General Affairs
Prime Minister Narendra Modi Meets his British Counterpart David Cameron
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NEW YORK: Prime Minister Narendra Modi met his British counterpart David Cameron in New York today on the sidelines of the UN General Assembly summit.
"An Englishman in New York. PM @nariandramodi receives PM @David_Cameron of UK," tweeted External Affairs Ministry spokesperson Vikas Swarup.
Mr Modi returned to New York today on the final leg of his five-day US visit.
He has a packed day of engagements, including a summit meeting with US President Barack Obama, before he heads home.
The Prime Minister is also scheduled to hold a bilateral meeting with French President Francois Hollande.
He will also attend a summit, organised by Mr Obama, on countries that contribute to UN peacekeeping forces.
Mr Modi spent two days in San Jose, California, on the West Coast, tapping IT giants Google, Facebook and other Silicon Valley honchos for his Digital India and Make in India initiatives after having addressed the annual summit of the UN General Assembly in New York.
NEW YORK: Prime Minister Narendra Modi met his British counterpart David Cameron in New York today on the sidelines of the UN General Assembly summit."An Englishman in New York. PM @nariandramodi receives PM @David_Cameron of UK," tweeted External Affairs Ministry spokesperson Vikas Swarup.
Mr Modi returned to New York today on the final leg of his five-day US visit.
He has a packed day of engagements, including a summit meeting with US President Barack Obama, before he heads home.
The Prime Minister is also scheduled to hold a bilateral meeting with French President Francois Hollande.
He will also attend a summit, organised by Mr Obama, on countries that contribute to UN peacekeeping forces.
Mr Modi spent two days in San Jose, California, on the West Coast, tapping IT giants Google, Facebook and other Silicon Valley honchos for his Digital India and Make in India initiatives after having addressed the annual summit of the UN General Assembly in New York.
Supreme Court Refuses to Entertain Plea Against Post-Poll Alliances
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NEW DELHI: The Supreme Court today refused to entertain a plea opposing the practice of political parties forging post-poll alliances to gain power on the ground that electors were kept in the dark about it when they exercise their franchise.
"The courts cannot go into it. We cannot entertain this," a bench comprising Chief Justice HL Dattu and Justice Amitava Roy said while dismissing an appeal filed against Delhi High Court's decision refusing to entertain the Public Interest Litigation (PIL) on the issue.
A lawyer, Mithilesh Kumar Pandey said even the Law Commission has expressed its disapproval of the practice of forging post-poll alliances on the ground that the electors are misled as they are not privy to it.
The plea, earlier rejected by the High Court, had challenged the "validity of post-poll alliances among political parties" on the ground that the same was a "breach of the promises made by them during the election campaigns".
It also said that promises made in the manifesto have to be enforced as otherwise it would amount to breach of trust.
The PIL had also sought a direction "declaring as unconstitutional the practice of post-poll alliances among parties which contested elections against each other".
NEW DELHI: The Supreme Court today refused to entertain a plea opposing the practice of political parties forging post-poll alliances to gain power on the ground that electors were kept in the dark about it when they exercise their franchise."The courts cannot go into it. We cannot entertain this," a bench comprising Chief Justice HL Dattu and Justice Amitava Roy said while dismissing an appeal filed against Delhi High Court's decision refusing to entertain the Public Interest Litigation (PIL) on the issue.
The plea, earlier rejected by the High Court, had challenged the "validity of post-poll alliances among political parties" on the ground that the same was a "breach of the promises made by them during the election campaigns".
It also said that promises made in the manifesto have to be enforced as otherwise it would amount to breach of trust.
The PIL had also sought a direction "declaring as unconstitutional the practice of post-poll alliances among parties which contested elections against each other".
PM Narendra Modi Making India a World Leader, Says Mukhtar Abbas Naqvi
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NEW DELHI: Stressing that the foreign visits of Prime Minister Narendra Modi were result-oriented, Union Minister Mukhtar Abbas Naqvi today said "Modi has proved to be a milestone in making India a 'Vishwa Guru' (world leader)".
