Lalgarh: Naxals trigger IED blast, Five CRPF personnel killed!India to consider airstrikes against Maoist rebels!Foreign Capital Inflow Fed GDP NEVER to lead Inclusive Growth Despite Socialist Farce as UP's finances alarmingly bad, Montek writes to Maya!CHIDAMBARAM Ends as RSS HOME Minister as UPA Divided on SALWA JUDUM Impact!Hottest-ever April on record for Earth!
Meanwhile, four journalists including two from a television channel were injured when they were beaten up by CRPF troopers about one kilometre from the blast spot.
Maiosts blast railway tracks in Bengal!US moves for Iran sanctions; UN calls fuel deal positive step!Human rights body condemns Dantewada naxal attack!India's 3G telecom airwaves auction fetches $15 bn
Unprecedented Violence Continue to Haunt the Troubled Galaxy in Corporate Periphery!Al Qaeda plot to attack FIFA WC unearthed!Despite a fresh attack in Chhattisgarh, in which at least 50 people were killed, the government renewed its offer to hold talks with Naxalite groups if they suspended violence for at least 72 hours.
Data collection method of unique ID authority finalised!
Indian Holocaust My Father`s Life and Time- Three Hundred Seventy OnePalash Biswas
Lalgarh: Naxals trigger IED blast, Five CRPF personnel killed!
Meanwhile, four journalists including two from a television channel were injured when they were beaten up by CRPF troopers about one kilometre from the blast spot.
Alleging that the media's coverage of the anti-Maoist security operation was responsible for the death of their colleagues, the CRPF men rained batons and used the butts of their AK 47 rifles on the scribes who had gone to the area to cover the incident.
The joint forces have been deployed in the area for over 11 months to flush out Maoist guerrillas, who had earlier turned Lalgarh into a virtual free zone by torching police camps and driving out the civil administration for about seven months.
The Maoist rebels are also active in Bankura and Purulia districts of the state.Five troopers of the Central Reserve Police Force (CRPF), including a deputy commandant, were killed and one was injured when Maoist guerrillas blew up their patrol vehicle by detonating a landmine in the trouble-torn Lalgarh belt of West Bengal's West Midnapore district Wednesday, police said.
The Maoist rebels triggered the explosion between Pingboni and Ramgarh areas under Lalgarh police station, about 200 km west of here, on the second day of the 48-hour strike called by them in five states, demanding the withdrawal of the joint security operation against them by the states and the central government.
"Four of the jawans died on the spot. The deputy commandant, Vijay Pal Singh, was pronounced dead in a private hospital in Kolkata where he was admitted in the evening," Inspector General of Police (Western Range) Zulfiqar Hassan told IANS.
In West Bengal on the second day of their bandh called in five states.Five CRPF personnel were killed and two injured on Wednesday in an IED blast triggered by Naxals at Lalgarh in West Bengal on the second day of their bandh called in five states. "Four of the jawans died on the spot. The deputy commandant, Vijay Pal Singh, was pronounced dead in a private hospital in Kolkata where he was admitted in the evening," Inspector General of Police (Western Range) Zulfiqar Hassan told IANS.
The blast comes a day after Union Home Minister P Chidambaram asked the Naxals to abjure violence and come for talks.
The CRPF men had set out from their camp at Goaltore market to patrol nearby villagers on foot when the blast took place at Ramgarh in Lalgarh police station area in West Midnapore district at 1130 hrs.
"Four CRPF jawans and two were injured in an IED blast set off by Naxals," M Nageswar Rao, CRPF Inspector General of Police, Eastern Sector said.
Those killed included three constables besides the driver of the SUV in which they were travelling. The vehicle was badly damaged in the explosion.
The blast left a five-feet-deep crater on the road.
The Maoist rebels triggered the explosion between Pingboni and Ramgarh areas under Lalgarh police station, about 200 km west of here, on the second day of the 48-hour strike called by them in five states, demanding the withdrawal of the joint security operation against them by the states and the central government.
"Four of the jawans died on the spot. The deputy commandant, Vijay Pal Singh, was pronounced dead in a private hospital in Kolkata where he was admitted in the evening," Inspector General of Police (Western Range) Zulfiqar Hassan told IANS.
Pal had sustained severe head injuries.
Director General of Police Bhupinder Singh said the deputy commandant died on way to hospital after getting off from the helicopter in which he had been flown in from West Midnapore.
Hassan said another seriously injured trooper, N.K. Ghosh, was being treated in the hospital.
Pal, who had been posted in the area recently, and Ghosh were shifted to Kolkata after their condition deteriorated in the West Midnapore district hospital where they were admitted earlier.
The blast occurred when the troopers were patrolling a forested stretch.
The vehicle was totally wrecked in the explosion that occurred at 11.30 a.m and left a five-foot-deep crater on the road.
A large team of joint security forces comprising paramilitary troopers and state armed policemen have been rushed to the spot. The blast site has been cordoned off and the security forces were combing the area to hunt down the culprits.
In West Bengal, four CRPF jawans were killed by Naxals in a land mine blast in Lalgarh area on the second day of 48 hours bandh call given by Maoists in five Naxal affected states. The attack comes close on the heels of Dantewada landmine blast in Chhattisgarh, which killed 35 people, including 14 special police officers.
Earlier, a land mine blast on a railway track near Jhargram in West Midnapur district injured two drivers of goods train and damaged its engine. The Maoists also shot dead a CPI(M) party worker, Ajit Mondol, at Basantpur village under Binpur police station area claiming that he was a police informer. AIR Kolkata correspondent reports that several trains have been diverted.
In Orissa, Maoists blew up a Panchayat office building in Malkangiri district today. A large number of armed ultras stormed into Badigata village in Kalimela area early this morning and blew up the Panchayat building. AIR Bhubaneswar correspondent reports that the bandh affected vehicular traffic in the Naxal affected districts but had little impact on business and other activities in the urban areas.
In Bihar, Maoists blew up a mobile tower at NanoBigha village under Atari police station. Two tractors and one dozen huts were torched by Maoists in Aurangabad district. The rail traffic on Gaya-Mughalsaria rail section has been restored after 10 hours.
The bandh also affected normal life in Naxal hit areas of Chhattisgarh. No untoward incident has been reported from any part of the state.
CHIDAMBARAM Ends as RSS HOME Minister as UPA Divided on SALWA JUDUM Impact!
Since Chhattisgarh is ruled by RSS and SALWA Judum has divided Tribal Landscape in Warring group, the impact of Salawa Judum is the Basic stimulus for the Current Violence branded as Maoist Menace. RSS has the most on stake in Chhattisgarh, Maddhya Pradesh and Jharkhand inflicted by Maoist Insurrection. Hence, RSS has to come forward to defend Chettiyar Chidamabarm in his quest to continue the Foreign Capital Inflow, the life line for the Manusmriti Zionist Hegemony. The Brahamin Capitalist Marxists follow suit!Police in Chhattishgarh have been alerted following the killing of four CRPF personnel in an IED blast triggered by the Maoists in West Bengal on Wednesday on the second day of their bandh called in five states.Meanwhile,Government authorities began evacuating people on Wednesday while oil firms and ports stepped up their vigil for cyclone Laila which is expected to slam the east coast with gusts of up to 155 km (97 miles) an hour.
Maoist rebels killed four paramilitary police Wednesday in a landmine attack in the eastern Indian state of West Bengal, police officials said.
The attack came two days after the left-wing guerrillas blew up a bus carrying police and civilians in central India, killing 35 people and triggering a review of the government's counter-insurgency strategy.
West Bengal police Inspector General Surojit Purokaystha told AFP that the Maoists had set off the landmine under a jeep carrying six members of the Central Reserve Police Force (CRPF) on a routine patrol.
"Four of them were killed and the other two badly injured," Purokaystha said.
The Maoists have stepped up attacks in response to a government offensive that began late last year in the forests of the so-called "Red Corridor" that stretches across north and eastern India.
The insurgency began in the state of West Bengal in 1967 in the name of defending the rights of tribal groups, and has since spread to 20 of India's 28 states.
Prime Minister Manmohan Singh has labelled the Maoist movement the biggest internal security threat to India.
Lalgarh: Naxals trigger IED blast, 4 CRPF personnel killed
Maoists' bandh: Normal life disrupted in Naxal affected districts of five states
Asian News International (ANI) Maoists kill 5 near Lalgarh
Kishenji resurfaces with bandh call
Cops tell Lalgarh residents to carry IDs
Uneasy calm at Posco site as protesters dig up approach roads
Barehand bomb squad in rebel zone
Maoists run riot, gun down four CPM men
Asian News International (ANI) Kishanji calls 48-hour bandh
Anti-Maoist activist killed in Lalgarh
Chhattishgarh Police on alert after Naxal attack in BengalHindustan Times - 2 hours ago PTI Police in Chhattishgarh have been alerted following the killing of four CRPF personnel in an IED blast triggered by the Maoists in West Bengal on Wednesday on the second day of their bandh called in five states. In view of the bandh and blast in ... Dantewada bus blast toll 31, PM to review Naxal strategyNDTV.com - May 17, 2010 A day after Naxals blew up a bus with security personnel and civilians on board near Dantewada in Chhattisgarh, fresh details have emerged of how the Maoists were able to carry out the attack. Sources have told NDTV that the local police and CRPF swept ... Chhattisgarh CM suspects Naxal, Lashkar linkIBNLive.com - 3 hours ago PTI New Delhi: Chhattisgarh Chief Minister Raman Singh on Wednesday called Naxals "terrorists" and alleged they may have links with Lashkar-e-Toiba, the militant group blamed for several terror attacks in the country. "Who else can be termed as ...
Govt to decide on air support against Naxals: SinghviPress Trust of India - 58 minutes ago New Delhi, May 19 (PTI) Congress today distanced itself from senior leader Digvijay Singh on the issue of air support to tackle Naxal menace, saying it was for the government to take a decision and there were no differences within the party on the ... Naxals blow up bus near Dantewada, 50 feared killedNDTV.com - May 17, 2010 Naxalites have blown up a civilian bus at Chingawaram on the Dantewada-Sukma road in Chhattisgarh. Fifty people are feared killed. There were 50 people, including 15 special police officers (SPOs) and local policemen on the bus, reports said. ... Reporting from Ground Zero: DantewadaNDTV.com - May 17, 2010 As the Maoists strike again near Dantewada killing 31 people this time, security forces in the Maoist affected states are worried. The challenge is not only to take on the Maoists but also intelligence gathering. Deep inside Maoist country in Dantewada ... SPOs risked lives to save people from Naxals in DantewadaHindustan Times - 4 hours ago PTI As Naxals killed with impunity innocent bus passengers in Dantewada district of Chhattisgarh, a few brave policemen risked their lives to drive the injured to nearby hospitals while taking on the outlaws at other end. When the blast occurred, ... Dantewada a war zoneNDTV.com - May 17, 2010 Deep inside the Maoist country in Chhattisgarh's Dantewada, everyone is on the edge. Barbed wire and check posts have increasingly become a part of the landscape here. Even the cops at various police stations here feel insecure. ... Naxals strike hard, blow up Panchayat Office in OrissaBreakingNewsOnline. - 31 minutes ago Breaking News: After playing havoc in Chhattisgarh and West Bengal during their 48-hour bandh, the naxalites struck hard and blew up a panchayat office building in Orissa's Malkangiri district. A huge number of Maoists entered into Badigata village in ... Chidambaram-Jaitley face-off on Naxal issueNDTV.com - 19 hours ago The deadly Naxal attack in distant Chhattisgarh seems to be generating political heat here in the capital. The Congress and the BJP are literally involved in a verbal duel. The main Opposition party, the BJP, found no time in attacking the UPA over its ... | Timeline of articles Number of sources covering this story
Videos Prime Minister must clarify Naxal strategy: BJP Asian News International (ANI) - 4 hours ago Watch video  Jaitley-Chidambaram face-off on Naxal issue NDTV.com - 7 hours ago Watch video  Multi pronged approach needed against Naxals: Digvijay NDTV.com - 7 hours ago Watch video  The Naxal politics NewsX - 22 hours ago Watch video  Chidambaram seeks more mandate to fight menace Asian News International (ANI) - May 18, 2010 Watch video |
As Manmohan Singh government celebrates the first anniversary of UPA-II, CPI(M) General Secretary Prakash Karat has said it has become "increasingly vulnerable" and accused it of "cynically" using investigating agencies for political purposes.
In an article in party mouthpiece 'People's Democracy', Karat said the government has been "callous" to the common man's suffering due to price rise while it showed "great solicitude" to big business and corporates during meltdown.
Only the Congress government could be blamed if there is an impression of it being "directionless", he said noting that there is growing opposition within the coalition against the policies and programmes of the government.
"Politically, the striking outcome of the first year of the UPA government is its increasing vulnerability. In May 2009, the UPA won the elections but failed to get a majority.
Congress ignored this reality and became complacent with the unilateral declaration of support by parties like SP, BSP, RJD and JD(S).
"By the end of the first year, that complacency has been shattered. During the last budget session, Congress had to adopt the tactic of bargain and striking deals to garner support amongst these parties," Karat said in his article.
If the government thinks it can go ahead with its own "prescription", he said, they will find themselves in a position where coalition partners often "look at things differently and assert themselves".
He said the last three weeks of the Budget session witnessed manoeuvres to prop up the government's majority against the cut motions and the struggle to ensure passage of legislations. "The cynical use of the CBI for political purposes is undermining the credibility of the agency," he said.
"The first year of the government has seen the IPL affair, the 2G spectrum allocation scam and the mining scandal of the Reddy brothers. All this can be directly sourced to the nexus between big business and ruling politicians," Karat said.
On the Maoist violence, Karat alleged that the government tends to treat it solely as a law and order problem without realising that some of its own policies like giving licence for "indiscriminate" mining in the forest areas was alienating the tribal people.
"Moreover, it finds itself hampered by its own partner in government, the Trinamool Congress. Mamata Banerjee has declared there are no Maoists in West Bengal and therefore there is no need for joint operations against them," he said.
Karat claimed that the government failed in tackling the "relentless" price rise of essential commodities. "This has been the biggest cause for people's suffering in the past year. For the poor, it has meant less food and more hunger and malnutrition," he said.
India Maoists kill four paramilitary troops
 The rebels say they are fighting for the rights of rural poor |
Four paramilitary troops have been killed in India's West Bengal state when Maoist rebels exploded a landmine.
The attack took place in the troubled West Midnapore district. Police said the landmine blew up a vehicle of the Central Reserve Police Force (CRPF).
Since Tuesday, a two-day shutdown called by the rebels is being enforced in five states, including West Bengal.
A similar attack in the central Indian state of Chhattisgarh on Monday killed more than 30 people.
On Tuesday, India's government said it was reviewing its strategy for fighting the rebels.
Thousands have died in their decades-long fight against the state.
'Powerful explosion'
Wednesday's attack took place between between the villages of Pingboni and Ramgarh in West Midnapore district.
"The CRPF personnel were patrolling the area after receiving intelligence reports that a Maoist squad was active there. That's when the powerful explosion hit one of their vehicles," West Bengal police chief Bhupinder Singh told the BBC.
The Maoists, also known as Naxalites, say they are fighting for the rights of rural poor who have been neglected by the government for decades.
The Maoist insurgency has been described by Prime Minister Manmohan Singh as the country's biggest internal security threat.
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Foreign Investment in India or more precisely Foreign Direct Investment (FDI) in India is one of the most talked about issues in the entire world economy in recent times. Rated among the top emerging nations, India's liberalization policies are paying rich dividends to the economy as a whole.It is claimed again and again to justify Fiscal Deficit based Taxation to bail out the Ruling Class and continue the Borrowing based Economic Policies in the best interest of the Brahmin Bania corporate Raj. Monopolistic Aggression against the Tribal aboriginal Indigenous landscape as well as humanscape is meant to continue and enhance the Foreign capital Inflow which pays highest Dividents!Foreign Direct Investment (FDI) is defined as "investment made to acquire lasting interest in enterprises operating outside of the economy of the investor." The FDI relationship, consists of a parent enterprise and a foreign affiliate which together form a Trans-National Corporation (TNC).
India's 3G telecom airwaves auction fetches $15 bn
The Indian exchequer is set to swell by Rs.67,718.95 crore ($15 billion), with the conclusion Wednesday of auctions for the crucial airwaves for third generation (3G) telecom services by private players.The amount bid after 183 rounds of the 34-day auction is sharply higher than what was expected and appears set to prune the federal government's fiscal deficit, pegged at Rs.381,408 crore ($84 billion) for this year, by nearly one percentage point.
The government had hoped to collect Rs.35,000 crore ($7.75 billion) after auctioning the airwaves for both 3G services and broadband. The auction for broadband spectrum is to begin only Saturday, with the potential to fetch another $7.5 billion to the government.
Even though no single player won a pan-India licence for 3G services, the cost is pegged at Rs.16,750.6 crore ($3.72 billion). The pan-India licence is now up nearly 378.58 percent from the Rs.3,500 crore set as the base price at the start of the auction.
The prized Delhi and the Mumbai circles have been won by Reliance, Bharti and Vodafone. In all, Reliance, Bharti and Aircel won the maximum number of 13 circles, followed by 11 for Idea, nine each for Vodafone and Tata, and three for S Tel.
Etisalat and Videocon, which also participated in the auction, could not win a single circle, according to the data posted on the website of the Department of Telecommunications.
The state-run Bharat Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd, which have already been issued airwaves for 3G services, will also have to pay this winner's price, collectively pegged at Rs.16,750.6 crore ($3.72 billion).
Slots for three-four players were available in the 22 circles into which the country was divided for 3G services that facilitate faster connectivity and applications such as Internet TV, video-on-demand, audio-video calls and high-speed data exchange.
Nine companies -- Bharti Airtel, Reliance Communications, Vodafone Essar, Idea Cellular, Tata Teleservices, Aircel, Etisalat, S Tel and Videocon Telecommunications -- took part in the online auction that started April 9.
According to the auction documents issued in February, of the 22 telecom circles, five states -- Punjab, Bihar, West Bengal, Himachal Pradesh and Jammu and Kashmir -- were to have four private players.
Other circles, including the Delhi, Mumbai, Tamil Nadu and West Bengal, were to have three private players.
The Delhi circle attracted the maximum bid amount of Rs.3,316.93 crore ($735 million), followed by Mumbai at Rs.3,247.07 crore ($721 million), Karnataka Rs.1,579.91 crore ($351 million), and Tamil Nadu Rs.1,464.94 crore ($325.5 million).
At the other end of the spectrum, the lowest bid was for Jammu and Kashmir with Rs.30.30 crore ($673,000).
The auction was held on all days except Sundays and national holidays. The winning firms will have to deposit the money within 10 days from now and will be allowed to offer 3G services on a commercial basis from Sep 1.
Global investment bank Rothschild and telecom auction services provider dot.econ advised the government on the auctions.
India's trade ministry has suggested almost tripling the foreign direct investment cap on defence equipment to 74 percent, a major policy change that would crowd many local companies out of the lucrative sector.
The cap is currently set at 26 percent. India has the world's 10th largest defence budget but imports 70 percent of its needs because state-run units cannot build advanced weapons systems.
Indian defence officials have said there were no immediate plans to raise the foreign direct investment (FDI) cap for fear of leaving local companies unable to compete in a market worth $100 billion over the next 10 years.
India, post liberalization, has not only opened it's doors to foreign investors but also made investing easier for them by implementing the following measures:
- Foreign exchange controls have been eased on the account of trade.
- Companies can raise funds from overseas securities markets and now have considerable freedom to invest abroad for expanding global operations.
- Foreign investors can remit earnings from Indian operations.
- Foreign trade is largely free from regulations, and tariff levels have come down sharply in the last two years.
- While most Foreign Investments in India (up to 51 %) are allowed in most industries, foreign equity up to 100 % is encouraged in export-oriented units, depending on the merit of the proposal. In certain specified industries reserved for the small scale sector, foreign equity up to 24 % is being permitted now.
- Complete tax exemptions.
- Investment incentives are offered by both the Central Government and the Government of the State in which the unit is located.
- India has tax treaties with 40 countries.
Moreover, the support of the common man regarding FDI< is clearly from the sharp hike in India's gross expenditure in the past few years.
Thus the Indian economy is proving itself highly conducive to Foreign Investment.
