General Affairs
Indo-Pak Foreign Secretary-Level Talks Likely Next Month: Pakistan Official
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ISLAMABAD: The foreign secretaries of Pakistan and India are expected to meet next month and the two sides are in touch for finalising the new dates amid some "forward movement", a senior Pakistani official said today.
A senior official of the Foreign Office said on anonymity that there was some "forward movement" and the foreign secretaries are expected to meet in February.
"The two sides are in touch over the issue of the talks and dates would be announced after mutual agreement," he said.
India-Pakistan Foreign Secretary level talks, scheduled for January 15 in Islamabad, were deferred by both the countries mutually in the wake of the Pathankot terror attack.
India has blamed Jaish-e-Mohammed (JeM) for the attack and has been seeking action against the terror outfit and its chief Masood Azhar.
India had sought action by Pakistan on the evidence provided for apprehending the JeM terrorists suspected to have been involved in the January 2 attack. India has linked the fate of the talks to action by Pakistan.
After internal deliberations, the Pakistan government initiated a crackdown on JeM and reportedly held Azhar, believed to be the mastermind behind the attack, besides shutting down several seminaries associated with the outlawed group. The Pakistan government has however not confirmed Azhar's detention.
It also formed a team to investigate the evidence provided by India about JeM's alleged involvement.
In a pre-dawn attack, a group of heavily-armed Pakistani terrorists, believed to be belonging to JeM, attacked the Pathankot air base on January 2 killing seven security personnel.
ISLAMABAD: The foreign secretaries of Pakistan and India are expected to meet next month and the two sides are in touch for finalising the new dates amid some "forward movement", a senior Pakistani official said today.A senior official of the Foreign Office said on anonymity that there was some "forward movement" and the foreign secretaries are expected to meet in February.
"The two sides are in touch over the issue of the talks and dates would be announced after mutual agreement," he said.
India-Pakistan Foreign Secretary level talks, scheduled for January 15 in Islamabad, were deferred by both the countries mutually in the wake of the Pathankot terror attack.
India has blamed Jaish-e-Mohammed (JeM) for the attack and has been seeking action against the terror outfit and its chief Masood Azhar.
India had sought action by Pakistan on the evidence provided for apprehending the JeM terrorists suspected to have been involved in the January 2 attack. India has linked the fate of the talks to action by Pakistan.
After internal deliberations, the Pakistan government initiated a crackdown on JeM and reportedly held Azhar, believed to be the mastermind behind the attack, besides shutting down several seminaries associated with the outlawed group. The Pakistan government has however not confirmed Azhar's detention.
It also formed a team to investigate the evidence provided by India about JeM's alleged involvement.
In a pre-dawn attack, a group of heavily-armed Pakistani terrorists, believed to be belonging to JeM, attacked the Pathankot air base on January 2 killing seven security personnel.
Terror Attacks Make Headlines But Not Prevention, Says Suresh Prabhu
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PANAJI: Terror attacks grab headlines but their prevention does not get as much attention, feels Railway Minister Suresh Prabhu who wants curbing of the ideology and motivation that lead a person to become a terrorist.
"The ideology and motivation that manifests individuals have to be curbed. And the source need not be within the country. It could be outside the country. That is why we have to ensure prevention of terrorism," Mr Prabhu told a gathering yesterday.
He was delivering a talk 'Role of good governance in national security', organised by Forum for Integrated National Security (FINS), a local NGO.
Mr Prabhu said a terror attack gets media headlines, but prevention of such attacks due to timely action does not get so much into the public domain.
"The Paris attack caught the headlines of the media all over, but after that on the eve of New Year (in Paris) there were threats of terror attack which were prevented," he pointed out.
The Railways Minister also said that a stronger economy is required for a secure nation.
"'Make in India' policy would turn around the country from being the largest importer of the defence material to the largest exporter of it," Mr Prabhu claimed.
He also said that the concept of security has changed over the time.
"From securing only borders with the help of defence forces to the internal security to securing water and food, there has been a change," he said.
PANAJI: Terror attacks grab headlines but their prevention does not get as much attention, feels Railway Minister Suresh Prabhu who wants curbing of the ideology and motivation that lead a person to become a terrorist."The ideology and motivation that manifests individuals have to be curbed. And the source need not be within the country. It could be outside the country. That is why we have to ensure prevention of terrorism," Mr Prabhu told a gathering yesterday.
Mr Prabhu said a terror attack gets media headlines, but prevention of such attacks due to timely action does not get so much into the public domain.
