Troubled Galaxy Destroyed Dreams, Chapter 273
Palash Biswas
News results for Economic Survey
BBC NewsEconomic Survey raises hopes for reformist Budget: India Inc - 3 hours ago PTI / New Delhi July 2, 2009, 16:34 IST The Economic Survey tabled in Parliament today raised hopes of India Inc for a reformist Budget. ...Business Standard - 442 related articles »Government of India: Union Budget and Economic Survey (http ...
Includes the Union budget for the year 2002-2003 and economic survey for 2001-2002.
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Economic Survey 2008 - 09
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This Economic Survey
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the progress made in different sectors in the recent past. ...
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by United Nations (UN) Staff, Economic Commission ... - 2004 - Business & Economics - 108 pages
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books.google.co.in/books?isbn=9211169119... -Economic Survey to provide assessment of global crisis on economy ...
Economic Survey to provide assessment of global crisis on economy, The Economic Survey is also likely to underline the need for adopting a ...
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2 Jul 2009 ... Finance Minister Pranab Mukherjee will present the Economic Survey for 2008-09 before the Parliament today. The economic survey highlights ...
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News results for Babri Mosque Demolition
World NewsCommission submits report on historic mosque demolition to Indian PM - 2 days ago The Commission, which was set up just two weeks after the demolition of the Babri mosque on December 6, 1992, was supposed to submit its report by March 16, ...Xinhua - 457 related articles »Babri Mosque - Wikipedia, the free encyclopedia
"Babri Mosque Demolition has a symbolic Relation with the General ...
17 years later, Liberhan Commission submits Babri report to PM ...
Video results for Babri Mosque Demolition
Demolition of the Babri Mosque :Don't forget
1 min 35 sec
www.youtube.comDEMOLITION OF BABRI MASJID
2 min 18 sec
www.youtube.comPakistan Times | Kashmir: 'Babri mosque demolition in India was ...
Babri Mosque Demolition: Why On December 6? By Ashok Yadav
Babri Mosque Demolition, Events - AndhraNews.Net Features
Political Implications of the Demolition of the Babri Mosque
Political Implications of the Demolition of the Babri Mosque. by the Association of Indian Progressive Study Groups (AIPSG), New York, 13 December 1992 ...
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by TU Today - 1993Ayodhya observe ”black day” on Babri mosque demolition anniversary
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India on track for 7% growth; reforms urged2 Jul 2009, 1224 hrs IST India'sfiscal deficit ballooned to 6.2 percent in 2008-09 as the government unleashed stimulus spending to insulate the economy against the global downturn. |
Survey prescribes tax cuts as part of another stimulus2 Jul 2009, 1241 hrs IST Theeconomic survey suggested tax cuts and increase in govt expenditure as part of another stimulus package to help the economy overcome the global shock. |
Phase out cesses; bring new income tax code2 Jul 2009, 1239 hrs IST TheSurvey, tabled in Parliament, also called for reviewing commodities transaction tax, which was proposed in the Budget for 2008-09 but not notified. |
Govt should raise Rs 25K cr from divestment a year2 Jul 2009, 1209 hrs IST As regards the loss-making PSUs, the Survey said the government needs to "auction all loss making PSUs that cannot be revived. |
Kolkata gets its NSG hub, Chidambaram skips inauguration
Express News Service
Posted: Jul 02, 2009 at 0418 hrs IST
Kolkata
The eastern regional hub of the country’s elite National Security Guard
(NSG) was inaugurated at the Salt Lake Stadium in Kolkata on Wednesday.
One of the four regional NSG hubs set up in the
country after the 26/11 terror attack in Mumbai, the eastern hub was
the last to be inaugurated.
While the other three hubs at Mumbai, Chennai and
Hyderabad were inaugurated by Union Home Minister P Chidambaram, the
eastern hub was inaugurated by state chief secretary Asok Mohan
Chakrabarti after Chidambaram cancelled his trip to Kolkata.
Speaking at the inauguration, NSG Director
General N P S Aulakh said the Salt Lake campus will be the main base of
the elite force till the permanent facility at Badu in Madhyamgram
(North 24-Parganas) is ready for use.
“We have got the land from the Airports Authority
of India at Badu. We expect that the work on the Badu facility will be
completed by November,” Aulakh said.
“The NSG hub is intended for anti-terror and
anti-hijacking operations. Since this place is close to the airport,
anti-terror commandos can be deployed to tackle an emergency situation
in a very short time,” Aulakh added. Till the Badu facility is ready,
250 NSG commandos will be stationed at the stadium.
The new NSG hub at Badu, he said, will spread over
20 acres. The NSG has also asked for land from the state government to
set up a training centre for the commandos. Once the Badu campus is
ready, the strength of the NSG commandos will be increased to 5,000.
Chakrabarti said the presence of NSG commandos
will be beneficial for the state police force. “I hope that the NSG
will impart training to the state police in areas like handling modern
weapons and bomb detection. So we stand to gain immensely from this
hub,” he said.
Major Siddarth BURVE from Mumbai sent a SMS on my Cell Phone Number 919903717833 as follows:
Librahan COMMITTEE Report (Ayoddhya) lakar CONG +BJP ek badi sajis ko anjam de rahi hai. hamara dhyan divert karke bhaut khatarnak vidheyek pass hone wale hain.Jiske karan hamen Gulam hone se koi rok nahi sakta.karyakartaon ko sachet karne ki avasyakata hai.
BURVE
Major Burve warns that Librahan Committee report on Babri demolition timing adjusted by CONG BJP Combine is a Dangerous plot to divert our attention so that very dangerous BILLS might be ENACTED. It would be very hard for any one to save us from Permanent ENSLAVEMENT. Cadres should be AWARE of!
Major Burve is the President of Bamcef, Maharashtra. He is dedicated, committed, inclusive and enlightened. He is INTERACTIVE enough. I expected similar attempts from every social political set up which protests and resists the ILLUMINATI Rule.
