General Affairs
Even Without A Drought, How Farmers in Madhya Pradesh Are Losing Their Crop
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DEWAS: While the farmers in states like Maharashtra and Karnataka are being punished with a drought-like situation, in the Dewas district of Madhya Pradesh, it is excessive rain that has destroyed huge swathes of soybean crop.
This is the second consecutive year that the farmers are facing losses in soybean crop.
In Amlataz village, 38-year-old farmer Harendra Singh Jadav has no option but to feed his livestock the soybean plants after excess rain at the critical 'flowering period' led to a low quality yield.
Harendra, who still awaits government compensation for last year's crop damage, is now under a debt of Rs. 1 lakh and is bracing himself for difficult days ahead.
"There is no help for the farmer. We never get adequate compensation. Once I got Rs. 1,000 as compensation after I lost an entire crop," he says.
Villagers from Dewas district's Hathpipaliya tehsil claim that thousands of bighas of soybean crop have been damaged in almost two dozen villages.
After they launched a protest demanding compensation last week, the administration had assured an assessment of crop damage soon. That process is yet to start, they say.
Mukesh Thakur, a farmer and a panchayat member from the Amlataz village, says, "The problem is that officials do not come to remote villages like ours. Last year also we were assured compensation and we got nothing. The insurance companies say they will give us claims if the crop in the entire area is damaged and don't entertain our individual claims."
The district administration however denies an official apathy. The survey of damaged crops has already started, they say.
Collector Ashutosh Awasthi says, "The issue is not that big. You must have met 10 farmers with that you cannot conclude that the problem is widespread."
DEWAS: While the farmers in states like Maharashtra and Karnataka are being punished with a drought-like situation, in the Dewas district of Madhya Pradesh, it is excessive rain that has destroyed huge swathes of soybean crop.This is the second consecutive year that the farmers are facing losses in soybean crop.
In Amlataz village, 38-year-old farmer Harendra Singh Jadav has no option but to feed his livestock the soybean plants after excess rain at the critical 'flowering period' led to a low quality yield.
"There is no help for the farmer. We never get adequate compensation. Once I got Rs. 1,000 as compensation after I lost an entire crop," he says.
Villagers from Dewas district's Hathpipaliya tehsil claim that thousands of bighas of soybean crop have been damaged in almost two dozen villages.
After they launched a protest demanding compensation last week, the administration had assured an assessment of crop damage soon. That process is yet to start, they say.
Mukesh Thakur, a farmer and a panchayat member from the Amlataz village, says, "The problem is that officials do not come to remote villages like ours. Last year also we were assured compensation and we got nothing. The insurance companies say they will give us claims if the crop in the entire area is damaged and don't entertain our individual claims."
The district administration however denies an official apathy. The survey of damaged crops has already started, they say.
Collector Ashutosh Awasthi says, "The issue is not that big. You must have met 10 farmers with that you cannot conclude that the problem is widespread."
OROP Stir: Another Army Veteran's Health Deteriorates
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NEW DELHI: Col. Pushpender Singh, who was hospitalised after fasting for nine days over the non-implementation of One Rank One Pension, is stable but the health of retired havildar Major Singh has worsened.
Col. Singh was rushed to the Army Research and Referral Hospital after his health deteriorated on Tuesday. "He is stable now and recovering," a hospital spokesperson told IANS.
Spokesperson for the ex-servicemen front, Col. (retd.) Anil Kaul, said the veteran has refused to break his fast.
Also, the health of retired Havildar Major Singh, the second veteran who started fasting last Monday, has worsened.
"Hav. Major Singh is likely to be evacuated today, though he is refusing to be taken to hospital," Col. Kaul told IANS.
He added that Havildar Ashok Chauhan, who started fasting last Tuesday, and Havildar Sahib Singh were fit.
Defence Minister Manohar Parrikar is supposed to meet Prime Minister Narendra Modi on today over the issue.
The government had urged the protesting veterans to wait till August 26 before scaling up the protest.
Col. Kaul, however, said they have not received any message from the government so far.
Today is the 72nd day of the protest and relay hunger strike. There are around 24 lakh retired servicemen in India and around 6.5 lakh widows who will benefit if OROP is implemented.
NEW DELHI: Col. Pushpender Singh, who was hospitalised after fasting for nine days over the non-implementation of One Rank One Pension, is stable but the health of retired havildar Major Singh has worsened.Col. Singh was rushed to the Army Research and Referral Hospital after his health deteriorated on Tuesday. "He is stable now and recovering," a hospital spokesperson told IANS.
Spokesperson for the ex-servicemen front, Col. (retd.) Anil Kaul, said the veteran has refused to break his fast.
Also, the health of retired Havildar Major Singh, the second veteran who started fasting last Monday, has worsened.
"Hav. Major Singh is likely to be evacuated today, though he is refusing to be taken to hospital," Col. Kaul told IANS.
He added that Havildar Ashok Chauhan, who started fasting last Tuesday, and Havildar Sahib Singh were fit.
Defence Minister Manohar Parrikar is supposed to meet Prime Minister Narendra Modi on today over the issue.
The government had urged the protesting veterans to wait till August 26 before scaling up the protest.
Col. Kaul, however, said they have not received any message from the government so far.
Today is the 72nd day of the protest and relay hunger strike. There are around 24 lakh retired servicemen in India and around 6.5 lakh widows who will benefit if OROP is implemented.
Haryana Proposes Stock Holding Limit on Onion
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CHANDIGARH: Concerned over skyrocketing prices of onion, Haryana government has planned to impose stock holding limit on the commodity in the state as part of its efforts to control rates of kitchen staple.
The UT Chandigarh Administration is also mulling over supplying onion at 'No Profit and No Loss' rate to consumers through low-cost stalls and mobile vans.
