<ul><li>The 64-year-old <keyword id="2851129" type="General" weightage="80" keywordseo="draupadi-murmu" source="Orion">Draupadi Murmu</keyword> will become the <keyword id="14257421" type="General" weightage="20" keywordseo="first-tribal-woman-president" source="Orion">first tribal woman president</keyword> in the history of India.</li><li>BJP Parliament wanted the candidate from the northeast, a woman and from the Adivasi community.</li><li>She was chosen out of 20 presidential candidates.</li></ul>Draupadi <keyword id="782539" type="General" weightage="100" keywordseo="murmu" source="Orion">Murmu</keyword> will be the first woman tribal president of India if she wins against <keyword id="6381725" type="General" weightage="50" keywordseo="yashwant-sinha" source="Orion">Yashwant Sinha</keyword>, former Union Minister and the joint opposition candidate in the upcoming polls. She may not only become the first tribal woman president of India but also the second woman president in the country’s history after Pratibha Patil who served as president from 2007-2012. BJP President J.P Nadda, who announced the name of Draupadi Murmu as the NDA candidate for presidential elections, said that the BJP Parliamentary wanted the candidate should be from the northeast, a woman and from the Adivasi community. It will be the first time a tribal woman is contesting to take the highest post in the country. The BJP Parliament chose her out of 20 presidential candidates. The 64-year-old Murmu was the first-ever woman Governor of Jharkhand in 2015. She hails from Odisha’s Mayurbhanj district and has been a BJP legislator twice in the Naveen Patnaik cabinet. She has experience in handling diverse ministries like transport, commerce, fisheries and animal husbandry in the Odisha government. <cmsannotation type="cmsannotation" annotationid="Her political career and educational background" comment="subhead" text="Her political career and educational background">Her political career and educational background</cmsannotation> Murmu started her political career as a councilor and later she became the Vice-Chairperson of the Rairangpur National Advisory Council or NAC. In 2013, she became a national executive member of the party's Scheduled Tribe Morcha in Odisha. In 2007, the Odisha Legislative Assembly honored her with its Best MLA of the year award. Former Member of the Legislative Assembly (MLA) from Rairangpur, she held the assembly seat in 2009, the year when BJD ended ties with BJP ahead of state elections. Born into a tribal family she had struggled with poverty in one of the underdeveloped districts. She completed her Bachelor’s degree in Arts from Ramadevi Women’s college in Bhubaneswar. She has also served as a junior assistant in the irrigation and power department in the Odisha government. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/india/news/rebel-sena-mlas-arrive-in-assam-as-maharashtra-political-crisis-continues/articleshow/92376700.cms">Rebel Sena MLAs arrive in Assam as Maharashtra political crisis continues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/mark-zuckerberg-announced-meta-will-not-take-commission-from-creators-on-instagram-and-facebook-until-2024/articleshow/92378346.cms">Meta will not take commission from creators on Instagram and Facebook until 2024</a>

Meet Draupadi Murmu — Modi government’s pick for upcoming Presidential elections

Yashwant Sinha’s journey - IAS officer to Finance Minister and now a presidential candidate

<img class="gwt-Image" src="/photo/46529286.cms" /> Former disinvestment minister Arun Shourie and ex-finance minister <keyword id="6381725" type="PERSON" weightage="80" keywordseo="Yashwant-Sinha">Yashwant Sinha</keyword>, among others, are being considered as the first , among others, to hold the post of the president of the <keyword id="175259" type="ORGANIZATION" weightage="60" keywordseo="Brics">BRICS</keyword> Development Bank which is now known as the New Develeopment Bank (NDB), an ET report said. The bank will be headquartered in Shanghai, China. 
 
The NDB is set up by the BRICS states (Brazil, Russia, India, China and South Africa) as an alternative to the existing US-dominated World Bank and International Monetary Fund (IMF). Secondly, it will also foster greater financial and development cooperation among the five emerging countries. 
 
According to the ET report, the post demands a political candidate with adequate administrative skills rather than a bureaucrat. Many believe, this will help the bank to gather better mileage initially. 
 
Sinha, who has served as foreign minister during the Atal Bihari Vajpayee government is suitable contender to hold this post. His son Jayant Sinha is the minister of state for finance in the present government. This, however, brightens the chance of Shourie, former economist with the World Bank, to lead the bank. 
 
In February, the government had officially validated its membership along with the proposed $100billion Contingency Reserve Arrangement to be used in case of a crisis, the ET report added. 
 
Prime Minister Narendra Modi will soon be taking the final call on this matter. 
 
The finance ministers from the BRICS countries will meet during the Fund-Bank meeting which is slated to be held in April, the ET reported. 
With bird-eyed focus on the development agenda of BRICS countries, this bank, which has a $50 billion capital structure, will serve as an alternative to other multi-lateral agencies. 
 
(Image: India Times)

Arun Shourie, Yashwant Sinha in
the race to become next BRICS bank president

<img class="gwt-Image" src="/photo/49770541.cms" style="width: 800px; height: 600px;" />A new face to join several other <keyword id="14666" type="ORGANIZATION" weightage="100" keywordseo="BJP">BJP</keyword> leaders in criticising the party's election strategy in Bihar is <keyword id="198958" type="PERSON" weightage="100" keywordseo="Manoj-Tewari">Manoj Tewari</keyword>, Lok Sabha member from Delhi. 
 
He lauded the strategy of JDU-RJD-Congress alliance as "undoubtedly better". 
 

	The Bhojpuri singer-turned-politician said the party failed to convince the people to vote for BJP candidates in the keenly-fought Bihar elections. 
 

	"We failed to make people realise to vote for the party at the Centre and earn maximum benefits. We clearly failed to convine our party agenda to the people of Bihar," said Tewari, who represents North East Delhi in Lok Sabha. 
 

