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Thursday, November 10, 2011

Another Mamata Gimmick!Shah Rukh Khan to help build Brand Bengal!My government has authority to revoke AFSPA: Omar Abdullah,The proposal to remove the Armed Forces Special Power Act (AFSPA) from some parts of the state was neither a reflection of the


Another Mamata Gimmick!Shah Rukh Khan to help build Brand Bengal!My government has authority to revoke AFSPA: Omar Abdullah,The proposal to remove the Armed Forces Special Power Act (AFSPA) from some parts of the state was neither a reflection of the role of the army nor an effort to undermine it, Jammu and Kashmir Chief Minister Omar Abdullah has said. Europe says debt crisis dragging it towards recession!IMF chief, Christine Lagarde, warns world economy risks 'lost decade'!Emerging markets can be hit if European banks cut back lending!India initiates major free trade move in SAARC!The Board of Approval for special economic zones headed by Commerce SecretaryRahul Khullar is scheduled to meet on November 23 to discuss matters like setting up new SEZs in the country.

In the latest instance of crib deaths in West Bengal, nine babies have died at Malda District Sadar Hospital in the last two days!

Moody's downgrades rating of Indian banks!



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Strategic deals with India, US no threat to South Asia: Karzai

Hindustan Times - ‎46 minutes ago‎


AP Afghan President Hamid Karzai attempted to ease tensions with Pakistan, asserting on Thursday that a strategic partnership with India and talks for a similar US deal do not threaten his country's neighbors.


Bleak banking sector outlook
Moody's downgrade: Experts' take on Axis, SBI, ICICI, HDFC Bank
We collated technical chart check on major banks by talking to various experts and here are their recommendations:
http://economictimes.indiatimes.com/

Another Mamata Gimmick!Shah Rukh Khan to help build Brand Bengal!After his tough talk with the Army for withdrawing AFSPA from parts of Jammu and Kashmir, Chief Minister Omar Abdullah today said his government has the authority to revoke the controversial law and sought a 'workable' solution from the Army. Europe says debt crisis dragging it towards recession.IMF chief, Christine Lagarde, warns world economy risks 'lost decade'!Emerging markets can be hit if European banks cut back lending!India initiates major free trade move in SAARC!The Board of Approval for special economic zones headed by Commerce SecretaryRahul Khullar is scheduled to meet on November 23 to discuss matters like setting up new SEZs in the country.

In the latest instance of crib deaths in West Bengal, nine babies have died at Malda District Sadar Hospital in the last two days, Health department sources said today. The hospital superintendent, H K Ari, said the deaths occurred in the Neo-natal unit from 12 noon on Tuesday. A woman gave birth to a stillborn baby at the hospital today, Ari said. The babies were in the age group of 0 to nine months and were suffering from broncho-pneumonia and low birth weight, he said. While two newborns died soon after birth at the hospital, others were brought there from villages and nearby areas, he said. The areas include Mahananda Pally on the outskirts of Englishbazar town and villages such as Manikchak and Kaliachak and the tribal dominated Bamungola block, he said. 36 babies had died at several district hospitals and the referral B C Roy Children's hospital in Kolkata in October. Ari ruled out any lapse on the part of the hospital's doctors and said the infants were suffering from broncho-pneumonia and were underweight. Preventive steps were being taken to pre-empt such deaths in future. Meanwhile, state's Director of Health Services S P Basak said an investigation had been ordered into the deaths and a report had been sought from the hospital pinpointing responsibility and preventive steps being taken in this regard.

Bollywood superstar Shah Rukh Khantoday agreed to be the brand ambassador of West Bengal on a request from Chief Minister Mamata Banerjee.

The chief minister made the request during an interaction with Khan on the sidelines of the inaugural function of the 17th Kolkata Film Festival.

"Yes, he has agreed," Banerjee told PTI when asked about her proposal to Khan and his response.


During the interaction, 'King Khan' is reported to have told Banerjee that he would be in the state whenever the chief minister called him.

Recalling the shooting of some sequences of his film 'Raju Ban Gaya Gentleman' in Darjeeling, Khan said he had fond memories of his stay there.

Earlier, speaking at the inaugural ceremony of the film festival, Khan sung paeans to Kolkata, describing it as the country's cultural and literary hub which produced the best of Indian cinema.

"I believe that the history of our arts, literature, poetry and films cannot be written, or ever begin without the state of West Bengal," SRK, who owns the Kolkata Knight Riders team of the IPL, said.

In a major trade liberalisation move, India Thursday announced the reduction of the 'sensitive list' for least developed countries under the South Asian Free Trade Area Agreement (SAFTA) from the existing 480 tariff lines to 25 tariff lines.

Prime Minister Manmohan Singh, in his address at the South Asian Association for Regional Cooperation(SAARC) summit here, said India will give zero basic customs duty access to all items removed from the list immediately.

"I am happy to announce that, in a major trade liberalisation effort, the government of India has issued a notification to reduce the sensitive list for the Least Developed Countries under the South Asian Free Trade Area Agreement from 480 tariff lines to 25 tariff lines," he said in his address, amidst roaring applause from the region's delegates.

"Zero basic customs duty access will be given for all items removed with immediate effect," he added.

"The 49th meeting of the BoA for SEZs shall be held on November 23," the Commerce Ministry said.

Development Commissioners have been asked to forward proposals regarding SEZs along with their comments at the earliest so that they could be deliberated over at the meeting, it said.

In its last meeting on September 19, the BoA gave extra time to 37 Special Economic Zone (SEZs) developers to execute their projects. The developers include Navi Mumbai SEZ, DLF Commercial Developers and Tata Consultancy Services.


The 19-member inter-ministerial board had also approved three new proposals, including one for setting up a sector-specific SEZ for the petroleum and oil and gas industry in Visakhapatnam.


Under the SEZ Act, SEZ units get 100 per cent tax exemption on profits earned in the first five years of operation, a 50 per cent exemption for the next five years and another 50 per cent exemption on re-invested profits in the following five years.


SEZ developers, on the other hand, get a 100 per cent tax exemption on profits for 10 years.


