General Affairs
Centre Hikes Minimum Support Prices for Rabi Crops to Boost Production
Rahul Gandhi Showing 'Signs of Great Change': Nayantara Sahgal
Torn Apart by Conflict, They Haven't Given Up on Education
Rescue Package for Distressed Power Sector Approved By Government
Sensex down 248 pts; Nifty at 7,955 ahead of Bihar exit polls
PM Narendra Modi for indigenous manufacturing to cut defence budget by 50 per cent
Infrastructure projects worth Rs 4 lakh-crore rolled out, says PM Narendra Modi
Why world may never see oil at $100 a barrel again
Rajasthan launches policy to promote agro-processing industries
Centre Hikes Minimum Support Prices for Rabi Crops to Boost Production
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NEW DELHI: Faced with high prices of pulses, the Centre on Thursday hiked the support price to farmers for masoor and gram dals sharply by Rs 250 per quintal to boost production in the ongoing rabi season and reduce dependency on imports.
Apart from raising the minimum support price (MSP) of pulses, the Cabinet Committee on Economic Affairs (CCEA) approved a bonus of Rs 75 per quintal for gram and masoor dals over and above the support price.
The MSP of wheat, the main rabi crop, has been increased by Rs 75 to Rs 1,525 a quintal for the 2015-16 rabi season, while that of oilseeds has been increased by Rs 250 a quintal.
"The CCEA has approved the increase in the MSP for rabi crops of 2015-16 season to be marketed in 2016-17," said Power minister Piyush Goyal.
The MSP of six rabi crops -- wheat, barley, gram, masoor, rapeseed-mustard seed and safflower seed -- has been increased as recommended by the government's advisory body, Commission for Agriculture Costs and Prices (CACP), said the minister.
To boost production of pulses, the CCEA has hiked the support price of masoor dal and gram (chana) by Rs 250 a quintal each to Rs 3,325 a quintal and Rs 3,425 a quintal, respectively, for 2015-16.
Mr Goyal said the MSP of gram and masoor has been raised by about 8 per cent. "Over and above the CACP recommendation, the Union Cabinet today decided to give additional bonus of Rs 75 per quintal in the case of gram and masoor. This will give some more relief to farmers," he said.
Wheat MSP has been increased by Rs 75 a quintal to Rs 1,525 for the 2015-16 rabi season from Rs 1,450 a quintal in same season last year.
To encourage cultivation of oilseeds and reduce dependency on edible oil imports, the CCEA has increased the MSP of rapeseed-mustard seed by Rs 250 to Rs 3,350 a quintal for 2015-16.
Similarly, barley MSP has been increased by Rs 75 to Rs 1,225 a quintal from Rs 1,150 a quintal in the review period.
In case of other rabi crops, the government intervenes when the market price falls below the MSP.
At present, the domestic shortfall in pulses output has led to rise in retail prices of lentils to around Rs 190 per kilogram forcing the government to take several measures to curb price rise.
NEW DELHI: Faced with high prices of pulses, the Centre on Thursday hiked the support price to farmers for masoor and gram dals sharply by Rs 250 per quintal to boost production in the ongoing rabi season and reduce dependency on imports.Apart from raising the minimum support price (MSP) of pulses, the Cabinet Committee on Economic Affairs (CCEA) approved a bonus of Rs 75 per quintal for gram and masoor dals over and above the support price.
"The CCEA has approved the increase in the MSP for rabi crops of 2015-16 season to be marketed in 2016-17," said Power minister Piyush Goyal.
The MSP of six rabi crops -- wheat, barley, gram, masoor, rapeseed-mustard seed and safflower seed -- has been increased as recommended by the government's advisory body, Commission for Agriculture Costs and Prices (CACP), said the minister.
To boost production of pulses, the CCEA has hiked the support price of masoor dal and gram (chana) by Rs 250 a quintal each to Rs 3,325 a quintal and Rs 3,425 a quintal, respectively, for 2015-16.
Mr Goyal said the MSP of gram and masoor has been raised by about 8 per cent. "Over and above the CACP recommendation, the Union Cabinet today decided to give additional bonus of Rs 75 per quintal in the case of gram and masoor. This will give some more relief to farmers," he said.
Wheat MSP has been increased by Rs 75 a quintal to Rs 1,525 for the 2015-16 rabi season from Rs 1,450 a quintal in same season last year.
To encourage cultivation of oilseeds and reduce dependency on edible oil imports, the CCEA has increased the MSP of rapeseed-mustard seed by Rs 250 to Rs 3,350 a quintal for 2015-16.
Similarly, barley MSP has been increased by Rs 75 to Rs 1,225 a quintal from Rs 1,150 a quintal in the review period.
In case of other rabi crops, the government intervenes when the market price falls below the MSP.
At present, the domestic shortfall in pulses output has led to rise in retail prices of lentils to around Rs 190 per kilogram forcing the government to take several measures to curb price rise.
Rahul Gandhi Showing 'Signs of Great Change': Nayantara Sahgal
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CHANDIGARH: Noted writer Nayantara Sahgal is impressed with the way Congress vice president Rahul Gandhi has decided to play a "bigger role". She feels Mr Gandhi is showing "signs of great change".
Speaking on the sidelines of fourth Chandigarh Literature Festival here today, Ms Sahgal, niece of former Prime Minister Jawaharlal Nehru was asked what she thinks about Mr Gandhi. She said,
"like everybody else I thought (several years back), he did not want to be in politics. Many of us thought it would be better if he takes up something else."
She, however, quickly added that now she has seen "a great change" in Rahul Gandhi.
