Marketing of Mythology and Festival to Strengthen BUBBLE Commodity Economy as Durgotsav Glorifies Ethnic Cleansing!

Marketing of Mythology and Festival to Strengthen BUBBLE Commodity Economy as Durgotsav Glorifies Ethnic Cleansing!

Fears grow of a bubble in Brazil, China and India!Sensex zooms 484 pts; biggest single day gain in six months!

Interlocutors to start uninterrupted dialogue: Chidambaram

Tendulkar jumps to top spot in the ICC Test ranking

Indian Holocaust My Father`s Life and Time - FIVE Hundred  Four

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/


Marketing of Mythology and Festival to Strengthen BUBBLE Commodity Economy as Durgotsav Glorifies Ethnic Cleansing!

Marketing is all about Good Story Telling!

Mythology is the best Fiction ever written in any language which sustains religion worldwide making Possible Complete Brainwash and complete Mind control. Which sustains the Hegemony.

In India, the Foreigner Aryans, the Invaders and destroyers of Non Aryan Civilisation had been the Best story Tellers from the Beginning.

Vedas, Upanishads, Brahamans, SMRITIES, Puranas, Ramayan, Mahabharat and Geeta are Excellent Stories to market Brahamincal Religion which Hinduised Aboriginal Indigenous India under Rigid Caste System based on Birth and Race.

The Racial GRADED Caste System produced Inherent Inequality and Injustice enslaving the Eighty Five Percent majority Bahujan Mulnivasi Demography of the Population.

Non Aryans and Dravidians were defeated, converted, kiled, enslaved and it was Complete Shudrayan, the Eternal Ethnic Cleansing!

Those who resisted and sustained their roots were EXCLUDED and Branded as Tribal People banished in deep Forests, Hills and Platues!

I have been writing that Globalisation is NEVER a post Modern Phenomenon. It has its roots in Indian Brahaminial System and in its Mythology which justifies the Monoply of the Brahamins in every sphere of Life disciplined by Manusmriti.

Hence, we say that the Global Brahaminical Zionist Fascist Imperialist Corporate Order is nothing but post Modern Manusmriti Rule of Injustice, Inequality, Violence, Hatred, Genocide Culture, War and Civil War,Pandemics, Man Made Calamities. Monopolistic aggression against Nature and Nature associated people.

The Corporate war is the symptom of this Rule.

Brahamins reserved the Rights of ARMS, Knowledge, Teaching and Property for theselves and denied these rights in accordance to the Graded Caste System, most effective and scientific APARTHEID.

Rajputs had no right to teach but they had the Property,Arms and knowledge.

The Vaishayys were deprived of Arms and Teaching Rights whereas the Shudras had no rights at all. The Woman is also Deprived of every Right as she is also Considered SHUDRA and is Prohibited to perform Rituals!She is considered IMPURE.

These Shudras had been defeated, enslaved and Converted into Hindutva.

This is the Root of Manusmriti Rule, the EXCLUSIVE Economics!

Brahamins had always controlled the State Power and POLITY irrelvant of the Political System or Regime.

The Real Power was vested in Brahamins who were the best Story Tellers!

They manipulated and Used state power in their interest and ENSURED Exclusive Reservation for them in Every sphere of Life.

Every Mythology in every Geopolitics justifies ETHNIC Cleansing and Genocide culture.

The Genocide Masters had been made Protagonists, ICons and Ideals.

All Gods and semi Gods are the Reincarnation of War and Violence, Genocide and Ethnic Cleansing.

Indra, Rama and Krishna were the best amongst the Aryan War Lords and Genocide masters.

Diwali and Durga Puja have got their roots in War and Ethnic Cleansing to wipe out the Indigenous Aboriginal Humascape.

But, ironically, these Festivals are celebrated as the festivals of Peace.

Peace means NON Resisting Enslavement.

Nothing Else.

Ram Rajya of Gandhi was the Most Violent Concept which made the base for the Hindu Nuclear Market Sovereign Brahaminical Nation but Gandhi is presented as an angel of NON Violence and Peace!

The Violence continues from the First day of Aryan Invasion against the Urban Non Aryan Peace Loving Literate Civilisation.

This Violence against the Aboriginal Indigenous Majority Bahujan Mulnivasi Communities have been Glorified as Religion and Justice, the DHARMA with Mythological Story Telling which is the Ultimate Truth about all the TRASH HOLY Scripts as well as so caled mainstream Brahaminical Literature of Pure Hatred.

Durga is Mhiasashur Mardini, the Killer of ASURAS, the Indigenous Aboriginal people Non Aryan.

It is the impact of Good Story Telling that the Converted Majority People do CELEBRATE their Destruction and Ethnic Cleansing as Religious festival.

Rama defeated Ravan, the leader of aboriginal communities, the DRAVID people down the South and we the Black Untouchables Celebrate Diwali as the Victory of Truth.

Puna Pact is the real Base of India Brahamincal Nuclear State and the Post Modern Manusmriti Rule was introduce on the Moment, at the Darkest hour at Mid Night with installing Zionist Foreigner Brahamincal Hegemony amidst the beginning of eternal Holocaust infinite in this part of the planet.

It is called the Trasfer of Power and described as Freedom and Sovereignty!

In fact, the LPG Mafia and the Killer Money Machine captuerd India and introdced Exclusive Economics Co Opting the so called educated creamy layers grown as challengers of the System in the aboriginal, Indigenous and Minority communities.

Even before the formal Introduction of Neo Libearl policies in India with the installation of the Super slave World Bank IMF Pentagon Slaves Corporate Agents in Indian political system, the Brahamical Literature, the Tarsh Mytholgy acomplished the Task of Complete Brainwashing and Complete Mind control!

It began with the concept of Bharat Mata and Vandemataram! Bharat Mata being a Warring Goddess representing Hindutva mobilised the Hindutva Movement based on Pure hatred and it is GLORIFIED beyond all limits.The first indian NOBEL Laureate RABINDRA Nath Tagore based his literary theme on Mythology rooted in UPANISHAD, though he used the Folk Roots of Baul and Rural tradition of poetry and philosophy at the same time.

