Lok Sabha results alter poll math in Delhi

Lok Sabha results alter poll math in Delhi
New Delhi, May 26 (IANS) The massive victory of Bharatiya Janata Party in Delhi may change the politics in the national capital as the ruling Aam Aadmi Party, which had come to power with a thumping majority in 2015 state elections, failed to take lead in any of the 70 assembly segments in the 2019 Lok Sabha polls.

While the BJP is a clear winner in 65 out of 70 assembly segments, it is the Congress that came first on five seats, all having large Muslim population. The AAP candidates have ended runners-up most in South and North West Delhi assembly segments while the Congress recovered its lost vote base to end as No. 2 in the rest of the city.

If AAP’s meteoric rise in 2015 was spectacular, its fall four years later in 2019 Lok Sabha elections is equally astonishing. With assembly elections due next year, the news is not good for Chief Minister Arvind Kejriwal.

The best score for AAP was in Tughlakabad Assembly segment where it got 35.7 per cent of the votes when BJP’s Ramesh Bidhuri got 52.1 and Congress was restricted to 7.8 per cent.

The second best was Deoli where it got 32.5 per cent vote share against 49.5 for the BJP and 14.5 for Congress.

The BJP, which had won three out of 70 seats in the assembly elections, can win more than 60 seats if the trend witnessed in 2019 holds. The Congress, which had failed to opened an account in 2015, can win five.

The Congress was ahead of BJP and AAP in Ballimaran in the walled city getting 53 per cent votes while the BJP got 36.4 and AAP 9. The Congress, which had ruled the city for 15 years before it was uprooted by AAP, delivered its best performance in Matia Mahal, another Muslim dominated pocket, bagging 65.1 per cent of the vote. The BJP polled 25 per cent and 8.3 per cent went to AAP. The other seat where Congress got maximum votes include Seelampur (56.6 per cent) and Okhla (37.2 per cent).

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Four key issues before Modi 2.0

Four key issues before Modi 2.0
By Anjana Das

New Delhi, May 26 (IANS) Four key economic issues — GDP figures from CSO, fiscal deficit numbers from CGA, Jalan panel report on RBI surplus and RBI circular on NPA resolution — are awaiting formation of government as the Modi 2.0 is faced with a slowdown, slack in demand, consumption and investment.

Battered by a severe slowdown, the Indian economy is expected to grow slower at 6.3 per cent in the January-March quarter of fiscal year 2018-19, clocking the lowest expansion in six quarters, said sources. The full year and Q4 GDP growth reports are awaited from CSO.

The concerns about a slow-down in economy could continue well into FY20 and will be immediately felt in the Q1 period, sources said. The GDP growth has been falling consistently from July-September quarter of FY19. The year (2018-19) began with a GDP growth of 8 per cent in Q1 period only to slow down to 7 per cent in the second quarter. In Q3, it was 6.6%.

On another key macro stat, the government had pegged its fiscal deficit target for 2018-19 at 3.4 per cent for which was revised upwards from the earlier 3.3 per cent. At the end of February, the fiscal deficit is at Rs 8,51,499 crore had crossed 134 per cent of the budget estimate which translated into 4.52 per cent of GDP. The figures for FY19 is awaited from Controller of Government Accounts (CGA).

The other key report is RBI’s revised circular which is expected now after the government formation. In the report, the RBI is likely to adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular sometime in the next few days, following the February 12 circular quashed by the Supreme Court.

Sources said the major contention in the February 12, 2018, circular that got challenged in the court leading to its quashing, will be done away with in the new circular. Instead, banks will be given more time to identify and qualify an account as bad debt and also be given more time to resolve the same.

The RBI is likely to retain the main contours of its February 12, 2018 circular while making the referral to National Company Law Tribunal (NCLT) non-compulsory, sources told IANS.

It might, however, be guided by suggestions earlier given by the Indian Banking Association (IBA) for debt resolution for classification of Non-Performing Asset (NPA) and resolution of bad assets.Bankers had suggested qualifying a loan as bad debt if the default was for a period of at least 90 days and not one day as was the case in the February 12 circular.

A bank-led resolution should start only after that, according to the bankers.Moreover, it had suggested a 60 day incubation period post this time for identifying the default. After this, banks would resolve a case within 180 days and consider referring the case to NCLT post that period if the majority of the lenders agreed.

On April 2, the Supreme Court struck down a February 12, 2018 circular of the RBI that asked banks to initiate insolvency process against companies even if there was a day’s delay in payment of dues.

Bimal Jalan panel on RBI’s capital size is likely to submit report by June. The high-level panel looking into appropriate capital reserves the RBI should maintain will hold at least two more meetings before finalising the report.

(Anjana Das can be contacted at anjana.d@ians.in)

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Teenager injured in Pakistan firing on LoC in Nowshera

Teenager injured in Pakistan firing on LoC in Nowshera
Jammu, May 26 (IANS) A teenager was injured on Sunday in small arms firing by Pakistan army on the line of control (LoC) in Jammu and Kashmir’s Rajouri district.

Police sources said 18-year-old Muhammad Ishaq was injured when Pakistan army resorted to unprovoked small arms firing on the LoC in Nowshera sector of Rajouri district.

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Today in History for May 26th (Video)

Today in History for May 26th (Video)
         Highlights of this day in history:  Allied troops begin their evacuation from Dunkirk, France; President Andrew Johnson's impeachment trial ends with his acquittal; Actor John Wayne;  Michael Jackson and Elvis Presley's daughter Lisa Marie marry. (May 26)

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AP Top Stories May 25 P (Video)

AP Top Stories May 25 P (Video)
         Here's the latest for Saturday, May 25th: Trump began Japan visit by needling the US ally; Baghdad offers to mediate tensions between US and Iran; Pence tells West Point grads they should expect combat; Colombian conservationist breed native frogs.

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