Nation Briefs
Congress seeks SEBI, RBI probe into Hindenburg charges against Adani Group
NEW DELHI, (PTI): The Congress on Friday demanded an investigation by the SEBI and RBI into charges of alleged financial irregularities against the Adani Group, which has denied the charges.
Congress general secretary Communications Jairam Ramesh said the forensic analysis by the Hindenburg research into the Adani Group requires serious investigation by bodies like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI), as they are responsible for ensuring stability and security of the country’s financial system.
”We fully understand the close relationship between the Adani Group and the current government. But it is incumbent on the Congress party as a responsible opposition party to urge SEBI and RBI to play their roles as stewards of the financial system and to investigate these allegations in the wider public interest,” Ramesh said in a statement.
Hindenburg Research has alleged that Adani Group was ”engaged in a brazen stock manipulation and accounting fraud”, a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale.
Hindenburg, a US-based investment research firm that specialises in activist short-selling, said its two-year investigation reveals that ”the Rs 17.8 trillion (USD 218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”
Adani Group said it was shocked to see the report that came out without any attempt to contact it to get the factual matrix. ”The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts,” the ports-to-energy conglomerate said in a statement.
Ramesh said the Modi Government can try and impose censorship, ”But in an era of globalisation of Indian businesses and financial markets can Hindenburg-type reports that focus on corporate ‘misgovernance’ be simply brushed aside and dismissed as being ‘malicious’?” He said the evolution and modernisation of India’s financial markets since the 1991 reforms has aimed to improve transparency and to a level playing field for domestic and foreign investors.
It has specifically sought to increase the transparency of financial flows into the country — to prevent round-tripping and money-laundering by actors that could include criminals, terrorists and hostile countries — and to reduce dependence on offshore tax havens, the Congress leader said.
”For all its posturing about black money, has the Modi government chosen to turn a blind eye towards illicit activities by its favourite business group? Is there a quid pro quo? Will SEBI investigate these allegations to the fullest and not just in name?” he asked.
The allegations of financial malfeasance would be bad enough, but what is worse is that the Modi government may have exposed India’s financial system to systemic risks through the liberal investments in the Adani Group made by strategic state entities like LIC, SBI and other public sector banks, he alleged in the statement.
Ramesh claimed these institutions have liberally financed the Adani Group even as their private sector counterparts have chosen to avoid investing because of concerns over corporate governance and indebtedness. ”As much as 8 percent of LIC’s equity assets under management, amounting to a gigantic sum of Rs 74,000 crore, are in Adani companies and comprise its second-largest holding,” he said.
State-owned banks have lent twice as much to the Adani group as private banks, with 40 per cent of their lending being done by the SBI, he also alleged.
”This irresponsibility has exposed the crores of Indians who have poured their savings into LIC and SBI to financial risk. If, as alleged, the Adani Group has artificially inflated the value of its stock through manipulation, and then raised funds by pledging those shares, banks such as SBI could face heavy losses in the event of a fall in those share prices,” he said.
”Will the RBI ensure that risks to financial stability are investigated and contained? Are these not clear-cut cases of ‘phone banking’,” he asked, alleging that the Adani group has built monopolies in ports and airports and become an overwhelmingly dominant player in power, roads, railways, energy and media.
The Congress general secretary said normally a political party should not be reacting to a research report on an individual company or business group prepared by a hedge fund, but the forensic analysis by Hindenburg Research on the Adani group demands a response from the Congress party.
”This is because the Adani Group is no ordinary conglomerate: it is closely identified with Prime Minister Narendra Modi since the time he was chief minister,” Ramesh said. (PTI)
Nation Briefs
Rahul’s disqualification BJP’s tactic to divert attention from inflation, industrialist friend: Akhilesh Yadav
NOIDA, (PTI): Samajwadi Party president Akhilesh Yadav on Friday claimed that Congress leader Rahul Gandhi’s disqualification from Lok Sabha is BJP’s tactic to divert people’s attention from issues like inflation, unemployment and an “industrialist friend” sinking India’s money.
The former Uttar Pradesh chief minister also alleged that since the BJP came to power in UP in 2017, it took help of the government and the administration to get false cases lodged against Samajwadi Party MLAs like Azam Khan and got them disqualified from the state assembly.
