So that second generation reforms may continue in carnival mood!

So that second generation reforms may continue in carnival mood!

Indian Holocaust My Father`s Life and Time, Chapter Nine Hundred Five
Palash Biswas

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Wall Street is still unoccupied and corporate greed knows no border. Market forces happen to be least concerned. The unprecedented stand off in the ruling hegemony caused by Mamata`s revolt is rather waited with eagerness whether Dr. Manmohan gets rid of the obstinate hurdle so that second generation of reforms may continue in carnival mood!Industry leaders, including Anand Mahindra and Kiran Mazumdar Shaw, have asked the government not to give in to the demands of Trinamool Congress chief Mamata Banerjee and carry forward the reforms process.Indian companies were more positive than they were in the previous quarter. Sentiment may have been lifted further last week by government reforms aimed at reviving growth in Asia's third-largest economy, including opening up its supermarket sector to foreign chains while  Business sentiment among Asia's top companies fell for the second straight quarter, dragged down by export-orientated economies such as China and Japan, while domestic spending helped boost Southeast Asia's outlook.What if  Trinamool Congress chief Mamata Banerjee today gave no indication of resiling from her decision to withdraw support to the UPA government when she ruled out any compromise on her demands for roll back of the major reforms decisions taken by the Central government.Positions hardened on rival sides with both the UPA government and Trinamool Congress showing no signs of resiling on their stands, a day after Mamata Banerjee announced her decision to withdraw support to the Congress-led coalition that appears to be confident about its related stories  numbers. Trinamool, the second largest constituent of UPA with 19 MPs, wants the government to totally withdraw the decision to allow FDI in retail, slash the Rs. 5 hike in diesel by Rs. 3 or Rs. 4 and raise the cap on supply of subsidised LPG to 24 cylinders a year.If Trinamool goes ahead with its decision, UPA's strength will come down to 254, 19 short of majority in Lok Sabha, but with the support of outside allies like SP, BSP, JD (S) and RJD it still has the backing of over 300 MPs in a House of 545.

I am surprised that the Left forgot to issue any formal statement on Mamata`s stance which has been originally their main political agenda. If mamata has turned to be more redical, why should not the left express pleasure. bengal Marxist leader branded as rebel often Rezzack Ali Molla, however congratulated Mamta. The Left is glad to see that TMC is out of UPA alliance. should they join it? The left played a responsible partnet in UPA first government and their governments in Kerala, West Bengal and Tripura lost no opportunity to endorse the free inflow of foreign capital. The Ghost city Kolkata West standing along with Bombay highway is an eyewitness of capitalist adventure of the Marxists. I am afraid of not only a UPA NDA  secret deal as it worked with surgical precision to wash out parliamentary monsoon to pave way for the reform coup, but the Left may also emerge saviour for UPA just to counter Ms Mamata Banerjee enhanced national profile. Bull shit ideology is veru flexible in indian politics. Ms Mayawati led ambedkarites, Mr Mulayam and his socialist clan and finally the left have proved it so often.Only the Hindu nationalities stick to their basic agenda which has no contradiction whatsoever as far as corporate interest or free market econmy are concerned. It is quie a feel good environment for the sensex communities!CPI(M) leader Prakash Karat says Prime Minister Manmohan Singh has no right to continue in office if he does not roll back FDI in multi-brand retail. 2.40 pm: Mamata Banerjee says bandhs will not serve any purpose.


Look how calculative have become our politicians! How day take stance on key issues tormenting the nation! Describing the political situation as "critical" after Trinamool Congress withdrew its support to the UPA government, Chief Minister Nitish Kumar today said he would support anyone in the formation of the next government at the Centre if it grants special category status to Bihar. He said the political situation at the Centre had turned unstable after the TMC pulled out support to the UPA government.He, however, did not say if he would fill the vacuum left by TMC's withdrawal and in that event extend support to the UPA government.Kumar indicated that the UPA government might not collapse following TMC's withdrawal of support, saying the Congress was adept at managing the numbers required to run the government, but it would have to suffer ignominy in the next Parliamentary elections. Raj Thakre has already crossed the fences in defence of FDI. The situation is very fluid and we may have to witness exclusive diving perfomances in near future.Samajwadi Party, a key outside supporter with 22 MPs, kept suspense over its strategy in case of a trial of strength in Lok Sabha in the wake of Trinamool Congress' decision to withdraw support.

