AV 7th January 2017

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Vol 45 | Issue 35

Modi's Disaster Management

ASIANS ONCE AGAIN DAZZLE IN NEW YEAR’S HONOURS LIST 2017 P6-7

Indian Prime Minister Narendra Modi addressed the nation during his much-awaited speech on New Year's Eve, after the 50-day deadline to deposit or exchange banned notes came to an end. Hailing Indians for their patience and support for the movement, he made several announcements aimed at benefiting the poor and the underprivileged, a step seen by the skeptics as yet another tact to divert attention from the question of the hour. The speech remained long due as it were a tedious two months since the evening of November 8, when the PM announced the scrapping of 500 and 1000 rupee notes. The notification was followed up by a severe mismanagement on the government's part, mass chaos, and a steady change of rules. Addressing the nation on state television at 7:30 pm, Modi announced a slew of schemes for women, the poor, and the old. Assuring that the ruling National Democratic Alliance was a friend of the honest, Modi, in his 43 minute speech, said his government's focus for 2017 was to bring the banking system to normal at the earliest. "Since Diwali, our nation has been witness to a historic rite of purification. The patience, discipline, and resolve displayed by 125 crore Indians, will play a critical role in shaping the future

7th January to 13th January 2017

TM

Let noble thoughts come to us from every side

2 Indians among 39 killed in attack on Istanbul club

Abis Hasan Rizvi and Khushi Shah

ISTANBUL: Two Indians were among the 39 killed in a lone man attack on the posh Reina nightclub in Istanbul. The attack that injured at least 70 odd people, was soon claimed by the Islamic State. The deceased Indians are Abis Hasan Rizvi, 49, son of former Rajya Sabha

of the nation for years to come," Modi said. "Corruption, black money, and counterfeit notes had become so rampant in India's social fabric that even honest people were brought to their knees." Explaining his landmark move, he said, "There is no precedent globally, to what India has done. Nations similar to us do not have the amount of currency that we had. Over the last 10 to 12 years, 500 and 1000 rupee currency notes were used less for legitimate transactions, and more for a parallel economy. The excess of cash was fuelling inflation and black-marketing. It was denying the poor, their due. Lack of cash causes difficulty, but excess of cash is even more troublesome. Our aim is to

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achieve a balance. Economists agree that when cash is outside the formal economy, it is a cause of worry. When it joins the mainstream, it is an opportunity for development." "This Government is a friend of good people. And it aims to build an enabling environment for the dishonest to return to the path of goodness. It is also a bitter truth, that people have complaints of bad experiences at the hands of Government machinery, and some government officers. This reality cannot be wished away. No one can deny that Government officers have a greater responsibility than common citizens." After his effort to satisfy the millions who remained glued to their

seats, listening to his speech, NaMo recited a list of programmes to "further the principle of Sabka Saath - Sabka Vikaas". Ensuring homes for the poor, the neo-middle class, and the middle class, Modi said, "Two new middle income categories have been created under the Pradhan Mantri Awaas Yojana in urban areas. Loans of up to 9 lakh rupees taken in 2017, will receive interest subvention of 4 per cent. Loans of up to 12 lakh rupees taken in 2017, will receive interest subvention of 3 per cent." He added, "In addition to this, another scheme is being put in place for the neo middle and middle class in rural areas. Loans of up to 2 lakh rupees taken in 2017, for new Continued on page 26

member Akhtar Hasan Rizvi, and Khushi Shah of Gujarat. India's External Affairs Minister Sushma Swaraj tweeted, "I have bad news from Turkey. We have lost two Indian nationals in the Istanbul attack. Indian Continued on page 26

SC removes BCCI president, secretary

Ajay Shirke and Anurag Thakur

India's Supreme Court on Monday ordered the removal of two of the country's most powerful cricket administrators for failing to introduce reforms, and said it would appoint its own committee to carry out the recommended changes. In a ruling that was described by one former chief justice as a "victory for the game of cricket,"

the Supreme Court fired the Board of Control for Cricket in India (BCCI) president Anurag Thakur and BCCI secretary Ajay Shirke and vowed to axe any other officials who refused to adhere to the court's orders. The court said it would appoint a new committee later this month to run the BCCI's business Continued on page 26


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