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More arms seized from resortTimes of India - 15 hours ago KOLKATA: A fresh lot of arms has been recovered from the premises of Vedic Village, even as police are probing into alleged links between Gaffar Mollah and ... Vedic's fair-weather friend Calcutta Telegraph Vedic Village fire: Nine more rounded up Kolkata Newsline Left out of dazzle & delights, villagers may have struck backTimes of India - Aug 24, 2009 The arson and mob fury at Vedic Village on Sunday shows that the quiet, green countryside which has gone from sleepy village to global village in a matter ... 'I heard a shot and a scream'Calcutta Telegraph - 17 hours ago The younger brother of the youth felled by a bullet during the football fracas leading to the Vedic Village flare-up is struggling to come to terms with the ... Violence in village blows the lid off land seizureLivemint - - Aug 24, 2009 Kolkata: A skirmish that left one person dead and a substantial part of Vedic Village—a 125-acre resort-cum-condominium complex, 30km from Kolkata—burnt has ... AshAbhi abode set ablazeCalcutta Telegraph - Aug 23, 2009 If the Bachchan beta returns in a hurry to the Sanjeeva Spa at Vedic Village, where he had penned this message in March, he will be in for a shock. ... More arms seized from resortPress Trust of India - Aug 25, 2009 Barasat (WB), Aug 25 (PTI) More arms were today seized from premier resort, 'Vedic village' in North 24 Parganas, two days after it was torched by a mob ... Arms seized from burnt resort Press Trust of India West Bengal plans 1600 acre townshipBusiness Standard - Aug 5, 2009 The West Bengal information technology (IT) department has acquired 1600 acres in Kolkata, close to Vedic Village, to build an IT township. ... Infy, Wipro having second thoughts on Bengal plans Economic Times Infosys in hunt for $500 mn buy The Asian Age West Bengal: a story of lawlessness and turf battlesSamayLive - - Aug 25, 2009 The premier Vedic Village resort on the fringes of the city at Rajarhat was partially gutted Sunday after a few thousand strong mob raided it with burning ... Clash after a soccer match in Kolkata, one deadDailyIndia.com - Aug 24, 2009 ... enragement and they put this place on fire. The damage is limited only to the main building," said Robertson, Director of the Vedic Village, Resort and Spa. World ReportWindsor Star - 9 hours ago Mark Faulkner, an airline pilot, was having a drink with friends when the villagers burst into the clubhouse of the Vedic Village resort, on the outskirts ... Stay up to date on these results: |
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Behind need for speed, IT foray | ||
| OUR BUREAU | ||
“The Vedic Village authorities have been buying land as they have expansion plans. But land mafia was involved and had been helping the Vedic Village people.” — Ardhendu Sen, at Writers’ Buildings, on Monday. If Sen made it appear that his government had little clue about “the Vedic Village people”, he was either turning a blind eye or he was bluffing. For the “Vedic Village people” had been partners-in-arms with his government in a much-touted land-for-industry deal not so long ago. So who are “the Vedic Village people”, who found themselves in the home secretary’s line of fire the evening after a mob torched parts of the resort off Rajarhat and the day a cache of arms was recovered from the luxury address? Raj Modi is the managing director of Vedic Realty, but the turning point, say realty insiders, came when he invited on board A.N. Shroff, of the Diamond Group consortium, to fast-track the land acquisition process for the expansion of Vedic Village. The need for speed — or the alleged use of muscle power — in land deals was necessitated by Vedic Realty’s foray into IT territory with Webel, the nodal IT and ITes agency of the government that Ardhendu Sen represents. Raj Modi and his men spied an opening after Infosys and Wipro refused to buy Rajarhat land at Rs 2.16 crore per acre. They told the IT department they would directly purchase 1,000 acres of land from the farmers adjacent to Vedic Village. Of this, 500 acres would be given to Webel, which could sell it at a competitive rate to the IT majors. So, a joint-venture company was floated between Modi’s Sanjeevani Projects Ltd and Webel, which would provide all infrastructure. Two MoUs were signed between Webel and Infosys and Wipro. “Vedic Village township will require an investment of Rs 25,000 crore over the next seven years. A 50:50 joint venture will be formed with Webel and the government will invest between Rs 300 and 500 crore in developing the township’s infrastructure,” Modi had claimed in March 2008. In the wake of Nandigram, Singur and the downturn, Infosys has developed cold feet about its Calcutta plans, but both Modi and the IT department insist that the deal is on. So, if Sen said at Writers’ on Monday that his government had “come to know about one Mr Modi who is a director of Vedic Village”, it means at best that the home secretary is ignorant, and at worst that he is lying. Sen also claimed that “the Vedic Village people” were not acquiring land for any government project, though an IT township was being planned there. “But the future of government projects planned there may get affected if the process of land purchase becomes murky,” he added. Villagers in the vicinity of Vedic Village told Metro that matters became “murky” after the Modi-Shroff combine resorted to forcible land acquisition. “Amarnath Shroff was using aggregators like Gaffar to grab land from the farmers,” alleged a government official. Vedic Village meanwhile is busy with its Phase II, christened Kolkata Links, a high-end luxury villa project with a golf course. http://www.telegraphindia.com/1090825/jsp/calcutta/story_11405384.jsp |
Road to reforms
Education Times recently organised a seminar, ‘Road to Reforms: Rethinking the Curriculum,’ providing a platform for educationists, policy-makers With India poised to become a knowledge economy, the focus is on building a strong educational system that helps the country win a global edge. As part of the continuing efforts to highlight the road ahead, Education Times recently organised a seminar, Road to Reforms: Rethinking the Curriculum, providing a platform for educationists, policy-makers and industry leaders to share their views and chalk out the roadmap for education. Addressing the inaugural session, N K Singh, member of Parliament and chairman, board of governors, Management Development Institute (MDI), set the tone for the event by stating that the vision of education is to create an innovation society. He pointed out that attitude, teaching methodologies, evaluation procedures and so forth have to comprehensively change in order to fulfil this aim. The sessions — Restructuring the Path, Current scenario and the need for a new curriculum framework, and The road ahead — addressed a range of issues, thus, encapsulating an agenda for action. School Education Scenario One of the major concerns of school education in India, today, is that it doesn’t integrate with our higher education system. As the speakers pointed out, it is imperative that — along with a holistic curriculum — children are trained to join the dots to get the bigger picture. Ideally, education at the elementary, primary and secondary level should be in sync with what is taught at the higher level. School education should focus on devising teaching and learning methodologies that are engaging and contextual. Unless and until learning is placed in its context, it cannot equip a child with life-skills and problem-solving abilities. According to Ashish Rajpal, co-founder & CEO, iDiscoveri Education, learning is all about community participation and real-life contexts. India, he stressed, is in need of volunteers who can contribute towards a free flowing and flexible classroom learning. However, a range of issues continue to plague the school education system in India. For instance, despite emphasis on access to elementary education — and the apparent school enrolment ratio going up — quality is yet to be a priority. To achieve that goal, most speakers felt, students should not be spoon-fed. Instead, a hands-on-approach and self-learning can generate curiosity and make them lifelong learners. Integration of pedagogical research within the classroom is also another area that needs to be focussed upon. Finally, the National Curriculum Framework, which is comprehensive in approach, is yet to be implemented in a full-fledged manner to achieve the results. Higher Education Scenario Higher education in India needs a reality-check. According to a recent McKinsey report, a mere 15% of our finance graduates and 25% of our engineering graduates are employable. In fact, around 83% of our graduates do not have industry skills. Amitabh Jhingan from Ernst & Young stressed that the higher education system should reinforce soft-skills. Anshul Sonak, head, Intel Education South Asia, agreed to say that, ideally, education should be porous and produce future generations of contemporary problem-solvers. Education should essentially be application-oriented. That will encourage students to branch out and not remain restricted within the limitations of a specific discipline. P P Bhojvaid, dean (academic), TERI University, added that academics should have a lateral context. That can help students think critically and question what they are taught. In fact, Pragya Srivastava, joint commissioner, Kendriya Vidyalaya Sangathan, pointed out that an interdisciplinary approach was important to facilitate unconventional thinking. While an out-of-the-box approach is commendable, a structured but contemporary curriculum is important. Deepak Pental, vice-chancellor, Delhi University, emphasised the need for timely curriculum review and upgradation. He stressed that the submissions of various committees (in terms of curriculum modification) need to be addressed with more seriousness. Besides, most educationists agreed that an exam-oriented system needed to be substituted by a system of continuous assessment through which individual progress can be monitored. Some other areas of concern that were discussed were shortage of skilled faculty, teacher recruitment and training. Hari Gautam, vice-chancellor, Banaras Hindu University (BHU) and former chairman of UGC, pointed out that the Indian education system is in need of objective teacher evaluations. As far as higher learning is concerned, lack of a research environment is an issue of concern. The need for a more competitive funding to boost research initiatives was stressed. Also, the need for a collaborative industry-academia framework was emphasised to make research more relevant. In this context, Pental pointed out that universities abroad enjoy federal grants in terms of pursuing their research. “If we want to leverage the acumen of these universities to further our research initiatives we have to make funds available for research. Also, adequate mechanisms have to be in place to safeguard Intellectual Property Rights (IPR),” he added. Way ahead Rise of the information society and the knowledge economy at a global level has reinforced education as a key economic and business driver. The demographic differentials reveal that in the next 20 to 30 years, India would have a youth-centric population profile. In such a situation, new opportunities are likely to be optimised. As far as the future is concerned, while greater coordination between regulatory bodies and policy-making agencies is required, Kiran Datar, chairperson, Working Group on Undergraduate Education, said that that universities should adopt a student-centric approach and stress on practical innovations. To sum up, what evolved from the seminar was that India needs to promote an education system that stresses on innovation, incorporates a digital environment and devises university-level education in such a manner that it can contribute to the economy. | ||
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Duration: 02:14
Posted: 26 Aug, 2009, 1856 hrs ISThrs IST
Duration: 02:13
Posted: 26 Aug, 2009, 1816 hrs ISThrs IST
Haul of guns and goons in resort Govt blames mafia tactics | ||
| OUR BUREAU | ||
Calcutta, Aug. 24: Weapons have been found in a labour hutment in Vedic Village and the government cast aspersions on land acquisition tactics, prising open a can of worms that tumbled out because of yesterday’s arson attack on the resort. Police stumbled on a cache of arms and ammunition — six improvised guns and 22 bombs and explosive devices — from the labour wing in the complex and arrested eight persons from the hutment. The eight are suspected to be the henchmen of Gaffar Mollah, an alleged land shark whose brawl with a rival soccer team in a nearby field led to the death of a teenager and triggered yesterday’s backlash that gutted at least 10 per cent of the establishments in the 125-acre complex. Gaffar is absconding. “The goons who had rushed inside the resort with guns and bombs had left the arms and ammunition in the hutment,” said Raj Kishore Modi, the managing director of Vedic Realty, the promoters of the resort-cum-bungalow project. Told that the weapons were placed in perfect order in the hutment, not strewn around as they would have been if left in haste by fleeing miscreants, Modi said: “These are not important details.” Asked twice how the eight arrested could stay in the complex unnoticed for so long — the goons had allegedly rushed in before 6pm on Sunday and the police put the time of arrest at noon on Monday — Modi skipped the question. Queried the third time, Modi said: “We are still collecting the details. We don’t have all the details of those arrested.” So far, 18 persons have been arrested — the eight have been charged with murder while the rest are booked for vandalism. State home secretary Ardhendu Sen linked the rampage to local discontent with land sharks. “I would not hesitate to say that land was being purchased at gunpoint for the project and local people didn’t like that,” said Sen. The state government, however, had extended all help to the promoters of Vedic Village in the past few years to develop the luxury resort. The group is also developing an IT park in the area, the future of which looks uncertain now. “The police are looking for Gaffar Mollah and his associates, who are part of the land mafia and also have connections with Vedic Village,” said the home secretary. According to Sen, the resort authorities were buying land to expand their project and Gaffar and his men were involved. Vedic Realty’s Modi claimed that the company had stopped acquiring a land “long time ago”. But villagers said the land mafia was very much active in the area to scoop up land for Vedic Village. “Gaffar is their main man…. These people not only forced us to sell off our land, they also failed to pay the right price,” said a resident of Chandpur Champagachi village. Acquisition for Vedic Village started in 1999, when the price of land ranged between Rs 15,000 and Rs 20,000 per cottah. In the past few years, land prices have soared to between Rs 3 lakh and Rs 5 lakh per cottah, depending on the distance from paved road. Jamir Sardar, a resident of Shikharpur village, identified himself as a victim of Gaffar’s muscle power. The 44-year-old said he had to part with his four-cottah-plus plot, located in Bishnupur mouza, in January 2008 under pressure from Gaffar. “My land was located close to the main road and the going rate then was Rs 3 lakh per cottah. But I got only Rs 1.75 lakh per cottah,” said the autorickshaw driver who was a farmer till a year ago. Vedic Village is built over 125 acres of land out of which 75 per cent was acquired by the promoters directly from the villagers. Modi, however, said: “A lot of villagers sold us their land at the prevailing rates of those times. Today the rates have gone up…. Now these people are disgruntled and are trying to create unrest.” |