	"Undoubtedly the strategy of grand alliance (of JDU-RJD-Congress) had been proved better than ours. We could have campaigned in a more strategical way to reach out larger masses," he added. 
 

	Ever since the BJP faced drubbing in the Bihar Assembly elections whose results were declared on November 8, several leaders have spoken out against the strategy, including the way the campaign was conducted. 
 The critics include party veterans L K Advani, M M Joshi and <keyword id="6381725" type="PERSON" weightage="100" keywordseo="Yashwant-Sinha">Yashwant Sinha</keyword> who have demanded fixing of accountability. Others who have spoken out include Bihar MPs <keyword id="10362" type="PERSON" weightage="100" keywordseo="Shatrughan-Sinha">Shatrughan Sinha</keyword>, R K Singh and Bhola Singh.

Now, Manoj Tewari criticises BJP strategy in Bihar

<ul><li>PM Modi urged all the MPs to follow parliamentary procedures saying the session is important as the nation is going to elect a new President and Vice-President.</li><li>The counting of votes will be done on July 21 and the winner will take an oath on July 25.</li><li>The elections are expected to be in favour of Murmu as she may be able to garner 60% of the votes.</li></ul>Haryana Chief Minister Manohar Lal Khattar on Monday said he is confident that NDA's Presidential candidate Draupadi Murmu will win the elections with a huge margin. "Murmu is an inspirational personality and I am sure that she will be winning the elections with a huge margin as she will be getting more votes than expected, an official statement quoting Khattar said. The Chief Minister said this while interacting with the media after casting his vote for the post of President in the Assembly here. Till 12.30 pm, 48 votes were cast in the Assembly. "The NDA and the UPA candidates have their own voting calculation, I am completely sure that NDA candidate Draupadi Murmu will win the election by a huge margin and will take oath on July 25," said Khattar. He said Murmu would set an example and be a source of great inspiration among other women. "Murmu is going to become the second woman President of India, while she will be the first woman from the tribal society to be elected to the post of President." Responding to a question, the Chief Minister said whether it's about selecting a presidential or vice-presidential candidate, the NDA has always preferred choosing good and educated candidates. "The NDA candidate for the post of Vice President Jagdeep Dhankhar hails from Rajasthan and has been a lawyer by profession. The NDA has certainly given a good message by fielding him for the post of the Vice-President," added Khattar. In the 90-member assembly, 89 MLAs cast their vote in the Assembly complex, while Congress MLA Kuldeep Bishnoi, who had cross-voted in last month's Rajya Sabha polls, cast his vote in the Parliament House. In the Haryana Assembly, the vote value of each of the MLA is 112, which pegs the cumulative value at 10,080. Ahead of the Monsoon Session of Parliament, Prime Minister Narendra Modi on Monday urged all the MPs to follow parliamentary procedures saying the session is important as the nation is going to elect a new President and Vice-President. "Elections for the office of President and Vice-President are being held in this session. Voting (for the Presidential election) is taking place today. During this session, the new President and Vice-President will begin guiding the nation," he said. Prime Minister Modi said that this is the period of 'Azadi ka Amrit Mahotsav' and special significance of the Independence day for the coming 25 years - when the nation would celebrate the hundred year of independence. The government has listed 32 bills to be passed in this session and in which 24 are new. The opposition has objected to it citing time constraint. Parliamentary Affairs Minister Pralhad Joshi said that the bills will not be passed in a hurry and adequate time will be given for debate. The Congress, this morning, moved adjournment motion in Lok Sabha on LPG price hike and suspension of business notice in Rajya Sabha on Agnipath scheme. A total of 24 new bills will be introduced in the upcoming monsoon session, including Press and Registration of Periodicals Bill, 2022. "The Bill seeks to replace the Press and Registration of Books (PRB) Act, 1867 by decriminalisation of the existing Act, keeping the procedures of the extant Act simple from the view point of medium/small publishers and uphold the values of Press Freedom". It may see stiff opposition as it is said that this bill is being brought to control the small publishers and digital media. The Opposition has already alleged that the government is trying to stifle the voice of dissent in the country. Another important bill is Energy Conservation (Amendment) Bill, 2022, which seeks to provide a regulatory framework for Carbon Trading in India, to encourage penetration of renewables in energy mix, and effective implementation and enforcement of the Energy Conservation Act. The polling for the next president began at 10 a.m on July 18, at the Parliament House and the state legislative assemblies. And around 4,800 member of parliament and legislative assemblies have started casting their votes to elect the 15th President of India. PM Narendra Modi, Tamil Nadu CM MK Stalin, UP CM Yogi Adityanath have already casted their votes. As many as 162 out of 175 MLAs in Andhra Pradesh exercised their franchise in the Presidential election till 1.30 pm here on Monday. Chief Minister Y S Jagan Mohan Reddy was the first to cast his vote when voting began at 10 am.Speaker Tammineni Sitarama, ministers and MLAs followed the Chief Minister in exercising their franchise. Leader of Opposition N Chandrababu Naidu led his Telugu Desam Party legislators in voting at 12 noon in the polling booth in the Assembly Committee Hall.Two Telugu Desam MLAs, Nandamuri Balakrishna and Gorantla Butchaiah Chowdary, were among the notable absentees as they were said to be on a foreign visit. Andhra Pradesh is probably the only state where the ruling and the opposition parties are supporting the NDA's presidential nominee Droupadi Murmu.This is also the first time that the rival parties are on one side in a presidential election.The YSRC has 31 MPs (nine in Rajya Sabha and 22 in Lok Sabha) and 151 MLAs in the state Assembly. The TDP has one member in Rajya Sabha, three members in Lok Sabha besides 23 MLAs (including three rebels).The BJP has one MP in Rajya Sabha. Though technically the Jana Sena has one MLA, he has been sailing with the YSRC since his election in 2019. The Congress has no presence in AP.As such, all votes from AP are in favour of Murmu. In the 2017 presidential election, the Congress had four Rajya Sabha members who supported the then opposition candidate. As the TDP was then part of the NDA, it voted for the latter's nominee, along with the alliance partner BJP. The YSRC, then in opposition, also voted for the NDA candidate. However, the counting of votes will be done on July 21 and the winner will take an oath on July 25. BJP-elected Droupadi Murmu is in a contest against former Union Minister Yashwant Sinha in the upcoming polls. The elections are expected to be in favour of Murmu as she may be able to garner<a href="https://indianexpress.com/article/india/presidential-election-live-updates-droupadi-murmu-nda-yashwant-sinha-8035062/"> 60% of the votes</a> with the support of BJD, YSRCP, BSP, AIADMK, TDP, JD(S), Shiromani Akali Dal, Shiv Sena and JMM, National Democratic Alliance (NDA). If Murmu wins the election, she may not only become the first tribal woman president of India but also the second woman president in the country’s history after Pratibha Patil who served as president from 2007-2012. The 64-year-old Murmu hails from Odisha’s Mayurbhanj district and has been a BJP legislator twice in the Naveen Patnaik cabinet. She has experience in handling diverse ministries like transport, commerce, fisheries and animal husbandry in the Odisha government. Murmu started her political career as a councilor and later became the vice-chairperson of the Rairangpur National Advisory Council or NAC. In 2013, she became a national executive member of the party's Scheduled Tribe Morcha in Odisha. In 2007, the Odisha Legislative Assembly honoured her with its Best MLA of the year award. Born into a tribal family she had struggled with poverty in one of the state’s most underdeveloped districts. She completed her Bachelor’s degree in Arts from Ramadevi Women’s college in Bhubaneswar. (With inputs from IANS) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/online-interior-design-startup-modsy-shuts-down-abruptly-while-customers-still-await-refunds/articleshow/92947481.cms">Online interior design startup Modsy shuts down abruptly while customers still await refunds</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/ashish-chouhan-re-starts-his-second-innings-at-nse-as-its-md-and-ceo/articleshow/92944486.cms">Ashish Chouhan re-starts his second innings at NSE, as its MD and CEO</a>

