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AIIEA to protest against LIC disinvestment

Employees of public sector general insurance companies will also show their support by holding demonstration outside their offices on that day.

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Life Insurance of India LIC

Chennai, Feb 1 : Opposing the government’s decision to list Life Insurance Corporation of India (LIC) through an initial public offering (IPO), the All India Insurance Employees’ Association (AIIEA) will first go on one hour walk-out strike on February 3 or 4, a top union leader said on Saturday.

“We are opposed to the move. We will first go on one hour walk-out strike on February 3 or 4. After that we will plan our further course of action,” AIIEA General Secretary Shrikant Mishra told IANS.

He said hat the process of listing LIC may not be easy as there are several procedures that have to be followed including the approval of the Parliament.

Mishra said the government was not able to attract any buyer for Air India and it has to show some blue chip disinvestment and hence, decided on LIC.

Employees of public sector general insurance companies will also show their support by holding demonstration outside their offices on that day.

“If listed and LIC turns into truly board managed than, the biggest cash cow may not be available for the government in its disinvestment process as it the case of listing of General Insurance Corporation of India, IDBI Bank and New India Assurance,” an industry official told IANS preferring anonymity.

“The pensioners of LIC and the four public sector general insurers will also join the protest,” J.Gurumurthy, vice President, All India Insurance Pensioners’ Association told IANS.

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Business

Real GDP growth to remain negative in H1, full fiscal: RBI Gov Shaktikanta Das

RBI MPC meet: More protracted spread of the pandemic, deviations from the forecast of a normal monsoon, and global financial market volatility are the key downside risks, said Das

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National debt under Modi govt surges
  • Covid-19 impact: India’s GDP to contract 6.1% in FY21, says Nomura
  • Coronavirus crisis: Banks should raise capital proactively, says RBI Governor Shaktikanta Das
  • Rising real lending rates causing steep slump in credit flows, GDP

Reserve Bank of India Governor Shaktikanta Das said that the real GDP growth of the country is expected to remain in the contraction zone. “Real GDP in the first half of the year is expected to remain in the contraction zone.

For the year 2021 as a whole real GDP growth is also estimated to be negative,” said Governor Das during the MPC presser on Thursday.

Das said that in case of an early containment of the COVID-19 spread, there could be an upside to the outlook. “More protracted spread of the pandemic, deviations from the forecast of a normal monsoon, and global financial market volatility are the key downside risks,” he added.

“As regards the outlook for growth, the MPC noted that the recovery of the rural economy is expected to be robust, buoyed by the progress in kharif sowing. Manufacturing firms expect domestic demand to recover gradually from Q2 and to sustain through Q1 2021-22. On the other hand, consumer confidence turned more pessimistic in July relative to the preceding round of the Reserve Bank’s survey. External demand is expected to remain anaemic under the weight of the global recession and 5 contractions in global trade,” Das stated.

He said that the MPC has noted that in such an environment of unprecedented stress, supporting recovery of the economy would assume primacy in the conduct of the monetary policy. “While the space for further monetary policy is available, it is important to use it judiciously to maximise the beneficial effects on the underlying economy,” Das highlighted.

Das said there were signs of recovery across the world. “Monetary Policy Committee noted that in India too, economic activity had started to recover, but surges of fresh infections have forced fresh lockdowns, hence several high-frequency indicators have levelled off,” he added.

Additionally, the MPC putting all debates to rest, left the repo rate unchanged at 4 per cent and would maintain an accommodative stance.

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Cities

Rains lash Mumbai, landslide at Malabar Hill

The IMD has forecast heavy to extremely heavy spells of rain in Mumbai and the coastal Konkan area in the next 24 hours.

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Mumbai Rains

Mumbai, Aug 6 : Intermittent heavy showers continued to lash Mumbai a day after it was battered and shattered by stormy weather that left a trail of destruction, fallen trees or branches, hundreds of vehicles submerged or broken down, officials said here on Thursday.