Vedic’s fair-weather friend Outraged now, govt had bailed out group | ||||||||||
| ANINDYA SENGUPTA | ||||||||||
Calcutta, Aug. 25: If investors can’t do without fair-weather friends, look no farther than the Bengal government. The state home secretary had yesterday spoken of a “land mafia” and acquisition “at gunpoint” in relation to the Vedic Village flare-up. But what was left unspoken was the cosy relationship between the Vedic Village group and the state government, land and land reforms department officials said today. So warm was the relationship that the state government had agreed to an out-of-court settlement that helped the group avert what could have been a potentially troublesome legal battle. Seven years ago, three partners of Vedic Village bought 44 acres in Rajarhat but applied for mutation in 12 names. The reason: the more the owners, the less the mutation cost. But, officials said, the state government stumbled onto this and objected on the ground that the information was false. Vedic Village moved court against the government’s objections but lost the case. However, the government soon agreed to an out-of-court settlement. The out-of-court agreement, officials said, was that the state government would transfer the 44 acres to itself and then give the land on a 99-year-old lease to Vedic Village. In return, Vedic Village would pay the state government 95 per cent of the land cost. But a bigger, undeclared dividend for the group was that the deal averted further legal proceedings on the alleged submission of false information. For the government, the agreement offered a chance to realise its “deep interest” in setting up an information technology park in Rajarhat. As the first step, Vedic Village, headed by Raj Modi, in collaboration with the Diamond Group of Amarnath Shroff, would float Akash Nirman to venture into land purchase. In the next step, Webel, the IT arm of the government, would tie up with Akash Nirman to form Webel Akash IT Link. The tie-up came through in May-June last year. Land department officials said it was decided that Akash Nirman would acquire 1,200 acres in Rajarhat. Of this, 600 acres would be given free to the government. The government, in turn, could sell this land to IT majors like Wipro, Infosys and TCS. But the state government would have to do its bit, too. “Webel’s role was to attract IT companies on the 600 acres it would get,” an official said. “As a reciprocal gesture, Webel would create basic infrastructure like roads, sewerage and water supply, not only for its own 600 acres but also for the remaining 600 acres that Akash Nirman would keep.” The official said the idea was to allow the private partner to set up small and medium IT centres, townships, entertainment centres, malls and plexes on its 600 acres by charging high rates for land. “The presence of IT majors in the neighbourhood would have ensured the high rates,’’ the official said. But a senior finance department official felt that the deal was tilted against the government as it would have to spend Rs 760 crore on developing infrastructure. The official’s views were overruled, following which he sought a transfer that was granted. “So far, we have benefited to the extent of 200 acres through this arrangement,” said IT minister Debesh Das. The underlying principle behind the quid pro quo is not illegal and the government could have agreed to the deal to keep its hands off messy land acquisition. But the alacrity with which one arm of the government spoke of the land mafia masked the extent of the association of another with the group. Asked why the government had not taken any action against Vedic Village if a land mafia was involved, home secretary Ardhendu Sen said: “We know what’s happening there. But if there’s no specific complaint against them (the owners), what can we do?” http://www.telegraphindia.com/1090826/jsp/frontpage/story_11410112.jsp
|
Economic reforms to continue to get economy back to 9% growth 26 Aug 2009, 0322 hrs IST, ET Bureau | |||
“Despite the global economic crisis, we grew by 6.7% last year. This year, we are getting mixed signals,” Mr Mukherjee said. The finance minister, however, noted that the government was not in a position to lower its guard, given the uncertainties over revival of the global economy.
India’s growth rate had dipped in 2008-09 from 9% in recent years, as the global economic meltdown cast it shadow. The FM said industry had begun to show signs of revival in the first quarter.
He said the key challenge now was to mitigate the impact of drought, which has hit many parts of the economy. The government is working to ensure availability of food. Developmental programmes are being geared to meet this challenge, and the focus is on making growth more inclusive.
Asserting that the intent of reforms was not in doubt, he said it had now been accepted that a calibrated approach to reforms worked better. “Economic reform is a continuous process and not a flurry of an-announcements,” he said.
Mr Mukherjee said the government was moving ahead with the proposal to set up an autonomous debt management office, which will handle the government’s debt and fresh borrowings from the Reserve Bank of India. It would remove the conflicts of interest inherent in the RBI’s role as investment banker to the government, monetary policy manager and the banking regulator.
Continuing with its efforts to deepen the corporate bond market in the country, the government would soon introduce repos—repurchase agreements—in the corporate debt market. Repos allow a holder to sell a bond for a short period to another investor with an agreement to buy it back at a higher price, the difference between sale and repurchase prices constituting the interest for the intervening period.
He said all efforts were being made to implement the goods & services tax (GST) from April 1, 2010. The tax is meant to replace all indirect taxes at state and central level such as excise duty, service tax and value-added tax, and create a unified internal market for India.
The FM’s assurance comes even as states such as Tamil Nadu and Chhattisgarh have expressed reservations on the GST deadline. The new direct tax code, said the FM, would be presented to Parliament after public debate. The thrust of the code is to simplify and improve the tax regime and the rates presented in the draft code are only illustrative, not final. The government had unveiled a draft tax code on August 12 to replace the four-decade-old income tax law.
On disinvestment, Mr Mukherjee said the government’s intention was not just to raise money by offloading shares of state-owned enterprises, but also to make them more productive and efficient. The finance minister had, in his budget speech, spelt out the government’s approach to disinvestment. Ruling out strategic sale of public sector enterprises, he had said: “While retaining at least 51% government equity in our enterprises, I propose to encourage people’s participation in our disinvestment programme.”
Emphasising that fiscal consolidation was high on his agenda, he sought to assure Indian industry that the Centre’s large borrowing would neither crowd out private investment nor nudge interest rates up. The government’s total borrowing for the current financial year is pegged at over Rs 4 lakh crore. The 13th Finance Commission, which is expected to submit its report soon, is drawing out a new road map for fiscal consolidation for both the Centre and states, he said.
The payment of the second and final installment of the arrears will add a financial burden of Rs 17,500 crore on government coffers, but will benefit about 50 lakh central government employees and 38 lakh pensioners.
The finance ministry, however, put the condition that employees who joined service on or after January 1, 2004 will receive the money only after they submit an application for subscribing to the New Pension System. The idea is to ensure that all such employees join the scheme before August-end.
The government encourages employees to deposit the money in the government provident fund, although it is not compulsory. The total arrears are estimated at Rs 29,373 crore. The ministry, however, did not specify when the amount will be paid to employees.
The remaining 60 per cent of the total arrears have to be paid as the government implemented the new pay scales with effect from January 1, 2006 after the Sixth Pay Commission report was approved by the Cabinet with modifications.
The first installment of 40% of the total arrears were paid during the last fiscal. “It has now been decided that the remaining 60% of the arrears may now be paid to the concerned government servants,” said a finance ministry office memorandum. The memorandum is, however, silent on the date for payment of the final installment of arrears.
According to the government calculations, the total arrears are estimated to cost Rs 29,373 crore to the government kitty.
The memorandum further said the government servants are encouraged to deposit their arrears in general provident fund (GPF) account. “As in the case of the first installment of the arrears, government servants would be permitted to deposit their arrears in their GPF accounts,” the memorandum said.
The Centre in August last year had decided to pay the arrears in two installments of 40% and 60%.
Disinvestment, FDI lead reforms roadmap
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Moreover, the deficit for the current year is expected to be at USD 1.58 trillion, the highest since World War II.
"Over the next 10 years, the net impact is to add USD two trillion to the projected deficit, compared to our last projection made based on February's economic assumptions.
"That brings the projected 10-year deficit for 2010-2019 to USD 9.05 trillion," US Office of Management and Budget has said.
Grappling with the worst ever economic downturn in nearly 80 years, spending programmes, including unemployment insurance and food stamps, are anticipated to increase while the revenues could slow down.
"Although these effects help to ameliorate the economic downturn by stimulating demand, they also lead to higher medium-term deficits both directly and indirectly (through higher interest costs on a higher level of public debt)," OMB said in a statement yesterday.
Meanwhile, the fiscal deficit for this year is projected to be USD 1.58 trillion -- about 11.2 per cent of GDP.
UPDATE 1-Indian food prices surge 13.3 pct y/y; WPI falls
* Food price index up 13.3 pct yr/yr
* Wholesale price index falls 0.95 pct yr/yr in mid Aug
* Infrastructure output grows 1.8 pct yr/yr in July (Updates with infrastructure data, analysts views)
By Rajkumar Ray
NEW DELHI, Aug 26 (Reuters) - Indian food prices surged an annual 13.3 percent in mid-August even as the overall wholesale price index fell, and the impact of a poor monsoon on inflation and the economy could prompt further government relief steps.
The widely watched wholesale price index INWPI=ECI fell 0.95 percent in the 12 months to Aug 15, its 11th successive fall. That compared with a 1.53 percent decline in the prior week and a market forecast for a decline of 1.41 percent.
The food articles index surged 13.3 percent from a year earlier as drought has hit nearly half of India's districts, eroding crop production and raising major headaches for policy makers.
"Food prices are rising sharply and this will bring the WPI into the positive zone within a month," said D.K Joshi, principal economist at rating agency Crisil.
"It won't influence the present easy monetary stance." Continued...
Govt trying to recover black money
Aug 25 - The ruling Congress party on Monday said the government is committed to recovering black money stashed in Swiss bank accounts.
Swiss Bank authorities had earlier rejected India's request to disclose information about Indian account holders.
RSS-will not interfere in BJP affair
Aug 25 - The RSS on Tuesday said it will not interfere in the affairs of the BJP, a day after senior BJP leader Arun Shourie said the RSS should take over the reins of his party.
An ANI Report
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The policy will outline the government's priorities over the next five years for resurrecting the sector that contracted by over 31 per cent in the April-June quarter.
Job-intensive segments such as textiles, handicrafts, leather and gems and jewellery will receive special attention by way of zero taxes or tax refunds and subsidised credit.
"Tomorrow's FTA may satisfy many... (but) may not satisfy everyone. It will be forward looking, taking on board the concerns of the industry, particularly the labour-intensive sectors. They will get special attention," Commerce and Industry Minister Anand Sharma said.