Till this date my Land Line Phone 033-25659551 remains dead. I have complained as early as on Monday and got the docket number. But I remain DISCONNECTED. My neighbourhood is also DISCONNECTED as a fallout of Sunday Accident in Sodepur. I never know whether I am selected for further censor as my blogs and groups are being removed and spammed on net!
I agree with Major Burves and we talked on this in detail over CELL Phone!
"Historic!" That is how the film and fashion fraternities have hailed
on Thursday's Delhi High Court judgement decriminalising gay sex! NGOs and TOILET media celebrataed the EVENT and DIVERTED the most DISASTROUS ECONOMIC Survey reports and babri demolition Intrigue round the clock today without any break!
In Bengal, it is LIVE Lalgarh as we witnessed Media Blitz since the First Gulf War with intense Sensation and Entertainment! Barely 24 hours before she presents her third Rail Budget after a
nine-year hiatus, Mamata Banerjee is clearly in high spirits, buoyed by
stellar show by the TMC-Congress combine in West Bengal's civic polls.
Recommending an end to all cesses and surcharges on taxes, and
free pricing of fertiliser and fuel ahead of the Union Budget for
2009-10, the Economic Survey suggested aggressive disinvestment and
financial sector reforms to bring the economy back to high growth
track.
More than 6,00,000 Indians, many employed in the gems and
jewellery sector, lost jobs in just four months from October 2008 as
the impact of the global economic crisis hit the country's shores.
About 5,00,000 people lost their jobs in the
October-December 2008 period, while over 1,00,000 were shed in January
this year, the Economic Survey said.
In September, the crisis turned severe following
the bankruptcy of American financial services major Lehman Brothers.
Since then, millions of jobs have been shed worldwide, as companies
resorted to massive layoffs as part of their cost cutting measures.
Attributing to a survey conducted by the Ministry
of Labour and Employment, the report said that during the three months
from October to December 2008, there was a decline in employment of
about half a million workers.
Among the sectors, the most hit by the financial turmoil are gems and jewellery, transport and automobiles.
"The most affected sectors were gems and jewellery,
transport and automobiles where employment has declined by 8.58 per
cent, 4.03 per cent and 2.42 per cent, respectively during the period
(October to December 2008)," it said.
Another "thin sample survey" by the Ministry of Labour and Employment indicated that in January about 1,00,000 jobs were lost.
American marines and Afghan troops poured into southern Afghanistan
today in the first major test of Barack Obama's strategy to wrest the
initiative from the Taliban. We have noticed how Pakistan is CAPTURED with US MILITARY Presence for COMPLETE Destruction. It statrted with Strategic realliance in Indian Ocean Peace zone in US Israel Lead. War zone is shifted right into our heart. We saw LITTE wiped out and tamil nationality Persecution in SRILANKA detached. India joined United States of America to DESTABLISE Nepal and finally helped to oust Maoist Government with a US Strategy to tag Nepal with Tibet to TORTURE the Chinese! Now the Global Illuminati does everything to reate WARs and civil wars in SOUTH ASIA with intense Muslim Hatred, Global Hindutva and zionism combined all on the name of War against Terror, world Peace and democracy and of course BLIND nationalism. evrything was Finalised with INDO US Nuclear deal OPERATIONALISED with UPA NDA LEFT Floor Adjustment in the unprecedented Parliamentary SOP OPERA! The Opera opens once again. Now they have Invoked the Babri Mosque demolition as the UPA NDA LEFT Combine of ruling manusmriti hegemony plan and plot to DIVERT the BASIC Issues and plays the ETERNAL Communal and caste DIVIDE card to BLOCK whatsoever RESISTANCE within or outside the Parliament! Without understanding the US ZIONIST Illuminati Network in thirld world of apartheid we may not detect the Land Mines placed down under!
The Economic Survey tabled in Parliament today raised hopes of India Inc
for a reformist
"Given
the wide ranging reform measures mooted in the Economic Survey, FICCI expects a
strong reformist Union Budget," the chamber President Harsh Pati Singhania said
in a statement.
On concerns
raised in the survey on a possible shortfall in private consumption demand, it
said, there is need to push through fiscal and other measures including easing
consumer credit.
Echoing
similar views, PHDCCI President Satish Bagrodia said the sharp dip in private
consumption growth is a major cause for concern at this
stage.
Industry body Assocham
said that the survey has rightly stresses the need for divestment of government
equity in Navratna companies to contain fiscal
deficit.
The Economic Survey
while recommending a disinvestment target of Rs 25,000 crore annually, said that
the government should sell a minimum 10 per cent stake in all unlisted public
sector enterprises and auction those that can't be revived.
The government should sell
a minimum 10 per cent stake in all unlisted public sector enterprises and
"auction" those that can't be
  |
recommending a disinvestment target of Rs 25,000 crore annually.
"Revitalise the disinvestment programme and plan to generate at
least Rs 25,000 crore per year," said the Survey tabled in Parliament today.
The prescription coincides with government declaring disinvestment
as one of its top most priorities for mobilisation of resources, particularly,
as it is free from the pressures of the Left parties that had obstructed the
process in the last five years.
Asking the government to sell a
minimum of 10 per cent equity in all profit-making unlisted PSUs, it said:
"Complete the process of selling 5-10 per cent equity in previously identified
profit making non-Navratnas."
As regards the loss-making PSUs, the
Survey said the government needs to "auction all loss making PSUs that cannot be
revived. For those in which net worth is zero, allow negative bidding in the
form of debt-write off."
Finance Minister Pranab Mukherjee is likely
to unveil the road map for disinvestment in the Budget, to be presented in the
Lok Sabha on July 6.
"Review and phasing out of surcharges, cesses and transaction
taxes (such as commodities transaction tax, securities transaction tax
and fringe benefit tax)," it said, prescribing possibly the boldest set
of financial sector reforms and lifting of all restrictions on farm
sector trade.