Mr Naqvi was reacting to Congress' charges that no world leader was so "self-obsessed" as Mr Modi and he could not see beyond "I, me and myself". They also alleged that the Prime Minister was misleading the country.
He said that the foreign visits of Mr Modi and of Mr Rahul Gandhi were totally different.
"One is dominated by development debate while another one is discussion of discovery drama," he said, while interacting with reporters in New Delhi.
The Congress vice-president has been attending an international conference at Aspen, in the US, his official twitter handle stated today.
The entire world is looking at India with a positive approach and this change is giving a sense of pride to every Indian, he said.
Mr Naqvi took a dig at Congress saying that Congress needed to figure out whether their 'Yuvraaj' (prince) was doing "part-time politics" or "full-time tourism" and they should at least know "where their leader is".
"The Congress is a unique party... has no knowledge about its own top leader, the Congress is in confusion about his visit," the Minister said.
NEW DELHI: Stressing that the foreign visits of Prime Minister Narendra Modi were result-oriented, Union Minister Mukhtar Abbas Naqvi today said "Modi has proved to be a milestone in making India a 'Vishwa Guru' (world leader)".Mr Naqvi was reacting to Congress' charges that no world leader was so "self-obsessed" as Mr Modi and he could not see beyond "I, me and myself". They also alleged that the Prime Minister was misleading the country.
He said that the foreign visits of Mr Modi and of Mr Rahul Gandhi were totally different.
"One is dominated by development debate while another one is discussion of discovery drama," he said, while interacting with reporters in New Delhi.
The Congress vice-president has been attending an international conference at Aspen, in the US, his official twitter handle stated today.
The entire world is looking at India with a positive approach and this change is giving a sense of pride to every Indian, he said.
Mr Naqvi took a dig at Congress saying that Congress needed to figure out whether their 'Yuvraaj' (prince) was doing "part-time politics" or "full-time tourism" and they should at least know "where their leader is".
"The Congress is a unique party... has no knowledge about its own top leader, the Congress is in confusion about his visit," the Minister said.
Mamata Banerjee Releases Secret Bengal Government Files
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KOLKATA: West Bengal chief minister Mamata Banerjee today declassified documents relating to 401 cabinet meetings of the pre-independence Bengal government from 1938 to 1947.
"These documents may have been secret once but there is no need to keep them secret now. They contain history and people have right to know," Ms Banerjee said.
The files contain cabinet notes on the Quit India Movement, the Bengal Famine and the Great Calcutta Killings. They contain details about Partition too.
Asked if there was anything in the documents about Netaji, Ms Banerjee said, "You have to see the documents."
The documents will be available to the public at the state archives, state library and the Calcutta Information Centre.
KOLKATA: West Bengal chief minister Mamata Banerjee today declassified documents relating to 401 cabinet meetings of the pre-independence Bengal government from 1938 to 1947."These documents may have been secret once but there is no need to keep them secret now. They contain history and people have right to know," Ms Banerjee said.
The files contain cabinet notes on the Quit India Movement, the Bengal Famine and the Great Calcutta Killings. They contain details about Partition too.
Asked if there was anything in the documents about Netaji, Ms Banerjee said, "You have to see the documents."
The documents will be available to the public at the state archives, state library and the Calcutta Information Centre.
China Criticises Hillary Clinton's Remark on Global Women's Rights
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BEIJING: China today criticised Hillary Clinton calling her "biased", after the US Democratic presidential candidate accused President Xi Jinping of hypocrisy for hosting a UN event championing women's rights while punishing feminists in his own country.
"China protects interests of citizens and rights in accordance with the law. Some people hold biased opinions against China," Chinese Foreign Ministry spokesman, Hong Lei told a media briefing replying to question on Ms Clinton's comments.
Citing China's arrest of five feminists in March for campaigning against sexual harassment, Ms Clinton called Mr Xi Jinping's presence at the summit "shameless."
"Xi hosting a meeting on women's rights at the UN while persecuting feminists? Shameless," Ms Clinton tweeted yesterday, CNN reported.
