Connect with us

Politics

Don’t play with India’s economic sovereignty: Congress to PM Modi

Published

on

Manish Tewary

New Delhi, Nov 6: The Congress on Tuesday accused the Narendra Modi government of playing with India’s economic sovereignty by trying to demolish the Reserve Bank of India (RBI) and seeking transfer of Rs 3.6 lakh crore or one-third of the central bank’s reserves.

The Congress said if the “unprecedented” demand by the Modi government was allowed to materialise it would tantamount to the “great Indian bank robbery”.

“Rs 36,00,00,00,00,000, that’s how much the Prime Minister (Narendra Modi) needs from the RBI to fix the mess his genius economic theories have created. Stand up to him Mr. Patel. Protect the nation,” Congress President Rahul Gandhi tweeted ridiculing Modi’s economic policies that have messed up the Indian economy, urging the RBI Governor Urjit Patel to resist the Centre’s demand at all cost.

Later addressing the media, Congress spokesperson Manish Tewari said: “The RBI has been strongly resisting the unprecedented demand by the government. But if this demand were to fructify, this would tantamount to great Indian robbery.”

Citing reports that the Modi government “may have invoked” section 7 of the RBI Act to get its wish fulfilled, Tewari said such a move was unprecedented and reflected the government’s bid to demolish the central bank’s autonomy.

“This is going to have a profound implication on the macroeconomic stability of India as it is the RBI’s autonomy which provides confidence to foreign and Indian investors with regard to the stability of the Indian economy.

“The Modi government wants to demolish that confidence and demolish the RBI in the process,” said the former Union Minister asserting that the Congress would strongly resist the government’s move to demolish the RBI autonomy.

Tewari alleged that the Modi government was seeking the money to dole out freebies ahead of the 2019 general elections.

“The Modi government is prepared to play with the economic sovereignty of India and the reasons for it are the mounting fiscal and current account deficits.

“The government revenues are not growing because the economy has shrunk because of their policies. In order to bridge the fiscal deficit, the government has started eying the RBI reserve.

“What is even more disturbing is they want to use the money to give out freebies before the 2019 Lok Sabha elections,” said Tewari accusing the Modi government of playing with India’s national interest.

He said that the RBI was extremely concerned over attempts to curb its economy and “if the push comes to shove”, then all options including legislative and judicial were open for it to safeguard the Indian economic sovereignty.

IANS

Election

‘Operation Shakti’ in the vanguard of Congress march to LS polls

Published

on

Congress

New Delhi, Jan 21 : To understand what was at the core of Operation Shakti, IANS caught up with its centrifuge Praveen Chakravarty to understand what the Congress was attempting for the BJP had them on the run till recently.

As he says, “I was quite sanguine initially on this whole metamorphosis but when I saw the Congress President calling a worker by name and talking to him and the response that he was getting, I realised that the wisdom of the crowds could not be faulted, involve the people in everything which is the real offshoot of true democracy or peoplecracy.

“That is how 30,000 people were surveyed in Delhi to find out who should be Congress President for Delhi.

“In fact every candidate was selected in the three north and middle India states using this interface, including the Chief Ministers. The template being ‘Wisdom of the Crowds’, a seminal book by James Surowiecki, New Yorker business columnist with boundless erudition explores the simple idea of large groups of people are smarter than an elite few, no matter how brilliant and better at solving problems, fostering innovation, coming to wise decisions and even predicting the future.

“Data is available, my experience and expertise as a political scientist helped and one found over a six month period that data is pure gold and that is what one needed to plug and play into.”

Apparently, the Congress President is an extraordinary believer in the objectivity of data and the primacy of this being the gold standard to crack the election code.

Chakravarty, a former Goldman Sachs Wall Street banker — who worked with Nandan Nilekani in the past in UIDAI and then in Manmohan Singh’s PMO — the Wharton-educated data scientist known as ‘Chucky’ says, “We have learned a lot from these state elections — what worked, what didn’t — and have started transposing this learning for the Lok Sabha elections.

“Plans are now afoot to craft our campaign accordingly, this is work in progress and it it will be done after collecting ground zero feedback from multiple locations.

“It will be ground up in terms of choice of candidate, mediums of communication, issues at hand, the whole ball of wax. All my output goes directly to the Congress President only. He then gives direction on the way forward.”

The battle of 2019 will be fought across 2,00,000 polling booths and the issues will vary from place to place.

For instance in the state elections, just to give a flavour, the Congress found that landless farmers and youth were livid over in DeMo in Bhopal. Upper caste wanted reservation somewhere else etc.