Exporting units employ 150 million people and their jobs were the first to be put to risk following the demand slump in traditional export markets such as the US and Europe.
Sharma, who would be presenting his first FTP, said that he would like exporters to diversify their portfolio beyond North America and western Europe. As much as 54-55 per cent of India's USD 168 billion exports land US and European ports.
Africa and Latin America remain the least priority for the exporters while full potential with south east Asian economies has not been realised. "I have directed my team to prepare a strategy paper for Africa and Latin America," Sharma said.
India's wholesale price index fell 0.95 percent in the 12 months to Aug. 15, compared with the previous week's annual decline of 1.53
The drop was smaller than a median forecast of a 1.41 percent fall in a Reuters poll.
The annual inflation rate was 12.82 percent during the corresponding week of 2008.
The wholesale price index is more closely watched than the consumer price index, which is published monthly, because it covers a higher number of products and is released weekly.
India will give top priority to mitigating the impact of the poor monsoon in large parts of the country this year, Finance Minister Pranab Mukherjee said on Tuesday, while assuring the economy will manage to grow by over 6 per cent this fiscal.
"At this juncture, delayed monsoons have impacted many parts of the country's agrarian economy," Mukherjee told a meeting with top industrialists in New Delhi, organised by a television channel.
"Mitigating the impact of deficient monsoon is a high priority."
The finance minister has already said that thanks to the record output of food grain last agriculture year (July 2008-June 2009), estimated at 233.87 million tonnes, the country was approaching this year's drought with adequate buffer stocks.
Accordingly, as opposed to the normal buffer stock norm of 4 million tonnes of wheat and 5.2 million tonnes of rice, the country had additional reserves of some 3 million tonnes of wheat and 2 million tonnes of rice.
Referring to the overall economy, Mukherjee said India's gross domestic product (GDP) grew by 6.7 per cent last fiscal despite the global crisis and will manage to expand by over 6 per cent this fiscal despite a difficult situation.
"Industrial sector has shown signs of revival. The demand for capital goods has picked up. Consumer durables recorded better growth in the first quarter," the Finance Minister said, explaining the reasons behind his optimism.
The finance minister also sought to assure the assembled industrialists that the government's large borrowings programme will not crowd out investments for the private sector, nor will it nudge interest rates higher.
"In this regard, the government and the Reserve Bank of India are in constant touch so that the borrowing programme can proceed in a non-disruptive manner," he said.
Mukherjee said the government was forced to stray from the path of fiscal prudence so that it could provide that much-needed fiscal stimulus to the economy and insulate it from the impact of the global financial crisis.
"But the roadmap for fiscal reforms for the central and state governments will be laid down. It will be in the report of the 13th Finance Commission. This report is expected shortly."
Both Mukherjee and C Rangarajan, chief of PM’s Economic Advisory Council, pegged the GDP for this fiscal at around 6-6.5%, after factoring in the drought damage.
Mukherjee, who addressed a jam-packed gathering on Tuesday, said reforms would continue ‘‘in right earnest’’ to get the economy back to its 9% clip. The good news, he said, were the green shoots in industry with basic goods, intermediates, and consumer durables doing better in the first quarter. Rangarajan said growth should pick up speed to hit 7-8% next fiscal.
Brainstorming with Mukherjee and Rangarajan, at the Power Breakfast presented by MCX-SX, were three CEOs representing India’s bellwether segments-SBI chairman O P Bhatt, CEO of Genpact Pramod Bhasin and Future Group CEO Kishore Biyani.
But for the creme-de-la-creme audience, the sweetest music was the FM’s assurance on government borrowing. He made it clear that public spending won’t push up interest rates. Nor would the government’s huge debt appetite leave private industry high and dry.
Bhatt said banks will have to raise more capital, especially tier 1 variety, to keep up with India’s growth drive. Talking of scale, Nasscom chairman Pramod Bhasin picked public-private partnership as the only way to get the growth graph moving north. And Kishore Biyani, boss of Pantaloon said an additional average consumption of Rs 1,000 by every one of India’s billion plus citizens could drive up the country’s GDP by 2 percentage points. The Economic Times Power Breakfast with FM was presented by MCX SX.
Opening a conference of CBI and state anti-corruption bureaux here, he said there was no single remedy for fighting corruption which has to be combated at many levels, one of which was making existing systems less discretionary.
"High-level corruption should be pursued aggressively. There is a pervasive feeling that while petty cases get tackled quickly, the big fish escape punishment. This has to change," Singh said.
The Prime Minister said while quick investigation was important and necessary, it was not sufficient to bring the guilty to book.
"Trials should be conducted expeditiously and judgements delivered quickly. To begin with the aim should be to conclude the trial in two years so that punishment could be given to the offenders within a period of three years or so," he said.
Singh said the government has recently decided to set up 71 new CBI courts and expected them to function as model courts, hold day-to-day proceedings and avoid unnecessary adjournments.
The Prime Minister said the world respects Indian democracy, its plural and secular values, independent judiciary, free press, its commitment to freedom and peace and its pursuit of equitable and inclusive growth.
"But pervasive corruption in our country tarnishes our image. It also discourages investors, who expect fair treatment and transparent dealings. As the country grows and integrates with the world economy, corruption continues to be an impediment to harnessing the best technology and resources," he said.
Singh said the urgent need to combat corruption cannot be over emphasised as it distorts the rule of law and weakens institutions.
"It hurts our economic growth in a variety of ways apart from hindering our efforts to build a just, fair and equitable society," he said.
The Prime Minister said there is a constant refrain in public discourse that much of what the government provides never reaches the intended beneficiaries -- whether it is subsidised food grains for the poor, loans, fertilisers or seeds on concessional terms for small and marginal farmers or the benefit of employment programmes for the unemployed.
"This should be a matter of serious concern for all of us collectively," he said.
Singh said there was no single remedy for fighting corruption and battle against it has to be fought at many levels.
"The design of development programmes should provide for more transparency and accountability. Systems and procedures which are opaque, complicated, centralised and discretionary are a fertile breeding ground for the evil of corruption. They should be made more transparent, simple, decentralised and less discretionary," he said.
The two-day 17th biennial conference of CBI, state anti-corruption bureaux and vigilance agencies is being attended by their heads from all states and Union Territories.
The capital market regulator yesterday approved the launching of BSE's interest rate futures with immediate effect, a release said here.
The over 100-year-old exchange, Asia's oldest, said it possessed the systems and processes for the launch of interest rate futures.
The BSE is a corporatised and demutualised entity with a broad shareholding base which includes two leading global exchanges, Deutsche Borse and Singapore Exchange as strategic partners.
This is not the first time that IRFs are being launched in India. Six years ago, the regulators had made a very cautious attempt to launch this interest rate derivative. However, there are several differences between then and now. Last time, the instrument was an absurd notional zero coupon bond whose pricing did not have any relation to any security in the bond market.
This time around, the security is a 10-year bond, a highly liquid instrument seeing thousands of crores of trade. Last time, banks could not trade which meant they could not take a view that bond prices could fall.
Why had he been unceremoniously expelled from the party a week ago, the former External Affairs Minister was asked.
"Please don't ask me. I am outside the magic circle of advisers or thinkers. Because, I am not from the RSS, is that why? So are we a political party? Is the BJP becoming some kind of an Indian version of Ku Klux Klan?" he shot back during an interview to PTI in New Delhi.
"We are pursuing with the Swiss authorities and after our persuasion they have agreed to discuss and begin the negotiations on the amendment of the avoidance of double taxation agreement in respect of the exchange of information.
"That first round of talks will take place sometime in December," Finance Minister Pranab Mukherjee said at a panel discussion organised by ET-Now news channel.
The Swiss Banks Association had said Swiss law and even OECD's Model Tax Convention do not permit fishing expeditions, in other words, the indiscriminate trawling through bank accounts in the hope of finding something interesting.
"This means that India cannot simply throw its telephone book at Switzerland and ask if any of these people have a bank account here," SBA Head of International Communications James Nason had told PTI.
"We are fully aware of and we have no intention of having any roving enquiry," Mukherjee said, adding that it would pursue the matter on the basis of specific information to help the tax authorities nail the defaulters.
Switzerland had last week reached an agreement with the US to give that country's Internal Revenue Service details of 4,450 clients who Washington suspected of evading taxes.
Kolkata holds special prayers on Mother Teresa’s 99th birth anniversary
Special prayers were held at the headquarters of the Missionaries of Charity on Wednesday on the occasion of Mother Teresa’s 99th birth anniversary.
A mass was organised at Mother''s House where visitors joined nuns of the missionary.
Sister M. Prema, Superior General of the Missionaries of Charity said everyone prayed and remembered Mother Teresa for her teaching everyone "how to look at the poor and give them the dignity of a child of God."
"The birth of Mother Teresa to the world has become a great event and a great message for every person. And, her birthday is just giving us another chance to remember what she wanted us to know... She wanted everyone to know that God has created us to love and to be loved," said M Prema.
Albanian born Mother Teresa made Kolkata her home and dedicated her life to the service of the poor and the destitute.
Mother Teresa was beatified by the Pope in October 2003, paving the way for her canonization, or being declared a saint.
She qualified for beatification after Vatican officials acknowledged that she was responsible for a miracle in which an Indian woman was cured of stomach cancer through her intervention.
Mother Teresa died at the age of 87 on September 5, 1997. She was popularly known as the "Saint of the Gutter" due to her extraordinary love and dedication for poor, homeless and diseased people.
Teresa came to India in 1929 at the age of 18 and took
Sudheendra Kulkarni joins panel in Mamata's ministry
Three days after he snapped ties with the party over "ideological differences", former Bharatiya Janata Party (BJP) strategist Sudheendra
Denying reports that he had joined the Trinamool Congress, Kulkarni said he had been appointed on a "committee in the ministry of railways that has been constituted to advise the minister on how to innovatively usher in reforms in the railways".
Kulkarni, who was aide to senior BJP leader L.K. Advani and also adviser to former prime minister Atal Bihari Vajpayee, categorically said: "I am not joining any political party."
The 58-year-old IIT graduate-journalist-political backroom boy was a Communist Party of India-Marxist card holder before he crossed over to the other side of the political spectrum.
"I have major ideological differences with the party. I want to be honest in my views and wish to maintain party discipline. So I decided to come out," said Kulkarni, who wrote a magazine article criticising the BJP and its ideological fountainhead Rashtriya Swayamsevak Sangh (RSS) after the party's poll debacle. He resigned Sunday.
He, however, maintained that his decision to quit the BJP had nothing to do with the expulsion of Jaswant Singh last week over his book "Jinnah: India - Partition - Independence".
On his new assignment, Kulkarni told IANS: "I am only a member of this committee in the ministry of railways in which there are several other members; its chairman is Amit Mitra of FICCI (Federation of Indian Chambers of Commerce and Industry)."
Banerjee had announced in her budget speech in the Lok Sabha last month that a committee comprising experts would be formed to revamp and improve the efficiency of the Indian Railways -- the second largest railroad network in the world under a single management.
Sensex extends gains to 5th day; Infy among gainers
Markets settled in positive terrain for the fifth day in succession today with Sensex adding another over 80 points on moderate to handsome gains in IT, tech and realty stocks.
Marketmen said major players indulged in covering their pending long positions ahead of settlement in the August derivative segment, helping the key index to post moderate gains.
The 30-share Sensex ended they day higher by 81.38 points, or 0.52 per cent to 15,769.85.
After adding a handsome 880 points in past four sessions, the barometer today touched the three-week high of 15,831.49 in intra day.
The National Stock Exchange index Nifty rose by 21.50 points, or 0.46 per cent, to 4,680.85.
