UML’s OLI SAYS PM’S VIEWS TYRANNICAL Kathmandu, 26 June: The CPN-UML leader KP Sharma Oli said Prime Minister Dr Baburam Bhattarai's views to not step down from power till next election was tyrannical. It was the 'Junga Bahadur spirit' in the Prime Minister to express such views, he commented, RSS reports. Leader Oli, upon his arrival home from Azerbaijan, told media persons at the Tribhuvan International Airport on Tuesday that present time was not the age of any autocratic or Junga Bahadur. However, he said it was not necessary to demand resignation of the Prime Minister who is already a caretaker one. He made a satirical comment: "Have you ever heard the resignation of caretaker prime minister in the world?" Moreover, leader Oli said it was the ignorance of the Prime Minister to stick to power as he was already relieved from the post by the President. On the other hand, he termed the demand of the PM's resignation by other parties after PM Bhattarai returned from Brazil 'childish demand.' He claimed that election could not be held on the date this government announced. Similarly, leader Oli ruled out the possibility of consensus government under the leadership of Dr Bhattarai. Leader Oli returned home after participating in the 17th standing meeting of the Asian political parties' organisation nnnn INDIAN MINISTER PRANAB MUKHERJEE TO RESIGN TO CONTEST PRESIDENCY Kathmandu, 26 June: Indian Finance Minister Pranab Mukherjee was to formally resign Tuesday, leaving behind a faltering economy and a plunging rupee as he sets his sights on the country's presidency, AFP reports from New Delhi.. The 77-year-old veteran politician leaves office at a time of growing criticism of his stewardship of Asia's third-largest economy, which has slowed dramatically at a time of stubbornly high inflation. His last full day as finance minister coincided with the announcement Monday of measures to boost the rupee, which has lost nearly a quarter of its value in the past year and hit a record low of 57.32 against the dollar last week. The steps included raising the limit on foreign investment in government bonds by $5 billion to $20 billion, but the markets were underwhelmed and both the Indian currency and Mumbai's Sensex index fell on the announcement. Mukherjee was scheduled to submit his formal resignation to President Pratibha Patil at 4:30 pm (1100 GMT). A political troubleshooter whose popularity cuts across party lines, Mukherjee was selected last month as the ruling coalition's nominee to succeed Patil. Although the president is India's titular head of state, real executive power resides with the prime minister and the cabinet. Indian presidents are selected by an electoral college comprising MPs from both houses of parliament and state legislatures. The election will be held on July 19. Prime Minister Manmohan Singh has yet to announce who will take over the finance ministry, and there has been widespread speculation that he might keep the portfolio for himself. India's once-booming economy is suffering from slowing industrial growth, troublesome fiscal and current account deficits and a stalled reform agenda. The economy grew just 5.3 percent in January to March, its slowest quarterly expansion in nine years. nnnn