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P. Chidambaram poses 20 tough questions on Rs 6 lakh Cr NMP

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P-Chidambaram

Senior Congress leader and former Union Finance Minister P. Chidambaram on Friday posed 20 questions on the Centre’s proposed National Monetization Pipeline (NMP) intended to ‘monetise’ certain assets and earn Rs 6,00,000 crore revenue over the next four years.

Stating that the government should answer the questions, he demanded to know the NMP objectives and whether it was solely intended to raise the revenues over the next four years.

Referring to the criteria adopted upfront to identify the PSUs that would be disinvested or privatised during the previous UPA government, Chidambaram queried whether the same is the case with the current NDA regime.

Pointing out that for infra projects like roads/highways, a PPP policy already exists, he asked what is the difference, if any, between this (PPP) model and the one that would be adopted by the Centre under the NMP, while addressing the media in the country’s commercial capital.

Moreover, if an asset is ‘monetised’ for 30-50 years, what is the value of the piece of paper that declares the government to be the ‘owner’ of that asset, what kind of asset will be returned to the government at the end of the period or would it be a “fully depreciated asset” worth practically nothing.

“Since the NMP is silent on the subject, will the government stipulate in the contract that the amount of depreciation should be put in a Depreciation Reserve Account which was used only to maintain, upgrade or add to the asset so that at the end of the lease period a valuable asset is returned to the government,” Chidambaram asked.

He also sought answers on whether there will be provision in the contract to prevent asset-stripping by the lessee, the terms included in the Invitation to Bid (ITB) to ensure that the ‘monetisation’ process does not create monopolies or duopolies in that sector, especially to prevent such (monopolies/duopolies) emerging in the ports, airports, telecom and power sectors.

The finance expert queried whether the lessee will manage the current levels of employment and the policy of reservations, or other policies, subject to sectoral regulators, etc., in the ‘monetised’ asset.

Harking to the UPA which identified the Railways as a ‘strategic sector’, he asked what are the other sectors the Centre has identified as ‘core’ or ‘strategic’ that would be kept out of the NMP purview.

“Has the government examined the impact of implementation of the NMP on the prices of goods and services in the sector/industry concerned? What will the government or the regulator do in case prices are increased by the lessee of the ‘monetized’ asset,” Chidambaram demanded.

Referring to the government’s revelation of the expected revenue of Rs 6,00,000 crore in four years, he asked whether the government would shed light on the total capital investment in the identified assets that are expected to yield the aforesaid revenue.

“The identified assets must be currently yielding a certain revenue every year. Has the government calculated the difference between the current revenue (undisclosed) and the expected revenue (of Rs 6,00,000 crore) over a period of four years? If so, what is the difference between the two amounts each year during the four year period,” Chidambaram asked.

On the government’s announcement that the NMP would be co-terminus with the National Infrastructure Pipeline (NIP) that is expected to require Rs 100 lakh crore, the ex-FM sought to know how the Rs 6,00,000 crore over a four year period be sufficient to finance a Rs 100 lakh crore NIP.

Furthermore, he sought an assurance from the Centre that the expected sum of Rs 6,00,000 crore “would not be merged with general revenues or used for general expenditure”.

Chidambaram further posed if the Rs 6,00,000 crore, when released, would not be diverted to partly-finance the fiscal deficit (Rs 5,50,000-crore in 2021-2022) or retiring old debts.

The Congress leader asked if the government floated a consultation paper on NMP, consulted various stakeholders including the workers or trade unions and demanded to know the outcome/minutes of these consultations.

He also asked whether the NMP was discussed in Parliament, and if not, whether the Centre plans to consult the Opposition Parties or debate in parliament.

Chidambaram said that the US is contemplating measures to contain monopolization and unfair trade practices of giants like Google, Amazon and Facebook, China has announced plans to rein in its giant tech firms and South Korea contained the influence of its huge family-controlled business conglomerates.

“Does the government intend to introduce similar measures while implementing the NMP,” Chidambaram asked, saying the Centre “is obliged to answer these questions”, and the media must demand replies from the government.

National News

Vashi’s Raheja Residency Fire Tragedy: Case Registered Against Building Manager & Fire Service Contractor After 4 Deaths, Including 6-Year-Old Girl

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Navi Mumbai: A case has been registered against two people in connection with the fire that broke out in Vashi’s Raheja Residency, which killed four residents, including a 6-year-old girl. The incident occurred on October 21 when the blaze, which started around 12.40 a.m. on the 10th floor, quickly spread to the 11th and 12th floors.

a case has been registered at Vashi Police station against Sanjay Ubale, Raheja Residency manager and Pradeep Patil of Life Save Fire Service. The report stated that the building had appointed Life Save Fire Service to carry out fire prevention measures, while Ubale, as the manager, failed to ensure that the work was being completed, leading to the tragic fire that claimed the lives of innocent residents.