"We have proposed to impose stock holding limit on onions to be stored by wholesaler and retailer (to check rising prices of onion)," a senior official of Haryana Food and Supplies Department told PTI in Chandigarh today.
The state Food and Supplies department has proposed to impose stock holding limit of 50 quintals of onion for wholesaler and 20 quintals for retailer.
The decision on imposing stock holding limit will be taken by Chief Minister Manohar Lal Khattar as the file in this regard has been sent to the Chief Minister office.
"Once the stock holding limit is fixed, then enforcement action will be taken against any hoarder of onion," he said.
Yesterday, the Centre had asked all states to take stringent action against hoarders and impose stock holding limits in the wake of spiraling prices of onions.
Meanwhile, UT Chandigarh Administration has planned to sell onions at 'No Profit and No Loss' rates to consumers.
"We are planning to sell onions through low cost stalls and mobile vans at no profit and no loss prices," UT Chandigarh Food, Supplies and Consumer Affairs, Joint Director, Danish Ashraf said in Chandigarh.
"We will soon come out with an action plan in this regard," he further said.
Onions will be sold at almost wholesale rate, official said.
Last year, also UT Chandigarh Administration sold onions at 'No Profit and No Loss' prices which was quite popular in the city.
Asked about action being taken against hoarders, Ashraf said, "a system has been put in place to gather intelligence about any hoarding being done by traders to take action.
Besides, people who find onion hoarding taking place anywhere can also lodge complaint with concerned authorities."
However, the Chandigarh Administration has found that there was very less possibility of storing onions in large quantity as rent charges for storage purposes was very high in the city.
Meanwhile, onions imported from Afghanistan have landed in the Chandigarh city where it is being sold at Rs. 45-55 per kg in wholesale market.
"People are not keen on buying onions from Afghanistan as they are quite big in size weighing around 600-700 gram. Hotels are mainly buying imported onion," said Rajinder Kumar, Secretary, and Chandigarh Market Committee.
Onions, which mainly come from Maharashtra, are being sold at Rs. 65-70 per kg in retail market in Chandigarh, he further said. The estimated per day supply of onions in Chandigarh is pegged at about 4,000 quintals, Mr Kumar said.
CHANDIGARH: Concerned over skyrocketing prices of onion, Haryana government has planned to impose stock holding limit on the commodity in the state as part of its efforts to control rates of kitchen staple.The UT Chandigarh Administration is also mulling over supplying onion at 'No Profit and No Loss' rate to consumers through low-cost stalls and mobile vans.
"We have proposed to impose stock holding limit on onions to be stored by wholesaler and retailer (to check rising prices of onion)," a senior official of Haryana Food and Supplies Department told PTI in Chandigarh today.
The state Food and Supplies department has proposed to impose stock holding limit of 50 quintals of onion for wholesaler and 20 quintals for retailer.
"Once the stock holding limit is fixed, then enforcement action will be taken against any hoarder of onion," he said.
Yesterday, the Centre had asked all states to take stringent action against hoarders and impose stock holding limits in the wake of spiraling prices of onions.
Meanwhile, UT Chandigarh Administration has planned to sell onions at 'No Profit and No Loss' rates to consumers.
"We are planning to sell onions through low cost stalls and mobile vans at no profit and no loss prices," UT Chandigarh Food, Supplies and Consumer Affairs, Joint Director, Danish Ashraf said in Chandigarh.
"We will soon come out with an action plan in this regard," he further said.
Onions will be sold at almost wholesale rate, official said.
Last year, also UT Chandigarh Administration sold onions at 'No Profit and No Loss' prices which was quite popular in the city.
Asked about action being taken against hoarders, Ashraf said, "a system has been put in place to gather intelligence about any hoarding being done by traders to take action.
Besides, people who find onion hoarding taking place anywhere can also lodge complaint with concerned authorities."
However, the Chandigarh Administration has found that there was very less possibility of storing onions in large quantity as rent charges for storage purposes was very high in the city.
Meanwhile, onions imported from Afghanistan have landed in the Chandigarh city where it is being sold at Rs. 45-55 per kg in wholesale market.
"People are not keen on buying onions from Afghanistan as they are quite big in size weighing around 600-700 gram. Hotels are mainly buying imported onion," said Rajinder Kumar, Secretary, and Chandigarh Market Committee.
Onions, which mainly come from Maharashtra, are being sold at Rs. 65-70 per kg in retail market in Chandigarh, he further said. The estimated per day supply of onions in Chandigarh is pegged at about 4,000 quintals, Mr Kumar said.
Government May Reconvene Parliament's Monsoon Session
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NEW DELHI: The government today said it may reconvene Parliament's Monsoon Session to get key legislations, including the pending GST bill, passed, maintaining it has an "open mind" on amendments to reform measures even as it began consultations with leaders of opposition parties.
With the government having failed to pass its legislative business in the Monsoon Session which was a near washout, Parliamentary Affairs Minister M Venakiah Naidu met Leader of Congress in Lok Sabha Mallikarjun Kharge and appealed to all political parties to cooperate in smooth functioning of Parliament in the "larger national interest".
Mr Naidu, who maintained that he has already consulted leaders of a number of parties on the issue, also expressed willingness to meet Congress President Sonia Gandhi and Vice President Rahul Gandhi, if required to ensure a smooth running of Parliament.
"After discussions, the government shall, if required call the second part of Monsoon Session to pass key legislations. I appeal to all political parties to keep in mind the national interest. Parliament should function. There is no substitute to healthy debate in democracy.
"The bills like GST, real estate regulation bill and land bill are very important. The delay in passage of the GST bill will hamper the aspirations of people of India and in particular the dreams of the youth, who are thirsty for jobs," Mr Naidu said at a press conference.
Though the dates are yet to be finalised, the Monsoon Session is expected to be reconvened sometime in September, sources said.