"The Paris attack caught the headlines of the media all over, but after that on the eve of New Year (in Paris) there were threats of terror attack which were prevented," he pointed out.
The Railways Minister also said that a stronger economy is required for a secure nation.
"'Make in India' policy would turn around the country from being the largest importer of the defence material to the largest exporter of it," Mr Prabhu claimed.
He also said that the concept of security has changed over the time.
"From securing only borders with the help of defence forces to the internal security to securing water and food, there has been a change," he said.
There Is Neither Jungle Raj In Bihar Nor Will It Ever Come: Nitish Kumar
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PATNA: Bihar Chief Minister Nitish Kumar today dismissed opposition's charge of 'jungle raj' in Bihar and asserted that 'rule of law' prevailed in the state pointing to the action taken against JD(U) MLA Sarfaraz Alam in a case of misbehaviour and abusing a couple in a train.
"There is neither jungle raj in Bihar nor will it ever come. There is rule of law and it will continue to exist," Kumar said while speaking at a function to mark birth anniversary of socialist leader Karpoori Thakur.
"When a matter relating to a JD(U) MLA misbehaving and abusing a couple in a train came (to light), the party took stock of the situation and put the MLA under suspension," he said narrating the incident related to JD(U) Jokihat legislature Alam.
"My government believes that everybody is equal before law. No lawbreaker will be spared be it anybody. The government does not protect any law breaker, rather it facilitates the law breakers prosecution," the chief minister said.
The government keeps a close watch over all the incidents of crime and initiate prompt action over them, he said, adding, "Police is doing its job by arresting the culprits. Those policemen found slack in duty would not be spared."
"Despite these efforts a few people are indulging in baseless talks that jungle raj exists in the state," he said taking an apparent dig at rival BJP. "There is no jungle raj here rather there is rule of law in the state."
Launching a frontal attack against BJP, Kumar said, "They are trying to paint a picture of fear by linking separate incidents of crime. More crime incidents are taking place outside Bihar but still they link up separate crime events and speak about jungle raj which is not true."
The chief minister referred to messages he received on WhatsApp in which, he said, people believed that "the truth is different from what is said about Bihar.
"Rule of law is prevailing here and growth is taking place with justice," he asserted.
Mr Kumar said he followed "coalition dharma". "There is a common programme of the coalition on which work is being done in a mission mode."
JD(U) president Sharad Yadav, state party chief Basistha Narayan Singh and party lawmaker Ramnath Thakur, son of socialist leader Karpoori Thakur, addressed the function.
PATNA: Bihar Chief Minister Nitish Kumar today dismissed opposition's charge of 'jungle raj' in Bihar and asserted that 'rule of law' prevailed in the state pointing to the action taken against JD(U) MLA Sarfaraz Alam in a case of misbehaviour and abusing a couple in a train."There is neither jungle raj in Bihar nor will it ever come. There is rule of law and it will continue to exist," Kumar said while speaking at a function to mark birth anniversary of socialist leader Karpoori Thakur.
"When a matter relating to a JD(U) MLA misbehaving and abusing a couple in a train came (to light), the party took stock of the situation and put the MLA under suspension," he said narrating the incident related to JD(U) Jokihat legislature Alam.
"My government believes that everybody is equal before law. No lawbreaker will be spared be it anybody. The government does not protect any law breaker, rather it facilitates the law breakers prosecution," the chief minister said.
The government keeps a close watch over all the incidents of crime and initiate prompt action over them, he said, adding, "Police is doing its job by arresting the culprits. Those policemen found slack in duty would not be spared."
"Despite these efforts a few people are indulging in baseless talks that jungle raj exists in the state," he said taking an apparent dig at rival BJP. "There is no jungle raj here rather there is rule of law in the state."
Launching a frontal attack against BJP, Kumar said, "They are trying to paint a picture of fear by linking separate incidents of crime. More crime incidents are taking place outside Bihar but still they link up separate crime events and speak about jungle raj which is not true."
The chief minister referred to messages he received on WhatsApp in which, he said, people believed that "the truth is different from what is said about Bihar.
"Rule of law is prevailing here and growth is taking place with justice," he asserted.
Mr Kumar said he followed "coalition dharma". "There is a common programme of the coalition on which work is being done in a mission mode."
JD(U) president Sharad Yadav, state party chief Basistha Narayan Singh and party lawmaker Ramnath Thakur, son of socialist leader Karpoori Thakur, addressed the function.