The four deceased were identified as Vedika Sundar Balakrishnan (6), Kamla Hiralal Jain (84), Sundar Balakrishnan (44), and Pooja Rajan (39) — all residents of Raheja Residency. While several other residents were injured due to the fire.

Among the injured members were Manabendra (69), Malika (58), and Ritika Ghosh (39) from Room 1106; Bhavna (49), Mahavir (51), and Krish Jain (21) from Room 1005; Nirmal (53) and Mehul Jain (32) from Govind Complex; and Damayanti Agrawal (80) and Sumanti John Topno (18) from Room 1105.

The fire brigade official said the situation was brought under control after several hours of firefighting, followed by extensive cooling operations. According to the Navi Mumbai Municipal Corporation (NMMC) Fire Department, several fire engines from Vashi, Nerul, Airoli, and Koparkhairane stations were rushed to the spot.

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National News

BJP dares CM Mamata to protest against DMK MP’s ‘derogatory’ remarks about Vande Mataram writer

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Kolkata, Dec 9: The Bharatiya Janata Party (BJP), on Tuesday, challenged Chief Minister Mamata Banerjee to speak against the Dravida Munnetra Kazhagam (DMK) MP A. Raja, for making baseless allegations linking Bankim Chandra Chattopadhyay, Vande Mataram’s composer and legendary Bengali writer, to past communal tensions in the state.

BJP had raised the question whether Mamata Banerjee would dare to speak against Raja, considering that both Trinamool Congress and FMK are part of the opposition Indian National Development Inclusive Alliance (INDIA).

“Mamata Banerjee must speak up against the INDI Alliance, of which she is a part, as it continues to denigrate and defile the rich legacy of Rishi Bankim Chandra Chattopadhyay. Is TMC’s alliance with the DMK and Congress more important than the pride of West Bengal? Shame on her,” observed BJP’s Information Technology Cell Chief and the party’s central observer for West Bengal, Amit Malviya, in a social media statement.

Earlier, the BJP had also issued a statement accusing Raja of “irresponsibly” linking West Bengal’s communal tensions to Bankim Chandra’s writings and thus “twisting facts” in an attempt to paint him as “regressive”.

“Raja’s accusation that Bankim Chandra opposed women’s education and social reform is deeply misleading. Bankim believed real reform must arise from a renewed and awakened Hindu society, not just from superficial legislation – a difference in approach, not in values. Through his novels, Bankim Chandra introduced strong, layered, assertive female characters and consistently encouraged women’s education,” the statement issued by the BJP read.

The BJP also claimed that Mamata Banerjee should answer whether West Bengal’s pride was negotiable for power.

Incidentally, the BJP’s observations come just a couple of hours after CM Mamata, earlier in the day, criticised Prime Minister Narendra Modi over his inadvertent reference to Bankim Chandra Chattopadhyay as “Bankim Da” during his speech in Parliament.

The Prime Minister immediately amended his words and said he would henceforth address Chattopadhyay as “Bankim Babu”.

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Mumbai Press Exclusive News

When will the dilapidated roads in Bhiwandi city be repaired? Raees Sheikh asked a question in the Maharashtra Assembly, expressing concern over road accidents.

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Nagpur: Samajwadi Party MLA from Bhiwandi East Raees Sheikh raised the issue of dilapidated roads, debris lying everywhere and increasing road accidents in Bhiwandi city on the first day of the ongoing winter session of the Maharashtra Assembly in Nagpur. Raees Sheikh asked in the Maharashtra Assembly that when will the roads be constructed in Bhiwandi and when will the road accidents due to bad roads be controlled.

Raees Sheikh said that looking at Bhiwandi city, it seems that there is debris lying everywhere in the entire city and there is no explanation as to when will the roads be constructed in Bhiwandi city and where will the funds for its work come from? Raees Sheikh said that the Chief Minister had called a meeting regarding the construction of roads in Bhiwandi city and in this meeting the Chief Minister had formed a committee which includes the Municipal Corporation Commissioner and MMRDA officers and for the construction of these roads the Chief Minister had said that a proposal of Rs 1,000 crores would be presented. Raees Sheikh said that the people who are being affected during the development work and whose structures are being affected should get compensation from the government. Raees Sheikh also stressed that a policy on this should be made in the current meeting and at the Mumbai level and the government should also clarify by when the roads will be constructed? Raees Sheikh raised the issue of road accidents in the assembly

Raees Sheikh, while raising the issue of dilapidated roads in Bhiwandi city in the Maharashtra Assembly, said that recently, Dr. Omar was taking his five-year-old daughter home from school in Bhiwandi city, during which his five-year-old daughter Khadija died in a tragic road accident while he was also seriously injured. Apart from this, a person named Raj Singh also lost his life due to a road accident. He said that the increasing number of road accidents due to dilapidated roads and potholes in Bhiwandi city is a matter of great concern, so the government should explain when these accidents will be controlled and when the roads will be constructed.

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