Vajpayee architect of India's transition into 21st century: PM Modi
New Delhi (PTI): Prime Minister Narendra Modi praised Atal Bihari Vajpayee as the architect of India's transition into the 21st century and said the BJP stalwart ushered in reforms that set the stage for India's economic surge, abandoning an economic philosophy which encouraged cronyism and stagnation.
In an article which appeared in several newspapers on the 100th birth anniversary of Vajpayee, Modi said he spent his long parliamentary tenure largely in the opposition benches but never carried any trace of bitterness even though the Congress stooped to new lows by going to the extent of calling him a "traitor".
Modi said, "He stands tall as a statesman who continues to inspire countless people."
The prime minister said Vajpayee provided stable and effective governance at a time when people were getting impatient and sceptical about the government's ability to deliver due to the political instability of the 90s when four Lok Sabha polls were held in about nine years.
Coming from humble roots, Vajpayee realised the struggles of the common citizen and the transformative power of effective governance, Modi said, adding that the long-term impact of his leadership is visible in several sectors.
His era marked a gigantic leap in the world of information technology, telecom and communications, he said.
"The NDA government under Atal ji made the first serious attempt to make technology accessible to citizens. At the same time, there was foresight in connecting India. Even today, most people recall the Golden Quadrilateral Project which connected the length and breadth of India," he said.
He also cited initiatives like the Pradhan Mantri Gram Sadak Yojana and the push for Metro connectivity by doing extensive work for the Delhi Metro, which stands out as a world-class infrastructure project.
He said, "The Vajpayee government not only boosted economic growth but also brought distant regions closer, fostering unity and integration."
An initiative like the Sarva Shiksha Abhiyan highlights how Vajpayee dreamt of building an India where modern education is accessible to people across the nation, particularly the poor and marginalised sections, he added.
His government's decision to carry out nuclear tests and its handling of the aftermath provide a wonderful example of his leadership, Modi said.
He said, "The world was stunned that India had done the tests and expressed their anger in no uncertain terms. Any ordinary leader would have buckled, but Atal ji was made differently. And what happened? India stood firm, with the government calling for another set of tests two days later, on May 13."
If the tests of May 11, 1998, showed scientific skill, the ones on May 13 showed true leadership, he said.
It was a message to the world that gone were the days when India would buckle under threats or pressure, he said.
Despite facing international sanctions, Modi said, the NDA government stood firm, articulating India's right to safeguard its sovereignty while simultaneously being the strongest proponent of world peace.
Modi said Vajpayee understood Indian democracy and also the need to make it stronger. He presided over the creation of the NDA, which redefined coalitions in Indian politics and became a force for development, national progress and regional ambitions.
"His parliamentary brilliance was seen throughout his political journey. He belonged to a party with a handful of MPs but his words were enough to rattle the might of the all-powerful Congress Party that time. As Prime Minister, he blunted the criticisms of the Opposition with style and substance," Modi said.
Vajpayee was not one to cling to power through opportunistic means. He preferred to resign in 1996 instead of following the path of horse-trading and dirty politics, the prime minister said, adding that his government fell by one vote in 1999.
Eventually, he came back with another resounding mandate from the people.
Modi said, "When it comes to commitment to protecting our Constitution too, Atal ji stands tall. He was deeply impacted by the martyrdom of Syama Prasad Mookerjee. Years later, he was a pillar of the anti-Emergency movement."
In the run-up to the 1977 elections, he agreed to the merger of his own party (Jana Sangh) into the Janata Party as safeguarding the Constitution was all that mattered to him, he said.
Modi noted that as external affairs minister, Vajpayee became the first Indian leader to speak in Hindi at the United Nations, noting that this shows how deeply rooted he was in the Indian culture.
His persona was magnetic and his life was enriched by his love for literature and expression, he said.
Modi said for so many Bharatiya Janata Party members like him, it is their privilege that they were able to learn and interact with a person like Vajpayee.
Whenever the choice came between ideology and power, Vajpayee always chose the former, Modi said.
"He was able to convince the nation that an alternative world view from the Congress was possible and such a world view could deliver," he said, asking people to rededicate themselves to realising his ideals and fulfilling his vision for India.
