INDONOMICS, ILLUMINITI and ELECTIONS
India Inc. - Wikipedia, the free encyclopedia
India Inc. is a common term used by the Indian media to refer to the corporate sector of the nation. The Companies Act 1956 allows a variety of formations ...
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RediffIndia Inc welcomes duty cuts, says it will boost demand - 24 Feb 2009 24 Feb 2009, 1940 hrs IST, PTI NEW DELHI: India Inc Tuesday welcomed the government's decision to reduce excise and service tax by 2 percent besides ...Economic Times - 285 related articles »Gill asks India Inc to follow Sahara, support sports - Indian Express - 36 related articles »India Inc Going Global
Success stories and proven strategies of Indian Multinationals across product and service categories, are inspiring others to launch their search for scale ...
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All the news from India updated through the day. Everything on India that you could want in a website covering news, sports, politics, people, places, ...
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Amazing Facts about India and Indians!, world's largest, oldest, continuous civilization!, India was the richest country on earth until the time of British ...
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Call Centers India Inc - The one stop shop for call center needs. Directories of call centers in India, Technology application service Providers.
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31 Dec 2008 ... The global economic downturn made 2008 an unforgettable year.
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Indian economy to take a year to recover: Moody'sHindu - 4 hours ago New Delhi (PTI): The year 2009 is set to be more difficult for the Indian economy and despite the government's stimulus packages, it would take at least a ... Rupee to drop to 56/dlr in 3 months - BarclaysReuters India - 1 hour ago The Indian economy will expand at 4 percent in the next financial year, which will weaken the real effective exchange rate (REER) of the rupee, ... Sliding Re triggers fears of FII selling Economic Times No relief in sight for rupee Daily News & Analysis India is faced with a Catch-22 situationDeccan Herald - 18 hours ago The biggest culprit, of course, is the recession that has hit the Indian economy since the middle of 2008. As a fallout of the global financial crisis that ... Q4 growth to be much better: Nath Economic Times 'Economy will return to trend growth rate after 2009-10' Business Standard Withstanding the stimulus Hindu Business Line RIL board meeting, RBI rate cuts to decide market’s courseEconomic Times - 18 hours ago The Indian economy’s slower-than-expected growth in the third quarter heightened concerns of a prolonged slowdown while also sparking hopes of aggressive ... Banks, metals pull Sensex down NDTV.com Dates announced for India pollsBBC News - 4 hours ago The economy and security will be key issues. The global economic crisis has had serious repercussions for the Indian economy and growth has been hit in the ... Will economy record 7.1 per cent growth in current fiscal?Economic Times - Feb 27, 2009 Indian economy grew by 6.9 per cent in the first nine months of this fiscal, which might make it difficult to attain 7.1 per cent growth for the whole ... Slowdown pulls down India's growth to 5.3% Times of India Indian economy in sharp slowdownBBC News - Feb 26, 2009 India's economy grew by less than expected in the last three months of 2008, official figures have shown. The country's gross domestic product (GDP) grew by ... Manufacturing, exports data show grim Indian outlookReuters India - 4 hours ago ... March 2 (Reuters) - Indian manufacturing activity shrank for a fourth straight month in February and exports fell again in January, showing the economy ... Cement production to grow by 8.1 pc in FY10: CMIEEconomic Times - Mar 1, 2009 ... by 8.1 per cent and demand for the same is likely to rise by a healthy 7-7.5 per cent in FY 10, Centre for Monitoring Indian Economy (CMIE) has said. ... Cement output to grow by 8.1% in FY10: CMIE Business Standard Indian economy may witness upsurge by 2010-end: IIMA directorTimes of India - Feb 24, 2009 24 Feb 2009, 2032 hrs IST, PTI AHMEDABAD: The Indian economy could witness an upsurge, and be back on growth trajectory by end of third quarter this year as ... Slowing economy may end IIM placements boom Business Standard Tough task for IIM grads: getting a good job IBNLive.com |
Tidel Park Coimbatore to start functioning from Jan 2010Economic Times - 32 minutes ago After a three year wait, work is in full swing for building the park inside the IT & ITES special economic zone (SEZ) at Vilankurichi, behind Coimbatore ... RIL, RPL merger: A comprehensive CNBC-TV18 analysisMoneycontrol.com - 1 hour ago RPL will continue to get SEZ benefits, while RIL will continue to get EoU benefits and on a consolidated basis there wont be about much of an impact. ... ‘Attraction is SEZ status’ TopNews Weak opening likely India Infoline.com Tamil Nadu IT SEZ work in full swing despite slowdownmydigitalfc.com - 6 hours ago The nodal agency for IT in the state, Elcot (Electronics Corporation of Tamil Nadu), is creating spaces in the IT special economic zones (SEZ) alongside the ... Two more SEZs inauguratedTimes of India - Feb 28, 2009 Chief minister Ashok Gehlot inaugurated two special economic zones (SEZ) at Mahindra World City'. The Light Engineering and Handicraft SEZ, each spread over ... SBI, Mahindra World City in tie-up for Jaipur hub Economic Times SBI to set up north India hub in Jaipur Hindu Business Line Rajasthan Chief Minister inaugurates Light Engineering ...Equity Bulls - 31 minutes ago The Honourable Chief Minister of Rajasthan, Shri Ashok Gehlot, inaugurated Mahindra World City , Jaipur's Light Engineering & Handicrafts SEZ today. ... New industrial policy aims to create 10 lakh jobsTimes of India - Feb 28, 2009 Karnataka today also unveiled its much awaited Special Economic Zone (SEZ) policy. As first reported by TOI, the SEZ policy allows companies to set up units ... Construction cos shift focus to infra orders, outlook still toughEconomic Times - 6 hours ago For projects, particularly IT SEZ/retail, that are in early construction stages/yet to be leased, developers have asked contractors to go slow due to weak ... SEZ exporters to get tax reliefBusiness Standard - Feb 24, 2009 Section 10AA of the Act provides 100 per cent deduction on export profit of SEZ units for a period of five years, but computes it with reference to the ... IT SEZs to get tax breather Economic Times 10 new SEZ proposals get govt nodIndian Express - Feb 23, 2009 New Delhi: Ten new proposals for setting up special economic zones, including some big ticket ones like that of Larsen and Toubro and the Navi Mumbai SEZ’s ... Government okays Adani SEZ merger Business Standard Board of Approval allows merger of 3 SEZs Hindu Business Line IT hub survives on diesel as Bengal govt trips on powerLivemint - 21 hours ago The cost of power would have significantly gone up had Infospace not been an SEZ and enjoyed tax breaks on diesel. According to the Infospace official, ... |
The Golden Rule
“That which is hateful to you do not do to another ... the rest (of the Torah) is all commentary, now go study.”
- Rabbi Hillel
“If I am not for myself, then who will be for me? And if I am only for myself, then what am I? And if not now, when?”
- Rabbi Hillel
DPE chalks out road map for stake sale in public sector cos
2 Mar 2009, 0123 hrs IST, Dheeraj Tiwari & Subhash Narayan, ET Bureau
New Delhi: The department of public enterprises (DPE) has prepared a road map for restarting a stalled programme of divesting stake in public sector
companies to help the government raise funds to rein in a rising fiscal deficit, government officials said.
The DPE, which determines policies for public sector companies, has finalised a list of 59 public sector firms and has sought opinion of various ministries on how to dilute or sell government stakes in them.
It has also sought views and recommendations from key ministries such as finance, law and labour and the Planning Commission on the proposed sell-off, before giving the list to the government’s department of disinvestment which will actually undertake the exercise.
The government desperately needs to find new sources of funds as the economic slowdown has dented revenue collections and forced it to spend more to shore up the economy. It has also been forced to abandon its fiscal deficit target for now, but will need to turn its attention to taming the deficit sooner rather than later.
The DPE’s move comes in the wake of recommendations from a government-constituted panel on public sector pay revision suggesting the government to withdraw from all public sector enterprises where profits have fallen below Rs 50 crore. The panel, whose recommendations have been approved by the Cabinet, has said the government’s withdrawal from these firms could be done either by privatising the public sector companies by bringing in a strategic partner or merging the entity with another bigger and better-performing state-run company.
