Govt to sell stakes in 6-7 more firms: Fin secy.Bolt sets record to win 100m gold.Monsoon, valuations threaten Sensex rally.Pak summons Indian envoy, protests against Manmohan Singh's remarks.Terror camps in Pak a threat to India: Antony
Troubled Galaxy Destroyed Dreams, Chapter 336
Palash Biswas
Lalgarh jawan hit by bullet |
| OUR CORRESPONDENT |
| Midnapore, Aug. 17: For the first time since the Lalgarh operation began on June 18, a policeman has taken a direct hit at the fag-end of an encounter with Maoists. CRPF jawan Chalant Kumar Rai took a bullet in his waist today just as a team of state and central forces was preparing to leave the Madhupur jungles in Salboni around noon after a two-hour gun battle. The middle-aged man was brought to Midnapore Medical College Hospital and was being driven to Calcutta late tonight to be admitted to SSKM Hospital for treatment to a damaged nerve. His condition is stable. The Lalgarh operation had so far had two casualties among the security forces, but none from encounters. A BSF jawan died of sunstroke on the Bhimpur-Lalgarh road on June 20 and the same day, a policeman suffered a minor splinter injury after an IED planted by the Maoists exploded in Kadashole village. District police chief Manoj Verma said 100 rounds were fired during today's encounter, which took place about 12km from Lalgarh town. "The encounter had just stopped and the jawans were returning to their camp. Suddenly a bullet came from the jungles and hit the jawan." A police officer said about 100 personnel from the Pirakata camp had left for the Madhupur jungles, 7km away, on a tip-off about a Maoist gathering. "As soon as the jawans entered the jungles, bullets came flying from behind trees." |
Govt to sell stakes in 6-7 more firms: Fin secy
18 Aug 2009, 1703 hrs IST, REUTERS
NEW DELHI: The Indian government will sell stakes in at least six to seven more state-run firms in the next 12-14 months, Finance Secretary Ashok
Last week, Indian state utility NHPC Ltd's initial public offering for up to $1.25 billion was subscribed 23.53 times, stock exchange data showed, a response that would embolden the government to hurry up stake sales in more firms.
Chawla also said the government was confident of meeting the annual target for direct tax receipts for 2009/10 (April/March).
Govt not considering fresh farm debt waiver scheme: Pranab
NEW DELHI: As a fourth of the country reels under drought, the UPA government today said it has no proposal to write off loans taken by farmers
"There is no such proposal," Finance Minister Pranab Mukherjee said when asked if the government was considering a fresh debt waiver scheme to give relief to farmers.
The UPA government had last year announced a nearly Rs 71,000 crore farm loan waiver scheme to offer relief to farmers, especially the small and medium ones who were unable to access fresh loans due to non-payment of dues.
Noting that the full impact of failure of monsoon was yet to be assessed, the minister said the country would, however, be able to achieve six per cent plus economic growth during the current fiscal.
Agriculture accounts for a fifth of India's GDP, but poor monsoon, besides eroding farm output, could also have a telling effect on consumer spending in rural areas.
Economic growth decelerated to 6.7 per cent in FY'09 from nine per cent in the previous fiscal, mainly due to the global financial meltdown. Drought is expected to compound the woes.
Mukherjee, who earlier inaugurated a conference of the heads of Regional Rural Banks (RRBs), said that a committee would be formed to assess capital requirements of the RRBs.
Some RRBs, he added, would need capital infusion to achieve the capital adequacy requirement of 7 per cent.
Bengal silence at security table CM ill, vacuum at Delhi meet | ||
| NISHIT DHOLABHAI | ||
New Delhi, Aug. 17: Union home minister P. Chidambaram today made a pointed reference to the absence of political representation from Bengal at a security meeting, the observation coming at a time the operation in Lalgarh runs the risk of turning listless. Buddhadeb Bhattacharjee could not attend the session of chief ministers in Delhi because of fever but he did not depute any other minister to the meeting, which meant that the state was represented by bureaucrats who were not allowed to speak. Bengal's speech was "tabled" at the venue, unlike some other states whose chief ministers could not attend but ensured that they were heard by sending other ministers. Chidambaram referred to Bengal at a media conference. "West Bengal was not represented by any minister. So, the chief minister's speech was considered read," the home minister told reporters this afternoon, soon after a meeting on internal security and before the start of another to specifically discuss Left-wing extremism. Chidambaram added that the officials present "did not get a chance to speak". Union home ministry sources said Bengal's turn came up towards the end of the meeting on internal security but neither chief secretary Asok Mohan Chakrabarti nor home secretary Ardhendu Sen "were allowed to speak". "They cannot make a policy decision nor a commitment and when we consider time constraints (in delivering speeches), they do not stand anywhere in the hierarchy," a government spokesperson said. In Calcutta, officials said Bhattacharjee did not nominate anyone in his place because "officially", no one enjoys the "Number Two" slot in the cabinet. Normally, the Bengal officials pointed out, when the chief minister is out of the country, he nominates an "acting chief minister" who officiates on his behalf. But since Bhattacharjee is in the city, the question of appointing one did not arise, an official added. "A note has been handed over by the chief secretary to the central government," an official said in Calcutta. "So, that is effectively conveying the government's views." The chief minister is "much better" though a slight fever persists, the official added. Union home ministry officials, while acknowledging the chief minister's health impediment, pointed out that states like Uttar Pradesh, Kerala and Puducherry did send other ministers, not necessarily the Number Two, because their chief ministers could not make it. Uttar Pradesh chief minister Mayavati's speech was read by parliamentary affairs minister Lalji Verma while the two southern states were represented by home ministers Kodiyeri Balakrishnan and E. Valsaraj, respectively. The veiled criticism came on a day the security services were fooled in Lalgarh by a Maoist-backed group to hold a meeting. The state government has already admitted that Phase II of the Lalgarh operation was "a failure". The Bengal government is keen on a joint operation in Jharkhand — a reference to which was made in Bhattacharjee's speech that was considered read today. |
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Foreigners hold 23% in BSE-500
CHENNAI: Foreign ownership in BSE 500 companies — which represent nearly 93% of the total market capitalisation on BSE — is a tad higher than of
While on the face of it, promoters (29.3%) and the government seem to be India Inc's primary owners — the fact is foreigners come in second across all classes (portfolio, direct and subsidiary), owning more than the government does. The Indian public owned 8.17% stake, insurers 4.74%, non-promoter corporates 4.16% and mutual funds 3.91%, data up to the June quarter showed.
The 30-share sensex, which has been a stellar performer among global indices in 2009, is also firmly in foreign grips. Foreigners owned 26.1% in the 30 famous Indian firms, less than 32.2% owned by promoters, but almost double of the 13% held by the government.
"FII ownership of the broad market has risen to 15.7% (including American Depository Receipts / Global Depository Receipts) from 15% in March, reversing a six-quarter trend. In dollar terms, this represents a 64% rise in the FII portfolio to $148 billion by the end of the quarter (April-June ), compared with a 45% rise in the markets," said Citigroup analyst Aditya Narain. "July has witnessed another $2.4billion in inflows — if this holds, or more money comes in, ownership will rise, though the market impact will probably be less."
Foreign investors — who pumped in $5.6 billion over April-June 2009 — have reversed a six quarter flight. The market's sharp rise (49%) over the quarter would appear a cause and consequence of this inflow.
Monsoon, valuations threaten Sensex rally
MUMBAI: Stocks are running out of steam after nearly doubling in five months and may be poised for a correction as investors grow wary of high
Mixed recent global data releases, meanwhile, have stoked renewed fears about the strength of an economic recovery and threaten to curb risk appetite that has seen a surge of overseas funds flowing into emerging markets, including India.
Some analysts expect India's benchmark BSE index, which fell 4.1 per cent to 14,784.92 points on Monday in a global sell-off, to fall by between 10 and 20 per cent by the end of the year. Still, strategists say the longer-term picture is bright, given the outlook for an improving local economy.
Monsoon rainfall -- crucial for India's domestic-demand-led economy -- has been 29 per cent below average this year, fanning worries it could threaten a nascent economic revival and cut into the profit growth investors had been pricing into Indian firms.
Since the beginning of this month through Monday, the main index dropped 5.7 per cent, while MSCI's measure of Asian markets excluding Japan fell 2.4 per cent in the period.
"Those of us who were going to upgrade earnings are now thinking of downgrading earnings as we just don't know what the amount of damage from the weak monsoons is going to be," Ambareesh Baliga, vice president of Karvy Stock Broking, said.
With just over 40 per cent of agricultural land irrigated, farm output is heavily reliant on rains and a shortfall could potentially hurt rural demand, which accounts for more than half of India's domestic consumption.
"If the monsoon situation does not improve in the next few weeks, it could result in downgrading of GDP growth estimates, downgrading corporate earnings estimates, a fall in the premium given to Indian markets and a consequent fall in indices," HDFC Securities said in a note to clients.
PRICEY STOCKS LOSE SHINE
A rush of liquidity into global equity markets has powered the BSE index, with foreign funds pumping more than $7.5 billion into the market this year, although inflows have slowed recently.