Although China released them on bail 37 days later, their ordeal continues. The five women are subject to surveillance for a year, their activities restricted, and police can call them in for questioning at any time, the report said.
Hong lauded the success of the Global Leaders' Meeting on Gender Equality and Women's Empowerment held yesterday at the UN headquarters co-hosted by President Xi.
Around 100 representatives, including 80 heads of state and government, attended the meeting, where they made concrete commitments to overcome gender equality gaps, Mr Hong said.
At the meeting, President Xi made a four-point proposal on women's rights worldwide, including striving for women's development in tandem with social and economic progress, protecting women's rights and interests, jointly building harmonious and inclusive societies and fostering a global environment conducive to women's development.
He also announced a $10 million donation to UN Women, the agency promoting women's rights, to implement the Beijing Declaration and its Platform for Action and the realisation of related goals in the Post-2015 Development Agenda.
BEIJING: China today criticised Hillary Clinton calling her "biased", after the US Democratic presidential candidate accused President Xi Jinping of hypocrisy for hosting a UN event championing women's rights while punishing feminists in his own country."China protects interests of citizens and rights in accordance with the law. Some people hold biased opinions against China," Chinese Foreign Ministry spokesman, Hong Lei told a media briefing replying to question on Ms Clinton's comments.
Citing China's arrest of five feminists in March for campaigning against sexual harassment, Ms Clinton called Mr Xi Jinping's presence at the summit "shameless."
"Xi hosting a meeting on women's rights at the UN while persecuting feminists? Shameless," Ms Clinton tweeted yesterday, CNN reported.
Although China released them on bail 37 days later, their ordeal continues. The five women are subject to surveillance for a year, their activities restricted, and police can call them in for questioning at any time, the report said.
Hong lauded the success of the Global Leaders' Meeting on Gender Equality and Women's Empowerment held yesterday at the UN headquarters co-hosted by President Xi.
Around 100 representatives, including 80 heads of state and government, attended the meeting, where they made concrete commitments to overcome gender equality gaps, Mr Hong said.
At the meeting, President Xi made a four-point proposal on women's rights worldwide, including striving for women's development in tandem with social and economic progress, protecting women's rights and interests, jointly building harmonious and inclusive societies and fostering a global environment conducive to women's development.
He also announced a $10 million donation to UN Women, the agency promoting women's rights, to implement the Beijing Declaration and its Platform for Action and the realisation of related goals in the Post-2015 Development Agenda.
Business Affairs
RBI may cut repo rate to boost growth
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Amid expectations of a 0.25 per cent cut in interest rate to spur growth, RBI Governor Raghuram Rajan on Tuesday will come out with the fourth bi-monthly monetary policy for the current fiscal.
While deciding on the key lending rate , Rajan will have to take into account various factors including low inflation, sluggish industrial output, below normal monsoon and most significantly the recent decision of the US Federal Reserve to postpone interest rate hike.
The Reserve Bank Governor has been under pressure from the Finance Ministry as well as the industry to cut interest rate to spur economic recovery and mitigate the impact of slowing China on India.
Most bankers feel that benign inflation and status quo by US Fed have given room for the RBI to cut short-term lending (repo) rate by at least 0.25 per cent to 7 per cent.
Even Finance Minister Arun Jaitley last week asserted that common sense says the interest rates should come down.
Jaitley had said inflation is "very much under control" and the country is better prepared than most emerging economies to weather the global economic turbulence.
Global turmoil triggered by devaluation of yuan and reports of slowing growth in China has impacted Indian currency and stock markets.
As regards the price situation, the wholesale price index(WPI) remained in the negative territory for 10 months in a row and stood at (-)4.95 per cent, while the retail inflation based on Consumer Price Index eased to a record low of 3.66 per cent in August.
The first quarter GDP number of 7 per cent was below the market expectation, while industrial output growth in April-July was 3.5 per cent.
India Ratings and Research (Ind-Ra) said it expects the RBI to take a gradual route of repo rate moderation (by 0.25 per cent to 7 per cent) and sound cautious in its tone.
