General Affairs
We Are In Touch With India On Finalising Dates For Talks, Says Pakistan
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ISLAMABAD: Pakistan today said that it is in touch with India on finalising dates for the postponed Foreign Secretary-level talks.
"Both sides are in touch regarding the date of Foreign Secretary-level talks. We will let you know when it is finalised," Foreign Office spokesman Qazi Khalilullah said today during weekly briefing.
The agenda of the talks will be discussed after date for the Foreign Secretary-level talks is finalised, he said.
India and Pakistan last month mutually agreed to a short deferment of Foreign Secretary-level talks after the Pathankot terror attack.
Talking about the visa controversy relating to actor Anupam Kher, he said High Commissioner in India spoke to the actor and offered him a visa to attend the Literature Festival to which he was invited.
"However, Kher replied that he would not be able to visit Pakistan due to other commitments," the spokesman said.
Responding to a question, Mr Khalilullah said the dossiers on India's alleged involvement in fomenting terrorism in Pakistan have already been shared with the US and the UN.
To another query, he said that questions about Dawood Ibrahim have been asked several times in the past and reiterated Pakistan's position that he was not present in the country.
"You may be aware that Indian authorities have admitted at the Ministerial level that Dawood Ibrahim's whereabouts were not known to them," he said.
Ahead of Solidarity day being observed in Pakistan on Friday to support right of self-determination of people of Kashmir, Mr Khalilullah said, "India continues to violate the human rights of and brutalise Kashmiris in the occupied Kashmir. Pakistan has always condemned these atrocities."
"Kashmir Solidarity Day, to be observed tomorrow, reminds us of the Indian atrocities and the need for Kashmir dispute to be resolved in accordance with the UN Security Council Resolutions and aspirations of the people of Kashmir," he said.
Mr Khalilullah also said the meeting of the Quadrilateral Coordination Group on Afghanistan talks was scheduled for February 6 and will be held in Islamabad as planned.
He said Pakistan and Afghanistan were in touch at various levels regarding the use of Afghan soil by certain elements involved in the terrorist attack on Bacha Khan University.
The spokesman said that Pakistan does not differentiate between good and bad terrorists and it was at the heart of Operation Zarb-e-Azb against militants.
ISLAMABAD: Pakistan today said that it is in touch with India on finalising dates for the postponed Foreign Secretary-level talks."Both sides are in touch regarding the date of Foreign Secretary-level talks. We will let you know when it is finalised," Foreign Office spokesman Qazi Khalilullah said today during weekly briefing.
The agenda of the talks will be discussed after date for the Foreign Secretary-level talks is finalised, he said.
India and Pakistan last month mutually agreed to a short deferment of Foreign Secretary-level talks after the Pathankot terror attack.
Talking about the visa controversy relating to actor Anupam Kher, he said High Commissioner in India spoke to the actor and offered him a visa to attend the Literature Festival to which he was invited.
"However, Kher replied that he would not be able to visit Pakistan due to other commitments," the spokesman said.
Responding to a question, Mr Khalilullah said the dossiers on India's alleged involvement in fomenting terrorism in Pakistan have already been shared with the US and the UN.
To another query, he said that questions about Dawood Ibrahim have been asked several times in the past and reiterated Pakistan's position that he was not present in the country.
"You may be aware that Indian authorities have admitted at the Ministerial level that Dawood Ibrahim's whereabouts were not known to them," he said.
Ahead of Solidarity day being observed in Pakistan on Friday to support right of self-determination of people of Kashmir, Mr Khalilullah said, "India continues to violate the human rights of and brutalise Kashmiris in the occupied Kashmir. Pakistan has always condemned these atrocities."
"Kashmir Solidarity Day, to be observed tomorrow, reminds us of the Indian atrocities and the need for Kashmir dispute to be resolved in accordance with the UN Security Council Resolutions and aspirations of the people of Kashmir," he said.
Mr Khalilullah also said the meeting of the Quadrilateral Coordination Group on Afghanistan talks was scheduled for February 6 and will be held in Islamabad as planned.
He said Pakistan and Afghanistan were in touch at various levels regarding the use of Afghan soil by certain elements involved in the terrorist attack on Bacha Khan University.
The spokesman said that Pakistan does not differentiate between good and bad terrorists and it was at the heart of Operation Zarb-e-Azb against militants.
National Investigation Agency Questions Terror Suspect Arrested In Goa
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PANAJI: The NIA officials today interrogated a retired senior Army officer's son Sameer Sardana who was arrested by Goa police after he was found loitering suspiciously at Vasco Railway Station and gathering information about bomb blasts in the country.