Rajiv Gandhi ensured the RAM MANDIR Temple Opening amidst the Live Telecast of Ramayan, Mahabharat and Discovery Of India on National Television which created the New waves of Hindutva and Hatred campaign against the Aborigibnal Indigenous Communities making the appropriate environment of Ethnic Cleansing, Genocide Culture and Mass Destruction.


The First Brahamin Prime Minister, NOMINATED by Gandhi, the father of the Post Modern Global Hindutva and Galaxy Manusmriti Rule Zionist, NOT Elected by Democracy and the people, authored the Discovery of India which Glorified VEDIC Culture of Genocide in the Modern context and Reference. The mega serial was directed by the Psyedo Marxist. Shaym Benegal.

In fact. Indira Gandhi returning to power after the Emergency disaster decided to reintroduce the Vedic Mind control system and linked Congress with RSS Branded Hindutva with Operation Blue Star and Sikh Genocide. She  failed to censor Information during Emergency. With Bangladesh Liberation war in the time of Peasnat Insurrection known as naxal Isurection, Indira presented herself as Goddess Durga. Mind you, the Zamindars in East Bengal invoked Goddess kali to Kill the Muslims using the SC and OBC Communities Brainwashed. It has been repeated so many times after independence. Gujarat Genocide may be the Classic Case study to understand the Phenomenon. Congerss failed to return in power in Uttar Pradesh, BIHAR and West Bengal just because this Communal Equation was blocked by either DALIT OBC resurgence with Ambedkarite Ideology or MARXIST movement. So all Anti Marxist elements aligned to wipe out marxism at on hand and the Brahami samaj, Shankaracharya, Media and India Incs joined hands to polarise HINDUTVA to push on Economic ethnic Cleansing and intensify corporate war to ensure Market sovereignty!

In 1980. Indira decided to use the Television as the Mind Control System. RajiV gandhi just followed suit and escalated the TV Network introducing refined Technology of American system.

This was the Mythological base on which DR Manmohan Singh and Chidambaram Succeeded to introduce Neo Liberal policies in Narasimha Rao regime. rao was also a Brahmin who ensured the Demolition of Babri Mosque and the game was played with such EXPERTISE that RSS was blamed for the Crime.

But the Real CRIMINALS were the Agents of Zionism and US Corporate Imperialism and global War Economy who Used MYTHOLOGY based Hindutva for the Sovereignity of Market and Money machine.

RSS Government initiated the framework of Strategic Realliance and it had been Finalised by the CONGRESS Government supported by the Marxists with INDO US Nuclear Deal, Partnership in War against Terror, Monoplistic Aggression against the Indigenus Aboriginal Humanscape, the Nature Associated NON Aryan Black Untouchables with UNPRECEDENTED Violence of VEDIC Genocide Culture and Ethnic Cleansing under ALL out Corporate war against the Majority Masses NON BRAHMIN who never do identify themselves as MULNIVASI or BAHUJAN, NON Aryan and ABORIGINAL, such has been the marketing of Mythology for thousands years!

Now the Durga Puja, Diwali, Cricket and Commonwealth Games of Corruption create the Overwhemling Festival Time marketed for Resurgence of Hindu Brahamincal Nuclear Power invoking Ethnonationalism, Relgious Polarisation and Blind Nationalism to acomplish the Hidden Agenda of Financial, Legislative and Economic Reforms for further Ethnic Cleansing with Citizenship amendment act, Unique Identity Number, Prevention of Terror Acts, AFSPA, Disturbed area act and so on!

In Brahaminical Marxist ruled Bengal,Durga puja, the biggest festival, started with the advent of Maha Sasthi today as idols of deities were unveiled and people took to the street in thousands kickstarting five days of celebration, joy and revelry.

The official beginning of the puja, the worship of Goddess Durga, was marked by 'bodhon' (invocation of the deity), 'Amontran' (invitation) and 'Adhibas' (sanctifying the place of worship), the string of intrinsic religious rituals, observed in the community pujas and at homes where the Goddess was being worshipped.

Thousands of pandals sprouted with gorgeous decorations with the streets being awashed in dazzling lights, while the people, despite the day being not on the holiday list, kept swarming the streets since afternoon to have a look at their favourite community pujas.

Alongside Durga, her offsprings--Laxmi, Saraswati, Kartik and Ganesh are also worshipped.

The famous community pujas, particularly in Kolkata and its adjoining areas, have embarked on certain themes in decoration and creating the ambience with the subjects varying from green activism to political message.

Several big corporate houses have instituted prizes for best puja, best lighting and best ambience with the panel of judges comprising illustrious people from different fields.

Large number of families also worship Durga at home, some of them being more than century old.

For the next four days, all roads will lead to the city with the footfall of scores of thousands of people from districts and even from outside the state and abroad.

Police made massive security arrangements to maintain law and order and ensure smooth vehicular traffic by pressing into service extra forces and taking assistance of civil defence, NVF and NCC.

Tendulkar jumps to top spot in the ICC Test ranking

Sachin Tendulkar on Wednesday reclaimed the number one position in the Test rankings, following his stupendous show with the bat in the just concluded Test series against Australia .

Also read: India strengthen top position in ICC Test rankings

Tendulkar was the highest run-getter with 403 runs in the two-match series, which India won 2-0.

Tendulkar also scored his sixth double hundred and was adjudged Man-of-the-series.

The Indian batting legend has now 891 points, according to the ICC ranking table on its website.

Virender Sehwag is the next best Indian at number three with 819 points, behind Sri Lankan Kumar Sangakkara (874).

Fears grow of a bubble in Brazil, China and India
Fears are growing that the flood of cash into emerging markets could provide kindling for the next economic crisis and has already fueled simmering currency disputes.

