Raksha Mantri Shri Rajnath Singh launched the mobile app of the forthcoming DefExpo 2020 here today. The app is available on Apple App Store and Android Play Store. The main features of the app are ‘inform, engage and feedback’. It provides detailed information about the day-to-day events; participating exhibitors; Defence Public Sector Undertakings (DPSUs), guest speakers of seminars/webinars; publications i.e., electronic brochures and e-books; maps and directions of the venuesand city weather.

 

The app has been developed by Department of Defence Production, Ministry of Defence (MoD) with the aim to engage with the visitors as well as exhibitors. Business-to-Business Exhibitor Connect; Exhibitor Chat; Ticket booking; accommodation in Tented City; Push notifications and social media are some of its salient features.Feedback mechanism in the app is another essential feature to further improve operations during the event.

 

Raksha Mantri also reviewed the preparations of DefExpo 2020. During the review meeting, senior officials informed him that a record number of over 880 exhibiters, including foreign companies, have registered so far, making it the largest ever defence exhibition surpassing the numbers of DefExpo 2018. The exhibition space booked by exhibiters has also gone up by 52 per cent to nearly 41,000 square metres compared to the last edition. Foreign delegations at the level of Defence Minister and Service Chief are confirmed from 18 countries. Dozens of MoUs are also expected to be inked during the Expo.

 

Defence Secretary Dr Ajay Kumar, Secretary (Defence Production) Shri Subhash Chandra and other senior officials attended the review meeting. The DefExpo 2020is scheduled to be held in Uttar Pradesh capital Lucknow between February 05-08,2020. The theme of the expo is ‘India: The Emerging DefenceManufacturing Hub’. Detailed information about DefExpo 2020 is available at www.defexpo.gov.in.

 

The Competition Commission of India (CCI) approves acquisition of shares in My Home Industries Private Limited by My Home Constructions Private Limited and its affiliates. The proposed combination envisages acquisition of 50% of shareholding of My Home Industries Private Limited (My Home Industries) by My Home Constructions Private Limited (MHCPL), Jupally Real Estate Developers Private Limited (JREDPL) and Dr Rameswar Rao Jupally.

MHCPL and JREDPL are part of My Home Group based out of Hyderabad, Telangana.  Dr Rameswar Rao Jupally is the promoter of My Home Group, which has interests in construction and real estate development, manufacturing and supply of grey cement, power consultancy, power generation, power trading, transportation and logistics, media and broadcasting, pharmaceutical and education.

My Home Industries is a 50:50 joint venture between CRH India Investments B.V. and the Acquirers. It is engaged in the manufacturing and supply of grey cement under the brand name “Maha Cement” in India. It is present in the states of Andhra Pradesh, Tamil Nadu, Union Territory of Puducherry, Telangana, Kerala, Karnataka, Odisha, West Bengal, Bihar, Maharashtra, Jharkhand and Chhattisgarh. It is also engaged in power generation activities from waste heat and solar power sources for the purposes of captive consumption.

Detailed order of the Commission will follow.

 

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The Competition Commission of India (CCI) approves acquisition of shares in My Home Industries Private Limited by My Home Constructions Private Limited and its affiliates. The proposed combination envisages acquisition of 50% of shareholding of My Home Industries Private Limited (My Home Industries) by My Home Constructions Private Limited (MHCPL), Jupally Real Estate Developers Private Limited (JREDPL) and Dr Rameswar Rao Jupally.

MHCPL and JREDPL are part of My Home Group based out of Hyderabad, Telangana.  Dr Rameswar Rao Jupally is the promoter of My Home Group, which has interests in construction and real estate development, manufacturing and supply of grey cement, power consultancy, power generation, power trading, transportation and logistics, media and broadcasting, pharmaceutical and education.

My Home Industries is a 50:50 joint venture between CRH India Investments B.V. and the Acquirers. It is engaged in the manufacturing and supply of grey cement under the brand name “Maha Cement” in India. It is present in the states of Andhra Pradesh, Tamil Nadu, Union Territory of Puducherry, Telangana, Kerala, Karnataka, Odisha, West Bengal, Bihar, Maharashtra, Jharkhand and Chhattisgarh. It is also engaged in power generation activities from waste heat and solar power sources for the purposes of captive consumption.

Detailed order of the Commission will follow.

 

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Secretary, Department of Heavy Industry (DHI),Dr. A.R. Sihag inaugurated three Technology Development Projects at IIScBangalore and Central Manufacturing Technology Institute (CMTI) Bengaluru recently. He also inaugurated two Technology Development Projects at PSG College of Technology and Scientific and Industrial Testing and Research Centre(SiTARC), Coimbatore respectively.

IIScBangalorehas developed a technology for metal additive printing machine with DHI support. This is niche technology and the development is being done for the first time in India.

An Industry 4.0 SAMARTH UDYOG Centre is also coming up at IIScBangalore in order to support Indian manufacturing to adopt and assimilate Industry 4.0 technology such as Data Analytics, 3 D Printing, Artificial Intelligence, Virtual Reality, roboties machine to Machine Communication, Smarting of Legacy machine.

A Sensor Technology manufacturing / Fabrication facility is also coming up at CMTI, Bengaluru with the help of the DHI. Sensor Technology will help in making products and machines smart through deployment of function specific sensor specially designed for data extraction. Another Facility for Nano technology is also coming up in CMTI that will provide better alternative route for precision manufacturing in strategic sectors.

PSG CollegeCoimbatorealong with Industry partners developed Welding Robots, special alloy electrodes, power supply with the support of DHI. Indigenous technology has been developed at SiTARC by triad of Academia, Industry and Government for development of Smart Submersible Pumping Solutions for Industrial and Water Supply Applications.

Department of Heavy Industry in the Ministry of Heavy Industries and Public Enterprises had launched a pilot scheme in November 2014 for enhancement of competitiveness in the Indian capital goods sector. The scheme is focused on making the Indian capital goods sector globally competitive and give a boost to the Indian economy. The scheme addresses the issue of technological depth creation in the capital goods sector besides creating common industrial facility centers.

The scheme consists of five components which are Advanced Centres of Excellence, Integrated Industrial Infrastructure Facilities (IIFC), Common Engineering Facility Centre (CEFC), Testing & Certification Centre (T&CC) and Technology Acquisition Fund Programme (TAFP).

A Screening Committee of DHI has selected 25 projects which include:

• Development of Shuttle less rapiers looms of 450 RPM at CMTI, Bengaluru

· Additive Manufacturing technology for High Performance Metallic Alloys at IISc ,Bengaluru

• Development of Smart Submersible (6 inch) Pumping Solutions for Industrial and Water Supply Applications at SiTARC, Coimbatore
• Development of 5 Cubic Meter Hydraulic Excavator – HEX 400 at HEC, Ranchi

IIT Madras:

• Development of Orbital Motion Abrasive Cutting
• Development of Multi-station Grinding and Polishing Machine
• Development of 5-axis Multi-tasking Machine
• Development of Direct Drive Machine
• Development of Ultra Precision Micromachining Center
• Development of Low Cost Machine Tending Robot
• Automation of Grinding Process Intelligence
• Thermal Compensation System for CNC Lathes
• Development of 5kW feed drives and 25kW spindle drives for machine tool

Advanced Centres of Excellence (CoEs):

Eight Centres of Excellence (CoEs) for Technology Development have been established at IIT Madras, IIT Delhi, IIT Kharagpur, IISc, CMTI, HEC/PSG College of Technology etc. Technologies have been developed with industry partners in sectors like machine tools, textile machinery, earth moving machinery, metallurgical machinery and welding, submersible pumps.

CoEs at IIT Madras, IISc, Bengaluru, PSG College of Technology, Coimbatore, Sitarc, Coimbatore and HEC Ranchi have already been completed. Shuttle less rapier looms of 450 RPM developed by CMTI are under testing at the facility of the industry partner at Surat. Development of the rest of the Centres of Excellence at IIT Kharagpur and IIT Delhi is at an advanced stage.