Human rights body condemns Dantewada naxal attack!
Kolkata, May 18 (PTI) The Association of Protection for Democratic Rights (APDR) today condemned the government and Maoists for the Dantewada incident in which 31 people were killed. "We condemn both the government and the Maoists for the incident," the human rights body said in a release here.
"Chhattisgarh government had strict instructions that police and jawans with or without arms should not board public vehicle and travel with the common people. But in yesterday''s incident, Special Police Officers (SPO) were allowed to travel with common people in a public vehicle," the release said.
On the other hand, "Maoists by exploding an IED in a public vehicle have killed common people and we condemn their heinous activity," it said. APDR claimed it had been proved that the government''s method to tackle the Maoists was wrong.
No return to 9% growth
19 May 2010, 0538 hrs IST,Swaminathan S Anklesaria Aiyar,ET BureauGiven the economy's impressive performance in weathering the Great Recession and then accelerating this year, optimists feel that the good-old days of 9% growth are about to return. They think it is only a matter of time before we hit 10%.
I am less optimistic, and suspect that in the next few years, we will average 7.5-8 % growth. That can still be called a miracle rate of growth, but will be well short of the boom of 2004-08 .
That 9% growth stemmed from an unsustainable global boom. After the Great Recession, the world economy is headed for years of much slower growth. This will impact India too. May be the world economy will boom again later in the coming decade, and may be in that boom, India will finally touch 10% growth. But that's some way off.
Nobody anticipated the 9% growth boom of 2004-08 . But once it started, people began taking it for granted, as a reward for our own virtues. That was true only to a limited extent. The full story was that the global boom of 2004-08 lifted all boats, and India's too.
Developing countries as a whole grew by more than 7% annually. Even sub-Saharan Africa, which had grown at a dismal 2.4% per year in the previous two decades, more than doubled its growth rate to 6% in this period. India's growth rate did not double in this period, and in this limited respect, India actually underperformed Africa.
The global boom of 2004-08 was created by the emergence of Chimerica, the entwining of the boom economies of China and the US. The US contribution was innovation and rapidly-growing productivity. To this was added a borrowing-to-spend spree that accelerated consumption, taking advantage of very low interest rates.
China's contribution was to become the manufacturing heart of the world, churning out consumer goods at very low prices and taming inflation. To this, it added a huge savings rate that generated massive balance of payments surpluses that, in turn, were invested in western securities like US gilts.
This flood of money kept US interest rates very low, encouraging US corporations and households to keep borrowing to finance their consumption spree.
The Chimerica-led boom boosted the whole world economy. Everybody gained from the combination of high productivity, buoyant demand, low inflation and low interest rates. Europe and Japan, ageing regions with limited growth potential, also enjoyed some economic acceleration.
China's boom — and to a lesser extent India's — required relatively large amounts of raw materials. This raised commodity prices, greatly benefiting commodity exporters in Africa and Latin America. Even the chronically sick economies of these regions (like Argentina ) began booming.
Alas, the boom was unsustainable. It was built on two great imbalances. One was the record trade deficit in the US matched by huge surpluses in China and Opec. The second was the falling of the household savings rate in the US to zero, even while savings boomed to record heights in China and other Asian countries . The unsustainablity of those imbalances led to the Great Recession.
http://economictimes.indiatimes.com/opinion/columnists/swaminathan-s-a-aiyar/No-return-to-9-growth/articleshow/5947300.cms
Foreign Capital Inflow Fed GDP NEVER to lead Inclusive Growth Despite Socialist Farce as UP's finances alarmingly bad, Montek writes to Maya!CHIDAMBARAM Ends as RSS HOME Minister as UPA Divided on SALWA JUDUM Impact!Finance minister Pranab Mukherjee on Tuesday said the government was ready to 'empower' the home ministry to use air support for police action against Naxalites provided adequate safeguards were in place to ensure that there would be no misuse of such powers.India is willing to begin peace talks with Maoist rebels, but only if the insurgents halt all attacks for 72 hours, the home minister said Tuesday.
Economic reforms, capital inflows and macro economic impact in India
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| Abstract |
The study attempts to explain the effects of inflows of private foreign capital on some major macroeconomic variables in India using quarterly data for the period 1993-99.The analyses of trends in private foreign capital inflows and some other variables indicate instability. Whereas net inflows of private foreign capital (FINV),foreign currency assets,wholesale price index,money supply,real and nominal effective exchange rates and exports follow an I(1)process,current account deficit is the only series that follows I(0).Cointegration test confirms the presence of long-run equilibrium relationships between a few pairs of such cointegration except in two cases:cointegration exists between foreign currency assets and money supply and between nominal effective exchange rate and exports,even after controlling for FINV. The Granger Causality Test shows unidirectional causality from FINV to nominal effective exchange rates-both trade-based and export-based-, which raises concern about the RBI strategy in the foreign exchange market. Finally, instability in the trend of foreign currency assets could be partially explained by the instability in FINV with some lagged effect.
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F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
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- Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March. [Downloadable!] (restricted)
- Granger, C. W. J., 1981. "Some properties of time series data and their use in econometric model specification," Journal of Econometrics, Elsevier, vol. 16(1), pages 121-130, May. [Downloadable!] (restricted)
- Granger, C. W. J. & Newbold, P., 1974. "Spurious regressions in econometrics," Journal of Econometrics, Elsevier, vol. 2(2), pages 111-120, July. [Downloadable!] (restricted)
- Reinhart, Carmen & Khan, Mohsin, 1995. "Macroeconomic Management in APEC Economies: The Response to Capital Inflows," MPRA Paper 8148, University Library of Munich, Germany. [Downloadable!]
- Abul M. M. Masih & Rumi Masih, 1994. "Temporal Causality Between Money and Prices in LDCs and the Error-Correction Approach: New Evidence from India," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 29(1), pages 33-35, January.
- Corbo, Vittorio & Hernandez, Leonardo, 1996. "Macroeconomic Adjustment to Capital Inflows: Lessons from Recent Latin American and East Asian Experience," World Bank Research Observer, Oxford University Press, vol. 11(1), pages 61-85, February.
- Ghosh, Atish R, 1995. "International Capital Mobility amongst the Major Industrialised Countries: Too Little or Too Much?," Economic Journal, Royal Economic Society, vol. 105(428), pages 107-28, January. [Downloadable!] (restricted)
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India's home minister called for the government Tuesday to consider using the air force against Maoist rebels in the wake of an insurgent attack on a bus that killed 31 police officers and civilians. The rebel strike Monday in a remote area in the state of Chhattisgarh came despite a government offensive aimed at rooting out the Maoists fighters, known as Naxals, who have been fighting one of Asia's longest rebellions.
Home Minister Palaniappan Chidambaram said in a television interview broadcast Tuesday that the Indian states worst hit by the rebel violence have been demanding the use of air power to bolster government offensives. "The security forces, the chief ministers want air support," he said in an interview with NDTV. "They are the men on the ground.
" When asked why he cannot convince the Cabinet to authorize airstrikes on the rebels, Chidambaram said: "I'll try." Top Indian officials had been reluctant to escalate the fight, arguing it was inappropriate against India's own citizens.
The home minister said the government would need to revisit its policies after a spate of recent insurgent attacks. Last month, the rebels ambushed a paramilitary patrol, killing 76 troops.
They also kidnapped and killed six villagers over the weekend, alleging they were police informants. In Monday's attack, the insurgents remotely triggered a land mine under a bus carrying civilians and police in Chhattisgarh, which has been the site of fierce fighting, said senior police officer Rajinder Kumar Vij.
More than a dozen insurgents fired rifles at the survivors and tried to take away weapons from the slain police, but ran off when wounded officers fired at them, Vij said. The attack killed 16 civilians and 15 police, Vij said.
The initial death toll was reported at 35, and it was not clear why it had been revised. Another 27 wounded were hospitalized, he said.
Police often ride in civilian buses, apparently hoping the insurgents would not target vehicles for fear of losing local support. Television images from the scene showed the bodies and officers' weapons strewn across the road in Dantewada district, about 350 miles (560 kilometers) south of Raipur, the capital of Chhattisgarh.
India has inducted thousands of paramilitary forces to help state police fight the insurgents. The rebels, who have tapped into the rural poor's growing anger at being left out of the country's economic gains, are now present in 20 of the country's 28 states and have an estimated 10,000 to 20,000 fighters, according to India's home ministry.
Last year, the government announced its "Operation Green Hunt" offensive aimed at flushing the militants out of their forest hide-outs.
Speaking at the Idea Exchange programme of The Indian Express, Mukherjee said the Cabinet was fully backing the efforts of home minister P Chidambaram in fighting Naxalite groups and was mindful of the fact that the home ministry needed to be empowered with whatever was required to win the battle.
"Power is required. Whatever the home minister feels necessary, he should be empowered with that," Mukherjee said.
"But if we want to establish an institutional arrangement to deal with it, then we will have to look at what would be the implications of it, what would be the further impact on it (the fight against Naxalites) and whether it can be properly used or there was any scope for misuse," he said, responding to queries whether Chidambaram's request for a 'larger mandate' for the home ministry would be acceded.
In an interview with NDTV 24x7 on Monday, Chidambaram had said he had asked the Cabinet Committee on Security (CCS) for a greater mandate in dealing with Naxal groups but he was granted only a limited mandate. By larger mandate, Chidambaram apparently meant the use of air surveillance which, he said, was being demanded by chief ministers of all the affected states.
Mukherjee said as home minister, Chidambaram was best placed to make the correct assessment of the prevailing situation and the government fully agreed with his assessment. "But we have seen whenever we have empowered the enforcement agencies with sweeping powers, there have been cases of misuse. So when we give them the authority that they require, we have to simultaneously ensure that there would be adequate safeguards to prevent any misuse," he said.
"All the aspects have to be viewed because we cannot take an action what I will describe as some sort of knee-jerk reaction. I feel that the problems of insurgency and problems of Naxalism are long-drawn out problems and they cannot be sorted out or solved through a mechanism that can be described as switch-on and switch-off. You have to address it in proper perspective and it takes time," Mukherjee said.
Senior Congress leader Digvijay Singh, in the meanwhile, said he was not in favour of use of air power in anti-Naxal operations, though the party itself made a very guarded response.
"This is for the security forces and the government to decide. It is not for a political party to decide," Congress spokesman Shakeel Ahmed said.
Congress sources, however, said that the party did not have any objection to the use of aircraft or helicopters for surveillance, supply or other logistical purposes.
The Congress also sought to distance itself from Digvijay Singh's remarks holding the Chhattisgarh government responsible for the second major attack in Dantewada in little over a month.
"Last time (when 75 CRPF personnel were killed) we did not criticize the Raman Singh government. This time also we are not pinpointing any blame. We want all stakeholders to be on the same page against Naxals," Congress spokesperson Manish Tewari told reporters.
Meanwhile,Indian authorities have allowed Amnesty International to send a team to the Indian-controlled portion of Kashmir for the first time since a deadly insurgency against Indian rule erupted here two decades ago, a local rights group said Tuesday. The two-person Amnesty team arrived Monday on a fact-finding mission, said Khuram Parvez, a local human rights activist whose Coalition of Civil Society is coordinating activities for the global rights watchdog.
The London-based Amnesty has in the past reported on human rights violations in the disputed Himalayan region and accused both Indian government forces and rebels of abuses against Kashmiris. The group in 2008 urged India to investigate hundreds of unidentified graves discovered by human rights researchers, saying they may contain the bodies of innocent people killed by Indian forces.
The team, comprised of Bikramjeet Batra and Ramesh Gopalakrishnan, both Indians, will be in the city Srinagar for six days and is scheduled to meet separatists, victims' families, human rights activists and local authorities. The team met two top separatist leaders Mirwaiz Umar Farooq and Mohammed Yasin Malik on Tuesday.
Separatists fighting against Indian rule have welcomed the visit, but Syed Ali Shah Geelani, a key separatist leader, said the watchdog should have sent "neutral individuals not those with Indian nationality." Batra responded: "Judge us by our work.
" Sentiments against India run deep in the Indian-controlled part of Kashmir, a Himalayan territory split between India and neighboring Pakistan but claimed in full by both. Separatists have been fighting since 1989 for independence from India or merger with Pakistan.
More than 68,000 people, most of them civilians, have been killed in the uprising and subsequent Indian crackdown. Human rights workers have complained for years that innocent people have disappeared, been killed by government forces in staged gunbattles, and suspected rebels have been arrested and never heard from again.
Authorities routinely investigate such allegations, but prosecutions have been rare.
An environmental group warned Tuesday that India was fast becoming a dumping ground for electronic waste and asked the government to frame stringent laws to control illegal trade and its recycling. India generates up to 385,800 tons of electronic waste every year equal to 110 million laptops and imports another 55,100 tons, mostly illegally under the pretext of metal scrap and secondhand electrical appliances, said the Center For Science And Environment.Private companies employing thousands of workers recycled more than 90 percent of the electronic waste in India but draft laws circulated by the government recently ignored this unorganized sector, Chandra Bhushan, the group's environmentalist told reporters. The draft laws covered only big investment companies that account for only 10 percent of the recycling of electronic waste in the country, Bhushan said.
The Environment Ministry spokeswoman was not immediately available for comment. Bhushan also said the developed countries were using free trade agreements to export their wastes to countries like India to avoid the cost of disposing of them.
He listed some of the hazards faced by thousands of workers in the Indian industry: Extracting lead could damage their kidneys and reproductive health while plastic found in circuit boards could harm the immune system; chromium removed from metal plates in computers could damage liver and kidneys.
US moves for Iran sanctions; UN calls fuel deal positive step!
Even as UN Secretary-General Ban Ki-moon said a nuclear fuel swap deal for Iran worked out by Brazil and Turkey could be a positive step, the United States introduced a UN resolution for new sanctions against Tehran.The resolution introduced Tuesday with pivotal support from China and Russia seeks sanctions against Iran's powerful Revolutionary Guard and new measures to try to curtail Iran's military, financial and shipping activities.
The draft resolution would ban Iran from pursuing 'any activity related to ballistic missiles capable of delivering nuclear weapons,' freeze assets of nuclear-related companies linked to the Revolutionary Guard, bar Iranian investment in activities such as uranium mining and prohibit Iran from buying several categories of heavy weapons.
The draft resolution stresses the willingness of the five veto-wielding permanent members of the UN Security Council - US, Russia, China, France and Britain -- 'to further enhance diplomatic efforts to promote dialogue and consultations ... without preconditions.'
US Ambassador Susan Rice said the resolution would give 'greater teeth' to existing sanctions and add 'strong' new measures to intensify pressure on the Iranian government to resolve concerns that its nuclear programme is peaceful and not aimed at producing nuclear weapons.
She presented the draft to the 10 non-permanent council members - including Brazil and Turkey - and said the US will work hard to win support from as many members as possible. She said she is confident the resolution will get the minimum 9 'yes' votes.
Rice said the US considers new sanctions 'urgent' but wouldn't speculate on when the resolution will be put to a vote.
Meanwhile, Ban's spokesman Martin Nesirky said the secretary-general believes Iran's deal with Turkey and Brazil 'could be a positive step in building confidence about Iran's nuclear programme, if followed by broader engagement with the International Atomic Energy Agency and the international community.'
The IAEA has received the text of the Joint Declaration signed yesterday by Iran, Brazil and Turkey, and the Agency is awaiting written notification from Tehran that it agrees with the relevant provisions in the agreement.
The Secretary-General, Nesirky said, looks forward to the IAEA's assessment on the substantive elements of the Declaration.
'He also urges once again that Iran comply fully with the relevant Security Council resolutions and provide cooperation to the IAEA to the fullest extent to resolve all the outstanding concerns over its nuclear programmes.'
Under the agreement brokered by President Luiz Inacio Lula da Silva of Brazil and Prime Minister Recep Tayyip Erdogan of Turkey, Iran will ship its low-enriched uranium out of the country in exchange for high-enriched uranium for use at a civilian nuclear research site in Tehran.
Iranian authorities hold that the country's activities are for peaceful purposes, while the US and its allies contend they are driven by military ambitions.
The IAEA has repeatedly stated that it cannot confirm that all Iran's nuclear material is for peaceful activities because the country has not provided the necessary cooperation.
Dantewada, May 18 -- The Chhattisgarh government is planning to direct the security forces to avoid public transport because this mode appears to be the most vulnerable to Maoist attacks. "We are working (on issuing an order) that the security personnel should not travel by public transport," Dantewada District Collector Reena B. Kangale told HT. The police personnel made a mistake by taking this mode, Kangale said. Dantewada Assistant Superintendent of Police Abhishek Sandilya said that under the standard operation procedures, the security personnel had always been advised not to use civilian vehicles. A bus carrying special police officers (SPOs), police constables and civilians was blown up on Monday on the Dantewada-Sukama road, around 550 km south of Raipur. The vehicle was mangled and several bodies were mutilated. The attack comes a month after an onslaught in the Maoist stronghold led to the death of 75 Central Reserve Police Force troopers and a state police constable.
SPOs are not in regular employment. Around 3,000 of them are in Chhattisgarh, deployed in the Maoist hotbed of the Bastar region.
The government will review its fuel pricing system next month and may allow state-run firms like Oil and Natural Gas Corp to gradually raise the price of natural gas to level charged by Reliance Industries, a top government official said.
A panel of ministers headed by Finance Minister Pranab Mukherjee would meet in the first week of June to consider changes in the system in which the government sets the price of petrol, diesel, cooking gas and kerosene, the official, who did not want to be identified, told reporters.
The panel is expected to consider the report of an official committee that said petrol and diesel should be deregulated, while state-set prices of kerosene and cooking gas should be raised.
"It is listed in the agenda for the next cabinet meeting," the official said, referring to a possible increase in gas prices sold state firms.
The government has approved a price of $4.2 per million British Thermal Units for natural gas sold by Reliance Industries, but state firms are allowed to charge less than half of that rate.
Maiosts blast railway tracks in Bengal!Suspected Maoists triggered a landmine blast on a railway track near Jhargram in West Midnapore district today, injuring two drivers of a goods train and leaving the engine of the freight train damaged. The attack came on the second day of the two-day five-state bandh called by the Maoists and disrupted train services on the Kharagpur-Tata Nagar section of South Eastern Railway.
The incident took place at Khatkhura halt station near here when the landmine detonated as soon as the engine of the goods train passed over it. The engine and windshield of the train were damaged by the blast which left a two-feet deep crater at the spot.
The driver and the assistant driver of the freight train were injured by shards of glass. Police and railway officials said several rail sleepers were blown up and the overhead power cable cut on both tracks by the impact of the blast.
Rail services were halted in both tracks with several long-distance trains either diverted or stranded at various stations since 2 am. Railway officials along with police and paramilitary forces have reached the spot and repair work has begun.
Several trains including Howrah-Puroshattampur Express were diverted and other trains such as Howrah-Tata Nagar Steel Express, UP and down Howrah-Hatia Express, Sambaleshwari Express and other local and passenger trains have been stranded at various stations. Meanwhile, life has come to a standstill in Jungle Mahal areas of West Midnapore, Bankura and Purulia districts with no traffic on the roads and shops and markets closed.
Data collection method of unique ID authority finalised!
A cabinet panel Tuesday approved the methodology the Unique Identification Authority of India (UIDAI) will adopt for collecting demographic and biometric data. The exercise will be standardised with that being conducted for preparing a National Population Register (NPR), UIDAI chairman Nandan Nilekani said.'For the demographic aspect, we will be recording the name, date of birth, sex, address and name of father/mother/guardian. On the biometric side, we will be taking prints of all 10 fingers, a photograph of the face and an image of the irises of every individual,' UIDAI chairman Nandan Nilekani told reporters here.
He was speaking after the first meeting of the Cabinet Committee on Unique Identification Authority of India chaired by Prime Minister Manmohan Singh. This is perhaps the first time a cabinet committee has been set up on a specific project.
'Since the exercise is aimed at giving inclusion to a large number of people without an ID of any sort and ensuring they get the benefits of various government schemes, the UIDAI proposes to collect the data through various agencies of the central and state governments and others who, in the normal course of their activities, interact with residents,' Nilekani explained.
Such entities will be the 'registrars' of the UIDAI and include the departments of Rural Development - for data on the beneficiaries of the National Rural Employment Scheme - and Public Distribution and Consumer Affairs - for data on the recipients of the public distribution system.
