Commerce
Minister Nirmala Sitharaman today said Congress Vice President Rahul
Gandhi should come up with "substantive arguments" to
criticise the government's Make In India programme rather than
ridiculing its logo. "Demagoguery may be good in election
campaigns, but when you are in Parliament, we expect you to come up
with concrete criticisms for which we will give reply. But to throw
something like this may amuse some members, but overall it just
projects the leader as not having gone into greater details,"
she told PTI. She was responding to the remarks of Gandhi who
ridiculed the lion logo of Make In India as Narendra Modi's "babbar
sher". The Congress VP during a debate in Parliament had made
fun of Modi's ambitious 'Make in India' programme, saying Prime
Minister has "created a babbar sher' (Asiatic Lion)" in
which "clock and wheels are seen moving". Sitharaman said
it was saddening that the vice president of the Congress party, which
had ruled the country, was speaking in such a manner without
substantive argument. "This (Make In India) is a very good
attempt. You are seeing how it is bringing in greater investments
into the country, how manufacturing is improving... To ridicule much
before this initiative is understood, is a sad development. "I
wish, if he wants to criticise, Rahul Gandhi should come up with
substantive argument. To say that Babbar Sher aa jate hain (lions
appear) doesn't help," she said. Make In India, which was
launched on September 25, 2014, aims at making the country a hub for
global manufacturing. The government has undertaken various
initiatives to make India an attractive destination for foreign
investment and has taken several steps to promote ease of doing
business.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
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