"The National Investigation Agency officials arrived this morning and they have been questioning Sameer Sardana at Ribander office of crime branch," a senior Anti-Terrorism Squad (ATS) official said.
Mr Sardana's father was reported to be an ex-Major General from Dehradun.
Mr Sardana was arrested yesterday on suspicion, after he was found loitering at Vasco Railway station with five passports and a laptop.
The ATS, which managed to crack the password of his laptop and access the emails and documents, said he was gathering information about bomb blasts which have taken place across the country in the past.
"We have not been able to link him to any terror plot as per the investigations that have taken place till now. But inquiries are on," the ATS official earlier said on the condition of anonymity.
Mr Sardana, a 44-year-old chartered accountant, was booked under section 41 of the Code of Criminal Procedure which deals with preventive arrest.
He was living in a railway dormitory, 35 km from Panaji, since January 22 and had been extending his stay, the official said.
Mr Sardana is based in Mumbai and has worked for multi-national firms like Accenture with postings in Hong Kong, Malaysia and Saudi Arabia, the official said.
Police investigations have also shown that he is a Hindu by birth, but has been practising Islam.
Goa Police are on alert after a letter purportedly written by ISIS, threatening to kill Prime Minister Narendra Modi and Defence Minister Manohar Parrikar, was received on January 13 by the state secretariat, which was handed over to the ATS.
Police had detained a Syrian, a Nigerian and a Yemeni last week for overstaying and they were probed from the terror angle.
"The National Investigation Agency officials arrived this morning and they have been questioning Sameer Sardana at Ribander office of crime branch," a senior Anti-Terrorism Squad (ATS) official said.
Mr Sardana was arrested yesterday on suspicion, after he was found loitering at Vasco Railway station with five passports and a laptop.
The ATS, which managed to crack the password of his laptop and access the emails and documents, said he was gathering information about bomb blasts which have taken place across the country in the past.
"We have not been able to link him to any terror plot as per the investigations that have taken place till now. But inquiries are on," the ATS official earlier said on the condition of anonymity.
Mr Sardana, a 44-year-old chartered accountant, was booked under section 41 of the Code of Criminal Procedure which deals with preventive arrest.
He was living in a railway dormitory, 35 km from Panaji, since January 22 and had been extending his stay, the official said.
Mr Sardana is based in Mumbai and has worked for multi-national firms like Accenture with postings in Hong Kong, Malaysia and Saudi Arabia, the official said.
Police investigations have also shown that he is a Hindu by birth, but has been practising Islam.
Goa Police are on alert after a letter purportedly written by ISIS, threatening to kill Prime Minister Narendra Modi and Defence Minister Manohar Parrikar, was received on January 13 by the state secretariat, which was handed over to the ATS.
Police had detained a Syrian, a Nigerian and a Yemeni last week for overstaying and they were probed from the terror angle.
Ahead Of Elections, Kerala's Rubber Crisis Turns Political
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KOTTAYAM: In Kerala's Kottayam district, 50-year-old Joy Nelliani needs to sell at least two kilos of rubber sheets every day to feed his family a meal of fish and rice.
Until a few years ago, that was would get Rs 400 but now it just earns him Rs 180 - the lowest rubber price in Kerala's history.
He has stopped harvesting the rubber this season because he cannot pay the labourers and has no money to buy fertiliser - which means a poorer yield.
"It has become difficult to provide for the family. Financially, it is very difficult for rubber planters. What used to fetch us Rs 200 a kg, is now worth only Rs 90," Mr Nelliani says.
With elections due this year, the crisis is catching wind in the state - especially in Kottayam - a Kerala Congress stronghold.
The Congress-led United Democratic Front (UDF) government has set aside Rs 300 crore to ensure planters get a minimum price of Rs 150 a kilo.
"This is the worst agricultural crisis Kerala has seen. The state is now providing Rs 150 per kg, Central government should add another Rs 50. All of Kerala - its labourers, its economy is badly affected," said Jose K Mani, Kerala Congress (M) lawmaker, who undertook a hunger strike last month demanding the Centre's intervention.
The Left, which hopes to come back to power this year, is supporting independent candidates who left the Kerala Congress for what they allege is lack of support to rubber planters.
Jacob Jose, an Independent Panchayat member has moved away from the Congress and is now backed by the Communist Party of India-Marxist.
"We should be getting help from UDF and Kerala Congress leaders but because we are not, we have even started thinking of a different political route and alternatives," he said.
"We as farmers have not received any help, at least the way we should have in Kottayam, where 80 per cent of agricultural land is under rubber," he added.