Amid sclerotic growth in the traditional strong markets of Europe, Japan and the United States, emerging giants like Brazil, China and India have become an increasingly attractive proposition to investors.

Billions have been poured into Brazilian bonds, Chinese real estate and Indian equities, which promise better returns than can be found in New York, Tokyo or London.

The Institute of International Finance has projected that around 825 billion dollars will gush into emerging economies this year, up 30 percent from 2009.

While rapidly developing economies might welcome new investors, the sudden rush of cash is poising a host of problems from rising home prices to stronger currencies that make exports less competitive.

"Already a very significant amount of money is following into some emerging economies," Haruhiko Kuroda, the head of the Asian Development Bank, told AFP.

"If this situation intensifies it may become more difficult to manage," he warned.

But is not just the volume of cash that makes Latin American and Asian countries jittery.

"A lot of money flowing into emerging markets is short term, portfolio investment, bank loans and so on, which could quickly be reversed," Kuroda said.

If the economies of Europe, Japan and the United States were to pick up or any number of local crises struck, the bubble could quickly pop.

Facing these risks, ever-more countries have begun to take matters into their own hands.

Brazil has doubled its tax on foreign inflows, while countries from South Korea to Colombia have tried to sterilize the impact of flows on their currency by buying up dollars.

"Measures must be introduced if necessary," said Kuroda, who pointed to some success stories.

"In a few countries like China the housing market has gone up quite sharply over the past few years. But even in China with various measures introduced by the government the housing market is adjusting."

But the measures are not always successful, according to Guillermo Ortiz a former governor of the Bank of Mexico, who recently addressed an IMF/CNBC forum.

"Brazil... raised tax from two to four percent on foreign inflows and the real appreciated."

As the United States and Japan move to pump more cash into the economy, the rush capital flows, subsequent appreciation and intervention, may increase.

"The central banks are pumping huge amounts of liquidity, interest rates are at record lows so all this money is chasing yield and it is going to emerging markets, and everybody is trying to stop appreciation," said Ortiz.

"Until these tensions are resolved emerging markets will have to deal with volatility, high capital inflows and central banks will be under heavy political pressure to intervene, knowing perfectly well that this intervention are probably not going to get them very far."

"The only solution of course is to have some renewed spirit of cooperation," he added.

Members of the International Monetary Fund's policy-setting panel this weekend vowed to "address the challenges of large and volatile capital movements, which can be disruptive."

But that is unlikely to be enough to allay the concerns of countries like Brazil, whose finance minister Guido Mantega has pointedly criticized the IMF for being "reluctant to draw practical conclusions from its analysis."

According to Ortiz: "We tend to speak globally and act unilaterally."

Sensex zooms 484 pts; biggest single day gain in six months

In the biggest single day gain in six months, stock market benchmark Sensex today moved up a whopping 484 points to hit 33-month high of 20,687 on record inflows from foreign funds and strong overseas sentiment. The Bombay Stock Exchange''s 30-share barometer closed the day 484.54 points, or 2.4 per cent, up at 20,687.88 -- its best closing since January 14, 2008, when the index had ended at 20,728.05.
The National Stock Exchange 50-share wide-based Nifty index too spurted by 2.31 per cent to close at 6,231.50. Intra-day, the Sensex had zoomed 500 points to hit a high of 20,703, just 500 points short of its highest close of 21,206.77 -- achieved on January 10, 2008.
Today''s gain was the highest rise in a single day, since May 10, 2010, when the Sensex had rallied by 561 points. India was the best performing market among Asian peers today.
The broad based rally was led by IT, capital goods and banking stocks. Investors continue to remain bullish on IT stocks ahead of Infosys results, brokers said.
It was IT sector that stole the show on the Dalal Street, with Infosys zooming 2.57 per cent ahead of September quarter result -- to be announced on October 15. TCS climbed about 5 per cent -- the most in Sensex pack -- and Wipro 3.69 per cent.
Investor sentiment was also upbeat after technology major Intel Corp beat the Wall Street forecast by reporting a 59 per cent jump in third quarter profit to USD 2.95 billion. Analysts said, the sentiment on Street turned buoyant on China''s positive trade data, rebound in Australia''s consumer confidence in October and expectations of further steps by the US Fed to bolster the economy.
Back home, attractive pricing of Coal India Ltd IPO also helped boost the sentiments. The government Tuesday set a price band of Rs 225 to Rs 245 a share for the country''s largest ever IPO (expected garner over Rs 15,000 crore) by state-run CIL. "The liquidity driven rally piggybacking poor IIP numbers is a strong indication of the underlying strength in markets," Consortium Securities AVP Vishwesh Choudhary said.
Inflows from overseas fund houses are about to cross the magical Rs 1,00,000 crore mark, the highest net investment in a single in year in Indian equities. As per market regulator Sebi data, FIIs have infused a whopping Rs 99,874 crore so far this year in Indian stock market.
Reliance Industries Ltd, that holds the maximum weight in the Sensex, surged 1.67 per cent to settle at Rs 1,071.50. Financial was another sector that attracted heavy buying, with HDFC zooming 4.47 per cent, HDFC Bank 2.52 per cent, SBI 2 per cent and ICICI Bank 1.23 per cent.
NTPC was the sole loser stock in the entire Sensex pack. The scrip ended with a loss of 0.88 per cent.

Interlocutors to start uninterrupted dialogue: Chidambaram

Home Minister P Chidambaram today said the three interlocutors on Kashmir will begin the process of "sustained uninterrupted dialogue" with all shades of opinion to resolve the Kashmir problem. He said eminent journalist Dilip Padgaonkar, Information Commissioner M M Ansari and academician Prof Radha Kumar have been appointed as interlocutors for Kashmir talks in pursuant to the decision of the Cabinet Committee on Security.
"We hope that they will begin a process of sustained uninterrupted dialogue with all sections of people of Jammu and Kashmir, especially with youths and students and all shades of political opinion," he told reporters here. Chidambaram said the move was a clear demonstration of the seriousness of the government of India to find a solution to the Kashmir problem which has been there "for many, many years".
"I would appeal to all sections of people of Jammu and Kashmir and all shades of political opinion to engage with the interlocutors so that we can move forward on the path of finding a solution to the problem," he said. Asked why none of the interlocutors has a political background, the Home Minister said all of them have a political persona and they have been in public life for long and all of them are well known to the people of India.
"All of them are engaged in work which is in public domain and we think they are very credible people, people with a good track record and they can begin their work as early as possible and I am sure they will start their work as early as possible," he said Chidambaram said government may add another interlocutor later.

