AIADMK Crisis: TN Governor meets Rajnath Singh

Amid an ongoing political crisis in Tamil Nadu the Governor C Vidyasagar Rao met Union Home Minister Rajnath Singh on September 19.

A day after the disqualification of 18 MLAs  owing allegiance to the rebel AIADMK(All India Anna Dravida Munnetra Kazhagamleader) TTV Dhinakaran, Rao met the Home Minister at his residence in New Delhi. According the TOI, the Governor informed the Home Minister about the current political development in Tamil Nadu, in the 20-minute meeting.

Rao arrived a day earlier in Delhi and met President Ram Nath Kovind and the Finance Minister Arun Jaitley.  The opposition parties and the and the rebels of the AIADMK legislators have urged the Governor to convene the assembly for a floor test at the earliest. Rao is yet to take a decision on the Chief Minister K. Palaniswami  vote of confidence.

The disqualified MLAs accused Palaniswami of being corrupt and  said they had no confidence in him.

The Governor is scheduled to fly on the afternoon of September 19 to Chennai, where he will meet the CM to discuss his approach on summoning the assembly .

All you need to know about RBI’s Governor in waiting, Urjit Patel

When RBI Governor Raghuram Rajan announced his decision of going back to academics, instead of seeking a second term in office, the BJP government at the centre found itself in a tight spot as it had to fill the huge vacuum that would be created by his exit.  Rajan had set the bar really high in terms of his performance as the chief of the central bank and was widely accepted by fellow economists and policy makers. This made it even more difficult for the government as it had to appoint someone who could match up to Rajan’s credentials. However, after months of discussions, the government chose Urjit Patel, a deputy governor of the RBI for the past three years, as Rajan’s successor.

The government’s decision of appointing Urjit Patel was a clear indication of its keenness to continue with the current monetary policy and other macroeconomic policies.

It was a committee headed by Patel that decided to follow an inflation-targeting approach for setting interest rates, keeping consumer inflation as its base. The committee also recommended that the call on the monetary policy should be that of the committee and not the governor.

In terms of degrees, Patel is no less than Rajan. After graduating from the London School of Economics, he received his M.Phil degree from the Oxford University in 1986 and obtained his doctorate in economics from Yale University in 1990.

Between 1990 and 1995, he covered the US, India, Myanmar and Bahamas desks while working for the International Monetary Fund. Interestingly, he joined IMF as a Kenyan citizen as he was born in Kenya on October 28, 1963.

Talking about his technical publications and papers, he has dealt with subjects like public finance, Indian macroeconomic policies, international trade, public finance, the economics of climate change and financial intermediation in his works.

Prior to his stint as the deputy governor of RBI, he was an advisor to the Boston Consulting group and was also a non-resident fellow at The Brookings Institution. Apart from this, he has worked with Reliance Industries Ltd, IDFC Ltd and is also on the board of Gujarat State Petroleum Corporation Ltd. Patel’s exposure to the infrastructure sector, especially power and energy, could prove to be extremely beneficial for the RBI in dealing with loan defaults, NPAs and other held up projects.

Starting from the Narasimha Rao government, which undertook the great economic reforms of 1991, to the present government, Patel has played an important role in the country’s policy-making. He is credited with developing debt market, facilitating banking-insurance reforms and also for the transformations in the foreign exchange market in India.

The market and investors were not very enthusiastic about Patel’s elevation as RBI Governor for he is considered as an inflation hawk. However, they are optimistic about him being a little more flexible than Rajan in terms of lowering interest rates and other economic policies.

Urjit Patel appointed as new RBI Governor

On Saturday the government appointed Urjit Patel as the new Governor of Reserve Bank of India. He will be replacing Raghuram Rajan and will formally take charge from the 4th of September. According to The Times of India, Rajan had announced in June that he would be stepping down in September and return to academia after a three-year term with the RBI.

Urjit Patel was born on October 28, 1963 and has received a doctorate in economics from Yale university and M Phil from Oxford. Just like his predecessor, he has worked with the International Monetary Fund. Prior to this he has also worked with Boston Consulting Group. He was appointed as the Deputy Governor of the RBI in 2013 is known as an expert on inflation.

‘The appointment has been made based on the recommendation of the Financial Sector Regulatory Appointments Search Committee(FSRASC), headed by the Cabinet Secretary. The committee undertook an extensive exercise to suggest a panel of names to the Appointments Committee of Cabinet (ACC)’, reported The Hindu.

He will be the eighth Deputy Governor to be made the Governor at RBI.

 

Governor N N Vohra to meet BJP and PDP leaders

Former Deputy Chief Minister Dr Nirmal Singh and a senior BJP leader expressed assurance that ‘government formation will happen soon’ in Jammu and Kashmir.

“However, there has been no time frame set for it so far,” Dr Nirmal Singh said after a long meeting with PDP chief Mehbooba Mufti. After an extensive talk in Delhi with senior BJP leadership as to what they will be passing on to the Governor Narinder Nath Vohra later, Dr Nirmal Singh along with two senior party leaders had returned to Jammu earlier today. When asked about their meeting at Delhi, Singh said that they discussed matter pertaining to government formation in the state.