"Recently, I watched him speak in the context of Bihar elections. He was very impressive, very thorough about his facts... Perhaps he has decided to throw in his weight fully now. Before that, he was doing it behind the scenes, trying to organise, democratise the Youth Congress. Now, may be he has decided to play a bigger role.
"He is certainly showing signs of great change. I have noticed a change, which is very positive," said Ms Sahgal, who recently returned her 'Sahitya Akademi' Award over the Dadri lynching incident and growing inolerance.
When Ms Saghal was asked if politics beckon her at any point in time, she said "Never".
She further said that she could have gotten into "politics at any time (as it ran in the family). On two occasions I was offered a seat in Parliament, but I have never wanted power and never wanted wealth. I have never had any hankering for these two things."
Yet, she said, "politics has served me as a very good material for my fiction (as a writer)".
CHANDIGARH: Noted writer Nayantara Sahgal is impressed with the way Congress vice president Rahul Gandhi has decided to play a "bigger role". She feels Mr Gandhi is showing "signs of great change".Speaking on the sidelines of fourth Chandigarh Literature Festival here today, Ms Sahgal, niece of former Prime Minister Jawaharlal Nehru was asked what she thinks about Mr Gandhi. She said,
"like everybody else I thought (several years back), he did not want to be in politics. Many of us thought it would be better if he takes up something else."
She, however, quickly added that now she has seen "a great change" in Rahul Gandhi.
"Recently, I watched him speak in the context of Bihar elections. He was very impressive, very thorough about his facts... Perhaps he has decided to throw in his weight fully now. Before that, he was doing it behind the scenes, trying to organise, democratise the Youth Congress. Now, may be he has decided to play a bigger role.
"He is certainly showing signs of great change. I have noticed a change, which is very positive," said Ms Sahgal, who recently returned her 'Sahitya Akademi' Award over the Dadri lynching incident and growing inolerance.
When Ms Saghal was asked if politics beckon her at any point in time, she said "Never".
She further said that she could have gotten into "politics at any time (as it ran in the family). On two occasions I was offered a seat in Parliament, but I have never wanted power and never wanted wealth. I have never had any hankering for these two things."
Yet, she said, "politics has served me as a very good material for my fiction (as a writer)".
Torn Apart by Conflict, They Haven't Given Up on Education
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KOKRAJHAR: Twenty-year-old Unish Hembram lost her father and her home just 15 days after she was born in the riots of 1996 in Assam's Kokrajahar. But instead of giving in to the tragedy, she decided to change her story.
Having fought hard to stay in school, today she is motivating others to do the same and is a project leader in a non-governmental organisation that works in education.
"I never stopped studying. I believe that is important to continue education no matter what. Even in the face of hardship, it is never wise to completely drop studies," she said.
Lower Assam's Kokrajhar district is often a hot-bed of conflict. The victims of riots have grown used to living in relief camps in acute misery and with bleak hopes of an education and a future for their children.
But in Sapkata village of Kokrajhar, an initiative by a few victims like Unish who have taken the lead to spearhead education projects in the relief camps, the scenes are changing and there has been a drastic fall in the number of student drop-outs.
Faced with challenges to arrange for basics like sanitation, drinking water and food, to continue education in these areas is a herculean feat and losing motivation is easy, the people here say. Electricity is a luxury here and students have to study under oil lamps after dusk and a threat of a fresh outbreak of riots is constant.
"It is difficult in riot affected areas. Government schools are converted to relief camps leaving barely any scope for education," says Runumi Gogoui, Chairperson, Assam state commission for Child Protection.
But a persistent effort has reduced the total number dropouts in Sapkata and its adjoining village to 10 from an initial 70 in the year 2010.
KOKRAJHAR: Twenty-year-old Unish Hembram lost her father and her home just 15 days after she was born in the riots of 1996 in Assam's Kokrajahar. But instead of giving in to the tragedy, she decided to change her story.Having fought hard to stay in school, today she is motivating others to do the same and is a project leader in a non-governmental organisation that works in education.
"I never stopped studying. I believe that is important to continue education no matter what. Even in the face of hardship, it is never wise to completely drop studies," she said.
But in Sapkata village of Kokrajhar, an initiative by a few victims like Unish who have taken the lead to spearhead education projects in the relief camps, the scenes are changing and there has been a drastic fall in the number of student drop-outs.
Faced with challenges to arrange for basics like sanitation, drinking water and food, to continue education in these areas is a herculean feat and losing motivation is easy, the people here say. Electricity is a luxury here and students have to study under oil lamps after dusk and a threat of a fresh outbreak of riots is constant.
"It is difficult in riot affected areas. Government schools are converted to relief camps leaving barely any scope for education," says Runumi Gogoui, Chairperson, Assam state commission for Child Protection.
But a persistent effort has reduced the total number dropouts in Sapkata and its adjoining village to 10 from an initial 70 in the year 2010.
Rescue Package for Distressed Power Sector Approved By Government
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NEW DELHI: A rescue package for loss-making power utilities was approved by the government today, to allow distressed power distribution companies in some states to convert their debt into state bonds.
Power Minister Piyush Goyal said states would be allowed to take over 75 per cent of the debts of their utility companies, which now stand at Rs. 4.3 lakh crore rupees ($65.3 billion) after years of undercharging customers for electricity.
By clearing past debts and putting them on a better financial footing, Mr Goyal said the "severely mismanaged" utilities would be returned to profitability by 2019, ending electricity blackouts and spurring economic growth.
"The cabinet believes that this will help the Indian power sector turn around once and for all and for the states to provide 24x7 power," he told reporters after the cabinet cleared the rescue plan.