Keen to ensure the passage of the GST bill, the government had kept open the option of reconvening the session with the Cabinet Committee on Parliamentary Affairs deciding not to recommend immediate prorogation of the Houses after they were adjourned sine die on July 13.
Appealing to the opposition parties to help and cooperate in passage of these bills, Naidu said the government is ready to discuss all issues and is committed to continuously reaching out to all parties to keep national interests above political interests.
Mr Naidu's fervent appeal to parties to help the government pass the GST bill came in the backdrop of the rupee registering a sharp fall and the benchmark Sensex witnessing the biggest single day decline yesterday.
Asking parties to think in national interest, he said, "This is even more important in the backdrop of the current financial situation across the globe."
NEW DELHI: The government today said it may reconvene Parliament's Monsoon Session to get key legislations, including the pending GST bill, passed, maintaining it has an "open mind" on amendments to reform measures even as it began consultations with leaders of opposition parties.With the government having failed to pass its legislative business in the Monsoon Session which was a near washout, Parliamentary Affairs Minister M Venakiah Naidu met Leader of Congress in Lok Sabha Mallikarjun Kharge and appealed to all political parties to cooperate in smooth functioning of Parliament in the "larger national interest".
Mr Naidu, who maintained that he has already consulted leaders of a number of parties on the issue, also expressed willingness to meet Congress President Sonia Gandhi and Vice President Rahul Gandhi, if required to ensure a smooth running of Parliament.
"After discussions, the government shall, if required call the second part of Monsoon Session to pass key legislations. I appeal to all political parties to keep in mind the national interest. Parliament should function. There is no substitute to healthy debate in democracy.
"The bills like GST, real estate regulation bill and land bill are very important. The delay in passage of the GST bill will hamper the aspirations of people of India and in particular the dreams of the youth, who are thirsty for jobs," Mr Naidu said at a press conference.
Though the dates are yet to be finalised, the Monsoon Session is expected to be reconvened sometime in September, sources said.
Keen to ensure the passage of the GST bill, the government had kept open the option of reconvening the session with the Cabinet Committee on Parliamentary Affairs deciding not to recommend immediate prorogation of the Houses after they were adjourned sine die on July 13.
Appealing to the opposition parties to help and cooperate in passage of these bills, Naidu said the government is ready to discuss all issues and is committed to continuously reaching out to all parties to keep national interests above political interests.
Mr Naidu's fervent appeal to parties to help the government pass the GST bill came in the backdrop of the rupee registering a sharp fall and the benchmark Sensex witnessing the biggest single day decline yesterday.
Asking parties to think in national interest, he said, "This is even more important in the backdrop of the current financial situation across the globe."
No Role in Revival of India-Pakistan Talks, Says US
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WASHINGTON: The US has ruled out any role for itself in the revival of India-Pakistan dialogue, saying it is for the leaders of the two countries to decide on the pace and scope of the peace talks.
"The tensions in the region are significant. We recognize that, and we believe it's important for leaders of both countries to resume this dialogue and the discussion and to try to come to some resolution," State Department Spokesman John Kirby told reporters at his daily news conference on Monday.
"What we've said, particularly with the tension in Kashmir, is that our position has not changed, that this is an issue that India and Pakistan need to resolve," Mr Kirby said. He was responding to questions on talks between the national security advisors of India and Pakistan that were called off by Islamabad at the last moment.
"We were encouraged by the constructive interaction. The early constructive interaction between the leaders of India and Pakistan earlier this year in Russia," John Kirby said.
"We are disappointed that the talks didn't happen. We just encourage India and Pakistan to resume a formal dialogue soon," he said.
Mr Kirby reiterated that it is for the leaders of the two countries to decide on the pace and scope of the peace talks.
"We want both nations to sit down and hammer out the issues between them. Some of them have to do with violent extremism and some of them don't. We understand that, but these are issues that the two parties have got to work out," he added.
Making it clear that US' position about terrorism and the threat that it continues to pose around the world remains the same, Mr Kirby said: "When it comes to countering terrorism around the world, obviously the United States plays a role and we want everybody to play a role in that, but when you're asking me about these particular tensions, we're disappointed that the talks didn't occur and we would like to see them resume."
WASHINGTON: The US has ruled out any role for itself in the revival of India-Pakistan dialogue, saying it is for the leaders of the two countries to decide on the pace and scope of the peace talks."The tensions in the region are significant. We recognize that, and we believe it's important for leaders of both countries to resume this dialogue and the discussion and to try to come to some resolution," State Department Spokesman John Kirby told reporters at his daily news conference on Monday.
"What we've said, particularly with the tension in Kashmir, is that our position has not changed, that this is an issue that India and Pakistan need to resolve," Mr Kirby said. He was responding to questions on talks between the national security advisors of India and Pakistan that were called off by Islamabad at the last moment.
"We are disappointed that the talks didn't happen. We just encourage India and Pakistan to resume a formal dialogue soon," he said.
Mr Kirby reiterated that it is for the leaders of the two countries to decide on the pace and scope of the peace talks.
"We want both nations to sit down and hammer out the issues between them. Some of them have to do with violent extremism and some of them don't. We understand that, but these are issues that the two parties have got to work out," he added.
Making it clear that US' position about terrorism and the threat that it continues to pose around the world remains the same, Mr Kirby said: "When it comes to countering terrorism around the world, obviously the United States plays a role and we want everybody to play a role in that, but when you're asking me about these particular tensions, we're disappointed that the talks didn't occur and we would like to see them resume."
Business Affairs
Sensex closes 1.13 per cent up on hopes of GST Bill passage
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The stock markets bounced back on Tuesday from their lowest levels in around a year after the government said it was considering reconvening parliament to make another attempt to pass the goods and services tax (GST).
Parliament failed to pass the GST bill earlier this month after it fell victim to an impasse over allegations of impropriety against Prime Minister Narendra Modi's cabinet and party colleagues.
