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Finance Minister Sitharaman targets Manmohan, Rajan for the present economic mess

Finance Minister Nirmala Sitharaman has accused the Manmohan Singh-Raghuram Rajan combination for the present economic crisis. Pointing at bad loans in state-run banks when the Congress-led United Progressive Alliance was in power, Sitharaman held the former PM and ex RBI Governor responsible.

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Finance Minister Sitharaman

Finance Minister Nirmala Sitharaman has accused the Manmohan Singh-Raghuram Rajan combination for the present economic crisis. Pointing at bad loans in state-run banks when the Congress-led United Progressive Alliance was in power, Sitharaman held the former PM and ex RBI Governor responsible for subjecting public sector banks to their “worst phase”.

“I have no reason to doubt that Rajan feels for every word of what he is saying. And I’m here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of the Reserve Bank of India, had. At that time, none of us knew about it,” the Finance Minister said at the Columbia University’s School of International and Public Affairs on Tuesday.

Ms Sitharaman took a leaf out of the BJP’s attacking set pieces, often used in election speeches, to criticise the two economists. “It was in Rajan’s time as Governor of the Reserve Bank that loans were given just based on phone calls from crony leaders, and public sector banks in India till today are depending on the government’s equity infusion to get out of that mire,” she said, drawing laughter from the audience.

Bad loans of PSBs rose from Rs. 9,190 crore in 2011-2012 to Rs. 2.16 lakh crore in 2013-2014, according to the RBI. The National Democratic Alliance government came to power in May 2014.

Sitharaman has been busy answering questions over a slowdown in the economy, which is affecting key sectors from manufacturing to finance. She had announced a corporate tax cut in September aimed at boosting the economy but after initial boom, the move did not pay off.

Both, the former Prime Minister Manmohan Singh and ex RBI Governor Raghuram Rajan, are fierce critics of the economic policies of the government led by Prime Minister Narendra Modi. They had raised their voice over demonetisation, saying that the move broke the back of the cash-dependent informal economy.

“…I do respect Raghuram Rajan as a great scholar who chose to be in the central bank in India at a time when the Indian economy was all buoyant,” Ms Sitharaman said at the lecture at the university in New York City, organised by the Deepak and Neera Raj Centre on Indian Economic Policies. Former chairman of the government’s think tank NITI Aayog, Arvind Panagariya; economist Jagdish Bhagwati, and India’s Consul General in New York, Sandeep Chakravorty, attended the event.

2024 Lok Sabha Elections

PM Modi calls for a strong government, says even enemies think 100 times before doing anything

PM Modi pointed out that Pakistan had been troubling India for 70 years and it had bombs in its hands. But today the situation has changed and it has begging bowl in its hands. He said when there is a strong government, enemies tremble

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PM Modi calls for a strong government, says even enemies think 100 times before doing anything

Prime Minister Narendra Modi addressed an election rally in Haryana’s Ambala on Saturday and said India’s enemies think 100 times before doing anything against the country when there is a strong government at the Centre. Haryana, which has a total of 10 Lok Sabha seats, will vote in the 6th phase on May 25. In 2019 elections BJP claimed victory in all 10 seats.

PM Modi pointed out that Pakistan had been troubling India for 70 years and it had bombs in its hands. But today the situation has changed and it has begging bowl in its hands. He said when there is a strong government, enemies tremble. Addressing the election rally at Ambala the prime minister asked if a weak government could have changed the situation in Jammu & Kashmir? He recalled the times when there was a Congress government and brave mothers of Haryana used to be worried day and night. He said it has been 10 years now and all of that has stopped.

PM Modi recounted BJP government’s achievements and said they had demolished the wall of Article 370 and Kashmir started moving on the path of development. The prime minister said that a total of 17 days remain to go for 4th June.  He further added that until now in 4 phases of elections, Congress and the INDI Alliance, chaaron khaane chitt ho chuke hain. He said whatever tactics the INDI Alliance used for the country have all been beaten by the public itself.