The uptrend was also fuelled by a firming trend in other Asian region on an unexpected surge in consumer confidence in the US, the largest market for their products.
The information technology segment index gained the most by rising 3.35 per cent to 4,272.46. Infosys, the second-largest software company, gained 4.07 per cent.
Equities were witnessing a choppy session as traders were squaring positions ahead of August series F&O expiry. IT, realty and power stocks were the top performing sectors.
National Stock Exchange’s Nifty was at 4684.50, up 25.15 points or 0.54 per cent. The broader index touched a high of 4697.80 and low of 4659.10.
Bombay Stock Exchange’s Sensex was at 15779.47, up 91 points or 0.58 per cent. The index touched an intra-day high of 15831.49 and low of 15695.94.
BSE Midcap Index was up 1.13 per cent and BSE Smallcap Index gained 1.97 per cent.
Amongst the sectoral indices, BSE IT Index moved up 3.49 per cent, BSE Realty Index gained 1.53 per cent and BSE Power Index moved 0.67 per cent higher.
TCS (4.27%), Infosys Technologies (4.14%), Wipro (3.52%), Sterlite Industries (3.44%) and Suzlon (2.77%) were amongst the top Nifty gainers.
Losers included GAIL (-2.20%), Ranbaxy Laboratories (-1.72%), Hindustan Unilever (-1.69%), HDFC Bank (-1.46%) and Jindal Steel (-1.35%).
Market breadth was positive on the Nifty with 30 advances and 20 declines.
European markets were subdued as gains in financials were offset by commodities. FTSE 100 was down 0.08 per cent, CAC 40 slipped 0.08 per cent and DAX declined 0.19 per cent.
Indian Oil losing $15 mn a day on fuel sale
State-run petroleum products retailer Indian Oil Corp Wednesday said it was losing nearly $15 million every day by selling transport and
"At the current global prices, Indian Oil is suffering a daily loss of Rs.74 crore ($15 million)," IOC chairman Sarthak Behura told reporters here on the margins of a global hydrogen technologies convention.
He said the losses on account of under-recoveries -- or the difference between the cost and sale price of petroleum fuels -- will amount to Rs.2,300 crore by the end of this fiscal.
Behura said the company was losing Rs.2.33 per litre on diesel, Rs.4.60 per litre on petrol, Rs.158 per cylinder on cooking gas and Rs.15.46 per litre on kerosene.
Last month, the government had permitted state-run oil retailers to hike petrol prices by Rs.4 per litre and diesel by Rs.2 per litre, which was widely criticised by opposition parties and customers.
The prices of kerosene and cooking gas were left untouched.
Since then, global crude prices have shot up further and are ruling at a 10-month high of nearly $75 per barrel, putting pressure on transport fuel retailers in the country.
But Petroleum Secretary R.S. Pandey told the convention, hosted by IOC and the Society of Indian Automobile Manufacturers (SIAM), that there was no proposal to increase fuel prices.
"We are not comfortable with the current global prices. But there is no proposal to increase fuel prices," he said.
Tata Motors invites FDs from public to raise Rs 1,500 cr
Within less than a year, the country's largest auto maker, Tata Motors, has come to the public for the second time to raise about Rs
In a public announcement, the firm today said on a minimum fixed deposit of Rs 20,000 for two and three years, it would offer 8 per cent and 8.75 per cent interest respectively under the quarterly income plan.
Under another scheme of cumulative deposit plan, Tata Motors, which met with cold response from investors to its two separate rights issues last year to raise Rs 4,147 crore to partly fund its Jaguar and Land Rover deal, would offer 8.58 per cent interest on a minimum deposit of Rs 20,000 for two years and 9.88 per cent for three years.
Though the company has not said how much it plans to raise through this exercise, sources close to the development said Tata Motors is likely to raise about Rs 1500 crore from the public. It would be a part of the company's capex plan for the next few years.
As per Companies (Acceptance of Deposits) Rules, 1975, amended by the Companies (Acceptance of Deposits) Rules, 1978, Tata Motors could raise up to Rs 3,030.26 crore from public, while it could have Rs 1,212.10 crore from its shareholders.
In December 2008, it borrowed between Rs 2,000 crore and Rs 2,500 crore from public at an annual interest rate of up to 11 per cent for a period of up to 3 years as it was struggling to finance its USD 2.3 billion JLR buyout.
In July last year, the company had got Board approval to raise up to Rs 7,200 crore through separate rights issues to part-finance the buyout of JLR.
Its right issue, however, closed in October with a weak response from the public, forcing the promoters to subscribe a major chunk thereby taking their holding to 42 per cent from earlier 33 per cent.
Tata Motors had suffered a net loss of Rs 2,505.25 crore in 2008-09 mainly on account of JLR that it acquired in March 2008. The expensive JLR marquee suffered on account of the economic meltdown.
"Our legal team is looking into the matter that has come to our notice and we will come out with an appropriate response," JuD spokesman Yahya Mujahid told PTI.
Mujahid pointed out that Saeed continued to be a "free man" as he was released from house arrest in June on the orders of the Lahore High Court. "The court pointed out in its order that there was no evidence linking Hafiz sahab to terrorist activities or the Mumbai attacks," he said.
The Interpol last night issued Red Corner Notices against Saeed (59) and mastermind of Mumbai attacks Zaki-ur-Rehman Lakhvi (48).
If Nasscom chairman Pramod Bhasin is to be believed the Indian technology services skills, admired the world over, can change things in its own
backyard.
“We have the volume, scale, size and market share as our critical competitive advantages. It’s time we have a public-private partnership that could trigger adoption of technology in the domestic market,” he emphasised in an impassioned address to the FM and industry leaders.
Now this skill base can be the vital game changer in the Indian market—helping the technology under penetrated populace enjoy the benefits of everything from digital land records to high-tech immigration systems.
That keenness among IT companies to digitally transform the country was aptly revealed by Mr Bhasin as he laid out the reform road map for Mission 2010.
While the IT sector, with exports growing from almost zilch to $50 billion in less than a decade and employing over two million, is now set to bring the benefits of technology to the country, the Indian youth will also help address the global shortage of workers.
“There will be a shortage of 15-18 million skilled workers in the US, Japan and Scandinavian countries already faced with massive manpower shortages. These can also be met by the Indian labour pool,” he said.
While the opportunities to grow are huge—both within the country and outside—Mr Bhasin acknowledged there are shortcomings that need to be addressed urgently to achieve the goal of IT for the masses.
Setting a three-point agenda he said that the areas that needed urgent attention include education, which calls for a complete change so that there are more employable graduates.
At present the industry is able to look at only 8-10% of the graduates passing out every year as the rest are not really employable. “An overhaul of the education sector is needed to address gaps in education and skills that the industry needs,” Mr Bhasin said.
Security, not just homeland security but also computer security, to tackle threats from both hackers and viruses is the second issue. And the third is to urgently address the woefully inadequate public infrastructure be it roads or civic services.
Mr Bhasin concluded by saying India can be the fastest growing economy in the world, ahead of China or any other country, provided the country uses the talent available in the right manner and builds an enabling infrastructure.
Focus on spending, not saving: Biyani
26 Aug 2009, 0104 hrs IST, ET Bureau
“We have the volume, scale, size and market share as our critical competitive advantages. It’s time we have a public-private partnership that could trigger adoption of technology in the domestic market,” he emphasised in an impassioned address to the FM and industry leaders.
Now this skill base can be the vital game changer in the Indian market—helping the technology under penetrated populace enjoy the benefits of everything from digital land records to high-tech immigration systems.
That keenness among IT companies to digitally transform the country was aptly revealed by Mr Bhasin as he laid out the reform road map for Mission 2010.
While the IT sector, with exports growing from almost zilch to $50 billion in less than a decade and employing over two million, is now set to bring the benefits of technology to the country, the Indian youth will also help address the global shortage of workers.
“There will be a shortage of 15-18 million skilled workers in the US, Japan and Scandinavian countries already faced with massive manpower shortages. These can also be met by the Indian labour pool,” he said.
While the opportunities to grow are huge—both within the country and outside—Mr Bhasin acknowledged there are shortcomings that need to be addressed urgently to achieve the goal of IT for the masses.
Setting a three-point agenda he said that the areas that needed urgent attention include education, which calls for a complete change so that there are more employable graduates.
At present the industry is able to look at only 8-10% of the graduates passing out every year as the rest are not really employable. “An overhaul of the education sector is needed to address gaps in education and skills that the industry needs,” Mr Bhasin said.
Security, not just homeland security but also computer security, to tackle threats from both hackers and viruses is the second issue. And the third is to urgently address the woefully inadequate public infrastructure be it roads or civic services.
Mr Bhasin concluded by saying India can be the fastest growing economy in the world, ahead of China or any other country, provided the country uses the talent available in the right manner and builds an enabling infrastructure.
If every Indian spends Rs 1,000 more, the country’s national income will grow by 2%, said Kishore Biyani, chief executive of the country’s largest
retailer Future Group, adding that India has so far been focused on saving.
Mr Biyani said the retail sector, one of the biggest job creators in the economy, is a key driver of economic growth for the country, as the top industry honchos sat with finance minister Pranab Mukherjee on Tuesday to chart out a road map for reforms and sustainable economic growth.
Future Group, with revenues of around Rs 6,000 crore, runs supermarket chains such as Big Bazaar, Central, Pantaloon and Home Depot.
Modern retail segment, estimated to worth around Rs 30,000 crore, is only 3-5% of the country’s total retail industry.
Most players in India’s modern retail sector are inexperienced as they entered the field in the past three years. In the beginning it faced opposition from politicians who feared it would cannibalise traditional kirana stores.
The controversy has been dormant of late, but a economic downturn and a series of terror attacks last year forced modern retailers on the backfoot impacting their sales. But now these retailers are recovering from the downturn and are ready to resume their growth.
Mr Biyani argued that modern retail can drive up consumption and thereby the economic growth. “In India, the perception of retail has so far been limited to kirana stores. At modern retail, we do value addition. Ultimately, we create demand for products,” he said, adding that this demand leads to creation of new jobs in the manufacturing sector.
Highlighting the fact that retail sector has been one of the biggest job-creators globally, Mr Biyani said the sector had a great job potential for India too. Future Group has 40,000 people directly on its rolls. Mr Biyani also highlighted the link between urban consumption and rural economy by saying that according to an internal study done by his group, every Rs 100 consumed in urban areas results in channeling Rs 39 to rural areas.
Hiring has begun in the retail sector with Future Group seeking new employees at all levels. Funding is not an issue anymore. Equity as well as debt is available to retailers with good balance sheet, he said.
“Retail sales have again picked up and we are more or less back to the same level as we were before the global crisis broke out,” said Mr Biyani.
AUGUST 4, 2009, 6:33 A.M. ET
RBI: India Reforms Will Not Slow Despite Economic Crisis
Dow Jones Newswires
MUMBAI -- India won't slow down on reforms, particularly in the financial sector, despite the global economic crisis, Reserve Bank of India Governor Duvvuri Subbarao said Tuesday.
"I believe that it is a mistaken thinking. We will not slow down on reforms, but we will recalibrate the road map for reforms reflecting the lessons of the crisis," he said at a seminar.
Best brains gather to make reforms Mission Possible
24 Aug 2009, 0509 hrs IST, ET Bureau
NEW DELHI: We’ve all had time to dissect and digest the Union Budget these past six weeks. While the economic uncertainty clouding the horizon has
not receded totally, there is optimism in the air, led by the markets. The time seems to be ripe for bold steps, but challenges remain and questions come to mind. What better way to clear the air and see the way ahead than engaging in a tête-à-tête with the man in charge of India’s economy, finance minister Pranab Mukherjee?
