General Affairs
Human Rights Body Issues Notices To Aviation Ministry, Air India Over Technician's Death
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MUMBAI: The National Human Rights Commission or NHRC today issued notices to the Civil Aviation Ministry and Air India over reports of death of a technician who got sucked into engine of an aircraft at the Mumbai Airport.
The Commission has issued notice to the Secretary, Union Civil Aviation Ministry and Chairman of Air India after taking suo motu cognizance of media reports of the death of the Air India ground staffer Ravi Subramanian on December 16. They have been given two weeks to respond.
"The safety and security of both technical and non-technical staff are of great concern. Though the incident is pictured as an accident, the reports in the press are otherwise. Right to life guaranteed under the Constitution of India would include Right to Safety as well," observed Justice D Murugesan, Member of NHRC, while issuing the notices.
The mishap occurred when the co-pilot of Mumbai-Hyderabad flight 619 mistook a signal for starting the engine and the victim, Ravi Subramanian, who was standing close, got sucked into it at bay 28 of the Chhatrapati Shivaji domestic airport around 8:40 pm.
A committee has been set up under the Air India CMD to look into the incident while an ex-gratia amount of Rs. 5 lakh has been granted to the victim's family.
MUMBAI: The National Human Rights Commission or NHRC today issued notices to the Civil Aviation Ministry and Air India over reports of death of a technician who got sucked into engine of an aircraft at the Mumbai Airport.The Commission has issued notice to the Secretary, Union Civil Aviation Ministry and Chairman of Air India after taking suo motu cognizance of media reports of the death of the Air India ground staffer Ravi Subramanian on December 16. They have been given two weeks to respond.
The mishap occurred when the co-pilot of Mumbai-Hyderabad flight 619 mistook a signal for starting the engine and the victim, Ravi Subramanian, who was standing close, got sucked into it at bay 28 of the Chhatrapati Shivaji domestic airport around 8:40 pm.
A committee has been set up under the Air India CMD to look into the incident while an ex-gratia amount of Rs. 5 lakh has been granted to the victim's family.
Justice Virendra Singh Appointed Uttar Pradesh's New Lokayukta
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LUCKNOW: Uttar Pradesh Governor Ram Naik today appointed Justice (retired) Virendra Singh as the new Lokayukta of the state.
"The Governor has appointed Justice (retd) Virendra Singh as the new Lokayukta of the state and will administer oath of office to him in Raj Bhawan on December 20," a Raj Bhawan spokesman said.
Chief Minister Akhilesh Yadav earlier presented documents in this regard to the Governor, who gave his approval after getting the copy of the Supreme Court order regarding appointment of Justice Singh.
In an unusual order, the Supreme Court while exercising its constitutional authority, on Wednesday had appointed the former High Court judge as Lokayukta, after the state government failed to comply with its directives.
The Lokayukta is an anti-corruption authority constituted at the state level.
"The Governor has appointed Justice (retd) Virendra Singh as the new Lokayukta of the state and will administer oath of office to him in Raj Bhawan on December 20," a Raj Bhawan spokesman said.
Chief Minister Akhilesh Yadav earlier presented documents in this regard to the Governor, who gave his approval after getting the copy of the Supreme Court order regarding appointment of Justice Singh.
The Lokayukta is an anti-corruption authority constituted at the state level.
PM Hands Over Shyamji Verma's Reinstatement Certificate To Anandiben Patel
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BHUJ: Prime Minister Narendra Modi today handed over the certificate, acknowledging Indian barrister and nationalist leader Shyamji Krishna Verma's posthumous reinstatement to the UK Bar--to Gujarat Chief Minister Anandiben Patel at a function in Bhuj.
The certificate was given to PM Modi in the presence of UK Prime Minister David Cameron, during his visit to London last month.
"Only two people in the history of our freedom struggle were de-barred by the UK, one was Mahatma Gandhi and another was Shyamji Krishna Verma," Mr Modi said during the function held at Bhuj air-force station.
"Britishers in 1998 gave the certificate of posthumous reinstatement of Mahatma Gandhi, but what about Shyamji, nobody cared about him, he was the son of Kutch's soil.
"During my recent visit, due to efforts of UK Prime Minister David Cameroon's government, the certificate of reinstatement was issued," Mr Modi said in Gujarati.
Mr Verma was disbarred by London's Honourable Society of the Inner Temple for conduct unbecoming a barrister following the publication of a letter in The Times in which he protested the right of Indians to free themselves from British rule. Over a century later, the nationalist leader was reinstated by the Society.
"Shyamji Krishna Verma was no ordinary revolutionary. He had established India House in London under the nose of British Government and published newspapers advocating for freedom of the country. Verma believed in arms revolution for India's freedom. The UK authorities had revoked his bar certificate in 1905," Mr Modi said.
"It is my fortune, that I brought back this certificate," he added.
The certificate will be kept in the 'Kranti Tirth', a memorial of Mr Verma built in the port town of Mandvi in Kutch, where he was born in 1857.
Mr Verma, who is also known as 'Krantiguru', was born on October 4, 1857 in Mandvi town of Kutch district. As a tribute to him, the Kutch University has been named after him.
In 2010, Mr Modi, when he was Gujarat CM, had inaugurated the Kranti Tirth memorial at Mandvi. Mr Verma died on March 30, 1930 in Geneva.