Murmu vs Sinha: Voting begins to elect the next President of India

Jaipur, Apr 12 () Rajasthan Chief Minister Ashok Gehlot on Sunday termed the withdrawal of the lockdown a major challenge, said that his government was in favour of a "modified lockdown" in the state. It, however, depends on the government of India, he added.Gehlot said the state government was examining and exploring possibilities of something on the lines of a "modified lockdown" at the local level."If the lockdown continues, we would see whether is it possible to create a situation at the local level which can be called a 'modified lockdown'. This is my own thought and it depends on the government of India how far this can be executed. The next phase of lockdown is dependent on the centre. If possible, we would try a modified lockdown," he said."This is my own thought. It depends on the government of India how far this can be executed. If possible, we would try for a modified lockdown," Gehlot added.The chief minister said the state government's committee was brainstorming on the possibility of giving relaxations to industries in which internal resources like labour are available and to interstate transportation. "Imposing a lockdown is easy but withdrawing it a big challenge. It will have to be withdrawn. If not after a period of 21 days, it will have to be withdrawn 15 days later. The economy will come on track when financial activities like opening shops, industries will take place and then only state and the centre will get revenues," he told reporters at a briefing held via video-conferencing here. The chief minister reiterated his demand of a stimulus package for the country to overcome the economic crisis. He said the financial condition of the states has deteriorated and the Centre should announce a grant of Rs 1 lakh crore.Gehlot also demanded to raise the limit of fiscal deficit from three per cent, as per the Fiscal Responsibility and Budget Management Act, to five per cent and other measures to help the states.He said former finance minister Yashwant Sinha was of the opinion that more currency notes should be printed to tackle the current crisis."The financial conditions of states have weakened and there is a drastic decline in revenue collection. We are doing good financial management in Rajasthan but the situation of any state may deteriorate in this difficult time therefore the centre should come forward to announce a package," Gehlot said."The Centre has RBI and resources and it can print more currency notes. Former minister Yashwant Sinha has said that notes should be printed in this time of crisis," he added. Expressing concern on the rising number of COVID-19 patients in Jaipur, Gehlot said that it has become a challenge for the state government and all efforts were being made to contain the spread. He, however, asserted that the situation was under control despite the rising number of cases.The chief minister said the government has ordered 10 lakh rapid testing kits.There has been no requirement of ventilators for the treatment of COVID-19 patients in the state so far, he added."In Bhilwara, we controlled the spread through ruthless containment model. All possible efforts are being made in Jaipur's Ramganj area also. All places where there are cases will be treated in the same way and we will win the fight against coronavirus with the cooperation of all," Gehlot said.In Jaipur, he said, quarantine facilities have been set up in hostels and hotels, and possibilities were being explored to use stadiums as well. On a question related with job security, the chief minister said industrialists should consider their staff as family members and see that they do not face difficulties. He informed that apart from 10 lakh rapid testing kits, the state has ordered 1.5 lakh PPEs (Personal Protective Equipment). SDA IJT