“The PRC (pay revision committee) recommended that sick companies not only need revival in terms of financial restructuring, but also technological and management upgradation. Financial restructuring was found to be illusionary and many companies lapsed back into sickness and hence we need to explore other options,” said an official of department of public enterprises who asked not to be identified.
If the recommendations are accepted, it would amount to privatising some well known names such as Air India and Indian Airlines, which together are now known as NACIL, Hindustan Fertiliser Corp, Fertiliser Corporation of India, Konkan Railway Corp and Indian Telephone Industry, all of which have incurred heavy losses for the last few years. The list also includes companies from sectors spanning heavy industries, telecommunications, shipping, steel and railways.
The UPA government has taken a small step towards privatising one such entity by clearing a restructuring package for ITI. Under this package, it has been decided that ITI will be revived by inducting private partners in three different areas of operation. The DPE is awaiting replies from ministries that have direct control over the 59 firms it has suggested for disinvestment.
“The administrative ministries will now send their plans for these companies and suggest whether the government can take the disinvestment route or a suitable partner can be found,” the official said, adding that the ministries’ replies will then form part of formal sell-off proposal being finalised by disinvestment department. “The government in power will have to ratify these proposals before the disinvestment is kicked off,” the official said.
The UPA government, which came into power in 2004, was forced to put a hold on all disinvestment plans because its survival then depended on support from the Left parties, most of which were bitterly opposed to any privatisation.
Last year, the disinvestment department had planned initial public offerings in the case of two companies, Oil India and NHPC, but dismal market conditions forced it to shelve the plans.
http://economictimes.indiatimes.com/Economy/DPE-chalks-out-road-map-for-stake-sale/articleshow/4210036.cms
No real improvement during the UPA regimeLivemint - 21 hours ago Rural areas also benefited from the UPA government’s farm loan write-off, under which loans worth nearly Rs64,000 crore were waived. ... Argentina’s Fernandez Says Crisis Demands Aid ChangesBloomberg - 21 hours ago Reports last week that the government may take over the country’s grains trade could spark social unrest, farmers said, a year after farm protests paralyzed ... Argentina mulls nationalization of grains-source Alibaba News Channel Argentina’s Farmers Irked over Reported Plan to Nationalize Grain ... Latin American Herald Tribune Punjab CM demands from center to supply diesel to farmers at 25 ...PunjabNewsline.com - Feb 28, 2009 ... called for “major long term initiatives on the part of Government of India are called for in order to provide a lasting solution to the farm crisis. ... Financial crisis hits world marketsguardian.co.uk - 5 hours ago "We're seeing falls in Asia, the oil price is dropping, and on Friday we'll get some pretty torrid non-farm payroll figures," explained Manus Cranny of MF ... 'Economy will return to trend growth rate after 2009-10'Business Standard - 19 hours ago SPC and farm waiver would be over. The automatic stabilisers would automatically reverse. When the Goods and Services Tax (GST) comes in, ... Lavish Mugabe birthday party amid crisisRadio Netherlands - Feb 28, 2009 Zimbabwean President Robert Mugabe celebrated his 85th birthday today with a huge party for thousands of guests. Supporters are said to have raised 200000 ... For Zimbabwe, Party Is a Chance to Eat, Not Cheer New York Times Zimbabwean President Celebrates Birthday with $250000 Bash Voice of America Farm export earnings to riseNEWS.com.au - 4 hours ago FARM export earnings are expected to rise over the next two years, despite the ongoing effects of the global financial crisis, a report from the nation's ... Despite CARP, banana farm workers remain poorBusiness Mirror - 3 hours ago THE banana industry may be experiencing growth as banana plantations in Mindanao undergo expansion, but farm workers—the new owners of these vast tracts of ... Kirchner Allies Leave Amid Farm CrisisTruth about Trade & Technology - Feb 25, 2009 Mr. Reutemann said he didn't think the government was serious about trying to resolve the farm policy disputes, which erupted last year when farmers ... Argentina-The reasons for the farm dispute. Farming UK Farmers Find New Reason to Seethe in Argentina New York Times Is Chinese dumping good for domestic aluminium players?Business Standard - 19 hours ago This apart, government agencies will be involved in the procurement of farm commodities at minimum support prices. But what is unthinkable is for any group ... |
illuminiti
A secret society founded in Europe during the enlightenment that many conspiracy theorist claim is intent on bringing about the new world order in which only one fascist government will rule over the entire world population.
When Bush 41 said on March 6, 1991: "Now, we can see a new world coming into view. A world in which there is the very real prospect of a new world order." He was referring to the master plan of the illuminiti.
DISINVESTMENT BALL Rolls on PRE POLL EVE! Celebrate!
President Barack Obama's plan to pull US combat forces from Iraq by August 2010 have drawn fire from his Democratic allies who expressed concern the withdrawal was not quick or complete enough!On the other hand, Hillary Clinton today made her first entry into Middle East diplomacy as the new US secretary of state, promising to pursue peace between Israel and the Arabs on "many fronts" and condemning the "violence and false choices" of extremists.
Troops fanned out across Bangladesh on Monday to hunt 1000 fugitive soldiers blamed for a revolt by border guards which left 78 dead and scores more missing, mainly army officers.
Sri Lankan army has claimed that it has found photographs and video footage of MDMK leader Vaiko with LTTE chief Prabhakaran from a building earlier occupied by the LTTE militants.Advancing Sri Lankan forces are holding back their strength against Tamil Tiger rebels in order to comply with international rules of war, a Sri Lankan minister told the UN Human Rights Council on Monday.
The polling for electing a new Union government and the next Lok Sabha would be held between April 16 and May 13, Chief Election Commissioner, N Gopalaswami, announced here today. Counting will be held on 16 May. By the morning of 17 May, a new Lok Sabha – India’s 15th – will have taken shape.The election will be a five-phase exercise spread over a month with majority of the states -15 - and seven union territories - seeing one-day polling and Jammu and Kashmir and Uttar Pradesh seeing the most staggered exercise in five-phases.
In order to prevent a Satyam like accounting fraud in state-run companies, the Comptroller and Auditior General of India (CAG) has decided to conduct three-phase audit of 80 PSUs including blue chip entities like Indian Oil, ONGC and Steel Authority. On the other hand it is known that NRI billionaire Anil Agarwal-led Vedanta Group will pump in a whopping Rs 70,000 crore in India by 2011-12, a stride that will make it the world's fifth largest metal and mining entity rubbing shoulders with the likes of BHP Billiton and Rio Tinto. RED ALERT for MINING PSUs!
RIL to become world's 13th largest refiner as DESI ILLUMINATI SHAPES quite well thanks to RBI, FINMIN and SEBI and FALSE RECESSION.Reliance Industries will displace US energy major Chevron Corp to become the 13th largest oil refining company in the world after its board approved plans to absorb its Reliance Petroleum unit. RIL, the nation's largest listed firm, will issue one share for every 16 held in RPL, giving it direct control of the world's largest refinery complex. The company's 33 million tons only-for-export refinery at Jamnagar together with adjacent 29 million tons SEZ refinery of RPL would make it the largest refining company in India. It displaced state-owned Indian Oil Corp (IOC) with 50.7 million tons refining capacity. IOC was ranked 18th on the world list. The all-share merger deal valued at about Rs 8,500 crore between the two Mukesh Ambani group firms, RIL and RPL, has become probably the Top 10 oil producers.As per the merger deal approved by the boards of Reliance Industries and Reliance Petroleum, shareholders will get one RIL share for every 16 RPL shares - resulting into issuance of 6.92 crore new shares by RIL.
Lok Sabha polls will be held in five phases from April 16 to May 13, the Election Commission announced on Monday. The five phased polls will be held in Jammu and Kashmir and Uttar Pradesh while Bihar will have four-phased elections, Chief Election Commissioner N Gopalaswami told a press conference in New Delhi.