Merchandise exports from the 143 operational SEZs in the country totalled Rs 72,255 crore in the April-June period, an increase of 23 per cent vis-a-vis the same period last year.

Kolkata Film Festival (KFF), the second oldest international film fest in India, had a glamourous inauguration this evening with Shahrukh Khan and Sharmila Tagore doing the honours, but regulars such as Buddhadeb Bhattacharjee, Mrinal Sen and Soumitra Chatterjee stayed away. "I believe that the history of our arts, literature, poetry and films cannot be written, or ever begin without the state of West Bengal," said the 'King Khan' after inaugurating the eight-day cultural fest where around 150 films from 50 countries would be screened. Yesteryear's glamour queen Sharmila said that Kolkata is probably the only city where people still stand in long queues to watch good films. Stating that though she shifted to Mumbai, she had never lost touch with Kolkata. "I keep coming back to work with Bengali directors." Chief Minister Mamata Banerjee said, "Kolkata is the capital of our cultural activities. We want to help films and cultural activities in Bengal." Banerjee, who described the festival as a salute to Tollywood, Bollywood and Hollywood said that KFF has grown bigger this year, referring to the shifting of the venue from cultural complex Nandan to the Netaji Indoor Stadium after 16 years to accommodate more people. Former chief minister Buddhadeb Bhattacharjee, who was personally invited by Banerjee had cited prior engagements for his absence. Filmmaker Mrinal Sen said that he was unwell and could not attend. Thespian Soumitra Chatterjee said he had been removed from the chairmanship of the film festival committee without his knowledge. "So what will I be doing there?"

"I have the authority. The elected state government of any state has the authority. In this case (revocation of AFSPA), the authority rests with the governor who would act on the basis of the state government's recommendations," Omar said, renewing his bid for lifting the Armed Forces Special Powers Act(AFSPA).

Insisting that 'no' is not an option for him, the Chief Minister told reporters here that he had sought a "feasible and workable" solution from the Army at yesterday's Unified Command Headquarters(UHQ) meeting in Jammu.

Omar's move is facing stiff resistance from the Army. Voicing its apprehensions, the Army is understood to have cautioned that even a partial withdrawal will be detrimental to the security apparatus.

Omar said his case for partial revocation of AFSPA has been backed by Union Home Minister P Chidambaram.

"(It) is further cemented by what the Cabinet Committee on Security has said and also what the Union Home Minister has said in recent media interviews. So I don't think it is anybody's case, least of all the army's, that the state government does not have the authority (to revoke the AFSPA)," the Chief Minister said.

Omar said the winter months provided a "window" to the state government and armed forces to go ahead with the phased revocation of AFSPA.

"Sooner the better, because winter is normally a phase where militancy is at a low and that obviously gives us a window to consolidate and reorient our deployments and to see how this phased withdrawal is working," he said.

About the UHQ) meeting, Omar said he had demanded that the recommendations compiled by Army's two committees, headed separately by General Officer Commanding of Srinagar based 15 Corps and General Officer Commanding of Nagrota based 16 Corps, should be made available.

"I have said (in the UHQ meeting) 'no' is not an option, so other than 'no' as an option you give me other options that are feasible and workable and that is what I want those committees to examine," Omar said.

In an effort to translate his Oct 21 statement of revoking AFSPA from certain areas of the state within days into reality, Abdullah in a statement Wednesday said it "no reflection on the role of the army in Jammu and Kashmir".


He added that it was also "in no way an effort to undermine the role of the army which essentially is playing a major role in the anti-militancy operations in the state of Jammu and Kashmir".


AFSPA, which gives sweeping powers to the armed forces, was invoked in the Valley in 1990 and Jammu region in 2001.


Abdullah has started preparing ground for the revocation of the AFSPA from at least four districts -- Srinagar, Budgam in central Kashmir and Jammu and Samba in the plains of Jammu region -- before the crucial cabinet meeting in Srinagar Friday, the last before the government offices close and shift to the winter capital Jammu.


He appears to have extended a hand of friendship to the army, which was angry over the statement of National Conference spokesperson Sheikh Mustafa Kamal, insinuating that the grenade attacks in the Valley on Tuesday could have been triggered by the army.

The chief minister not only distanced the state government from the statement of the NC leader, who also is his uncle, but also praised the army for the role it had played in fighting insurgency.


Sources in the government told IANS that Abdullah might also be speaking to army commanders in the state on Thursday, especially the corp commanders based in Srinagar and Jammu to sort out the matters and work out the details on the removal of AFSPA.


He is also seeking to open fresh communication channels with his party colleagues on the issue.


"We have been sounded out; the chief minister's move would bring political dividends to the party and hence we have been asked to support it in the interests of the party," said a minister.


The perception is that since the removal of AFSPA has widespread support among people in the Valley, as articulated by many political groups, particularly the main opposition People's Democratic Party, the ruling NC can extract political mileage.

Europe warned Thursday that its debt crisis was dragging the region towards a new recession, deepening the sense of foreboding as Italy and Greece struggled to put together new governments.


After doubts grew over Italy's ability to keep servicing its debts, the European Union's new economy tsar said the bloc faced tipping back into recession in 2012 due to a "vicious circle" of government debt, vulnerable banks and collapsed spending.


"Growth has stalled in Europe, and there is a risk of a new recession," economic affairs commissioner Olli Rehn said as the EU released detailed forecasts for theeurozone and broader econonomy for the next two years, with GDP "now projected to stagnate until well into 2012."


As debate accelerated in key European capitals about the eurozone and EU break-up, the head of the International Monetary Fund called for an end to political wrangling amid a worrying slide in Chinese trade due to falling demand in America and Europe.


Growth across the eurozone in 2012 would collapse to 0.5 percent, said the forecast, a steep drop from its previous prediction of 1.8 percent. The forecast for this year was also revised downwards from 1.6 to 1.5 percent.


The economy in Italy, the eurozone's third largest economy, would virtually stagnate in 2012 with growth of just 0.1 percent, according to the forecast.


With doubts growing over Italy's ability to service its debts, Rehn ordered France -- the No. 2 eurozone economy, already threatened with a humiliating US-style credit downgrade -- to bring forward yet more budget cuts.


