Now your Pension has to be invested in Market and would be managed by Private Players. The Minority Brahaminical Indian Inc Governemnet of Micro Minority Market dominating Community has been bailed out by BJP. I have been writing for so long that Ideology and Political color are quite IRRELEVANT in LPG Mafia Raj as Millionairs have the Majority in Parliament and they may not act beyond their Profit Oriented Interest. Meanwhile, India is all set to become World Cup Cricket champion as so is the Arrangement. The Blind Nationalism and Invoking Ethnonationalism have blined Public Vision. Govt Employess counting DA are quite UNAWARE how Economic Reforms herald Mass Destruction for them as Political Parties, Media and Trade Unions, whom they depend on, acomplish the Agenda of Ethnic Cleansing playing comlete Mind Control Game!
Indian Holocaust My Father`s Life and Time - SIX HUNDRED FOUR
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Now your Pension has to be invested in Market and would be managed by Private Players. The Minority Brahaminical Indian Inc Governemnet of Micro Minority Market dominating Community has been bailed out by BJP. I have been writing for so long that Ideology and Political color are quite IRRELEVANT in LPG Mafia Raj as Millionairs have the Majority in Parliament and they may not act beyond their Profit Oriented Interest. Meanwhile, India is all set to become World Cup Cricket champion as so is the Arrangement. The Blind Nationalism and Invoking Ethnonationalism have blined Public Vision. Govt Employess counting DA are quite UNAWARE how Economic Reforms herald Mass Destruction for them as Political Parties, Media and Trade Unions, whom they depend on, acomplish the Agenda of Ethnic Cleansing playing comlete Mind Control Game!
The revised version of the much-awaited pension reform Bill was tabled in Parliament on Thursday, to give statutory powers to the sector regulator. It has been tabled several years after an interim watchdog was constituted in October 2003, through an executive order.
The Bill was considered overdue since the New Pension System (the bill seeks to rename it National Pension System) has been operationalised.
The NPS, unlike the old pension system, does not necessarily have defined benefits and gives an option to the subscriber to put his retirement fund into the markets. The earlier version of the Bill was tabled as early as 2005.
However, at the time, the government was dependent on the support of the Left parties, opponents of the Bill. None of the Left-ruled states has joined the NPS for their employees; all the others states and Union Territories have adopted NPS.
Besides employees, NPS is also available for all citizens since last year.
As an incentive, the government contributes Rs 1,000 a year for the poor in case they join NPS.
The interim pension watchdog has created the institutional arrangement of an NPS Trust, a central recordkeeping agency, pension fund and a trustee bank for NPS. "It has now become necessary to replace the interim arrangements with proper infrastructure under a regulatory framework in order to avoid future complications," finance minister Pranab Mukherjee said. Since so much time had been taken to table the Bill, the government has already kept the option of specifying foreign investment in pension funds outside the purview of legislation, unlike the earlier version.
PFRDA, according to the Bill, will comprise a chairperson, three whole-time members and three part-time members. Before introducing this Bill, the government had already tabled the Banking Law (Amendment) Bill and a Constitution amendment to establish a goods and services tax.
Government today dismissed reports that it had bungled in the Lok Sabha yesterday at the time of introduction of a bill to regulate pension funds when BJP came to its rescue.
Parliamentary Affairs Minister P K Bansal said several Congress MPs were in the Parliament House complex and were taking part in voting for some Parliamentary committees.
He was commenting on BJP saving the government from embarrassment as the Left parties pressed for a division on a bill to regulate pension funds at the introduction stage itself.
He said it was a fact that BJP was favouring the Bill and was critical for the delay in bringing forward the measure.
"We do not stand on prestige. We would like to reach out to everybody," he said rejecting suggestions that it was a 'poor floor management' that forced the government to seek BJP's help.
Bansal was critical of the opposition especially of the BJP for the frequent disruptions and said it was also the duty of all parties to ensure that legislative business was carried out in full seriousness.
"If ten members rush to the well of the House and want the government to do whatever they are demanding...," he said lamenting the attitude of the opposition parties.
On Women's Reservation Bill, he said that government's commitment to make that law into reality still stands and would seek the consensus of political parties.
He said it would be "just next to impossible" to get the Women's Bill passed in the Lok Sabha without arriving at a consensus. "We were accused of what little strong action we have taken in the Rajya Sabha. It will be just next to impossible" to go without consensus in Lok Sabha.
Parliamentary Affairs Minister P K Bansal said several Congress MPs were in the Parliament House complex and were taking part in voting for some Parliamentary committees.
He was commenting on BJP saving the government from embarrassment as the Left parties pressed for a division on a bill to regulate pension funds at the introduction stage itself.
He said it was a fact that BJP was favouring the Bill and was critical for the delay in bringing forward the measure.
"We do not stand on prestige. We would like to reach out to everybody," he said rejecting suggestions that it was a 'poor floor management' that forced the government to seek BJP's help.
Bansal was critical of the opposition especially of the BJP for the frequent disruptions and said it was also the duty of all parties to ensure that legislative business was carried out in full seriousness.
"If ten members rush to the well of the House and want the government to do whatever they are demanding...," he said lamenting the attitude of the opposition parties.
On Women's Reservation Bill, he said that government's commitment to make that law into reality still stands and would seek the consensus of political parties.
He said it would be "just next to impossible" to get the Women's Bill passed in the Lok Sabha without arriving at a consensus. "We were accused of what little strong action we have taken in the Rajya Sabha. It will be just next to impossible" to go without consensus in Lok Sabha.
Finance minister Pranab Mukherjee on Tuesday reduced the basic customs duty on raw silk from 30% to 5% to augment domestic availability for weavers, both in the handloom and powerloom segment.
There was also relief for 130 items which the government plans to bring under the ambit of central excise, with the Mukherjee deciding to make the rules simpler.
In addition, in view of the representations from the industry, the government decided to allow more local companies with overseas subsidiaries to be eligible for payment of lower tax on dividends. In the Budget, the government had proposed to halve the tax rate to 15% on dividends received from foreign subsidiaries in which the Indian company holds over 50% stake.
The threshold shareholding is proposed to be lowered to 26%. The move was aimed at getting these overseas subsidiaries to repatriate a larger share of profits to India instead of parking them overseas. There were also sops for the New Pension Scheme with the minister announcing allowance for deduction to the employer's contribution to a pension scheme on account of an employee.
He emphasized the importance of staying on the course on tax reforms, the enactment of the Direct Tax Code and the constitutional amendment to facilitate the implementation of GST from the next fiscal year.
There was also relief for 130 items which the government plans to bring under the ambit of central excise, with the Mukherjee deciding to make the rules simpler.
In addition, in view of the representations from the industry, the government decided to allow more local companies with overseas subsidiaries to be eligible for payment of lower tax on dividends. In the Budget, the government had proposed to halve the tax rate to 15% on dividends received from foreign subsidiaries in which the Indian company holds over 50% stake.
The threshold shareholding is proposed to be lowered to 26%. The move was aimed at getting these overseas subsidiaries to repatriate a larger share of profits to India instead of parking them overseas. There were also sops for the New Pension Scheme with the minister announcing allowance for deduction to the employer's contribution to a pension scheme on account of an employee.
He emphasized the importance of staying on the course on tax reforms, the enactment of the Direct Tax Code and the constitutional amendment to facilitate the implementation of GST from the next fiscal year.
Proposals for 5 new SEZs to be taken up tomorrow
The inter-ministerial panel headed by Commerce Secretary Rahul Khullar will decide on proposals for setting up five new SEZs, including that of B Raheja Builders and Sterling Port, here tomorrow.
The 19-member Board of Approval (BoA), the apex body on SEZ related matters, is also likely to take a decision on applications of about 40 developers.
This includes the request of Jubilant Infracon Private Limited , IFFCO Kisan SEZ Limited and Reliance Haryana SEZ seeking additional time to execute their projects.
Special Economic Zones (SEZs) have emerged as a major source of exports as they contributed 35 per cent in the country's shipments in 2009-10.
Request of GMR Hyderabad Aviation SEZ Limited for change of sector of notified zone at Mamidipalli village in Hyderabad from 'Aviation' to 'Multi Product-Airport Based' is also scheduled to be taken up by the BoA.
Besides, Maharashtra Industrial Development Corporation (MIDC) has approached the BoA for denotification of its Textile SEZ at Solapur district in Maharashtra.
Two developers -- Gujarat Hydrocarbons and Power SEZ and Mexus Corporation -- have also approached the panel for withdrawal of permission given to them to set up SEZs.
B Raheja Builders proposes to set up an IT\ITeS SEZ in Navi Mumbai over 14.15 hectare, while Sterling Port seeks BoA's nod for a port-based SEZ at Bharuch, Gujarat.
In the last meeting, the BoA had approved three new proposals for setting up SEZs.
So far, 582 SEZs have been formally approved by the BoA, of which 130 are in operation. SEZs have emerged as major sources for attracting investment and increasing exports in the country.
Exports from these zones stood at Rs 2,23,132 crore during the April-December, 2010-11, period, as against Rs 1,51,785 crore in the same period last fiscal.
Shipments from SEZs increased from Rs 22,840 crore in 2005-06 to Rs 2,20,711 crore in 2009-10.
The 19-member Board of Approval (BoA), the apex body on SEZ related matters, is also likely to take a decision on applications of about 40 developers.
This includes the request of Jubilant Infracon Private Limited , IFFCO Kisan SEZ Limited and Reliance Haryana SEZ seeking additional time to execute their projects.
Special Economic Zones (SEZs) have emerged as a major source of exports as they contributed 35 per cent in the country's shipments in 2009-10.
Request of GMR Hyderabad Aviation SEZ Limited for change of sector of notified zone at Mamidipalli village in Hyderabad from 'Aviation' to 'Multi Product-Airport Based' is also scheduled to be taken up by the BoA.
Besides, Maharashtra Industrial Development Corporation (MIDC) has approached the BoA for denotification of its Textile SEZ at Solapur district in Maharashtra.
Two developers -- Gujarat Hydrocarbons and Power SEZ and Mexus Corporation -- have also approached the panel for withdrawal of permission given to them to set up SEZs.
B Raheja Builders proposes to set up an IT\ITeS SEZ in Navi Mumbai over 14.15 hectare, while Sterling Port seeks BoA's nod for a port-based SEZ at Bharuch, Gujarat.
In the last meeting, the BoA had approved three new proposals for setting up SEZs.
So far, 582 SEZs have been formally approved by the BoA, of which 130 are in operation. SEZs have emerged as major sources for attracting investment and increasing exports in the country.
Exports from these zones stood at Rs 2,23,132 crore during the April-December, 2010-11, period, as against Rs 1,51,785 crore in the same period last fiscal.
Shipments from SEZs increased from Rs 22,840 crore in 2005-06 to Rs 2,20,711 crore in 2009-10.
World Bank approves $350 mn loan for Karnataka highways
The World Bank has sanctioned a loan of $350 million to expedite the process of highway development in Karnataka.
The Second Karnataka State Highway Improvement Project (KSHIP II) will finance double-laning in 1,231 km of roads, besides improving road safety design, management and enforcement to reduce road fatalities, the World Bank said in a statement.
