Friday, March 4, 2011

I'm responsible for CVC choice: Manmohan Singh

NEW DELHI/JAMMU: Unlike the 2G telecom scam which he blamed on compromises required for running a coalition government, Prime Minister Manmohan Singh has accepted responsibility for the Supreme Court striking down the appointment of P J Thomas as chief vigilance commissioner.

"I respect the judgment of the Supreme Court and I accept my responsibility," the PM said in Jammu on Friday, admitting that the buck stopped with him since the CVC decision did not relate to coalition compulsions.

"Well, I think what we see, this is not a question which relates to the compulsions of the coalition. As for the rest, I have already said that I respect the judgment of the Supreme Court," he said. "Obviously, I think the Supreme Court has pronounced and as a loyal citizen of the country... I accept it. I respect the judgment and I accept my responsibility," he added.

If the PM was looking to preempt an aggressive Opposition in Parliament on Monday, he appeared to have succeeded with Leader of Opposition Sushma Swaraj responding with a tweet that "I appreciate the statement of the Prime Minister owning responsibility for the appointment of CVC which has been quashed by Supreme Court. I think this is enough. Let matters rest at this and we move forward".

Congress welcomed the PM's statement, with party spokesperson Satyavrat Chaturvedi saying it showed his magnanimity.

Privately, however, partymen acknowledged that Singh had little option, as there was no room to blame coalition compulsions for a decision that he took with home minister P Chidambaram.

Congress continued to paint the issue as one of procedural irregularity that has now been set right by the court. At the meeting of Congress's Core Committee on Thursday, attended by both the PM and Congress president Sonia Gnadhi, Chidambaram had emphasised that SC had not indicted anyone.

Despite Swaraj looking to close the chapter, the issue may not peter out with other BJP leaders insisting that the PM needs to explain more. Leader of Opposition in Rajya Sabha Arun Jaitley said the PM had to answer several questions on Thomas's appointment. "Prime Minister ought to explain whether he was misled or he misled himself," Jaitley said.

In the Lok Sabha, deputy leader of the party Gopinath Munde and former finance minister Yashwant Sinha persisted with the hard line. "The only authority he claimed to have was moral authority. Now that is gone, too. He has no alibis, and no place to go," Sinha said a couple of hours before Swaraj came out with her conciliatory response.

BJP sources said the party may not be satisfied with a few sentences owning up moral responsibility and would insist on a detailed explanation on why the government decided on Thomas despite the former bureaucrat facing a chargesheet in a corruption case and also being involved in telecom issues as a former secretary of the department.

With the Opposition, including Left, demanding the PM make a statement in Parliament, Singh indicated he might do so. "I should speak first in Parliament. I have not made up my mind. But the issue is important. It is necessary to ensure that such things do not happen again," he said.

Despite Swaraj's tweet, government will have to keep its fingers crossed. Apart from doubts whether the BJP benches in the two Houses on Monday will be as conciliatory as Swaraj, it has to contend with Left. Readying themselves to square off with Congress in the battlegrounds of West Bengal and Kerala, Left MPs demanded clarifications in Lok Sabha.

They will like to pin down the government and this, in turn, may create pressure on the BJP not to be statesmanlike.

toi

Sensex gains 247 pts on easing inflation

MUMBAI: The Sensex rose by over 247 points in opening trade on the Bombay Stock Exchange today on continued buying by funds, driven by a firming global market trend and easing food inflation.

The Sensex, which gained over 865 points in the past four sessions, shot up by 247.21 points, or 1.33 per cent, to 18,736.97 today. Banking, auto, metal, capital goods and oil and gas stocks led the rally.

Similarly, the broad-based National Stock Exchange Nifty index gained 72 points, or 1.13 per cent, to 5,608.20 points.

Brokers said a firming trend on other Asian bourses following overnight gains in the US market and easing food inflation mainly buoyed the trading sentiment at home.

In addition, corporate-friendly Budget proposals also supporting the ongoing rally on the bourses, they said.

In the Asian region, Hong Kong's Hang Seng index was up by 1.41 per cent, while Japan's Nikkei index rose 1.56 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.59 per cent higher in yesterday's trade.

toi

Rupee gains 10 paise against dollar

MUMBAI: The rupee rose by 10 paise to 44.94 per US dollar at the Interbank Foreign Exchange today, supported by a rally in the domestic stock market and dollar weakness against the euro overseas.

Forex dealers said a higher opening in the stock market and dollar losses against the euro and other currencies kept the rupee sentiment firm.

The rupee had lost 9 paise to close at Rs 45.04/05 per dollar in the previous session on fresh dollar demand from importers.

Meanwhile, the Bombay Stock Exchange index Sensex was up by 247.21 points, or 1.33 per cent, to 18,736.97 in early trade today.

toi