Declassified Files Prove Netaji Did Not Live In USSR, Says UK Website
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LONDON: The 100 Indian government files declassified by India confirm that Netaji Subhas Chandra Bose did not live in the former Soviet Union in or after 1945, said a UK website set up to chart the last days of the nationalist leader.
The Russian government informed the Indian Embassy in Moscow in 1992 and 1995 there is no record of Netaji being in the Soviet Union in or after 1945, the website bosefiles.info said as it reiterated its claim on December 7 denying that Bose escaped to the Soviet Union in 1945.
The website was set up in London to chronicle the truth about how Bose met his end.
As a maiden disclosure it rendered the speculation among a section of people that he escaped to the Soviet Union instead of perishing after a plane crash in Taipei on August 18, 1945 redundant.
Notes exchanged between the Prime Minister's Office and other union ministries in the mid-1990s uphold the revelation made by bosefiles.info that there were two replies from the Russian Ministry of Foreign Affairs to queries from the Indian Embassy categorically stating its point.
In the first response on January 8, 1992, the Russians said "no information whatsoever is available on the stay of the former President of the Indian National Congress, Netaji Subhas Chandra Bose, in the Soviet Union in 1945 and thereafter".
In the second response dated October 27, 1995, the Russians reiterated "no information has come to light on the stay of Subhas Chandra Bose on the territory of the former USSR in 1945 and in subsequent years".
Ashis Ray, Netaji's grandnephew and creator of website bosefiles.info, reacted, "The confirmation from the declassified Indian government files is gratifying. It proves the website has been on the right track from day one".
Mr Ray added, "Nothing in the 100 files released by Modi contradicts the facts collated and posted on bosefiles.info and no file anywhere in the world ever will. We are dealing with truth and nothing but the truth".
Netaji died in an air crash in Taipei on August 18, 1945, according to documents that form part of 100 secret files, comprising 16,600 pages which were made public by Prime Minister Narendra Modi on Netaji's 119th birth anniversary yesterday.
LONDON: The 100 Indian government files declassified by India confirm that Netaji Subhas Chandra Bose did not live in the former Soviet Union in or after 1945, said a UK website set up to chart the last days of the nationalist leader.The Russian government informed the Indian Embassy in Moscow in 1992 and 1995 there is no record of Netaji being in the Soviet Union in or after 1945, the website bosefiles.info said as it reiterated its claim on December 7 denying that Bose escaped to the Soviet Union in 1945.
The website was set up in London to chronicle the truth about how Bose met his end.
As a maiden disclosure it rendered the speculation among a section of people that he escaped to the Soviet Union instead of perishing after a plane crash in Taipei on August 18, 1945 redundant.
Notes exchanged between the Prime Minister's Office and other union ministries in the mid-1990s uphold the revelation made by bosefiles.info that there were two replies from the Russian Ministry of Foreign Affairs to queries from the Indian Embassy categorically stating its point.
In the first response on January 8, 1992, the Russians said "no information whatsoever is available on the stay of the former President of the Indian National Congress, Netaji Subhas Chandra Bose, in the Soviet Union in 1945 and thereafter".
In the second response dated October 27, 1995, the Russians reiterated "no information has come to light on the stay of Subhas Chandra Bose on the territory of the former USSR in 1945 and in subsequent years".
Ashis Ray, Netaji's grandnephew and creator of website bosefiles.info, reacted, "The confirmation from the declassified Indian government files is gratifying. It proves the website has been on the right track from day one".
Mr Ray added, "Nothing in the 100 files released by Modi contradicts the facts collated and posted on bosefiles.info and no file anywhere in the world ever will. We are dealing with truth and nothing but the truth".
Netaji died in an air crash in Taipei on August 18, 1945, according to documents that form part of 100 secret files, comprising 16,600 pages which were made public by Prime Minister Narendra Modi on Netaji's 119th birth anniversary yesterday.
Now Consumers Can Pay Online While Booking LPG Cylinder
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NEW DELHI: Consumers can now make online payment for the cooking gas or LPG cylinders at the time of booking.
This facility was launched today by Petroleum Minister Dharmendra Pradhan.
"Launched 'Online payment facility' for LPG refill to bring consumer convenience, transparency & cashless transaction," Mr Pradhan tweeted.
Earlier, only online booking facility was available for customers of oil marketing companies (OMCs) namely Indian Oil, Hindustan Petroleum and Bharat Petroleum and consumers were required to pay cash to vendor on delivery of cylinders.
"PSU OMCs have now introduced the online payment facility for consumers at the time of booking their LPG refill cylinder so that they need not worry about leaving cash with their family members or attendants while taking delivery of the cylinder," an official statement said.
