India reckons revived reforms for failing economy

first_imgNew Delhi, Sep 20 (ANI): The tapering trends in Indian economy urgently demands deepening of economic reforms so as to stabilise the dwindling economy of the country. India___s Finance Secretary Arvind Mayaram stated this while interacting with the mediapersons in New Delhi. Earlier on Wednesday (September 18) the US Federal Reserve announced that it will continue with its monthly $85 billion bond buying programme and wait for more evidence of growth recovery. He also assured that the Indian government is working for the growth recovery and normalisation of the Indian currency.last_img read more

Bajaj Auto workers union threatens hunger strike at Akurdi plant in Pune

first_imgIn yet another sign of a conflict of interest between trade unions and corporates, Vishwa Kalyan Kamagar Sanghatana (VKS) — the trade union representing the workers of Bajaj Auto — on Wednesday, January 4, threatened to go on a two-day strike at Akurdi plant in Pune starting January 7 to protest against, what the union said, “anti-worker activities” of the Bajaj Auto management.Royal Enfield two-wheeler sales rise in December; Bajaj Auto posts fallThe union said in a letter to Bajaj Auto Managing Director Rajiv Bajaj: “It will undertake a hunger strike at the Shahid Datta Padale statue, opposite Bajaj Auto gate, Akurdi, on 7-8 January against anti-workers and anti-union activities of the Bajaj management.”The union demanded that eight workers fired two years back apparently on the charges of serious misconduct be reinstated. Further, it also alleged that active members were deliberately transferred and were given false charge sheets and show-cause letters by the company management.”The management is harassing our active members. They are issuing show-cause notices and even transferring workers. Besides, the issue of eight dismissed workers is yet to be settled,” Vishwa Kalyan Kamgar Sanghatana president Dilip Pawar told PTI.Additionally, Pawar said the workers are also dissatisfied because the wage-review process, which was due effective April 1, 2016, is yet to be finalised.In response, Baja Auto Executive Director Pradeep Shrivastava refused to discuss and take back the issue of dismissed workers. He said: “Only wages can be discussed.” In October 2016, the two-wheeler maker had offered workers a hike ranging from Rs 10,000 to Rs 11,500 to be paid over three years in three instalments. Shrivastava added that 100 per cent of the workers had accepted that offer.Production at the plant will not be affected by this call for a hunger strike, he said.At around 10:20 am on Thursday, January 5, Bajaj Auto stock was trading at Rs 2693 on the NSE. Most recently, the automaker launched the Pulsar 400, which is expected to rival Royal Enfield.In 2016, the stock has given a return of 8.08 per cent. Almost 10 mutual fund houses have invested in the stock, according to brokerage IIFL.last_img read more