 

The list of 8 CoEs is as under:

1. CoE at CMTI, Bengaluru by TMMA for development of shuttle less rapiers looms of 450 RPM
2. CoE at IIT, Madras for development of 11 advanced technologies for Machine Tools & Production Technology
3. CoE at PSG College of Technology for development of three Welding Technologies
4. COE at Coimbatore by Sitarc on Smart Submersible (6 inch) Pumping Solutions for Industrial and Water Supply Applications
5. CoE at IIT Delhi for Textile Machinery
6. CoE at IIT Kharagpur for Advanced Manufacturing
7. CoE at HEC, Ranchi for manufacturing Hydraulic Excavator by HEC with institutional support of ISM Dhanbad
8. CoE at IISc-Bengaluru with Wipro 3D for design and development of 3 D Printing technologies

 

A 500-acre world class machine tool park has been established in Tumkuru, Karnataka in partnership with Government of Karnataka. The Park is in the centre of machine tools cluster and will strengthen the output of the machine tools sector. 108 acres of land has already been allotted to 12 companies.

R&D capabilities in Institutions of Eminence are being leveraged to develop cutting edge industrial technologies so that challenges of manufacturing sector emerging from huge imports of high tech products can be dealt with. India also lags behind in manufacturing technologies. These challenges are being addressed through this scheme of DHI that will soon be scaled up and is specifically designed to tackle these challenges.

The manufacturing sector is crucial for the development of the country’s economy as the Capital Goods industry contributes about 12% to the total manufacturing activity in India that is about 2% of the GDP. The Government of India has set a target of USD onetrillion manufacturing economy in the next five years and to achieve this the sector has to grow at double digits.

 

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Alliance Air, a wholly-owned subsidiary of Air India, started daily direct flight operations from Kalaburagi to Bengaluru and onward to Mysuru under the RCS-UDAN scheme, today. The Kalaburagi airport was built by the Airport Authority of India in collaboration with State Government. This airport is operationalised under the RCS-UDAN of Govt. of India to fulfill the long-awaited demand of the people. The development of this airport has paved a way for direct connectivity to the state headquarters and other commercial centers.

Until now, the people had option to travel by train which takes more than 15 hours or travel 13 hours by road to reach Mysuru from Gulbarga. Now, natives can travel at ease by taking a 3-hour flight. The commencement of flight operations on this route will also ensure easy connectivity for the pilgrims.

Alliance Air will deploy its 70 seater opulent aircraft to ensure maximum comfort to the passengers. The Flight schedule is as below

Flight No.	From	To	Departure Time	Arrival Time	Days
9I 897	Mysuru	Bengaluru	0830	0910	Mon,Wed,Thurs, Fri, Sat, Sun
9I 509	Bengaluru	Kalaburagi	0950	1125	-do-
9I 510	Kalaburagi	Bengaluru	1150	1330	-do-
9I 898	Bengaluru	Mysuru	1400	1450	-do-

Flight No.	From	To	Departure Time	Arrival Time	Days
9I 897	Mysuru	Bengaluru	1025	1105	Tuesday
9I 509	Bengaluru	Gulbarga	1140	1320	Tuesday
9I 510	Gulbarga	Bengaluru	1345	1525	Tuesday
9I 898	Bengaluru	Mysuru	1545	1640	Tuesday

Alliance Air currently connects 59 destinations, with the addition of Kalaburagi there will be 60 stations in Alliance air’s ambit. With the commencement of the Kalaburagi-Bangalore-Mysuru route, the Ministry of Civil Aviation has operationalized a total of 238 routes under RCS-UDAN.

RJ/PS

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Following is the text of the speech of Shri N K Singh, the Chairman of the 15th Finance Commission, on ‘MULTILATERALISM – ITS DECLINE & RECOVERY’ – addressing the Indian Economic Association – Surat, today.

 

“This is indeed a privilege and honour for me to deliver the inaugural address to the 102nd Annual Conference of the Indian Economic Association hosted by the AURO University, Surat. This prestigious association was founded in 1917 just after the First World War. Undivided India under the British rule was in economic turmoil and systematic decline. At a time when professionalism in economics had no discernible roots in India, Prof C.J. Hamilton in December 1917 convened a conclave of academic economists in Calcutta which lead to the creation of the Indian Economic Association (IEA). Thereafter, from 1918 the annual conferences held by the Indian Economic Association has fostered research and analysis relating to the socio-economic conditions in India. Eminent economists have over the years participated in this prestigious event. The Association itself has many notable achievements to its credit including purposeful seminars, workshops, international round-tables and regional conferences. Its publications and research have received national and international recognition.

 

For my brief lecture today I have selected the broad theme of ‘Multilateralism, its Decline and Rediscovery’. In doing so I have been prompted by two considerations. First on why I believe multilateralism and globalisation are two facets of the same coin. Notwithstanding functional or analytical differences, one cannot survive without the other. Second, I do so at a juncture where both these looked to be in seminal decline. The decade which we leave behind has seen periods of high economic growth with bouts of productivity but is ending on a sombre note. It is ending on a note in which Nations have become wary of both globalisation and multilateralism. It is ending on a note where nations are becoming increasingly protectionist with an excessive nationalistic fervour, unmindful of their long term consequences.

 

As I look back in time, what was a free world like? This is well described interestingly in a quotation by John Maynard Keynes in a work published in 1921 – “The Economic Consequences of the Peace” – Explaining Globalisation in its unmitigated form he said

‘The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world,

 

and share, without exertion or even trouble, in their prospective fruits and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend.

 

He could secure forthwith, if he wished it, cheap and comfortable means of transit to any country or climate without passport or other formality could despatch his servant to the neighbouring office of a bank for such supply of the precious metals as might seem convenient, and could then proceed abroad to foreign quarters, without knowledge of their religion, language, or customs, bearing coined wealth upon his person, and would consider himself greatly aggrieved and much surprised at the least interference. ’

 

Contrast to this with what Joseph Stiglitz had to say “The credibility of neoliberalism’s faith in unfettered markets as the surest road to shared prosperity is on life-support these days.” And keep it in focus of what Secretary-General of United Nations Antonio Guterres recently said ‘there is no other way to deal with global challenges than with global responses, and organised in a multilateral way.’

 

That was the free world we have long left behind. Notwithstanding overwhelming evidence, there is now the debate on the value of trade as an Engine of Growth. As we know globalisation in trade entails tangible products that are physically shipped, intangible products that is the services like the tourism and financial services which augment employment and productivity, capital flows, migration of labour, the accessibility and transparency of information technology in its multiple versions and access to technological changes at affordable costs. Many theories like the theory of comparative advantage analysed long ago by David Ricardo and more recently by Heckscher and Ohlin has sought to explain the benefits of countries engaging in international trade. Accompanying literature has explained the benefits of trade both in terms of enhancing the capability of human capital by replicating best and more efficient practices and in other multiple benefits like innovation, technological improvements and its transmission to other nations. Trade openness gives producers access to larger markets, allow them to increase the scale of their production and encourages market competition and market innovation. These enhance productivity and employment and act in the interest of all stakeholders.

No doubt all economic activities including international trade will have winners and losers.

Distributional consequences of freer international trade cannot be overlooked. However, nations constantly rekindle their capability to produce goods and products which are efficient and competitive for exports. Trade was and remains an important engine of growth. Recent literature suggests that no country can hope to experience high rates of economic growth closer to double-digit numbers unless its export capability is vibrant and dynamic for constant rejuvenation.

 

Second, historically however prior to the first world war, trade was associated as a vehicle of colonisation. But post Second World War period, with the Great Depression of the inter war period, trade was re- recognised as a means of shared prosperity. This period was also marked by the evolution of multilateral institutions. The recent origin of these multilateral institutions are

 

embedded in the replacement of the League of Nations, given its failure to prevent the Second World War and the creation of the United Nations (UN). The phrase United Nations was first used by Franklin Roosevelt in the 1942 declaration to describe the group of countries who subscribed to the Charter of the United Nations on 26 June 1945. Alongside around the same period, other multilateral institutions were also established particularly the Bretton Woods institutions, International Monetary Fund (IMF) and the World Bank as well as the General Agreement on Tariffs and Trade (GATT). Why are all these multilateral institutions now seem to be in seminal decline?

The United Nations, of course, is no doubt based on the universally acceptable principle of ‘one country one vote’ but some of its key decision making bodies like the Security Council does not reflect the economic power configuration that exist today. It is trapped somewhat in a time misaligned with current realities which diminish their relevance in today’s world.

