Tag: NITI AYOG

Trinamool’s Derek O’Brien speaks regarding the adverse effects of interest rate cut by SBI

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FULL TRANSCRIPT

Sir, I am glad that the Finance Minister and Leader of the House is here; maybe he will give us an explanation.

The SBI reduced rates on savings in bank accounts, holding a balance of less than Rs 1 crore, by 0.5%. Sir, more than 90% of bank accounts in India are people who have less than Rs 1 crore. Sir, SBI, in their explanation, have said, that after demonetisation there was a huge inflow of funds; about 50,000 bank accounts were being opened every day, and about Rs 1.5 lakh crore was moved into the system. But there were no borrowers in the system because after demonetisation economic activity was low. This is the SBI’s view.

Sir, what impact has this had? Sir, the first impact, the obvious impact, is that small depositors, especially senior citizens, pensioners are all affected. When they are affected, what would they do as alternative? This is a sure fire way of opening up and encouraging chit funds. Everyone talks about chit funds but no one talks about Pearl Chit Fund.

Let us have an investigation on how many people were investigated in Pearl Chit Fund and which Government and which people were involved. What action was happening outside North Block in Delhi and in Punjab? It is very convenient to talk about Odisha and Bengal when it comes to chit funds. Sir, through you I want to caution the Government that this decision will also increase the infiltration of chit funds.

And worse still, the commercial banks also going to be affected. Sir, the rate for the fixed deposits in early 2014 was 10%. I was talking to some senior relatives of mine, they were getting 10%, 9% till a few years ago. Now that is down to less than 6%.

Sir, post demonetisation, 1.5 million jobs have been lost. Sir, now even the NITI Ayog Vice Chairman has suddenly resigned; we wish him luck in his new assignment. No matter what the Government tries to say, he has resigned after three years. Sir, these are the big issues post GST and demonetisation.

The Opposition parties have been trying to discuss these issues. NPAs worth Rs 7 lakh crore have still not been recovered and you are hurting the poor people. Sir, we need a discussion on this; the Government is running away from a discussion. For three weeks we have given notices, Sir, please look into this, take this up and let us discuss it.

 

 

Vivek Gupta speaks on alleged reports of shifting HQ of Hindustan Paper Corporation from Kolkata to Guwahati

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Thank you for giving me an opportunity today. Sir, recently, some employees of a public sector undertaking, Hindustan Paper Corporation came to my office in Kolkata and met me. They have a grievance that their headquarters which is located in Kolkata is being shifted to Guwahati. When I asked them what are the reasons for shifting, they said they had no idea.

Sir, fortunately, one week later we had a meeting of the Industry Committee where Hindustan Paper Corporation had come to press further demand for grants. There, Sir, the situation became more mysterious because the MD told us that the plant in Assam is shut down because of the lack of raw material, coal  and everything, which is abundantly available in Bengal and yet they want to shift the headquarters.

When the MD was asked why they wanted to shift, he had no idea. On coaxing by the Committee, he told that they have been given some incentives by the Central Government to shift.

Sir, I do not understand why is the Central Government giving incentives to a central public sector company to shift the headquarters from Kolkata to Assam. Is it just because that the political colours of Assam have changed? Or it is something else, I would like to know from the Government through you, Sir.

Sir, Hindustan Paper Corporation is a very prestigious company; it is a very old company. It manufactures paper which is used for textbooks for children. But the NITI AYOG and DIPAM have recommended closure and shutdown. I do not want to go into their judgment, but when I asked the Industry Secretary,  they are saying that they have not made any such recommendations and in fact they are trying to revive and if they receive a little bit cooperation from the Government, this company can be revived. All the workers who are not getting their dues for the last two years will start getting their dues and this company can do very well.

Sir, through you, I want to know from the Government, firstly, what is the rationale of giving subsidies to shift the headquarters? Is it just political or not, otherwise, the employees who are working at the headquarters will face immense hardship. Sir, some of them have retired parents, some of them have homes. Sir, I do not understand the rationale. Kolkata has a port, a lot of important machineries is done through Kolkata port. Kolkata is a major metro. I do not understand what is the advantage they will get by shifting to Guwahati, which I would like to know from the Government, through you Sir.