POLL EQUATIONS are being readjusted to SUSTAIN the BRAHAMINICAL Hegemony! As the TWO BRAHMINS of BENGAL PRANAB and MAMATA boosted UPA Chance to romp home announcing POLL ALLIANCE in WEST Bengal just after CPIM was declared defeated in a ASSEMBLY BY POLL, the MOMENTUM sets in the centre!
Meanwhile,Former Prime Minister and JDS supremo Deve Gowda on Monday announced the formation of the Third Front, an amalgamation of eight parties including the Left, and touted as a political alternative to the Congress and BJP. The much talked about Front would be launched in Karnataka on March 12 with a rally in Tumkur, 50 km from Bangalore, Gowda said. The announcement came shortly before the schedule for the General elections was announced. on the other hand, RLD chief Ajit Singh on Monday joined the NDA but declaration regarding the number of Lok Sabha seats the party would contest in alliance with the BJP in Uttar Pradesh during the upcoming polls was held back. Sources however said that Singh, known as hard bargainer, had secured some 8 seats under the seat sharing arrangement with the BJP. A day after his meeting with Congress president Sonia Gandhi over the seat-sharing arrangement in Uttar Pradesh, Samajwadi Party chief Mulayam Singh Yadav on Monday expressed confidence of arriving at an electoral alliance with the party for the Lok Sabha polls.
How the DESI ILLUMINITI shapes in! Thanks to loose REGULATION, Manipulation, Exemption, Waivers, Bail Outs INDIA INCS have every scope of DIVERSION. Just see! Under tough recession times, Reliance Industries on Monday said it will buy back US energy major Chevron's five per cent stake in Reliance Petroleum for Rs 1,350 crore at Rs 60 a share.
"The shares will be bought at Rs 60 a share, as per the agreement," RIL's Chief Financial Officer Alok Agarwal said in Mumbai.
Chevron had acquired 22.50 crore shares in RPL as part of an Equity Investment Agreement with RIL in April 2006. As per the deal, RPL and Chevron were to enter into agreements on crude supply and product offtake.
On executing these agreements and other pacts, Chevron was to purchase an additional 24 per cent stake in RPL from RIL.
The Equity Investment Agreement also provided that, in case these agreements were not executed, Chevron would sell and RIL shall buy the former's 5 per cent holding in RPL.
SEE the HSBC case! European financial services major HSBC Holdings posted a steep decline in 2008 profits at 9.3 billion dollars even as its India business grew by as much as 26 per cent during the same period. In a sign of the financial meltdown impacting the company, HSBC is planning to raise 17.7 billion dollars through a rights issue from the shareholders.
HSBC has reported a pre-tax profit of 9.3 billion dollars for the full year 2008, a decline of 62 per cent over the corresponding period a year ago.
Embattled retail chain Subhiksha on Monday said the ongoing corporate debt restructuring (CDR) process in the company would take another six weeks to be over and any decisions regarding raising of debt would be likely only after that period.
"The (CDR) process will run for another six weeks before we have anything concrete to report," Subhiksha Trading Services Ltd Managing Director R Subramanian said in a reply to an email query.
The Satyam Computer Board plans to invite bids for a strategic investor in the next few days and expects to garner a healthy amount as investment into the company, company Chairman Kiran Karnik said on Monday.
"We plan to invite bids in the next few days (and) have worked out the modalities for that, which now needs SEBI approval," Karnik said on Monday.
The funding from this investor will lend further financial stability to Satyam, Karnik said.
Satyam is likely to submit its proposal to market regulator Securities & Exchange Board of India (SEBI) very soon.
Maruti Suzuki India Ltd, India's leading car maker, increased sales by nearly a quarter in February from a year, defying a broad downtrend
in the industry, but its shares fell marginally.
The company, 54.2 per cent owned by Japan's Suzuki Motor Corp, said on Monday it sold 79,190 cars last month, up 24 per cent from a year earlier.
Car sales in India have fallen in annual terms in six of the seven months ending January. Exports rose 90 per cent to 8,565 units, led by the A-Star small car, which it launched in November 2008.
Domestic sales of the SX4 and D'Zire sedans rose more than 300 per cent from year ago, helped by a cut in excise duty as part of government efforts to boost activity in a slowing economy.
The country's largest two-wheeler maker Hero Honda Motors Ltd (HHML), on Sunday reported a 24 per cent jump in its total sale for the month of February, at 3,29,055 units, as compared to 2,65,431 units in the same month last year.
Two-wheeler manufacturer TVS Motors on Sunday announced a 13 per cent growth in its two-wheeler sales. According to a company release, 1,07,301 units were sold in February 2009 as against the 95,235 units in the corresponding period last year.
Bata India on Friday said it has registered a 45.44 per cent growth in consolidated net profit at Rs 59.05 crore for the fourth quarter ended December 31, 2008. The company had a net profit of Rs 40.61 crore in the December quarter of 2007, Bata India said in a filing to the Bombay Stock Exchange.
Tata Steel Ltd, the world's sixth-largest steel maker, posted a consolidated quarterly net profit on Friday, beating market expectations of a loss. Tata Steel reported a net profit of 8.14 billion rupees ($160 million) in October-December, compared to a consolidated net profit after minority interest and share of profit of associates of 14.16 billion rupees reported a year ago.
The family business model, with its mix of stability and agility, will help companies tide over the economic downturn as it allows a
long-term strategic view of the economic and competitive environment, a report said.
"This (stability and agility) gives family-owned businesses the edge to better endure an economic downturn," the Barclays Wealth and the Economist Intelligence Unit (EIU) report titled 'Family Business: In Safe Hands?' has said. When gauging prevailing motivations for creating and protecting wealth, family business members place generating regular income, 64 per cent responding as important or very important, among the highest of priorities.
Conversely, only 53 per cent of non-family business members held this view, which suggests shorter-term priorities.
"Family-owned businesses are the cornerstone of the global economy and while common perceptions of the model are that of dysfunction plagued with structural issues, it remains a stalwart model that contributes to overall global economic health," it said.
Attributes such as a strong relationship with their community, long-term perspectives and a dynamic approach to decision-making have made family businesses a significant part of the global economy.
Barclays Wealth Middle-East CEO Soha Nashaat said: "Accordingly, family businesses and their long-term strategies need to be examined to explore their longevity and viability during these difficult economic times. Lessons learned from family businesses could prove to be very apt during this unprecedented time and non-family owned business could take some strategic insight from this most enduring model."
A long-term perspective means that family businesses can exercise prudence during both upswings and downswings in the economy.
Family businesses are less likely than listed companies to pursue adventurous growth strategies to satisfy short-term investors during a boom and some academics have argued that they are more likely to invest through a downturn, giving them a sustainable advantage over non-family businesses for whom there are wider swings in performance and investment, the report said.
RUPEE feels the ELECTION HEAT most as the Indian rupee extended its drop to hit a record low of 52 against the dollar on Monday on heightened concerns of rising foreign funds outflows while arbitrage play between the onshore and offshore markets hurt. At 9:51 a.m., the partially convertible rupee was at 51.76/79 per dollar. It had closed at 51.10/12 on Friday. The rupee traded at 52 per dollar according to Reuters data, which dealers said was a miss hit and the deal could be reversed with the counter-party later in the day. They said the low was around 51.8 per dollar. The rupee dropped to a record low on Monday as falling stocks, weak data, bearish global markets and an arbitrage play with offshore Where Re comes from, and goes
derivatives drained demand despite suspected central bank intervention.
The rupee could drop to 56 per dollar in the next three months, weighed by an economic slowdown and a balance of payments deficit, Barclays Capital said on Monday.
The rupee was not alone in its woes, with the South Korean won falling to an 11-year low as investors shifted away from riskier emerging market assets.
Foreigners sold $1.7 billion of Indian shares in the first two months of the year, after selling more than $13 billion last year when the rupee fell more than 19 percent.
