As Rupee Sinks to All-time Low, Piyush Goyal Says it is Going Through a 'Golden Run'
New Delhi, Oct 05: As the Indian rupee dipped further on Friday, Minister of Railways Piyush Goyal said this is the best period for the Indian rupee in the last 15 years.
"Rupee has only depreciated 7 percent in the last 5 years. This is the best period for the Indian rupee. It's a golden run," said Goyal while speaking at the Hindustan Times Leadership Summit.
The rupee has been depreciating since March this year. However, at the end of August, currencies such as Russian Ruble, Japanese Yen, the South Africa's Rand and the Mexican Peso have all had double digit depreciation against the US Dollar.
Rupee slumped to a lifetime low of Rs 74 against the US Dollar on Friday.
The senior BJP leader said that the nature of jobs in India is changing and that only government jobs could not provide growth.
"Nature of jobs in the world is changing. Everybody wanted to join railways, government before but now entrepreneurial ideas are coming up," added Goyal.
"If you are driving an Uber in Delhi, you are providing a service. This government is encouraging entrepreneurship and innovation," said Goyal.
Piyush Goyal added that he wanted to revive the charm of the Railways.
"It’s been 366 days since I took over as Railways minister. I have had one mantra - To bring the charm back to rail travel", said Goyal.
RBI governor Urjit Patel also said on Friday the domestic currency is still better than its emerging market peers and that the apex bank does not have a target for it.
Patel, while addressing the media after the customary post-policy press conference, admitted that the country has not been immune to global spillovers from external factors.
"The rupee fall, in some respect, is moderate in comparison to several other emerging market market peers," he said.
Patel ruled out a target for the currency and said, "Our response to these unsettled conditions has been to ensure that foreign exchange market remains liquid with no undue volatility. There is no target or band around any particular level of exchange rate, which is determined by market forces demand and supply."
Courtesy: www.news18.com
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SC refuses to entertain plea against deletion of names from WB voter list, terms it ‘premature’
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New Delhi (PTI): The Supreme Court on Monday declined to entertain a plea by a group of 13 people seeking its intervention in the deletion of their names from the voter list during the Special Institutional Revision (SIR) in West Bengal, where polling for the first phase of the assembly election will be held on April 23.
A bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi termed the petition "premature", directing the aggrieved parties to approach the established appellate tribunals instead.
"Since the petitioners (Quaraisha Yeasmin and others) have already approached the appellate tribunals… in our considered view, the apprehensions expressed in the petition are premature. If the plea is allowed, then necessary consequences will follow,” the bench said in its order, adding that it has not expressed any views on the merits of the plea.
The plea alleged that the Election Commission was summarily deleting names without following due process, and that appeals against these deletions were not being heard in a timely manner.
The Chief Justice of Calcutta High Court has set up as many as 19 tribunals headed by former HC chief justices and judges to decide appeals against deletions of names of persons from the voters’ lists.
Senior advocate D S Naidu, appearing for the poll panel, informed the court that there are approximately 30 to 34 lakh appeals currently pending. "Every tribunal now has over one lakh appeals to handle," the bench said.
The petitioners’ counsel argued that the EC had failed to place necessary orders before the relevant judicial authorities and that the "freezing date" for the electoral rolls should be extended.
"If I am not allowed to argue, then what is the use? Will these appeals be decided within a timeframe or just kept extending?" the counsel asked.
Justice Bagchi, during the hearing, referred to the sanctity of the electoral process and said the right to vote is not merely a constitutional formality but a "sentimental" pillar of democracy.
"The right to vote in a country you were born in is not just constitutional, but sentimental. It is about being part of a democracy and helping elect a government," he said.
He, however, said that the tribunals, manned by former judges, cannot be overburdened by fixing the timelines for adjudications.
"It is not the end justifying the means, but the means justifying the end," Justice Bagchi said.
"We need to protect due process rights. The voter should not be sandwiched between two constitutional authorities," he said, adding that it would not interdict the election process at this stage.
Justice Bagchi noted that the Calcutta High Court Chief Justice had already formulated the manner and mode for appeals, which began on Monday.
"Unless and until an enormous number of voters are excluded or it materially affects the election... the election cannot be cancelled," the bench said, adding that judicial intervention is intended to "promote elections, not interdict them."
The CJI emphasised that the petitioners must exhaust their remedies before the appellate tribunals.
Assembly elections in West Bengal will be held in two phases on April 23 and 29, and votes will be counted on May 4.
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