Italy's growing crisis has already prompted Prime Minister Silvio Berlusconi to announce his resignation. He will stand down after parliamentary approval this weekend of a package of economic reforms aimed at calming investor fears, which have pushed Italy's borrowing rates to alarming levels of seven percent.


Rehn, who has already despatched officials to Rome to pore over the Italian government's books alongside IMFand ECB staff, warned that the spiralling lending rates "would have a significant impact on financing conditions and thus also growth of the real economy."


"Italy is facing a difficult time and particularly arduous choices to overcome the crisis," said President Giorgio Napolitano, who will be forced to call early elections if there is no consensus.


In Rome on Thursday, a former EU official who made his name in titanic anti-trust tussles with US corporate giants like Microsoft appeared front-runner to lead a national unity government.


Mario Monti's appointment was not a done deal however after several leading members of Berlusconi's centre-right coalition insisted on early elections.


On Wednesday, Italy's 10-year bond yields flew over 7.0-percent to heights that could make it impossible for Rome to keep financing its 1.9-trillion euro ($2.6 trillion) debt.


In a key test after Berlusconi's resignation announcement, Italy paid record rates of over six percent at an auction of treasury bills Thursday.


Greece at least finally appointed a new prime minister, former European Central banker Lucas Papademos, ending four days of talks brokered by President Carolos Papoulias.


Written guarantees from a new government are a fundamental EU condition before a second, 230-billion-euro EU-IMF bailout can be unlocked.


Asian stock markets slumped on Thursday after Wall Street suffered a pummelling, although Europe's main markets rallied as did Athens on expectations of a deal there.


Christine Lagarde, the head of the IMF, said earlier that both Greece and Italy urgently needed to sort out their leadership difficulties.


"Political clarity is conducive to more stability ... it is much needed in Greece, it is much needed in Italy," the IMF chief said in Beijing.

The head of the International Monetary Fundwarned on Wednesday that Europe's debt crisis risked plunging the global economy into a "lost decade" and said it was up to rich nations to shoulder the burden of restoring growth and confidence.

Christine Lagarde told a financial forum in Beijing that European plans to bolster a rescue package for Greecewere a "step in the right direction", but that the outlook for the world economy remained dangerous and uncertain.

"There are clearly clouds on the horizon," Lagarde said. "Clouds on the horizon particularly in the advanced economies and particularly so in the European Union and the United States."

"Our sense is that if we do not act boldly and if we do not act together, the economy around the world runs the risk of downward spiral of uncertainty, financial instability and potential collapse of global demand... we could run the risk of what some commentators are already calling the lost decade."

The former French finance minister was speaking at the start of a two-day visit in China. Her meetings are expected to focus on efforts to contain the crisis in Europe, which has seen forced resignations of the prime ministers of Greece and Italy in the past week.

Before arriving in Beijing she had spent two days in Moscow, trying to convince Russia to chip in some of its petro dollars to boost bailout funds for the euro zone.

European policymakers are hopeful that big emerging economies, led by China, will invest some of their vast foreign exchange reserves in an expanded bailout fund designed to stop the debt crisis that has engulfed Greece and dragged down bigger economies such as Italy.

But the so-called BRIC nations, comprising of Brazil, Russia, India and China, have so far been reluctant to invest directly in Europe's rescue vehicle, preferring to contribute via the IMF.

Lagarde, speaking at an event organised by the Institute for International Finance -- the global association of the world's most important banks -- also said that China needed to shift its growth model from being export-led to a more balanced one and that the country also needed a stronger currency.

If European banks are forced to cut back lending to rebuild shot balance sheets, the ensuing credit shock could hit developing countries worldwide as much as those at the centre of the euro zone storm.

With Europe's banks accounting for almost two-thirds of the foreign lending to global emerging markets, the fear is their retrenchment could drain those economies set to provide about 70% of world growth next year.

This latest so-called "negative feedback loop" from the euro zone sovereign debt crisis is yet another potentially damaging blow to a global economy already experiencing shocks to both business sentiment and planning as well as bank funding strains.

An echo of the global reverberations caused by theLehman Brothers bust through the winter of 2008-09, this transmission mechanism may have weakened slightly over the past two years due to more regulatory safeguards but still underlines the viral impact of banking shocks in an interconnected global system.

It also illustrates why many emerging economies have as much interest in the resolution of the euro crisis as leaders of the Group of Seven rich nations or even the Europeans themselves.

Regional exposure of European banks to their emerging neighbourhood in central and eastern European is clear.

"The region could be in for a much bigger shock this time around because its economies are so tightly linked to the euro zone," Piroska Nagy, adviser to the chief economist of the European Bank for Reconstruction and Development, told Reuters. A lending crunch could hurt much further afield too.

"The possibility that European banks might reduce their exposure to Asia as part of their recapitalisation effort is something that has to be taken seriously," Deutsche Bank's Michael Spencer told clients, warning of risks to the likes of Vietnam, South Korea, Indonesia and India.

In a report last week, Morgan Stanley reckoned that European banks may be forced to shrink their balance sheets by up to 2 trillion by the end of 2012, resulting in a drop in overall lending to emerging markets of over 500 billion.
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    Moody's downgrades rating of Indian banks