"The US data on Friday reminded everybody about the extent of the global economic situation and that has triggered a sell-off in markets. And even though India may not have much exposure to the world, it is not an island," said Nizam Idris, currency strategist with UBS in Singapore.
FALSE CLAIM
The worst is over for the Indian economy which has started responding to the Government's different stimulus packages and country's growth would pick up momentum in the last two months of this fiscal, Commerce and Industry Minister Kamal Nath said.
"I believe the worst is over," Nath said adding that the last two months of the current fiscal would be much better in terms of growth.
how false happens to be KAMALNATH Claims!After a whopping loss of over Rs 40,00,000 crore in 2008, the stock market is continuing its free-fall and investors have lost an average Volatility: Bet on big guns
Investing for long term
Become your own financial planner
Get set for long-term investment
Investing in volatile markets
Tax-saving investment avenues
Where to park money in 2009
Prepare portfolio for a rebound
of Rs 100 crore in every five minutes of trade in first two months of 2009.
Cumulatively, the total investors' wealth has got eroded by about Rs 2,82,000 crore so far this year.
However, the meltdown has been less severe so far this year, as compared to 2008 when an average of Rs 100 crore was wiped off in just two minutes of trade, as per an analysis of stock market losses during 2008 and first two months of 2009.
During 2008, the total investors' wealth, measured in terms of cumulative market capitalisation of all the listed companies, plummetted from close to Rs 72,00,000 crore to about Rs 31,00,000 crore.
So far in 2009, the investors' wealth on Indian bourses has gone further down to about Rs 28,60,000 crore, as per the current market value of the listed companies.
There were a total of 246 trading sessions in 2008, while so far in 2009 trades have been conducted on 39 days.
Taking into account a trading session of five hours and 35 minutes every day (markets open at 0955 hours and close at 1530 hours), an average of Rs 20 crore has been lost in every minute of trade so far this year.
This average was, however, more than double at Rs 50 crore in every minuter of trade in 2008.
Contrarily, EXPERTS opine quite dfferently! The year 2009 is set to be more difficult for the Indian economy and despite the Government's stimulus packages, it would take at least a year before it starts recovering, economists at Moody's has said.
"I don't think the stimulus is sufficient to start a recovery. The most it can do is to minimise the magnitude of a further slowdown... India will most likely start to recover in the March quarter (2010)," Moody's economy.com economist Sherman Chan told PTI from Sydney.
She added this year will be more difficult than last year.
"We probably won't see a solid rebound until early 2010. The US needs to recover first. Then global economic activity will begin to pick up," Chan added.
The Indian economy grew by 5.3 per cent in the third quarter of this fiscal, its lowest rate in over five years, against a whopping 8.9 per cent a year ago, as agriculture and manufacturing output contracted.
This has ensued debate between the government and the economists. While the government is still confident of achieving close to 7 per cent growth this fiscal, economists at various global financial institutions see a further fall in the figures.
According to KAMAL NATH, the Indian economy grew by 5.3 per cent in the third quarter, a low of over five years, against a whopping 8.9 per cent a year ago, as agriculture and manufacturing output contracted.
Farm sector contracted by 2.2 per cent while manufacturing shrank by 0.2 per cent.
The April-December growth works out to 6.9 per cent against 7.1 per cent shown in the government estimates.
Nath said the Government is aware of the sluggish growth in the economy during the October-December quarter and that is why it announced the stimulus package.
He said the Government took steps to address the issue of sluggish growth in the economy more evident in the third quarter.
The country's top-10 firms lost over Rs 21,000 crore from their market capitalisation in February, with Reliance Industries alone Volatility: Bet on big guns
Investing for long term
Become your own financial planner
Get set for long-term investment
Investing in volatile markets
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Where to park money in 2009
Prepare portfolio for a rebound
accounting for close to half of the value erosion from the elite club.
The valuation of Mukesh Ambani-led Reliance Industries dipped below Rs 2,00,000 crore mark after losing Rs 9,466 crore last month. During February, the scrip lost nearly 4.53 per cent to settle at Rs 1,265.05 on Friday's trade.
RIL, saw its valuation dipping to Rs 1,99,094 crore at the end of February from Rs 2,08,559.98 crore on January 30.
The coveted club of country's most valued 10 firms, comprising of four private entities and six public companies lost a combined Rs 21,549 crore during the month to end at Rs 10,23,135 crore.
The top four companies --RIL, NTPC, ONGC and Bharti Airtel -- managed to maintain the January rankings in terms of market-cap last month as well.
State-run NTPC, even after losing Rs 4,370 crore from its market cap remained at second position, while ONGC and private sector telecom service provider Bharti Airtel added Rs 7,048 crore and Rs 532 crore, respectively in their market valuation to settle at third and fourth position.
Meanwhile, state-run trading major MMTC, diversified conglomerate ITC and BHEL jumped up from their last month position to notch fifth, sixth and eight position at the end of the month.
Election SCHEDULE
Maharashtra and West Bengal will witness three phased polls while Andhra Pradesh, Assam, Manipur, Jharkhand, Karnataka, Madhya Pradesh, Orissa and Punjab will have elections in two phases.
Remaining 15 states and seven union territories will have one-day polling.
The counting of votes will take place on May 16 and the 15th Lok Sabha will be constituted by June 2.
In the first phase, 124 constituencies will go to polls on April 16. 141 constituencies will witness balloting in the second phase on April 23, 107 seats in third phase on April 30, 85 seats in fourth phase on May 7 and 86 constituencies in the last phase on May 13. Elections to Assemblies in Andhra Pradesh, Sikkim and Orissa will be held simultaneously with the Lok Sabha polls.
Photo electoral rolls will be used for the first time in 522 out of the 543 constituencies, Gopalaswami said.
499 constituencies have been redrawn in the delimitation exercise.
Delimitation could not be undertaken in Andhra, Assam, Jharkhand, Manipur and Nagaland, Gopalaswami said.
At least 71.4 crore will be the number of eligible voters, an increase of 4.3 crore over the 2004 figure of 67.1 crore.
Leaders of eight political outfits who have agreed to be part of the Third Front - CPI, CPM, Forward Bloc, RPI, TDP, TRS, AIADMK and JDS - will take part in the rally, Gowda said.
Gowda, who took a lead role in giving shape to the formation of the Front, which his political opponents BJP and Congress pooh poohed as a "mirage", said the agenda of the new outfit would be unveiled at the rally.
There was no discussion in the Front "as of now" on who would be its prime ministerial candidate nor any decision taken in support of Uttar Pradesh Chief Minister Mayawati for the post, he said.
The proposed Third Front would formulate alternative programmes to overcome "several crises" created by UPA and NDA, he said and clarified that "certain sensitive issues like inter-state river water dispute sharing and reservation will not be touched and will be left to respective states".
State unit leaders of Left parties were present when Gowda made the announcement.
US operated WAR MAINE is ACTIVE in SOUTH ASIA as WAR agaisnt Terror continues!
All major terrorist networks have a safe haven in Pakistan to operate creating a big "problem" to the US war against terror, Defence Secretary Robert Gates has said.
"I think it's the safe haven on the Pakistani side of the border, not just for Al-Qaeda but for the Taliban for the Hakani network, for Gulbaddin Hekmatyar and other affiliated groups that are all working together - they're separate groups, but they're all working together, and I think as long as they have a safe haven to operate there, it's going to be a problem for us," Gates told the MSNBC news channel in an interview.
"Afghanistan, after all, 20 years ago I was on the other side of that border as deputy director of CIA fighting the Soviets, and we had the safe haven in Pakistan, and let me tell you, it made a big difference," he said in his interview on Sunday.
Gates, who met with Pakistani Army chief Ashfaq Pervez Kayani last week in Washington, said the Pakistan leadership now knows that what is going on in their tribal region is very dangerous for their country.
Obama aide: deficit goals on track despite grim economy
President Barack Obama's targets for cutting the budget deficit remain in reach, a top aide said on Sunday, despite an alarmingly steep
U.S. economic decline that could throw off revenue collections.