"This loan...will help the Government of Karnataka leverage private sector financing through economically viable Public Private Partnerships (PPP) in accelerating the development of their state highways," Finance Ministry's Department of Economic Affairs Joint Secretary Venu Rajamony said in the statement.
The developmental assistance, approved yesterday, will be used as additional finance for the second Karnataka State Highway Improvement Project (KSHIP II).
"While Karnataka has made impressive economic progress... The acceleration of the road development program and attention to road safety as envisaged in this project will help the state realise faster social and economic benefits and spur more investments," World Bank Country Director in India Roberto Zagha said
The KSHIP II project follows the KSHIP I, implemented from 2001 to 2007, which has improved and maintained 2,385 km of state Highways and major district roads.
The Karnataka government has identified about 25,000 km of the most important traffic corridors and designated them as the state's core road network.
However, 39 per cent of the core road network requires improvement to bring it into good or fair condition, according to a road condition survey.
Karnataka accounts for 10 per cent of the total road accident cases in India.
The number of fatalities has increased by 55 per cent since 2000 to reach a rate of 140 per 100,000 vehicles in 2009 compared with rates like nine in the UK, 15 in USA and 70 in Brazil and China, the survey said.
"The high fatality rate in Karnataka is attributed to a lack of effective road safety management and enforcement system", a World Bank release said.
The loan, from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a maturity period of 18 years.
The Second Karnataka State Highway Improvement Project (KSHIP II) will finance double-laning in 1,231 km of roads, besides improving road safety design, management and enforcement to reduce road fatalities, the World Bank said in a statement.
"This loan...will help the Government of Karnataka leverage private sector financing through economically viable Public Private Partnerships (PPP) in accelerating the development of their state highways," Finance Ministry's Department of Economic Affairs Joint Secretary Venu Rajamony said in the statement.
The developmental assistance, approved yesterday, will be used as additional finance for the second Karnataka State Highway Improvement Project (KSHIP II).
"While Karnataka has made impressive economic progress... The acceleration of the road development program and attention to road safety as envisaged in this project will help the state realise faster social and economic benefits and spur more investments," World Bank Country Director in India Roberto Zagha said
The KSHIP II project follows the KSHIP I, implemented from 2001 to 2007, which has improved and maintained 2,385 km of state Highways and major district roads.
The Karnataka government has identified about 25,000 km of the most important traffic corridors and designated them as the state's core road network.
However, 39 per cent of the core road network requires improvement to bring it into good or fair condition, according to a road condition survey.
Karnataka accounts for 10 per cent of the total road accident cases in India.
The number of fatalities has increased by 55 per cent since 2000 to reach a rate of 140 per 100,000 vehicles in 2009 compared with rates like nine in the UK, 15 in USA and 70 in Brazil and China, the survey said.
"The high fatality rate in Karnataka is attributed to a lack of effective road safety management and enforcement system", a World Bank release said.
The loan, from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a maturity period of 18 years.
Fertiliser use on the rise in India, soil health deteriorating
The use of fertilisers for agriculture in India has risen astronomically in the last 60 years, resulting in deterioration of soil health in many parts of the country, particularly the intensively cultivated Indo-Gangetic plains, also known as the "Great Plains".
In 1951-52, fertilizer usage in the country averaged less than one kg per hectare, which has now risen to 133 kg per hectare, according to information given on the Department of Fertilisers website.
However, despite this increase, the consumption of fertilisers is still less in India than many developed countries.
According to World Bank data, per hectare fertiliser consumption (kilogram per hectare of arable land) in India, China, Japan, Bangladesh, USA, Pakistan, and Israel in 2007 stood at 142.3 kg/ha, 331.1 kg/ha, 171.2 kg/ha, 166.2 kg/ha and Israel 524 kg/ha, respectively.
In view of the deterioration in soil health, the government had in 2008-09 launched a new scheme, namely the National Project on Management of Soil Health and Fertility, to promote soil test-based balanced and judicious use of chemical fertilisers in conjunction with organic manure.
In addition, the National Project on Organic Farming was started in 2004-05 to promote the use of organic fertilisers.
In 1951-52, fertilizer usage in the country averaged less than one kg per hectare, which has now risen to 133 kg per hectare, according to information given on the Department of Fertilisers website.
However, despite this increase, the consumption of fertilisers is still less in India than many developed countries.
According to World Bank data, per hectare fertiliser consumption (kilogram per hectare of arable land) in India, China, Japan, Bangladesh, USA, Pakistan, and Israel in 2007 stood at 142.3 kg/ha, 331.1 kg/ha, 171.2 kg/ha, 166.2 kg/ha and Israel 524 kg/ha, respectively.
In view of the deterioration in soil health, the government had in 2008-09 launched a new scheme, namely the National Project on Management of Soil Health and Fertility, to promote soil test-based balanced and judicious use of chemical fertilisers in conjunction with organic manure.
In addition, the National Project on Organic Farming was started in 2004-05 to promote the use of organic fertilisers.
Inflation a cruel tax on people, says Buffett
One of the world's richest investors, Warren Buffett , today termed inflation as "a cruel tax on people" and said that improving one's earnings is the best protection against price rise .
In a nearly-two hour interaction with investors, policyholders and panelists here, witty Buffett fielded a slew of queries on various topics, including business, stock markets, investments and philanthropy.
"The best investment against inflation is to improve your own earnings... whatever may be, that is the best protection against a currency that decline at a rapid rate and the best investment passive investment I think is a good business," Buffett said.
Emphasising that he has had a "lot of luck" in life, Buffett said, "I am not ashamed or enormously proud about it (being lucky)".
Expressing optimism over opening up of the insurance sector, Buffett noted that his impression is "the government would continue to open up as they have done in the recent years to benefit more open investment and more broader investment that become obvious".
Buffett-led conglomerate Berkshire Hathaway recently entered the non-life insurance market as a corporate agent for Bajaj Allianz General. Berkshire insurance online has sold about 200 policies of the insurance company.
"... certainly India is in the top four or five countries in the world would have sort of businesses we are looking for," he said.
On a query about stock markets, the billionaire investor quipped that a person need not be really smart to make money out of it.
"(There needs to be) reasonable intelligence and a passion for activity ... An important ingredient (to deal with stock market) is temperament," he said.
On governments worldwide, especially in the US, printing money to boost their economies, Buffet said that it is much easier to print money than raise taxes.
According to him, politicians have the temptation to go for printing money and the whole thing is addictive to the "point where currency (of a particular nation) is devalued rapidly..."
"... Governments need to ensure that integrity of paper money is (maintained) at a high level... but unfortunately we are going the other way," Buffett said.
Famed for his business acumen and investment ways, Buffett is world's third richest man with a personal fortune of USD 50 billion.
He is on his maiden visit to India to further his philanthropic initiatives as well as his insurance business in the country.
In a nearly-two hour interaction with investors, policyholders and panelists here, witty Buffett fielded a slew of queries on various topics, including business, stock markets, investments and philanthropy.
"The best investment against inflation is to improve your own earnings... whatever may be, that is the best protection against a currency that decline at a rapid rate and the best investment passive investment I think is a good business," Buffett said.
Emphasising that he has had a "lot of luck" in life, Buffett said, "I am not ashamed or enormously proud about it (being lucky)".
Expressing optimism over opening up of the insurance sector, Buffett noted that his impression is "the government would continue to open up as they have done in the recent years to benefit more open investment and more broader investment that become obvious".
Buffett-led conglomerate Berkshire Hathaway recently entered the non-life insurance market as a corporate agent for Bajaj Allianz General. Berkshire insurance online has sold about 200 policies of the insurance company.
"... certainly India is in the top four or five countries in the world would have sort of businesses we are looking for," he said.
On a query about stock markets, the billionaire investor quipped that a person need not be really smart to make money out of it.
"(There needs to be) reasonable intelligence and a passion for activity ... An important ingredient (to deal with stock market) is temperament," he said.
On governments worldwide, especially in the US, printing money to boost their economies, Buffet said that it is much easier to print money than raise taxes.
According to him, politicians have the temptation to go for printing money and the whole thing is addictive to the "point where currency (of a particular nation) is devalued rapidly..."
"... Governments need to ensure that integrity of paper money is (maintained) at a high level... but unfortunately we are going the other way," Buffett said.
Famed for his business acumen and investment ways, Buffett is world's third richest man with a personal fortune of USD 50 billion.
He is on his maiden visit to India to further his philanthropic initiatives as well as his insurance business in the country.
Dark side of giving: The rise of philanthro-capitalism
A few years ago, Paul Kagame, president of Rwanda, had a chance meeting with Som Pal, former member of the Planning Commission and earlier minister of state for agriculture, and was bowled over by his sage-like views on developmental issues. The president promptly invited Som Pal to his blighted country to suggest policy measures to get out of a developmental quagmire. Som Pal travelled to Rwanda; he was hosted at the presidential palace and allocated an entire office during two long stints.
Rwanda was sitting on a food security crisis in spite of having fertile land and favourable climatic conditions. "A set of policy guidelines and an action plan were quickly crafted. I held out a promise to Kagame - Rwanda could be food surplus in a short time," recalls Som Pal.
His plans were, however, rendered futile, as a hostile system overwhelmed him, even attempting to buy water hand-pumps at $12,500 apiece. "Most African leaders are only keen on projecting the agony of their people for international support in dollars," laments Som Pal. "A complete nexus between institutions, large corporations and narrow, vested interests are at work." Elements of this trend can be seen in India too.
Since then, Som Pal has had several brushes with Kenya and Zambia too; the story runs along similar lines. How then would he evaluate the much celebrated Alliance for a Green Revolution in Africa (AGRA) - an initiative driven by the Rockefeller Foundation and the Bill & Melinda Gates Foundation, the oldest and the largest philanthropic repositories, respectively, in the world? The Gates Foundation alone has committed $264.5 million to AGRA.
"They are using the pitiable condition of the African people to get a foothold into the continent," explains Som Pal. "Their large philanthropic resources are being utilised to further the interests of business." In countries with weak governance mechanisms, like in Africa, it becomes a lot easier.
Proponents of chemical-free and GMO-free (genetically modified organisms), sustainable agricultural practices like Som Pal are beginning to feel uncomfortable about AGRA and a host of big-ticket philanthropic initiatives across developing countries. As are an increasing number of independent policy wonks and scientists across the world.
For instance, the Gates Foundation's sheer clout is taking it, intentionally or unintentionally, to places where policy, business and philanthropy intersect. There are its business and investment links with large companies that are driven by the profit motive. There is its growing stranglehold in the policy-making space across emerging markets, especially in education, healthcare and agriculture.
The $23.1-million investment by the Gates Foundation in Monsanto, the world's largest producer of GM seeds, is a small example of a trend.
Civil society organisations see it as vindication of what they had always suspected: the unstated agenda of pushing GM crops into Africa. In recent times, though, following strident protests, Bill Gates appears to have tempered his views on agriculture; he talks about picking the best from organics and tech-driven agriculture.