    ASHOK DASGUPTA
    SHARE  ·   COMMENT (2)   ·   PRINT   ·   T+  
    However, the government says the downgade has no significance
    Global ratings firm Moody's on Wednesday downgraded the entire Indian banking system's rating outlook from "stable" to "negative," citing the likely deterioration in asset quality in the months ahead. Only in September, Standard & Poor's (S&P) downgraded the country's largest lender, the State Bank of India, by one notch.
    Understandably, the Moody's decision — at a time when the Eurozone financial system is in turmoil and a large number of European banks are in dire straits — evoked sharp reactions from the government and bankers alike. While the government pooh-poohed the step as of "no significance," saying the country's lending institutions are much healthier than their global counterparts, Indian bankers termed the move "unwarranted" and "premature" at this point of time.
    The market, which is prone to knee-jerk reactions, apprehended that the downgrade by the Moody's would render overseas borrowings costlier for Indian banks. The negative sentiment sparked a major sell-off in banking stocks, resulting in the banking index on the Bombay Stock Exchange tumbling by 2.62 per cent.
    "Well-regulated"
    Arguing its case for the outlook downgrade in the wake of the economic growth slowdown that could impact the asset quality and profitability of the Indian banking sector, the Moody's said: "with asset quality, given the tightening environment, we anticipate that it will deteriorate over the next 12-18 months, thereby causing an increase in provisioning needs for the banks in FY'12 and FY'13."
    The government sought to brush aside the Moody's prognosis as a non-issue. "We are not concerned. We are not affected by the downgrade. Looking at how the global banks are faring, we are much stronger and the ratings have no significance," Financial Services Secretary D.K. Mittal said.
    Bankers were even more critical, if not sharper. Ostensibly, with the effect of his bank's downgrade by S&P fresh in mind, SBI Chairman Pratip Chaudhuri pointed out that the health of Indian banks was much better compared to their global lenders. "Perhaps they [rating agencies] are stung by experience elsewhere. But otherwise I feel Indian banks are well-regulated. We don't deal in exotic products. Also, the amount of leveraging is low, we do 12-14 times while the best of European banks leverage up to 20 times," he said.
    Keywords: Moody's, Indian banks, Moody's dongrade
    http://www.thehindu.com/business/article2611668.ece

    Loan growth will be 'strain' on the banking system: Moody's

    SPECIAL CORRESPONDENT
    SHARE  ·   COMMENT (3)   ·   PRINT   ·   T+  
    'Banks' profitability will come under pressure'
    Even as strong headwinds are unsettling the eurozone monetary system and banks engulfed in the turbulence nearer home are in a tizzy, global ratings agency Moody's appears to have put the Indian banking system under the scanner and decided on a downgrade in view of what lies ahead.
    While downgrading the country's entire banking system rating outlook to 'negative' from 'stable', Moody's also sought to provide the reasons for its action, as far as individual banks are concerned. "For those banks with weaker capital ratios on average and higher asset quality pressures relative to their individual rating levels, their standalone ratings are likely to come under pressure.''
    What appears to have prompted such a step is that the non-performing assets (NPAs) of public sector banks have gone up to 2.31 per cent at the end of March, 2011, from 2.27 per cent in the same period a year ago. More significantly, SBI's gross NPA as at the end of the July-September quarter went up to 4.19 per cent from 3.38 per cent in the same quarter in the previous fiscal
    However, even while pointing to the positives in India's banking system, Moody's has sought to forewarn the authorities of the adverse effect of certain external factors. It has noted that the stable customer base of Indian banks and their high level of holding in government securities holdings offer a 'resilient funding and liquidity profile' that buffers them against destabilising shocks.
    At the same time, having averaged 8.4 per cent economic growth over the past five years, sustenance of the growth momentum is under pressure owing to high inflation, monetary tightening and rapidly rising interest rates. "…concerns have emerged over the sustainability of the recovery in the U.S. and Europe and the rise in the borrowing programme of the Indian government, which could drain funds away from the private credit market," Moody's Vice-President and Senior Analyst Vineet Gupta said.
    Moody's pointed out that while loan growth would be a 'strain' on the banking system in the next 12-18 months, profitability would come under pressure due to lower interest margins and an increase in saving deposit rates. "As monetary conditions tighten and economic activities slow, we expect bank loan growth to fall to 16-18 per cent in 2011-12 and 2012-13 from 21 per cent in 2010-11," Mr. Gupta said.
    Moody's does the rating for 15 commercial banks in India, which together accounted for about 66 per cent of the system's total assets as of March, 2011. The country's banking system is dominated by state-owned banks which account for around 75 per cent of the market in asset terms.
    Moody's also pointed to the chances of individual bank ratings coming under pressure. "For those banks with weaker capital ratios on average and higher asset quality pressures relative to their individual rating levels, their standalone ratings are likely to come under pressure," it said. As of now, however, in sharp contrast to the negative outlook on the banking system, the rating agency has assigned stable outlook assigned to 14 of the 15 rated banks.
    In such a scenario, bankers feel that there was no hurry for the downgrading. "Indian banking system is not at risk. The downgrade is not justified at this point of time because it is premature," HDFC Chairman Deepak Parekh said in Mumbai. Likewise, Punjab National Bank chief K. R. Kamath said: "The Indian banking system does not warrant a downgrade in outlook. There is nothing happening as such to change the outlook."
    As for the bank's asset quality, Financial Services Secretary D. K. Mittal said: "Our banks are fully capitalised and the government will continue to capitalise [them]. Our NPAs are better compared to other global banks…Indian economy is growing at eight per cent, so the stress that Moody's has pointed out, is more outside India than within. We are growing better and our credit growth will also be good."
    Keywords: Moody's, banking sector
    http://www.thehindu.com/business/Industry/article2612539.ece

    Diesel price decontrol only when inflation declines: Rangarajan

    SPECIAL CORRESPONDENT
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    The HinduC. Rangarajan, Chairman, Prime Minister's Economic Advisory Council. File photo

    RELATED

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    Diesel, LPG, kerosene prices too may go upRangarajan favours decontrolling diesel prices

    TOPICS

    economy, business and finance

    Despite retail prices of petrol ruling high, the Centre plans to go ahead with the proposal to deregulate diesel and LPG prices, which will reflect the behaviour of the international crude prices.

    "We cannot, for long, protect the domestic consumers from the impact of what is happening internationally,'' said C. Rangarajan, Chairman of the Prime Minister's Economic Advisory Council here on Tuesday.

    Talking to media persons on the sidelines of a function held by Federal Bank at Aluva near here, the former RBI Governor, however, pointed out that the government had to be careful about the timing of the decision regarding deregulation given the current rate of inflation.

    "We already have a high-level of inflation and decontrolling the petroleum products at this point of time could push the prices further up,'' he said. In his view, the most appropriate time for deregulating diesel and other petroleum products will be when the headline inflation shows signs of coming down.

    To a query on the possible return of the administered price mechanism to rein in the ever-rising petrol prices, he cautioned that a roll back of deregulation would lead to huge under recoveries for the oil marketing companies.