The broader Nifty closed 0.92 per cent or 71.70 points up at 7,880.70 after earlier falling as much as 1.8 per cent to its lowest since August 12, 2014 in volatile trading sessions.
The benchmark BSE Sensex closed 1.13 per cent or 290.82 points up at 26,032.38 after earlier falling as much as 1.7 per cent to its lowest since August 8, 2014.
The stock markets bounced back on Tuesday from their lowest levels in around a year after the government said it was considering reconvening parliament to make another attempt to pass the goods and services tax (GST).
Parliament failed to pass the GST bill earlier this month after it fell victim to an impasse over allegations of impropriety against Prime Minister Narendra Modi's cabinet and party colleagues.
The broader Nifty closed 0.92 per cent or 71.70 points up at 7,880.70 after earlier falling as much as 1.8 per cent to its lowest since August 12, 2014 in volatile trading sessions.
The benchmark BSE Sensex closed 1.13 per cent or 290.82 points up at 26,032.38 after earlier falling as much as 1.7 per cent to its lowest since August 8, 2014.
India can decouple if Raghuram Rajan cuts rates
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It's like 2008 again. But during such times, it is important to remember that there was a March 2009. Looking at the price action yesterday (August 24), particularly during the US session, where the Dow tumbled by almost 1,000 points (although the closing was not so bad) and the wild moves in currencies, especially the euro and the yen, there surely looks to be more pain ahead for the financial markets.
After almost two decades since the Asian crisis, it is the emerging market space, especially China, which is dictating markets in the developed world. Emerging market currencies are near 'crisis valuations' against the dollar while the Dollar Index is getting hammered as US 10-year yields trade at two per cent, implying that a September Fed liftoff is certainly off the table.
What is even scarier is the fact that the recent sell-off across global equities has also been built upon a global growth scare. So, even if China launches a huge stimulus package, a sharp rebound will most likely be sold into. The RBI, unlike its western counterparts, who are already in QE mode and at the zero-bound, has sufficient ammunition to stabilise the free fall in the Indian markets.
It took capitulation in the financial markets for RBI Governor Raghuram Rajan to come out and finally sound slightly dovish and admit that interest rates should fall further in the current macro environment. He also reiterated that our vast FX reserves could be used to defend the INR depreciation.
Although delayed, his comments on rate cuts will surely restore some sense of calm and confidence in our financial system. However, Rajan must be careful about his timing when it comes to defending the rupee. Having failed to cap the USD/INR upside at 65-66, he should let the market take rupee where it wants to till the US Fed rate hike. It is only when the market has more clarity on the Fed hike (which now seems to be in December) will the dollar strength resurge.
Further, even speculators will find it hard to go aggressively short at the rupee at these levels as we cannot be clubbed together with the export oriented "tiger" economies. So, keeping the old 'don't fight the Fed' rule in mind, the rupee is best left untouched as of now and should be guided by market forces alone.
Rajan may or may not agree with the easy monetary policies in the Euro zone, the US and Japan. But in crisis times, he must adapt to pick up some smart strategies from his counterparts. Like the Bernanke put, Draghi's put or his "whatever his takes" comment and the Bank of Japan's Kuroda put, Rajan must immediately provide the Indian economy with a 'Rajan put'. This should of course start with a 50 basis point rate cut.
In times like these, economies and markets decouple only when policymakers take urgent steps. There is no point playing catch up with contagion.
It's like 2008 again. But during such times, it is important to remember that there was a March 2009. Looking at the price action yesterday (August 24), particularly during the US session, where the Dow tumbled by almost 1,000 points (although the closing was not so bad) and the wild moves in currencies, especially the euro and the yen, there surely looks to be more pain ahead for the financial markets.
After almost two decades since the Asian crisis, it is the emerging market space, especially China, which is dictating markets in the developed world. Emerging market currencies are near 'crisis valuations' against the dollar while the Dollar Index is getting hammered as US 10-year yields trade at two per cent, implying that a September Fed liftoff is certainly off the table.
What is even scarier is the fact that the recent sell-off across global equities has also been built upon a global growth scare. So, even if China launches a huge stimulus package, a sharp rebound will most likely be sold into. The RBI, unlike its western counterparts, who are already in QE mode and at the zero-bound, has sufficient ammunition to stabilise the free fall in the Indian markets.
It took capitulation in the financial markets for RBI Governor Raghuram Rajan to come out and finally sound slightly dovish and admit that interest rates should fall further in the current macro environment. He also reiterated that our vast FX reserves could be used to defend the INR depreciation.
Although delayed, his comments on rate cuts will surely restore some sense of calm and confidence in our financial system. However, Rajan must be careful about his timing when it comes to defending the rupee. Having failed to cap the USD/INR upside at 65-66, he should let the market take rupee where it wants to till the US Fed rate hike. It is only when the market has more clarity on the Fed hike (which now seems to be in December) will the dollar strength resurge.
Further, even speculators will find it hard to go aggressively short at the rupee at these levels as we cannot be clubbed together with the export oriented "tiger" economies. So, keeping the old 'don't fight the Fed' rule in mind, the rupee is best left untouched as of now and should be guided by market forces alone.
Rajan may or may not agree with the easy monetary policies in the Euro zone, the US and Japan. But in crisis times, he must adapt to pick up some smart strategies from his counterparts. Like the Bernanke put, Draghi's put or his "whatever his takes" comment and the Bank of Japan's Kuroda put, Rajan must immediately provide the Indian economy with a 'Rajan put'. This should of course start with a 50 basis point rate cut.
In times like these, economies and markets decouple only when policymakers take urgent steps. There is no point playing catch up with contagion.
Govt makes fresh attempt to pass GST Bill
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The government said it is considering reconvening Parliament to make another attempt to pass a major tax reform aimed at boosting economic growth.