'At the central level, these entities could be banks, LIC (Life Insurance Corporation) and the oil marketing companies,' Nilekani, who stepped down as co-chairman of IT bellwether Infosys, said.
As the NPR exercise is also underway, the Registrar General of India will also be an important 'registrar' for collecting demographic and biometric data for the unique ID project.
Nilekani also said the authority was drafting a law governing its functioning and to ensure that the data collected remained confidential.
'This will soon be put in the public domain for discussion before being finalised and tabled in parliament,' he said.
'In addition, we have suggested an umbrella law to cover the protection of all data collected in any manner.'
The first batch of unique ID numbers will be rolled out between August of this year and February 2011.
'We hope to issue some 600 million unique IDs in five years,' Nilekani said. 'We are confident of universal coverage (of India's 1.2 billion population) over time.'
The UIDAI has been mandated to issue unique ID (UID) numbers to the residents of India. It was decided to use biometric attributes of the residents to ensure uniqueness of the identities. For this, the UIDAI constituted two committees: the Committee on Demographic Data Standards and Verification Procedure and the Committee on Biometric Standards.
The committees gave their reports on Dec 9, 2009 and Jan 7, 2010 respectively and the UIDAI accepted these.
'Nowhere in the world has such a project on such a large scale ever been implemented. The success of the project would be a classic example of innovation and transparency in governance,' Nilekani saidHottest-ever April on record for Earth!Despite a fresh attack in Chhattisgarh, in which at least 50 people were killed, the government renewed its offer to hold talks with Naxalite groups if they suspended violence for at least 72 hours.
The Earth's average temperature for April was 58.1 degrees Fahrenheit (14.5 Celsius), the hottest for any April on record, the National Oceanic and Atmospheric Administration has said.
Indeed, the world's average temperature was the highest on record for the January-April period, according to NOAA's National Climatic Data Centre.
For January-April, the average was 56.0 degrees (13.3 Celsius), the agency said.
Areas particularly warmer than average included Canada, Alaska, the eastern United States, Australia, South Asia, northern Africa and northern Russia.
Cooler-than-normal places included Mongolia, Argentina, far eastern Russia, the western contiguous United States and most of China.
Climate experts said the El Nino warming of the tropical Pacific Ocean weakened in April, as sea-surface temperature anomalies decreased.
The report noted that Arctic sea ice was below normal for the 11th consecutive April, covering an average of 5.7 million square miles (14.7 million square kilometres).
Antarctic sea ice extent in April was near average, just 0.3 per cent below the 1979-2000 average.
Climate change is adversely affecting lives of trout and salmon, a new research claims.
Researchers from Cardiff University studied populations of young salmon and trout in the River Wye in Wales, traditionally one of the UK's best angling rivers.
Professor Steve Ormerod and colleagues from the Cardiff School of Biosciences found salmon numbers fell by 50 percent and trout numbers by 67 percent between 1985 and 2004 - even though the river itself became cleaner.
The fish were hit hardest following hot, dry summers such as 1990, 2000 and 2003. The results suggest that warmer water and lower river levels combine to affect both species. As both trout and salmon favour cool water, they face potentially major problems if climate warming continues as expected in the next two to three decades.
Professor Ormerod said: "Huge efforts have been put into bringing salmon back into Europe's formerly polluted rivers such as the Taff, Thames, Clyde, Seine and Rhine, so these results are a major worry.
"Salmon and trout fishing also generate many jobs and large economic benefits. In Wales alone, salmon fishing contributes around 90 million pounds annually. Any risk of eventually losing these species to climate warming is therefore one we must consider very seriously.
Unprecedented Violence Continue to Haunt the Troubled Galaxy in Corporate Periphery!Al Qaeda plot to attack FIFA WC unearthed!
The Asian Development Bank (ADB) has sounded the alarm against the potential threat from volatile capital inflows destabilising the region's financial markets, urging the countries in the region to stay guarded and be ready to act fast in the face of surges in capital flows.
In its flagship publication, The Asia Capital Markets Monitor, released on Tuesday in Manila, the regional development bank has provided a synoptic annual assessment of the performance and outlook for the region's equity, bond and currency markets, while contending that "managing the hefty capital inflows into the region's markets is the key challenge".
It said the recent surges in capital inflows have been driven by portfolio equity flows as investors take advantage of widening earnings potential between emerging Asian and mature markets.
Vulnerable
Stating that foreign investors have rushed back into emerging Asian markets lured by the region's swift recovery from the global crisis, a return of risk appetite and very dismal returns on assets in developed economies, the bank study cautioned that surges in short-term capital inflows could potentially leave countries vulnerable to a sudden reversal in portfolio investment and to sharp currency movements.
ADB reckons net private capital flows to emerging Asia to reach $272.4 billion in 2010, down from $282.9 billion in 2009, citing figures from the Institute of International Finance.
Noting developments in the region's markets, it said more broadly the region is holding up well in the face of the debt crisis in Greece and its potential contagion effect. Merging Asian equities yielded a 73 per cent return in dollar terms in 2009, while local currency bond issue of $3.69 trillion was 41.4 per cent higher than in 2008. The report said the hefty investment from overseas has exerted significant upward pressure on the region's currencies.
Yield curve
Commenting on short-term outlook, it said despite favourable cyclical developments, the strong performance of emerging Asian equities last year limits the room for further gains. The yield curve in local government bonds has already steepened and that might continue on rising inflationary expectations and as monetary authorities jack up official interest rates. Referring to managing capital flows effectively, it said experiences reveal that surges in capital flows could face an abrupt reversal. Hence, Asian authorities should consider the full array of policy measures in their toolkit to manage a surge in capital inflows, with the goal being a stable macroeconomic milieu underpinned by transparent policy frameworks aimed at price stability and sustainable fiscal positions. Together, they should also have a resilient financial system and sometimes the use of temporary and targeted capital controls.
It also stated that large reserves across emerging Asia proved very useful in stabilising currency and financial markets in the face of sudden capital outflows, besides providing protection against possible disorderly exchange rate fluctuations.
ADB also took note of the central banks in the region drawing on the foreign exchange reserves of other central banks through the use of swap lines, including those set up by the US Federal Reserve in a bid to bolster their ability to deal with outflows.
Home Minister P Chidambaram, in an interview with CNN-IBN, said he was ready to make another offer to the Naxalites despite the fact that they had not responded seriously to the government's previous offer. "Maoists should say we will suspend violence and actually suspend violence from any date they fix for 72 hours. Within 72 hours we will get the Chief Ministers' support and we will respond," he said. "We will fix the date, place and time for talks and let the Maoists come and talk on anything they wish to talk."
But a Naxal leader rejected the offer saying the government must first call off its operations against Maoists. Speaking to the same TV channel, a voice claiming to be the Naxal area commander of Chhattisgarh, Ramanna, said: "There is heavy presence of security forces here and their atrocities are continuing every day. When villagers are fleeing, what is the purpose of talks."
Later in the night, Ramanna, who reportedly masterminded the April 6 massacre of 76 security personnel near Tadmetla in Dantewada, told a local television news channel in Chhattisgarh: "We hit the bus near Sukma to target the security forces. Unfortunately, there were civilians in the bus. I regret killing of civilians. We will continue to target the security forces all over the country."
BJP targets 'half a battle', Chidambaram clarifies
Home Minister P Chidambaram's remarks that he has been given a "limited mandate" to take on the Maoists, on Tuesday became ammunition for the BJP to harp on the "differences" within the government and the Congress on the strategy to deal with the insurgents. Leader of Opposition in the Rajya Sabha Arun Jaitley described the Home Minister an "injured martyr" and wanted the Prime Minister to step in and clarify the government's position.
He said even Congress chief Sonia Gandhi was favouring a soft-line against Maoists. While the Opposition was backing the UPA government fully, "there are ideological differences and diverging views on the strategy to deal with the Maoists within the Congress and the government. The "UPA is in power but not in control", he said, painting the Home Minister as an isolated voice demanding firm action against the insurgents.
"A limited mandate means the security apparatus is fighting the battle with one hand while the other is tied. A half battle against the Maoists cannot be successful," he said. Questioning those who are favouring a development first approach to deal with the situation, he said "even for that, the civil administration has to be restored and one must be able to reach those areas controlled by Maoists".
Chidambaram, on the other hand, clarified his "limited mandate" remark. He said what he meant was that the state government has the primary responsibility to tackle the Maoists and the Union Home Ministry has a limited mandate in that sense. "As far as the mandate of the central government is concerned, I have explained that our mandate is to help the state government take on the challenge of the Naxalites by providing paramilitary forces, intelligence and technical assistance," he said. "It is the state government which has the primary responsibility to tackle the Naxals. From that sense, I said our mandate is a limited mandate. Well if you play upon words like limited mandate, I could turn around and say that the state government and the CMs have an unlimited mandate."
He was upset with the "injured martyr" tag. "I believe he (Jaitley) said I looked like an injured martyr. I think it was an unfortunate choice of words.... The injured and the martyrs are both in Chhattisgarh, among the jawans and the SPOs who were injured and who died."
Jaitley wanted the PM to clarify whether the government will wage half a battle against the Maoists or an all out offensive. "The meaningless debate of whether development or security offensive should get precedence is weakening the battle. Given the seriousness of the situation, it is time the PM put a stop to this debate," he said.
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India plans to award $50 bn road projects
India plans to award $50 billion of road projects in the fiscal year ending March 2011, and expects private investors to fund as much as 70 percent of the amount, the road transport minister told Reuters on Tuesday. Kamal Nath's projections come as India has consistently missed targets for building roads, ports and power plants and private interest has been lukewarm, with bureaucratic red tape and difficulties in acquiring land holding up projects."We want to put ...about 18,000 to 20,000 kms of work in progress, which amounts to $50 billion work in progress. Out of that, 70 percent will be from the private sector," Kamal Nath said in an interview. Nath, who last year set a target of building 20 kms of roads a day, said investments from private equity players are expected to put in about $18 billion in the sector this year. Indian road-building is now running at 12 kilometres a day.
Nath's optimism comes on the back of policy changes meant to facilitate greater foreign and private equity participation in special purpose vehicles and toll projects. Foreign investors have shied away from the road sector even though the government allows 100 percent foreign direct investment in the sector, due to problems in land acquisition and a slow adoption of the toll-road model in India.
Kamal Nath in July 2009 told Reuters he expected foreign investors to put in as much as $10 billion a year for building roads and has met investors from Europe, the United States and Asia, including Hong Kong and Singapore, since then. However, few investment commitments have been forthcoming. "The risk for investors when they look at India can only be a traffic risk and india is not short of traffic," Nath said, adding that foreign investors can expect a return of 16-18 percent on their investments.
OPTIMISTIC PROJECTIONS
India aims to spend $500 billion in the five years to end-March 2012, to overhaul infrastructure which is a drag on growth for Asia's third largest economy. New Delhi is considering doubling the investment figure in the five years from 2012, and expects much of that funding to come from private sources. India's Planning Commission, which sets five year plans for the economy, on Monday said India would build 2,500 kilometres of roads in the 2010/11 fiscal year, or a modest 6.8 km each day.
Capacity bottlenecks in the Indian economy, including poor infrastructure, are partly responsible for driving up headline inflation in India to near double digit levels. India's underdeveloped bond market, with few takers for long-term debt, and restrictions on pension and insurance funds have further choked the flow of funds for infrastructure.
To help remedy this, India plans to launch an $11 billion infrastructure fund that will go to develop the domestic bond market and refinance high-cost debt. "It will bridge some of the gap. Obviously, one single infrastructure fund can't meet all the requirements," Nath said.
Maoism worst form of terrorism: Raman Singh
| NEW DELHI: Two days after Maoists blew up a bus killing 31 people, Chhattisgarh Chief Minister Raman Singh on Wednesday described Maoist insurgency as the worst form of terrorism in India. "It is the worst form of terrorism. One thousand civilians have been killed in the last 10 years," Singh told reporters here. "Killing civilians, attacking public transport, attacking school buses, punishing people and beating them up in 'jan adalats'. What is this? Isn't it terrorism? They are spreading terror," he said about the guerrillas who are entrenched in parts of central and eastern India. 'Jan Adalats' (Peoples's Courts) are kangaroo courts run by Maoists in their strongholds including in Chhattisgarh's Bastar region. Singh said that Monday's attack on a bus in a forested stretch of Chhattisgarh that left 31 civilians and special police officers dead was aimed at targeting civilians "because they support the government". The chief minister, who reached New Delhi Wednesday morning and is scheduled to meet Prime Minister Manmohan Singh later in the day, said the Maoist problem cannot be tackled overnight. "We need to be prepared for a long-drawn war. But we are moving in the right direction," he said. |
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Maoist rebels kill 35 in India bus-bombingThe Australian - - May 18, 2010 INDIA triggered a high-security alert across five states yesterday after Maoists staged their second deadly strike in as many months, killing 35 people, ... Maoism worst form of terrorism: Raman SinghEconomic Times - 7 hours ago ... up a bus killing 31 people, Chhattisgarh Chief Minister Raman Singh on Wednesday described Maoist insurgency as the worst form of terrorism in India. ... India offers talks if Maoist rebels stop attacksThe Associated Press - - May 18, 2010 NEW DELHI — India is willing to begin peace talks with Maoist rebels, but only if the insurgents halt all attacks for 72 hours, the home minister said ... Maoist Rebel Killings in India Trigger Demands for Air PowerBusinessWeek - - May 18, 2010 May 18 (Bloomberg) -- India's home minister said he will seek a tougher mandate to deal with Maoist rebels a day after they killed 31 police ... India to review Maoist strategy after rebels kill 35AFP - May 18, 2010 NEW DELHI — India's government came under renewed pressure Tuesday to beef up its fight against an increasingly violent Maoist insurgency after rebels ... India reviews anti-Maoist policyBBC News - May 18, 2010 India's government is reviewing its strategy for fighting Maoist rebels after a landmine attack in Chhattisgarh state killed more than 30 people. ... Maoist rebels find support among India's eliteFinancial Times - - May 18, 2010 The fêting of a man cited by Maoist leaders as an inspiration for their struggle highlights the sympathy the insurgency enjoys among urban intellectuals and ... India Maoists Blamed for Fatal Bus Attack Killing DozensVoice of America - - May 17, 2010 It is being called one of the most brazen attacks on civilians by Maoists. India's government blames the rebels for planting explosives below the pavement ... Red panic grips Bastar, life crippled for 2nd dayIBNLive.com - 5 hours ago ... security forces and people still fearful Wednesday, day two of the 48-hour shutdown called by the outlawed Communist Party of India-Maoist (CPI-Maoist). ... Maoists blow up government warehouse in OrissaEconomic Times - 9 hours ago Malkangiri district is considered a Maoist stronghold and is 618 km from state capital Bhubaneswar. The outlawed Communist Party of India-Maoist called for ... India's Maoist rebels spurn government offer of talksNational - - 18 hours ago Maoist rebels detonated a landmine under a bus in central India on Monday, killing 31. Reuters MUMBAI // A day after Maoist rebels blew up a bus in a ...  Sympathy for the devil? Maoist supporters get flakReuters India (blog) - May 18, 2010 Hours after Maoist rebels detonated a landmine under a bus in central India on Monday, killing about 35 people including policemen, Home Minister ... India Maoists 'kill many' in bus attackBBC News - May 18, 2010 Maoist rebels have attacked a bus in central India and killed at least 20 people, including civilians and police officers, according to officials. ... India fights Maoists with herbs and honeyEmirates Business 24/7 - 9 hours ago India's war against its Maoists cannot be won with guns alone, experts say, with economic development and solutions to the underlying grievances of rebel ... Our attack targeted SPOs, says Maoist leaderThe Hindu - - 16 hours ago This was stated by secretary of the South Bastar regional committee of the Communist Party of India (Maoist) Ravula Srinivas alias Ramanna. ... PM must clarify on 'limited mandate' given to MHA: BJPEconomic Times - 17 hours ago He proceeded to launch a scathing attack on Maoists and the ideology propelling their movement. ``India cannot accept the logic that Maoists are merely ...  Raman Singh: No softline with Maoist 'terrorists'Oneindia - 4 hours ago He spoke about the Maoist activities in the past decade in Chattisgarh. He said that the ultras have killed more than 1000 civilians and 650 policemen ... Maoists Blow Up Bus in India, Killing 31The Epoch Times - - 9 hours ago Since October 2009 Operation Green Hunt has been fighting the rebels after 10 years of passivity, focusing on five states in central India, Maoists control: ... Chidambaram wants BJP to maintain bipartisan approach to Maoist menaceOneindia - 6 hours ago Chidambaram also spoke about the Central government's strategy in dealing with the Maoists and termed it as a 'limited mandate' by contending it was the ...  35 killed after Maoist rebels blow up bus in IndiaTelegraph.co.uk - May 17, 2010 At least 35 people were killed after Maoist rebels blew up a bus carrying police and civilians in the central Indian state of Chhattisgarh. ... We killed civilians, we're sorry: MaoistsHindustan Times - - 8 hours ago The Maoists have apologised for the deaths of the 15 civilians who died when they blew up a bus in Chhattisgarh's Dantewada district on Monday. ... Indian Cabinet torn over sending fighter planes after the Maoist rebelsTimes Online - - 21 hours ago India faces a dilemma as it considers whether to deploy the air force against homegrown Maoist rebels after their latest bloody attack yesterday, ... The day after, grief replaces confusion in DantewadaThe Hindu - - 16 hours ago The day after members of the Communist Party of India (Maoist) blew up a bus carrying about 50 Special Police Officers and civilians, police search parties ... Maoist bus attack kills about 35 in India, government saysReuters - - May 17, 2010 RAIPUR, India (Reuters) - About 35 people, including policemen, were killed when Maoist rebels detonated a land mine under a bus in central India on Monday, ... Their place, their timeHindustan Times - 22 hours ago If any proof was required that India's anti-Maoist strategy is floundering, it came on Monday when a civilian bus was blown up killing at least 40 people. ... Maoist Rebels Attack Bus in Central India, Killing 27BusinessWeek - - May 17, 2010 May 17 (Bloomberg) -- Maoist rebels blew up a bus carrying civilians and policemen in central India today killing at least 27 people ... India on high alert amid Maoist shutdown - SummaryEarthtimes (press release) - May 18, 2010 The banned Communist Party of India-Maoist called for a two-day shutdown beginning Tuesday across five states in eastern India - Orissa, Bihar, West Bengal, ... Lessons from Dantewada-2The Hindu - 19 hours ago It has also demonstrated that India's response to the challenge is deeply flawed. For at least the last two years, Maoist insurgents have been preparing for ... Home ministry meet to seek change in anti-Maoist strategyHindustan Times - May 18, 2010 ... India's top security officials, including Home Secretary GK Pillai, will meet in New Delhi on Tuesday evening seeking a change in the anti-Maoist ... India: Dantewada: Naxalite Maoists attack bus, killing 45 peopleSpero News - 6 hours ago In recent years, India's economic development has led to more confrontations as peasants resist land seizures. Increasingly, they have backed the Maoist ... |
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TRAI asks Govt to hold any decision on 2G pricing
| To give new recommendations after re-studying plan to link with 3G rates. |
Contentious issues
The latest communication from TRAI puts the entire issue of 2G spectrum pricing back to square one with still no clarity on how the air waves will be priced
Thomas K. Thomas
New Delhi, May 18
The Telecom Regulatory Authority of India on Tuesday asked the Government to put on hold any decision to link 2G spectrum price to 3G air waves till it further studied the subject.
The regulator has informed the Government that it will undertake a separate consultation process on re-farming spectrum in the 900 Mhz band and therefore the Department of Telecom should await the recommendations on the same before taking any policy decisions.
TRAI has drawn a lot of flak over the last week for linking 2G spectrum prices to the bids received in the ongoing 3G auction. TRAI had suggested that existing players with more than 6.2 Mhz of 2G spectrum be asked to pay equivalent to what the operators are bidding for 3G spectrum.
In its latest communication to the DoT, Mr J. S. Sarma, Chairman of TRAI, said, "While recommending that 3G prices be adopted as the current price of spectrum in the 1,800 Mhz band, the authority also stated that it is separately initiating an exercise to further study this subject and that the Government would be apprised of its findings. On the issues involved in the re-farming of 800/900 Mhz spectrum, it was indicated that the Authority will carry out a separate consultation process and shall give its recommendations to the Government. I would accordingly suggest that the Government should await the recommendations of the authority on both issues before taking any decision."