    According to Dr. Rangarajan, petrol prices were expected to come down on the back of the developments across the globe, especially in the advanced economies. However, it did not happen and the OMCs would find it difficult to sustain in the event of an under recovery.

    On the occasion, he also asserted the rights of the companies in fixing the prices of their products. "We have moved away from that regime much earlier and there is no going back in any case,'' he held.

    Regarding a cut down of duties imposed on petrol prices, he maintained that the government was not in a position to implement the measure as it had already committed to a large amount of government expenditure. "If we protect the consumer, we will have to face even higher levels of fiscal deficit,'' he said.

    Earlier, Dr. Rangarajan inaugurated a customer care contact centre of Federal Bank here and interacted with its employees. The unique feature of the centre — initiated as part of a CSR programme by the bank — is that it is being manned by the differently abled.

    Commenting on the occasion, Federal Bank Managing Director and CEO Shyam Srinivasan said the bank aimed to provide equal opportunities to the differently abled persons through the initiative and was eager to attain several other milestones.

    Keywords: Diesel price, fuel price hike, Diesel price decontrol, Economic Advisory Council, PMEAC


    http://www.thehindu.com/business/Economy/article2609711.ece

    India's economic reforms has gains for rural, urban poor: Study

    IANS
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    The HinduKids taking care of little kids. A scene in front of the Madras High Court. Photo: R. Shivaji Rao.
    Amid signs of growing inequality, India's economic reforms since the early 1990s have brought significant gains to the rural poor as well as the urban poor, according to a new world Bank research paper.
    In their paper, Martin Ravallion and Gaurav Datt show that growth has tended to reduce poverty in India, including in the post—reform period.
    They do not find robust evidence that the responsiveness of poverty to growth has changed since the reforms began, although there are signs of rising inequality.
    To find out the extent to which India's poor have benefited from the country 's economic, the researchers used a new series of consumption—based poverty measures spanning 50 years, and including a 15—year period after economic reforms began in earnest in the early 1990s.
    The gains from aggregate growth are reaching well below the poverty line, Ravallion and Datt say. In marked contrast to the pre—reform period, post—reform urban economic growth has brought significant gains to the rural poor as well as the urban poor, they said.
    But the researchers also warned the rural poor in India may well be more vulnerable to future economic shocks centred in urban areas.
    Noting that progress against poverty has been maintained in the post—reform period, Ravallion and Datt said: "Indeed, we find a higher proportionate rate of progress against poverty after 1991."
    "Overall, while the higher rate of growth in the post—reform period has come with a higher proportionate rate of progress against poverty, we do not see in these data a robust case for saying that the growth elasticity of poverty reduction has risen since the reforms began."
    Comparing the results with their 1996 study, the researchers said both studies found that the pattern of growth matters for poverty reduction. "But we find that the post—reform period has seen a striking change in the relative importance of urban versus rural economic growth."
    "Our 1996 study found that urban economic growth helped reduce urban poverty but brought little or no overall benefit to the rural poor; in fact, the main driving force for overall poverty reduction was rural economic growth."
    The researchers said they confirmed the finding for the data up to 1991, but the picture looks different after 1991.
    The relatively weak performance of India's agricultural sector and the widening disparities between urban and rural living standards remain important concerns, including for India's poor, they said.
    "However, it is encouraging that rising overall living standards in India's urban areas in the post—reform period appear to have had significant distributional effects favouring the country's rural poor," Ravallion and Datt said.
    Keywords: Indian Economy, Economic reforms, Rural poor, Urban poor, Living standards,

    Role and relevance of Planning Commission

    A. RANGACHARI
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    PTILONG TERM PERSPECTIVE: Prime Minister Manmohan Singh chairs the full planning commission meeting to consider the draft approach paper for the XII Five Year Plan (2012-17) in New Delhi in August.
    The Planning Commission has now prepared the draft XII Five-Year Plan for 2012-17 with revenue and expenditure projections of the Central and State governments over the five years. After Independence, the government undertook the responsibility for economic development. The concept of welfare state instead of merely a law and order state took hold. More importantly, the primary if not the sole responsibility for economic development was considered to be that of the government. Socialistic State became the model. As the one-year horizon of the annual government budget was considered too small as tool for long-term development, five-year plans were drawn up.
    The Planning Commission is a separate organisation in the Central Government with a whole-time Deputy Chairman and the Prime Minister as the part-time Chairman. Its budget for the current year is Rs.92.98 crore. The Ministry of Planning has a budget of Rs.1,676 crore with a staff of 1,833 (1,184 in 2009-10).
    This is the time to examine the role of the Planning Commission in the light of developments since the era of planning began in 1950 and its current relevance.
    The significant feature is the evolution of mixed economy with both government and private sector participation. The latest venture is public-private participation in major projects such as infrastructure development.
    Fiscal management
    The growing importance of prudent fiscal management as a tool for economic development has been recognised. The one-year span of the annual budget was found to be inadequate to reflect reforms in government revenue and expenditure which take longer time to devise and execute. Bringing budget deficits to acceptable level and achieving fiscal stability needed a longer time span. At last, Fiscal Responsibility and Budget Management Act, 2003, was enacted by the Central Government followed by State government Acts. This prescribed a Medium Term Fiscal Policy statement to be submitted with the annual budget. While the one-year budget is approved, the projections for two following years are shown in the statement. After 2003, five-year plans are not the only long-term projections.
    One more noteworthy development is the volatility in the economies all over the world with repercussions on Indian economy. Fiscal stimulus and later its withdrawal when not needed require planning beyond the annual budget.
    While the need for looking beyond the budget is well accepted, there are many factors raising doubts on the efficacy and relevance of the five-year plans as the instrument. The division of expenditure between Plan and non-Plan is artificial and creates problems.
    Plan expenditure tends to get priority especially when austerity and expenditure reduction has to be done periodically for fiscal consolidation. Non-Plan expenditure gets the cut even if it is vitally needed for economic development. An example is budget provision for maintenance of assets such as hospitals, schools and irrigation dams already created under Plan but whose maintenance is treated as non-Plan.
    The dichotomy results in dual and confusing responsibility of the Ministry of Finance and the Planning Commission and adversely affects the whole budget process, formulation and implementation. The Ministry of Finance is responsible for fiscal consolidation. Containing the budget deficit and implementation of FRBM Act, 2003, is its task. But in formulating the budget its role in Plan expenditure budgeting is diluted by the discussions which the ministries have with the Planning Commission. The finalisation of Plan allocations for the State budgets also suffers from this weakness. Ultimately, the Central Government has to fix the market borrowing by the State governments taking the overall sustainable borrowing limits, including the needs of the Central Government. The Planning Commission tends to have a more optimistic estimate of resources likely to be available for financing the Plan expenditure as fiscal deficit management and control is not its direct responsibility.
    Review of schemes
    Review and implementation of schemes is another area of direct responsibility for the Ministry of Finance and the Ministry of Statistics and Programme Implementation. The Finance Minister himself had, in the budget speech for 2005-06, promised to ensure that programmes and schemes were not allowed to continue indefinitely from one Plan period to another without an independent and in-depth evaluation. The Planning Commission, serving as the focal point for Plan allocations, dilutes the role of the Finance Ministry.
    Output and outcome budgeting was introduced by the Central Government from the budget for 2005-06. Non-Plan expenditure seems to be out of its purview.
    This means the outcome of expenditure on running schools and hospitals will not be evaluated. This again is another fallout of the artificial division into Plan and non-Plan.
    In sum, the distinction should be between development and non-development expenditure. It should be recognised that the ultimate responsibility for achieving and maintaining fiscal health and implementing the FRBM Act, 2003, is with the Finance Ministry which has to ensure compatibility of fiscal policy with monetary policy of Reserve Bank of India to generate investor and consumer confidence. It should, therefore, be the nodal ministry for the budget formulation and implementation covering development and non-development expenditure. The discussions and finalisation of State government Plan allocations have to be in consultation with the Finance Ministry. It has Budget, Plan Finance and Economic divisions. It can also have inputs from the Ministry of Statistics and Programme Implementation. The rationale for continuing the Planning Commission as a separate organisation outside the Finance Ministry is doubtful. If considered necessary, technical inputs can be transferred to the Finance Ministry where needed.
    The Medium Term Fiscal Policy Statement under the FRBM Act, 2003, can serve as the perspective beyond the annual budget. Its formulation suffers from many weaknesses which can be set right as dealt with in these columns earlier at length.
    This write-up and conclusions are no reflection on the technical competence of the Planning Commission under its renowned Deputy Chairman. These are made to rationalise the organisation and methods of budget formulation and implementation.
    Keywords: Planning Commission, Ministry of Finance, XII Five Year Plan

