- 1 day ago
The central government has implemented austerity measures, including reducing ministerial convoys to two vehicles, in response to a looming fuel crisis driven by West Asian geopolitical tensions. While the ruling party frames this as a necessary fiscal step, opposition leaders have labeled the move tokenism, demanding a special parliamentary session to address the economic situation and rising oil prices. Simultaneously, the national currency has depreciated to an all-time low against the dollar, prompting calls from experts for fiscal consolidation and reduced political populism. Amidst these economic challenges, a major controversy has emerged regarding the national medical entrance examination. Investigations into an alleged paper leak and an interstate exam mafia have resulted in multiple arrests across several states, revealing potential political links. Education experts are now advocating for a complete overhaul of the testing system, suggesting decentralized, computer-based examinations to ensure future transparency. Transparency activists further urge the government to disclose fuel stock data to prevent public panic and hoarding during this period of economic instability.
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NewsTranscript
00:05Good evening, hello and welcome. You're with the news today, your primetime destination news,
00:09newsmakers, talking points this Wednesday night, the big talking point. The Narendra Modi government
00:14is walking the talk by saying it's cutting convoy vehicles for ministers. Is the government
00:21preparing the country for tough times? Former RBI chief Dee Subarao is among my special guests
00:28tonight. But first, as always, let's talk about the nine headlines at nine. After saying that the
00:37country must begin to spend wisely, Prime Minister Modi downsizes his convoys. Union ministers, BJP
00:44chief ministers follow suit. Modi cabinet approves rupees 37,500 crore coal gasification scheme
00:52to cut dependence on fuel import. Kerala CM announcement now deferred till tomorrow after
01:04Rahul Gandhi and Congress President Kargay hold a key meet. 11 days gone, the state still doesn't
01:11have a chief minister, Venu Gopal, Satishan, Chenitala, all in the race.
01:20Another win for Vijay on the floor of the house with 144 votes. 25 AIDMK rebels vote in favour
01:28of the new Tamil Nadu chief minister. EPS sacks the rebels as the AIDMK heads for a split.
01:37Are under fire from allies and severe backlash. Tamil Nadu chief minister, Vijay, forced to
01:44revoke his astrologer's appointment as officer on special duty. There were complaints over
01:52that. The NEETS paper leak probe widens even further. CBIRS 5 accused in the case. Image of
02:04one of the accused with Rajasthan's education minister, Madan Dilawar, emerges.
02:12Samajwadi party chief Akhilesh Yadav's half-brother Prateek Yadav passes away at the age of 38.
02:18Autopsy report says debt due to cardiorespiratory collapse. Chief minister Yogi Adityanath pays his
02:24last respects. The Narendra Modi cabinet approves higher MSPs for 14 Kharif crops, including paddy
02:33and maize for the 2026-27 marketing season with an outlay of 2.6 trillion rupees. The hikes focus
02:41heavily on pulses and oil seeds. New Delhi all set to host a BRICS foreign minister summit tomorrow.
02:49Iran foreign minister Abbas Araqchi also to attend the meet amidst escalating tensions in West Asia.
02:58And amidst the deadlock in West Asia, US President Donald Trump arrives for the high profile meeting in
03:04Beijing. He will meet with Chinese President Xi tomorrow. Talks on trade Iran. War on the agenda.
03:20But first to our top story tonight. Over the last few days, the prime minister has been urging citizens
03:27to cut fuel consumption and use public transport. Finally, that message is slowly reaching the
03:33corridors of power. From smaller convoys to electric cars, BJP leaders and chief ministers today were
03:40showcasing austerity measures. The opposition is calling it mere tokenism, saying the government has
03:46simply mismanaged the impending economic crisis caused by geopolitical tensions in West Asia. Is this
03:55austerity or the savings drive, as the government calls it, working on the ground or not? That's our top story.
04:25$1.4 law.
04:32$20.4.
04:32call to citizens urging them to cut fuel expenses, Prime Minister Narendra Modi has asked his
04:38colleagues in the government to set an example. Modi himself was seen travelling to work in
04:44a car with one escort vehicle.
04:51Home Minister Amit Shah, Defence Minister Rajnath Singh, Health Minister JP Nadda, all of who
04:58usually have convoys of 11 vehicles, have reduced it to 4.
05:20Chief Ministers of BJP dual states have taken the queue from Delhi.
05:27Some countries have had lockdown, petrol of 455-500 rupees, some countries have gone
05:34to security, which are the conditions of the country.
05:38Or in a different way, the foreign exchange of the country, which is the cost of that,
05:57Madhya Pradesh Chief Minister Mohan Yadav, who normally moves in a cavalcade of 13 vehicles,
06:02set out with eight cars in Bhopal.
06:07While Bihar Chief Minister Samrat Chaudhary switched to an electric car,
06:12he was escorted by a long line of cars that use fossil fuel.
06:16The message from Delhi, it seems, is taking its time to reach the right quarters.
06:23Pritam Lodi, the BJP MLA from Bichaur in Madhya Pradesh,
06:27arrived at the Bhagicha Hanuman Temple in Karera in a long cavalcade.
06:32His supporters shared a reel as well.
06:40Another BJP leader, Rakesh Singh Jadon, reached the Khadi and Village Industries Board Office
06:45in Bhopal, where he was taking charge as the Vice Chairman, accompanied by dozens of cars.
06:52The opposition is calling the government's measures just tokenism.
07:20It has been more than two months since the war in West Asia triggered a worldwide crude oil crisis.
07:28The government's sudden focus on controlling expenses and imports could be setting the stage
07:34for a hike in fuel prices, or is the economy facing a bigger crisis than is widely acknowledged?
07:41Bureau Report, India Today.
07:47So let's raise that question, austerity politics.
