India

Rupee Worry: P Chidambaram’s “Advice” To PM Mentions Raghuramrajan

The Congress on Thursday hit out at the Narendra Modi government over the “continuous fall” of the Indian Rupee and accused it of always being in electioneering mode and having no focus on economic…

Modi government is always in electioneering mode having no focus on economic issues, Congress said.

New Delhi:

Noting that mere statements will not work, the party also suggested that Prime Minister Modi convenes an immediate meeting with experts to take remedial measures in this matter.

The Congress’ president-elect Mallikarjun Kharge said the rupee again reached a record low of Rs 83 against the dollar, noting that it can prove to be “very dangerous” for India’s economy.

“The (Union) finance minister said that the rupee is not weakening, the dollar is getting stronger. Mere statements will not work, the central government will have to take concrete steps soon,” Mr Kharge said in a tweet in Hindi.

Congress leader and former finance minister P Chidambaram said the Government seems “helpless against the relentless decline” in the value of the Rupee. He said the declining Rupee has consequences for inflation, current account deficit and interest rates.

“At this moment, the government needs all the wisdom and experience available in the country. I have suggested a group of eminent professionals who have the interest of the country at heart,” he said on Twitter.

“My advice to the prime minister is he should immediately call a closed-door meeting of Dr C Rangarajan, Dr Y V Reddy, Dr Rakesh Mohan, Dr Raghuram Rajan and Mr Montek Singh Ahluwalia to consider the next steps that the government may take. Obviously, the FM and the Governor, RBI should be present,” Mr Chidambaram suggested in another tweet.

Alleging that the “inept” Modi dispensation is clueless about macroeconomic management, Congress leader Anshul Avijit feared that the worst on the economic front is yet to come.

He said the Rupee “continues its free-fall against the dollar with disastrous consequences for our fragile economy”, as it has now breached the Rs 83 mark versus the US dollar and shows no signs of abating.

The Congress leader claimed the Rupee has fallen more than 10 per cent so far in this calendar year and has reached lows of Rs 83.12. By comparison, during the UPA, the Rupee was Rs 58.4 to a dollar in May 2014 on the eve of Narendra Modi becoming prime minister, he said.

The Rupee depreciated 6 paise to a record low of 83.06 against the US dollar in opening trade on Thursday due to a stronger greenback overseas and unrelenting foreign fund outflows.

“This is the proverbial perfect storm – weakening rupee, high levels of inflation, rising unemployment, poverty and hunger. The inept Modi government is clueless about macroeconomic management as this government is always in electioneering mode having no focus or concern on the economic issues. We fear the worst is yet to come,” Mr Avijit told reporters.

The Congress leader said PM Modi has completely forgotten his own narrative when the BJP was in opposition and recalled his words on August 20, 2013, when he as Gujarat chief minister had said: “It is unfortunate that the leadership in Delhi is neither bothered about the security of the country nor about the decline in the value of the rupee.” “With China in our territory and the rupee-affected inflation, the irony of Shri Modi’s statement cannot be starker,” Mr Avijit noted.

The Congress leader also hit out at Finance Minister Nirmala Sitharaman, saying, “With her irresponsible and misguided statements, she is not ready to accept the reality of this government’s failure to control the falling rupee.” “Her comparisons with developed countries having smaller populations and much higher GDP per capita than India are grossly misplaced.” Claiming that the falling Rupee has an inverse relationship with inflation levels, Mr Avijit said according to the RBI, a 5 per cent weakening of the rupee increases inflation by 20 bps.

That is because imports, in particular, fuel, fertilisers and cooking oil, become that much costlier. These commodities directly affect the common man and have a cascading effect on prices, he noted.

“The finance minister’s outrageous comment that, ‘Rupee is not sliding and the dollar is strengthening’, ignores the fact that emerging economies such as Mexico and Brazil have actually strengthened their currencies vis a vis USD during this critical period. Further, the US policy regarding the dollar volatility is well encapsulated in former treasury secretary John Connally’s famous statement in 1971: ‘The dollar is our currency, but it’s your problem’,” he noted.

“The finance minister, true to form, has refused to acknowledge that there is a ‘problem’ with her government’s misdirected policies and therefore refused to act on it,” Mr Avijit said, adding India’s forex reserves have depleted by 15.4 per cent in 2022 only with more than USD 110 billion having left the shores of this country.

The weakening rupee, strengthening of the dollar and US interest rate hikes have also resulted in Foreign Institutional Investors (FII) rapidly pulling out, he said, noting that in this calendar year, FII have sold over USD 24 billion in local equities.

India

Karnataka Polls: 2,613 Candidates In Fray, Rebel Trouble For Parties

A total of 2,613 candidates are in the poll fray, as the withdrawal of candidatures for the May 10 Assembly elections in Karnataka came to an end on Monday, election officials said.

