Nation
Manmohan Singh asks people to stand up against attitude of disruption

The Opposition chose not to take advantage of the subtle institutional practices dealing with the reports of CAG and insisted on disrupting Parliament, accused the Prime Minister

 
New Delhi: As turmoil-ridden monsoon session of Indian Parliament ended, Prime Minister Manmohan Singh on Friday hit out at main opposition Bharatiya Janata Party (BJP) for "total negation" of democracy and asked people to stand up against such attitude of disruption, warning that it would be a "grave violation" of Parliamentary politics, reports PTI.
 
He maintained that the Comptroller and Auditor General (CAG) report on coal block allocation should have been discussed in Parliament and Public Accounts Committee (PAC) but the Opposition chose to cause disruptions.
 
"We have just ended a wasted session of Parliament. Both the Houses were paralysed because CAG has issued a report which rightly or wrongly has certain allegations about public functionaries," Singh told reporters outside Parliament shortly after the end of Monsoon Session.
 
"We have great respect for the institution of CAG, but if we do respect this institution, we must be willing to debate its finding in PAC or even on the floor of Parliament which we have always been willing," he said.
 
Without naming BJP, Singh said, "The Opposition chose not to take advantage of the subtle institutional practices dealing with the reports of CAG and insisted on disrupting Parliament. This is negation of democracy." 
 
He warned that "If this thought process is allowed to gain momentum it will be a grave violation of Parliamentary politics as we have understood." 
 
Parliament could work only on six out of 19 days of sittings because of BJP's unrelenting demands for resignation of the Prime Minister over the coal block allocation issue besides cancellation of allotments and setting up of independent inquiry.
 
The Prime Minister said a paralysed Parliament was a "total negation" of the functioning democracy that India is and appealed to the countrymen to stand up unitedly to allow functioning of such democratic institutions.
 
"I would like my countrymen and countrywomen to make up their mind if this is the right way to serve our functioning democracy. We take pride in the fact that since Independence, we have been a practising and functioning democracy," he said.
 
"What we have witnessed in this session is a total negation of that and all right thinking people in our country should stand up and unitedly come up in (one) voice that come what may, Parliamentary institutions must be allowed to function with the norms as we have known them since Independence," Singh said.
 
He said Parliament was not allowed to discuss important issues facing the country like problems of rising communal tensions, regional and ethnic tension, terrorism, and naxalism.
 
"Parliament should have debated these issues. Parliament was not allowed to discuss these important issues before the country," he said.
 
Singh said the government was trying to prevent India getting affected by difficulties like recession faced by the global economy.
 
"Parliament should have discussed these issues. What is our economic strategy to deal with these global developments, Parliament was not allowed to do any of these things," he said.
 
"The result is Parliament -- a forum where we articulate our peoples' felt needs and felt urges -- was totally paralysed," Singh said.
 

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COMMENTS

M G WARRIER

4 years ago

We, the people, very much want parliament and all democratic institutions to function smoothly. PM using words like ‘rightly or wrongly’ or even ‘confusion’ while referring to contents of CAG’s report, give us an impression that even PM is biased. Events during and after this session of Lok Sabha do not justify the initial responses of PM and his colleagues about the ‘disputed’ CAG report. Parliamentary democracy is much beyond ‘managing’ numbers while voting or getting ‘nominated’ to positions. If anything, the stalemate in the last session of parliament proves the failure of political leadership and aam aadmi or the voter is less concerned whether it is UPA’s failure or NDA’s failure. PM has to play a more proactive role to reach amicable settlement in national interest faster in such situations. If he also starts blaming the nearest pillar or post for failure of governance, who can save this country?

Mr Hi Fi

4 years ago

HEY MANMOHAN ,

YOU ARE ALSO A PARASITE !



Rajan Manchanda

4 years ago

Dear Mr.Prime Minister

Honesty is your back bone.Every Indian believes and rightly so that we have a Prime Minister who is truly honest.Why then allow corruption to breed ? Why not order an inquiry right away ? In a Country where a large population lives under poverty line with out two square meals a day,with out medical facilities lack of power,lack of education facilities forget even having toilets and farmers committing suicides,we see corruption of a magnitude unheard off. We are probably breaking all world records.Even Countries where the kings and rulers who have been dethroned did not amass wealth to this extent. What are we waiting for ?

India still has hopes on you Sir.Please speak up, Act and save the Country from disaster.

MOHAN

4 years ago

Sorry, Mr. Prime Minister.
We have already stood up against "corruption" !!!

Can you please do us a favour, Sir? ...... that will make us sit and we will think of standing up again against "disruption" then !!
........................ Please RESIGN Mr. Prime Minister!!! We need to relax ! Sir.