The Survey, tabled in Parliament by Finance
Minister Pranab Mukherjee, also sought reduced role for government and
end of state monopoly in areas like Railways, coal and nuclear power
while seeking up to 49 per cent Foreign Direct Investment in defence
and insurance.
Asking for a disinvestment target of minimum Rs
25,000 crore annually, the Survey said that every single Public Sector
Enterprise should be listed while loss making undertakings, that are
beyond revival, should be auctioned.
The hitherto politically sensitive areas of FDI in
multi-brand retailing, also caught attention of the the Survey, which
recommended foreign investment in the area beginning with food.
A day after the government raised the prices of
petrol and diesel by Rs four and two, respectively, it said that fuel
prices should be freed from government control.
Analysing the impact of the global financial
crisis and the challenges, the Survey said: "The Indian economy has
shock-absorbers that will facilitate early revival of the growth."
SURVEY-HIGHLIGHTS
Following are the highlights of the pre-Budget Economic Survey: 2008-09.
* Unleash reforms - phase out cesses, surcharges
and transaction taxes (such as commodities transaction tax, securities
transaction tax and Fringe Benefit Tax)
* Introduce new Income Tax Code that results in neutral corporate tax regime
* 7-7.5% growth possible in 2009-10
* Allow 49% FDI in defence and insurance; permit FDI in multi-format retail starting with food
* Proposes another round of fiscal stimulus including tax cuts and increase in expenditure
* Decontrol petrol and diesel prices; end Govt monopoly in railways, coal and nuclear energy
* Lift all bans on future contracts to restore price discovery; decontrol sugar and fertiliser
* Revitalise disinvestment programme to generate Rs 25,000 crore annually, list all PSUs and auction those beyond revival
* Economic growth decelerated in 2008-09 to 6.7 per cent from nine per cent in 2007-08
* Fiscal deficit in 2008-09 shot up to over 6 per cent from 2.7 per cent in 2007-08
* Survey indicates FRBM-II to get back to path of fiscal consolidation
* Complete the process of selling 5-10 per cent equity in identified profit-making non-'Navratna' PSUs
* List all unlisted PSUs and sell a minimum 10 per cent equity to public.
* Auction all loss-making PSUs that cannot be revived
* In PSUs with zero networth, allow negative bidding in the form of debt write-off
* Auction 3G spectrum
* The auctioned spectrum must be freely tradable, with capital gains on spectrum to be taxed under the Income Tax Act
* Rationalise Dividend Distribution Tax to ensure full single taxation of returns to capital in the hands of the receiver
* Reform petroleum (LPG, Kerosene), fertiliser and food subsidies to reduce leakages and ensure targeting
* Limit LPG subsidy to a maximum of 6-8 cylinders per annum per household
* Phase out kerosene supply-subsidy by ensuring that every rural household has a solar cooker and solar lantern
* Review customs duty exemptions and move to a uniform duty structure to eliminate inverted duties
* Implemnet GST from April 1, 2010
* Rapid operationalisation of UID Authority within 3 months
* Agriculture growth fell sharply to 1.6 per cent in 2008-09 from 4.9 per cent
* Exports grew at 3.4 per cent to 168 billion dollar in 2008-09 from 163 billion dollar in previous fiscal
* Imports grew at 14.3 per cent to $287.75 bn from $251.65 bn
* Trade balance deteriorated to $119.05 bn from $88.52 bn.
Flagship Welfare Progrramme is highlighted with Hidden Agenda in the media and the Hundred days Action Plan for COMPLETE SELL OFF, Disinvestment and Divestment, Privatisation, SEZ Drive, Nuclear Chemical destruction have been delibrately underplayed as SHOCK Absorber! On the other hand, India has been able to retain its position as a preferred investment
destination despite the global economic downturn, says the
survey!
Meanwhile, Union Petroleum Minister
Murli Deora on Thursday refused to roll back the increase in fuel prices but
said that a revision will be
come down.
In one of the steepest hikes ever, the government on Wednesday jacked up
fuel prices by Rs 4 a litre for petrol and Rs 2 for diesel,
talk of freight-rate hike by transporters. This means, apart from a hike in your
car-running bill, vegetables and food items, will become even
costlier.
The government Wednesday allowed state-run oil firms to
increase prices of transport fuels, resulting in petrol becoming dearer by Rs 4
per litre and diesel by Rs 2 per litre.
The dark talk of a
petrol-diesel price hike had been on for a while, although some felt it was
aimed at persuading the finance ministry to cut back the tax on fuel. But with
international crude prices rising to a seven-month high of around $73, and the
finance ministry worried about a growing fiscal deficit, the government has
finally bitten the bullet.
As
with several hikes in the past, cooking gas and kerosene have been spared. But
truckers and transporters promptly announced they would pass on the burden by
raising freight rates. IFTRT said truck rentals would go up 3-4% and retail
freight rates 20-25%. Bus and taxi fares in cities like Delhi and Mumbai which
have switched to CNG won't rise as CNG prices are
unchanged.
After opposition leaders
disrupted the start of budget session of parliament over the hike, Deora said
that the state oil companies had been reeling from under recoveries, or losses,
to the tune of Rs.70,200 crore since the global crude prices increased by 75 per
cent from December 2008.
He said that the government had not
increased the fuel prices by the desired level - Rs 6.94 per litre for petrol
and Rs 4.11 per litre for diesel.
Deora added that there was no rise
in cooking gas and kerosene prices, for which the state oil companies will
continue to bear a subsidy burden of Rs.30,000 crore.
"But we will
keep the view of the honourable members on the issue and take suitable action in
case there is a decline in the international crude price," he said.
" FDI flows in 2008-09 were also reflection of the
confidence of foreign investors in the growth prospects of the Indian
economy...India continues to retain its position as a preferred destination for
investments," said the pre-budget economic survey tabled in Parliament today.
There has been an increase in Foreign Direct Investment (FDI) during
2008-09 over the previous year, it said.