07:51Is it optics or real change?
07:53Will the government walk the talk and cut the flap?
07:57Is the government preparing the country now for tough times?
08:01Is the stage set for a fuel price hike?
08:04So you've got a situation now, whether the government will walk the talk and actually cut the flap,
08:10or is this mere optics?
08:11Our political face-up, Dr. Shama Mohammed is National Spokesperson Congress.
08:16Dr. Syed Zafar Islam is National Spokesperson BJP.
08:19Also joined by Anjali Bhardwa, transparency and accountability activist.
08:23Thank you all very much for joining us.
08:26I want to come to you, Zafar Islam, first.
08:28The Prime Minister's, there were visuals today of his convoy being cut to just two.
08:33We are told the Home Minister is cut to four.
08:36But I also will play visual just now of Samrat Choudhury in a 22-car convoy.
08:4222-car convoy.
08:43So you tell me, what are we to believe?
08:46Is the government serious about it, or is this a photo op?
08:54Radheep, the other day also I had told you that the announcement has just been made.
09:00You have to be a little patient because it is being implemented.
09:05Everyone has been asked.
09:06You just had shown the video of Maharashtra Chief Minister, Mr. Fadnavis.
09:12He has taken wages to ensure that there is a, it's not optic, but it is a very effective implementation
09:20in the state of Maharashtra by the government officials.
09:23And I'm sure that every other government, wherever we, state wherever we have government, as well as in the central
09:28government, everyone is implementing it.
09:31So these 22 cars, the 22 cars, 22 cars of your BR chief minister is an aberration.
09:37The 22 cars that he is taking, today, this has happened today.
09:41Yes.
09:43No, no.
09:45Radheep, I'm saying that, this is what I told you, that there could be one or two aberrations.
09:50But that will also get addressed immediately because it is something where everyone has been sensitized.
09:55And everyone has been very clearly told to implement it, follow it, and implement it for, for, and become a
10:04template for others to follow.
10:07And this is what the Honorable Prime Minister has done.
10:10Sir, because, sir, because, sir, as you know, sir, no, that's a very positive sign, Prime Minister traveling in two
10:18cars.
10:18But you will recall, I told you this a few days ago, as well, that the Prime Minister, on the
10:23very day that he was making announcements, he was doing roadshows, first in Jamnagar, then another roadshow in Vadodara.
10:31Then you had the grand swearing-in ceremony for Hemantabhiswa Sarma.
10:35So it almost seems that when it suits you, you talk about budget.
10:39When it doesn't suit you, life carries on as normal.
10:43What am I to believe?
10:45What I saw today, two cars, is that now going to be the new mantra?
10:49Allow me to complete.
10:53Allow me to respond.
10:54First of all, there is no cut on welfare scheme.
10:57There is no cut in the capital expenditure, what has been allocated in the budget.
11:03There is absolutely no cut anywhere except the austerity measures which has been introduced by the Honorable Prime Minister.
11:09It is something which everyone should, for the sake of their own nation, and even in situations like this, must
11:17follow.
11:18I mean, there is no hard and fast rule or guideline for everyone has to follow it.
11:25But it is something which has been sensitized that nation and the global community, everyone is feeling the heat because
11:33of the Iran-US crisis and the blockade of Hormuz.
11:39Everyone is facing the heat.
11:40And I am sure that people, a country like India, where we have to import, so we will also feel
11:46the heat.
11:47So, if you take some measures which ensures that part of the import bill comes off, it will help the
12:01government.
12:01I mean, like I will tell you what the assessment is of some of the analysts which have made the
12:06assessment,
12:07that because of the appeal by the Honorable Prime Minister to not buy gold unnecessarily,
12:15ensure that some measures you take when you are traveling or using petrol or diesel,
12:21and likewise when you are traveling abroad.
12:23If you all put together, if some improvement is there, then we can save 100 billion dollars.
12:29I mean, this is the assessment of the analysts on the street.
12:31Sir, I have heard you, I have heard you patiently.
12:33Why not? It should be done.
12:34I have heard, okay, I am glad, better late than never.
12:38But Shama Mohammed, you are using your mobile there.
12:40What is it that you want to show?
12:42The fact is that the picture that we have got today are of two cars.
12:46The Prime Minister's convoy has only two cars today.
12:49How do you respond to that, that the Prime Minister's team claims we are walking the talk?
12:54You know, Rajdeep, the picture I am showing is not a Chief Minister.
12:59These are newly appointed corporators in Madhya Pradesh.
13:04They are going in convoys.
13:05Now, you spoke about Samrat Chaudhary.
13:07That is a Chief Minister.
13:09These are corporators, newly appointed.
13:11They are doing it today.
13:12So, let's understand that.
13:14No, when are those images from?
13:16The images you are showing is from when?
13:17From Madhya Pradesh.
13:18Madhya Pradesh.
13:19When did it happen?
13:20When are you showing those images?
13:22In the evening, after the Prime Minister's speech.
13:24It happened after the Prime Minister's speech.
13:27I don't think so.
13:28No, no, no.
13:28It's an AI, AI.
13:31Show me, show me video.
13:33So, AI.
13:34Sir, she did not interview.
13:35May Mr. Zafar Islam.
13:38We will verify.
13:39I am asking my producer, producer, please verify this image.
13:43Please verify the image.
13:44Okay, but just a minute.
13:45Let us finish.
13:46It is something with Congress agenda to mislead the people.
13:50Okay, sir.
13:51I am not going to do a debate like that.
13:52No, no, Zafar Islam, I am putting your voice down.
13:55She did not intervene with you.
13:58Producer Ketki, please check the image that has been sent.
14:01You are claiming this is corporators in Madhya Pradesh.
14:04Am I correct?
14:04Yes.
14:05From today.