PEOPLE OF INDIA

Sensex, Nifty trending higher: Friday Closing Report

Unless the Nifty breaks the previous day’s low, the trend is up for now

 
The market closed in the positive on optimism that the European Central Bank’s bond buying programme will help ease the problems in the debt-ridden continent. Yesterday we had mentioned that the higher high on the Nifty may change the direction. Today the index made a higher high and higher low and closed in the positive. Unless the benchmark breaks the previous day’s low, we see the trend up for now. The National Stock Exchange (NSE) saw volume of 51.75 crore shares and a advance decline ratio of 1151:523.
 
Tracking the global markets, which were boosted by the European Central Bank’s (ECB) bond buying plan to help distressed members, the domestic market too opened higher. The Nifty opened 71 points higher at 5,309 and the Sensex resumed trade at 17,576, a jump of 230 points over its previous close.
 
The opening figures on both benchmarks were their intraday lows. Across-the-board buying saw all trading in the positive. The market continued to trade firm on support from its global peers.
 
Meanwhile, the turmoil-ridden Monsoon Session of Parliament came to an end on Friday after most of its sittings were washed out over the controversial coal block allocation issue with the main opposition Bharatiya Janata Party (BJP) remaining unrelenting on its demand for resignation of prime minister Manmohan Singh.
 
The second-worst session since the 2009 Lok Sabha (Lower House) elections functioned for only six out of 19 days and was paralysed for remaining period due to the stand-off between government and the BJP.
 
Gains in the key European markets kept the local benchmarks on a higher trajectory in noon trade. The upmove enabled the market hit its intraday high in the last half hour with the Nifty touching 5,347 and the Sensex scaling 17,701.
 
The market closed marginally off the highs. The Nifty gained 104 points to 5,342 and the Sensex settled at 17,684, a jump of 337 points.
 
While the broader indices also joined the rally, they lagged behind the Sensex. The BSE Mid-cap index settled 1.14% higher and the BSE Small-cap index climbed 0.76%.
 
All sectoral indices closed higher today. The top gainers were BSE Capital Goods (3.04%); BSE Realty (up 2.70%); BSE Metal (up 2.66%); BSE Bankex (up 2.29%) and BSE Auto (up 1.99%).
 
Today’s rally saw all 30 shares in the Sensex list close higher. They were led by Tata Steel (up 5.72%); ICICI Bank (up 4.68%); Tata Motors (up 4.40%); Larsen & Toubro (up 3.86%) and Hindalco Industries (up 3.39%).
 
The top two A Group gainers on the BSE were—Jaiprakash Power Ventures (up 7.33%) and Indian Bank (up 6.74%).
The top two A Group losers on the BSE were—United Spirits (down 4.94%) and Torrent Power (down 4.39%).
 
The top two B Group gainers on the BSE were—Hikal (up 20%) and Store One Regail India (up 19.96%).
The top two B Group losers on the BSE were—Silicon Valley Infotech (down 18.18%) and Shri Lakshmi Cotsyn (down 15.18%).
 
Out of the 50 stocks listed on the Nifty, 47 stocks settled in the positive. The top gainers were DLF (up 5.71%); Tata Steel (up 5.55%); ICICI Bank (up 4.58%); L&T (up 4.25%) and Tata Motors (up 4.05%). BPCL (down 0.53%0 and Ranbaxy Laboratories (down 0.03%) were the two losers on the index.
 
Markets in Asia closed on a firm footing on hopes that the ECB’s bond buying plan will boost global economies. Adding to the good news, the Chinese government’s approval of new infrastructure projects to push growth saw the Shanghai Composite notching its best single-day gain in the last eight months.
 
The Shanghai Composite soared 3.70%; the Hang Seng jumped 3.09%; the Jakarta Composite advanced 0.99%; the KLSE Composite gained 0.41%; the Nikkei 225 climbed 2.20%; the Straits Times rose 0.75%; the Seoul Composite surged 2.57% and the Taiwan Weighted settled 1.34% higher.
 
At the time of writing, the key European indices were up between 0.16% and 1.11% and the US stock futures were in the green, indicating a positive opening for US stocks.
 
Back home, foreign institutional investors were net buyers of shares totalling Rs166.58 crore on Thursday whereas domestic institutional investors were net sellers of equities amounting to Rs33.76 crore.
 
Pharma major Aurobindo Pharma today said it has received final approval from the US FDA to manufacture and market Amlodipine Besylate and Benazepril Hydrochloride capsules, used for treating hypertension, in the American market. The capsules are generic bio-equivalent to Novartis Pharmaceuticals Corp’s Lotrel capsules and the products are ready for launch. The stock jumped 3.39% to close at Rs123.40 on the NSE.
 
