General Affairs
Is There Deliberate Misinformation On Bullet Trains, Asks Suresh Prabhu
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NEW DELHI: Railway Minister Suresh Prabhu today wondered in the Lok Sabha whether there was a "deliberate misinformation" campaign against the introduction of bullet trains, saying these were not in conflict with the 'normal' trains.
Responding to a series of questions during the Question Hour on slow speed of trains, he wondered whether there was a "deliberate misinformation" being spread that bullet trains and 'normal trains' were at conflict.
He clarified that funds for the proposed bullet train will come from Japan.
He suggested that the technology to be used for bullet trains will come in handy for improving the services of normal trains and that the integration of signalling, tracks and availability of rolling stock would help enhance train speed.
The minister said once the dedicated freight corridor comes up, the load of goods trains will go down from the Kolkata-Delhi trunk route, the busiest in the world.
Mr Prabhu said the work done on dedicated freight corridor in a year was more than what had been done in the last six years, adding that the Prime Minister was also monitoring its progress.
Yesterday too while replying to a debate on the rail budget, Mr Prabhu had brushed aside criticism of the proposal to introduce expensive bullet trains, saying the government has managed to secure a soft loan of Rs. 1 lakh crore from Japan at an interest as low as 0.1 per cent for a period of 50 years.
NEW DELHI: Railway Minister Suresh Prabhu today wondered in the Lok Sabha whether there was a "deliberate misinformation" campaign against the introduction of bullet trains, saying these were not in conflict with the 'normal' trains.Responding to a series of questions during the Question Hour on slow speed of trains, he wondered whether there was a "deliberate misinformation" being spread that bullet trains and 'normal trains' were at conflict.
He suggested that the technology to be used for bullet trains will come in handy for improving the services of normal trains and that the integration of signalling, tracks and availability of rolling stock would help enhance train speed.
The minister said once the dedicated freight corridor comes up, the load of goods trains will go down from the Kolkata-Delhi trunk route, the busiest in the world.
Mr Prabhu said the work done on dedicated freight corridor in a year was more than what had been done in the last six years, adding that the Prime Minister was also monitoring its progress.
Yesterday too while replying to a debate on the rail budget, Mr Prabhu had brushed aside criticism of the proposal to introduce expensive bullet trains, saying the government has managed to secure a soft loan of Rs. 1 lakh crore from Japan at an interest as low as 0.1 per cent for a period of 50 years.
BJP A Party of Liars, Says Harish Rawat As Central Rule Stays In Uttarakhand
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Dehradun: Harish Rawat of the Congress has lashed out the BJP, calling it the Bharatiya "Jhoot" Party or a party of liars and has alleged that attempts are being made to poach his legislators as he awaits a chance to prove majority in a floor test in the Uttarakhand Assembly.
The BJP has demanded an unconditional apology from the Congress for what it calls "wild allegations... to divert public attention from real issues".
Mr Rawat, who celebrates his 69th birthday today, had hoped for a final judgement from the Supreme Court on the imposition of President's Rule by the Centre in Uttarakhand, a move that had meant the dismissal of his government.
The Supreme Court said today that President's Rule would continue in the state and that no floor test would be held till its final decision, which is expected next week.
"I trust the courts," Mr Rawat said, but added that he feared that the delay would fuel horse-trading. Two Congress legislators have alleged that they have been offered crores of rupees and seats in Parliament by the BJP in exchange for their support during Mr Rawat's floor test.
"Their own former CM was caught live on camera negotiating a money deal to buy back disgruntled party MLAs. It is a bid to divert attention from this that they are making unfounded allegations against the BJP," party's Ajay Bhatt alleged, referring to a sting operation that purportedly showed Mr Rawat attempting to horse-trade after nine legislators from his party rebelled against him.
One of the Congress dissidents, Vijay Bahuguna, whom Harish Rawat had replaced as Uttarakhand chief minister, said the allegation that Congress MLAs have been offered bribes to jump ship is "preposterous."
Mr Bahuguna has suggested that fresh elections be held now in the state, which is due for assembly polls next year. "Neither me nor any of my colleagues are interested in becoming Chief Minister in this scenario," he said.
The Centre had introduced President's Rule on March 27, one day before Harish Rawat was to seek a trust vote.
The BJP has demanded an unconditional apology from the Congress for what it calls "wild allegations... to divert public attention from real issues".