14:05And it is economic times.
14:06Economic times.
14:07Not anybody else.
14:09Look.
14:09All right.
14:10Economic times.
14:10Can you see that?
14:11ET.
14:13Now, my issue, I never, Rajdeep, you know me, I do not come ever without facts.
14:17And please tell this spokesperson not to be juvenile.
14:21We are all reached a stage.
14:23No, no, but please don't use word like juvenile and all.
14:25Please focus on the topic.
14:27No, madam, please do not use personal words.
14:29You focus on your points.
14:30I think.
14:30And put your voice down also, Zafar Islam, let her complete.
14:34Shema Muhammad.
14:35Let us focus.
14:36No.
14:37Please put Mr. Zafar Islam's voice down.
14:40Shema Muhammad, I know how to use it.
14:41Producer.
14:41Yeah.
14:42Now, go ahead.
14:43So, we need to.
14:44Shema Muhammad, focus on facts, no personal comments.
14:46None whatsoever.
14:48Yeah.
14:48So, we need one most important thing about Narendra Modi is he doesn't practice what he
14:53preaches.
14:54He comes out and gives out these statements and just shows himself in two cars today.
14:59Then after a few days, it's going to change.
15:01Number two, I heard what Devendra Fadnavas is saying.
15:04Devendra Fadnavas says,
15:06I want to ask this Devendra Fadnavas.
15:12In 2008, Rajdeep, I was in Dubai living there.
15:17I went through that economic crisis in Dubai, where Dubai was badly affected.
15:23The U.S. was badly affected.
15:24Whole of Europe was affected.
15:26Asia was affected.
15:28India stood its ground.
15:30You know why?
15:30That's called governance.
15:32You prepare for something like this.
15:33We put in a stimulation package of 1.8 lakh crores.
15:38By 2010, our GDP came back to 8.5%.
15:42Now, this government's problem, Rajdeep, is always...
15:45Madam, that was the period with due regard where inflation spiraled out of control.
15:49But go ahead.
15:50Yeah.
15:51Inflation, but at least what I'm saying is when I was there, India was not affected by
15:56that crisis.
15:58India was seen among the fragile five economies at the time.
16:01I want to be factual.
16:02No, no.
16:03It was seen amongst the fragile, but we were the only economy which came out of it.
16:08Even the U.S. collapsed.
16:09I know about it.
16:10You know about it.
16:11Now, let's understand one important thing, Rajdeep.
16:14In March, when we were in Parliament, Rahul Gandhi said, let's discuss this because this
16:18is very important.
16:19Now, we were getting discounted oil from Russia.
16:23We went and listened to what Mr. Trump said.
16:26We stopped that.
16:27When Trump attacked Iran, it was an unprovoked attack, right?
16:33Many European countries condemned it.
16:36Not a word from India.
16:37Iran is an old friend of us.
16:38We are the ones who are building the Chabar port.
16:41Why did we not condemn it?
16:42Yes, you can be with the United States.
16:44You can have a policy, but you could also have condemned it.
16:47So, we lost friends.
16:48We could have kept getting oil from Russia, stored up the oil.
16:52We knew there's a crisis three months back.
16:54We could have continued the good relation with Iran.
16:57You know, our ships could have easily gone through homeless before.
17:00Now, of course, there is a blockade by the United States.
17:03But the point is that these sort of things need a sort of management.
17:09The other important point is, why is the Prime Minister not addressing the nation?
17:14When he last addressed the nation, I really thought, Rajdeep, he was going to talk about
17:18these measures, what is going to happen.
17:21There is a shortage of oil.
17:22He made a speech, ma'am.
17:24No, no, Shama Mohammed, he made a speech.
17:26He made a speech where he put various austerity measures.
17:30Now, you want him to address the nation.
17:32When he addresses the nation, you have aтАж
17:34Let me finish.
17:34You accuse him of politicizing the issue.
17:37Madam, you have to stick to the facts.
17:39I'm sitting to the facts.
17:40He should have called a special session of parliament.
17:42And get in the opposition.
17:44That's another matter now.
17:44You know, get in the opposition.
17:46Get in the opposition.
17:47Discuss it with the opposition parties.
17:49You know, there isтАж
17:50This, he comes out with a film showing, you know what, I'm the greatest.
17:53I'm traveling with two cars.
17:55Look at me.
17:55I'm sacrificing so much.
17:57And then he puts the onus on all of us.
17:59What we went through when Note Bandhi happened, you all know what happened.
18:02He just removed all those notes and people were standing in line.
18:05People died.
18:06You know what went through COVID?
18:07He was in 21 campaigns happening in West Bengal when Rahul Gandhi in the Congress party took the first step
18:14and said, listen, we are not going to continue the campaign because people are dying.
18:17He did not care.
18:19He once, he finished campaigning.
18:20Then when he understood there is an issue, we went into having vaccinations for 18-year-olds.
18:26I've taken your points, ma'am.
18:27Ma'am, ma'am, ma'am, I've heard you, Shama Muhammad.
18:30This is not a monologue.
18:32I've heard you now.
18:32Everyone gets fixed time.
18:35Anjali Bhardwaj, you tell us.
18:37You've heard the politicians giving their partisan viewpoint.
18:39Do you believe that it is possible for those in the state to give up some of the facilities they
18:45have as a transparency RTI activist?
18:47What's your experience been like?
18:50Rajdeep, let me basically say that without getting into politics, that this is an international global crisis, which has been
19:00building up for over two months.
19:02And in a situation like this, what is very important is that the government keep people informed.
19:10There is basic information, objective information that the government keeps sharing with the people of the country, including where are
19:19we on stocks of fuel, of oil, of fertilizers, what's likely to happen, what the government is planning to do.
19:28And I think all of these things is what we expect from a government in a democracy.