Addressing the election rally PM Modi said Haryana is a state which has patriotism in its veins and knows anti-national forces very well. The prime minister guaranteed to the people that their dreams are his resolution. PM Modi said there are 4 pillars of Viksit Bharat – poor, youth, women and farmers and he wants to strengthen all these pillars in such a way that the nation becomes strong.

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2024 Lok Sabha Elections

Mallikarjun Kharge accuses PM Modi of inciting people and dividing society through his election speeches

Kharge said no prime minister before Modi has ever indulged in inciting people like he has been doing. He said the prime minister speaks about democracy repeatedly but does not adhere to the tenets of democracy.

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Congress president Mallikarjun Kharge on Saturday attacked Prime Minister Narendra Modi for inciting people and dividing society through his election speeches. Kharge was addressing a press conference of the INDIA bloc, where Shiv Sena (UBT) president, Uddhav Thackeray NCP (SP) chief Sharad Pawar and other leaders were present.

Kharge said no prime minister before Modi has ever indulged in inciting people like he has been doing. He said the prime minister speaks about democracy repeatedly but does not adhere to the tenets of democracy. Responding to PM Modi’s statement that the Congress will bulldoze the Ram mandir in Ayodhya and also restore Article 370 if the INDIA bloc is voted to power Kharge said, they have never used a bulldozer on anyone. The Congress president said PM Modi has the habit of lying and inciting people about things which Congress will never do or the things that are impossible to be implemented.

Kharge further added that he is not answerable to Modi and the Congress will implement what they have promised in their election manifesto. He accused PM Modi of creating divisions wherever he went he tries to create division, speaks of dividing society. Kharge further added that PM Modi had described the Congress manifesto as Muslim League manifesto, but now he is calling it as a Maoist manifesto.

The Congress President assured that reservation has been enshrined in the Constitution which will continue and nobody can touch it. Speaking at the press conference Thackeray said, Achche din are coming from June 4 (when Lok Sabha election results will be declared) when INDIA bloc-led government will come to power at the centre. Thackeray pointed out PM Modi calls Shiv Sena (UBT) as the nakli (fake) Shiv Sena, and there is a possibility that tomorrow he may call RSS as nakli Sangh.  

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India News

Delhi Police arrest Bibhav Kumar for allegedly assaulting AAP MP Swati Maliwal

In her complaint, Swati Maliwal accused Arvind Kejriwal’s personal assistant of repeatedly slapping her and kicking her in the stomach and pelvic area when she went to the Delhi Chief Minister’s residence on May 13.

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The Delhi Police on Saturday arrested Bibhav Kumar, aide and former personal secretary of Delhi CM Arvind Kejriwal in connection with the alleged assault of AAP MP Swati Maliwal. The development comes 2 days after Delhi Police registered a case against Kumar following a complaint by Maliwal. In her complaint, Maliwal accused Arvind Kejriwal’s personal assistant of repeatedly slapping her and kicking her in the stomach and pelvic area when she went to the Delhi Chief Minister’s residence on May 13.

On Saturday, AAP minister Atishi claimed the BJP made Swati Maliwal file the FIR using an old ACB case as leverage. She said Anti Corruption Bureau of the BJP has filed a case against Swati Maliwal regarding the illegal recruitment of contractual employees in Delhi Commission for Women. A chargesheet has been filed and the time of conviction is coming and the AAP party said that it believes that Swati Maliwal is being included in the conspiracy by using this case. Atishi said how the entire machinery of BJP, from Delhi Police to the MHA is working, was seen yesterday in Tis Hazari Court.

On Friday, the Delhi Police took Swati Maliwal to the Delhi chief minister’s residence to recreate the crime scene. Her statement was recorded before a magistrate at the Tis Hazari court. A counter-complaint has been filed by Bibhav Kumar with the Civil Lines police station in which he alleged that Maliwal had forcefully and unauthorised entered the Delhi CM’s residence.

 He also claimed that the former Delhi Commission for Women chairperson tried to create a ruckus and assault him. Kejriwal’s aide also claimed that the Rajya Sabha MP intended to harm the AAP chief and he strongly objected. Bibhav Kumar said a copy of the FIR has been sent to all the media houses by the BJP but BJP’s police are saying that they cannot give it to the accused.

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