With regard to Foreign
institutional investors, the survey said that there are signs that FIIs who had
recorded net outflows in 2008-09 may have returned to the Indian market in the
last two months.
In a recent UNCTAD study on assessing the impact of
the current financial and economic crisis on global flows, it was found that
India achieved a growth of 85.1 per cent in foreign direct investment flows in
2008, the highest increase across all countries, the survey said.
According to this study, FDI investments into India went up from USD
25.1 billion in 2007 to USD 46.5 billion in 2008 even as global flows declined
from USD 1.9 trillion to USD 1.7 trillion during the period.
India opened 276,903 new schools and appointed 966,000 teachers as part
of its flagship Sarva Shiksha Abhiyan (SSA) programme, the
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2008-09 revealed on Thursday.
The survey, which was tabled in
parliament, stated that "achievements of SSA till December 2008 are opening of
276,903 new schools, construction of 225,383 school buildings, construction of
918,981 additional classrooms, 182,019 drinking water facilities, construction
of 251,023 toilets, supply of free textbooks to 8.4 crore (84 million) children,
appointment of 9.66 lakh (966,000) teachers and in-service training for 23.82
lakh (2.38 million) teachers."
"There has been a significant
reduction in the number of out-of-school children on account of SSA
interventions," the survey mentioned without giving further
details.
Talking about the right to education up to 14 years as a
fundamental right, the economic survey said the 86th amendment in 2002 led to
the insertion of a new article 21-A that made free and compulsory education to
all children between six and 14 years of age a fundamental right.
"A
suitable follow up legislation is necessary to give effect to the 86th
constitutional amendment," it added.
The survey said there is a
substantial growth in secondary and higher education sphere.
The
number of secondary and higher secondary schools has increased from 7,146 in
1950-51 to 168,900 in 2006-07. Similarly the total enrolment has increased from
1.5 million in 1950 to 39.44 million in 2006-07.
The survey
highlighted that a new centrally sponsored scheme to set up girls hostel in
about 3,500 backward blocks has been launched. Priority is being given to girls
belonging to Scheduled Castes and Scheduled Tribes.
Stressing on the
expansion of higher education, the survey said six new Indian Institutes of
Technology (IITs), one each in Bihar, Andhra Pradesh, Rajasthan, Orissa, Gujarat
and Punjab have been set up during 2008-09. Classes have resumed from last
academic session.
One Indian Institute of Management - the Rajiv
Gandhi Indian Institute of Management (RGIIM) at Shillong - started functioning
from the academic session 2008-09.
Two new Indian Institutes of
Science Education & Research have been set up at Bhopal and
Thiruvananthapuram.
The government has also started new scholarship
schemes for both higher secondary and under graduate level, the survey
said.
The Economic Survey also shows that the proposal for the third
phase of expansion of the Integrated Child Health Development Scheme (ICDS) for
792 additional projects, 213,000 additional Anganwadi Centres (AWCs) and 77,102
mini-AWCs and a proposal for 20,000 AWCs on demand has also been approved in
October 2008.
This would take the total number of AWCs to 1.4 million
across the country with special focus on coverage of backward population.
58 mn jobs opportunities expected in 2007-12 period: Survey
Nearly 58 million jobs are expected to be created in the five years from
2007 to 2012 with the non-agriculture sector boosting
 |
period, the Economic Survey tabled in Parliament said.
In the
Eleventh Five-Year Plan period (2007-12), employment opportunities would surpass
the projection of about 45 million, in turn helping to bring down unemployment
in the country to below five per cent, according to the Pre-Budget Economic
Survey tabled in Parliament today.
"The projected increase in total
labour force during the Eleventh Five Year Plan is estimated at 45 million. It
is also projected that 58 million employment opportunities
the Eleventh Five Year Plan," the survey said.
The report pointed out
that this would be greater than the anticipated increase in labour force,
leading to a "reduction in the unemployment rate to below five per cent" by
2012.
Rather than the agriculture sector, others like food
processing, gems and jewellery, handloom, tourism and construction are expected
to contribute in increasing employment in the 2007-12 period.
"It is
expected that agriculture sector may not contribute towards any increase in
employment during the Eleventh Five Year Plan," the survey noted.
The report said the Five-Year
Plan seeks to reduce underemployment and moving surplus labour in the
agriculture sector to more gainful employment in the non-agricultural sector
with higher
wages.
According
to the Survey, the Plan has identified the labour-intensive manufacturing and
services sectors with good employment
potential.
Such
sectors include food processing, leather products, footwear, textiles, wood and
bamboo products, gems and jewellery, handicrafts, handlooms, tourism and
construction.
Meanwhile,
employment growth in the organised sector -- both public and private -- has
dropped during the 1994-2006 period to 0.12 per cent. This was mainly due to a
negative employment growth rate in the public sector at 0.54 per
cent.
Growth
in jobs in the organised sector stood at 1.20 per cent in the 1983-94 period,
with the public sector accounting for 1.53 per cent of the total.
Pension reforms help channelise savings for investment: Survey
Seized of the challenges faced by the PFRDA, the Economic Survey today
said the success of the pension reforms will help in
long-term savings for investment and fund for infrastructure
development.
It would also help
the government to fund its pension liabilities, said the Survey tabled in
Parliament.
"PFRDA faces the
challenge of covering the unorganised sector under the New Pension Scheme (NPS),
empowering the subscribers to take appropriate investment decisions based on
their risk and return profile, provide safety and optimum returns, and to
improve financial literacy levels," it
said.
The pension sector
reforms were initiated in India to establish a solid and sustainable social
security arrangement in the country against the backdrop that only about 12-13
per cent of the total workforce was covered by any formal social security
system, it said.
The NPS, it
said, which was introduced by the government in January 1, 2004 for new entrants
to the central government service, except armed forces, was to be extended
gradually to the remaining 87 per cent of the total workforce on the voluntary
basis.
The government
introduced the NPS for all citizens from May 1, 2009.