Withdrawal of lockdown a major challenge: Rajasthan CM Gehlot

<ul><li>SC today dismissed review petition filed on the 2018 Rafale verdict. </li><li>Three review petitions were filed by lawyer Vineet Dhandha and Aam Aadmi Party lawmaker <keyword id="6360239" type="PERSON" weightage="20" keywordseo="sanjay-singh">Sanjay Singh</keyword>.</li><li>On December 14, 2018, the apex court dismissed the petitions seeking an investigation into alleged irregularities in the Rs 58,000 crore deal. </li></ul> The Supreme Court dismissed the review petitions filed on the Rafalae judgment on Thursday. Three petitions were seeking a review of its judgement which gave a clean chit to the Modi government in the <keyword id="1560525" type="PERSON" weightage="20" keywordseo="Rafale-fighter-jet">Rafale fighter jet</keyword> deal with French firm Dassault Aviation. On May 10, the apex court had reserved the decision on the pleas, including one filed by former Union ministers Yashwant Sinha, <keyword id="47167" type="PERSON" weightage="20" keywordseo="Arun-Shourie">Arun Shourie</keyword> and activist lawyer Prashant Bhushan, seeking a re-examination of its findings that there was no occasion to doubt the decision-making process in the procurement of 36 Rafale fighter jets. A Bench comprising Chief Justice <keyword id="245445" type="PERSON" weightage="20" keywordseo="Ranjan-Gogoi">Ranjan Gogoi</keyword> and Justices S K Kaul and K M Joseph is likely to pronounce verdicts on three review petitions filed by the trio, lawyer Vineet Dhandha and Aam Aadmi Party lawmaker Sanjay Singh. On December 14, 2018, the apex court dismissed the petitions seeking an investigation into alleged irregularities in the Rs 58,000 crore deal.

SC dismisses review petitions on Rafale judgment

<ul><li>The government files affidavit in the review petition against the Supreme Court verdict in the Rafale case</li><li>Ministry accused petitioners of conspiring to leak sensitive information about India's war capacity</li><li>A similar statement by Attorney General KK Venugopal faced severe criticism</li></ul> The Ministry of Defence has filed an affidavit in the Supreme Court on March 13 in a case that questions the sanctity of the government deal to buy 36 Rafale fighter jets from the French company Dassault. "...the deponent of the affidavit of the Review Petition are guilty of leakage of sensitive information, which offends the terms of the agreements. Additionally, those who have conspired in this leakage are guilty of penal offences under the Indian Penal Code including theft by unauthorized photocopying and leakage of sensitive official documents affecting National Security,” Bar and Bench reported. The ministry also contends that the petitioners have no authority to produce the documents before the Supreme Court without explicit permission from the Government of India. The Supreme Court is presented with an appeal to review its December 2018 verdict that gave the government a clean chit after accusations of corruption in the defence procurement deal. The petitioners include former Finance Minister Yashwant Sinha, a former union minister Arun Shourie and advocate Prashant Bhushan. Both Sinha and Shourie have been part of the Bharatiya Janata Party (BJP) governments in the past. The affidavit is in consonance with the allegation made by the Attorney General KK Venugopal that the documents were stolen and an inquiry under the Officials Secrets Act was underway-- a statement which he later corrected as "photocopied without permission". SEE ALSO: <a href="https://www.businessinsider.in/Seven-shocking-truths-about-how-India-buys-arms/articleshow/67981937.cms" data-type="tilCustomLink" target="_blank">Seven shocking truths about how India buys arms</a>

India's defence ministry claims the Rafale review petition is a threat to national security

Earlier today <a href="https://www.businessinsider.in/budget/news/budget-2019-live-updates/liveblog/67784324.cms">(Check Live Updates here)</a>, news reports emerged that India’s Modi government was set to break tradition and present a full budget on February 1, as opposed to an interim vote on account. However, anonymous officials from the finance ministry have reportedly denied this. ANI, a news service, is reporting that the finance ministry will stick to an <keyword id="547606" type="ORGANIZATION" weightage="20" keywordseo="interim-budget">interim budget</keyword>. 
 
 
 
 
 
 
 
 
 <div type="javascript" title="Custom" contenttype=""><cdata><![CDATA[
<blockquote class="twitter-tweet" data-lang="en">Finance Ministry clarifies that this budget will be &#39;Interim Budget 2019-20&#39;. <a href="https://t.co/jr3mQhlGQ7">pic.twitter.com/jr3mQhlGQ7</a>&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/1090530711860334592?ref_src=twsrc%5Etfw">January 30, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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 Moneycontrol has also reported that anonymous government officials had denied the reports. As per convention, outgoing governments, even if they are seeking reelection, do not present budgets for the full year ahead. The budget in an election year is only a report card, and allocations are made to run the government for the few months in the run up to the election. The government formed after the election then presents a budget for the remaining months of the year. A number of critics of the government have weighed in on the plan to present the full budget, citing the “unconsitutional” nature of the move, especially <a href="https://timesofindia.indiatimes.com/india/full-budget-will-violate-tradition-says-yashwant/articleshow/67732646.cms">Yashwant Sinha</a>, the former finance minister, adding that he “doesn’t trust the figures released by the government anymore. Anand Sharma, an opposition leader in the Congress, has also termed the act of presenting a full budget as a <a href="https://indianexpress.com/article/india/full-budget-violation-of-parliamentary-conventions-congress-5554390/">“violation of parliamentary conventions”</a>.