Mr Rawat, who celebrates his 69th birthday today, had hoped for a final judgement from the Supreme Court on the imposition of President's Rule by the Centre in Uttarakhand, a move that had meant the dismissal of his government.
"I trust the courts," Mr Rawat said, but added that he feared that the delay would fuel horse-trading. Two Congress legislators have alleged that they have been offered crores of rupees and seats in Parliament by the BJP in exchange for their support during Mr Rawat's floor test.
"Their own former CM was caught live on camera negotiating a money deal to buy back disgruntled party MLAs. It is a bid to divert attention from this that they are making unfounded allegations against the BJP," party's Ajay Bhatt alleged, referring to a sting operation that purportedly showed Mr Rawat attempting to horse-trade after nine legislators from his party rebelled against him.
One of the Congress dissidents, Vijay Bahuguna, whom Harish Rawat had replaced as Uttarakhand chief minister, said the allegation that Congress MLAs have been offered bribes to jump ship is "preposterous."
Mr Bahuguna has suggested that fresh elections be held now in the state, which is due for assembly polls next year. "Neither me nor any of my colleagues are interested in becoming Chief Minister in this scenario," he said.
The Centre had introduced President's Rule on March 27, one day before Harish Rawat was to seek a trust vote.
Rahul Gandhi At His Side, Buddhadeb Says 'Can't Defeat TMC On Our Own'
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KOLKATA: This is something Kolkata has never seen before: That was how former Chief Minister Buddhadeb Bhattacharjee started his speech, acutely aware how unprecedented a frame he presented, sharing stage with Congress vice president Rahul Gandhi in Kolkata today.
"Why am I here with Rahul Gandhi? Because we understand that there is danger ahead. This government is ruining West Bengal. And we cannot do this on our own. We need to do it together," Mr Bhattacharjee said, underscoring how important the tie-up was to the CPM's state leaders.
Taking a swipe at the ruling Trinamool and the BJP, Rahul Gandhi said, "Mamata and Modi both made promises". The Chief Minister, he said, promised jobs and the Prime Minister created Make in India. But the promises of neither have been fulfilled, he said.
Dismissing the fights between the BJP and the Trinamool, he said, "Modi and Mamata make allegations against each other. It's 'Sajano ladai' (fake fight)... Mamata had said BJP is a natural ally."
After 34 years in power in Bengal, the CPM had been trounced by Trinamool Congress in the 2011 assembly elections. But the party saw an opportunity for a comeback in the growing corruption charges against Trinamool. The tie-up with traditional rival Congress is a mark of its determination.
But the presence of Mr Bhattacharjee - the state's tallest leader -- with Rahul Gandhi at today's rally in Kolkata, is meant as a special gesture. Last week, senior CPM leader Sitaram Yechury had failed to share stage with senior Congress leader and candidate from Singur Adhir Ranjan Choudhury. When he spoke, he had nothing to say about the alliance.
The Central leadership of the CPM has insisted there is nothing official about the tie-up, which they claim has been brought about by the insistence of the local leaders.
"Why am I here with Rahul Gandhi? Because we understand that there is danger ahead. This government is ruining West Bengal. And we cannot do this on our own. We need to do it together," Mr Bhattacharjee said, underscoring how important the tie-up was to the CPM's state leaders.
Dismissing the fights between the BJP and the Trinamool, he said, "Modi and Mamata make allegations against each other. It's 'Sajano ladai' (fake fight)... Mamata had said BJP is a natural ally."
After 34 years in power in Bengal, the CPM had been trounced by Trinamool Congress in the 2011 assembly elections. But the party saw an opportunity for a comeback in the growing corruption charges against Trinamool. The tie-up with traditional rival Congress is a mark of its determination.
But the presence of Mr Bhattacharjee - the state's tallest leader -- with Rahul Gandhi at today's rally in Kolkata, is meant as a special gesture. Last week, senior CPM leader Sitaram Yechury had failed to share stage with senior Congress leader and candidate from Singur Adhir Ranjan Choudhury. When he spoke, he had nothing to say about the alliance.
The Central leadership of the CPM has insisted there is nothing official about the tie-up, which they claim has been brought about by the insistence of the local leaders.
Manohar Parrikar Questions Congress's Claim On Blacklisting AgustaWestland
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NEW DELHI: Union Defence Minister Manohar Parrikar today challenged the Congress to show the UPA government order blacklisting the Anglo-Italian helicopter maker AgustaWestland in connection with the VVIP chopper scam.
