Note ban just a short-term pain; more 'reforms' ahead: Modi

December 24, 2016

Patalganga, Dec 24: Prime Minister Narendra Modi today hinted at unleashing more radical reforms, saying his government will not shy away from taking difficult decisions that are in national interest and admitted the note ban caused "short-term pain".

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Inaugurating a new educational and training campus of the Sebi-run National Institute of Securities Markets (NISM) in this industrial township near Mumbai, Modi said "the government will unveil more long-term policies that are stable and sound" so as to sustain the higher economic growth rate.

"Our government will continue to follow sound and prudent economic policies and we will not take decisions for short-term political point scoring."

Admitting that the demonetisation drive has caused some "short-term pains" to the public, Modi said this "will bring in benefits in the long-term".

Despite the lingering disagreements between the Centre and the states over the dual control of the GST mechanism, Modi expressed hope that the biggest tax reform the nation has seen till date will be a reality shortly.

Claiming he has transformed the economy since assuming office over 30 months ago, the PM said when he took over the economy was in dire straits with high current account and fiscal deficits, near-double digit inflation and low forex reserves.

In spite of all difficulties, he said his government has improved these key metrics massively since assuming office in May 2014 and today the country is a bright spot in otherwise a gloomy global environment.

Even as the whole world is fighting a prolonged slowdown, "India is being seen as a bright spot with growth projected to be highest amongst the large economies", he said.

Modi said advancing budget presentation will help improve productivity by ensuring adequate resources to all productive sectors of the economy.

Lauding Sebi for facilitating a large number of IPOs this year and helping the capital markets to grow, he said the financial markets are very important for a fast-growing economy.

He underlined the need for developing a robust corporate bond markets so that banks funds can be utilised for other less organised sectors.

Modi asked market watchdog Sebi and Finance Ministry to enable municipalities to tap markets. Stock markets should help in raising capital for productive purposes while the bond market could become a source of long-term infra finance.

The event was attended by Union Finance Minister Arun Jaitley, Maharashtra Governor Vidyasagar Rao, state Chief Minister Devendra Fadnavis, Sebi Chairman U K Sinha and many other officials and senior bankers.

Comments

Fairman
 - 
Saturday, 24 Dec 2016

Dammaya
No need any surprises
Citizens have no more strength to face your crazy adventures.

If you don't have work or boring for God sake please go tour to any country.
If all countries already finished go to Gujrat. Take leave.you need rest

You are very tired of doing crazy chamatkars

Skazi
 - 
Saturday, 24 Dec 2016

low forex reserves ???????????????????????????????????......Blatant lier.....let him quote the figures of Forex reserve now and old .....

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News Network
September 7,2024

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Indian wrestler Vinesh Phogat on Friday joined the Congress ahead of the upcoming Haryana Assembly polls and will be the candidate from Julana. Along with Phogat, Bajrang Punia also joined the party.

Meanwhile, Former Wrestling Federation of India (WFI) chief and BJP leader Brij Bhushan Sharan Singh took a jibe at the wrestlers saying, "God has punished them for cheating."

"Haryana is the crown of India in the field of sports. And they stopped the wrestling activities for almost 2.5 years. Is it not true that Bajrang went to the Asian Games without trials? I want to ask those who are experts in wrestling. I want to ask Vinesh Phogat whether a player can give trials in 2 weight categories in a day? Can the trials be stopped for 5 hours after the weigh-in?... You did not win the wrestling, you went there by cheating. God has punished you for the same, " Brij Bhushan said, as reported by ANI.

Additionally he also called out Congress leader Bhupinder Hooda.

"I am not guilty of disrespecting daughters. If anyone is guilty of disrespecting daughters, it is Bajrang and Vinesh. And the one who wrote the script, Bhupinder Hooda is responsible for that. If they (BJP) will ask me (to campaign in the Haryana polls), I can go. One day Congress will have to regret it...," he said.

Both Phogat and Punia met Congress President Mallikarjun Kharge at his residence before officially joining the party at an event at headquarters in the presence of General Secretary (Organisation) K C Venugopal.