India's main index leapt 84 per cent from a 2009 low in early March through Monday, and was up more than 53 per cent for the year after slumping by more than half in 2008.
The benchmark could fall 10 to 15 per cent as the weak monsoon hurts economic growth, Bank of America Merrill Lynch research analyst Jyotivardhan Jaipuria said in a Monday note to clients.
Analysts say the BSE index could find good support at 12,500 to 13,000 -- above its 12,173 close in mid-May before it surged on the unexpectedly strong re-election of the Congress party-led coalition.
After the election, the market rallied 22.5 per cent before falling almost 6 per cent on July 6, when the government announced a budget that disappointed investors expecting bold economic and financial
Though analysts say market-friendly reforms are in the offing, the government is expected to introduce them more slowly than investors had once hoped.
India's benchmark is the fourth-best performer among major indices in the world this year, and trades at 16.5 times expected earnings -- higher than benchmarks in other emerging markets such as South Korea, Brazil, and Indonesia, which trade at multiples of 12-14. Russia trades at 7 times forward earnings.
- Terror camps in Pak a threat to India: Antony
Asked about Prime Minister Manmohan Singh's assertions yesterday at the Chief Ministers' conference in Delhi that India had credible information that terrorists based in Pakistan are planning to carry out fresh attacks in India, Antony said "I have nothing to add to what the Prime Minister had said".
"What the Prime Minister had said was a fact because even today dozens of terrorist camps are functioning actively in Pakistan soil along the Indo-Pakistan border," he told reporters on the sidelines of a function at Amrita Hospital here.
LeT issues diktat against watching TV in J&K
NEW DELHI: The Lashkar-e-Taiba has enforced a new diktat in parts of Jammu and Kashmir; 'Do not watch television.'
Taking a cue from the Taliban, the Lashkar terrorists operating in Banihal heights have imposed a ban on watching TV- terming it an 'unislamic' activity.
Bearing witness to this fact are the marks on Gulam Nabi's back and legs. The marks are a constant reminder of how the LeT men beat him up for watching TV. "Unidentified gunmen barged into my house. They broke my TV set and thrashed me," said Ghulam Nabi.
In true Taliban style, the terrorists made sure that no one dare to switch on a television again.
When asked about the LeT's newest diktat a villager said, "Six militants barged into our house. Three of them broke my TV and another three hit me."
Lashkar militants have warned villagers of dire consequences if they do not stop watching television. In a recently issued diktat, they have described the 'idiot box' as an epicentre of all problems and blame the same for impregnating evil thoughts in the mind of villagers.
In addition to resorting to violence, the Lashkar men also pasted a pamphlet on the boundary wall of a mosque.
"They say watching TV is a sin. But I ask Muslims all over the world to watch TV. We have not done anything wrong or committed any crime," a villager said.
Security forces in the area describe the Lashkar's newest act as one of frustration and desperation.
IG of Jammu, Ashok Gupta said, "These days the television is a very powerful medium which is exposing their lies. So why would they allow it. It is an act of sheer frustration on their part."
But what the LeT does not realise is that their imposition is only causing anger. When asked about the Taliban's actions, a villager said, "Breaking televisions sets and beating up elderly people is not a part of Jihad." This is evidence enough that the people clearly do not want another Taliban state.
http://economictimes.indiatimes.com/News/PoliticsNation/LeT-issues-diktat-against-watching-TV-in-JK/articleshow/4905784.cms
Pak summons Indian envoy, protests against Manmohan Singh's remarks!
Prime Minister Manmohan Singh said on Tuesday that the country was facing a
Vital monsoon rains have been 29 percent below normal since the beginning of the June-September season, hurting crops such as rice and sugarcane and triggering a sharp rise in food prices.
Private equity firms are becoming cautious about making fresh investments in India with less funds flowing into this segment as
"The rush for PE investments into India has slowdown a bit at present. As now the managers are studying the companies more carefully before making any new investment commitment," Grant Thornton Partner (Corporate Advisory Services) Harish H V said.
With global PE fund closure during the second quarter of 2009 dipping to record lows, PE funds investing in India are also being cautious as limited partner or the part owners of funds are constantly questioning the intent of investment.
"Limited partners or institutional investors are increasingly becoming sceptical about their investment decisions and are questioning the intent of the General Partners," SMC Capitals Equity Head Jagnnadham Thunuguntla said.
Marketmen said, with improved capital market sentiment PE funds are now preferring to liquidate their stake.
"Confidence is back in the Indian market and the degree of scepticisim has reduced to what it was six months back. However, with the capital market boom, PE funds are now preferring to exit via open market transactions," Thunuguntla added.
Pakistan has lodged a protest against Prime Minister Dr.Manmohan Singh's remarks that terrorists based on Pakistani soil are planning
A spokesman said Islamabad has taken strong exception to Dr.Singh's statement and had summoned India's deputy high commissioner to the Foreign Office in this regard.
"The deputy high commissioner of India was summoned to the Foreign Office by the director general (South Asia), and told that the Indian prime minister's remarks warrant serious and prompt attention," The Daily Times quoted the spokesperson, as saying.
Dr.Singh. on Monday said there is credible information that terrorist groups based in Pakistan are planning to carry out fresh attacks in India and advocated the need for utmost vigilance.
He was speaking after inaugurating a Chief Ministers' Conference on Internal Security in New Delhi.
He said: "We have put in place additional measures after the last year's Mumbai terror attack. But there is need for continued vigilance. The area of operation of these terrorists today extends far beyond the confines of Jammu and Kashmir and covers all parts of our country."
Meanwhile, Indian stocks dropped 4.1 percent and the rupee slid on Monday as a poor monsoon season and global wariness over the strength of an
The rupee weakened past 49 per dollar, driven by fears of foreigners withdrawing their stock market investments if growth slowed sharply, while government bonds were subdued as dealers awaited details of an auction due later this week.
"The feeling that the worst is not over for the world is looming large in the minds of investors," said Arun Kejriwal, strategist at research firm KRIS.
"If I had money to invest, looking at the state the world markets and India is in , I would wait for some time. There is no hope for a major rally in the next two to three months."
The main share index opened weaker after Asian markets wobbled and lost ground as investors dumped frontline stocks across sectors after sharp gains in recent months.
The 30-share BSE index ended down 4.07 percent, or 626.71 points, at 14,784.92, its lowest close since Aug. 17 and largest drop since July 6.
Indian shares underperformed the 3.82 percent drop in the MSCI Asia ex-Japan index.
Energy giant Reliance Industries shed 4.7 percent to 1,939.60 rupees, top listed realty firm DLF dropped 7.8 percent to 364.40 rupees and private-sector lender ICICI Bank fell 5.3 percent to 704.85 rupees.
Monsoon rains in India, Asia's third-biggest economy, are 29 percent below average since June 1, raising concerns of weaker farm output, a big component of domestic demand. A bad monsoon could knock as much as 2 percentage points off growth in the current fiscal year, economists have said.
Growth has slowed from rates of near 9 percent seen in recent years as the global crisis derailed exports. The economy expanded at 6.7 percent in 2008/09.
"We still expect the economy to bottom out end-2009. Yet, the ride will be bumpier than we thought. Let's face it: India faces severe drought," Bank of America Merrill Lynch analyst Jyotivardhan Jaipuria said in a note to clients.
Poor monsoons threaten to hurt sales of consumer goods, two-wheelers, tractors, textiles and beverage industries.
"Agriculture growth is likely to turn negative, which will pull down GDP growth from our previous estimate of 6.5 percent to around 5.8-6.2 percent in the base case, down to 5.5 percent in the worst case," Saugata Bhattacharya, an economist at Axis Bank, said in a recent note.
Capital inflows into stocks are a key support for the market and the rupee. Foreign investors were seen selling heavily in the real estate and metal counters on Monday, traders said.
The main share index leapt almost 92 percent from a 2009 low in early March through Friday, after slumping by more than half in 2008, and was up about 60 percent on the year, stoking worries about rich valuations.
The index is the fourth-best performer among major indices in the world this year and trades at 17.2 times expected earnings, higher than other emerging markets such as South Korea, Brazil and Indonesia which trade at a multiple of 12-14.
Govt steps up efforts to attract FDI
Concerned 46 per cent decline in foreign investment during January-May 2009, the government has stepped up its activities to attract
Transport Minister Kamal Nath had said all impediments would be removed to get foreign investment in the roads and highways sector.
He added that the roads sector is expected to attract USD 10 billion of FDI in the next two years.
The government is also making efforts to bring in foreign investment in the textiles sector, the largest employer after agriculture in the country.
Textiles Minister Dayanidhi Maran had led a business delegation to Japan last month to woo foreign investors in the labour intensive sector.
FDI inflow in January-May period of 2009 was USD 10.58 billion compared to USD 19.56 billion in the same period previous year, a dip of 46 per cent.
The government also proposes to raise the FDI cap in private insurance firms from 26 to 49 per cent and a bill to give effect to the proposal is pending in the Rajya Sabha.
CRISIL Principal economist D K Joshi said by taking the steps government is building pipeline to attract FDI.
He said when the global appetite for investment is low due to slowdown, infrastructure sector has the capability to attract investment.