White House Budget Director Peter Orzag also fiercely defended a proposed $600 billion plan to tax high-income Americans to pay for a healthcare overhaul and another $600 billion plan to sell companies permits to emit carbon-dioxide gases above a fixed limit.
Republicans have complained that measures would stifle any economic rebound and weaken small businesses.
"I just reject the theory that the only thing that drives economic performance is the marginal tax rate on wealthy Americans, and the only way of being pro-market is to funnel billions and billions of dollars of subsidies to corporations," Orzag said on ABC's "This Week."
Obama last week proposed a $3.6 trillion spending plan for fiscal 2010, with a deficit of $1.12 trillion, and projected the deficit would fall to $533 billion in 2013. He projected a $1.75 trillion deficit for 2009, including the impact of a two-year economic stimulus package costing $787 billion.
The deficit forecasts were based in part on predictions that the economy would shrink 1.2 percent in 2009 before growing again by 3.2 percent in 2010 -- figures already more optimistic than those of most economists surveyed by the Blue Chip Economic Indicators newsletter just before the stimulus plan was approved.
Then on Friday, the government reported the U.S. economy shrank by 6.2 percent in the last three months of 2008, the steepest since 1982 and far worse than most forecasts.
A sharper-than-expected contraction in the economy would lead to weakened government revenue from income taxes and other sources.
But asked if the deficit-reduction targets remained on track, Orzag said, "I think so."
SIT submits Godhra riots report to SC
A Supreme Court-appointed Special Investigation Team (SIT) probing the post-Godhra riots cases in Gujarat on Monday submitted its report before the apex court.
The SIT, headed by former CBI director R K Raghavan, also submitted a confidential report in a sealed cover before a bench headed by Justice Arijit Pasayat.
The bench said the main report will be given only to the Gujarat government and advocate Harish Salve who is assisting the Court as an amicus curiae and asked them to file their suggestions in respect to it within four weeks.
The court, however, said the confidential report will not be given to anyone.
The court said the SIT, comprising former CBI chief, former DG of UP Police C D Satpathy and three IPS officers from Gujarat -- Geeta Johri, Shivanand Jha and Ashish Bhatia, will continue to function and would be free to investigate any other case, if they want to.
The court posted the matter for further hearing on April 13. The apex court had on March 26 last year appointed a five-member investigation team (SIT) to "inquire and investigate" 14 cases related to post-Godhra violence in 2002.
The court had passed the direction on a bunch of petitions filed by the National Human Rights Commission (NHRC), individuals and NGOs which had sought transfer of the trial of the riots' cases outside Gujarat and further investigation or re-investigation by the CBI.
The petitions were filed after several witnesses turned hostile amid allegations of threat, coercion and inducement to derail the investigation.
The NHRC had filed the petition in 2003 for transfer of the case and trial expressing fears that it would not be conducted in a fair and transparent manner.
Sensex at 3-month low; RIL leads the fall
The Bombay Stock Exchange benchmark Sensex on Monday tumbled to a three-month low by losing 284 points, impacted by the deepening global economic crisis, sparking heavy selling by funds in blue-chips led by Reliance Industries.
The Sensex plunged by 284.53 points at 8,607.08, after touching the day's low of 8,563.52, the lowest since November 20, mostly on reports of the US economy contracting at the fastest pace in more than 27 years.
The 50-share National Stock Exchange index Nifty dropped by 89.05 points to 2,674.60, after touching a low of 2,659.55 during the day.
The trend-setter Reliance Industries, which approved the absorption of its unit Reliance Petroleum, led the decline with many stocks in the Mukesh and Anil Ambani group firms closing with losses.
Tata Consultancy Services led the decline among software makers as the US economy shrank at the fastest pace since 1982. More than 50 per cent of the country's software export revenue comes from the US.
RIL lost 3.15 per cent, Reliance Infra 9.12 per cent, RCom 6.50 per cent, Reliance Capital 6.97 per cent, Reliance Power 1.86 per cent and Reliance Petroleum 1.38 per cent.
In the 30-BSE index, barring Mahindra and Mahindra, all the 29 closed with small to large losses on widespread selling by foreign funds.
Banking sector stocks suffered the most on fears of a fall in lenders' revenue due to the economic crisis. The banking index fell by 4.86 per cent to 4,033.99 with heavyweights State Bank of India, ICICI Bank, HDFC Bank, Axis Bank and Canara Bank closed lower.
The metals index was the second-worst performer, falling 4.31 per cent to 4,488.82, after Sterlite Industries, the largest copper producer, fell 1.31 per cent to Rs 241.80. Tata Steel lost 7.54 per cent to Rs 159.35, Wellspun Gujarat 8.31 per cent to Rs 56.80 and JSW Steel 8.69 per cent to Rs 171.70.
The oil and gas index fell by 2.94 per cent to 5,885.97 after Reliance Industries, the most valuable company, fell after it offered one of its shares for every 16 held in Reliance Petroleum. It lost by Rs 39.90 to Rs 1,225.15 and RPL by Rs 1.05 to Rs 75.15.
The capital goods index fell 2.90 per cent to 5,726.86, the power index 2.83 per cent to 1,702.12, the PSU index 2.61 per cent to 4,855.11, the teck index 2.50 per cent to 1,693.01, and the FMCG index 2.48 per cent to 1,992.60.
The realty index fell 2.36 per cent to 1,379.84, the IT index 1.84 per cent to 2,057.58, the auto index one per cent to 2,655.72 and the healthcare index 0.41 per cent to 2,586.24.
With selling pressure spread over a wide front, the midcap index lost 2.08 per cent to 2,700.98 and the smallcap index by 1.83 per cent to 3,049.28.
CAG to conduct audit of 80 PSUs
"A three-phased audit system for about 80 companies for the accounting year 2008-09 has been finalised. These include listed government companies, the navratnas, category 1 miniratnas and statutory corporations like Airports Authority of India (AAI) and National Highways Authority of India, " official spokesperson for the CAG told PTI.
The other companies which would be covered by the three-phased audit by the CAG include BPCL, HPCL, ONGC Videsh and Shipping Corporation of India.
The new system, she said, would aim at introducing more transparency in accounting practices and also expedite finalisation of accounts after close of the financial year.
In the first phase, the auditor will review the general accounting policy of the PSUs and also the steps taken by the companies on previous audit remarks, she said.
As part of the review process, the CAG will issue directions to statutory auditiors and managements, in case corrections in accounting practices are needed.
The second phase will begin at the end of April when draft accounts or schedules are ready and will involve a detailed auditing of books of accounts.
RIL-RPL merge, swap ratio at 1:16
The Board of Directors of Reliance Industries and its refinery subsidiary RPL on Monday approved the merger of the two firms, creating one of the world's largest petrochemical entity and offered the shareholders of RPL one RIL share for every 16 shares held by them.
Both the companies in two separate filings said that the shareholders of RPL would receive one equity share of RIL for every 16 shares held.
The merger would create one of the world's top 50 companies on profitable basis and would make RIL one of the largest refiners of the world.
The appointed date of the merger is April 1, 2008, and the "scheme shall be subject to approvals of shareholders and creditors and sanctions" of the Bombay High Court.
Exports decline by 16 per cent in January
India's exports declined by 15.9 per cent in January over the year-ago period, posting contraction for the fourth month running under the impact of a slowdown in major global markets.
Exports dropped to USD 12.38 billion in January this fiscal, from USD 14.71 billion a year ago, while imports dipped, for the first time this fiscal, by 18.2 per cent to USD 18.45 billion, leaving a monthly trade deficit of about USD 6.07 billion, according to official figures released on Monday.
Exports contracted by 12.1 per cent to USD 12.8 billion in October 2008, showing a negative trend for the first time in the last five years.
For the April-January period, the country's cumulative exports grew by 13.2 per cent to USD 144.26 billion. Growth for the first half of the fiscal was 30.9 per cent.
Imports between April and January went up by 25.3 per cent to USD 243.35 billion. The trade deficit for the period has mounted to USD billion from USD 99 billion.
