General Affairs
Motto Of 'Good For All' Deep-Rooted In Indian Culture: PM Modi
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UJJAIN: Prime Minister Narendra Modi today said that the motto of "good for all" is deep rooted in Indian culture.
"We belong to a tradition where even a bhikshuk (beggar) says, 'may good happen to the person who gives me and also to the person who does not'," PM Modi said in his address at the International Convention on Universal Message of Simhasthon on the sidelines of the Simhasth Kumbh in Ujjain.
Flanked by Sri Lankan President Maithripala Sirisena, PM Modi said that a "holier than thou" attitude is taking people towards conflicts. "Let's look within and see how we can grow ourselves."
PM Modi said there was a time when crossing the seas was considered unholy but that has changed. "Likewise, some traditions can also change with time," he said.
Commenting on the Indian elections, PM Modi said: "Look at our polls, it's a wonder for the world...a nation so big and many voters. And see how the EC organises elections."
His comments come as elections to five state assemblies are set to conclude on Monday. While West Bengal and Assam have held polling, it will be held on Monday in Kerala, Puducherry and Tamil Nadu. Counting is on May 19.
Referring to the Simhastha Kumbh mela, a huge spiritual gathering on the banks of the Shipra river in Madhya Pradesh, PM Modi asked "Can we not tell the world about the organising capacity of an event like the Kumbh?"
"What is happening here is the birth of a new effort, a modern edition of what would happen in the yesteryears," he said, speaking of the arrangements, including connectivity, for the hundreds and thousands of devotees.
President Sirisena, who spoke earlier, referred to the long standing ties between India and Sri Lanka.
President Sirisena said that his first overseas visit after being elected president last year was to India, and that PM Modi returned the bilateral visit later.
President Sirisena is in Ujjain on a two-day visit. He held bilateral talks with PM Modi in New Delhi on Friday evening.
The Ujjain conference spread over several sessions is part of the ongoing Simhasta Kumbh mela on the banks of Shipra river.
UJJAIN: Prime Minister Narendra Modi today said that the motto of "good for all" is deep rooted in Indian culture."We belong to a tradition where even a bhikshuk (beggar) says, 'may good happen to the person who gives me and also to the person who does not'," PM Modi said in his address at the International Convention on Universal Message of Simhasthon on the sidelines of the Simhasth Kumbh in Ujjain.
Flanked by Sri Lankan President Maithripala Sirisena, PM Modi said that a "holier than thou" attitude is taking people towards conflicts. "Let's look within and see how we can grow ourselves."
Commenting on the Indian elections, PM Modi said: "Look at our polls, it's a wonder for the world...a nation so big and many voters. And see how the EC organises elections."
His comments come as elections to five state assemblies are set to conclude on Monday. While West Bengal and Assam have held polling, it will be held on Monday in Kerala, Puducherry and Tamil Nadu. Counting is on May 19.
Referring to the Simhastha Kumbh mela, a huge spiritual gathering on the banks of the Shipra river in Madhya Pradesh, PM Modi asked "Can we not tell the world about the organising capacity of an event like the Kumbh?"
"What is happening here is the birth of a new effort, a modern edition of what would happen in the yesteryears," he said, speaking of the arrangements, including connectivity, for the hundreds and thousands of devotees.
President Sirisena, who spoke earlier, referred to the long standing ties between India and Sri Lanka.
President Sirisena said that his first overseas visit after being elected president last year was to India, and that PM Modi returned the bilateral visit later.
President Sirisena is in Ujjain on a two-day visit. He held bilateral talks with PM Modi in New Delhi on Friday evening.
The Ujjain conference spread over several sessions is part of the ongoing Simhasta Kumbh mela on the banks of Shipra river.
Target To Raise India's Defence Exports To $2 Billion: Manohar Parrikar
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NEW DELHI: Defence Minister Manohar Parrikar today said the government will take into account the concerns while forging strategic partnership in the critical sector and set a target to raise India's defence exports to $2 billion in the next two years from the current over $330 million.
Mr Parrikar, however, took a dig at defence players who were objecting to proposed strategic partnerships, saying it seems they have realised that they will not be able to "go through the window".
"After the windows have been well defined, (some) people, who have realised they would be not able to go through the window, have started canvassing that defence ministry is facing problems over strategic partnerships," he said at a seminar in New Delhi.