The memorial is a replica of 'India House' in north London. India House was established by Mr Verma as a base for Indian students studying in England. He was also the founder of the Indian Home Rule Society.
Meanwhile, the Prime Minister, who was in Bhuj to inaugurate the three-day DG conference added, "For the last many years the conference used to be held in Delhi only. We have changed things, last year it was held in Guwahati, and now it is being held in Dhordo (Kutch)".
BHUJ: Prime Minister Narendra Modi today handed over the certificate, acknowledging Indian barrister and nationalist leader Shyamji Krishna Verma's posthumous reinstatement to the UK Bar--to Gujarat Chief Minister Anandiben Patel at a function in Bhuj.The certificate was given to PM Modi in the presence of UK Prime Minister David Cameron, during his visit to London last month.
"Only two people in the history of our freedom struggle were de-barred by the UK, one was Mahatma Gandhi and another was Shyamji Krishna Verma," Mr Modi said during the function held at Bhuj air-force station.
"Britishers in 1998 gave the certificate of posthumous reinstatement of Mahatma Gandhi, but what about Shyamji, nobody cared about him, he was the son of Kutch's soil.
"During my recent visit, due to efforts of UK Prime Minister David Cameroon's government, the certificate of reinstatement was issued," Mr Modi said in Gujarati.
Mr Verma was disbarred by London's Honourable Society of the Inner Temple for conduct unbecoming a barrister following the publication of a letter in The Times in which he protested the right of Indians to free themselves from British rule. Over a century later, the nationalist leader was reinstated by the Society.
"Shyamji Krishna Verma was no ordinary revolutionary. He had established India House in London under the nose of British Government and published newspapers advocating for freedom of the country. Verma believed in arms revolution for India's freedom. The UK authorities had revoked his bar certificate in 1905," Mr Modi said.
"It is my fortune, that I brought back this certificate," he added.
The certificate will be kept in the 'Kranti Tirth', a memorial of Mr Verma built in the port town of Mandvi in Kutch, where he was born in 1857.
Mr Verma, who is also known as 'Krantiguru', was born on October 4, 1857 in Mandvi town of Kutch district. As a tribute to him, the Kutch University has been named after him.
In 2010, Mr Modi, when he was Gujarat CM, had inaugurated the Kranti Tirth memorial at Mandvi. Mr Verma died on March 30, 1930 in Geneva.
The memorial is a replica of 'India House' in north London. India House was established by Mr Verma as a base for Indian students studying in England. He was also the founder of the Indian Home Rule Society.
Meanwhile, the Prime Minister, who was in Bhuj to inaugurate the three-day DG conference added, "For the last many years the conference used to be held in Delhi only. We have changed things, last year it was held in Guwahati, and now it is being held in Dhordo (Kutch)".
Jamaat-ud-Dawah Not Banned In Pakistan, Says Interior Ministry
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ISLAMABAD: Mumbai attack mastermind Hafiz Saeed-led Jamaat-ud-Dawah is not among the list of 61 banned outfits in Pakistan but is "under observation", the country's Interior Ministry told Parliament today.
State Minister for Interior Balighur Rehman presented a list of 61 banned militant, sectarian and extremist outfits in the country before the Senate, the Upper House.
"Jamaat-ud-Dawah (JuD) is not included in the list of banned groups as it is under observation," he said.
The list of banned organisations includes groups like the Islamic State, Lashka-e-Taiba, Lashkar-e-Jhangvi, Sipah-e-Muhammed Pakistan, Jaish-e-Muhammad and Sipah-e-Sahaba.
It also includes Baloch separatist groups like Balochistan Republican Army and Lashkar Balochistan.
The minister said the banned organisations are watched to prevent them from resurfacing under different names and the provinces have been asked not to allow banned outfits to come up.
He said a ban is in place since 2013 on issuing arms licences. However, banning weapons in the country is not under consideration, Mr Rehman said.
The minister also said in the current year 1,113 incidents of terrorism took place in the country while 637 terrorists were killed and 710 arrested.
The UN declared JuD a terror organisation and also individually designated Saeed as a terrorist in December 2008.
The US has already put $10 million bounty on his head. Saeed, who orchestrated the November, 2008, Mumbai terror attack in which 166 people were killed, roams around freely in Pakistan despite being a designated terrorist and has made many anti-India remarks and speeches.
ISLAMABAD: Mumbai attack mastermind Hafiz Saeed-led Jamaat-ud-Dawah is not among the list of 61 banned outfits in Pakistan but is "under observation", the country's Interior Ministry told Parliament today.State Minister for Interior Balighur Rehman presented a list of 61 banned militant, sectarian and extremist outfits in the country before the Senate, the Upper House.
"Jamaat-ud-Dawah (JuD) is not included in the list of banned groups as it is under observation," he said.
The list of banned organisations includes groups like the Islamic State, Lashka-e-Taiba, Lashkar-e-Jhangvi, Sipah-e-Muhammed Pakistan, Jaish-e-Muhammad and Sipah-e-Sahaba.
It also includes Baloch separatist groups like Balochistan Republican Army and Lashkar Balochistan.
The minister said the banned organisations are watched to prevent them from resurfacing under different names and the provinces have been asked not to allow banned outfits to come up.
