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Poll-humbled Congress, resurgent regional parties could help BJP in RS

Poll-humbled Congress, resurgent regional parties could help BJP in RS

by | May 25, 2021 | Opinions

pollBy Nirendra Dev, New Delhi, (IANS) As the poll verdict from four states saw the Congress decimated in two states and regional parties reasserting themselves in another two, BJP floor managers in parliament were keeping an eye on the general anti-Congress mood and also on the numbers in the Rajya Sabha, where crucial legislation needs across-the-spectrum support.

“There is a changed scenario. After June biennial elections to the Rajya Sabha, while the Congress strength will come down, there will be enhanced numbers for the likes of the Samajwadi Party and the AIADMK. This can help help government pass key bills in Rajya Sabha,” a BJP source told IANS, exuding confidence.

But, will the Trinamool Congrees (TMC), which was poised to storm back to power in West Bengal with over two-thirds majority vote, play ball?

Trinamool Congress supremo and West Bengal Chief Minister Mamata Banerjee, at her press conference after the contours of her party’s victory emerged, indicated she would.

“For us, our election manifesto is like raksha kawach. We have ideological differences with BJP but if there are matters which will help people, we can cooperate,” Banerjee said in Kolkata when asked about Trinamool’s role in passing the stalled Goods and Services Tax (GST) Bill, described as one of the government’s most important economic measures.

The TMC, in its manifesto for the 2011 assembly elections and the 2014 parliamentary polls, had promised support for the GST, which the Lok Sabha passed in 2015 but is pending in the Rajya Sabha as the BJP-led NDA lacks the numbers there.

At least one industry lobby thought the BJP could draw comfort from the showing of the TMC, as also of the AIADMK, which convincingly returned to power in Tamil Nadu.

“The NDA Government will certainly find it easier to deal with Trinamool Congress and AIADMK in the Rajya Sabha for passage of crucial bills, mainly the long-pending and the most important GST bill,” Assocham President Sunil Kanoria said.

While AIADMK chief and Tamil Nadu Chief Minister Jayalalithaa is yet to react on her party’s cooperation in parliament, her stance against the GST is well known but she also enjoys good personal rapport with Prime Minister Narendra Modi.

No sooner had the trends become clear on Thursday, Environment Minister Prakash Javadekar asserted that the government was keen to do business with the powerful regional leaders.

“First purpose in any election is to win, secondly it is to ensure defeat of your main rivals and thirdly to feel satisfied that while your enemies like Congress and Left are defeated, the friendly regional parties have won,” Javadekar told journalists.

In the Rajya Sabha biennial elections due on June 11, the BJP hopes to gain from states like Rajasthan and Maharashtra where seats have fallen vacant.

“The assembly polls saw BJP win in Assam and decimation of Congress in crucial states. This growing anti-Congress mood will be reflected in monsoon session of parliament and regional parties like Samajwadi Party and Trinamool Congress will have to make a clear choice about pushing for legislative measures like the GST bill,” a key BJP leader said.

Of the 57 seats for which elections will be held, the BJP and the Congress each held 14.

But the Congress’ decimation in assembly polls in last two years in Andhra Pradesh, Maharashtra, Rajasthan and Telangana could result in the party losing at least 4-5 seats.

The Congress strength in Rajya Sabha is now 64 and this could scale down to 60, but it will continue to be the single largest party in the house.

Twenty-five Rajya Sabha seats are up for grabs in states where the BJP or the National Democratic Alliance is in power. Of them, Andhra Pradesh and Rajasthan account for four each, Chhattisgarh, Punjab, Haryana and Jharkhand for two each, Madhya Pradesh for three and Maharashtra for six.

Of these, BJP or its NDA allies can hope to pick up 22 seats, it is estimated.

The present strength of BJP is 49 in the 245-member Rajya Sabha. With NDA allies, its number goes up to 67.

“The Congress’s strength in Rajya Sabha will come down. The BJP’s will increase marginally while regional parties like Samajwadi Party will also benefit. It is these permutations and combinations that had led (Finance Minister) Arun Jaitley to favour voting (against building consensus) in the house on important legislation like the GST bill,” the party source said.