Economic Survey calls for multi-format retailing
The Economic Survey for 2008-09 Finance Minister Pranab Mukherjee tabled
in parliament Thursday has advocated sweeping policy changes
 |
investment in multi-brand retailing and higher foreign stake in insurance
companies.
The survey report card suggested the cap on foreign equity
in insurance sector be raised to 49 per cent from 26 per cent
currently.
According to it, the limit of foreign equity can even be
raised to 100 in case of health and weather insurance. (Weather insurance
products are aimed at enhancing the risk-taking capacity of farmers, banks,
micro-finance lenders and agro-based industries).
"This may help
dispel fears of foreign equity in insurance," the survey said.
In the
area of external reforms, the survey favoured foreign investment in multi-format
retailing starting with food despite opposition to the idea.
"Foreign
direct investment in multi-format retailing should start with food," it said,
suggesting that for five years these companies must also have wholesale outlets
for small and unorganised retailers.
Other major initiative suggested
by the annual survey was allowing foreign equity in the defence sector up to 49
per cent.
The survey added that this limit can be stretched to 100
per cent in the case of high technology and strategic defence goods, services
and systems that can help eliminate import dependence.
The survey has
also called for decontrolling sugar, fertilizer and drug
prices.
However, in the case of life-saving drugs that have less than
five producers, the prices should remain under government control, it
said.
The survey also suggested the passage of several bills
including the Pension Fund Regulatory and Development Authority Bill, Insurance
Bill and Forward Contract Bill.
However, for real estate and housing
regulation, the survey said it should be kept outside the purview of the central
government and stay under the state governments' purview.
It said
there should be a single regulatory agency for the transport sector including
highways, railways, ports and airports, and it should have members from the
sub-sectors.
Regarding railways, the survey called for the entry of
private companies into passenger train operations and railway services to
tourist destinations.
The survey also called for a new bankruptcy
law.
Better fiscal health of states led to 2003-08 growth: Survey
Improvement in the fiscal
health of particularly the states and the Centre led the high growth trajectory
of the period FY'04 to
 |
presented in Parliament today.
"The growth dividend that the economy
reaped in the period 2003-04 to 2007-08 was in large measure due to the
improvement in the fiscal health of the consolidated General Government (Centre
and states combined)," the Economic Survey for fiscal 2008-09 said
today.
As a proportion of GDP, receipts of the consolidated General
Government rose from 15 per cent in 2003-04 to 18.5 per cent in 2007-08, the
survey said, adding that it was budgeted at 19.1 per cent in
2008-09.
With the non-tax receipts to GDP ratio remaining almost
static, higher revenue receipts, and total disbursement remaining more or less
unchanged in FY'08, the combined revenue and fiscal deficits came down, it
stated.
However, in comparison, the record of fiscal consolidation by
states collectively has been impressive with a revenue surplus in 2006-07 and a
level of fiscal deficit of 2.5 per cent of GDP in 2005-06, the survey
said.
"On the strength of relatively better performance by states and
also the record of the Centre, combined gross fiscal deficit of the Centre and
states fell from a level of 8.4 per cent of GDP in 2003-04 to a level of 5.2 per
cent of GDP in 2007-08," it said.
The strong performance by states
was expected to continue, as evidenced by the budget estimate for states in
2008-09, the Survey added.
"The states together have maintained the
aggregate fiscal deficit within the overall borrowing ceiling fixed by the
Centre in the years from 2005-06 to 2008-09. Some part of the improved fiscal
position owes to the state level reforms, particularly the introduction of the
state-level VAT," it said.
Economic survey suggests food coupons for poor people
Asserting that there are major deficiencies in the Public Distribution
System, the Economic Survey has mooted the idea of providing
 |
poor people to address the issue of diversion of foodgrain.
"...(I)it
may be useful to introduce food stamps/coupons which may be valid outside the
PDS outlets once the markets get better integrated. Food coupons will allow the
consumers a wider choice," the survey said.
The report noted that the
value of food coupons needs to be indexed to food inflation.
Public
Distribution System is a major initiative of the government to ensure food
security for the poor.
According to the survey, the 11th Five-Year
Plan (2007-12) has observed that the PDS seems to have failed in making
foodgrain available to poor people.
The survey noted that there are
some major deficiencies in the targeted PDS including non-availability of fair
price shops, leakages and failure in price stabilisation.
The NDA
government had redesigned PDS as TPDS by dividing the beneficiaries into three
categories- AAY, BPL and APL- and fixing the rates of wheat and rice for each
category separately.
Further, the report has said multi-application
smart cards would help in reducing the incidence of bogus ration cards or
diversion of foodgrain.
The Centre may soon introduce smart cards for
PDS beneficiaries as a pilot project in two districts of Haryana and in the
union territory of Chandigarh.
"Leakages can also be restricted by
re-directing subsidies currently under PDS to better funding of other schemes
like Mid-Day Meal scheme or the ICDS," it added.
The food subsidy
bill, to meet the difference between economic cost of foodgrain and their sales
realisation through TPDS, stood at Rs 43,668 crore in fiscal 2008-09.
Decontrol fuel prices: Economic Survey
It is high time that petrol and diesel prices were decontrolledtaking advantage of low inflation and global crude prices, the Economic
Survey said, while criticising the government for its "imperfect"
handling of oil price hike.
The Survey made suggestions for sweeping reforms in
the energy sector, including limiting subsidised cooking gas to
domestic consumers to 6-8 cylinders per year.
Coming a day after the government announced an
ad-hoc increase in petrol price by Rs four a litre and diesel by Rs 2
per litre that effectively buried all hopes of freeing auto fuel
prices, the pre-Budget Survey said the entire rise in raw material
price should be passed on to consumers.
The doubling of international crude oil prices to
USD 70 a barrel since December had warranted Rs 5.82 a litre increase
in petrol and Rs 3.62 per litre hike in diesel rates.
