At the Economic Times Global Business Summit last week Prime Minister Narendra Modi gave a detailed report card on India s economic performance and declared India is open for business . He reeled off a horde of impressive economic statistics. However the list was so long and detailed that it became a bit boring a surprising outcome for a normally lively speaker. Possibly this statistical avalanche helped gloss over some key weaknesses in his New India . He recalled that when he came to power in 2014 global markets listed India among the Fragile Five . Today he declared the same markets saw India as a potential 5-trillion economy. India s macros have certainly improved greatly and global confidence in India is much higher than in 2014. Moody s has upgraded India s credit rating. Yet actual nominal GDP right now is only 2.5 trillion barely half of Modi s new benchmark. He noted that after coming to power he had cut the fiscal and current account deficits and slashed inflation. Very true. But consumer inflation once down to 2% is rising again and has crossed 5%. Interest rates are rising globally and in the Indian bond market putting upward pressure on prices. Worse the Budget has promised farmers that the minimum support price (MSP) for all crops will henceforth be at least 50% above the cost of purchased inputs and imputed family labour. Former chairman of the Commission on Agricultural Costs and Prices (CACP) Ashok Gulati has shown that last kharif season MSPs represented a profit margin of only 39% for paddy 9% for hybrid jowar 37% for maize 32% for cotton and 41% for groundnuts. Since then input prices have risen a lot especially for diesel and fertilisers. If in addition the profit is raised to 50% kharif crop prices will rise sharply. Indian inflation is sensitive to food prices. So the inflation outlook is worrying in the politically sensitive run-up to the 2019 general election. Recounting Achievements Modi said as many as 400 welfare programmes now reached beneficiaries through direct benefit transfers to their bank accounts. This impressive achievement cuts delivery costs and corruption and eliminates ghost card holders. He praised the trinity of JAM (Jan Dhan accounts Aadhaar and mobile phones) for revolutionising GoI s ability to reach beneficiaries quickly without corruption or diversion. Today India had 330 million Jan Dhan accounts holding Rs 75 000 crore of deposits. The Mudra scheme for loans without guarantees to small and micro industries had Modi claimed reached 40 million beneficiaries. Farmers had 110 million soil health cards to guide them on what fertilisers would best suit their holdings. Caveat: Aadhaar has technical flaws and can affect the privacy of individuals and the Supreme Court is hearing pleas to scrap the use of Aadhaar for breaching the fundamental right to privacy. Probably the court will approve Aadhaar subject to safeguards. Modi said the new National Health Protection Scheme (NHPS) will cover 500 million people without admitting that the proposed cost of Rs 12 000 crore was just 0.075% of GDP. He boasted of bringing 800 medicines under price control and reducing the price of heart stents by 80%. He claimed welfare schemes would soon ensure housing clean cooking gas healthcare electricity and life insurance for all. He highlighted India s improved ranking in the World Bank s Ease of Doing Business index the boom of stock markets and startups and India s becoming the fastest growing major economy in the world. Today virtually no global company could afford not to be in India. He said in the last four years 209 billion of FDI had flowed into India far higher than under Congress rule. Modi declared his Make in India programme was a success even as job creation is nowhere near the promised 100 million. He said the number of mobile phone manufacturers had risen from three to 120 without explaining why in that case he had raised import duties on phones and components. He was silent on weakness in banks exposed cruelly by Nirav Modi. Nor did he mention the RBI tightening of norms for recognising and providing for doubtful loans something that plunged SBI and Bank of Baroda into record losses last quarter. Bank recapitalisaton now looks grossly inadequate and the twin balance sheet problem is far from over. Domestic bond interest rates have shot up. Not even the flood of foreign money has sufficed to finance both the fiscal deficit and growth needs of business. Free Trade? Modi failed to repeat his much praised talk of free trade and globalisation at Davos. This to the dismay of analysts had been followed by a protectionist Budget raising duties on 40 manufactures. Modi insisted India is open for business . This clearly means India is open for foreign investment rather than imports. The populist job pressures squeezing Donald Trump in the US are squeezing Modi too. The prime minister s report card giving high marks to India was mainly correct. But it failed to list several problems and unremedied flaws. This qualified but did not quite invalidate his report card. Views expressed above are the author s own.