The Gates Foundation's insistence that its investments and grants ought to be seen separately has also attracted considerable flak. The question is asked: how can it be a 'passive investor' in companies such as Monsanto when its avowed goal is doing good with philanthropic monies? "Doubts about his (Bill Gates) larger motives, despite some good outcomes of his charity, are beginning to cloud my thinking," concedes Mira Shiva, a public health activist. Two emails sent by ET to the Gates Foundation, on December 29 and March 22, went unanswered.
In his blog postings and writings, Eric Holt-Gimenez, director of the US-based Food First: Institute for Food and Development Policy, labels it 'Monsanto in Gates' clothing'.
He describes how AGRA, as a prelude to the introduction of GMOs, is laying the ground for a conventional breeding programme - labs, experiment stations, agronomists, extensionists, biologists and farmer seeds. He points out that about 80% of the Gates Foundation's allocation to Kenya has gone into biotech research; in 2008, about 30% of its agri-development funds went into promoting and developing GM seeds.
GRAIN, an international non-profit that supports community-controlled and biodiversity-based food systems, has been wary of public-private coalitions like AGRA and the Consultative Group on International Agricultural Research (CGIAR).
It says their research programmes feed into the growth strategies of corporations; further, the programmes often adopt elements of business models of those very companies. Delhi-based Shalini Bhutani, till recently representing GRAIN, sees a design in the Gates Foundation's announcement of the Borlaug Institute for South Asia in Bihar, following a recent visit by Bill Gates. "The involvement of this set of players in the promotion of GM rice is too well known," she says. AGRA, it is often charged, has been created with little civil society or farmer engagement. Protests are now breaking out across the continent. The Kenya Biodiversity Coalition, with a membership of 65 civil society and farmer organisations, tried to block the import of a 40,000 tonne consignment of GM maize into the country last year.
RELATED ARTICLES
- Infosys Technologies to deepen Africa presence
- TCS, Cognizant, Infy, Wipro, HCL Tech on hiring overdrive
- MindTree's Soota says no plan to divest stake in company
- IT cos up over 4 pc on BSE on hopes of better Q4 nos
- Buffett's Berkshire open to making direct entry into insurance
India Inc leaders learn tricks about doing biz from Buffett
NEW DELHI: Select leaders of corporate India kept their date with an unusual visitor on Thursday- a sagely American who created unimaginable wealth and gave it all away, and is now travelling the world to promote a culture of giving.
Leading CEOs , technocrats , venture capitalists and others who made it to a carefully curated list of invitees, met 80-year-old Warren Buffett through the day in multiple sessions, listening, talking about doing business in India, and learning first hand why the world hangs on to everything this man has to say.
Buffett, turned out in a dark suit and red tie, was his reputedly charming and witty self, talking about the core values that are important to him in his partners, why he will attach a risk premium to investing in emerging markets and how the first hand experience of India is so much better than the picture painted by statistics.
At the breakfast session, Buffett said he looked for three qualities in people he did business with-intelligence, passion and integrity.
"But God forbid, if the integrity of the person is questionable and the man is highly intelligent, it can lead to worse scenario," Buffett said.
It was an apt theme to bring up, especially at a time when India is buffeted by a series of scams and scandals involving some big names of corporate India.
Buffett's breakfast companions included a group of 20-25 business people, including Tata Group's Noel Tata, Piramal Group chairman Ajay Piramal, GMR Group chairman G M Rao, Godrej Group CMD Adi Godrej, Britannia Industries MD Vinita Bali, Monnet Ispat and Energy vice-chairman & MD Sandeep Jajodia, HSBC India country head Naina Lal Kidwai, HDFC MD Renu Karnad, Bajaj Auto chairman Rahul Bajaj and US ambassador to India Timothy Roemer.
"He said he is open minded about investing in India and that he is almost 20 years late to come here," Kidwai said. "His ability to laugh at himself makes him a very engaging speaker."
Buffett said he would have loved to come to India earlier, but it is not his habit to spend time regretting.
"I would have indeed loved to come before," Buffet said. "It is one of the success stories with one-sixth of the world's population and largest middle-income group, which is rising every passing day. But in principal, I don't spend time on regretting. There are many decisions that we take-some go right and some go wrong. We go by the decision we have taken instead of regretting."
Mirroring his reputation for instinctive decisions, Buffet said: "I don't plan much in advance; I prefer to take call while we are at it." The Oberoi Hotel in New Delhi assumed a seriousness of purpose as business leaders strode into the hotel greeting each other. A posse of policemen were posted outside, while the hotel had its own security men inside, who stood 10 metres apart from each other through the entrance and the lobby, guiding the invitees for that veritable rite of passage in the business world-a private audience with the greatest living investor and the world's third most wealthiest man.
A light and simple breakfast was on offer, and most attendees struck to just coffee or tea.
There was plenty of conversation-lighthearted and insightful.
Buffet said he wants to keep just enough so that he can afford the next holiday trip, flight ticket or a movie. "He said he doesn't really need the rest and it can be very useful for others," Kidwai said.
Buffett had a different set of companions for lunch. Former Infosys CEO and UIDAI chief Nandan Nilekani, Planning Commission deputy chairman Montek Singh Ahluwalia, Max India Group chairman Analjit Singh, ChrysCapital's Ashish Dhawan, Landmark Holdings CEO & MD Gaurav Dalmia, law firm Karanjawala & Co founder Raian Karanjawala and Dabur India chairman Anand Burman were among the 11 people who made it to a 90-minute session with Berkshire Hathaway chairman over lunch.
Ahluwalia kicked off the session by speaking about India.
"We briefed him about the investment options and policies in India," Ahluwalia said after the meeting. "He is here to invest. We are sure that something positive will transpire."
Nilekani also spoke about the economic and business environment in the country as Buffett seemed keener to listen than talk during the lunch session.
Other invitees, including ace investor Rakesh Jhunjhunwala, who has gained a reputation as 'India's Warren Buffet', spoke about the investing environment. The general conclusion was that India is a better destination for entrepreneurs than investors.
Buffett spoke about what he enjoys about doing business and creating wealth. "If all the gold in the world is put together, it will become a cube, which would be roughly 67 ft in length," he said. "The value of this cube would be roughly $6 trillion. One can buy the entire land in America and still have 1 trillion in the bank for sundry expenses. I cannot enjoy sitting in front of this cube and watching the value of gold growing. I would rather watch the consumption of coke grow, bringing more value to everyone." Berkshire Hathaway owns a stake in Coca Cola. Many Indian businessmen who met Buffet came away impressed.
"Mr Buffett is a man with a great humanness and puts the human face far above business considerations," Max India's Analjit Singh said. "He has mastered the art of simplification and is at great peace and harmony."
RELATED ARTICLES
- Russia eases immigration rules for foreign specialists
- H1B, L1 visa fee hike violates WTO rules: India to US
- US to accept H1B visa applications from April 1
- Number of foreigners leaving Japan soars 8-fold
- Japan N-fallout: China building reactors with radically different design
BJP comes to UPA aid on pension bill
-
- Infosys Technologies to deepen Africa presence
- TCS, Cognizant, Infy, Wipro, HCL Tech on hiring overdrive
- MindTree's Soota says no plan to divest stake in company
- IT cos up over 4 pc on BSE on hopes of better Q4 nos
- Buffett's Berkshire open to making direct entry into insurance
India Inc leaders learn tricks about doing biz from Buffett
NEW DELHI: Select leaders of corporate India kept their date with an unusual visitor on Thursday- a sagely American who created unimaginable wealth and gave it all away, and is now travelling the world to promote a culture of giving.
Leading CEOs , technocrats , venture capitalists and others who made it to a carefully curated list of invitees, met 80-year-old Warren Buffett through the day in multiple sessions, listening, talking about doing business in India, and learning first hand why the world hangs on to everything this man has to say.
Buffett, turned out in a dark suit and red tie, was his reputedly charming and witty self, talking about the core values that are important to him in his partners, why he will attach a risk premium to investing in emerging markets and how the first hand experience of India is so much better than the picture painted by statistics.
At the breakfast session, Buffett said he looked for three qualities in people he did business with-intelligence, passion and integrity.
"But God forbid, if the integrity of the person is questionable and the man is highly intelligent, it can lead to worse scenario," Buffett said.
It was an apt theme to bring up, especially at a time when India is buffeted by a series of scams and scandals involving some big names of corporate India.
Buffett's breakfast companions included a group of 20-25 business people, including Tata Group's Noel Tata, Piramal Group chairman Ajay Piramal, GMR Group chairman G M Rao, Godrej Group CMD Adi Godrej, Britannia Industries MD Vinita Bali, Monnet Ispat and Energy vice-chairman & MD Sandeep Jajodia, HSBC India country head Naina Lal Kidwai, HDFC MD Renu Karnad, Bajaj Auto chairman Rahul Bajaj and US ambassador to India Timothy Roemer.
"He said he is open minded about investing in India and that he is almost 20 years late to come here," Kidwai said. "His ability to laugh at himself makes him a very engaging speaker."
Buffett said he would have loved to come to India earlier, but it is not his habit to spend time regretting.
"I would have indeed loved to come before," Buffet said. "It is one of the success stories with one-sixth of the world's population and largest middle-income group, which is rising every passing day. But in principal, I don't spend time on regretting. There are many decisions that we take-some go right and some go wrong. We go by the decision we have taken instead of regretting."
Mirroring his reputation for instinctive decisions, Buffet said: "I don't plan much in advance; I prefer to take call while we are at it." The Oberoi Hotel in New Delhi assumed a seriousness of purpose as business leaders strode into the hotel greeting each other. A posse of policemen were posted outside, while the hotel had its own security men inside, who stood 10 metres apart from each other through the entrance and the lobby, guiding the invitees for that veritable rite of passage in the business world-a private audience with the greatest living investor and the world's third most wealthiest man.
A light and simple breakfast was on offer, and most attendees struck to just coffee or tea.
There was plenty of conversation-lighthearted and insightful.
Buffet said he wants to keep just enough so that he can afford the next holiday trip, flight ticket or a movie. "He said he doesn't really need the rest and it can be very useful for others," Kidwai said.
Buffett had a different set of companions for lunch. Former Infosys CEO and UIDAI chief Nandan Nilekani, Planning Commission deputy chairman Montek Singh Ahluwalia, Max India Group chairman Analjit Singh, ChrysCapital's Ashish Dhawan, Landmark Holdings CEO & MD Gaurav Dalmia, law firm Karanjawala & Co founder Raian Karanjawala and Dabur India chairman Anand Burman were among the 11 people who made it to a 90-minute session with Berkshire Hathaway chairman over lunch.
Ahluwalia kicked off the session by speaking about India.
"We briefed him about the investment options and policies in India," Ahluwalia said after the meeting. "He is here to invest. We are sure that something positive will transpire."
Nilekani also spoke about the economic and business environment in the country as Buffett seemed keener to listen than talk during the lunch session.
Other invitees, including ace investor Rakesh Jhunjhunwala, who has gained a reputation as 'India's Warren Buffet', spoke about the investing environment. The general conclusion was that India is a better destination for entrepreneurs than investors.