On Tuesday, over breakfast, The Economic Times is bringing together 100 of India Inc’s top bosses in the Capital to listen to the FM and a distinguished panel comprising Prime Minister’s Economic Advisory Council chairman C Rangarajan, SBI chairman OP Bhatt, Genpact president & CEO and Nasscom chairman Pramod Bhasin and Future Group CEO Kishore Biyani, discuss Mission 2010—The Reforms Road Map. It promises to be a lively, interactive exchange, for the issues are many and solutions clearly need participation from various quarters.
After all, it is not just global economic woes and truant rains that hold the Indian economy back. From a female literacy rate of 54% and brittle inter-community relations that often break down into violence, to limited popular access to formal finance and administrative procedures and rules that breed corruption and delays, the Indian economy is shackled by a host of problems that can be solved only by decisive political leadership.
Can we forge a policy that will release farm land for non-agricultural use in a manner that will convert those who lose land into stakeholders in what comes up on their erstwhile property rather than into hostile opponents of development? Can we reform our archaic labour laws? Can the state bring forth the political courage needed to collect user charges so that its services become sustainable? The path of reform is long, the terrain, tough. Does the government have the resolve to stay the course?
With the best brains in the business—and economy—pitching in with their insights and experience at the conclave, everyone, including the finance minister, the panel and the select audience, will definitely have plenty to chew on besides the huge breakfast spread laid out by The Oberoi, Delhi!
Interpol seeks Pakistani militant wanted in India
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By Krittivas Mukherjee
NEW DELHI, Aug 26 (Reuters) - The international police agency Interpol has issued a "red notice" alert for a Pakistani Islamist wanted in India in connection with attacks in Mumbai that strained relations between the nuclear-armed rivals.
India says Hafiz Saeed, founder of the Lashkar-e-Taiba (LeT) militant group, was the mastermind of November's attacks in India's commercial hub in which 166 people were killed.
Saeed was detained in Pakistan in December, after a U.N. Security Council resolution put him on a list of people and organisations supporting al Qaeda.
But in June, a court released him on grounds of insufficient evidence, prompting the Pakistani government to lodge an appeal with the Supreme Court for his re-arrest. That case is pending.
India has been insisting that Pakistan act against Saeed and other members of the LeT, which is banned in Pakistan. Pakistan says it has insufficient evidence against him.
Interpol says a red notice is not an international arrest warrant but is issued after authorities in a country issue a warrant to help with the identification or location of a suspect with a view to their arrest or extradition.
India's foreign minister, S.M. Krishna said the world had to take notice of the Interpol alert against Saeed.
"I think the world should take note of these developments and then you know they will have to come to their own conclusions," Krishna told reporters on Wednesday. Continued...
Bangladesh rebel seeks troop pullout from tribal belt
1 of 1Full Size
By Nizam Ahmed
RANGAMATI (Reuters) - The former head of a tribal insurgent group in southeastern Bangladesh urged the government on Wednesday to honour its promise to withdraw troops from the area.
Members of the Shanti Bahini ended a 25-year revolt in the Chittagong Hill Tracts area in 1997 after a peace treaty with the government under which troops were to be withdrawn and land acquired by settlers restored to local tribesmen.
"The troops should immediately return to garrisons leaving hundreds of temporary camps they set up across the hills in early eighties," Jyotirindra Budhipriyo Larma, the former head of the group, told Reuters in an interview.
A Bangladesh army official said the pullout of one army brigade, comprising nearly 1,000 troops, began early this month and would be completed by September. A full withdrawal was not immediately possible because of the threat from hardline elements, settlers rights group say.
But Larma, who now heads the Chittagong Hill Tracts Regional Council, said the peace deal could come under pressure from the hardliners if the government dragged its feet on pulling out troops from the area.
"If troops pullout is delayed or incomplete, tribespeople who opposed the peace deal will gather steam and may try further to frustrate it," Larma said.
The Shanti Bahini guerrillas fought for autonomy in the hill and forest region bordering India and Myanmar in a campaign in which nearly 8,500 troops, rebels and civilians were killed.
The area comprising three districts -- Rangamati, Khagrachhari and Bandarban -- is also a major tourist spot but visitors stay away for fear of abduction or killing as remnants of the Shanti Bahini are still active, trying to regain control and drive settlers away. Continued...
Hindu epic Mahabharata retold - tweet by tweet
1 of 1Full Size
By Tony Tharakan
NEW DELHI (Reuters Life!) - An ancient Indian epic about princes, demigods and a cataclysmic war is getting a makeover on Twitter -- 140 characters at a time.
Chindu Sreedharan, a U.K.-based lecturer, is retelling the Mahabharata using the micro-blogging service, hoping to lure readers with creative snippets posted in chronological order.
"This is not quite about capturing the philosophical richness of the original Mahabharata -- but presenting a version that will, hopefully, suit the medium," Sreedharan, 36, told Reuters in an e-mail interview.
The Sanskrit epic, one of Hinduism's crucial texts, deals with a dynastic struggle for power that ends in victory for the righteous. It is regarded as an allegorical lesson in righteous living integral to much of India's cultural consciousness.
While the original Mahabharata has a main narrator, Sreedharan's version (twitter.com/epicretold) is told from the point of view of Bhima, one of the five Pandava brothers who triumph over their hundred Kaurava cousins in battle.
Such was the appeal of the Mahabharata that when it was first adapted for television in the 1980s, it managed to empty city streets, forced changes in train timings and got actors elected as members of parliament.
Which is also why Sreedharan turned to the epic for an experiment in social media.
"My hunch was, to keep the follower hooked, you needed a tale that provided for plenty of dramatic tension. Mahabharata does that." Continued...
26/08/2009
Government advised not to challenge Sanjay Dutt's acquittal
New Delhi: Attorney General Goolam Vahanvati has advised the central government against challenging the acquittal of Bollywood star-cum-politician Sanjay Dutt from terror charges in connection with the 1993 bombings in Mumbai, law ministry sources say.
End of the ordeal?
The sources said Vahanvati gave his view while confirming Solicitor General Gopal Subramanian's legal opinion in 2007 that the Central Bureau of Investigation (CBI) failed to adduce enough evidence against Dutt for his conviction under terror charges. He was convicted instead for illegal possession of arms.
Accordingly, Subramanian, then functioning as additional solicitor general, had told the government that owing to paucity of evidence linking Dutt to terrorism, the anti-terror court of Mumbai had rightly convicted him for only possessing illegal arms.
Subramanian had accordingly opined that it would not be a sound legal proposition for the government to go in an appeal against the anti-terror law's court verdict on Sanjay Dutt.
But the government had sought a fresh round of legal opinion from its top law officer on a plea by the CBI.
Another cracker of a biography is in the offing. Abdul Kareem Telgi, the kingpin of the multi-crore stamp paper scam, has been busy in the jail penning a 1,600 page autobiography.
Other Top Stories
- Jaswant Singh compares BJP to Ku Klux Klan
New Delhi: Jaswant Singh today took his attack on BJP a step further by likening it to the violent white American group Ku Klux Klan (KKK) and suggested that L K Advani was surrounded by a coterie.
- Kolkata holds special prayers on Mother Teresa’s 99th birth anniversary
Kolkata: Special prayers were held at the headquarters of the Missionaries of Charity on Wednesday on the occasion of Mother Teresa’s 99th birth anniversary.
- India cites Interpol notice on Saeed, asks Pakistan to act
New Delhi: Stepping up pressure on Pakistan over Hafiz Saaed, India Wednesday said the Interpol red corner notice against him vindicated its stand on his involvement in Mumbai terror attacks and asked Islamabad to take action against him.
- New Pitch: Salman Khan wants to buy IPL team
Bollywood star Salman Khan on Wednesday met Indian Premier League chairman Lalit Modi in Mumbai and expressed his desire to be the owner of an IPL team. Two teams are to be added for the 2011 version of IPL 20-20 and Khan is pitching for this.
- IIT faculty asks for 'scholastic pay' of Rs 15,000 per month
Mumbai/Kolkata: For the first time in the Indian Institutes of Technogy’s 50-odd years of existence, faculty members have asked the government for a special additional "scholastic pay" of Rs 15,000 a month to compensate them for their "low-paying" jobs.
- After horse power here comes horse therapy
Bangalore: We have all heard of horse power, but in a new move, the Army Service Corps Centre (ASC) and College here has given its grounds and facilities to promote Equine therapy for children with special needs.
- Letter `bomb’ rattles BJP, gives party a migraine
By R Shankar
- Minister’s statement on 26/11 case verdict creates a flutter
Mumbai: The statement made by Maharashtra Home Minister Jayant Patil that judgement in 26/11 terror attack case is likely to be delivered by September 15 has created a flutter in the trial court with the prosecutor saying Patil had been misquoted by the media.
- A `Nano’ laptop for Rs 450, possible says Union Minister
Hyderabad: If Ratan Tata could make a car for Rs 1 lakh, why not a lap top for Rs 450, or $10? This is possible, according to Minister of State for Higher Education D Purandareswari. She threw a challenge to technology institutes to develop such low-cost laptops.
- PM too feels corrupt big fish slip through the net
New Delhi: This is one issue on which everyone would agree: that the highly corrupt escape and the smaller fish are arrested. This time though, the Prime Minister Manmohan Singh too is on your side and agrees on this.
- Off track: Pak's latest craze, statue and nagging wife
Today we have all about Facebook in Paksitan, a massive statue of Shivaji that will dwarf Statue of Liberty and a nagging wife
- SP looking to rope in 'big', 'experienced' Jaswant Singh
New Delhi: With Jaswant Singh being expelled from BJP unceremoniously, Samajwadi Party is reaching out to him with an objective of roping in the "big" and "experienced" leader to utilise his services.
- HC slams Apollo Hospital for charging exorbitantly from poor
New Delhi: The Delhi High Court was today critical about the Indraprashta Apollo hospital charging exorbitantly from poor patients for treatment.
- Vasundhara Raje defiant, stalemate in BJP continues
New Delhi/Jaipur: The stalemate in BJP over problems in its Rajasthan unit continued today with Vasundhara Raje appearing in no mood to step down as leader of the opposition as asked by party high command as she returned to Jaipur to preside a meeting of party legislature group tomorrow for a brief assembly session.
- Gurgaon murder, horrible massage & more
Today’s crime file has plenty: a horrible murder in Gurgaon, a horrific massage in Delhi, gangsters on the prowl in Noida and more.
- 1 killed in Mumbai building collapse
Mumbai: An 85-year-old woman, who was seriously injured when a portion of a four-storey residential building collapsed in south Mumbai, has died.
- Narendra Modi named 'FDI Asian Personality of the Year'
Gandhinagar: Gujarat Chief Minister Narendra Modi has been named as winner of the 'FDI Asian Personality of the Year' awards by the FDI Magazine of the Financial Times (FT) group.
- 26/11: Interpol's Red Corner Notice against Saeed, Lakhvi
New Delhi: The Interpol Tuesday night issued Red Corner Notices against Lashkar-e-Taiba founder chief Hafiz Muhammad Saeed and mastermind of Mumbai terror strike Zaki-ur-Rehman Lakhvi.
- Arrested LeT operative planning terror strikes in M'shtra?
New Delhi: Police is investigating whether the 27-year-old suspected LeT operative arrested in the capital was part of a module planning terror strikes in Maharashtra during the festive season, sources said Wednesday.
- H1N1 pandemic: Death toll 77, confirmed cases cross 3000-mark
New Delhi: The onslaught of the swine flu continued unabated with three persons, including a middle-aged woman, succumbing to the virus, pushing the countrywide death toll to 77 as 186 more contracted the infection since Tuesday evening.