Vinesh Phogat, who defied several odds to make the final of the women’s freestyle 50 kg event of the Paris Olympics, was disqualified after being overweight by a few grams.

Now, Olympians Phogat and Bajrang Punia, who were at the forefront of the wrestlers' protest against former WFI chief and BJP leader Brij Bhushan Sharan Singh last year, entered the political arena on Friday by joining the Congress with a vow of "not being scared or backing off".

Hours after joining the Congress, Punia was appointed as the working chairman of the All India Kisan Congress. It seems unlikely now that he would be fielded in the polls.

The 90-member Haryana Assembly is scheduled to go to polls on October 5 and the counting of votes will be undertaken on October 8.

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News Network
September 17,2024

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As the Modi-led NDA government completes the first 100 days of its third term, the Congress party has launched a scathing attack, dubbing it as the "U-Turn Sarkar" for its failures and policy reversals.

At a press conference in Delhi, Congress spokesperson Supriya Shrinate highlighted what she called "100 days of instability, indecisiveness, and immaturity," accusing the Modi government of damaging critical sectors of the economy and public infrastructure.

Shrinate criticised the government's handling of the economy, which she described as being in "dire straits".

She argued that under Modi's leadership, sectors such as agriculture, youth employment, and infrastructure have been neglected. "These 100 days have been very heavy on the country's economy, farmers, youth, women, infrastructure, railways, and institutions," she said, adding "It has become clear that Narendra Modi has no vision to deal with the country's problems."

She went on to debunk the government's claims of progress in infrastructure development, citing multiple instances of structural failures in key projects.

“The airports inaugurated by Narendra Modi--from Jabalpur to Delhi and Rajkot--could not even withstand a single monsoon,” Shrinate pointed out. She also referenced failures such as:

•    Atal setu: Constructed at a cost of Rs18,000 crore, the bridge developed cracks soon after its inauguration.

•    Sudarshan setu in Gujarat: Opened in February 2024, it also developed cracks within months.

•    Shivaji statue collapse: The iconic statue of Chhatrapati Shivaji Maharaj was destroyed within eight months of being unveiled, an event Shrinate described as an "insult to Shivaji Maharaj."

•    Ram mandir water leakage: The sanctum sanctorum of the Ram Mandir, a symbol of faith for millions, was found to be leaking during the monsoon.

•    "Who will take accountability for these incidents?" Shrinate asked, questioning the government's competency in executing large-scale projects.

•    On railway safety, Shrinate accused the government of overseeing a period marked by frequent accidents and derailments.

•    "There have been 38 railway accidents in 100 days, resulting in 21 deaths," she stated. Despite the public outrage following the tragic Balasore accident, which killed nearly 300 people earlier this year, the Congress spokesperson said that the government has failed to take effective measures to improve rail safety.

•    She criticised the slow implementation of Kavach, an anti-collision device, stating, “The reality is that even after 21 deaths, Kavach is being installed at a pace of 2 km per year, while the Railway Minister shamelessly calls these 'minor' incidents.” Shrinate’s remarks come amidst mounting public concern over the Modi government’s inability to secure rail travel in one of the world’s largest railway networks.

In addition to infrastructure and safety concerns, Shrinate accused the Modi government of making hasty policy decisions, only to later backtrack under public pressure. "If any of your decisions affect the country negatively, it won’t become law because the government will take a U-turn on it," she said. Among the key policy reversals Shrinate cited were:

•    Lateral entry: A controversial policy of hiring private-sector professionals for bureaucratic roles, which was quietly shelved.

•    Broadcast Bill: Withdrawn after fierce opposition, highlighting the government's poor handling of policy legislation.

•    Waqf Board Bill: Another example of the government's failure to gauge the impact of its decisions.

•    NPS to UPS: Indexation policy changes that were hastily reversed after protests from key stakeholders.

"Narendra Modi's first 100 days symbolise not just U-turns, but a government that is fundamentally unsure of its direction," Shrinate remarked.