Buffett spoke about what he enjoys about doing business and creating wealth. "If all the gold in the world is put together, it will become a cube, which would be roughly 67 ft in length," he said. "The value of this cube would be roughly $6 trillion. One can buy the entire land in America and still have 1 trillion in the bank for sundry expenses. I cannot enjoy sitting in front of this cube and watching the value of gold growing. I would rather watch the consumption of coke grow, bringing more value to everyone." Berkshire Hathaway owns a stake in Coca Cola. Many Indian businessmen who met Buffet came away impressed.
"Mr Buffett is a man with a great humanness and puts the human face far above business considerations," Max India's Analjit Singh said. "He has mastered the art of simplification and is at great peace and harmony."
RELATED ARTICLES
- Russia eases immigration rules for foreign specialists
- H1B, L1 visa fee hike violates WTO rules: India to US
- US to accept H1B visa applications from April 1
- Number of foreigners leaving Japan soars 8-fold
- Japan N-fallout: China building reactors with radically different design
BJP comes to UPA aid on pension bill
-
- Russia eases immigration rules for foreign specialists
- H1B, L1 visa fee hike violates WTO rules: India to US
- US to accept H1B visa applications from April 1
- Number of foreigners leaving Japan soars 8-fold
- Japan N-fallout: China building reactors with radically different design
BJP comes to UPA aid on pension bill
Buffett-Gates in India
Warren Buffett, who is the chairman and CEO of US conglomerate Berkshire Hathaway, is in India to push wealthy Indians to pledge money for a global philanthropic drive called the 'Giving Pledge'. He has pledged nearly 99% of his wealth worth $50 bn to Gates Foundation. Will he be able to coax the corporate captains do the same?
25 March 2011 Last updated at 23:36 GMT
Latest Inflation a cruel tax on people, says Buffett
Warren Buffett termed inflation as "a cruel tax on people" and said that improving one's earnings is the best protection against price rise. If not an investor, I would have been a journalist: Buffett
Warren Buffett, well known for his business acumen, would have been a journalist, had he not been "lucky" to make billions of dollars from investments... Dark side of giving: The rise of philanthro-capitalism
Philanthropic organisations like Gates Foundation are beginning to greatly influence public policy-making.
Warren Buffett termed inflation as "a cruel tax on people" and said that improving one's earnings is the best protection against price rise.
Warren Buffett, well known for his business acumen, would have been a journalist, had he not been "lucky" to make billions of dollars from investments...
Philanthropic organisations like Gates Foundation are beginning to greatly influence public policy-making.
More on this topic
More Full Coverage
Wikileaks IndiaJapan EarthquakeICC World CupVedanta-Cairn BuyoutTelangana StatehoodIPL IVCitibank FraudSpectrum ScamCWG CorruptionSlide Shows
1 / 6more »
Plan early to get best international holiday deals
Now's the time to plan if you want to save on your international travel costs this summer.
Now's the time to plan if you want to save on your international travel costs this summer.
Understanding Systematic Investment Plan (SIP)
SIP has many advantages over one time investment
SIP has many advantages over one time investment
What you should know about prepayment penalty
Penalty can be charged in two cases - when you prepay with own sources and when you refinance loan from other bank.
Penalty can be charged in two cases - when you prepay with own sources and when you refinance loan from other bank.
Use your credit card for a better credit score!
Start a credit score record, for long-term benefits
Start a credit score record, for long-term benefits
Know your rights about gifting property
Gift is the transfer of certain existing movable or immovable property made voluntarily.
Gift is the transfer of certain existing movable or immovable property made voluntarily.
Health insurance: Stick to deadlines while making claims
When Santosh Kumar's wife underwent a surgery and he made a claim of Rs 35,000, it was rejected.
When Santosh Kumar's wife underwent a surgery and he made a claim of Rs 35,000, it was rejected.
ET Mobile
Get Economic Times on the go. Get your portfolio updates by the minute
Get Economic Times on the go. Get your portfolio updates by the minute
news from the cpi(m)
Budget and Adivasis: Faulty Framework and Low Allocations
Brinda Karat
The claims of Congress-led UPA Government of "inclusive growth" have been shown to be hollow by the anti-people nature of the budget. For Adivasis it is no different. Of late the impact of neo-liberal policies as far as tribal rights are concerned is to convert universal rights into targeted rights. Thus the policy focus shifts to individual- beneficiary based schemes rather than a thrust to build social and physical infrastructure in tribal areas so as to ensure overall development. At the same time even these individual based schemes exclude a large section of tribals. The utter indifference of the Government towards the specific context of adivasi lives and livelihoods and the consequent requirements are reflected in this budget -a faulty framework and low allocations.
There are three aspects to allocations for tribals in the budget. The first is the direct allocations to the Tribal Affairs Ministry which is the nodal Ministry for tribal development. The second is the Central Assistance to State Plans for adivasi schemes called the SCA. The third is allocations of all Ministries and departments within general allocations to what is known as the Tribal Sub-Plan (TSP). Let us look at all three aspects.
Tribal Affairs Ministry (MOTA) :
This is the Ministry which is supposed to be the nodal Ministry for Adivasi development. The Ministry itself is marginalized and has a very limited number of projects. Indeed the only schemes the Ministry runs directly are those concerning schools and scholarships. In this sphere also the allocations in the budget are totally inadequate. It is unbelievable but true that the total increase in allocations for the schemes for Adivasis being run by the Ministry is only 163 crore rupees. This is the shocking picture which is concealed by the tall claims of the Government. Thus the Ministry has started only one new scheme which is to give scholarships to pre-matric students. However the amount allocated is only 40 crores rupees. This is half the amount that was spent last year to help a single institute under the Ministry of Corporate Affairs! For ashram schools there is not even a single paisa increase from the 75 crores rupees. Even though there is a serious shortage of hostels, the schemes for tribal hostels remains the same as last year-just 68 crores. Obviously this will not make any impact. Even the allocations for primitive tribal groups remains stagnant compared to the revised estimates last year.
Central Assistance to States
Under the constitutional framework, regions and areas where the Adivasi population forms a substantial part of the population, are designated as Fifth Schedule areas. There are also other areas outside the Fifth Schedule areas designated as Integrated Tribal Development Areas (ITDA). The central Government has specific responsibilities to ensure adequate allocations so as to bridge the gaps in social indicators between the Adivasi population and others. Thus central assistance to the States is a crucial component for Adivasi development. However even as Government boasts of increased growth rates, the help to the States for Adivasis has not registered any growth, on the contrary factoring in inflation, the allocations remain stagnant. Thus for this year the central Assistance to the States for adivasi related programmes has increased only by Rs. 287 crores from Rs 2006 crores to Rs. 2293 crores. Many of the States run important programmes for Adivasi development. This meagre allocation will hardly cover the cost of present programmes leave alone new initiatives. For special projects for the entire North-east region and Sikkim the increase is just 23 crores rupees.
This shows the utter callousness of the Central Government in ensuring Adivasi development by cooperating with the States.
Tribal Sub-Plan:
The concept of the Tribal Sub-Plan was mandated in the Planning Commission guidelines issued in 1979 for a population-proportionate expenditure for tribals within the general Plan. Thus allocations for tribals must be at least 8.2 per cent of the plan expenditure according to the tribal population of the 2001 census. The expenditures for the Tribal Sub-Plan are calculated by adding up all the expenditures earmarked specifically for tribals in the general schemes and welfare projects of all Ministries. For example in the general funds given for Indira Awaas Yojana, how much is given specifically for tribal housing would be calculated as part of the Sub-Plan. The separate accounting for expenditures on Adivasis within the general plan will help to track how much of the national resources are being used for Adivasis. However till now there were only very few departments and Ministries which kept such a separate account. For the first time the Finance Minister has assured that a separate accounting statement will be given every year on this expenditure. This was one of the demands made by the Adivasi Adhikar Rashtriya Manch (AARM) delegation that had met the Finance Minister before the budget. However at present only 27 departments out of 105 have shown separate expenditures on Adivasis. The only schemes for 100 per cent expenditures on tribals are within the Tribal Affairs Ministry. The other Ministries claim 20 per cent allocations to tribals in their schemes. However the actual expenditures need to be verified.
As far as meeting the target of 8.2 per cent of allocations, even with an increase of departments reporting compared to last year, the percentage is 5.42 per cent instead of 8.2 per cent. In actual money terms this means an approximately 11,000 crore rupee gap between what should have been allocated and what was allocated. An analysis of sub-plan allocations also show up the gross injustice of meagre allocations
Tribal Sub Plan expenditures: Agriculture, Food & Public Distribution:
The most neglected and indeed ignored area is that of agriculture. One of the basic demands raised was for a special debt relief for Adivasi farmers. As is well known Adivasi farmers have not benefited because of the present design of the Government schemes. The budget does not have a single line on this. On the contrary, the allocations for Adivasi farmers are shockingly low and add insult to injury.
·Only 3.5 per cent of the entire Agricultural Budget is allocated for Adivasis
·There are no special schemes for insurance for tribals farmers nor are their any insurance schemes for protection of their livelihood such as minor forest produce. According to the census calculations there are 50 districts in the country where the tribal population is between 25 per cent to 50 per cent of the population. The allocations given for tribals in the general scheme is so poor that even if only tribals in these districts were to be given benefits, then it would average out to just one or two crores per district. This is making a mockery of tribal development.
·For example in the National Food Security Mission only Rs.126 Crores have been set aside for tribals.
·Grain Banks for tribals have been allotted merely Rs.1.4 Crores.
·Under the National Agricultural Insurance Scheme tribal people have been allotted only Rs.50 Crores and Rs.45 Crores for Weather-Based Crop Insurance. In the context of high-risk, rain-fed agriculture in Tribal areas, this translates into very little.
·Under the National Mission on Seeds only Rs.8 Crores have been allotted to Tribal areas. ·The National Mission on Bamboo Technology and Trade Development has been allotted only Rs.6 Crores whereas bamboo collection is a crucial part of tribal livelihood particularly in the north-eastern States.
·National Mission on Micro-Irrigation and National Horticulture Mission receive Rs.100 Crores and Rs.125 Crores respectively. Given the exorbitant costs involved in Micro-Irrigation as well as Horticulture development this is too little and it means leaving the Adivasi farmers to fend for themselves.
Minor Forest Produce, Remunerative Prices and Marketing:
Since collection and sale of minor forest produce forms an important aspect of Adivasis livelihoods particularly for tribal women, AARM has been demanding that just as there is an MSP for foodgrains, there should be a central MSP for minor forest produce instead of leaving it to the States. AARM has especially pointed to the huge natural resources in herbs and medicinal plants which can provide livelihoods to tribal communities using their traditional knowledge. Shamefully at a time when MNCs are out to capture the growing global demand for herbal remedies and medicines by using India's vast natural resources, the Government of India has allocated just 1.8 crores for the National Board for Medicinal Plant and National Mission on Medical Plants put together.
·Similarly, instead of increasing investment/Price Support to Trifed and Market development of tribal products/ produce, the Government has eliminated even the meagre allocation of 14 crores last year to zero this year.
·In other such schemes the total allocation for marketing is just 22 lakh rupees.
The support to National/State Scheduled Tribes Finance and Development Corporations has remained stagnant at Rs.70 Crores.
