Guarantees implementation: Karnataka CM holds meeting with officials ahead of June 1 Cabinet meet
Bengaluru, May 29: Karnataka Chief Minister Siddaramaiah on Monday held a meeting with officials of various departments regarding the implementation of guarantees announced by the Congress party before the elections, ahead of the Cabinet assembling together on June 1 to decide on it.
The chief minister today held consultations with senior officials of finance, transport, food and civil supplies, energy and other departments and asked them to prepare a report on the implementation of the guarantees.
Siddaramaiah will hold a consultation with all the ministers on Wednesday regarding the implementation of the guarantee schemes, the Chief Minister's office said in a statement, adding that an official decision will be taken in this regard at the Cabinet meeting to be held on Thursday.
Senior officials of various departments including Chief Secretary Vandita Sharma participated in today's meeting and made presentations on the proposed implementation of the guarantees.
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The Congress had promised in its election manifesto to implement the guarantees 200 units of free power to all households (Gruha Jyoti), Rs 2,000 monthly assistance to the woman head of every family (Gruha Lakshmi), 10 kg of rice free to every member of a BPL household (Anna Bhagya), Rs 3,000 every month for unemployed graduate youth and Rs 1,500 for unemployed diploma holders (both in the age group of 18-25) (YuvaNidhi), and free travel for women in public transport buses (Shakti), on the very first day of assuming power in the state.
There is mounting pressure on the new Congress government from opposition parties and various sections of people from across the state, to fulfill its five poll guarantees.
After having accorded in-principal approval for the guarantees in the first cabinet meeting on May 20, Chief Minister Siddaramaiah said they would "most likely" be implemented after the next Cabinet meeting. He had also said that initial estimates indicate it would cost the exchequer Rs 50,000 crore annually.
Earlier in the day today, Deputy Chief Minister D K Shivakumar said there is a "responsible government" in the state which will fulfill all the guarantees made to the people ahead of the Assembly polls.
He, however, did not specify any timeline to implement the guarantees, but said the Cabinet meeting on June 1 will discuss fulfilling them.
"There is a Cabinet meeting on June 1. The Chief Minister has the responsibility of the Finance department. He will discuss with officials and bring the relevant information to the Cabinet. We will keep up our promise. We will have to do it systematically and preparations are on," Shivakumar said.
He said, "There is a responsible government in the state and it will keep up the promises made to its people and there is no need to worry."
However, senior BJP leader Basavaraj Bommai accused the Congress of cheating voters after coming to power by trying to attach conditions to the guarantees that it had promised to fulfill.
Expressing doubts about the ruling Congress implementing the guarantees fully as promised, the former CM said their true colours will be exposed in a few days.
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Investors' wealth down Rs 4.92 lakh cr as mkts slump
New Delhi, Dec 17: Investors' wealth tumbled Rs 4.92 lakh crore on Tuesday amid a sharp sell-off in the equity market where the Sensex tanked 1,064 points.
Falling for the second day in a row, the 30-share BSE benchmark Sensex tanked 1,064.12 points or 1.30 per cent to settle at 80,684.45. During the day, it slumped 1,136.37 points or 1.39 per cent to 80,612.20.
The market capitalisation of BSE-listed firms eroded by Rs 4,92,644.06 crore to Rs 4,55,13,913.24 crore (USD 5.36 trillion).
"The Indian stock markets witnessed a sharp decline on Tuesday, with the benchmark BSE Sensex sinking 1,064 points or 1.30 per cent to 80,684.45.
"Investor sentiment remained cautious ahead of the US Federal Reserve's monetary policy meeting, scheduled for Wednesday. While markets have priced in a 25 basis points rate cut, much of the focus is on Fed Chair Jerome Powell's commentary regarding future rate moves," Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, said.
From the 30-share blue-chip pack, all firms ended in the red. Bharti Airtel, IndusInd Bank, JSW Steel, Tata Consultancy Services, Asian Paints, Larsen & Toubro, Reliance Industries and HDFC Bank were the biggest laggards from the Sensex pack.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled lower.
European markets were mostly trading in negative territory. Wall Street ended mostly higher on Monday.
"Widespread pessimism prevails across all sectors ahead of key policy decisions from the US Fed, BoJ (Bank of Japan), and BoE (Bank of England). While the market has already factored in a 25 bps cut from the US Fed, it remains vigilant for any hawkish signals. The BoJ and BoE are largely expected to maintain their current rates for the year.
"Concurrently, the rupee has depreciated to an all-time low, and a record-high trade deficit is exacerbating the pressure," Vinod Nair, Head of Research at Geojit Financial Services, said.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 278.70 crore on Monday, according to exchange data.
The BSE midcap gauge declined by 0.65 per cent and smallcap index slipped by 0.52 per cent.
All sectoral indices ended lower. BSE Telecommunication tanked 2.18 per cent, metal (1.77 per cent), auto (1.70 per cent), energy (1.64 per cent), oil & gas (1.59 per cent), commodities (1.39 per cent) and financial services (1.37 per cent) were the major laggards.
As many as 2,442 stocks declined, while 1,576 advanced and 89 remained unchanged on the BSE.
"Nifty witnessed sharp correction, closing with a loss of 332 points amid selling pressure in bluechip stocks like HDFC Bank, Reliance and Bharti Airtel amongst others.
"The decline came amid weak FII volumes and heightened caution ahead of the US Federal Reserve's monetary policy meeting, which is expected to provide cues on the trajectory of interest rate cuts going ahead," Siddhartha Khemka, Head - Research, Wealth Management at Motilal Oswal Financial Services Ltd, said.