New Delhi: Prime Minister Narendra Modi today said bilateral trade between India and South Korea in 2017 reached 20 billion the first time in six years. PM Modi also said that he wondered how South Korea a country of the size of Gujarat could make such economic progress. It is heartening to note that the bilateral trade crossed 20 billion for the first time last year in six years the Prime Minister said while addressing the India-Korea Business Summit in New Delhi.He also said that he admires the spirit of entrepreneurship of the Korean people . I admire the way in which they have created and sustained their global brands from information technology and electronics to automobile and steel Korea has given exemplary products to the world. He also said that South Korean companies are appreciated for their innovation and strong manufacturing capability.The Prime Minister also said that India has all three factors of the economy. If you see around the globe there are very few countries where you have three important factors of economy together. They are - Democracy Demography and Demand. In India we have all the three together he said.PM Modi added that the relations between India and South Korea dates back centuries. CommentsClose X We are also bound by our Buddhist traditions. Nobel laureate Rabindranath Tagore composed poem Lamp of the East in 1929 about Korea s glorious past and its bright future. It is also coincidence that India and Korea both celebrate their independence day on August 15. From Princess to Poetry and from Buddha to Bollywood; India and Korea have so much in common the Prime Minister added.
BENGALURU: Prime Minister Narendra Modi on Tuesday dubbed the Siddaramaiah government in Karnataka a seedha ruppaiyya (pay cash upfront) one while launching mushti dhanya a BJP programme expressing support for the families of farmers who have committed suicide. Addressing a farmers rally to mark the 75th birthday of BS Yeddyurappa the BJP s chief ministerial face for the upcoming state assembly elections the PM said in Davanagere the heartland of his party s support base the Lingayat community in central Karnataka The Siddaramaiah government is there only on the surface. It is a seedha rupaiya sarkaar where everything is done with seedha rupaiya. The central govt has given so much money to the state but nothing is visible on the ground. Rs 21 400 crore worth of central projects are in the works. The people of Karnataka want to do something for this country which is why we have been helping the state government in every possible way. But till 10% (commission) is paid (to the state government) nothing happens. Modi wearing a green shawl hailed Yeddyurappa as a farmers leader. I m fortunate to get the blessings of Karnataka s farmers. I m also happy that on Yeddyurappa s birthday I could wish him in person he told the crowd and exhorted them to support a government under Yeddyurappa making it clear that despite the BJP s cut-off age of 75 for positions of power the Karnataka leader would still be the party s CM-face. I want to congratulate the BJP workers because the raitha bandhu (farmer s friend) Yeddyurappa has launched this fistful of grains (mushti dhanya) programme Modi said comparing the new programme by his party to the construction of the Sardar Vallabhai Patel statue in Gujarat for which 600 000 villages donated iron. Putting a fistful of grain into a bag held out by Yeddyurappa the PM said The fistful of grain programme will mark a new epoch in Karnataka s history. I want my farmer brothers to take this programme ahead. A press release from the BJP said 6 068 party workers would go to the gram panchayats explain Yeddyurappa s pro-farmer programmes and collect grains from them symbolically. The grains will be cooked and served at a district-level convention where the families of the 3 700 farmers who committed suicide over the last few years will also be invited. Farmer leader Kurubur Shantakumar told ET This is nothing but another election gimmick. Does either government (state or Centre) know what the farmer needs? If Rahul Gandhi plays one game Modi plays another. Let them call a meeting of 25 farmers representatives the media and ask their CM-faces to discuss real issues rather than peddle illusions.