He said a ban is in place since 2013 on issuing arms licences. However, banning weapons in the country is not under consideration, Mr Rehman said.
The minister also said in the current year 1,113 incidents of terrorism took place in the country while 637 terrorists were killed and 710 arrested.
The UN declared JuD a terror organisation and also individually designated Saeed as a terrorist in December 2008.
The US has already put $10 million bounty on his head. Saeed, who orchestrated the November, 2008, Mumbai terror attack in which 166 people were killed, roams around freely in Pakistan despite being a designated terrorist and has made many anti-India remarks and speeches.
Russia Opens Black Box Of Jet Downed By Turkey
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MOSCOW: In the presence of foreign experts, Russian officials today opened the damaged black box of a warplane shot down by Turkey, promising a transparent probe into the incident.
Russian officials opened the orange-painted flight recorder as experts from China and Britain watched the procedure, an AFP correspondent saw.
Wearing lab coats, technicians used screwdrivers, drills, and even a vacuum cleaner as they opened the device under the watchful eyes of military personnel and dozens of journalists in a live national television broadcast.
The findings will be revealed on Monday, the air force said.
Sergei Dronov, the deputy head commander of the Russian air force, said the device was being analysed "openly for the Russian and international public" after President Vladimir Putin had ordered that it be opened only in the presence of foreign specialists.
Moscow and Ankara have been locked in a bitter spat over Turkey's downing of the Su-24 jet on November 24, which led to the deaths of a pilot and another serviceman who attempted to rescue him.
They were Russia's first combat casualties of the Syrian campaign.
Turkey says the Russian jet strayed into its airspace and ignored repeated warnings, while Moscow insisted it did not cross over from Syria and accused Ankara of a planned provocation.
"We have sufficient evidence that proves that the Russian aircraft did not violate Turkish airspace," said Dronov, adding that the downed plane had been flying in Syrian airspace 5.5 kilometres (around three miles) from the border with Turkey.
Britain, China assist probe
Dronov said the black box presented to the public today had not been touched since it was recovered from the crash site.
The air force commander said 14 countries had been invited to monitor the investigation but only China and Britain had accepted the offer.
US experts were also present when the black box was opened.
The military said the black box had sustained damage, including multiple scratches and dents, but had not been exposed to the fire at the crash site.
Putin has said an analysis of the black box would help determine the downed jet's flight path and position, which Ankara and Moscow have furiously disagreed upon.
But the Russian leader also warned that no black box finding could assuage Moscow's anger over the incident.
The downing of the jet triggered the biggest crisis in ties between Moscow and Ankara since the end of the Cold War, with Russia slapping a raft of economic sanctions against Turkey.
Defence Minister Sergei Shoigu said the Russian military had retrieved the black box after Syrian special forces "liberated" rebel-held territory where the jet was shot down.
MOSCOW: In the presence of foreign experts, Russian officials today opened the damaged black box of a warplane shot down by Turkey, promising a transparent probe into the incident.Russian officials opened the orange-painted flight recorder as experts from China and Britain watched the procedure, an AFP correspondent saw.
Wearing lab coats, technicians used screwdrivers, drills, and even a vacuum cleaner as they opened the device under the watchful eyes of military personnel and dozens of journalists in a live national television broadcast.
Sergei Dronov, the deputy head commander of the Russian air force, said the device was being analysed "openly for the Russian and international public" after President Vladimir Putin had ordered that it be opened only in the presence of foreign specialists.
Moscow and Ankara have been locked in a bitter spat over Turkey's downing of the Su-24 jet on November 24, which led to the deaths of a pilot and another serviceman who attempted to rescue him.
They were Russia's first combat casualties of the Syrian campaign.
Turkey says the Russian jet strayed into its airspace and ignored repeated warnings, while Moscow insisted it did not cross over from Syria and accused Ankara of a planned provocation.
"We have sufficient evidence that proves that the Russian aircraft did not violate Turkish airspace," said Dronov, adding that the downed plane had been flying in Syrian airspace 5.5 kilometres (around three miles) from the border with Turkey.
Britain, China assist probe
Dronov said the black box presented to the public today had not been touched since it was recovered from the crash site.
The air force commander said 14 countries had been invited to monitor the investigation but only China and Britain had accepted the offer.
US experts were also present when the black box was opened.
The military said the black box had sustained damage, including multiple scratches and dents, but had not been exposed to the fire at the crash site.
Putin has said an analysis of the black box would help determine the downed jet's flight path and position, which Ankara and Moscow have furiously disagreed upon.
But the Russian leader also warned that no black box finding could assuage Moscow's anger over the incident.
The downing of the jet triggered the biggest crisis in ties between Moscow and Ankara since the end of the Cold War, with Russia slapping a raft of economic sanctions against Turkey.
Defence Minister Sergei Shoigu said the Russian military had retrieved the black box after Syrian special forces "liberated" rebel-held territory where the jet was shot down.
Business Affairs
Economy showing mixed signals, outlook challenging, says Arvind Subramanian
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Cautioning that the Indian economy is sending mixed signals, Chief Economic Advisor Arvind Subramanian on Friday said the future outlook is challenging as private investments remain weak and government expenditure is set to increase.
However, stressing that the macro-economic situation is "robust and stable" and GDP growth forecast of 7-7.5 per cent is still the highest in the world, he said, "India is both a heaven of stability and outpost of opportunity".