Unwilling to give in to Mamata Banerjee's demands, the Congress has virtually written off her differences as irreconcilable and is trying to consolidate the support of other key partners to ward off mid-term elections.There seems to be little chance of a patch up between the Congress and Trinamool leader Mamata Banerjee.Sources said after a meeting of the top Congress leadership at the residence of Prime Minister Manmohan Singh that the government would explain to Trinamool Congress ministers the circumstances under which these decisions were taken.When asked about the Trinamool demands for roll back of the decisions, the sources merely said, "ask the petroleum minister". Six ministers of Trinamool Congress are slated to resign on Friday afternoon if the government does not roll back its decisions.Defending the decision to allow FDI in retail, Anand Sharma said UPA does not believe in the word 'roll back' as it made the move after much deliberation.On the other hand, BJP is considering demanding a special session of Parl on the issue of FDI in retail & is expected to take a decision after consultations with its allies.The government is in no mood to oblige. Rather,in a bid to take a final view on relaxing FDI norms in the pharma sector, PM Manmohan Singh is likely to soon call a meeting of senior ministers.The Centre has clarified that it is not bound by BIPA to force the recent decision to allow 51% FDI in multi-brand retail on unwilling state governments.The government is planning to go ahead with more economic reforms especially in areas where these could be done through its own executive powers, Law Minister Salman Khurshid said.


Meanwhile, the corporate government poses with more aggression to reject the charges of scame.RBI Governor D Subbarao, fielded in defence, yesterday appeared before a Parliamentary panel inquiring into the 2G spectrum allocation 'scam' and said he did not agree with the controversial Finance Ministry note which suggested that Finance Minister P Chidambaram could have insisted on auctioning the spectrum.He also rejected suggestions that allocation of radiowaves resulted in a loss – virtually brushing aside the 2G scam case.

Grappling with a near crisis situation, Prime Minister Manmohan Singh on WEdnesday had a meeting with Congress President Sonia Gandhi and other top party leaders and the message that came out of the deliberations appeared to be that the Centre was in no mood to roll back its major reforms decisions.

"I don't know why you guys are hung up on that one word rollback. These issues (decisions) were taken after the most careful consideration. They stand," Finance minister P Chidambaram told reporters after a meeting of a GoM on Media.

Indicating that the government was not in a mood to go back on its decisions, he said if any of the Trinamool Ministers wanted to talked to them they will explain the circumstances that compelled the government to take decisions.

On her part, Banerjee stuck to her demands when she ruled out any compromise on issues and said the ministers would tender their resignation.

The West Bengal chief minister told reporters in Kolkata "I will stick to my position, come what may the (TMC) ministers will tender their resignations."

Biocon Chairperson and Managing Director Shaw termed Trinamool Congress chief Mamata Banerjee as "maverick politician" stating her vote bank politics is not in sync with economic growth.

"Mamta Didi is a maverick politician who depends on a vote bank of poor people. Her economic agenda is not aligned with strong economic growth," Shaw tweeted.

Supporting the government's decision to relax retail FDI norms, Shaw added: "The fear of FDI retail can be answered by the same fear that was expressed when McDonalds n (sic) other chains were allowed."

Mahindra & Mahindra Chairman Anand Mahindra also asked the government not to give in to the demands of the West Bengal Chief Minister and instead reforms process must be carried forward.

Backing the UPA government on reforms, Mahindra tweeted: "Again, we urge the Govt (sic) to stand its ground. Right-thinking Indians will be less than amused by partisan politics in a fragile economy."

Ficci President R V Kanoria also said it was important for political parties to understand the importance of economic reforms for the growth of the country.

"The country needs reforms, it needs to grow, it has potential, talent and entrepreneurial skills. I will urge those who are not supporting the reforms to think carefully," he said.

Kanoria further said political differences must be set aside in the greater interest of the country.

Industry body Assocham today backed the Centre's decision to hike diesel price and allow FDI in multi-brand retail.

It said the initiatives were much needed and the Centre could not all the time subsidise prices of fuel.

"The reform measures announced are vitally needed at this point of time and Assocham fully supports the Union government in its efforts to turn around the economy," the industry body said in a statement.