With the US and several European countries slipping into full-blown recession, Indian exporters have run into difficult times, especially since October.
India lifts import ban on Chinese toys
India lifted the ban on importing toys from China provided they conform to international safety norms.
India had earlier on January 23 banned the import of Chinese toys for six months on grounds of public health and safety.
According to a public notice by the Commerce Ministry, the import of toys from China will be allowed if they conform to the standards prescribed in "ASTM F963" or "ISO 8124 (parts I - III) or IS 9873 (parts I - III)".
These regulations primarily deal with safety and health hazards.
The Government further said that the imports from China will have to be accompanied by a requisite certificate from laboratories accredited to the International Laboratory Accreditation Cooperation.
Following the restrictions on toys, the Chinese media had reported that Beijing was contemplating dragging India to the WTO challenging the ban. However, Commerce and Industry Minister Kamal Nath had said the ban was WTO-compatible.
The toys market in India is estimated at Rs 2,500 crore while the volume-driven, price-competitive Chinese toys are estimated to control 70 per cent of the global toys market.
Below are links to photos and videos from Rafah and the border. For details consult my latest blog entry:
http://lotayef.blogspot.com/2009/02/siege-continues.html
Photos:
http://picasaweb.google.com/lotayef/RafahBorderCrossing20090224#
http://picasaweb.google.com/lotayef/SecurityInTheEgyptianTownOfRafah#
http://picasaweb.google.com/lotayef/EmbassyLetters#
Videos:
http://www.youtube.com/watch?v=ZgxCWe1FRXo
http://www.youtube.com/watch?v=kXfMVa_tOfk
Ehab Lotayef
www.lotayef.com
Slow death of “knowledge city”
V.T. RAJSHEKAR
Bangalore is called the “knowledge city”. And in this great “knowledge city” a fountain of knowledge is dying.
The Hindu, the premier Tamil Iyengar Brahmin English daily, published a report on Feb.2, 2009 about the closing down of the “Premier Bookshop” in Bangalore:
Bangalore: The city’s losses seem to be growing with every passing year, whether it is the number and species of its trees, or its pavements, or its old coffee houses. In a week’s time, we will lose another beloved landmark of our city, the Premier Bookshop, which more than any other bookshop has contributed to the city’s reading culture. The bookstore, squeezed against an old Bangalore pub on the road connecting Church Street and Mahatma Gandhi Road, is inseparable from its owner T.S. Shanbhag, who now contemplates the end of its 37-year-old existence.
RELIGION TAKES OVER
We used to visit this bookshop at least once a month from the past over 40 years. The book shop is owned by a Gowda Saraswat Brahmin from our own district of South Kanara.
Though he knew us and we regularly used to buy books from him, he never used to encourage our Dalit Sahitya Akademy books. When a friend took our books some years back, he refused to keep them. We never bothered because we had no problem to sell our books. Most of his books catered to the upper caste tastes. Since they are the buyers, he has to meet their demands.
BOOK SHOPS DYING
In the past books on social issues used to dominate his bookshop occupying the largest space. But in the past ten years social science went into background yielding place to “Hindu religion”, indicating the Brahminical revivalism among the English-educated reading public.
Books by Brahminical writers were given good display. And yet with all the support that Shanbhag gave to his jatwalas they only let him down. You can take it from us the “knowledge” monopolists will shed no tears over the death of his bookshop.
DUST GATHERING LIBRARIES
They only said Bangalore is a “knowledge city”. And this very knowledgeable people have stopped reading which is proved from the closure of the Premier Bookshop.
Where is the time for the rulers to read serious books? They are in a hurry to make money through manipulation.
Bangalore is not the first to face bookshop closure. There are hardly any scholarly book shops in Delhi, Bombay, Calcutta, Madras or Hyderabad. Upper castes (Hindus), who are the highest educated lot and occupy key positions as the country’s ruling class, as the leader of thought and action, shape the society and its thinking. The closure of the Premier Bookshop, which is the most important bookshop in Bangalore, proves what the “leaders” of India think and act.
THE SHIT IN OUR BRAIN
Not only bookshop. Even libraries are gathering dust. Even in famous universities of India, hardly anybody visits libraries. And yet these “knowledge monopolists” boast they only have the “merit” and hence they alone shall rule.
Meanwhile, the “knowledge city” of Bangalore itself is slowly dying.
We have seen multi-storeyed bookshops with hundreds of buyers in London, Tokyo, New York etc. So too in China. Serious readers are there in plenty. But here in India the biggest demand is for Kamasutra and religious books. Though India is a highly mismanaged country, the second biggest demand is for books on management.
Does it not prove the brains of our rulers is filled with shit? And this shit helps them to manipulate? Yes. In the past 62 years they have killed India itself as they have grown so rich.
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BOOK REVIEW
Marathas are anti-Brahmin but they hate Dalits also
DR. K. JAMANADAS, SHALIMAR, MAIN ROAD, CHANDRAPUR - 442 402
Prof. Shrawan Devare is a noted OBC leader and office -bearer in many organisations, outspoken, frank orator, writer, grass-root worker and a ground-level mass leader in Maharashtra, with many books to his credit.
Looking at the atrocities committed by the OBCs on the Dalits, the latter are feeling that a Brahmin may be better than the OBC. Under this kind of atmosphere Shrawan Devare has been organizing OBC masses and asking them to stand against the upper OBCs or Kshatriyas as he calls it (Kancha Iliah calls pseudo-Kshatriyas) namely Marathas, Thakurs, Rajputs, Patels, Jats etc.
In other words, he is organizing the public opinion against those Marathas who are trying to usurp the reservation benefits of OBCs under false caste certificates as Kunbis. Even some ministers are involved in this, says Devare. The book deals mainly with castes in Maharashtra but some caste problems from North India are also discussed. Though South Indian scenario is not discussed, the principles deduced apply to South also. Marathas express hostility against the Brahmins and expect the same from other non-Brahmins, but they are not sympathetic towards other non-Brahmins. Basically, Marathas are brahminized, they follow all Brahminic festivals and traditions and are very proud of their caste. If they come forward to oppose the system of caste and try to follow Phule Ambedkarites in removing caste, it is quite possible to annihilate the caste system, at least in Maharashtra. For that, Devare rightly asks them to give up their feudal attitude.
Sambaji Brigade demand: During last session of the Maharashtra Assembly, the Chief Minister accepted the demand made by the Sambhaji Brigade to include Marathas under OBCs. Devare calls this “political match-fixing” and he is strongly against the demand. The argument that it will help alienate the Marathas from Brahminic camp does not appeal to him. He says there are many non-Budhist castes taking SC facilities for last 60 years. How many of them have accepted Phule-Ambedkarism. Some vested interests have been successful in spreading an idea that reservation based on caste is not based on economic grounds. India, unlike the rest of the world, has three “poverty lines”. One that separates upper castes from the lower is that even the extremely poor upper caste person will not go to seek work on Employment Guarantee Scheme. An OBC person, how so ever poor, would not go for begging. The third, poverty line belongs to Dalits and Adivasis, which cannot be drawn on any paper; and has all the agony, penury, injustice, insults, and meanness in the world attached to it. Thus the caste-based reservation is also based on economic grounds, argues Devare.
Maratha Seva Sangh: Sambhaji Brigade is the youth wing of Maratha Seva Sangha guided by A. H. Salunkhe and M. M. Deshmukh, both supporters of the Phule-Ambedkar ideology. And therefore, they were helped by all Dalit-OBC organizations, but they do not give equal treatment to any Dalit or OBC worker. Devare warns the Dalit and OBC leaders that if the Marathas (and equivalent castes) are accepted as OBCs, there is a great danger to the movement of “end of caste”. The book is a collection of articles written at different times and has the scope from Mahatma Phule’s movement through Mandal Commission through Gujjar movement to formation of Nacchi Appan Committee. Many events, anecdotes and turns and twists experienced by Dalit-OBC movements are explained with minute nuances, with names of leaders. The Nacchi Appan Committee has recommended three main points:
1. OBCs should get reservation in promotion, 2. Condition of Creamy layer should be abolished, 3. Limit of 50% should be removed.