Overnight rains were reported from most parts of coastal Maharashtra including Mumbai, Thane, Palghar, Raigad, Ratnagiri, Sindhudurg, besides regions of Western Maharashtra like Kolhapur, Satara and Sangli.

A minor landslide occurred when a portion of a hillock at the posh Malabar Hill crashed down near Pedder Road, but luckily there were no casualties.

The IMD Mumbai said that the Mumbai city received 33.1 cms and the suburbs got around half or 16.2 cms rainfall.

In the past 24 hours, many areas of south Mumbai witnessed their maiden floods, including those which had escaped flooding during the July 26, 2005 Great Floods, when the city recorded a staggering 160 cms rainfall in a 24-hour period.

These include: Churchgate, Colaba, Marine Lines, Marine Drive, parts of the congested Kalbadevi, Dongri, Mohammed Ali Road, Byculla, Mazagaon, Grant Road, Charni Road, Mumbai Central, besides the traditional flood hotspots of Dadar, Parel, Sion, Matunga, Kings Circle, Wadala, Kurla, and several suburban areas.

Locals attribute this to the combined effects of the ongoing Mumbai Metro and Coastal Road works, though officials have not commented on the issue.

The gusty winds of upto 70 kmph on Wednesday uprooted over a hundred trees jamming many roads in south Mumbai, which the civic workers were busy clearing since night.

At least 250 commuters stranded in two trains between Byculla and Masjid Bunder stations on the CR were rescued by police and disaster teams with rubber boats sailing on the flooded tracks.

In some areas in south Mumbai, Kandivali, Dahisar, Kurla, Parel, Dadar, Wadala and Sion, water rushed into ground-floor homes, shops or offices in south Mumbai as incessant rains continued all day, and the subways in Dahisar, Malad and Andheri were flooded preventing east-west movement of traffic.

With thousands of commuters getting stranded, the BrihanMumbai Municipal Corporation (BMC) on Wednesday threw open around 130 civic schools to enable them spend the night there.

The IMD has forecast heavy to extremely heavy spells of rain in Mumbai and the coastal Konkan area in the next 24 hours.

Amid apprehensions of a 2005-like flood situation, Chief Minister Uddhav Thackeray reviewed the monsoon situation and the state government has kept around 15 NDRF teams in readiness for Mumbai, Thane, Palghar, Satara, Sangli and Kolhapur to help in any contingencies.

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India

Manoj Sinha is new Jammu and Kashmir Lt Governor

Much like his predecessor GC Murmu, Sinha’s greatest challenge will be to remove the sense of alienation keenly felt in the Valley.

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Manoj Sinha

The Centre’s choice of Manoj Sinha as Lieutenant Governor of Jammu and Kashmir is an intriguing one. Much like his predecessor GC Murmu, Sinha’s greatest challenge will be to remove the sense of alienation keenly felt in the Valley.

That sense of alienation, some have argued, was only compounded under ex-governor Satya Pal Malik under whose tenure the Valley saw the ‘fax pas’ saga in 2018 and then saw the state bifurcated into two Union Territories by the Centre.

Murmu, a bureaucrat described as hands-on and low-profile, was seemingly the perfect pick to follow Malik in the months after the abrogation of Article 370. But Sinha is a career politician in the vein of Malik.

Sinha, 61, a senior BJP leader from Uttar Pradesh and former Union minister, was part of the Narendra Modi government from 2014 to 2019. As per News18, Sinha, thought to be close to Modi and Home Minister Amit Shah, was considered a front-runner for the post of Uttar Pradesh chief minister after the BJP won the 2017 Assembly elections.

Born on 1 July, 1959, in Mohanpura of Ghazipur district of eastern Uttar Pradesh, Sinha started his political career when he was elected the president of Banaras Hindu University Students Union in 1982. He was elected to the Lok Sabha for the first time in 1996 and again in 1999. He has been actively involved in working for the backwards villages of the region.

Sinha, a member of the BJP national council from 1989 to 1996, was elected to the Lower House for a third term in national politics when the BJP swept the Lok Sabha elections in 2014. He was former minister of state for railways and later held an Independent charge of Ministry of Communication.

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