KOTTAYAM: In Kerala's Kottayam district, 50-year-old Joy Nelliani needs to sell at least two kilos of rubber sheets every day to feed his family a meal of fish and rice.Until a few years ago, that was would get Rs 400 but now it just earns him Rs 180 - the lowest rubber price in Kerala's history.
He has stopped harvesting the rubber this season because he cannot pay the labourers and has no money to buy fertiliser - which means a poorer yield.
With elections due this year, the crisis is catching wind in the state - especially in Kottayam - a Kerala Congress stronghold.
The Congress-led United Democratic Front (UDF) government has set aside Rs 300 crore to ensure planters get a minimum price of Rs 150 a kilo.
The Left, which hopes to come back to power this year, is supporting independent candidates who left the Kerala Congress for what they allege is lack of support to rubber planters.
Jacob Jose, an Independent Panchayat member has moved away from the Congress and is now backed by the Communist Party of India-Marxist.
"We should be getting help from UDF and Kerala Congress leaders but because we are not, we have even started thinking of a different political route and alternatives," he said.
"We as farmers have not received any help, at least the way we should have in Kottayam, where 80 per cent of agricultural land is under rubber," he added.
Centre To Seek Ratification Of President's Rule In Arunachal In Budget Session
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NEW DELHI: The Centre will push for the ratification of the proclamation of President's Rule in Arunachal Pradesh and passage of a Bill to replace the ordinance to amend the Enemy Property Act during the first part of the Budget session beginning February 23.
President's Rule was imposed in Arunachal Pradesh on January 26 following political instability in the state.
As per Article 356 of the Constitution, the proclamation will cease to operate within two months unless "it has been approved by resolutions of both Houses of Parliament".
Sources in the government said that soon after the tabling of the Union Budget, the government will push for the passage of the resolution in Lok Sabha and Rajya Sabha.
The BJP-led NDA government lacks numbers in the Upper House.
Home Minister Rajnath Singh will also move a Bill to replace the ordinance to amend the Enemy Property Act, which was issued on January 8.
As per the Constitution, the ordinance lapses 42 days/6 weeks from the day a session begins unless a Bill to replace it is cleared by Parliament.
The ordinance amends the 47-year-old Enemy Property Act to allow custodians to continue to retain control over such properties.
The ordinance amends the provisions of the Act declaring that all "enemy property" vested in the custodian would continue to vest in the custodian irrespective of the death or extinction of the enemy.
After the Indo-Pakistan War of 1965, the Enemy Property Act was promulgated in 1968.
The first part of the session is from February 23 to March 16, while the second part is from April 25 to May 13.
NEW DELHI: The Centre will push for the ratification of the proclamation of President's Rule in Arunachal Pradesh and passage of a Bill to replace the ordinance to amend the Enemy Property Act during the first part of the Budget session beginning February 23.President's Rule was imposed in Arunachal Pradesh on January 26 following political instability in the state.
Sources in the government said that soon after the tabling of the Union Budget, the government will push for the passage of the resolution in Lok Sabha and Rajya Sabha.
The BJP-led NDA government lacks numbers in the Upper House.
Home Minister Rajnath Singh will also move a Bill to replace the ordinance to amend the Enemy Property Act, which was issued on January 8.
As per the Constitution, the ordinance lapses 42 days/6 weeks from the day a session begins unless a Bill to replace it is cleared by Parliament.
The ordinance amends the 47-year-old Enemy Property Act to allow custodians to continue to retain control over such properties.
The ordinance amends the provisions of the Act declaring that all "enemy property" vested in the custodian would continue to vest in the custodian irrespective of the death or extinction of the enemy.
After the Indo-Pakistan War of 1965, the Enemy Property Act was promulgated in 1968.
The first part of the session is from February 23 to March 16, while the second part is from April 25 to May 13.
One Rank One Pension: Ex-Servicemen Vow To Continue Agitation
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NEW DELHI: Unsatisfied with the detailed instructions and tables for One Rank One Pension (OROP) scheme issued by the government, protesting military veterans today vowed to continue their agitation.
"OROP tables short-change widows, reservists, battle casualties, havildars, subedars and subedar majors. The Jantar Mantar protest will continue and legal options will be exercised," Col Anil Kaul (Retd), spokesperson for the protesting ex-servicemen said.
The statement came after veterans met today at the Jantar Mantar to decide on the future course of action.
The veterans body has said that anomalies remain in the scheme announced by the government.
The main complaint is that instead of giving the highest pension at one rank, government has decided on giving the average pension of a rank which "nullifies" the meaning and definition of OROP.
The annual recurring financial implication of OROP at the current rate will be approximately Rs 7,500 crore, the government said yesterday as it issued detailed instructions for the scheme.