Prices may go up due to erratic monsoon: RBI
The Reserve Bank today said that prices this year are likely to go up because of the erratic monsoon.
"The expectation is that the erratic monsoon may put pressure on inflation," RBI Deputy Governor K C Chakrabarty told reporters on the sidelines of a meeting of regional rural bank chiefs with Finance Minister Pranab Mukherjee.
When asked whether farm loans would be rescheduled because of the uncertain monsoon this year, he said that is an issue for next year.
According to reports, rainfall in the country between June one and August 12 has been 29 per cent below normal.
The Meteorological Department has officially declared 2009 a drought year.
The deficient rainfall has led to reduction in Kharif sowing, fuelling fears of high food prices in the coming months.
However, inflation for the week ended August 1 dipped to (-) 1.74 per cent, the lowest in three decades, even as prices of essential food items like pulses, cereals, and fruit and vegetables continued to rise.
During the week, the prices of cereals surged by 12 per cent, pulses by 18 per cent, and fruit and vegetables by 18.4 per cent annually.
Nation braces for drought, worries over inflation
Meagre monsoon rains have pushed India to the brink of drought, putting pressure on food prices and energy supplies and imperiling
India's vital monsoon rains have been 29 percent below normal since the beginning of the June-September season, hurting crops such as rice and cane and triggering a sharp rise in food prices in India and sugar futures abroad. Monsoon rains revived in the past few days, particularly in the cane-producing Uttar Pradesh state, where the local government has declared a drought in most of the districts, but this has not eased concerns of government and trade officials.
A central bank deputy governor said erratic monsoon rains may put pressure on prices, but the deputy chairman of India's Planning Commission said India had enough stocks of food to counter inflationary pressures. Finance Minister Pranab Mukherjee said on Tuesday he expects economic growth in 2009/10 to be over 6 percent, as forecast earlier and in line with a central bank estimate, despite the monsoon shortfall.
He earlier said that "the ground reality was that the drought has set in," according to a government statement late on Monday. Some private economists have said poor rains could trim economic growth by as much as 2 percentage points in the fiscal year that ends in March. Investors, meanwhile, are growing nervous that a poor harvest could crimp rural spending and erode profit growth for sellers of consumer goods.
Farming accounts for just 17 percent of the Indian economy but rural consumption makes up more than half of domestic demand. India's economic growth slowed to 6.7 percent in its most recent fiscal year after three straight years of growth of at least 9 percent. POWER SUPPLY Low rainfall has slowed the refilling of India's main water reservoirs, threatening the supply of hydropower, which accounts for a quarter of India's generation, and reducing availability of water to irrigate winter-sown crops such as wheat and rapeseed.
Hydropower generation in India had fallen 10 percent from last year, Central Electricity Authority Chairman Rakesh Nath told reporters. The weather office has forecast widespread rains in the key cane-growing areas in north and northwest India as well as the central Indian state of Madhya Pradesh, the main soybean-growing region.
India's farm minister, Sharad Pawar, said on Monday that the country needed to raise planting of winter-sown crops and improve irrigation to make up for the damage to farms. Monsoon rains are vital for India's summer-sown crops such as rice, sugarcane and soybeans because the majority of the farmers do not have access to irrigation facilities.
Minister says Posco moving to different place; company denies
Faced with problems in acquiring land at the site of its proposed Rs 51,000 crore steel plant in Orissa, South Korean steel giant will
"Posco is facing problem of land (acquisition). Now recently they came to me. They have decided to move to a different place," he told reporters on the sidelines of conference here.
Later, the minister's office said that Posco will not move out of Orissa -- where the firm is awaiting iron ore leases -- but they may be moving to a nearby location.
When contacted Posco India Vice-President Vikas Sharan said, "There were never any plans to move from the site area in the past nor there are any such plans now. We are committed to the Orissa project."
Meanwhile speaking in Orissa, a Posco official admitted that some villagers at the proposed plant site are still opposed to the project, and efforts are on to win them over.
The South Korean steel maker has proposed setting up an integrated steel project in Orissa with a capacity of 12 million tonne per annum.
Poor monsoon could lower growth: Ahluwalia
NEW DELHI: India's growth projection could be trimmed due to a poor monsoon, but the country has adequate food stocks to counter inflationary
"The existence of drought by itself can only lead to some shaving down of growth projections," Ahluwalia told reporters on the sidelines of a conference. "We have more than enough food stocks to counter... inflationary pressures."
India's FY10 growth could slow to 5.5% on rains: Nomura
MUMBAI: India's economic growth could slow to around 5.5 percent in 2009/10 hurt by a poor monsoon, but rates may start rising in early 2010 as
Rainfall was 29 percent below normal as of Aug. 12, government data shows. This is a concern for agriculture production as only 40 percent of India's farmland is irrigated.
Nomura said it was too early to assess how much growth will be affected as it depends on the severity of damage done, farmers' ability to shift to shorter-duration crops and post-monsoon showers that will determine soil moisture.
It has therefore retained its 2009/10 growth forecast of 6.3 percent and 2010/11 estimate of 7.5 percent, said Sonal Varma, economist at Nomura, who authored the report.
Nomura said although agriculture is a drag, signs of global recovery, strong industrial output growth in June could act as tailwinds to growth.
Decline in rural incomes could be partly offset by alternate rural job opportunities under the National Rural Employment Guarantee Act (NREGA), which did not previously exist, it said.
The rural sector will also benefit from government spending on rural infrastructure, last year's increase of minimum support prices for food grains and diversification into higher-value products such as fruits, vegetables, milk, meat and fish, the note said.
The drought could push inflation to 6.5-7 percent by end-March 2010 from the current forecast of 5.5 percent, Nomura said.
Drought-related spending is likely to negate the upside to the central fiscal deficit estimate of 6.8 percent of gross domestic product that it had expected due to higher revenues, it said.
Nomura expects the central bank to allow the rupee to appreciate to curb inflation and sees it at 44 to the dollar by March 2010 from around 48 currently.
While the Reserve Bank of India (RBI) may postpone its first rate hike by a quarter in the case of a severe drought, it may hike rates at a faster pace as inflation picks up and growth rebounds next year. it said.
Indian investors upbeat about econ prospects: Survey
MUMBAI: Indian investors
The index, published on a quarterly basis, aims to measure confidence levels of retail, corporate and financial advisers on the economic and investment
The investment confidence Index was at 135.9 at the end of July 2009 indicating a high degree of confidence among investors and was calculated by averaging the values of three sub indices.
Retail investors are more confident of making additional investments than financial advisers and investors expect the benchmark stock index to rise to 16,000-17,000 by December 2009. It was down 2.6 percent at 15,000 on Monday.
Half the firms surveyed said the rupee will likely gain in the next six months while 76 per cent of respondents said interest rates will rise. The survey follows similiar indices launched in Britain, Germany, France, Japan and Hong Kong, the release said.
Bolt sets record to win 100m gold
ATHLETICS WORLD CHAMPIONSHIPS
Venue: Olympic Stadium, Berlin Date: 15-23 August
Coverage: Watch the action live and highlights on BBC Two, BBC HD, Red Button, Radio 5 live and the BBC Sport website (video for UK users only)
Full BBC coverage details
Replay - Record-breaking Bolt wins 100m gold
Triple Olympic champion Usain Bolt set a new world record as he stormed to a stunning victory in the 100m at the World Championships in Berlin.
The 22-year-old Jamaican recorded a time of 9.58 seconds to take 0.11 off the mark he set last year when winning gold at the Beijing Olympics.
American Tyson Gay was second in a time of 9.71, with Jamaica's Asafa Powell claiming bronze in 9.84.
Britain's Dwain Chambers came sixth in a season's best time of 10.00.
Bolt, who set three world records when winning his Olympic golds in Beijing last summer, served up another superlative display to enhance his reputation as the best sprinter of all time.
 | TOM FORDYCE BLOG |
In the final, he powered out of the blocks at the first time of asking and took control of the race within the first 30m, the crowd going wild as he streaked across the line.
Bolt's time represents the biggest increase in the record since electronic timing was introduced in 1968.
"I was ready, I was feeling good after the semi-finals," Bolt told BBC Sport.
"I knew it was going to be a great race and I came out and executed it. It's a great time. I did well and I feel good in myself."
Former world record holder Powell paid tribute to his compatriot, saying: "When I saw the time I had to try and catch him, but I couldn't."
Gay, who went into the final as the reigning world champion, has been troubled by a nagging groin pain and had to cut practice on his start.
I expected a great race - Bolt
"I ran the best I could but it was not enough," he said. "I believe I put in a championship performance and I am very pleased with the national record.
"I'm happy he ran 9.5 because I knew he could do it. I'm happy for him."
Chambers, back competing at the top level after serving a two-year ban for taking the designer steroid THG in 2003, said the final was a "great experience".
"It is hard to explain what it is like to go out there and stand on the line to compete with the best in the world," said the 31-year-old. "It does not get easier as you get older but it is worth it."
Earlier, there was controversy as Britain's Tyrone Edgar was disqualified from the semi-finals.