Prime Minister Narendra Modi has urged the power ministry and states to find a way to overhaul the power distribution sector, whose weak finances have crimped bank lending and undermined the push to provide reliable electricity in Asia's third-largest economy.
Past government attempts at instigating reform, including a 2012 rescue plan under Prime Minister Manmohan Singh have largely failed because utilities - whose prices are set by local regulators and not by New Delhi - continued to sell power below cost.
States and utilities which want to take up the rescue package under Ujwal Discom Assurance Yojna (UDAY) will sign agreements with the power ministry committing them to improve performance in return for the debt swap, Mr Goyal said.
The natural fallout of this restructuring could be quarterly revision of tariffs in consultations with state electricity regulators, officials said.
The government pledged to cut electricity theft and other transmission losses to 15 per cent from 22 per cent within four years.
NEW DELHI: A rescue package for loss-making power utilities was approved by the government today, to allow distressed power distribution companies in some states to convert their debt into state bonds.Power Minister Piyush Goyal said states would be allowed to take over 75 per cent of the debts of their utility companies, which now stand at Rs. 4.3 lakh crore rupees ($65.3 billion) after years of undercharging customers for electricity.
By clearing past debts and putting them on a better financial footing, Mr Goyal said the "severely mismanaged" utilities would be returned to profitability by 2019, ending electricity blackouts and spurring economic growth.
Prime Minister Narendra Modi has urged the power ministry and states to find a way to overhaul the power distribution sector, whose weak finances have crimped bank lending and undermined the push to provide reliable electricity in Asia's third-largest economy.
Past government attempts at instigating reform, including a 2012 rescue plan under Prime Minister Manmohan Singh have largely failed because utilities - whose prices are set by local regulators and not by New Delhi - continued to sell power below cost.
States and utilities which want to take up the rescue package under Ujwal Discom Assurance Yojna (UDAY) will sign agreements with the power ministry committing them to improve performance in return for the debt swap, Mr Goyal said.
The natural fallout of this restructuring could be quarterly revision of tariffs in consultations with state electricity regulators, officials said.
The government pledged to cut electricity theft and other transmission losses to 15 per cent from 22 per cent within four years.
China, Vietnam Pledge to Manage Maritime Differences
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HANOI, VIETNAM: Visiting Chinese President Xi Jinping and Vietnam's top leaders agreed today to manage disputes over the South China Sea amid strained ties made more uncertain by an upcoming reshuffle of Vietnam's ruling Communist Party.
Any cracks in relations were covered over as President Xi met party heavyweights, some of whom have been wooed by the United States since a breakdown in Sino-Vietnamese ties last year following China's parking of an oil rig in contested waters.
Xi told Vietnamese Prime Minister Nguyen Tan Dung that the two sides "needed to manage disagreements well, using consultations to maintain (and) preserve stability on the seas," a Vietnamese Foreign Ministry statement said.
President Xi's visit was timely, aimed at rebuilding relations amid some uncertainty over what kind of leader will emerge from January's five-yearly congress of a party traditionally close to Beijing, but now receiving unprecedented Western engagement.
Twelve bilateral agreements in all were signed, including cultural or "friendship" exchanges and several financing deals involving Chinese banks, most of which disclosed no details or values.
The agreements were made prior to Xi's meeting with Dung, whose government has been courting foreign investors and negotiating numerous trade pacts covering markets in Europe, Asia and North America with economies worth a combined $46 trillion.
Among those is the US-led Trans Pacific Partnership, which Beijing is not part of.
Dung was the first of Vietnam's leaders to publicly criticise China over the rig incident, which gave rise to the worst breakdown in bilateral relations for three decades.
He stressed to President Xi that the two sides should "control dissent" and "sincerely and frankly exchange and study demilitarisation in the East Sea (South China Sea), ensuring security and safety of navigation and aviation," according to the statement.
China's rapid reclamation work near the contested Spratly Islands has fuelled resentment and put Vietnam's leaders in a tricky spot, as has recent sparring between Beijing and Washington over freedom of navigation.
Small anti-China demonstrations have been held this week, including a brief protest today amid large police presence outside China's embassy in Hanoi.
Vietnam has been diversifying its ties and although China is not among its top investors, it is its largest trading partner at $60 billion a year and biggest source of its imports, making for a dependence that remains a contentious domestic issue.
HANOI, VIETNAM: Visiting Chinese President Xi Jinping and Vietnam's top leaders agreed today to manage disputes over the South China Sea amid strained ties made more uncertain by an upcoming reshuffle of Vietnam's ruling Communist Party.Any cracks in relations were covered over as President Xi met party heavyweights, some of whom have been wooed by the United States since a breakdown in Sino-Vietnamese ties last year following China's parking of an oil rig in contested waters.
Xi told Vietnamese Prime Minister Nguyen Tan Dung that the two sides "needed to manage disagreements well, using consultations to maintain (and) preserve stability on the seas," a Vietnamese Foreign Ministry statement said.
Twelve bilateral agreements in all were signed, including cultural or "friendship" exchanges and several financing deals involving Chinese banks, most of which disclosed no details or values.
The agreements were made prior to Xi's meeting with Dung, whose government has been courting foreign investors and negotiating numerous trade pacts covering markets in Europe, Asia and North America with economies worth a combined $46 trillion.
Among those is the US-led Trans Pacific Partnership, which Beijing is not part of.
Dung was the first of Vietnam's leaders to publicly criticise China over the rig incident, which gave rise to the worst breakdown in bilateral relations for three decades.