Devare has prepared a chart of reservations and had submitted to Sharad Pawar in 1993. He wants that to be adopted with necessary modifications. But he laments that Maratha Seva Sangha would not help, but will be ready to take advantage, when real OBCs get it after struggle. The book is an eye-opener to all in Phule-Ambedkarite movement and deserves to be translated into English for wider circulation, may be with an addition of a chapter on South India.
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A Marathi book
Maratha Samaja che OBC karan aani jati anta che dhoran
OBCization of Marathas and policy of Annihilation of Caste
Prof. Shrawan Devare
2008 pp. 66 Rs. 50
Sugawa Prakashan, Pune
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Hindus keep their stolen money ($1,500 billion) in Swiss banks
SANJEEV KUMAR SINGH, R.NO. 50-DR.B.R. AMBEDKAR HOSTEL, BHU, VARANASI- 225 001
Shocking. Shocking. Revelations of Swiss bank accounts will be a big shock. If black money deposits become an Olympics event, India would win the gold hands down. The second best Russia has four times lesser deposits. US is not even there in the counting in top five. India has more money in Swiss banks than all the other countries combined.
Recently, due to international pressure, the Swiss Govt. agreed to disclose the names of the account-holders only if the respective govts. formally asked for it. The Indian Govt. is not asking for the details. No marks for guessing why?
We need to start an agitation to force the govt. to do so. This is perhaps the only way, and a golden opportunity to expose the high and mighty and weed out the corrupt upper castes. Forward this message to all honest Indians.
Is India poor? Who says? Ask the Swiss banks. With personal account bank deposits of $1,500 billion in foreign reserve which have been misappropriated, an amount 13 times larger than the country’s foreign debt, one needs to rethink if India is a poor country?
Dishonest industrialists: Dishonest industrialists, scandalous politicians and corrupt bureaucrats have deposited in foreign banks in their illegal personal accounts $1500 billions, which have been stolen by them. This amount is about 13 times larger than the country’s foreign debt. With this amount 45 crore poor people can get Rs 1,00,000 each. This huge amount has been appropriated from the people of India by exploiting and betraying them.
Once this huge amount of black money and property comes back to India, the entire foreign debt can be repaid in 24 hours. After paying the entire foreign debt, we will have surplus amount, almost 12 times larger than the foreign debt. If this surplus amount is invested in earning interest, the amount of interest will be more than the annual budget of the Central Govt. So even if all the taxes are abolished, then also the Central Govt. will be able to maintain the country very comfortably.
25,000 thieves: Some 80,000 people travel to Switzerland every year, of whom 25,000 travel very frequently. ‘Obviously, these people won’t be tourists. They must be travelling there for some other reason, believes an official involved in tracking illegal money. And, clearly, he isn’t referring to the commerce ministry bureaucrats who’ve been flitting in and out of Geneva ever since the World Trade Organisation (WTO) negotiations went into a tailspin.
Just read the following details and note how these dishonest industrialists, scandalous politicians, corrupt officers, cricketers, film actors, illegal sex trade and protected wildlife operators, to name just a few, sucked this country’s wealth and prosperity. This may be the picture of deposits in Swiss banks only. What about other international banks?
Top five: Black money in Swiss banks: Swiss Banking Association report (2006) details bank deposits in the territory of Switzerland by nationals of following countries:
INDIA —$1,456 BILLION
RUSSIA —$470 BILLION
U.K. —$390 BILLION
UKRAINE — $100 BILLION
CHINA — $96 BILLION
India with $1,456 billion or $1.4 trillion has more money in Swiss banks than the rest of the world combined. Public loot since 1947.
Can we bring back our money? Why not? It is one of the biggest loots witnessed by mankind — the loot of the aam aadmi (common man) since 1947 by his own brethren occupying public office. It has been orchestrated by politicians, bureaucrats and some businessmen.
The list is almost all-encompassing. No wonder, everyone in India loots with impunity and without any fear. What is even more depressing in that this ill-gotten wealth of ours has been stashed away abroad into secret bank accounts located in some of the world’s best known tax havens. And to that extent the Indian economy has been stripped of its wealth.
Western conspiracy: Ordinary Indians may not be exactly aware of how such secret accounts operate and what are the rules and regulations that go on to govern such tax havens. However, one may well be aware of Swiss bank accounts, the shorthand for murky dealings, secrecy and of course pilferage from developing countries into rich developed ones.
In fact, some finance experts and economists believe tax havens to be a conspiracy of the Western world against the poor countries. By allowing the proliferation of tax havens in the 20th century, the western world explicitly encourages the movement of scarce capital from the developing countries to the rich. In March 2005, the Tax Justice Network (TJN) published a research finding demonstrating that $11.5 trillion of personal wealth was held offshore by rich individuals across the globe.
Bofors money: The findings estimated that a large proportion of this wealth was managed from some 70 tax havens. Further, augmenting these studies of TJN, Raymond Baker — in his widely celebrated book, Capitalism’s Achilles Heel: Dirty Money and How to Renew the Free Market System, estimates that at least $5 trillion have been shifted out of poorer countries to the West since the mid-1970.
It is further estimated by experts that 1% of the world’s population holds more than 57% of total global wealth, routing it invariably through these tax havens. How much of this is from India is anybody’s guess.
What is to be noted here is that most of the wealth of Indians parked in these tax havens is illegitimate money acquired through corrupt means. Naturally, the secrecy associated with the bank accounts in such places is central to the issue, not their low tax rates as the term ‘tax havens’ suggests. Remember, Bofors and how India could not trace the ultimate beneficiary of those transactions because of the secrecy associated with these bank accounts?
Can anybody save India?
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Times of India sinking?
COM. AYYANKALI
Bombay: India’s largest media empire owned by the Marwari Jains, the Times of India group, has shown signs of sinking. Whether it is real or an excuse to bring down the cost of people is not clear. Bennet Colemn & Co. Ltd (BCCL) has started issuing dismissal letters (pink slip as it is called) to its journalist and other staff. One report said it suffered a Rs. 500- crore loss. About 1,000 employes may face dismissal. One by one, Brahminical media is dying. The future is for revolutionary media led by Dalit Voice.
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Dalit Budhists turning enemy of Budhism ?
ANIL RANGARI, BHARATI APTS., GURU NANAK NAGAR, DURG - 491 001
Thanks for publishing my Letter on “Bhima Koregaon-Vijay Divas” (DV Jan.16, 2009, p.14). You have published 3,000 Mahar horse-riders by mistake. But actually in the British army there were only 500 Mahar soldiers and 300 Mahar horse-riders. While returning, I suffered an accident on Jan.8. The injury will take a month to heal. The Vipassana fever seriously harms the Budhist movement. Most of our Budhist literature today is anti-Budhist, anti-humanist. They are seriously harming the Budhist movement started by Babasaheb Ambedkar. By not understanding Babasaheb’s Budhism our Budhist brothers themselves are becoming the enemy of Budhist movement.
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Popular Front makes waves
V.T. RAJSHEKAR
Bangalore: We just returned from a 3-day (Feb.13-15) fantastic function at Caicut (Kerala) of the Popular Front of India which is emerging as a political movement led by the Muslims of Kerala. The final day Arabian seafront (Calicut beach) public meeting saw a massive gathering of over 2 lakh Muslims. A sea of humanity beside the Arabian sea. Representatives of Muslims, Christian, SC/ST/BC came from all parts of India.
But the notorious anti-Muslim Brahminical media simply ignored such a historic event —once again stressing the need for setting up our own media.
We spoke at the “media meet” and our plan to set up a media centre in Delhi but the Muslims present including the Editor of Tejas, a Malayalam daily, and the brain behind the whole show, had no reaction. Poverty of thinking is too much with Muslims.
We will come out with a bigger but interpretive report on this historic event. Meanwhile, our family members may write to Brother (Prof) Koya, extending our full support. (Thejas Daily Library, Media City, Nallalam PO, Kozhikode - 673 027).