Mr Parrikar, who said that he will speak in detail in Parliament on the issue in the near future, informed that the ministry has received a copy of the Italian court order and is in the process of translating it into English.
He said that the process might take 8-10 days. Mr Parrikar also took a dig at Congress president Sonia Gandhi, saying translation from Italian was not easy, "at least for the ruling side. May not be a difficult task for the opposition".
A combative Mr Parrikar hit back when asked about Congress' allegation that while UPA had blacklisted the company, the NDA government removed it from the blacklist.
"When did they blacklist? Ask them first. Ask them what date the order was issued? Show me the copy of the order," the minister said.
Asked if he meant that the firm was never blacklisted, he said, "I am not saying that".
Interestingly, in a written reply to the Rajya Sabha on February 5, 2014, the then Defence Minister AK Antony, while giving details on AgustaWestland, had said, "No decision has been taken till date to debar the said company".
This runs contrary to what the Congress has been claiming because the reply came just months ahead of the regime change.
However, records of state-run HAL show that AgustaWestland International Ltd, UK, Finmeccanica, Italy and its group of companies, including subsidiaries and affiliates, IDS Tunisia and Infotech Design System (IDS), Mauritius, were blacklisted on July 3, 2014, when NDA was in power, because of the CBI case against them to inquire into alleged criminal wrongdoing in the procurement of VVIP Helicopters.
Hitting back at BJP on the VVIP chopper deal, Congress had yesterday alleged that AgustaWestland was "removed" from the blacklisted category by the Modi dispensation.
Congress leader and former Union Minister Anand Sharma had said, "The chopper deal was scrapped. Action was taken by the UPA government. AK Antony, the then Defence Minister, had made a statement in Parliament and Agusta Westland was blacklisted."
Mr Parrikar, who said that he will speak in detail in Parliament on the issue in the near future, informed that the ministry has received a copy of the Italian court order and is in the process of translating it into English.
A combative Mr Parrikar hit back when asked about Congress' allegation that while UPA had blacklisted the company, the NDA government removed it from the blacklist.
"When did they blacklist? Ask them first. Ask them what date the order was issued? Show me the copy of the order," the minister said.
Asked if he meant that the firm was never blacklisted, he said, "I am not saying that".
Interestingly, in a written reply to the Rajya Sabha on February 5, 2014, the then Defence Minister AK Antony, while giving details on AgustaWestland, had said, "No decision has been taken till date to debar the said company".
This runs contrary to what the Congress has been claiming because the reply came just months ahead of the regime change.
However, records of state-run HAL show that AgustaWestland International Ltd, UK, Finmeccanica, Italy and its group of companies, including subsidiaries and affiliates, IDS Tunisia and Infotech Design System (IDS), Mauritius, were blacklisted on July 3, 2014, when NDA was in power, because of the CBI case against them to inquire into alleged criminal wrongdoing in the procurement of VVIP Helicopters.
Hitting back at BJP on the VVIP chopper deal, Congress had yesterday alleged that AgustaWestland was "removed" from the blacklisted category by the Modi dispensation.
Congress leader and former Union Minister Anand Sharma had said, "The chopper deal was scrapped. Action was taken by the UPA government. AK Antony, the then Defence Minister, had made a statement in Parliament and Agusta Westland was blacklisted."
Ramdev's Business Asana: 'Patanjali Will Overtake Colgate, Nestle'
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NEW DELHI: Yoga teacher Ramdev was all about the turnover asana today as he predicted that his fast-growing Patanjali Ayurved would soon upstage giants like Colgate, Unilever and Nestle.
"Colgate will be below Patanjali by this year, and in three years, we will overtake Unilever," Ramdev told reporters.
"Patanjali products would make shut the 'gate' in Colgate. The birds in Nestle's nest (logo) will also fly away."
Patanjali Ayurved is aiming at a turnover of over Rs.10,000 crore in 2016-17, more than double from the Rs.5,000 crore in the last fiscal, said the yoga guru.
Asked about reports that his company is eating into the market share of multinationals, Ramdev quipped: "We have not eaten into other companies' share - we are totally vegetarian."
He listed what he believed are the reasons for Patanjali's growths: "We do not have paid brand ambassadors. Wrestler Sushil Kumar, who features in Patanjali's ghee add, did the advertisement for free. I am brand ambassador of the company for free."