After Bolt made the opening false start, Edgar was ruled to have transgressed the second time, although initial reaction times seemed to suggest that decision was harsh.
"I don't think it was a false start," said the 27-year-old Edgar, who was also disqualified at the London Grand Prix last month.
"To me it looked pretty good but there is nothing I can do. I am not going to argue the point. I am disappointed right now because I reckon I would have made the final."
http://news.bbc.co.uk/sport2/hi/athletics/8204381.stm
Science ponders 'zombie attack'
| By Pallab Ghosh Science correspondent, BBC News |
 There has been a revival of the zombie film in recent years |
If zombies actually existed, an attack by them would lead to the collapse of civilisation unless dealt with quickly and aggressively.
That is the conclusion of a mathematical exercise carried out by researchers in Canada.
They say only frequent counter-attacks with increasing force would eradicate the fictional creatures.
The scientific paper is published in a book - Infectious Diseases Modelling Research Progress.
In books, films, video games and folklore, zombies are undead creatures, able to turn the living into other zombies with a bite.
But there is a serious side to the work.
In some respects, a zombie "plague" resembles a lethal rapidly-spreading infection.
|  My understanding of zombie biology is that if you manage to decapitate a zombie then it's dead forever  Professor Neil Ferguson |
In their study, the researchers from the University of Ottawa and Carleton University (also in Ottawa) posed a question: If there was to be a battle between zombies and the living, who would win?
Professor Robert Smith? (the question mark is part of his surname and not a typographical mistake) and colleagues wrote: "We model a zombie attack using biological assumptions based on popular zombie movies.
"We introduce a basic model for zombie infection and illustrate the outcome with numerical solutions."
On his university web page, the mathematics professor at Ottawa University says the question mark distinguishes him from Robert Smith, lead singer of rock band The Cure.
| FROM THE TODAY PROGRAMME  |
To give the living a fighting chance, the researchers chose "classic" slow-moving zombies as our opponents rather than the nimble, intelligent creatures portrayed in some recent films.
"While we are trying to be as broad as possible in modelling zombies - especially as there are many variables - we have decided not to consider these individuals," the researchers said.
Back for good?
Even so, their analysis revealed that a strategy of capturing or curing the zombies would only put off the inevitable.
In their scientific paper, the authors conclude that humanity's only hope is to "hit them [the undead] hard and hit them often".
They added: "It's imperative that zombies are dealt with quickly or else... we are all in a great deal of trouble."
According to the researchers, the key difference between the zombies and the spread of real infections is that "zombies can come back to life".
But they say that their work has parallels with, for example, the spread of ideas.
The study has been welcomed by one of the world's leading disease specialists, Professor Neil Ferguson, who is one of the UK government's chief advisors on controlling the spread of swine flu.
"The paper considers something that many of us have worried about - particularly in our younger days - of what would be a feasible way of tackling an outbreak of a rapidly spreading zombie infection," said Professor Ferguson, from Imperial College London.
However he thinks that some of the assumptions made in the paper might be unduly alarmist.
"My understanding of zombie biology is that if you manage to decapitate a zombie then it's dead forever. So perhaps they are being a little over-pessimistic when they conclude that zombies might take over a city in three or four days," he said.
EE ALSO
News feedshttp://news.bbc.co.uk/2/hi/science/nature/8206280.stm
Political card in aircraft dogfight - Makers of Eurofighter up the ante on the ground to beat American contenders in the race for $11-billion air force contract | |||
| SUJAN DUTTA | |||
New Delhi, Aug. 17: The great duel in the skies for an Indian Air Force order that could top $11 billion for 126 fighter aircraft began in Bangalore today, but the real action is being worked out in boardrooms of aviation majors. At least one of the six competitors in the race, EADS, is saying upfront that it will gift-wrap its offer of the Eurofighter Typhoon for the IAF with a "political package". "All such deals have a technical dimension as well as a political dimension," chief executive officer of EADS defence and security, Bernhard Gerwert, told The Telegraph recently. EADS had flown Indian journalists to the Royal International Air Tattoo in Fairford, the UK, and to the German assembly plant at Manching last month to demonstrate the capabilities of the Eurofighter Typhoon. "What that package will be is still being worked out. But an association with EADS means that India is associating with the governments of four countries in Europe and that can go a long way," said Gerwert. The governments and the air forces of the UK, Germany, Italy and Spain collaborate to make the Eurofighter Typhoon. EADS is upping the ante in the race for the IAF order because of a perception that the US, with its clout and the growing proximity of Indian and US military forces, could swing the deal towards one of the two American competitors —- the F-16 IN Super Viper made by Lockheed Martin or the Boeing F/A-18 E/F Superhornet. Lt General Klaus-Peter Stieglitz, the chief of staff of the Luftwaffe, the German air force, was also forthright: "The political package has to be negotiated; as we did with Austria and Switzerland. But it is still quite early." The Eurofighter is a precious customer in Austria and is vying for an order from Switzerland for which the flight trials are over. The clinching of the End-User Monitoring and Verification Agreement between America and India is being seen by the competitors of the US as the latest symbol of the political closeness between the two countries and their militaries. What the "political package" can be is yet to be defined. But EADS, at least, and the French government — which recently hosted a contingent of the Indian armed forces and the Prime Minister on Bastille Day — are convinced that it has to be a substantial concession. This could be, for example, a re-alignment of the European position on Jammu and Kashmir, bringing it closer to India's stand. But no one is talking about that yet. In Bangalore today, the IAF's principal director, Air Staff Requirements at the Air Headquarters, Air Commodore Rakesh Dhir, began supervising the flight tests on the F/A-18 Superhornet. Boeing Integrated Defence Systems has flown two US aircraft to the south Indian city that is also home to Hindustan Aeronautics and the Aircraft Systems and Testing Establishment of the Defence Research and Development Organisation. This is one of the seven schools of its kind in the world, to which the IAF seconds its test pilots. Two test pilots, a group captain and a wing commander, will take turns flying the Superhornet and, later in September, the F-16 and the Russian MiG 35. Two other top guns will put the Eurofighter, the French Rafale and the Swedish JAS-39C Gripen to tests. The flight evaluations are scheduled to be completed by April next year, after which the IAF evaluation team will fly to the home countries of the manufacturers, or any other designated site, to test weapon systems and armaments. The flight evaluation tests begin after the technical paperwork of each of the six contestants is found to be in order by the defence ministry. A senior officer at Air Headquarters said the aircraft would be flown out of Bangalore, Jaisalmer and Leh for testing in normal, hot and cold weather conditions. The performance of each of the aircraft will be quantified for take-offs, sustained turns and tight turns. Sample missions will be assigned to the aircraft for ground strike, maritime strike, air-defence/air-superiority, acceleration and climb performance. "We might assign, for example, an aircraft to accelerate from 0.8 mach to 1.42 mach within a specified time (seconds)," the officer said. One mach is the speed of sound. The evaluation will also assess systems navigation, radar abilities, self-defence suits, electronic warfare systems and the ability of the aircraft to carry extra load (weapons, bombs). One of the requirements to evaluate the "multi-role" ability of the aircraft is whether they are capable of carrying and dropping big 2000-pounder bombs at designated ground targets. "The tests have to be tabulated and the results brought out statistically," said the officer. After this, the IAF will ask for the MTBF — mean time between failures — to arrive at the cost of operating each of the aircraft over the period they are to be in service, an estimated 40 years. This is the first time that the IAF has adopted "lifecycle costing" or "cost of ownership" to conclude the expenses to be incurred on each aircraft. This is primarily because of the IAF's experience with Russian equipment, so far the Indian military's mainstay. The top brass and the defence establishment adopted the cost-of-ownership method because they concluded that Russian equipment were cheaper off the shelf but more expensive in service life because of shortages in spares and back-ups. A major concern of the competitors has been how the IAF will attempt to fix the cost-of-ownership of twin-engine aircraft like the Superhornet, the Rafale, the MiG 35 and the Eurofighter with single-engine aircraft like the Super Viper and the Gripen. The single-engine aircraft will clearly be much cheaper. But air headquarters sources say the costs will also be offset against performance because twin-engine aircraft will be more powerful and are expected to be more versatile, if heavier. |
Singh warns country, pushes Pak - Chief ministers bond in capital Rap on Assam, Manipur, Nagaland |
| OUR SPECIAL CORRESPONDENT |