Major lenders such as the State Bank of India also expect RBI to lower the repo rate.
Amid expectations of a 0.25 per cent cut in interest rate to spur growth, RBI Governor Raghuram Rajan on Tuesday will come out with the fourth bi-monthly monetary policy for the current fiscal.
While deciding on the key lending rate , Rajan will have to take into account various factors including low inflation, sluggish industrial output, below normal monsoon and most significantly the recent decision of the US Federal Reserve to postpone interest rate hike.
The Reserve Bank Governor has been under pressure from the Finance Ministry as well as the industry to cut interest rate to spur economic recovery and mitigate the impact of slowing China on India.
Most bankers feel that benign inflation and status quo by US Fed have given room for the RBI to cut short-term lending (repo) rate by at least 0.25 per cent to 7 per cent.
Even Finance Minister Arun Jaitley last week asserted that common sense says the interest rates should come down.
Jaitley had said inflation is "very much under control" and the country is better prepared than most emerging economies to weather the global economic turbulence.
Global turmoil triggered by devaluation of yuan and reports of slowing growth in China has impacted Indian currency and stock markets.
As regards the price situation, the wholesale price index(WPI) remained in the negative territory for 10 months in a row and stood at (-)4.95 per cent, while the retail inflation based on Consumer Price Index eased to a record low of 3.66 per cent in August.
The first quarter GDP number of 7 per cent was below the market expectation, while industrial output growth in April-July was 3.5 per cent.
India Ratings and Research (Ind-Ra) said it expects the RBI to take a gradual route of repo rate moderation (by 0.25 per cent to 7 per cent) and sound cautious in its tone.
Major lenders such as the State Bank of India also expect RBI to lower the repo rate.
Sensex closes 246 points down on caution ahead of RBI policy review
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th investor sentiments turning bearish a day ahead of the fourth bi-monthly monetary policy review of the Reserve Bank of India (RBI), a barometer index of Indian equities closed 246 points down on Monday.
The markets were dragged down by the uncertainty over the RBI's rate cut decision. The apex bank will conduct its fourth bi-monthly monetary policy review on September 29.
The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE) closed on Thursday (Sep 24) with a gain of only 39 points or 0.15 per cent. On Friday, the Indian markets remained closed on account of Eid-ul-Zuha.
The Indian equity markets opened on a lower note on Monday, following a sharp downward revision of Chinese industrial profits.
On Monday, the S&P BSE Sensex, which opened at 25,922.71 points, closed at 25,616.84 points - 246.66 points or 0.95 per cent down from the previous day's close at 25,863.50 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) too closed in the red. It shed 72.80 points or 0.93 per cent at 7,795.70 points.
Observers pointed out that negative Asian market cues coupled with anxiety over the upcoming monetary policy review subdued Indian markets.
"Chinese data showing that industrial profits declined steeply did give a negative opening to Indian markets, but the Chinese story drew no surprises," Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.
Nitasha Shankar, vice president of research with YES Securities, said, "Market participants preferred to maintain light trading positions in the run-up to the RBI policy meet."
Sector-wise, automobile, capital goods, metal, information technology (IT) and banking stocks came under heavy selling pressure.
However, consumer durables, healthcare and realty sectors supported the markets.
th investor sentiments turning bearish a day ahead of the fourth bi-monthly monetary policy review of the Reserve Bank of India (RBI), a barometer index of Indian equities closed 246 points down on Monday.
The markets were dragged down by the uncertainty over the RBI's rate cut decision. The apex bank will conduct its fourth bi-monthly monetary policy review on September 29.
The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange (BSE) closed on Thursday (Sep 24) with a gain of only 39 points or 0.15 per cent. On Friday, the Indian markets remained closed on account of Eid-ul-Zuha.
The Indian equity markets opened on a lower note on Monday, following a sharp downward revision of Chinese industrial profits.
On Monday, the S&P BSE Sensex, which opened at 25,922.71 points, closed at 25,616.84 points - 246.66 points or 0.95 per cent down from the previous day's close at 25,863.50 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) too closed in the red. It shed 72.80 points or 0.93 per cent at 7,795.70 points.