 

No doubt, an important role has been played by other sister organisations and intergovernmental agencies of UN like WHO, UNICEF, UNDP etc. International cooperation through these agencies has delivered many other achievements, including the eradication of smallpox via an immunisation campaign led by the World Health Organisation; the reversal, via the Montreal Protocol, of damage to the ozone layer; and the recent OECD/G20 project on base erosion and profit shifting and automatic exchange of tax information to bring about a fairer international tax system that tackles tax avoidance and evasion head-on.

 

Let me comment on some of these institutions. The GATT which was established in 1947 had the primary objective of “reduction in tariffs, quotas and subsidies”. Till its replacement by the World Trade Organisation (WTO) in 1995 for a period of about forty-eight years, it adhered to its broad charter and undertook complex negotiations and international trade flourished with diminishing tariffs, improved market access and dismantling quantitative restrictions and provided for freer access to goods. The separate commitments undertaken under the aegis of the GATT largely fulfilled its objective. Thereafter, we became more ambitious when we established WTO which had a much broader mandate for dealing with almost every form of economic activity entailing other types of trade barriers like anti-dumping measures, non- tariff measures, intellectual property rights and standards. WTO members agreed to execute “a non- discriminatory trading system that spells out their rights and their obligations” covering issues that range from trade of goods and services to intellectual property, dispute settlement and policy reviews.

 

In November 2001, WTO member governments initiated new negotiations at the Fourth Ministerial Conference in Doha, Qatar and meanwhile, continued working on the implementation of the present agreements. This new initiative was called the Doha Development Agenda (DDA). This new round of negotiations became a critical turning point for the future of the WTO and the global multilateral trade system. However, the meetings came to a deadlock due to issues like agricultural subsidies and industrial product subsidies. The WTO also instituted a system of Dispute Resolution under which disputes are first referred to a dispute resolution panel and appeals against the decisions of the panel go to an appellate board. All these

 

premises have now become questionable. The economic contours have changed and nations are increasingly asking for bringing changes in agriculture policies, intellectual property rules and other aspects of domestic economic policy under the surveillance and supervision of the overarching organisation like the WTO. Regrettably, the dispute settlement mechanisms which is at the heart of the international regime is in disarray and became non-functional on the 10th of this month with the retirement of two of the remaining three members of the World Trade Organization (WTO) Appellate Body, and a veto by the United States on fresh appointments of members to the forum, to deal with the pending cases as well as new issues which may arise.

 

Notwithstanding the dormancy of the WTO, the world has turned increasingly towards protectionism. This is explained in two ways. The constant threat of trade war and protectionism looms large. The latest is the US and China trade war with each raising claim to increase tariffs on their imports. There are also concerns over the trading relations of China-US with Japan and EU. All these threaten to resurrect the protectionist world which we have happily left behind.

1. In the meantime, trade blocks are making their dominance stronger. The consequence of these increasing bilateral or preferential trade agreements have value for the limited stakeholders and detract from the universality of gains from trade. The controversy of regional, bi-lateral Vs multilateral trading arrangements has a long history. Those arguing in favour of free trade or regional trade agreements suggest that if the optimum which may be multilateral remain elusive should we deny themselves the gains even from these more limited agreements and arrangements. While certainly, these limited preferential trade agreements are better than no agreements, they are sub-optimal arrangements because the full value of technology gains, externalities and competitiveness is not achieved. The current controversy on Current Account Deficit with each trading partner is also misplaced – one must look at the overall picture and the ability to finance these deficits credibly. The multiplier gains from trade will be masked with an exclusive focus on only the current account deficit. The best which can be thought is that hopefully these would be merged in the more bi-lateral arrangements once all stakeholders are willing to make these arrangements more universally. As many major trading nations sign trade agreements among themselves, creating a “spaghetti bowl” of trade arrangements that bypass the World Trade Organization (WTO), the organization becomes increasingly less relevant in the conduct of trade negotiations. I believe that the world will be worse off in this spaghetti bowl of mutually contradictory limited arrangement than the multilateral world which we seem to be suddenly bidding adieu to.

 

Similarly, on the financial side, the World Bank and the International Monetary Fund were created as two inter-governmental institutions in 1944. The World Bank earlier known as the International Bank for Reconstruction and Development, corrected its course substantially under President Robert McNamara as its mission began to shift focus on income inequality and poverty. The World Bank has an important and credible history of financing important developmental projects through long term loans both at a concessional and sometimes market-based rates as it has given its triple-A rating the ability to raise market funds effectively.

 

The IMF has equally over the years sought to fulfil its charter to ‘foster global growth and economic stability’ and ameliorate or ward off incipient crisis and provide balance of payment support to nations in debt stress. Nonetheless over these decades both the World Bank and the IMF, however, have developed many rigidities as they encounter new challenges. For one in its decision-making process and quota rights, as they are called, notwithstanding recent changes they remain misaligned with the changing realities of the 21st Century. The decision making process assigns higher weightages to Europe and United States, inadequately reflects changing power configurations, particularly of Asia and China. Institutions of mutual cooperation must reflect contemporary realities in seeking to deal with the problems and opportunities of today with the rules of the game which were meant for yesterday. Failing which they will invariably become irrelevant. Besides given larger flows of private capital and Foreign Direct Investment, the financial clout of both these institutions are in increasing doubt notwithstanding their imprint on market sentiment.

 

For another, there is a persistent feeling that the rules of the game impaired as they are, have not been applied in a non-discriminatory way. Let me give an example. We are all aware that under Article IV of the IMF, each member nation must subject themselves to a detailed scrutiny of their overall macroeconomic policies. This is designed to locate any insipient crisis, take remedial steps and encourage countries in implementing actions which would contribute to its broad objective of its charter i.e. foster global growth and economic stability. How is it that for instance that the IMF failed to spot the global financial crisis of 2007-08 when there was such a dramatic meltdown of the US economy which impaired the financial systems so severely. How did the Fund not spot a crisis of this scale much less prompt the US to take timely corrective action. How is it also that the rule of the game in terms of conditionalities of both for structural loans and for financial accommodation have more stringent conditions for developing world than other countries in say Europe like Greece or Spain where these rules are more flexibly applied. Such discriminatory approach cannot inspire long term confidence, both in terms of their technical competence or in terms of an impartial approach. A lot of this, of course, emanates from the unequal say in the management and the running of the institutions to which I have alluded to earlier.

 

What is the way forward? Do we need to rediscover globalisation and multilateralism or do we adjust to a more disorganised world? A disorderly international framework would not be in anyone’s interest. Any discovery or rediscovery of the relevance of these institutions must be based on three broad principles.

 

First, in recognising that the institutions of the 20th century are ill-equipped to deal with the challenges of the 21st Century. I would say this as we are to enter the third decade of the 21st Century. They must be rebuilt in a recognition more genuinely reflecting the concerns of all stakeholders, civil society which can enable a global economic system which is inclusive and improves the wellbeing of all stakeholders. It must be based on the considerations of today and not of yesterday that we have left behind.

 

Second, while the broad and centrepiece of the principle of globalisation is efficiency and productivity through valued-added chain, the trade arrangements cannot be unmindful of the compelling needs of employment and poverty which many emerging markets face.

 

Third, more importantly, these must be adapted to what will be the main drivers of productivity over the next few decades. These drivers of change in my view must include the following:

 

First, Advancement in Medical sciences, stem cells and microbiology in today’s world has high productivity potential. As Freeman Dyson has remarked, if the 20th century was the century of physics, the 21st century will be the century of biology. Recent developments in molecular biology and genetics imply revolutionary changes in longevity.

 

Second, 5G and its inherent technological capabilities resulting in larger bandwidth, higher reliability and low latency etc. have a spectrum of benefits for the future. We have not fully fathomed the far-reaching changes embedded in the full development of 5G possibilities in changing life pattern of economic and social management.

 

Third, Artificial intelligence, nanotechnology, and genetic engineering seem to qualify as general-purpose technologies (GPTs) that have many applications across many spheres in production and research.

 

Fourth, the migration of workers which make important contributions to the labour market in both high- and low-skilled occupations. It boosts economic growth by adding to the working-age population. This becomes all the way important for advanced economies like Japan, Italy etc. where ageing population is heading towards a strained economy. Migrants arrive with skills and contribute to human capital development of receiving countries as well as enhance their productivity. However, liberalisation of labour laws should needs with a changed mind-set of people who are ready to accept people from different races. Combining the gains of migration with preservation of the cultural identities of recipient nations with ideological and needs careful calibration. Can robots coupled with technology replace humans? Think of a world where large parts of the world experience unemployment and poverty within other areas economic growth and welfare maximisation is stymied by shortage of labour.

