent on SECI securing power purchase agreements with state electricity distribution companies (SDCs).

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News Network
November 21,2024

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Prominent NRI community leader SM Syed Khalilur Rehman, fondly known as CA Khalil, passed away in Dubai on Thursday at the age of 86 after a brief illness.

Khalil had been admitted to Aster Hospital in Mankhool on Tuesday after experiencing severe leg weakness. Despite the best efforts of the medical team, he succumbed to a double heart attack that worsened his condition, his son Rais Ahmed confirmed.

The news of his passing has sent waves of grief across communities, particularly in his hometown of Bhatkal, Karnataka, where he was a celebrated figure. Tributes have been pouring in on social media, highlighting his significant contributions to international trade, social service, and education.

A Legacy of Leadership and Service

A chartered accountant by profession, Khalil was a founding member of the Dubai chapter of the Institute of Chartered Accountants of India (ICAI), where he served as chairman from 1987 to 1994. His illustrious career included key leadership roles, such as general manager of Khaleej Times, group executive director of the Ilyas and Mustafa Galadari Group, and vice-chairman of the Jashanmal Group of Companies.

He also chaired Maadhyama Communications and Sahil Online, a web-based news platform, and was a director and trustee of several media companies and charitable organisations in Dubai and India.

A Champion for Education and Philanthropy

Khalil’s impact extended far beyond his professional achievements. As president and general secretary of Anjuman Hami-e-Muslimeen, he played a pivotal role in the development of educational institutions, including schools and colleges in Bhatkal and surrounding areas. His dedication to social upliftment earned him recognition from the Government of Karnataka, which honoured him with a prestigious award for his philanthropic contributions.

A Life Celebrated

The Bhatkal Muslim Khaleej Council (BMKC) recently released a documentary celebrating Khalil’s remarkable life and service to the community—a testament to his enduring legacy.

CA Khalil is survived by his family and countless admirers across the globe. His passing marks the end of an era for Indian expatriates in the UAE and beyond, leaving behind a legacy of leadership, generosity, and commitment to community service.

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