"The tax reform is crucial for the economy and we are making every effort to build consensus," Parliamentary Affairs Minister Venkaiah Naidu told reporters on Tuesday.
Modi's reforms agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Services Tax bill.
The bill is seen as low-hanging fruit among free-market reforms as it has rare bipartisan support. But it fell victim to an impasse over allegations of impropriety against Modi's Cabinet and party colleagues.
The government said it is considering reconvening Parliament to make another attempt to pass a major tax reform aimed at boosting economic growth.
"The tax reform is crucial for the economy and we are making every effort to build consensus," Parliamentary Affairs Minister Venkaiah Naidu told reporters on Tuesday.
Modi's reforms agenda suffered a major setback earlier this month when lawmakers in the Rajya Sabha refused to support the the Goods and Services Tax bill.
The bill is seen as low-hanging fruit among free-market reforms as it has rare bipartisan support. But it fell victim to an impasse over allegations of impropriety against Modi's Cabinet and party colleagues.
Govt to auction 20 major iron ore mines to revive industry
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The NDA-led government will auction about 20 major iron ore mines this year in its first such sale ever, a top government official said, as it looks to revive its corruption-tainted mining industry.
The country's mining sector has been mired in controversy over illegal allocation of resources. Once the world's third-biggest iron ore exporter, the country now imports the steelmaking ingredient due to a court-led crackdown on illegal mining.
The government hopes auctions will help curb wrongdoing. While it is unlikely to lead to an immediate boost in iron ore output at a time when there is a global glut, mine sales will bring India closer to its target of tripling its steel capacity to 300 million tonnes by 2025 and relying less on ore imports.
"Most of the states are in the midst of carrying out their pre-auction activities and hopefully by the end of October and November onwards they will start (auctions)," Mines Secretary Balvinder Kumar told Reuters in an interview on Monday evening.
He expects about 80 mines to be auctioned in the first phase, including limestone, gold and "about 20 iron ore mines". States are estimating reserves, Kumar added.
India produced 136 million tonnes of iron ore last fiscal year ended March 31. About 1.5 million tonnes of ore are needed to make 1 tonne of steel, implying India's ore output will have to more than triple in 10 years if steel companies are to be self sufficient.
Most of the iron ore mines being sold are in the southern state of Karnataka, known for its high-quality ore. This will greatly benefit local steelmakers like JSW Steel.
Led by JSW's purchases, India's ore imports hit a record of over 15 million tonnes last fiscal year as global prices collapsed.
Kumar expects prices to improve by the time the mines start.
"The mining process takes two to three years because they will need all kinds of clearances: forest, environment, from pollution control board. (It) takes a lot of time to comply."
POSCO STEEL
India's new law to auction mines instead of handing them over to private firms without competition could, however, prompt South Korea's POSCO to scrap plans for a $12 billion steel project it agreed to set up in India a decade ago.
Kumar is attending a meeting in Prime Minister Narendra Modi's office on Tuesday to consider options for POSCO's plans for the steel plant in Odisha that was billed as India's biggest foreign direct investment.
While a withdrawal by POSCO could dent Modi's "Make in India" manufacturing push, Kumar said the government cannot change its laws for individual companies.
Odisha's state mining company can be allotted a mine, iron ore from which can be sent to POSCO if they form a joint venture, Kumar said. Odisha has said that was a possibility but POSCO wants to see the details first.
The NDA-led government will auction about 20 major iron ore mines this year in its first such sale ever, a top government official said, as it looks to revive its corruption-tainted mining industry.
The country's mining sector has been mired in controversy over illegal allocation of resources. Once the world's third-biggest iron ore exporter, the country now imports the steelmaking ingredient due to a court-led crackdown on illegal mining.
The government hopes auctions will help curb wrongdoing. While it is unlikely to lead to an immediate boost in iron ore output at a time when there is a global glut, mine sales will bring India closer to its target of tripling its steel capacity to 300 million tonnes by 2025 and relying less on ore imports.
"Most of the states are in the midst of carrying out their pre-auction activities and hopefully by the end of October and November onwards they will start (auctions)," Mines Secretary Balvinder Kumar told Reuters in an interview on Monday evening.
He expects about 80 mines to be auctioned in the first phase, including limestone, gold and "about 20 iron ore mines". States are estimating reserves, Kumar added.
India produced 136 million tonnes of iron ore last fiscal year ended March 31. About 1.5 million tonnes of ore are needed to make 1 tonne of steel, implying India's ore output will have to more than triple in 10 years if steel companies are to be self sufficient.
Most of the iron ore mines being sold are in the southern state of Karnataka, known for its high-quality ore. This will greatly benefit local steelmakers like JSW Steel.
Led by JSW's purchases, India's ore imports hit a record of over 15 million tonnes last fiscal year as global prices collapsed.
Kumar expects prices to improve by the time the mines start.
"The mining process takes two to three years because they will need all kinds of clearances: forest, environment, from pollution control board. (It) takes a lot of time to comply."
POSCO STEEL
India's new law to auction mines instead of handing them over to private firms without competition could, however, prompt South Korea's POSCO to scrap plans for a $12 billion steel project it agreed to set up in India a decade ago.
Kumar is attending a meeting in Prime Minister Narendra Modi's office on Tuesday to consider options for POSCO's plans for the steel plant in Odisha that was billed as India's biggest foreign direct investment.
While a withdrawal by POSCO could dent Modi's "Make in India" manufacturing push, Kumar said the government cannot change its laws for individual companies.
Odisha's state mining company can be allotted a mine, iron ore from which can be sent to POSCO if they form a joint venture, Kumar said. Odisha has said that was a possibility but POSCO wants to see the details first.
China cuts interest rates in new bid to spur economy
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China has cut interest rates for fifth time in nine months in a new effort to shore up slowing economic growth.