19:35We had the prime minister come out and address the public, and he did talk about various austerity measures.
19:43The timing of it undoubtedly was concerning because a crisis like this, where we are in such a grave sort
19:52of a situation, there is fuel crisis that's looming very, very large.
19:56One would imagine that this should not be dictated by any electoral considerations.
20:03It does appear that the country waited for the elections in various states to happen.
20:10And only after that, people are being talked to by the prime minister about the crisis that we are in
20:17and we are likely to face and we should prepare ourselves.
20:20When there is lack of transparency and the prime minister is also referring to COVID times, I think there can
20:28be mass panic because we know what sort of scenes unfolded during COVID with millions of migrant workers walking back
20:40hundreds of miles.
20:42So to prevent black marketing, to prevent hoarding, to prevent panic, it is very critical that there be proper addresses,
20:52press conferences by the prime minister, by the finance minister, people are kept informed, people know what to expect, and
21:01people can be prepared.
21:02I think these are the things which are very, very important, which we must see happening.
21:08They haven't happened so far.
21:09The second thing is that when a country the size of India goes into crisis and the government wants to
21:17respond, we must remember we have a federal structure in our constitution.
21:22All chief ministers must be taken on board.
21:25That is something we saw did not happen during the COVID crisis.
21:29People must be taken on board.
21:31There must be consultations.
21:33Proper policies must be framed, which keep people at the heart of things.
21:38We are a country which has globally amongst the highest levels of inequality and extreme poverty.
21:46So we cannot have a situation where the government puts people through any kind of policy measures without keeping people
21:56and especially the most marginalized and the poorest at the heart of policymaking.
22:01So all of this must happen.
22:04It cannot simply be that, you know, is there austerity measure that is followed by one minister or not in
22:10one state or not?
22:11Of course, everything has to start from the top.
22:14We cannot have big convoys or, you know, air shows or road shows on the one hand and people being
22:19expected to be austere on the other.
22:22But at the same time, there are far more important things beyond the cosmetic.
22:28There are very substantive things that in governance people expect from a democratic government.
22:35You know, I just want to say good words there from Anjali Bhardwaj because Shama Mohammed, we have checked.
22:42It is an AI-generated image that you showed us.
22:46It is from the Economic Times.
22:48Madam, it is no.
22:49Now, madam, you must listen to me.
22:52It is an AI-generated image.
22:54Please be very careful.
22:55You carried it as if it was.
22:56I have just got to check.
22:58It is Economic Times.
22:59Yes, Economic Times in the same thing.
23:02Madam, it is written on the corner AI-generated image.
23:04Please see your video.
23:06It is the Economic Times, Raj.
23:07No, please, sorry.
23:08You have been proven wrong.
23:10You have been proven wrong, madam, and that's not right.
23:13Do not mislead the viewers like this.
23:15It is wrong to put an AI.
23:16I am not misleading the viewers, Raj.
23:17You did.
23:17Sorry.
23:18We have checked it.
23:19I asked my producer to check it.
23:21It is an AI-generated image.
23:22Now, I've heard you.
23:23Before you put your hand up, Zafar Islam, Anjali Bhardwaj and the Congress spokesperson raised an important point.
23:30The Prime Minister makes this announcement followed by a road show.
23:34A road show with, ironically, a cavalcade.
23:37No session of parliament is called.
23:39No chief ministers are taken into confidence.
23:42No wider meeting is held.
23:44You cannot have, in a federal polity, the point Anjali Bhardwaj makes, this cannot be centralized.
23:50These are very critical decisions.
23:51You need to take people and politicians into confidence.
23:55It cannot be one person or one centralization deciding one day that you have to go in for austerity.
24:01You have done a road show, rallies, everything happened for six weeks.
24:06That time you didn't think of austerity.
24:08Now you've remembered it.
24:10Why not call a special session of parliament?
24:13Sharath Pawar.
24:13The country's senior most leader is calling for a special session.
24:17You call a special session for Nari Shakti to get benefit in West Bengal elections.
24:21You cannot call a special session when people are going to be hit by a fuel price high.
24:26Can I just respond, please?
24:28Please respond now.
24:29Look, can I respond to, please, respond to, see, I heard Anjali Bhardwajji, I heard Dr. Shama Muhammad,
24:37and let me respond to them as well.
24:39No, you respond to my question.
24:41I do appreciate what Anjali Bhardwajji has said.
24:44No, and I will respond to you as well.
24:46See, as far as the timing of what you said that the announcement was made by the,
24:51or the prime minister when he spoke about it, and then he did a road show, but these were all
24:56scheduled,
24:57and why, before the election, or during the election, or after the election, or the result,
25:03I think the timing, we should not speak about it, because if somebody is tracking the Iran-Israel war,
25:08Iran-Israel's war, just a second, just a second.
25:10Mr. Zafar Islam, no, no, do not, just a second, allow me to give the reaction, allow me to give
25:14the reaction.
25:15Sir, what do you mean by saying that we should not consider it during election, you can do what you
25:19want.
25:20Reckless extravagance during election, and public has to suffer.
25:24Ye kya hai?
25:24No.
25:25You are a sensible man.
25:27How can timing not matter?
25:28Absolutely not.
25:30Come on.
25:32Come on, you have to listen to people before reacting.
25:36I think a sensible man first listened to people before reaction.
25:39Their reaction.
25:40So, I would request you and urge you to please respond to me completely.
25:43All I am saying, the timing, because if somebody is tracking the Iran-Israel-U.S. war,
25:48the number of times ceasefire has been announced, and again the war has restarted,
25:54is something which everyone knows, and you know that we have, we had the reserve, we have
25:5950 days of oil reserves, and it is temporarily, temporarily some aberration is there because
26:04of, there is a war between two, three countries.