Yadav, on a day-long visit to Noida-Greater Noida, said if fairly probed, a lot of BJP leaders would also lose their legislative membership on the basis of the language used by them and the remarks made by them.
Gandhi was disqualified from Lok Sabha on Friday, a day after he was convicted by a court in Gujarat’s Surat in a 2019 criminal defamation case over his ”Modi surname” remark. Announcing the opposition leader’s disqualification, the Lok Sabha Secretariat in a notification said it was effective from March 23, the day of his conviction.
“In Uttar Pradesh, the BJP has taken away membership of several Samajwadi Party leaders. Today the membership of Congress’s biggest leader has been taken away. If we look at everything this way, then a lot of BJP members would also be disqualified. If fairly probed, then a lot of BJP members would get disqualified for the kind of language they use and statements they make,” Yadav told reporters in Greater Noida.
“This has been done to deliberately divert people’s attention from real issues like inflation and unemployment, and an industrialist friend who has sunk India’s money. They don’t want to discuss these issues,” he added.
The former UP CM also alleged that the BJP was taking help of the administration to implicate SP MLAs in false cases.
“Ever since the BJP has come to power in Uttar Pradesh, it has taken help of the administration and the government to first lodge false cases and then on several occasions, both the administration and the government have together taken away (assembly) membership of SP leaders. Azam Khan saab lost his membership, so did his son Abdullah. Similarly cases were lodged against sitting MLAs, like Irfan Solanki in Kanpur. An officer from outside the state was called in to UP to make this happen,” he said.
“Two days ago, MLA Irfan Solanki had said that he is being treated this way because they (BJP) want him disqualified as MLA,” Yadav claimed. Azam Khan was disqualified in October 2022 after a court sentenced him to three years in jail in a 2019 hate speech case. He represented Rampur Sadar assembly constituency.
Abdullah Azam Khan was disqualified in February 2023, days after a court sentenced him to two-year imprisonment in a 15-year-old case. (PTI)
Nation Briefs
Priyanka Gandhi Vadra arrives in Raipur to attend Cong plenary session, rose-carpet welcome accorded
RAIPUR, (PTI): Congress leader Priyanka Gandhi Vadra arrived in Raipur on Saturday morning to attend the party’s three-day 85th plenary session, and to accord her a grand welcome, a stretch of road in front of the city airport was carpeted with a thick layer of rose petals.
More than 6,000 kilograms of roses were used to decorate the road for about two km where folk artists wearing colourful traditional dresses were also seen performing on a long stage erected along the route, a Congress leader said.
Chhattisgarh Chief Minister Bhupesh Baghel, state Congress Chief Mohan Markam and other party leaders received Priyanka Gandhi Vadra as she arrived at Swami Vivekananda Airport at around 8.30 am.
Congress workers, supporters congregated in large numbers to accord a grand welcome to her and waved flags as well as raised slogans hailing her. She left in a car along with Baghel from the airport followed by a long convoy of vehicles. Standing on the vehicle’s running board, she waved at the supporters. Baghel, who was in the back seat, also waved at the supporters.
The stretch of road for about two km was carpeted with a thick layer of roses and its petals and the supporters also showered rose petals on Priyanka Gandhi Vadra. She told reporters that she is overwhelmed to get such a grand welcome.
”More than 6,000 kg of roses were used for decorating the road. I always try to do something new to welcome our senior leaders,” Raipur Mayor Aijaz Dhebar said.
”Stages were set up at various locations enroute to the plenary session’s venue to welcome Priyanka ji where supporters also showered rose petals on her,” he added.
The road from airport to the session’s venue has been decked up with colourful posters and hoardings of the senior Congress leaders. The hoardings contain messages propagated during Bharat Jodo Yatra to unite the country and spread love.
Congress leaders Sonia Gandhi and Rahul Gandhi arrived here on Friday to attend the plenary session that is being held from February 24 to 26. (PTI)
Nation Briefs
Govt repatriates 2 senior officers from CBI, bars them from central deputation till they complete ‘cooling-off’ period
NEW DELHI, (PTI): The Centre has repatriated two senior officers from the Central Bureau of Investigation (CBI) before completion of their tenure and barred them from central deputation until they complete their extended cooling-off period, according to an official order.
