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Modi discusses economy with Jaitley
New Delhi, Sep 14 (IANS) As rupee continues to weaken and fuel prices soar to record levels, Prime Minister Narendra Modi on Friday met Finance Minister Arun Jaitley and top Finance Ministry officials to review the economic scenario.
Modi will hold another economic review meeting with key policy makers on Saturday to discuss possible interventions by the government to address the macroeconomic challenges arising out of the depreciating rupee and steep rise in fuel prices.
While Revenue Secretary Hasmukh Adhia and Economic Affairs Secretary Subhash Chandra Garg accompanied Jaitley to the Friday meeting, Expenditure Secretary Ajay Narayan Jha will join the Saturday meeting during which the Prime Minister will also review the budget, informed sources said.
The high-level meeting on Saturday has been called to analyse the economic situaion precipitated by record depreciation in rupee and unprecedeted rise in fuel prices.
The rupee touched an all-time low of Rs 72.91 per US dollar on Wednesday and closed at Rs 71.85 on Friday. Fuel prices, too, have been breaking records for some days with petrol selling at Rs 81.28 in Delhi and Rs 88.67 in Mumbai on Friday.
The Prime Minister may like to know the possible fiscal and monetary measures that the government can take to improve market confidence and economic scenario, officials said.
On Wednesday, Economic Affairs Secretary Subhash Chandra Garg said the government and Reserve Bank of India (RBI) will take all necessary measures to check the further slide of rupee as there was no fundamental rationale for the rupee to depreciate to these levels.
Garg said the steep depreciation in rupee reflected overreaction of market operators and attributed rupee’s correction the same day as proof. Rupee closed at Rs 72.19 per greenback on Wednesday after recovering from its lowest intra-day of Rs 72.91.
Modi is also likely to discuss issues related to fiscal discipline with the policy makers. Considering general elections next summer, some economists have expressed fear against populist measures and hope the government does not cut tax on petrol.
The country’s fiscal deficit in the first four months of 2018-19 has already touched 86.5 per cent of the full year’s target of Rs 6.24 lakh crore. On August 31, the Controller General of Accounts (CGA) said the fiscal deficit for April-July was Rs 5.40 lakh crore.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.