"The economy is recovering but it's hard to be very definitive about the strength and breadth of the recovery for two reasons -- economy is sending mixed signal and second there is some uncertainty how to interpret GDP data," he said.
About the signals, he said that while personal consumer loans are growing rapidly at 15 per cent, loans to industry are growing slowly. Also, while collection of indirect taxes is very high, direct taxes were not very buoyant.
Sectorally too, while coal, steel, aluminium are not showing much growth, electricity generation and car sales are rising.
Subramanian was talking to reporters after the mid-year economic analysis, authored by him, was tabled in Parliament.
It also mentions that the data uncertainty is sometimes puzzling.
"A lot is going on in the economy and different things are happening in different sectors, which makes interpreting it somewhat difficult," he said, adding that overall tax revenues are buoyant, inflation is under control and external situation robust.
Subramanian said the "country can say with some amount of confidence that economy is well cushioned to absorb any volatility that might come about because of recent US Federal Reserve's action (of hiking rates) yesterday or going forward.
In that sense macro economy is well cushioned".
He said challenges remain on reviving private investment going forward as the economy cannot sustain consumption and public investment for long.
"Outlook, going forward is little bit challenging...
Private sector investment remains challenge because of legacy issues. Investment recovery will remain weak. Corporate sector is indebted and agriculture is not contributing as much," he said.
While making a case for setting a more realistic disinvestment target for next year, Subramanian asserted that there would not be any expenditure cuts in the fourth quarter of this fiscal.
"Fiscal deficit target of 3.9 per cent this year will be steadfastly met...3.5 per cent next year looks more challenging," he said.
Subramanian said the implementation of 7th Pay Commission recommendations and one rank one pension, besides decline in nominal GDP and not so strong private investment, will put pressure on the government's fiscal position.
He said inflation has moderated significantly and it is now about 5 per cent. Underlying determinant like rural wages and MSP increases are also moderating and forex reserves have risen to about $352 billion which is above standard.
"Rupee has been very stable. The focus on Rupee dollar rate conveys misleading impression about stability of rupee.
If you measure it against basket of currencies it has actually been quite stable," he said, adding that exports will rise next year and current account deficit will be in the range of 1-1.2 per cent.
Talking about doubts being raised on the GDP data, Subramanian said: "Institutions that calculate GDP are fiercely independent and any insinuations that these estimates are somehow motivated, are simply preposterous."
India has shifted to a new method of calculating Gross Domestic Product (GDP) and the revision has upped growth significantly. Experts maintain however that it does not match the developments at the ground level and the private sector still remains stressed.
"These estimates are prone to measurement uncertainty and not just in India but across the globe, especially at this stage because relative prices are moving very differently.
Commodity prices are coming down very sharply internationally, whereas in other sectors prices have not come down.
"When these price changes take place, measurement does become more difficult... Yes there is uncertainty in GDP measurement, but this measurement uncertainty does not appear to be systematically biased one way or other," he said.
Subramanian said one have to be cautious about interpreting real GDP data, "but this should not be overdone and for the moment we have to interpret the data as they come".
He also pitched for continuing with economic reforms to boost supply and capacity of the economy. GST, bankruptcy code and measures to boost agriculture output would be the key.
Subramanian said that going forward the fiscal and monetary policy has to be framed accordingly to take into account the decline in nominal GDP growth. There was a need to boost demand going forward, he said.
"The decline in nominal GDP growth has created a new challenge in managing the economy, he said, as he projected nominal GDP growth of 8.25 per cent for current fiscal.
Cautioning that the Indian economy is sending mixed signals, Chief Economic Advisor Arvind Subramanian on Friday said the future outlook is challenging as private investments remain weak and government expenditure is set to increase.
However, stressing that the macro-economic situation is "robust and stable" and GDP growth forecast of 7-7.5 per cent is still the highest in the world, he said, "India is both a heaven of stability and outpost of opportunity".
"The economy is recovering but it's hard to be very definitive about the strength and breadth of the recovery for two reasons -- economy is sending mixed signal and second there is some uncertainty how to interpret GDP data," he said.
About the signals, he said that while personal consumer loans are growing rapidly at 15 per cent, loans to industry are growing slowly. Also, while collection of indirect taxes is very high, direct taxes were not very buoyant.
Sectorally too, while coal, steel, aluminium are not showing much growth, electricity generation and car sales are rising.
Subramanian was talking to reporters after the mid-year economic analysis, authored by him, was tabled in Parliament.
It also mentions that the data uncertainty is sometimes puzzling.
"A lot is going on in the economy and different things are happening in different sectors, which makes interpreting it somewhat difficult," he said, adding that overall tax revenues are buoyant, inflation is under control and external situation robust.
Subramanian said the "country can say with some amount of confidence that economy is well cushioned to absorb any volatility that might come about because of recent US Federal Reserve's action (of hiking rates) yesterday or going forward.
In that sense macro economy is well cushioned".
He said challenges remain on reviving private investment going forward as the economy cannot sustain consumption and public investment for long.
"Outlook, going forward is little bit challenging...
Private sector investment remains challenge because of legacy issues. Investment recovery will remain weak. Corporate sector is indebted and agriculture is not contributing as much," he said.