Observers pointed out that negative Asian market cues coupled with anxiety over the upcoming monetary policy review subdued Indian markets.
"Chinese data showing that industrial profits declined steeply did give a negative opening to Indian markets, but the Chinese story drew no surprises," Anand James, co-head, technical research desk with Geojit BNP Paribas Financial Services, told IANS.
Nitasha Shankar, vice president of research with YES Securities, said, "Market participants preferred to maintain light trading positions in the run-up to the RBI policy meet."
Sector-wise, automobile, capital goods, metal, information technology (IT) and banking stocks came under heavy selling pressure.
However, consumer durables, healthcare and realty sectors supported the markets.
Exim bank extends 200th Line of Credit to finance exports to developing countries
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The Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of US $24 million to the Government of the Republic of Côte d'Ivoire, for financing electricity interconnection project between Cote d'Ivoire and Mali.
The LOC was the 200th such agreement provided by Exim Bank on behalf of the Government of India to promote bilateral relations and economic partnership between countries.
According to an official statement, the current agreement was the fifth LOC with a cumulative size of $136.3 million to be extended by Exim Bank to the Republic of Cote d'Ivoire. The first LOC of $26.8 million was extended in August 2005 for financing renewal of urban transport system in Abidjan and for agricultural projects. The second LOC of $25.5 million was extended in June 2008 for financing a Mahatma Gandhi IT and Biotechnology Park, a fisheries processing plant and a coconut fibre processing plant in that country. The third LOC of $30 million was extended in December 2009 for financing transmission line project between Cote d'Ivoire and Mali. The fourth LOC of $30 million was extended in March 2010 for financing rice production programme. Republic of Cote d'Ivoire is a West African country bordered by Liberia and Guinea in the west, Mali and Burkina Faso in the north, Ghana in the east, and the Gulf of Guinea (Atlantic Ocean) in the south.
With the signing of this LOC Agreement, Exim Bank has now in place 200 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over $12.22 billion, available for financing exports from India. Under the LOCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods/provision of services. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets, the statement said.
The Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of US $24 million to the Government of the Republic of Côte d'Ivoire, for financing electricity interconnection project between Cote d'Ivoire and Mali.
The LOC was the 200th such agreement provided by Exim Bank on behalf of the Government of India to promote bilateral relations and economic partnership between countries.
According to an official statement, the current agreement was the fifth LOC with a cumulative size of $136.3 million to be extended by Exim Bank to the Republic of Cote d'Ivoire. The first LOC of $26.8 million was extended in August 2005 for financing renewal of urban transport system in Abidjan and for agricultural projects. The second LOC of $25.5 million was extended in June 2008 for financing a Mahatma Gandhi IT and Biotechnology Park, a fisheries processing plant and a coconut fibre processing plant in that country. The third LOC of $30 million was extended in December 2009 for financing transmission line project between Cote d'Ivoire and Mali. The fourth LOC of $30 million was extended in March 2010 for financing rice production programme. Republic of Cote d'Ivoire is a West African country bordered by Liberia and Guinea in the west, Mali and Burkina Faso in the north, Ghana in the east, and the Gulf of Guinea (Atlantic Ocean) in the south.
With the signing of this LOC Agreement, Exim Bank has now in place 200 Lines of Credit, covering 63 countries in Africa, Asia, Latin America, Oceania and the CIS, with credit commitments of over $12.22 billion, available for financing exports from India. Under the LOCs, Exim Bank will reimburse 100 per cent of contract value to the Indian exporters, upfront upon the shipment of goods/provision of services. Exim Bank's LOCs afford a risk-free, non-recourse export financing option to Indian exporters. Besides promoting India's exports, Exim Bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets, the statement said.
IPO market sees a flurry of action, four firms file draft papers
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The IPO space is heating up, with as many as four companies including Larsen and Toubro's IT services unit on Monday filing draft papers to fund their business expansion and meet working capital requirements.
Besides, Quick Heal Technologies, Parag Milk Foods and Narayana Hrudayalaya are expected to file IPO papers soon.
