General Affairs
Over 1.4 Lakh Non-Bailable Warrants Executed In Bengal: Election Commission
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KOLKATA: As many as 1,40,902 non-bailable warrants (NBW) have been executed since December in West Bengal, an Election Commission official said in Kolkata today.
"As many as 140,902 NBWs have been executed from December 1 last year. As many as 46,000 NBWs execution is left. The execution rate has improved," additional chief electoral officer Dibyendu Sarkar said.
"So far there have been no reports of election-related violence," he said.
Mr Sarkar said a total of 5,993 polling stations in the state will have VVPAT system.
Meanwhile, 3,84,218 litres of illicit liquor has been seized so far, he said.
Deputy election Commissioner S Saxena, who will be in the city on Sunday, will hold a video conference with state team, and the district magistrates and superintendents of police, he said.
For the first phase of polls comprising 18 seats, one nomination has been received today after the Election Commission issued the notification for filing of candidature, he said.
KOLKATA: As many as 1,40,902 non-bailable warrants (NBW) have been executed since December in West Bengal, an Election Commission official said in Kolkata today."As many as 140,902 NBWs have been executed from December 1 last year. As many as 46,000 NBWs execution is left. The execution rate has improved," additional chief electoral officer Dibyendu Sarkar said.
"So far there have been no reports of election-related violence," he said.
Mr Sarkar said a total of 5,993 polling stations in the state will have VVPAT system.
Meanwhile, 3,84,218 litres of illicit liquor has been seized so far, he said.
Deputy election Commissioner S Saxena, who will be in the city on Sunday, will hold a video conference with state team, and the district magistrates and superintendents of police, he said.
For the first phase of polls comprising 18 seats, one nomination has been received today after the Election Commission issued the notification for filing of candidature, he said.
RSS Calls For Nationalistic And Value-Based Education In Its Nagaur Meet
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NAGAUR: After asking the government to check "subversive" elements indulging in "anti-national" activities in universities like JNU, the RSS today called for value-based and nationalistic education in an atmosphere of equal opportunity.
Asserting that the private sector was becoming aggressive in the education field, the RSS also pitched for a stronger regulatory body, possibly decentralised to ensure quality education for all.
The RSS in the annual meeting of its highest decision-making body -- Akhil Bhartiya Pratinidhi Sabha (ABPS) -- passed two resolutions on education and medical and healthcare, while calling upon the state governments to make efforts to make these two sectors accessible to all the people in the country.
A resolution said the ABPS is of the opinion that every child should get "value-based, nationalistic, employment-oriented and skill-based education in an atmosphere of equal opportunity".
Yesterday the RSS asked the central and state governments to "deal strictly with anti-national and anti-social forces and ensure the sanctity and cultural atmosphere by not allowing our educational institutions to become centres of political activities".
"Privatisation and commercialisation of education has created difficulties for the common man to get their wards quality education. Quality education should be available to all at an affordable price," said Anirudh Deshpande, Akhil Bhartiya Sampark Prakukh of the RSS at the press briefing on the second day of the three-day ABPS meet.
He said a strong regulatory body was needed in the country to take care of it and to "control the private institutions".
"Though we have a regulatory body, but we need to strengthen it and if required, it should be decentralised."
Mr Deshpande claimed with the course of time, governments are also withdrawing from the sector of education and budget allocation is also reducing.
"Governments are withdrawing and the private sector is becoming aggressive which has made the situation problematic for the student. The government should increase budget allocation for education," he said.
"The government should strengthen the autonomous self-regulatory mechanism for the education institutions in terms of their quality, infrastructure, service conditions, fees and standards so that its policies are implemented in transparent manner.
"It is utmost essential to ensure proper training, appropriate salaries and strengthen the dutifulness of the teachers to enhance their standard, both in state-run and private schools," the resolution said.
"Quality medical facilities should be available to all at affordable prices...There is also need to spread the medical education, inclusion of other branches like Ayurveda and Unani is also required," Mr Deshpande said.
In the resolution, the RSS has appreciated free medicines schemes initiated in some states.
"The schemes of free distribution of medicines started in states in last few years and the proposal made for 3,000 generic medicines centres by the central government in the recent budget are welcome moves.
The ABPS also called upon the country's industry groups, voluntary and social organisations and charitable trusts to further come forward to make facilities available for people.
RSS chief Mohan Bhagwat, BJP president Amit Shah and other leaders were present in the meeting which began yesterday.
Asserting that the private sector was becoming aggressive in the education field, the RSS also pitched for a stronger regulatory body, possibly decentralised to ensure quality education for all.
The RSS in the annual meeting of its highest decision-making body -- Akhil Bhartiya Pratinidhi Sabha (ABPS) -- passed two resolutions on education and medical and healthcare, while calling upon the state governments to make efforts to make these two sectors accessible to all the people in the country.
A resolution said the ABPS is of the opinion that every child should get "value-based, nationalistic, employment-oriented and skill-based education in an atmosphere of equal opportunity".
Yesterday the RSS asked the central and state governments to "deal strictly with anti-national and anti-social forces and ensure the sanctity and cultural atmosphere by not allowing our educational institutions to become centres of political activities".
"Privatisation and commercialisation of education has created difficulties for the common man to get their wards quality education. Quality education should be available to all at an affordable price," said Anirudh Deshpande, Akhil Bhartiya Sampark Prakukh of the RSS at the press briefing on the second day of the three-day ABPS meet.
He said a strong regulatory body was needed in the country to take care of it and to "control the private institutions".
"Though we have a regulatory body, but we need to strengthen it and if required, it should be decentralised."
Mr Deshpande claimed with the course of time, governments are also withdrawing from the sector of education and budget allocation is also reducing.
"Governments are withdrawing and the private sector is becoming aggressive which has made the situation problematic for the student. The government should increase budget allocation for education," he said.