This facility would bring great relief to the working couple as well as to senior citizens as they can make the payment online without bothering to keep adequate cash at home, it added.
The payment facility can be availed at www.mylpg.in which can be accessed in 13 Indian languages.
The OMCs have already implemented the refill booking facilities on IVRS, Web and SMS, portability of Gas connection, direct benefit transfer of subsidy for LPG to the bank account of consumers. The minister also said that he has asked OMCs to offer easy instalment scheme for new LPG connection, open 10,000 new distributors in 2016 and add 10 crore new consumers by 2018 on the occasion.
NEW DELHI: Consumers can now make online payment for the cooking gas or LPG cylinders at the time of booking.This facility was launched today by Petroleum Minister Dharmendra Pradhan.
"Launched 'Online payment facility' for LPG refill to bring consumer convenience, transparency & cashless transaction," Mr Pradhan tweeted.
Earlier, only online booking facility was available for customers of oil marketing companies (OMCs) namely Indian Oil, Hindustan Petroleum and Bharat Petroleum and consumers were required to pay cash to vendor on delivery of cylinders.
"PSU OMCs have now introduced the online payment facility for consumers at the time of booking their LPG refill cylinder so that they need not worry about leaving cash with their family members or attendants while taking delivery of the cylinder," an official statement said.
This facility would bring great relief to the working couple as well as to senior citizens as they can make the payment online without bothering to keep adequate cash at home, it added.
The payment facility can be availed at www.mylpg.in which can be accessed in 13 Indian languages.
The OMCs have already implemented the refill booking facilities on IVRS, Web and SMS, portability of Gas connection, direct benefit transfer of subsidy for LPG to the bank account of consumers. The minister also said that he has asked OMCs to offer easy instalment scheme for new LPG connection, open 10,000 new distributors in 2016 and add 10 crore new consumers by 2018 on the occasion.
Business Affairs
Gold monetisation scheme: Govt mobilises 900 kg of yellow metal
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The government said on Saturday it has netted a hefty 900 kgs of idle household and temple gold under the monetisation scheme and is hopeful that the number would rise further in future.
Gold Monetisation Scheme: More than 900 kgs gold mobilised so far. Scheme making steady progress. Expected to pick up in coming months, Economic Affairs Secretary Shaktikanta Das tweeted.
The Gold Monetisation Scheme, which had not picked up initially, was fine-tuned to make it more attractive and convenient to encourage entities holding idle gold to participate in the scheme.
Under the monetisation scheme, launched on November 5, banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.
Depositors will earn up to 2.50 per cent interest per annum, a rate lower than savings bank deposits.
Currently, there are 46 Assaying and Hallmarking Centres which are qualified to act as Collection and Purity Testing Centre (CPTC) for handling gold under the gold monetisation scheme.
All gold deposits under the scheme have to be made at CPTC. Banks could also accept deposits of gold at designated branches, especially from larger depositors. India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil.
An estimated 20,000 tonnes of gold are lying with households and temples. During April-December this fiscal, gold imports increased to $26.45 billion as against $25.85 billion in the same period last year.
The government said on Saturday it has netted a hefty 900 kgs of idle household and temple gold under the monetisation scheme and is hopeful that the number would rise further in future.
Gold Monetisation Scheme: More than 900 kgs gold mobilised so far. Scheme making steady progress. Expected to pick up in coming months, Economic Affairs Secretary Shaktikanta Das tweeted.
The Gold Monetisation Scheme, which had not picked up initially, was fine-tuned to make it more attractive and convenient to encourage entities holding idle gold to participate in the scheme.
Under the monetisation scheme, launched on November 5, banks were authorised to collect gold for up to 15 years to auction them off or lend to jewellers from time to time.
Depositors will earn up to 2.50 per cent interest per annum, a rate lower than savings bank deposits.
Currently, there are 46 Assaying and Hallmarking Centres which are qualified to act as Collection and Purity Testing Centre (CPTC) for handling gold under the gold monetisation scheme.
All gold deposits under the scheme have to be made at CPTC. Banks could also accept deposits of gold at designated branches, especially from larger depositors. India imports about 1,000 tonnes of gold every year and the precious metal is the second-highest component of the imports bill after crude oil.
An estimated 20,000 tonnes of gold are lying with households and temples. During April-December this fiscal, gold imports increased to $26.45 billion as against $25.85 billion in the same period last year.
India has chance to cement 'bright spot' status: Vedanta chief
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As the global economic uncertainty weighs down on the world's elite Davos at WEF meeting , Vedanta group Chairman Anil Agarwal on Saturday said it presents India an opportunity to consolidate its position as a 'bright spot'.
