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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

Analysis

Saab is interested in Indian fighter jet deal: Swedish official

The Saab Gripen will be contesting with the likes of the Russian MiG 35, Dassault Rafale, Eurofighter Typhoon, Boeing F/A 18 and Lockheed Martin F-16 for the upcoming deal.

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Rafale deal scam

Amid the raging controversy over the Defence Ministry’s procurement of the Rafale fighter aircraft from French firm Dassault Aviation, a senior Swedish official has said that his country’s firm Saab, in its Gripen aircraft, has the requisite experience to contest for the upcoming Indian deal for manufacturing 110 new fighter jets under the Make in India programme.

“I know that Saab is interested, they want to be a part of this procurement,” Teppo Tauriainen, Director General for Trade in the Swedish Foreign Ministry, told IANS in an interview here.

“They think they have something good to offer that will be of interest to India,” Tauriainen said.

“They, of course, know what the expectations of the government is in terms of local production and cooperation with a local partner.”

India is expected to select by the end of this year one fighter aircraft that will be manufactured by the private sector under the Make in India programme for supply to the Indian Air Force.

The Saab Gripen will be contesting with the likes of the Russian MiG 35, Dassault Rafale, Eurofighter Typhoon, Boeing F/A 18 and Lockheed Martin F-16 for the upcoming deal.

While MiG has already said that it will have state-owned Hindustan Aeronautic Limited (HAL) as its local partner, Indian companies like Tata, Reliance Defence, Mahindra and Adani are in the fray for local partners in the project that is expected to be worth over $20 billion (Rs 1.44 lakh crore).

Tauriainen said that for Saab, contesting for the deal will be nothing new as it has signed a similar deal for Gripen with the Brazilian government with Embraer as its local partner.

“I have myself visited the Brazilian partner, Embraer, and seen there are a lot of spin-offs locally in the Brazilian economy from this fighter jet deal,” he said.

“So, I think for Saab, as a company, it won’t be unusual to do it the way the Indian government wants it to happen.”

During his visit to Sweden in April this year, Prime Minister Narendra Modi had said that defence and security have emerged as an important pillar of the India-Sweden bilateral partnership.

“Sweden has been a partner of India in the defence sector for a long time. I am confident new opportunities for cooperation in this sector will arise in the future, especially in defence production,” Modi said.

During that visit, an India-Sweden Partnership was also announced with a fund of 50 million Swedish kronor (around $5.6 million) for innovation cooperation in the fields of smart cities and sustainability.

Asked what steps have been taken in this connection, Tauriainen said that the dialogue for these projects has started though none of these projects have started operating.

“But we have come quite far to identify areas where we think there is a potential to do cooperation,” he said.

He said that sustainable technology is a broad area and is very much related to how cities are built in terms of transport, energy, waste and waste water.

“There we have some interesting experiences and I hope that is of relevance to India,” Tauriainen said.

“Some technologies we have already tested in Sweden. Other technologies will have to be adapted to Indian conditions,” he added.

In Sweden, waste is actually used to generate power and only one per cent of the waste goes to the landfill.

Asked about the presence of around 180 Swedish companies in India and their role in the Indian economy, Tauriainen said these are doing good business despite “some limitations”.

“They wouldn’t mind if those limitations are taken away. But they are interested in the Indian market and most of them are interested in expanding,” he said.

(Aroonim Bhuyan can be contacted at [email protected])

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Now Congress calls Arun Jaitley ‘court jester’

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Randdeep Surjewala

New Delhi, Sep 20: Hitting back at Arun Jaitley, the Congress on Thursday dubbed the Finance Minister a “court jester” who is “desperate to stay relevant”.

Amid the relentless trading of charges between the Congress and Bharatiya Janata Party (BJP) over the Rafale deal, Jaitley on the day took to social media to accuse Gandhi of “concocting lies” on the deal for the France made fighter jets and the bad loans of banks.

He said the Congress leader was “polluting” public discourse.