The government also issued OROP tables which said that the arrears from July 1, 2014 to December 31, 2015 would be approximately Rs 10,900 crore.
86 per cent of the total expenditure on account of OROP will benefit the Junior Commissioned Officers and other ranks.
The total increase in the defence budget for pensions is estimated to go up from Rs 54,000 crore (BE 2015-16) to around Rs 65,000 crore (proposed BE 2016-17), thereby increasing the defence pension outlay by about 20 per cent.
The government order said that the payment of arrears and revision of pension under OROP is to be made by the Pension Disbursing Authorities in four instalments, except for family pensioners and pensioners in receipt of gallantry awards who will be paid arrears in one instalment.
The government had in November last year taken the decision to implement OROP, "fulfilling" the long standing demand of defence personnel after 42 years.
The move will benefit over 18 lakh ex-servicemen and war widows.
NEW DELHI: Unsatisfied with the detailed instructions and tables for One Rank One Pension (OROP) scheme issued by the government, protesting military veterans today vowed to continue their agitation."OROP tables short-change widows, reservists, battle casualties, havildars, subedars and subedar majors. The Jantar Mantar protest will continue and legal options will be exercised," Col Anil Kaul (Retd), spokesperson for the protesting ex-servicemen said.
The statement came after veterans met today at the Jantar Mantar to decide on the future course of action.
The veterans body has said that anomalies remain in the scheme announced by the government.
The main complaint is that instead of giving the highest pension at one rank, government has decided on giving the average pension of a rank which "nullifies" the meaning and definition of OROP.
The annual recurring financial implication of OROP at the current rate will be approximately Rs 7,500 crore, the government said yesterday as it issued detailed instructions for the scheme.
The government also issued OROP tables which said that the arrears from July 1, 2014 to December 31, 2015 would be approximately Rs 10,900 crore.
86 per cent of the total expenditure on account of OROP will benefit the Junior Commissioned Officers and other ranks.
The total increase in the defence budget for pensions is estimated to go up from Rs 54,000 crore (BE 2015-16) to around Rs 65,000 crore (proposed BE 2016-17), thereby increasing the defence pension outlay by about 20 per cent.
The government order said that the payment of arrears and revision of pension under OROP is to be made by the Pension Disbursing Authorities in four instalments, except for family pensioners and pensioners in receipt of gallantry awards who will be paid arrears in one instalment.
The government had in November last year taken the decision to implement OROP, "fulfilling" the long standing demand of defence personnel after 42 years.
The move will benefit over 18 lakh ex-servicemen and war widows.
Business Affairs
Tata Steel dips into red; posts loss of Rs 2,127.23 crore for Q3
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Tata Steel on Thursday reported a consolidated net loss of Rs 2,127.23 crore for the quarter ended December 31, 2015 hit by subdued demand in India as well as higher regulatory costs and a strong British pound.
Mumbai-based firm had a net profit of Rs 157.11 crore in the year-ago period.
Total consolidated income of the steel maker declined by 17 per cent to Rs 28,039 crore in the October-December quarter of this fiscal, from Rs 33,633 crore during the same quarter in 2014-15, Tata Steel said in a BSE filing.
Its total expenses more than doubled to Rs 1,224.90 crore from Rs 578 crore during the quarter under review.
Steel deliveries of the company rose marginally to 6.37 million tonnes (MT) in the December quarter in 2015-16, from 6.29 MT during the same quarter in 2014-15.
"Indian steel demand remained subdued post monsoon quarter due to sluggish uptick across key steel consuming sectors like construction, general engineering and infrastructure," Tata Steel said.
Rural demand also remained muted. Oversupply in global steel markets coupled with relative stability of Indian rupee versus dollar as compared to other and currencies has made India a favoured import destination, it added.
On its European operations, the firm said: "Surging imports into Europe exerted further pressure on margins in the last quarter.
"The unprecedented market conditions, made worse by the UK s regulatory costs and strong pound, led to announcements to reduce jobs and mothball assets in the UK part of an ongoing transformation programme."
Tata Steel's Managing Director India and South East Asia T V Narendran said: "Steel markets in India have been affected by depressed international steel prices and predatory imports.
Tepid demand among steel consuming sectors has further exacerbated the problem."
To realign Tata Steel with new market realities, the firm is sharpening focus on effective management of costs. It will also continue to invest in its marketing franchise and in increasing the share of value added products, he added.
Tata Steel in Europe CEO and Managing Director Karl Ulrich Kohler said: "This perfect storm (imports) caused the deterioration of our financial performance in the last quarter and led to us announcing restructuring in the UK where our operations also face higher regulatory costs."