·Under Rajiv Gandhi Udyami Mitra Yojna for promoting micro, small and medium enterprises a fifty percent cut has been effected bringing the total allocation to just Rs.30 Lakh.
Thus on the crucial issues of tribal development and particularly as part of the allocations in agriculture and rural development, the tribals have been blatantly neglected by the Government in this budget.
Education
AARM has highlighted the need for vocational training for tribal youth and an expansion of IT in tribal areas. The Plan Budget for Vocational Training in Tribal areas has not been increased even by a single rupee when compared to the meagre Rs.8 Crores allocated in 2010-11.
·Is it not an insult to tribals that under the Ministry of Labour and Employment a sum of just Rs.8 Lakh only has been allotted for upgradation of 20 ITIs and supplementing deficient infrastructure in 28 ITIs in North East? Why mention such an absurdity which works out to just over 16,000 rupees for 48 institutes
·In the name of strengthening education among ST girls in low literacy Districts over the 2010-11 Revised Estimate only 30 lakh has been increased to just Rs.40 Crores which is too little to make any impact. The national scheme for incentives for girls children secondary education has actually been cut by 1.4 crores.
·Shockingly the Rajiv Gandhi National Fellowship has been cut by Rs.10 Crores when compared to the Budget Estimates of 2010-11 and is only Rs.62 Crores.
While the dismal conditions of Tribal hostels have often been reported, the Government has not made any increase in allocation for the Scheme of Hostels for ST girls and boys.
·There has been no additional allocation for establishment of Ashram schools in TSP areas when compared to the Rs.75 crores in the 2010-11 Budget Estimates.
·The already low allocation for National Means Cum Merit Scholarship aimed at helping the economically deprived has been further cut nearly Rs.80 Lakh and stands at Rs.6.42 Crores only.
·The Scheme for setting up 6000 Model Schools at Block Level as "Benchmark of Excellence" has been allotted merely Rs.128.40 Crores. This would imply only Rs.2.3 Lakh per School.
·The allocation for the Sarva Shiksha Abhiyan when compared to the Revised Estimates of 2010-11 has been increased only by Rs.19 Crores.
With such inadequate allocations in the field of education how does the Government intend to cover the continuing gap in literacy between Adivasis and others social groups which was as high as 17 percentage points according to the last census.
Health:
In the Health Sector, the high incidence of vector borne diseases like malaria leading to so many tribal deaths and other epidemics notwithstanding the Government has cut the allocation under the heads of National Vector Borne Disease Control Programme and Immunisation by Rs.14 Crores when compared to the 2010-11 Budget Estimates. For the maintenance of Health Infrastructure a paltry increase in allocation by Rs.17 Crores only has been made and it stands at Rs.327 Crores. This at a time when the health infrastructure in Adivasi areas requires huge allocations to bring them even at par with other areas, leave alone ensuring quality heath facilities.
ICDS:
The Ministry of Women and Child Development has claimed that it has allotted 1000 crores for the expenditures on ICDS in tribal areas. However as with other Ministries this is just an arbitrary figure not backed with any concrete schemes or plans as to how to increase the reach of projects under ICDS or even to improve the quality of child and maternal care. The truth is that while anganwadi workers in plains areas where they are working in fullfledged anganwadis get an increase in their allowances, although still below the minimum wage, most Adivasi anganwadi helpers and workers will be denied even this meagre increase. This is because in many of the more remote hamlets there are only mini-anganwadis which because of lower population norms are graded on a lower scale and therefore the anganwadi staff get a lower allowance. In fact Adivasi women working in these so-called mini-anganwadis have to work even harder as they have to bring the children from greater distances to the centres and make provisions for them in more difficult circumstances. Yet these women instead of being rewarded are being punished by denying them the increased salaries. This is a gross injustice which must be reversed.
Thus this budget has exposes the hollowness of the Government claims of inclusive development or concern for the tribal communities --, while 88,ooo crores in taxes to be paid by corporates is gifted away as concessions to keep the corporates happy, there are no resources when it comes to meeting adivasi needs.
_______________________________________________
Marxistindia mailing list
Marxistindia@cpim.org
http://cpim.org/mailman/listinfo/marxistindia_cpim.org
http://www.cpim.org
Stock markets posted their best weekly gain in 20 months and rose 2.5 percent to a two-month closing high on Friday, as investors picked up bargains from battered down stocks ahead of the quarter-end.
Software companies jumped after strong quarterly results and forecasts from global technology majors Oracle Corp and Accenture indicated a positive business environment for Indian IT companies.
"The numbers and forecasts from these companies, reinforce the fact that the business environment for Indian IT companies is good," said Dipen Shah, senior vice-president of research for private client group at Kotak Securities.
The IT sector index firmed 4 percent. The 30-share BSE index posted its best daily gain in a month and jumped 2.53 percent, or 464.90 points, at 18,815.64, its highest close since Jan. 25. All of its components closed in the green.
It gained 5.2 percent for the week, its best weekly gain since July 2009.
Market breadth was in favour of advancing shares and they beat declining ones in the ratio of 1.4 to 1. Around 336 million shares changed hands on the BSE, sharply higher than the 30-day daily average volume of 275 million shares.
"There is more money available to chase risk," said Sanjeev Patkar, director of research at Almondz Global.
"And when an asset (Indian equities) which has proven itself earlier, is now available at a reasonable price, people will obviously come and buy it."
The benchmark index is down 8.3 percent year-to-date as foreign funds withdrew around $1.8 billion.
It has under performed world equities sharply, and is one the worst performing major markets in 2011.
The index could recoup recent losses but will still end 2011 where it began, as inflation concerns could yet dampen investor appetite in an otherwise fast-growing economy, a Reuters poll found.
The poll of investment banks and brokerage firms, taken over the past week, sees the Sensex at 18,550 at end-June and at 20,500 at the end of the year -- not far from 2010's 20,509 close.
Top outsourcer Tata Consultancy Services firmed 2.3 percent on Friday. On Thursday, it had said it had received a contract to provide banking software technology solution to Shanghai Rural Commercial Bank.
Software companies jumped after strong quarterly results and forecasts from global technology majors Oracle Corp and Accenture indicated a positive business environment for Indian IT companies.
"The numbers and forecasts from these companies, reinforce the fact that the business environment for Indian IT companies is good," said Dipen Shah, senior vice-president of research for private client group at Kotak Securities.
The IT sector index firmed 4 percent. The 30-share BSE index posted its best daily gain in a month and jumped 2.53 percent, or 464.90 points, at 18,815.64, its highest close since Jan. 25. All of its components closed in the green.
It gained 5.2 percent for the week, its best weekly gain since July 2009.
Market breadth was in favour of advancing shares and they beat declining ones in the ratio of 1.4 to 1. Around 336 million shares changed hands on the BSE, sharply higher than the 30-day daily average volume of 275 million shares.
"There is more money available to chase risk," said Sanjeev Patkar, director of research at Almondz Global.
"And when an asset (Indian equities) which has proven itself earlier, is now available at a reasonable price, people will obviously come and buy it."
The benchmark index is down 8.3 percent year-to-date as foreign funds withdrew around $1.8 billion.
It has under performed world equities sharply, and is one the worst performing major markets in 2011.
The index could recoup recent losses but will still end 2011 where it began, as inflation concerns could yet dampen investor appetite in an otherwise fast-growing economy, a Reuters poll found.
The poll of investment banks and brokerage firms, taken over the past week, sees the Sensex at 18,550 at end-June and at 20,500 at the end of the year -- not far from 2010's 20,509 close.
Top outsourcer Tata Consultancy Services firmed 2.3 percent on Friday. On Thursday, it had said it had received a contract to provide banking software technology solution to Shanghai Rural Commercial Bank.
BJP puts reform first, supports pension fund bill
NEW DELHI: The BJP has sent out a firm signal that partisan political wrangling will not be allowed to come in the way of the reform agenda that enjoy larger acceptance when it backed the introduction of a bill to regulate pension funds - the Pension Regulatory and Development Authority (PFRDA) bill.
The support came at a time when the Left parties pressed for a vote over its introduction stage in the Lok Sabha.
The development is certain to be comforting to the government as there is fear among investors that the Manmohan Singh Government, which is finding it difficult to muscle past red-siren headlines over corruption scandals, will not be able to stick to its policy playbook.
If today's development is any indication, a bit of outreach and back channel communications could help it push an agenda that have the backing of the majority in Parliament. The pension bill was framed during the NDA regime, but the UPA-I could not push it in the face of stiff resistance from its then supporters, the Left parties.
BJP's support for the government in the House suggest that there is scope for indentifying "doable" issues and moved ahead with it. On its part, BJP has been maintaining that the partisan stalemate on the policy front is Congress' fault.
In the Lok Sabha , BJP's support came as a relief for the Government as the defeat of the bill at the introduction stage would have been a major embarrassment. After the Left pressed for vote, their view was rejected by a 115 against 43 tally. Besides Left parties, JD(U), an ally of BJP, SP, BSP and TDP voted against the bill. Only 159 members were present in the 543-member House when the motion was put to vote.
The Government had tried to take the help of the rule book to avoid a vote on the bill at the introductory stage when CPM's Basudeb Acharia insisted on a division. Parliamentary Affairs Minister Pawan Bansal said the member has to give a reason before seeking a vote on a bill at the introduction stage. Congress' Manish Tewari said a notice should be first addressed to the Secretary General in the morning hours on the day on which the motion for leave to introduce the Bill is on the list of business.
The attendance in the treasury benches was thin. Prime Minister Manmohan Singh, UPA chairperson Sonia Gandhi and finance minister Pranab Mukherjee were not present in the House. However, Acharia argued that a vote can be sought at that stage and Speaker Meira Kumar ordered division on introduction of the Pension Fund Regulatory and Development Authority Bill, 2011. "We are opposing introduction of the Bill. I am asking for division instead of a voice vote," Acharia said.
The Speaker, who directed that the lobbies be cleared, gave a ruling in favour of the division. Acharia was seen talking to senior BJP leader LK Advani telling about the Left's opposition to the bill, which seeks to give statutory power to the country's pension regulator.
Warren Buffett in India 
Philanthropy should be part of humanity, I don't relate it to capitalism or to business, says Warren Buffett.
Govt says no decision yet on opening retail sector
NEW DELHI: The government has not taken a decision on opening up the supermarket sector to foreign investors , Finance Minister Pranab Mukherjee said on Friday, continuing a stalemate on the long-awaited reform that will open the door to Wal-Mart and Carrefour.
India restricts foreign firms to operating wholesale outlets or single-brand stores. Trade Minister Anand Sharma last month said the government was close to a decision on letting them enter the multi-brand sector as well.
"Government has not taken any decision," Mukherjee told parliament during a discussion on allowing foreign direct investment in multi-brand retail stores.
"The problem is a very complex one ... A large number of people are involved in it (the sector)," he said.
Organised retail makes up just 6 percent of India's $450-billion retail sector and there is political opposition to open up a sector that provides livelihoods for hundreds of thousands and serves a market of more than 1 billion.
Wal-Mart has said it is ready to open hundreds of retail outlets if rules are liberalised. In October, Chief Executive Mike Duke had said he was very positive the rules would be eased after meeting Indian officials.