"In 100 days, 104 heinous crimes have been committed against women, in which there are 157 victims. Women are raped publicly in BJP ruled states but Narendra Modi doesn't say a word on this. But how will you speak, because you are the one who stood with those who sexually exploited the daughters of the country," she added.

The Congress's sharp critique of the Modi government's first 100 days has set the tone for the coming months, as the opposition gears up for a series of state elections and prepares for the 2024 general election.

"The country cannot afford this level of instability, immaturity, and incompetence," Shrinate concluded, calling on citizens to hold the Modi government accountable for what she described as its "endless U-turns and policy failures."

In these 100 days, Congress has made clear that it will focus on highlighting the government’s missteps in the economy, public safety, and governance, presenting itself as a viable alternative in the face of what it calls "a government in retreat."

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News Network
September 9,2024

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Riyadh: External Affairs Minister S Jaishankar Monday met his Russian counterpart Sergey Lavrov here in the Saudi capital, days after President Vladimir Putin named India among the three countries he is constantly in touch over the Ukraine conflict.

Their interaction took place on the sidelines of the India-Gulf Cooperation Council (GCC) foreign ministers' meeting. Both the ministers are in the Saudi capital to attend ministerial meetings of the Gulf Cooperation Council.

"Russia’s Foreign Minister Sergey Lavrov held a meeting with Foreign Minister of India @DrSJaishankar," the Russian Foreign Ministry said in a post on X.

On Thursday, President Putin named India among the three countries he is constantly in touch over the Ukraine conflict and said they are sincerely making efforts to resolve it.

Speaking at the plenary session of the Eastern Economic Forum (EEF) in Vladivostok, Putin said, "If there is a desire of Ukraine to carry on with the negotiations, I can do that." His remarks came within two weeks after Prime Minister Narendra Modi's historic visit to Ukraine, where he held talks with President President Volodymyr Zelenskyy.

"We respect our friends and partners, who, I believe, sincerely seek to resolve all issues surrounding this conflict, primarily China, Brazil and India. I constantly keep in touch with our colleagues on this issue,” Putin was quoted as saying by Russia's TASS news agency.

Russian Presidential Spokesman Dmitry Peskov last week told the Izvestia daily that India could help in establishing a dialogue on Ukraine.

Underlining the existing "highly constructive, even friendly relations" between Modi and Putin, he said the Indian Prime Minister can "lead the line on getting first-hand information from the participants in this conflict," as he “freely communicates with Putin, with Zelenskyy, and with the Americans.” "This gives a great opportunity for India to throw its weight in world affairs, to use its influence that would drive the Americans and Ukrainians towards using a greater political will and entering the peaceful settlement track,” Peskov said.

He, however, said there are "no specific plans" for Modi to mediate on the issue.

"At this time they can hardly exist, as we do not see any preconditions for talks for now,” the Kremlin spokesman said.

Modi on August 23 visited Ukraine where he conveyed to President Zelenskyy that both Ukraine and Russia should sit together without wasting time to end the ongoing war and that India was ready to play an "active role" to restore peace in the region.

His nearly nine-hour visit to Ukraine, the first by an Indian prime minister since its independence in 1991, came six weeks after he held summit talks with President Putin that triggered anguish in some Western countries.

In his talks with Zelenskyy in Kyiv, Modi said India was on the side of peace since the beginning of the conflict and he would even like to contribute personally to a peaceful resolution of the crisis.

Jaishankar arrived in the Saudi capital Sunday on the first leg of his three-nation tour to attend the first India-Gulf Cooperation Council (GCC) foreign ministers' meeting.

The GCC is an influential grouping, comprising the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar and Kuwait. The total volume of India's trade with GCC countries stood at USD 184.46 billion in the financial year 2022-23.

From Riyadh, Jaishankar will travel to Germany where he will meet the German Foreign Minister as well as the leadership and other Ministers from the German government to review the entire gamut of bilateral relations. This will be his third bilateral visit to Berlin.

On the third and final leg of his trip, Jaishankar will visit Geneva.

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