Growing European steel demand continues to be undermined by a flood of imports. Chinese steel shipments into Europe leapt over 50 per cent last year, while imports from Russia and South Korea jumped 25 per cent and 30 per cent, respectively, he added.
Tata Steel on Thursday reported a consolidated net loss of Rs 2,127.23 crore for the quarter ended December 31, 2015 hit by subdued demand in India as well as higher regulatory costs and a strong British pound.
Mumbai-based firm had a net profit of Rs 157.11 crore in the year-ago period.
Total consolidated income of the steel maker declined by 17 per cent to Rs 28,039 crore in the October-December quarter of this fiscal, from Rs 33,633 crore during the same quarter in 2014-15, Tata Steel said in a BSE filing.
Its total expenses more than doubled to Rs 1,224.90 crore from Rs 578 crore during the quarter under review.
Steel deliveries of the company rose marginally to 6.37 million tonnes (MT) in the December quarter in 2015-16, from 6.29 MT during the same quarter in 2014-15.
"Indian steel demand remained subdued post monsoon quarter due to sluggish uptick across key steel consuming sectors like construction, general engineering and infrastructure," Tata Steel said.
Rural demand also remained muted. Oversupply in global steel markets coupled with relative stability of Indian rupee versus dollar as compared to other and currencies has made India a favoured import destination, it added.
On its European operations, the firm said: "Surging imports into Europe exerted further pressure on margins in the last quarter.
"The unprecedented market conditions, made worse by the UK s regulatory costs and strong pound, led to announcements to reduce jobs and mothball assets in the UK part of an ongoing transformation programme."
Tata Steel's Managing Director India and South East Asia T V Narendran said: "Steel markets in India have been affected by depressed international steel prices and predatory imports.
Tepid demand among steel consuming sectors has further exacerbated the problem."
To realign Tata Steel with new market realities, the firm is sharpening focus on effective management of costs. It will also continue to invest in its marketing franchise and in increasing the share of value added products, he added.
Tata Steel in Europe CEO and Managing Director Karl Ulrich Kohler said: "This perfect storm (imports) caused the deterioration of our financial performance in the last quarter and led to us announcing restructuring in the UK where our operations also face higher regulatory costs."
Growing European steel demand continues to be undermined by a flood of imports. Chinese steel shipments into Europe leapt over 50 per cent last year, while imports from Russia and South Korea jumped 25 per cent and 30 per cent, respectively, he added.
Sensex snaps 3-day long losing streak, ends 115 points up, Nifty above 7,400; ONGC top gainer
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Snapping three-day long losing streak, the S&P BSE Sensex ended 115 points higher in trade on Thursday, while broader CNX Nifty closed above its key 7,400-mark.
The benchmark indices gained as global risk rally gathered momentum driven by hopes that the US Federal Reserve might opt to not raise interest rates at all this year.
The 30-share index ended the day at 24,338, up 115.11 points, while broad-based 50-share index quoted 7,404, up 42.20 points at close.
Market breadth turned positive with 18 of the 30 Sensex components ending the day in green.
ONGC was the best performing stock on Sensex and ended the day 3.28 per cent higher.
Asian shares gained on hopes of a Fed status quo after New York Fed chairman William Dudley on Wednesday said "financial conditions are tighter than they were in December" and "needed to be considered in March rate review."
Dudley's comments hammered the dollar and sparked a huge rally in oil prices.
Domestic markets have been taking a beating on the back of declining global crude prices but analysts are certain of a bounce back in shares quickly once the current bout of selling ends globally.
"The top global fears - Chinese hard landing, yuan devaluation, Fed's apathy to financial liquidity, collapsing crude prices - were alleviated yesterday night by sympathetic statements by Fed's (William) Dudley," said Varun Khandelwal, director at Bullero Capital.
"This soothing of nerves led traders to focus once again on the longer term prospects for India."
"The 5 per cent rally in crude prices and the PBoC fixing for the yuan coming in sharply higher also helped calm investor nerves," he said.
Upstream oil companies Cairn India gained 5.69 per cent and ONGC rose 3.28 per cent, tracking the global crude rally.
Meanwhile, pharma stocks fell after reports of a US ruling to produce active pharmaceutical ingredients (APIs) locally, while analysts doubt the veracity of the import ban report.
Snapping three-day long losing streak, the S&P BSE Sensex ended 115 points higher in trade on Thursday, while broader CNX Nifty closed above its key 7,400-mark.
The benchmark indices gained as global risk rally gathered momentum driven by hopes that the US Federal Reserve might opt to not raise interest rates at all this year.
The 30-share index ended the day at 24,338, up 115.11 points, while broad-based 50-share index quoted 7,404, up 42.20 points at close.