26:07But if there is a ceasefire, everything will fall back, and it is evident from the fact that the price
26:12of oil, it was $114 at the peak, or $120 at the peak, and it came down to $82, $83.
26:21Because everyone knows that it will come off as soon as there is a ceasefire.
26:26But again, something happened.
26:27It never happened in the past.
26:29When there is a war, it has, either it is continuing like Ukraine and Russia, or it has been stopped
26:35like India and Pakistan.
26:36Sir, I heard you now.
26:37I asked you, sir, I have limited time.
26:39Zafar Islam, I have limited time.
26:41You answer my direct question.
26:43Why does the Prime Minister not call a special session of Parliament?
26:46He is going on a foreign travel to Norway, Italy, and Sweden.
26:50He should be calling a special session of Parliament.
26:53Take the country and the parliamentarians into confidence.
26:56We are not a, we are a democracy.
26:58We are not a one-man show.
27:00Come on, let me, Lomit, Ispar.
27:03Come on, Rajdeep.
27:04You know also, you track Parliament.
27:06It has been discussed in the Parliament.
27:08You know the evolving situation.
27:10Every day is a different situation.
27:11You, today, China and America is meeting.
27:14There could be a ceasefire announcement by, permanent ceasefire by these two countries.
27:18There could be some solution.
27:20The world is watching.
27:21So is India.
27:22But the Honourable Prime Minister cannot, I didn't ask to stop functioning.
27:27There is no stopping of economic activities.
27:30And let me also tell you, I heard Shama Muhammad Ji told me, juvenile.
27:35See, I am a civilized, I come from a civilized party and a civilized spokesperson.
27:40And very disciplined spokesperson.
27:42Sir, I pulled her up.
27:43I pulled her up for not.
27:44But I restrained because, no, I restrained.
27:49First of all, she showed me.
27:50Put her voice down.
27:51Shama Muhammad's voice down.
27:52Absolutely wrong.
27:53And it was AI generated and trying to mislead the nation.
27:58This is what they do.
27:59This is what they are up to.
28:00Okay, I have heard you.
28:01I have heard all of you.
28:02I have a joven line.
28:03I wish we could add.
28:05This is why I have stopped having discussions with political spokespersons.
28:09Unfortunately, it becomes personal.
28:11I thank you.
28:13Okay.
28:13Okay, I have heard all of you.
28:16Unfortunately, this is why I have stopped having discussions with political spokespersons.
28:19Because sooner or later, it gets very personal.
28:22But I appreciate my guests joining me on the show tonight.
28:25I want to turn there to the rupee question.
28:28No, I am sorry.
28:29The rupee question against the dollar.
28:31Because the rupee is in free fall and has reached its lowest today.
28:35It has gone to 90.80.
28:38Remember, this has been a steady 95.80.
28:41The rupee has been steadily free falling.
28:43As you can see with those numbers.
28:45And it has ended today at 95.71.
28:49To explain this, I am joined now by a special guest.
28:55And with the rupee seemingly in free fall, I am joined by a very special guest.
29:00By the former Reserve Bank of India Governor.
29:02Dee Subarau joins me.
29:04I appreciate your joining us, sir.
29:07Indian rupee hitting an all-time low of 95.8 during intraday today.
29:13How bad and concerning is the situation in your view?
29:17This is a matter of concern.
29:19But I don't think there is any need to get alarmed about it.
29:23We should expect rupee depreciation in a situation like this.
29:27Oil price has gone up from about $70 when the Iran conflict started.
29:32To about $110 today.
29:35So, our import volumes have gone up.
29:37Import cost has gone up.
29:39Add to that the subdued export demand.
29:42And possibly weaker remittances from the Middle East economies.
29:46Should they be impacted further by the conflict?
29:49So, there is going to be enormous pressure.
29:51There is already enormous pressure on the current account of the balance payments.
29:56That's putting strain on the rupee.
29:59It's fallen from 89 when the war started to 95 plus, as you said today.
30:04It is a matter of concern.
30:05But I don't think there is any need to get alarmed about it.
30:08But the fact is, Mr. Subharao, even before the conflict broke out in West Asia, the rupee
30:13was gradually depreciating.
30:15External factors, presumably foreign institutional investor outflows, all of which are contributing
30:21in a way to the depreciation.
30:23Do you believe that this is, that the rupee should, as some believe, find its market value?
30:28That there should be no RBI intervention?
30:30If you were Reserve Bank of India governor, what would you recommend?
30:35So, you know, like you said, first of all, about the pressure on the rupee, added to the
30:40current pressure on the current account of the balance of payment, there had been pressure
30:45even before Iran was started because of capital outflows.
30:50So, we are having a double mining of pressure on the rupee from capital account before the
30:56Iran war, on top of that, for the pressure now.
31:00Now, there is a view that the RBI should continue to intervene, defend the rupee, defend the
31:07exchange rate at any cost.
31:08I don't believe that.
31:10If the fundamentals are dictating that the rupee should fall, I believe the RBI should let
31:16the rupee fall.
31:17Because a weaker rupee or a fall in the rupee is actually going to restrain demand for oil
31:26and it's going to mitigate the problem to some extent.
31:29So, a weaker rupee is not necessarily a bad thing.
31:33Besides, it's going to improve our export competitiveness.
31:36RBI should certainly manage volatility in the exchange rate, make sure that the exchange rate
31:43movement is smooth, but should not stop the movement of the rupee.
31:48They should only engineer the trajectory of the moment.
31:50So, I belong to the group which says that RBI should be minimalist in its intervention.
31:56May I ask you this?
31:58Because very interestingly, during your five-year tenure, 2008 to 2013, ended in September 2013,
32:04it included the taper tantrum.