The regulator had also suggested that operators with 900 Mhz frequency should be asked to surrender the spectrum at the end of the licence period. As a result of these proposals, GSM players such as Bharti Airtel and Vodafone would have to cough up nearly Rs 35,000 crore over the next few years. These operators had termed the recommendations arbitrary and urged the Government to dump them.
But the latest communication from TRAI puts the entire issue of 2G spectrum pricing back to square one with still no clarity on how the air waves will be priced. Since TRAI has also told the DoT that its entire 414-page recommendations should be read as an integral document, the other proposals relating to mergers and acquisitions and spectrum allocation to new players may also be put in limbo.
Related Stories:2G prices: Vodafone urges Raja to reject TRAI plan
TRAI wants 2G spectrum price pegged to 3G
3G spectrum price nears Rs 15,500 cr
2G: Four big operators to pay only Rs 12,000 cr, says TRAI
Stories in this Section
FCCB rejig to provide some relief to Suzlon
TCS deal among contracts under new UK Govt lens
TRAI asks Govt to hold any decision on 2G pricing
Marine exports cross $2-b mark
Aegis Logistics (Rs 301.1): Buy
Day Trading Guide
Nasscom sees business from tech shift on UK's cost-cut plan
Sesa Goa tumbles as Govt reverses earlier nod
Wanted an 'energy vision'
Soft interest rates woo companies to debt market
Bank of Rajasthan to merge with ICICI Bank
ADB cautions against volatile capital inflows
Holdings in US Treasuries jump $400 m in March
'Retiring secretaries should not become regulators of their sectors'
INDUSTRY & ECONOMY
INDUSTRY ASSOCIATIONS: Nasscom sees business from tech shift on UK's cost-cut plan
Notwithstanding the impending budget cuts in the UK, Nasscom today appeared optimistic about business prospects saying the new coalition Government's move to cut costs and drive efficiencies will lead to more IT spends in ...
ECONOMY: ADB cautions against volatile capital inflows
The Asian Development Bank (ADB) has sounded the alarm against the potential threat from volatile capital inflows destabilising the region's financial markets, urging the countries in the region to stay guarded and be ready to act fast in ...
PETROLEUM: Slippery oil
Crude oil can confound the most astute of observers. Only the other day commodities guru, Mr Jim Rogers, and Reliance Industries Chairman, Mr Mukesh Ambani, were sounding bullish on crude prices; Mr Ambani warned of prices breaching ...
RURAL DEVELOPMENT: Census and the rural economy
Should farmers not be concerned about the population census? The census will tell us a lot about changes in farm demography. The most awaited number from the 2011 census that would point to the fortunes of agriculture is the rural-urban mix ...
FOREIGN TRADE: Pranab for expanding economic ties with Pakistan
Islamabad urged to come out with negative list of imports. The Finance Minister, Mr Pranab Mukherjee, on Tuesday called on Pakistan to create a negative list that could replace the existing lengthy positive list of importable items ...
INFRASTRUCTURE: Finance Ministry objects to SEZ status for Vallarpadam
Issue may go back to CCEA as Commerce Ministry favours the tag. The proposed Rs 10,000-crore Vallarpadam Special Economic Zone in Kochi is in troubled waters as the Finance Ministry has objected to granting it the coveted ...
BUSINESS MODELS: IPL, or what makes scamsters tick
Proponents of economic liberalism assert that greater access to markets will contain the incidence of corruption. Tonnes have been written on how corruption adversely affects growth, how protectionist regimes lead to misallocation of ...
RURAL DEVELOPMENT: Former judges to be made ombudsmen for rural job scheme
ISRO aerial pictures of coverage areas to be used for assessment. The Karnataka Government is planning to appoint ombudsmen at district levels for the proper implementation of the National Rural Employment Guarantee ...
ECONOMY: Multiplier effect of 'women power'
Economists and sociologists, led by demographers, have been putting out studies of the impact of the rising proportion of the young in population on the economic front. The future course of economic development of almost every country ...
ENVIRONMENT: US climate Bill bodes well for India's clean mechanism projects
The recently introduced climate Bill in the US, which seeks to curb emissions by setting up a cap-and-trade mechanism, if passed, will strengthen the post-2012 carbon trade and could open up a new market for the Indian clean development ...
INDUSTRY ASSOCIATIONS: CII favours early solution to statehood issue
An early resolution to the current Telangana Statehood imbroglio will have positive impact on the State's economy, according to representatives of the Confederation of Indian ...
EXPORTS & IMPORTS: Marine exports cross $2-b mark
Despite global recession and a stronger rupee, marine exports crossed the $2-billion mark for the first time in the 2009-2010 fiscal, Ms Leena Nair, Chairperson of the Marine Products Export Development Authority (MPEDA) said. Indian ...
EDUCATION: Mr Satyan C. Bhatt, Managing Director, Prism Public Relations; D.G Vaishnav College
Does perception and reality connect from the customer's viewpoint? The answer can never be Yes or No. Many factors play an important role in creating the feel-good factor. Reality never matches up to perception — this was once again ...
PETROLEUM: Ministers' panel on petroleum pricing may meet in June
An Empowered Group of Ministers (EGoM) constituted to look into the issue of under-recoveries incurred by the public sector oil marketing companies for selling petroleum products below the market price is likely to meet early ...
POLLUTION: Curb industrial pollution in Vizag: Purandeswari
Industrial pollution in Visakhapatnam city and district has reached a critical point and is proving to be a major hurdle for further growth. Therefore, urgent steps are needed to mitigate it and pave the way for sustainable growth on a ...
EXPORTS & IMPORTS: Dairy items, food grains lead import of key items
Import of dairy items during April 2009-February 2010 surged by a massive 275.5 per cent to Rs 284.88 crore, while that of foodgrains shot up 211 per cent to Rs ...
EDUCATION: Mr Arvind Pinto, Chief Commissioner of Income-Tax, Coimbatore; SVS Institute of Management
Listening is an art which few master and many do not, and if managers are to get the best results they should lend an ear to their co-workers, according to Mr Arvind Pinto, Chief Commissioner of Income-Tax, Coimbatore. For any successful ...
POWER: 'Tatas can't sell power outside Mumbai'
The battle of words between Tata Power and Reliance Infrastructure continued despite the Government instructing the State power load despatch centre to continue supplying 358 MW to ...
CLIMATE & WEATHER: Sikkim to set up panels for climate change action plan
The Sikkim Government is set to notify working groups for preparation of a State-level action plan on climate change with support from German Technical ...
TOURISM: Bengal chalks out tourism roadmap
With a view to enhance the tourism potential of West Bengal, the State Tourism Department plans to develop Dooars and Jalpaiguri districts into forest tourism destinations, according to Mr Manabendra Mukherjee, Minister for Tourism, ...
TAXATION: Seminar on indirect tax issues
Mr Madhukar N. Hiregange, Vice-Chairman, Indirect Tax Committee, of the Institute of Chartered Accountants of India, New Delhi, delivered the inaugural address at the one-day seminar on "issues in indirect taxes" here organised ...
EXPORTS & IMPORTS: Export documentation workshop
The two-day workshop on "Export documentation & marketing" commenced here to impart knowledge and create an awareness among exporters of Kochi and peripheral areas. The workshop was inaugurated by Ms V. Rama Mathew, ...
EDUCATION: India short of 12 lakh teachers, says Sibal
India needs 12 lakhs more teachers under the Right to Education Campaign, the Union Minister for Human Resource and Development, Mr Kapil Sibal, said while delivering the 38th Shri Ram ...
REGULATORY BODIES & RULINGS: 'Certain regulators should come under CAG audit purview'
The office of the Comptroller and Auditor-General of India (CAG) has pitched for powers to bring certain regulators under the audit purview of CAG, which is the ...
EVENTS: Vice-President urges speedier accounting reforms
The Government must "immediately" initiate steps to move to accrual-based accounting, the Vice-President, Mr M. Hamid Ansari, ...
MINING & QUARRYING: CM reviews APMDC performance
The Andhra Pradesh Chief Minister, Mr K. Rosaiah, on Tuesday reviewed the performance of the AP Mineral Development Corporation (APMDC), which has registered a significant increase in its turnover to Rs 217.18 crore last fiscal from Rs ...
SSI: Match manufacturers call for strike
The Members of Tamil Nadu Match Manufacturers' Association belonging semi-mechanised and allied match factories observed a one-day token strike at Tuticorin on Monday, demanding redressal of their grievances. They demanded the scrapping of ...
OPINION
EDITORIAL: Slippery oil
Crude oil can confound the most astute of observers. Only the other day commodities guru, Mr Jim Rogers, and Reliance Industries Chairman, Mr Mukesh Ambani, were sounding bullish on crude prices; Mr Ambani warned of prices breaching ...
CLIMATE & WEATHER: It never rains but it pours
The International Commission on Climate Change may have gone it wrong on the melting and the receding of the Himalayan glaciers; but it is, unfortunately, turning out to be accurate on the maximum temperatures the ...
ECONOMY: Census and the rural economy
Should farmers not be concerned about the population census? The census will tell us a lot about changes in farm demography. The most awaited number from the 2011 census that would point to the fortunes of agriculture is the rural-urban mix ...
INTERVIEW: 'Our telecom licensing is technology-neutral'
In 2004, Pakistan had a total of 7.5 million telephone connections (about 5 million of them cellular). Tariffs were high and a call from Islamabad to Karachi cost (Pakistani) Rs 70. In 2007, the telecom market was de-regulated. Today, the ...
ECONOMICS: IPL, or what makes scamsters tick
Proponents of economic liberalism assert that greater access to markets will contain the incidence of corruption. Tonnes have been written on how corruption adversely affects growth, how protectionist regimes lead to misallocation of ...
GENDER: Multiplier effect of 'women power'
Economists and sociologists, led by demographers, have been putting out studies of the impact of the rising proportion of the young in population on the economic front. The future course of economic development of almost every country ...
LIFESTYLE: Flowers for Mumbai
One Tuesday evening, I surprised myself by being the first to jump into the first-class compartment as the suburban train drew into CST (former VT station). I usually wait for the herd to finish its charge but this time co-ordination clicked; ...
LETTERS: Big cities are not beautiful
The reports of the McKinsey Global Institute (MGI) on urbanisation and later the article "Big cities are not beautiful" ( Business Line, May 4) were thought-provoking. I recently attended an interactive session conducted by CII ...
LETTERS: Maoist menace
This is with reference to the article "Sane voice in the Maoist debate" ( Business Line, May 18). I disagree with the author's point of view that an offer of unconditional talks may buy peace for ...
Columnists: • C Gopinath • Harish Bijoor • G Chandrashekhar • S Murlidharan • Sharad Joshi • Mohan Murti • S Balakrishnan • Bharat Savur • B S Raghavan • Ganesh Challa • Bhanoji Rao • Swati • T Banusekar • Ramanujam Sridhar • Ranabir Ray Choudhury • Rasheeda Bhagat • P.V. Indiresan • P Devarajan • S Muralidhar • R K Raghavan • B Venkatesh • S Venkitaramanan
GOVERNMENT
HUMAN RESOURCES: 'Retiring secretaries should not become regulators of their sectors'
Montek Singh Ahluwalia sees conflict of interest. A retiring Secretary should not become the regulator for the sector that he had overseen while in Government, Mr Montek Singh Ahluwalia, Deputy Chairman of the Planning Commission, said here on ...
POLITICS: TCS deal among contracts under new UK Govt lens
Tata Consultancy Services' outsourcing contract from the UK government for managing a state-sponsored pension scheme may be among the several projects that will be put on the block by the new regime ...
POLICY: US climate Bill bodes well for India's clean mechanism projects
The recently introduced climate Bill in the US, which seeks to curb emissions by setting up a cap-and-trade mechanism, if passed, will strengthen the post-2012 carbon trade and could open up a new market for the Indian clean development ...
E-GOVERNANCE: Govt nod for 'standardised approach' to collect data under UID project
In order to smoothen the process of enrolment for the UID project, the Government on Tuesday approved adoption of a "standardised approach" for collection of demographic and ...
SECURITY: Defence manufacture
http://www.thehindubusinessline.com/2010/05/19/04hdline.htm
ADB cautions against volatile capital inflowsHindu Business Line - 9 hours ago Surges in short-term capital inflows could potentially leave countries vulnerable to a sudden reversal in portfolio investment and to sharp currency ... Asia: The Challenge of Capital Inflows Roubini.com (subscription) Emerging Asia should act on potentially destabilizing capital inflows: Asian ... Daily News & Analysis Many Asian markets near their peaks, warns ADB Business Times (subscription) Capital flows to gain further momentum, says GokarnBusiness Standard - May 13, 2010 Hinting at increased vigil on foreign capital inflows, Reserve Bank of India Deputy Governor Subir Gokarn on Thursday said investments were expected to ... RBI has no plan to intervene in forex markets now: Gokarn Economic Times RBI: Stimulus Exit Will Take Global Uncertainties Into Account Wall Street Journal Greek crisis not to impact India, says Centre Deccan Herald Rupee Inches UpwardsStock Watch - - 10 hours ago The Indian rupee went up on Tuesday, from two-month lows as it was buoyed by increased share prices and expectations of more capital inflows in the coming ... Rupee pulls away from 2-month lows, shares help Economic Times Rupee review and outlook Commodity Online Email this storyRBI rules out tax on dollar flowCalcutta Telegraph - May 12, 2010 Mumbai May 12: India has no plans to check foreign capital inflows by slapping a Tobin tax on them, RBI governor Duvvuri Subbarao said. ... RBI did not trade in dollars for four months up to March Business Standard RBI prefers long-term cap inflows: Governor Economic Times Sovereign debt risk: Impact on AsiaEconomic Times - May 16, 2010 ... in 2009 and has a high dependence on capital inflows. Foreign capital inflows can play an important role in influencing private corporate capex in India. Q+A-Can Indonesia keep up its economic growth momentum? Interactive Investor ANALYSIS-Asian bonds stand out in crisis on fiscal health Alibaba News Channel Email this storyAsia Rides the Crisis New York Times - - 16 hours ago Hong Kong and Singapore, which are fully open to capital inflow, also have banking systems that are among the strongest in the world. ... Email this storyRupee's stock-driven gains offset by euro fallEconomic Times - May 13, 2010 MUMBAI: The Indian rupee's stock-driven gains on Thursday, on expectations of capital inflows, were offset by dollar demand from importers triggered by the ... Rupee review and outlook Commodity Online Rupee gains 11 paise against dollar in early trade Press Trust of India Rupee gains 12 paise against dollar in early trade Times of India SBI anticipates increase in interest rates shortly; car loans to become expensiveBank Bazaar - 4 hours ago Capital inflows also look good for now, so there is no pressure on liquidity, however, if RBI takes steps to control inflation, liquidity could dry up, ... ECBs attractive tool but big flows a concernEconomic Times - May 17, 2010 The 13% appreciation in the rupee in 2009-10 on just $14 billion of capital inflows in excess of the current account deficit underscores the point. ... Market may remain volatile amid choppy Asian stocksBloombergUTV - May 17, 2010 RBI governor D Subbarao on 11 May 2010 said India prefers long-term capital inflows to short-term flows and non-debt flows to debt flows. ... Stay up to date on these results: |
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Al-Qaeda second-in-command Ayman al-Zawahiri is planning to carry out a terror strike at the eagerly awaited FIFA World Cup 2010, a recently arrested Al Qaeda operative has disclosed.
The operative Azzam Saleh Misfar al-Qahtani is a former Saudi Army Colonel and has previously been behind two suicide bombings in Baghdad, and had been appointed as the security chief for al-Qaeda's local branch in Iraq.
It has emerged that England's opening match against the US was the likely target.
"He participated in the planning of a terrorist act in South Africa during the World Cup. He was in contact with the terrorist Ayman al-Zawahiri to organise the plan hatched by al-Qaeda," the Telegraph quoted Major General Qassim Atta, head of security in Baghdad as saying.
This revelation will probably lead to a review of security arrangements in South Africa, security forces there had hitherto been concentrating on curtailing violent crime for which the country is notorious.
There are precautions against terror strikes but the police say they are still investigating the claims.
Indian Express Reports:
Virtually endorsing UPA chairperson Sonia Gandhi's contention that a "sorry state of affairs continues" in the Mayawati-ruled Uttar Pradesh, the Planning Commission has expressed serious concern over the regional disparities in the largest electoral state and warned that its deteriorating financial position has assumed alarming proportions. UP is slated to go to polls in 2012.
In a recent letter to Mayawati, commission deputy chairman Montek Singh Ahluwalia said "regional disparities in UP are a cause of worry and Bundelkhand, Eastern and Central regions of the state lag behind the Western region in almost all parameters of development." Reminding her that the Centre had approved a special package of Rs 3,506 crore for drought mitigation in the Bundelkhand area, Ahluwalia asked the chief minister to issue the necessary directives to ensure adequate utilisation of funds for its development, a matter which was also earlier discussed in the earlier plan discussions.
On her tour to Rae Bareilly yesterday, Gandhi had said, "A sorry state of affairs continues in the largest electoral state." She alleged that despite the Centre's liberal assistance, money was not being spent for development programmes. Warning about UP's deteriorating financial condition, the deputy chairman pointed out that the state's BCR has declined from Rs 10,604.98 crore in 2008-09 to Rs 8,848.94 crore in 2009-10. Likewise the revenue surplus too has slid from Rs 4,900 crore in 2006-07 to Rs 1,987.87 crore in 2009-10. UP's fiscal deficit has shot up from 3.1 per cent in 2006-07 to 5.13 per cent in 2009-10 and also its primary deficit as percentage of GSDP has increased sharply from -0.28 per cent to 2.48 per cent "which is quite alarming," he said. "..it is now necessary to take corrective steps. I would urge the state to take necessary steps to improve the financial health in 2010-11 so that the fiscal imbalances may not enlarge in the future," Ahluwalia said in his letter.
On the implementation of the UPA's flagship Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGP), Ahluwalia observed that the state's share in employment given to BPL households was 10 per cent less than the share of rural households. Citing a report by the Centre for Environment and Food Security, which reported extensive malpractices at the implementation level of MGNREGA with workers not being paid for work done and also instances of fake entries in job cards, Ahluwalia argued, "I cannot verify the accuracy of the picture portrayed in the report, but the allegation of extensive malpractices is disturbing and you may wish to obtain an independent report from the administration."
Chidambaram hurt by Jaitley calling him 'injured martyr'
Union Home Minister P. Chidambaram Tuesday took exception to senior Bharatiya Janata Party (BJP) leader Arun Jaitley describing him as an 'injured martyr' and termed the choice of his words as 'unfortunate'.Apparently stung by Jaitley's criticism that the home minister rued his 'limited mandate' given by the Cabinet Committee on Security in tackling the Maoist menace, Chidambaram went on to clarify that he was talking of 'limited mandate' in the context that tackling Maoists was the state governments' responsibility.
'I believe Jaitely described me as an injured martyr. It was an unfortunate selection of words,' he said.
'The injured martyrs are there in Chhattisgarh among the civilians and jawans,' said Chidambaram, referring to the victims of the Maoist-triggered landmine blast in Dantewada. The blast in a civilian bus Monday killed at least 35 civilians and special police officers (SPOs).
Chidambaram said he spoke of 'limited mandate' in the context that tackling Maoists was the prime responsibility of the state governments and the central government was there only to provide all requisite help to the chief ministers in meeting the menace.
'If you play around with words, you can go on to say that the chief ministers have unlimited mandate,' said Chidambaram.
Jaitley, in his comments, said: 'Chidambaram appeared to be an injured martyr. He claimed that he only had limited mandate from the Cabinet Committee on Security as against a larger mandate that he desired.'
The BJP leader was commenting on Chidambaram's interview to NDTV news channel that he gave shortly after news of the Maoist attack in Dantewada.
'I appeal to all political parties, specially the BJP, to maintain a bipartisan approach to the problem of the Maoists,' Chidambaram said.
The home minister spoke to waiting reporters and television news channels when he emerged from his North Block office on Raisina Hill.