Market breadth turned positive with 18 of the 30 Sensex components ending the day in green.
ONGC was the best performing stock on Sensex and ended the day 3.28 per cent higher.
Asian shares gained on hopes of a Fed status quo after New York Fed chairman William Dudley on Wednesday said "financial conditions are tighter than they were in December" and "needed to be considered in March rate review."
Dudley's comments hammered the dollar and sparked a huge rally in oil prices.
Dudley's comments hammered the dollar and sparked a huge rally in oil prices.
Domestic markets have been taking a beating on the back of declining global crude prices but analysts are certain of a bounce back in shares quickly once the current bout of selling ends globally.
"The top global fears - Chinese hard landing, yuan devaluation, Fed's apathy to financial liquidity, collapsing crude prices - were alleviated yesterday night by sympathetic statements by Fed's (William) Dudley," said Varun Khandelwal, director at Bullero Capital.
"This soothing of nerves led traders to focus once again on the longer term prospects for India."
"The 5 per cent rally in crude prices and the PBoC fixing for the yuan coming in sharply higher also helped calm investor nerves," he said.
Upstream oil companies Cairn India gained 5.69 per cent and ONGC rose 3.28 per cent, tracking the global crude rally.
Meanwhile, pharma stocks fell after reports of a US ruling to produce active pharmaceutical ingredients (APIs) locally, while analysts doubt the veracity of the import ban report.
Jaitley woos sovereign funds to invest in infra, railways
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Inviting foreign capital in sectors like roads, railways and energy, Finance Minister Arun Jaitley on Thursday met sovereign wealth funds from Singapore and the UAE and pitched a stable policy regime and resilience of Indian economy amid a global slowdown.
Opening the two-day India Investment Summit 2016, the minister highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil&gas, urban infrastructure and railways.
He also held closed-door discussions with several potential investors including European investment banks and sovereign funds of countries like Singapore and the UAE.
"One of the greatest challenges before India was to re-establish the credibility of Indian markets and in order to establish the credibility of Indian economy it was important that we not only reform but continue reform only in one direction," he said in his inaugural address at the summit.
Also, decision making has been expedited and conditions that made investment process difficult, sliced away, he said.
India during the last 19 months of the BJP government has "opened gates for investment," he said.
The government, he said, has ensured that "decision making becomes faster, policy changes and improvements including structural reforms, which are to take place, the pace of those reforms is consistent and direction is one way itself. And therefore in last 19 months we have opened gates of India for investment."
"We have eased out processes. And several conditionalities which made investment process more difficult, those conditionalities have also been sliced away," he said. "We have been actively working on ease of doing business," he added.
Jaitley also hoped that the Goods and Services Tax (GST) Bill as well as a the bankruptcy law are passed in the Budget session of Parliament.
"We worked full time to draft a very effective bankruptcy and insolvency law which was introduced in Parliament in the last session. A joint committee is working overtime almost on day-to-day basis endeavouring to produce a report by the first week of March, which will enable us for approval and passage in the coming session," he said.
Showcasing investment opportunities India offers, Jaitley said with one-sixth of the world population and largest the largest middle class, there are huge opportunities.
"When people start noticing an economy, when people start investing in an economy, and that happens when the credibility of that economy is established. Credibility is established by stability of policies, by consistent action in allowing it to grow and I think in the midst of this otherwise global slowdown, it is a great opportunity that India has which we are fully trying to realise," he added.
Inviting foreign capital in sectors like roads, railways and energy, Finance Minister Arun Jaitley on Thursday met sovereign wealth funds from Singapore and the UAE and pitched a stable policy regime and resilience of Indian economy amid a global slowdown.
Opening the two-day India Investment Summit 2016, the minister highlighted opportunities the country presents to investors and sought investment in sectors like road, highways, oil&gas, urban infrastructure and railways.
He also held closed-door discussions with several potential investors including European investment banks and sovereign funds of countries like Singapore and the UAE.
"One of the greatest challenges before India was to re-establish the credibility of Indian markets and in order to establish the credibility of Indian economy it was important that we not only reform but continue reform only in one direction," he said in his inaugural address at the summit.
Also, decision making has been expedited and conditions that made investment process difficult, sliced away, he said.
India during the last 19 months of the BJP government has "opened gates for investment," he said.
The government, he said, has ensured that "decision making becomes faster, policy changes and improvements including structural reforms, which are to take place, the pace of those reforms is consistent and direction is one way itself. And therefore in last 19 months we have opened gates of India for investment."
"We have eased out processes. And several conditionalities which made investment process more difficult, those conditionalities have also been sliced away," he said. "We have been actively working on ease of doing business," he added.