The message was clear, "Decontrol petrol and
diesel prices", with the Survey saying that "as long as the domestic
prices remain below the cost of import, demand would continue to grow
accentuating the negative impact...
"At times higher inflation and on other occasions
political imperatives have prevented a better alignment of fuel and
fertiliser and food prices with the border/market prices."
In practice, the issues of prices were addressed
somewhat "imperfectly" through a sharing formula that represented a mix
of government subsidy, taxation of rents and some pass through, the
Survey decried.
Bring all market regulations under SEBI: Survey
All financial market regulations should be brought under theSecurities and Exchange Board of India, the Economic Survey said on
Thursday.
"Bring all financial market regulations under SEBI
with a view to (encouraging) integrated development," the Survey said,
while listing the potential policy decisions for the government in the
financial market arena.
At the same time, the Survey also suggested
broadening the long-term debt markets by liberalising the investment
norms for insurance and pension funds and said that the government
could consider a guarantee mechanism for credit enhancement of
long-term infrastructure debt.
According to the Survey, the global financial crisis adversely impacted the Indian capital market during 2008.
"Having regard to these trends, the regulatory
measures initiated during the year were aimed at ensuring the soundness
and stability of the Indian capital market," said the Survey.
"The global crisis also meant that the economy
experienced extreme volatility in terms of fluctuations in stock market
prices, exchange rates and inflation level during a short duration
necessitating reversal of policy to deal with emergent situations," the
Survey noted.
HC verdict makes India 127th country legalising gay sex
New Delhi With Delhi High Court legalising gaysex, India became the 127th country in the world to decriminalise
homosexuality while 80 nations still consider it as an offence.
The process of legal sanction to homosexual acts began
in 1989 when Denmark became the first country to grant a status on a
par with married couples to same sex partners which was soon followed
by other European countries.
Seven years thereafter, Norway, Sweden and Iceland
enacted similar legislation in 1996 and Finland followed suit six years
later.
Netherlands became the first nation to give full civil marriage rights to gay couples in 2001.
Belgium allowed gay marriages in 2003. Spain too
legalised full marriages for gay couples in June 2005. In July 2005,
Canada legalised same-sex marriage.
New Zealand in 2004 recognised civil union
between gay couples as valid and same sex union was recognised in 2005
in South Africa.
The first gay civil union in Argentina took place
in 2003, thus making it the first country in Latin America to allow
such unions.
In December 2007, neighbouring Nepal's Supreme
Court had ordered the government to scrap laws that discriminate
against homosexuals.
Sibal asks IITs to expand into areas of medicine, law
New Delhi Seeking to take forward reforms ineducation, HRD Minister Kapil Sibal asked the IITs to expand into new
areas like medicine and law and evolve a framework in this regard.
Interacting with the IIT directors, Sibal said the
institutes need to explore the possibility of having multiple campuses,
good connectivity and courses with multi-disciplinary approach.
"You need to prepare a framework on how to achieve
expansion, inclusiveness and excellence. IITs are good because you get
the best students, not necessarily you give them the best. What you
need is to give them the best," he said at a meeting at the IIT here.
He also said the IITs should go beyond the fixed boundaries.
"There should be multifarious disciplines in IITs -- school of medicine, law, social science and even literature.
What I want is innovation. Why cannot the 14 IITs become 14 universities with innovation," he said.
Sibal's remarks assume significance in view of a
Government-appointed committee suggesting for starting
multi-disciplinary approach in the IIT system. The committee on
Renovation and Rejuvenation has favoured the idea of making IITs
universities and allow them to start courses in various disciplines.
AI told to give restructuring plan in 30 days
| Font Size |
Agencies
Posted: Jul 02, 2009 at 1403 hrs IST
New Delhi
Asserting that Government support cannot be taken for granted by it,
Civil Aviation Minister Praful Patel said that cash-strapped Air India
has been asked to provide a restructuring plan in the next 30 days.
"There is every reason for Air India to respond
quickly. The management, the employees, all will have to come out with
a proper restructuring plan," he told reporters outside Parliament
House.
Patel said Government support cannot be taken for granted.
"It cannot be open ended. However, Government is committed...We want a strong national carrier," he said.
The Minister said Air India is appointing SBI Caps
for financial restructuring, adding that the Government wanted to know
"what is needed to be implemented in coming weeks and years".
http://www.expressindia.com/latest-news/AI-told-to-give-restructuring-plan-in-30-days/484113/
PSU stocks eyed as budget nears; index gains 31%
ET Bureau
MUMBAI:
After May 16, the day result of the general election was announced, there has
been increased investor participation. Since May 18,
run up with Nifty registering 16% rise. But its performance has been beaten by
BSE PSU Index that registered gain of 31% till June 30.
In this
journey, public sector understandings (PSUs) turned out to be better performers
over last one year as well. Compared to 10% return generated by Nifty, BSE PSU
Index rewarded investors with stellar 45% return for the year ended June 30,
2009.
As the market awaits the next positive trigger, Union budget,
PSUs have again emerged as centre of attraction as there is expectation that the
government may take a relook at divestment after a long gap and Bharat Earth
Movers (98%), STC India (86%) and MMTC (82%) have emerged as the top three
performers from the BSE PSU constituents post May 16.
There is no
sectoral bias for the good performers within PSUs but there is a common thread
among the poor performers. Highly regulated energy sector companies have not
done well. Though there was talk of dismantling the administered price
mechanism, there is little interest in the oil marketing companies.
Barring ONGC and Neyveli Lignite, other energy sector plays such as
GAIL, NTPC, PFC and PCGIL have underperformed both the Nifty and BSE PSU Index.
Stocks such as Nalco and Container Corporation along with Syndicate Bank and
Canara Bank also appear in this list of underperformers.