"The government should strengthen the autonomous self-regulatory mechanism for the education institutions in terms of their quality, infrastructure, service conditions, fees and standards so that its policies are implemented in transparent manner.
"It is utmost essential to ensure proper training, appropriate salaries and strengthen the dutifulness of the teachers to enhance their standard, both in state-run and private schools," the resolution said.
"Quality medical facilities should be available to all at affordable prices...There is also need to spread the medical education, inclusion of other branches like Ayurveda and Unani is also required," Mr Deshpande said.
In the resolution, the RSS has appreciated free medicines schemes initiated in some states.
"The schemes of free distribution of medicines started in states in last few years and the proposal made for 3,000 generic medicines centres by the central government in the recent budget are welcome moves.
The ABPS also called upon the country's industry groups, voluntary and social organisations and charitable trusts to further come forward to make facilities available for people.
RSS chief Mohan Bhagwat, BJP president Amit Shah and other leaders were present in the meeting which began yesterday.
RSS To Finally Swap Khaki Shorts For Trousers, But Colour Stalls Decision
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NEW DELHI: A 90-year-old tradition is about to become history. The Rashtriya Swayamsewak Sangh or the RSS, BJP's ideological mentor, got its 'Pracharak' into the Prime Minister's office in 2014. Today at a meeting of its top decision making body, the Sangh decided to shed its old image. The khakhi shorts which have symbolised the Sangh for decades will be soon replaced by trousers.
The khakhi shorts along with a black cap, white shirt, brown socks and bamboo stick have been the 'ganvesh' or the trademark uniform of the RSS. The renowned knee-length khaki shorts that the Sangh cadres have worn for generations will now make way for grey-coloured trousers.
At the meet on Saturday, while a decision to replace the shorts was taken, a section of the members wanted to revisit the decision about the colour of the trousers.
"The khakhi colour symbolised service. A section feels the Sangh should not ignore the political symbolism. For example blue is identified with Dalits," said a senior functionary.
An RSS leader who spoke to said that while the "switch to trousers is final, a discussion on colour may take place again", adding, "the implementation will take place later".
The change is aimed to attract the youth, who the Sangh feels had stopped getting attracted to the RSS mainly due to the uniform.
But this will not be the first change in the RSS 'ganavesh'. In 2011, the Sangh had decided to do away with the leather belts. They were replaced by those made of thick canvas.
This is one of the biggest sartorial shifts in the RSS uniform since the World War I. Before that the shirts and shorts were both khakhi designed by Keshav Baliram Hedgewar, the first Sarsangchalak of the RSS.
The switch to white shirts from khaki came in 1940 to beat the diktat of the British government which had banned the RSS 'ganvesh' and its route marches. During Emergency, the RSS dropped its military-style long boots for black shoes.
A section of elders was against the change fearing loss of identity, to whom, shorts were part of the RSS identity, the Sangh's branding. Those backing the change argued that the organisation needs to change with the times and take into account what today's youth thinks.
As a compromise the old and the new have worked out a compromise. The trousers and the rest of the ganavesh items will be the uniform for all ceremonies. But those attending daily shakhas will be allowed to wear the khakhi shorts. "The idea is to keep those who identify with the shorts engaged," a senior regional in-charge of the RSS said
The change has come after almost 10 years of debate and survey. A 12-member team of RSS' central executive members along with regional chiefs toured the country and collected opinion on the ground. The committee submitted its report at the session of the All India Pratinidhi Sabha, being held in Nagaur near Bikaner in Rajasthan.
Interestingly, the domestic Sangh uniform will now be on the same page as that of the Hindu Swayamsevak Sangh, the international wing of the RSS, which has been wearing trousers instead of shorts for decades.
NEW DELHI: A 90-year-old tradition is about to become history. The Rashtriya Swayamsewak Sangh or the RSS, BJP's ideological mentor, got its 'Pracharak' into the Prime Minister's office in 2014. Today at a meeting of its top decision making body, the Sangh decided to shed its old image. The khakhi shorts which have symbolised the Sangh for decades will be soon replaced by trousers.The khakhi shorts along with a black cap, white shirt, brown socks and bamboo stick have been the 'ganvesh' or the trademark uniform of the RSS. The renowned knee-length khaki shorts that the Sangh cadres have worn for generations will now make way for grey-coloured trousers.
At the meet on Saturday, while a decision to replace the shorts was taken, a section of the members wanted to revisit the decision about the colour of the trousers.
An RSS leader who spoke to said that while the "switch to trousers is final, a discussion on colour may take place again", adding, "the implementation will take place later".
The change is aimed to attract the youth, who the Sangh feels had stopped getting attracted to the RSS mainly due to the uniform.
But this will not be the first change in the RSS 'ganavesh'. In 2011, the Sangh had decided to do away with the leather belts. They were replaced by those made of thick canvas.
This is one of the biggest sartorial shifts in the RSS uniform since the World War I. Before that the shirts and shorts were both khakhi designed by Keshav Baliram Hedgewar, the first Sarsangchalak of the RSS.
The switch to white shirts from khaki came in 1940 to beat the diktat of the British government which had banned the RSS 'ganvesh' and its route marches. During Emergency, the RSS dropped its military-style long boots for black shoes.
A section of elders was against the change fearing loss of identity, to whom, shorts were part of the RSS identity, the Sangh's branding. Those backing the change argued that the organisation needs to change with the times and take into account what today's youth thinks.
As a compromise the old and the new have worked out a compromise. The trousers and the rest of the ganavesh items will be the uniform for all ceremonies. But those attending daily shakhas will be allowed to wear the khakhi shorts. "The idea is to keep those who identify with the shorts engaged," a senior regional in-charge of the RSS said
The change has come after almost 10 years of debate and survey. A 12-member team of RSS' central executive members along with regional chiefs toured the country and collected opinion on the ground. The committee submitted its report at the session of the All India Pratinidhi Sabha, being held in Nagaur near Bikaner in Rajasthan.
Interestingly, the domestic Sangh uniform will now be on the same page as that of the Hindu Swayamsevak Sangh, the international wing of the RSS, which has been wearing trousers instead of shorts for decades.
Politics Hots Up Over Potato Crisis In Odisha
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BHUBANESWAR: As Odisha is staring at another potato crisis, politics has taken centre stage with opposition Congress and BJP blaming the Biju Janata Dal government for failing to regulate the steep rise of the staple in the state.
Meanwhile BJD leaders and ministers are blaming each other over the issue while some are passing the buck to the bureaucrats.
Attacking the state government over the potato crisis, union Petroleum Minister Dharmendra Pradhan on Saturday said the administrative machinery of the government is gradually coming to a standstill.
The Odisha government can only hoodwink the people. What could be more deplorable that a government, in power since last 17-18 years, is not in a position to ensure adequate supply of potato to the people?" he said.
The Bharatiya Janata Party leader said the government can only institute a commission of inquiry instead of taking urgent steps to ensure adequate supply of potato to the consumers.
"Not only this, the ministers are blaming each other over the issue. This is utterly deplorable and ridiculous," he said.
Leader of Opposition Narasingh Mishra, of the Congress, said the potato scheme of the state government has met the same fate like other programmes, all of which have failed.
Meanwhile, the ministers and BJD leaders clashed with each other over the potato crisis.
Cooperation Minister Damodar Rout said that the callousness of the bureaucrats had resulted in the rise in the price of potato, but party spokesman Pratap Jena said ministers should not look for an escape route by blaming the bureaucrats.
"There has to be a proper coordination among the agriculture, cooperation and the supply departments to regulate the price of potato. The ministers should personally take responsibility and find a way to bring down the price of potato," he said.
On Thursday, Food Supplies and Consumer Welfare Minister Sanjay Dasburma and Agriculture Minister Pradeep Maharathy were at loggerheads over potato production in the state.
While Mr Dasburma said that potato production has gone down by 30 per cent in the state, Mr Maharathy claimed that it has actually gone up.
Meanwhile BJD leaders and ministers are blaming each other over the issue while some are passing the buck to the bureaucrats.
Attacking the state government over the potato crisis, union Petroleum Minister Dharmendra Pradhan on Saturday said the administrative machinery of the government is gradually coming to a standstill.
The Bharatiya Janata Party leader said the government can only institute a commission of inquiry instead of taking urgent steps to ensure adequate supply of potato to the consumers.
"Not only this, the ministers are blaming each other over the issue. This is utterly deplorable and ridiculous," he said.
Leader of Opposition Narasingh Mishra, of the Congress, said the potato scheme of the state government has met the same fate like other programmes, all of which have failed.
Meanwhile, the ministers and BJD leaders clashed with each other over the potato crisis.
Cooperation Minister Damodar Rout said that the callousness of the bureaucrats had resulted in the rise in the price of potato, but party spokesman Pratap Jena said ministers should not look for an escape route by blaming the bureaucrats.
"There has to be a proper coordination among the agriculture, cooperation and the supply departments to regulate the price of potato. The ministers should personally take responsibility and find a way to bring down the price of potato," he said.
On Thursday, Food Supplies and Consumer Welfare Minister Sanjay Dasburma and Agriculture Minister Pradeep Maharathy were at loggerheads over potato production in the state.
While Mr Dasburma said that potato production has gone down by 30 per cent in the state, Mr Maharathy claimed that it has actually gone up.
Need Permanent Tribunal To Settle Water Disputes, Says Arun Jaitley
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NEW DELHI: Terming the water disputes among states as "extremely sensitive", Finance Minister Arun Jaitley today pitched for setting up a permanent tribunal for resolving such issues.
"I personally feel that we probably require a permanent tribunal rather than a tribunal which on and off takes up water dispute. So probably in a country like India, (we) require one tribunal which deals with all these disputes and also has some amount of expertise in the members of the tribunal," Mr Jaitley said at an event in New Delhi.
He was speaking at the launch of the book 'Inter-State River Water Disputes Act' by senior lawyer KK Lahiri.
"Water issues are not really legal, they have to be resolved legally in the inter-state water issues. But they are extremely sensitive and therefore once you initiate this water dispute, it's almost like the bifurcation of the state where it takes place," he said.
"In terms of election agenda, I think once you implement them, they raise very serious economic concerns which then translates into political and emotional concerns. And nobody is willing to let go off water."
The Ganga river itself impacts the economy of 40 per cent of India's population, he added.
Mr Jaitley said what at times appears to be only legal disputes pending in courts, eventually end up impacting the lives of millions of people.
Citing the Narmada dam issue of the 1990s, he said once the construction was permitted, it changed the economy of the large part of Madhya Pradesh.
It ended the dry region of Kutch. It took that state to a double digit of agricultural growth, it ended the power problem, he said.
He also said that the fastest returns always come by irrigation as it starts giving benefit by as early as the next year.
"Therefore at the end of the day we need to use our entire resource and once we are able to give a comfort level to the agrarian community that its economic interests are not going to be impacted as its attachment to the water is almost as strong as its attachment to the land," Mr Jaitley said.
The finance minister said that the book has given chapter wise historical evolution of the water related problem, the issues that stand and the vision for the future.
NEW DELHI: Terming the water disputes among states as "extremely sensitive", Finance Minister Arun Jaitley today pitched for setting up a permanent tribunal for resolving such issues."I personally feel that we probably require a permanent tribunal rather than a tribunal which on and off takes up water dispute. So probably in a country like India, (we) require one tribunal which deals with all these disputes and also has some amount of expertise in the members of the tribunal," Mr Jaitley said at an event in New Delhi.
He was speaking at the launch of the book 'Inter-State River Water Disputes Act' by senior lawyer KK Lahiri.
"Water issues are not really legal, they have to be resolved legally in the inter-state water issues. But they are extremely sensitive and therefore once you initiate this water dispute, it's almost like the bifurcation of the state where it takes place," he said.
"In terms of election agenda, I think once you implement them, they raise very serious economic concerns which then translates into political and emotional concerns. And nobody is willing to let go off water."
The Ganga river itself impacts the economy of 40 per cent of India's population, he added.
Mr Jaitley said what at times appears to be only legal disputes pending in courts, eventually end up impacting the lives of millions of people.
Citing the Narmada dam issue of the 1990s, he said once the construction was permitted, it changed the economy of the large part of Madhya Pradesh.
It ended the dry region of Kutch. It took that state to a double digit of agricultural growth, it ended the power problem, he said.
He also said that the fastest returns always come by irrigation as it starts giving benefit by as early as the next year.
"Therefore at the end of the day we need to use our entire resource and once we are able to give a comfort level to the agrarian community that its economic interests are not going to be impacted as its attachment to the water is almost as strong as its attachment to the land," Mr Jaitley said.
The finance minister said that the book has given chapter wise historical evolution of the water related problem, the issues that stand and the vision for the future.
Business Affairs
Fiscal deficit target a comfort for RBI: Governor Raghuram Rajan
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Country's headline fiscal deficit target for the next fiscal year is a comfort for the central bank, Reserve Bank of India Governor Raghuram Rajan said on Saturday, amid hopes of a policy rate cut.
Finance Minister Arun Jaitley committed to fiscal discipline in his February 29 budget, lowering the deficit target further to 3.5 per cent of gross domestic product in the fiscal year that starts next month, surprising investors.
Rajan told reporters the central bank's board gave substantial compliments to the finance minister for budget and fiscal discipline. He said the country was broadly moving in the direction of boosting growth.
Country's headline fiscal deficit target for the next fiscal year is a comfort for the central bank, Reserve Bank of India Governor Raghuram Rajan said on Saturday, amid hopes of a policy rate cut.
Finance Minister Arun Jaitley committed to fiscal discipline in his February 29 budget, lowering the deficit target further to 3.5 per cent of gross domestic product in the fiscal year that starts next month, surprising investors.
Rajan told reporters the central bank's board gave substantial compliments to the finance minister for budget and fiscal discipline. He said the country was broadly moving in the direction of boosting growth.
India's star shines bright, says IMF chief Christine Lagarde
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Appreciating continuing reform process in the country, IMF chief Christine Lagarde on Saturday said "India's star shines bright" amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum.
The world's fastest-growing large economy, she said, is on the verge of having the largest and youngest-ever workforce and, in a decade, set to become the world's most populous country.
"So, India stands at a crucial moment in its history - with an unprecedented opportunity for transformation.
Important reforms are already under way," the IMF Managing Director said at a conference on 'Advancing Asia: Investing for the Future' here.
"Think, for example, of Make-in-India and Digital India.
And with the promise of even more reforms to come, India's star shines bright."
The conference is being organised by the Ministry of Finance and IMF, which was attended by Prime Minister Narendra Modi.
Recalling that India and IMF go back a long way together - India was a founding member of the Fund more than 70 years ago - Lagarde said Asia is the world's most dynamic region and today accounts for 40 per cent of the global economy.
"Over the next four years, even with a slightly declining momentum, it stands to deliver nearly two-thirds of global growth," she added.
Lagarde, who got reelected for the second term as chief of the Washington-headquartered International Monetary Fund (IMF), pointed to the global economy facing many challenges.
These challenges, she said, include volatile markets and capital flows, economic transitions and financial tightening in many countries, the large drop in commodity prices, including oil and escalated geo-political tension.
Earlier this year, Lagarde had said quota and governance reforms came into effect that enhanced the representation of emerging Asian economies within 188 member countries.
"One consequence is that India now joins China and Japan among the Fund's top 10 shareholders," she said.
Lagarde further said that in about 10 days, India, Nepal and many other countries will be celebrating Holi (festival of color), which heralds the coming of spring.
"I am not suggesting that we cover each other with colour or spray water as is customary (we will leave that to children). But I do think today we should celebrate India's achievements and Asia's achievements," she said, adding that "Asia has a lot to be proud of".
Stressing that making the most of Asia's dynamism is of great interest to the entire world, she acknowledged that Asia's rapid integration into the world economy has been one of the most striking global developments of the last generation.
In that relatively short time, many countries across this vast and diverse region have achieved economic "miracles", and many have become powerhouses of the global economy.
For the past 25 years - the Asian crisis notwithstanding - the region's economy has grown by around 6 per cent a year.
In the aftermath of the recent global financial crisis, Asia was a rare bright spot, Lagarde said.
"This region's dynamism presents a historic opportunity to invest now in the future -- and to advance Asia. Doing so will not only put Asia on the path to sustained growth, but also strengthen its role in the global economy -- as a key contributor and as a leader for the 21st century," she stressed.
She also spoke of empowering women as an essential element -- whether by enhancing girls' access to high-quality education, dismantling legal and logistical barriers to economic participation, or making it more practical for women to combine a job and a family.
"An initiative of Prime Minister Modi's government, for example, is to improve women's welfare services under Beti-Bachao, Beti-Padhao," the IMF MD said.
Appreciating continuing reform process in the country, IMF chief Christine Lagarde on Saturday said "India's star shines bright" amid global economic challenges and can deliver nearly two-thirds of the worldwide growth over the next four years despite a slowing momentum.
The world's fastest-growing large economy, she said, is on the verge of having the largest and youngest-ever workforce and, in a decade, set to become the world's most populous country.
"So, India stands at a crucial moment in its history - with an unprecedented opportunity for transformation.
Important reforms are already under way," the IMF Managing Director said at a conference on 'Advancing Asia: Investing for the Future' here.
"Think, for example, of Make-in-India and Digital India.
And with the promise of even more reforms to come, India's star shines bright."
The conference is being organised by the Ministry of Finance and IMF, which was attended by Prime Minister Narendra Modi.
Recalling that India and IMF go back a long way together - India was a founding member of the Fund more than 70 years ago - Lagarde said Asia is the world's most dynamic region and today accounts for 40 per cent of the global economy.
"Over the next four years, even with a slightly declining momentum, it stands to deliver nearly two-thirds of global growth," she added.
Lagarde, who got reelected for the second term as chief of the Washington-headquartered International Monetary Fund (IMF), pointed to the global economy facing many challenges.
These challenges, she said, include volatile markets and capital flows, economic transitions and financial tightening in many countries, the large drop in commodity prices, including oil and escalated geo-political tension.
Earlier this year, Lagarde had said quota and governance reforms came into effect that enhanced the representation of emerging Asian economies within 188 member countries.
"One consequence is that India now joins China and Japan among the Fund's top 10 shareholders," she said.
Lagarde further said that in about 10 days, India, Nepal and many other countries will be celebrating Holi (festival of color), which heralds the coming of spring.
"I am not suggesting that we cover each other with colour or spray water as is customary (we will leave that to children). But I do think today we should celebrate India's achievements and Asia's achievements," she said, adding that "Asia has a lot to be proud of".
Stressing that making the most of Asia's dynamism is of great interest to the entire world, she acknowledged that Asia's rapid integration into the world economy has been one of the most striking global developments of the last generation.
In that relatively short time, many countries across this vast and diverse region have achieved economic "miracles", and many have become powerhouses of the global economy.
For the past 25 years - the Asian crisis notwithstanding - the region's economy has grown by around 6 per cent a year.
In the aftermath of the recent global financial crisis, Asia was a rare bright spot, Lagarde said.
"This region's dynamism presents a historic opportunity to invest now in the future -- and to advance Asia. Doing so will not only put Asia on the path to sustained growth, but also strengthen its role in the global economy -- as a key contributor and as a leader for the 21st century," she stressed.
She also spoke of empowering women as an essential element -- whether by enhancing girls' access to high-quality education, dismantling legal and logistical barriers to economic participation, or making it more practical for women to combine a job and a family.
"An initiative of Prime Minister Modi's government, for example, is to improve women's welfare services under Beti-Bachao, Beti-Padhao," the IMF MD said.
IIP remains negative in Jan at 1.5%, industry demands rate cut
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Industrial output for the third month in a row remained in the negative territory contracting 1.5 per cent in January due to poor showing of manufacturing sector raising industry clamour for rate cut by Reserve Bank.
Factory output measured in terms of Index of Industrial Production (IIP) also declined by 3.4 per cent in November and 1.2 per cent in December according to data released by Central Statistics Office (CSO).
The index had registered a growth of 2.8 per cent in January 2015, it said.
Concerned over sluggish recovery, the India Inc stepped up its demand for rate cut by the RBI at monetary policy for next fiscal to be announced on April 5.
"We hope to see further rate reduction in the forthcoming monetary policy that can stimulate demand and investments in the economy to support manufacturing growth", FICCI Secretary General A Didar Singh said.
During April-January period this fiscal, industrial output growth remained flat at 2.7 compared to year ago period.
The decline in January has been primarily on account of a massive drop in output of capital goods which showed a contraction of 20.4 per cent in January compared to growth of 12.4 per cent in the same month a year ago.
The manufacturing sector, which accounts for over 75 per cent of the index, declined by 2.8 per cent against a growth of 3.4 per cent in January 2015.
However, the mining sector showed an improvement, registering a growth of 1.2 per cent in the month as against a contraction of 1.8 per cent in same month a year ago.
Power generation showed acceleration, recording a growth of 6.6 per cent as against 3.3 per cent growth in same month a year ago.
As per the used based classification, basic goods reported a marginal increase of 1.8 per cent as against a growth of 4.8 per cent in January 2015.
The consumer goods output remained stagnant as against 1.9 per cent contraction in January last fiscal.
Consumer durables, however, showed growth of 5.8 per cent in January as against a contraction of 5.7 per cent during the same month last fiscal.
However, the consumer non-durable segment showed a contraction of 3.1 per cent in January as against a growth of 0.3 per cent in the corresponding month.
In terms of industries, ten out of 22 industry groups in the manufacturing sector showed negative growth during January 2016 as compared to corresponding month of the previous year.
Industrial output for the third month in a row remained in the negative territory contracting 1.5 per cent in January due to poor showing of manufacturing sector raising industry clamour for rate cut by Reserve Bank.
Factory output measured in terms of Index of Industrial Production (IIP) also declined by 3.4 per cent in November and 1.2 per cent in December according to data released by Central Statistics Office (CSO).
The index had registered a growth of 2.8 per cent in January 2015, it said.
Concerned over sluggish recovery, the India Inc stepped up its demand for rate cut by the RBI at monetary policy for next fiscal to be announced on April 5.
"We hope to see further rate reduction in the forthcoming monetary policy that can stimulate demand and investments in the economy to support manufacturing growth", FICCI Secretary General A Didar Singh said.
During April-January period this fiscal, industrial output growth remained flat at 2.7 compared to year ago period.
The decline in January has been primarily on account of a massive drop in output of capital goods which showed a contraction of 20.4 per cent in January compared to growth of 12.4 per cent in the same month a year ago.
The manufacturing sector, which accounts for over 75 per cent of the index, declined by 2.8 per cent against a growth of 3.4 per cent in January 2015.
However, the mining sector showed an improvement, registering a growth of 1.2 per cent in the month as against a contraction of 1.8 per cent in same month a year ago.
Power generation showed acceleration, recording a growth of 6.6 per cent as against 3.3 per cent growth in same month a year ago.
As per the used based classification, basic goods reported a marginal increase of 1.8 per cent as against a growth of 4.8 per cent in January 2015.
The consumer goods output remained stagnant as against 1.9 per cent contraction in January last fiscal.
Consumer durables, however, showed growth of 5.8 per cent in January as against a contraction of 5.7 per cent during the same month last fiscal.
However, the consumer non-durable segment showed a contraction of 3.1 per cent in January as against a growth of 0.3 per cent in the corresponding month.
In terms of industries, ten out of 22 industry groups in the manufacturing sector showed negative growth during January 2016 as compared to corresponding month of the previous year.
PM Narendra Modi signals country won't join forex devaluation race to boost trade
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Prime Minister Narendra Modi said India has never undervalued its exchange rate to boost trade and signalled the country would not join other countries in pushing their currencies lower.
"We have never tried to gain in trade at the expense of our partners. We do not follow 'beggar thy neighbour' macroeconomic policies," Modi told a conference organised by the International Monetary Fund on Saturday.
"We have never undervalued our exchange rate. We add to world and Asian demand by running current account deficits. We are therefore good Asian and good global economic citizens, and a source of demand to our trading partners."
European and Japanese central banks have adopted negative interest rate policies to perk up low inflation, but it has also added to the volatility in the financial markets and raised the spectre of competitive currency devaluation.
The Reserve Bank of India (RBI) Governor Raghuram Rajan, however, has resisted pressure from exporters and policy makers to devalue the Indian currency to support exports.
India's exports shrank in January for the 14th straight month on continued weak demand from Europe. Exports fell 13.6 per cent from January a year ago, data from the Ministry of Commerce and Industry showed last month.
India needs exports to grow rapidly to boost its economic growth to 8-10 per cent, finance ministry economic adviser Arvind Subramanian said at the same IMF conference on Saturday.
Despite devaluation of currencies by some countries and global economic challenges, Modi said India was a "haven of macro-economic stability and a beacon of hope", with the country boosting its growth projection for the fiscal year ending March 31 to 7.6 per cent.
However, he said public investment was essential to further bolster economic growth.
"In addition to agriculture, we have increased public investment in roads and railways. This will improve the productivity of the economy and the connectivity of our people," Modi said.
"Public investment is also essential at a time when private investment remains weak."
Private capital investment has been dormant for the past four years, despite efforts by Modi's government to stimulate it through debt-fuelled higher public spending.
Prime Minister Narendra Modi said India has never undervalued its exchange rate to boost trade and signalled the country would not join other countries in pushing their currencies lower.
"We have never tried to gain in trade at the expense of our partners. We do not follow 'beggar thy neighbour' macroeconomic policies," Modi told a conference organised by the International Monetary Fund on Saturday.
"We have never undervalued our exchange rate. We add to world and Asian demand by running current account deficits. We are therefore good Asian and good global economic citizens, and a source of demand to our trading partners."
European and Japanese central banks have adopted negative interest rate policies to perk up low inflation, but it has also added to the volatility in the financial markets and raised the spectre of competitive currency devaluation.
The Reserve Bank of India (RBI) Governor Raghuram Rajan, however, has resisted pressure from exporters and policy makers to devalue the Indian currency to support exports.
India's exports shrank in January for the 14th straight month on continued weak demand from Europe. Exports fell 13.6 per cent from January a year ago, data from the Ministry of Commerce and Industry showed last month.
India needs exports to grow rapidly to boost its economic growth to 8-10 per cent, finance ministry economic adviser Arvind Subramanian said at the same IMF conference on Saturday.
Despite devaluation of currencies by some countries and global economic challenges, Modi said India was a "haven of macro-economic stability and a beacon of hope", with the country boosting its growth projection for the fiscal year ending March 31 to 7.6 per cent.
However, he said public investment was essential to further bolster economic growth.
"In addition to agriculture, we have increased public investment in roads and railways. This will improve the productivity of the economy and the connectivity of our people," Modi said.
"Public investment is also essential at a time when private investment remains weak."
Private capital investment has been dormant for the past four years, despite efforts by Modi's government to stimulate it through debt-fuelled higher public spending.
Reality Check
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Real estate buyers are at last getting heard, albeit through courts, as companies are held to account for breaking promises. In the past six months, several developers have been booked or arrested after consumers complained of either delay in possession or poor construction quality.
While Unitech's chairman, two managing directors and a director spent a night in jail in a cheating case filed by investors and customers, Vimal Shah, the owner of Hubtown Realty, earlier known as Ackruti City Ltd, was arrested by the Mumbai police for financial irregularities. Two directors of New Delhi-based Vigneshwara Group were arrested by the Delhi Police's Economic Offences Wing on charges of defrauding investors and consumers. In January, the Bombay High Court directed liquidation of all assets, books and records of Mantri Realty. Also, Rahul Gaur, the owner of the Noida-based Brys Group, was arrested by the Odisha police for an alleged land fraud in the state.
"It is a wake-up call," says Getamber Anand, the President of realtors' apex body, CREDAI (Confederation of Real Estate Developers Associations of India). "The series of arrests has sent a clear message to builders to focus on quality and honour commitments. Transparency could be the best way to regain consumer confidence."
The $100-billion Indian real estate sector is largely unorganised. It saw stupendous growth from early 2000 till 2010 due to rising incomes. This helped many small operators gain size. Expecting everlasting demand, many developers reneged on commitments and used their healthy cash flows to buy personal luxury items. Some even entered movie production and joined politics.
However, the prolonged demand slump created a void, and only a handful of larger players such as DLF, Oberoi Reality and Godrej Realty managed to stay on their feet. Industry insiders say the problem aggravated as many developers diverted sales proceeds to new projects in hope that an early revival will help them make a quick buck. However, the protracted slump trapped most players.
"The companies are barely generating enough cash to meet interest obligations and construction finance needs," says Sandipan Pal, an analyst at Motilal Oswal Securities. "In the long run, only those who can earn credibility by delivering projects on time will get consumers' trust."
According to data by property research firm Liases Foras, in the National Capital Region, or NCR, over 1.6 lakh houses have been delayed by 12 to 24 months. In the Mumbai Metropolitan Region, one lakh houses have been delayed by 18 to 24 months. Around one-third out of 25 lakh apartments launched between 2008 and 2014 are late by a year or more. These are apart from the one lakh houses in Noida that have been delayed due to the National Green Tribunal's order stopping construction within 10-km radius of the Okhla bird sanctuary.
While consumers do have a case, industry leaders blame administrative hassles. "The government ignored our long-pending demands like single window clearance and grant of 'industry status' that would have helped us avail of low-cost funding through banks and other financial institutions," says Amit Modi , Director of New Delhi-based realty firm ABA Corp and also vice president (Western UP), CREDAI.
In this scenario, recent initiatives in the Union Budget may bring some respite to consumers and developers. To give impetus to low-cost housing, the government has allowed 100 per cent deduction on profits for flats up to 30 square metres in four metro cities and 60 square metres in other cities. Besides, the excise duty exemption on 'Ready Mix Concrete' will lower construction cost.
Also, the removal of Dividend Distribution Tax is likely to clear the final hurdle for successful listing of real estate investment trusts. An additional Rs 50,000 tax exemption to first-time home buyers for property up to Rs 50 lakh could increase demand in a sluggish market.
But the key will be the Real Estate (Regulation and Development) Bill, 2015, which is facing legislative hurdles. The proposed law is expected to help consumers by mandating builders to deposit at least 50 per cent funds raised from buyers in an escrow account. This is expected to prevent misuse/diversion of funds by developers, a major cause of delays. The setting up of independent regulators in every state and union territory will also give consumers a forum for faster resolution of complaints.
Real estate buyers are at last getting heard, albeit through courts, as companies are held to account for breaking promises. In the past six months, several developers have been booked or arrested after consumers complained of either delay in possession or poor construction quality.
While Unitech's chairman, two managing directors and a director spent a night in jail in a cheating case filed by investors and customers, Vimal Shah, the owner of Hubtown Realty, earlier known as Ackruti City Ltd, was arrested by the Mumbai police for financial irregularities. Two directors of New Delhi-based Vigneshwara Group were arrested by the Delhi Police's Economic Offences Wing on charges of defrauding investors and consumers. In January, the Bombay High Court directed liquidation of all assets, books and records of Mantri Realty. Also, Rahul Gaur, the owner of the Noida-based Brys Group, was arrested by the Odisha police for an alleged land fraud in the state.
"It is a wake-up call," says Getamber Anand, the President of realtors' apex body, CREDAI (Confederation of Real Estate Developers Associations of India). "The series of arrests has sent a clear message to builders to focus on quality and honour commitments. Transparency could be the best way to regain consumer confidence."
The $100-billion Indian real estate sector is largely unorganised. It saw stupendous growth from early 2000 till 2010 due to rising incomes. This helped many small operators gain size. Expecting everlasting demand, many developers reneged on commitments and used their healthy cash flows to buy personal luxury items. Some even entered movie production and joined politics.
However, the prolonged demand slump created a void, and only a handful of larger players such as DLF, Oberoi Reality and Godrej Realty managed to stay on their feet. Industry insiders say the problem aggravated as many developers diverted sales proceeds to new projects in hope that an early revival will help them make a quick buck. However, the protracted slump trapped most players.
"The companies are barely generating enough cash to meet interest obligations and construction finance needs," says Sandipan Pal, an analyst at Motilal Oswal Securities. "In the long run, only those who can earn credibility by delivering projects on time will get consumers' trust."
According to data by property research firm Liases Foras, in the National Capital Region, or NCR, over 1.6 lakh houses have been delayed by 12 to 24 months. In the Mumbai Metropolitan Region, one lakh houses have been delayed by 18 to 24 months. Around one-third out of 25 lakh apartments launched between 2008 and 2014 are late by a year or more. These are apart from the one lakh houses in Noida that have been delayed due to the National Green Tribunal's order stopping construction within 10-km radius of the Okhla bird sanctuary.
While consumers do have a case, industry leaders blame administrative hassles. "The government ignored our long-pending demands like single window clearance and grant of 'industry status' that would have helped us avail of low-cost funding through banks and other financial institutions," says Amit Modi , Director of New Delhi-based realty firm ABA Corp and also vice president (Western UP), CREDAI.
Also, the removal of Dividend Distribution Tax is likely to clear the final hurdle for successful listing of real estate investment trusts. An additional Rs 50,000 tax exemption to first-time home buyers for property up to Rs 50 lakh could increase demand in a sluggish market.
But the key will be the Real Estate (Regulation and Development) Bill, 2015, which is facing legislative hurdles. The proposed law is expected to help consumers by mandating builders to deposit at least 50 per cent funds raised from buyers in an escrow account. This is expected to prevent misuse/diversion of funds by developers, a major cause of delays. The setting up of independent regulators in every state and union territory will also give consumers a forum for faster resolution of complaints.
General Awareness
GENERAL AWARENESS PRACTICE QUESTIONS
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1. Who was the Chairman of 14th Finance Commission? – Dr. Y.V.Reddy
2. The India Institute of Advanced Studies is located in– Shimla
3. Virtual water implies– Volume of water required to produce a commodity or service
4. The main security guard of International Trade is– WTO
5. The Government Securities on which no interest is paid and the Government only pays the Face Value of the bond on its maturity are called– Zero Coupon Bonds
6. Meera Seth Committee was associated with– the development of handloom industry
7. Which company has started a rural marketing network called e-chaupals ? – ITC
8. Non-Resident Inday Day is observed on– January 9
9. 'Closed Economy' is that economy in which– Neither export nor import takes place
10. The document 'Planning Commission's India Vision 2020' has been proposed by– A Committee headed by Shyam Prasad Gupta
11. Where was First Trade Point in India established? – New Delhi (August 16, 1994)
12. Nabinagar Power Plant situated in Bihar belongs to– Indian Railways
13. IIP stands for– Index of Industrial Production
14. Aam Aadmi Bima Yojana was launched on– August 31, 2007
15. For which item is Tirpur well known as a huge exporter to many parts of the world– Knitted garments
16. National Rural Development Institute is situated at– Hyderabad
17. The World's seventh largest city in terms of billionaire population is– Mumbai
18. Where is the Bank Press Note located? – Dewas (M.P.)
19. 'Axis Bank' is the new proposed name for– UTI Bank
20. Swam Jayanti Shahri Rozgar Yojana (SJSRY) was introduced on– December 1, 1997
22. Whose name is associated with formulation of Planning Strategy in Second Five Year Plan ? – Prasant Chandra Mahalanobis
23. Indian Planning Commission was constituted in– 1950
24. Swamajayanti Gram Swarojgar Yojana (SGSY) aims at– Establishing a large number of micro-enterprises in rural areas of the country
25 The outline of second five year plan was made by – P. C. Mahalanobis
26. Employment Assurance Scheme (EAS) was launched on– October 2, 1993
27. Bank Rate is the rate at which– Reserve Bank of India lends money to Commercial Banks
28. The first multipurpose river valley project of independent India is– Damodar Valley Corporation
29. Devaluation means– To reduce the value of home currency in terms of other currency
30. The Government proposals for the levy of new taxes, alterations in the present tax structure are in the form of– Finance Bill
31. When personal direct taxes are subtracted from personal income the obtained value is called– Disposable Personal Income
32. Who maintains foreign exchange reserve in our country ? – Reserve Bank of India (RBI)
33. India is the second largest producer of– Nitrogenous fertilizer in the world
34. RBI was nationalised in– 1949
35. J. J. Irani Committee was associated with– Company Law Reforms
36. Which constitutional body is appointed by the President under Article 280 every five years to review Centre State financial relations ? – Finance Commission
37. The Ministry which gives financial support to Mid-day meal scheme for the benefit of Class I to V students in Government or Government aided schools is– Ministry of Human Resource Development
38. National Safety Council to check casualties in industrial units to reduce the incidence of dangers and to promote the awareness for safety among the labourers was constituted in– 1966
39. In India, the first bank of limited liability managed by Indians and founded in 1881 was– Oudh Commercial Bank
40. Who is called the father of Operation Flood in India? – Verghese Kurien
- 1. Who was the Chairman of 14th Finance Commission? – Dr. Y.V.Reddy
2. The India Institute of Advanced Studies is located in– Shimla
3. Virtual water implies– Volume of water required to produce a commodity or service
4. The main security guard of International Trade is– WTO
5. The Government Securities on which no interest is paid and the Government only pays the Face Value of the bond on its maturity are called– Zero Coupon Bonds
6. Meera Seth Committee was associated with– the development of handloom industry
7. Which company has started a rural marketing network called e-chaupals ? – ITC
8. Non-Resident Inday Day is observed on– January 9
9. 'Closed Economy' is that economy in which– Neither export nor import takes place
10. The document 'Planning Commission's India Vision 2020' has been proposed by– A Committee headed by Shyam Prasad Gupta
11. Where was First Trade Point in India established? – New Delhi (August 16, 1994)
12. Nabinagar Power Plant situated in Bihar belongs to– Indian Railways
13. IIP stands for– Index of Industrial Production
14. Aam Aadmi Bima Yojana was launched on– August 31, 2007
15. For which item is Tirpur well known as a huge exporter to many parts of the world– Knitted garments
16. National Rural Development Institute is situated at– Hyderabad
17. The World's seventh largest city in terms of billionaire population is– Mumbai
18. Where is the Bank Press Note located? – Dewas (M.P.)
19. 'Axis Bank' is the new proposed name for– UTI Bank
20. Swam Jayanti Shahri Rozgar Yojana (SJSRY) was introduced on– December 1, 1997
22. Whose name is associated with formulation of Planning Strategy in Second Five Year Plan ? – Prasant Chandra Mahalanobis
23. Indian Planning Commission was constituted in– 1950
24. Swamajayanti Gram Swarojgar Yojana (SGSY) aims at– Establishing a large number of micro-enterprises in rural areas of the country
25 The outline of second five year plan was made by – P. C. Mahalanobis
26. Employment Assurance Scheme (EAS) was launched on– October 2, 1993
27. Bank Rate is the rate at which– Reserve Bank of India lends money to Commercial Banks
28. The first multipurpose river valley project of independent India is– Damodar Valley Corporation
29. Devaluation means– To reduce the value of home currency in terms of other currency
30. The Government proposals for the levy of new taxes, alterations in the present tax structure are in the form of– Finance Bill
31. When personal direct taxes are subtracted from personal income the obtained value is called– Disposable Personal Income
32. Who maintains foreign exchange reserve in our country ? – Reserve Bank of India (RBI)
33. India is the second largest producer of– Nitrogenous fertilizer in the world
34. RBI was nationalised in– 1949
35. J. J. Irani Committee was associated with– Company Law Reforms
36. Which constitutional body is appointed by the President under Article 280 every five years to review Centre State financial relations ? – Finance Commission
37. The Ministry which gives financial support to Mid-day meal scheme for the benefit of Class I to V students in Government or Government aided schools is– Ministry of Human Resource Development
38. National Safety Council to check casualties in industrial units to reduce the incidence of dangers and to promote the awareness for safety among the labourers was constituted in– 1966
39. In India, the first bank of limited liability managed by Indians and founded in 1881 was– Oudh Commercial Bank
40. Who is called the father of Operation Flood in India? – Verghese Kurien
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