Admitting that revision of diesel prices or restriction of LPG cylinders per household to six would result in price rise and higher costs for households, Assocham Secretary General D S Rawat said: "Subsidized price of an essential fuel cannot be borne by the government for all times to come."

"Unless some corrective measures are taken, the long-term impact of such policies will be massive. It is good that the government has taken a decision to stand firm on reform measures," he added.

Lauding the recent economic reform measures by the government, Ficci today appealed to political parties to set aside their differences and support the government in its move.

"We have been appealing continuously that it is important to set aside political differences in the greater interest of the country and we have said that we must work towards building consensus," Ficci President R V Kanoria told reporters here.

He said political parties should work on issue-based politics. "Therefore, what is good for the country should come above everything", he said.

Asked if the government's decision to stick to its decision would lead to mid-term elections, Kanoria said, "I do not think the government is subjecting the country to mid-term poll.

"The country needs reforms, it needs to grow, it has potential, talent and entrepreneurial skills. I will urge those who are not supporting the reforms to think carefully".

Last Friday, the government decided to hike diesel price, and cap supply of subsidised LPG cylinders besides implementing FDI in multi brand retail.

Following this, there were demands of rollback from ally Trinamool Congress (TMC) and the Opposition.

Trinamool, the second largest constituent of UPA with 19 MPs last night decided to withdraw support to the government and pull out its ministers, opposing government's decisions.

Asked whether political stability or reforms is a priority for the government, Kanoria said, "....We have to see what is the end objective of reforms ? It is to provide employment and benefit to people. If these two criterion are not met then that reform is not correct.

Stating that the government's move is a mood changer for the industry, he, however, said it needs to be sustained in order to sustain the mood. "The ability to sustain these reforms will improve India's image globally too".

On implementation of 51 per cent FDI in multi-brand retail, he said, the decision has been left to the states.

"In our opinion, every state has the right to decide whether they would like to introduce FDI in retail. They are free not to implement it," he said.

Ficci Vice-President Sidharth Birla said, reforms are needed in decision-making - administrative and bureaucratic areas.

"Unless we have good procedures, investments are not going to flow in or to give us the desired results. So, there is a need for more transparency, to make laws more unambiguous, to make acquiring of land for industrial use more easier and improving business climate," he said.

In Kolkata,the two Congress ministers in Mamata Banerjee's Cabinet skipped a meeting chaired by the Chief Minister today, as the junior coalition partner in West Bengal awaited directions from party leadership on the future course of action after the Trinamool pullout at the Centre.

Irrigation minister Manas Bhuniya and Fisheries minister Abu Hena did not attend the cabinet meeting, Congress sources said.

The sources said the Congress ministers will attend cabinet meetings only when the party high command gives the 'green signal'. The Congress also has two ministers of state.

The state Congress unit said it has sought the high command's direction as it was finding it 'difficult' to function normally after Trinamool Congress withdrew support to the UPA government yesterday.

"We have given details to the AICC high command that it is difficult to stay in the Mamata Banerjee ministry and function normally," WBPCC president Pradip Bhattacharya siad over telephone.

Asked if the four ministers belonging to the Congress were likely to be withdrawn, Bhattacharya declined to comment, but said "We have furnished details to the high Command and awaiting its direction."

"We are in the state cabinet due to the high command's direction. We are waiting for its direction now," Bhuniya said.

State Congress spokesman Abdul Mannan said that the two cabinet ministers stayed away following instruction from AICC.

The political drama is more adventurous than fiction. Just see!

3.41 pm: CPI(M) leader Prakash Karat says Prime Minister Manmohan Singh has no right to continue in office if he does not roll back FDI in multi-brand retail.

2.40 pm: Mamata Banerjee says bandhs will not serve any purpose. "I don't believe in bandh politics," she says.

2.30 pm: Trinamool Congress leader Mamata Banerjee addresses press conference, requests the media to "stop spreading rumours". Mamata further accuses the Congress of distorting facts and adds that Prime Minister Manmohan Singh never contacted her as claimed by Congress leaders. She further says that the government must withdraw FDI in retail and further slams the government for the cap on subsidised LPG cylinders. "Who says they (the poor) can survive on six cylinders? They are dieting, not eating," she says.


1:55 pm: Information and Broadcasting Minister Ambika Soni claimed that there was no danger to the UPA government. "Congress's attempt will continue to build consensus on the decisions. There is no danger to the UPA government," she said.