Indian government denies plan to present full budget on Friday: Report

New Delhi, Nov 29 () Former Union minister Yashwant Sinha on Friday termed Finance Minister Nirmala Sitharaman's remarks on the state of economy as "disappointing in the extreme" and said the main cause of the current crisis is "death of demand".
 He said that even now, the government is largely in denial and one cannot solve a problem if "you are in denial of its existence".
 Replying to a short-duration discussion on the state of the economy in the Rajya Sabha on Wednesday, Sitharaman has launched a spirited defence of her handling of the economy, comparing macroeconomic indicators with past Congress rules and said the growth may have slowed down but the economy will never slip into recession.
 "We have heard what the finance minister said in the Rajya Sabha...and it was disappointing in the extreme," he said here at the National Economy Conclave.
 Sinha said the root cause of the current economic crisis is "death of demand" in the country.
 He alleged that the government ignored the agriculture distress in the country.
 "The current economic crisis that we are seeing today did not come suddenly. It is not a train accident that happened suddenly. It was building up over the time," he said.
 Sinha also raised questions over the data for calculating gross domestic product (GDP) numbers.
 Further, he added that companies after companies are facing bankruptcy and the government has stated that it would have to close Air India if it would not find buyer.
 This would lead to unemployment of thousands of people and those "employees will be left to beg," he said.
 He said the government's performance in the past five years was dismal.
 "What is the state of government finances. They are in a bigger mess... This year, the situation is going to be much worse despite the government robbing the RBI (Reserve Bank of India)," he said adding that the government is starved of funds and this year's fiscal deficit will be much worse.
 He alleged that the government is misleading people and the economic crisis that the country is witnessing is "entirely home grown".
 A section of economists also said the economic crisis is there in the country and the government is not doing anything.
 Economist Arun Kumar said the government is taking into consideration the data of the organised sector only to calculate the GDP rate and not the data of the unorganised sector.
 "There is a decline in the growth rate and recession in the economy," Kumar said adding that every sector is down including core sector, Index of Industrial Production, fast-moving consumer goods and automobiles.
 He also said that as many as seven controversies were created around GDP calculation and these controversies will continue.
 He suggested that the GST needs a major reform because it has structural issues.
 Sharing similar views, Jayati Ghosh from Jawaharlal Nehru University said that the economy is in serious crisis and the government is trying to suppress the data.
 GST is "terrible" tax policy and it should be "killed" as it is not working, she said.
 Speaking at the event, T K S Elangovan of DMK party said foreign investors will not come as the country is facing economic problem.
 "Jobs are going down. Educated people are not getting jobs," he said.
 Former Rajya Sabha MP D Raja also alleged that there is an economic and job crisis in the country and it is "haunting all of us". RR HRS

FM's remarks on economy disappointing in extreme: Sinha

<img class="gwt-Image" src="/photo/34101419.cms" />With indications that NDA may come to power, there is speculation over conflict between the central bank governor and the new govt. But much will depend on the equation Rajan can build with the new FM, the way some of his predecessors did. 
 The <keyword id="6354335" type="CITY" weightage="40" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> Governor, <keyword id="6358908" type="PERSON" weightage="80" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, passed the banking licence litmus test by leaning on Bimal Jalan. The former Chicago University Professor can take a leaf out of the same elder statesman of Indian bureaucracy on how to navigate the rough seas after May. 
 Soon after the Atal Bihari Vajpayee-led National Democratic Alliance, or NDA, Government came to power in May 1998, Jalan, the then <keyword id="64190" type="POSITION" weightage="80" keywordseo="RBI-Governor">RBI governor</keyword>, reached out first to finance minister Yashwant Sinha and principal secretary to the prime minister, Brajesh Mishra. 
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	That was not to save his job, but to save the economy. So convincing was Jalan that not only did he manage to end the cacophony of voices from the party that called for a stronger rupee, he also got rewarded with another term at the RBI, and a nomination to the Rajya Sabha.
 
 Sorting out such politically tricky issues is inevitable for any central bank governor globally. At that time, it didn’t matter to the alliance that Jalan had been appointed by the previous United Front Government led by IK Gujral with <keyword id="43940" type="PERSON" weightage="40" keywordseo="P-Chidambaram">P Chidambaram</keyword> as Finance Minister. 
 
Similar challenges await Raghuram Rajan, with a new government set to assume office — one which is widely perceived to be a non-Congress political formation. Doom sayers, among them, shockingly, government officials, are already at work claiming how his approach may not be in consonance with a Modi-led sarkar. In other words, count on a confrontation soon, is what they appear to be implying. 
 
<div style="page-break-after: always;">
	&#xa0;</div>
They may well be wrong. In the last 25 years, the working relationship between the government represented by the finance minister and RBI governors may not have always been smooth. Yet, despite frosty ties, especially towards the fag end of the tenures of at least more than one governor, the political establishment has held back perhaps mindful of the downside to cutting the institution and its head to size.
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	Former finance minister, Yashwant Sinha is one of those who is quick to dismiss such speculation. A new government should not rock the boat and change the head of the central bank, he says, making it clear that he reckons Rajan is doing well and would distinguish himself further.
Sinha should know. For back in 1990, as the finance minister of the short -lived Chandrasekhar Government, which survived on a “daily wage basis” as ministers themselves dubbed it, he had the unpleasant task of telling the then governor of RBI, RN Malhotra to step down and pave way for S Venkitaramanan, a civil service colleague and a former finance secretary. This was after Malhotra had been given a fresh term by the previous VP Singh-led National Front Government after he completed five years. 
 Yashwant Sinha says that was a political decision, taken under pressure from the <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> led by Rajiv Gandhi, which provided support to the Chandrasekhar Government only to pull the plug after barely four months. The only other case of a change in guard following a new government coming to power was when KR Puri, who was appointed as RBI governor during the emergency, was moved out days after the Janata Party came to power. <table align="center" border="1" cellpadding="1" cellspacing="1">
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In RBI’s long history, there have been enough instances of governors quitting — the first being as early as 1936 when Sir Osborne Smith quit after differences with the head of the treasury and one of his deputy governors; later Sir Benegal Rama Rau quit over differences with finance minister TT Krishnamachari. Not that all this is unique to India. Such instances abound in Thailand, Argentina and a few other countries. 
 
According to Sinha, what makes the difference is the personal equation between the two —the finance minister and the governor. It all boils down to the kind of rapport the two develop and their personalities, he says, citing his experience with Jalan when their engagement went beyond the realm of just monetary policy. 
 