Patanjali is planning to invest Rs.1,000 crore this year in setting up five or six new processing units in states like Assam, Maharashtra, Madhya Pradesh, Rajasthan, Haryana and Uttar Pradesh.
The Ayurveda-based company, which has been growing exponentially in the last four years, plans to venture into exports and e-commerce this year.
"We will be exporting honey and cosmetics to 10-12 countries, including US, Britain, Canada, African and Arab countries," said Patanjali managing director Acharya Balkrishna.
The company also wants to expand its product base to dairy products and yoga clothing.
"Patanjali curd, cheese and other dairy products will soon be in the market," Ramdev said. A clothing line in jute is also in the works.
Ramdev said Patanjali aims at 4,000 distributors, 10,000 Patanjali stores and 100 mega stores in the country this year.
NEW DELHI: Yoga teacher Ramdev was all about the turnover asana today as he predicted that his fast-growing Patanjali Ayurved would soon upstage giants like Colgate, Unilever and Nestle."Colgate will be below Patanjali by this year, and in three years, we will overtake Unilever," Ramdev told reporters.
Patanjali Ayurved is aiming at a turnover of over Rs.10,000 crore in 2016-17, more than double from the Rs.5,000 crore in the last fiscal, said the yoga guru.
Asked about reports that his company is eating into the market share of multinationals, Ramdev quipped: "We have not eaten into other companies' share - we are totally vegetarian."
He listed what he believed are the reasons for Patanjali's growths: "We do not have paid brand ambassadors. Wrestler Sushil Kumar, who features in Patanjali's ghee add, did the advertisement for free. I am brand ambassador of the company for free."
Patanjali is planning to invest Rs.1,000 crore this year in setting up five or six new processing units in states like Assam, Maharashtra, Madhya Pradesh, Rajasthan, Haryana and Uttar Pradesh.
The Ayurveda-based company, which has been growing exponentially in the last four years, plans to venture into exports and e-commerce this year.
"We will be exporting honey and cosmetics to 10-12 countries, including US, Britain, Canada, African and Arab countries," said Patanjali managing director Acharya Balkrishna.
The company also wants to expand its product base to dairy products and yoga clothing.
"Patanjali curd, cheese and other dairy products will soon be in the market," Ramdev said. A clothing line in jute is also in the works.
Ramdev said Patanjali aims at 4,000 distributors, 10,000 Patanjali stores and 100 mega stores in the country this year.
Business Affairs
Sensex closes higher as oil prices climb
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The BSE Sensex edged higher to post a second session of gains on Wednesday, led by Oil and Natural Gas Corp after crude oil rallied to 2016 highs, but gains were limited ahead of US and Japanese central bank policy decisions.
The broader NSE Nifty rose 0.22 per cent to close at 7,979.90, while the benchmark Sensex ended 0.22 per cent higher at 26,064.12.
ONGC jumped 3.5 per cent while Oil India rose 2.8 per cent on the back of strong gains in crude oil prices, led by falling output and a weaker dollar.
The BSE Sensex edged higher to post a second session of gains on Wednesday, led by Oil and Natural Gas Corp after crude oil rallied to 2016 highs, but gains were limited ahead of US and Japanese central bank policy decisions.
The broader NSE Nifty rose 0.22 per cent to close at 7,979.90, while the benchmark Sensex ended 0.22 per cent higher at 26,064.12.
ONGC jumped 3.5 per cent while Oil India rose 2.8 per cent on the back of strong gains in crude oil prices, led by falling output and a weaker dollar.
India likely to become net importer of sugar as drought dries fields
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India is likely to become a net importer of sugar in 2016/17 as back-to-back drought years dry irrigation channels and ravage cane fields, with output in the country's biggest producing state seen dropping over 40 per cent.
That would mark the first time the nation has been a net importer of the sweetener in four years, with the switch likely to support global prices that have already been rising this year.
It would also give rival producers such as Pakistan, Thailand and Brazil the chance to boost shipments from their ports.
"India will need to import next year due to a production shortfall," Ashok Jain, president of the Bombay Sugar Merchants Association (BSMA), said.
"Drought has severely affected cane plantations in Maharashtra. The government should stop exports now to reduce import requirements in the next season."
The El Nino weather phenomenon, which brings dry conditions to many regions, has stoked the worst drought in decades in some parts of India, with thousands of small-scale sugar cane growers in Maharashtra state failing to cultivate crops for the next marketing year, starting October.