32:07The currency declined sharply against the dollar.
32:09Manmohan Singh's government was targeted at the time.
32:12How would you compare India's present economic fundamentals under the Modi government with
32:17that during 2013 when India was seen to be part of the fragile fight and Manmohan Singh
32:22copped a lot of flack?
32:24Well, today, economic fundamentals are certainly stronger than they were in 2013.
32:292013, we had very high fiscal deficit.
32:32Today, our fiscal deficit, at least at the central government level, is manageable.
32:36In fact, there's credibility to our fiscal management at the central government level.
32:42Our country-owned deficit back in 2013 was high, as high as 4.2%, 4.3% of GDP.
32:48Today, it is 1% last fiscal year, probably expanding to 2% this year.
32:55Our foreign exchange reserves were relatively modest.
32:58Today, we have about $700 billion of foreign exchange reserves.
33:03The global situation, you know, wasтАж
33:07You know, we were part of the fragile fight in 2013.
33:11Today, every country is suffering.
33:13So, I think today's situation is quite different from 2013.
33:17And we are in a better position to manage this crisis today than we were in 2013.
33:23You're saying that our position is much stronger today than it was in 2013, Mr. Subharao.
33:29But you've heard what the Prime Minister said a few days ago,
33:31where he spoke about the need for greater savings, fuel consumption to be reduced,
33:37reduced foreign travel, work from home,
33:40all of which has said a panic reaction, particularly in the markets,
33:43worried about how difficult the situation could get.
33:46Do you believe that the Prime Minister is, in a way, preparing the country for what lies ahead?
33:51Was that the right thing to do?
33:53I believe it was quite appropriate for the Prime Minister to call for austerity.
33:58I can also quite understand why the markets and the larger public are somewhat unnerved
34:04by the Prime Minister's urging for austerity,
34:08because they see this as a much deeper crisis than they believed.
34:12But in terms of real impact,
34:16I think the Prime Minister's urging is going to have only marginal impact.
34:20And like you said, I think the Prime Minister is probably preparing the ground for a rise in price,
34:28because what the Prime Minister is saying, that we're pushing to this extent,
34:31but it's a very uncertain situation, it's an open-ended situation,
34:35it's not possible for the government to continue to bear the cost of higher oil prices,
34:40therefore we may have to pass on some of the future burden to the consumers.
34:46I think that's the underlying message of the Prime Minister's call for austerity.
34:50But you see, the worry, therefore, is that we are entering a phase where inflation could rise,
34:56where fuel prices, of course, fuel that inflation rise,
35:00where you also have the possibility of growth slowing down,
35:02all of which leads one to presume that 2026-27 could be a difficult year.
35:08It's one thing to say our exports get more competitive with the falling rupee,
35:12but you need to improve your productivity in the first instance
35:15to ensure that your growth is sustainable.
35:19Well, certainly.
35:20You know, there is a big uncertain global situation.
35:25Every country is suffering, so are we.
35:27We've got to settle for lower growth, higher inflation, a weaker rupee.
35:32But in order to manage the situation,
35:35we've got to learn lessons from the current crisis
35:38and see what we can do for the future.
35:40Lots of things we have to do.
35:42But you mentioned about productivity improvement.
35:45That is certainly important, regardless of this crisis.
35:48We talk about improving our export competitiveness.
35:53We talk about making India.
35:55underlying all of these aspirations is improving productivity.
35:59And that's very, very important.
36:01Let me ask you this in conclusion.
36:03You've been a civil servant yourself.
36:05And the general belief is that while citizens are being asked to be austere
36:12or at least go in for greater savings,
36:14government continues to be extravagant.
36:17The freebies are doled out every election.
36:20The carcades, the cavalcades continue in many parts of the country.
36:25Do you believe that part of the problem is the government doesn't know how to save
36:29and be austere and you expect citizens to be austere?
36:33I certainly believe that the government should walk the talk,
36:38be more conscious about the need for fiscal consolidation,
36:42both at the central level and at the state level.
36:45There has been some credible fiscal consolidation at the central level,
36:51but at the state level, it's still a very, very big cause for concern.
36:55There should be some national consensus on these freebies that are being shoved
37:00before every election.
37:01So there is need to be this great need to tighten our bets,
37:08believe in austerity, implement austerity,
37:10because that's good for our long-term growth.
37:14Every politician, every political leader who is saying that,
37:19look, I'm giving you this freebie, I'm giving you 2,000 rupees to every woman in my state.
37:23Actually, what is the underlying message?
37:25The underlying message is that, please, I cannot do anything for your long-term good.
37:31Take this and be done with it.
37:33And that is not acceptable.
37:35So I believe there's need for credible fiscal consolidation at the state and central level,
37:42and need for curbing political populism,
37:46and that's got to start at the very top.
37:47So let me ask you, in conclusion, your best case and worst case scenario, sir,
37:52as someone who's been in that hot seat in the RBI,
37:55what's your best case and worst case scenario of what happens in the next few months?
37:59Oh, the best case scenario is that during the Trump visit to China,
38:04there'll be some agreement between Xi and Trump,
38:06and the Iran war will come into a ceasefire next week.
38:10That's not going to end all the troubles,
38:12but that is certainly the best case scenario,
38:14because the oil price grants will persist,
38:18but at least it'll start easing.
38:21The worst case scenario is that this current situation will continue open-ended,
38:26with no certainty about what's going to happen.
38:29That's going to be very, very alarming for the world,
38:31especially for emerging economies,
38:34and especially for an aspirational economy like India.
38:37I'm going to leave it there, Mr. Subharao.
38:40I think you've given some sound advice,
38:42both to your colleagues in government,
38:44and of course your successors in the Reserve Bank of India.
38:48Appreciate you joining us.