Jaitley also hoped that the Goods and Services Tax (GST) Bill as well as a the bankruptcy law are passed in the Budget session of Parliament.
"We worked full time to draft a very effective bankruptcy and insolvency law which was introduced in Parliament in the last session. A joint committee is working overtime almost on day-to-day basis endeavouring to produce a report by the first week of March, which will enable us for approval and passage in the coming session," he said.
Showcasing investment opportunities India offers, Jaitley said with one-sixth of the world population and largest the largest middle class, there are huge opportunities.
"When people start noticing an economy, when people start investing in an economy, and that happens when the credibility of that economy is established. Credibility is established by stability of policies, by consistent action in allowing it to grow and I think in the midst of this otherwise global slowdown, it is a great opportunity that India has which we are fully trying to realise," he added.
Govt seeks $2.2 bn to build second phase of strategic oil reserves
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The petroleum ministry has sought Rs 15,000 crore ($2.2 billion) from the finance ministry to build the second phase of the country's strategic petroleum reserves, Oil Minister Dharmendra Pradhan said on Thursday.
Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.
The petroleum ministry has sought Rs 15,000 crore ($2.2 billion) from the finance ministry to build the second phase of the country's strategic petroleum reserves, Oil Minister Dharmendra Pradhan said on Thursday.
Strategic storage reserves are underground rock caverns used to store crude oil that can be used in case of a supply cut-off to a country.
Power generation grew 6 per cent in January 2016
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Power generation in India grew by 6 per cent in January 2016 as per the tentative estimates released by the Central Electricity Authority. The country generated 91.7 billion units during the month compared to 86.5 billion units generated in January 2015.
A healthy performance by thermal power stations helped the country in reporting more than 5 per cent growth in total power generation. Thermal power generation grew by 8.2 per cent year-on-year (y-o-y), generating 82.4 billion units in January 2016.
Thermal power stations, however, could not meet the monthly generation target of 86.1 billion units. The plant load factor (PLF) of thermal power stations slipped to 63.2 per cent from 64.8 per cent a year ago.
Hydel power generation fell by 12.6 per cent to 6.2 billion units in January 2016. This was the fifth consecutive month of a y-o-y decline in generation. Hydel power stations managed to achieve 84 per cent of the monthly generation target of around 7.4 billion units.
Nuclear power generation decreased by 5.4 per cent y-o-y in during the month. As against the monthly generation target of 3.6 billion units, atomic power stations generated around 3 billion units. The PLF of nuclear power stations also fell to 70.7 per cent from 74.7 per cent in January 2015.
Power generation in India grew by 6 per cent in January 2016 as per the tentative estimates released by the Central Electricity Authority. The country generated 91.7 billion units during the month compared to 86.5 billion units generated in January 2015.A healthy performance by thermal power stations helped the country in reporting more than 5 per cent growth in total power generation. Thermal power generation grew by 8.2 per cent year-on-year (y-o-y), generating 82.4 billion units in January 2016.
Thermal power stations, however, could not meet the monthly generation target of 86.1 billion units. The plant load factor (PLF) of thermal power stations slipped to 63.2 per cent from 64.8 per cent a year ago.
Hydel power generation fell by 12.6 per cent to 6.2 billion units in January 2016. This was the fifth consecutive month of a y-o-y decline in generation. Hydel power stations managed to achieve 84 per cent of the monthly generation target of around 7.4 billion units.
Nuclear power generation decreased by 5.4 per cent y-o-y in during the month. As against the monthly generation target of 3.6 billion units, atomic power stations generated around 3 billion units. The PLF of nuclear power stations also fell to 70.7 per cent from 74.7 per cent in January 2015.
General Awareness
Mahatma Gandhi National Rural Employment Guarantee Act - The Journey of a Decade
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The Mandate of the Act and Achievements
The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) completes ten years of implementation on 2nd February 2016. The achievements of a decade are a cause of national pride and celebration. Since the start of the programme, the expenditure on the programme has amounted to Rs. 3,13,844.55 crore and out of this 71% has been spent on wage payments to workers.
Of the workers, the percentage of Scheduled Caste workers has consistently been about 20% and Scheduled Tribe workers has been about 17%. A total of 1,980.01 crore persondays have been generated, out of which the percentage worked by women has steadily increased much above the statutory minimum of 33%.
Sustainable assets have been created linked to conservation of natural resources and overall development of Gram Panchayats. More than 65% of the works taken up under the programme are linked to agriculture and allied activities.
Revival of the Programme
The past year, 2015-16, has seen a revival of the programme. The personday generation is the highest in the second quarter (45.88 crore) and third quarter (46.10 crore) than it has been in the last five years. The national personday generation to date at 146 crore is well above what this figure was at this time last year.