The central bank said Tuesday said the benchmark rate for a one-year loan will be cut by 0.25 percentage point to 4.6 per cent and the one-year rate for deposits will fall by a similar margin to 1.75 per cent.
The bank also increased the amount of money available for lending by reducing the minimum reserves banks are required to hold by 0.5 percentage point.
The moves had been anticipated by financial analysts after exports, manufacturing and other economic indicators weakened by larger margins than expected.
China has cut interest rates for fifth time in nine months in a new effort to shore up slowing economic growth.
The central bank said Tuesday said the benchmark rate for a one-year loan will be cut by 0.25 percentage point to 4.6 per cent and the one-year rate for deposits will fall by a similar margin to 1.75 per cent.
The bank also increased the amount of money available for lending by reducing the minimum reserves banks are required to hold by 0.5 percentage point.
The moves had been anticipated by financial analysts after exports, manufacturing and other economic indicators weakened by larger margins than expected.
General Awareness
GENERAL AWARENESS PRACTICE MCQs FOR BANK EXAMINATIONS
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1. The Prime Minister Narendra Modi announced a package of Rs 1.25 lakh crore for which of the following States on 18th August 2015?
1) Odisha
2) Andhra Pradesh
3) Bihar
4) Jharkhand
5) West Bengal
2. Which of the following banks has launched 'Smart Vault', the first of its kind fully automated digital locker?
1) SBI
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) SBH
3. Kishor Piraji Kharat is the new Managing Director and Chief Executive Officer of?
1) Union Bank of India
2) Canara Bank
3) IDBI Bank
4) Bank of India
5) Bank of Baroda
4. Who is the new Chief Executive Officer of the technology giant Google?
1) Satya Nadella
2) Ajay Banga
3) Nikesh Arora
4) Sundar Pichai
5) Shantanu Narayan
5. Pedro Cateriano assumed office as the Prime Minister of which of the following countries on April 2, 2015?
1) Chile
2) Uruguay
3) Bolivia
4) Argentina
5) Peru
6. Who is the head of a new innovative council of Indian Railways called 'Kaya Kalp',
formed to turnaround the ailing railways?
1) Shiv Gopal Mishra
2) M. Raghuvaiah
3) Ratan Tata
4) Suresh Prabhu
5) Sunil Mittal
7. Who has been appointed the brand ambassador of the Northeastern region?
1) Saina Nehwal
2) Sushil Kumar
3) Saurav Ganguly
4) Mary Kom
5) None of these
8. Northeast India's first Kisan call centre was opened in?
1) Agartala
2) Shillong
3) Kohima
4) Imphal
5) Gangtok
9. Who is the Chairman of the NITI Aayog task force on Centrally Sponsored Schemes (CSS)?
1) Naveen Patnaik
2) Shivraj Singh Chouhan
3) Raman Singh
4) K. Chandrasekhar Rao
5) None of these
10. Who is the Chairman of the NITI Aayog's sub-group on Skill Development?
1) Siddaramaiah
2) Akhilesh Yadav
3) Manik Sarkar
4) Nitish Kumar
5) Manoharlal Khattar
11. Malwa Trophy is associated with which of the following sports?
1) Hockey
2) Cricket
3) Football
4) Kabaddi
5) Chess
12. Which of the following is the capital of Cambodia?
1) Battambaug
2) Kampong Chan
3) Putrajaya
4) Phnom Penh
5) Hanoi
13. Which is the only country where the Prime Minister, Parliament Speaker and Leader of the Opposition are all women?
1) Argentina
2) Liberia
3) Chile
4) Lithuania
5) Bangladesh
14. Identify the mismatched pair with regard to the 62nd National Film Awards?
1) Best Direction - Srijit Mukherjee
2) Best Actor - Vijay Sanchari
3) Best Actress - Kangana Ranaut
4) Best Popular Film - Queen
5) Best Music Director - Vishal Bharadwaj
15. Abel Prize is given by which of the following countries?
1) Sweden
2) Norway
3) USA
4) Germany
5) Finland
16. The Dibang Wildlife Sanctuary is located in which of the following States?
1) Sikkim
2) Assam
3) Nagaland
4) Jammu and Kashmir
5) Arunachal Pradesh
17. The Gobi desert covers parts of southern Mongolia and the northern parts of?
1) Kazakhstan
2) China
3) Russia
4) Myanmar
5) Afghanistan
18. Who is the author of the book "Modi-Incredible Emergence of a Star"?
1) Lokesh Chandra
2) S.K. Sopory
3) Tarun Vijay
4) Arnab Goswami
5) Rajat Sharma
19. The Rashtriya Kavi Pradeep Samman was introduced by which of the following States?
1) Uttar Pradesh
2) West Bengal
3) Jharkhand
4) Madhya Pradesh
5) Rajasthan
20. Who was awarded with the first Rashtriya Kavi Pradeep Samman on 24th March 2015?
1) Kamal Kishore Goyanka
2) Kedarnath Singh
3) Gopaldas Neeraj
4) Viswanath Tripathi
5) None of these
21. Which country has won the prestigious Women in Parliaments (WIP) Award for regional leadership in the South and Southeast Asia category for reducing the gender gap in politics?
1) India
2) Sri Lanka
3) Myanmar
4) Bangladesh
5) Thailand
22. Who topped the Fortune magazine's list of the World's 50 Greatest Leaders?
1) Tim Cook
2) Mario Draghi
3) Xi Jinping
4) Pope Francis
5) Mary Barra
23. Fortune magazine's list of the World's 50 Greatest Leaders include?
1) Narendra Modi
2) Kailash Satyarthi
3) Chanda Kochchar
4) Both 1 and 2
5) All 1, 2 and 3
24. The inaugural Major Dhyan Chand Lifetime Achievement Award was given on March 28, 2015 to?
1) V. Bhaskaran
2) Balbir Singh senior
3) Mukesh Kumar
4) Sardar Singh
5) Harendra Singh
25. Asia, Africa and Latin America belong to the?
1) First world
2) Second World
3) Third World
4) Developed World
5) None of these
26. The first session of the Indian National Congress was held in?
1) Calcutta
2) Madras
3) New Delhi
4) Bombay
5) Nagpur
27. The International Day of Cooperatives is observed every year on
the first Saturday of?
