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Economic crisis due to failed Modi govt policies: Congress

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surjewala modi

New Delhi, Aug 14 : Taking a swipe at the Narendra Modi government, the Congress here on Wednesday said the economy was dwindling because of the Bharatiya Janata Party’s (BJP) failed policies.

“The automobile sector has witnessed the worst slowdown in the last 19 years and around 10 lakh jobs were at the stake. This is the result of the failed policy of the BJP government. After demonetisation and the goods and service tax (GST), the BJP government has failed to arrest the decline. When will the thoughtless BJP government wake up?,” Congress spokesperson Randeep Singh Surjewala said.

The Congress has also posted a video on the deteriorating economy on party’s official twitter account. In the video, a woman explains how the government failed to lift the economy and how it was heading for a slowdown.

She goes on to explain how the BJP has turned into a Bhartiya Jhooti Party and how nothing has changed in the last few months after the Modi government stormed back to power at the Centre.

In the video, the party explained that India’s economy slipped from fifth to seventh position, which is self-explanatory.

Pointing to Modi’s dream of making the India a $5 trillion economy, she said for that the country GDP must grow at 9 per cent, whereas we are already 2-3 per cent down.

The party said the unemployment was at 45-year high and investment at 15-year low. The total workforce has shrunk 9.1 million between 2011-12 and 2017-18.

Hit Bollywood numbers too have been incorporated in the video to make it intersting.

India

SC to hear Chidambaram’s bail plea

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New Delhi, Nov 18 The Supreme Court on Monday agreed to hear former finance minister P. Chidambaram’s bail plea in the INX Media money laundering case.

A bench headed by Chief Justice S.A. Bobde said that the court will hear the plea either on Tuesday or Wednesday.

Chidambaram’s counsel Kapil Sibal moved his bail plea and sought an urgent hearing in the Supreme Court, challenging the Delhi High Court order denying him bail.

The Delhi High Court on Friday rejected the bail application of the Congress leader in the Enforcement Directorate’s case relating to the INX-Media.

A single-judge bench of the High Court, presided by Justice Suresh Kumar Kait, turning down the plea for relief observed that the allegations against the veteran politician are “serious” in nature and that the case is not fit for granting him bail.

The Enforcement Directorate, which is probing the money laundering case, had arrested Chidambaram last month. He is currently under judicial custody in Tihar Jail.

While opposing the bail plea, the agency asserted that Chidambaram used the high office of the country “for his personal gains”.

The INX media case pertains to alleged irregularities in the Foreign Investment Promotion Board (FIPB) clearance to the media group for receiving overseas funds in 2007 when Chidambaram was the Union Finance Minister.

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Maharashtra govt formation: Pawar to meet Sonia Gandhi at 5 pm

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Ahmad Patel and Sharad Pawar

New Delhi, Nov 18 Nationalist Congress Party (NCP) supremo Sharad Pawar will meet Congress interim President Sonia Gandhi on Monday evening to hold discussions on forming the government in Maharashtra along with Shiv Sena .

“We fought the election with Congress, so I am meeting with Sonia Gandhi at 5pm. BJP and Shiv Sena had an alliance in Maharashtra. Ask BJP what they want to do ,” Pawar said.

“BJP-Shiv Sena had an alliance in Maharashtra, they have to choose their path there. NCP had an alliance with Congress, so I am going to meet Sonia today evening,”he added.

hiv Sena MP Sanjay Raut: There is no going back to BJP. Shiv Sena is in the process of government formation in Maharashtra. But there are three parties NCP, Shiv Sena and Congress. That is why it is taking some time but it is eventual. Shiv Sena will form the government by first week of December.

Shiv Sena MP Sanjay Raut said, ” There is no going back to BJP. Shiv Sena is in the process of government formation in Maharashtra. But there are three parties NCP, Shiv Sena and Congress. That is why it is taking some time but it is eventual. Shiv Sena will form the government by first week of December.”

Raut added, “The farmers of Maharashtra are being neglected. If there is President’s rule, why is BJP not acting.”.

The common minimum programme of the grand alliance for the government formation in Maharashtra has already been drafted.

He also said the NCP wants the Congress to be part of the government.

Pre-poll allies BJP and Shiv Sena contested the October 21 Assembly polls together. The BJP bagged 105 out of 288 seats while Shiv Sena managed to win 56 seats. However, the alliance fell apart after Shiv Sena chief Uddhav Thackarey demanded rotational chief ministerial post, a demand denied by the BJP.

On the other hand, the Congress and the NCP won 44 and 54 seats, respectively in the state.

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FM to table Chit Fund Amendment Bill in LS

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Nirmala Sitharaman

New Delhi, Nov 18: Parliament will take up the Chit Fund (Amendment) Bill, 2019 on the first day of the session, which is aimed at putting in place a mechanism to ensure transparency in chit fund schemes and protect subscribers and regulate the industry. Union Finance Minister Nirmala Sitharaman will table the bill.

The government wants the legislation — Chit Fund (Amendment) Bill, 2019 — to sail through. The bill has been through a Standing Committee for scrutiny.

The bill is a pending legislation to put in place a mechanism to ensure transparency in chit fund schemes and protect subscribers. The government had earlier in 2018 introduced a bill to regulate the chit fund industry but it had lapsed. The bill was introduced in the Lok Sabha in March 2018 and later referred to the standing committee on finance for scrutiny.

The parliamentary panel had suggested the government to incorporate elements of insurance coverage for subscribers, among others. It also noted that mobilising short-term funds to meet various personal needs has been a chronic problem faced by the general public in developing countries like India.

The bill was brought in the wake of a number of such schemes blowing up in the recent past, leaving several subscribers penniless.

During the Budget session in August, Minister of State for Finance Anurag Thakur had introduced the Chit Funds (Amendment) Bill, 2019.

The amendments have been proposed to facilitate orderly growth of the chit fund sector, to remove bottlenecks and enable greater financial access to people, as per the bill.

With the amendments, the prescribed ceiling of aggregate chit fund amount for individuals would be raised to Rs 3 lakh from Rs 1 lakh and Rs 18 lakh from Rs 6 lakh for firms.

Besides, words ‘gross chit amount’, ‘share of discount’ and ‘net chit amount’ would be substituted with ‘chit amount’, ‘dividend’ and ‘prize amount’, respectively, in the Act.

Another change proposed would confer powers upon the state government concerned to specify the amount up to which any chit fund shall be exempted under the Act.

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