BCCI files criminal complaint against Modi

The Cricket Board today filed a criminal complaint with the Chennai Police against former Indian Premier League chairman Lalit Modi accusing him of misappropriation of funds to the tune of Rs 470 crore. The complaint, filed by Secretary N Srinivasan on behalf the BCCI, mentioned misappropriation of funds, mainly in allotting media rights and free commercial rights.
The complaint was filed in Chennai as the Cricket Board is registered here. "A police complaint has been lodged by me on behalf of the BCCI today.
The BCCI AGM held last month had authorised the honorary secretary to to file a complaint and I have done it," Srinivasan told PTI. "In the complaint, we have accused him (Lalit Modi) of various charges, including selection (of IPL teams) and misappropriation (of funds) connected with them. I have filed the complaint to the Chennai Commissioner of Police," he added.
Chennai Police Commissioner T Rajendran confirmed the development and said that the BCCI had "preferred a police complaint" against Modi for criminal misappropriation of BCCI funds totalling Rs 470 crore. "There are three main charges .
It is a detailed complaint that they have given. So we will go through the complaint.
It will be investigated by us as BCCI is registered in Chennai," Rajendran said. Later, Rajendran said the police were examining the complaint and it would be referred to Central Crime Branch (CCB) of Chennai police Srinivasan, who is the President-elect of BCCI, alleged there were a lot of charges against Modi which have attracted cases under the Indian Penal Code.
Police have assured him that "they will look into it," Srinivasan said. This complaint only adds to the trouble for Modi against whom the Enforcement Directorate has already issued a Blue Corner Notice.
However, Modi had denied receiving any official communication in this regard. Last week, in a drastic action, the Cricket Board had terminated the contracts of Rajasthan Royals and Kings XI Punjab, which allegedly share a close affinity with Modi, from the IPL on alleged breach of franchise agreement by them.

US favours India sorting out Kashmir with Pakistan: Krishna

India today dismissed the possibility of a swap with the US on Kashmir problem for a permanent seat in the UN Security Council and said that Washington feels that it is an issue to be sorted bilaterally with Pakistan. External Affairs Minister S M Krishna also asserted that India''s role as non-permanent member, which it won in the UNSC yesterday, will not not encumbered by any issues.
He does not not share the impression that the current phase of the problem in the Kashmir valley and its handling gave India a different image in the outside world. "To my mind it sounds all speculative.
These are kites being flown. There is no no truth in it.
The US has been conveying to India that we should sort out the issue. If similar suggestions are put we take them with seriousness," Krishna said at a breakfast meeting with editors here.
He was asked about reports that US President Barack Obama, who is to visit India next week, wants India to sort settle the with Pakistan and that Washington would help India get permanent membership of the UNSC. He was also asked whether the handling of the Kashmir issue in its current phase harmed its image and could encumber its role as a non-permanent member of the Security Council. The minister said India''s relationship with the US was not not dependent on its ties with other countries including Pakistan.
"India, US relationship are between two democracies which value rule of law and there are various circumstances that bring us closely together. They (US) have their own compulsions in Afghanistan and that is where the US will need Pakistan much more now than before," he said.
Krishna said the US also understands India''s constructive role in Afganistan. "So the US has a special relationship with India and they recognise India''s efforts and they encourage it.
   

   

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    Green in focus in $2.3 trillion India plan

    - Reuters            
    India will spend $2.3 trillion to boost its energy sector by 2030 by improving energy efficiency and using clean technology to help Asia's third largest economy balance growth and environmental aims....
    •                 Commexes' turnover up by 41 pct in Sept- IE Finance                
    •                 'Job hopping rate highest in India'- IE Finance                
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    Delhi's starless, this Durga Puja

    Times of India - Arpita Nath, Aditya Mukherjee - ‎18 minutes ago‎
    Sujit Sengupta, general secretary, Durga Bari Puja Samiti, GK-I, says they are inviting singer Zubeen Garg to perform. Another attraction would be the ...
    Delhi: Durga puja celebration marred by CWG? Oneindia
    Post-CWG, foreign journos plan pleasure trips in India Sify
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    हिंदी मेंEmail this story
    Total Filmy
    

    Durga puja starts with advent of Maha Sasthi

    Central Chronicle - ‎1 hour ago‎
    Durga puja, the biggest festival in West Bengal, started with the advent of Maha Sasthi today as idols of deities were unveiled and people took to the ...
    Video: Durga puja drums: The story of Dhaks and Dhakis
    Durga Puja celebrations begin Assam Tribune
    Durga Puja fervour The Hindu
    Daily News & Analysis - FV Current Waves
    all 215 news articles »Email this story
    Calcutta Telegraph
    

    If not bigger, it's simply grand

    Daily Pioneer - ‎27 minutes ago‎
    It might not just be about lavish expenses, extensive preparations and rock bands playing in every pandal, but still Durga Puja in the city this year is ...
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    all 14 news articles »
    हिंदी मेंEmail this story
    Bangladesh News 24 hours
    

    175 Durga Puja pandals in Meghalaya

    Assam Tribune - ‎26 minutes ago‎
    SHILLONG, Oct 13 – The essence of Durga Puja is the celebration of the fight and victory of good over evil – not just in physical terms, but also spiritual. ...
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    all 9 news articles »Email this story
    