 

Finally, international Cooperation to control Global warming and climate change and increased use of renewable energy. This is important for the survival of the planet itself and it is dependent upon the cooperation from all stakeholders. It is extra-ordinary that the consequences of global warming is being experienced by all of us, there are some who remain in denial of the science, its consequences and remedial action.

1. The institutions of the past do not reflect these newer concerns which will be the primary drivers of change. Is it sensible to create new institutions or restructure the existing ones? Whichever way we decide the drivers of tomorrow must receive the priority and concerns of policymakers. If the old institutions are to be carried forward in a restructured way, we must go back to the drawing board and redraw their configurations. This is easier said than done.

 

Nations would protect their turf and so will be these institutions. However, that will be a zero-sum game. Notwithstanding these, we cannot postpone serious action for a better tomorrow. Without these changes, there will not be a better tomorrow. Or, shall we create new institutions which can prioritise these concerns based on our experience of the past coupled with the contemporary realities. Either way, the choice is ours. Since I began with the quote from John Maynard Keynes let me end with one from the same person, once confronted Keynes responded by saying “when circumstances change, I change my mind. What do you do?” The circumstances of the 21st Century have changed. We need to change our mind. Both globalisation & multilateralism needs reinvention.”

 

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The Vice President of India was scheduled to travel to Balangir, Odisha today to inaugurate the LPG Bottling Plant built by BPCL. He was also to attend the Platinum Jubilee celebrations of Rajendra College there.

But due to inclement weather in Balangir, the Vice President’s helicopter could not depart from Raipur airport. He waited for over three hours at Raipur airport but visibility still remained poor. Therefore, he conveyed his good wishes through an audio message.

In the message, the Vice President expressed his regret for not being able to meet and greet the people of Odisha on this important occasion.  He extended his warm greetings to BPCL and the people of western Odisha on getting a new LPG Bottling Plant that would cater to around 20 lakh households by filling 42 lakh cylinders per annum.

He appreciated the progress made in providing LPG connections under PM Ujjwala Yojana and termed the access to clean energy an integral part of government’s women empowerment efforts.

He expressed hope that the new bottling plant in Balangir will give further fillip to these efforts and make women’s live easier and healthier by ensuring timely supply of LPG in the region.

Shri Naidu also extended good wishes and greetings to the students, faculty members and alumni of Rajendra College, Balangir who are celebrating Platinum Jubilee of the college.

The college was founded by Shri Rajendra Narayan Singh Deo, the king of erstwhile Patna State and later Chief Minister of Odisha, in 1944.

Shri Naidu appreciated the vision and farsightedness of Shri Deo who could realize the importance of good education for the progress and well being of society so early.

VP conveyed his best wishes to all students for their future endeavors and hoped that they would use their knowledge and skills to serve people and take the nation onto the path of greater glory.

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The Vice President of India, Shri M Venkaiah Naidu today expressed confidence that the Indian economy would rebound in the near future saying that the current slowdown was cyclical.

Inaugurating the 102nd annual conference of the Indian Economic Association, he said it was true that the Indian economy was facing some challenges due to the decline in growth this fiscal. However, he said the country had faced similar slumps in the past in the wake of the East Asian financial crisis and global slowdown but bounced back with a higher growth rate every time.

Referring to the reforms initiated by the government including the introduction of the revolutionary GST to usher ‘ One Nation, One Tax, One Market’, the Insolvency and Bankruptcy Code and the steps taken to curb black money, Shri Naidu asserted that they were aimed at making the economy more robust and more resilient.

Pointing out that 66 lakh new taxpayers have been registered under the GST regime since its launch, the Vice President said that it indicated the rising trend of formalization of the economy. The Government has also taken measures to tackle the problem of NPAs and improve the health of the banking sector, he added.

Observing that agriculture was the mainstay of Indian economy, the Vice President cautioned that various waivers and subsidies would be unsustainable in the longer run. Stressing the need to diversify the rural economy, he said “rural non-farm activities are equally crucial for the growth of the rural economy”.

Stating that it was our national resolve to double the farmers’ income by 2022, Shri Naidu called for making rural economy sustainable and remunerative.

The Vice President also stressed the need for agricultural products to have access to larger markets, strengthening rural infrastructure, storage, and supply chains, apart from promoting village level in-situ food processing industry.

Referring to fiscal federalism as one of the themes of the conference, Shri Naidu said while most of the States have retained their fiscal deficit around permissible 3%, it has come at the cost of low capital expenditure. “There has been a rise in committed liabilities towards payment of interest and pensions, thereby leaving only a small part of their budget for capital expenditure on infrastructure development, he added.

The 102nd annual conference of the Indian Economic Association is being organised in Pt. RavishankarShukla University, Raipur.

Governor of Chhattisgarh, SushriAnusuiyaUikey, Chief Minister, ShriBhupeshBaghel, International Economic Association President, Prof. KaushikBasu, Indian Economic Association President, Prof.MahendraDev, Vice Chancellor of Pt. RavishnkarShukla University, Prof.KesariLalVerma and noted economists from across India and the world were present at the event.

Following is the full text of the speech –

प्यारे साथियो,

मुझे आज आपके बीच आकर बहुत खुशी हो रही है। आज Indian Economic Association के 102 वे वार्षिक सम्मेलन का उद्घाटन समारोह है और यहां बहुत से विद्वान, शोध करने वाले और उद्योग जगत के सम्मानित लोग मौजूद हैं। मैं आप सभी का सादर अभिभादन करता हूं।

जैसा कि सभी को ज्ञात है Indian Economic Association का उद्देश्य अर्थशास्त्र में अध्ययन, अध्यापन और शोध करना है। साथ ही आप लोग भारतीय अर्थव्यवस्था की समस्याओं और समाधान पर भी चिंतन और विमर्श करते हो।

I am pleased to be amongst this august gathering of scholars, researchers, business leaders and wealth creators to inaugurate the 102^nd Annual conference of the Indian Economic Association being hosted by Pt. RavishankarShukla University, Raipur Chhattisgarh.

I am told that the main objective of Indian Economic Association is to promote the study, teaching and research in Economics and to study the problems of Indian economy.

It is expected of such independent research bodies to facilitate interface between Government, industry and wealth creators and other stakeholders to provide relevant broad-based policy inputs to the Government.

In ancient times, the Nagar Shresthi, the senior business man of the town, used be an integral part of royal court and used to provide counsel to the king. Kautiliya realised that wealth creation was essential for establishing a welfare state. He said that all programmes depended on treasury and advocated strategies for creation, protection and conservation of nation’s wealth.

Distinguished Friends,

As a Nation, we have taken a resolve to make our economy a US $ 5 Trillion economy by 2025, Double the income of Farmers by 2022, provide affordable Housing to all and connect every household with 24 hour power supply and piped drinking water by 2022, when we celebrate 75 years of our independence.

These are ambitious targets, but these services should have been delivered to our people in these 75 years since our independence. These targets will need resolute policy action, technology intervention and entrepreneurship and financial resources.

This conference is being organised in the backdrop of recent economic figures. There are media commentaries questioning India’s growth story. It is true that there are some challenges for the Indian economy as economic growth has declined in this fiscal year.

But it is not for the first time that India’s growth story has faced such sceptic comments. As renowned economist ShriAravindPanagarhiya has traced that ever since India’s reforms started in early 1990s, the country has faced slumps like in the wake of East Asian financial crisis towards the end of last century, or the global economic crisis towards the end of last decade.

Each time, we bounced back with higher growth rate.

Notwithstanding the GDP figures, India remains one the fastest growing bigger economies of the world. I must caution that a figure by itself may not always reveal the real story and strength of the economy unless it is placed in the context of recent policy initiatives, legislative architecture and institutional framework.

The reforms initiated by the government including introduction of the revolutionary GST to usher ‘ Óne Nation, One Tax, One Market’, the Insolvency and Bankruptcy Code as also the steps taken to curb black money are all aimed at making the economy more robust and more resilient.