Wal-Mart operates five wholesale outlets in India in partnership with agriculture-to-telecoms group Bharti Enterprise. Carrefour last year opened its first India wholsesale outlet.
Privatising the IIMs
By Prodip Kumar Sett, Professor, IIM-Calcutta
Behind the public view and without any public debate, the Union HRD minister is trying to reshape the public institutional character of IIMs. In a recent meeting with chairpersons and directors of IIMs, he took a series of inter-linked decisions which, if implemented, would effectively transfer the control of these institutions to private donors. These decisions are ostensibly aimed at 'shaping up' the IIMs to meet the competitive challenges from foreign players once the sector is opened up. They are based on the reports of three committees that the minister constituted in early 2010.
Intriguingly, all the three committees comprised existing chairpersons or directors of various IIMs who themselves were appointed by the minister. They had no representatives from the academia, industry bodies or the civil society. None of these committees held any consultation with major stakeholders: IIM faculty, the industry or the alumni. Neither did they collect any ground data, or record the views of past chairpersons /directors of IIMs or eminent educationists to substantiate their findings. Yet, interestingly, the three reports converge to support the virtual privatisation of IIMs by altering the basic structure of their existing memorandum of association (MoA).
Report of the committee on new governance structure sets the stage by proposing that the society of each IIM should be reconstituted so that it can run the institute as an "enlightened owner" (equivalent to a person having an equity stake in the company) and by suggesting that "the most effective way of bringing this about is by making the payment of a substantial donation to the IIM as a condition for becoming a member of the society." The reconstituted society would exercise all powers and ratify the appointments of the chairman and members of the board of governors (BoG) as also the director of the institute. The BoG would manage the institute on behalf of the society and the director should function as the chief executive officer (CEO)."
As regards the composition of the BoG, the report states: "The practice of board members representing different interests should be given up." Obviously, implementing these changes would require some major changes in the existing MoAs of the IIMs. The committee, however, provides no justification how the recommended dispensation (payment of donations) make the reconstituted societies more 'enlightened' than the existing ones. The fallacious nature of its argument is quite obvious.
The argument can be turned on its head by contending that such an "equity stake" is more likely to lead to commercialisation of IIMs and destroy their public character and role. Similarly, changing the multiple stakeholder representational character of the BoG suggested by the committee is downright objectionable as it strikes at the very root of the concept of public institution. The second committee on faculty and research deals with a number of issues: meeting faculty shortages; use of technology to leverage faculty resources, faculty productivity, etc.
Most of the recommendations are in the nature of subjective views without any cogent argument or supporting data; some are misconceived. For example, the report suggests introduction of a system of annual work plan which is to be prepared by every faculty member at the beginning of an academic year based on a set of standard yardsticks (irrespective of his/her aptitude or academic interests) and submitted to the BoG for approval.
SA vs NZ: New Zealand stun South Africa to reach World Cup semifinal
South Africa lived up to the chokers tag when they crashed to a 49-run defeat against New Zealand in their World Cup quarterfinal clash at the Sher-e-Bangla stadium in Mirpur on Friday.
Chasing a victory target of 222 runs, South Africa were bowled out for 172 in 43.2 overs as Jacob Oram took four wickets and Nathan McCullum chipped in with three wickets.
Oram took his fourth wicket when he had Faf du Plessis caught by Tim Southee in the covers. South Africa lost their eighth wicket when McCullum had Dale Steyn caught by Oram in the covers.
Oram dismissed Johan Botha and Robin Peterson in his successive overs to reduce South Africa to 132/7 in 34.2 overs.
Oram first clean bowled Botha with a slower delivery and his in next over had Peterson caught behind by Brendon McCullum as South Africa continued to slide from a position of strength that started when AB de Villiers and Jean Paul Duminy fell in one over.
McCullum gave New Zealand the fourth breakthrough when he clean bowled Duminy and two balls later, de Villiers was run out by a good throw from Martin Guptill straight into the hands of wicket-keeper Brendon McCullum who whipped off the bails in a flash before a diving de Villiers could make his ground and suddenly, from comfortably placed at 108/3, South Africa looked in trouble at 121/5.
Jacob Oram took a superb running catch at deep mid-wicket to dismiss Jacques Kallis off Tim Southee.
Kallis hit 47 runs off 75 balls before his dismissal.
This was after Oram had Graeme Smith caught by substitute Jamie How at backward point to place South Africa at 69/2.
The wicket broke the 61-run stand between Smith and Jacques Kallis who steadied the South African innings after the early dismissal of Hashim Amla who was dismissed by Nathan McCullum in the first over.
Amla tried to cut a delivery but edged it onto the shoes of wicket-keeper Brendon McCullum from where it went to first slip where Daniel Vettori took a simple catch.
Earlier, South Africa produced a disciplined bowling effort to restrict New Zealand to a modest 221/8.
Morne Morkel (3/46) was the pick of the South African bowlers while Dale Steyn (2/42) and Pakistan-born leg-spinner Imran Tahir (2/32) snared two wickets apiece to stop the Kiwis way behind the 250-run mark.
For New Zealand, Jesse Ryder starred with the bat with a gritty 83 off 121 balls during which he struck just eight boundaries. He added a vital 114 runs with Ross Taylor (43 off 72) for the third wicket to help the Kiwis recover after they were reduced to 16/2 at one stage.
Towards the end, Kane Williamson came up with crucial 41-ball 38-run knock to take New Zealand beyond the 200-run mark.
Electing to bat, New Zealand lost both their openers -- Brendon McCullum and Martin Guptill cheaply inside the first six overs.
McCullum was the first to depart brilliantly caught by Robin Peterson off his own bowling in the third over and then two overs later Guptill gave a simple catch to Johan Botha at mid-off after he was foxed by a Dale Steyn slower delivery.
Warren Buffett in India: Rakesh Jhunjhunwala, others buy policies to attend meet
MUMBAI: India's most followed investor, Rakesh Jhunjhunwala, will be among the select group of people who will meet the international investment icon Warren Buffett during his first visit to the nation that will focus more on charity than on investing.
Jhunjhunwala, like Buffett, conducts charity lunches. Jhunjhunwala, who dislikes being referred to as India's Buffett due to modesty, would be part of a preferred group of a dozen or so elite to cut to the chase with the Berkshire Hathaway chief executive on Thursday, said two people familiar with the scheduled meetings.
Jhunjhunwala declined to comment. There are scores of others, including Raamdeo Aggarwal, joint managing director at Motilal Oswal Financial Services , who would have a similar privilege of listening to the wisdom of the most successful investor on the planet, thanks to Berkshire Hathaway's marketing efforts. Aggarwal and his ilk cannot have enough of him.
They have bought motor insurance at berkshireinsurance .com for as low as . 2,165 a policy. "One of the first things which come to my mind is the kind of wisdom he has spread around about investing, corporate governance and the general influence he has had in investment thinking" said Mr Aggarwal of Motilal Oswal. "He's an amazing man... I am mesmerised by the fact that a man can make so much money purely by ethical means."
Berkshire Hathaway, which has a tiny business interest in India through an insurance distribution company, is using Buffett's visit to popularise its presence. It started selling insurance to Indian consumers through internet and telephone this month after a deal with Bajaj Allianz General Insurance.
Although other renowned global investors such as George Soros and JC Flowers invested in India, Buffett has been cautious. The government has been dithering raising foreign holding limit in his favourite business , insurance, to 49% from 26%. But investors still won't let an opportunity slip even though many may not make it to the meeting at the Taj Palace Hotel in New Delhi between 6 pm and 8 pm on March 25. The venue may accommodate at most 300 people.
Berkshire declined to reveal the number of polices sold in this promotion. "Who doesn't want to hear Mr Buffett?" asks Rajiv Bajaj , managing director of Bajaj Capital, a national level distributor. "We do not expect him to speak a lot on investments this time round. He's here for philanthropic activities; he'll not have much time for industry people."
Day 2 agenda: Warren Buffett's India visit
Budget 2011
Budget hike won't help education sector: Kapil Sibal
IANSAccording to Ernst and Young, nearly 40 million students are expected to opt for higher education by the year 2020, compared to the current 17 million. Demand for more funds to agriculture, education sectors
PTIMore emphasis on investment in agriculture, increasing expenditure on education and tackling price rise were some of the demands made by members in Lok Sabha. Under developed, special states to benefit from Budget: Fitch
PTIThe budget expects the economic to grow by 8.6% in the financial year ending 31 March 2011, and the government expects a growth of 9% in 2011-12. The 'saat khoon maaf' budget
The Budget provisions too little money for subsidies, including the newly announced Food Security Act, which could cost over 1% of GDP. Healthcare likely to be spared from service tax
ET BureauGovt is likely to withdraw service tax imposed on healthcare services in Union Budget following a strong reaction from public and medical fraternity. 1 / 4 
![Impetus to infra will help achieve target growth]( "Impetus to infra will help achieve target growth")
![Budget pampers the rich and burdens consumers]( "Budget pampers the rich and burdens consumers")
![No big-bang reform measures announced]( "No big-bang reform measures announced")
![Budget to help broad based rebound in agriculture]( "Budget to help broad based rebound in agriculture")
![FM's head is in right place, so is his heart]( "FM's head is in right place, so is his heart")
![Smart call on keeping stimulus, tackling corruption]( "Smart call on keeping stimulus, tackling corruption")
![Govt must hold the line on expenditure]( "Govt must hold the line on expenditure")
![GST will solve lot of macroeconomic issues]( "GST will solve lot of macroeconomic issues")
Cricket World Cup 2011 
Yuvraj said he was playing this tournament for "someone special" whose name he will only divulge if India wins the World Cup.
NEW DELHI: The BJP has sent out a firm signal that partisan political wrangling will not be allowed to come in the way of the reform agenda that enjoy larger acceptance when it backed the introduction of a bill to regulate pension funds - the Pension Regulatory and Development Authority (PFRDA) bill.
The support came at a time when the Left parties pressed for a vote over its introduction stage in the Lok Sabha.
The development is certain to be comforting to the government as there is fear among investors that the Manmohan Singh Government, which is finding it difficult to muscle past red-siren headlines over corruption scandals, will not be able to stick to its policy playbook.
If today's development is any indication, a bit of outreach and back channel communications could help it push an agenda that have the backing of the majority in Parliament. The pension bill was framed during the NDA regime, but the UPA-I could not push it in the face of stiff resistance from its then supporters, the Left parties.
BJP's support for the government in the House suggest that there is scope for indentifying "doable" issues and moved ahead with it. On its part, BJP has been maintaining that the partisan stalemate on the policy front is Congress' fault.
In the Lok Sabha , BJP's support came as a relief for the Government as the defeat of the bill at the introduction stage would have been a major embarrassment. After the Left pressed for vote, their view was rejected by a 115 against 43 tally. Besides Left parties, JD(U), an ally of BJP, SP, BSP and TDP voted against the bill. Only 159 members were present in the 543-member House when the motion was put to vote.