While making a case for setting a more realistic disinvestment target for next year, Subramanian asserted that there would not be any expenditure cuts in the fourth quarter of this fiscal.
"Fiscal deficit target of 3.9 per cent this year will be steadfastly met...3.5 per cent next year looks more challenging," he said.
Subramanian said the implementation of 7th Pay Commission recommendations and one rank one pension, besides decline in nominal GDP and not so strong private investment, will put pressure on the government's fiscal position.
He said inflation has moderated significantly and it is now about 5 per cent. Underlying determinant like rural wages and MSP increases are also moderating and forex reserves have risen to about $352 billion which is above standard.
"Rupee has been very stable. The focus on Rupee dollar rate conveys misleading impression about stability of rupee.
If you measure it against basket of currencies it has actually been quite stable," he said, adding that exports will rise next year and current account deficit will be in the range of 1-1.2 per cent.
Talking about doubts being raised on the GDP data, Subramanian said: "Institutions that calculate GDP are fiercely independent and any insinuations that these estimates are somehow motivated, are simply preposterous."
India has shifted to a new method of calculating Gross Domestic Product (GDP) and the revision has upped growth significantly. Experts maintain however that it does not match the developments at the ground level and the private sector still remains stressed.
"These estimates are prone to measurement uncertainty and not just in India but across the globe, especially at this stage because relative prices are moving very differently.
Commodity prices are coming down very sharply internationally, whereas in other sectors prices have not come down.
"When these price changes take place, measurement does become more difficult... Yes there is uncertainty in GDP measurement, but this measurement uncertainty does not appear to be systematically biased one way or other," he said.
Subramanian said one have to be cautious about interpreting real GDP data, "but this should not be overdone and for the moment we have to interpret the data as they come".
He also pitched for continuing with economic reforms to boost supply and capacity of the economy. GST, bankruptcy code and measures to boost agriculture output would be the key.
Subramanian said that going forward the fiscal and monetary policy has to be framed accordingly to take into account the decline in nominal GDP growth. There was a need to boost demand going forward, he said.
"The decline in nominal GDP growth has created a new challenge in managing the economy, he said, as he projected nominal GDP growth of 8.25 per cent for current fiscal.
Sensex falls 284 points, Nifty at 7,761 after govt lowers growth forecast
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Snapping the four-session long gaining spree, the S&P BSE Sensex ended 284 points lower, while the broader CNX Nifty closed below its key 7,800-mark.
Markets fell after the government cut its growth forecast, but indexes still made their biggest weekly gains in more than two months after the US Federal Reserve raised interest rates without any disruptions to global markets.
The 30-share index settled the day at 25,519.22, down 284.56 points, while the broad-based 50-share index quoted 7,761.95, down 82.40 points.
Market breadth turned fairly negative with 28 of the 30 Sensex components ending the day in red.
Vedanta stock was the worst performer on both benchmark indices and dropped over 3 per cent.
The government said on Friday it now expected country to grow 7-7.5 per cent in the fiscal year ending in March 2016, compared with an earlier estimate of 8.1-8.5 per cent, in a report published on Friday.
Though the report pushed shares lower, analysts said its impact would likely not linger given the downgrade had been widely expected and that India is still posting better growth than many other emerging markets.
That could help India's prospects now that the Fed rate hike on Wednesday sparked little turmoil in emerging markets after the US central bank announced a gradual approach to more tightening.
"Overall growth on the ground is improving," said Deven Choksey, managing director, K R Choksey Securities.
Among other losers, IT stocks fell on reports that the US Congress would pass a bill on Friday doubling H-1B visa fees.
Infosys fell 1.90 per cent, while Tata Consultancy Services dropped 0.98 per cent.
However, Coffee Day Enterprises was an outlier, rising 2 per cent intraday after Citi began coverage of the stock with a "buy" rating, saying its profitability was likely to improve as the company took initiatives to raise sales throughput and completed a phase of store rationalization.
Among Asian markets, China's Shanghai Composite ended flat with a negative bias. Hong Kong's Hang Seng closed 0.53 per cent lower, while Japan's Nikkei ended 1.90 per cent down.
Overnight, US stocks fell snapping their three day winning streak. The Dow Jones fell 253.25 points, or 1.43 per cent, the S&P 500 lost 31.18 points, or 1.5 per cent and the Nasdaq Composite dropped 68.58 points, or 1.35 per cent.
Snapping the four-session long gaining spree, the S&P BSE Sensex ended 284 points lower, while the broader CNX Nifty closed below its key 7,800-mark.
Markets fell after the government cut its growth forecast, but indexes still made their biggest weekly gains in more than two months after the US Federal Reserve raised interest rates without any disruptions to global markets.
The 30-share index settled the day at 25,519.22, down 284.56 points, while the broad-based 50-share index quoted 7,761.95, down 82.40 points.
Market breadth turned fairly negative with 28 of the 30 Sensex components ending the day in red.
Vedanta stock was the worst performer on both benchmark indices and dropped over 3 per cent.
The government said on Friday it now expected country to grow 7-7.5 per cent in the fiscal year ending in March 2016, compared with an earlier estimate of 8.1-8.5 per cent, in a report published on Friday.
Though the report pushed shares lower, analysts said its impact would likely not linger given the downgrade had been widely expected and that India is still posting better growth than many other emerging markets.