Karnataka Polls: A total of 517 candidates have withdrawn their candidature till Monday.

Bengaluru:

A total of 2,613 candidates are in the poll fray, as the withdrawal of candidatures for the May 10 Assembly elections in Karnataka came to an end on Monday, election officials said.

A total of 517 candidates have withdrawn their candidature till Monday, even as parties faced “rebel trouble” in several segments.

Out of 2,613 candidates in the poll fray, 2,427 are male, 184 females and 2 others, office of the Chief Electoral Officer, Karnataka said.

Among the contesting candidates from recognised political parties- 224 from BJP, 223 Congress (supporting Sarvodaya Karnataka Party in Melukote), 207 JD(S), 209 AAP, 133 BSP , 4 CPI(M), 8 JD(U) and 2 NPP.

While 685 are from Registered Unrecognised Political Parties (RUPP), 918 are independents.

In 16 constituencies there are more than 15 candidates in the fray, so two Ballot Unit (BU) will be used in these segments during the poll.

Political parties made efforts till the last minute to ensure rebel candidates, who had filed nomination disgruntled over being denied tickets by their respective parties, to withdraw their papers.

In some cases, the parties were successful in convincing such candidates to withdraw, while “rebel trouble” loomed large on the electoral prospects of the official candidates in several constituencies.

The rebel trouble seems to be more in the case of BJP and Congress, compared to other parties.

According to party sources, Congress is facing rebel in Pulakeshinagar (Akhanda Srinivas Murthy), Harapanahalli (M P Latha Mallikarjun), Shirahatti (Ramakrishna Doddamani), Shikaripura (Nagaraj Gowda), Jagalur (H P Rajesh), Arakalagudu (Krishnegowda), among others.

In BJP rebel trouble is in – Puttur (Arun kumar Puttila), Afzalpur (Nitin Guttedar), Goolihatti Shekhar (Hosadurga), Bailhongal (Vishwanath Patil), Gundlupet (M P Sunil), Chennagiri (Madal Mallikarjun), Malur (Vijay Kumar), Gandhi Nagar (Krishnaiah Shetty), among others, party sources said.

Among those who have withdrawn as rebel candidates include – former Bengaluru Mayor- Congress’ Gangambike Mallikarjun from Chickpet, BJP’s Mahadevappa Yadawad from Ramdurg.

The elections to the 224-member assembly will be held on May 10 and results will be declared on May 13.

India

Shivraj’s Chouhan Makes A Big Announcement Before Polls

The Shivraj Singh Chouhan-led government in Madhya Pradesh, in what appears a last-minute strategy tweak, is trying to court Brahmins months ahead of the assembly elections with the constitution of a Welfare Board for the community.

Madhya Pradesh has 21,104 temples including two Jyotirlingas.

Bhopal:

Besides, the government has also announced that it would develop the Bhagwan Sri Parashurama Lok religious corridor in Indore’s Janapav. Temples, meanwhile, have been given more power over their own land.

“We have decided that the government will not have any control over the activities of the temples and the auction of temple land will be done by priests and not by collectors,” Mr Chouhan said. “Brahmins have always protected religion and culture. So for their welfare, we will set up a ‘Brahmin Welfare Board’,” he added.

Madhya Pradesh has 21,104 temples including two Jyotirlingas. Of these, 1,320 temples have more than 10 acres of agricultural land. For temples without agricultural land, priests are paid an honorarium of Rs 5,000 a month.

The government’s move has triggered questions, especially since Brahmins comprise only 5 to 6 per cent of the state’s electorate.

A clue appears to lie in Prime Minister Narendra Modi’s visit to the state. The Prime Minister visited Rewa, located in Vindhyas — probably the only region in the country where the upper castes constitute the largest portion of the population. In some assembly seats of Satna and Rewa districts, the population of Brahmins crosses 40 per cent.

In 2018, the Vindhya region prevented Congress from returning to power with full majority. The area now seems to be emerging as one of the most intriguing battlegrounds of the poll-bound state.

In 2018, BJP won 24 out of 30 seats in Vindhyas – up from 17 in 2013. The number of Congress seats slid from 11 to six.

But two recent events – the emergence of Arvind Kejriwal’s Aam Aadmi Party in the area and a new party floated by MLA Narayan Tripathi — have given the BJP some cause for concern, sources indicated.

In Rewa and Singrauli, the BJP lost the urban local body polls last year as AAP made its Madhya Pradesh debut with a victory in Singrauli. Mr Tripathi, who earlier belonged to the BJP, has meanwhile been flexing muscle, claiming that his party will contest 30 assembly seats in the region.

The Congress has scoffed at the BJP move, saying the Chief Minister is thinking of giving respect to Brahmins after 18 years. “Till date, he kept neglecting them in the cabinet, now he is making announcements to woo the Brahmins,” said Congress spokesperson KK Mishra.