Mr Parrikar said he had received many letters from VIPs expressing concern about strategic partnerships. He said many a times the letters had similar content, which showed that at times the VIPs were signing off letters written by some other party.
"Their concerns are well expressed. We are taking into account those concerns. We are soon sitting for second round of small groups (to discuss strategic partnerships). I intend to take up strategic partnership model further and work out strategic partnerships in couple of projects where otherwise there is no solution," he said.
Mr Parrikar said he would love to follow the already established model (of tendering) but there are problems.
"How do you compare one fighter with any fighter," he said.
Former DRDO chief VK Aatre had earlier this year submitted a report to the Defence Ministry recommending guidelines for selecting domestic private firms for strategic partnership.
However, Indian private defence industry is divided over the issue with some big players batting for it while others pushing to delay it by at least five years.
Mr Parrikar has already held a round of talks with the industry chambers over the issue.
Meanwhile, he said the government is pushing for defence exports and plan to export Tejas fighter aircraft as well.
"I know it is not easy. Weapons and export of defence goods have double problems. One is whom you are exporting to and the second is one has to go on checking all international requirements," he said.
Explaining that push for exports has started showing results, he said, "From a meagre 140-150 million dollars, this year, I think we have crossed 330 odd million dollars. We have doubled the export. I have set a target for myself. In the next two years, why not touch USD 2 billion. It is not an impossible target."
Mr Parrikar, however, took a dig at defence players who were objecting to proposed strategic partnerships, saying it seems they have realised that they will not be able to "go through the window".
"After the windows have been well defined, (some) people, who have realised they would be not able to go through the window, have started canvassing that defence ministry is facing problems over strategic partnerships," he said at a seminar in New Delhi.
Mr Parrikar said he had received many letters from VIPs expressing concern about strategic partnerships. He said many a times the letters had similar content, which showed that at times the VIPs were signing off letters written by some other party.
"Their concerns are well expressed. We are taking into account those concerns. We are soon sitting for second round of small groups (to discuss strategic partnerships). I intend to take up strategic partnership model further and work out strategic partnerships in couple of projects where otherwise there is no solution," he said.
Mr Parrikar said he would love to follow the already established model (of tendering) but there are problems.
"How do you compare one fighter with any fighter," he said.
Former DRDO chief VK Aatre had earlier this year submitted a report to the Defence Ministry recommending guidelines for selecting domestic private firms for strategic partnership.
However, Indian private defence industry is divided over the issue with some big players batting for it while others pushing to delay it by at least five years.
Mr Parrikar has already held a round of talks with the industry chambers over the issue.
Meanwhile, he said the government is pushing for defence exports and plan to export Tejas fighter aircraft as well.
"I know it is not easy. Weapons and export of defence goods have double problems. One is whom you are exporting to and the second is one has to go on checking all international requirements," he said.
Explaining that push for exports has started showing results, he said, "From a meagre 140-150 million dollars, this year, I think we have crossed 330 odd million dollars. We have doubled the export. I have set a target for myself. In the next two years, why not touch USD 2 billion. It is not an impossible target."
US Backs India For Nuclear Club Entry As China, 'Several' Others See Red
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WASHINGTON: As China claimed support from "several members" to block India's entry into the Nuclear Suppliers Group or NSG, the US has come forward to back India's bid to join the exclusive club of nuclear trading nations.
"I'd point you back to what the president said during his visit to India in 2015, where he reaffirmed that the US view was that India meets missile technology control regime requirements and is ready for NSG membership," US State Department Spokesman John Kirby told reporters at his daily news conference.
His remarks came in response to a question on reports that China and Pakistan have joined hands to oppose India becoming a member of the NSG.
"Deliberations about the prospects of new members joining the Nuclear Suppliers Group are an internal matter among current members," Mr Kirby added.
Defending its move to block India's entry into the NSG, China on Friday claimed that several members of the 48-nation bloc shared its view that signing of the Non-Proliferation Treaty or NPT, was an "important" standard for the NSG's expansion.
Chinese Foreign Ministry spokesman Lu Kang said in Beijing that not only China but also a lot of other NSG members are of the view that NPT is the cornerstone for safeguarding the international nuclear non-proliferation regime.
Although India is not part of the NSG, Indian side recognises this consensus, he claimed.