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Between 1998 and 2002, during budget making, Sinha used to lean on Governor Jalan, a former chief economic advisor, banking secretary and finance secretary, for advice on budgetary issues. That was way beyond the central bank chief ’s remit, Sinha says making the point such institutional arrangements cannot be formalised as part of statutes. What could also have helped boost such ties is the long stint in government and experience of policy making for both Jalan and his successor Reddy. 
 
That will be a test for Rajan who soon after his appointment as governor worked out a unique, but a non-formal, agreement with finance minister P Chidambaram under which the turf was clearly marked out for both the finance ministry and the RBI. The minister who often advocated lowering rates ahead of a monetary policy review, attracting criticism for putting pressure on the central bank, worked out the arrangement with Rajan after ties between North Block and the RBI soured towards the end of Subbarao’s tenure in 2013. 
 That may have worked well especially with the <keyword id="26374" type="ORGANIZATION" weightage="40" keywordseo="UPA-government">UPA government</keyword> on its last leg. But unlike some of his predecessors who had the advantage of having worked in the government for long and engaging with politicians of all hues, Rajan may have to build such ties from scratch. 
 That is because he has been away for long with his formal association with the government having started as late as 2008 as an advisor to the prime minister. In the second half of 2012, the former <keyword id="69755" type="POSITION" weightage="40" keywordseo="Chief-Economist">chief economist</keyword> of IMF finally came on board as chief economic advisor before being appointed as RBI governor last September. 
 
Any perceived discomfort at what lies ahead could also be because of lingering statements such as the one by BJP’s treasurer Piyush Goyal, who had indicated that the governor’s approach to inflation management was faulty. 
 
The BJP is also uncomfortable with the idea of granting banking licences to business houses. All these come at a time when the RBI led by Rajan has pitched for inflation targeting, an approach, which a new political formation has to buy into. And which would call for an explicit agreement with the government that may be wary given the political risks in the event of any failure to cool prices. There are other major challenges, too, such as the potential re-shaping of the role of the RBI, as outlined by the Financial Sector Legislative Reforms Commission, if at all the new government chooses to pursue the recommendations, besides the future of state-owned banks. 
 
But he cannot baulk. Rather, he will have to continue like his predecessors and lay bare unpleasant facts to the government. Manmohan Singh, who was governor between 1982 and early 1985, had to write to the finance minister in the context of high inflation that the monetary implications of a vast fiscal imbalance were truly disturbing. Similarily, RN Malhotra wrote a series of letters towards the fag end of the Congress-led government in 1988-89 and to the VP Singh government on the dangers of a severe balance of payment crisis in the offing, well before it unfolded in 1990-91. 
 
So did Subbarao on fiscal excesses and the need for a credible fiscal consolidation. And such professional conflicts, which sometimes spill over into ego issues, are part of the job. YV Reddy, too, had run-ins with the government, including on the use of foreign exchange reserves, participatory notes or the product used by foreign portfolio investors to invest in Indian stocks and on consolidation of Indian banks. 
 
Some in the financial markets may be busy speculating on his future. But politicians and policy makers are aware that though the current incumbent may not have dirtied his hands in the Indian establishment, he is no pushover. 
 
Having impressed by stabilising a wobbly currency and setting the agenda in international forums, there is nothing to lose for Rajan, but there’s quite a bit for the government.

How Will RBI Governor Raghuram Rajan Build An Equation With The New Finance Minister If NDA Comes To Power

<img class="gwt-Image" src="/photo/47427119.cms" />It is not necessary that all cabinet ministers have to gel with PM Narendra Modi. There are few ministers who had to work towards getting their equation right with the PM. 
 Economic Times reported how <keyword id="6391015" type="UNKNOWN" weightage="80" keywordseo="Finance-Minister-Arun-Jaitley">Finance Minister Arun Jaitley</keyword>, Home Minister Rajanth Singh and Foreign Affairs Minister Sushma Swaraj adjusted to work out their private equation with Modi. 
 
The most important minister in Modi’s cabinet is Jaitley. Arguably, Jaitley is Modi's go-to man. People close to Jaitley told ET that he was one of the trongest backers of Modi as BJP’s PM candidate at a time when several heavyweights were against the idea. 
 
The Finance Minister had also handled legal issues of both Modi and BJP President Amit Shah. A party leader told the financial daily that when Shah was banned from entering Gujarat by the Supreme Court, he went to Jaitley's house. 
 
The leader added that Shah relies heavily on Jaitley. "Those working closely with Shah now in the party are all Arun Jaitley's people. Shah's assessment of people is based on Arun's assessment and Modi too goes along," a party leader told ET. 
 
The leader also said that people close to Jaitley were given key ministries and the names were endorsed by Shah as well. 
 
A BJP leader told the financial daily that the close relationship between Modi, Jaitley and Shah was a source of much jealousy. 
 
"Of the trio, Jaitley is the easiest to attack since Modi can't be attacked and attacks on Shah will only start post Bihar if the party does badly," said the leader. 
 
The leader added that Jaitley was Modi's chief troubleshooter. 
 
One of the leaders also told ET that if performance of Modi Sarkar was to be judged largely on economy, Modi's most important minister was also the one who will be judged most ultimately. 
 Meanwhile, <keyword id="2286211" type="UNKNOWN" weightage="80" keywordseo="Home-Minister-Rajnath-Singh">Home Minister Rajnath Singh</keyword> learnt to like Modi. 
 Singh is officially the number two in the <keyword id="581221" type="ORGANIZATION" weightage="80" keywordseo="Modi-Cabinet">Modi Cabinet</keyword> and as per an official notification, he gets to chair Cabinet meetings when the PM is away. 
 
