'Nyay' scheme will help restart 'economic engine': Manmohan Singh
New Delhi, Apr 20: Former prime minister Manmohan Singh Saturday claimed the Congress' 'Nyay' minimum income guarantee scheme will not result in any new taxes and help restart the "economic engine" which has come to a "stop".
The senior Congress leader's remark comes as the BJP has claimed that the scheme will "ruin" fiscal discipline and the Congress will impose new taxes on middle class to finance it.
The Congress has promised to give an annual income support of Rs 72,000 to poor families under the scheme, if voted to power.
The former prime minister, also a noted economist, said his party is committed to fiscal discipline.
"Nyay scheme will cost between 1.2-1.5 per cent of GDP at its peak. Our nearly USD 3 trillion economy has the fiscal capacity to absorb this expenditure. There will be no need for any new taxes on the middle class to finance Nyay. The economic stimulus it will provide will further help in fiscal discipline," he said.
The scheme has been conceptualised after much thought and consultations with experts, he added.
Singh said as the Congress government in 1991 brought in a new paradigm for India's development with the de-licensing regime and a rights based approach to governance in 2004-14, he was confident that a Congress-led dispensation in 2019 will implement 'Nyay' scheme successfully and usher in a new model for social justice and prudent economics.
"It is my sincere belief that Nyay has the potential to catapult India into the club of 'poverty free' nations in the world and I hope to be able to live to see our nation achieve this historic milestone," he said.
In remarks aimed at the Narendra Modi government, he said 'Nyay' will help restart "our economic engine that has come to a stop today".
"At a time when private investment and industrial production are low, Nyay can help bring our economy back to life and create new factories and jobs," Singh said.
The senior Congress leader said nearly 70 per cent of Indians were poor when India attained Independence from the British and the figure has come down to 20 per cent with sound policies adopted by successive governments over the last seven decades.
It is time now to renew our pledge to wipe out the last remains of poverty, he added.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Six arrested in Bengaluru drug racket; narcotics worth Rs 20 crore seized
Bengaluru: Six persons have been arrested for allegedly procuring banned narcotic substances at low prices and selling them for profit, with college students among the buyers, police said on Tuesday.
Police seized 8 kg 58 g of MDMA, 5 kg 700 g of hydro ganja, four mobile phones, and a car used to transport the drugs. The total value of the seized items is estimated at Rs 10.05 crore, while the market value is around Rs 20.10 crore, The Times of India reported.
The arrests followed searches carried out at various locations based on specific intelligence inputs.
Police said information had been received about the sale of banned drugs, including MDMA and hydro ganja, within the limits of Yeshwanthpur and Nandini Layout police stations.
“During these operations, six individuals were detained on different dates, two from other states and four locals,” a statement issued by the office of City Police Commissioner Seemant Kumar Singh said.
“Upon interrogation, the accused confessed that they were purchasing banned drugs such as MDMA and hydro ganja at low prices from unknown inter-state and local suppliers and selling them to the public, with college students among the buyers, for profit,” the statement added.
Police said efforts are underway to identify and trace the suppliers involved in the network.
All six accused have been produced before a court on different dates and remanded to judicial custody, police said.