Socialists in lead but without clear majority in Spain election

first_imgSpain`s prime minister Pedro Sanchez of the Socialist Workers` Party (PSOE) speaks to supporters while celebrating the result in Spain`s general election in Madrid, Spain on 28 April.Spanish prime minister Pedro Sanchez looks set to regain power after his Socialists overcame a historic challenge by right-wing nationalists in elections on Sunday, a result he portrayed as a morale booster for the European Union.The Socialists gained seats in one of Spain’s most hotly contested elections in decades, which featured the rise of far-right party Vox whose ultra-nationalist campaign echoed political trends across Europe where traditional parties have ceded to anti-immigration and eurosceptic forces.However, the rise of Vox also splintered the right-wing vote, further fragmenting Spain’s political landscape and playing into the hands of the Socialists which won an almost 50 per cent increase in seats.”The Socialists have won the general election,” Sanchez declared, smiling broadly as he addressed jubilant supporters at party headquarters in Madrid. Outside, hundreds celebrated in the street, waving red party flags and chanting ‘Long live Spain’ and ‘Long live Socialism’.”Social democracy has a great future because it has a great present and Spain is an example of that. We will form a pro-European government to strengthen and not weaken Europe,” he added.The result is likely to come as a relief for supporters of further European Union integration ahead of 26 May elections for European Parliament amid fears that Vox could have gained a share of power in Spain.Vox secured one in 10 votes and 24 seats, the first far-right party to get a sizeable presence in parliament since the country’s return to democracy in the late 1970s, but it did not get the kingmaker role it was looking for.Far left-wing party Podemos immediately offered to open coalition talks with Sanchez, though the two parties together cannot command a majority.”I have expressed to him … our willingness to work towards a coalition government,” Podemos leader Pablo Iglesias told supporters in Madrid. Forming such a coalition “will take much time and I would ask for your patience”, he added.The Socialists and Podemos are set to fall around 11 seats short of a parliamentary majority, but bridging the gap would require Sanchez to also rely on Basque nationalists and other small parties.It was unclear in the early hours of Monday if he would also require the support of separatist lawmakers from Catalonia, the country’s richest region where a push for independence flared into violence two years ago.”Pedro Sanchez is in a good position,” said Pablo Simon, a political science professor at Madrid’s Carlos III University.A government deal would be complicated and certainly not be clinched before next month’s European Parliament elections, he added.The Keys to PowerSanchez appears to have two options to put together a coalition.If he wants to rule with Podemos, near-final voting data showed he would need the support of smaller parties to at least abstain.According to Sunday night’s count, he would require one Catalan separatist lawmaker to abstain but some seats were too close to call. The picture may still change when the count is finalised in the first two weeks of May.If Sanchez does not need to rely on Catalan separatists, who brought down his minority government, he may have more political freedom to deal with the Catalan independence movement. The issue was at the heart of the election campaign and has at times unnerved euro zone investors and the rest of the EU.Alternatively, Sanchez could turn to center-right Ciudadanos. Together, the Socialists and Ciudadanos would have an outright majority.Though he and Ciudadanos leader Albert Rivera have sharply different views on Catalonia and both ruled out forming an alliance during the campaign, speculation persists that the pair could yet strike a coalition deal. Rivera repeated after the election that he would be in the opposition.Spaniards cast their votes in numbers close to record highs with campaigning dominated by national identity and cultural values like women’s rights rather than the economy.This is the third national election in four years, after the first two eroded the decades-long dominance of the two biggest parties, the Socialists and the conservative Popular Party (PP).By party, Sanchez’s Socialists led with 123 seats in the 350-seat parliament. The PP stood at 66 seats, centre-right Ciudadanos (‘Citizens’) at 57 seats, Podemos at 42 and Vox at 24.The big loser was the PP, which lost more than half its seats in the lower house of parliament and also lost control of the senate to the Socialists.In Spain, issues like mass immigration or euroscepticism that have dominated political discourse elsewhere have been eclipsed by the question of national unity and the threat posed by the Catalan independence movement.The economy, one of the euro zone’s star performers, took a back seat in campaigning across the political parties.last_img

No order from state govt to suspend The Accidental PM says Indranil

first_imgKolkata: The state government has not given any order to suspend screening of the film The Accidental Prime Minister, Indranil Sen, minister of state for Information and Cultural Affairs, said on Friday.The matter came to front after the authorities of Hind Inox suspended the first show of the film, following a protest by Youth Congress supporters in front of the cinema hall. However, the second show was screened on time. Youth Congress supporters led by Suman Pal staged a demonstration outside the movie theatre on Friday afternoon. They raised slogans against Prime Minister Narendra Modi and burnt his effigy. The screening of the first show was in progress when the incident took place. The authorities of Hind Inox suspended the show for the safety and security of the employees. Also Read – 3 injured, flight, train services hit as rains lash BengalThe protest by Youth Congress supporters has revealed infighting in the camps of Somen Mitra, PCCI chief and Adhir Chowdhury, the former PCCI head. Pal, who led the protest, is believed to be a close aide of Adhir Chowdhury. Rohan Mitra, vice-president of Youth Congress, said no step was taken by Congress to suspend screening of the film. Congress has always believed in freedom of speech and so there is no question of suspension of screening of the film.last_img read more