Claiming that Mr Chouhan has made announcements in Janapav, the birthplace of Parshuram, he said, “What happened to those announcements?”

“It should not be seen from the point of view of elections or votes,” said BJP leader Rahul Kothari.

“Let the Congress makes allegations but they should first answer for the condition of the temples during their tenure. They should answer for the Ramvan Path Gaman,” he added.

India

Senior Citizen Dead After Man Jumps On Him In Mumbai Swimming Pool

A 72-year-old man died after another person jumped on him from a height in a swimming pool in Mumbai, a police official said.

The incident took place at Mumbai’s Goregaon area.

Mumbai:

A 72-year-old man died after another person jumped on him from a height in a swimming pool in Mumbai, a police official said.

The incident took place on Sunday evening at Ozon swimming pool in Goregaon area.

The dead, identified as Vishnu Samant, was swimming when a 20-year-old man jumped into the pool from a height, the official said.

“Samant suffered injuries on his neck and other parts of the body. He was declared dead on arrival at a nearby hospital. On his wife’s complaint, a case has been registered against the 20-year-old man under Indian Penal Code Section 304-A (causing death by negligence),” he said.

India

UP Chief Minister receives death threat, case registered: Cops

A case has been registered against an unidentified person in Lucknow after a death threat was received for Uttar Pradesh Chief Minister Yogi Adityanath, the police said on Tuesday.

The threat was received via message on ‘Dial 112’.

Lucknow:

A case has been registered against an unidentified person in Lucknow after a death threat was received for Uttar Pradesh Chief Minister Yogi Adityanath, the police said on Tuesday.

The threat was received via message on ‘Dial 112’ (a number launched by the Uttar Pradesh government for the emergency services), in which the person stated, “I will kill CM Yogi soon”.

After receiving the threat, the Operation Commander of ‘112’ filed a case in the police station Sushant Golf City.

A case has been registered under the Indian Penal Code (IPC) Section 506, 507 and IT Act 66.

“Case has been registered under sections 506 and 507 IPC and 66 IT Act in PS Sushant Golf City against an unknown person after ‘Dial 112’ receives death threat for Uttar Pradesh CM Yogi Adityanath,” the police said.

In an unrelated incident on Sunday, the police arrested the person who wrote a letter threatening to launch a suicide bomb attack on Prime Minister Narendra Modi during his visit to Kochi scheduled for April 24.

The accused has been identified as Xavier, said the police.

On Saturday, Kerala BJP chief K Surendran said that he received a letter last week about a conspiracy to assassinate Prime Minister Narendra Modi.

While talking to ANI, Kochi City Police Commissioner, K Sethu Raman said, “The person who sent the threat letter against the Prime Minister was arrested. Xavier, the accused was arrested yesterday. The reason is personal enmity. He wrote the letter to trap his neighbour. We found him with the help of forensics.”

“Tight security has been arranged for the Prime Minister arriving in Kochi. 2060 policemen have been appointed for this purpose. As part of this, traffic control has also been imposed from 2 pm,” the Commissioner added.

India

West Khasi Hills in Meghalaya is hit by a 3.5 magnitude earthquake

An earthquake of magnitude 3.5 Richter scale struck Meghalaya’s West Khasi Hills on Monday, according to National Center for Seismology (NCS).

According to the NCS, the earthquake occurred at 3:33 pm (local time).

New Delhi:

An earthquake of magnitude 3.5 Richter scale struck Meghalaya’s West Khasi Hills on Monday, according to National Center for Seismology (NCS).

The earthquake occurred at around 7:47 am, informed NCS.

“Earthquake of Magnitude:3.5, Occurred on 24-04-2023, 07:47:14 IST, Lat: 25.47 & Long: 90.94, Depth: 5 Km, Location: West Khasi Hills, Meghalaya,” NCS said in a tweet.

Earlier on Sunday, an earthquake struck Meghalaya’s South Garo Hills. The magnitude of it was recorded at 3.5 on the Richter scale according to NCS.

According to the NCS, the earthquake occurred at 3:33 pm (local time).

In a tweet, NCS said, “Earthquake of Magnitude:3.5, Occurred on 23-04-2023, 15:33:33 IST, Lat: 25.26 & Long: 90.94, Depth: 5 Km, Location: South Garo Hills, Meghalaya.”

On April 16, an earthquake of magnitude 3.6 on the Richter scale hit Manipur’s Bishnupur district. As per the readings from the centre, the earthquake occurred northwest of Bishnupur at 7:22 am (local time).

“Earthquake of Magnitude:3.6, Occurred on 16-04-2023, 07:22:49 IST, Lat: 24.84 & Long: 93.69, Depth: 10 Km, Location: 24km NNW of Bishnupur, Manipur, India for more information Download the BhooKamp App,” the NCS had said in a tweet.