Though Singh described his meeting with the PDP chief as a courtesy call, their meeting assumed importance in view of it being the first high-level talk between two parties ahead of their meetings with the Governor.

After the death of Chief Minister Mufti Mohammad Sayeed, the state has been under Governor’s rule, as none of the alliance partners staked claim for government formation.

PDP leaders have stated that they want a commitment on the ‘Agenda of Alliance’.
Amidst the deadlock over government formation in J & K, Governor N N Vohra has called both the party leaders today evening to clear their stand on the matter. Meanwhile, Naeem Akhtar, PDP Chief spokesperson said that the ‘Agenda of Alliance’ is sacred for both parties.

Source:Indian Express

Ex-Chief Justice of India appointed Kerala Governor

New Delhi: In a controversial decision, a former Chief Justice of India, P. Sathasivam has been appointed as the Governor to the state of Kerala after former Delhi Chief Minister, Sheila Dikshit, stepped down recently.

All the governors who were appointed during the UPA regime were being sacked, or transferred by the newly elected Narendra Modi government. This led to eight governors resigning from their post so far.

The decision, however, has not gone down well with many, especially among the members of Bar association and Congress party. For the first time in the history of this country, a non-political individual has been appointed as the Governor of a state. Besides, it is usually expected that a Judge refrain observe a ‘quarantine period’ during which he does not take up any responsibilities except for that of Judicial Inquiry Commission.

The Congress party members while protesting his appointment, are of the opinion that Justice Sathasivam was given such a plum post owing to his involvement in acquitting Amit Shah in the Sohrabuddin Sheikh fake encounter case. “Why was he made? This raises a question if he has done some work, for which they are pleased. Prime Minister Modi is pleased, Amit Shah is pleased and that is why he is being honoured?,” questioned Congress spokesperson Anand Sharma.

The 65-year-old who retired in April this year, will be appointed governor ‘with effect from the date he assumes charge of his office’ informed a communique from Rashtrapati Bhavan

Read more at: http://zeenews.india.com/news/nation/ex-chief-justice-of-india-p-sathasivam-appointed-governor-of-kerala_1464577.html

Gujarat Governor Kamla Beniwal appointed as Mizoram Governor

Picture Courtesy - www.msubaroda.ac.in
Picture Courtesy – www.msubaroda.ac.in
New Delhi: Gujarat Governor Kamla Beniwal has been transferred and appointed as the Mizoram Governor by Modi-led NDA Government. There had been a major stiff between Beniwal and Modi when the former back in 2011 had appointed Justice RA Mehta (Retd.), without prior consultation with the State Government.

According to sources at the Rashtrapati Bhavan, Rajasthan Governor Margaret Alva has been handed the additional responsibilities of carrying out the duties for the remainder of Beniwal’s term. Mizoram Governor Vakkom Purushothaman has also been transferred and appointed as the Nagaland Governor. He will, however continue to perform the additional role of Tripura Governor.

This comes in the recent scenario of events as many of the UPA appointed Governors’ being either transferred or asked to step down in the past couple of weeks. Nagaland Governor Ashwani Kumar, UP Governor BL Joshi and Chattisgarh Guv Shekhar Dutt has already stepped down. Joining them now, are the Governors of West Bengal, MK Narayanan and Goa, BV Wanchoo who recently resigned post CBI inquiry.

Read more at: http://www.aninews.in/newsdetail2/story174702/gujarat-governor-kamla-beniwal-shifted-to-mizoram.html

UK’s first Muslim MP resigns to be Pakistani governor

sarwar-pa
Former Labour party MP from Glasgow, Mr Mohammed Sarwar | Image Courtesy: The Independent

 

It was a difficult decision, said 60 year old Mohammed Sarwar. His children were raised in Glasgow, his grandchildren are there currently and he is going to miss them but he believes that sometimes you have to make difficult decisions for the greater good. Sarwar, who made headlines as Britain’s  first Muslim MP,  has renounced his British citizenship in order to become the governor of Punjab,  Pakistan’s most populous province. He took up the third most senior figure of Pakistani government after talks with the country’s newly-elected Prime Minister Nawaz Sharif, last week.

From the Punjabi city of Pirmahal to the University of Faisalabad and then to Britain in the early 1980’s, Mr Sarwar’s first venture into politics came during the Labour Party’s landslide victory in 1997 when he was elected as the MP for Glasgow Govan, a constituency in Scotland’s second largest city.

On his appointment he became Britain’s first Muslim MP and the first to swear the Oath of Allegiance to the Queen on the Holy Koran.

Mr Sarwar’s association with PM Nawaz Sharif is not recent. He has been a long time supporter of Mr Sharif and is said to have wide business dealings with the Prime Minister’s family. He also played a key role in choosing candidates for key constituencies, which paved the way for Pakistan Muslim League(N) leader Nawaz Sharif’s election victory earlier this year. Sarwar was forced to renounce his British nationality as Pakistan’s law forbids ministers and senior officials from holding dual nationality.

 

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(With inputs from Gopika B. Nair)