1) June
2) July
3) August
4) September
5) October
28. Which is the first State in India to present a paperless budget?
1) Punjab
2) Haryana
3) Himachal Pradesh
4) Jharkhand
5) None of these
29. Which country suspended work on the construction of a controversial Chinese port city project?
1) India
2) Sri Lanka
3) Pakistan
4) Afghanistan
5) Maldives
30. Burraq is an unmanned combat aerial vehicle developed by?
1) Pakistan
2) Afghanistan
3) Iran
4) Syria
5) Yemen
31. Ashu Suyash is the MD and CEO of?
1) NSE
2) CRISIL
3) IndusInd Bank
4) BSE
5) CARE
32. Who was voted as the greatest ODI cricketer in an online poll conducted by ESPNcricinfo's magazine Cricket Monthly?
1) Sachin Tendulkar
2) Wasim Akram
3) Viv Richards
4) Adam Gilchrist
5) Mahendra Singh Dhoni
33. Who was appointed the Chairman of the Indian Premier League's governing council by the BCCI?
1) Anurag Thakur
2) Jagmohan Dalmiya
3) Rajeev Shukla
4) N. Sreenivasan
5) Saurav Ganguly
34. Kudremukh National Park has been declared a tiger reserve. It is in?
1) Maharashtra
2) Goa
3) Tamil Nadu
4) Karnataka
5) None of these
35. The Government resumed the printing of one rupee currency notes recently. Printing of these notes was discontinued in?
1) 1994
2) 1995
3) 2004
4) 2005
5) 2001
36. Which team won the Irani Cup Cricket in March 2015?
1) Rest of India
2) Mumbai
3) Karnataka
4) Tamil Nadu
5) Uttar Pradesh
37. The IntelCenter's "Top 10 Most Dangerous Countries" list is topped by?
1) Iraq
2) Syria
3) Nigeria
4) Somalia
5) Afghanistan
38. Jaitapur nuclear power plant is being set up in?
1) Gujarat
2) Rajasthan
3) Maharashtra
4) West Bengal
5) Odisha
39. The United Nations World Conference on Disaster Risk Reduction (WCDRR) was held in March 2015 in?
1) South Korea
2) China
3) Malaysia
4) Japan
5) Philippines
40. IDBI Bank is a?
1) Public sector bank
2) Private sector bank
3) Foreign bank
4) Cooperative bank
5) None of these
ANSWERS:
1) 3 2) 2 3) 3 4) 4 5) 5 6) 3 7) 4 8) 1 9) 2 10) 3
11) 3 12) 4 13) 5 14) 4 15) 2 16) 5 17) 2 18) 3 19) 4 20) 3
21) 4 22) 1 23) 4 24) 2 25) 3 26) 4 27) 2 28) 3 29) 2 30) 1
31) 2 32) 3 33) 3 34) 4 35) 1 36) 3 37) 1 38) 3 39) 4 40) 1
- 1. The Prime Minister Narendra Modi announced a package of Rs 1.25 lakh crore for which of the following States on 18th August 2015?
1) Odisha
2) Andhra Pradesh
3) Bihar
4) Jharkhand
5) West Bengal
2. Which of the following banks has launched 'Smart Vault', the first of its kind fully automated digital locker?
1) SBI
2) ICICI Bank
3) Axis Bank
4) HDFC Bank
5) SBH
3. Kishor Piraji Kharat is the new Managing Director and Chief Executive Officer of?
1) Union Bank of India
2) Canara Bank
3) IDBI Bank
4) Bank of India
5) Bank of Baroda
4. Who is the new Chief Executive Officer of the technology giant Google?
1) Satya Nadella
2) Ajay Banga
3) Nikesh Arora
4) Sundar Pichai
5) Shantanu Narayan
5. Pedro Cateriano assumed office as the Prime Minister of which of the following countries on April 2, 2015?
1) Chile
2) Uruguay
3) Bolivia
4) Argentina
5) Peru
6. Who is the head of a new innovative council of Indian Railways called 'Kaya Kalp',
formed to turnaround the ailing railways?