The Government had tried to take the help of the rule book to avoid a vote on the bill at the introductory stage when CPM's Basudeb Acharia insisted on a division. Parliamentary Affairs Minister Pawan Bansal said the member has to give a reason before seeking a vote on a bill at the introduction stage. Congress' Manish Tewari said a notice should be first addressed to the Secretary General in the morning hours on the day on which the motion for leave to introduce the Bill is on the list of business.
The attendance in the treasury benches was thin. Prime Minister Manmohan Singh, UPA chairperson Sonia Gandhi and finance minister Pranab Mukherjee were not present in the House. However, Acharia argued that a vote can be sought at that stage and Speaker Meira Kumar ordered division on introduction of the Pension Fund Regulatory and Development Authority Bill, 2011. "We are opposing introduction of the Bill. I am asking for division instead of a voice vote," Acharia said.
The Speaker, who directed that the lobbies be cleared, gave a ruling in favour of the division. Acharia was seen talking to senior BJP leader LK Advani telling about the Left's opposition to the bill, which seeks to give statutory power to the country's pension regulator.
The support came at a time when the Left parties pressed for a vote over its introduction stage in the Lok Sabha.
The development is certain to be comforting to the government as there is fear among investors that the Manmohan Singh Government, which is finding it difficult to muscle past red-siren headlines over corruption scandals, will not be able to stick to its policy playbook.
If today's development is any indication, a bit of outreach and back channel communications could help it push an agenda that have the backing of the majority in Parliament. The pension bill was framed during the NDA regime, but the UPA-I could not push it in the face of stiff resistance from its then supporters, the Left parties.
BJP's support for the government in the House suggest that there is scope for indentifying "doable" issues and moved ahead with it. On its part, BJP has been maintaining that the partisan stalemate on the policy front is Congress' fault.
In the Lok Sabha , BJP's support came as a relief for the Government as the defeat of the bill at the introduction stage would have been a major embarrassment. After the Left pressed for vote, their view was rejected by a 115 against 43 tally. Besides Left parties, JD(U), an ally of BJP, SP, BSP and TDP voted against the bill. Only 159 members were present in the 543-member House when the motion was put to vote.
The Government had tried to take the help of the rule book to avoid a vote on the bill at the introductory stage when CPM's Basudeb Acharia insisted on a division. Parliamentary Affairs Minister Pawan Bansal said the member has to give a reason before seeking a vote on a bill at the introduction stage. Congress' Manish Tewari said a notice should be first addressed to the Secretary General in the morning hours on the day on which the motion for leave to introduce the Bill is on the list of business.
The attendance in the treasury benches was thin. Prime Minister Manmohan Singh, UPA chairperson Sonia Gandhi and finance minister Pranab Mukherjee were not present in the House. However, Acharia argued that a vote can be sought at that stage and Speaker Meira Kumar ordered division on introduction of the Pension Fund Regulatory and Development Authority Bill, 2011. "We are opposing introduction of the Bill. I am asking for division instead of a voice vote," Acharia said.
The Speaker, who directed that the lobbies be cleared, gave a ruling in favour of the division. Acharia was seen talking to senior BJP leader LK Advani telling about the Left's opposition to the bill, which seeks to give statutory power to the country's pension regulator.
Warren Buffett in India
Philanthropy should be part of humanity, I don't relate it to capitalism or to business, says Warren Buffett.
Govt says no decision yet on opening retail sector
NEW DELHI: The government has not taken a decision on opening up the supermarket sector to foreign investors , Finance Minister Pranab Mukherjee said on Friday, continuing a stalemate on the long-awaited reform that will open the door to Wal-Mart and Carrefour.
India restricts foreign firms to operating wholesale outlets or single-brand stores. Trade Minister Anand Sharma last month said the government was close to a decision on letting them enter the multi-brand sector as well.
"Government has not taken any decision," Mukherjee told parliament during a discussion on allowing foreign direct investment in multi-brand retail stores.
"The problem is a very complex one ... A large number of people are involved in it (the sector)," he said.
Organised retail makes up just 6 percent of India's $450-billion retail sector and there is political opposition to open up a sector that provides livelihoods for hundreds of thousands and serves a market of more than 1 billion.
Wal-Mart has said it is ready to open hundreds of retail outlets if rules are liberalised. In October, Chief Executive Mike Duke had said he was very positive the rules would be eased after meeting Indian officials.
Wal-Mart operates five wholesale outlets in India in partnership with agriculture-to-telecoms group Bharti Enterprise. Carrefour last year opened its first India wholsesale outlet.
Privatising the IIMs
By Prodip Kumar Sett, Professor, IIM-Calcutta
Behind the public view and without any public debate, the Union HRD minister is trying to reshape the public institutional character of IIMs. In a recent meeting with chairpersons and directors of IIMs, he took a series of inter-linked decisions which, if implemented, would effectively transfer the control of these institutions to private donors. These decisions are ostensibly aimed at 'shaping up' the IIMs to meet the competitive challenges from foreign players once the sector is opened up. They are based on the reports of three committees that the minister constituted in early 2010.
Intriguingly, all the three committees comprised existing chairpersons or directors of various IIMs who themselves were appointed by the minister. They had no representatives from the academia, industry bodies or the civil society. None of these committees held any consultation with major stakeholders: IIM faculty, the industry or the alumni. Neither did they collect any ground data, or record the views of past chairpersons /directors of IIMs or eminent educationists to substantiate their findings. Yet, interestingly, the three reports converge to support the virtual privatisation of IIMs by altering the basic structure of their existing memorandum of association (MoA).
Report of the committee on new governance structure sets the stage by proposing that the society of each IIM should be reconstituted so that it can run the institute as an "enlightened owner" (equivalent to a person having an equity stake in the company) and by suggesting that "the most effective way of bringing this about is by making the payment of a substantial donation to the IIM as a condition for becoming a member of the society." The reconstituted society would exercise all powers and ratify the appointments of the chairman and members of the board of governors (BoG) as also the director of the institute. The BoG would manage the institute on behalf of the society and the director should function as the chief executive officer (CEO)."
As regards the composition of the BoG, the report states: "The practice of board members representing different interests should be given up." Obviously, implementing these changes would require some major changes in the existing MoAs of the IIMs. The committee, however, provides no justification how the recommended dispensation (payment of donations) make the reconstituted societies more 'enlightened' than the existing ones. The fallacious nature of its argument is quite obvious.
The argument can be turned on its head by contending that such an "equity stake" is more likely to lead to commercialisation of IIMs and destroy their public character and role. Similarly, changing the multiple stakeholder representational character of the BoG suggested by the committee is downright objectionable as it strikes at the very root of the concept of public institution. The second committee on faculty and research deals with a number of issues: meeting faculty shortages; use of technology to leverage faculty resources, faculty productivity, etc.
Most of the recommendations are in the nature of subjective views without any cogent argument or supporting data; some are misconceived. For example, the report suggests introduction of a system of annual work plan which is to be prepared by every faculty member at the beginning of an academic year based on a set of standard yardsticks (irrespective of his/her aptitude or academic interests) and submitted to the BoG for approval.
Behind the public view and without any public debate, the Union HRD minister is trying to reshape the public institutional character of IIMs. In a recent meeting with chairpersons and directors of IIMs, he took a series of inter-linked decisions which, if implemented, would effectively transfer the control of these institutions to private donors. These decisions are ostensibly aimed at 'shaping up' the IIMs to meet the competitive challenges from foreign players once the sector is opened up. They are based on the reports of three committees that the minister constituted in early 2010.
Intriguingly, all the three committees comprised existing chairpersons or directors of various IIMs who themselves were appointed by the minister. They had no representatives from the academia, industry bodies or the civil society. None of these committees held any consultation with major stakeholders: IIM faculty, the industry or the alumni. Neither did they collect any ground data, or record the views of past chairpersons /directors of IIMs or eminent educationists to substantiate their findings. Yet, interestingly, the three reports converge to support the virtual privatisation of IIMs by altering the basic structure of their existing memorandum of association (MoA).
Report of the committee on new governance structure sets the stage by proposing that the society of each IIM should be reconstituted so that it can run the institute as an "enlightened owner" (equivalent to a person having an equity stake in the company) and by suggesting that "the most effective way of bringing this about is by making the payment of a substantial donation to the IIM as a condition for becoming a member of the society." The reconstituted society would exercise all powers and ratify the appointments of the chairman and members of the board of governors (BoG) as also the director of the institute. The BoG would manage the institute on behalf of the society and the director should function as the chief executive officer (CEO)."
As regards the composition of the BoG, the report states: "The practice of board members representing different interests should be given up." Obviously, implementing these changes would require some major changes in the existing MoAs of the IIMs. The committee, however, provides no justification how the recommended dispensation (payment of donations) make the reconstituted societies more 'enlightened' than the existing ones. The fallacious nature of its argument is quite obvious.
The argument can be turned on its head by contending that such an "equity stake" is more likely to lead to commercialisation of IIMs and destroy their public character and role. Similarly, changing the multiple stakeholder representational character of the BoG suggested by the committee is downright objectionable as it strikes at the very root of the concept of public institution. The second committee on faculty and research deals with a number of issues: meeting faculty shortages; use of technology to leverage faculty resources, faculty productivity, etc.
Most of the recommendations are in the nature of subjective views without any cogent argument or supporting data; some are misconceived. For example, the report suggests introduction of a system of annual work plan which is to be prepared by every faculty member at the beginning of an academic year based on a set of standard yardsticks (irrespective of his/her aptitude or academic interests) and submitted to the BoG for approval.
SA vs NZ: New Zealand stun South Africa to reach World Cup semifinal
South Africa lived up to the chokers tag when they crashed to a 49-run defeat against New Zealand in their World Cup quarterfinal clash at the Sher-e-Bangla stadium in Mirpur on Friday.
Chasing a victory target of 222 runs, South Africa were bowled out for 172 in 43.2 overs as Jacob Oram took four wickets and Nathan McCullum chipped in with three wickets.
Oram took his fourth wicket when he had Faf du Plessis caught by Tim Southee in the covers. South Africa lost their eighth wicket when McCullum had Dale Steyn caught by Oram in the covers.
Oram dismissed Johan Botha and Robin Peterson in his successive overs to reduce South Africa to 132/7 in 34.2 overs.
Oram first clean bowled Botha with a slower delivery and his in next over had Peterson caught behind by Brendon McCullum as South Africa continued to slide from a position of strength that started when AB de Villiers and Jean Paul Duminy fell in one over.
McCullum gave New Zealand the fourth breakthrough when he clean bowled Duminy and two balls later, de Villiers was run out by a good throw from Martin Guptill straight into the hands of wicket-keeper Brendon McCullum who whipped off the bails in a flash before a diving de Villiers could make his ground and suddenly, from comfortably placed at 108/3, South Africa looked in trouble at 121/5.
Jacob Oram took a superb running catch at deep mid-wicket to dismiss Jacques Kallis off Tim Southee.
Kallis hit 47 runs off 75 balls before his dismissal.
This was after Oram had Graeme Smith caught by substitute Jamie How at backward point to place South Africa at 69/2.
The wicket broke the 61-run stand between Smith and Jacques Kallis who steadied the South African innings after the early dismissal of Hashim Amla who was dismissed by Nathan McCullum in the first over.