Here for the World Economic Forum (WEF) annual meeting, Agarwal said a key theme this year at Davos was around the role of technology to transform mankind and the 'fourth industrial revolution' currently under way and India is poised to lead this revolution also.
"Prime Minister Narendra Modi's vision is for India to emerge as a global innovation hub, which is why he launched the 'Digital India' campaign last year-a flagship government programme designed to transform India into a digitally empowered society and knowledge economy," Agarwal said.
Referring to Finance Minister Arun Jaitley's statement in Davos at WEF that "any economy needs multiple engines of growth", Agarwal said it is now becoming increasingly clear that services alone cannot drive India.
"Manufacturing, agriculture and mining are equally important to power the economy ahead," he added.
About China, he said the economic uncertainty in that country has highlighted almost every conversation, with growing concern over the slowing pace of economic growth in China.
"China has become one of investors' greatest sources of anxiety and has shaken confidence with its currency moves, market regulation and criminal probes of financial executives," Agarwal said about his key takeaways from Davos.
"As the world's second-biggest economy, China needs to remain strong and open up its financial markets," he added.
On India, he said that at this time of global economic uncertainty, India is set to become the world's fastest growing major economy by 2016.
Referring to a new World Bank report which called India-led South Asia a "bright spot" in emerging markets, he said India is certainly cementing itself as the world's growth engine.
He further said the Chinese slowdown has given India a clear opportunity.
Agarwal said the Indian government's reform agenda is continuing to make it easier to do business in India while big-ticket reforms in mining, insurance, defence, power and oil sectors spur a great deal of interest for India among global investors.
"India's geology is highly prospective for oil, bauxite, iron ore, fertiliser, gold and stone and all the resources the economy needs to grow and move people out of poverty and help job creation," he added.
"Prime Minister Modi's vision is for inclusive, broad-based economic growth and this can be achieved through initiatives such as 'Make in India' and 'Find in India' which are designed to explore the natural resources we already have and unlock them for the benefit of India and its people."
As the global economic uncertainty weighs down on the world's elite Davos at WEF meeting , Vedanta group Chairman Anil Agarwal on Saturday said it presents India an opportunity to consolidate its position as a 'bright spot'.
Here for the World Economic Forum (WEF) annual meeting, Agarwal said a key theme this year at Davos was around the role of technology to transform mankind and the 'fourth industrial revolution' currently under way and India is poised to lead this revolution also.
"Prime Minister Narendra Modi's vision is for India to emerge as a global innovation hub, which is why he launched the 'Digital India' campaign last year-a flagship government programme designed to transform India into a digitally empowered society and knowledge economy," Agarwal said.
Referring to Finance Minister Arun Jaitley's statement in Davos at WEF that "any economy needs multiple engines of growth", Agarwal said it is now becoming increasingly clear that services alone cannot drive India.
"Manufacturing, agriculture and mining are equally important to power the economy ahead," he added.
About China, he said the economic uncertainty in that country has highlighted almost every conversation, with growing concern over the slowing pace of economic growth in China.
"China has become one of investors' greatest sources of anxiety and has shaken confidence with its currency moves, market regulation and criminal probes of financial executives," Agarwal said about his key takeaways from Davos.
"As the world's second-biggest economy, China needs to remain strong and open up its financial markets," he added.
On India, he said that at this time of global economic uncertainty, India is set to become the world's fastest growing major economy by 2016.
Referring to a new World Bank report which called India-led South Asia a "bright spot" in emerging markets, he said India is certainly cementing itself as the world's growth engine.
He further said the Chinese slowdown has given India a clear opportunity.
Agarwal said the Indian government's reform agenda is continuing to make it easier to do business in India while big-ticket reforms in mining, insurance, defence, power and oil sectors spur a great deal of interest for India among global investors.
"India's geology is highly prospective for oil, bauxite, iron ore, fertiliser, gold and stone and all the resources the economy needs to grow and move people out of poverty and help job creation," he added.
"Prime Minister Modi's vision is for inclusive, broad-based economic growth and this can be achieved through initiatives such as 'Make in India' and 'Find in India' which are designed to explore the natural resources we already have and unlock them for the benefit of India and its people."
Why forex reserves fell on RBI's rupee stabilisation efforts
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Attempts to arrest the fall in the rupee's value, coupled with massive outflows of foreign funds from equity and bond markets reduced India's foreign exchange reserves (Forex) kitty by $1.726 billion, experts said on Saturday.