    Puja and polls: Nitish's family prays, Lalu helps Rabri with rituals

    Sify - ‎7 hours ago‎
    Patna: They need all the help they can get and Durga Puja has come just in time! Bihar politicians and their families are busy invoking the goddess at their ...
    Mid-Day
    

    Cops allow loudspeakers till midnight

    Times of India - ‎13 hours ago‎
    "The use of loudspeakers and public address system is permitted between 10.00pm and 12.00 at midnight for organizing Ramlila and Durga Puja. ...
    This festive season, loudspeakers can play on till midnight Indian Express
    Loudspeaker norms relaxed for Ramlilas Daily Pioneer
    all 10 news articles »Email this story
    Calcutta Telegraph
    

    Governor asks parties to shun violence

    Indian Express - ‎17 hours ago‎
    Expressing concern over political clashes in the state on the eve of the Durga puja, the Governor MK Narayanan has urged all political parties to desist ...
    Eschew violence, West Bengal governor urges parties Sify
    WB governor calls for a halt to political violence IBNLive.com
    all 17 news articles »Email this story
    

    Durga Puja 2010: Political change contaminates festive air!

    DuniyaLive.com - ‎2 hours ago‎
    By Agencies Kolkata: Durga Puja 2010: Political change contaminates festive air! Ironical puja theme is probably the flavor of this festive season, ...
    

    Drumbeats & B'wood bring home goddess

    Times of India - ‎4 hours ago‎
    Lavishly mounted by a team of artisans, caterers and management professionals, singer Abhijeet Bhattacharya's Durga puja has hit the high notes in its 16th ...
    

    City mandal to telecast Durga Puja live from two cities

    Hindustan Times - ‎11 hours ago‎
    Andheri Link Road Sarbojanik Durga Puja will telecast Durga Puja live from three cities. The Lucknow feed will come from the Milan Sangho organisation in ...

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       Delhi's starless, this Durga Puja‎ - 22 minutes ago Sujit Sengupta, general secretary, Durga Bari Puja Samiti, GK-I, says they are inviting singer Zubeen Garg to perform. Another attraction would be the ... Times of India - 15 related articles Durga puja starts with advent of Maha Sasthi‎ - Central Chronicle - 214 related articles If not bigger, it's simply grand‎ - Daily Pioneer - 14 related articles

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    14 Oct, 2010, 12.12AM IST, Dheeraj Tiwari,ET Bureau

    Finance ministry to set up Rs 800-cr fund to help banks reach the last man

    THE financial inclusion drive is set to get a huge boost with the government deciding to set up a Rs 800-crore fund to encourage banks to reach out to the financially excluded population.

    
    

    The fund will compensate banks for costs incurred on providing no frills accounts in rural areas and other expenses incurred in reaching credit to unbanked areas.

    
    

    "Banks engaging business correspondents have to pay them some amount besides the commission fee to sustain their interest. The new fund will cover such costs," said a finance ministry official.

    
    

    The new fund will be separate from the existing Rs 1000 crore Financial Inclusion Fund (FIF) and Financial Inclusion Technology Fund (FITF) set up with Nabard, the specialised agency for farm sector loans. Financial Services secretary, R Gopalan also indicated government support to banks' financial inclusion programme.

    
    

    "The government will also meet a part of these expenses," he said at the launch of Oriental Bank of Commerce (OBC), financial inclusion scheme Swarojgar Card. The new fund aims to bridge the viability gap in bank's arrangement for setting up branches in rural areas and also appointing business correspondents.

    
    

    The cost of appointing a business correspondent is somewhere around Rs 3,000, and then there are associated cost on technology such as smart cards and providing automated teller machines (ATMs) at doorsteps, said a senior banker with Bank of Baroda .

    
    

    "This capital support will strengthen the banks' effort towards financial inclusion, which was so far just to meet the targets," he added. The other two funds set up with Nabard as of now focus on spreading financial literacy and providing technological support to regional rural banks and co-operatives.

    
    

    "We have so far disbursed around Rs 25 crore. We are supporting two financial literacy programmes one by Indian Institute of Banking and Finance (IIBF) and second by Indian School Of Microfinance for spreading financial literacy," said a senior official with Nabard. Both government and the Reserve Bank of India have taken major initiatives towards reaching formal banking to under banked areas. The government has set a target of providing banking facilities to habitations having population of more than 2,000 by March, 2012.

    
    

    The RBI has started its outreach programme across the country to evolve a workable model for banking at the village level. Currently, Out of the 600,000 habitations in the country, only about 30,000 have a commercial bank branch.

    14 Oct, 2010, 12.16AM IST,ET Bureau

    Rising current a/c trade gaps worry FM

    KOLKATA: Union finance minister Pranab Mukherjee on Tuesday expressed concern over the rising current account and trade deficits and suggested a wider export market besides Europe and North America to correct the imbalances.

    
    

    "I have apprehensions because the current account deficit has increased-...Trade imbalances have increased because exports have not grown in absolute terms compared to imports. So, we have to find diverse markets," he said after inaugurating a financial hub in New Town, Rajarhat, which will be the second such facility after Mumbai's Bandra Kurla Complex.

    
    

    The search for a wider export market assumes importance because export demand from traditional importing countries slowed down following the global financial crisis. About 60% of the country's exports goes to Europe, North America and Japan but the lower demand has widened India trade deficit.

    
    

    India's current account deficit was $13.7 billion for the June quarter, compared with $4.5 billion in the corresponding period last year and $13 billion in the quarter to March 2010. Its merchandise trade deficit was $34.2 billion in the June-quarter, compared with $25.6 billion in 2009 and $31.5 billion for the March quarter.

    
    

    "Necessary infrastructure has to be created to increase exports and Kolkata could be an important landmark to boost trade with Asian countries," he said.

    
    

    The West Bengal Housing Infrastructure Development Corporation has initiated the financial hub project, for which an investment of Rs 16,000 crore is proposed to build 40 million sq feet of commercial space and necessary infrastructure.

