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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.

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Acharya Balkrishna acquitted in 15-year-old forged documents case

Acharya Balkrishna has been acquitted by a Dehradun CBI court in a 15-year-old case involving allegations of obtaining a passport using forged documents.

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Acharya Balkrishna, a close associate of Yoga Guru Ramdev and general secretary of Patanjali Yogpeeth, has been acquitted in a 15-year-old case involving allegations of obtaining a passport using forged educational and other documents.

The Special Judicial Magistrate (CBI) court in Dehradun also acquitted Naresh Chandra Dwivedi, who was accused of providing the alleged forged documents to Balkrishna.

The Central Bureau of Investigation (CBI) registered the case and began its investigation in 2011 following a complaint alleging that Balkrishna was a Nepali national who had obtained an Indian passport using forged documents.

The case involved allegations related to the procurement of a passport on the basis of forged educational and other documents. After a prolonged legal process, the court acquitted Balkrishna and Dwivedi.

The Special Judicial Magistrate (CBI) court in Dehradun acquitted both accused in the case.

Naresh Chandra Dwivedi was facing allegations of providing forged documents to Balkrishna. The court’s verdict brought the 15-year-old proceedings to an end with the acquittal of both accused.

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Delhi buildings over 50 years old may face safety audits after Satya Niketan collapse

The Centre is considering regular safety audits of DDA buildings more than 50 years old following the deadly Satya Niketan collapse.

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Haryana CM Manohar Lal Khattar

The Centre is considering a plan to conduct safety audits of Delhi Development Authority (DDA) buildings that are more than 50 years old, Union Housing and Urban Affairs Minister Manohar Lal Khattar said on Monday.

The proposal comes a day after a five-storey building in Delhi’s Satya Niketan collapsed, killing seven people and trapping several others under the debris.

Khattar said the Ministry of Housing and Urban Affairs is examining the proposal for safety audits of older DDA buildings. Under the plan, such buildings could undergo audits at intervals of 10 years, five years and three years.

Safety audits proposed for older DDA buildings

According to the minister, the government is looking at a system under which DDA buildings crossing the 50-year mark would undergo periodic safety assessments.

The proposal is aimed at identifying structural safety concerns in ageing buildings and ensuring that necessary action can be taken.

Khattar also said the Municipal Corporation of Delhi should take action at its own level to prevent similar incidents.

“I am deeply saddened by the heart-wrenching incident that occurred yesterday at Satya Niketan in Delhi,” Khattar said.

Proposal follows Satya Niketan building collapse

The proposed safety audit plan comes after a five-storey building in Satya Niketan, near Delhi University’s South Campus, collapsed on Sunday.

The building collapsed during repair work, killing seven people. Twelve people were rescued during the operation, according to the report.

The incident has renewed concerns about the safety of ageing and vulnerable structures in the national capital.

Khattar’s proposal specifically concerns DDA buildings that are more than 50 years old, while the minister also called for action by the Municipal Corporation of Delhi to prevent such incidents.

Possible audit intervals under consideration

The ministry is considering safety audits at different intervals, including:

  • Every 10 years
  • Every five years
  • Every three years

The details of the proposed system, including how the audits would be implemented, are yet to be finalised.

The proposal comes amid heightened scrutiny of building safety in Delhi following the Satya Niketan collapse.

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Nandigram bypoll on October 6 after Suvendu Adhikari vacates seat

The Election Commission has announced October 6 as the polling date for the Nandigram bypoll, with votes to be counted on October 9.

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Suvendu-Adhikari

The Election Commission has announced the schedule for the Nandigram bypoll in West Bengal, with voting set to take place on October 6. The counting of votes will be held on October 9.

The by-election has been necessitated by Chief Minister Suvendu Adhikari vacating the Nandigram Assembly seat after winning the constituency as well as Bhabanipur in the 2026 West Bengal Assembly elections. Adhikari decided to retain Bhabanipur and give up his Nandigram seat.

The Election Commission said the poll process will formally begin with the issue of the gazette notification on September 9.

Nandigram bypoll schedule

According to the election schedule, candidates can file their nominations until September 16. The nomination papers will be scrutinised on September 17, while September 19 will be the last date for withdrawal of candidature.

Polling in Nandigram will be conducted on October 6 and votes will be counted on October 9. The Election Commission has said the entire election process will be completed by October 11.

Why is a Nandigram bypoll being held?

The Nandigram Assembly seat fell vacant after Suvendu Adhikari resigned from the constituency.

Adhikari had contested the 2026 West Bengal Assembly elections from both Nandigram and Bhabanipur and won both seats. He subsequently chose to retain Bhabanipur and vacate Nandigram, making a by-election necessary for the constituency.

The Nandigram contest is also significant because Adhikari had defeated Trinamool Congress chief Mamata Banerjee from the constituency in the 2021 West Bengal Assembly election.

Rejinagar bypoll also scheduled

The Election Commission has also announced a by-election for the Rejinagar Assembly constituency in West Bengal. The Rejinagar seat became vacant after Aam Janata Unnayan Party founder Humayun Kabir gave it up.

Polling for Rejinagar will also be held on October 6, with counting scheduled for October 9.

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