    Didi's masterstroke on fest eve

    TNN | Nov 10, 2011, 03.55AM IST
    KOLKATA: Chief minister Mamata Banerjee on Wednesday played a political masterstroke by calling up her predecessor on the eve of Kolkata Film Festival. Even though Buddhadeb Bhattacharjee did not receive the customary delegate card, he got a personal call from the chief minister herself in the evening, asking him to attend the festival. An invitation for the inaugural programme was sent to him later in the evening.

    This is Mamata's first film festival as the Bengal chief minister, and would have been the first KFF unattended by Bhattacharjee, who has always been an integral part of Kolkata's culture carnival. The former chief minister had had several sessions with Satyajit Ray when he conceived the name for Nandan years ago. He used to visit the showpiece multiplex every evening - especially in the run-up to KFF. Film buffs and members of the screening committee kept saying what an ardent viewer Bhattacharjee had been, seeing each and every film before passing them down for approval of the screening committee. Her ear firm to the ground, Mamata seemed to have heard these whispers and thought it would be appropriate to invite the former chief minister in a perfect gesture.

    Mamata is reported to have told Bhattacharjee that she would be happy if he attended the inauguration. The former chief minister, however, did not confirm his attendance. He conveyed to the chief minister that he could be caught up in some other engagements. Mamata, then, requested him to make sure that his wife Meera Bhattacharjee and daughter Suchetana are present at Nandan on Thursday.

    The chief minister herself may not be present on the dais during the inauguration. She may prefer to sit with the audience to stick to the Election Commission norms which have come into effect for the ensuing by-elections to the South Kolkata Lok Sabha constituency. But she will attend the post-inauguration party.

    While the star-studded inauguration of the film festival generated a mad rush for passes for the event at Netaji Indoor Stadium, there were few takers for film tickets that went on sale at the Nandan counters. Thousands returned disappointed as the passes ran out early in the morning and 'All sold out' posters were put up on the counter walls. Few of those who sprinted to the counter for the inauguration passes bothered to check the film schedule put up near the ticket windows. Bollywood superstar Shah Rukh Khan is set to inaugurate the festival in the company of yesteryear glamour queen Sharmila Tagore. The festival is set to screen 150 films from around the world.

    The festival authorities, though, refused to take the low demand for tickets seriously. Interest, they argued, would be generated once the festival starts rolling. "There's a big hype around the inauguration which is understandable. Once it gets over, the real audience will move in. We expect the crowd to swell substantially by Sunday," said a festival official.

    Apart from a bouquet of films by Indian masters under the 'Kolkata' theme of the festival, there will
    be a centenary tribute to Ashok Kumar and a 50th anniversary homage for Ritwik Ghatak's 'Komal Gandhar' and Ajay Kar's 'Saptapadi'. There will be a special focus on films from Switzerland and Taiwan. It could be a revelation for film buffs since films from these countries have not been screened extensively at the Kolkata festival.

    "While our impression of Switzerland is largely restricted to its scenic beauty, we remain quite ignorant of the social and political scenario of the country. Some of their films like '180 Degree', 'Colours in the Dark' and 'Day of the Cat' are a wonderful comment on the social realities of Switzerland," said Sanjoy Mukhopadhyay, member of the festival committee.