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the overall Forex reserves stood at $347.20 billion for the week ended January 15.
The foreign reserves' kitty had plunged by $1.43 billion to $348.93 billion for the week ended January 8. Analysts attributed the depletion to the central bank's attempts to arrest the fall in the rupee's value.
"The reduction in the Forex reserves is primarily caused due to RBI's dollar sales. The apex bank has been selling dollars to stabilise the rupee," Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, said.
According to Banerjee, the dollar sales even wiped out the foreign currency gains made on the back of a weak US dollar during the period under review.
"The dollar index had declined by 0.50 per cent in the week under review. The reserves should have risen due to the weak dollar index, instead it declined," Banerjee added.
In addition, the foreign currency assets (FCAs) which is the largest component of country's forex reserves declined by $1.723 billion to $324.67 billion in the week under review.
Apart from the US dollar, the FCAs consist of nearly 20-30 per cent of major non-US dollar global currencies, securities and bonds.
Other market observers alleged greater dollar sales by the RBI in the 'Forwards' and 'Futures' markets.
"Currency revaluation in that week should have led to an increase in the total reserves. However, the reduction implies that there might have been a greater amount of dollar sales in other markets," a currency analyst told IANS from New Delhi.
The analyst elaborated that in the medium term, the RBI is seen comfortable with the rupee ranging anywhere between 67-67.60 to a US dollar.
Anything beyond or below this limit provokes the central bank to intervene by either buying or selling the greenback.
Lately, the rupee has been on a downward trajectory due to heavy outflows of foreign funds from the equity and debt markets.
On a weekly basis, the rupee weakened by 96 paise to 67.60 (January 15) to a US dollar from its previous close of 66.64 to a greenback (January 8).
The National Securities Depository Limited (NSDL) figures showed that the FPIs were net sellers during the week ended January 15 2016. They divested Rs.3,458.33 crore or $368.3 million in the equity and debt markets from January 11-15.
Similarly, the data with stock exchanges showed that the FPIs sold stocks worth Rs.4,281.89 crore in the week under review.
However, the country's gold reserves were stagnant at $17.24 billion.
The gold reserves had diminished by $303.7 million to $17.24 billion during the week ended January 1.
Furthermore, the special drawing rights (SDRs) were lower by $2.4 million at $3.99 billion.
Similarly, the country's reserve position with the International Monetary Fund (IMF) slipped. It inched down by $0.7 million to $1.29 billion.
Attempts to arrest the fall in the rupee's value, coupled with massive outflows of foreign funds from equity and bond markets reduced India's foreign exchange reserves (Forex) kitty by $1.726 billion, experts said on Saturday.
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the overall Forex reserves stood at $347.20 billion for the week ended January 15.
The foreign reserves' kitty had plunged by $1.43 billion to $348.93 billion for the week ended January 8. Analysts attributed the depletion to the central bank's attempts to arrest the fall in the rupee's value.
"The reduction in the Forex reserves is primarily caused due to RBI's dollar sales. The apex bank has been selling dollars to stabilise the rupee," Anindya Banerjee, associate vice president for currency derivatives with Kotak Securities, said.
According to Banerjee, the dollar sales even wiped out the foreign currency gains made on the back of a weak US dollar during the period under review.
"The dollar index had declined by 0.50 per cent in the week under review. The reserves should have risen due to the weak dollar index, instead it declined," Banerjee added.
In addition, the foreign currency assets (FCAs) which is the largest component of country's forex reserves declined by $1.723 billion to $324.67 billion in the week under review.
Apart from the US dollar, the FCAs consist of nearly 20-30 per cent of major non-US dollar global currencies, securities and bonds.
Other market observers alleged greater dollar sales by the RBI in the 'Forwards' and 'Futures' markets.
"Currency revaluation in that week should have led to an increase in the total reserves. However, the reduction implies that there might have been a greater amount of dollar sales in other markets," a currency analyst told IANS from New Delhi.
The analyst elaborated that in the medium term, the RBI is seen comfortable with the rupee ranging anywhere between 67-67.60 to a US dollar.
Anything beyond or below this limit provokes the central bank to intervene by either buying or selling the greenback.
Lately, the rupee has been on a downward trajectory due to heavy outflows of foreign funds from the equity and debt markets.
On a weekly basis, the rupee weakened by 96 paise to 67.60 (January 15) to a US dollar from its previous close of 66.64 to a greenback (January 8).