"ITI, SCI
and Hindustan Copper are to be watched for any divestment announcement from the
government," said Shaishta Shaikh, research head with a broking firm. A few fund
managers hold the view that PSU banking stocks would gain prominence.
http://economictimes.indiatimes.com/Market-Analysis/PSU-stocks-eyed-as-budget-nears-index-gains-31/articleshow/4725256.cms
Business sentiment improves: D&B India
ET Bureau
MUMBAI:
Just on the eve of big budget 2009, the Dun & Bradstreet Composite Business
Optimism Index brought some optimism. For the Q3 of the
recorded an increase of as much as 40.8% (q-o-q), inched up to 132.1 after
touching an all-time low of 93.8 in Q2 2009.
Although the BOI has
witnessed a significant increase compared to the previous quarter, the index
remains below the last year's level. On a y-o-y basis, the BOI for Q3 2009
recorded a marginal decrease of 3.3 per cent.
Based on the responses
received, it was observed that five out of the six optimism indices –
namely, volume of sales, net profits, selling prices, new orders, and employee
levels have registered an increase as compared to the previous quarter. Only one
out of the six optimism indices – inventory levels – declined by 2
percentage points as compared to the previous quarter.
Demand
conditions are expected to witness some improvement during Q3 2009, with as many
as 72% of the respondents anticipating an increase in sales volume. While about
19% of the respondents expect volume of sales to remain unchanged, around 9% of
the respondents anticipate a decrease in sales during Q3 2009. The resultant
optimism for volume of sales stands at 63%, an increase of 40 percentage points
as compared to the previous quarter.
Profit expectations of the
Indian corporates improved substantially, with as many as 69% of the respondents
expecting an increase in their net profits during the forthcoming quarter.
While about 10% of the respondents are anticipating a fall in their
net profits in the forthcoming quarter, about 21% of the respondents expect no
change in net profits during the Jul-Sep 09 quarter. The resultant Optimism for
net profits stands at 59%, an increase of as much as 41 percentage points as
compared to the previous quarter.
"The improvement witnessed in the
business optimism during Q3 2009 indicates that the worst may be behind us. As
the Composite BOI is still below the Q3 2008 level, it suggests that it would
take some more time for the economy to recover completely. Positive data
releases, improving investment sentiment along with the post-election optimism
seem to have provided the much needed support to corporate confidence," said
Kaushal Sampat, Chief Operating Officer, Dun & Bradstreet –
India.
The majority of respondents anticipate no change in the size
of the workforce employed during Q3 2009. Approximately 57% of the respondents
intend to keep the number of employees unchanged. While 38% of the respondents
expect an increase in the number of employees, 5% expect a decline. The
resultant Optimism for Employees stands at 33% for the Jul-Sep 09 quarter, an
increase of around 20 percentage points as compared to the previous
quarter.
The D&B Business Optimism Index is considered as an
indicator, which measures the pulse of the business community and serves as a
reliable benchmark for investors. The index is arrived at on the basis of a
quarterly survey of business expectations.
http://economictimes.indiatimes.com/Markets/Analysis/Business-sentiment-improves-DB-India/articleshow/4725397.cms
US loses 467,000 jobs, unemployment at 9.5%
REUTERS
WASHINGTON:
US employers cut 467,000 jobs in June, far more than expected, while the
unemployment rate rose to 9.5 percent, the government said
report that showed a labor market continuing to struggle with a deep
recession.
The June job losses
were more than 100,000 greater than the 363,000 consensus of Wall Street
economists polled by Reuters and broke a four-month trend of moderation in job
losses.
The Labor Department
data showed that in April and May, 8,000 fewer jobs were lost than previously
reported. The May job losses were revised downward to 322,000, while the April
losses were revised upward to
519,000.
The jobless rate of
9.5 percent compares with 9.4 percent in May and was the highest since a
matching unemployment rate in August 1983. Analysts had expected the rate to
rise to 9.6 percent.
While
job losses in June were spread across all sectors, the June figures showed the
steepest declines in services, which fell 244,000 after a 107,000 drop in May.
Professional and business services fell 118,000, while government employment
fell 52,000. Manufacturing was one of the few sectors to show a smaller drop in
June, falling 136,000 after a 156,000 fall in May.
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Restore the sanctity of the budget 1 Jul 2009, 0257 hrs IST, MYTHILI BHUSNURMATH, ET Bureau | ||||||||
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Come Monday and all eyes will be riveted on finance minister Pranab Mukherjee as he rises to present the first budget of the new UPA government.
programmes, named after former prime ministers from the Nehru-Gandhi family, will hog much of his speech. But what commentators, both in India and abroad, will be keenly watching for is some indication of how the government intends to bridge the yawning gap in its finances. With revenues likely to remain anaemic for a while even as expenses mount, the key question is, can the government borrow more — rough indications are it may need to borrow upwards of Rs 400,000 crore — without creating absorption problems/ crowding out the private sector/raising the rate of interest? As Martin Wolf of The Financial Times put it, ‘to embark on fiscal stimulus in the short run, one must be credible in the long run.’ Technically, defaulting on borrowing may be out of question (the government can always order the Reserve Bank of India to print money). But if the market believes the government will be forced to print money to honour its debt (reducing its real value), there will be few takers for its paper. To quote Adam Smith, “When national debts have once been accumulated to a certain degree, there is scarce...a single instance of their having been fairly and completely paid. The liberation of the public revenue, if it has ever been brought about at all, has always been brought about by a bankruptcy; sometimes by an avowed one, but always by a real one, though frequently by a pretended payment. The raising of the denomination of the coin has been the most usual expedient by which a real public bankruptcy has been disguised under the appearance of a pretended payment.” Hence, the size of the government’s deficit and how it intends to tackle it is going to be the most significant aspect of the forthcoming budget. This is not to dismiss the rest of the budget speech. Over the years, budgets have increasingly been used as a platform for the government to spell out its game plans. And this being the first budget after the general elections, we can expect to see some broad statements of policy intent. But given that many of these are outside the purview of the finance minister — witness the fate of past promises to increase power generation, upgrade Industrial Training Institutes, appoint a coal regulator and so on — they are best taken with a pinch of salt. Quite unlike budget numbers that are most definitely within the purview of the FM. As keepers of the government’s purse-strings, finance ministers’ reputations are made or marred by how well they manage government finances. Any verdict on the budget must, therefore, be based not so much on policy pronouncements that may or may not get translated into action, as on cold hard numbers contained in the ‘Budget At a Glance’ document. Unfortunately, here the news is not good. Over the past few weeks, various estimates of the fiscal deficit (the excess of government expenditure over its revenue receipts) ranging from a conservative 6.5% to a disheartened 8-9% have been bandied about. But it is only on Monday afternoon that we’ll know for sure. | ||||||||
Seventeen years after the Babari Masjid was
torn down by alleged Sangh Parivar and BJP activists at
Ayodhya, Retd Justice MS Liberhan ~ after 48 extensions and 399
hearings involving over 100 witnesses ~ today finally submitted his
four-volume report to the Prime Minister Dr Manmohan Singh in the
presence of home minister Mr P Chidambaram.