Larsen & Toubro's IT services unit, L&T Infotech, and GNA Axles have filed their draft documents with markets regulator Sebi to float their initial public offers (IPOs) while Narayani Steels and Ganga Pharmaceuticals have submitted their papers on BSE's SME platform.
The proceeds of the issues will be utilised for business expansion plans, working capital requirements and other general corporate purposes.
L&T Infotech's IPO comprises an offer for sale of up to 1.75 crore shares of face value of Rs 1 each by L&T.
The public issue of GNA Axles consists of up to 63 lakh shares with a face value of Rs 10 each. It has reserved 2 lakh shares for its employees.
These two companies are proposed to be listed on both NSE and BSE.
Since the start of the year, 29 companies have already approached Sebi to float their IPOs. In the same period, the regulator has given approval to 27 to launch their initial share sale plans, some of which had been pending from the previous year.
In addition, IPO papers of 10 firms are "under process" and the regulator has sought clarifications from them.
Moreover, 15 companies have already hit the market so far this year as against a total of six and three in 2014 and 2013, respectively.
The Andhra Pradesh-based Narayani Steels plans to raise Rs 11.52 crore while the Mumbai-based Ganga Pharmaceuticals looks to mobilise Rs 1.53 crore. These two firms are eyeing a listing on BSE's small and medium enterprises platform.
That apart, a total of seven SMEs (small and medium enterprises) are coming out with their initial share sale this week to collectively raise over Rs 28 crore.
The IPOs of Vaksons Automobiles, Bella Casa Fashion & Retail and Vishal Bearings opened today while Cawasji Behramji Catering Services will unveil its public issue tomorrow.
Furthermore, public offerings of Tejnaksh Healthcare, Patdiam Jewellery and Franklin Leasing and Finance will open for subscription on Wednesday.
Some 110 companies are estimated to have been listed on the BSE's SME platform, of which six have migrated to the main board of BSE.
These 110 firms have raised more than Rs 832 crore, with a total market capitalisation of over Rs 7,733 crore.
The IPO space is heating up, with as many as four companies including Larsen and Toubro's IT services unit on Monday filing draft papers to fund their business expansion and meet working capital requirements.
Besides, Quick Heal Technologies, Parag Milk Foods and Narayana Hrudayalaya are expected to file IPO papers soon.
Larsen & Toubro's IT services unit, L&T Infotech, and GNA Axles have filed their draft documents with markets regulator Sebi to float their initial public offers (IPOs) while Narayani Steels and Ganga Pharmaceuticals have submitted their papers on BSE's SME platform.
The proceeds of the issues will be utilised for business expansion plans, working capital requirements and other general corporate purposes.
L&T Infotech's IPO comprises an offer for sale of up to 1.75 crore shares of face value of Rs 1 each by L&T.
The public issue of GNA Axles consists of up to 63 lakh shares with a face value of Rs 10 each. It has reserved 2 lakh shares for its employees.
These two companies are proposed to be listed on both NSE and BSE.
Since the start of the year, 29 companies have already approached Sebi to float their IPOs. In the same period, the regulator has given approval to 27 to launch their initial share sale plans, some of which had been pending from the previous year.
In addition, IPO papers of 10 firms are "under process" and the regulator has sought clarifications from them.
Moreover, 15 companies have already hit the market so far this year as against a total of six and three in 2014 and 2013, respectively.
The Andhra Pradesh-based Narayani Steels plans to raise Rs 11.52 crore while the Mumbai-based Ganga Pharmaceuticals looks to mobilise Rs 1.53 crore. These two firms are eyeing a listing on BSE's small and medium enterprises platform.
That apart, a total of seven SMEs (small and medium enterprises) are coming out with their initial share sale this week to collectively raise over Rs 28 crore.
The IPOs of Vaksons Automobiles, Bella Casa Fashion & Retail and Vishal Bearings opened today while Cawasji Behramji Catering Services will unveil its public issue tomorrow.