    
    

    State finance minister Asim Dasgupta said the project would create two lakh direct employment opportunities and another two lakh indirect jobs. "The financial hub will be important in redressing the search process of savers, investors and job seekers," he said.

    
    

    Mr Mukherjee said the setting up of the financial hub is an important step in building an institutional mechanism for higher exports to east and south-east Asian markets.

    FDI inflows down by about 60 pc in Aug

    Reflecting fragile recovery in world's major economies, foreign direct investment into India dipped for the third consecutive month, by about 60 per cent to USD 1.33 billion in August.

    
    

    The FDI inflows in August 2009 were USD 3.26 billion. Contrary to smart recovery in the domestic economy and a rebound in exports, overseas investment show a slackening trend in the current fiscal, an official told PTI.

    
    

    For the April-August period of 2010-11, FDI inflows declined by 35 per cent to USD 8.92 billion compared to USD 13.8 billion in the same period last year, the official said.

    
    

    According to experts, weak global economic recovery is one of the reasons for declining FDI in India.

    
    

    "The main reason for the decline in FDI is slump in the major western economies like the US and Europe...," international trade expert with India's prestigious Indian Institute of Foreign Trade (IIFT) Rakesh Mohan Joshi said.

    
    

    Crisil chief economist DK Joshi said: "This is not a good news for Indian economy. This reflects that global economic recovery is still fragile and some impact of that would be reflected in our FDI."

    
    

    Foreign investment in July 2010 was at USD 1.78 billion, a dip of 49 per cent and in June international inflows were at USD 1.38, a dip of 46 per cent over the year ago period.

    
    

    The sectors which attracted foreign investment, included services, telecommunication, construction activities and computer software and hardware, the official said.

    
    

    The country received maximum investment from countries like Mauritius, the US, the UK, Singapore, the Netherlands and Japan.

    
    

    The government has recently floated discussion papers for public comments to liberalise FDI in multi-brand retail and defence sector.

    
    

    The foreign investment remained low-key despite a recent UNCTAD survey showing that India would remain the second most important FDI destination for transnational corporations during 2010-2012, next only to China.

    
    

    In its latest 'World Investment Prospects Survey 2010-2012', the United Nations Conference on Trade and Development (UNCTAD) said transnational corporations remain buoyant about investment prospects in China, India and Brazil.

    
    

    FDI for 2009-10 at USD 25.88 billion was lower by five per cent from USD 27.33 billion in the previous fiscal.

    India's second financial hub in Kolkata

    Finance Minister Pranab Mukherjee Wednesday laid the foundation stone of the country's second financial hub, after the Bandra-Kurla Complex in Mumbai , at Jyoti Basu Nagar in the northeastern fringes of the city.

    
    

    Spread over 300 acres, the financial hub will house several banking and financial institutions, insurance companies and stock exchanges apart from hospitality and educational institutions. It would entail an overall investment of Rs.16,000 crore.

    
    

    "This financial hub will open a new vista for the people of this region of the country," said Mukherjee.

    
    

    The hub would play a catalytic role as a gateway to the Southeast Asia, he added, relating it to India's "Look East" policy.

    
    

    The hub is expected to generate employment opportunities and business prospects for West Bengal and the eastern region.

    
    

    "This hub would generate employment of two lakh people directly and three lakh indirectly," said West Bengal Finance Minister Asim Dasgupta.

    
    

    Chief Minister Buddhadeb Bhattacharya said the government and the private agencies should join hands at the hub.

    Govt to provide equity support of Rs 8,700 cr to PSU banks

    The Finance Ministry today said it will provide equity support of about Rs 8,700 crore to the public sector banks, a move that will enable lenders to raise funds from the capital market without diluting the government holding to below 51 per cent.

    
    

    "Next tranche of the capital infusion in the banks will be to raise government's holding in the public sector banks to certain level, which is being worked out," Department of Financial Services Secretary R Gopalan said on the sidelines of Orient Grameen Swarojgar Card launch by Oriental Bank of Commerce here.

    
    

    "So that at time when we are not in a position to fund them through budgetary resources they will be in position to go to the market and raise resources to beef up their Tier I position," he said.

    
    

    The government is also conscious of Basel III requirement where addition Tier I capital has been prescribed, he added. The government will look at those banks where government's holding is at minimum at 51 per cent.

    
    

    In the first tranche the government has approved capital infusion of Rs 6,211 crore in the five public sector banks announced in June this year.

    
    

    Finance Minister Pranab Mukherjee in his budget speech this year announced that the government planned a capital support of Rs 15,000 crore to public sector banks during the current fiscal to ensure that these entities could attain a minimum 8 per cent tier-I capital by March 31, 2011.

    
    

    As much as Rs 8,789 crore would be part of second tranche.

    
    

    There are six public sector banks-Bank of Baroda, Oriental Bank of Commerce, Andhra Bank , Dena Bank, IDBI Bank and Vijaya Bank where the government holding is less than 55 per cent.

    
    

    The Centre's holding in Bank of Baroda stands at 53.8 per cent, Oriental Bank of Commerce at 51.1 per cent while in case of Andhra Bank, it is 51.6 per cent. In IDBI Bank, Dena Bank and Vijaya Bank, the government holding is 52.7 per cent, 51.2 per cent and 53.9 per cent respectively.

    
    

    When asked if the government had taken any decision on the State Bank of India's proposal of Rs 20,000 crore rights issue, Gopalan said, "we are still examining. We have not finalised the assessment."

    13 Oct, 2010, 04.59AM IST,ET Bureau

    $300 bn to be raised to bridge core gap: FM

    The government will try to raise over $300 billion through long-term debt to fill the gap in funding for infrastructure projects in the 12th plan period (fiscal 2012-17), finance minister Pranab Mukherjee said on Tuesday, indication that infrastructure funding remains a big concern.

    
    

    "The government recognises that the debt of longer maturity is usually not available because of the various constraints such as absence of benchmark rates, asset-liability mismatch during the tenor of debt in case of financial institutions and high cost," finance minister said. He was speaking at the launch of a take-out financing scheme of the India Infrastructure Finance Company Ltd (IIFCL).