1:45 pm: Sources say the Oil Ministry officials are preparing various options on amending the recent decision on fuel price hike. The options include doing away with excise hike on diesel and the option of one LPG cylinder per month. No final decision has been taken so far. However, there will be no compromise on FDI in retail.

1:30 pm: Congress leader Janardhan Dwivedi has announced that all the states ruled by Congress Chief Minister will increase the cap on subsidised LPG from six to nine cylinders.

He has also said that the Congress is looking at Mamata Banerjee's demands and has indeed sent out a message to her that party President Sonia Gandhi wants to speak to her. Even as Trinamool Congress leader Mukul Roy denied getting any message from the government, Dwivedi said, "Mamata Banerjee has put some demands. We are looking at those demands. Mamata Banerjee sent a message to the Congress chief. Mukul Roy has been given a message that Sonia Gandhi wants to speak to her. The Prime Minister's Office also sent a message. The Core group discussed this issue as well. P Chidambaram will speak to the media."

12:45 pm: Trinamool Congress leader Saugata Roy said that there will be no turning back and the decision to resign on Friday has been taken as ministers have to personally submit their resignations and not because there may be some scope for a negotiation.

"All this is media's imagination. The media should understand that a resignation can only be submitted personally, we will submit our resignation to the Prime Minister only. Our stand is clear, we are opposing FDI and price rise," Roy said.

12:30 pm: Senior Bharatiya Janata Party leader LK Advani has said that his party will seek a special session on FDI in retail. He also said that the UPA government will not last till 2014.

However, its ally JD(U) has said there is no need for a special session. "There is no need for a special session, that will not help," JD(U) chief Sharad Yadav said.

12:20 pm: Trinamool Congress leader Mukul roy has denied getting any message from the government.

"Mamata made the stand of the TMC very clear. There is no scope for anything else. It has been decided by the party that the resignations will be given on Friday," Mukul Roy said.

12:14 pm Sources in the government have made it clear that there will be no rollback in FDI whatsoever. "Where does the question of a rollback stands," Congress sources said.

12:10 pm: After the Congress's Core Committee meeting on Wednesday, sources said that the government got in touch with Trinamool Congress chief Mamata Banerjee and left a message. Sources say Mukul Roy has confirmed that Mamata has got the message.

Source say that the government will explain the TMC ministers the circumstances in which the diesel price hike decision and the LPG cap decision was taken.

However, sources have not ruled out the possibility of a partial rollback in the diesel price hike.

Sonia Gandhi came out and made a thumbs up gesture before the media, in a way, indicating that all was well.

11:55 am: The Congress Core Committee meeting has ended. Sources say diesel price hike rollback and cap on subsidised LPG was also discussed in the meeting.

Meanwhile, Trinamool Congress ministers Sougata Roy and Sultan Ahmed will reach Delhi on Wednesday.

11:50 am: Congress General Secretary Digvijaya Singh has said that the party is ready for mid-term polls.

11:05 am: The NCP has said that Mamata should not have withdrawn from the government. "This is unfortunate, she should not have taken this step, this will help BJP and communal forces. We hope by Friday she realises this and takes back her decision. Supporting parties are with the government because we know that withdrawing support will not help them, it will help communal forces. Diesel price was hiked to control the fiscal deficit. The NCP is supporting FDI, it will help farmers," NCP leader Tariq Anwar said.

10:45 am A rollback in the diesel price hike was being discussed at the Congress Core Committee meeting, according to sources. Sources say a roll back in the cap on subsidised LPG is also being discussed.

10:40 am: Samajwadi Party chief Mulayam Singh Yadav has said that the Congress needs to be more flexible. "The government should get wise, what have they given to people of the country? We will discuss our strategy in the Parliamentary board meeting. The government's stubborn behaviour will do it no good," he said.

10:27 am: Congress leader Jagdambika Pal said that the party still considers Trinamool Congress an ally.

10:25 am: Trinamool Congress leader Kunal Ghosh hasemanded Prime Minister Manmohan Singh's resignation. "Before accepting the resignation of TMC ministers, PM should step down and go for a fresh mandate whether country is permitting his policies or not," he tweeted.

10:00 am: The Congress Core Committee meeting has begun at 7 RCR.