The National Securities Depository Limited (NSDL) figures showed that the FPIs were net sellers during the week ended January 15 2016. They divested Rs.3,458.33 crore or $368.3 million in the equity and debt markets from January 11-15.
Similarly, the data with stock exchanges showed that the FPIs sold stocks worth Rs.4,281.89 crore in the week under review.
However, the country's gold reserves were stagnant at $17.24 billion.
The gold reserves had diminished by $303.7 million to $17.24 billion during the week ended January 1.
Furthermore, the special drawing rights (SDRs) were lower by $2.4 million at $3.99 billion.
Similarly, the country's reserve position with the International Monetary Fund (IMF) slipped. It inched down by $0.7 million to $1.29 billion.
IIP may grow 4-5 per cent in December: D&B
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India's index of industrial production (IIP) is likely to grow 4-5 per cent in December 2015, says a report.
"Growth in the index of industrial production is expected to gain strength as the unfavourable base effect wanes. The government's efforts to de-bottleneck investment coupled with early signs of pick-up in urban demand would also support production," said Dun & Bradstreet in the report.
"D&B expects IIP to have grown by 4-5 per cent during December 2015."
WPI inflation, according to the analytics firm, is likely to be near 0.5 per cent and CPI inflation in the range of 5.8- 6 per cent in January 2016.
In November 2015, IIP declined by 3.2 per cent, the sharpest decline in over four years.
For December 2015, WPI deflation stood at around 0.73 per cent as against 1.99 per cent in November 2015.
The savings in subsidies and increase in revenue through a tax hike, the Dun & Bradstreet report said, are not likely to keep fiscal deficit in check if the government decides to increase expenditure to support investment.
It suggested that rising bad loans in the banking system, soaring food inflation, subdued rural demand and supply side management after two consecutive years of rain deficit will have to be managed effectively by the government.
India's index of industrial production (IIP) is likely to grow 4-5 per cent in December 2015, says a report.
"Growth in the index of industrial production is expected to gain strength as the unfavourable base effect wanes. The government's efforts to de-bottleneck investment coupled with early signs of pick-up in urban demand would also support production," said Dun & Bradstreet in the report.
"D&B expects IIP to have grown by 4-5 per cent during December 2015."
WPI inflation, according to the analytics firm, is likely to be near 0.5 per cent and CPI inflation in the range of 5.8- 6 per cent in January 2016.
In November 2015, IIP declined by 3.2 per cent, the sharpest decline in over four years.
For December 2015, WPI deflation stood at around 0.73 per cent as against 1.99 per cent in November 2015.
The savings in subsidies and increase in revenue through a tax hike, the Dun & Bradstreet report said, are not likely to keep fiscal deficit in check if the government decides to increase expenditure to support investment.
It suggested that rising bad loans in the banking system, soaring food inflation, subdued rural demand and supply side management after two consecutive years of rain deficit will have to be managed effectively by the government.
Chinese economy won't see hard landing: Christine Lagarde
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The Chinese economy is unlikely to see 'hard landing' and it would be in the interest of the world that China returns to a sustained growth path, IMF chief Christine Lagarde said in Davos.
She also said the fourth industrial revolution currently underway would bring about a major change in the world and would require change in the way GDP is calculated.
"One of the things that I take away from WEF on fourth industrial revolution, is that we will have to change the way we calculate GDP," she said at global economic outlook session on the last day of the World Economic Forum meeting in Davos.
"We were fearing that there would be hard landing in China, but almost everybody here at Davos now feels that it is not going to be a hard landing. We are going to see an evolution, not a hard landing and a move towards a sustainable growth," she said.
Speaking at the same session, Credit Suisse chief Tidjane Thiam said the markets have been over-reacting to the developments and China will have a soft landing. British Chancellor of Exchequer George Osborne said that India and China have been two finds of the world in terms of GDP growth.
It will be massively in our interest that we bring China at multilateral bodies and we support their currency and they become part of the mainstream global economy, he said.
Osborne further said that Britain has been one of the bright spots in an otherwise gloomy economic situation. By following a clear economic plan, we have given UK very secure path, he added.
On Brexit (Britian's possible exit from EU), which was named by Lagarde as one of the major risks to watch out for the global economy, he said Britain is the second largest economy in the EU and it is set to become the largest.
"We are seeking a much more competitive EU. We need to put all the plans that are there at EU into action and we are pushing our partners for a much more competitive EU. There are concerns in UK about the levels of migration. Finally, we have to resolve that the eurozone and non-eurozone need a much better working relationship. I think we are going to find a much better relationship with our partners in EU," Osborne said.