That could help India's prospects now that the Fed rate hike on Wednesday sparked little turmoil in emerging markets after the US central bank announced a gradual approach to more tightening.
"Overall growth on the ground is improving," said Deven Choksey, managing director, K R Choksey Securities.
Among other losers, IT stocks fell on reports that the US Congress would pass a bill on Friday doubling H-1B visa fees.
Infosys fell 1.90 per cent, while Tata Consultancy Services dropped 0.98 per cent.
However, Coffee Day Enterprises was an outlier, rising 2 per cent intraday after Citi began coverage of the stock with a "buy" rating, saying its profitability was likely to improve as the company took initiatives to raise sales throughput and completed a phase of store rationalization.
Among Asian markets, China's Shanghai Composite ended flat with a negative bias. Hong Kong's Hang Seng closed 0.53 per cent lower, while Japan's Nikkei ended 1.90 per cent down.
Overnight, US stocks fell snapping their three day winning streak. The Dow Jones fell 253.25 points, or 1.43 per cent, the S&P 500 lost 31.18 points, or 1.5 per cent and the Nasdaq Composite dropped 68.58 points, or 1.35 per cent.
FinMin lowers FY16 growth estimate to 7-7.5%
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The government on Friday lowered its growth forecast for the fiscal year ending in March 2016 to 7-7.5 per cent from 8.1-8.5 per cent estimated in February.
The revision came after Asia's third-largest economy grew 7.2 per cent in the first half of the 2015/16 fiscal year.
In its mid-year economic review presented in Parliament, the finance ministry said though the economy has made considerable progress, yet challenges remain.
The government on Friday lowered its growth forecast for the fiscal year ending in March 2016 to 7-7.5 per cent from 8.1-8.5 per cent estimated in February.
The revision came after Asia's third-largest economy grew 7.2 per cent in the first half of the 2015/16 fiscal year.
In its mid-year economic review presented in Parliament, the finance ministry said though the economy has made considerable progress, yet challenges remain.
Golden age of coal in China seems over, peak-demand scenario possible: IEA
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China could be facing peak coal demand for the first time ever as a cooling economy and structural changes in its industry hit consumption, paving the way for India to emerge as the main driver of global coal use by 2020, the International Energy Agency said.
China is the world's top coal consumer but its uptake of the dirty fossil fuel has waned with the country moving more towards less energy-intensive sectors. State efforts to cap consumption in a bid to clear up the choking smog that smothers the country's major cities have also hit demand.
"The golden age of coal in China seems to be over," the International Energy Agency (IEA) said on Friday in its Medium-Term Market Report to 2020, adding that a "peak coal" demand scenario was now probable due to stagnating housing and infrastructure development.
Lower-than-expected power demand as the use of electricity drops in heavy industry will also contribute to the decline in coal consumption, the Paris-based group added.
The IEA said China's coal demand would fall to 2,640 million tonnes of coal-equivalent (Mtce) by 2020 from 2,843 Mtce in 2014 based on the group's peak-demand scenario.
As a result, global demand will dip to 5,509 Mtce in 2020 from 5,540 Mtce in 2014, the IEA said. Under a slightly less bearish outlook, however, demand could still see a 0.8 per cent annual growth to 5,814 Mtce in 2020, it added.
Slowing demand, environmental policies and more alternative fuels will keep coal prices low, the IEA added. Thermal coal prices have already fallen to or near decade troughs.
"The continuous pressure from shale gas in the United States, stronger climate policies, and especially, the overcapacity and slowdown in China all contribute to the oversupply. This glut will be even more acute if a peak coal demand in China becomes real," the IEA said.
The US Institute for Energy Economics and Financial Analysis (IEEFA), which also published a coal outlook this week, painted a gloomy picture for coal demand as well.
"The global traded coal industry is in dire straits," said Tim Buckley, IEEFA's director of Energy Finance Studies in Australasia.
"(The) outlook for the global traded coal industry remains one of declining demand, excess supply ... relentless cost down initiatives, excessive financial leverage, asset write-downs and unprecedented stranded assets (and) shareholder wealth destruction," IEEFA said.
INDIA TAKES OVER
India is expected to pick up some of the slack in Chinese demand with its coal use seen up 149 Mtce by 2020, accounting for half of the rise in world coal demand over the period, according to the IEA.
"India is the only major economy with strong coal growth (and) India will become the second-largest coal consumer in the world, bypassing the United States," the group said.
"The Indian government has ambitious plans to provide full electricity access to the 240 million people still without it and to expand the manufacturing sector ... New coal investments and further growth in coal consumption are inevitable."
But despite the strong growth, India will not be able to fully offset the drop in Chinese demand, it added.
"India and China have different governance and growth models, with energy-intensive heavy industry playing a considerably smaller role in India."
In other regions, the IEA sees demand from the Association of Southeast Asian Nations (ASEAN) growing by 79 Mtce to 218 Mtce in the six years to 2020, accounting for more than a quarter of the global demand rise during the time.
In the United States, coal consumption will fall by 75 Mtce by 2020, given ample supplies of domestic shale gas reserves, while Europe's demand will decline 22 Mtce, it said.
On the supply-side, the IEA expects Australia to overtake Indonesia as the world's top exporter by the end of the decade.
The IEA did not include findings of the global climate change talks which took place in Paris earlier in December as the group said the report was being printed during the negotiations.