9:45 am: Planning Commission Deputy Chairperson Montek Singh Ahluwalia met Prime Minister Manmohan Singh ahead of the Congress Core Group Meeting set to begin at 10 am.

Sources say UPA chairperson Sonia Gandhi is likely to call Trinamool Congress chief Mamata Banerjee from the meet with an offer.

9:30 am: Bahujan Samaj Party chief Mayawati is most likely to come to the UPA's rescue after Trinamool Congress.

Sources close to Mayawati say that she is clear that she wants no elections at this stage. "We will wait to see what offer comes from UPA," sources say.

Mamata announced her decision to withdraw from the government after a three-hour long marathon meeting and it was a decision which was in the pipeline for the better part of the past one year.

Announcing her decision to withdraw, Mamata accused the UPA of "insulting" the Trinamool Congress. "We were insulted. We were never called by the Congress as allies," she said.

"I will stick to my position, come what may... the (TMC) ministers will tender their resignations," Mamata told reporters, a day after she announced withdrawal of support and pull out of ministers, if the government does not go back on its decisions.

Rejecting Finance Minister P Chidambaram's statement in Delhi this morning, she told reporters that nobody from Delhi contacted her before or after the Centre took the decisions to hike diesel price, cap supply of subsidised cylinders and allow FDI in retail.

"Minimum 24 cylinders should be given to a family in a year. How many times you will keep raising the petroleum prices? FDI in retail should be withdrawn," Banerjee said.

She said on September 14, the day the Union Cabinet took the decisions on FDI, she had told Congress President Sonia Gandhi that her party was opposed to these decisions.

Recalling that the statement of former Finance Minister Pranab Mukherjee that FDI in retail would not be implemented unless a consensus in reached among political parties, she said this is a commitment that the government adhere to.

The West Bengal Chief Minister said the government should implement any decision on FDI in retail only after a legislation is passed in Parliament in this regard. "FDI, we are not... we will organise protest everyday."

Last night, Banerjee had announced that her party would withdraw support to the UPA and pull out its ministers in protest against the economic decisions. She said she could reconsider her stand if the government slashes the diesel price hike of Rs 5 by Rs 3-4 per litre, withdraws the decision on FDI totally and raise the cap on supply of subsidised LPG cylinders.

'No option to consider'

Trinamool Congress (TMC) leader Saugata Roy on Wednesday said that there will be no turning back and the decision to resign on Friday has been taken as ministers have to personally submit their resignations and not because there may be some scope for a negotiation.

"All this is media's imagination. The media should understand that a resignation can only be submitted personally, we will submit our resignation to the Prime Minister only," Roy said.

"We have withdrawn support. According to business rules, all resignations have to be written in hand. We will give it to the Prime Minister. We have no option to consider. We have a principled stand and we have stood by the people," Roy added.

Roy further said TMC chief Mamata Banerjee has given three options, which is to increase subsidised LPGs from 9 to12, reduce diesel price by Rs 3 and remove FDI in retail.

"We have opposed FDI for three years. We are against the price hike. We haven't taken these steps for profit," he added.

Mamata Banerjee had on Tuesday declared that the Trinamool Congress would be pulling out of the UPA government, but appeared to keep a window open by saying that the party's six members in the Union Cabinet would only give their resignations at 3 pm on Friday (September 21).

"We are never being heard, so what is the use being in the Centre? I have given enough chance to the UPA II, but the Centre is only taxing the poor people. The price of petrol, diesel, fertilisers are on the rise. Even the government is putting enormous pressure on the common people by hiking the price of LPG," said Mamata Banerjee.

She requested Congress leaders not to distort facts. "They

must communicate reality," she said.

"You (Congress) can't control us... You can control some

channels," added Mamata.

The TMC's decision brings the UPA's effective strength in the 545-seat Lok Sabha from 273 to 254, which is below the halfway mark. At present the government has outside support of Samajwadi Party and Bahujan Samaj Party.

Subbarao, who appeared before JPC on 2G scam as a former Finance Secretary, told the panel that he was in disagreement with the March 25, 2011 note of the Finance Ministry to the Prime Minister which suggested that Chidambaram could have insisted on auctioning the 2G spectrum instead of it being allowed to be allocated on first-come first-served basis.Indian Express reports.