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Brahminism co-opts Christianity ?
Brahminical rulers first finished Sikhism (1984) and then Christianity. Only Islam is left but half dead. No doubt Muslims are fighting back but the indications are they are already put on the defensive.
The above article by Kerala’s Syrian (Roman Catholic) Christian leader shows how deep is their love for Brahminism because Kerala’s Syrian Christains consider themselves Brahmin (converts).
The country’s mere 2% Brahmins are swelling their ranks by recruiting exploiters within Sikhism and Christianity — the two liberating religions that did so much for the oppressed Dalits, tribals and the OBCs.
When the ruling class is gathering new recruits and their grinding machine to crush the Bahujans is working overtime, why the rulers are feeling so insecure, so threatened? — EDITOR
(DV Jan.1, 2009 p.12: “Syrian Christian leader calls
for Hinduisation of church”)
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Upper castes in all religions deserting their “low caste”brothers
Brother Joseph Pulikunnel has not clarified if he is equating “Indianisation” of the church with hinduisation. Since the Dalits, tribals and Backward Castes, who together constitute over 85% of the Indian population and victims of Hinduism, which is the other word for Brahminism, such a clarification is necessary. Because the over 85% of the Indian Christians are converts from SC/ST/BCs who went over to Christianity to seek liberation from Brahminical caste system which enslaved them. It is now becoming clearer that the upper caste Christians, Muslims and Sikhs in their anxiety to get closer to their jatwalas among the Hindus are deserting their “low caste non-Aryan” religionists. “Caste identity” within different non-Hindu religions is getting stronger. This is a good development and we welcome it. Let all the Hindus (meaning 15% upper caste Aryans) and their counterparts in the “religious minority religions” come together which will force their brothers to join with SC/ST/BCs to prepare for the coming varna yudha (caste war) — EDITOR.
http://www.dalitvoice.org/Templates/march2009/articles.htm
Editorial
DV calls the bluff of “India Shining” : UN agency
shatters false image
From Dec.1, 2006 —for about two years— we started publishing a new column, “India Shining”, regularly in every issue of DV on p.13. The short reports published in this column are taken from the Brahminical toilet papers to prove the false claim of the ruling class that India’s “gallop” into unprecedented prosperity is all bullshit. Such a false claim of quantum jump from 8.6 to 9% to 10% GDP is proved wrong by the very toilet papers who made this claim.
Reckless exploiters: India’s ruling upper castes cannot be more than 15% of our population. They are led by the vaidiks who have been the traditional centuries-old exploiters whom Budha, Guru Ravidas, Nanak, Phule, Dr. Ambedkar, Periyar E.V. Ramaswamy fought. They are the country’s leaders of thought and action having co-opted the other three caste groups—Kshatriya, Vaishya and to some extent even the shudra—and converted them into reckless, heartless exploiters.
What we have in the country today is the rule of this 15% upper castes who alone are the Hindu.
The exploited people comprise the SC/ST/BCs (65%) and Muslim/Christian/Sikhs (20%).
We have given this caste-wise statistical break-up in almost every writings on the subject.
With minor exceptions this 15% ruling class constitute the fair-skinned “India Shining” group and the rest are their servants and slaves. However, some among the slave castes and communities did break the barrier and became the bum-lickers. Sharad Pawar, the Maratha war-lord, Chandra Babu Naidu, the Khamma cooli, Narendra Modi, the Gujarati Teli, today, are some examples among the political class.
Near the gates of swarga: This 15% rulers together with their bum-lickers have twisted our very value system and bent our very way of life to suit their immediate needs. What is worrying is the way these rulers are killing the very future of our children by instilling in them all false and dangerous values. Unthinking people reading these “India Shining” stories in the media get the impression that the country is flowing with milk and honey. And that we are just a couple of miles away from the gates of swarga.
What appears as their outward success — even as the inner strength of the country’s core values are collapsing — is due to the Brahminical toilet papers and TV which they have captured to distort and destroy the minds of those who are willing to get their minds destroyed. Once you make the youth gullible with such powerful psychological assaults the weak minds simply succumb. But the Bhoodevatas remain unchanged. While they pulverise our brains, their values are fully rooted in the system propounded in their holy Vedas and Shastras.
Kamasutra: Their main preoccupation is eating, entertainment, sex (kamasutra), and cheating. A life of perpetual pleasure and leisure.
From centuries they have been only pleasure-seekers and without doing any work they subject the rest to mental and physical crucifixion — which our people willingly undergo. This is the painless operation which in other words is called Hinduism. For details, please read our book, Know the Hindu Mind (DSA-2008, Rs. 100). They have been doing this since centuries and anybody coming in the way is mercilessly tackled and finished. DV has published articles on how they killed Saint Ravidas and his disciple Meerabai. (DV Feb.1, 2009 p.9: “Why Guru Ravidas was murdered?”). The cumulative effect of the Brahminical “India Shining” is proved in the recent Beijing Olympics. (DV Edit Sept.16, 2008: “Beef-eating & Olympics: India suffers Himalayan humiliation because of Hindu hate-mongers”).
As the overwhelming 85% of the slaves of India have no media of their own except Dalit Voice, what they paint as “India Shining” is taken as the supreme truth.
But the United Nations has created a new organisation called the Millennium Development Goals (MDG), an official of which recently visited India and his report speaks out the truth.
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BILLIONS TRAPPED IN POVERTY
India fails to meet MDG standards
TAJUDEEN
By official reckoning the GDP of India now belongs in the global elite if economies numbering only 12 countries in the world that have a trillion dollar economy. But how is this wealth spread across the country? The top 5% of the population control almost 40% of this wealth with more than 50% in the hands of top 10% altogether and the bottom 10% owning only 0.2% of the nation’s wealth and the bottom 50% owning less than 10% of the wealth. Gandhi’s statement about there being enough in the world to satisfy our need but not enough to satisfy our greed, is even truer of India today. But is anyone who matters listening? Interacting with some of the community political activists of the poorest of India shook my Gandhian/Congress Party of India loyalties. Any believer in the Mahatma has to stay away from V.T. Rajshekar, the crusading veteran journalist, V.T. Rajshekar who is the Editor of Dalit Voice. My brief interaction with him and reading some of his books such as the collection of essays he edited, Gandhi You Do Not Know, gave alternative analysis of the man that is very much less rosy than popularly understood and believed. We went to a village just 15 kilometer from New Delhi that gave us the starkest contrast of life in India. It is indeed incredible: cows moving as sacred animals holding up traffic, buffaloes used as we use cows — dispensing milk, tuk tuks, tricycles, all kinds of cycles, an assortment of Indian made cars. In short any movable objector being is used for transport.
In Bardarpur Khaddar, a small village of not mor than a couple of thousands, predominantly Muslim and Dalit (lower caste of Untouchables) you come face to face with how poverty and inequality affects the majority Indians. A country that has produced its own missiles, is leading in science and technology, ICTs, trading and manufacturing and almost anything else, yet the 400 children in this village have no school, no health facilities and travel to Delhi with extreme difficulty.
At an interaction with the community I asked them if they had elected representatives at the local, state and central levels and they answered “yes”. I then challenged them to use their votes to deny political power and legitimacy to leaders who will not respond to their needs. One of the community leaders, with obvious pain and frustration on his face, shook his head and told us that they had tried that and no one noticed. The explanation is that they are an insignificant demographic and political force without power to threaten the powers that be. When people do not have faith in their vote, what do they care if India is the smallest or largest democracy in the world?
As India celebrates its 52nd independence on 15th August its political leaders must address the incongruous situation that affects millions of its population who are structurally trapped in poverty. India will meet the MDGs, but hundreds of millions of Indians like the villages of Badarpur Khaddar, will not. Neither Gandhi nor Indian movies can satisfy them, only concrete action by their leaders.
(tajudeen.abdulraheem@gmail.com)
http://www.dalitvoice.org/Templates/march2009/editorial.htm
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