He hoped that a deal could be there next month. "I think we are going to get a deal at the February meeting of the EU governing council. And I think it would be good for not just Britain but entire Europe. I am optimistic Britain will get a good deal," he noted.
Finance Minister Arun Jaitley and Bank of Japan Governor Haruhiko Kuroda were also on the panel.
The Chinese economy is unlikely to see 'hard landing' and it would be in the interest of the world that China returns to a sustained growth path, IMF chief Christine Lagarde said in Davos.
She also said the fourth industrial revolution currently underway would bring about a major change in the world and would require change in the way GDP is calculated.
"One of the things that I take away from WEF on fourth industrial revolution, is that we will have to change the way we calculate GDP," she said at global economic outlook session on the last day of the World Economic Forum meeting in Davos.
"We were fearing that there would be hard landing in China, but almost everybody here at Davos now feels that it is not going to be a hard landing. We are going to see an evolution, not a hard landing and a move towards a sustainable growth," she said.
Speaking at the same session, Credit Suisse chief Tidjane Thiam said the markets have been over-reacting to the developments and China will have a soft landing. British Chancellor of Exchequer George Osborne said that India and China have been two finds of the world in terms of GDP growth.
It will be massively in our interest that we bring China at multilateral bodies and we support their currency and they become part of the mainstream global economy, he said.
Osborne further said that Britain has been one of the bright spots in an otherwise gloomy economic situation. By following a clear economic plan, we have given UK very secure path, he added.
On Brexit (Britian's possible exit from EU), which was named by Lagarde as one of the major risks to watch out for the global economy, he said Britain is the second largest economy in the EU and it is set to become the largest.
"We are seeking a much more competitive EU. We need to put all the plans that are there at EU into action and we are pushing our partners for a much more competitive EU. There are concerns in UK about the levels of migration. Finally, we have to resolve that the eurozone and non-eurozone need a much better working relationship. I think we are going to find a much better relationship with our partners in EU," Osborne said.
He hoped that a deal could be there next month. "I think we are going to get a deal at the February meeting of the EU governing council. And I think it would be good for not just Britain but entire Europe. I am optimistic Britain will get a good deal," he noted.
Finance Minister Arun Jaitley and Bank of Japan Governor Haruhiko Kuroda were also on the panel.
General Awareness
India ranks 89th in Global Talent Competitiveness Index 2015-16
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India has ranked 89th globally in Global Talent Competitiveness Index (GTCI) 2015-16 list of 106 assessed countries in terms of talent competitiveness of its human capital. This GTCI list was compiled by INSEAD business school in partnership with Adecco and Human Capital Leadership Institute of Singapore (HCLI). This index measures a nation’s competitiveness based on the quality of talent it can produce, attract and retain.
Report highlights:
In this edition of list top 20 scoring countries are all high-income countries. The top rankings were dominated by European countries.
Top 10 in GTCI list:
Switzerland (1st), Singapore (2nd), Luxembourg (3rd), United States (4th), Denmark (5th),Sweden (6th),United Kingdom (7th), Norway (8th), Canada (9th) and Finland (10th).
Bottom 5 countries:
Mali (105th), Tanzania (106th), Ethiopia (107th), Burkina Faso (108th) and Madagascar (109th).
India’s scenario:
It has slipped by 11 positions in this edition of list compared to previous rank of 78 in 2014-15 edition of list. Lower position indicates acute shortage of skilled workforce. It also ranks at last among BRICS members.
- India has ranked 89th globally in Global Talent Competitiveness Index (GTCI) 2015-16 list of 106 assessed countries in terms of talent competitiveness of its human capital. This GTCI list was compiled by INSEAD business school in partnership with Adecco and Human Capital Leadership Institute of Singapore (HCLI). This index measures a nation’s competitiveness based on the quality of talent it can produce, attract and retain.
Report highlights:
In this edition of list top 20 scoring countries are all high-income countries. The top rankings were dominated by European countries.
Top 10 in GTCI list:
Switzerland (1st), Singapore (2nd), Luxembourg (3rd), United States (4th), Denmark (5th),Sweden (6th),United Kingdom (7th), Norway (8th), Canada (9th) and Finland (10th).
Bottom 5 countries:
Mali (105th), Tanzania (106th), Ethiopia (107th), Burkina Faso (108th) and Madagascar (109th).
India’s scenario:
It has slipped by 11 positions in this edition of list compared to previous rank of 78 in 2014-15 edition of list. Lower position indicates acute shortage of skilled workforce. It also ranks at last among BRICS members.
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