He, however, refused to take any questions on whether the government would consider reviewing its anti-Maoist policy or consider including the provisions of air surveillance. He stone-walled queries, saying he has already spoken to various news channels in his interviews to them.
Tribals with bows, arrows at Rahul rally, questioned
Suspecting them to be Naxals, Uttar Pradesh police today questioned some tribals carrying bows and arrows at the venue of a rally addressed by Congress leader Rahul Gandhi at Ahraura, some 60km from here. The tribals entered the rally ground, raising suspicion that they might be Naxalites as Mirzapur is a Maoist-hit area, police sources said here.However, it was found that the tribals came to present bows and arrows to the Congress leader, who was to address his first rally in the district, and were called on the dais to give them to Rahul as memento.
Sonia enquires about irregularities in MNREGA payment
Congress president Sonia Gandhi today dropped at the house of a village head to enquire about alleged irregularities in payments for works under Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) here. "During her unscheduled visit to rural areas of her parliamentary constituency, Gandhi, while attending a meeting, received complaints regarding alleged irregularities in MNREGA against gram pradhan of Khajuriya village," party sources said.The villagers informed her that the village head was creating problems in payment of wages. "Taking a serious note of the complaint, Gandhi took a detour and reached the village head''s house in Khajuria to enquire about the reality," they said.
However, she could not meet her as he was not present. Later, the UPA Chairperson asked the block development officer to look into the matter and do the needful to ensure regular payments to the workers.
On the second day of her three-day visit to Rae Bareli, Gandhi took an extensive tour of the villages and took feedback on the ongoing developmental works related to Centre-backed schemes. She also asked her staff to take up the matter with the officers concerned.
A delegation from the under-construction Rail Coach Factory at Lalganj apprised her of the progress of the ambitious project. Separate delegations from the Rajiv Gandhi Petroleum Institute and ITI also informed her about various works being undertaken.
Earlier in the day, she inaugurated various projects, including road schemes under PMGSY. She performed rituals and inaugurated 10 road projects covering a distance of 32.165 km constructed under PMGSY at a cost of Rs 10.58 crores at Bela Tikari village. Gandhi also attended a function organised at Kajjiyana village by UCO bank in association with Rajiv Gandhi Mahila Vikas Pariyojna to disburse loan among self-help groups (SHGs).
US to press Pakistan to close terror's 'safe haven'
The White House is dispatching national security adviser Gen. James L. Jones and CIA director Leon E. Panetta to Pakistan to push Islamabad to intensify efforts to investigate the Times Square bomb plot and take steps to close terror's 'safe haven' in that country, according to the New York Times.The two top security officials are expected to arrive in Islamabad on Tuesday in the highest-level American visit to Pakistan, it said citing administration officials, since Faisal Shahzad, a Pakistan born naturalised Pakistani immigrant, drove a crude car bomb into Times Square on May 1.
General Jones would not threaten the Pakistanis, but would convey the risks to the country's relationship with the United States if a deadly terrorist attack originated there, the Times said citing a senior administration official. He plans to prod them to take tougher steps against the Taliban and other insurgent groups, the official was quoted as saying.
The American officials and their Pakistani counterparts are expected to compare information collected by each side on the Times Square case, examine what vulnerabilities it reveals, and decide what additional military, law enforcement and intelligence-gathering actions need to be taken, the daily said.
'In light of the failed Times Square terrorist attack and other terrorist attacks that trace to the border region, we believe that it is time to redouble our efforts with our allies in Pakistan to close this safe haven and create an environment where we and the Pakistani people can lead safe and productive lives,' Michael A. Hammer, a National Security Council spokesman, was quoted as saying.
While General Jones's specific requests were not clear, the senior administration official cited by the Times said he might ask Pakistan's military to push harder into North Waziristan, the main base for the Pakistani Taliban, Al Qaeda and other militant groups.
Shahzad, 30, has told investigators that he trained in North Waziristan, but Pakistan has said it is still preoccupied trying to hold South Waziristan and Swat.
Among the other possible American requests, an official was quoted as saying, were more intense surveillance of suspected terrorists and allowing more American military advisers to operate in Pakistan.
The United States is also proposing to open a new consulate in Quetta, in southwestern Pakistan, where the CIA. would likely have a sizable presence.
American intelligence officials have expressed growing concern about the increasingly intertwined network of Islamic extremist groups operating in and around Pakistan's tribal areas.
The Obama administration sees the Times Square plot as a reason to push the Pakistanis to do several things it has long desired, the Times said.
Times Square bomber arraigned, next hearing June 1
Two weeks after his arrest, Pakistani American Faisal Shahzad, who planned to detonate a car bomb at the landmark Times Square, was arraigned before a federal magistrate in Manhattan on five felony counts.Appearing before Magistrate Judge James C. Francis IV Tuesday evening, Shahzad, 30, did not enter a plea, simply answering 'yes' when the judge asked whether an affidavit attesting to his finances was accurate.
He was then charged with one count each of attempting terrorism by attempting to kill people; attempted use of a weapon of mass destruction; using a destructive device in connection with an attempted crime of violence; transporting explosives; and attempting to destroy property with fire and explosives. Attempted terrorism carries a maximum sentence of life in prison.
The judge asked an assistant United States attorney, Randall Jackson, whether the government wished Shahzad to be held. 'The government seeks detention,' Jackson said. Shahzad's court appointed lawyer, Julia Gatto, sitting at his side, consented.
The judge set a June 1 date for Shahzad's next hearing, and the defendant was handcuffed and led from the courtroom. The whole proceeding took less than 10 minutes.
Shahzad, a Pakistani immigrant who lived in Connecticut and had worked as a financial analyst, was taken into custody May 3 as he tried to flee to his native Pakistan on a flight out of Kennedy International JFK Airport minutes before the plane was to leave for Dubai.
Prosecutors said he had left a Nissan Pathfinder rigged with makeshift, defective explosives in Times Square on May 1. The suspect who has been kept in an undisclosed location since he was taken into custody immediately began cooperating with federal investigators.
'Shahzad ... has provided valuable intelligence from which further investigative action has been taken,' said US Attorney Preet Bharara before the hearing.
Three other Pakistanis were taken into custody in New England after a series of raids last week, and three others were arrested in Pakistan. None face criminal charges in connection with the plot.
Meanwhile, President Barack Obama's homeland security counterterrorism adviser John Brennan said Tuesday a newly formed high-value detainee interrogation group, known as the HIG, was used to question Shahzad, as well as other suspects in the US and abroad, over the last few months.
Senior administration officials cited in media reports said the elite team of investigators - from the FBI, CIA and Defence Department - is designed to question terror suspects just after arrest, to head off future terror attacks.
Days after the BSP extended support to the UPA against opposition-sponsored cut motions in Parliament, AICC general secretary Rahul Gandhi clarified that there is no pact between the Congress and the BSP. In fact, he said, there would be no pact with the BSP in future either. He also attacked the Mayawati government for not doing anything for the Dalits in the state.
Rahul was addressing a gathering of people at Ahararura in Mirzapur district on Tuesday. Apart from its old association with Naxalism, Aharaura is also known as a major supplier of stone for the construction of memorials and parks in Lucknow. However, Rahul avoided making any reference to both during his half-an-hour-long speech.
"A few days ago, there was voting in Parliament. Newspapers reported that there is a pact between the BSP and the Congress. I want to make it clear that there is no pact," Rahul said. He added the Congress would defeat the BSP in the coming elections. "I am with you. I am ready to come wherever you call me. I am ready to fight your battle," Rahul promised the gathering.
He tried to give an impression that his party's 2012 mission was not only about winning the UP Assembly polls. "The question is not only about defeating the BSP. I know you would defeat the BSP. But the bigger question is development of UP," Rahul said, adding that a change of government will only be the first step. He said Mayawati claimed hers was a government of the Dalits. "Ask any Dalit and he would say there is no government," he added.
He said the UPA government was pro-poor and talked about the implementation of MNREGA in the state. "We say this scheme is meant for the poor, including STs and SCs. UP government says there is no benefit from this scheme," he said.
About the power situation, he said, "Power is available for only five to six hours." A section of people responded: "No, only for two to three hours." He said Punjab is a much smaller state but generates more power than UP.
Rahul had done his homework well. He recalled that Sonbhadra district had a copper industry in the past. He also spoke of the poor condition of weavers in Mirzapur. Then he underlined the need for the formation of Congress government in the state. "You have witnessed the politics of caste and religion. You voted the BJP, SP, BSP to power," he told the gathering.
He spoke about the migration of youths to other parts of the country, including Maharashtra, Haryana, Delhi and Punjab in search of jobs, even when the state had tremendous potential. Rahul also referred to the attack on UP youths in Maharashtra.
Saudi army officer held in Iraq for World Cup terror plot
Baghdad, May 17 (DPA) A Saudi army officer was arrested in Iraq Monday for past attacks and for involvement in an alleged Al Qaeda plot targeting the World Cup events in South Africa, an Iraqi military spokesperson said.
Saudi Colonel Azzam al-Qahtani, also known as Sanan al-Saudi, entered Iraq in 2004 and is believed to have been involved in attacks on religious sites in Karbala and Najaf, Iraqi General Qassem Atta said.
He is accused of cooperating with Ayman al-Zawahiri, Al Qaeda's second in command, in planning attacks on the World Cup events in South Africa, which begin in June.
Thai troops advance on protest site, fire breaks out
Hundreds of Thai troops, backed by armoured personnel carriers and water trucks, advanced on the southern section of an anti-government protest site Wednesday in the heart of Bangkok, prompting reprisals in other parts of the capital.The troops, deployed at the intersection of Rama IV and Silom roads, used water hoses to try to break down barricades of rubber tyres and bamboo sticks set up weeks ago by red-shirted protestors who have occupied the Ratchaprasong district since April 3, Spring New TV reported.
Tear gas was fired into the area, which has been largely abandoned by the protestors since Thursday, when the government launched its offensive to clear the protestors from Ratchaprasong Road, an upmarket shopping and hotel district in central Bangkok.
Shortly after the deployment of troops at Rama IV, protestors reportedly set fire to the Anti-Narcotics Bureau office at Din Daeng Road, north of Rathaprasong, where bloody street battles raged over the weekend.
An explosion was also heard in the government office, Spring New reported.
The red shirts, officially called the United Front for Democracy against Dictatorship (UDD), have been demanding that Thai Prime Minister Abhisit Vejjajiva dissolve parliament and hold new elections.
Their nine-week protest has led to fierce street fighting that has paralyzed central Bangkok and claimed up to 66 dead and more than 1,400 injured.
After four years and 16 reminders from the Union home ministry, the Delhi government on Tuesday sent to the office of Lt Governor Tejinder Khanna the file on the death sentence for Parliament attack convict Afzal Guru. But it was returned within hours by the Lt Governor who sought 'further clarifications urgently'.
The question of clemency for Afzal Guru has been hanging fire since 2006 when he appealed for mercy. It is reliably learnt that the Delhi government has maintained that it has no reason to disagree with the Supreme Court's view on Afzal Guru—indicating that it does not consider a case for granting him clemency.
Afzal Guru was sentenced to death by a Delhi court and it was upheld by the High Court. His appeal against the verdict was rejected by the Supreme Court. Sources said the home ministry had asked the Delhi government to give its opinion if the hanging "would have any implication on the law and order situation" here.
As law and order in Delhi is under the Lt Governor's office, sources maintain that the Delhi government tried to lob the ball in his court. But the dramatic return of the file by Raj Bhawan has deepened the suspense on what political call the Centre and the state—the Congress in in power in both—intend to take, and when. Incidentally, a similar question on the matter of clemency, sources said, has been put to the government of Jammu and Kashmir, inquiring if the hanging of Afzal Guru will have a bearing on law and order in J&K.
New Delhi, May 18 -- That harmful substances are present in Delhi water sources is no secret. But, according to a report by a non-governmental organisation, Hazard Centre, such substances are present even in the so-called potable water supplied to our homes.
Hazard Centre tested 53 Delhi Jal Board (DJB) water samples from various areas in Delhi and found only two of the 53 samples potable. "We found the levels of faecal contanimation, fluoride and arsenic were above the permissible limit in many areas," said Dunnu Roy, director, Hazard Centre.
The water samples were taken from various areas such as Sonia Vihar, Najafgarh, Mehrauli, Okhla, Commonwealth Games Village and Chattarpur. The tests were conducted at two places, the Jawaharlal Nehru University laboratory and People's Science Institute laboratory in Dehradun.
"The samples were from bore wells, tube wells, piped water, tankers and surface water supply," Roy said. The study was conducted in October last year with support from international NGO, Water Aid.
The study found 38 samples had faecal contamination, 11 samples had iron above the permissible limit and 17 samples had arsenic above permissible limits. Roy revealed this at a conference on the Delhi Groundwater Bill on Tuesday.
Hazard Centre demanded that DJB should set a protocol for joint monitoring of water quality and that there be proactive disclosure of the results of water sample tests.
The Punjab Cabinet on Monday gave a go ahead to the Punjab Private Universities Policy 2010 for setting up of self financed private universities in the state to raise the standard of education and entrepreneurs skills of youth workforce.
The government also cleared a host of other policies and amendments to existing Acts. In a landmark decision towards the empowerment of the women and to make the land laws gender-neutral, the council of ministers approved amendments in certain provisions of the Punjab Land Reforms Act, 1972, Punjab Security of Land Tenure Act, 1953 and Pepsu Tenancy and Agricultural Land Act, 1955 which were found discriminatory against women. According to these amendments, adult daughters would also be entitled for permissible area under the Punjab Land Reforms Act, 1972. In order to do away with such discrimination against women, the council of ministers had also decided to approve the amendments proposed in the Punjab Security of land Tenure Act, 1953 and Pepsu Tenancy & Agricultural Lands Act, 1955, according to which after the death of tenant, if he leaves behind no male lineal descendents then a women descendent would also get the tenancy rights.
The Cabinet gave approval to set up a Common Facility Centre (CFC) for the local Hi-Tech Metal Cluster at SAS Nagar in Mohali. The CFC would provide testing and calibration facilities to the manufacturers of the state. Meanwhile, the council of ministers rationalised the Motor Vehicle Tax on private service vehicles at the rate of Rs 30000 with the seating capacity from 1 to 12 seats, Rs 45000 from 13 to 30 seats and Rs 60000 per annum for above 31 seats in case of trade and business vehicles against lump sum tax of Rs 45000 per annum. It was approved that the private service vehicles of the charitable educational institutions would be exempt.
In recognition to the superb performance of Indian team in World Cup Kabaddi 2010, the Cabinet gave in principle approval for relaxation in the Punjab State Agricultural Marketing Board (Class-III) Service Rules 1989 and Punjab Market Committees (Class III) Service Rules 1989 to give employment to the players in the Mandi Board and Market Committees in the state.
Signalling a possible deal for formation of the BJP-led government in Jharkhand, chief minister Shibu Soren on Tuesday decided to ensure that the remaining 56 month term of the new government is shared in the ratio of 50:50 respectively by his party JMM and the BJP.
The decision was taken at a meeting held here at the CM residence—a day after BJP's former president Rajnath Singh told Soren to hand over the baton of power to the BJP as was agreed by the allies in New Delhi earlier.
He threatened his party will be compelled to withdraw support from the government otherwise. Interestingly, the Opposition-Congress—has not shown any interest in joining hands with the JMM for realignment of forces in Jharkhand. The fear of imposition of the President's rule weighed so heavily on Soren that he—who had told his partymen that he would not step down before June 30—agreed to quit on May 25.
The same day, the BJP-led government under its national general secretary and former chief minister Arjun Munda is likely to be formed. Munda became the front runner for the top post after a majority of the BJP's MLAs backed him on May 11.
With river cruises becoming a big draw for tourists, especially foreigners, the Hooghly has become West Bengal tourism department's first priority in promoting tourism in the state.
State tourism minister Manabendra Mukherjee, at a Bengal National Chamber of Commerce & Industry meeting on roadmap for development of tourism in West Bengal in the city on Tuesday, said major projects are lined up for infrastructure development along the river. "We are building eight jetties—first in Kolkata and last in Murshidabad -- to help private cruises operate on the route. We are getting investment proposals in the area as well," the minister said.
The Kolkata-Varanasi (operated by Pandaw Cruises) and Sunderban (Vivada) cruises are among the top in popularity in river cruises in the country. The state government is spending Rs 25 crore on the infrastructure and a Rs 130 crore project is being planned with a private investor. Out of the Rs 130 crore, 25% will be central grant, said TVN Rao, managing director, West Bengal Tourism Development Corporation. Three companies have applied for the project and one will be shortlisted by June 2010, said Rao.
On the infrastructure front, work at Baharampur and Murshidabad is over, it is in progress at Barackpore and in Chandanagar, Shrirampur, Mayapur and Palasi it is at the tendering stage, the managing director said.
The infrastructure work includes landscaping, building jetties, public amenities like toilets and eateries, setting up information and tourism centres.
The state government has also got the Centre's approval for the lighting and beautification of heritage buildings in the city.
On the occasion of Rabindranath Tagore's 150 th birth anniversary, special attention is also being laid on Birbhum, Mukherjee said.
"We are aiming for greater tourist inflow from China and South-East Asia as they are better connected together with cheaper airfares," the minister said. With the refurbished Dum Dum airport set to be functional in 2011 and the 2 nd metro rail in 2-3 years, "we are expecting a major boost in tourism," he added.
MFSurvey Magazine: Countries & Regions
Weaver near Madras, India: country's recent economic performance has been nothing short of stellar, IMF report says (photo: Dibyangshu Sarkar/AFP)
IMF annual economic health check
India's Record-High Capital Inflows Pose Policy Challenge
By Andrea Richter Hume
IMF Asia and Pacific Department
February 04, 2008
- India's recent stellar economic performance attracting large capital inflows
- Although a boon, inflows also complicate monetary, exchange rate policies
- To sustain growth, India needs to tackle fiscal issues and implement structural reforms
Over the past five years, average growth of 8¾ percent has made India one of the world's fastest-growing economies.
The rapid growth has brought significant dividends to the population at large: the poverty rate fell from 36 percent in 1994 to less than 28 percent in 2005, inflation has remained contained, and the current account deficit is moderate. This performance pays tribute to India's sound macroeconomic policies and past structural reforms.
The outlook is equally positive. Rising incomes should support consumption growth, and robust business confidence, high capacity utilization, and buoyant corporate profits will bolster investment.
On the external front, a weakening of India's key trading partners is likely to slow merchandise export growth in the near term. However, India's service exports (IT and business process outsourcing) could benefit from increased demand as industrial economies look to cut costs. Over the next few years, growth is likely to moderate toward its potential rate of 8 percent, buttressed by favorable demographics and robust productivity gains.
Surging capital inflows
India's favorable environment has attracted the attention of foreign investors. Capital inflows have surged over the past two years (see Chart 1). In 2005, net capital inflows amounted to $25 billion. By 2007 (January-September), they had more than doubled, to $66 billion.
Lending to Indian corporates has been the biggest contributor, although portfolio investment has also risen rapidly. Foreign capital has been attracted by India's productivity-driven growth boom, its increasing financial integration with the global economy, and higher interest rates than abroad. Inflows are projected to remain significant, reflecting India's continued strength at a time when the world economy is weakening.
India's policy conundrum
Although capital inflows are supplying much-needed financing to Indian corporates and banks, they are also making monetary and exchange rate policy more challenging. Capital inflows caused the rupee to appreciate by 7 percent in real effective terms last year (see Chart 2). This has raised concerns about India's competitiveness, particularly in the labor-intensive textile, garment, and leather industries.
Capital inflows have also increased the money supply, which then raises inflationary pressure. In short, India is facing the policy challenges of the "impossible trinity": when there is free movement of capital, it is impossible to both target the exchange rate and maintain an independent monetary policy.
Responding to the challenge
The Reserve Bank of India (RBI) has responded to this policy challenge in a flexible manner. It allowed exchange rate flexibility to absorb pressures from capital inflows, as noted above, although it has also intervened heavily in the foreign exchange market: last year, reserves rose by nearly $100 billion, to about $275 billion.
The RBI has also actively withdrawn liquidity from the system. And monetary policy has been tightened, with the result that India has maintained a wide interest rate margin with the rest of the world (though this may, in turn, be encouraging more capital inflows). Finally, the RBI is gradually liberalizing capital outflows in line with India's medium-term objective of capital account liberalization.