He stressed to President Xi that the two sides should "control dissent" and "sincerely and frankly exchange and study demilitarisation in the East Sea (South China Sea), ensuring security and safety of navigation and aviation," according to the statement.
China's rapid reclamation work near the contested Spratly Islands has fuelled resentment and put Vietnam's leaders in a tricky spot, as has recent sparring between Beijing and Washington over freedom of navigation.
Small anti-China demonstrations have been held this week, including a brief protest today amid large police presence outside China's embassy in Hanoi.
Vietnam has been diversifying its ties and although China is not among its top investors, it is its largest trading partner at $60 billion a year and biggest source of its imports, making for a dependence that remains a contentious domestic issue.
Business Affairs
Sensex down 248 pts; Nifty at 7,955 ahead of Bihar exit polls
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The domestic markets ended fairly lower in trade on Thursday as caution prevailed ahead of the outcome of Bihar election results, scheduled to be released on November 08. Exit polls are due later in the day.
The S&P BSE Sensex settled the day 248.72 points lower at 26,304.20, while broader CNX Nifty ended at 7,955.45, down 84.75 points after breaching its crucial psychological level of 7,950 in the late trade.
Market breadth turned fairly negative with 23 of the 30 Sensex stocks ending the day in red.
Sun Pharma, Vedanta and Tata Steel were the worst performers on both the benchmark indices.
"While Bihar polls will not impact national politics ... they will influence the market's perception of reforms," analysts at Bank of America Merrill Lynch wrote in a research report.
Investors also turned wary after the US Federal Reserve Chair Janet Yellen on Wednesday said a December rate hike could well be a 'live possibility'. Fed statement sent short-term US bond yields to 4-1/2-year highs and pushed the dollar broadly up, but Asian markets traded in positive terrain on Thursday.
Among Asian markets , China's Shanghai Composite ended 2 per cent up, Hong Kong's Hang Seng settled the day flat, while Japan's Nikkei ended 1.02 per cent higher.
Overnight, US stocks ended slightly lower, taking a pause after two straight days of gains after Fed hinted at 25 bps December rate hike, saying it would not derail the economy or housing market.
Lowdown on markets today
03:10 pm
Sensex at 26,351, down 201.92 points
Nifty at 7,965.60, down 74.60 points
01:39 pm
Sensex at 26,469.18, down 83.74 points
Nifty at 8,008.25, down 31.95 points
12:15 pm
Sensex at 26484.13, down 68 points
Nifty at 8016.70, down 23 points
10:44 am
Sensex at 26,407.68, down 145.24 points
Nifty at 7,991.25, down 48.95 points
9:30 am
Sensex at 26,498.71, down 54.21 points
Nifty at 8,023, down 17.20 points
The domestic markets ended fairly lower in trade on Thursday as caution prevailed ahead of the outcome of Bihar election results, scheduled to be released on November 08. Exit polls are due later in the day.
The S&P BSE Sensex settled the day 248.72 points lower at 26,304.20, while broader CNX Nifty ended at 7,955.45, down 84.75 points after breaching its crucial psychological level of 7,950 in the late trade.
Market breadth turned fairly negative with 23 of the 30 Sensex stocks ending the day in red.
Sun Pharma, Vedanta and Tata Steel were the worst performers on both the benchmark indices.
"While Bihar polls will not impact national politics ... they will influence the market's perception of reforms," analysts at Bank of America Merrill Lynch wrote in a research report.
Investors also turned wary after the US Federal Reserve Chair Janet Yellen on Wednesday said a December rate hike could well be a 'live possibility'. Fed statement sent short-term US bond yields to 4-1/2-year highs and pushed the dollar broadly up, but Asian markets traded in positive terrain on Thursday.
Among Asian markets , China's Shanghai Composite ended 2 per cent up, Hong Kong's Hang Seng settled the day flat, while Japan's Nikkei ended 1.02 per cent higher.
Overnight, US stocks ended slightly lower, taking a pause after two straight days of gains after Fed hinted at 25 bps December rate hike, saying it would not derail the economy or housing market.
Lowdown on markets today
03:10 pm
Sensex at 26,351, down 201.92 points
Nifty at 7,965.60, down 74.60 points
01:39 pm
Sensex at 26,469.18, down 83.74 points
Nifty at 8,008.25, down 31.95 points
12:15 pm
Sensex at 26484.13, down 68 points
Nifty at 8016.70, down 23 points
10:44 am
Sensex at 26,407.68, down 145.24 points
Nifty at 7,991.25, down 48.95 points
9:30 am
Sensex at 26,498.71, down 54.21 points
Nifty at 8,023, down 17.20 points
PM Narendra Modi for indigenous manufacturing to cut defence budget by 50 per cent
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Noting that India imports defence equipment in large quantity, Prime Minister Narendra Modi emphasised on indigenous manufacturing to help slash the defence budget by 50 per cent within a decade.
Addressing an event in New Delhi, Modi also stressed on developing "local" technology to help people deal with daily challenges as well as the need to provide a proper environment and mobilise resources to encourage "innovation".
"Today our nation imports defence equipment in large quantity. Is it not possible that our institutions concentrate in the area of defence and research and prepare a human resource development pool which will help in making equipment cheaper to the extent that outside importers use this talent for manufacturing. India can be a global market if we do it. If our institutions decide today that we will be able to cut down defence import by 50 per cent in next 10 years, then the amount we save on our defence budget will be pumped into the education sector. Will it not be a big gain? We will be self-reliant," he said.