India, Pakistan, Israel and South Sudan were the four UN member states which have not signed the NPT, the international pact aimed at preventing the spread of nuclear weapons.
Membership of the 48-nation club would bring India into the nuclear fold 42 years after it tested its first nuclear bomb.
Last month, Pakistan Prime Minister's Advisor on Foreign Affairs Sartaj Aziz had said China has helped Pakistan to stall India's bid to get NSG membership.
WASHINGTON: As China claimed support from "several members" to block India's entry into the Nuclear Suppliers Group or NSG, the US has come forward to back India's bid to join the exclusive club of nuclear trading nations."I'd point you back to what the president said during his visit to India in 2015, where he reaffirmed that the US view was that India meets missile technology control regime requirements and is ready for NSG membership," US State Department Spokesman John Kirby told reporters at his daily news conference.
His remarks came in response to a question on reports that China and Pakistan have joined hands to oppose India becoming a member of the NSG.
Defending its move to block India's entry into the NSG, China on Friday claimed that several members of the 48-nation bloc shared its view that signing of the Non-Proliferation Treaty or NPT, was an "important" standard for the NSG's expansion.
Chinese Foreign Ministry spokesman Lu Kang said in Beijing that not only China but also a lot of other NSG members are of the view that NPT is the cornerstone for safeguarding the international nuclear non-proliferation regime.
Although India is not part of the NSG, Indian side recognises this consensus, he claimed.
India, Pakistan, Israel and South Sudan were the four UN member states which have not signed the NPT, the international pact aimed at preventing the spread of nuclear weapons.
Membership of the 48-nation club would bring India into the nuclear fold 42 years after it tested its first nuclear bomb.
Last month, Pakistan Prime Minister's Advisor on Foreign Affairs Sartaj Aziz had said China has helped Pakistan to stall India's bid to get NSG membership.
US, Russia, India Driving China's Nuclear Modernisation, Says Pentagon
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WASHINGTON: The defence capabilities possessed by the US, Russia and India are among the main factors driving China to modernise its nuclear force and bolster its strategic strike capabilities, the Pentagon has said.
In a report to Congress detailing China's nuclear power, Pentagon yesterday said the country was deploying new command, control and communications capabilities to its nuclear forces to improve control of multiple units in the field.
China, it said, insists that the new generation of mobile missiles, with warheads consisting of multiple independently targeted re-entry vehicles (MIRVs) and penetration aids, are intended to ensure the viability of its strategic deterrent in the face of continued advances in the US and, to a lesser extent, Russian strategic ISR (Intelligence, surveillance and reconnaissance), precision strike, and missile defence capabilities.
"Similarly, India's nuclear force is additional driver behind China's nuclear force modernisation," the Pentagon said in its report.
Through the use of improved communication links, ICBM (intercontinental ballistic missile) units now have better access to battlefield information and uninterrupted communications connecting all command echelons, the report said.
According to the Pentagon, China is working on a range of technologies to attempt to counter the US and other countries' ballistic missile defence systems, including manoeuvrable re-entry vehicles (MaRVs), MIRVs, decoys, chaff, jamming, and thermal shielding.
China has acknowledged that it tested a hypersonic glide vehicle in 2014. The country's official media also cited numerous PLASAF (Peoples Liberation Army Second Artillery Force) training exercises featuring manoeuvre, camouflage, and launch operations under simulated combat conditions, which are intended to increase survivability, it said.
Together with the increased mobility and survivability of the new generation of missiles, these technologies and training enhancements strengthen China's nuclear force and bolster its strategic strike capabilities.
China's nuclear arsenal currently consists of approximately 75-100 ICBMs, including the silo-based CSS-4 Mod 2 (DF-5A) and Mod 3(DF-5B), the solid-fueled, road-mobile CSS-10 Mod 1 and Mod 2 (DF-31 and DF-31A), and the more-limited-range CSS-3 (DF-4).
This force is complemented by road-mobile, solid-fueled CSS-5 Mod 6 (DF-21) MRBM for regional deterrence missions. Pentagon said China's nuclear weapons policy prioritises maintaining a nuclear force able to survive an attack and to respond with sufficient strength to inflict unacceptable damage on an enemy.
"Further increases in the number of mobile ICBMs and the beginning of SSBN deterrence patrols will force the PLA to implement more sophisticated C2 systems and processes that safeguard the integrity of nuclear release authority for a larger, more dispersed force," it said.