Some restrictions on capital inflows have recently been introduced, primarily on corporate borrowing. International experience suggests that these restrictions are unlikely to have much impact on capital inflows because investors and borrowers find ways to evade them. But, to the extent that they do bite, they raise concerns about the potential impact on financing for infrastructure projects, which tend to require the longer-term financing that may be more readily available from foreign lenders.
Shared experiences
Despite such restrictions, India's vibrant outlook and sizable capital demands mean that capital inflows are likely to remain large. This would be consistent with the experience in other Asian countries around growth take-offs. Since restrictions on capital inflows are not likely to be effective, allowing greater exchange rate flexibility and improving liquidity management may be a better way to deal with continued capital inflows.
India's experience is not entirely unique. Brazil, Russia, and China have also experienced significant balance of payments surpluses recently. Unlike India, however, these countries have all maintained current account surpluses (see Chart 3). What is interesting is that despite the differences in their exchange rate regimes, all four countries have intervened heavily in the foreign exchange market. But they have differed in the extent to which the excess of foreign exchange inflows has been sterilized.
To safeguard its inflation target, Brazil has fully sterilized its intervention in the foreign exchange market. Both China and India have undertaken partial sterilization, and Russia has broadly limited its sterilization to oil-related inflows. As a result of these varied policy responses, the four countries' currencies appreciated to varying degrees in real effective terms between December 2006 and June 2007: 4 percent in China, 8 percent in India, 13 percent in Russia, and 17 percent in Brazil.
Not just a monetary policy challenge
Financial globalization has placed a greater premium on broadening and deepening India's financial and capital markets. This would help channel capital inflows to their most productive use, accommodate higher exchange rate volatility, and support financial stability. In this regard, the corporate bond market could play a more important role as an alternative source of funds, while better-developed onshore derivatives markets would enable corporations to better manage the risks associated with India's financial integration.
On the fiscal front, further consolidation remains important to sustain growth and manage financial globalization. Despite India's impressive revenue performance, fiscal consolidation has stalled and public debt remains high, squeezing the fiscal space needed for public investment in physical and social infrastructure. Both expenditure and revenue measures are needed, including rationalizing subsidies, cutting tax exemptions, enhancing tax administration, and broadening the tax base. A tighter fiscal stance could also limit the inflationary impact of capital inflows.
Structural reforms are long overdue and remain critical for shoring up India's competitiveness in the face of appreciation pressures. These reforms include investment to help close India's major infrastructure gaps, improving education to meet rising shortages of skilled labor, and making labor markets more flexible. Moving the economy forward in this direction will help India prolong its "dream run" of rapid growth and macroeconomic stability for many years to come.
http://www.imf.org/external/pubs/ft/survey/so/2008/CAR02408A.htm| Foreign Institutional Investors | ||
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Foreign institutional investors (FIIs) poured inflows heavily to bet on the India growth story. Overseas investors have infused US$ 816.69 million into the stock market in the first trading week of 2010, reflecting a positive start for the year after record inflows in the last year. Foreign institutional investors (FIIs) were gross buyers of shares worth US$ 3.03 billion, and sold equities valued worth US$ 2.2 billion, resulting in a net investment of US$ 823.74 million, according to the capital market regulator, Securities and Exchange Board of India (SEBI). FIIs were net investors of US$ 973.22 million in debt instruments in the first trading week of the year, according to data released by SEBI. According to SEBI, FIIs transferred a record US$ 17.46 billion in domestic equities during the calendar year 2009. This FII investment in 2009 proved to be the highest ever inflow in the country in rupee terms in a single year, breaking the previous high of US$ 14.96 billion parked by foreign fund houses in domestic equities in 2007. FIIs infused a net US$ 1.05 billion in debt instruments during the said period. During the October-December period in 2009-10, FIIs made a net buy of shares worth US$ 5.19 billion, according to data compiled from market regulator, the Securities and Exchange Board of India (SEBI). In the quarter, December attracted the highest inflow of US$ 2.2 billion, followed by October US$ 1.95 billion and November US$ 1.18 billion. FIIs poured a net US$ 1.26 billion in debt instruments during the said period. The trend of strong FII inflows to the tune of about US$ 6.3 billion witnessed during April-June quarter gained further during the September quarter of current fiscal with an infusion of US$ 7.2 billion. The number of FIIs who registered themselves with SEBI this year was higher by 7 per cent over 2008. Data sourced from the SEBI shows that number of registered FIIs stood at 1706 and number of registered sub-accounts rose to 5,331 as of December 31, 2009. A number of market and equity analysts indicate that a large part of FII inflows have come from long-only funds, signalling that the quality of foreign investment is good. India has in fact, emerged the most lucrative markets for short and medium-term investments. The US is once again at the top of the list of foreign investors in the Indian stock market, as per data presented in the Lok Sabha by the Finance Ministry. According to the latest data, till mid-November 2009, US-based foreign institutional investors (FIIs) had net investments of about US$ 4.46 billion in the Indian markets, as compared with US$ 702.37 million in 2006. They are followed by the US$ 2.57 billion net investments routed through Luxembourg. These two countries are further followed by France, Mauritius and the UK. FIIs appear to be betting big on the primary market rather than the secondary market, says Mr Anoop Bhaskar, Head of Equities at UTI Mutual Fund. Roughly US$ 9 million-US$ 10 million came in the primary issuance – through qualified institutional placements (QIPs) or preferential allotment or initial public offerings (IPOs). Private equity firms invested US$ 1.4 billion over 84 deals in India during October-December quarter of 2009, taking the annual investment numbers to US$ 3.82 billion over 232 deals, according to a study by Venture Intelligence, a research service focussed on private equity (PE) and merger and acquisition (M&A) transactions. |
Air India's task force yet to begin probe into employees' forged caste certificates
Mumbai, May 19 -- Air India's probe into the alleged forging of caste certificates by employees to get a job is waiting to take off. Acting on a Delhi High Court order, the airline's headquarters on April 15 issued a list of 83 such employees and formed a task force to complete the probe within eight days.
But the task force has not yet begun the probe. According to the procedure, the task force is supposed to submit caste certificates of staffers under the scanner and relevant supporting documents to a state-appointed Scrutiny Committee, which verifies the authenticity of the caste certificates.
Urmila Subbarao, the airline's chief vigilance officer, confirmed that the task forced had been set up. "We have not begun the process yet," she said, but did not explain the cause for the delay.
Sources in the airline claim that the exercise is eyewash. "It is a big sham.
The senior management is shielding some employees," said an airline official requesting anonymity. In 2007, V. Thulsidas, the former chairman and managing director, had ordered a similar probe but it made no headway.
The airline then had named 280 staffers suspected of forging caste certificates to secure reserved jobs. The list had included senior official Lata Nakhwa, the current executive director (medical and personnel), and others.
Hindustan Times accessed documents, which prove that despite several reminders from the Scrutiny Committee the airline has failed to submit caste certificates of the suspected employees. Without completing the 2007 probe the airline issued a circular that employees above the rank of assistant managers should not be considered for the verification.
As a result the list of employees suspected of forging caste certificates shrunk substantially. "This circular was to save a set of favoured employees," alleged the official.
New Delhi, May 19 -- Kiranjit Kaur's ordeal is finally over. For 26 years, she has been running from pillar to post, from Patiala to New Delhi, for her husband Narinderjit Singh's death certificate.
Singh, a teacher, was killed on November 1, 1984 during the anti-Sikh riots that broke out following the assassination of Indira Gandhi. On April 27, the Delhi High Court ordered the Sub-Divisional Magistrate of Vasant Vihar to release Singh's death certificate within six weeks, after verifying the particulars.
"Petitioner has been waiting for relief for over two decades, there should be no further delay," the judge said. Kaur lost her husband barely a year after their marriage.
At the age of 22, with a two-month-old son, she started her struggle to get her husband's death certificate. "I was new to Delhi.
From policemen to babus everybody deceived me. They sent me from the DCP's office in Tis Hazari court complex to the SDM's office in Punjabi Bagh" Kaur told HT..
Darjeeling, May 18 -- Darjeeling's world-famous tea industry, still smarting from the blow to its premium first flush harvest following a drought, is set to suffer a second jolt during the 10-day bandh called by Gorkha Janamukti Morcha (GJM) in June. The bandh between June 12 and 21 is set to coincide with the second flush harvest.
GJM president Bimal Gurung said they will extend it to the tea gardens and educational institutes too. "It is not a matter of 10 days alone, the effect would last a month," said Sandeep Mukherjee, secretary, Darjeeling Tea Association .
During second flush, tea leaves are plucked once in 4 days. "If plucking doesn't take place, the tea becomes unsuitable for manufacture.
The shoots grow long and have to be skiffed (a form of cut.) Once skiffing is done the buds too get damaged and leaves don't grow for many days altogether.
The bandh will stop weeding and spraying that will encourage pests," said Mukerjee. First flush is plucked from mid March till April end, while second flush is from mid May till end June.
The proceeds of first and second flush usually sustain a tea estate throughout the year. Both the flushes produce premium tea and hence fetch good prices internationally.
As much as 70 per cent of Darjeeling tea is exported.
New Delhi, May 18 -- Real estate developer Ansal API will invest around Rs 1,300 crore to develop a green-rated integrated township at Gurgaon. The 112-acre township-Esencia - would be rated on the newly developed GRIHA (Green Rating for Integrated Habitat Assessment) rating that is being promoted by the Ministry of New and Renewable Energy.
"The project is expected to generate sales revenue of Rs 1,700 crore over the next three years," said Pranav Ansal, vice chairman and managing director Ansal API..
Wed, May 19 08:41 AM
Enlarge Photo A trader looks up in front of the DAX Index board on the trading floor... Germany, in an attack on the financial speculation on which it blames much of the euro zone's debt crisis, on Tuesday announced a ban on some high-risk bets that prices of bonds and stocks will fall.
Analysts, however, were sceptical that Germany's surprise move to ban some trades in a strategy known as naked short selling could be effective in taming market volatility, with one saying it suggested "desperation."
Germany's lack of coordination with any other countries, including any other euro zone members, underscored the measure's weakness as a tool to calm markets, analysts said.
Naked short sales of euro-denominated government bonds, credit default swaps based on those bonds, and shares in Germany's 10 leading financial institutions will be prohibited, a Finance Ministry spokesman said.
Credit default swaps, a type of derivative known as CDS, insure against the risk of debt defaults.
"The ban takes effect at midnight," a Finance Ministry spokesman said, confirming what sources in Germany's ruling coalition had told Reuters earlier. A coalition source said Chancellor Angela Merkel would formally announce the ban on Wednesday.
In naked short selling, a trader sells a financial instrument short, betting that its price will fall, without first borrowing the instrument or ensuring that it can be borrowed, as would be done in a conventional short sale.
The ban will run through March 31, 2011, according to the government's financial watchdog, Bafin.
Bafin said the move was "due to the extraordinary volatility in government bonds in the euro zone." Massive short-selling could have endangered the stability of the financial system, it said.
Analysts, however, were not convinced the ban would be effective, and traders said it increased uncertainty in the financial markets.
"It tends to suggest desperation on the part of the German officials who want to discourage what they consider speculative attacks on euro zone financial markets," said Michael Malpede, a senior analyst at Easy Forex in Chicago.
Win Thin, senior currency strategist at Brown Brothers Harriman in New York, said such a ban could be futile.
"A big question is whether other countries follow suit," he said. "Of course, the other euro zone members would most likely go along with Germany on this.
"But given that this most recent leg of the crisis is centered on the peripheral euro zone, we can't see why the U.S. or the UK would get involved. And given the global nature of the financial world, couldn't a German investor simply use a U.S. counterparty to get around this ban? The report raises more questions than it answers."
There was no immediate sign that other European nations would imitate Germany. A spokesman for France's Ministry of Economy said a short-selling ban introduced in 2008 for shares of French financial institutions was still in place; it did not comment on its intentions for the bond and CDS markets.
It was also not clear how Germany could enforce the ban effectively in the debt and CDS markets, which stretch across national borders. Most European trade in CDS takes place in London.
The euro fell back near a four-year low against the dollar and investors shifted money to safe-haven assets such as U.S. Treasuries after the news on the ban. Since the beginning of the year, the euro has lost about 14 percent versus the dollar.
FINANCIAL INSTITUTIONS
Bafin said the 10 financial institutions whose shares are covered by the ban are: Allianz, Commerzbank, Deutsche Bank, Muenchener Rueck, Deutsche Boerse, Deutsche Postbank, Hannover Rueck, Aareal Bank, Generali Deutschland and MLP.
In response to the global financial crisis and the euro zone's debt problems, the German government has been working on a bill to increase protection for investors and reduce wild swings in capital markets.
Under plans sketched out earlier this year, naked short-selling would be forbidden by law as threatening the stability of financial markets. An electronic system for reporting and publishing short sale positions would be set up, with sanctions to ensure compliance.
Ruling coalition sources said Finance Minister Wolfgang Schaeuble was now enacting the ban through an executive order.
U.S. regulators are working on their own rules to curb stock trading when markets plunge uncontrollably, as happened on May 6 when the Dow Jones industrial average dropped some 700 points within minutes.
The plan was hastily crafted by the Securities and Exchange Commission and major U.S. exchanges and will be implemented as soon as mid-June, source familiar with the plan told Reuters.
(Additional reporting by Gernot Heller, Alexander Ratz and Thorsten Severin; writing by Erik Kirschbaum and Andrew Torchia; Editing by Leslie Adler)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
New Delhi, May 18 -- The Copenhagen Accord on Tuesday became a part of United Nations climate negotiation, but as an option. The United Nations Framework Convention on Climate Change (UNFCCC) in December 2009 had only taken note of the accord, an agreement between 26 rich and influential countries, and refused to endorse it. Over 80 nations, including India, had associated with the accord, which US considers its acceptance by the global community and wants it to be "formally" part of future climate talks.
On Tuesday, the UNFCCC secretariat came with a new draft on LCA having elements of the Copenhagen Accord as alternative options for the nations to agree. The text will be discussed at a 12-day conference of climate negotiators of 193 nations starting in Bonn, Germany from May 31.
More FII money in Indian debt?
| How to Spot Multibaggers |
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An interesting tug of war is growing between the Finance Ministry and the Reserve Bank of India (RBI) on whether to allow much more freedom for foreign investors (FIIs) to buy Indian debt. The Finance Ministry wants FII money in debt, but RBI is wary. CNBC-TV18's Gopika Gopakumar delves deeper.
In the past year, there has been a flurry of statements and actions by the government indicating that is wants to buck up the comatose Indian bond markets.
The latest measure passed by the Finance Ministry and awaiting RBI's nod is a move to increase the ceiling on foreign investments in the bond market by USD 5 billion.
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This will lift the FII limit on government securities market to USD 10 billion and corporate bond market to USD 20 billion from current levels.
Basically, that could mean boost to bond prices more players, more trades, more volume, more business. But, surprisingly, our dipstick survey indicated that many players only want FIIs in corporate bonds.
Bankers point out that allowing FIIs in government securities won't be a level playing field for them. They reckon that while FIIs would be allowed to sell G-Secs when the tide turns againstbonds, Indian banks are forced to hold G-Secs even in a downturn because of the mandatory 25% statutory liquidity ratio rule.
The downside of the sovereign depending on global investors is apparent from the European debt crisis.
A Prasanna, Chief Economist, ICICI Securities, said, "Diversifying the investor base will help the corporate bond market. We need to access capital flows from outside. Dependence on externalinvestors can prove counter-productive. Some of the European countries are finding out the cost now. As a principle, we should be looking at increasing the limit for corporate bond market. But for the government securities market, there is no case to increase the limit."
Some economists opposed any loosening of FII inflows in debt, even in corporate debt. Their argument was capital inflows have anyways turned heavy and allowing more FII flow into debt could lead to a sharp appreciation of the rupee that can only hurt Indian industry.
Shankar Acharya, Member-Board of Governors, The Indian Council for Research on International Economic Relations (ICRIER), said, "It will be an unwise thing to do. The rupee is overvalued relative to other currencies and that is partly driven by excess capital flows in excess of the current account deficit. The last thing to do is increase FII investment in debt securities."
The RBI, of course, has repeatedly mentioned its worries with too much foreign debt. So, it looks like any RBI move on FIIs in debt will be slow, deliberated, and diluted.
Greece crisis will not impact RBI's pace of exit'Hindu Business Line - - May 13, 2010 The Greek debt crisis is unlikely to impact the Reserve Bank of India's pace of exit from the accommodative monetary policy, said Dr Subir Gokarn, ... Capital flows to gain further momentum, says GokarnBusiness Standard - May 13, 2010 Hinting at increased vigil on foreign capital inflows, Reserve Bank of India Deputy Governor Subir Gokarn on Thursday said investments were expected to ... India to Exit Monetary Stimulus Amid Europe Crisis, Gokarn SaysBusinessWeek - - May 13, 2010 May 13 (Bloomberg) -- India will continue to exit monetary stimulus in a "calibrated" way as the central bank has taken into account global ... RBI: Stimulus Exit Will Take Global Uncertainties Into AccountWall Street Journal - - May 13, 2010 MUMBAI (Dow Jones)--The Reserve Bank of India's exit from its monetary stimulus will take global ... Greek crisis not to change RBI's exit roadmap: GokarnThe Hindu - May 13, 2010 PTI Reserve Bank on Thursday said the Greek debt crisis would not change its roadmap to exit from the accommodative stance, as the central bank has already ... Greek crisis not impacting policy: RBIEconomic Times - May 12, 2010 MUMBAI: The Greek crisis is not having any impact on the Reserve Bank of India's (RBI) policy approach at present, Subir Gokarn, a deputy governor at the ... RBI has no plan to intervene in forex markets now: GokarnEconomic Times - May 12, 2010 12 May 2010, 2309 hrs IST, PTI NEW DELHI: The Reserve Bank today said high capital inflows are a matter of concern, but no specific action is being mulled ... RBI for gradual exit from easy policyEconomic Times - May 12, 2010 NEW DELHI: RBI will stick to a gradual exit from its easy monetary policy as the risks associated with stronger action are high, a deputy governor said on ... '100% rural coverage in next 2 years': JS Sarma speaks to HTHindustan Times - May 11, 2010 What does the Greek crisis mean for India? It depends on who you are talking to. While Chief Economic Advisor Kaushik Basu says this could eventually ... RBI to come out with a report on food inflationOneindia - May 10, 2010 Kolkata, May 11 (ANI): Reserve Bank of India (RBI) Deputy Governor Subir Gokarn said the bank would come out with a report on food inflation in a few weeks ... | Timeline of articles Number of sources covering this story
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Mumbai, May 19 -- In the last two weeks, vegetables have become more expensive. While tomatoes cost Rs 4-5 per kg in the wholesale market on May 4, exactly a week later it cost Rs 10-12 a kg.
Even the wholesale price of lady's finger jumped from Rs 10-12 a kg on May 4 to Rs 20-25 on Tuesday. Wholesale traders blame the lack of agricultural production and the consequent shortage of supply for the hike in prices.
"The water shortage coupled with the load shedding has worsened matters as farmers cannot irrigate the fields. Agricultural production has suffered heavily.
This has led to a shortage of vegetables arriving in the market," said Sanjay Karande, a vegetable wholesaler at the Agricultural Produce Market Committee. And there seems to be no respite in the immediate future.
"Vegetable prices will remain high till the end of July. It is unlikely that the situation will improve before two months," said Karande.
Vashi vegetable vendor Kamlesh Gupta said: "As only 40 per cent of the stock is reaching here. Moreover, with the hike in price people are buying just half their requirement.
New Delhi, May 19 -- Fergusson College Set up in 1885, Fergusson College boasts names of Lokmanya Bal Gangadhar Tilak, Gopal Ganesh Agarkar and Vaman Shivram Apte among its founders. The college has produced great political leaders, such as the former prime ministers PV Narasimharao and VP Singh, former Chief Minister Babubhai Patel, former information and broadcasting minister VN Gadgil.
Courses BA (Economics, English, French, Geography, German, Hindi, History, Logic, Marathi, Mathematics, Philosophy, Politics, Psychology, Sanskrit, Sociology, Statistics, Music): 480 (10% seats reserved for students coming from outside Maharashtra. Admissions of foreign students will be done through the International Students Cell of the University of Pune.