Society is becoming technology driven and it is essential to look towards affordable technology, Modi said addressing 'Visitors' conference at Rashtrapati Bhavan.
He also released an 'IMPRINT India' brochure and handed over the first copy to President Pranab Mukherjee. 'IMPRINT India' is a Pan-IIT and IISc joint initiative to develop a roadmap for research to solve major engineering and technology challenges in ten technology domains relevant to the country.
Modi said there could not have been a century where technology played an important role as much as it does now.
"As long as we are dependent on outside technology, issues will continue to remain and therefore, science is universal but technology is local. This is needed," he said.
The Prime Minister also stressed on the need for strengthening primary as well as higher education.
"If primary education is necessary as it helps in making one's character, we should also concentrate on strengthening higher education as it is important so that one can aspire to touch the sky. If primary education makes the foundation strong, higher education helps in building the nation," he said.
"We have to think how we can consolidate on sustainable technology and for that innovation has to be promoted. Millions and millions of challenges are there but a billion minds are also there. But as long as these minds are not linked to innovation, I don't think we can even feed these minds. We are grateful that we have billions of minds but as long as we do not give a proper environment, develop a mechanism, mobilise resources, then these minds will be useless and therefore, there is one way to make realise our dreams and that is only through innovation," Modi said.
He said these days global warming and environment are being talked about in the world. For some countries, global warming is an issue of concern and for some it is an area of marketing.
"They have already decided to convert global warming into a marketing opportunity. For India it has become mandatory for future generations to bring forth innovation which are cheap, good and also easily adaptable by common people and if we are able to do this, billions of people will be able to adopt it," Modi said.
Noting that India imports defence equipment in large quantity, Prime Minister Narendra Modi emphasised on indigenous manufacturing to help slash the defence budget by 50 per cent within a decade.
Addressing an event in New Delhi, Modi also stressed on developing "local" technology to help people deal with daily challenges as well as the need to provide a proper environment and mobilise resources to encourage "innovation".
"Today our nation imports defence equipment in large quantity. Is it not possible that our institutions concentrate in the area of defence and research and prepare a human resource development pool which will help in making equipment cheaper to the extent that outside importers use this talent for manufacturing. India can be a global market if we do it. If our institutions decide today that we will be able to cut down defence import by 50 per cent in next 10 years, then the amount we save on our defence budget will be pumped into the education sector. Will it not be a big gain? We will be self-reliant," he said.
Society is becoming technology driven and it is essential to look towards affordable technology, Modi said addressing 'Visitors' conference at Rashtrapati Bhavan.
He also released an 'IMPRINT India' brochure and handed over the first copy to President Pranab Mukherjee. 'IMPRINT India' is a Pan-IIT and IISc joint initiative to develop a roadmap for research to solve major engineering and technology challenges in ten technology domains relevant to the country.
Modi said there could not have been a century where technology played an important role as much as it does now.
"As long as we are dependent on outside technology, issues will continue to remain and therefore, science is universal but technology is local. This is needed," he said.
The Prime Minister also stressed on the need for strengthening primary as well as higher education.
"If primary education is necessary as it helps in making one's character, we should also concentrate on strengthening higher education as it is important so that one can aspire to touch the sky. If primary education makes the foundation strong, higher education helps in building the nation," he said.
"We have to think how we can consolidate on sustainable technology and for that innovation has to be promoted. Millions and millions of challenges are there but a billion minds are also there. But as long as these minds are not linked to innovation, I don't think we can even feed these minds. We are grateful that we have billions of minds but as long as we do not give a proper environment, develop a mechanism, mobilise resources, then these minds will be useless and therefore, there is one way to make realise our dreams and that is only through innovation," Modi said.
He said these days global warming and environment are being talked about in the world. For some countries, global warming is an issue of concern and for some it is an area of marketing.
"They have already decided to convert global warming into a marketing opportunity. For India it has become mandatory for future generations to bring forth innovation which are cheap, good and also easily adaptable by common people and if we are able to do this, billions of people will be able to adopt it," Modi said.
Infrastructure projects worth Rs 4 lakh-crore rolled out, says PM Narendra Modi
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Asserting that infrastructure could play a pivotal role in bolstering India's economic growth, Prime Minister Narendra Modi on Thursday said concerted efforts have led to rolling out of stuck projects worth Rs 4 lakh crore.
Modi was addressing a public rally at Sonipat in Haryana after laying the foundation stone of three major highway projects in the state - Western Peripheral Expressway, Eastern Peripheral Expressway and eight-laning of Highway section from Mukarba Chowk (Delhi) to Panipat.
He said projects worth Rs 32,000 crore have been sanctioned for the state.
"Infrastructure plays a major role in development of a nation... During the last five six months... held monthly meetings with the Chief Ministers through video conferencing regarding pending projects... worth Rs 4 lakh crore have been rolled out," Modi said.
No body would have imagined during 60 years that highways building would pick up such fast pace in the country under the leadership of Road Transport and Highways Minister Nitin Gadkari , the PM said, adding that the projects include Bharatmala, Sagarmala and Sethu Bharatam.
Citing example of Korea, Modi said a network of highways was the basis of modern Korea and the government would lay emphasis that a wide network of highways be created in the country, including linking of 123 districts with National Highways, which sadly were devoid of it despite over six decades of independence.
"Korea is a good example, see how it has progressed by leaps and bounds. Their rulers started a modern highway cutting through the country, but there was much controversy as it was reasoned at that time that the nation is poor...
"... it does not have schools, hospitals and spending so much money on roads was not a wise step, but rulers of that country at that time, still went ahead and did this and it changed the fate of entire Korea," Modi said.
