GIFT city: Gujarat govt move to bail out IL&FS "anti-constitutional", says ex-BJP CM

By A Representative
Former BJP chief minister Suresh Mehta, in a letter to Gujarat CM Vijay Rupani, has said that the state government is trying to bail out IL&FS, which has become "heavily debt ridden" as a result of its involvement in the state-sponsored Gujarat International Finance Tec-city (GIFT).

Referring to media reports which said that the state government has given "in principle" clearance to buy up IL&FS' 50% stakes in GIFT (in which the state owns 51% of stakes, while the rest are owned by IL&FS), Mehta said, "The decision to have the GIFT project was suspicious right from the very beginning."

Insisting that the state government cannot spend people's hard-earned money to bail out a private company like this, Mehta insisted, it is "anti-constitutional" for the state government to go ahead with the deal without Gujarat state assembly's nod.

Earlier this week, Rupani had announced, Gujarat would buy out the 50% stakes of the beleaguered IL&FS in GIFT City to ensure there are "no delays" in the project.

Comments

The farmer's burden: How oil, war, and climate are rewriting the price of food

By Vikas Meshram The scorching flames of the Middle East conflict are now slowly reaching the kitchens of ordinary people. The true price of this war is paid in daily markets, vegetable shops, and in the shattered minds of farmers. Expensive crude oil, skyrocketing fertilizer prices, and rising agricultural costs are together creating the conditions for global food inflation — and this crisis is directly tied to what people eat and drink every day.

Economic nationalism under strain as Indian corporates turn to America

By Sandeep Pandey* U.S. federal prosecutors withdrew a criminal case involving allegations that Gautam Adani had bribed officials in India to secure solar energy projects, stating that they lacked sufficient evidence. Gautam Adani and his nephew Sagar Adani also settled a civil fraud case with the Securities and Exchange Commission by paying a fine of around ₹180 crore without admitting wrongdoing. In addition, Adani Enterprises reportedly deposited around ₹2,750 crore into the U.S. Treasury to resolve allegations that it had violated U.S. sanctions on Iran through purchases of Iranian liquefied petroleum gas (LPG).

India’s heatwave crisis: How concrete cities are fueling climate emergency

By Rajkumar Sinha* According to recent studies, urban areas are witnessing a much sharper rise in temperatures than rural regions. The planet is currently heading toward an additional 1.9°C of warming — far beyond the target envisioned under the Paris Agreement . A team of climate scientists associated with the Intergovernmental Panel on Climate Change has noted that India’s average temperature increased by nearly 0.9°C during the decade between 2015 and 2024 compared to the early twentieth century (1901–1930). In western and northeastern India, the hottest day of the year has already become 1.5°C to 2°C warmer since the 1950s.

Counterview

Search This Blog