| New Delhi, Aug. 17: Assam, Manipur and Nagaland today drew flak from Prime Minister Manmohan Singh who said the situation in these states remained "problematic and worrisome". "Assam and Manipur account for a disproportionately large number of violent incidents reported from the Nor-theast, with the latter's share being as high as 30 per cent," Singh said while inaugurating the chief ministers' conference on internal security here. Assam chief minister Tarun Gogoi's government faced criticism from all quarters. It was clear that the Centre was unhappy about the situation exacerbated by outfits like the Dima Halam Daogah (Jewel) in North Cachar Hills district as it posed hurdles to development in neighbouring Manipur and Mizoram as well. The criticism was levelled not only at control of insurgent groups but also questioned the utilisation of hundreds of crores of rupees granted to these states. "In Assam, the Centre had sanctioned Rs 750 crore for development of the Bodo areas. But the utilisation of these funds remains unsatisfactory," the Prime Minister said. Singh asked Manipur chief minister Okram Ibobi Singh to put in place appropriate mechanisms. In a lacklustre speech, Ibobi Singh kept asking the Centre for help and sought a ban on pre-paid mobile phones in the state to tackle militancy. His speech apparently did not cut ice with the Prime Minister's Office. The Prime Minister also expressed concern over the resettlement and rehabilitation of people affected by violence in the Bodo areas and in North Cachar Hills of Assam. After a rap from the Prime Minister, Gogoi's speech did not reflect his demeanour. "I am happy to state that because of the relentless counter-insurgency operations by the security forces under the Unified Command structure, violent activities of militant outfits have been controlled to a large extent in the state in 2009 except in NC Hills," he said. Immediately afterwards, however, Gogoi conceded that the pro-Ranjan Daimary faction of the National Democratic Front of Boroland (NDFB) had stepped up violent activities on the North Bank of the Brahmaputra. Home minister P. Chidambaram iterated that the Centre would talk to any group only if it abjured violence, laid down arms and offered to surrender. Like the Prime Minister, he, too, made no bones about his disappointment on the performance of these states. The home minister said he regretted to say that he could not report much progress in the Northeastern states. He even made an oblique reference to some state governments' soft approach towards militants. "At times, we find that some state governments have allowed themselves to bend before insurgent groups, making the fight against insurgency that much more difficult," he said. Recently, Nagaland chief minister Neiphiu Rio's statement on "emotional integration with Nagas in Myanmar" had raised eyebrows in Delhi. While the statement seemed a tacit approval of the NSCN (I-M)'s demand for integration of Naga areas, today Rio blamed the NSCN (I-M) of hobnobbing with Harkat-ul Jehad-al Islami (Huji), a fundamentalist group of Bangladesh. Chidambaram will now hold discussions with the state governments and chalk out state-specific strategies to deal with insurgent groups "in the three most affected states". |
• Jail term in law against ragging
• Political card in aircraft dogfight
• Drought on Delhi lips
• Bid for MP role in welfare winners
• Court sets scam probe deadline
• Curry love
• Fierce lobbying costs Karnataka an IIT
• School assembly bar for flu
• US measles vaccine test in India
• Transport official off ban hook
• Naveen asks for police training
• Nitish plea to plug border
• Pak 9 caught in sea breach
• Infiltration warning from Kashmir
• RSS skips Jinnah hot potato
• Korea visa
• Home guard held for rape
• Early apex court hearing in gay case
• Jaya seeks nay, not aye
http://www.telegraphindia.com/1090818/jsp/frontpage/story_11372797.jsp
Politicos make drought too a hit
MUMBAI: Most politicians love a good drought. For, people in distress offer a fertile ground for political machinations. Politicians can play on
With the state assembly elections to be announced any time, politicians across parties are scrambling to get their constituencies declared as 'drought-hit'. For, the tag "drought-hit" brings a slew of sops to the region like a freeze on loan recovery, substantial concession in electricity bills, no property tax, free fodder for livestock, etc.
"Once you get the region declared drought-affected, the maintenance of the region is the government's responsibility. So, there is certainly a premium attached to it, especially during election time," a senior functionary from the state's finance ministry told ET.
Patangrao Kadam, a Congress heavyweight and the state revenue minister, who is also in charge of the state's relief and rehabilitation department, concurs with the view. "Yes, there is pressure to bring more and more areas under the classification drought-hit," he said.
The government, too, has been generous in declaring areas as drought-hit. Until last week, the government has declared 151 out of 355 talukas in the state as drought-affected.
Mr Kadam sees the government's action as nothing but normal. He blames the age-old and outdated norms (for declaring an area drought-hit) for such a large number of talukas falling under the drought-hit list, just half way through the monsoon season.
As per the existing norms, a fall below 50% in agriculture production makes the farmers eligible for concessions. If the average yield of a taluka or tehsil falls below 50%, it's qualified to be called calamity-hit. "But there are other issues... like fodder availability and the region's overall economy; they too should be considered," says Mr Kadam. "We are planning to reconsider the norms."
For the drought-hit regions, the government has approved Rs 100 crore for potable water and Rs 200 crore for fodder depots. The farmers will get a 33% concession in power tariff.
The Maharashtra cabinet has decided to raise chief minister's contingency fund by Rs 350 crore to combat drought. "The present Rs 150 crore limit of the fund is being raised by Rs 350 crore so that effective steps can be taken in emergency to tackle drought and inflation," a government spokesperson said. The utilisation of the fund is wholly at the chief minister's discretion.
Nevertheless, the spectre of a severe drought is looming large over Maharashtra. About half of the state is already facing drought-like situations. For the period between July 28 and August 11, rainfall in the state has been 74% of normal, compared with 85% during the corresponding period a year ago.
About 35% of standing crops in the state is likely to be impacted if it does not rain for another seven days. The area spread over 45 lakh hectares covers soybean, cotton and some kharif pulses.
Soybean cultivation is 8.3% higher in Maharashtra this year at nearly 30 lakh hectares, while cotton acreage has risen to 34.6 lakh hectares from 28.8 lakh hectares in the previous year. Pulses have been sown on 19.4 lakh hectares, compared to 16.7 lakh hectares last year. Sugarcane cultivation in the state is spread over 77 lakh hectares. Sowing has been completed in 99% of the area.
Using bilateral economic pacts to our advantage
India most definitely won't be a net gainer from the Agreement on Trade in Goods (ATG) that it signed with the 10-member Asean bloc in Bangkok
Under the ATG, New Delhi will eliminate the tariffs on 4,185 items (80% of the total tariff lines) in four-to-seven years, from Jan 1, 2010. Most of these items currently attract the peak customs duty of 10%. India maintains a simple average tariff of 15% on goods while the same is about 5% for most Asean countries. So, it is easier for Asean to comply than India.
Of course, with income levels rising and the investment rate being high, India is becoming an import-intensive economy and this would be so for the next few years at least. Almost all major Asian countries, including China, Indonesia, Malaysia, Singapore and Thailand export more value to India than they import. Rising consumption is making tariff walls redundant and there is increasingly clear evidence against the policy of keeping 'bound tariffs' at very high rates. Even as we take a tough stand at the WTO, the tariffs on most goods are, in any case, being cut progressively to cater to the rising needs of the industry and consuming public. Therefore, there is hardly a case for scare-mongering if the tariffs are cut a little faster and steeper for some 10 countries that together account for 10% of India's global trade.
The question is whether the government could address the concerns of certain constituencies that would face a real problem if imports tariffs go down. Kerala farmers, for instance. Under the ATG, India would have a negative list of 489 items on which there won't be any commitments whatsoever and the list includes a large number of raw farm goods like coconut, rubber, cashew, vanilla, beetle nut, nutmeg, cardamom, fish, shrimp, crab etc. Quite a lot of 'important' industrial items — textiles, chemicals, auto components etc.— is also in the negative list. Then there is a 'sensitive list' of 585 items which include processed farm goods and industrial products on which the tariffs would be reduced to 5% by 2016.
In the case of another five "highly sensitive" items namely coffee, tea, pepper, crude/refined palm oil, India will have no obligation under the agreement to bring down tariffs below certain specified ``comfort levels." So, the tariffs on coffee/tea would be reduced from 100% at present to 45% and, on pepper from 70% to 50% in ten years. Such a gradual reduction, with the residual tariffs being pegged at reasonably high levels, should not really be a problem for the domestic plantation sector. Similarly, the customs duties on crude and refined palm oil are 0% and 7.5% at present (thanks to autonomous rate cuts), but the country will be under no obligation to bring down the tariff vis-à-vis Asean countries below 37.5% (crude) and 45% (refined) in the next ten years. Further, any abnormal import surge can be tackled through safeguard duties in the first four years of the agreement.
So, if the policymakers here committed a faux pas, it is in their failure in persuading Asean to discuss all CECA components concurrently. Whatever concessions that have been given to Asean in the area of trade in goods would not put the Indian stakeholders in a precarious position, but India could have made these a hard bargain and extracted concessions from the Asean bloc in areas like trade in services and investment, which are where we would indeed have to gain a lot.
This is also the strategy that should be followed when it comes to the other bilateral economic agreements being planned, especially the ones with the European Union and Japan. It will help address the structural weakness of bilateral trade liberalisation as opposed to the multilateral process.
Govt may freeze NREGA wage rate at Rs 100 per day 18 Aug 2009, 0148 hrs IST, Subodh Ghildiyal, TNN | |||
The move comes couched as Congress redeeming its poll promise of giving a real wage rate of Rs 100 under job scheme. The poll pledge was meant to hike the wages in states where they were stuck at lower levels.
The rural development ministry's proposal, to be discussed with Central Employment Guarantee Council, an apex body of experts on NREGA, appears a deft attempt to outsmart states which are increasing their minimum wages to force higher remuneration under the job scheme. The NREG Act sets minimum wages of states as the wage to be paid under NREGA.