44% of all wage payments are being made on time. More than 64% of total expenditure is on agriculture and allied activities, the highest in three years. 57% of all workers are women, well above the statutory requirement of 33% and the highest in three years. 23% of all persondays are being done by SC workers, and 18% by ST workers, the highest in three years.
This revival has been achieved due to a slew of reforms undertaken by the Ministry of Rural Development. Most important of these has been the timely release of funds to states to provide work on demand. An electronic fund management system has been successfully instituted which allows for real time and transparent release of funds to implementing agencies and beneficiaries. There has been consistent coordination between banks and post offices and constant monitoring of pendency of payments has led to a reduction in wage delays.
The Ministry has reacted swiftly to the distress situation of droughts in nine states by declaring an additional 50 days of employment in the drought affected areas.
Way Forward
The focus for the upcoming years will be on simplification and strengthening of procedures for the implementation of the MGNREGA as an employment guarantee. A Master Circular is being issued today which consolidates all key instructions from the Central Government on the implementation of the Act. Beyond this, states are encouraged to innovate with flexibility.
The convergent planning exercise currently underway in 2569 backward blocks in the country will be consolidated in the State Rural Development Plan (SRDP) which will be the basis of implementation and monitoring for the coming year.
Concurrent social audits and community monitoring will be undertaken. There will be a renewed focus on sustainable individual assets to benefit the poor and vulnerable households with the following targets; 5 Lakh farm ponds and 10 Lakh Vermi and NADEP compost pits in the FY 2016-17. There will be a continued focus on construction of Anganwadi Buildings and individual household latrines.
The Ministry will focus on imparting skills to workers. It will aim to train and place 10,000 Barefoot Technicians from worker households and through Project LIFE, skill and train workers for wages, for self-employment and livelihood upgradation.
- The Mandate of the Act and AchievementsThe Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) completes ten years of implementation on 2nd February 2016. The achievements of a decade are a cause of national pride and celebration. Since the start of the programme, the expenditure on the programme has amounted to Rs. 3,13,844.55 crore and out of this 71% has been spent on wage payments to workers.Of the workers, the percentage of Scheduled Caste workers has consistently been about 20% and Scheduled Tribe workers has been about 17%. A total of 1,980.01 crore persondays have been generated, out of which the percentage worked by women has steadily increased much above the statutory minimum of 33%.Sustainable assets have been created linked to conservation of natural resources and overall development of Gram Panchayats. More than 65% of the works taken up under the programme are linked to agriculture and allied activities.Revival of the ProgrammeThe past year, 2015-16, has seen a revival of the programme. The personday generation is the highest in the second quarter (45.88 crore) and third quarter (46.10 crore) than it has been in the last five years. The national personday generation to date at 146 crore is well above what this figure was at this time last year.44% of all wage payments are being made on time. More than 64% of total expenditure is on agriculture and allied activities, the highest in three years. 57% of all workers are women, well above the statutory requirement of 33% and the highest in three years. 23% of all persondays are being done by SC workers, and 18% by ST workers, the highest in three years.This revival has been achieved due to a slew of reforms undertaken by the Ministry of Rural Development. Most important of these has been the timely release of funds to states to provide work on demand. An electronic fund management system has been successfully instituted which allows for real time and transparent release of funds to implementing agencies and beneficiaries. There has been consistent coordination between banks and post offices and constant monitoring of pendency of payments has led to a reduction in wage delays.The Ministry has reacted swiftly to the distress situation of droughts in nine states by declaring an additional 50 days of employment in the drought affected areas.Way ForwardThe focus for the upcoming years will be on simplification and strengthening of procedures for the implementation of the MGNREGA as an employment guarantee. A Master Circular is being issued today which consolidates all key instructions from the Central Government on the implementation of the Act. Beyond this, states are encouraged to innovate with flexibility.The convergent planning exercise currently underway in 2569 backward blocks in the country will be consolidated in the State Rural Development Plan (SRDP) which will be the basis of implementation and monitoring for the coming year.Concurrent social audits and community monitoring will be undertaken. There will be a renewed focus on sustainable individual assets to benefit the poor and vulnerable households with the following targets; 5 Lakh farm ponds and 10 Lakh Vermi and NADEP compost pits in the FY 2016-17. There will be a continued focus on construction of Anganwadi Buildings and individual household latrines.The Ministry will focus on imparting skills to workers. It will aim to train and place 10,000 Barefoot Technicians from worker households and through Project LIFE, skill and train workers for wages, for self-employment and livelihood upgradation.
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