Hitting back, Congress spokesperson Randeep Singh Surjewala, in a tweet, called the BJP leader a “court jester” and demanded answers on the Rs 41,000 crore Rafale “scam”.

“And yes ‘Jait-LIE’ ji (sic), the desperate quest to stay relevant of a ‘court jester’ by wasteful blogs continues.

“Please reply: Why hide behind abuse when trapped in Rafale maze? Why supersede HAL for Rs 30,000 crore contract? Why no answer on Rs 41,000 crore loss in Rafale Scam,” said Surjewala in his response to Jaitley’s tweets.

The Congress has been gunning for the Narendra Modi-led government over the Rafale deal. Besides approaching Comptroller and Auditor General of India (CAG) Rajiv Mehrishi for a special and forensic audit and demanding a Joint Parliamentary Committee (JPC) probe into the deal, the party has also sought the resignation of Defence Minister Nirmala Sitharaman over the issue.

The Modi-led government and the BJP have been dismissive of all the charges by the Congress.

IANS

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Rahul Gandhi concocting lies on Rafale, NPAs: Arun Jaitley

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Arun Jaitley

New Delhi, Sep 20: Calling him a “clown prince”, Finance Minister Arun Jaitley on Thursday accused Congress President Rahul Gandhi of “concocting lies” on the Rafale fighter jets deal and the bad loans of banks. The Congress leader was “polluting” public discourse, Jaitley said.

In a Facebook post, he said Gandhi first “lied” on the Rafale deal and was now lying on the non-performing assets (NPAs) claiming that the BJP government had waived loans of 15 industrialists amounting to Rs 2.5 lakh crore. Not a single rupee of any debtor had been waived, he said.

“His (Gandhi’s) strategy is simple, concoct a lie and repeat it as many times” as possible, Jaitley said and wondered whether a person with a “temperament to concoct facts” deserved to be a part of the public discourse.

“The world’s largest democracy must seriously introspect whether public discourse should be allowed to be polluted by the falsehood of a ‘clown prince’,” he added.

Referring to Gandhi winking at his party men after hugging Prime Minister Narendra Modi in the parliament, the BJP leader said the public discourse was a serious activity, not a laughter challenge, and that it could not be reduced to a “hug, a wink or repetition of falsehood”.

“In mature democracies those who rely on falsehood are considered unfit for public life. Many have been banished from political activity because they were caught lying. But this rule obviously can’t apply to a dynastic organisation like Congress party,” he said.

“If the Rafale concoctions were the first big lie, the second one stated repeatedly is that Modi waived of Rs 2.5 lakh crore of 15 industrialists. Every word of that sentence repeatedly uttered by Rahul Gandhi is false,” he added.

Jaitley said the amount being referred to by Gandhi were lent by the banks prior to 2014 when the UPA government was in power, which then “kept rolling over the loans to conceal them (as) loans despite the default”.

“The truth, Mr. Rahul Gandhi, is that your government allowed the banks to be looted. The loans were inadequately securitized. Your government was in complicity… By repeating a lie on several occasions, you can’t change that reality,” he said.

The Finance Minister said while the UPA leaders claimed that when they went out of power, the NPAs were only Rs 2.5 lakh crore. The truth was that NPAs were actually Rs 8.96 lakh crore and were hidden under the carpet as revealed by an asset quality review conducted by the Reserve Bank of India.

He said no effective steps were taken by the UPA to recover or reduce the NPAs and post 2014-15, they increased not because more money was lent but because interest was mounting on the overdue amounts.

“The only effective move which has taken place in this regard is the Insolvency and Bankruptcy Code (IBC). It has changed the debtor-creditor relationship in India.”

He said the Reserve Bank of India had identified the twelve major defaulters who jointly owed about Rs 3 lakh crore to various banks.

“The banks under UPA took no steps to recover these loans. They did not prosecute a single major debtor who had siphoned off money. It is the NDA government which through IBC, changed the debtor-creditor relationship and enabled the banks to effectively pursue the recovery,” Jaitley said.

IANS

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