Ninety per cent of NREGA funds are shouldered by Centre. What seems to have triggered a flat Rs 100 wage is the decision of many states to hike their minimum wages even beyond Rs 100. Karnataka, Punjab, Bengal, MP, HP, AP, Jharkhand and Chhattisgarh hiked their minimum wages recently and asked RD ministry to notify the same under NREGA.
According to the proposal, states could ask the Centre for a NREGA wage hike "subject to a limit of upto Rs 100 per personday". At the same time, Centre will give Rs 100-plus wages in states where the high rates were prevalent on January 1, 2009. If the move finds favour with CEGC, experts said, future proposals from the states demanding Rs 100-plus NREGA rates in conformity with hiked minimum wages would automatically become redundant.
New tax code - A paradigm shift
In more ways than one the new direct tax code is a culmination of tax reforms initiated in the early '90s.
Chidambaram's dream budget with
This was based on two well accepted paradigms. First that modest tax rates create virtuous circle of improved compliance and widen the tax net. Second, the so-called undocumented Laffer Curve effect in which lowering of tax rates in fact improve overall revenue realisation. The present tax code and the enabling legislation appended with the code bears the imprint of Chidambaram's drafting skills and clarity of intent. Pranab Mukherjee must be complemented in having overcome multiple hurdles and in putting this document in public domain.
Taxation must subserve multiple objectives. Most importantly to finance government expenditure but in the process combine equity and efficiency. In doing so it needs to harmonise the objectives of maximising resources with a wider social purpose of fostering development, encouraging capital accumulation and investment as well as minimising the distortionary impact of exemptions designed to benefit a group of individuals or segments of society. Earlier attempts to eliminate this complex contradictory spagetti bowl of distortionary exemptions were stalled by powerful lobbies, a nexus between the law makers, beneficiaries and policy designers. The success of this code is therefore predicated on the ability to withstand these debilitating pressures to restore exemptions in one form or the other.
I am given to understand that the overall impact of the proposed legislation is revenue neutral. I expect this to be revenue positive if past is any guide to the future and the broad principle that lower tax rates will lead to tax widening and improved compliance continues to be valid. One broad criticism of the code could be to question whether it is progressive enough. Given our development compulsions and high incidence of poverty progressivity in tax regime is an important objective. That is why improved revenue buoyancy will be its cardinal test and in some ways it is raison d'etre. Of course, everyone realises the more heavily a man is supposed to be taxed the more power he has to escape being taxed.
The tax code introduces several features, which deserve attention:
First and foremost in fostering savings and investments by discouraging consumption. This is in line with what analysts have suggested that India unlike China must move away from a consumption-led growth to an investment-led growth. Their prescription for China is just the opposite. This explains the rationale of EET (Exempt Exempt Tax), namely, initial investment and interest are exempt but withdrawal would be subject to normal taxes.
This will cause hardship for PF, senior citizens and others who towards the latter part of their life wish to enjoy better life quality through enhanced consumption. Similarly, for the corporate sector the exemption regime moves away from a profit-based to investment-based incentives for specific categories of investments in sectors like power, oil and gas, SEZs. However, it is often suggested that in times of recession consumption also needs a stimulus. The higher disposable incomes in the hands of consumers and corporates would hopefully achieve this purpose.
Second, the code by accepting the principle of grand-fathering and seeking prospective applications avoids multiple controversies and makes for easier transition.
Third, while retaining exemptions in religious institutions but subjecting other trusts and organisations to a modest 15% tax, it combines the virtue of pragmatism, while minimising multiple misuse.
Fourth, the simplification of capital gains tax by eliminating the distinction between short-term and long-term gains and encouraging more transactions by eliminating the security transactions tax and simplifying the dividend distribution tax are positive.
Fifth, the provision of a minimum alternative tax at 2% of the value of gross assets is based on the principle of incentivising efficiency. This deserves wider consultations. It could discourage long-term lumpy investments and more importantly not protect against business cycles with prolonged recession with negative cash flows if companies do not have the reserves to meet this onerous liability. At the same time the original intend of MAT needed to be restructured to subserve its original intent.
Sixth, while the provisions of general avoidance rule and double taxation is designed to prevent misuse, it is not clear if a code can override existing international treaties and obligations embedded in double taxation agreements. Given international experience and the need to discourage round tripping, this is a good time to renegotiate our multiple double taxation agreements by aligning them with the provisions of the tax code.
Finally, litigation and tax pendency has been an area of continuing concern. Alternative tax resolution methods and dispute settlement mechanism need further innovation. The constitution of the National Tax Tribunal to hear appeals from ITAT could minimise high court pendencies. Nonetheless, the existing appellate mechanisms which the code endorses need further consideration. The present regime leaves both revenue officials and assessees dissatisfied even making the allowances that their interest can never be symmetrical. The reports of the Comptroller and Auditor General and the working of the Public Accounts Committee that induce assessing officers to make large additions and exhaust all appellate processes result in serious distortions.
This needs a mindset change embedded in greater trust and accepting the bona fide judgements of tax officials. All over the world, tax officials are never high in popularity rating. While we must seek greater transparency and minimise scope for corruption, we need to invest more in training, technology infrastructure and resources. India has one of the lowest cost of compliance even compared to emerging markets. As we move to adopt a new code, we need to assign more talent and resources to the revenue department.
The new legislation is a paradigm shift in our approach to taxation. It will be a test of perseverance and political will to ensure its early enactment and more importantly prevent any serious dilution of its basic features. The code is a composite package. This is a case where the whole is bigger than mere sum of the parts.
(The author, a former revenue secretary, is a Rajya Sabha member)
http://economictimes.indiatimes.com/Opinion/New-tax-code--A-paradigm-shift/articleshow/4900399.cms
Infosys among world's 100 fastest growing companies
Infosys, along with Google and Apple, has been named among the world's 100 fastest growing companies. India's most admired companies | World's most admired cos | |||||||||||||||||||||||||||||||
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Business | Updated 4 minutes ago |
Bulls fight back, Sensex gains 250ptsBusiness Standard - 1 hour ago After Monday's debacle, a fall of over 600 points on the Sensex, the index today opened 39 points lower at 14746 tracking subdued cues from the global markets. Sensex closes above 15000; Hindalco, L&T lead Economic Times Power ministry ready to advice NTPC on RIL gas disputeTimes of India - 45 minutes ago PTI 18 August 2009, 04:30pm IST NEW DELHI: The power ministry on Tuesday said it would advice NTPC in its ongoing battle with Reliance Industries on gas supply, if the state-run power producer seeks support. RIL open to CAG audit on gas field expenditure Indian Express Govt for mutually acceptable solution on RIL-NTPC case Economic Times Minister says Posco moving to different place; company deniesEconomic Times - 21 minutes ago 18 Aug 2009, 1650 hrs IST, PTI NEW DELHI: Faced with problems in acquiring land at the site of its proposed Rs 51000 crore steel plant in Orissa, South Korean steel giant will slightly alter its location, Mines Minister BK Handique said on Tuesday. India Mines Min says won't change minerals royalty Reuters India India May Produce 16-18 Million Tons Sugar, Jain SaysBloomberg - - 1 hour ago Aug. 18 (Bloomberg) -- Sugar production in India, the second-biggest grower, may be 16 million to 18 million tons in 2009-2010 after recent rains helped the crop, said SL Jain, Director General of the Indian Sugar Mills Association. 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Nitish plea to plug border Calcutta Telegraph L&T Finance NCD issue opens, plans to raise up to Rs 1000 crEconomic Times - 20 minutes ago 18 Aug 2009, 1651 hrs IST, PTI NEW DELHI: Engineering major Larsen & Toubro group firm L&T Finance on Tuesday opened its debentures issue to raise up to Rs 1000 crore to fund its financing activities, including lending and investments. L&T restructuring plan to be implemented next year Business Standard SmithKline Beecham files lawsuit against Glenmark unitReuters India - - 4 hours ago MUMBAI, Aug 18 (Reuters) - Glenmark Pharmaceuticals Ltd (GLEN.BO: Quote, Profile, Research) said on Tuesday SmithKline Beecham Corp has filed a lawsuit for an ANDA filing for Atovaquone and Proguanil hydrochloride tablets by its US unit. 