Singh is a political heavyweight and Modi and Shah are quite careful not to mess with him. When the Home Minister publically expressed displeasure at rumours being spread about his son, allegedly by a Cabinet colleague, Modi and Shah rushed to assuage him. 
 
After Singh’s response, those rumours stopped. 
 
"The message was clear - Rajnath was not going to stay quiet," a BJP functionary told ET. In his first stint as BJP president, Singh shared an uneasy relationship with Modi and Jaitley. 
 
Singh had dropped Modi from the party's central parliamentary board and Jaitley from the post of chief spokesman. However, during his second stint, Singh’s relationship with Modi improved. 
 
Singh batted for Modi against party veterans LK Advani, Murli Manohar Joshi and Sushma Swaraj. 
 
Economic Times reported that a senior Congress leader had also gone to Singh's house when he was the president to dissuade him from declaring Modi as the party's PM candidate. But to no avail. 
 
"He also got dissidents to stop critiquing Modi in public during the run-up to the election," a BJP leader told ET, adding “At one point Singh got Yashwant Sinha to speak to Shatrughan Sinha to tone down the latter's remarks against Modi.” 
 
Party leaders told ET that as smooth as Singh-Modi relations may be now, the uneasy relationship between the finance and home ministers could still become a problem for the prime minister. 
 
"The downfall of UPA-2 started with the shadow war between Pranab Mukherjee and P Chidambaram. Round-2 of Singh vs Jaitley, if it happens, can get troublesome for the PM," a party veteran told the financial daily. 
 
Coming to Foreign Affairs Minister Sushma Swaraj, she was a Modi critic was adjusted. 
 
“Sushma-ji's is a case of a remarkable transformation,” a BJP leader told ET. Before Modi climbed to top of the party, Swaraj was a Modi critic. 
 
A BJP veteran said Swaraj is good with her job even if no one talks about it. Officials say Modi is even more personally involved than most recent PMs. This could have been a source of angst for Swaraj, but she has simply got on with it. 
 
"She's shown great dignity," a BJP leader told ET. As per officials, Modi has asked the foreign minister to keep special focus on the Middle East and SAARC. 
 
"Sushma Swaraj really knows the dos and don'ts of ministerial functioning," a senior official told ET. 
 
(Image: Indiatimes)

Know how Sushma, Rajnath and Arun Jaitley manage their equations with the PM

AHMEDABAD/BHOPAL/NEW DELHI: With less than 48 hours to go for the declaration of results, an assertive <keyword id="14666" type="ORGANIZATION" weightage="80" keywordseo="BJP">BJP</keyword> leadership indicated that the veterans may have to settle for roles assigned to them by the party. 
 Although party <keyword id="2540" type="POSITION" weightage="40" keywordseo="President">president</keyword> <keyword id="6355121" type="PERSON" weightage="40" keywordseo="Rajnath-Singh">Rajnath Singh</keyword> said the stalwarts will be consulted, he suggested that the leadership will take the final decision on what assignments they should get. 
 
“As far as the roles of veteran leaders are concerned, I will call a party meeting to which they will be invited. After thorough discussions with all big leaders, we will decide what role will be played by which person,” Singh told reporters in Ahmedabad when asked what role L K Advani would be given if NDA is voted to power. 
 Singh was on his way to Gandhinagar to hold discussions with the party’s PM candidate Narendra Modi as part of the government-formation exercise, although he sought to play down the significance of the meeting saying that it was meant just to exchange notes of the campaign and take stock. Leader of opposition in Rajya Sabha <keyword id="42575" type="PERSON" weightage="40" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> and former party president <keyword id="26680" type="PERSON" weightage="40" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> were part of the deliberations. 
 
Sources said the four leaders decided to call a meeting of the BJP parliamentary board when Modi reaches Delhi on Saturday to set the date when newly-elected BJP MPs will elect him as the leader of the parliamentary party. A meeting of the MPs belonging to NDA partners will also be called around the same time to elect Modi as leader of the NDA parliamentary party. 
 
The BJP has also made plans to organize a grand reception for Modi when he reaches the Capital on Saturday. 
 With exit polls fortifying their own estimate that the BJP is set to regain power at the Centre after 10 years, the ministry-making exercise shifted into higher gear, with Singh grappling with the knotty task of finding appropriate slots for the veteran duo of Advani and Murli <keyword id="6602480" type="PERSON" weightage="40" keywordseo="Manohar-Joshi">Manohar Joshi</keyword> as well as leader of opposition Sushma Swaraj. 
 
Gadkari, who had met Advani and Joshi on Tuesday to ascertain their preferences of the responsibilities they would like to discharge in a Modi regime, met Swaraj with Singh as part of the same sounding exercise. The meeting happened amid indications that those sympathetic to Swaraj strongly feel that she, having been leader of opposition, should have a role commensurate with her standing. 
 
Political circles were also abuzz with speculation that Swaraj, who along with Advani and Joshi resisted the decision to project Modi as PM candidate, was upset over not having been invited for deliberations the Gujarat CM hosted in Gandhinagar. 
 
However, Swaraj denied being angry. “Nothing should be read into my meetings with party president Rajnath Singh or Nitin Gadkari. These were courtesy visits,” she said during a brief interaction with media after touching down at Bhopal airport. 
 
“I am not angry with anyone. We just wanted to meet ahead of poll results. When Rajnath and Gadkari came to know that I was flying to Bhopal, they came to meet me. It was a routine meeting,” she said and walked off. 
 As they get down to indentifying the possible ministerial appointments, the leadership, besides having to manage egos and seniority claims, faces a talent crunch: a problem made acute by RSS’s insistence that an honest effort should be made to move those past 75 to mentor roles. Jaitley is considered to be a hot favourite for finance or home, particularly if he makes it to <keyword id="6355187" type="ORGANIZATION" weightage="40" keywordseo="Lok-Sabha">Lok Sabha</keyword> from Amritsar. But with both Yashwant Sinha and Jaswant Singh out of the equation, there are no obvious choices for either defence or external affairs. 
 