    Taiwan is the surprise package at the festival this year. A set of films from the country, that revolve around the altering social pattern post-globalization will be screened. These include 'Me, 19', 'Taipei Exchanges' and 'The Fourth Portrait'.
    http://timesofindia.indiatimes.com/city/kolkata/Didis-masterstroke-on-fest-eve/articleshow/10673634.cms
    10 NOV, 2011, 02.50AM IST, DEVIKA BANERJI,ET BUREAU

    Revamped version of MGNREGA to be unveiled on November 14; focus to iron out administrative glitches


    RELATED ARTICLES




    NEW DELHI: A revamped version of the Mahatma Gandhi Rural Employment Guarantee Scheme, the government's flagship social sector programme, will be unveiled on November 14.


    The makeover, crafted by rural development ministerJairam Ramesh and Planning Commission member Mihir Shah, promises to iron out administrative glitches that have dogged the six-year-old scheme, credited for boosting incomes but panned for stoking inflation.


    "We are ready with version 2 of MGNREGA. It will basically strengthen the administrative structures of the scheme," said Jairam Ramesh.


    With an allocation of Rs 40,000 crore, the scheme is the centre's most expensive social sector programme and is seen as a major factor behind the UPA's return to power in 2009. But now the perception is that it is failing to deliver, primarily owing to a lack of administrative capacity to plan, implement and monitor operations at the grass-root level.


    The modified scheme will have a list of projects prepared by a local-level committee that will seek help from hydrologists and engineers, instead of the current ad hoc planning.


    "Works remain incomplete, their quality is inadequate and it's basically digging work," says Vijay Shankar, member of Samaj Pragati Sahyog, a non-government organization associated with the implementation of the scheme. "This (revamp) might help in monitoring projects and keeping track of incomplete works besides improving their quality."

    *


    But experts have faulted the revamp, saying it has missed out on overhauling the design and focuses merely on some hindrances in the implementation machinery.


    "There are problems with the fundamental structure of the programme. There are some measures but there is a lot that goes unaddressed," said NC Saxena, a member of Sonia Gandhi-led National Advisory Council and former rural development secretary. He believes that while the reform does seek to address many pressing issues it fails to provide for a comprehensive framework that will enhance the productivity and sustainability of the scheme's outcomes.


    Saxena said though the introduction of a project list and a local committee might help in planned asset creation but it still does not make way for planning over a longer timeframe of five to six years which is needed for watershed and drought proofing projects.


    Harsh Mander, also an NAC member, said, "The reform suggested is significant and takes the scheme a little closer to making it demand driven. However there are many other design changes needed to bring out the potential of the scheme."


    Shankar, who was also involved in drafting the new version, also says that while implementing the reforms will be a challenge given the acute shortage of human resource, pressing issues such as delayed payments are unlikely to be addressed in the new scheme as well. "There is no automatic solution to the delayed wage payments. The banking correspondent model has not really shown potential. It all comes down to lack of bank branches and people for the job. This might not help that," Shankar said.



    http://economictimes.indiatimes.com/news/economy/policy/revamped-version-of-mgnrega-to-be-unveiled-on-november-14-focus-to-iron-out-administrative-glitches/articleshow/10673191.cms

    10 NOV, 2011, 02.59PM IST, ECONOMICTIMES.COM

    Moody's downgrade: Experts' take on Axis, SBI, ICICI, HDFC Bank

    EDITORS PICK


    YES Bank Ltd.

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    NEW DELHI: In an event that spooked banking shares and pulled the benchmark index lower by over 2% on Wednesday, credit rating agency Moody's downgraded the outlook on India's banking sector to 'negative' from 'stable'.

    The BSE Banking index slipped 2.6% on Wednesday with State Bank of India, Bank of Baroda, Axis Bank and ICICI Bank leading the losses.

    State Bank of India plunged nearly 7%, its highest in last six months after India's largest lender, said its quarterly earnings rose 12% arresting two quarters of fall, but a surge in bad loans and a slowing economy could erode its profitability for a few more quarters.

    Shares of Axis Bank Ltd fell 2.4%, ICICI Bank slipped 2.1% and HDFC Bank ended lower by 1.5%.

    Moody's rates 15 commercial banks in India which together account for about 66% of the system's total assets as of March 2011. The system is dominated by public-sector banks, which account for around 75% of the market in asset terms.

    Fitch Ratings, another rater, will release its next 2012 banking system report next month while its current outlook for the sector remains stable.

    "We don't read much into Moody's outlook. The market has already factored in a lot of the concerns mentioned by the agency," said Vaibhav Agrawal, a banking analyst with Angel Broking told ET.

    Brushing aside the downgrade of Indian banks by Moody's, Government said the rating has no significance as domestic lenders are much stronger than their global peers. "We are not concerned. We are not affected by the downgrade. Looking at how the global banks are faring, we are much stronger and the ratings have no significance," Financial Services Secretary D K Mittal said.

    The rupee posted its biggest single-day loss in a month and half, hurt by broad dollar gains against major currencies. The partially convertible rupee closed at 50.1750/1850 per dollar after hitting 50.1825, a level last seen on Oct. 21, and 1.4 percent weaker than its previous close of 49.4750/4850.

    Care Ratings chief economist Madan Sabnavis said, "The banking system has shown resilience and its ex-posure to the sensitive sector is low."

    Icra, in which Moody's holds a 29% stake, has expressed concerns over asset quality. "The overall operating environment has weakened. A few sectors are likely to face stresses while a section of SMEs are exposed to international market. So, the slowdown in domestic or global economy is going to impact banks' asset quality," said MD & CEO Naresh Takkar.

    However, with all the gloom & doom, the global ratings firm has recognised that Indian banks' stable customer deposit base and their high level of government securities holdings provide banks with a resilient funding and liquidity profile that buffers them against any major shocks.

    We collated technical chart check on major banks by talking to various experts and here are their recommendations:
    http://economictimes.indiatimes.com/markets/analysis/Moodys-downgrade-Experts-take-on-where-Axis-SBI-ICICI-HDFC-Bank/articleshow/10678934.cms

    Moody's downgrade unwarranted: Govt.