"Even for drinking water we are relying on water tankers. It wasn't possible for anyone from our village to cultivate cane," said Baban Swami, a farmer standing in a parched field in the Latur district of Maharashtra, around 500 km southeast of Mumbai.
That could help push overall output below consumption for the first time in seven years.
"Next year, Maharashtra's production could drop below 5 million tonnes. This may pull down the total output to 22.5 million tonnes," said BB Thombre, president of the Western India Sugar Mills Association. Next season's local consumption is pegged at around 26 million tonnes.
The world's biggest sugar consumer is set to churn out 25.7 million tonnes in the current season, with Maharashtra contributing 8.5 million tonnes. Indian mills are contracted to export nearly 1.5 million tonnes this season.
"I think there is a possibility we could see imports to India next year," said Tracey Allen, a commodity analyst at Rabobank in London.
Indian imports have in the past boosted global sugar prices, traders said.
"The global supply deficit is going to rise with the Indian shortfall. This could trigger a rally, although a lot depends on how much sugar India needs to import," said a Singapore-based dealer with a global trading firm. He declined to be identified as he was not authorised to speak with media.
Meanwhile, analysts were divided over whether India would cut its 40-percent import duty on raw sugar.
Some said mills would ask for the tax to remain unchanged so domestic prices would rise further, while others said the food ministry could push for a duty-cut to relieve inflationary pressures.
"Duty free imports are required to arrest price rises," said Jain at BSMA.
India is likely to become a net importer of sugar in 2016/17 as back-to-back drought years dry irrigation channels and ravage cane fields, with output in the country's biggest producing state seen dropping over 40 per cent.
That would mark the first time the nation has been a net importer of the sweetener in four years, with the switch likely to support global prices that have already been rising this year.
It would also give rival producers such as Pakistan, Thailand and Brazil the chance to boost shipments from their ports.
"India will need to import next year due to a production shortfall," Ashok Jain, president of the Bombay Sugar Merchants Association (BSMA), said.
"Drought has severely affected cane plantations in Maharashtra. The government should stop exports now to reduce import requirements in the next season."
The El Nino weather phenomenon, which brings dry conditions to many regions, has stoked the worst drought in decades in some parts of India, with thousands of small-scale sugar cane growers in Maharashtra state failing to cultivate crops for the next marketing year, starting October.
"Even for drinking water we are relying on water tankers. It wasn't possible for anyone from our village to cultivate cane," said Baban Swami, a farmer standing in a parched field in the Latur district of Maharashtra, around 500 km southeast of Mumbai.
That could help push overall output below consumption for the first time in seven years.
"Next year, Maharashtra's production could drop below 5 million tonnes. This may pull down the total output to 22.5 million tonnes," said BB Thombre, president of the Western India Sugar Mills Association. Next season's local consumption is pegged at around 26 million tonnes.
The world's biggest sugar consumer is set to churn out 25.7 million tonnes in the current season, with Maharashtra contributing 8.5 million tonnes. Indian mills are contracted to export nearly 1.5 million tonnes this season.
"I think there is a possibility we could see imports to India next year," said Tracey Allen, a commodity analyst at Rabobank in London.
Indian imports have in the past boosted global sugar prices, traders said.
"The global supply deficit is going to rise with the Indian shortfall. This could trigger a rally, although a lot depends on how much sugar India needs to import," said a Singapore-based dealer with a global trading firm. He declined to be identified as he was not authorised to speak with media.
Meanwhile, analysts were divided over whether India would cut its 40-percent import duty on raw sugar.
Some said mills would ask for the tax to remain unchanged so domestic prices would rise further, while others said the food ministry could push for a duty-cut to relieve inflationary pressures.
"Duty free imports are required to arrest price rises," said Jain at BSMA.
Yes Bank Q4 net profit grows 27 per cent to Rs 702 crore
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Private lender Yes Bank today reported a 27.4 per cent rise in its stand-alone net profit at Rs 702.1 crore for the fourth quarter ended March.
Net profit stood at Rs 551 crore in the corresponding quarter of 2014-15.
Its total income has increased to Rs 4,331.1 crore for the quarter ended March, up 17.7 per cent, from Rs 3,678.8 crore for the March quarter of 2015, it said in a BSE filing.
