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Government, RBI should have continuous dialogue to address problems affecting economy: VP Naidu

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New Delhi | In apparent reference to the recent spat between the government and the Reserve Bank, Vice President M Venkaiah Naidu Tuesday said there should be a regular dialogue between the two in the boardroom to arrive at solutions to address problems affecting economy.

Referring to the issue of liquidity crunch, Naidu said the problem was because few “black sheep” who have taken the system for ride, affecting the entire industry.

“All of us have to introspect. Politicians… and the industry. A few people.. have taken the system for a ride and banks lent money left and right… “RBI was not doing things at that time and now they have tightened everything, so there are there are problems…,” he said.

Naidu said these problems have to analysed and understood. The Reserve Bank of India (RBI) and the government of India must have a regular continuous dialogue. “There is no question of who is powerful or who is final. Final are the people and their interest. All these systems are created to facilitate people’s welfare.

“So they should have to have a dialogue within their boardroom rather than discussions through media and then come to some solutions addressing the actual problems,” he said while addressing the diamond jubilee celebrations of the Confederation of Indian Textile Industry (CITI) here.

Amid growing tensions with the central bank, the Finance Ministry had earlier sought discussions under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor. RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be “potentially catastrophic” for the economy.

On November 19, the RBI board had held a marathon meeting amid a rift between the central bank and the government over several issues including how much capital the apex bank needs, lending norms for small and medium enterprises and rules for weak banks.

Following the meeting, the RBI and the government agreed to refer to an expert committee the contentious issue of appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank.

Vice-President Naidu further said India was the most favoured destination for investment and global organisations like World Bank and World Economic Forum, which are of the view that if the country continues with its reform process, it will become the third-largest economy in the world. He also called upon the textiles industry, which contributes more than 3 per cent to the GDP, to adopt new innovative technology in line with the demands of 4th industrial revolution.

Addressing the gathering, Textiles Minister Smriti Zubin Irani said the government was committed for the growth of the textile industry.

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India invited as ‘Guest of Honour’ to OIC meet, Sushma Swaraj to attend

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Official sources said it was for the first time, India has been invited to an Organisation of Islamic Cooperation (OIC) meeting as a guest of honour.

 

New Delhi| In a significant move, India has been invited to the inaugural plenary of the foreign ministers’ conclave of the OIC, a powerful grouping of Muslim majority nations, and External Affairs Minister Sushma Swaraj will attend it in Abu Dhabi next month as the ‘guest of honour’.

The Ministry of External Affairs (MEA) called the invitation a “welcome recognition” of the presence of 185 million Muslims in India and of their contribution to its pluralistic ethos, and of India’s contribution to the Islamic world.

Official sources said it was for the first time, India has been invited to an Organisation of Islamic Cooperation (OIC) meeting as a guest of honour. The 46th Session of the OIC’s Council of Foreign Ministers will be held in Abu Dhabi from March 1 to 2.

The invitation to India by the OIC comes at a time when India has been mounting a diplomatic offensive against Pakistan to isolate it internationally following the Pulwama terror attack in which 40 CRPF personnel were killed.

The OIC has usually been supportive of Pakistan and, often sided with Islamabad on the Kashmir issue.

The MEA said Foreign Minister of United Arab Emirates Sheikh Abdullah bin Zayed Al Nahyan invited Swaraj as the ‘guest of honour’ to address the inaugural plenary and that India was happy to accept the invitation.

“We see this invitation as the desire of the enlightened leadership of the UAE to go beyond our rapidly growing close bilateral ties and forge a true multifaceted partnership at the multilateral and international level,” the MEA said in a release.

“We see this invitation as a milestone in our comprehensive strategic partnership with the UAE. We also see this invitation as a welcome recognition of the presence of 185 million Muslims in India and of their contribution to its pluralistic ethos, and of India’s contribution to the Islamic world,” it said.

India is, therefore, happy to accept the invitation and thanked the leadership of the UAE for it, the ministry said.

Last year, Bangladesh proposed a restructuring of the charter of the Organisation of Islamic Cooperation to pave way for the inclusion of non-Muslim countries like India as an “observer state” of the 50-year old grouping.

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Assam hooch tragedy death toll mounts to 59, 200 taken ill

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Jorhat| At least 59 people have died and over 200 taken ill after consuming spurious liquor in tea gardens in Assam‘s Golaghat and Jorhat since Thursday night, Health Minister Himanta Biswa Sarma said on Saturday.

The death toll is rising every minute, the minister said after visiting Jorhat Medical College Hospital (JMCH) here.

“This morning the death toll in Golaghat and Jorhat districts was 59 and 200 people have been admitted to hospitals. The death toll and the number of people admitted are changing minute by minute,” Sarma told reporters after meeting some patients at the hospital.

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100 cars gutted in fire at Aero India 2019 show in Bengaluru

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Bengaluru | More than 100 cars have been gutted in to fire at the parking lot near the Aero India Show held at the Yelahankha air base in Bengaluru.

According to a local eye witness, a grass fire spread to parking area number 5 and some vehicles which were parked there have also caught fire. The fire department has stated that around 80-100 cars gutted in fire near the venue of the Aero India Show in Bengaluru.

 

Officials stated that around 10 fire engines have rushed to the spot. Responding on the incident Senior police official MNReddi tweeted, “Fire in the open field parking lot of aero show. Nearly 20 cars burnt. Fire fighting operations by Chief Fire Officer and 10 water tenders staff underway.”

Earlier on Tuesday, one fighter pilot was killed after two Surya Kiran Aircraft crashed during the rehearsal of the Aero India Show.

 

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