The issue has seen criminal cases hanging fire against top saffron
leaders, including Mr LK Advani, Mr Murli Manohar Joshi, Mr
Kalyan Singh, Miss Uma Bharti, Mr Ashok Singhal and Mr
Vinay Katiyar. The PMO is to forward the Liberhan report to the home
ministry for examination and for necessary action. The government is
likely to table the report along with its Action Taken Report (ATR) in
Parliament during the upcoming session scheduled to be held from 2 July
to 7 August.
Justice Liberhan was appointed to head the Commission barely ten days
after the demolition of the Babari Masjid on 6 December 1992. He
declined to disclose details of his report on the Babari demolition.
His inquiry panel cost the state exchequer Rs 8 crore.
Justice Liberhan said he was feeling free today after having submitted
the report. “I have submitted the report to the Prime Minister. There
are various things that I have reported in my report. You can read it
when the report is released.”
Asked why the Commission, which had got 48 extensions, took so much
time to prepare its report, Justice Liberhan blamed it on the court
stay order, “procuring witness, and non-cooperative attitude” of some
people.
The Babari panel’s final act immediately generated political heat,
sparking a war of words as well as a blame game between the ruling
Congress and the principal Opposition BJP. Its report is set to make
waves in the upcoming Parliament session meant essentially for the
presentation and passage of the General Budget.
The hearing of the Commission concluded four years ago, even as an
internal controversy broke out within the panel two years ago with its
counsel Mr Anupam Gupta dissociating himself from it owing to personal
differences with Justice Liberhan.
The demolition of the Babari Masjid was a sequel to a tense, protracted
dispute between Muslims and Hindus over their conflicting claims to the
16th century mosque, with the latter, whose cause was championed by the
BJP and Sangh Parivar, calling it the birthplace of Lord Ram, Ram
Janmabhoomi. The incident led to countrywide communal riots and
clashes, pitting the two communities against each other, which claimed
thousands of people as casualties and victims.
Mr Advani, Mr Joshi, Miss Bharti, the then UP CM Mr Kalyan Singh, and
Mr Katiyar appeared before the Commission as witnesses. The then Prime
Minister from the Congress, PV Narasimha Rao, and the former PM VP
Singh, both of whom have passed away, also deposed before the panel.
“The Muslim community was waiting for this report since 17 years. Now
we expect that the UPA government will immediately table it in the
coming session of Parliament,” the All India Babari Masjid Action
Committee chairman Mr Javed Habib said. “The then Prime Minister
Narasimha Rao had promised to rebuild the demolished mosque. Congress
should clarify its stand on his statement,” he said. “Government should
set up fast track time-bound court to try and punish those involved in
the Babari Masjid demolition,” Mr Habib said demanding a compensation
and rehabilitation package for the post-demolition riots victims
similar to the one given to 1984 anti-Sikh riots.
http://www.thestatesman.net/page.news.php?clid=1&theme=&usrsess=1&id=259679
Babri Demolition
Centre bags Babri dilemma | |
| RADHIKA RAMASESHAN | |
New The report was submitted to Prime Minister Manmohan Singh by a namesake and former judge, Manmohan Singh Liberhan, this morning. With The Muslim But Even “The Parliament “On matters fraught with communal ramifications, we should be extremely circumspect,” a source said. The Members With Congress “The Parliamentary rules require a report and an ATR to be placed together. Although P. He |
BJP’s best bet: lash from Liberhan Party feels govt action will help | |
| SANJAY K. JHA | |
New Delhi, June 30: The Some Ayodhya The But In fact, some BJP leaders apprehend the government will do little else than symbolic posturing. The The party also demanded early tabling of the report in Parliament so that “the nation knew about the truth”. The Responding Apart The The The On One |
Twin demands from minorities |
| CITHARA PAUL |
New Delhi, June 30: The The “I He “Both “I S.Q.R. Others “The very fact that it took 17 years to submit the findings amounts to befooling Muslims,” he claimed. The But it sought repeated extensions to complete its investigation. The last three-month extension was given in March this year. Bukhari claimed submission of the report amounted to nothing because the government could sit on it for a long time. “Only Some The “While “I |
 |
Twin demands from minorities |
| CITHARA PAUL |
New Delhi, June 30: The The “I He “Both “I S.Q.R. Others “The very fact that it took 17 years to submit the findings amounts to befooling Muslims,” he claimed. The But it sought repeated extensions to complete its investigation. The last three-month extension was given in March this year. Bukhari claimed submission of the report amounted to nothing because the government could sit on it for a long time. “Only Some The “While “I |
|
Duo spared terror law | ||
| OUR BUREAU | ||
June 30: They will now be prosecuted only under the Indian Penal Code and the Arms Act. Home Yesterday, However, The Garg did not respond to calls through the day. In A Although The charges against them now are attempt to murder, criminal conspiracy and waging war against the state. The Second, The Two |
http://www.telegraphindia.com/1090701/jsp/frontpage/story_11181491.jsp
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