    
    

    Long pending take-out financing scheme finally took off with IIFCL signing an agreement with Union Bank of India for a take-out amount of Rs 1,500 crore in seven different projects, spread across power and road sectors.

    
    

    Takeout financing refers to an arrangement where an institution buys out or acquires a substantial stake in the loan asset of a lender, allowing more funds to flow to the sector by addressing the assetliability mismatch inherent in bank funding.

    
    

    Banks have 3-5 year deposits and funding long-term infrastructure project creates risk for them. A dedicated institution, such as IIFCL, can raise long-term funds to buy out loans of banks, freeing them to lend more.

    
    

    "I am confident that the scheme would pick up momentum and it will provide additional funding for infrastructure projects in the country," Mr Mukherjee said. IIFCL will also raise around. 1,000 crore from tax-free bonds this fiscal.

    
    

    The takeout scheme was announced by the finance minister in his budget speech. The finance ministry had projected that IIFCL and banks are in a position to support projects worth. 100,000 crore in infrastructure. The scheme, however, did not get a good response as most banks have not agreed with the high commission charges on such takeover and the long period before loans became eligible for such financing.

    Policy Govt to allow realtors to book revenues at different work stages Government plans to divest 10% in IOC & 5% in ONGC Foreign inflows: Subbarao, Pranab not on same page RBI refuses to give optionally convertible papers FDI status

    more »

    Finance Rising current a/c trade gaps worry FM Finance ministry to set up Rs 800-cr fund to help banks reach the last man FDI inflows down by about 60 pc in Aug India's second financial hub in Kolkata

    more »

    Foreign Trade Coffee exports to cross 2.1 LT mark in FY11: Board India competes with China, Europe for growing African market Coffee exports to cross targeted 2.1 LT mark in FY'11Board India, Israel to work towards signing FTA

    more »

    Infrastructure VA Tech Wabag eyeing buys in geographies it operates in India may attract $41 bn pvt investment in road sector: Nath In 5 yrs, all-weather road from Jammu to Valley India to invest Rs 15,000 crore on rural network

    more »

    Agriculture Record grain stocks, scarcity coexist on rigid distribution norms Mustard output set to rise on good rains Dry weather in northwest supports crop Water level in India reservoirs at 75 % in past week:govt

    more »

    
    

    http://economictimes.indiatimes.com/News/Economy/articlelist/1373380680.cms

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    World stocks gain as Fed signals easier policy

    LONDON: World stocks rallied Wednesday after the Federal Reserve cemented expectations it will further boost the faltering US economy at its next rate-setting meeting in November. Forecast-busting earnings from Intel Corp. also helped share prices.
    
    In Europe, the FTSE 100 index of leading British shares was up 72.33 points, or 1.3 percent, at 5,733.92 while Germany's DAX rose 92.16 points, or 1.5 percent, to 6,396.73. The CAC-40 in France was 56.73 points, 1.5 percent, higher at 3,805.59.
    
    Wall Street was poised for solid gains at the open — Dow futures were up 69 points, or 0.6 percent, at 11,026 while the broader Standard & Poor's 500 futures rose 8.4 points, or 0.7 percent, to 1,172.90.
    
    The main driver in the markets were the minutes to the last rate-setting meeting of the Federal Open Market Committee (FOMC) three weeks ago, published after European markets had closed Tuesday.
    
    Analysts said it's no longer a question of if but how and how much money the Fed will pump into the US economy.
    The minutes showed that the Fed thinks US growth will be lower than previously predicted and that deflation is becoming an increasing concern. The conclusion was that policymakers thought that more support may have to be provided, though no real details of what may emerge were proffered.
    
    Not everyone on the FOMC thinks monetary policy needs to be eased further — Thomas Hoenig is hostile to any more so-called quantitative easing, which would involve the purchase of financial assets from the banks.
    
    As a result, the markets will be awaiting a speech Friday by Fed chairman Ben Bernanke to get a clearer idea of what the central bank has in mind. There's even talk that the Fed will try to ratchet up inflation expectations, possibly involving a clearer inflation target.
    
    "If the FOMC is not to create havoc in financial markets, then Bernanke had better offer some more substantive 'guidance' when he speaks later this week, particularly as there are clearly a number of FOMC members that will back whatever he decides even if they individually have some doubts," said Marc Ostwald, market strategist at Monument Securities.
    
    Stocks have also been supported Wednesday by better than expected earnings from Intel, the world's biggest maker of microprocessors. Intel said its net income for the third quarter leaped 59 percent while sales rose 18 percent — an encouraging sign for the computer industry's all-important holiday season. Intel's fourth-quarter forecast suggests that demand is expected to stay solid.
    
    Stocks have been buoyant for over a week as investors have priced in the growing likelihood that the Fed would join the Bank of Japan in easing monetary policy further in an attempt to further drive down rates on mortgages, corporate loans and other debt in the ultimate hope of boosting economic activity and supporting prices.
    
    Though the prospect of more dollars in the financial system has been a boon to stocks, the dollar has suffered — by early afternoon London time, the euro was 0.4 percent higher at $1.3966 while the dollar was flat at 81.80 yen, which is below the level that prompted the Bank of Japan to intervene in the markets last month to rein in the export-sapping appreciation of the yen.
    
    Neil MacKinnon, global macro strategist at VTB Capital, said the worry in the markets is that the Fed's attempt to raise inflation may not be as manageable and as controllable as it thinks. "The bond market is alert to the potential contradiction in Fed policy of buying US Treasuries to keep bond yields down and ideas such as price-level targeting that are likely to raise bond yields," he said.
    
    Earlier in Asia, stocks advanced following the publication of the Fed minutes and Intel's earnings.
    Japan's benchmark Nikkei 225 stock index gained 14.87 points, or 0.2 percent, to close at 9,403.51 while South Korea's Kospi added 0.4 percent to 1,876.15. Australia's S&P/ASX 200 was up modestly by 0.04 percent to 4,619.9.
    