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Monday mayhem: Sensex sinks 2,227 pts as trade war fears engulf global markets
Mumbai, Apr 7 (PTI): Stock markets crumbled on Monday with benchmark Sensex sinking by 2,226.79 points – its steepest single-day decline in 10 months – as a global market carnage following US President Donald Trump's tariff hikes and retaliation from China fanned fears of economic slowdown.
The 30-share BSE Sensex crashed 2,226.79 points or 2.95 per cent to settle at 73,137.90, recording its third day of decline. During the day, the index slumped 3,939.68 points or 5.22 per cent to 71,425.01.
The NSE Nifty tumbled 742.85 points or 3.24 per cent to settle at 22,161.60. Intra-day, the benchmark dropped 1,160.8 points or 5.06 per cent to 21,743.65.
All Sensex shares, except for Hindustan Unilever, ended with losses. Tata Steel fell the most by 7.33 per cent followed by Larsen & Toubro which cracked 5.78 per cent.
Tata Motors, Kotak Mahindra Bank, Mahindra & Mahindra, Infosys, Axis Bank, ICICI Bank, HCL Technologies and HDFC Bank were the other big laggards.
Hindustan Unilever ended marginally higher.
"The market tumbled as the carnage over high US tariffs and the retaliation by other countries may kickstart a trade war. Sectors like IT and metals have underperformed relative to the broader market due to the risk of high inflation with slower growth that may result in a potential recession in the US," Vinod Nair, Head of Research, Geojit Investments Limited, said.
As many as 3,515 stocks declined while 570 advanced and 140 remained unchanged on the BSE. Notably, 775 stocks hit their 52-week lows while 59 firms were at 52-week peaks on the BSE.
"After US markets plunged on Friday, it was writing on the wall for other global equity indices which fell like a pack of cards amid fears that Trump's policies on reciprocal tariffs may lead to recession and higher inflation in the US going ahead.
"Already, commodity prices of crude oil and several metals are seeing a downward slide, which is an indication of a slackening demand if the current trend persists," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
In Asian markets, Hong Kong's Hang Seng index tanked more than 13 per cent, Tokyo's Nikkei 225 plunged nearly 8 per cent, Shanghai SSE Composite index dropped over 7 per cent and South Korea's Kospi sank over 5 per cent.
European markets too came under heavy selling pressure and were trading with up to 6 per cent decline.
US markets ended sharply lower on Friday. The S&P 500 dropped 5.97 per cent, Nasdaq composite slumped 5.82 per cent and the Dow tumbled 5.50 per cent on Friday.
On June 4 last year, the Sensex nosedived 4,389.73 points or 5.74 per cent to close at 72,079.05. In the day trade, the barometer tanked 6,234.35 points or 8.15 per cent to 70,234.43.
The Nifty ended at 21,884.50, a sharp decline of 1,379.40 points or 5.93 per cent on June 4, 2024. Intra-day it tumbled 1,982.45 points or 8.52 per cent to 21,281.45.
Sensex and Nifty had previously declined by over 13 per cent on March 23, 2020 when lockdown was imposed due to the COVID-19 pandemic.
On Monday, the BSE smallcap gauge cracked 4.13 per cent, and the midcap index tanked 3.46 per cent.
All BSE sectoral indices ended with deep cuts. Metal tumbled 6.22 per cent, realty dropped 5.69 per cent, commodities (4.68 per cent), industrials (4.57 per cent), consumer discretionary (3.79 per cent), auto (3.77 per cent), bankex (3.37 per cent), IT (2.92 per cent), teck (2.85 per cent) and BSE Focused IT (2.63 per cent).
"Though the overall impact on India may be limited when compared with other countries, investors are advised to play cautiously during this fray," Nair said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,483.98 crore on Friday, according to exchange data.
Global oil benchmark Brent crude dropped 3.61 per cent to USD 63.21 a barrel.
Last week, the Sensex tanked 2,050.23 points or 2.64 per cent, while the NSE Nifty declined 614.8 points or 2.61 per cent.