On day two of captive coal mines review by an inter-ministerial group (IMG), Reliance Power today said it has begun production ahead of schedule from its blocks Moher and Moher-Amlohri extension in Madhya Pradesh. The two blocks are meant to be used as fuel source for the 4,000 MW Sasan Ultra Mega Power Plant and are under the scanner of the IMG reviewing the status of coal block allocation. The stock rose 1.28% to close at Rs79.20 on the NSE.
 
State-owned Oriental Bank of Commerce (OBC) on Friday slashed fixed deposit rates on select maturities by up to 0.5% in line with several other banks including SBI. However, the bank has raised rate by a marginal 0.1% on fixed deposit of 5-10 years maturity to 9.10% as against 9%. OBC surged 4.99% to close at Rs299.55 on the NSE.
 

 

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Government may hike fuel prices next week

The oil ministry is wary that if oil firms are allowed to raise just petrol prices on Friday or Saturday, the political opposition to the unpopular decision may force the hands of the Cabinet into not hiking diesel, LPG and kerosene rates  

 
New Delhi: The government may hike petrol, diesel, cooking gas and kerosene prices simultaneously as early as next week with oil minister S Jaipal Reddy saying “difficult and painful” decisions need to be taken, reports PTI.
 
“There are no immediate proposals to raise prices of various oil products including petrol,” Mr Reddy told reporters.
 
Though he did not specify when the hike may take place, indications are it could be done after the Cabinet meets next week.
 
The ministry is wary that if oil firms are allowed to raise just petrol prices on Friday or Saturday, the political opposition to the unpopular decision may force the hands of the Cabinet into not hiking diesel, liquefied petroleum gas (LPG) and kerosene rates.
 
With oil firms losing a record Rs560 crore per day on sale of regulated diesel and cooking fuels and another Rs 16 a day on petrol, the oil ministry is pushing for raising rates once the Monsoon Session of Parliament ends on Friday.
 
“We are of course facing treacherous crisis of unpredictable magnitude... Our oil companies will lose huge nearly Rs200,000 crore (if rates are not raised),” Mr Reddy said, adding that steps need to be taken to reduce this deficit. “We have to take some difficult, painful decisions.”
 
On the political opposition to raising fuel rates, Mr Reddy said fuel pricing was a classic case of “politics defeating economics”.
 
Mr Reddy said he has moved a note for the consideration of the Cabinet Committee on Political Affairs (CCPA) explaining the precarious situation facing the oil sector. “It is my duty as a minister to bring facts to the notice of CCPA. When will it meet, I have no idea”.
 
State-owned fuel retailers are losing over Rs5 per litre on sale of petrol, a commodity which was freed from government control in June 2010 but whose rates haven’t moved in tandem with cost.
 
They sell diesel at a loss of Rs19.26 a litre, kerosene at Rs34.34 per litre and domestic LPG at Rs347 per 14.2-kg cylinder.
 
“Petrol price increase is necessary. We have to take decision in consultation with other oil companies and the government,” IOC chairman RS Butola said, adding that the company lost Rs950 crore on sale of petrol in the first quarter and has lost another Rs 300 crore since then. 
IOC’s borrowings are at around Rs88,000 crore and not far from the ceiling of Rs1,10,000 crore that the company can borrow, he said.
 
“We have a deficit of Rs5,000 crore to Rs6,000 crore every month. If it is not met, our capability to buy crude oil will be impacted,” he said.
 
Diesel is being sold at a loss of Rs19.26 a litre, kerosene at Rs34.34 per litre and domestic LPG at Rs347 per 14.2-kg cylinder. At current rate, the three firms are projected to lose Rs1,92,951 crore in revenues in the financial year ending 31 March 2012.
 
As per the oil ministry’s proposal, every household would get only 4-6 LPG cylinders at subsidised price of Rs399 in Delhi and they will have to pay market price of Rs746 per cylinder for any requirement beyond that.
 
Besides considering raising diesel, domestic LPG and PDS kerosene rates, the CCPA may also consider a cut in the Rs14.78 per litre excise duty currently levied on petrol.
 
IOC, Hindustan Petroleum Corp (HPCL) and Bharat Petroleum Corp (BPCL) reported a combined revenue loss of Rs47,811 crore on fuel sales in the first quarter. Of this, upstream firms like ONGC made good Rs15,061 crore by the way of discount of crude oil they sell to them.
 
The oil ministry sought cash subsidy for the remaining Rs32,750 crore but the finance ministry has not released any.
 
In the absence of the subsidy support, IOC reported the highest quarterly net loss by any Indian company at Rs22,451 crore. HPCL posted Rs9,249 crore net loss in April-June, while BPCL reported a net loss of Rs ,836 crore.
 
Oil firms would most likely post net losses even in the second quarter as the logjam in Parliament over coal blocks allocation has meant that supplementary demands for grants are not approved and no subsidy payout is possible till the next winter session of Parliament in November/ December.
 

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