More...
http://news.in.msn.com/national
Monsoon: Rain and drought
Monsoon end to up iron ore supply, pressure price
MUMBAI (Reuters) - Iron ore prices are seen under pressure by mid-September, when India's retreating monsoon brings exporters of fines back to the market, hungry for profits after a break of nearly four months. Full Article
Rajasthan declares drought in 26 out of 33 districts
JAIPUR (Reuters) - Rajasthan government has declared a drought in 26 out of 33 districts following over 50 percent damage to the crops due to poor monsoon this year, a senior official said. Full Article
India raises farm subsidy to boost winter crops
NEW DELHI (Reuters) - India has raised farm subsidy by 2.88 billion rupees ($59 million) to provide seeds to farmers to help winter crops as it tries to mitigate the impact of scanty rains on summer crops, the finance minister said on Tuesday. Full Article
MORE NEWS
Drought stretches budget; more borrowing unlikely
MUMBAI (Reuters) - A poor monsoon threatens to worsen India's already steep fiscal deficit as it spends on food imports and relief for farmers, although the government is seen tapping the bond market only as a last resort to fund any further shortfall. Full Article
ANALYSIS
Poor monsoon may prolong loose money policy
Worsening dry conditions in India threaten to dent a nascent recovery even as other parts of the economy show surprising strength. Full Article
Bihar farmers ask their unmarried daughters to plough parched fields naked in a bid to embarrass the rain gods. Full Article
Wedding of the frogs
Villagers marry off frogs in a traditional ceremony to appease rain gods. Video | Full Article
Monsoon soccer
Soccer players hone their skills on the waterlogged pitches of southwest India. Video
Heavy rains in Gujarat
Relief and rescue operations in Saurashtra, Gujarat following heavy monsoon rains. Video
High tide in Mumbai
Normal life crippled as high tides from the Arabian Sea and heavy rains hit parts of Mumbai. Video
Monsoon in Pakistan
Heavy monsoon downpours in Karachi. Video
http://in.reuters.com/news/globalcoverage/monsoon
26/08/2009
Letter `bomb’ rattles BJP, gives party a migraine
By R Shankar
Just when BJP thought it could breathe easy by temporarily sweeping Arun Shourie under a political carpet, the postman came knocking with a letter from sacked Uttarakhand Chief Minister B C Khanduri. And he had a simple question to ask in his letter: Why me? In other words, why was he sacked from his post?
And even as the BJP top leaders were discussing the Khanduri letter bomb in private, news trickled in that senior Rajasthan BJP leader Vasundhara Raje on Wednesday defied her party president's order and held a meeting of BJPs legislators in Jaipur, giving the beleaguered BJP a political migraine.
Khanduri, who was removed in the last week of May, said in his letter to party president Rajnath Singh that he was made a scapegoat when he was isolated and blamed for leading the party to its worst-ever performance in the Uttarakhand Assembly elections. Now he wants answers. He wants the BJP to give an explanation or rethink his removal. He has also reportedly claimed that he has the support of 27 MLAs.
In Rajasthan, Raje, who agreed to resign as Leader of Opposition in the state assembly, is making Rajnath and the party to wait. The former Rajasthan chief minister has also the Khanduri stand that she alone could not be blamed for the party's defeat in the General Elections, which left it with four Lok Sabha seats compared to 21 in the 2004 polls.
Source: India Syndicate
IDBI Bank, GoI and World Bank to implement CEEP in India
26 Aug 2009, 1823 hrs IST, ET Bureau
MUMBAI: IDBI Bank on Wednesday signed a project agreement with the World Bank for implementation of Chiller Energy Efficiency Project (CEEP) in
India. The objectives of the CEEP are to reduce Greenhouse Gas (GHG) emissions and to support the phase-out of use of chlorofluoro carbon (CFC), an ozone depleting substance, under the Montreal Protocol. The CEEP will achieve this by stimulating the acceleration of replacement of old CFC-based centrifugal chillers, with more energy efficient non-CFC centrifugal chillers.
The project would also provide financial incentives directly to chiller owners to encourage them to overcome barriers such as up-front capital costs and perceived technology risks. The CEEP would strengthen the national capacity for carbon finance intermediation and is expected to demonstrate viability for implementing other low-cost and/or no-cost energy conservation measures in large buildings.
The Global Environment Facility (GEF) Grant Agreement for US$ 6.30 million and the Ozone Trust Fund (OTF) Grant Agreement for US$ 1.0 million for India’s Chiller Energy Efficiency Project (CEEP) were signed at New Delhi on August 26, 2009. Dr. Anuj Pujari, Joint Secretary, Ministry of Finance, Government of India, Mr. B.K. Batra, Executive Director & Group Head-Corporate Banking, IDBI Bank and Mr. Roberto Zagha, Country Director, India, World Bank, signed the CEEP agreements.
Oz to ask India to crack down on education agents
Australia will ask New Delhi to crack down on unscrupulous education agents in India who give misleading information to students.
Indians are not the only ones unsafe in 'racist' Australia
The recent attacks on Indian students studying in Australia have attracted global attention and worldwide condemnation. According to one report, there have been about 20 racial attacks on Indians in Sydney last month alone.
Another Indian student attacked in Australia
A youth from Indore has now become the latest victim of racial attack in Australia.
Oz to revamp edu sector; India vows crackdown on rogue agents
India said it will be "ruthless" in dealing with rogue agents duping youngsters pursuing studies here, as Australia announced a revamp of its scam-tainted international education sector.
Krishna says Oz will provide adequate security
S M Krishna on Saturday told members of the Indian community that Australian leadership has assured him of providing adequate security to Indian students.
Oz to probe international education after India attacks
Australia announced a sweeping review of its international education sector, as India's foreign minister prepared to meet with students rattled by a series of attacks and study scams.
China warns students in Australia on safety
After India, it's now China that has raised concerns about the safety and security of its students in Australia following a vicious road rage attack on four students on the Gold Coast.
Australian police look for attackers of Indian cabbie
Police in the Australian state of Victoria were looking for two men involved in the attack on an Indian taxi driver in Richmond, a media report said on Friday.
Australia assures India of safety of Indian students
Australia on Thursday assured India that "firm action" will be taken against those responsible for attacks on Indian students.
Indian students in Oz: Krishna happy with safety steps
India's External Affairs Minister S M Krishna said that he was satisfied with the steps taken by authorities here to ensure the safety of the students.
'Student attacks won't harm India-Australia relations'
India stressed it would not allow attacks on its students in Australia to sour relations between the countries, but also said there was no clear evidence that the problem had been resolved.
Australia to back foreign students if college shuts
Australian government has assured foreign students that they will be granted "a comparable place to complete their course" or a refund in fees.
Overseas students in Oz copied their masters thesis: Report
The fresh scam exposed by 'The Australian' newspaper said several overseas students, including Indians, were found to have graduated from University of New England with copied masters thesis.
Oz continues to react strongly to protect the interests of Indians
Australia is continuing to take swift and comprehensive action to address the challenges faced by international students in our cities.
Attacker seemed Indian, says reporter assaulted in Australia
The Indian journalist, who was assaulted over the weekend, has said her attacker "looked like an Indian person".
Article: Indian financial sector to get reforms roadmap in 10 days, official says.
Article from:Economic Times (New Delhi, India) Article date:January 7, 2005
Jan. 7--NEW DELHI, India -- Finance minister P Chidambaram said today the government would announce a roadmap detailing major reforms in the state-dominated banking sector in the next 7 to 10 days.
The roadmap would likely include guidelines for consolidation of state-run banks and plans to attract foreign investment in private banks, according to finance ministry officials. Asked when it would be made public, Chidambaram replied: "We lost about 7 to 10 days due to the tsunami, so add 7 to 10 days."
Addressing a financial sector reforms conclave, Mr Chidambaram asked for suggestions, on ways to improve the financial sector architecture, strengthen ...
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Govt unveils roadmap for financial sector reforms
fe Bureaus
Posted: Wednesday, Aug 05, 2009 at 0055 hrs IST
Updated: Wednesday, Aug 05, 2009 at 0055 hrs IST
New Delhi: Finance minister Pranab Mukherjee may have chanted the reform mantra in Budget 2009-10 without mentioning any specifics, but on Tuesday, the finance ministry made its priorities clear for the first time, by tabling in Parliament its menu of financial sector reforms to be taken up immediately.
These include liberalisation of rules governing sale of shares by Indian companies abroad through American depository receipts (ADRs), relaxation in the external commercial borrowings (ECBs) guidelines and coming up with innovative measures to spur investments through public-private partnerships.
Maintaining the public shareholding in listed firms at a minimum level of 25% is also a priority, which has already been discussed with the market regulator Securities and Exchange Board of India (Sebi). The requirement of higher public shareholding will be implemented in phases, though the government is yet to finalise the exact percentage of the minimum float, an official said. “It could be more (than 25%). It is being debated,” he said.
The government also intends to set up a dedicated SME stock exchange or a platform for small & medium enterprises to raise equity, minister of state for finance Namo Narain Meena said in a written reply in the Rajya Sabha on Tuesday. In fact, at Sebi’s board meeting in early July, the finance minister had expressed his keenness to start an SME exchange. While there is a ‘considered view’ on raising the minimum public float in the listed companies, the measures governing ADRs and ECB rules are to be fleshed out, a senior official told FE.
Changes in the ECB policy could involve allowing more companies and sectors to bring funds through the automatic route. The rules can be further liberalised to allow more sectors access the ECB window. The government has recently allowed developers of special economic zones raise ECBs for providing infrastructure facilities in SEZs.
Incidentally, Reserve Bank of India governor D Subbarao said in Mumbai on Tuesday the financial sector reforms need not be slowed down, but recalibrated in the backdrop of the global crisis.
Another measure on the priority list of the government include evolving the ‘takeout financing scheme’ for long-gestation infrastructure projects, and giving trusts greater autonomy in deciding their investments by amending the Indian Trusts Act, 1882. India Infrastructure Finance Company Ltd has appointed a consultant to finalise the takeout financing scheme, Meena said.
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What concerns India most is the ‘China Card’
BY AKHILESH UPADHYAY
NEW DELHI, Aug 26 - On the sidelines of Prime Minister Nepal’s Delhi visit, Nepali journalists witnessed an event that was instructive of India’s growing unease over China’s preeminence in the global stage and its implications on India’s national security. Seen in that context, it is far easier to understand New Delhi’s paranoia about the Maoist-led government’s alleged China tilt.
Those who talk about asymmetry in Nepal-India relations, argued an expert, should realise that a similar asymmetry exists between Beijing-New Delhi ties. That explains New Delhi’s paranoia vis-à-vis China, according to Vinod Khanna, a China expert.
Binod Sharma, Associate Editor of Hindustan Times, discussed an alleged report from a Chinese think tank, International Institute for Strategic Studies, IISS, which “offered a road map for breaking up India.”
The remarks—made at the Centre for Policy Research (CPR), a pro-establishment think tank—were clear hints to Nepali journalists that Nepal hasn’t demonstrated adequate sensitivity towards India’s nervousness about China, which at the current growth rate and the size of its economy is an evident global player. India is no laggard itself. But China, which started economic liberalization more than a decade earlier, holds a clear advantage. Its contribution to world GDP growth since 2000 has been twice as large as that of the next three biggest emerging economies put together—India, Brazil and Russia.
The IISS report in Mandarin was posted in a quasi-official website (www.iiss.cn), according to Indian analysts. It became news in India only after it got translated in English.
“To split India, China can bring into its fold countries like Pakistan, Nepal and Bhutan, support Ulfa in attaining its goal for Assam’s independence, back aspirations of Indian nationalities like Tamils and Nagas, encourage Bangladesh to give a push to the independence of West Bengal and lastly recover the 90,000 sq km territory in southern Tibet,” says the translated version that has been circulated.