The PM said under Sethu Bharatam, 375 bridges were needed for connectivity because the project aimed at providing vital connectivity through bridges.
On the other side, Sagarmala would usher in port-led development projects in coastal cities, he said, adding that coastal trade too played a pivotal role in the economic growth of the country.
Stressing on promoting waterways, Modi said if apples of Himachal Pradesh could be delivered to different corners in the world through this mode, think how much the farmers would be benefited, he said, stressing on rail-road connectivity at the same time.
The PM said the government has undertaken several initiatives, including converting the present rail era into a modern one with initiatives like expansion and modernisation of railway stations.
Unfortunately, 18,000 villages in modern India still lack electricity connection and no electric pole or wire is there in the 21st century but the government is committed in this direction too, he said.
"The government is committed to take 24x7 electricity to every village by 2022 and is not a simple task," he said and stressed that modern era, apart from highways is also the era of I-ways - Information Ways.
Digital connectivity will not lack and optical fiber network will be laid down, Modi said.
Asserting that infrastructure could play a pivotal role in bolstering India's economic growth, Prime Minister Narendra Modi on Thursday said concerted efforts have led to rolling out of stuck projects worth Rs 4 lakh crore.
Modi was addressing a public rally at Sonipat in Haryana after laying the foundation stone of three major highway projects in the state - Western Peripheral Expressway, Eastern Peripheral Expressway and eight-laning of Highway section from Mukarba Chowk (Delhi) to Panipat.
He said projects worth Rs 32,000 crore have been sanctioned for the state.
"Infrastructure plays a major role in development of a nation... During the last five six months... held monthly meetings with the Chief Ministers through video conferencing regarding pending projects... worth Rs 4 lakh crore have been rolled out," Modi said.
No body would have imagined during 60 years that highways building would pick up such fast pace in the country under the leadership of Road Transport and Highways Minister Nitin Gadkari , the PM said, adding that the projects include Bharatmala, Sagarmala and Sethu Bharatam.
Citing example of Korea, Modi said a network of highways was the basis of modern Korea and the government would lay emphasis that a wide network of highways be created in the country, including linking of 123 districts with National Highways, which sadly were devoid of it despite over six decades of independence.
"Korea is a good example, see how it has progressed by leaps and bounds. Their rulers started a modern highway cutting through the country, but there was much controversy as it was reasoned at that time that the nation is poor...
"... it does not have schools, hospitals and spending so much money on roads was not a wise step, but rulers of that country at that time, still went ahead and did this and it changed the fate of entire Korea," Modi said.
The PM said under Sethu Bharatam, 375 bridges were needed for connectivity because the project aimed at providing vital connectivity through bridges.
On the other side, Sagarmala would usher in port-led development projects in coastal cities, he said, adding that coastal trade too played a pivotal role in the economic growth of the country.
Stressing on promoting waterways, Modi said if apples of Himachal Pradesh could be delivered to different corners in the world through this mode, think how much the farmers would be benefited, he said, stressing on rail-road connectivity at the same time.
The PM said the government has undertaken several initiatives, including converting the present rail era into a modern one with initiatives like expansion and modernisation of railway stations.
Unfortunately, 18,000 villages in modern India still lack electricity connection and no electric pole or wire is there in the 21st century but the government is committed in this direction too, he said.
"The government is committed to take 24x7 electricity to every village by 2022 and is not a simple task," he said and stressed that modern era, apart from highways is also the era of I-ways - Information Ways.
Digital connectivity will not lack and optical fiber network will be laid down, Modi said.
Why world may never see oil at $100 a barrel again
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Just as the energy industry has brushed aside concerns that the world could run out of oil, industry executives now say they believe it is demand, rather than supply, that is nearing its apex.
In 1985, Ian Taylor, today the chief executive of the world's largest oil trader Vitol, was part of a team at Royal Dutch Shell that forecast oil prices would rise five fold to $125 a barrel in 2015 as global reserves were expected to become more scarce. Now he says it is unlikely to ever reach those levels again.
Oil today stands at around $50 a barrel, having more than halved since June 2014 after global supplies dramatically rose due in large part to the US shale oil boom but also due to the unlocking of huge offshore reserves in Brazil, Africa and Asia.
"We all talk about 'peak supply' and maybe with shale that is becoming a disabused concept. I have begun feeling that... we are coming to peak demand towards 2030," Taylor said on Wednesday at The Economist Energy Summit in London.
"I believe we may not see $100 (a barrel) ever again," Taylor said.
Such forecasts come at a time when oil companies have slashed billions off their budgets and scrapped more than $200 billion of oil and gas projects to cope with the sharp price drop.
Lower future demand for fossil fuels could wreck the finances of producing countries like Saudi Arabia, Russia and Venezuela that depend on high oil prices to fund public spending, but would be an overall boon for the world. The overwhelming majority of people live in countries - whether rich like the United States, middle-income like China or poor like Bangladesh - that consume more energy than they produce.
The United Nations believes sharp reductions in fossil fuel use are also necessary to protect the earth from catastrophic effects of climate change.
Higher fuel efficiencies for cars and the industry's switch towards less-polluting sources of energy such as gas, biofuels, solar and wind power, mean that oil demand could plateau in the coming decades. Fossil fuel consumption could be further clipped if governments tighten regulations in order to combat climate change at a UN conference in Paris next month.
BP earlier this week said the world is no longer at risk of running out of oil or gas for decades ahead. Existing technology is capable of unlocking so much fossil fuel that global reserves would almost double by 2050 to 4.8 trillion barrels of oil equivalent (boe), the British firm said.