38:50Just to ask you, what is your ideal,
38:52if I may ask you, I must ask,
38:54what is your ideal number?
38:56Is there a number you believe that the rupee will settle on against the dollar?
38:59No, I don't want to say that,
39:01because as I said, it's a very uncertain situation.
39:04See, when the rupee crosses 100,
39:06that's a psychological choke point.
39:09I believe the RBI, the government, the markets,
39:12the public will be conscious of that,
39:13just because 100 is a round number.
39:16But I think we should learn to cross that.
39:19I'm not saying that it will certainly cross 100.
39:21It may not.
39:22But if it comes to that,
39:24we should take it in our stride
39:25and take it as part of the cost we have to pay
39:28for managing this crisis.
39:30Okay.
39:31Mr. Divi Subharao,
39:32appreciate you joining me here on the show tonight.
39:35Thank you so much.
39:39Okay, let's turn there to the other big story
39:41that we are tracking,
39:42because a day after the NEET exams
39:44for undergraduates were cancelled,
39:47there have been more arrests,
39:49more political questions,
39:50and fresh allegations of how an exam mafia
39:53has put the credibility
39:55of India's premier medical entrance exam
39:58under the scanner.
40:00Was anything really fixed?
40:02Or are India's students trapped
40:04in the same cycle all over again
40:07by scamsters,
40:09often with political connections?
40:11Take a look at our other big story.
40:18Another NEET controversy,
40:21second one in just two years.
40:262024 outrage was so massive
40:29that the government sacked
40:30the then National Testing Agency chief.
40:33The Education Minister promised strict action,
40:36assured students that lessons had been learned.
40:39that the government has been learned.
40:44The government has been learned.
40:48That the government has been learned.
40:50or tolerance of any kind of breach or sanctity of examination
40:56has always got us.
41:00Therefore, the Modi government has
41:03the Public Examination Prevention of Unfair Means Act
41:09which has been brought to the strict law.
41:15But one year later, India is staring at another
41:19paper leak scandal.
41:21And the question is simple.
41:23Was anything really fixed?
41:25The CBI probe is now unravelling what looks like a
41:28nationwide exam mafia.
41:30Fresh arrests, fresh revelations and once again
41:34the credibility of India's biggest medical entrance exam
41:37is under a cloud.
41:39The latest arrest, Dhananjay Lokhande from Ahilyanagar.
41:44Investigators say he supplied the neat paper to key accused
41:48Shubham Khainar.
41:50But the trail doesn't stop there.
41:52The probe has now reached Rajasthan.
41:55Two brothers from Ramgarh, Mangilal Bival and Dinesh Bival
41:59have been arrested for allegedly buying the leaked paper
42:02for their son preparing for neat in Sikar
42:05and then selling it onwards to others.
42:08Now political links are surfacing too.
42:11Pictures of accused Dinesh Bival with Rajasthan Education
42:14Minister Madan Dilawar and BJP MLA Mahindrapal Meena
42:19have added a fresh political dimension to the scandal.
42:23The opposition is now going all out, accusing the government
42:26of failing lakhs of students yet again.
42:29The Kain's government has tried to save you
42:32once again the CBI's knowledge of your own
42:35knowledge.
42:37Because the knowledge of your own knowledge
42:39you want to call them.
42:40Two years ago the knowledge of its knowledge
42:41was published.
42:42Where is the report?
42:43Where is it?
42:43Where is it?
42:44Where is it?
42:44Where is it?
42:52Is it their government ?
42:55Or it's asaf learners sedimentation
42:58or it's direcent
42:59or they'reprus NFTs FOREUT?
43:02The government is mugging.
43:04And if it is definitely
43:05Signal, what's the problem inside CBI
43:08will fill these water for their own knowledge?
43:11Several opposition parties are calling for the NTA
43:14to be dismantled altogether because after 2024
43:17this was not supposed to happen again.
43:20So now who answers India students?
43:23Thurmendra Pradhan, the Education Minister, Abhishek Singh, the NTA Director General,
43:29Bhajan Lal Sharma, the Rajasthan Chief Minister and Madan Dilawar, the Rajasthan Education
43:35Minister. Two years, two neat controversies, thousands of anxious students and the same
43:43promises of action. The question is, where does the buck stop? Bureau Report, India Today.
43:52So is it really time to dismantle the National Testing Agency as is being suggested? Where
43:57does the buck stop? Dr. Ayush Raj is Chief Advisor of FIMA. It's a group of medical professionals.
44:03They've gone to the court and they want the NTA to be abolished. Maheshwar Perry is founder
44:08Careers 360. He's been exposing such stories in the past. I want to come to you first,
44:14Dr. Ayush Raj. You all have gone to the Supreme Court. You all want NTA to be dismantled. But
44:19do you have an alternative, better system for need to be organized?
44:25Yeah. Good evening, sir. Today, by our association, we've just, today we've filed a PIL in the Supreme
44:34Court. And we clearly stated six points to the Honorable Supreme Court. And they were, I just want to summarize
44:42the six points. It was mentioned that first, we directed the Union of India to replace or restructure
44:48the NTA with more robust and technologically advanced and autonomous body for conducting the
44:54need exams, national exams. Secondly, we also recommended, second point was in the PIL, the
45:01second point was direct appointment of High Power Monitoring Committee, chaired by retired Supreme Court
45:07judges, cyber security expert and forensic scientist. Third, in the PIL, third point was from our side,
45:14it was direct reconduct need use 2020-2026 under strict scrutiny of judicially appointed High Power
45:21Committee. Fourth point was directly mandating digital locking of the question paper and transition to
45:27computer-based test model. Fifth point clearly stated that we directly directed the CBI to file the status of
45:35the report to the Supreme Court within four weeks regarding the investigation into the probe. And the
45:43sixth point was directly mentioned that direct respondent to the point number two for the, to publish
45:49centre-wise results of the need using 2026. So overall, what you're calling for is a complete overall of the
45:56system, move to a computerized system and also have all these, at least at the moment, the test to be
46:01done
46:01under judicial scrutiny. Maheshwar Perry, is there a solution? Is there a solution to ensure that an
46:08examination of this kind can be zero-free, given that scampsters seem to be a step ahead even of
46:14technology at times?