The Government has also taken measures to tackle the problem of NPAs and improve the health of the banking sector.

I am told that 66 lakh new tax payers have been registered under new GST regime ever since its launch in July, 2017. This indicates the rising trend of formalisation of economy. The entire process of GST introduction and the decision-making mechanism in GST reflects the spirit of cooperative with every State and UT being represented on GST council.

Maintaining higher economic growth with fiscal prudence and monetary discipline requires resolute policy and legislative intervention. KaraurKarzkaanushasan arthvyavsthakeliyezaroorihai. Like in the previous times, this time also the global slowdown has affected us. It is being said that this slowdown of the Indian economy is cyclical. I am confident that things would look up and our economy would rebound in the near future.

As you all are aware, the government is working on the twin objectives of formalisation and modernisation of economy. The surge in the number of Income Tax and GST returns following the implementation of GST indicate the increasing formalisation of the economy. The process of formalization has been enabled by the use of technology in financial services, revenue administration and service delivery through Direct Benefit Transfer.

The need of the hour is to hasten the process of progress and ensure that every citizen is part of the growth story for an inclusive, forward-looking and prosperous India.

By creating conducive environment and adopting right policies and regulations, India is now making pioneering efforts to improve the infrastructure needed for development with a citizen-centric approach. This is quite visible from the fact that over the past few years, there has been huge growth in electronic citizen services delivery.

Dear friends,

India is digitally connected today. Undoubtedly, digitization is ensuring speedy delivery of services, apart from changing the banking and financial sectors. It is helping to achieve inclusive development.

The JAM trinity Jan dhan, AADHAAR and Mobile has enabled timely delivery of services, disbursal of benefits directly to the deserving and helped in plugging leakages.

As you all are aware, the twin processes of formalisation and modernization of the economy have made it transparent, inclusive and efficient.

13031. Insolvency and Bankruptcy Code has helped Banks to realise their loans. According to CRISIL during 2018-19, financial creditors could realise 42% of their Rs 2.53 Trillion amount involved in resolution. In percentage terms it is marked improvement over Pre-IBC era. As per one estimate the average time taken in resolution of insolvency cases has come down from more than 3 years to around one year. As a result of IBC and recapitalisation by the Government, many banks are now on the path of profit. Consolidation of Banks will further give them the benefits of economy of scales.

It must be realised that the dynamics of open economies will hit rough phases. It is a part of dynamic cyclical evolution. Corporate sector must accept temporary slow down as transient phase of an open economy so long as the economy is being run on transparent policy framework. I am happy that the Government has reacted to current situation to ease credit flow by recapitalising the Banks and persuading them to reach out to lend credit. It has asked the Departments and PSUs to release the outstanding dues of MSME suppliers to raise liquidity in economy.

I appreciate that the broad theme chosen for this conference will focus on “Economic Growth, Fiscal Federalism, Livelihoods and Environment”. Your discussions and deliberations will provide useful policy inputs to the Government.

मित्रो,

हमें समाज की अंतिम पंक्ति के लोगों तक पहुंचना है।  उन्हें विकास की मुख्यधारा में शामिल करना है। उन तक विकास और सुशासन के फल पहुंचने चाहिए। जब लंबे समय से समाज के हाशिये पर रह रहे लोगों का सशक्तीकरण होगा, तभी हमारा भारत सही मायनों में एक खुशहाल भारत बन पायेगा।

समावेशी विकास की ये संकल्पना हमारे सभी कार्यों – कार्यक्रमों में दिखनी चाहिए। भारत सरकार ने ऐसे अनेक कार्यक्रम शुरू किये हैं जो सदियों से वंचित समूहों, महिलाओं और गरीबों के उत्थान पर विशेष ध्यान देते हैं।

आयुष्मान भारत के जरिये सभी भारतीयों तक मेडिकल सेवाएं पहुंचाई जा रही हैं और यह दुनिया के सबसे बड़े स्वास्थ्य कार्यक्रमों में से एक है।

स्वच्छ भारत मिशन के तहत 10 करोड़ से अधिक टायलेट बनायी गयी हैं और 6 लाख के करीब गांव खुले में शौच से मुक्त हुए हैं। इससे हमारी उन माताओं-बहनों को बहुत आराम मिला है जिनको पहले सूरज छिपने का इंतजार करना पड़ता था। आप उनकी परेशानी महसूस करके देखिये एक बार।

इसी तरह उज्ज्वला योजना है। इसके तहत अब 8 करोड़ से अधिक LPG कनेक्शन बांटे गये हैं।

Accomplishing a faster economic growth is indispensable to unleash the latent potential of Indian economy and to create more employment opportunities for realising demographic dividend and long-term poverty removal. Some of the pro-growth reform measures like opening up more sectors for foreign investments and the initiatives such as Skill India, Start Up India, ‘Make in India’ and Digital India are all meant to spur the growth of the economy.

Various administrative measures have helped India to consistently improve global ranking in the Ease of Doing Business over the past five years—India is ranked 63^rd in 2019. But the benefits of Ease of Doing Business must reach to our MSME enterprises in smaller cities. Our young professionals and students should be able to realise their business ideas.

You will also be discussing the rural economy and development. Often rural development is considered largely in terms of agricultural development. Agriculture is the mainstay of our economy and is called the Primary sector as it provides the foundation over which financial superstructure is built. It is our national resolve to double the farmers’ income by 2022.

Even as agriculture remains an important activity, rural non-farm activities are equally crucial for the growth of the rural economy. We must realise that various waivers and subsidies will be unsustainable in the longer run. We must diversify the rural economy.

While mechanisation and agro-research can enhance agricultural productivity, we must think to make rural economy sustainable and remunerative. Agricultural products must have access to larger markets. Apart from fully tapping digital tools like E- NAM, we need to strengthen rural infrastructure, storage and supply chains and also promote village level in-situ food processing industry. I am happy that the Government has decided to spend Rs 25 lakh crores on rural sector over next five years. I am sure that this investment will not only strengthen rural infrastructure but will also create demand in rural economy.

Fiscal federalism is the third theme of this conference. This is an important aspect of country’s financial administration. I am pleased to note that majority of States have been able to maintain the State GDP growth rate at the level of National Growth rate or even higher. While most of the States have retained their fiscal deficit around permissible 3%, it has come at the cost of low capital expenditure. There has been rise in committed liabilities towards payment of interest and pensions, thereby leaving only a small part of their budget for capital expenditure on infrastructure development. This Conference must discuss this issue and come up with solutions.

This Conference will also be discussing the issues pertaining Livelihood. Ensuring productive livelihoods and employment generation is one of the main objectives of development. It makes growth inclusive and equitable. India is a young country with 65% of population under 35 years of age. India’s demographic dividend is an opportunity and a challenge.

It is therefore necessary that we promote skill training and entrepreneurship among our young population. Our young students and professionals must not remain job seekers but rather become job providers. It was with this objective that the schemes like MUDRA were launched, which has so far disbursed Rs 1.5 lakh crores to 3.14 crore small and emerging entrepreneurs in 2019-20.

Today, India has emerged third in the number of Start ups. The country has unleashed the entrepreneurial spirit of our techno-professionals. We have set a target of 1 lakh Start Ups with 100 Unicorns each having a valuation of US $ 1 Billion, by 2025. Our Start Ups are venturing into newer domains like electric vehicles, bio-tech, agri-tech, retail tech, space and robotics. We must provide them skill infrastructure to prepare them for 4^th industrial revolution. This process should start right from the school level where Atal Tinkering Labs have been set up to capture the imagination of young minds.

Angel investors from world over are reposing faith in Indian Start Ups. As per one estimate in the first half of the current year, around US $ 4 Billion were invested in around 300 domestic Start Ups. This is the promise our youngsters hold in global investment market.

 

Distinguished Delegate Friends,

I am happy that you will also be discussing environment issues in the context of overall economic development strategy. The beautiful State of Chhatisgarh has rich mineral deposits with huge potential for industrial development. A sizable population is traditionally dependent of Forests and we need to strike a fine balance between environment and development. Unsustainable production and consumption might result in an irreversible damage to our ecosystem.

This State is home for three Maharatna PSUs namely NTPC, Coal India and SAIL and one NavRatna PSU NMDC. These PSUs have provided the basis for rapid industrialization of the State, which was created by Atalji in year 2000, considering the special developmental requirements of local population.

