Trump, Modi And A Shaft Of Worrying Similarities

Francis Fukuyama, the celebrated Japanese-American intellectual, who saw the end of the Cold War as the “End of History” but a “Clash of Civilizations” as the next stage, has explained the accession of Donald J. Trump to the Presidency of the United States as “the rise of an American strongman (being) actually a response to the earlier paralysis of the political system”.

The thesis also applies perhaps to the rise of another outlier, Narendra Modi, to the top of the pole in India. While Fukuyama believes the checks and balances of the American constitution have resulted in gridlock with nothing moving because elements in the legislature or judiciary (or both) opposed to any departure from the norm have always been able to thwart forward movement by the executive acting on its own, the paralysis in India – which Fukuyama has not studied – was on account of a collapse of the will to govern in the final years of UPA-II. Whatever the underlying reason, the eventual outcome was that in both countries, strong men arose from nowhere who not only bucked the leadership of their own respective parties, but went on to win electoral victories that have left the establishment in both parties stunned into silence and acquiescence.

In consequence, the comparison does not end there. Something in their character drove them to seize the opportunity and because the forces of history were on their side, they coasted to their respective victories. As Herodotus, the Greek progenitor of all history, said, “Circumstances rule men; men do not rule circumstances.” Yet, those whom circumstance selects – hero or villain – tend to share many traits of character. It is their character that determines the unfolding of their destiny. So who, as persons, are Trump and Modi?

Let us begin with Trump, as the American media in recent weeks has subjected him to microscopic scrutiny. Frank Bruni, the New York Times correspondent, has been perhaps the most scathing of all. Trump, he says, “is a legend in his own mind.” Modi is not far behind. Both are like “the cock crowing at its dawn”, not acknowledging that one is PM with a minority vote of under a third of the electorate, and the other is President with ten million more Americans having voted against him than for him (3 million for Hillary and 7 million for other candidates). Instead of recognizing that it is not the unvarnished mandate of the people, but quirks in the electoral system – in India, “first-past-the-post” and in the US the Electoral College votes – that got them elected to high office, and, therefore, displaying a becoming humility, both are “braggarts”. If Trump “compliments himself out loud and lavishly on everything from the magnitude of his wealth to the majesty of his phallus”, Modi never lets go an opportunity to attribute his exceptional achievements to his exceptional virtues, spinning tales of his humble origins as a tea-vendor when the truth of the matter is that he is from a middle-class family that held the contract to run a canteen at the Inter-State Bus Terminal in Ahmedabad. Modi compliments himself out loudly and lavishly on the magnitude of his alleged poverty.


Ex-PM Manmohan Singh Helped Vijay Mallya, Alleges BJP, Citing Letters Between 2011-2013

NEW DELHI: Letters written by liquor tycoon Vijay Mallya to the Congress-led UPA government between 2011 and 2013 have set off a new political fight ahead of the Budget. The letters were held up by the BJP today as proof that former Prime Minister Manmohan Singh and his Finance Minister P Chidambaram helped Mr Mallya get loans even with his poor credit record. The BJP said after Mr Mallya’s many letters, the UPA government facilitated loans to the businessman’s now-defunct Kingfisher Airlines from a consortium of banks.

Here are the 10 developments of the story:

1-“From where did Vijay Mallya procure such funds? Was sinking ship (Congress) helping sinking airline (Kingfisher),” questioned BJP spokesperson Sambit Patra.
2-Mr Patra said it was clear that the “hands” that pulled the strings to ensure that Mr Mallya received loans belonged to Dr Singh and Mr Chidambaram.
3-The BJP also implied the role of “10 Janpath (Congress president Sonia Gandhi)” in pulling strings and said: “Sonia and Rahul Gandhi should come out in public to say at whose behest the loans were sanctioned to Kingfisher Airline.”
4-In a letter in October 2011, Mr Mallya appears to thank Dr Singh for meeting him a month before and asks him to help him getting financial backing from banks like the State Bank of India.
5-A month later, the businessman wrote another letter to the Prime Minister’s office, asking for urgent help to stop the branding of Kingfisher as a “Non-Performing Asset”.
6-The former Prime Minister and Mr Chidambaram, who gave their assessment of the country’s economy today ahead of the Budget, said they were only forwarding requests as a matter of routine.
7-“You are talking about one letter that was leaked….there are hundreds of letters that come to the government every day,” said Mr Chidambaram.
8-The Congress has accused the BJP-led government of helping the businessman duck the law. “The real question to be asked is who permitted Mr Mallya to escape? Who pardoned the loan? Didn’t the BJP vote for him and bring him to the Rajya Sabha?” said the party’s spokesperson Randeep Singh Surjewala.
9-Mr Mallya flew to Britain in March last year in the middle of efforts by banks to recover nearly 9,000 crores in unpaid loans to Kingfisher Airlines, which stopped flying in 2012.
10-Indian agencies have since made several attempts to bring back the businessman, who faces court warrants. Mr Mallya has said he is living in “forced exile”.