With new exploration and technology, the resources could leap to a staggering 7.5 trillion boe, it said.
Back to the past
"Peak demand" does not mean people will consume less energy overall. On the contrary, global energy consumption is expected to soar in the coming decades as the planet's population grows and Asian and African economies develop.
But while the world's total energy consumption is set to increase by more than one third from 2012 to 2040, oil's share is set to shrink from 31 percent to 26 percent, according to the International Energy Agency's 2014 World Energy Outlook.
The IEA forecasts global oil demand to rise modestly by around 0.5 percent per year through to 2040 to 103.9 million barrels per day, driven by non-OECD countries.
Eldar Saetre, Chief Executive Officer of Norwegian oil company Statoil, sees oil demand actually declining, although oil companies will still have to invest to replace existing capacity as it declines.
"In our scenario, we see much lower oil consumption than we have today," he told reporters on the sidelines of the conference.
"You still need a lot of additional (oil) capacity because of natural decline... Overall, we see the same type of combined levels for oil and gas but lower oil and more gas."
The change is expected to hit Western economies first, with demand set to go back to levels last seen in 1966, according to Dev Sanyal, BP's Executive Vice President, Strategy and Regions.
"We do believe the aspect that people were set about 25 years ago, which was peak oil, has now clearly gone away. There is a lot of supply of both oil and gas. The big challenge in OECD economies is peak demand."
Still, some firms are expecting robust demand in developing countries will keep the world's thirst for oil strong. The President of New Energies at France's Total, Philippe Boisseau, said he did not expect global demand to plateau, even though OECD consumption is likely to decline.
"Even when including the huge efficiency efforts, (oil demand) will grow. So I don't believe in peak demand for the world. For Europe and the West, maybe, but not for the world."
Just as the energy industry has brushed aside concerns that the world could run out of oil, industry executives now say they believe it is demand, rather than supply, that is nearing its apex.
In 1985, Ian Taylor, today the chief executive of the world's largest oil trader Vitol, was part of a team at Royal Dutch Shell that forecast oil prices would rise five fold to $125 a barrel in 2015 as global reserves were expected to become more scarce. Now he says it is unlikely to ever reach those levels again.
Oil today stands at around $50 a barrel, having more than halved since June 2014 after global supplies dramatically rose due in large part to the US shale oil boom but also due to the unlocking of huge offshore reserves in Brazil, Africa and Asia.
"We all talk about 'peak supply' and maybe with shale that is becoming a disabused concept. I have begun feeling that... we are coming to peak demand towards 2030," Taylor said on Wednesday at The Economist Energy Summit in London.
"I believe we may not see $100 (a barrel) ever again," Taylor said.
Such forecasts come at a time when oil companies have slashed billions off their budgets and scrapped more than $200 billion of oil and gas projects to cope with the sharp price drop.
Lower future demand for fossil fuels could wreck the finances of producing countries like Saudi Arabia, Russia and Venezuela that depend on high oil prices to fund public spending, but would be an overall boon for the world. The overwhelming majority of people live in countries - whether rich like the United States, middle-income like China or poor like Bangladesh - that consume more energy than they produce.
The United Nations believes sharp reductions in fossil fuel use are also necessary to protect the earth from catastrophic effects of climate change.
Higher fuel efficiencies for cars and the industry's switch towards less-polluting sources of energy such as gas, biofuels, solar and wind power, mean that oil demand could plateau in the coming decades. Fossil fuel consumption could be further clipped if governments tighten regulations in order to combat climate change at a UN conference in Paris next month.
BP earlier this week said the world is no longer at risk of running out of oil or gas for decades ahead. Existing technology is capable of unlocking so much fossil fuel that global reserves would almost double by 2050 to 4.8 trillion barrels of oil equivalent (boe), the British firm said.
With new exploration and technology, the resources could leap to a staggering 7.5 trillion boe, it said.
Back to the past
"Peak demand" does not mean people will consume less energy overall. On the contrary, global energy consumption is expected to soar in the coming decades as the planet's population grows and Asian and African economies develop.
But while the world's total energy consumption is set to increase by more than one third from 2012 to 2040, oil's share is set to shrink from 31 percent to 26 percent, according to the International Energy Agency's 2014 World Energy Outlook.
The IEA forecasts global oil demand to rise modestly by around 0.5 percent per year through to 2040 to 103.9 million barrels per day, driven by non-OECD countries.
Eldar Saetre, Chief Executive Officer of Norwegian oil company Statoil, sees oil demand actually declining, although oil companies will still have to invest to replace existing capacity as it declines.
"In our scenario, we see much lower oil consumption than we have today," he told reporters on the sidelines of the conference.
"You still need a lot of additional (oil) capacity because of natural decline... Overall, we see the same type of combined levels for oil and gas but lower oil and more gas."
The change is expected to hit Western economies first, with demand set to go back to levels last seen in 1966, according to Dev Sanyal, BP's Executive Vice President, Strategy and Regions.
"We do believe the aspect that people were set about 25 years ago, which was peak oil, has now clearly gone away. There is a lot of supply of both oil and gas. The big challenge in OECD economies is peak demand."
Still, some firms are expecting robust demand in developing countries will keep the world's thirst for oil strong. The President of New Energies at France's Total, Philippe Boisseau, said he did not expect global demand to plateau, even though OECD consumption is likely to decline.
"Even when including the huge efficiency efforts, (oil demand) will grow. So I don't believe in peak demand for the world. For Europe and the West, maybe, but not for the world."