A sizable part of this State has lagged behind due to naxal violence. While native communities have rightful claim over resources, they also require development and facilities. It must also be realised that peace is the pre-requisite for development. I believe that you will discuss this vital aspect during the Conference.

I hope that the discussions and deliberations of the three-day conference will provide valuable policy inputs. I thank you for giving me opportunity to share my impressions with such an august gathering.

Thank you!

Jai Hind!”

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Union Finance Minister Smt. Nirmala Sitharaman here today discussed banking issues with chiefs of Public Sector Banks (PSBs), chief executive of Indian Banks’ Association and representatives of leading private sector banks. Finance Secretary, Revenue Secretary, Economic Affairs Secretary, Electronics and Information Technology Secretary, CBI Director, RBI representative and the chief executive officer of NPCI were also present.

1.  Steps  for enhancing digital transactions

In order to strengthen the digital payment eco-system and move towards less-cash economy, Hon’ble FM in her budget speech of 2019-20 had, inter alia, announced that business establishments with annual turnover of more than Rs. 50 crore shall offer low cost digital modes of payment ( such as BHIM UPI, UPI QR Code, Aadhaar Pay, Debit Cards, NEFT, RTGS etc.) to their customers, and no charge or Merchant discount rates (MDR) shall be imposed on customers as well as merchants. To facilitate implementation of this announcement, it was decided as under:

• Department of Revenue (DoR) will notify RuPay and UPI as the prescribed mode of payment for undertaking digital transactions without any MDR.
• Accordingly, all companies with a turnover of Rs. 50 crore or more shall be mandated by DoR to provide the facility of payment through RuPay Debit card and UPI QR code to their customers.
• All banks will also start a campaign to popularise RuPay Debit card and UPI.

2. Banks restored to health for lending

Extensive reforms carried out by the Government have restored banks to health, with the gross NPAs of PSBs declining from Rs. 8.96 lakh crore in March 2018 to Rs. 7.27 lakh crore in September 2019, their provision coverage ratio rising to their highest level in seven years, and banks returning to profitability, with as many as 13 banks reporting profits in H1FY20.
With the Essar resolution decision, banks have recovered Rs. 38,896 crore, in addition to Rs. 4.53 lakh crore recovered in the last 4½ years.

PSBs have attached assets worth over Rs. 2.3 lakh crore over the last three financial years and to enable online auction by banks of attached assets transparently and cleanly for improved realisation of value, eBक्रय, a common e-auction platform was  launched today by the Finance Minister. The platform is equipped with property search features and navigational links to all PSB e-auction sites, provides single-window access to information on properties up for e-auction as well as facility for comparison of similar properties, and also contains photographs and videos of uploaded properties. As on 27.12.2019, a total of 35,000 properties had been uploaded on the platform by PSBs.

To strengthen banks, in addition to the recent infusion of Rs. 60,314 crore, additional infusion of Rs. 8,855 crore (Rs 4360 crore to Indian Overseas Bank, Rs 2153 crore to Allahabad Bank, Rs 2142 crore to UCO Bank and Rs 200 crore to Andhra Bank) has been approved and would be released shortly.

Having improved asset quality and internal resource generation, PSBs are now fully poised to support prudential credit growth towards a $ 5 trillion economy by 2025.

3. Robust banks to lend without undue apprehensions

 

• Bankers were assured that prudent commercial decision-making would be protected.
• To allay any apprehensions in this regard and to take feedback, Director, CBI also attended the meeting. It was decided that—

(a)    CBI would develop a mechanism as recently introduced for income tax notices, so that CBI notices carry a registration number to avoid any scope for unauthorised communication and consequent harassment.

(b)   While pursuing criminal action against those responsible, the agency shall be sensitive to the distinction between genuine commercial failures and culpability. It was also noted that there is need for preserving the value of the business enterprise by treating it on a separate footing from culpability of individuals, if any.

(c)    PSBs may report instances of fraud through e-filing of FIRs on a designated email address of CBI so as to avoid scope of any arbitrage due to information asymmetry.

(d)   CBI would create a dedicated phone number on which any person could give information regarding any undue harassment by the investigative machinery.

• Banks were also advised to ensure rigor and adherence to objective standards in selection of forensic auditors and devising objective SOPs for carrying out of forensic audit. To this end, the Indian Banks’ Association was requested to—

(a)      strengthen the forensic auditor empanelment process;

(b)     put in place robust arrangements for assessing adherence to standards by forensic auditors; and

(c)      tie up with CBI for training forensic auditors.

4. Credit outreach by banks

 

• PSBs have sanctioned over 11.68 lakh Repo-linked loans to retail borrowers for home/vehicle/education/personal loans and to micro and small enterprises, amounting to Rs. 1.32 lakh crore post Finance Minister’s announcements on 23.8.2019 on measures to boost the economy.
• All PSBs have introduced checkbox-based OTS and have sanctioned settlements under OTS in over 5.26 lakh accounts amounting to Rs. 16,716 crore, post Finance Minister’s announcements on 23.8.2019.
• In order to address the working capital needs of MSMEs on account of stress arising from delayed payments, PSBs are offering up to 25% enhancement in working capital limits for standard MSME accounts as a Standby Line of Credit and have launched a MSME Outreach Initiative for restructuring of stressed standard assets as needed on priority and in a timely manner, besides providing new term loans, payment solutions for delayed receivables, bill discounting and trade finance. A total of  5,38,440 MSME loan accounts have been restructured in terms of RBI’s circular dated 1.1.2019, out of which 1,65,104 accounts have been restructured since October, 2019.

5. Support to NBFCs and HFCs by PSBs

• On 11.12.2019, the Cabinet has approved the recently launched Partial Credit Guarantee Scheme (PCGS) that would now cover NBFCs/HFCs which may have slipped into SMA-0 (up to 30 days overdue) category during the one-year period prior to 1.8.2018, and asset pools rated BBB+ or higher. Under PCGS, Government has already approved issuance of guarantee for buy-outs of NBFC asset pools worth Rs. 4,294 crore from 10 NBFCs/HFCs covering a wide spectrum of entities.
• Post IL&FS default, aided significantly by Government support, assets of NBFCs have grown by 12.83% from Rs 28.31 lakh crore to Rs 31.94 lakh crore, and assets of the 211 larger NBFCs with 81% of market share have grown at an even higher rate of 19.69%. Bank exposure to NBFCs has grown at a much higher rate of 17.46% as compared to market financing.
• Similarly, 76 out of 101 HFCs with 82% of market share have shown a positive asset growth of 18% post IL&FS default from Rs 8.45 lakh crore to Rs 10 lakh crore. Exposure of banks and NHB to the 76 performing HFCs has grown by 38% post IL&FS default, as compared to 14% growth in market financing to these HFCs..
• Thus, the NBFC/HFC sector post IL&FS default, is now stabilizing and good NBFCs/HFCs are able to raise funds from market even at times at rates less than the pre-IL&FS rates. The market is, however, distinguishing between good and not-so-good entities which is reflected in the better entities being able to obtain higher financing from both banks and the market.

The Vice President of India, Shri M Venkaih Naidu today called for an enlightened debate on all larger issues and stressed that dissent has to be expressed in a democratic and non-violent manner.

“Constitutional methods and violence do not go together,” he said.

Shri Naidu paid rich tributes to Shri Arun Jaitley on his Birth Anniversary today and went down the memory lane recalling his long association with him.

Releasing a book titled, ‘The Renaissance Man-The Many Facets of Arun Jaitley,’ Shri Naidu said that even months after the passing away of his closest friend, he found it difficult to come to terms with the bitter fact that Shri Jaitley was no more.

He said “Whenever there is a need for enlightened debate, Jaitley will be missed.”

Describing Shri Jaitley as a thorough gentleman and a man of impeccable integrity, and said that he never compromised on principles and was a staunch opponent of corruption.

Stating that Shri Jaitley was a shining example of a leader with 4Cs – Character, Calibre, Capacity, and Conduct, VP expressed concerns that there was a worrisome trend in politics with people bringing in other 4Cs- Caste, Community, Criminality, and Cash.

Shri Naidu asked aspiring politicians to emulate these qualities of Shri Jaitley and serve the nation.