Bilawal Bhutto Warns, Trump Travel Ban Will Create ‘Host Of Hostilities’

WASHINGTON: Pakistan Peoples Party chairman Bilawal Bhutto Zardari has warned the Trump Administration against including his country in the list of travel ban nations, saying such a move will create a “host of hostilities” between the two countries. Mr Bilawal’s remarks came as the White House is seeking to expand the list of seven Muslim-majority countries whose citizens have been barred from entering the US.

“As far as the ban is concerned, I believe it only has detrimental effects on the countries it has included and if that is extended to Pakistan it will create a whole host of hostilities,” Mr Bilawal told a Washington audience on Monday.

He was responding to a question on whether Pakistan can be included in a list of seven nations as per an executive order signed by US President Donald Trump last week.

Mr Bilawal said including Pakistan in such a list “would also be a very negative indicator that the United States is turning away from those very ideals that it stood for”, adding that, “I hope that this is not the new normal.” He said there was a lot of uncertainty and externally about what the future policies are going to be and he would like to hold on to the wait and see approach.

The alleged Muslim ban “seems to be extremely controversial decision” of the current Administration, added the Pak leader.

“For my generation as a progressive Muslim in the world it is really discouraging to see countries responding to the fear of the other in such a way. We have learned through history that this is not the way to deal with such issues,” he said.

“I know by interaction, by finding common ground, studying in other peoples universities, learning about a shared culture, history we find the common ground. A few criminals should not be allowed to spoil the situation for everyone,” he said.

“It is very discouraging for those out there in the Muslim world fighting radical extremism because people (put) their lives on the line on a daily basis to do so, to fight for what they believe in, not Americans ideals or freedom,” he said.

Mr Bilawal said he was extremely encouraged to see in what he described as another side to America.

“The outpouring of support for the people affected by this ban is a very positive message sending to the world. I do hope that this issue will be shorted out very soon. Because this is sending a wrong message and is shrinking the space for those of us out there fighting Islamic extremism on the front lines,” he said. “I feel for the citizens of all these countries who have been thrown into chaos through these (executive orders),” he said.

Former Minister E Ahamed Collapses In Parliament, Rushed To Hospital

NEW DELHI: E Ahamed, a senior pioneer from Kerala, caved in today in parliament similarly as its spending session started. Mr Ahamed, who filled in as Junior Foreign Minister in Dr Manmohan Singh’s legislature, was hurried out on a stretcher with a specialist taking care of him.

Mr Ahamed fell unwell while both places of parliament were by and large together tended to by President Pranab Mukherjee.

He speaks to Kerala in the Lok Sabha and is the leader of the Indian Union Muslim League.

More points of interest are anticipated.

Source:- NDTV

What Is GAAR? It Will Come Into Force From April 1

The provisions of GAAR or general anti-avoidance rules will come into effect from April 1. Basically, GAAR is a set of rules under which the tax department get the right to scrutinise transactions if they believe that they are structured for the purpose of avoiding taxes. Finance Minister Arun Jaitley will present the Union Budget 2017 on February 1.

GAAR is applicable to all investors but it more concerned about foreign portfolio investors who invest in Indian markets through other countries where tax rates are very low.

GAAR was first introduced in 2012 by the then finance minister Pranab Mukherjee but its implementation was subsequently deferred. Tax experts don’t expect any further deferment.
The tax department issued a slew of clarifications last week to ease concerns. The tax department said GAAR “shall not be invoked merely on the ground that the entity is located in a tax efficient jurisdiction”.

The tax department also clarified that if the jurisdiction of a foreign portfolio investor is finalized based on non-tax commercial considerations and the main purpose of the arrangement is not to obtain tax benefit, GAAR will not apply. GAAR will also not interplay with the right of the taxpayer to select or choose method of implementing a transaction.