46:17So, thanks Rajdeep for having me. I think the more important thing that we must look at structurally is,
46:22Rajdeep, this examination of 24 lakh students in one single outing, in one single outing, across the nation,
46:29and all physical, where about five and a half thousand centres are doing the examination. If you
46:35see the process, it is printed in a government press. Then it's carried over in a vehicle to
46:40five and a half thousand centres. They're, you know, locked up in a bank locker and then they open the
46:45next day morning when the exam happens. In all possibility, there are about three, four lakhs
46:50people who are going to touch this physical paper at some point in time or the other.
46:55Right? And all it takes is three people to collude, the bank manager, the centre supervisor and the
47:00security person and the board person, in a small village in one of the five thousand five hundred
47:03centres. And it's over. Right? So, the thing is that the physicality of this 24 lakh paper,
47:10the best thing that we should do is to localise the problem, where you actually have seven, eight
47:14papers across the board, so that we at least know that, okay, one paper is leaked, so the exam is
47:18reconducted only for the three lakh, four lakh people. If you were to put it across 24 lakh people,
47:23it's bound to create a problem because the incentive for malpractice in NEET is extremely high. The
47:29public education fee is five lakh rupees, the private education fee is one and a half crore rupees.
47:34When you have that kind of incentive structure where you know that you get into public education
47:38by whatever means you're going to save about a crore plus, then it's bound to lead to a malpractice,
47:43because ultimately students are fighting for not 120,000 seats, but about 40,000 seats, 35,000 seats,
47:48which are the seats that are open for government medical colleges where the fee is affordable.
47:53So, we should be very clear that structurally the need for MBBS, single sitting, physicality of the
48:00examination is extremely difficult to control for the kind of incentive that you have on the malpractice
48:04side where you gain about a crore, crore and a half rupees if things were to be in your paper.
48:09So, what you're saying, you're making interesting suggestions. You're saying don't have one uniform
48:14exam for 24 lakh students. You're saying break it down into six or seven centers so that it's not as
48:21if 24 lakh students are affected. But the question comes that even if 3 lakh students are affected,
48:26A, of course, how do you ensure some level of uniformity across these tests? B, do you move to
48:32a completely computerized system? Over the years, JE has largely been seen to do much better than NEET,
48:38when it comes to transparency. Is a computer testing system the way forward? You can't have
48:45a paper system anymore. So, Rajdeep, even JE is held across 10 sessions if you notice and
48:51by the way, two sessions in Jan and April. So, we're dealing with about 20 plus sessions
48:54for JE also where each paper is different from the other one. And then you get into normalization
48:58of the entire process. So, it is proven multiple times over when the scale of the examination is such
49:03that you can actually conduct it over multiple sessions. So, that is not an issue at all here.
49:08As far as the computer-based testing is concerned, I think we should be slightly careful about pushing
49:12it down the throat of the country because in most schools where students are preparing for NEET
49:17examination, Rajdeep, there is not even a computer. So, how would they even prepare for a mock test?
49:22How would they even prepare? When the question came for the same thing for JE, the argument was that
49:28JE is actually for the technical skills. So, at least they should know what a computer is.
49:33But NEET is not necessary at this point in time that you need to know. It's an argument. I'm not
49:37saying this or that. But the argument is simple that if you want to move completely to a computer-based
49:42test,
49:42people from Jharkhand, Chathisgarh, Kerala, you know the remote parts of the country, the northeast and all,
49:47the students don't have a chance to qualify at all because in their schools where they study in government schools,
49:52there is not even a single computer.
49:54You know, the other question, of course, is the enormous influence of coaching institutes.
49:59Do you believe that is part of the problem? And we are finding Rajasthan in particular has become a bit
50:04of an epicenter.
50:05It's a massive, massive problem. Again, the same thing about the incentive. We talked about the incentive for the parent
50:10earlier.
50:11Now, the incentive for having a top performing, like all these coaching institutes across the country,
50:15ultimately, they want the top 1000 people, top 100 people to be their students, right? And that is how
50:20you get one 720 on 720, you're going to get 10,000 more students joining you next day morning.
50:24So, the incentive for these institutions where hundreds and thousands of crores are riding over their business,
50:30if they were to produce one topper, is so extremely high that they will cut every single corner around to
50:37get that topper.
50:38And in that process, some of them would resort to malpractices also. In this particular case, as you said,
50:44your report essentially said about the person being, you know, known to the Minister of Education in Rajasthan or the
50:49Emilia of Rajasthan and all.
50:50That is very, very disturbing because there is a very clear possibility, Rajasthan, in one of the...
51:01I'm losing your audio at that moment and I'm also running out of time.
51:05But clearly, that nexus that is building up, particularly in states like Rajasthan, where
51:10allegations are now being made also about political support for some of these campsters is deeply worrying.
51:16And I think unless there is a comprehensive look at the way these exams are being conducted,
51:23we'll find paper leaks carrying on time and again. These are the real issues that should matter
51:29if we really want to build a Viksit Bharat for tomorrow. We cannot afford to have the lives of
51:35lakhs of students being sabotaged in this manner year after year. I want to leave it there.
51:42I appreciate my guests joining me on the show tonight. And for you, all I can say is,
51:48good night. Shubratri. Jai Hind. Namaskar.
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