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The counter clocked a volume of 2.02 million shares as against its two-week average traded quantity of 1.71 million shares. Shree Renuka gets regulator's nod to buy stake in NCDEX Reuters India Shree Renuka Sugars gains on NCDEX stake Commodity Online HDFC to raise over Rs 4000 crore through QIBsBusiness Standard - 4 hours ago Housing Development Finance Corporation Ltd (HDFC), the multi-faceted finance company, has decided to dilute a maximum 3.5 per cent equity to Qualified Institutional Buyers (QIBs) to raise over Rs 4000 crore. Add Housing Development Finance Corporation: IIFL Moneycontrol.com The Great Indian NCD Rush VC Circle Indian rupee rises tracking gains in local sharesReuters India - 6 hours ago MUMBAI, Aug 18 (Reuters) - The Indian rupee rose on Tuesday, a day after posting its biggest one-day drop in five-and-a-half months, as stocks pulled back from a slide. Rupee rises to 48.86 a dollar in opening trade Press Trust of India Rupee depreciates 0.12% at 48.74 vs USD Myiris.com Aurobindo to buy Trident Life SciencesCalcutta Telegraph - 13 hours ago Mumbai, Aug. 17: Hyderabad-based Aurobindo Pharmaceuticals plans to buy out Trident Life Sciences in a deal that involves a cash outflow of Rs 38.84 crore. Aurobindo Pharma to acquire group firm Trident Life Sciences for ... Hindu Business Line Aurobindo acquires Trident Life Sciences The Statesman Why is India so grossly under-insured?Economic Times - Aug 16, 2009 You don't need to pray to God any more when there are storms in the sky, but you do have to be insured. Such is the popularity and embedded faith linked with insurance, that even the noted German poet, playwright and theatre director, Bertolt Brecht ... Life insurance industry death claims payout rises 21% in Q1 Business Standard DoT told to freeze extra 2G spectrum allocationEconomic Times - - 13 hours ago NEW DELHI: The finance ministry is pressing the Department of Telecommunications (DoT) to act with urgency to implement new rules for allocating second-generation (2G) radio frequencies and cautioned it against assigning 2G airwaves before auctions for ... FinMin asks DoT to hold allocation of 3G spectrum Business Standard HCL Infosystems gains 6% on fund raising plansBusiness Standard - 1 hour ago HCL Infosystems soared 6.5% to settle at Rs 133, after touching a high of Rs 135. The scrip opened at Rs 126, which was also its intra-day low. HCL Infosystems in plans to raise funds, general meeting on Sep 23 MediaMughals | Technology First HCL Info to raise Rs 825 cr Times of India |
Email this storyLK Advani takes dig at PM Manmohan SinghPress Trust of India - 1 hour ago Shimla, Aug 18 (PTI) BJP leader LK Advani today had a dig at Prime Minister Manmohan Singh for his warning about terror attacks from Pakistan, saying he had realised that the country's unhappiness with the Indo-Pak joint statement was "correct". Pak reacts to Indian PM's remarks on possible fresh attacks International Reporter India's BJP disowns Jinnah bookBBC News - 26 minutes ago India's Hindu nationalist BJP has "disassociated" itself from a new book on Pakistan's founder Mohammed Ali Jinnah, written by a party leader. Jaswant's views on Jinnah not ours, says BJP Economic Times BJP reviews Jaswant's book, slams its history IBNLive.com Students torch bogies of Shramjeevi Exp, none hurtPress Trust of India - 55 minutes ago Patna, Aug 18 (PTI) A group of students today set afire four air-conditioned bogies of Patna-Delhi Shramjeevi Express at a station near here after being stopped by security personnel from forcibly occupying reserved seats. Mob burns four AC bogies near Patna Times of India RSS favours younger leadership for BJPPress Trust of India - 42 minutes ago New Delhi, Aug 18 (PTI) Ahead of BJP's "chintan baithak" in Shimla from tomorrow, RSS today gave clear signals to the party that it should think in terms of younger leadership and ending factionalism. BJP must look for younger successor to Advani: RSS Times of India Nepal PM to encourage Pancheshwor proj during India visitZee News - 5 hours ago Kathmandu: Ahead of his maiden official visit to India, Prime Minister Madhav Kumar Nepal has said he will push forward the Pancheshwor multipurpose project as the electricity generated from it will be seven times cheaper than the normal hydropower ... F-18 comes in first, trials beginTimes of India - 12 hours ago BANGALORE: Boeing's F-18 has come in ahead of Lockheed Martin's F-16 for the IAF's test trials in the city. The F-18's flights began at HAL Airport on Monday, with both Indian and American pilots trying their hand. Political card in aircraft dogfight Calcutta Telegraph Heroin seized at Indo-Pak BorderTimes of India - 2 hours ago GURDASPUR,PUNJAB: Twenty five kilograms of heroin, worth Rs.1.25 billion, was seized by the Border Security Force (BSF) near the India-Pakistan border in this district of Punjab Tuesday. 9 Pak men arrested in Kutch Hindustan Times BSF foils infiltration bid, arrests 9 Pak nationals Expressindia.com Pawar says India has faced worse droughtsIBNLive.com - 51 minutes ago New Delhi: Union Agriculture Minister Sharad Pawar on Tuesday admitted that almost half of the country was facing drought following scanty rains but claimed that he had seen worse droughts in his lifetime than the one India currently faces. Pawar asks states to get cracking on hoarders Daily News & Analysis Maoist abduct eight; torch dumpers, vehciles in JharkhandSamayLive - - 1 hour ago Gumla (Jharkhand), Aug 18 The Maoists have abducted eight persons, including the supervisor of HINDALCO Bauxite Mining Company, and set fire to six dumpers, two vehicles and four other equipment in Jharkhand's Gumla district, the police said today. Answer to Maoist menace? The Statesman First day of 3-day general strike hits life in ManipurPress Trust of India - 4 hours ago Imphal, Aug 18 (PTI) Normal life was thrown out of gear in Manipur on the first day of a three-day general strike called by social organisations in protest against the killing of a youth in a 'fake encounter'. Cry to oust Ibobi grows louder Calcutta Telegraph Manipur CM on horns of dilemma The Statesman Harrowing time for commuters as auto strike continuesTimes of India - 5 hours ago NEW DELHI: After a manic Monday, it was a traumatic Tuesday for commuters in the capital as over 55000 auto-rickshaws remained off the roads for the second consecutive day against the Delhi government's crackdown on drivers operating without permits, ... Two-day auto strike in Delhi from Monday Hindustan Times Maya not co-operating in Amethi's progress: RahulTimes of India - - 12 hours ago JAGDISHPUR: In Delhi on Monday to bargain over the special drought relief package with Prime Minister Manmohan Singh, Uttar Pradesh chief minister Mayawati may not have been prepared for ominous rumblings coming her way from the home turf. Cong hums two land tunes Calcutta Telegraph On UP visit, Rahul says Maya stalling Amethi project Indian Express Monday replay: Rs 20L snatched outside bankTimes of India - - 17 hours ago NEW DELHI: Monday seems to have become a favourite day with robbers. After a string of daring snatchings on the first day of the week in the past few months, robbers again struck on Monday, looting Rs 20 lakh from a Hapur resident and a bike from a DTC ... Man robbed of Rs 20 lakh outside E Delhi bank Delhi Newsline 49-year-old robbed of Rs 20 lakhs Asian Age Three more cases of swine flu in KashmirPress Trust of India - 2 hours ago Jammu, Aug 18 (PTI) Three students have tested positive for swine flu in the Kashmir valley, taking the total number of viral cases in the state to 12. CM moots industrial security forceExpress Buzz - 6 hours ago Chief Minister Naveen Patnaik with his Gujarat counterpart Narendra Modi at the cms' conference in New Delhi on Monday. BHUBANESWAR: The State Government will set up an industrial security force on the lines of the CISF. Naveen asks for police training Calcutta Telegraph Pratibha proposes, Naveen disposes Daily News & Analysis Early apex court hearing in gay caseCalcutta Telegraph - 13 hours ago New Delhi, Aug. 17: The Supreme Court today said it would hear as soon as possible pleas to stay the Delhi High Court verdict legalising adult consensual gay sex because of the "sensitivities" involved but refused to set aside the order immediately. Apex court issues notice to Centre on gay ruling Economic Times SC again refuses to stay HC verdict legalising gay sex The Statesman CMs' meet turns BJP vs Cong battleIBNLive.com - 14 hours ago New Delhi: At the Chief Ministers' conference in New Delhi on Monday, the growing divide between the Centre and Opposition-held states like Gujarat came to fore yet again when Gujarat CM Narendra Modi took on the Centre for refusing to pass the Gujarat ... At internal security meet, politics takes front seat Indian Express Bangalore: Poll Code Violation - EC Censures CM for Unsatisfactory ...Daijiworld.com - 5 hours ago Bangalore, Aug 18: The state Election Commission (EC), unhappy over the unsatisfactory reply furnished to it by the Chief Minister (CM) BS Yeddyurappa on Sunday August 16, in response to the show-cause notice issued by it to him on Friday August 14, ... Poll code violation: EC censures CM Express Buzz HC quashes fair price shopTimes of India - 14 hours ago LUCKNOW: Allahabad high court has expressed its displeasure over allotment of a fair price-shop licence to the daughter of a cabinet minister in Mayawati government. PDS shop allotment: HC asks minister's daughter to pay compensation Lucknow Newsline US aid to Pak being used against India: KrishnaIndian Express - 12 hours ago External Affairs Minister SM Krishna has said that military aid being given to Pakistan by the US to fight terror groups is being directed against India and New Delhi has 'emphatically registered' its concerns about the same with the US government. 'US should not supply drone tech to Pakistan' Daily Times Aid to Pak is directed against India: India to US Press Trust of India |
Follow the markets - Minute by minute
| Sensex sinks with global markets, drops 626 points In sync rupee tumbles 71 paise, breaches 49-mark against dollar. Mumbai, Aug. 17 Stock markets took a battering on Monday on the back of fears that the global economic recovery will be slower than expected even as poor monsoon continued to cast ... Anil Ambani group steps up campaign against Reliance on gas issue |
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 | TODAY'S PICK (Latest Audio: English/Tamil) Nagarjuna Construction (Rs 122.4): Sell We recommend a sell in the stock of Nagarjuna Construction Company from a short-term perspective. It is apparent from the charts that the stock was on an intermediate-term uptrend from its March low of Rs 34 to its July high of Rs 159 (a ... |
Jet to go in for more Airbus 330s
30% more cost efficient than Boeing 777s: CEO. Mumbai, Aug. 17 Jet Airways has decided to go in for more Airbus 330s, and not Boeing 777s, thanks to the ...