Amla tried to cut a delivery but edged it onto the shoes of wicket-keeper Brendon McCullum from where it went to first slip where Daniel Vettori took a simple catch.
Earlier, South Africa produced a disciplined bowling effort to restrict New Zealand to a modest 221/8.
Morne Morkel (3/46) was the pick of the South African bowlers while Dale Steyn (2/42) and Pakistan-born leg-spinner Imran Tahir (2/32) snared two wickets apiece to stop the Kiwis way behind the 250-run mark.
For New Zealand, Jesse Ryder starred with the bat with a gritty 83 off 121 balls during which he struck just eight boundaries. He added a vital 114 runs with Ross Taylor (43 off 72) for the third wicket to help the Kiwis recover after they were reduced to 16/2 at one stage.
Towards the end, Kane Williamson came up with crucial 41-ball 38-run knock to take New Zealand beyond the 200-run mark.
Electing to bat, New Zealand lost both their openers -- Brendon McCullum and Martin Guptill cheaply inside the first six overs.
McCullum was the first to depart brilliantly caught by Robin Peterson off his own bowling in the third over and then two overs later Guptill gave a simple catch to Johan Botha at mid-off after he was foxed by a Dale Steyn slower delivery.
Chasing a victory target of 222 runs, South Africa were bowled out for 172 in 43.2 overs as Jacob Oram took four wickets and Nathan McCullum chipped in with three wickets.
Oram took his fourth wicket when he had Faf du Plessis caught by Tim Southee in the covers. South Africa lost their eighth wicket when McCullum had Dale Steyn caught by Oram in the covers.
Oram dismissed Johan Botha and Robin Peterson in his successive overs to reduce South Africa to 132/7 in 34.2 overs.
Oram first clean bowled Botha with a slower delivery and his in next over had Peterson caught behind by Brendon McCullum as South Africa continued to slide from a position of strength that started when AB de Villiers and Jean Paul Duminy fell in one over.
McCullum gave New Zealand the fourth breakthrough when he clean bowled Duminy and two balls later, de Villiers was run out by a good throw from Martin Guptill straight into the hands of wicket-keeper Brendon McCullum who whipped off the bails in a flash before a diving de Villiers could make his ground and suddenly, from comfortably placed at 108/3, South Africa looked in trouble at 121/5.
Jacob Oram took a superb running catch at deep mid-wicket to dismiss Jacques Kallis off Tim Southee.
Kallis hit 47 runs off 75 balls before his dismissal.
This was after Oram had Graeme Smith caught by substitute Jamie How at backward point to place South Africa at 69/2.
The wicket broke the 61-run stand between Smith and Jacques Kallis who steadied the South African innings after the early dismissal of Hashim Amla who was dismissed by Nathan McCullum in the first over.
Amla tried to cut a delivery but edged it onto the shoes of wicket-keeper Brendon McCullum from where it went to first slip where Daniel Vettori took a simple catch.
Earlier, South Africa produced a disciplined bowling effort to restrict New Zealand to a modest 221/8.
Morne Morkel (3/46) was the pick of the South African bowlers while Dale Steyn (2/42) and Pakistan-born leg-spinner Imran Tahir (2/32) snared two wickets apiece to stop the Kiwis way behind the 250-run mark.
For New Zealand, Jesse Ryder starred with the bat with a gritty 83 off 121 balls during which he struck just eight boundaries. He added a vital 114 runs with Ross Taylor (43 off 72) for the third wicket to help the Kiwis recover after they were reduced to 16/2 at one stage.
Towards the end, Kane Williamson came up with crucial 41-ball 38-run knock to take New Zealand beyond the 200-run mark.
Electing to bat, New Zealand lost both their openers -- Brendon McCullum and Martin Guptill cheaply inside the first six overs.
McCullum was the first to depart brilliantly caught by Robin Peterson off his own bowling in the third over and then two overs later Guptill gave a simple catch to Johan Botha at mid-off after he was foxed by a Dale Steyn slower delivery.
Warren Buffett in India: Rakesh Jhunjhunwala, others buy policies to attend meet
Warren Buffett in India: Rakesh Jhunjhunwala, others buy policies to attend meet
MUMBAI: India's most followed investor, Rakesh Jhunjhunwala, will be among the select group of people who will meet the international investment icon Warren Buffett during his first visit to the nation that will focus more on charity than on investing.
Jhunjhunwala, like Buffett, conducts charity lunches. Jhunjhunwala, who dislikes being referred to as India's Buffett due to modesty, would be part of a preferred group of a dozen or so elite to cut to the chase with the Berkshire Hathaway chief executive on Thursday, said two people familiar with the scheduled meetings.
Jhunjhunwala declined to comment. There are scores of others, including Raamdeo Aggarwal, joint managing director at Motilal Oswal Financial Services , who would have a similar privilege of listening to the wisdom of the most successful investor on the planet, thanks to Berkshire Hathaway's marketing efforts. Aggarwal and his ilk cannot have enough of him.
They have bought motor insurance at berkshireinsurance .com for as low as . 2,165 a policy. "One of the first things which come to my mind is the kind of wisdom he has spread around about investing, corporate governance and the general influence he has had in investment thinking" said Mr Aggarwal of Motilal Oswal. "He's an amazing man... I am mesmerised by the fact that a man can make so much money purely by ethical means."
Berkshire Hathaway, which has a tiny business interest in India through an insurance distribution company, is using Buffett's visit to popularise its presence. It started selling insurance to Indian consumers through internet and telephone this month after a deal with Bajaj Allianz General Insurance.
Although other renowned global investors such as George Soros and JC Flowers invested in India, Buffett has been cautious. The government has been dithering raising foreign holding limit in his favourite business , insurance, to 49% from 26%. But investors still won't let an opportunity slip even though many may not make it to the meeting at the Taj Palace Hotel in New Delhi between 6 pm and 8 pm on March 25. The venue may accommodate at most 300 people.
Berkshire declined to reveal the number of polices sold in this promotion. "Who doesn't want to hear Mr Buffett?" asks Rajiv Bajaj , managing director of Bajaj Capital, a national level distributor. "We do not expect him to speak a lot on investments this time round. He's here for philanthropic activities; he'll not have much time for industry people."
MUMBAI: India's most followed investor, Rakesh Jhunjhunwala, will be among the select group of people who will meet the international investment icon Warren Buffett during his first visit to the nation that will focus more on charity than on investing.
Jhunjhunwala, like Buffett, conducts charity lunches. Jhunjhunwala, who dislikes being referred to as India's Buffett due to modesty, would be part of a preferred group of a dozen or so elite to cut to the chase with the Berkshire Hathaway chief executive on Thursday, said two people familiar with the scheduled meetings.
Jhunjhunwala declined to comment. There are scores of others, including Raamdeo Aggarwal, joint managing director at Motilal Oswal Financial Services , who would have a similar privilege of listening to the wisdom of the most successful investor on the planet, thanks to Berkshire Hathaway's marketing efforts. Aggarwal and his ilk cannot have enough of him.
They have bought motor insurance at berkshireinsurance .com for as low as . 2,165 a policy. "One of the first things which come to my mind is the kind of wisdom he has spread around about investing, corporate governance and the general influence he has had in investment thinking" said Mr Aggarwal of Motilal Oswal. "He's an amazing man... I am mesmerised by the fact that a man can make so much money purely by ethical means."
Berkshire Hathaway, which has a tiny business interest in India through an insurance distribution company, is using Buffett's visit to popularise its presence. It started selling insurance to Indian consumers through internet and telephone this month after a deal with Bajaj Allianz General Insurance.
Although other renowned global investors such as George Soros and JC Flowers invested in India, Buffett has been cautious. The government has been dithering raising foreign holding limit in his favourite business , insurance, to 49% from 26%. But investors still won't let an opportunity slip even though many may not make it to the meeting at the Taj Palace Hotel in New Delhi between 6 pm and 8 pm on March 25. The venue may accommodate at most 300 people.
Berkshire declined to reveal the number of polices sold in this promotion. "Who doesn't want to hear Mr Buffett?" asks Rajiv Bajaj , managing director of Bajaj Capital, a national level distributor. "We do not expect him to speak a lot on investments this time round. He's here for philanthropic activities; he'll not have much time for industry people."
Day 2 agenda: Warren Buffett's India visit
Day 2 agenda: Warren Buffett's India visit
Day 2 agenda: Warren Buffett's India visit
Budget 2011
Budget hike won't help education sector: Kapil Sibal
IANSAccording to Ernst and Young, nearly 40 million students are expected to opt for higher education by the year 2020, compared to the current 17 million. Demand for more funds to agriculture, education sectors
PTIMore emphasis on investment in agriculture, increasing expenditure on education and tackling price rise were some of the demands made by members in Lok Sabha. Under developed, special states to benefit from Budget: Fitch
PTIThe budget expects the economic to grow by 8.6% in the financial year ending 31 March 2011, and the government expects a growth of 9% in 2011-12. The 'saat khoon maaf' budget
The Budget provisions too little money for subsidies, including the newly announced Food Security Act, which could cost over 1% of GDP. Healthcare likely to be spared from service tax
ET BureauGovt is likely to withdraw service tax imposed on healthcare services in Union Budget following a strong reaction from public and medical fraternity. 1 / 4 ![Impetus to infra will help achieve target growth]( "Impetus to infra will help achieve target growth")
![Budget pampers the rich and burdens consumers]( "Budget pampers the rich and burdens consumers")
![No big-bang reform measures announced]( "No big-bang reform measures announced")
![Budget to help broad based rebound in agriculture]( "Budget to help broad based rebound in agriculture")
![FM's head is in right place, so is his heart]( "FM's head is in right place, so is his heart")
![Smart call on keeping stimulus, tackling corruption]( "Smart call on keeping stimulus, tackling corruption")
![Govt must hold the line on expenditure]( "Govt must hold the line on expenditure")
![GST will solve lot of macroeconomic issues]( "GST will solve lot of macroeconomic issues")
Budget 2011
Budget hike won't help education sector: Kapil Sibal
IANS
According to Ernst and Young, nearly 40 million students are expected to opt for higher education by the year 2020, compared to the current 17 million.Demand for more funds to agriculture, education sectors
PTI
More emphasis on investment in agriculture, increasing expenditure on education and tackling price rise were some of the demands made by members in Lok Sabha.Under developed, special states to benefit from Budget: Fitch
PTI
The budget expects the economic to grow by 8.6% in the financial year ending 31 March 2011, and the government expects a growth of 9% in 2011-12.The 'saat khoon maaf' budget
The Budget provisions too little money for subsidies, including the newly announced Food Security Act, which could cost over 1% of GDP.Healthcare likely to be spared from service tax
ET Bureau
Govt is likely to withdraw service tax imposed on healthcare services in Union Budget following a strong reaction from public and medical fraternity. 1 / 4
Cricket World Cup 2011 Yuvraj said he was playing this tournament for "someone special" whose name he will only divulge if India wins the World Cup.
Cricket World Cup 2011
Yuvraj said he was playing this tournament for "someone special" whose name he will only divulge if India wins the World Cup.
| | | | |
Posts
No comments:
Post a Comment