BJP's protest against Rahul is like 'butchers protesting against animal cruelty': CM Siddaramaiah
Bengaluru, Sep 12: Karnataka Chief Minister Siddaramaiah said on Thursday that the BJP leaders' protest against Rahul Gandhi, falsely accusing him of making anti-reservation statements, is like "butchers protesting against animal cruelty".
He also pointed out that when former Prime Minister V P Singh implemented the Mandal Commission report, the BJP launched the 'Kamandal' movement, attempting to fill people’s minds with the opium of religion.
"In Karnataka, the BJP opposed local body reservations, even filing a petition in the Supreme Court led by the late Justice Rama Jois. Across the country, the BJP has consistently protested against reservation policies," said Siddaramaiah, according to a press statement issued by the CM's Office.
The CM said BJP leaders lack the understanding or wisdom to interpret Rahul Gandhi's statement.
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"The primary objective of the reservation is to ensure equal opportunities for all in education, employment, and access to resources. This isn’t just something Rahul Gandhi is saying - I stand by it too. How can this be construed as an anti-reservation statement?" asked Siddaramaiah.
Two days ago, Gandhi, while giving a talk at Georgetown University in the USA, when asked about the future of reservations in India, said, "We will think of scrapping reservations when India is a fair place. And India is not a fair place."
Siddaramaiah also blamed the BJP leaders for the social inequality that still persists in India, stating that the RSS, the ideological parent of the BJP, has defended the caste system since its very inception.
"Today, BJP leaders lack the courage to openly oppose reservations due to the growing awareness among beneficiaries," he said.
He stated that the Supreme Court recommended a caste-based socio-economic survey precisely to determine whether equal opportunities have been achieved.
|"If BJP leaders and their Union Government are truly committed to social justice, they should immediately conduct a nationwide Caste Census. This is essential to determine whether the reservation has truly reached the most marginalised sections of society," he added.
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Adani touts financial strength, shows can grow without external debt
New Delhi (PTI): Billionaire Gautam Adani's conglomerate on Monday touted its financial and credit details of its portfolio companies to investors, showcasing its robust profits and cash flows that can sustain growth without reliance on external debt.
The ports-to-energy conglomerate, which has been hit by an indictment in a US court against its founder chairman Gautam Adani and two other executives for allegedly bribing Indian official to secure solar power contracts, in a presentation to the investors highlighted its consistently expanding profits and cash flows, which over a period have led to lowering dependence on debt for its growth ambitions.
Equity now accounts for almost two third of its total asset creation, a stark contrast to five years ago. In the last six months, the group has invested close to Rs 75,227 crore, against a total debt increase of only Rs 16,882 crore.
A note was also shared with the investors, along with presentations.
Outlining the group's liquidity position, the note said, "Adani Portfolio companies have sufficient liquidity to cover all debt servicing requirements for at least 12 months. As of September 30, 2024, Adani Portfolio companies had a cash of Rs 53,024 crore, which was close to 21 per cent of its total gross debt outstanding".
This amount, it said, was sufficient to cover the next 28 months of debt servicing requirement.
GROWTH WITHOUT DEBT
In the past, the group has announced plans to invest over Rs 8 lakh crore (USD 100 billion) across portfolio companies in the next ten years.
The Fund Flows from Operations (FFO) or cash profits stood at Rs 58,908 crore for the last twelve months and is growing over 30 per cent for the past five years. On the basis of this, even after assuming no growth, the group will be able to invest Rs 5.9 lakh crore only from its internal cash accruals over the next ten years, leaving very little dependency on external debt.
Further, at the portfolio level, there is very low debt gearing of 2.46x -- which means it has massive headroom for debt, according to the presentation.
Other highlights from the presentation included EBITDA (earnings before interest tax and depreciation) for the last twelve months, which it said is highly stable and hence predictable due to its infrastructure projects, which grew by 17 per cent to Rs 83,440 crore.
Also, existing annual cash flows alone can pay the entire debt in 3 years.
Gross assets/investments increased by Rs 75,227 crore, against total debt increase of only Rs 16,882 crore. Asset base has now increased to Rs 5.5 lakh crore.
Average cost of borrowing at 8.2 per cent, lowest in the last 5 years, due to upgrade in ratings across group companies, it said.
Adani Group's long-term debt from domestic banks was Rs 94,400 crore. This stood against a cash balance of Rs 53,024 crore, most of which was parked with Indian banks.
Borrowings from global banks were 27 per cent of total debt.
