India’s Modi to lay out third-term plans as parliament meets

Indian Prime Minister Narendra Modi addresses the media as he arrives to attend the first day of the Parliament session of the 18th Lok Sabha in New Delhi, India, on June 24, 2024. (AP)
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Updated 24 June 2024
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India’s Modi to lay out third-term plans as parliament meets

  • Indian parliament opens after election setback forced Modi into coalition government 
  • Modi has kept key posts unchanged in this government, cabinet remains dominated by BJP party

New Delhi: Indian lawmakers begin taking their oaths Monday as parliament opens after an election setback forced Prime Minister Narendra Modi into a coalition government for the first time in a decade.

Expected in the first session, which will run until July 3, is a preview of Modi’s plans for his third term and the likely formal appointment of Rahul Gandhi as leader of the opposition — a post vacant since 2014.

Modi’s first two terms in office followed landslide wins for his right-wing Bharatiya Janata Party (BJP), allowing his government to drive laws through parliament with only cursory debate.
But now analysts expect the 73-year-old Modi to moderate his Hindu-nationalist agenda to assuage his coalition partners, focusing more on infrastructure, social welfare and economic reforms.

Minister of Parliamentary Affairs Kiren Rijiju on Monday called for a “peaceful and productive” session, but Indian media said they expected lively debate with a far stronger opposition.
“All set to spar,” one headline in the Hindustan Times read Monday.

“Resurgent opposition set to push government,” the Indian Express front page added.

Rahul Gandhi, 54, defied analyst expectations to help his Congress party nearly double its parliamentary numbers, its best result since Modi was swept to power a decade ago.

Gandhi is the scion of a dynasty that dominated Indian politics for decades and is the son, grandson and great-grandson of former prime ministers, beginning with independence leader Jawaharlal Nehru.

Parliamentary regulations require the opposition leader to come from a party that commands at least 10 percent of the lawmakers in the 543-seat lower house.

The post has been vacant for 10 years because two dismal election results for Congress — once India’s dominant party — left it short of that threshold.

The parliamentary session will start with newly elected lawmakers taking their oaths over the first two days.

Many will be watching if two lawmakers elected from behind bars, bitter opponents of Modi, will be allowed to join.

One is Sikh separatist Amritpal Singh, a firebrand preacher arrested last year after a month-long police manhunt in Punjab state.

The second is Sheikh Abdul Rashid, a former state legislator in Indian-administered Kashmir.

It is unclear if either will be granted bail to attend the ceremony in person.

Modi’s decade as premier has seen him cultivate an image as an aggressive champion of the country’s majority Hindu faith, worrying minorities including the country’s 200-million-plus Muslim community.

But his BJP won only 240 seats in this year’s poll, 32 short of a majority in the lower house — its worst showing in a decade.

It has left the BJP reliant on a motley assortment of minor parties to govern.

Modi has kept key posts unchanged in this government and the cabinet remains dominated by the BJP.

That includes BJP loyalists Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman and S. Jaishankar — the defense, interior, transport, finance and foreign ministers, respectively, staying on in their jobs.

But out of his 71-member government, 11 posts went to coalition allies who extracted them in exchange for their support — including five in the top 30 cabinet posts.

Many will also be eying the election of the speaker, a powerful post overseeing the running of the lower house, with lawmakers slated to vote on Wednesday.

Coalition allies covet the post, but others suggest Modi will put forward a candidate from his BJP.
 


Trump calls for one year cap on credit card interest rates at 10 percent

Updated 6 sec ago
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Trump calls for one year cap on credit card interest rates at 10 percent

  • Trump says Americans have been ‘ripped off’ by credit card companies
  • Lawmakers from both parties have raised concerns about rates

WASHINGTON: US President Donald Trump said on Friday he was ​calling for a one-year cap on credit card interest rates at 10 percent starting on January 20 but he did not provide details on how his plan will come to fruition or how he planned to make companies comply.
Trump also made the pledge during the campaign for the 2024 election that he won but analysts dismissed it at the time saying that such a step required congressional approval.
Lawmakers from both the Democratic and Republican Parties have raised concerns about high rates and have called for those to be addressed. Republicans currently hold a narrow majority in both the Senate ‌and the House ‌of Representatives.
There have been some legislative efforts in Congress ‌to pursue ⁠such ​a proposal ‌but they are yet to become law and in his post Trump did not offer explicit support to any specific bill.
Opposition lawmakers have criticized Trump, a Republican, for not having delivered on his campaign pledge.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10 percent,” Trump wrote on Truth Social, without providing more details.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” Trump added.
The ⁠White House did not immediately respond to a request for comment on details of the call from Trump, but said on ‌social media without elaborating that the president was capping the rates.
Some ‍major US banks and credit card issuers ‍like American Express, Capital One Financial Corp, JPMorgan , Citigroup and Bank of America did not immediately respond ‍to a request for comment.
US Senator Bernie Sanders, a fierce Trump critic, and Senator Josh Hawley, who belongs to Trump’s Republican Party, have previously introduced bipartisan legislation aimed at capping credit card interest rates at 10 percent for five years. This bill explicitly directs credit card companies to limit rates ​as part of broader consumer relief legislation.
Democratic US Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna have also introduced a House of Representatives bill to cap credit card ⁠interest rates at 10 percent, reflecting cross-aisle interest in addressing high rates.
Billionaire fund manager Bill Ackman, who endorsed Trump in the last elections, said the US president’s call was a “mistake.”
“This is a mistake,” Ackman wrote on X.
“Without being able to charge rates adequate enough to cover losses and earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.”
Last year, the Trump administration moved to scrap a credit card late fee rule from the era of former President Joe Biden.
The Trump administration had asked a federal court to throw out a regulation capping credit card late fees at $8, saying it agreed with business and banking groups that alleged the rule was ‌illegal. A federal judge subsequently threw out the rule.