The bank's net interest income (NII) in January-March went up by 27.1 per cent to Rs 1,241.4 crore while non-interest income grew 36 per cent to Rs 802.8 crore.
Yes bank's total provisioning against bad loans in the said quarter climbed 47.6 per cent to Rs 186.5 crore compared with Rs 126.4 crore in the same quarter of 2014-15.
On the asset quality front, the bank's net non-performing assets (NPA), or bad loans, increased to 0.29 per cent of total advances in the March quarter, from 0.12 per cent a year ago.
Likewise, gross NPAs grew to 0.76 per cent in the last quarter, from 0.41 per cent a year earlier.
For the full fiscal 2015-16, the bank posted a net profit of Rs 2,539.5 crore as against Rs 2,005.4 crore in the year-ago period.
Total income during the fiscal jumped to Rs 16,245.6 crore, from Rs 13,618.5 crore in the previous fiscal.
In a separate filing, Yes Bank's board recommended payment of a final dividend of Rs 10 per share.
The stock was trading 0.33 per cent higher at Rs 913.60 on BSE at 1110 hours.
Private lender Yes Bank today reported a 27.4 per cent rise in its stand-alone net profit at Rs 702.1 crore for the fourth quarter ended March.
Net profit stood at Rs 551 crore in the corresponding quarter of 2014-15.
Its total income has increased to Rs 4,331.1 crore for the quarter ended March, up 17.7 per cent, from Rs 3,678.8 crore for the March quarter of 2015, it said in a BSE filing.
The bank's net interest income (NII) in January-March went up by 27.1 per cent to Rs 1,241.4 crore while non-interest income grew 36 per cent to Rs 802.8 crore.
Yes bank's total provisioning against bad loans in the said quarter climbed 47.6 per cent to Rs 186.5 crore compared with Rs 126.4 crore in the same quarter of 2014-15.
On the asset quality front, the bank's net non-performing assets (NPA), or bad loans, increased to 0.29 per cent of total advances in the March quarter, from 0.12 per cent a year ago.
Likewise, gross NPAs grew to 0.76 per cent in the last quarter, from 0.41 per cent a year earlier.
For the full fiscal 2015-16, the bank posted a net profit of Rs 2,539.5 crore as against Rs 2,005.4 crore in the year-ago period.
Total income during the fiscal jumped to Rs 16,245.6 crore, from Rs 13,618.5 crore in the previous fiscal.
In a separate filing, Yes Bank's board recommended payment of a final dividend of Rs 10 per share.
The stock was trading 0.33 per cent higher at Rs 913.60 on BSE at 1110 hours.
Economy to grow over 8 per cent in FY17: Arvind Panagariya
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The economy is expected to grow over 8 per cent this fiscal with the forecast of above-normal monsoon raising hopes of the agriculture sector's revival after two successive drought years, Niti Aayog vice-chairman Arvind Panagariya said on Tuesday.
"The economic growth rate will be more than 8 per cent during the current fiscal. There is a forecast of above-normal monsoon this fiscal," Panagariya said after delivering a lecture organised by the Central Vigilance Commission in New Delhi.
He said the economic growth in the current fiscal could be even higher in view of policy and monetary interventions by the government and the Reserve Bank, which will ultimately push the sluggish industrial growth.
Finance Minister Arun Jaitley had also expressed hope that good rains will propel India's economic growth to 8.5 per cent during the current fiscal, higher than Central Statistics Office advance estimates of 7.6 per cent for 2015-16.
Earlier this month, Indian Meteorological Department has forecasted above-normal monsoon during this kharif season raising hopes of buoyancy in the economy this fiscal.
According to IMD, there are 94 per cent chances of country receiving "normal to above normal" rainfall while there is only 1 per cent probability of "deficient" rainfall.
Agriculture, which contributes 15 per cent to India's GDP and employs about 60 per cent of the country's population, is heavily dependent on monsoon as only 40 per cent of the cultivable area is under irrigation.
Due to poor monsoon in 2015-16 crop year (July-June), 10 states have declared drought and the Centre has sanctioned a relief package of about Rs 10,000 crore to help farmers.
In 2015, the monsoon deficiency was 14 per cent with Northwest India recording a deficiency of 17 per cent, followed by 16 per cent in Central India, 15 per cent in Southern Peninsula and 8 per cent in East and North-east India.
In 2014, the monsoon deficiency was 12.3 per cent of the Long Period Average.