Furthermore, public offerings of Tejnaksh Healthcare, Patdiam Jewellery and Franklin Leasing and Finance will open for subscription on Wednesday.
Some 110 companies are estimated to have been listed on the BSE's SME platform, of which six have migrated to the main board of BSE.
These 110 firms have raised more than Rs 832 crore, with a total market capitalisation of over Rs 7,733 crore.
Forace Polymers drives revenue growth through in-house innovations.
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BEST SME- INNOVATION
Forace Polymers, which started off as an ancillary of BHEL's foundry plant in 1980, moved to producing resins for the refractory industry much later. Today, the Haridwar-based company makes a wide range of products, including resins, catalysts, and hardeners for foundry, refractory, abrasives and rubber industries. Its turnover has skyrocketed from Rs 0.8 crore in 2002/03 to Rs 224 crore in 2013/14.
KEY FACTS
- A fourth of Forace's revenues come from innovations by its in-house R&D team
- It has developed a solid resin technology for use in shell process in foundries, which is more efficient than traditional liquid resin
A fourth of Forace's revenues come from its innovations, which are propelled by a specialised R&D team. It has developed a solid resin technology for use in the shell process in foundries, which is more efficient than the traditional liquid resin technology used in India.
FULL COVERGAE:India's best SMEs 2015
"The cost of solid resin technology is almost 15 per cent less, the productivity is almost four times higher than the traditional liquid resin technology, and even the performance of the end product is better," says Vikas Garg, 40, a second generation entrepreneur who took charge of the company in 2001.
Garg is quite hopeful about growth opportunities: "The company's future strategy is to expand business through diversifying, while utilising and leveraging core competencies, focusing on innovation, developing new products and keeping abreast with latest technologies."
BEST SME- INNOVATION
Forace Polymers, which started off as an ancillary of BHEL's foundry plant in 1980, moved to producing resins for the refractory industry much later. Today, the Haridwar-based company makes a wide range of products, including resins, catalysts, and hardeners for foundry, refractory, abrasives and rubber industries. Its turnover has skyrocketed from Rs 0.8 crore in 2002/03 to Rs 224 crore in 2013/14.
KEY FACTS
- A fourth of Forace's revenues come from innovations by its in-house R&D team
- It has developed a solid resin technology for use in shell process in foundries, which is more efficient than traditional liquid resin
FULL COVERGAE:India's best SMEs 2015
"The cost of solid resin technology is almost 15 per cent less, the productivity is almost four times higher than the traditional liquid resin technology, and even the performance of the end product is better," says Vikas Garg, 40, a second generation entrepreneur who took charge of the company in 2001.
"The cost of solid resin technology is almost 15 per cent less, the productivity is almost four times higher than the traditional liquid resin technology, and even the performance of the end product is better," says Vikas Garg, 40, a second generation entrepreneur who took charge of the company in 2001.
Garg is quite hopeful about growth opportunities: "The company's future strategy is to expand business through diversifying, while utilising and leveraging core competencies, focusing on innovation, developing new products and keeping abreast with latest technologies."
General Awareness
UN adopts agreement on Sustainable Development Goals
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The United Nations unanimously adopted an ambitious agreement – New Sustainable Development Agenda for the next 15 years i.e. till 2030 to tackle the world’s biggest problems, from eradicating poverty to preserving the planet to reducing inequality.
On this occasion Pope Francis backed the new development agenda while addressing the UN General Assembly before the summit to adopt the 17-point plan, calling it “an important sign of hope” at a very troubled time in the Middle East and Africa. Accordinglypresident of the 70th session of United Nations General Assembly (UNGA), Mogens Lykketoft approved the development road map.
Background:
The Millennium Development Goals (MDGs) that were launched in 2000 set 2015 as the target year. Recognizing the success of the goals and the fact that a new development agenda was needed beyond 2015, countries agreed in 2012 at Rio+20, the UN Conference on Sustainable Development, to establish an open working group to develop a set of sustainable development goals.