The proposal to apply GAAR will be vetted first by the Principal Commissioner of Income Tax / Commissioner of Income Tax and at the second stage by an Approving Panel headed by a judge of High Court. The tax department has assured stakeholders that adequate procedural safeguards are in place to ensure that GAAR is invoked in a uniform, fair and rational manner.

The tax department also said that if a case of avoidance is sufficiently addressed by Limitation of Benefits (LoB) provisions in the tax treaty, there shall not be an occasion to invoke GAAR.

An LOB clause in tax treaties mentions the conditions to earn the benefits under a double taxation avoidance agreement.


Who Is Rani Padmini? A 10 Point-Guide To The Padmavati Row

NEW DELHI: Rani Padmini, otherwise called Padmavati, is accepted to be a thirteenth century Indian ruler and is the subject of movie producer Sanjay Leela Bhansali’s up and coming film featuring Deepika Padukone, Shahid Kapoor and Ranveer Singh. Blaming Mr Bhansali for curving authentic certainties by impractically connecting Queen Padmini with Sultan Alauddin Khilji, individuals from a periphery amass Rajput Karni Sena assaulted the movie producer amid a shoot at the notable Jaigarh Fort in Jaipur on Friday. After affirmations from Mr Bhansali that there are no private scenes in the film, individuals from gathering have now requested it be renamed and they should be permitted to audit the film before discharge.

Here is a 10 direct manual for history behind Queen Padmini:

1-The most punctual reference to Queen Padmini is an epic lyric composed by Malik Muhammad Jayasi in 1540 called ‘Padmavat’.

2-According to mainstream thinking, Rani Padmini was the ruler of Rana Ratan Singh. In 1303, Allaudin Khilji assaulted the kingdom of Chittorgarh which was under the manage of the Mewars. Rajput history specialists say Allaudin needed to catch Rani Padmini.

3-Allaudin caught Ratan Singh and made an impression on Padmini that the lord would be discharged in the event that she consents to oblige him.

4-Rani Padmini sent 700 troops to save Rana Ratan Singh and the troops were fruitful in saving the ruler yet Khilji took after the troops and the lord.

5-A savage fight occurred at the Chittorgarh fortification and Rana was murdered amid the fight. Rani Padmini performed “Jauhar” or self-immolation and relinquished her life.

6-Some history specialists say Queen Padmini was just a legendary character envisioned by the Sufi writer Malik Muhammad Jayasi in his symbolic sonnet written in Awadhi 30 years before Tulsidas started his Ramcharitmanas.

7-Skeptics say, there is not a shred of recorded confirmation that Padmini existed without a doubt and the legend just spoils the legacy of Alauddin Khilji, who vanquished the Mongols and is applauded as one of India’s most capable managers.

8-The cases of the doubters are reinforced likewise by a much of the time referenced book regarding the matter – the Imperial Gazetteer of India – which says that “In the last verses of his work, the writer (Jayasi) clarifies that it is every one of the a moral story.”

9-What additionally adds to the perplexity is a few unique renditions of the account of the Queen Padmini other than Jayasi’s epic and its different interpretations and adjustments.

10-From the sixteenth Century ‘Gora Badal Padmini Chaupai’, a Rajput adaption of the legend which exhibited it as a genuine story, to the nineteenth Century pilgrim understandings, and after that few Bengali accounts – a lot of Queen Padmini’s story stays open to elucidation.

Source:- NDTV

HDFC Q3 Net Rises 13% To Rs 2,729 Crore

New Delhi: The nation’s biggest home loan bank HDFC today announced a 12.80 for each penny increment in merged net benefit at Rs 2,728.66 crore for the second from last quarter finished December.

Benefit for October-December in the past monetary remained at Rs 2,419 crore.

“Its aggregate pay has gone up to Rs 14,981.41 crore for the quarter finished December 31, from Rs 12,253.9 crore for the quarter finished December 31, 2015,” HDFC said in the administrative documenting.

On an independent premise, Housing Development Finance Corporation (HDFC) announced an ascent of 11.95 for each penny in net benefit at Rs 1,701.21 crore amid October-December as against Rs 1,520.51 crore a year back.

The independent wage expanded to Rs 8,137.18 crore for the quarter to December 2016, from Rs 7,268.44 crore prior.

The home loan bank for the most part funds advances for buy or development of private houses, business land and certain different purposes.

The scrip was exchanging 0.07 for each penny bring down at Rs 1,369.80 on BSE.