Prime Minister Narendra Modi addressed the farmers of Karnataka at a rally in DavanagereNew Delhi: Prime Minister Narendra Modi addressed the farmers of Karnataka at a rally in Davanagere today. Yesterday Congress President Rahul Gandhi and BJP Chief Amit Shah addressed various rallies in Karnataka. PM Modi s visit to the state marks the 75th birthday of state BJP president and Chief Minister candidate B S Yeddyurappa. The prime minister s speech was centered around farmer issues and PM Modi has also tweeted taking a jibe at the Congress anti-farmer policies .The prime minister wished BS Yeddyurappa on his birthday and expressed his gratitude to have met the farmers of Karnataka. He also said that it is certain Congress will be defeated in Karnataka.Karnataka goes to polls in May.Here are the live updates of PM Modi s rally in Davanagere:Feb 27 201818:04 (IST) Watch the prime minister speaking in Davanagere here.Feb 27 201817:46 (IST) Congress government in Karnataka is insensitive towards healthcare facilities for people in the state. Centre sends funds but why does it not spend on improving health infrastructure of the state: PMCongress government in Karnataka is insensitive towards healthcare facilities for people in the state. Centre sends funds but why does it not spend on improving health infrastructure of the state: PM https://t.co/rEqjOYgDJP- narendramodi_in (@narendramodi_in) February 27 2018Feb 27 201817:35 (IST) Centre allocates funds by why is it that Congress government in Karnataka not spending it for welfare of people.Congress is a 10 per cent government in Karnataka. No work is done here without any commission: PM Modi in DavanagereCongress government in Karnataka is insensitive towards healthcare facilities for people in the state. Centre sends funds but why does it not spend on improving health infrastructure of the state: PM https://t.co/rEqjOYgDJP- narendramodi_in (@narendramodi_in) February 27 2018Feb 27 201817:32 (IST) The crop insurance scheme brought by the NDA government is a comprehensive one. By focusing on farmers and rural India the NDA government is taking several steps for the transformation of the agriculture sector: PM ModiFeb 27 201817:31 (IST) Value addition always helps farmers and brings more prosperity: PM Feb 27 201817:31 (IST) Operation Greens will have a very positive impact on the agriculture sector: PMFeb 27 201817:31 (IST) PM took a shot at Karnataka chief minister Siddaramaiah and said Karnataka needs freedom from corruption.More than Mr. Siddaramaiah it is Seedha Rupaiyya that drives the working of the Government in Karnataka. Everything seems to be happening at a price here. Karnataka needs freedom from such corruption: PM @narendramodihttps://t.co/rEqjOYgDJP- narendramodi_in (@narendramodi_in) February 27 2018Feb 27 201817:28 (IST) PM Modi says he will make the farmers income double by 2022.By 2022 we want to double the income of farmers: PM @narendramodihttps://t.co/rEqjOYgDJP- narendramodi_in (@narendramodi_in) February 27 2018Feb 27 201817:04 (IST) One family ruled the country for 48 years & one tea seller ruled for 48 months. Born in rich houses they could not care for farmers in 48 years. But in 48 months we multiplied Minimum Support Price (MSP) by 1 & half for the farmers: PM Modi One family ruled the country for 48 years & one tea seller ruled for 48 months. Born in rich houses they could not care for farmers in 48 years. But in 48 months we multiplied Minimum Support Price (MSP) by 1 & half for the farmers: PM Modi pic.twitter.com/i77xT1PapX- ANI (@ANI) February 27 2018Feb 27 201816:55 (IST) As Gujarat CM I took oath that I ll create tallest statue of Sardar Vallabhbhai Patel. If someone goes to America they see statue of liberty . The statue of Sardar Vallabhbhai Ji is statue of unity & it is twice taller than statue of liberty: PM Modi in Davanagere As Gujarat CM I took oath that I ll create tallest statue of Sardar Vallabhbhai Patel. If someone goes to America they see statue of liberty . The statue of Sardar Vallabhbhai Ji is statue of unity & it is twice taller than statue of liberty: PM Modi in Davanagere #Karnatakapic.twitter.com/BCtV5stGdM- ANI (@ANI) February 27 2018Feb 27 201816:52 (IST) Karnataka Government is certain to be defeated. Their misdeeds have made the Government unpopular. Election after election what are the people doing? They are removing Congress. When Congress goes the harmful Congress culture also goes: PM Narendra Modi in Davanagere Karnataka Government is certain to be defeated. Their misdeeds have made the Government unpopular. Election after election what are the people doing? They are removing Congress. When Congress goes the harmful Congress culture also goes: PM Narendra Modi in Davanagere #Karnatakapic.twitter.com/bW5YjtLipl- ANI (@ANI) February 27 2018No more content CommentsClose X