They need not contact the college for the admissions. Entrance test: No Admission process Admissions are given on merit basis.
Last year, the cut-offs for BA courses was 90 %. Quota 50% of the seats are reserved for Fergusson College (Junior College) students.
SC/ST/OBC - 50% Fees For Maharashtra students applying for BA courses Rs 1,910. For outstation students Rs 2,710.
Admission process The process will begin somewhere during the second week of June. Hostel Facility Available.
Intake is 250 Placement cell College has its own placement cell, which helps students in counseling as well as getting employers into campus for recruitment. Website: www.
fergusson.edu Brihan Maharashtra College of Commerce The college was established in 1943 by the Deccan Education Society with a view to provide enlightened leadership and trained manpower in the field of commerce and business to the country, which was on the threshold of independence.
Prof DG Karve, a renowned economist and who had also been the deputy governor of the Reserve Bank of India was the first principal of the college. Courses BCom: 120 (10% seats reserved for students coming from outside Maharashtra), MCom, MPhil, BBA, BBM (International Business), BCA, PG Diploma in International Business, PG Diploma in Taxation, PG Diploma Banking and Finance.
Entrance Test Admissions are given on merit basis. In the previous two years, cut-offs for BCom were 84-85%.
Fees Yet to be fixed for the year 2010-11 Admission process After Class XII results. The process will begin somewhere during the second week of June.
Quota SC/ST/OBC - 50% Placement cell: No Hostel Facility The hostel facility is available only for boys. The students staying in the hostel are provided subsidised mess facility.
Website: www.bmcc.
ac.in Indian Law Society Established in 1924, ILS is among the best in the country for legal education.
The campus is spread over 175-acres of land against the backdrop of a scenic hill. It has a library of about 45,000 volumes plus about a hundred periodicals, which makes it one of the biggest law libraries in India.
Three chief justices of India and a number of other justices of the High Courts as well as governors are among the alumni of the college. Course Bachelor of Law: 240 Entrance test: No Admission Admissions are given on merit basis.
Last year, admissions for the five-year law program had a cut-off of 90% Free structure For Maharashtra students - Rs 12,320. For outstation students - Rs 13,920 Quota SC/ST/OBC - 50%.
10% seats are reserved for students coming from other states. Hostel Facility The college has 190 seats for boys and 70 seats for girls.
Placement Cell College has its own placement cell, which helps students in counseling as well as getting employers into campus for recruitment. Admission.
Mumbai, May 19 -- The next time you bite into your favourite roadside vada pav or get lured by the smell of the Chinese food stall round the corner, you might want to put yourself on a bacteria alert. A random survey conducted by the diagnostic centre Metropolis Healthcare Limited revealed that at least 88 per cent of the street food Mumbaiites indulge in is contaminated by various kinds of bacteria that make them unfit for consumption. The survey also found cooked food to be safer uncooked food such as sandwiches, which have higher bacteria counts. In the survey, conducted between December 2009 and February, medical professionals subjected 70 samples of Mumbai street food to a quantitative bacterial analysis test in the laboratory, and found 61 to be bacteria infected. The 50-100 gm samples included those of sandwiches, Chinese gravy, vada pav, sev puri and falooda from popular joints around Nariman Point, Haji Ali, Shivaji Park, Bandra-Kurla Complex among others.
Shetye said 90 per cent of food poisoning cases are caused due to the types of bacteria found commonly in raw foods.
Wed, May 19 08:22 AM
Enlarge Photo A man looks at an electronic board showing stock information at a brokerage house in... The euro fell to a fresh four-year low on Wednesday after Germany moved to sharpen financial regulation, driving down commodities and Asian stock markets as investors stampeded out of riskier assets.
Asian stocks fell sharply, as did industrial metals, on worries that the German ban on naked short-selling of some securities, coupled with strengthening financial regulation in the United States, would derail the global economic recovery.
High-yielding currencies like the Australian and New Zealand dollars also fell.
"Germany just switched off the financial lights in Europe," said a senior forex trader at a European bank in Singapore.
* Naked short sales of euro-denominated government bonds, credit default swaps based on those bonds, and shares in Germany's 10 leading financial institutions will be prohibited, a spokesman for Germany's finance ministry said.
* The euro slipped as low as $1.2143 on trading platform EBS, its weakest level since April 2006 and taking it losses so far in 2010 to more than 15 percent. It later recovered slightly to around $1.2193.
* The MSCI index of Asia-Pacific shares outside of Japan was down 1.74 percent at a three-month low at 384.36 points. It has fallen almost 4.0 percent since the start of the week.
* Japan's Nikkei average fell 1.65 percent to a three-month low on the regulation worries and as the weak euro dragged on exporters.
* "Germany's move to regulate naked short selling has heightened uncertainty about the trading environment of financial markets, leading investors to avoid risks," said Yumi Nishimura, deputy general manager at Daiwa Securities Capital Markets.
* The Australian dollar fell to an eight-month low at $0.854, with charts suggesting more losses as investors dumped high-yielding currencies. The kiwi was down 0.6 percent at $0.6854
* Australian shares also hit an eight-month low.
* London three-month copper dropped $135 to $6,565 a tonne, or over 2 percent. Zinc prices in Shanghai fell more than 5 percent, while London nickel fell 4.7 percent on the fall in the euro.
* Crude oil futures fell to a seven-month low, reflecting falls in other markets.
* U.S. Treasuries gained on a flight to safety. The yield on the benchmark 10-year note eased to 3.33 percent from 3.49 percent late on Monday.
* Gold also gains on safe-haven bid. Spot gold rises $5 an ounce from New York's close to $1,224.7.
(Editing by Neil Fullick)
(For more business news on Reuters Money visit http://www.reutersmoney.in)
Wed, May 19 07:55 AM
Enlarge Photo U.S. Commerce Secretary Gary Locke speaks during a ceremony to present the U.S. Department of... U.S. Secretary of Commerce Gary Locke urged China on Wednesday to buy more goods from the United States and stimulate domestic demand to bring bilateral trade into balance.
"Obviously the trade deficit needs to come down," Locke told Reuters in an interview ahead of a high-level U.S.-China Dialogue on economic and foreign policy concerns early next week in Beijing.
To do that, China should purchase "more exports from the United States to China and (encourage) more internal consumption within China so they're less reliant on exports."
The U.S. trade deficit with China totalled $226.8 billion in 2009, down more than $40 billion from 2008 but still the largest the United States has with any country.
The huge imbalance has fuelled accusations in the U.S. Congress and manufacturing sector that China is manipulating its currency for an unfair trade advantage by keeping the price of its yuan artificially low against the dollar.
U.S. officials have said those concerns will be on the agenda at the two-day U.S.-China Strategic and Economic Dialogue meeting starting on Monday.
Locke leads a delegation of 24 U.S. companies on a clean energy trade mission to China.
A primary purpose is to help meet President Barack Obama's goal of doubling overall U.S. exports within five years.
Locke stopped short of setting an individual goal of doubling U.S. exports to China, saying the Obama administration was still in the process of making those decisions.
But China's push to boost its use of renewable energy and to increase building efficiency offers big opportunities in areas where U.S. companies have a lot to offer, he said.
(Reporting by Doug Palmer; Editing by Jerry Norton)
Wed, May 19 06:35 AM
Enlarge Photo Paul Volcker, chairman of the newly formed Economic Recovery Advisory Board, attends a speech by... The European debt crisis poses a big test for the euro currency and the economies hit by the problems face a long, difficult road to recovery, former U.S. Federal Reserve Chairman Paul Volcker said on Tuesday.
Volcker, a special adviser to U.S. President Barack Obama, told Bloomberg radio in an interview that fiscal austerity could not be avoided for smaller European countries under speculative attack.
But Volcker said that if growth picks up in larger economies such as Germany and France, that would ease the struggles for European countries forced to slash their budgets.
"Obviously, it would help a lot if the rest of Europe, the strong part of Europe ... if they have more growth, that will help these countries on the periphery," Volcker said.
He said the smaller countries have no choice other than to pursue fiscal austerity, along with reforms that will make their economies more competitive.
"That's a process that's going to take years," Volcker said.
"This is a big test for the euro. There is no question about it because some countries -- some of the smaller, weaker economies -- have gotten out of touch with equilibrium in the system and it's forcing adjustments."
Asked whether a "race to the bottom" devaluation of the euro or British pound would help the problem, Volcker replied: "I do not think so."
Volcker said past experience showed that a deliberate pursuit of a cheaper currency could lead to inflation and instability rather than healthy growth.
Volcker called the $1 trillion European rescue plan "breathtaking" in size. He disagreed with critics of the European Central Bank who believe its role in the rescue might compromise its independence.
"I don't think they've lost any credibility in the process," he said.
(Writing by Caren Bohan; Editing by John O'Callaghan)
Wed, May 19 03:02 AM
Enlarge Photo A sign for a BP petrol station is seen in London October 28, 2008. Interior... Interior Secretary Ken Salazar said on Tuesday the U.S. government was investigating another big BP oil rig while admitting his agency came up short in preventing the massive Gulf of Mexico oil spill.
Salazar testified at a Senate Energy and Natural Resources Committee hearing about the explosion on the Deepwater Horizon, BP Plc a drilling rig, four weeks ago that caused a massive oil spill deep in the Gulf. He said offshore drilling was vital to meeting U.S. energy needs but that additional safety measures were required.
Salazar told the committee the government was now investigating safety concerns at BP's Atlantis oil production platform in the Gulf after the April 20 explosion on the Deepwater Horizon killed 11 people and spilled vast amounts of crude.
Salazar gave no further details but an Interior spokeswoman confirmed the department's Minerals Management Service -- the agency that has come under criticism from Congress and President Barack Obama for being too "cozy" with oil companies -- was investigating the BP platform.
Atlantis is one of the largest production facilities, producing about 200,000 barrels of oil per day. BP owns 56 percent of the field while BHP holds the rest.
About 30 percent of U.S. oil production comes from the Gulf of Mexico.
A consumer group and a whistle-blower asked a U.S. court to stop production at Atlantis until safety documents are produced. The lawsuit accuses the MMS of failing to enforce its own regulations.
MMS NEEDS "CLEAN UP"
Salazar, who has ordered the MMS to separate its oil royalty collection and safety inspection roles, admitted the MMS fell short in preventing the explosion oil spill.
"Responsibility starts first at the Department of Interior and the Minerals Management Service. We have to clean up that house," he said.
Democratic Senator Ron Wyden said the MMS has been in denial over its safety problems for years. "It is long past time to drain this safety and environmental swamp," he told the hearing.
But despite the problems with offshore drilling, Salazar also said it still was a necessary part of meeting U.S. energy needs.
Senate Commerce Committee chairman Senator Jay Rockefeller said it would be difficult for him to support future offshore drilling until the Deepwater Horizon accident is fully investigated.
"If left unchecked and uncorrected, we may very well see another terrible disaster of this magnitude," he said.
Election-year politics made their way into the oil spill debate on Tuesday when Democrats for the second time in a week tried to force a Senate vote on a bill to increase oil companies' liability for accidents. The move was blocked by Republicans as expected.
Senator Robert Menendez, one of the Democrats seeking approval for the bill that would increase the liability cap per company per incident to $10 billion from $75 million, said Democratic senators were considering pushing legislation that would place no limits on the liability.
Salazar said the Obama administration agreed that the liability cap needed to be lifted though he would not give a specific number for how high it should be.
(Additional reporting by Richard Cowan; writing by Deborah Charles; Editing by Bill Trott)
FE Editorial : Going downhill
 |
Posted: Wednesday, May 19, 2010 at 2123 hrs IST
Updated: Wednesday, May 19, 2010 at 0055 hrs IST
Weak global cues continued to play spoilsport at the markets as the 30-share Sensex remained volatile even on Tuesday. Though the Sensex inched up just 40 points after shedding 159 points on Monday, investors remained concerned about soaring deficits throughout Europe despite the $1-trillion bailout package offered to Greece by the IMF and the EU. And if that was not enough, another report from the Federal Reserve Bank of New York showed that manufacturing growth slowed in the US last month, which spooked markets there. In another part of the world, China's soaring real estate prices and the government's aggressive posturing on slowing down lending could potentially slow growth in the world's fastest growing economy, something that dampens investor spirit. At home, while analysts are betting on the consumer growth story, investors continue to scout for safety under the defensive stocks. The sectoral indices at the BSE ended mixed bag with consumer-driven sectors like healthcare and fast moving consumer goods remaining top gainers while sectors like IT, metals, realty and gas, which had witnessed strong interest from foreign institutional investors until last month, dropped significantly.
Though global cues will continue to affect Indian stocks, strong domestic factors like rebound in corporate earnings, early indications of a normal Southwest monsoon, which has hit the Andaman coast ahead of time, and better-than-expected inflows from the 3G auction, which would help contain fiscal deficit, bode well for the markets. Interestingly, though gold prices still continue to rise, fall in prices of base metals like aluminium and zinc, and crude prices sliding to $71 a barrel from a high of $85 a barrel in April, will help companies to marginally reduce their input costs in the quarter-ending June this year. As the current phase of growth is going to be investment-led, infrastructure and construction companies are reporting a strong order pipeline. This was evident from the quarterly result of L&T, which reported a 44% rise in net profit in the quarter-ended March and its order book was at an impressive Rs 1 lakh crore. Going ahead, cues emanating from Europe and China will be crucial in the days to come and the markets are expected to remain range bound. However, a big question mark arises now for the IPOs that have been lined up, especially in the realty sector. These may now get delayed because of market volatility.
More from Edit & Column
| Contrarian investments by FIIs, local players prop up markets |
| Akash Joshi / Mumbai May 19, 2010, 0:26 IST |
Insurance companies play a key role in keeping things steady.
Contrarian investment styles followed by two categories of institutional investors and support from the insurance sector have seen markets remain relatively steady and not correct to the extent other emerging markets did. Also, institutions have been steadily moving out of small- and mid-cap stocks and taking larger exposure to large-caps.
| FIIs vs DIIs | |||
| Sectors | FIIs+ADR/ GDR (%) | DIIs (%) | FIIs-DIIs (ppts*) |
| Auto | 5.50 | 5.70 | -0.12 |
| Banks/Financials | 27.60 | 18.90 | 8.67 |
| Capital goods | 5.90 | 13.80 | -7.95 |
| Consumers | 4.90 | 9.90 | -5.00 |
| Metals | 9.40 | 8.50 | 0.91 |
| Oil & Gas | 4.20 | 7.70 | -3.48 |
| Petrochem | 7.50 | 5.80 | 1.76 |
| Pharma | 3.80 | 4.30 | -0.43 |
| Power | 2.60 | 7.00 | -4.38 |
| Real estate | 2.80 | 0.70 | 2.10 |
| Technology | 13.60 | 5.40 | 8.25 |
| Telecom | 2.90 | 2.60 | 0.23 |
| *percentage points Source: Capital Line, CLSA Asia-Pacific Markets | |||
While foreign institutional investors (FIIs) have been investing in banks, metals and real estate stocks, domestic institutional investors (DIIs) such as insurance companies, mutual funds and banks have been preferring capital goods, oil & gas, consumer sectors and power sector stocks. As a change in strategy, both DIIs and FIIs increased their holdings in large-cap stocks in the fourth quarter of 2009-10, as opposed to small- and mid-cap stocks in the previous quarter. "The movements indicate that the institutions are playing it safe," says a senior executive with an overseas institution.
Overall, in the quarter ended March, FII holdings of BSE 500 stocks increased by 30 basis points to 14.5 per cent. While, DII holding increased by 37 basis points during the period to 11 per cent, courtesy the support of insurance companies. Analysts estimate that insurance companies have been pumping in around Rs 4,500 crore monthly in the Indian equity market, despite the unit-linked insurance (Ulip) issue.
Exchange-traded funds (ETFs) from overseas markets accounted for 20 per cent net FII inflow in the secondary market from the beginning of the year, says a study out by CLSA Asia Pacific Markets. It reckons that ETFs now account for five per cent of the FII holding in India. However, their share has come down from the 34 per cent level in the previous year.
According to experts, the rising risk aversion has led to lower ETF flows, as these funds collect money from retail investors and are sensitive to developments. "They are taking a broader view of the market at the moment rather than going for individual stock picking," reckons A Balasubramanian, CEO, Birla Sun Life Asset Management. This phenomenon is not restricted to India. Emerging markets, overall, have seen lower ETF investments. Therefore, it has been the domestic insurance companies that have supported the markets from a more severe correction from the beginning of the year.
According to data provided by the Securities and Exchange Board of India, the share of participatory notes in assets under management of FIIs has come down from 38 per cent levels in January 2008 to 15 per cent levels in January 2010. Domestic mutual funds, on the other hand, faced redemption pressure and pulled out around $1.7 billion (Rs 7,650 crore) from the equity market.
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London, May 18 (IANS) Social networking website Facebook has asked its users to be aware of a link that says it is the 'sexiest video ever', warning that the video is spreading virus on the internet.
'If you get a posting on your Facebook wall telling you 'this is without doubt the sexiest video ever!' which seems to be accompanied by a video titled 'Candid Camera Prank [HQ]', then don't click on the video: it's a lead-in to malware,' the website warned.
'Clicking the link will take you to what seems like a Facebook application which then tells you that your video player is out of date - and encourages you to download a file. If you do, then the same 'video' plus link gets posted using your avatar to all your friends on Facebook -- meaning it is spreading virally,' it said.
'Judging by the number of messages posted on Facebook, thousands of people received this attack. If you were one of them, you should scan your computer with an up-to-date anti-virus, change your passwords, review your Facebook application settings, and learn not to be so quick as to fall for a simple social engineering trick like this in future,' Graham Cluley, a senior technology consultant at anti-virus company Sophos, was quoted by the Guardian as saying.
Tokyo, May 18 (IANS) Japan is all ready to launch Tuesday its new space mission which will study the climate and surface of Venus.
The new space vehicle, called Venus Climate Orbiter Akatsuki, will travel to Venus on a two-year mission to study its climate and surface. It has been placed on its launch pad at Tanegashima Space Center in Kagoshima Prefecture Monday, Xinhua reported.
Akatsuki, which means 'Dawn' in Japanese, is scheduled to lift off at 6:44 a.m. Tuesday, provided the weather is clear, said a spokesperson from the Japan Aerospace Exploration Agency (JAXA).
'Once we can explain the structure of Venus, we will be able to better understand Earth,' Akatsuki's project scientist Takeshi Imamura said in a statement.
'For example, we may discover the reasons that only Earth has been able to sustain oceans, and why only Earth is abundant in life,' he said.
Akatsuki is 'the world's first interplanetary probe that deserves to be called a meteorological satellite', Imamura said.
The probe carries five instruments which will help observe clouds, the terrain whilst orbiting the planet from the distances of 300 km to 80,000 km.
The mission will be launched by a Japanese H-2A rocket and, according to JAXA, will be carrying a payload to carry out several smaller satellite experiments, including a solar sail to be powered by the sun's radiation.
Wed, May 19 12:40 AM
Enlarge Photo Trade Minister Anand Sharma in New Delhi December 14, 2009. Sharma said on Tuesday a... Trade Minister Anand Sharma said on Tuesday a dispute over restrictions on the import of Chinese telecoms equipment into India will not hurt bilateral trade ties between India and its largest trading partner.
Sharma was speaking in an interview with Reuters Insider Television.
(Reporting by Matthias Williams and Lyndee Prickitt)
National News
PC makes fresh talks offer, Maoists say no
IE - 06:10 AMDespite a fresh attack in Chhattisgarh, in which at least 35 people were killed, the government on Tuesday renewed its offer to hold talks with Naxalite groups if they suspended violence for at least 72 hours.
- English dept says cannot teach new modules IE - 06:10 AM
In a veiled act of defiance, the Department of English of the Delhi University (DU) issued a statement on Tuesday that its faculty will not teach the single-semester English modules in the syllabi of Science courses that were approved by the university's Academic Council (AC) last Thursday.
- Gujarat government ropes in PSUs to translocate trees in Surat, Vadodara IE - 06:10 AM
The state government has decided to rope in the public sector units for translocation of trees by using the state-of-the-art machines, in order to check deforestation in the state.