China could be facing peak coal demand for the first time ever as a cooling economy and structural changes in its industry hit consumption, paving the way for India to emerge as the main driver of global coal use by 2020, the International Energy Agency said.
China is the world's top coal consumer but its uptake of the dirty fossil fuel has waned with the country moving more towards less energy-intensive sectors. State efforts to cap consumption in a bid to clear up the choking smog that smothers the country's major cities have also hit demand.
"The golden age of coal in China seems to be over," the International Energy Agency (IEA) said on Friday in its Medium-Term Market Report to 2020, adding that a "peak coal" demand scenario was now probable due to stagnating housing and infrastructure development.
Lower-than-expected power demand as the use of electricity drops in heavy industry will also contribute to the decline in coal consumption, the Paris-based group added.
The IEA said China's coal demand would fall to 2,640 million tonnes of coal-equivalent (Mtce) by 2020 from 2,843 Mtce in 2014 based on the group's peak-demand scenario.
As a result, global demand will dip to 5,509 Mtce in 2020 from 5,540 Mtce in 2014, the IEA said. Under a slightly less bearish outlook, however, demand could still see a 0.8 per cent annual growth to 5,814 Mtce in 2020, it added.
Slowing demand, environmental policies and more alternative fuels will keep coal prices low, the IEA added. Thermal coal prices have already fallen to or near decade troughs.
"The continuous pressure from shale gas in the United States, stronger climate policies, and especially, the overcapacity and slowdown in China all contribute to the oversupply. This glut will be even more acute if a peak coal demand in China becomes real," the IEA said.
The US Institute for Energy Economics and Financial Analysis (IEEFA), which also published a coal outlook this week, painted a gloomy picture for coal demand as well.
"The global traded coal industry is in dire straits," said Tim Buckley, IEEFA's director of Energy Finance Studies in Australasia.
"(The) outlook for the global traded coal industry remains one of declining demand, excess supply ... relentless cost down initiatives, excessive financial leverage, asset write-downs and unprecedented stranded assets (and) shareholder wealth destruction," IEEFA said.
INDIA TAKES OVER
India is expected to pick up some of the slack in Chinese demand with its coal use seen up 149 Mtce by 2020, accounting for half of the rise in world coal demand over the period, according to the IEA.
"India is the only major economy with strong coal growth (and) India will become the second-largest coal consumer in the world, bypassing the United States," the group said.
"The Indian government has ambitious plans to provide full electricity access to the 240 million people still without it and to expand the manufacturing sector ... New coal investments and further growth in coal consumption are inevitable."
But despite the strong growth, India will not be able to fully offset the drop in Chinese demand, it added.
"India and China have different governance and growth models, with energy-intensive heavy industry playing a considerably smaller role in India."
In other regions, the IEA sees demand from the Association of Southeast Asian Nations (ASEAN) growing by 79 Mtce to 218 Mtce in the six years to 2020, accounting for more than a quarter of the global demand rise during the time.
In the United States, coal consumption will fall by 75 Mtce by 2020, given ample supplies of domestic shale gas reserves, while Europe's demand will decline 22 Mtce, it said.
On the supply-side, the IEA expects Australia to overtake Indonesia as the world's top exporter by the end of the decade.
The IEA did not include findings of the global climate change talks which took place in Paris earlier in December as the group said the report was being printed during the negotiations.
Narayana Murthy says visa fee hike not to impact Indian IT industry growth
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The hike in visa fees by up to $4,500 will not have an impact on the growth of the Indian IT industry, Infosys founder NR Narayana Murthy said on Friday.
"I don't think it is an issue at all, $2,000 or $4,000 that doesn't matter. The important thing is that you have to provide excellent value to customers," Murthy told reporters after meeting telecom minister Ravi Shankar Prasad.
He was replying to a query on the impact of the fee hike on the Indian IT companies.
Murthy further said, "These are issues that need to be discussed and I have no doubt at all that value of Indian IT services industry is so high to the US corporations that some of these issues will not come in the way of the growth of the Indian IT industry."
The US Congress has imposed a special fee of up to $4,500 on the H-1B and L-1 visas popular among Indian IT companies to fund a 9/11 healthcare act and biometric tracking system.
Prime Minister Narendra Modi on December 16 shared with US President Barack Obama the concerns of the Indian IT industry and professionals on the legislation, while it was under process, in the US Congress relating to popular H 1B and L1 visas.
Congressional leaders, while agreeing on the $1.1 trillion spending bill, decided to impose a special fee of $4,000 on certain categories of H-1B and $4,500 on L-1 visa.
The money generated, expected to be more than a billion dollar per annum, would be used to fund a biometric entry and exit tracking system, in addition to funding health screenings and treatments for 9/11 first responders.
According to the agreed bill, the new $4,000 fee would apply to companies having at least 50 employees with 50 per cent of their employees on H-1B or L-1 visa. Such companies would have to pay a new fee of $4,000 for H-1B visas and $4,500 for L-1 visas.
While the specific provisions of the spending bill has no mention of Indian IT companies, the language of the bill has been written in such a way that it would have a big impact on Indian IT companies.
"I am a foreigner. As far as the US government is concerned, it is their right to take whatever decision they want in the best interest of the US," Murthy said.