After more than a year of negotiations, the Open Working Group presented its recommendation for the 17 sustainable development goals. Earlier August 2015, the 193 member states of the United Nations reached consensus on the outcome document of the new agenda “Transforming our World: The 2030 Agenda for Sustainable Development”.
Key Facts about the New Agenda:
- The document, titled “Transforming our World: The 2030 Agenda for Sustainable Development” not only outlines 17 broad goals but sets 169 specific targets.
- The new goals include ensuring healthy lives and quality education for all, clean water, sanitation and reliable modern energy, as well as making cities safe, reducing inequality within and among countries, and promoting economic growth and good governance.
- The implementation cost will be USD 3.5 trillion to USD 5 trillion every yearuntil 2030.
What are sustainable development goals?
193 world leaders commit to 17 goals to achieve 3 extraordinary things in the next 15 years – End extreme poverty, Fight inequality & injustice and Fix climate change. The Global Goals for sustainable development could get these things done in all countries for all people.
Significance:
The sustainable development goals are the result of a negotiation process that involved the 193 UN member states and also unprecedented participation of civil society and other stakeholders. This led to the representation of a wide range of interests and perspectives. On the other hand, the MDGs were produced by a group of experts behind closed doors.
The goals are broad in scope because they will address the interconnected elements of sustainable development – economic growth, social inclusion and environmental protection whereas the MDGs focused primarily on the social agenda. Moreover, the MDGs targeted developing countries, particularly the poorest while the sustainable development goals will apply to the entire world, the rich and the poor.
Key points to Remember:
- UN Secretary General – Ban Ki Moon
- UN General Assembly President – Mogens Lykketoft
- UN member Countries – 193
- The United Nations unanimously adopted an ambitious agreement – New Sustainable Development Agenda for the next 15 years i.e. till 2030 to tackle the world’s biggest problems, from eradicating poverty to preserving the planet to reducing inequality.On this occasion Pope Francis backed the new development agenda while addressing the UN General Assembly before the summit to adopt the 17-point plan, calling it “an important sign of hope” at a very troubled time in the Middle East and Africa. Accordinglypresident of the 70th session of United Nations General Assembly (UNGA), Mogens Lykketoft approved the development road map.Background:The Millennium Development Goals (MDGs) that were launched in 2000 set 2015 as the target year. Recognizing the success of the goals and the fact that a new development agenda was needed beyond 2015, countries agreed in 2012 at Rio+20, the UN Conference on Sustainable Development, to establish an open working group to develop a set of sustainable development goals.After more than a year of negotiations, the Open Working Group presented its recommendation for the 17 sustainable development goals. Earlier August 2015, the 193 member states of the United Nations reached consensus on the outcome document of the new agenda “Transforming our World: The 2030 Agenda for Sustainable Development”.Key Facts about the New Agenda:
- The document, titled “Transforming our World: The 2030 Agenda for Sustainable Development” not only outlines 17 broad goals but sets 169 specific targets.
- The new goals include ensuring healthy lives and quality education for all, clean water, sanitation and reliable modern energy, as well as making cities safe, reducing inequality within and among countries, and promoting economic growth and good governance.
- The implementation cost will be USD 3.5 trillion to USD 5 trillion every yearuntil 2030.
What are sustainable development goals?193 world leaders commit to 17 goals to achieve 3 extraordinary things in the next 15 years – End extreme poverty, Fight inequality & injustice and Fix climate change. The Global Goals for sustainable development could get these things done in all countries for all people.Significance:The sustainable development goals are the result of a negotiation process that involved the 193 UN member states and also unprecedented participation of civil society and other stakeholders. This led to the representation of a wide range of interests and perspectives. On the other hand, the MDGs were produced by a group of experts behind closed doors.The goals are broad in scope because they will address the interconnected elements of sustainable development – economic growth, social inclusion and environmental protection whereas the MDGs focused primarily on the social agenda. Moreover, the MDGs targeted developing countries, particularly the poorest while the sustainable development goals will apply to the entire world, the rich and the poor.Key points to Remember:- UN Secretary General – Ban Ki Moon
- UN General Assembly President – Mogens Lykketoft
- UN member Countries – 193
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