The interest regime is also conducive for the economic growth now as the Reserve Bank has cut the key interest rate by 0.25 per cent to and introduced a host of measures to smoothen liquidity supply so that banks can lend to the productive sectors and indicated accommodative stance going ahead earlier this month.
The repo rate, at which RBI lends to the financial system, has come down to 6.5 per cent. This will also push economic activities. More PTI KKS
Meanwhile, government's think tank Niti Aayog, in collaboration with Singapore Cooperation Enterprise (SCE) and Temasek Foundation Singapore, is organising an urban management programme for capacity building of officials of the state governments and the urban local bodies.
The programme, that will see participation from officials of Tamil Nadu, Andhra Pradesh, Gujarat, Maharashtra, Delhi, Uttar Pradesh & Assam, will focus on the implementation of the Urban Rejuvenation Mission, Niti Aayog said.
It will cover urban planning & governance, water, waste water & solid waste management and public financing (PPP) of urban infrastructure, it added.
The programme, scheduled to be launched on April 27, will be chaired by Niti Aayog Vice Chairman Arvind Panagariya and will be attended by NITI Aayog member Dr Bibek Debroy, High Commissioner of Singapore, CEO of Singapore Co-operation Enterprise and the CEO of Temasek Foundation.
During the programme, experts from Singapore would impart training in highly interactive workshops and share Singapore's and international experiences with the participants.
Towards the end of the progaramme, Strategic Base Line Frameworks will be developed in this areas of Urban Management, the Aayog said.
The economy is expected to grow over 8 per cent this fiscal with the forecast of above-normal monsoon raising hopes of the agriculture sector's revival after two successive drought years, Niti Aayog vice-chairman Arvind Panagariya said on Tuesday.
"The economic growth rate will be more than 8 per cent during the current fiscal. There is a forecast of above-normal monsoon this fiscal," Panagariya said after delivering a lecture organised by the Central Vigilance Commission in New Delhi.
He said the economic growth in the current fiscal could be even higher in view of policy and monetary interventions by the government and the Reserve Bank, which will ultimately push the sluggish industrial growth.
Finance Minister Arun Jaitley had also expressed hope that good rains will propel India's economic growth to 8.5 per cent during the current fiscal, higher than Central Statistics Office advance estimates of 7.6 per cent for 2015-16.
Earlier this month, Indian Meteorological Department has forecasted above-normal monsoon during this kharif season raising hopes of buoyancy in the economy this fiscal.
According to IMD, there are 94 per cent chances of country receiving "normal to above normal" rainfall while there is only 1 per cent probability of "deficient" rainfall.
Agriculture, which contributes 15 per cent to India's GDP and employs about 60 per cent of the country's population, is heavily dependent on monsoon as only 40 per cent of the cultivable area is under irrigation.
Due to poor monsoon in 2015-16 crop year (July-June), 10 states have declared drought and the Centre has sanctioned a relief package of about Rs 10,000 crore to help farmers.
In 2015, the monsoon deficiency was 14 per cent with Northwest India recording a deficiency of 17 per cent, followed by 16 per cent in Central India, 15 per cent in Southern Peninsula and 8 per cent in East and North-east India.
In 2014, the monsoon deficiency was 12.3 per cent of the Long Period Average.
The interest regime is also conducive for the economic growth now as the Reserve Bank has cut the key interest rate by 0.25 per cent to and introduced a host of measures to smoothen liquidity supply so that banks can lend to the productive sectors and indicated accommodative stance going ahead earlier this month.
The repo rate, at which RBI lends to the financial system, has come down to 6.5 per cent. This will also push economic activities. More PTI KKS
Meanwhile, government's think tank Niti Aayog, in collaboration with Singapore Cooperation Enterprise (SCE) and Temasek Foundation Singapore, is organising an urban management programme for capacity building of officials of the state governments and the urban local bodies.
The programme, that will see participation from officials of Tamil Nadu, Andhra Pradesh, Gujarat, Maharashtra, Delhi, Uttar Pradesh & Assam, will focus on the implementation of the Urban Rejuvenation Mission, Niti Aayog said.
It will cover urban planning & governance, water, waste water & solid waste management and public financing (PPP) of urban infrastructure, it added.
The programme, scheduled to be launched on April 27, will be chaired by Niti Aayog Vice Chairman Arvind Panagariya and will be attended by NITI Aayog member Dr Bibek Debroy, High Commissioner of Singapore, CEO of Singapore Co-operation Enterprise and the CEO of Temasek Foundation.