Recollecting his association with Shri Jaitley, the Vice President said that Jaitley Ji and he became fellow travelers in the “rough-and-tumble of Indian politics and developed a mutual admiration and respect for each other.

Describing Shri Jaitley as “a multi-faceted genius and a powerhouse of knowledge with a sharp analytical mind,” Shri Naidu recalled his ability to communicate effectively and explain even the most complex matters in a simple, lucid manner. “His frankness was another admirable quality and he never hesitated to call a spade a spade,” he added.

Stating that Jaitley Ji was his go to man for past many decades, the Vice President said that he used to seek Shri Jaitley’s sage counsel whenever needed.

Referring to Shri Jaitley’s deft handling of the economy at a critical time, the Vice President said that his persuasive skills and the spirit of camaraderie were in full display to evolve a consensus during the tough negotiations with states for GST.

Unmindful of his health, Jaitley Ji had to burn the midnight oil on many occasions to build consensus and for the successful roll-out of GST, he said.

The Vice President also referred to various measures taken by Shri Jaitley as Union Finance Minister to ensure that the banking sector did not slip into a deeper morass due to NPAs. The Insolvency and Bankruptcy Code introduced during his tenure proved to be a revolutionary step, he said.

VP said that the book was brought out by his son, Shri Muppavarapu Harshavardhan and daughter, Smt. Deepa Venkat as a token of love and affection for Shri Arun Jaitley. The book was released in the gracious presence of Mrs. Sangeeta Jaitley, wife of late Shri Arun Jaitley, his daughter, and son.

Speaker, Lok Sabha, Shri Om Birla, Deputy Chairman, Rajya Sabha, Shri Harivansh, Minister for Law & Justice, Shri Ravi Shankar Prasad, Minister of State for External Affairs and Parliamentary Affairs, Shri V. Muraleedharan, Minister of State for Parliamentary Affairs Minister, Shri Arjun Ram Meghwal, Chairman Prasar Bharati Board, Shri A Surya Prakash, several eminent editors, senior journalists were among the dignitaries present at the event.

Following is the full text of speech-

“I am overcome with emotion as I stand in front of you today to release the book titled ‘The Renaissance Man-The Many Facets of Arun Jaitley’. Even months after his passing away, I still find it difficult to come to terms with the bitter fact that he is no more.

Within a short span, I lost two of my closest friends—Shri Jaitley and Smt Sushma Swaraj. Both of them were like my family members to whom I used to look up to whenever I faced any dilemma or problem.

My association with Shri Jaitley goes a long way—back to our student days when I was the Students Union President at the Andhra University and he was at the helm of the Students Union at Delhi University.

We drew closer as we graduated into young politicians from student activists. Both of us were imprisoned during the dark days of Emergency when democracy was emasculated and every sane voice of reason was muzzled. Thus, we became fellow travelers in the rough-and-tumble of Indian politics and developed a mutual admiration and respect for each other.

From the moment I got acquainted with Jaitley Ji, I was simply struck by his warmth and cordiality. He was a thorough gentleman and a man of impeccable integrity. A staunch opponent of corruption and a committed democrat, he never compromised on the principles to which he was wedded.

Ever smiling and genial in nature, he was a multi-faceted genius and a powerhouse of knowledge with a sharp analytical mind.

Of course, his biggest asset was his ability to communicate effectively and explain even the most complex matters in a simple, lucid manner. Endowed with the gift of narration, his story-telling skills were legendary and his acquaintances used to relish every moment spent with this raconteur-par-excellence.

His deft handling of the economy at a critical time is all too well-known.  Jaitley Ji’s persuasive skills and the spirit of camaraderie were in full display to evolve a consensus and bring everyone on board during the tough negotiations for introducing one of the most awaited and revolutionary taxation measures—the GST.  Unmindful of his health, Jaitley Ji had to burn midnight oil on many occasions to build consensus and for the successful roll-out of GST. Today, we can see for ourselves how the country stood to benefit from his dedicated efforts.

Similarly, Jaitley Ji took measures to ensure that the banking sector did not slip into a deeper morass due to NPAs and prevented crony capitalists from exploiting the system. The Insolvency and Bankruptcy Code was another major reform introduced during his tenure which proved to be a revolutionary step in this direction.

Among other brilliant facets of his, Jaitley Ji was an excellent Parliamentarian. While in Opposition, instead of trying to score brownie points, he used to convincingly put across his viewpoint to the ruling party and make the government see reason in his argument. When in government, he would counter the opposition’s criticism with equal ferocity buttressing his arguments with facts and figures.

Jaitley Ji was my go-to-man for the past many decades. I used to seek his sage counsel whenever needed and I must confess that I was never disappointed with the advice given to me. His frankness was another admirable quality and he never hesitated to call  a spade a spade.

We had quite a few common interests. Both Shri Jaitley and I were fond of different cuisines and used to regularly visit various restaurants.

Of course, his geniality, warm and friendly disposition endeared him to one and all across the political spectrum. Irrespective of whether he was in the government or in the opposition, he used to maintain excellent personal relations and friendship with leaders across the political spectrum.

Jaitley Ji donned different roles with panache and aplomb—as a most distinguished lawyer, party spokesperson, cricket administrator, opposition leader and Union Minister. He left his indelible mark on the ministries he handled from Defence to Corporate Affairs to Finance.

He was known to be generous to a fault and was extremely considerate towards not only those in need of help and never hesitated to lend a helping hand to anybody in distress. Jaitley Ji was a politician who belonged to a rare breed and always placed the interests of the country above everything else.

This book containing the articles on Jaitley Ji was brought out by my son and daughter as a token of their love and affection for him. He was like a family member to all of us and has left us all with a world of memories.

Jai Hind!”

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Union Home Minister Sh. Amit Shah today said that Central Reserve Police Force, CRPF had played an important role in wiping out terrorism from Punjab and Tripura in the decades of 1980 and 1990 and to restore complete peace in the border States. Speaking at the foundation laying ceremony of the CRPF Headquarters in New Delhi, he said that neighbouring countries tried to foment terrorism in the two States by misleading the youth to dismember the country but all their efforts were neutralised by CRPF.

Shri Shah said that whether it is a Naxal theatre or a riot situation, or for conduct of peaceful AmarnathYatra in Jammu and Kashmir or providing security ring to India’s Parliament, CRPF jawans always remain at the forefront.

Referring to Prime Minister Narendra Modi’s commitment for the welfare of paramilitary forces, the Home Minister said that by August-September, 2020, all such schemes will be given a final shape, the prominent among them would be a measure that all jawans should remain at least 100 days out of 365 days with their family members. A Committee is working on this and suggestions sought from DGs of paramilitary forces to implement this scheme soon. Shri Shah said, Ministry of Home Affairs is working with AIIMS to provide electronic Health Cards to family members of jawans for health check-up and facilities. Expansion of Air Carrier facilities for travel and transportation, creation of over 35,000 vacancies for faster promotion, announcement of new awards and more administrative and financial powers to DG, CRPF are steps in that direction, he added. Shri Shah said that it is the mantra of Modi Government that jawans should take care of India’s borders, the Central government will take care of their families.

Recalling the supreme sacrifices made by about 2184 CRPF personnel for internal security duties including at the war theatres with China in October,1959 and with Pakistan at Sardar Post, Kutch in Gujarat in 1965, Shri Shah said that he is more than happy to inaugurate the new headquarters of the World’s largest and the bravest force. He informed that in 2019 also CRPF bagged 75 bravery medals, which is the highest for any force.

Shri Shah said that new building at a cost of Rs 280 crore will have all modern facilities and green amenities, besides effective control and command system with modern training modules for 3.5 lakh strong force to enhance their operational capability.

The Home Minister also launched a new logo “Garud” for those engaged in providing security to the common man and VIPs and said that it would give them a new identity.

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The Prime Minister Shri Narendra Modi has condoled the passing away of Sri Vishvesha Teertha Swamiji of the Sri Pejawara Matha, Udupi.

“Sri Vishvesha Teertha Swamiji of the Sri Pejawara Matha, Udupi will remain in the hearts and minds of lakhs of people for whom he was always a guiding light. A powerhouse of service and spirituality, he continuously worked for a more just and compassionate society. Om Shanti.

I consider myself blessed to have got many opportunities to learn from Sri Vishvesha Teertha Swamiji. Our recent meeting, on the pious day of Guru Purnima was also a memorable one. His impeccable knowledge always stood out. My thoughts are with his countless followers”, the Prime Minister said.