The weak bench strength may see Modi seeking to persuade Rajnath Singh to switch to the government to handle defence, though this will still leave him with the task of finding a person of adequate standing for the ministry of external affairs. 
 
Modi will have trouble finding a suitable person for home ministry should Jaitley get finance. Being a very sensitive ministry with an oversight over Intelligence Bureau, the home minister is expected to be a person who enjoys the PM’s absolute trust. With not many around who can fulfill the bare minimum of eligibility criterion, one school of thought favours the bifurcation of the ministry with its internal security function being hived off into a separate department which can be put under a minister of state reporting directly to the PM. 
 
For the health ministry, however, Delhi BJP leader Harsh Vardhan seems to have emerged as a likely choice with the leadership reckoning that the important position at the Centre will elevate his stature ahead of Delhi assembly polls where he may be projected as the CM candidate. 
 
Another problem confronting the leadership is how to strike a balance between members of Lok Sabha and their counterparts in Rajya Sabha in the appointments to crucial ministries. The party is expecting a huge contingent of 240-odd members in Lok Sabha, many of whom will be relatively inexperienced so far as handling responsibilities at the Centre is concerned. The party’s RS squad has more experienced but the leadership is concerned that those directly elected cannot be ignored.

Veteran Leaders Will Be Consulted But Party Will Decide Their Future Roles: Rajnath

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="http://static1.businessinsider.com/image/52b186b66da8118955b3cc24-488-621/screen shot 2013-12-18 at 6.27.02 am.png" border="0" alt="Screen Shot 2013 12 18 at 6.27.02 AM" /><a href="https://twitter.com/NEWS9TWEETS/status/413268303650385920">Twitter/News9</a></div></div></div>India vowed Wednesday to bring one of its diplomats home at any price after her arrest in New York, as she told how she broke down in tears after being stripped and cavity-searched.
With one newspaper hailing the government for "taking on Uncle Sam", Foreign Minister Salman Khurshid pledged to "restore the dignity" of the diplomat -- whose treatment at the hands of a superpower has touched a raw nerve here.
Khurshid's promise came a day after India announced a series of reprisals and despite an overnight plea by the US State Department not to allow the row to damage relations.
"It is my duty to bring the lady back," Khurshid told lawmakers.
"We have to restore her dignity and I will do it at any cost," he added in the highest-level intervention by an Indian official since deputy consul general Devyani Khobragade was arrested last Thursday.
The US Marshals Service confirmed on Tuesday that Khobragade, 39, had been strip-searched like other prisoners after being detained while dropping her two children off at school.
US authorities say she not only paid a domestic servant a fraction of the minimum wage but also lied in a visa application for the employee, an Indian national who has since absconded.
In an email to colleagues published in the media Wednesday, Khobragade said she told arresting authorities that she had diplomatic immunity -- only to suffer repeated searches and to be jailed with "common criminals".
"I must admit that I broke down many times as the indignities of repeated handcuffing, stripping and cavity searches, swabbing, in a hold-up with common criminals and drug addicts were all being imposed upon me despite my incessant assertions of immunity," she said in the email.
"I got the strength to regain composure and remain dignified, thinking that I must represent all of my colleagues and my country with confidence and pride," she added.
The revelation that a high-ranking diplomat could be subjected to such treatment while on a posting to the United States has caused huge offence in a country that sees itself as an emerging world power.
India was locked in a furious diplomatic row with Italy earlier this year when the Rome government initially reneged on a promise to fly two marines back to New Delhi to face trial over a fatal shooting.
The marines did eventually return after India ordered immigration authorities to prevent Italy's ambassador from leaving the country.
With a general election just months away, the ruling Congress and the nationalist opposition Bharatiya Janata Party (BJP) are both keen to be seen as standing up to the United States over the issue.
Yashwant Sinha, a former BJP foreign minister, said Tuesday that India should now arrest American gays who were in India after a ruling last week that upheld a colonial-era ban on homosexuality.
"India takes on Uncle Sam," read the front-page headline of The Hindustan Times, while the Mail Today splashed with "Bulldozer Diplomacy" on top of a picture of a digger outside the US embassy on Tuesday as it dragged away concrete barricades.
As part of a series of measures, US consular officials have also been told to return identity cards that speed up travel into and through India. Import clearances for them, including for alcohol, have been suspended.
A group of protestors from the ultra-nationalist Shiv Sena organisation staged an anti-US demonstration in New Delhi on Wednesday, shouting slogans such as "Down with Barack Obama!"
"The way America has tortured our diplomat is wrong. They stripped her down and humiliated an Indian woman, an Indian representative and we will not tolerate that," said Jaiprakash Baghal, one of the protesters.
"We say if any American official comes to India, even if it is the American President himself, then he should be stripped down and mistreated in the same way."
State Department deputy spokeswoman Marie Harf admitted the arrest was a "sensitive issue" but insisted it was a "separate and isolated incident" which should not be allowed to affect broader US-Indian ties.
Harf added that as a consular official, Khobragade does not have full diplomatic immunity but has consular immunity applicable only to her professional duties.
Khobragade is alleged to have paid her worker just $3.31 an hour despite despite signing a contract to pay her some three times that amount.
Pay and conditions for servants is kept mostly private in India but there have been a number of high-level cases in the US about their treatment.
In New York in 2011, an Indian diplomat was accused of treating his domestic helper as a "slave" by forcing her to work long hours for $300 a month, confiscating her passport and making her sleep in a closet.
India backed the diplomat and expressed disappointment over his treatment.
 
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Copyright (2013) AFP. All rights reserved.
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