Chidambaram said in a meeting with then Telecom Minister A Raja on January 30, 2008 that "he was for now not seeking to revisit the current regimes for entry fee or revenue share" of spectrum, the note said.

When asked about the issue of loss incurred by not auctioning the spectrum, Subbarao - who was Finance Secretary between April 30, 2007 and September 4, 2008 - is learnt to have said that while there was no loss to the exchequer, even if there was, it was only notional in nature. He said there was no monetary loss in actual terms.

"Much depends on perception," he is learnt to have told the JPC.

He is also understood to have said that there was no deliberate delay on his part in responding to a Department of Telecom letter of November 29, 2007 in which he was informed that the entry fee was finalised for the unified access regime in 2003 based on the decision of the Cabinet.

He said he had appraised the Finance Minister about the letter on January 9, 2008 - a day before the licences were allocated.

When some members, including those from the Left Parties and DMK, sought to know why he informed the Finance Minister a day before spectrum allocation, Subbarao is learnt to have said that Finance Ministry was not aware that licences would be granted on January 10. Some members questioned the delay of nearly 40 days in informing the Finance Minister.

The November 29, 2007 DoT letter to Subbarao was in response to his November 22, 2007 letter in which he had asked the Telecom department to justify how it was taking entry fee of only Rs 1,650 crore from operators in 2007 as the amount was fixed in 2001.

Concerns over global demand are hurting Asia's export engines, with autos, technology and shipping sectors among the least upbeat in the survey. Sectors more exposed to domestic growth were much more optimistic.

The INSEAD Asia Business Sentiment Index fell to 62 in the third quarter from 69 in the second quarter of 2012, having peaked at 80 in the first quarter of 2011. A reading above 50 indicates an overall positive outlook, while one below 50 points to pessimism.

The results reflect the broad economic trends in the region, where growth in Southeast Asia is holding up much better than in many other countries as domestic consumption picks up. In China, where exports support an estimated 200 million jobs, growth is widely expected to slide this year to its weakest since 1999.

"Countries such as the Philippines, Indonesia and Malaysia have generally seen upgrades to GDP forecasts, which have been at odds with the rest of the world," said Gary Dugan, chief investment officer for Asia and Middle East at private bank Coutts.

"As long as they haven't got caught up with the recent down-leg in the United States, it could be that the next wave of optimism will come from Fed policy and therefore they continue to see upgrades to forecasts and continued flows of international money."

The Federal Reserve said last week it would pump $40 billion a month into the U.S. economy until the jobs market shows sustained improvement, boosting global markets.

The index surveyed 200 of the Asia-Pacific's top companies in 11 economies. There were 97 responses.

Reportedly, Indonesia and the Philippines had the highest score in the survey of 100, followed by Malaysia and Singapore. India was at 80.

In contrast, China recorded its weakest level of sentiment since the survey began in 2009. It showed companies on the cusp between pessimism and optimism with a reading of 50, down from 55 in the second quarter, suggesting they are seeing little lift so far from various measures put in place by Beijing to try to boost the economy.

GROWTH IN SOUTHEAST ASIA

Companies in Southeast Asia, a region of about 600 million people, are benefiting from an increase in foreign investment and public spending from governments with much healthier budget positions than their Western counterparts. That has lifted domestic consumption by a rapidly expanding middle class.

Thai Union Frozen Products Pcl TUF.BK, the world's biggest canned tuna maker, which took part in the survey, was upbeat. In August, it maintained a revenue growth target of 15 percent in 2012.

In Singapore, robust retail consumption is supporting the outlook for firms such as StarHub Ltd (STAR.SI), the country's second-biggest telecoms firm.

"We are a domestic focused company which puts us in a more favourable position," said Jeannie Ong, StarHub's head of investor relations. "From the past few downturns, we have come out not too bad."

Total credit in Southeast Asia is the highest since the 1997 regional financial crisis, much of it put to use through credit cards, car loans and mortgages.

The survey showed sentiment in Asia's property sector improved significantly, with five of 10 companies surveyed responding with a positive view on their outlook, while the others were neutral. Developers in Singapore and the Philippines were the most upbeat.

Investors have pushed up the Philippines .PSI and Thailand SETI to among the world's best performing stock markets this year, with gains of 22 percent and 24 percent. MSCI's Asia-Pacific ex-Japan index is up 12 percent.