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Bharatiya Mazdoor Sangh ‘strongly opposes’ FM’s plans on privatisation

It also flayed the proposals to increase in Foreign Direct Investment in defence production from 49 to 74 per cent as well as privatisation of Ordnance Factory Board.

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Nirmala Sitharaman

New Delhi, May 16 : RSS-affiliated Bharatiya Mazdoor Sangh on Saturday “strongly opposed” the announcements on privatisation in eight sectors of the Indian economy made earlier in the day by Union Finance Minister Nirmala Sitharaman.

The trade union said it was a “sad day” for the country that the announcements on privatisation in eight sectors showcased a dearth of ideas in the Central government.

The BMS said privatisation was against national interests and the Indian economy was not going to bounce back on the basis of “failed ideas”.

Expressing “dismay” over what it called lack of appropriate ideas to strengthen the sagging economy, the Rashtriya Swayamsevak Sangh-affiliated body said the Centre’s stand that there was no other option to privatisation in coal, minerals, defence production, airports and airport management, power distribution, space, and nuclear energy indicated lack of ideas with the Central government.

Pointing out that workers were affected the most by any change, privatisation would mean job losses on a large scale and a dearth of quality jobs.

It would lead to profiteering and exploitation of the workforce, the BMS claimed and said that the government was bringing about a change without any social dialogue which was the essence of democracy.

The BMS said the Central government was shying away from holding discussions and consultations with trade unions.

“It is our recent observation that private players and markets flopped in the recent crisis situation and only the public sector of India had played an important role,” the trade union said.

The BMS said that setting aside Rs 50,000 crore for the privatisation of coal sector was “objectionable”, adding that auction of 500 mining blocks, including those of bauxite and coal, was against national interests.

It also flayed the proposals to increase in Foreign Direct Investment in defence production from 49 to 74 per cent as well as privatisation of Ordnance Factory Board.

The trade union said auction of six airports for Rs 13,000 crore and privatisation of discoms in metro cities was also against the long-term interests of India.

It also cautioned that privatisation of the space sector could be detrimental to national security, adding that start-ups were not capable of meeting the challenges faced in the sector.

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Government hints at incentives for resumption of film, TV production

“To accelerate the restart of filmmaking that had come to a standstill as a result of COVID, we are also coming up with incentives of production in all sectors, including TV serials, film-making, co-production, animation, gaming. We will be announcing these measures shortly,” Union Minister for Information and Broadcasting Prakash Javadekar said on Tuesday..

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PRAKASH JAVEDAKAR-WEFORNEWS

Union Minister for Information and Broadcasting Prakash Javadekar has announced that the government will soon issue Standard Operating Procedures to boost resumption of film production, at a time when the nation is witnessing the unlocking phase after the lockdown.

“To accelerate the restart of filmmaking that had come to a standstill as a result of COVID, we are also coming up with incentives of production in all sectors, including TV serials, film-making, co-production, animation, gaming. We will be announcing these measures shortly,” the minister said on Tuesday while speaking at the 21st edition of FICCI Frames.

Owing to the COVID- 19, this year the annual event was held virtually instead of being organised near Powai Lake, where it normally takes place.

The FICCI Frames Virtual Summit will continue till July 11.

As the nation witnesses a phased opening up of the Covid-19 induced lockdown, film industries across the country prepare to get back to action.

On Tuesday, Bollywood actress Taapsee Pannu took to Instagram Stories to announce she was back at work. She gave a glimpse of her make-up vanity room, sharing that she has started shooting amid the ongoing coronavirus pandemic.

“Let’s do this. #BackToWork,” Taapsee captioned the image.

Also on Tuesday evening, trade analyst Taran Adarsh announced that a new Bengali film titled “SOS Kolkata” will be going on floors on Wednesday. The film starring Yash, Nusrat Jahan, Mimi Chakraborty, Sabyasachi Chakraborty and Shantilal Mukherjee in key roles, is slated for a Durga Puja release this year.

In Mumbai, Ekta Kapoor recently resumed shooting for her daily soap “Naagin 4”.

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Economic mismanagement a tragedy, will destroy millions: Rahul Gandhi

The Congress leader has been raising the issue of economic problems Indians are facing due to the lockdown amid coronavirus pandemic.

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Rahul Gandhi

New Delhi, July 7 : Reacting to a research report that Indians are worst-hit on the economic front and that 8 out of 10 rural households had lost income during the coronavirus pandemic, Congress leader Rahul Gandhi on Tuesday alleged that the economic mismanagement was a tragedy that was out to destroy millions.

“India”s economic mismanagement is a tragedy that is going to destroy millions of families,” he tweeted.

He said that it would no longer be accepted silently.

The Congress leader has been raising the issue of economic problems Indians are facing due to the lockdown amid coronavirus pandemic.

Rahul Gandhi was quoting research by University of Chicago and Centre for Monitoring Indian Economy, which said that 80 per cent rural and 75 per cent urban households have suffered loss in income.

Congress General Secretary KC Venugopal in a statement on Tuesday said that the country lost nearly 13 crore jobs, with many states reaching unemployment figures of 40 per cent.

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HDFC Bank cuts interest rates on loans by 20 bps

Banks review MCLR every month. Last month the HDFC Bank had reduced MCLR across tenors by 5 bps.

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HDFC Bank

Mumbai, July 7 : The HDFC Bank has reduced the marginal cost of funds-based lending rates (MCLR) on loans across tenors by 20 basis points with immediate effect.

Following the reduction, MCLRs of the bank will range from 7.10 per cent to 7.65 per cent.

The bank”s overnight MCLR now stands reduced to 7.10 per cent and its one-month MCLR is 7.15 per cent. One-year MCLR will now be 7.45 per cent, while three-year MCLR stands at 7.65 per cent.

Banks review MCLR every month. Last month the HDFC Bank had reduced MCLR across tenors by 5 bps.

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