“Only after India has been broken up into 20-30 pieces will there be any real reform or social change in the country,” reads the translation.
India’s Ministry of External Affairs subsequently said that the article “appears to be an expression of individual opinion and does not accord with the officially stated position of China on India-China relations conveyed to us on several occasions…”
The article, reportedly posted in April, has been dismissed by many since. But it has touched a chord among many in India, who are not ready to dismiss it “as expression of individual opinion.”
After the translated version of the article was circulated in India, the website was blocked by the Chinese government, said an analyst who writes regularly on Indian foreign policy. He accuses the Maoist-led government of playing up the China card, a feeling shared by many in the Delhi establishment.
Clearly, Prime Minister Nepal was well aware what New Delhi liked to hear from him during his visit. On Aug. 20, at a breakfast meeting with journalists, academics and foreign policy mandarins, he assured the audience that Nepal would not “play any card.”
“There is no need to have any misunderstanding that Nepal will play any card. Nepal understands the security concerns of India,” he said at the question-and-answer session. Indeed, given New Delhi’s nervousness about China’s growing influence, including in South Asia, it will continually look for more than verbal assurance on its security concerns.
Any perception of Chinese influence at the cost of India’s interests will hurt the government in office. The Maoists know it.
“The only concern Chinese have in Nepal is that Nepal not be used for (free-) Tibet activities,” says a senior Maoist leader. When pointed out that more than 20 Chinese delegations had visited Kathmandu during the nine-month tenure of the Maoist-led government, he acknowledged, “We may have given way to the Indian perception (of China tilt). But it was due solely to our inexperience in governance and nothing else. India remains the most important neighbour for Nepal. That’s our geopolitical reality.”
Posted on: 2009-08-25 23:36:44 (Server Time)
Racing bus rips off arms Maidan accident maims 3 passengers
OUR BUREAU
Three passengers, sitting by the window with their elbows out, had their right arms ripped off on Tuesday when a speeding bus on the Maidan grazed the side of the minibus they were on.
The three grievously injured passengers — two of whom were battling for their lives till late on Tuesday — included a married couple, while four other passengers sustained minor injuries.
Around 11.15am, the minibus (WB-25A 2392) on the Howrah-Behala route was making its way to Behala via Dufferin Road, near the Maidan tents, when the driver spotted two private buses on route 12C racing towards it from the opposite direction.
The two buses on the same route were too busy racing each other to notice how perilously close they were to the minibus. Till it was too late.
The driver of the minibus swerved in desperation and rammed into a lamp post.
“One of the speeding buses (WB-04A 3384) grazed the right side of the minibus, ripping off the arms of three passengers who were sitting with their elbows sticking out of the windows. The driver and conductors of the 12C bus fled within seconds,” said a traffic policeman who witnessed the accident from a distance.
The injured were rushed to the SSKM Medical College and Hospital, but the damage had been done.
Behala resident Jayshree Chakraborty, in her thirties, lost her right arm. Her husband, Jadavpur University’s Salt Lake campus employee Barun Chakraborty’s arm was so badly mangled that it had to be amputated.
Their six-year-old son Subhajit, who was not sitting by the window, escaped unhurt.
“Jayshree’s condition is critical. She lost a lot of blood in the accident and it’s difficult to say if she’ll make it,” said a source in SSKM.
Her husband’s condition was “better” though the surgery to reconstruct his hand was unsuccessful.
“Barun’s hand was beyond surgical intervention,” said a doctor.
Ashish Pal, a man in his forties from Assam, was moved to AMRI Hospitals at Dhakuria, where doctors tried but failed to save his right arm.
“A part of the severed bone between Pal’s shoulder and elbow was missing. The severed portion of the arm had suffered multiple fractures,” said Anupam Golash, a reconstructive surgeon at AMRI.
Pal was admitted to the intensive care unit of the hospital following the procedure.
“It is a very tragic incident.... Rash driving must be minimised. Penal action against rash driving must be initiated with urgency,” transport minister Ranjit Kundu said at Writers’ Buildings later in the day.
“Whether the commission system can be abolished to minimise racing between buses is something I will look into later,” added the man in the hot seat after the death of Subhas Chakraborty.
A few years ago, the right hand of Sukhani Paswan, a passenger travelling on a private bus, had been ripped off when another speeding bus tried overtaking it on Bidhan Sarani.
On Tuesday, police impounded both the bus and the minibus, which were towed to Maidan police station.
When Metro visited the police station to inspect the buses on Tuesday afternoon, the floor of the minibus was bathed in blood while the seats were blood splattered.
“We have started a case of attempt to culpable homicide under section 308 of the IPC against the two bus drivers involved in the accident. They are yet to be traced,” said Jawed Shamim, the joint commissioner of police, headquarters.
http://www.telegraphindia.com/1090826/jsp/calcutta/story_11410056.jsp
HPCL to pump Rs 6900 cr in diesel production facilities
26 Aug 2009, 1923 hrs IST
Hindustan Petroleum Corporation Ltd (HPCL) will invest Rs 6,900 crore to upgrade its diesel quality to Euro III and IV.
PE firms cut salary hikes, bonuses of top exec's amid downturn
26 Aug 2009, 1912 hrs IST
With the economic downturn impacting deal flows, salaries of top private equity professionals have taken a hit as most of the firms froze pay hikes and held back bonuses this year, experts say.
All News By Industry headlines >>
Auto
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ET Cetera
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http://economictimes.indiatimes.com/News/News-By-Industry/articlelist/13352306.cms
24 Aug 2009, 0509 hrs IST, ET Bureau
NEW DELHI: We’ve all had time to dissect and digest the Union Budget these past six weeks. While the economic uncertainty clouding the horizon hasnot receded totally, there is optimism in the air, led by the markets. The time seems to be ripe for bold steps, but challenges remain and questions come to mind. What better way to clear the air and see the way ahead than engaging in a tête-à-tête with the man in charge of India’s economy, finance minister Pranab Mukherjee? On Tuesday, over breakfast, The Economic Times is bringing together 100 of India Inc’s top bosses in the Capital to listen to the FM and a distinguished panel comprising Prime Minister’s Economic Advisory Council chairman C Rangarajan, SBI chairman OP Bhatt, Genpact president & CEO and Nasscom chairman Pramod Bhasin and Future Group CEO Kishore Biyani, discuss Mission 2010—The Reforms Road Map. It promises to be a lively, interactive exchange, for the issues are many and solutions clearly need participation from various quarters. After all, it is not just global economic woes and truant rains that hold the Indian economy back. From a female literacy rate of 54% and brittle inter-community relations that often break down into violence, to limited popular access to formal finance and administrative procedures and rules that breed corruption and delays, the Indian economy is shackled by a host of problems that can be solved only by decisive political leadership. Can we forge a policy that will release farm land for non-agricultural use in a manner that will convert those who lose land into stakeholders in what comes up on their erstwhile property rather than into hostile opponents of development? Can we reform our archaic labour laws? Can the state bring forth the political courage needed to collect user charges so that its services become sustainable? The path of reform is long, the terrain, tough. Does the government have the resolve to stay the course? With the best brains in the business—and economy—pitching in with their insights and experience at the conclave, everyone, including the finance minister, the panel and the select audience, will definitely have plenty to chew on besides the huge breakfast spread laid out by The Oberoi, Delhi!
Interpol seeks Pakistani militant wanted in India1 of 1Full Size By Krittivas Mukherjee NEW DELHI, Aug 26 (Reuters) - The international police agency Interpol has issued a "red notice" alert for a Pakistani Islamist wanted in India in connection with attacks in Mumbai that strained relations between the nuclear-armed rivals. India says Hafiz Saeed, founder of the Lashkar-e-Taiba (LeT) militant group, was the mastermind of November's attacks in India's commercial hub in which 166 people were killed. Saeed was detained in Pakistan in December, after a U.N. Security Council resolution put him on a list of people and organisations supporting al Qaeda. But in June, a court released him on grounds of insufficient evidence, prompting the Pakistani government to lodge an appeal with the Supreme Court for his re-arrest. That case is pending. India has been insisting that Pakistan act against Saeed and other members of the LeT, which is banned in Pakistan. Pakistan says it has insufficient evidence against him. Interpol says a red notice is not an international arrest warrant but is issued after authorities in a country issue a warrant to help with the identification or location of a suspect with a view to their arrest or extradition. India's foreign minister, S.M. Krishna said the world had to take notice of the Interpol alert against Saeed. "I think the world should take note of these developments and then you know they will have to come to their own conclusions," Krishna told reporters on Wednesday. Continued... Bangladesh rebel seeks troop pullout from tribal belt1 of 1Full Size By Nizam Ahmed RANGAMATI (Reuters) - The former head of a tribal insurgent group in southeastern Bangladesh urged the government on Wednesday to honour its promise to withdraw troops from the area. Members of the Shanti Bahini ended a 25-year revolt in the Chittagong Hill Tracts area in 1997 after a peace treaty with the government under which troops were to be withdrawn and land acquired by settlers restored to local tribesmen. "The troops should immediately return to garrisons leaving hundreds of temporary camps they set up across the hills in early eighties," Jyotirindra Budhipriyo Larma, the former head of the group, told Reuters in an interview. A Bangladesh army official said the pullout of one army brigade, comprising nearly 1,000 troops, began early this month and would be completed by September. A full withdrawal was not immediately possible because of the threat from hardline elements, settlers rights group say. But Larma, who now heads the Chittagong Hill Tracts Regional Council, said the peace deal could come under pressure from the hardliners if the government dragged its feet on pulling out troops from the area. "If troops pullout is delayed or incomplete, tribespeople who opposed the peace deal will gather steam and may try further to frustrate it," Larma said. The Shanti Bahini guerrillas fought for autonomy in the hill and forest region bordering India and Myanmar in a campaign in which nearly 8,500 troops, rebels and civilians were killed. The area comprising three districts -- Rangamati, Khagrachhari and Bandarban -- is also a major tourist spot but visitors stay away for fear of abduction or killing as remnants of the Shanti Bahini are still active, trying to regain control and drive settlers away. Continued... Hindu epic Mahabharata retold - tweet by tweet1 of 1Full Size By Tony Tharakan NEW DELHI (Reuters Life!) - An ancient Indian epic about princes, demigods and a cataclysmic war is getting a makeover on Twitter -- 140 characters at a time. Chindu Sreedharan, a U.K.-based lecturer, is retelling the Mahabharata using the micro-blogging service, hoping to lure readers with creative snippets posted in chronological order. "This is not quite about capturing the philosophical richness of the original Mahabharata -- but presenting a version that will, hopefully, suit the medium," Sreedharan, 36, told Reuters in an e-mail interview. The Sanskrit epic, one of Hinduism's crucial texts, deals with a dynastic struggle for power that ends in victory for the righteous. It is regarded as an allegorical lesson in righteous living integral to much of India's cultural consciousness. While the original Mahabharata has a main narrator, Sreedharan's version (twitter.com/epicretold) is told from the point of view of Bhima, one of the five Pandava brothers who triumph over their hundred Kaurava cousins in battle. Such was the appeal of the Mahabharata that when it was first adapted for television in the 1980s, it managed to empty city streets, forced changes in train timings and got actors elected as members of parliament. Which is also why Sreedharan turned to the epic for an experiment in social media. "My hunch was, to keep the follower hooked, you needed a tale that provided for plenty of dramatic tension. Mahabharata does that." Continued... 26/08/2009 Government advised not to challenge Sanjay Dutt's acquittalNew Delhi: Attorney General Goolam Vahanvati has advised the central government against challenging the acquittal of Bollywood star-cum-politician Sanjay Dutt from terror charges in connection with the 1993 bombings in Mumbai, law ministry sources say. End of the ordeal?