1) Shiv Gopal Mishra
2) M. Raghuvaiah
3) Ratan Tata
4) Suresh Prabhu
5) Sunil Mittal
7. Who has been appointed the brand ambassador of the Northeastern region?
1) Saina Nehwal
2) Sushil Kumar
3) Saurav Ganguly
4) Mary Kom
5) None of these
8. Northeast India's first Kisan call centre was opened in?
1) Agartala
2) Shillong
3) Kohima
4) Imphal
5) Gangtok
9. Who is the Chairman of the NITI Aayog task force on Centrally Sponsored Schemes (CSS)?
1) Naveen Patnaik
2) Shivraj Singh Chouhan
3) Raman Singh
4) K. Chandrasekhar Rao
5) None of these
10. Who is the Chairman of the NITI Aayog's sub-group on Skill Development?
1) Siddaramaiah
2) Akhilesh Yadav
3) Manik Sarkar
4) Nitish Kumar
5) Manoharlal Khattar
11. Malwa Trophy is associated with which of the following sports?
1) Hockey
2) Cricket
3) Football
4) Kabaddi
5) Chess
12. Which of the following is the capital of Cambodia?
1) Battambaug
2) Kampong Chan
3) Putrajaya
4) Phnom Penh
5) Hanoi
13. Which is the only country where the Prime Minister, Parliament Speaker and Leader of the Opposition are all women?
1) Argentina
2) Liberia
3) Chile
4) Lithuania
5) Bangladesh
14. Identify the mismatched pair with regard to the 62nd National Film Awards?
1) Best Direction - Srijit Mukherjee
2) Best Actor - Vijay Sanchari
3) Best Actress - Kangana Ranaut
4) Best Popular Film - Queen
5) Best Music Director - Vishal Bharadwaj
15. Abel Prize is given by which of the following countries?
1) Sweden
2) Norway
3) USA
4) Germany
5) Finland
16. The Dibang Wildlife Sanctuary is located in which of the following States?
1) Sikkim
2) Assam
3) Nagaland
4) Jammu and Kashmir
5) Arunachal Pradesh
17. The Gobi desert covers parts of southern Mongolia and the northern parts of?
1) Kazakhstan
2) China
3) Russia
4) Myanmar
5) Afghanistan
18. Who is the author of the book "Modi-Incredible Emergence of a Star"?
1) Lokesh Chandra
2) S.K. Sopory
3) Tarun Vijay
4) Arnab Goswami
5) Rajat Sharma
19. The Rashtriya Kavi Pradeep Samman was introduced by which of the following States?
1) Uttar Pradesh
2) West Bengal
3) Jharkhand
4) Madhya Pradesh
5) Rajasthan
20. Who was awarded with the first Rashtriya Kavi Pradeep Samman on 24th March 2015?
1) Kamal Kishore Goyanka
2) Kedarnath Singh
3) Gopaldas Neeraj
4) Viswanath Tripathi
5) None of these
21. Which country has won the prestigious Women in Parliaments (WIP) Award for regional leadership in the South and Southeast Asia category for reducing the gender gap in politics?
1) India
2) Sri Lanka
3) Myanmar
4) Bangladesh
5) Thailand
22. Who topped the Fortune magazine's list of the World's 50 Greatest Leaders?
1) Tim Cook
2) Mario Draghi
3) Xi Jinping
4) Pope Francis
5) Mary Barra
23. Fortune magazine's list of the World's 50 Greatest Leaders include?
1) Narendra Modi
2) Kailash Satyarthi
3) Chanda Kochchar
4) Both 1 and 2
5) All 1, 2 and 3
24. The inaugural Major Dhyan Chand Lifetime Achievement Award was given on March 28, 2015 to?
1) V. Bhaskaran
2) Balbir Singh senior
3) Mukesh Kumar
4) Sardar Singh
5) Harendra Singh
25. Asia, Africa and Latin America belong to the?
1) First world
2) Second World
3) Third World
4) Developed World
5) None of these
26. The first session of the Indian National Congress was held in?
1) Calcutta
2) Madras
3) New Delhi
4) Bombay
5) Nagpur
27. The International Day of Cooperatives is observed every year on
the first Saturday of?
1) June
2) July
3) August
4) September
5) October
28. Which is the first State in India to present a paperless budget?
1) Punjab
2) Haryana
3) Himachal Pradesh
4) Jharkhand
5) None of these
29. Which country suspended work on the construction of a controversial Chinese port city project?
1) India
2) Sri Lanka
3) Pakistan
4) Afghanistan
5) Maldives
30. Burraq is an unmanned combat aerial vehicle developed by?
1) Pakistan
2) Afghanistan
3) Iran
4) Syria
5) Yemen
31. Ashu Suyash is the MD and CEO of?
1) NSE
2) CRISIL
3) IndusInd Bank
4) BSE
5) CARE
32. Who was voted as the greatest ODI cricketer in an online poll conducted by ESPNcricinfo's magazine Cricket Monthly?
1) Sachin Tendulkar
2) Wasim Akram
3) Viv Richards
4) Adam Gilchrist
5) Mahendra Singh Dhoni
33. Who was appointed the Chairman of the Indian Premier League's governing council by the BCCI?
1) Anurag Thakur
2) Jagmohan Dalmiya
3) Rajeev Shukla
4) N. Sreenivasan
5) Saurav Ganguly
34. Kudremukh National Park has been declared a tiger reserve. It is in?
1) Maharashtra
2) Goa
3) Tamil Nadu
4) Karnataka
5) None of these
35. The Government resumed the printing of one rupee currency notes recently. Printing of these notes was discontinued in?
1) 1994
2) 1995
3) 2004
4) 2005
5) 2001
36. Which team won the Irani Cup Cricket in March 2015?
1) Rest of India
2) Mumbai
3) Karnataka
4) Tamil Nadu
5) Uttar Pradesh
37. The IntelCenter's "Top 10 Most Dangerous Countries" list is topped by?
1) Iraq
2) Syria
3) Nigeria
4) Somalia
5) Afghanistan
38. Jaitapur nuclear power plant is being set up in?
1) Gujarat
2) Rajasthan
3) Maharashtra
4) West Bengal
5) Odisha
39. The United Nations World Conference on Disaster Risk Reduction (WCDRR) was held in March 2015 in?
1) South Korea
2) China
3) Malaysia
4) Japan
5) Philippines
40. IDBI Bank is a?
1) Public sector bank
2) Private sector bank
3) Foreign bank
4) Cooperative bank
5) None of these
ANSWERS:
1) 3 2) 2 3) 3 4) 4 5) 5 6) 3 7) 4 8) 1 9) 2 10) 3
11) 3 12) 4 13) 5 14) 4 15) 2 16) 5 17) 2 18) 3 19) 4 20) 3
21) 4 22) 1 23) 4 24) 2 25) 3 26) 4 27) 2 28) 3 29) 2 30) 1
31) 2 32) 3 33) 3 34) 4 35) 1 36) 3 37) 1 38) 3 39) 4 40) 1
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