Source:- NDTV

D&B Sees Steady Demand Growth For Auto Companies In 2017

Mumbai: The auto area, which saw a recovery a year ago following two years of turbulence, is set to proceed with the energy this year with request grabbing over all fragments, says a report.

Development of the automobile business is required to proceed in 2017 over all vehicle classifications business and traveler vehicles, and also two and three-wheelers. However, it is far-fetched that the business will keep up the business development of 2016 because of the note boycott affect and the instability with respect to the GST, says Dun and Bradstreet in a report.

The report, be that as it may, does not measure its proejction.

In 2016, vehicle deals grew 9.2 for each penny driven by bikes that climbed by 9.6 for every penny from 0.7 for each penny in 2015. In the meantime, autos cut at 7 for each penny and business vehicles grew 7.8 for every penny.

“Enhancing monetary development, strong request from rustic and semi-urban markets and lower cost of proprietorship have driven deals in 2016, getting a truly necessary recuperation for the business, after development drooped in 2015,” the report said.

Deals will likewise be aided by higher substitution request by virtue of the normal usage of new discharge standards and the effect of conceded buys subsequently of demonetisation, the report includes.

Yet, the report rushes to note that “the recuperation will take no less than a few months more as shoppers are still hit by the note boycott. Thusly, in spite of the fact that the mid to long haul prospects look positive, given the effect of demonetisation and the vulnerability with respect to the GST, the industry may not manage the development rates accomplished in 2016.”

The positive assessment is driven essentially by the country and semi-urban interest for bikes and autos, driven on the back of good storms. Another lift up will be the seventh pay commission that will imbue around Rs 1.02 trillion of discretionary cashflow of more than 1 crore representatives.

Another reason is the forceful play by the taxi aggregators who are growing their operations widely.

On business vehicles deals which recuperated in 2015 with a development of 6.3 for every penny and 7.7 for every penny in 2016, request will be driven by substitution request, development and mining, expanding cargo development and balance in fuel costs and firm cargo rates, while expanded government concentrate on infra division will drive interest for particular overwhelming products vehicles, for example, development trucks, mining tippers and so forth.

Following two years of back to back decays, transport deals grew 15.8 for every penny, it about divided to 8.4 for each penny in 2016.

In 2017, transports deals are relied upon to stay in positive on the back of powerful request from the private portion as additionally requests from state street transport endeavors.

In a traverse of five years, bike deals almost multiplied from 2.9 million in 2012 to around 5.6 million in 2016, accordingly, beating the general bike showcase, thusly its partake in local bike deals surged to 32 for every penny in 2016 from 21 for each penny in 2012. What’s more, the light pattern in the bike section is required to proceed into 2017.

Bike deals will be driven by deficient open transport, increment in interest of ladies in workforce, execution of the seventh pay commission grants, great storms, and solid request from the semi-urban markets.

Be that as it may, the report takes note of that 2016 saw the second back to back year of decrease in bikes sends out generally because of drop popular from the key fare markets of Africa and Latin America.

Two and three-wheelers sends out contracted 10.6 for every penny in 2016, dragging the general auto trades around a negative 5.1 for each penny, albeit business vehicle sends out rose 12.6 for each penny and traveler vehicles at 17.4 for each penny.

This year request will originate from country markets, bring down fuel costs, expected softening of loan costs, new dispatches and increment in optional spending because of the execution of the compensation commission grants.

Yet, auto fare is relied upon to stay quieted for the current year because of interest stoppage in key markets like Egypt, Angola, Algeria, Nigeria and South Africa and so on, it cautioned.

Source:- NDTV

Banks Eyeing Big-Ticket Reforms In Budget: Survey

New Delhi: Banks expect Finance Minister Arun Jaitley to declare a large number of measures for the area in Budget 2017-18, incorporating a climb in FDI constrain for open division loan specialists to 49 for each penny and extra capital implantation to lift credit development, as per a report.

The Ficci-IBA Survey of Bankers, which included reactions from 17 open, private and additionally remote banks speaking to 52 for every penny of the aggregate managing an account industry by resource measure, said that loan specialists saw a lull in credit request attributable to the money crunch present demonetisation which drove on lower utilization.

Nonetheless, numerous respondents anticipate that credit request will enhance following 3-6 months as monetary exercises are required to get at that point.

Then again, flush with liquidity, a larger part of banks (82 for each penny of those surveyed) detailed an ascent in their minimal effort CASA stores amid the period July-December 2016.

