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Rajiv Bajaj: Surprised not enough people standing up; Demonetisation caused de-growth, job losses

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Rajiv-Bajaj

Mumbai, February 17: Industrialist Rajiv Bajaj on Friday blamed government’s demonetisation drive for causing a double-digit de-growth for the industry and job losses.

Just a day before, Managing Director of two- and three-wheeler major, Bajaj Auto had termed the demonetisation drive as a “wrong” idea at a summit.

In an interview to NDTV Profit, the auto industry major said “The experience of Bajaj (Auto) has been no different from that of the industry as far as the demonetisation is concerned.”

He added, be it motorcycle industry or three-wheeler industry, demonetisation has hit us hard, especially so for the three-wheeler industry which is cash dependent.

There has been a double-digit de-growth of the industry purely and directly as a result of this (demonetisation). I am personally, surprised that not enough people are standing up and saying anything: Rajiv Bajaj

Besides de-growth, Bajaj blamed demonetisation for job losses.

He pointed out, “a large supplier of mine who supplies to Bajaj and others like Yamaha and Honda told me in December that he alone had to let go 3,000 people as a result of downturn in demand across all his customers.”

On Thursday at the annual Nasscom leadership forum which was held here on Thursday, he had said,If the idea (demonetisation) is not working, don’t blame execution. I think your idea itself is wrong.”

On November 8, 2016, Prime Minister Narendra Modi had announced the demonetisation of Rs 500 and Rs 1,000 currency notes. These were replaced by new notes of Rs 500 and Rs 2,000 denomination notes.

As per the data available with the Reserve Bank of India, 84 per cent worth of total currency under circulation at the time of November 8 announcement was demonetised.

Wefornews Bureau

Cities

FIR lodged against Shia Waqf Board chief for hurting sentiments of Sunnis

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Mumbai, Dec 18 : An FIR has been registered at JJ Marg police station against Uttar Pradesh Shia Central Waqf Board chief Waseem Rizvi by a Mumbai based organisation Raza Academy, for allegedly hurting religious statements of Sunni Muslims.

Earlier, the case was lodged against Rizvi on the basis of a complaint of the Sahaba Action Committee at Lucknow ‘s Chowk Police station.

In the complaint, the Sahaba Action Committee claimed that Rizvi had offended the members of Sunni sect of Islam by his remarks over their Caliphs.

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India

India retaliates after Pakistan violates ceasefire along LoC in Poonch

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Pulwama encounter

Srinagar, Dec 18 : India is strongly retaliated after Pakistan Army resorted to heavy mortar shelling    along the Line of Control (LoC) in Poonch sector of Jammu and Kashmir on Tuesday.

Pakistan Army  violated ceasefire by indiscriminate firing with small arms, automatics, and mortars .The troops guarding the borderline retaliated and the  exchange of fire was continuing intermittently  when last reports came in. The unprovoked firing from Pakistan side began in the evening.

On December 12, an encounter broke out between militants and security forces in Sopore area.

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World

US pullout from INF Treaty may ruin arms control system: Putin

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Putin

Moscow, Dec 18 Russia will have to take additional measures to boost its security if the US withdraws from the Intermediate-range Nuclear Forces (INF) Treaty, Russian President Vladimir Putin said on Tuesday.

US withdrawal from the INF Treaty may ruin the entire arms control system, said the Russian President.

“Such a step will have the most negative consequences, and will noticeably weaken regional and global security,” Putin said while speaking at an extended meeting of the Russian Defence Ministry board, Xinhua news agency reported.

“In fact, in the long term, the talk is about the degradation and even collapse of the entire arms control architecture and the non-proliferation of weapons of mass destruction,” he added.

For a long time, the US has been using unsubstantiated accusations that Russia had violated its obligations under the treaty as a pretext to withdraw from it unilaterally, thus violating the treaty itself, Putin said.

He agreed that the INF Treaty did not involve other countries which have medium and shorter range missiles.

“But what prevents us from starting negotiations on their accession to the current agreement, or starting to discuss the parameters of a new treaty?” Putin said.

The treaty, in modern conditions, plays the role of a stabilising factor, which allows maintaining a certain level of predictability and restraint in the military sphere, he said.

He recalled that the INF Treaty signed in 1987 involved the elimination of medium-range and shorter-range (500-5,000 km) ground-based missiles. At the time, the USSR had no other missiles, while the US had sea-based and air-launched missiles.

Russia, since the signing of the treaty, has developed sea-based and air-launched missiles, which was the cause for Washington’s concern, Putin said.

According to Putin, it will not be difficult for Russia, if necessary, to create appropriate land-based systems as a response to the US withdrawal from the INF.

However, Russia is always open to any proposals and initiatives that lead to the strengthening of universal security including the prevention of a new arms race in the interests not only of Russia, but of the US and the whole world, Putin said.

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