Aurobindo Pharma to acquire group firm Trident Life Sciences for Rs 135 cr
Gets foothold in the injectables segment. Hyderabad, Aug. 17 The Rs 2,800-crore Aurobindo Pharma Ltd (APL) will buy out its group company — Trident Life Sciences Ltd (TLSL), a clinical research organisation (CRO) – for about Rs ...
Lakshmi Venu to join Sundaram Clayton
Mumbai, Aug. 17 Ms Lakshmi Venu, the 26-year-old daughter of Chennai-based industrialists, Mr Venu Srinivasan and Ms Mallika Srinivasan, will soon join the corporate office of Sundaram Clayton, the holding company of ...
Gold ETFs outperform other assets in last 1 year
Gold collections up 24% to 6.19 tonnes. Mumbai, Aug. 17 Investors of Gold Exchange Traded Funds (ETF) have made more returns than any other asset class in the last one ...
Chinese curse on Indian shares
Sensex and Shanghai index show high positive correlation. BL Research Bureau China and India are mentioned in the same breath by investors in the global financial community because the countries have similar economic growth trajectory. But this ...
A safe harbour for ports
India has a coastline of 7,517 km, including the circumference of its islands. Without the islands, the coastline is 6,100 km. More than 3,500 km of this are accessible to large vessels. To serve this long coastline, India has 12 major ...
Banks remain cautious on global fund raising plans
Wary of likely increase in LIBOR hitting balance-sheets. Bangalore, Aug. 17 Public and private sector banks are holding back their global capital-raising programmes through Medium Term Note (MTN) issuances despite softening of international ...
Truant monsoon dampens cement prices
Rs 8-10 fall in prices of 50-kg bags. Mumbai, Aug. 17 The weak monsoon has taken its toll on cement prices which are down Rs 8-10 a 50-kg bag in the southern market and by Rs 3-5 in the western and eastern ...
Social networking sites in the line of fire
Coimbatore, Aug. 17 Tracing one's hostel mate or batch mate at school or college would have been a tedious task some years back, though not any ...
Thiruvananthapuram, Aug 17 Monsoon rains in the South of the country got a leg-up on Monday with upper air cyclonic circulations popping up over strategic positions over the Arabian Sea and the Bay of ...
INDUSTRY & ECONOMY
ECONOMY: Sensex sinks with global markets, drops 626 points
In sync rupee tumbles 71 paise, breaches 49-mark against dollar. Mumbai, Aug. 17 Stock markets took a battering on Monday on the back of fears that the global economic recovery will be slower than expected even as poor monsoon continued to cast ...
COURTS/LEGAL ISSUES: Anil Ambani group steps up campaign against Reliance on gas issue
NTPC shareholders seek probe into contract with Reliance Industries. New Delhi, Aug. 17 In its continuing media campaign against Reliance Industries Ltd (RIL) and the Government on the KG Basin gas issue, the Anil Dhirubhai Ambani Group's ...
CLIMATE & WEATHER: Truant monsoon dampens cement prices
Rs 8-10 fall in prices of 50-kg bags. Mumbai, Aug. 17 The weak monsoon has taken its toll on cement prices which are down Rs 8-10 a 50-kg bag in the southern market and by Rs 3-5 in the western and eastern ...
PETROLEUM: States reluctant to trim sales tax on aviation fuel
Revenue slippages a major disincentive. Bangalore, Aug. 17 The Centre has begun exerting pressure on States to snip sales tax on aviation turbine fuel (ATF) in a bid to bail out the struggling domestic ...
TERRORISM: PM warns of terror strikes
New Delhi, Aug. 17 The Prime Minister, Dr Manmohan Singh, on Monday said there was "credible information" that terrorist groups based in Pakistan were planning to carry out fresh attacks in ...
CINEMA: Crowds throng multiplexes as swine flu fears take backseat
Mumbai, Aug 17 Big ticket releases in Mumbai missed the extended three-day weekend rush with movie-halls closed for swine flu, but once they were thrown open to the public on Monday, the crowds surged the ...
SSI: Doubling small units' output is ambitious
With exports falling in the backdrop of the global economic slowdown, the Government's plans to meet its Eleventh Five-Year Plan (2007-12) production target for the micro, small and medium enterprises (MSMEs) sector could prove to be ...
EDUCATION: AMET varsity to train Nigerian students
Chennai, Aug. 17 Nigeria comes calling to Chennai for help to turn its students into ...
SCIENCE & TECHNOLOGY: NGRI opens climate observatory in AP
A geothermal climate change observatory, set up by scientists of the Geothermal Studies Group of the National Geophysical Research Institute (NGRI), was inaugurated at Choutuppal, near here. The observatory, which comprises an automatic ...
MEDICAL INSTITUTIONS & HOSPITALS: Gets Sankara Nethralaya award
Sankara Nethralaya, a unit of Chennai-based Medical Research Foundation, bestowed here on Monday The Sankara Ratna Award 2008 on Mr Hanuman Prasad Agarwala for his distinguished service during the past four decades, according to a press ...
PETROLEUM: Nod for shifting Cairn's delivery point
...
FOREIGN TRADE: 'India-Thailand bilateral trade set to grow by 66%'
The bilateral trade between India and Thailand is set to grow by 66 per cent to $10 billion in 2009-10, according to Mr Kiat Sittheeamorn, Thailand ...
URBAN DEVELOPMENT: Govt mulls 'Kochi Metropolitan Area'
Move to raise Greater Kochi to metro status. Thiruvananthapuram, Aug. 17 The State Government is considering the idea of a 'Kochi Metropolitan area' by building on the framework of the Kochi Urban Agglomeration prepared as part of ...
NON-CONVENTIONAL ENERGY: Goldstone puts solar energy plans on hold
To enter oil, gas pipeline biz. Hyderabad, Aug. 17 Goldstone Infratech Ltd has put on hold its plans to diversify into solar energy, and decided to focus on the oil and gas ...
HEALTH: Insurers do not see premiums rising due to swine flu
Claims likely to go up after a lag, say industry players. Mumbai, Aug. 17 Insurance companies are unlikely to hike premium rates in the travel segment though they expect claims to rise due to the swine flu ...
HEALTH: Hospitals await protocols to handle flu cases
Even as the Andhra Pradesh Government was struggling to handle the growing number of people turning up at the designated hospitals to screen A(H1N1) influenza, some private hospitals say they are not averse to attend to the ...
SSI: Microfinance sector losing sheen due to high valuations
Mumbai, Aug. 17 The microfinance sector, which accounted for 40 per cent of all private equity deals in the country in the past 18 months, seems to have lost its charm. As valuations in the sector have skyrocketed, investors now fear a ...
INCOME TAX: Senior citizen issues not addressed by draft Tax Code
Coimbatore, Aug. 17 While the draft Direct Taxes Code promises to bring about sweeping changes in personal income-tax rules, it seems to have ignored some of the concerns of senior ...
DISINVESTMENT: Handsome mop up possible from PSU divestment: Assocham
New Delhi, Aug. 17 Industry body Assocham has submitted to the Government a study on disinvestment opportunities in the listed public sector undertakings space. This study may serve as an input for a concrete disinvestment plan being framed ...
HEALTH: Minimally invasive treatments through radiology explained
Minimally invasive targeted treatments could have become the order of the day, but not many people are in the know of these advances in the field ...
INDUSTRY ASSOCIATIONS: Mamata to meet industry captains on Friday
Kolkata, Aug. 17 The Railway Minister, Ms Mamata Banerjee, will meet the captains of industry here on August 21, according to the railway ...
TRAVEL & PLACES: Malaysia plans multiple entry visas for Indians
New Delhi, Aug. 17 The Malaysian Government is ready to provide multiple entry visas to more Indians in an effort to ensure that they can travel to Malaysia without much problem, the Minister for Tourism, Dr Yen Yen, said here ...
TOURISM: Chilling out
...
ECONOMY: Pricing woes
...
CLIMATE & WEATHER: Rain havoc
...
WATER: AP to move Centre, SC to resolve water row
The Andhra Pradesh Government plans to seek Centre's and river water tribunal's intervention in resolving the inter-State River Water Disputes, while opening up channels to stall illegal construction by raising the matter in ...
TAXATION: GST meet put off to Aug 22
The Empowered Committee of State Finance Ministers on Value Added Tax (VAT) will meet here on August 22 to discuss issues relating to the implementation of the proposed goods and services tax (GST) ...
CINEMA: Malaysian film festival in Kolkata
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3-member panel to decide duty drawback rates
http://www.thehindubusinessline.com/2009/08/18/03hdline.htm
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