Truth be told, 53 for each penny of the respondent banks detailed a considerable increment in CASA stores and credited the same to demonetisation, other than their own particular endeavors to prepare opening of investment account.

Quite, in the past study round, just 25 for every penny of respondents had announced a generous increment, while 50 for every penny had revealed a direct increment in such stores.

Loan specialists trust a climb in outside direct venture (FDI) confine for state-claimed banks (from 20 for each penny to 49 for every penny) will help in raising further capital and in this manner meeting capital prerequisites under Basel-III standards.

In the Budget, banks likewise anticipate that the administration will support utilization request and speculation through diminishment in corporate and individual wage impose, and by giving extra findings under area 80C and enthusiasm on home advances.

With a push on less-money economy, banks are likewise peering toward extra impetuses for advanced exchanges, including tax breaks for clients and in addition dealers.

They have likewise encouraged for upgrading capital consumption, particularly for foundation. Other key recommendations incorporate measures to quick track NPA determination, production of a Central Corporate Repository and intrigue installment on CRR adjust.

Banks likewise felt premium subvention for homestead credits ought to be stopped with them ahead of time, as it takes 7-8 months for settlement of cases, prompting to premium misfortune.

They likewise need the legislature to report extra expense motivating forces for clients on term stores, for example, lessening in secure period for duty saver settled stores, and increment in assessment exclusion restrain for intrigue pay from term stores.

The review uncovered that iron and steel, foundation and materials keep on accounting for an extensive grouping of non-performing resources (NPAs).

By and large, the quantity of banks announcing an ascent in the level of NPAs is lower in the current round of the study as against the former round. While 76 for every penny of the taking part banks announced an ascent in the level of NPAs amid July-December, 85 for each penny had detailed so for the former six month time frame.

Going ahead, the key divisions distinguished by banks which could see a more noteworthy interest for long haul credit incorporate framework, vehicles and sustenance handling.

Source:- NDTV

Opinion: Budget Must Address India’s Reputation Problem

One of the slightest advantageous occupations on the planet right now must be that of Indian back pastor. Arun Jaitley will introduce his fourth yearly spending plan to India’s Parliament on Wednesday in the midst of shocking headwinds – for the most part brought about by his administration’s baffling and problematic choice to nullify 86 percent of India’s money last November. On the off chance that he’s to resuscitate development, the main thing he needs to do is reconsider his needs.

The size of the test ought to be clear. The administration’s authentic gauge of 7.1 percent GDP development this budgetary year (which started in April) is broadly questioned and doesn’t consider the turmoil fashioned by demonetization. The International Monetary Fund predicts development will come in more like 6.6 percent, or a full rate point underneath prior assessments. What’s more, these numbers hide significantly more shortcomings. Most incredibly, Indian venture has contracted for the last seventy five percent for which dependable information is accessible.

Under Prime Minister Narendra Modi, the administration’s development system has laid on two crucial suspicions. To begin with, there’s the unshakeable conviction that India is so appealing a goal for capital, given the shortcoming in whatever remains of the world, the legislature should simply change the venture atmosphere and cash will pour in.

Second is the possibility that scaling up open spending, particularly on framework, will raise returns adequately to pull in private speculators – “packing in,” as it’s known. The last three spending plans – which, in India, are the year’s real explanation of financial approach, not simply straightforward bookkeeping works out – have worked on this guideline.

Most likely, be that as it may, Jaitley has seen that this approach hasn’t worked. Indeed, even before the request devastation brought about by demonetization, India’s development was drifting at or around the levels set in the most recent couple of years of the past government’s residency, when the venture emergency first hit. Unmistakably, organizations aren’t “swarming in” as the administration had trusted.

In the interim, Jaitley’s prior spending plans profited tremendously from low oil costs, which permitted the legislature to dispose of fuel appropriations while discreetly raising assessments on gas to help cushion its records and pay for a sharp increment in spending. Additionally decreases in raw petroleum costs are not really prone to act the hero this year. In the meantime, different approaches the satchel have developed: Modi is probably going to need a couple giveaways in the monetary allowance to mollify those hurt most seriously by demonetization.

Along these lines, Jaitley may need to kill the tap to people in general foundation speculation that has been supporting even the unassuming development seen up until this point. He’s in a dilemma. He frantically needs to resuscitate development and venture. Yet, he won’t have the cash for his favored procedure, which wasn’t working all that well at any rate.

Source:- NDTV