The Pentagon said China continues to produce the JIN-class nuclear-powered ballistic missile submarine (SSBN), with four commissioned and another under construction.
The JIN will eventually carry the CSS-NX-14 (JL-2) SLBM (submarine-launched ballistic missile) with an estimated range of 7,200 km. Together these will give the PLAN its first credible long-range sea-based nuclear capability. JIN SSBNs based at Hainan Island in the South China Sea would then be able to conduct nuclear deterrence patrols, it said.
In a report to Congress detailing China's nuclear power, Pentagon yesterday said the country was deploying new command, control and communications capabilities to its nuclear forces to improve control of multiple units in the field.
China, it said, insists that the new generation of mobile missiles, with warheads consisting of multiple independently targeted re-entry vehicles (MIRVs) and penetration aids, are intended to ensure the viability of its strategic deterrent in the face of continued advances in the US and, to a lesser extent, Russian strategic ISR (Intelligence, surveillance and reconnaissance), precision strike, and missile defence capabilities.
Through the use of improved communication links, ICBM (intercontinental ballistic missile) units now have better access to battlefield information and uninterrupted communications connecting all command echelons, the report said.
According to the Pentagon, China is working on a range of technologies to attempt to counter the US and other countries' ballistic missile defence systems, including manoeuvrable re-entry vehicles (MaRVs), MIRVs, decoys, chaff, jamming, and thermal shielding.
China has acknowledged that it tested a hypersonic glide vehicle in 2014. The country's official media also cited numerous PLASAF (Peoples Liberation Army Second Artillery Force) training exercises featuring manoeuvre, camouflage, and launch operations under simulated combat conditions, which are intended to increase survivability, it said.
Together with the increased mobility and survivability of the new generation of missiles, these technologies and training enhancements strengthen China's nuclear force and bolster its strategic strike capabilities.
China's nuclear arsenal currently consists of approximately 75-100 ICBMs, including the silo-based CSS-4 Mod 2 (DF-5A) and Mod 3(DF-5B), the solid-fueled, road-mobile CSS-10 Mod 1 and Mod 2 (DF-31 and DF-31A), and the more-limited-range CSS-3 (DF-4).
This force is complemented by road-mobile, solid-fueled CSS-5 Mod 6 (DF-21) MRBM for regional deterrence missions. Pentagon said China's nuclear weapons policy prioritises maintaining a nuclear force able to survive an attack and to respond with sufficient strength to inflict unacceptable damage on an enemy.
"Further increases in the number of mobile ICBMs and the beginning of SSBN deterrence patrols will force the PLA to implement more sophisticated C2 systems and processes that safeguard the integrity of nuclear release authority for a larger, more dispersed force," it said.
The Pentagon said China continues to produce the JIN-class nuclear-powered ballistic missile submarine (SSBN), with four commissioned and another under construction.
The JIN will eventually carry the CSS-NX-14 (JL-2) SLBM (submarine-launched ballistic missile) with an estimated range of 7,200 km. Together these will give the PLAN its first credible long-range sea-based nuclear capability. JIN SSBNs based at Hainan Island in the South China Sea would then be able to conduct nuclear deterrence patrols, it said.
Curiosity Measures Seasonal Patterns In Mars Atmosphere
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The local atmosphere in Mars is clear in winter, dustier in spring and summer, and windy in autumn, show measurements by NASA's Curiosity rover that has completed recording environmental patterns through two full cycles of Martian seasons.
Curiosity this week completed its second Martian year since landing inside Gale Crater nearly four years ago. The repetition helps distinguish seasonal effects from sporadic events, NASA's Jet Propulsion Laboratory said in a statement.
Each Martian year -- the time it takes the Red Planet to orbit the sun once -- lasts 687 Earth days.
Measurements of temperature, pressure, ultraviolet light reaching the surface and the scant water vapour in the air at Gale Crater show strong, repeated seasonal changes, the statement added.
Monitoring the modern atmosphere, weather and climate fulfills a Curiosity mission goal supplementing the better-known investigations of conditions billions of years ago.
Back then, Gale Crater had lakes and groundwater that could have been good habitats for microbes, if Mars has ever had any.
Today, though dry and much less hospitable, environmental factors are still dynamic, the statement added.