Chucky studied at BITS Pilani and worked with IBM in Japan and at Microsoft on Windows 95 and did his Masters from Wharton before plunging into the high jinks world of investment banking only to move back to India in 2005.

His belief is that there is no general election in India, it is a sum of parts as 29 states go to the polls at the same time.

As he added, “National election is a myth. Our approach is to attack each state differently for every state has myriad problems. Our incessant surveys and people inputs have shown us that Notebandi resulted in a scarcity of jobs, it transcended across class, gender, economic strata. It’s overnight announcement in that it became law as of midnight November 8, broke the back of the people in this country.”

The Congress is buoyant on its Gabbar Singh Tax stratagem which it claims has worked. They will take on an incumbent in Narendra Modi but a defiant Prime Minister whose people connect skills are unquestionable. Somewhere in this convoluted narrative, the Congress is expected to focus on the economy for it reckons that the economy is resembling a shipwreck.

At the vanguard of the Congress electioneering campaign will be “scarcity of jobs, pricing erosion for farmers, ever-lowering demand for MSMES, another casualty of ‘notebandi’, which will bring the focus back on the economy and how it is hurting people of all hues”.

Chucky also confirmed that another imperative was the Reserve Bank of India (RBI), which worked consistently with the voter as the GOP tried to pinpoint areas of economic weakness which included the emasculation of the venerable institution.

The Congress morale is upbeat as if it has been given an adrenaline shot, winning helps and three states are like ‘sone pe suhaga’. New elements have been introduced in the Congress campaign, there is freshness in its approach in the main people connect.

The BJP won 62 out of 65 LS seats in the 2014 general elections in Rajasthan, MP and Chattisgarh. Empirical data from these state polls reveals that they have lost 50 of these if LS polls were to take place today. Of course, state polls, by polls and general hustings are fought on different issues.

In parallel with the general elections, three important states will go to the polls — Andhra Pradesh, Odisha and possibly Jammu and Kashmir.

Immediately after the national polls, Maharashtra, Haryana and Jharkhand will go to polls.

The Congress won 206 seats in the 2009 polls to romp home as the single largest party, but by December 2013, after various state polls, the total had been reduced to 106 if one was to collate assembly poll data.

So, if the Congress ended up with 44 in May 2014, it was no surprise, for the erosion was rapid and severe. Not a similar litmus test awaits the BJP besieged by incumbency.

(The first part of the story was carried on Sunday by IANS)

Continue Reading

Election

Congress, opposition doing negative politics over EVMs sensing defeat in 2019 elections: BJP

His remarks came soon after a person named Syed Suja, who claimed that he was part of the team which designed EVMs in India.

Published

on

New Delhi, Jan 21 (IANS) Accusing the Congress and other opposition parties of indulging in ‘negative politics’ over the electreonic voting machines (EVMs), the BJP on Monday hit out at them, saying that sensing defeat in the coming elections, they have started spreading such rumours.

“There are a few powers behind the hacking, which has hacked the brain of Congress and Congress is working with that mindset,” Union Minister Mukhtar Abbas Naqvi told reporters here.

His remarks came soon after a person named Syed Suja, who claimed that he was part of the team which designed EVMs in India.

Defending the EVMs, Naqvi said the Election Commission (EC) has number of times asked the political parties to approach it and give evidence over the issue of hacking EVMs. “But they never approached the Commission,” Naqvi said.

“Before elections they (opposition) have started blaming EVMs as they have realised their defeat in the coming elections. They have realised the mood of the people and nation ahead of elections,” he said.

“Congress and a few of its friends are doing negative politics over EVMs,” he alleged.

Continue Reading

Politics

2019 Battle is between Thugbandhan and JanBandhan: Congress

Published

on

Abhishek Manu Singhvi

New Delhi, Jan 21: The Congress on Monday targetted Prime Minister Narendra Modi saying the upcoming battle is between Thugbandhan and people’s JanBandhan.

Addressing a press conference, Senior Congress leader Abhishek Manu Singhvi, “the arrogance of PM Modi and the BJP, who claim there’ll be anarchy if they are not in power, is in fact a display of fear and nervousness”.

“The convergence of political forces opposed this rotten dispensation has led to panic in BJP and PM Modi”.

“By mocking the coming together of people for the well being of the country, Modi govt is trying to divert attention from its failures in farm sector and scams like Rafale. There is indeed a financial anarchy in the country today”.

Continuing his attack, the Congress leader stated “The most unethical alliance took place in Jammu & Kashmir between BJP and PDP”.

Singhvi also hit out at the ruling government over the hike in bank frauds.

“Last year there was a 72% spike in bank frauds. Country’s debt has increased by 50%”, he said.

WeForNews

Continue Reading
Advertisement

Most Popular