Rajasthan launches policy to promote agro-processing industries
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Rajasthan has announced an agri-marketing policy to promote agro-processing industries and ensure competitive prices to farmers through financial incentives and facilities.
To attract investments, the Rajasthan Agro-Processing and Agri-Marketing Promotion Policy, 2015 places agri-marketing and processing on par with priority sectors such as tourism, textiles and energy.
The policy also provides additional incentives such as provisions of subsidy for product patent, product registration and quality certification.
The financial incentives include provisions such as 5 per cent interest subsidy on term loans for five years, 50 per cent exemption in land tax, electricity duty and mandi cess for seven years, and 50 per cent exemption in stamp duty, conversion charges and entry tax on plant and machinery in the state.
The policy states that investors in agro-processing sectors, with investments up to Rs 25 lakh, shall be granted 30 per cent capital subsidy, and 20 per cent employment generation subsidy on VAT and CST deposited for a period of seven years.
Investors in agro-processing sectors making investment above Rs 25 lakh shall be granted 60 per cent capital subsidy, 10 per cent employment generation subsidy on VAT and CST deposited for seven years.
These investors will also be granted 50 per cent exemption in land tax, electricity duty and mandi cess for seven years and 50 per cent exemption in stamp duty, conversion charges and entry tax on plant and machinery in the state. A 5 per cent interest subsidy on term loans shall be granted to cattle feed and poultry feed manufacturing units for five years or till the loan is finally repaid, whichever is earlier.
The policy also has a provision to offer customised (incentive) packages to the enterprises making an investment of Rs 100 crore and generating employment for 250 persons in the unit. This includes a 50 per cent exemption in stamp duty on first transfer of plot in Food Park.
Agriculture Department, Government of Rajasthan shall be the nodal department and Rajasthan State Agricultural Marketing Board shall act as nodal agency for this policy.
Rajasthan has announced an agri-marketing policy to promote agro-processing industries and ensure competitive prices to farmers through financial incentives and facilities.
To attract investments, the Rajasthan Agro-Processing and Agri-Marketing Promotion Policy, 2015 places agri-marketing and processing on par with priority sectors such as tourism, textiles and energy.
The policy also provides additional incentives such as provisions of subsidy for product patent, product registration and quality certification.
The financial incentives include provisions such as 5 per cent interest subsidy on term loans for five years, 50 per cent exemption in land tax, electricity duty and mandi cess for seven years, and 50 per cent exemption in stamp duty, conversion charges and entry tax on plant and machinery in the state.
The policy states that investors in agro-processing sectors, with investments up to Rs 25 lakh, shall be granted 30 per cent capital subsidy, and 20 per cent employment generation subsidy on VAT and CST deposited for a period of seven years.
Investors in agro-processing sectors making investment above Rs 25 lakh shall be granted 60 per cent capital subsidy, 10 per cent employment generation subsidy on VAT and CST deposited for seven years.
These investors will also be granted 50 per cent exemption in land tax, electricity duty and mandi cess for seven years and 50 per cent exemption in stamp duty, conversion charges and entry tax on plant and machinery in the state. A 5 per cent interest subsidy on term loans shall be granted to cattle feed and poultry feed manufacturing units for five years or till the loan is finally repaid, whichever is earlier.
The policy also has a provision to offer customised (incentive) packages to the enterprises making an investment of Rs 100 crore and generating employment for 250 persons in the unit. This includes a 50 per cent exemption in stamp duty on first transfer of plot in Food Park.
Agriculture Department, Government of Rajasthan shall be the nodal department and Rajasthan State Agricultural Marketing Board shall act as nodal agency for this policy.
General Awareness
India ranks 99 on Global Prosperity Index
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As per the report by Legatum Prosperity Index 2015India ranked 99 out of 142 countries on a prosperity index, going up three places from last year(102), but falling behind one spot in a sub-category that measures personal freedom.
Factors considered while making report:
- Economy(including GDP)
- Governance
- Position in health, Education, safety and security
- personal freedom and social capital
Comparison with neighbouring countries:
- China (52)
- Sri Lanka (61)
- Thailand (48)
- Nepal (89)
- Bangladesh (103)
India’s thorough Ranking in key areas and countries topped:
Govern-ance Soci-al capi-tal Safe-ty
and securi-ty
Heal-th Edu-cation Pers-onal free-dom Eco-nomy 53 129 114 107 92 79 61 Switzer-land New Zea-land Hong Kong USA Aust-ralia Cana-da Singa-pore
Key Facts:
- UK visa norms at number one in Europe for ease in entrepreneurship andopportunity indices.
- Bottom countries: Haiti, Afghanistan and Central African Republic.
- As per the report by Legatum Prosperity Index 2015India ranked 99 out of 142 countries on a prosperity index, going up three places from last year(102), but falling behind one spot in a sub-category that measures personal freedom.Factors considered while making report:
- Economy(including GDP)
- Governance
- Position in health, Education, safety and security
- personal freedom and social capital
Comparison with neighbouring countries:- China (52)
- Sri Lanka (61)
- Thailand (48)
- Nepal (89)
- Bangladesh (103)
India’s thorough Ranking in key areas and countries topped:
Govern-ance Soci-al capi-tal Safe-ty
and securi-tyHeal-th Edu-cation Pers-onal free-dom Eco-nomy 53 129 114 107 92 79 61 Switzer-land New Zea-land Hong Kong USA Aust-ralia Cana-da Singa-pore Key Facts:
- UK visa norms at number one in Europe for ease in entrepreneurship andopportunity indices.
- Bottom countries: Haiti, Afghanistan and Central African Republic.
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