PUDUCHERRY: Prime Minister Narendra Modi today hit out at the one family dynastic rule of Congress for 48 years and said it should be compared with the achievements of the development-oriented NDA in the last four years. One family either directly or indirectly ruled the country for 48 years... for about 17 years our first Prime Minister ruled and after that his daughter held the reigns for 14 years and following that her son was at the helm for five years he said. Modi who was addressing a BJP organised public meeting here referred to the regimes of Jawaharlal Nehru his daughter Indira Gandhi and her son Rajiv Gandhi without naming them. His comments come weeks after Congress President Rahul Gandhi had dared Modi to spell out achievements of the NDA government instead of criticising his party. You will have to tell the country during the elections what you did in the last five years. It is going to be five years and you have not even opened your account Gandhi had said making Modi the focal point of his attack in a series of roadside and public meetings in poll-bound Karnataka. In his address here Modi also said between 2004 and 2014 the same family ran the government with remote control in an apparent reference to the Manmohan Singh-led UPA regime. From Puducherry I would like to give a message for the intellectuals of this country he said. Intellectuals can debate the difference between what was gained and lost during the Congress regimes and what the BJP-led NDA has achieved in 48 months he said. We are talking about people s development ease of living for the common man he said. Though nations that got independence in 1947 like India have grown the country still lagged behind and it warranted a serious thought on the lacunae vis-a-vis the functioning of the government and political culture that were holding back the nation Modi said. In an obvious reference to his oft-repeated slogan Congress mukt Bharat Modi asserted the Congress would be left with only the V Narayanasamy government in Puducherry in the country saying the BJP would win the coming assembly elections in Karnataka and north east. He did not refer to the Amarinder Singh-led Congress government in Punjab. I want to congratulate the Chief Minister of Puducherry in advance because the Congress is going to exhibit him as a specimen after June he quipped predicting the defeat of the Congress in other states. Elections are going to be held in North East where the Congress has a government and it will go. After that polls are to be held in Karnataka and there too the Congress will go so the Narayanasamy government will be the only one to be left the Prime Minister said. The jibe drew laughter from the large crowd that had gathered to listen to Modi who became the first prime minister to address a public meeting in this former French colony in 33 years. Rajiv Gandhi was the last Prime Minister to address a rally here in 1984. Targeting the Congress government in Puducherry Modi said the union territory had poor infrastructure and was a victim of Congress culture . He claimed Puducherry had poor infrastructure and sectors such as transport and cooperation were in a shambles and charged the successive regimes with doing injustice for the people. The Congress has failed on all fronts in Puducherry he said recalling the glorious history of the former French colony which was closely associated with the freedom movement sheltering the likes of Sri Aurobindo and national poet Subramania Bharathi. He also came down on the Puducherry government for not holding civic polls for years together while the party had been making tall claims from Delhi that it is the champion of democracy and rights of the people. By delaying the civic polls the Congress government is only gagging the voice of the people he said. Outlining the initiatives of his government like the Mudhra Yojana and Jan Dhan Yojana he said such schemes empowered the people across the country. Modi said the Prime Minister s Mudra Scheme had been implemented expeditiously with around 3.25 lakh youth having been benefitted during the last three years. Mudra scheme is of help to the youth who could get loans without any collateral security he said urging the youths to make use of it and launch projects in Puducherry. Udan Scheme providing regional air connectivity would be of help for Puducherry to promote tourism and generate employment he said. Citing the Ayushman Bharath Scheme he said it will benefit the poor http://zinc.mondediplo.net/people/robert families to get free medical treatment upto Rs 5 lakh rupees per year. The government was strengthening the ports and ushering in an era of port-led development through the Sagarmala project. Financial assistance were being given for long-liner trawlers for fishermen under the Blue Revolution Scheme he said. Modi also listed financial assistance given to various schemes such as smart city for the union territory.
Puducherry: Prime Minister Narendra Modi today visited the Sri Aurobindo Ashram here and paid homage to its founder Sri Aurobindo.After arriving in Puducherry from Chennai PM Modi reached the ashram where he was received by the officials.He paid floral tributes at the memorial of Aurobindo a spiritual leader and meditated for a few minutes. Later he interacted with the children of the International School of Education run by the ashram.He then left for Auroville (City of Dawn) International Township situated in neighbouring Villupuram district of Tamil Nadu where he will participate in its golden jubilee celebrations. CommentsClose X The international or universal project envisioned by the mother of Aurobindo Ashram Mirra Alfassa is dedicated to the ideal of human unity.Earlier on his arrival at the airport here PM Modi was received by Lt Governor Kiran Bedi and Chief Minister V Narayanaswamy among others.
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