August 24, 1979, Forty Years Ago: Punish The President
The Janata leadership accused President Neelam Sanjiva Reddy, of acting hand-in-glove with Prime Minister Charan Singh, in denying Jagjivan Ram an opportunity to form government at the Centre. Addressing a mammoth public meeting at Ramlila grounds, the leaders, including Morarji Desai, Jagjivan Ram, Chandra Shekhar and A B Vajpayee, appealed to the people for a mandate to punish the President who they said had acted against the spirit of the Constitution and interest of the nation and democracy. The Janata leaders also announced the launching of their election campaign.
Bank Loan Checks
The Reserve Bank of India has announced several measures to achieve the objective of controlling the increase in bank credit with a view to combating inflationary trends in the economy. In the case of all cash, credit and bill accounts of Rs 25 lakh and above, the effective drawing power under the cash credit for the period August 23 to December end would be limited to 80 per cent of the peak levels of actual utilisation reached during the two-year period ending June 1979.
From the debris of the Sixth Lok Sabha, a triangular contest for power has begun taking shape. While politics will remain in a flux and hazy for quite some time, it can safely be said that the three major contenders for powers at the polls this winter will be: The alliance led by outgoing prime minister Charan Singh, the Janata Party led by Jagjivan Ram and Indira Gandhi’s Congress (I). There will be a realignment of forces. Individuals and smaller parties may have to make choices, but by and large they will have to join hands with the three major contenders in the field. Although the parties have yet to draw their campaign plans, top leaders have started holding consultations on election strategy. The fight, it appears, is already on.