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The Vice President of India, Shri M Venkaiah Naidu has called for an enlightened and constructive debate on issues such as CAA, NRC and NPR and urged the people to study in-depth and fully understand the background before reacting to any issue.

Inaugurating the Birth Centenary Celebrations of the late Chief Minister of united Andhra Pradesh, Dr. M. Channa Reddy in Hyderabad, the Vice President said that violence and democracy do not go together and cautioned the people to not get carried away in this age of fake news.

As regards CAA, NRC and NPR, the people of the country should have an enlightened, meaningful and constructive discussion and not jump to hasty conclusions. Ours is a mature democracy and there is no place for violence in it, the Vice President stressed.

Stating that dissent or disagreement has to be expressed in a constructive, democratic and peaceful manner, he recalled that Mahatma Gandhi had eschewed violence in all its forms even in the face of most daunting challenges. “While protesting against the British rule, he remained civil even to his adversary. He called off Non Cooperation Movement after Chauri Chaura incident which had turned violent”, he pointed out.

The Vice President stressed the need for maintaining the dignity of Parliament and Legislatures and raising the standards of the debates. He said that personal attacks should not be made, while policies could be criticized.

Referring to the governance system, the Vice President called for reforming it constantly in tune with people’s aspirations. He emphasized that transparency, accountability and people-centric policies were essential to provide good governance.

He said that eliminating corruption, decentralizing administration, cutting down red tape, promoting online interface between government departments and the public and promptly addressing the grievances were important features of a responsive administration.

Paying rich tributes to Dr. Channa Reddy, he said the late Chief Minister was a grass-roots politician and a mass leader, who relentlessly strove to uplift the conditions of the common people. The fact that he had occupied so many high offices is a testimony to his administrative acumen and leadership qualities, he added.

The Vice President said that Dr. Reddy’s tenure as Chief Minister was marked by many developmental initiatives as he steered the State on the path to industrialization. He toned up the administration by cutting on red tape and simplifying procedures.

Recalling that agriculture was close to Dr. Reddy’s heart, the Vice President said that he had accorded the highest priority to improving the lot of the farmers.

He also stated that the late Chief Minister was a relentless champion of social justice and had introduced reservations for BCs in government jobs and education in 1980. As a firm believer in strengthening democratic foundations, he reduced the voting age for local bodies from 21 years to 18 years, the Vice President added.

The Vice President also conferred Dr. M. Channa Reddy National Award for Sustainable Development posthumously on eminent irrigation expert Late Shri T Hanumantha Rao. The award is in recognition of his revolutionary innovation of Four Water Concept (FWC) for watershed development.

Shri Bandaru Dattatreya, Honorable Governor of Himachal Pradesh, Dr. K. Rosaiah, honorable former Governor of Tamil Nadu and others were present on the occasion.

The following is the full text of the speech:

I am pleased to be here to inaugurate the Centenary Celebrations of Dr. Marri Channa Reddy Garu, who had served the nation with distinction in various capacities. He was a visionary in the true sense and was gifted with remarkable administrative acumen.

Perhaps, he was one of the few leaders, who had served as Governor of four States, Chief Minister on two occasions and as a Union Minister. The fact that he had occupied so many high offices is a testimony to his administrative acumen and leadership qualities.

Indeed, Dr. Reddy was a grass-roots politician and a mass leader, who relentlessly strove to uplift the conditions of the common people. He was quick to grasp people’s problems and understand their aspirations. As a result, he used to give shape to policies that addressed their concerns.

Hailing from a farmer’s family, agriculture was close to his heart. He accorded the highest priority to improving the lot of the farmers and focused on agriculture in view of the primacy it deserves in our society.

He always had his finger on the pulse of the people and the fact that he served as Chief Minister of the erstwhile united Andhra Pradesh on two occasions in 1978 and 1989 showed how popular he was. A powerful orator in Telugu, Urdu, Hindi and English and a people’s man to the end, Dr. Reddy struck a special chord with the people of united Andhra Pradesh.

Dr. Channa Reddy began his journey in the service of the country in his early twenties after giving up his medical practice and plunging into the freedom struggle. To this day, he is remembered for his powerful writings in the Telugu weekly, “Hyderabad” which he ran from Vijayawada during the struggle against the Nizam’s rule in erstwhile Hyderabad.

At the age of 31, he became the youngest member of the Provisional Parliament in 1950. He was inducted as a minister in the Cabinet of Shri Boorgula Ramakrishna Rao.

His tenure as Chief Minister of the erstwhile united Andhra Pradesh was marked by many developmental initiatives as he steered the State on the path to industrialization, even as he ensured that the state’s development was not at the cost of agriculture. He toned up the administration by cutting on red tape and simplifying procedures.

He also took steps to improve land administration and set up Land Development Councils.

He was a relentless champion of social justice and had introduced reservations for BCs in government jobs and education in 1980. As a firm believer in strengthening democratic foundations, he reduced the voting age for local bodies from 21 years to 18 years.

For the benefit of farmers, he introduced a scheme to provide subsidies on fertilizers and seeds. He reduced interest on agricultural credit and accorded top priority for creating irrigation facilities.

He exempted land revenue for small farmers having holdings of 2.5 acres wet and 5 acres dry land and conferred right of land to about 75,000 people by distributing 1.33 lakh acres.

In a bid to address the problem of unemployed youth, the Society for Employment Promotion and Training in Twin Cities (SETWIN) was established when Dr. Reddy was the Chief Minister.

During his second stint as Chief Minister, Remote Area Development programme was launched in some of the naxalite-affected backward districts to wean away youth from the influence of the radicals. He will be always remembered for implementing the World Bank-assisted Cyclone Emergency Reconstruction Project and for taking up modernization of irrigation structures in Krishna and Godavari delta regions.

As Union Minister for Steel, he introduced reforms to improve steel production and brought about decontrol of distribution of steel and coal.

As a young MLA, I used to vehemently criticize his government’s decisions in the Assembly. One of his great qualities was that he never held anything against even his most bitter critic. Always a keen listener, he used to reply to every point raised by me or other opposition members.

I had the opportunity to interact with him on several occasions and what struck me was his concern to address the people’s problems. I also found him to be a man of strong convictions and principles.

Dr. Reddy was known as a firebrand leader and had championed the cause of a separate Telangana State in the late sixties. It led the government to provide key safeguards, mainly in terms employment and education, to the people of Telangana.

Dear sisters and brothers,

As we recall the excellent administrative qualities of Dr. Channa Reddy and pay tributes to him, we need to understand the importance of constantly reforming our governance system in tune with the needs and aspirations of the people. Transparency, accountability and people-centric policies are essential to provide good governance.

Eliminating corruption, decentralizing administration, cutting down red tape, promoting online interface between government departments and the public and promptly addressing the grievances are important features of a responsive administration.

Before concluding, let me stress the need for an enlightened debate on any issue before reacting to it. In this age of fake news, one should be all the more cautious before reacting. As a matter-of-fact, one should first understand and study the issue in-depth, know its background and try to know what will be its impact. We need to focus on the issue rather than diverting from the main issue.

As regards CAA, NRC and NPC, the people of the country should have an enlightened, meaningful and constructive discussion and not jump to hasty conclusions either way.

We are an independent country and a mature democracy. It should be remembered that violence and democracy will not go together. Any dissent or disagreement has to be expressed in a constructive, democratic and peaceful manner. Apprehensions need to be answered and addressed by the government at every level.

Please remember that the Father of the Nation, Mahatma Gandhi eschewed violence in all its forms even in the face of most daunting challenges. His methods of protest were scrupulously non-violent. While protesting against the British rule, he remained civil even to his adversary. He called off Non Cooperation Movement after Chauri Chaura incident which had turned violent.

Gandhi Ji continues to inspire the humanity with his eternal values, powerful ideas and thoughtful actions based on truth and non-violence. As we are observing the 150^th Jayanthi of Gandhi Ji, it is all the more important for us to remember that his views and the message of his life are eternal.

Finally, let me thank the organizers for inviting me to inaugurate the centenary celebrations of Dr. Channa Reddy Garu. He was a great son of this soil and left an indelible mark on the Indian political scene.

 

Jai Hind!

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