    PTI
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    Moody's says that slow growth, both in domestic and foreign economies, is putting stress on banks' asset quality, capitalisation and profitability.
    Brushing aside the downgrade of Indian banks by Moody's, the Government on Wednesday said the rating has no significance as domestic lenders are much stronger than their global peers.
    "We are not concerned. We are not affected by the downgrade. Looking at how the global banks are faring, we are much stronger and the ratings have no significance," Financial Services Secretary D K Mittal told PTI.
    He was reacting to rating agency Moody's lowering the outlook of the Indian banking system to "negative" from "stable". A "negative" outlook is characterised by volatility and uncertain conditions.
    Moody's said that slow growth, both in domestic and foreign economies, is putting stress on banks' asset quality, capitalisation and profitability.
    "I don't see any reason for the downgrade. Our banks are fully capitalised and the government will continue to capitalise it," Mr. Mittal added.
    As regards bad loans of Indian banks, Mr. Mittal said, "Our NPAs are better compared to other global banks. Indian economy is growing at eight per cent, so the stress that Moody's has pointed out, is more outside India than within. We are growing better and our credit growth will also be good."
    Yesterday, Reserve Bank Deputy Governor Subir Gokarn had also said that the non-performing assets (NPAs) of banks are not posing any threat to the banking system.
    However, in Wednesday's report Moody's said, "With asset quality, given the tightening environment, we anticipate that it will deteriorate over the next 12-18 months, thereby causing an increase in provisioning needs for the banks in FY'12 and FY'13."
    Following the ratings downgrade, the BSE banking index declined over 2 per cent to 11,082 points at 1444 hrs.
    Keywords: Indian banks, rating agency, Moody's
--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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मैं नास्तिक क्यों हूं# Necessity of Atheism#!Genetics Bharat Teertha

হে মোর চিত্ত, Prey for Humanity!

मनुस्मृति नस्ली राजकाज राजनीति में OBC Trump Card और जयभीम कामरेड

Gorkhaland again?আত্মঘাতী বাঙালি আবার বিভাজন বিপর্যয়ের মুখোমুখি!

हिंदुत्व की राजनीति का मुकाबला हिंदुत्व की राजनीति से नहीं किया जा सकता।

In conversation with Palash Biswas

Palash Biswas On Unique Identity No1.mpg

Save the Universities!

RSS might replace Gandhi with Ambedkar on currency notes!

जैसे जर्मनी में सिर्फ हिटलर को बोलने की आजादी थी,आज सिर्फ मंकी बातों की आजादी है।

#BEEFGATEঅন্ধকার বৃত্তান্তঃ হত্যার রাজনীতি

अलविदा पत्रकारिता,अब कोई प्रतिक्रिया नहीं! पलाश विश्वास

ভালোবাসার মুখ,প্রতিবাদের মুখ মন্দাক্রান্তার পাশে আছি,যে মেয়েটি আজও লিখতে পারছেঃ আমাক ধর্ষণ করবে?

Palash Biswas on BAMCEF UNIFICATION!

THE HIMALAYAN TALK: PALASH BISWAS ON NEPALI SENTIMENT, GORKHALAND, KUMAON AND GARHWAL ETC.and BAMCEF UNIFICATION! Published on Mar 19, 2013 The Himalayan Voice Cambridge, Massachusetts United States of America

BAMCEF UNIFICATION CONFERENCE 7

Published on 10 Mar 2013 ALL INDIA BAMCEF UNIFICATION CONFERENCE HELD AT Dr.B. R. AMBEDKAR BHAVAN,DADAR,MUMBAI ON 2ND AND 3RD MARCH 2013. Mr.PALASH BISWAS (JOURNALIST -KOLKATA) DELIVERING HER SPEECH. http://www.youtube.com/watch?v=oLL-n6MrcoM http://youtu.be/oLL-n6MrcoM

Imminent Massive earthquake in the Himalayas

Palash Biswas on Citizenship Amendment Act

Mr. PALASH BISWAS DELIVERING SPEECH AT BAMCEF PROGRAM AT NAGPUR ON 17 & 18 SEPTEMBER 2003 Sub:- CITIZENSHIP AMENDMENT ACT 2003 http://youtu.be/zGDfsLzxTXo

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THE HIMALAYAN TALK: PALASH BISWAS BLASTS INDIANS THAT CLAIM BUDDHA WAS BORN IN INDIA

THE HIMALAYAN TALK: INDIAN GOVERNMENT FOOD SECURITY PROGRAM RISKIER

http://youtu.be/NrcmNEjaN8c The government of India has announced food security program ahead of elections in 2014. We discussed the issue with Palash Biswas in Kolkata today. http://youtu.be/NrcmNEjaN8c Ahead of Elections, India's Cabinet Approves Food Security Program ______________________________________________________ By JIM YARDLEY http://india.blogs.nytimes.com/2013/07/04/indias-cabinet-passes-food-security-law/

THE HIMALAYAN TALK: PALASH BISWAS TALKS AGAINST CASTEIST HEGEMONY IN SOUTH ASIA

THE HIMALAYAN VOICE: PALASH BISWAS DISCUSSES RAM MANDIR

Published on 10 Apr 2013 Palash Biswas spoke to us from Kolkota and shared his views on Visho Hindu Parashid's programme from tomorrow ( April 11, 2013) to build Ram Mandir in disputed Ayodhya. http://www.youtube.com/watch?v=77cZuBunAGk

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk

THE HIMALAYAN DISASTER: TRANSNATIONAL DISASTER MANAGEMENT MECHANISM A MUST

We talked with Palash Biswas, an editor for Indian Express in Kolkata today also. He urged that there must a transnational disaster management mechanism to avert such scale disaster in the Himalayas. http://youtu.be/7IzWUpRECJM

THE HIMALAYAN TALK: PALASH BISWAS CRITICAL OF BAMCEF LEADERSHIP

[Palash Biswas, one of the BAMCEF leaders and editors for Indian Express spoke to us from Kolkata today and criticized BAMCEF leadership in New Delhi, which according to him, is messing up with Nepalese indigenous peoples also. He also flayed MP Jay Narayan Prasad Nishad, who recently offered a Puja in his New Delhi home for Narendra Modi's victory in 2014.]

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALSH BISWAS FLAYS SOUTH ASIAN GOVERNM

Palash Biswas, lashed out those 1% people in the government in New Delhi for failure of delivery and creating hosts of problems everywhere in South Asia. http://youtu.be/lD2_V7CB2Is

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk