General Affairs
Indian Army Conducts Battle Exercise 'Shatrujeet' In Rajasthan
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JAIPUR: Mathura-based Strike 1 corps is conducting a major exercise 'Shatrujeet' in the deserts of Rajasthan to evaluate the capability of the Army to strike deep into enemy territory in an integrated air-land battle environment.
The operation-oriented exercise is focusing on "validating integrated battle theatre fighting concept" incorporating new-age technologies, weapon platforms and systems as well as long range precision targeting vectors, defence spokesperson Lt Col Manish Ojha said in a release today.
The Army undertakes such exercises at regular intervals at different levels to ensure forces are provided war-like situations and kept in high-state of battle readiness.
The formation and units have been undergoing the training for past two month.
Post preparatory training manoeuvres at subordinate units and formation levels, the corps is now poised to conduct integrated operational manoeuvres to validate its operational plans in simulated high tempo battlefield environment and terrain.
The exercise would culminate on April 23.
JAIPUR: Mathura-based Strike 1 corps is conducting a major exercise 'Shatrujeet' in the deserts of Rajasthan to evaluate the capability of the Army to strike deep into enemy territory in an integrated air-land battle environment.The operation-oriented exercise is focusing on "validating integrated battle theatre fighting concept" incorporating new-age technologies, weapon platforms and systems as well as long range precision targeting vectors, defence spokesperson Lt Col Manish Ojha said in a release today.
The Army undertakes such exercises at regular intervals at different levels to ensure forces are provided war-like situations and kept in high-state of battle readiness.
The formation and units have been undergoing the training for past two month.
Post preparatory training manoeuvres at subordinate units and formation levels, the corps is now poised to conduct integrated operational manoeuvres to validate its operational plans in simulated high tempo battlefield environment and terrain.
The exercise would culminate on April 23.
Manohar Parrikar Begins China Trip, Masood Azhar Likely To Be On Agenda
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NEW DELHI: Defence Minister Manohar Parrikar will hold talks with top Chinese political and defence leaders during his five-day visit to that country beginning today which comes amid strains in bilateral relations over Beijing's move to block India's attempt in the UN to clamp a ban on Jaish e Mohammed chief Masood Azhar.
Defence Ministry sources said the focus of the visit, which comes days after India decided to sign a logistics support agreement with the US, will be to deepen military-to-military ties and focus on the border issues.
Mr Parrikar will be the first Indian defence minister to visit China since 2013, the last being his predecessor AK Antony.
He is expected to hold talks with top Chinese political and defence leaders. No agreements are expected during Mr Parrikar's visit, they said.
Mr Parrikar's trip follows high-level visits by top Chinese defence officials including Central Military Commission (CMC) Vice Chairman General Fan Changlong to India last year. CMC, headed by President Xi Jinping, is the highest commanding authority of the 2.3-million strong Peoples' Liberation Army.
While the two sides had set up a dialogue mechanism under special representatives of both the countries to find a solution to the vexed boundary dispute spanning 3,488 km, they also operationalised a Working Mechanism for Consultation and Coordination to address tensions arising out of aggressive patrolling of the disputed boundary.
So far, the special representatives have held 18 rounds of talks. The two sides have also opened more border points for regular interactions between their officers and men to build a friendly rapport.
Mr Parrikar's visit comes amid concerns in India about China's move to block its bid to have Masood Azhar designated as "terrorist" by the UN in the aftermath of the terror attack on an air base in Pathankot in January.
Defence Ministry sources said the focus of the visit, which comes days after India decided to sign a logistics support agreement with the US, will be to deepen military-to-military ties and focus on the border issues.
He is expected to hold talks with top Chinese political and defence leaders. No agreements are expected during Mr Parrikar's visit, they said.
Mr Parrikar's trip follows high-level visits by top Chinese defence officials including Central Military Commission (CMC) Vice Chairman General Fan Changlong to India last year. CMC, headed by President Xi Jinping, is the highest commanding authority of the 2.3-million strong Peoples' Liberation Army.
While the two sides had set up a dialogue mechanism under special representatives of both the countries to find a solution to the vexed boundary dispute spanning 3,488 km, they also operationalised a Working Mechanism for Consultation and Coordination to address tensions arising out of aggressive patrolling of the disputed boundary.
So far, the special representatives have held 18 rounds of talks. The two sides have also opened more border points for regular interactions between their officers and men to build a friendly rapport.
Mr Parrikar's visit comes amid concerns in India about China's move to block its bid to have Masood Azhar designated as "terrorist" by the UN in the aftermath of the terror attack on an air base in Pathankot in January.
President Cautions Judges Against Perils Of 'Judicial Activism'
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BHOPAL: President Pranab Mukherjee today cautioned judges against the perils of "judicial activism", saying the equilibrium in the exercise of authority must be maintained at all times and self-restraint should be used when confronted with such a situation.
Maintaining that the Constitution is supreme, Mr Mukherjee said "each organ of our democracy must function within its own sphere and must not take over what is assigned to the others".
"Judicial activism should not lead to the dilution of separation of powers, which is a constitutional scheme. The balance of power between the three organs of the state is enshrined in our Constitution," he said, stressing that "the Constitution is supreme".
The President said that the equilibrium in the exercise of authority must be maintained at all times and noted that the exercise of powers by the legislature and executive is subject to judicial review.
"However, the only check possible in the exercise of powers by the judiciary is self-imposed discipline and self- restraint by the judiciary itself," he said while inaugurating the fourth retreat of the judges of the Supreme Court at the National Judicial Academy in Bhopal.
Mr Mukherjee, however, maintained that the independence and integrity of the judiciary is "of the highest importance, not only to the judges but also to people at large who seek judicial redress against perceived legal injury or executive excess".
"The Constitution invests our independent judiciary, especially the apex court, with extensive jurisdiction over the acts of the legislature and the executive.
"Judicial review is part of the basic structure and cannot be altered even by taking the procedure provided in law. It is the judiciary which ensures the effectiveness of judicial review," he said.
He also lauded the judiciary for "enlarging the scope of justice" in a developing country like India.
"For the enforcement of our developing country, our judiciary has enlarged the scope of justice. For the enforcement of fundamental rights, the Supreme Court, through judicial innovation and activism, has expanded the common law principle of 'locus standi'," he said.
The President further noted that "it has been made possible for courts to permit anyone with sufficient interest and acting bona fide to maintain an action for judicial redress and to activate the judicial process".
"In the support of rights, courts have found a postcard written by a citizen or newspaper article to be material enough to set off judicial action. This has helped to bring justice closer to the common man," he said.
BHOPAL: President Pranab Mukherjee today cautioned judges against the perils of "judicial activism", saying the equilibrium in the exercise of authority must be maintained at all times and self-restraint should be used when confronted with such a situation.Maintaining that the Constitution is supreme, Mr Mukherjee said "each organ of our democracy must function within its own sphere and must not take over what is assigned to the others".
"Judicial activism should not lead to the dilution of separation of powers, which is a constitutional scheme. The balance of power between the three organs of the state is enshrined in our Constitution," he said, stressing that "the Constitution is supreme".
"However, the only check possible in the exercise of powers by the judiciary is self-imposed discipline and self- restraint by the judiciary itself," he said while inaugurating the fourth retreat of the judges of the Supreme Court at the National Judicial Academy in Bhopal.
Mr Mukherjee, however, maintained that the independence and integrity of the judiciary is "of the highest importance, not only to the judges but also to people at large who seek judicial redress against perceived legal injury or executive excess".
"The Constitution invests our independent judiciary, especially the apex court, with extensive jurisdiction over the acts of the legislature and the executive.
"Judicial review is part of the basic structure and cannot be altered even by taking the procedure provided in law. It is the judiciary which ensures the effectiveness of judicial review," he said.
He also lauded the judiciary for "enlarging the scope of justice" in a developing country like India.
"For the enforcement of our developing country, our judiciary has enlarged the scope of justice. For the enforcement of fundamental rights, the Supreme Court, through judicial innovation and activism, has expanded the common law principle of 'locus standi'," he said.
The President further noted that "it has been made possible for courts to permit anyone with sufficient interest and acting bona fide to maintain an action for judicial redress and to activate the judicial process".
"In the support of rights, courts have found a postcard written by a citizen or newspaper article to be material enough to set off judicial action. This has helped to bring justice closer to the common man," he said.
Sushma Swaraj Arrives In Iran With An Aim To Boost Ties
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TEHRAN: External Affairs Minister Sushma Swaraj arrived in Iran today on a two-day visit to boost ties with a focus on raising India's oil imports and enhancing trade with the powerful Persian Gulf nation which has opened several lucrative sectors after sanctions against it were lifted under a historic nuclear deal.
The visit by Ms Swaraj to the oil-rich country comes amid a rush for investment in the resource-rich nation by global economic powers including Japan, China, the US and several European countries after Iran invited foreign companies for joint ventures in many of its crucial sectors including oil and gas.
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there. Ms Swaraj's visit is seen as a balancing act by India as it came nearly two weeks after Prime Minister Narendra Modi travelled to Saudi Arabia, another West Asian power which considers Iran its rival.
Iran is an important country for India for its energy security as well as to get access to oil and gas-rich Central Asian nations.
India imports close to 12 million tonnes of crude from Iran and it is looking at increasing the oil import from the country.
Ms Swaraj will hold extensive talks with her Iranian counterpart Mohammad Javad Zarif tomorrow during which entire gamut of bilateral relations will be reviewed with a major focus on ramping up ties in energy, trade and banking sectors.
The External Affairs Minister will also call on Iranian President Hassan Rouhani.
Iran has ended free shipping of crude oil to India and terminated a three-year-old system of getting paid for half of the oil dues in rupees and the issue is likely to figure in talks between Ms Swaraj and Mr Zarif.
Iran is now insisting on being paid in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) to clear nearly $6.5 billion of past dues in Euros, according to officials.
Oil Minister Dharmendra Pradhan had paid a two-day visit to Tehran from April 9 during which he discussed with his Iranian counterpart the repayment of nearly $6.5 billion that Indian refiners owe to Iran.
This was the first visit by an Indian minister since the US and other western powers lifted sanctions against Iran in January.
The visit by Ms Swaraj to the oil-rich country comes amid a rush for investment in the resource-rich nation by global economic powers including Japan, China, the US and several European countries after Iran invited foreign companies for joint ventures in many of its crucial sectors including oil and gas.
India has been eyeing deeper energy ties with Iran and has already lined up $20 billion as investment in oil and gas as well as in petrochemical and fertiliser sectors there. Ms Swaraj's visit is seen as a balancing act by India as it came nearly two weeks after Prime Minister Narendra Modi travelled to Saudi Arabia, another West Asian power which considers Iran its rival.
Iran is an important country for India for its energy security as well as to get access to oil and gas-rich Central Asian nations.
India imports close to 12 million tonnes of crude from Iran and it is looking at increasing the oil import from the country.
Ms Swaraj will hold extensive talks with her Iranian counterpart Mohammad Javad Zarif tomorrow during which entire gamut of bilateral relations will be reviewed with a major focus on ramping up ties in energy, trade and banking sectors.
The External Affairs Minister will also call on Iranian President Hassan Rouhani.
Iran has ended free shipping of crude oil to India and terminated a three-year-old system of getting paid for half of the oil dues in rupees and the issue is likely to figure in talks between Ms Swaraj and Mr Zarif.
Iran is now insisting on being paid in Euros for the oil it sells to Indian refiners. It also wants refiners like Essar Oil and Mangalore Refinery and Petrochemicals Ltd (MPRL) to clear nearly $6.5 billion of past dues in Euros, according to officials.
Oil Minister Dharmendra Pradhan had paid a two-day visit to Tehran from April 9 during which he discussed with his Iranian counterpart the repayment of nearly $6.5 billion that Indian refiners owe to Iran.
This was the first visit by an Indian minister since the US and other western powers lifted sanctions against Iran in January.
China Sticks To Its Guns On Blocking India's Bid To Ban Masood Azhar
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BEIJING: Sticking to its guns, China today again justified its decision to block India's bid to get Jaish-e-Mohammed chief Masood Azhar designated as a terrorist by the UN and described its stance as "fair and based on facts".
"China always deals with the listing of 1267 committee based on facts and pursuant to UN Security Council resolutions and relevant rules in a fair manner," Chinese Foreign Ministry said in response to India's Permanent Representative to the UN Syed Akbaruddin's criticism of "hidden veto" in dealing with the listing of terrorist outfits and their leaders.
"We have noticed the remarks by India's Permanent Representative to the UN," the Foreign Ministry said in written response to a question from Press Trust of India.
"Both China and India fall victim to terrorism and share similar positions when it comes to combating terrorism," it said.
China is one of the five veto-wielding members of the UNSC which plays a leading role in banning terrorist outfits. "China supports the UN in playing a leading role in international anti-terrorism cooperation and takes an active part in international anti-terrorism cooperation," the Ministry said.
"In order to reach international consensus on counter terrorism, China encourage all parties to fully leverage the leading and coordinating role played by the UN and the Security Council and forge international synergy on counter-terrorism," it said.
This is the second time that China has defended the decision to put a technical hold on India's bid to ban Masood Azhar, the mastermind of the January 2 Pathankot terrorist attack.
On April 1, the Chinese Foreign Ministry spokesman Hong Lei said China dealt with the issues under the UNSC anti-terrorism committee based on "facts and relevant rules of procedures in objective and just manner".
The latest response comes in the backdrop of India taking up the issue directly with China.
China too acknowledged that it is in touch with New Delhi on this issue indicating that its position remained unchanged. The deadlock over the issue continued as both the countries are set for high-level engagements to discuss the state of bilateral ties.
While External Affairs Minster Sushma Swaraj is set to meet her Chinese counterpart Wang Yi at the Russia, India, China (RIC) Foreign Ministers meeting in Moscow on April 18, Defence Minister Manohar Parrikar began his first visit to China today.
BEIJING: Sticking to its guns, China today again justified its decision to block India's bid to get Jaish-e-Mohammed chief Masood Azhar designated as a terrorist by the UN and described its stance as "fair and based on facts"."China always deals with the listing of 1267 committee based on facts and pursuant to UN Security Council resolutions and relevant rules in a fair manner," Chinese Foreign Ministry said in response to India's Permanent Representative to the UN Syed Akbaruddin's criticism of "hidden veto" in dealing with the listing of terrorist outfits and their leaders.
"Both China and India fall victim to terrorism and share similar positions when it comes to combating terrorism," it said.
China is one of the five veto-wielding members of the UNSC which plays a leading role in banning terrorist outfits. "China supports the UN in playing a leading role in international anti-terrorism cooperation and takes an active part in international anti-terrorism cooperation," the Ministry said.
"In order to reach international consensus on counter terrorism, China encourage all parties to fully leverage the leading and coordinating role played by the UN and the Security Council and forge international synergy on counter-terrorism," it said.
This is the second time that China has defended the decision to put a technical hold on India's bid to ban Masood Azhar, the mastermind of the January 2 Pathankot terrorist attack.
On April 1, the Chinese Foreign Ministry spokesman Hong Lei said China dealt with the issues under the UNSC anti-terrorism committee based on "facts and relevant rules of procedures in objective and just manner".
The latest response comes in the backdrop of India taking up the issue directly with China.
China too acknowledged that it is in touch with New Delhi on this issue indicating that its position remained unchanged. The deadlock over the issue continued as both the countries are set for high-level engagements to discuss the state of bilateral ties.
While External Affairs Minster Sushma Swaraj is set to meet her Chinese counterpart Wang Yi at the Russia, India, China (RIC) Foreign Ministers meeting in Moscow on April 18, Defence Minister Manohar Parrikar began his first visit to China today.
Business Affairs
India's forex reserves rise to $359.91 bn
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India's foreign exchange reserves increased marginally to $359.91 billion as on April 8, the Reserve Bank of India (RBI) said.
According to RBI's forex data, the reserves stood at $359.91 billion as on April 8 against $359.75 billion for the week ended April 1, 2016.
As an April 8, foreign currency assets stood at $335.84 billion, gold $20.11 billion, special drawing rights $1.5 billion and the reserve position with International Monetary Fund (IMF) stood at $2.45 billion.
On the other hand, the forex reserves for the week ended April 1, 2016, consisted of foreign currency assets of $335.68 billion, gold reserves of $20.11 billion, special drawing rights of $1.50 billion and the reserve position with IMF of $2.45 billion.
India's foreign exchange reserves increased marginally to $359.91 billion as on April 8, the Reserve Bank of India (RBI) said.
According to RBI's forex data, the reserves stood at $359.91 billion as on April 8 against $359.75 billion for the week ended April 1, 2016.
As an April 8, foreign currency assets stood at $335.84 billion, gold $20.11 billion, special drawing rights $1.5 billion and the reserve position with International Monetary Fund (IMF) stood at $2.45 billion.
On the other hand, the forex reserves for the week ended April 1, 2016, consisted of foreign currency assets of $335.68 billion, gold reserves of $20.11 billion, special drawing rights of $1.50 billion and the reserve position with IMF of $2.45 billion.
Govt considering stopping thermal coal import in two-three years
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India is contemplating stopping imports of thermal coal in the next two-three years to save Rs 40,000 crore annually by taking advantage of the increasing production of the dry fuel, union Coal and Power Minister Piyush Goyal said in Mumbai on Friday.
"Indian companies used to import a lot of thermal coal. We want to completely stop its import over the next two to three years. We have already reduced imports by Rs 28,000 crore. We will save Rs 40,000 crore," he said in his address at the Maritime India summit in Mumbai, but added that coking coal would have to be imported.
State-run miner Coal India came up with bumper production that enabled the country to cut down on its import bill last fiscal for the dry fuel by Rs.28,000 crore.
Goyal said his ministry was keen to enter into long-time contracts with Indian shipping companies for import and transportation of coal.
He also suggested establishing a small private equity fund with a base capital of about $250 million to be managed by an international fund investor expert, adding the fund could provide equity to various organisations undertaking logistics through coastal shipping and inland waterways.
He said the private sector would be interested to take part in the equity fund if the public sector undertakings alongside the ministries of power and coal joined it, and hoped the fund could generate Rs.4,000 crore from overseas investors.
Iterating the government's commitment to raise Coal india's production to one billion tonnes by 2019, he said the petroleum ministry as also companies like GAIL and Petronet should join the power ministry to ink long term contracts to ensure gas supply to nearly 24,000 MW projects.
The power ministry was striving to reach a solar capacity target of 20,000 MW by 2017, almost five years ahead of the deadline set by the UPA government.
"The previous government had set a target of 20,000 MW of solar capacity by 2022. But we want to achieve this target by 2017. We have set an ambitious target of achieving 100,000 MW of solar capacity by 2022," he said.
India is contemplating stopping imports of thermal coal in the next two-three years to save Rs 40,000 crore annually by taking advantage of the increasing production of the dry fuel, union Coal and Power Minister Piyush Goyal said in Mumbai on Friday.
"Indian companies used to import a lot of thermal coal. We want to completely stop its import over the next two to three years. We have already reduced imports by Rs 28,000 crore. We will save Rs 40,000 crore," he said in his address at the Maritime India summit in Mumbai, but added that coking coal would have to be imported.
State-run miner Coal India came up with bumper production that enabled the country to cut down on its import bill last fiscal for the dry fuel by Rs.28,000 crore.
Goyal said his ministry was keen to enter into long-time contracts with Indian shipping companies for import and transportation of coal.
He also suggested establishing a small private equity fund with a base capital of about $250 million to be managed by an international fund investor expert, adding the fund could provide equity to various organisations undertaking logistics through coastal shipping and inland waterways.
He said the private sector would be interested to take part in the equity fund if the public sector undertakings alongside the ministries of power and coal joined it, and hoped the fund could generate Rs.4,000 crore from overseas investors.
Iterating the government's commitment to raise Coal india's production to one billion tonnes by 2019, he said the petroleum ministry as also companies like GAIL and Petronet should join the power ministry to ink long term contracts to ensure gas supply to nearly 24,000 MW projects.
The power ministry was striving to reach a solar capacity target of 20,000 MW by 2017, almost five years ahead of the deadline set by the UPA government.
"The previous government had set a target of 20,000 MW of solar capacity by 2022. But we want to achieve this target by 2017. We have set an ambitious target of achieving 100,000 MW of solar capacity by 2022," he said.
US jury imposes $940-mn penalty on two Tata Group firms in trade secret case
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A US grand jury has slapped two companies of India's Tata group - Tata Consultancy Services and Tata America International Corp - with a $940 million fine in a trade secret lawsuit filed against them.
After days of hearing, the federal grand jury in the US State of Wisconsin ruled that Tata Consultancy Services and Tata America International Corp. must pay $240 million to Epic Systems for ripping off its software.
Tatas have also been asked to pay another $700 million in punitive damages.
Epic Systems had accused TCS and Tata America International Corp, in a lawsuit filed in October, 2014 in US District Court in Madison which was amended in January and December 2015, of "brazenly stealing the trade secrets, confidential information, documents and data" belonging to Epic.
In its lawsuit, Epic had said that TCS took that data while consulting for its customer.
Epic said that it "recently learned from an informant" that TCS employees have been "fraudulently accessing" Epic's software beyond what the consulting contract required - and using Epic's software to improve their own competing product.
One TCS employee's account, which was used in India and several US locations, downloaded 6,477 documents, according to Epic.
"Rather than compete lawfully with Epic, TCS has engaged in an apparently elaborate campaign of deception to steal documents, confidential information, trade secrets, and other information and data from Epic, for the purpose of realising technical expertise developed by Epic over years of hard work and investment," the lawsuit said.
TCS said it intended to appeal against the verdict in higher courts.
"While TCS respects the legal process, the jury's verdict on liability and damages was unexpected as the company believes they are unsupported by the evidence presented during the trial," the company said in a statement mailed to IANS.
"TCS plans to defend its position vigorously in appeals to higher courts. TCS appreciates the trial judge's announcement from the bench that he is almost certain he will reduce the damages award."
A US grand jury has slapped two companies of India's Tata group - Tata Consultancy Services and Tata America International Corp - with a $940 million fine in a trade secret lawsuit filed against them.
After days of hearing, the federal grand jury in the US State of Wisconsin ruled that Tata Consultancy Services and Tata America International Corp. must pay $240 million to Epic Systems for ripping off its software.
Tatas have also been asked to pay another $700 million in punitive damages.
Epic Systems had accused TCS and Tata America International Corp, in a lawsuit filed in October, 2014 in US District Court in Madison which was amended in January and December 2015, of "brazenly stealing the trade secrets, confidential information, documents and data" belonging to Epic.
In its lawsuit, Epic had said that TCS took that data while consulting for its customer.
Epic said that it "recently learned from an informant" that TCS employees have been "fraudulently accessing" Epic's software beyond what the consulting contract required - and using Epic's software to improve their own competing product.
One TCS employee's account, which was used in India and several US locations, downloaded 6,477 documents, according to Epic.
"Rather than compete lawfully with Epic, TCS has engaged in an apparently elaborate campaign of deception to steal documents, confidential information, trade secrets, and other information and data from Epic, for the purpose of realising technical expertise developed by Epic over years of hard work and investment," the lawsuit said.
TCS said it intended to appeal against the verdict in higher courts.
"While TCS respects the legal process, the jury's verdict on liability and damages was unexpected as the company believes they are unsupported by the evidence presented during the trial," the company said in a statement mailed to IANS.
"TCS plans to defend its position vigorously in appeals to higher courts. TCS appreciates the trial judge's announcement from the bench that he is almost certain he will reduce the damages award."
Vijay Mallya absent but business as usual for Force India
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The government's move to suspend embattled tycoon Vijay Mallya 's diplomatic passport made headlines in Mumbai and New Delhi on Friday but it was business as usual for his Force India Formula One team in China.
Mallya has yet to attend a grand prix this year, absent from the season-opener in Australia and Bahrain, and the team said the 60-year-old never had any intention of travelling to Shanghai for Sunday's third round.
"He does not usually attend this race," said a team spokesman after the day's free practice sessions.
Mallya 's immediate whereabouts were unclear and he was not available for comment.
Deputy team principal Bob Fernley said this month that Mallya, who is a member of the upper house of Parliament, had no plans to travel to any races until the Spanish Grand Prix in Barcelona on May 13-15.
That follows on from Russia as the fifth round of the championship and start of the main European season.
The beer baron's financial problems have been mounting steadily and he left India last month amid pressure from lenders to repay about $1.4 billion in debt owed by his defunct Kingfisher Airlines.
On Friday, the foreign ministry gave Mallya a week to answer why his passport should not be impounded or revoked.
Force India's other main co-owner is the Sahara conglomerate, whose founder Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors.
"Obviously money isn't lavished upon us but the team has done very well over the last few years in constantly moving up and increasing its revenues from the constructors' championship," Fernley said after Bahrain.
"We actually have a significant amount of revenue coming in from the commercial side and we are pretty close to being self-sufficient. Diageo signed a contract with us earlier in the year for five years so it's a significant programme. It's for Smirnoff, which is still on the car," he added.
The team finished fifth overall last season, their best ever showing, and Mexican driver Sergio Perez also brings substantial backing from sponsors.
Fernley and chief operating officer Otmar Szafnauer share the duties of running the team at race weekends in Mallya's absence.
The government's move to suspend embattled tycoon Vijay Mallya 's diplomatic passport made headlines in Mumbai and New Delhi on Friday but it was business as usual for his Force India Formula One team in China.
Mallya has yet to attend a grand prix this year, absent from the season-opener in Australia and Bahrain, and the team said the 60-year-old never had any intention of travelling to Shanghai for Sunday's third round.
"He does not usually attend this race," said a team spokesman after the day's free practice sessions.
Mallya 's immediate whereabouts were unclear and he was not available for comment.
Deputy team principal Bob Fernley said this month that Mallya, who is a member of the upper house of Parliament, had no plans to travel to any races until the Spanish Grand Prix in Barcelona on May 13-15.
That follows on from Russia as the fifth round of the championship and start of the main European season.
The beer baron's financial problems have been mounting steadily and he left India last month amid pressure from lenders to repay about $1.4 billion in debt owed by his defunct Kingfisher Airlines.
On Friday, the foreign ministry gave Mallya a week to answer why his passport should not be impounded or revoked.
Force India's other main co-owner is the Sahara conglomerate, whose founder Subrata Roy was arrested in March 2014 after the company failed to comply with a court order to refund money raised from millions of small investors.
"Obviously money isn't lavished upon us but the team has done very well over the last few years in constantly moving up and increasing its revenues from the constructors' championship," Fernley said after Bahrain.
"We actually have a significant amount of revenue coming in from the commercial side and we are pretty close to being self-sufficient. Diageo signed a contract with us earlier in the year for five years so it's a significant programme. It's for Smirnoff, which is still on the car," he added.
The team finished fifth overall last season, their best ever showing, and Mexican driver Sergio Perez also brings substantial backing from sponsors.
Fernley and chief operating officer Otmar Szafnauer share the duties of running the team at race weekends in Mallya's absence.
Stop the Money Spill
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In the run up to Budget 2016, Minister of State for Finance Jayant Sinha had raised a very pertinent issue. He tweeted: "Important to understand constraints of the government. Should we tax more, spend less or borrow more? Careful balance needed."
Sinha's concern stems from the fact that India's fiscal deficit is financed mostly through domestic sources, and nearly 85 per cent of it comes from market borrowing. Last year, the government had paid interest of nearly Rs 3,00,000 crore. In essence, if the government could cut down on its borrowings, it could reduce interest payments and, thereby, reduce the overall deficit.
For instance, when Finance Minister Arun Jaitley pledged Rs 3,45,000 crore this year to fund important schemes, it was also about borrowing up to 3 per cent of India's GDP. And, borrowing at this scale distorts markets, raises the cost of capital, crowds out private borrowers and is also grossly inefficient. If the government were to adopt IT-enabled, just-in-time financing, borrowing could be smoothened out and it could reduce the burden on the exchequer and markets, not to mention improve programme delivery.
Part of the reason why government borrowing is lumpy is the slow embrace of technology within its functioning. A few departments notwithstanding, India's public finance management and administrative systems still run on manual systems of files and cheques. So, even if payments or Direct Benefit Transfers (DBT) are increasingly being made electronically, the provisioning of these funds through the system is still done the old way.
In fact, when Jaitley presented the expenditure statement of the previous financial year, he was talking about the amount of money the government had released from the consolidated fund, and not what was actually spent. At present, there is no way of finding out the exact amount spent, until several months later when the accounts are consolidated. Therefore, the government borrows money and sets it aside for potential use, without really knowing how or when it will be used.
This is so because government fund release follows a top-down, supply-driven formula. Funds are pushed down from the top, one level to the next, according to pre-determined Budget allocations - the Centre allocates funds for each scheme to the concerned ministries, which allocates funds to state governments and, they in turn, pass it on to districts, and so on, until the funds reach the implementing agency. According to existing rules, funds at each level are released in two instalments. The last-mile agency is the one that eventually transfers funds to the beneficiaries or vendors. It is only when 60 per cent of the first tranche is used up that an agency requests for the final instalment.
As a result, unused funds often sit idle at various levels in the system. Maintaining such large amounts of unutilised public money poses a clear strain on government finances. It also leads to uneven allocation of funds, and money is always not available when it is needed. This results in delays in payment, or even failure to provide the necessary services. The knock-on effects of this are immense, as many capable private sector agencies shy away from partnering government initiatives because of delayed and uncertain payments.
Delays in payments and layers of intermediaries also increase the opportunity for corruption and rent seeking. In Bihar, affiliates of the Abdul Lateef Jameel Poverty Action Lab (JPAL) implemented a pilot in 2012 for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), where it allowed panchayat bodies to bypass the district and pull wage payments directly from a state pool account. The study estimates a reduction in leakage of 25 per cent, tracing it to the removal of a layer of financial intermediaries and, thereby, reducing the opportunity for taking bribes. In a separate JPAL-affiliated study in Andhra Pradesh, direct cash transfers to MGNREGS workers using biometric authentication led to a 20 per cent fall in leakages.
Perhaps the most pernicious effect of this pen-and-paper allocation process is the lack of real-time monitoring, or even detailed data on expenditure. This means that future allocations and programme implementations suffer, and there is no real guide as to what worked and what did not.
There are, however, ready answers to this problem. Institutions in the public and private sector, globally, have adopted technology to improve operations and management. A recent World Bank study has documented the benefits of centralised e-payments in government systems. In Brazil, conditional cash transfers for the centralised Bolsa Familia programme are electronically sent to a beneficiary's account. Brazil's transition to an electronic payment system is estimated to have cut down administrative costs by over 80 per cent. Similarly, Mexico's move to centralised e-payments for pensions and federal salaries has resulted in savings, transparency and budget control, apart from improved financial planning.
In India, MGNREGS itself has created a fund release model that eliminates all intermediaries and allows last-mile implementation agencies to pull funds directly from state accounts.
What is needed is to extend the electronic payments mechanism to fund disbursal through the government system. This requires programme-specific, workflow-driven IT platforms that enable implementation agencies to pull funds directly to beneficiary and vendor accounts based on real-time expenditure and progress. Within such a system, a scheme that is authorised to draw on an amount can instruct vendors and beneficiaries to upload vouchers on the system, triggering releases into their bank accounts, up to the amount authorised, without the need for multiple intermediate layers.
This will allow government departments to focus their attention on programme implementation and monitoring, rather than fund management. It will also allow the government to introduce its much-vaunted JAM (Jan Dhan Yojana; Aadhaar number; mobile number) trinity into government expenditure.
India has the IT wherewithal to make this happen. The benefits too are enormous. Whether the government is up to the challenge, though, remains to be seen.
In the run up to Budget 2016, Minister of State for Finance Jayant Sinha had raised a very pertinent issue. He tweeted: "Important to understand constraints of the government. Should we tax more, spend less or borrow more? Careful balance needed."
Sinha's concern stems from the fact that India's fiscal deficit is financed mostly through domestic sources, and nearly 85 per cent of it comes from market borrowing. Last year, the government had paid interest of nearly Rs 3,00,000 crore. In essence, if the government could cut down on its borrowings, it could reduce interest payments and, thereby, reduce the overall deficit.
For instance, when Finance Minister Arun Jaitley pledged Rs 3,45,000 crore this year to fund important schemes, it was also about borrowing up to 3 per cent of India's GDP. And, borrowing at this scale distorts markets, raises the cost of capital, crowds out private borrowers and is also grossly inefficient. If the government were to adopt IT-enabled, just-in-time financing, borrowing could be smoothened out and it could reduce the burden on the exchequer and markets, not to mention improve programme delivery.
Part of the reason why government borrowing is lumpy is the slow embrace of technology within its functioning. A few departments notwithstanding, India's public finance management and administrative systems still run on manual systems of files and cheques. So, even if payments or Direct Benefit Transfers (DBT) are increasingly being made electronically, the provisioning of these funds through the system is still done the old way.
In fact, when Jaitley presented the expenditure statement of the previous financial year, he was talking about the amount of money the government had released from the consolidated fund, and not what was actually spent. At present, there is no way of finding out the exact amount spent, until several months later when the accounts are consolidated. Therefore, the government borrows money and sets it aside for potential use, without really knowing how or when it will be used.
This is so because government fund release follows a top-down, supply-driven formula. Funds are pushed down from the top, one level to the next, according to pre-determined Budget allocations - the Centre allocates funds for each scheme to the concerned ministries, which allocates funds to state governments and, they in turn, pass it on to districts, and so on, until the funds reach the implementing agency. According to existing rules, funds at each level are released in two instalments. The last-mile agency is the one that eventually transfers funds to the beneficiaries or vendors. It is only when 60 per cent of the first tranche is used up that an agency requests for the final instalment.
As a result, unused funds often sit idle at various levels in the system. Maintaining such large amounts of unutilised public money poses a clear strain on government finances. It also leads to uneven allocation of funds, and money is always not available when it is needed. This results in delays in payment, or even failure to provide the necessary services. The knock-on effects of this are immense, as many capable private sector agencies shy away from partnering government initiatives because of delayed and uncertain payments.
Delays in payments and layers of intermediaries also increase the opportunity for corruption and rent seeking. In Bihar, affiliates of the Abdul Lateef Jameel Poverty Action Lab (JPAL) implemented a pilot in 2012 for the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), where it allowed panchayat bodies to bypass the district and pull wage payments directly from a state pool account. The study estimates a reduction in leakage of 25 per cent, tracing it to the removal of a layer of financial intermediaries and, thereby, reducing the opportunity for taking bribes. In a separate JPAL-affiliated study in Andhra Pradesh, direct cash transfers to MGNREGS workers using biometric authentication led to a 20 per cent fall in leakages.
Perhaps the most pernicious effect of this pen-and-paper allocation process is the lack of real-time monitoring, or even detailed data on expenditure. This means that future allocations and programme implementations suffer, and there is no real guide as to what worked and what did not.
There are, however, ready answers to this problem. Institutions in the public and private sector, globally, have adopted technology to improve operations and management. A recent World Bank study has documented the benefits of centralised e-payments in government systems. In Brazil, conditional cash transfers for the centralised Bolsa Familia programme are electronically sent to a beneficiary's account. Brazil's transition to an electronic payment system is estimated to have cut down administrative costs by over 80 per cent. Similarly, Mexico's move to centralised e-payments for pensions and federal salaries has resulted in savings, transparency and budget control, apart from improved financial planning.
In India, MGNREGS itself has created a fund release model that eliminates all intermediaries and allows last-mile implementation agencies to pull funds directly from state accounts.
What is needed is to extend the electronic payments mechanism to fund disbursal through the government system. This requires programme-specific, workflow-driven IT platforms that enable implementation agencies to pull funds directly to beneficiary and vendor accounts based on real-time expenditure and progress. Within such a system, a scheme that is authorised to draw on an amount can instruct vendors and beneficiaries to upload vouchers on the system, triggering releases into their bank accounts, up to the amount authorised, without the need for multiple intermediate layers.
This will allow government departments to focus their attention on programme implementation and monitoring, rather than fund management. It will also allow the government to introduce its much-vaunted JAM (Jan Dhan Yojana; Aadhaar number; mobile number) trinity into government expenditure.
India has the IT wherewithal to make this happen. The benefits too are enormous. Whether the government is up to the challenge, though, remains to be seen.
General Awareness
Delhi ranked 44th among world’s 50 ‘future-ready cities’
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Delhi was acknowledged by Dell asone of 50 future-readyeconomies around the world that are embracing technology to adapt and thrive in an ever-changing and globalized future.
- The efforts put in by the Delhi and Union government to make a digitally enabled nation, one that allows for last mile connectivity and helps improve the quality of life.
- Delhi is ranked 44th on the list which is topped by San Jose, followed by San Francisco, Singapore and London as the world’s most future-ready cities.
The released model is meant as a tool for cities to gauge their preparation for future growth. The Survey used to rank cities globally differed slightly from the S. model due to the lack of comparable statistics in some cases.
The cities positioned in the Global 50 ranking were evaluated alongthree dimensions:
- Human capital
- Infrastructure
- Commerce
Global Top 50 Future Ready Economies
Rank City 1 San Jose 2 San Francisco 3 Singapore 4 London 5 Washington, DC 6 Boston 7 Austin 8 Raleigh 9 Stockholm 10 Sydney
Delhi was acknowledged by Dell asone of 50 future-readyeconomies around the world that are embracing technology to adapt and thrive in an ever-changing and globalized future.- The efforts put in by the Delhi and Union government to make a digitally enabled nation, one that allows for last mile connectivity and helps improve the quality of life.
- Delhi is ranked 44th on the list which is topped by San Jose, followed by San Francisco, Singapore and London as the world’s most future-ready cities.
The released model is meant as a tool for cities to gauge their preparation for future growth. The Survey used to rank cities globally differed slightly from the S. model due to the lack of comparable statistics in some cases.The cities positioned in the Global 50 ranking were evaluated alongthree dimensions:- Human capital
- Infrastructure
- Commerce
Global Top 50 Future Ready EconomiesRank City 1 San Jose 2 San Francisco 3 Singapore 4 London 5 Washington, DC 6 Boston 7 Austin 8 Raleigh 9 Stockholm 10 Sydney
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