The Appointments Committee of the Cabinet has approved pre-mature repatriation of Vishal Chawre, a 2010 batch officer of the Indian Audit and Accounts Service (IAAS) and Rajeev Mishra, a 2010 batch Indian Police Service (IPS) officer of Bihar cadre, it said.
Both the officers were working as superintendents of police in the federal probe agency.
According to the order, Chawre would be eligible for another central deputation only after August 26, 2028 — three years after the completion of his normal deputation tenure to this post which is up to August 26, 2025.
Mishra would be eligible for another central deputation only after January 14, 2028 — three years after the completion of his normal deputation tenure to this post which is up to January 14, 2025. (PTI)
Nation Briefs
Union Budget 2023: Centre to recruit 38,000 teachers across Eklavya Model Residential schools
NEW DELHI, (ANI): Union Finance Minister Nirmala Sitharaman during her budget speech for the financial year 2023-24, focused on the education sector and announced a host of important measures for the sector.
In her budget speech, she said that the Centre will recruit 38,000 teachers and support staff for the 740 model Eklavya Model Residential Schools serving 3.4 lakh tribal students.
She also announced the 157 new nursing colleges will be set up across the country to give a boost to the health sector. She also focussed on the training of teachers and said that teachers’ training will be reenvisioned through innovative pedagogy, curriculum transaction, continuous professional development dipstick survey and iCT implementation.
The finance minister also said that the Centre will recruit 38,000 teachers and support staff for the 740 model Eklavya Model Residential Schools serving 3.4 lakh tribal students. “A national digital library for Children and adolescents will be created to facilitate the availability of quality books across geographies, languages genres and levels, and device-agnostic accessibility. States will be urged to set up physical libraries at Panchayat and all levels to provide infrastructure for accessing the National Digital Library resources,” said the Finance Minister.
To build a culture of reading and to make up for pandemic time learning loss, the National Book Trust, the Children’s Book Trust, and other sources will be encouraged to provide books and other material in regional languages, and in English to these physical libraries The minister also said that a dedicated multidisciplinary course on medical devices will be supported in the institutions to ensure the availability of skilled manpower for futuristic medical technologies and high-end manufacturing and research.
A new programme to promote research and innovation in pharmaceuticals will be introduced. Pradhan Mantri Kaushal Vikash Yojana 4.0 will be launched soon, said the Finance Minister.
In the PM Kaushal Vikaas Yoajna 4.0, industry partnership, an alignment of courses with needs of industry will be emphasised. The scheme will also cover new age courses for industry 4.0 like coding, AI, robotics, mechatronics IoT, 3D printing drones and other soft skills to skill youth for international opportunities, 30 skill India international centres will be set up across different states, said the Finance minister. 30 Skill India International Centres will be created to provide skills for foreign employment. (ANI)
Nation Briefs
Union Budget 2023: Sensex jumps 640 points, Nifty nears 17,800 level as Budget speech ends
NEW DELHI, (PTI): Equity benchmarks Sensex and Nifty gained momentum in morning trade on Wednesday as Finance Minister Nirmala Sitharaman presented the Budget in the Lok Sabha.
The 30-share BSE benchmark Sensex jumped 640.01 points to touch an intra-day high of 60,189.91 points. The Sensex was later trading 516.35 points or 0.87 per cent higher at 60,066.25. The broader NSE Nifty climbed 137.35 points or 0.78 per cent to 17,799.50 points.
Market analysts are keenly watching the government’s fiscal consolidation path in the Union Budget 2023-24.
An overall positive trend in the global markets also boosted investor sentiments.
From the Sensex pack, 27 stocks were trading in the positive territory while just 3 stocks were in the red.
ICICI Bank, Tata Steel, HDFC, HDFC Bank, Kotak Mahindra Bank were the major gainers and jumped as much as 2.92 per cent.
On the other hand, ITC, Mahindra & Mahindra, Sun Pharma were the laggards.
Markets in the US had ended in the positive territory on Tuesday.
Sitharaman on Wednesday listed seven priorities of Union Budget 2023-24, including infrastructure, green growth, financial sector and youth power.
She said four transformative opportunities can be used in Amrit Kaal for enhancing economic empowerment.
”In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on infrastructure and agriculture which in our view would have a force multiplier impact on the economy,” S Ranganathan, Head of Research at LKP Securities, said.