- Tripartite battles IE - 06:10 AM
The editorial 'Kolkata crises' (IE, May 18) rightly pointed out the political shenanigans of the three main players — the Left Front, the Congress and the Trinamool Congress — at the expense of tackling the Maoist problem.
- Child rights panel: 'Shortlisted names can embarrass govt' IE - 06:10 AM
Having appointed Shantha Sinha as chairperson of the National Commission for Protection of Child Rights (NCPCR) for the second term, the Ministry of Women and Child Development is now considering a similar second term for two other members in the panel.
- Meghalaya CM visits Langpih, promises a police outpost IE - 06:10 AM
As the 12-hour KSU sponsored bandh (earlier the call was for a 24-hour bandh, the duration was later cut by half) got underway on Tuesday, Meghalaya Chief Minister Mukul Sangma flew to Langpih to assess the ground reality on ground zero and assured Langpih villagers of the government's commitment to protect the residents of this border village from any "further threat" from the Assam
- Briefly nation IE - 06:10 AM
Sena backs Javed-Salim, calls them 'true Muslims' MUMBAI: The Shiv Sena on Tuesday came out in support of lyricist and Rajya Sabha MP Javed Akhtar, who is facing threat from hardliners after he criticised the fatwa issued by Islamic seminary Darul Uloom Deoband against working Muslim women.
- AI crew refused to serve liquor, pilot intervened; now he receives union's threats IE - 06:10 AM
An Air India commander is facing the wrath of the cabin crew union for insisting that passengers must get every service that they have paid for, including drinks on board.
- Play and Learn IE - 06:10 AM
Permanent activity centres for children are filling the gap between home and school Annual summer camps, which began as an exercise to keep children indoors during summer, are gradually morphing into permanent recreational spaces.
- Builder D S Kulkarni awarded Vyapar Bhushan IE - 06:10 AM
Well-known builder D S Kulkarni was awarded the Vyapar Bhushan Award given by Stationery, Cutlery and General Merchants' Association this year.
- Most accidents in city due to rash driving: traffic police IE - 06:10 AM
Of 1,999 deaths due to accidents from '05-'09, 1,200 deaths due to rash driving As per information provided by the traffic police in response to a query filed by RTI activist Vihar Durve, the city has witnessed a shocking 1,999 deaths due to vehicular accidents from 2005 to 2009.
- Preet Mandir adoption racket: NGO to approach HC to expedite case IE - 06:10 AM
The Pune-based Sakhi organisation has decided to forward an application to the Bombay High Court to expedite the case of Pune-based adoption agency Preet Mandir.
- Soon, city trains to get tougher bodies, swankier interiors IE - 06:10 AM
Mumbaikars will soon see new-look trains that will be manufactured under the second phase of Mumbai Urban Transport Project (MUTP).
- Civic body clears land hurdles on JVLR way IE - 06:10 AM
The Jogeshwari-Vikhroli Link Road (JVLR) connecting the Western and the Eastern Express highways took another step towards completion with the Brihanmumbai Municipal Corporation (BMC) acquiring land for the 5-km stretch it will build.
- Taxi driver jumps off fifth floor of building, dies IE - 06:10 AM
A 70-year-old taxi driver, Virpal Singh, jumped off the fifth floor of the YMCA Building in Colaba on Tuesday morning.
- 100 per cent water cut for 24 hrs in Andheri IE - 06:10 AM
Major parts of Andheri west and east will face 100 per cent water cut for 24 hours starting from 11.30 am on May 22. The supply will be cut due to repair works to be carried out in Verawli reservoir, the BMC said on Tuesday.
- Plenty of swine flu vaccines, not one volunteer to take them IE - 06:10 AM
On Day One of the swine flu vaccination drive for healthcare professionals, the BMC found the vaccine had no takers.
- Animal rights crusade fails to save calf from dissection table IE - 06:10 AM
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News, Business, Stocks & more via 58888 
South Asia
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http://www.atimes.com/atimes/South_Asia/LE20Df02.html
India favours reforming multilateral FIs Sandeep Dikshit
TEHRAN: India on Monday called for wide-ranging reforms in the structure of multilateral financial institutions to step up capital flows for infrastructure investment to developing markets.
"We need to continue our efforts for a comprehensive reform of the international financial institutions to make them more inclusive," External Affairs Minister S.M. Krishna said during his intervention at the 14th G-15 Summit here. "We need to collectively look at ways and means to promote South-South cooperation," he added.
"Sustainable recovery of the global economy will depend on several factors, including how the developed economies fare, enhanced investment for infrastructure development, stable capital flows to the developing markets, appropriate macro-economic adjustments and avoiding complacency in the area of financial sector reforms," he said.
The Group of 15 comprising 17 developing countries from Asia, Africa, and Latin America, aims to foster cooperation and provide input for other international groups.
New chair
The occasion saw the chairmanship of the grouping pass on to Sri Lanka, with its President Mahinda Rajapaksa calling for strong unity among its members which, if complimented by the rich diversity among the members, would help the grouping achieve objectives such as universal access to health care and education.
Mr. Krishna felt the G-15 should be made into an effective platform, not only for South-South cooperation but to define and refine policies in sectors such as trade, money and finance, equitable development, food and energy security and climate change.
India, said Mr. Krishna, was prepared to cooperate with other G-15 members to undertake new projects for deepening and expanding our cooperation. "We need to consolidate ourselves as partners in development, willing to work towards creating a global environment of enhanced understanding and cooperation that is conducive to inclusive and sustainable development," he observed.
Later, Mr. Krishna had a 25-minute bilateral with his Iranian counterpart, Manouchehr Mottaki, during which both leaders said they were looking forward to the holding of the Joint Commission meeting.
They also exchanged views on the global economy and the financial situation, said Foreign Office spokesperson Vishnu Prakash. Mr. Krishna was assisted by Joint Secretary (Iran, Afghanistan and Pakistan) in the Foreign Office Yash Sinha and Indian Ambassador to Iran Sanjay Singh.
The Foreign Minister also met his Venezuelan counterpart, Nicolas Maduro Moros, and expressed his appreciation for awarding the Carabobo oil block to a consortium led by OVL. Mr. Moros invited Mr. Krishna to visit his country and the invitation was accepted with pleasure, said Mr. Prakash. Mr. Krishna briefly interacted with the Deputy Prime Minister of Belarus and the Indonesian Industry Minister.
- Stories in this Section
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- "I'll take up air support issue with Cabinet"
- Iran agrees to uranium swap in Turkey
- Iran fuel swap deal a "positive step" but enrichment will lead to sanctions: U.S.
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- Agni-II missile test-fired successfully
- Tripping on foot overbridge caused deaths, says panel
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- Monsoon sets in over the Andamans
- India favours reforming multilateral FIs
- Will domestic violence Act have retrospective effect?
- e-filing of I-T returns suspended
- Now, chances of sanctions remote
- Israel acting like totalitarian state: Chomsky
- China calls for fair investment environment
- Ministry writes to IOA, NSFs on good governance
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- Bengal has a tryst with Everest after all
- Medicines flown in, trucks reach Manipur
- Raavan at Cannes
Krishna's handling of Pak, China a failure: poll
India, Iran should replace 'dying' big powers: Ahmadinejad
India a global leader, says Ahamadinejad
Ahmadinejad calls for closer India-Iran ties
India, Iran discuss ways to enhance ties
As India warms up, Iran cold
India favours reforming multilateral FIs
Trilateral Agreement On Nuclear Fuel Swap Inked In Tehran
Long handshakes and dosas, Indo-Iran relations back on keel
Iran backs India's role in Afghanistan
Investment in Indian Companies by FIIs/NRIs/PIOs
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Foreign Institutional Investors (FIIs), Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs) are allowed to invest in the primary and secondary capital markets in India through the portfolio investment scheme (PIS). Under this scheme, FIIs/NRIs can acquire shares/debentures of Indian companies through the stock exchanges in India.
The ceiling for overall investment for FIIs is 24 per cent of the paid up capital of the Indian company and 10 per cent for NRIs/PIOs. The limit is 20 per cent of the paid up capital in the case of public sector banks, including the State Bank of India.
The ceiling of 24 per cent for FII investment can be raised up to sectoral cap/statutory ceiling, subject to the approval of the board and the general body of the company passing a special resolution to that effect. And the ceiling of 10 per cent for NRIs/PIOs can be raised to 24 per cent subject to the approval of the general body of the company passing a resolution to that effect.
The ceiling for FIIs is independent of the ceiling of 10/24 per cent for NRIs/PIOs.
The equity shares and convertible debentures of the companies within the prescribed ceilings are available for purchase under PIS subject to:
- the total purchase of all NRIs/PIOs both, on repatriation and non-repatriation basis, being within an overall ceiling limit of (a) 24 per cent of the company's total paid up equity capital and (b) 24 per cent of the total paid up value of each series of convertible debenture; and
- the investment made on repatriation basis by any single NRI/PIO in the equity shares and convertible debentures not exceeding five per cent of the paid up equity capital of the company or five per cent of the total paid up value of each series of convertible debentures issued by the company.
Monitoring Foreign Investments
The Reserve Bank of India monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis. For effective monitoring of foreign investment ceiling limits, the Reserve Bank has fixed cut-off points that are two percentage points lower than the actual ceilings. The cut-off point, for instance, is fixed at 8 per cent for companies in which NRIs/ PIOs can invest up to 10 per cent of the company's paid up capital. The cut-off limit for companies with 24 per cent ceiling is 22 per cent and for companies with 30 per cent ceiling, is 28 per cent and so on. Similarly, the cut-off limit for public sector banks (including State Bank of India) is 18 per cent.
Once the aggregate net purchases of equity shares of the company by FIIs/NRIs/PIOs reach the cut-off point, which is 2% below the overall limit, the Reserve Bank cautions all designated bank branches so as not to purchase any more equity shares of the respective company on behalf of FIIs/NRIs/PIOs without prior approval of the Reserve Bank. The link offices are then required to intimate the Reserve Bank about the total number and value of equity shares/convertible debentures of the company they propose to buy on behalf of FIIs/NRIs/PIOs. On receipt of such proposals, the Reserve Bank gives clearances on a first-come-first served basis till such investments in companies reach 10 / 24 / 30 / 40/ 49 per cent limit or the sectoral caps/statutory ceilings as applicable. On reaching the aggregate ceiling limit, the Reserve Bank advises all designated bank branches to stop purchases on behalf of their FIIs/NRIs/PIOs clients. The Reserve Bank also informs the general public about the `caution' and the `stop purchase' in these companies through a press release.
The current list of companies allowed to attract investments from FIIs/NRIs/PIOs with their respective ceilings is:
List of companies
Companies in which NRIs/PIOs investment is allowed up to 24% of their Paid-up Capital
1 | |
2 | Amar Investments Ltd, Calcutta. |
3 | Anglo-India Jute Mills Co.Ltd |
4 | Arvind Mills, Ahmedabad |
5 | Ashima Syntex Ltd, Ahmedabad |
6 | Ashoka Viniyoga Ltd |
| 7 | Bharat Nidhi Ltd |
8 | BLB Shares & Financial Services Ltd |
9 | BPL Ltd |
10 | |
11 | Camac Commercial Company Ltd |
12 | Ceenik Exports (India) Ltd |
13 | Cifco Finance Ltd, Mumbai |
14 | Classic Financial Services & Enterprises Ltd, Calcutta |
15 | CPPL Ltd,(Reliance Ind. Infrastructure Ltd), Mumbai |
16 | CRISIL |
17 | DCM Shriram Consolidated Ltd |
18 | |
19 | Dolphin Offshore Enterprises (I) Ltd |
20 | Essar Oil Ltd |
21 | Essar Shipping Ltd, B'lore |
22 | Essar Steel Ltd |
23 | Eveready Industries India Ltd |
| 24 | Fabworth (I) Ltd |
25 | Ferro Alloys Corporation Ltd, Tumsar |
26 | Global Tele Systems Ltd |
27 | Grasim Industries Ltd |
28 | Hamco Mining & Smelting Ltd |
29 | Hindustan Development Corp Ltd, Calcutta |
30 | Hindusthan Nitroproducts (Gujrat) Ltd |
31 | Hindustan Transmission Products Ltd, Mumbai |
32 | HMG Industries Ltd, Mumbai |
33 | India Securities Ltd |
| 34 | |
35 | Jagatjit Industries Ltd, New Delhi |
36 | Jai Parabolic Springs Ltd, New Delhi |
37 | Jaysynth Dyechem Ltd |
38 | Jindal Strips Ltd |
39 | Jindal Iron & Steel Co.Ltd |
| 40 | JJ Spectrum Silk Ltd |
41 | Kartjikeya Paper & Boards Ltd |
42 | Lakhani India Ltd |
43 | Matsushita Television And Audio India Ltd |
44 | M.P.Agro Fertilisers Ltd, Bhopal |
| 45 | Macleod Russel (I) Ltd, |
46 | Mazda Enterprises Ltd,Mumbai |
47 | Media Video Ltd |
48 | Multimetals Ltd, Mumbai |
49 | National Steel Industries Ltd |
50 | Nicholas Laboratories India Ltd, Mumbai |
51 | O.P. Electronics Ltd, Mumbai |
52 | Oriental Housing Development Finance Corp Ltd |
53 | |
54 | |
55 | Pearl Polymers Ltd, New Delhi |
56 | Piramal Healthcare Ltd |
57 | PNB Finance & Industries Ltd |
58 | Rajath Leasing & Finance Ltd |
59 | |
60 | |
61 | Reliance Industries Ltd, Mumbai |
62 | Rishra Investment Ltd, Calcutta |
63 | Rossell Industries Ltd, Calcutta |
64 | Sahu Properties Ltd |
65 | |
66 | Saurashtra Paper & Board Mills Ltd |
67 | Saw Pipes Ltd |
68 | Sayaji Hotel Ltd |
69 | Sharyans Resources Ltd |
70 | |
71 | Shibir India Ltd, Calcutta |
72 | Shriram Industries Enterprises Ltd,N.Delhi |
73 | Silverline Industries Ltd |
| 74 | Sonata Software Ltd |
75 | SRF Ltd |
| 76 | Sterling Lease Finance Ltd, Mumbai |
77 | |
78 | Synthetics and Chemicals Ltd,Mumbai |
79 | The Champdany Industries Ltd, Calcutta |
80 | The Dharamsi Morarji Chemical Company Ltd |
| 81 | The Investment Trust of India Ltd |
82 | The Morarjee Goculdas Spinning & Weaving Company Ltd,Mumbai |
83 | Tolani Bulk Carrier Ltd |
84 | Uniworth International Ltd |
85 | Valecha Engineering Ltd |
86 | |
87 | Weltermann International Ltd |
88 | Woolworth (India) Ltd |
89 | Zora Pharma Ltd |
Companies in which NRIs/PIOs investment is allowed up to 17% of their Paid-up Capital
1 |
Companies where NRI investment has reached 8% and further purchases are allowed only with prior approval RBI
1. | |
2. | |
3. | IDL Industries Ltd. |
4. | |
5. |
Companies where NRI investment has already reached 10% and no further purchases can be allowed
1. | DSQ Biotech Ltd |
2. | |
3. | |
4. | SPL Ltd |
5. | |
6. | |
7. |
Companies where NRI investment has already reached 22% and no further purchases can be allowed
| None |
Companies in which FII Investment is allowed upto 30% of their paid up capital
1. | Aptech Ltd |
2. | Asian Paints (India) Ltd |
3. | Capital Trust Ltd |
| 4. | Container Corporation of India |
5. | Ferro Alloys Corporation Ltd |
6. | Garware Polyester Ltd |
7. | GIVO Ltd (formerly KB&T Ltd) |
8. | |
9. | |
10. | Mastek Ltd |
11. | Orchid Chemicals and Pharmaceuticals Ltd |
12. | Pentasoft Technologies Ltd (Pentafour Communications Ltd) |
13. | Polyplex Corporation Ltd |
14. | Ranbaxy Laboratories Ltd |
| 15. | Software Solutions Integrated Ltd |
16. | Sonata Software Ltd |
17. | The Credit Rating Information Services of India Ltd. |
18. | The Paper Products Ltd |
19. |
Companies in which FII Investment is allowed upto 40% of their paid up capital
1. | |
2. | |
3. | |
4. | |
5. | Jyoti Structures Ltd |
6. | |
7. | Padmini Technologies Ltd |
8. | |
9. | |
10. | |
11. | |
12. | |
13. | Ways India Ltd |
14. | SSI Ltd |
Companies in which FII Investment is allowed upto 49% of their paid up capital
1. | |
2. | |
3. | |
4. | Hindustan Lever Ltd |
5. | |
6. | Infosys Technologies Ltd. |
7. | NIIT Ltd. |
8. | |
9. | |
10. | |
11. | |
12. | |
13. | |
14. | |
15. | United Breweries (Holdings) Ltd. |
16. |
Companies in which NRI/FII Investment is allowed upto 49% of their paid up capital
| 1. |
Companies in which FII Investment is allowed upto sectoral cap/statutory ceiling of their paid up capital
1. | GTL Ltd. - (74%) |
2. | |
3. | Infosys Technologies Ltd. - (100%) |
4. | Pentamedia Graphics Ltd. - (100%) |
5. | Pentasoft Technologies Ltd. - (100%) |
6. | Mascon Global Ltd. - (100%) |
7. | Punjab Tractors Ltd. - (64%) |
8. | Satyam Computer Services Ltd - (60%) |
Companies where 22% FII investment limit has been reached and further purchases are allowed with prior approval of RBI
1. | |
2. |
Companies where 28% FII investment limit has reached and further purchases are allowed with prior approval of RBI
| None |
Companies where 38% FII investment limit has reached and further purchases are allowed with prior approval of RBI
None |
Companies in which the Caution limit (47%) in respect of maximum permissible foreign holding including NRI/PIO/FII Investment as stipulated by Government has been reached
None |
Companies where 49% limit has been reached and no further purchases will be allowed
| | None |
Public Sector banks including SBI in which 18% limit has been reached.
None |
Public Sector banks including SBI in which 20% limit has been reached.
1. |
| | None |
None |
Companies in which the Ban limit in respect of maximum permissible foreign holding including GDR/ADR/FDI/NRI/PIO/FII Investment as stipulated by Government has been reached
1. |
Companies in which the Caution limit (47%) in respect of maximum permissible foreign holding including GDR/ADR/FDI/NRI/PIO/FII Investments as stipulated by Government has reached
None | |
Companies in which no purchases are allowed | |
Companies in which investments may be made with prior approval of the RBI |
| BSE Sensex | 16,408.49 | -467.27 | -2.77% |
| Nifty 50 | 4,919.65 | -146.55 | -2.89% |
 | |||
| Nikkei 225 | 10,186.84 | -55.80 | -0.54% |
| |||
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Market Update
Wed, May 19 - 4:53PM IST
Intense selling pressure across the bourses, led the domestic markets to end the volatile trade on deep red note. The domestic markets remain on the sellers radar since the initial bell on the back of...
Market Movers
| Company | Price | Change | % Change | |
|---|---|---|---|---|
| Most Active | more | |||
| RNRL.BO | 46.45 | +1.20 | +2.65% | RIL NAT RES |
| MANDHANA.B | 133.65 | -0.35 | -0.26% | |
| Top Gainers | more | |||
| GNRL.BO | 116.40 | +19.40 | +20.00% | |
| BOR.BO | 119.40 | +19.90 | +20.00% | BANK OF RAJ. |
| Top Losers | more | |||
| KALYANIST. | 90.35 | -34.65 | -27.72% | |
| TINPLAFCD. | 139.21 | -34.79 | -19.99% | TINPLAFCD |
| Company | Price | Change | % Change | |
|---|---|---|---|---|
| Most Active | more | |||
| UNITECH.NS | 71.35 | -4.90 | -6.43% | UNITECH LTD |
| RNRL.NS | 46.45 | +1.30 | +2.88% | |
| Top Gainers | more | |||
| CALSOFT_a. | 71.00 | +18.30 | +34.72% | CALIFORNIA SOFTWARE CO LT |
| LOTUSEY_a. | 35.00 | +9.00 | +34.62% | LOTUS EYE HOSPITAL LTD. |
| Top Losers | more | |||
| KSL.NS | 89.25 | -192.90 | -68.37% | Kalyani Steels Limited |
| ARIHANT_a. | 128.80 | -68.85 | -34.83% | |
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