Skip to main content

PM asks Opposition to support black money drive

Cracks surface in Opposition unity over demonetisation protests

Prime Minister Narendra Modi on Tuesday appealed to Opposition parties to support his drive against black money, like they had backed the goods and services tax (GST) Bill. 

The PM’s remarks came at an all-party meeting chaired by him a day ahead of Parliament’s winter session starting Wednesday, where the Opposition plans to corner the Centre over the hardships people are facing due to the demonetisation of ~500 and ~1,000 notes. 

“The PM also wanted Parliament to debate funding of political parties and holding simultaneous polls for state Assemblies and the Lok Sabha besides discussing all relevant issues,” parliamentary affairs minister Ananth Kumar said after the meeting. 

Differences between the Congress and Mamata Banerjee’s Trinamool Congress (TMC) showed up when the West Bengal Chief Minister said her party would lead a protest march from Parliament to  Rashtrapati Bhavan on Day 1 of the session itself. 

“There was a unanimous view that it was too early for a protest march to the President’s house. In a democracy, we should first explore all other options,” Leader of the Opposition in the Rajya Sabha Ghulam Nabi Azad said after a meeting of the various Opposition parties. 

Notably, senior TMC leaders Sudip Bandyopadhyay and Derek O’Brien, who had attended a similar strategy meet on Monday, skipped Tuesday’s deliberations. 

Sources said the Aam Aadmi Party, National Conference and Bharatiya Janata Party (BJP) ally Shiv Sena might join the proposed protest march of the TMC. 

Sources added Banerjee was trying to be one up over other Opposition parties in protesting the demonetisation issue. The move could present her party as a ‘pressure group’ in Parliament.

Congress chief Sonia Gandhi had led Parliamentarians to Rashtrapati Bhavan against the controversial land acquisition ordinance brought by the Modi government in 2015. 

Sonia, who had been unwell and had even skipped a Congress Working Committee meeting on November 7, reviewed the Parliament strategy with party leaders at her residence. Her son and party vice-president Rahul Gandhi also attended the meet. 

According to Congress managers, their divergent views on the protest march did not mean they had dropped the demonetisation issue. Rather, party managers said the Opposition should first try to pin the government over the issue on the floor of the House and see what the Centre had to say. 

“The protest march as a show of strength can come later,” said a Congress veteran.

Opposition parties could again meet on Wednesday morning to finalise their strategy. 

Both Congress and TMC have given notice for suspension of the Rajya Sabha business to take up debate on the demonetisation issue. The Congress would raise a similar demand in the Lok Sabha as well. But, the Opposition is more focused on the Rajya Sabha as it has greater numerical strength over the ruling National Democratic Alliance there. 

16TH NOVEMBER, 2016, THE BUSINESS STANDARD, NEW DELHI

Comments

Popular posts from this blog

Household debt up, but India still lags emerging-market economies: RBI

  Although household debt in India is rising, driven by increased borrowing from the financial sector, it remains lower than in other emerging-market economies (EMEs), the Reserve Bank of India (RBI) said in its Financial Stability Report. It added that non-housing retail loans, largely taken for consumption, accounted for 55 per cent of total household debt.As of December 2024, India’s household debt-to-gross domestic product ratio stood at 41.9 per cent. “...Non-housing retail loans, which are mostly used for consumption purposes, formed 54.9 per cent of total household debt as of March 2025 and 25.7 per cent of disposable income as of March 2024. Moreover, the share of these loans has been growing consistently over the years, and their growth has outpaced that of both housing loans and agriculture and business loans,” the RBI said in its report.Housing loans, by contrast, made up 29 per cent of household debt, and their growth has remained steady. However, disaggregated data sho...

External spillovers likely to hit India's financial system: RBI report

  While India’s growth remains insulated from global headwinds mainly due to buoyant domestic demand, the domestic financial system could, however, be impacted by external spillovers, the Reserve Bank of India (RBI) said in its half yearly Financial Stability Report published on Monday.Furthermore, the rising global trade disputes and intensifying geopolitical hostilities could negatively impact the domestic growth outlook and reduce the demand for bank credit, which has decelerated sharply. “Moreover, it could also lead to increased risk aversion among investors and further corrections in domestic equity markets, which despite the recent correction, remain at the high end of their historical range,” the report said.It noted that there is some build-up of stress, primarily in financial markets, on account of global spillovers, which is reflected in the marginal rise in the financial system stress indicator, an indicator of the stress level in the financial system, compared to its p...

Healthy balance sheets augur well for economy: RBI Governor Sanjay Malhotra

  Large tariffs by the United States administration and elevated geopolitical risk have increased near-term global financial stability risks, and along with weather events pose downside risks to domestic growth, Reserve Bank of India(RBI) Governor Sanjay Malhotra said in the foreword to the Financial Stability Report released today.Noting that domestic growth momentum is buoyed by strong domestic drivers, sound macroeconomic fundamentals and prudent policies, Malhotra said: “External spillovers and weather-related events could pose downside risks to growth.”On the other hand, he said the outlook for inflation is benign, and there is greater confidence in the durable alignment of inflation with the Reserve Bank’s target.Commenting that the structural shifts reshaping the global economy are making policy intervention challenging, the Governor emphasised the need for central banks and financial sector regulators to remain vigilant, prudent and agile in safeguarding their economies and...