He said that as a foreign entity, Indian IT companies can work harder, smarter and bring more innovation so that customers in the US will realise importance of value addition done by the Indian IT industry.
Murthy also praised Prasad for the initiatives taken by his ministry for the IT industry.
"...looking at things that he has done in the last 15-16 months, I personally feel he is the finest IT and communications minister that we have," Murthy said.
The hike in visa fees by up to $4,500 will not have an impact on the growth of the Indian IT industry, Infosys founder NR Narayana Murthy said on Friday.
"I don't think it is an issue at all, $2,000 or $4,000 that doesn't matter. The important thing is that you have to provide excellent value to customers," Murthy told reporters after meeting telecom minister Ravi Shankar Prasad.
He was replying to a query on the impact of the fee hike on the Indian IT companies.
Murthy further said, "These are issues that need to be discussed and I have no doubt at all that value of Indian IT services industry is so high to the US corporations that some of these issues will not come in the way of the growth of the Indian IT industry."
The US Congress has imposed a special fee of up to $4,500 on the H-1B and L-1 visas popular among Indian IT companies to fund a 9/11 healthcare act and biometric tracking system.
Prime Minister Narendra Modi on December 16 shared with US President Barack Obama the concerns of the Indian IT industry and professionals on the legislation, while it was under process, in the US Congress relating to popular H 1B and L1 visas.
Congressional leaders, while agreeing on the $1.1 trillion spending bill, decided to impose a special fee of $4,000 on certain categories of H-1B and $4,500 on L-1 visa.
The money generated, expected to be more than a billion dollar per annum, would be used to fund a biometric entry and exit tracking system, in addition to funding health screenings and treatments for 9/11 first responders.
According to the agreed bill, the new $4,000 fee would apply to companies having at least 50 employees with 50 per cent of their employees on H-1B or L-1 visa. Such companies would have to pay a new fee of $4,000 for H-1B visas and $4,500 for L-1 visas.
While the specific provisions of the spending bill has no mention of Indian IT companies, the language of the bill has been written in such a way that it would have a big impact on Indian IT companies.
"I am a foreigner. As far as the US government is concerned, it is their right to take whatever decision they want in the best interest of the US," Murthy said.
He said that as a foreign entity, Indian IT companies can work harder, smarter and bring more innovation so that customers in the US will realise importance of value addition done by the Indian IT industry.
Murthy also praised Prasad for the initiatives taken by his ministry for the IT industry.
"...looking at things that he has done in the last 15-16 months, I personally feel he is the finest IT and communications minister that we have," Murthy said.
ISRO launched six Singaporean satellites
India up 5 spots, ranks 130th in Human Development Index: UNDP
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National space agency Indian Space Research Organisation (ISRO) successfully launched six Singapore satellites and also tested the fourth stage of its PSLV rocket from Satish Dhawan Space Centre.
- These 6 satellites were launched as part of the agreement entered into between ST Electronics (Satcom & Sensor Systems), Singapore and Antrix Corporation Limited, the commercial arm of the Indian Space Research Organisation (ISRO), government of India Company under the Department of Space (DOS).
- PSLV C-29 lifts off successfully from the Satish Dhawan Space Centre inSriharikota in Andhra Pradesh with all 6 Singapore satellites.
- These six satellites took the count of foreign satellites launched by ISRO to 57.
- The six satellites carried by PSLV-C29 together weighed about 624 kg at lift-off.
The launch of six Singapore satellites came on the sidelines of 50 years of Indo-Singapore diplomatic ties & 50 years of Independence of Singapore.
Singaporean Satellites
- TeLEOS-1
- VELOX-CI (123 kg) micro-satellite
- VELOX-II (13 kg) 6U-Cubesat technology demonstrator
- Athenoxat-1 nano-satellite
- Kent Ridge-1 (78 kg) micro-satellite
ISRO has launched 17 foreign and 4 Indian satellites 2015 including its GSAT-15 which was launched from French Guiana in November. With the latest, India has launched a total of 57 foreign satellites for 20 countries.
- National space agency Indian Space Research Organisation (ISRO) successfully launched six Singapore satellites and also tested the fourth stage of its PSLV rocket from Satish Dhawan Space Centre.
- These 6 satellites were launched as part of the agreement entered into between ST Electronics (Satcom & Sensor Systems), Singapore and Antrix Corporation Limited, the commercial arm of the Indian Space Research Organisation (ISRO), government of India Company under the Department of Space (DOS).
- PSLV C-29 lifts off successfully from the Satish Dhawan Space Centre inSriharikota in Andhra Pradesh with all 6 Singapore satellites.
- These six satellites took the count of foreign satellites launched by ISRO to 57.
- The six satellites carried by PSLV-C29 together weighed about 624 kg at lift-off.
The launch of six Singapore satellites came on the sidelines of 50 years of Indo-Singapore diplomatic ties & 50 years of Independence of Singapore.Singaporean Satellites- TeLEOS-1
- VELOX-CI (123 kg) micro-satellite
- VELOX-II (13 kg) 6U-Cubesat technology demonstrator
- Athenoxat-1 nano-satellite
- Kent Ridge-1 (78 kg) micro-satellite
ISRO has launched 17 foreign and 4 Indian satellites 2015 including its GSAT-15 which was launched from French Guiana in November. With the latest, India has launched a total of 57 foreign satellites for 20 countries.
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