Infrastructure growth has been offering multiplier effects in the economy. Under the National Infrastructure Pipeline (NIP), over 89,151 projects worth Rs 141.4 lakh crore are under various stages of implementation.
The government has also launched the National Monetisation Pipeline with an investment potential of Rs 9 lakh crore.
The Sensex had settled with a gain of 49.49 points or 0.08 per cent at 59,549.90 points on Tuesday. The Nifty inched up 13.20 points or 0.07 per cent to close at 17,662.15 points.
International oil benchmark Brent crude dipped 0.48 per cent to USD 84.49 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 5,439.64 crore on Tuesday, according to exchange data. (PTI)
NEW DELHI, (PTI): As many as 47.8 crore Jan Dhan accounts have been opened so far, a scheme which was launched in 2014 as a national mission for financial inclusion.
Finance Minister Nirmala Sitharaman on Wednesday said the National Rural Livelihood Mission has achieved remarkable success by mobilising rural women into 1 lakh SHGs (self help groups).
She said that 47.8 crore JanDhan accounts have been opened.
The Jan Dhan Yojana was announced by Prime Minister Narendra Modi in his Independence Day address in 2014, and it was launched on August 28 in the same year.
Pradhan Mantri Jan Dhan Yojana (PMJDY) is the national mission for financial inclusion to ensure access to financial services — savings and deposit accounts, remittance, credit, insurance and pension in an affordable manner.
She also informed that 9.6 crore LPG connections and 220 crore Covid vaccines for 102 crore people have been given.
On tourism, the minister in her Budget speech said that there is a large potential in the tourism sector and promotion of tourism needs to be taken up in mission mode.
Green growth efforts would also help reduce carbon intensity and create green job opportunities, Sitharaman added. (PTI)
Nation Briefs
Union Budget 2023: India budget to raise capex by 33% as jobs, infrastructure take priority
NEW DELHI, (Reuters): India’s government will raise its capital expenditure by 33% to 10 trillion rupees ($122.29 billion) in the next fiscal year, the finance minister said on Wednesday, as Prime Minister Narendra Modi tries to create jobs ahead of a general election.
Since taking office in 2014, Modi has ramped up capital spending including on roads and energy, while wooing investors through lower tax rates and labour reforms, and offering subsidies to poor households to clinch their political support.
“After a subdued period of the pandemic, private investments are growing again,” Nirmala Sitharaman said in parliament, referring to the COVID-19 crisis. “The budget makes the need once again to ramp up the virtuous cycle of investment and job creation. Capital investment is being increased steeply for the third year in a row by 33% to 10 trillion rupees.”
After she revealed the big jump, ruling-party lawmakers thumped their desks as the camera moved to Modi. India’s benchmark Nifty 50 stock index added to its gains, rising 0.79% as Sitharaman delivered her speech.
Sitharaman said the aim was to have strong public finances and a robust financial sector for the benefit of all sections of the country. She said that despite a global slowdown because of the pandemic and the Russia-Ukraine war, the Indian economy was “on the right track”.
She is expected to announce a plan to lower the government’s fiscal deficit later in her speech. ($1 = 81.7725 Indian rupees) (Reuters)
Nation Briefs
Union Budget 2023: National cooperative database is being created to map cooperative societies: FM
NEW DELHI, (PTI): Finance minister Nirmala Sitharaman on Wednesday said that a national cooperative database is being created to map cooperative societies.
The move would help in better implementation of the proposed national policy on cooperatives.
As per the data published by the NCUI, there are about 8.6 lakh cooperatives in the country, out of which active primary agricultural cooperatives (PACs) are about 63,000.
She also said that the agriculture credit target has increased to Rs 20 lakh crore for FY24, with focus on animal husbandry, dairy and fisheries.
Further, the government is planning to set up massive decentralised storage capacity to help farmers, the minister said in her Budget speech.
In January this year, the government decided to establish three new cooperative societies to promote organic products, seeds and exports.
The Cabinet has approved the establishment of the National Export Society, National Cooperative Society for Organic Products and National Level Multi-state Seed Cooperative Society. (PTI)
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Doesn’t matter if I go to jail, what matters is Constitution should be saved: Kejriwal