(Nirendra Dev can be contacted at nirendra.n@ians.in)

Bankruptcy code will aid investors: US-India Business Council

Bankruptcy code will aid investors: US-India Business Council

by | May 25, 2021 | Investing

bankruptcyWashington (IANS) The Insolvency and Bankruptcy Code, passed by parliament on Wednesday, will improve the ease of doing business in India for both domestic and global investors, the US-India Business Council (USIBC) said in a statement here.

“The Bill is another feather in the cap of the government’s drive to improve the ease of doing business for both domestic and global investors,” said council president Mukesh Aghi.

“The passage of this Bill will establish an entrepreneur-friendly legal bankruptcy framework for speedy, efficient and consistent resolution of insolvencies for companies and individuals,” he said.

The USIBC will welcome Prime Minister Narendra Modi as the guest of honour for its 41st Annual Leadership Summit here on June 7 at the gathering of senior Indian and American leaders from the public and private sectors, the statement added.

The Rajya Sabha on Wednesday gave its approval to the Insolvency and Bankruptcy Code, 2015, following its passage through the Lok Sabha last week.

The Insolvency Bill proposes to enact a single bankruptcy code and set deadlines for processing insolvency cases, thereby cutting down the time it takes to wind up a company or recover dues from a defaulter. It has proposed a timeline of 180 days, extendable by 90 more days, to resolve bankruptcy cases.

The code will provide a specialised resolution mechanism to deal with bankruptcy situations in banks, insurance companies and financial sector entities.

The code is quite a positive reform for India’s financial sector, especially for state-run banks heavily burdened with stressed assets, as it will give creditors a legal path for recovering their dues in a time-bound way, Japanese financial services firm Nomura said in a report last week.

Act against those who helped Mallya flee India: Congress

Act against those who helped Mallya flee India: Congress

by | May 25, 2021 | Economy, News

vijay mallya lootNew Delhi : (IANS) Upping the ante on the Vijay Mallya issue, the Congress on Monday asked the government to act against the public officials and politicians who helped the businessman flee from India.

“We request Modi government to rise above rhetoric and face the reality. Prime minister must concentrate on deportation of Vijay Mallya and ensure that 9,091 crore rupees are recovered. It is not important which party the politicians who helped him belong to. Whoever they are, the government must take action against them,” Congress spokesperson Randeep Surjewala said while talking to reporters outside parliament.

The party also alleged that “Mallya has run away in accordance to ‘Fair & Lovely Scheme’ of Modi government”, a jibe that Congress vice president Rahul Gandhi took on the government’s budget provision for black money holders to escape punishment.

“He is now a double NRI, first he was ‘Non Repaying Indian’ and second he is ‘Non Returning Indian’. Instead of fulfilling the promise of bringing back black money, Modi government’s record in last 22 months is that, two persons have escaped — one Mr Lalit Modi and Mr Mallya — to foreign shores under their very nose and with active or tacit complicity and abetment,” Surjewala said.

He alleged that people in government have facilitated the two businessmen in fleeing the country.

“Shri Mallya was present in Parliament on 1st March, 2016 where he reportedly met FM Shri Jaitley, and had a conversation with him. We all know what happened then, while CBI, Banks, SFIOs, SEBI, IT, Service Tax, etc were looking for him, yet he left on 2nd of March,” Surjewala added.

He also stressed that the government must share with parliament the conversation that transpired between the finance minister and Mallya.

“Shri Mallya met FM before he left, admittedly he also spoke to union finance secretary. Did FM inform honourable PM about the conversation that took place in the meetings, will the government share it with the parliament and the people of India as to what was the nature of meeting and conversation that transpired between FM and Shri Mallya,” asked Surjewala.

He also asked the central government about the steps being taken by it to recover the public money.

“Will government seek deportation of Shri Mallya from UK (Britain) by exerting pressure in order to recover Rs.9,091 crore of public money or will this case also be sent to the layers of statutory extradition, which wouldn’t fructify for years together as in case of Mr. Lalit Modi,” Surjewala said.

The Congress reaction came after the Indian courts issued non-bailable warrant against the businessmen for not repaying the loans he had taken from commercial banks.