During the programme, experts from Singapore would impart training in highly interactive workshops and share Singapore's and international experiences with the participants.
Towards the end of the progaramme, Strategic Base Line Frameworks will be developed in this areas of Urban Management, the Aayog said.
PM Narendra Modi's 'Make in India' pushed FDI higher by 37%: Govt
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Foreign direct investment (FDI) into the country has increased 37 per cent after the launch of 'Make in India' programme till February this year, Parliament was informed on Wednesday.
In the 17-month period (October 2014-February 2016) up to February after the launch of 'Make in India', FDI inflows have increased by 37 per cent, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
She also said the overseas inflows grew 29 per cent during the period compared to the 15-month period prior to the launch.
The 'Make in India' initiative was launched on September 25, 2014 with an aim to make the country a global manufacturing hub.
Replying to a separate question, she said in 2015 the government has received as many as 204 FDI proposals, worth $39.32 billion.
In 2016, (till April 22), 64 proposals have been received. In a separate reply, she said the top ten states that have implemented industrial entrepreneurs memoranda (IEMs) during January 2015 to March this year include Maharashtra (82 worth Rs 53,438 crore), Gujarat (117 worth Rs 8,474 crore) and Andhra Pradesh (67 worth Rs 5,560 crore).
Foreign direct investment (FDI) into the country has increased 37 per cent after the launch of 'Make in India' programme till February this year, Parliament was informed on Wednesday.
In the 17-month period (October 2014-February 2016) up to February after the launch of 'Make in India', FDI inflows have increased by 37 per cent, Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Rajya Sabha.
She also said the overseas inflows grew 29 per cent during the period compared to the 15-month period prior to the launch.
The 'Make in India' initiative was launched on September 25, 2014 with an aim to make the country a global manufacturing hub.
Replying to a separate question, she said in 2015 the government has received as many as 204 FDI proposals, worth $39.32 billion.
In 2016, (till April 22), 64 proposals have been received. In a separate reply, she said the top ten states that have implemented industrial entrepreneurs memoranda (IEMs) during January 2015 to March this year include Maharashtra (82 worth Rs 53,438 crore), Gujarat (117 worth Rs 8,474 crore) and Andhra Pradesh (67 worth Rs 5,560 crore). General Awareness
Indian Institute of Technology Scholar wins International Award on Plant Nutrition
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A food engineering research scholar from IIT Kharagpur wins prestigious International Plant Nutrition Scholar Award on Plant Nutrition.
Awarded to: K Ashok Kumar
About Ashok Kumar
He has been pursuing his PhD at the Department Of Agricultural and Food Engineering, IIT Kharagpur on nutrition management of rice-chickpea production system in laterite soil
- Awarded by: US-based International Plant Nutrition Institute
- Award: a cash prize of USD 2,000 and a recognition certificate.
Views of Ashok Kumar:
- The research will help us to use of organicfertilizer such as Vermicompost in right composition so that yield of rice-chickpea cropping system is increased by 10% as compared to use of conventional artificial fertilisers
- The organic fertilser application will enhance the nutritional & cooking quality of rice grain and chemical & biological properties of the acid lateritic soil
About the International Plant Nutrition Institute (IPNI)
Science-based organization dedicated to the responsible management of plant nutrition for the benefit of the human family
- Operating in January of 2007
- Headquarter: USA
- A food engineering research scholar from IIT Kharagpur wins prestigious International Plant Nutrition Scholar Award on Plant Nutrition.Awarded to: K Ashok KumarAbout Ashok KumarHe has been pursuing his PhD at the Department Of Agricultural and Food Engineering, IIT Kharagpur on nutrition management of rice-chickpea production system in laterite soil
- Awarded by: US-based International Plant Nutrition Institute
- Award: a cash prize of USD 2,000 and a recognition certificate.
Views of Ashok Kumar:- The research will help us to use of organicfertilizer such as Vermicompost in right composition so that yield of rice-chickpea cropping system is increased by 10% as compared to use of conventional artificial fertilisers
- The organic fertilser application will enhance the nutritional & cooking quality of rice grain and chemical & biological properties of the acid lateritic soil
About the International Plant Nutrition Institute (IPNI)Science-based organization dedicated to the responsible management of plant nutrition for the benefit of the human family- Operating in January of 2007
- Headquarter: USA
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