    Hong Kong's Hang Seng index closed up 1.5 percent to 23,457.69 while the benchmark Shanghai Composite Index rose 19.95 points, or 0.7 percent, to 2,861.36.
    
    Benchmark oil for November delivery was up 97 cents to $82.64 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
    13 Oct, 2010, 09.10PM IST,REUTERS
    

    World stocks at 6-month high, dollar drops on Fed

    NEW YORK/LONDON: World stocks hit a six-month high while the dollar weakened on Wednesday on expectations that the Federal Reserve will further loosen monetary policy, boosting appetite for risk. Gold surged almost 2 percent to a record above $1,372 an ounce as investors sought protection against a sinking dollar.
    
    Other commodities also rose, and oil prices climbed more than 2 percent. Minutes from the Federal Reserve's September meeting on Tuesday showed officials discussed the possibility of buying more longer-term U.S. government debt to drive borrowing costs lower and ways to nudge the public into expecting higher levels of inflation in the future to spur spending.
    
    "The Fed minutes certainly induced a rally right across the board," said Peter Cardillo, chief market economist at Avalon Partners in New York. "We are seeing the dollar lower, gold and oil prices higher. That is adding risk flavor to the market." A number of strong corporate results also bolstered stock markets, including an upbeat fourth-quarter sales and margins forecast by Intel Corp. MSCI's benchmark All-Country World equity index rose 1.4 percent on the day to hit its highest level since mid-April.
    
    The Dow Jones industrial average gained 89.12 points, or 0.81 percent, to 11,109.52, while the Standard & Poor's 500 Index rose 8.95 points, or 0.77 percent, to 1,178.72. The Nasdaq Composite Index was up 21.04 points, or 0.87 percent, at 2,438.96. The FTSEurofirst 300 index of top European shares jumped 1.5 percent to a three-week high.
    
    The prospect of a second round of U.S. quantitative easing, which equates to printing more money, pushed the dollar toward an eight-month low against the euro. Dollar losses were limited, however, after the euro failed again to hold above the key psychological $1.40 mark. The dollar's recovery accelerated after automatic buy orders were triggered, traders said.
    13 Oct, 2010, 01.52AM IST,Bloomberg
    

    Options show no black swan in emerging-market stocks

    LONDON & NEW YORK: The smallest stock-price swings and fastest economic growth in three years are convincing options traders that developing-nation equities are safer than ever before relative to US shares.
    
    The MSCI Emerging Markets Index's historic volatility, a gauge of price swings during the past three months, fell to 12.1 last week, the lowest level since July 2007, according to data compiled by Bloomberg. The cost of options insuring against a drop in the iShares MSCI Emerging Markets Index exchange-traded fund has declined to a record versus those tied to the Standard & Poor's 500 Index, the data show.
    
    While the US recession in 2008 helped spur the MSCI index's worst-ever bear market, a 66% drop, Goldman Sachs Group Inc says America's slowing expansion will force central banks to keep interest rates low and fuel gains in developing-nation stocks.
    
    "We're probably going into a period of relatively low emerging-market volatility," said Christopher Palmer, who oversees about $6 billion as head of global emerging markets at Gartmore Investment Management. "The Black Swan way of looking at the world means that you have to take into account that there may be some things happening positively that are difficult to explain."
    
    Nassim Nicholas Taleb, in his 2007 best-seller, The Black Swan: The Impact of the Highly Improbable, said most people underestimate the frequency of high-impact events. He has built strategies to protect investors from market swings using options, contracts that give the right to buy or sell assets at a set price by a specific
    .
    The MSCI emerging stock gauge has more than doubled from its bear-market nadir in October 2008 as the US and Europe cut benchmark borrowing costs to all-time lows and developing nations' economic growth quickened to an annual rate of more than 7% this year, according to International Monetary Fund .
    
    The three-month implied volatility for at-the-money options on the iShares MSCI Emerging Markets ETF was 25.92 on October 8, compared with 20.65 for the SPDR S&P 500 ETF, data compiled by Bloomberg show. The difference shrank to 3.72 on October 4, the lowest since Bloomberg began compiling the data in March 2006.
    Implied volatility is the key factor for determining options prices.
    
    Investors' growing preference for developing nations is also reflected in the relative equity valuations and fund flows. The MSCI index trades for 2.06 times net assets, within 3% of the highest since March 2008 relative to the S&P 500, which is valued at 2.15 times, according to data compiled by Bloomberg. Emerging-market equity mutual funds lured $53.8 billion of net inflows this year, while US funds had outflows of $65 billion, according to EPFR Global and Investment Company Institute data.
    
    Rising valuations are leaving developing-nation stocks vulnerable to a renewed contraction in the US economy, and investors should consider buying low-priced options that insure against equity losses, according to TCW Group Inc's Komal Sri-Kumar.
    
    "The risk of a double-dip is still very much present," Sri-Kumar, the Los Angeles-based chief global strategist for TCW Group, which oversees about $110 billion, said in an interview. "If you can get yourself cheap downside protection, that would be a better position to take in the short term, rather than be naked."
    

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    'Women empowerment is necessary for social equality'

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    Health in your hands

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    Ex-MCI chief shelves trip to Canada

    Hindustan Times - ‎25 minutes ago‎
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    Buffoonery in Bihar

    Daily Pioneer - ‎1 hour ago‎
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    11 HC judges transferred 'in public interest'

    Hindustan Times - ‎56 minutes ago‎
    The government on Wednesday transferred 11 judges of six high courts who were recommended for relocation "in public interest" by the Supreme Court collegium.
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    Faculty to write to governor over dropped book

    Times of India - ‎3 hours ago‎
    MUMBAI: The unceremonious removal of Rohinton Mistry's Such a Long Journey from the English syllabus of Mumbai University, has left the faculty members of the varsity incensed and they have now decided to protest against the vice-chancellor's move.
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