The sources said Vahanvati gave his view while confirming Solicitor General Gopal Subramanian's legal opinion in 2007 that the Central Bureau of Investigation (CBI) failed to adduce enough evidence against Dutt for his conviction under terror charges. He was convicted instead for illegal possession of arms. Accordingly, Subramanian, then functioning as additional solicitor general, had told the government that owing to paucity of evidence linking Dutt to terrorism, the anti-terror court of Mumbai had rightly convicted him for only possessing illegal arms. Subramanian had accordingly opined that it would not be a sound legal proposition for the government to go in an appeal against the anti-terror law's court verdict on Sanjay Dutt. But the government had sought a fresh round of legal opinion from its top law officer on a plea by the CBI. Another cracker of a biography is in the offing. Abdul Kareem Telgi, the kingpin of the multi-crore stamp paper scam, has been busy in the jail penning a 1,600 page autobiography. Other Top Stories
http://news.in.msn.com/national Monsoon: Rain and droughtMonsoon end to up iron ore supply, pressure priceMUMBAI (Reuters) - Iron ore prices are seen under pressure by mid-September, when India's retreating monsoon brings exporters of fines back to the market, hungry for profits after a break of nearly four months. Full Article Rajasthan declares drought in 26 out of 33 districtsJAIPUR (Reuters) - Rajasthan government has declared a drought in 26 out of 33 districts following over 50 percent damage to the crops due to poor monsoon this year, a senior official said. Full Article India raises farm subsidy to boost winter cropsNEW DELHI (Reuters) - India has raised farm subsidy by 2.88 billion rupees ($59 million) to provide seeds to farmers to help winter crops as it tries to mitigate the impact of scanty rains on summer crops, the finance minister said on Tuesday. Full Article MORE NEWSDrought stretches budget; more borrowing unlikelyMUMBAI (Reuters) - A poor monsoon threatens to worsen India's already steep fiscal deficit as it spends on food imports and relief for farmers, although the government is seen tapping the bond market only as a last resort to fund any further shortfall. Full Article ANALYSISPoor monsoon may prolong loose money policyWorsening dry conditions in India threaten to dent a nascent recovery even as other parts of the economy show surprising strength. Full Article Bihar farmers ask their unmarried daughters to plough parched fields naked in a bid to embarrass the rain gods. Full Article Wedding of the frogsVillagers marry off frogs in a traditional ceremony to appease rain gods. Video | Full Article Monsoon soccerSoccer players hone their skills on the waterlogged pitches of southwest India. Video Heavy rains in GujaratRelief and rescue operations in Saurashtra, Gujarat following heavy monsoon rains. Video High tide in MumbaiNormal life crippled as high tides from the Arabian Sea and heavy rains hit parts of Mumbai. Video Monsoon in PakistanHeavy monsoon downpours in Karachi. Video 26/08/2009 Letter `bomb’ rattles BJP, gives party a migraineBy R Shankar Just when BJP thought it could breathe easy by temporarily sweeping Arun Shourie under a political carpet, the postman came knocking with a letter from sacked Uttarakhand Chief Minister B C Khanduri. And he had a simple question to ask in his letter: Why me? In other words, why was he sacked from his post? And even as the BJP top leaders were discussing the Khanduri letter bomb in private, news trickled in that senior Rajasthan BJP leader Vasundhara Raje on Wednesday defied her party president's order and held a meeting of BJPs legislators in Jaipur, giving the beleaguered BJP a political migraine. Khanduri, who was removed in the last week of May, said in his letter to party president Rajnath Singh that he was made a scapegoat when he was isolated and blamed for leading the party to its worst-ever performance in the Uttarakhand Assembly elections. Now he wants answers. He wants the BJP to give an explanation or rethink his removal. He has also reportedly claimed that he has the support of 27 MLAs. In Rajasthan, Raje, who agreed to resign as Leader of Opposition in the state assembly, is making Rajnath and the party to wait. The former Rajasthan chief minister has also the Khanduri stand that she alone could not be blamed for the party's defeat in the General Elections, which left it with four Lok Sabha seats compared to 21 in the 2004 polls. Source: India Syndicate IDBI Bank, GoI and World Bank to implement CEEP in India 26 Aug 2009, 1823 hrs IST, ET Bureau MUMBAI: IDBI Bank on Wednesday signed a project agreement with the World Bank for implementation of Chiller Energy Efficiency Project (CEEP) in The project would also provide financial incentives directly to chiller owners to encourage them to overcome barriers such as up-front capital costs and perceived technology risks. The CEEP would strengthen the national capacity for carbon finance intermediation and is expected to demonstrate viability for implementing other low-cost and/or no-cost energy conservation measures in large buildings. The Global Environment Facility (GEF) Grant Agreement for US$ 6.30 million and the Ozone Trust Fund (OTF) Grant Agreement for US$ 1.0 million for India’s Chiller Energy Efficiency Project (CEEP) were signed at New Delhi on August 26, 2009. Dr. Anuj Pujari, Joint Secretary, Ministry of Finance, Government of India, Mr. B.K. Batra, Executive Director & Group Head-Corporate Banking, IDBI Bank and Mr. Roberto Zagha, Country Director, India, World Bank, signed the CEEP agreements.
Article: Indian financial sector to get reforms roadmap in 10 days, official says.Article from:Economic Times (New Delhi, India) Article date:January 7, 2005 Jan. 7--NEW DELHI, India -- Finance minister P Chidambaram said today the government would announce a roadmap detailing major reforms in the state-dominated banking sector in the next 7 to 10 days. The roadmap would likely include guidelines for consolidation of state-run banks and plans to attract foreign investment in private banks, according to finance ministry officials. Asked when it would be made public, Chidambaram replied: "We lost about 7 to 10 days due to the tsunami, so add 7 to 10 days." Addressing a financial sector reforms conclave, Mr Chidambaram asked for suggestions, on ways to improve the financial sector architecture, strengthen ...
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Govt unveils roadmap for financial sector reforms
Posted: Wednesday, Aug 05, 2009 at 0055 hrs IST Updated: Wednesday, Aug 05, 2009 at 0055 hrs IST New Delhi: Finance minister Pranab Mukherjee may have chanted the reform mantra in Budget 2009-10 without mentioning any specifics, but on Tuesday, the finance ministry made its priorities clear for the first time, by tabling in Parliament its menu of financial sector reforms to be taken up immediately. These include liberalisation of rules governing sale of shares by Indian companies abroad through American depository receipts (ADRs), relaxation in the external commercial borrowings (ECBs) guidelines and coming up with innovative measures to spur investments through public-private partnerships. Maintaining the public shareholding in listed firms at a minimum level of 25% is also a priority, which has already been discussed with the market regulator Securities and Exchange Board of India (Sebi). The requirement of higher public shareholding will be implemented in phases, though the government is yet to finalise the exact percentage of the minimum float, an official said. “It could be more (than 25%). It is being debated,” he said. The government also intends to set up a dedicated SME stock exchange or a platform for small & medium enterprises to raise equity, minister of state for finance Namo Narain Meena said in a written reply in the Rajya Sabha on Tuesday. In fact, at Sebi’s board meeting in early July, the finance minister had expressed his keenness to start an SME exchange. While there is a ‘considered view’ on raising the minimum public float in the listed companies, the measures governing ADRs and ECB rules are to be fleshed out, a senior official told FE. Changes in the ECB policy could involve allowing more companies and sectors to bring funds through the automatic route. The rules can be further liberalised to allow more sectors access the ECB window. The government has recently allowed developers of special economic zones raise ECBs for providing infrastructure facilities in SEZs. Incidentally, Reserve Bank of India governor D Subbarao said in Mumbai on Tuesday the financial sector reforms need not be slowed down, but recalibrated in the backdrop of the global crisis. Another measure on the priority list of the government include evolving the ‘takeout financing scheme’ for long-gestation infrastructure projects, and giving trusts greater autonomy in deciding their investments by amending the Indian Trusts Act, 1882. India Infrastructure Finance Company Ltd has appointed a consultant to finalise the takeout financing scheme, Meena said. Besides, passage of the Pension Fund Regulatory & Development Bill is on the cards. This will give statutory backing to... What concerns India most is the ‘China Card’ BY AKHILESH UPADHYAY NEW DELHI, Aug 26 - On the sidelines of Prime Minister Nepal’s Delhi visit, Nepali journalists witnessed an event that was instructive of India’s growing unease over China’s preeminence in the global stage and its implications on India’s national security. Seen in that context, it is far easier to understand New Delhi’s paranoia about the Maoist-led government’s alleged China tilt. Those who talk about asymmetry in Nepal-India relations, argued an expert, should realise that a similar asymmetry exists between Beijing-New Delhi ties. That explains New Delhi’s paranoia vis-à-vis China, according to Vinod Khanna, a China expert. Binod Sharma, Associate Editor of Hindustan Times, discussed an alleged report from a Chinese think tank, International Institute for Strategic Studies, IISS, which “offered a road map for breaking up India.” The remarks—made at the Centre for Policy Research (CPR), a pro-establishment think tank—were clear hints to Nepali journalists that Nepal hasn’t demonstrated adequate sensitivity towards India’s nervousness about China, which at the current growth rate and the size of its economy is an evident global player. India is no laggard itself. But China, which started economic liberalization more than a decade earlier, holds a clear advantage. Its contribution to world GDP growth since 2000 has been twice as large as that of the next three biggest emerging economies put together—India, Brazil and Russia. The IISS report in Mandarin was posted in a quasi-official website (www.iiss.cn), according to Indian analysts. It became news in India only after it got translated in English. “To split India, China can bring into its fold countries like Pakistan, Nepal and Bhutan, support Ulfa in attaining its goal for Assam’s independence, back aspirations of Indian nationalities like Tamils and Nagas, encourage Bangladesh to give a push to the independence of West Bengal and lastly recover the 90,000 sq km territory in southern Tibet,” says the translated version that has been circulated. “Only after India has been broken up into 20-30 pieces will there be any real reform or social change in the country,” reads the translation. India’s Ministry of External Affairs subsequently said that the article “appears to be an expression of individual opinion and does not accord with the officially stated position of China on India-China relations conveyed to us on several occasions…” The article, reportedly posted in April, has been dismissed by many since. But it has touched a chord among many in India, who are not ready to dismiss it “as expression of individual opinion.” After the translated version of the article was circulated in India, the website was blocked by the Chinese government, said an analyst who writes regularly on Indian foreign policy. He accuses the Maoist-led government of playing up the China card, a feeling shared by many in the Delhi establishment. Clearly, Prime Minister Nepal was well aware what New Delhi liked to hear from him during his visit. On Aug. 20, at a breakfast meeting with journalists, academics and foreign policy mandarins, he assured the audience that Nepal would not “play any card.” “There is no need to have any misunderstanding that Nepal will play any card. Nepal understands the security concerns of India,” he said at the question-and-answer session. Indeed, given New Delhi’s nervousness about China’s growing influence, including in South Asia, it will continually look for more than verbal assurance on its security concerns. Any perception of Chinese influence at the cost of India’s interests will hurt the government in office. The Maoists know it. “The only concern Chinese have in Nepal is that Nepal not be used for (free-) Tibet activities,” says a senior Maoist leader. When pointed out that more than 20 Chinese delegations had visited Kathmandu during the nine-month tenure of the Maoist-led government, he acknowledged, “We may have given way to the Indian perception (of China tilt). But it was due solely to our inexperience in governance and nothing else. India remains the most important neighbour for Nepal. That’s our geopolitical reality.” Posted on: 2009-08-25 23:36:44 (Server Time)
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