Curiosity measured air temperatures from 15.9 degrees Celsius on a summer afternoon, to minus 100 degrees Celsius on a winter night.
"Curiosity's weather station has made measurements nearly every hour of every day, more than 34 million so far," said Curiosity project scientist Ashwin Vasavada of NASA's Jet Propulsion Laboratory, Pasadena, California.
"The duration is important, because it's the second time through the seasons that lets us see repeated patterns," Mr Vasavada noted.
The similar tilts of Earth and Mars give both planets a yearly rhythm of seasons. But some differences are great, such as in comparisons between day and night temperatures.
Even during the time of the Martian year when temperatures at Gale Crater rise above freezing during the day, they plummet overnight below minus minus 90 degrees Celsius, due to the thin atmosphere.
Also, the more-elliptical orbit of Mars, compared to Earth, exaggerates the southern-hemisphere seasons, making them dominant even at Gale Crater's near-equatorial location.
"Mars is much drier than our planet, and in particular Gale Crater, near the equator, is a very dry place on Mars," German Martinez, Curiosity science-team collaborator at the University of Michigan, Ann Arbor.
"The water vapor content is a thousand to 10 thousand times less than on Earth," Mr Martinez said.
While continuing to study the modern local environment, Curiosity is investigating geological layers of lower Mount Sharp, inside Gale Crater, to increase understanding of ancient changes in environmental conditions, NASA said.
The local atmosphere in Mars is clear in winter, dustier in spring and summer, and windy in autumn, show measurements by NASA's Curiosity rover that has completed recording environmental patterns through two full cycles of Martian seasons.Curiosity this week completed its second Martian year since landing inside Gale Crater nearly four years ago. The repetition helps distinguish seasonal effects from sporadic events, NASA's Jet Propulsion Laboratory said in a statement.
Each Martian year -- the time it takes the Red Planet to orbit the sun once -- lasts 687 Earth days.
Monitoring the modern atmosphere, weather and climate fulfills a Curiosity mission goal supplementing the better-known investigations of conditions billions of years ago.
Back then, Gale Crater had lakes and groundwater that could have been good habitats for microbes, if Mars has ever had any.
Today, though dry and much less hospitable, environmental factors are still dynamic, the statement added.
Curiosity measured air temperatures from 15.9 degrees Celsius on a summer afternoon, to minus 100 degrees Celsius on a winter night.
"Curiosity's weather station has made measurements nearly every hour of every day, more than 34 million so far," said Curiosity project scientist Ashwin Vasavada of NASA's Jet Propulsion Laboratory, Pasadena, California.
"The duration is important, because it's the second time through the seasons that lets us see repeated patterns," Mr Vasavada noted.
The similar tilts of Earth and Mars give both planets a yearly rhythm of seasons. But some differences are great, such as in comparisons between day and night temperatures.
Even during the time of the Martian year when temperatures at Gale Crater rise above freezing during the day, they plummet overnight below minus minus 90 degrees Celsius, due to the thin atmosphere.
Also, the more-elliptical orbit of Mars, compared to Earth, exaggerates the southern-hemisphere seasons, making them dominant even at Gale Crater's near-equatorial location.
"Mars is much drier than our planet, and in particular Gale Crater, near the equator, is a very dry place on Mars," German Martinez, Curiosity science-team collaborator at the University of Michigan, Ann Arbor.
"The water vapor content is a thousand to 10 thousand times less than on Earth," Mr Martinez said.
While continuing to study the modern local environment, Curiosity is investigating geological layers of lower Mount Sharp, inside Gale Crater, to increase understanding of ancient changes in environmental conditions, NASA said.
Business Affairs
India's Overseas Infra executes $1 bn of works in Africa
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In just over a decade since it began operations in Africa, India's Overseas Infrastructure Alliance (OIA) says the company has executed projects worth $1 billion in eight African countries.
In an email interview with IANS, OIA's head of corporate communications Chinmay Shah listed the countries as Burkina Faso, Comoros, Ethiopia, the Maldives, Mozambique, Republic of Congo, Rwanda and Tanzania.
"OIA has expanded the capacity of its ethanol plant in Ethiopia from 45,000 litres production per day to 110,000 litres. Total cane crushed last year stood at 759,333 tonnes, while total sugar produced stood at 796,444 tonnes," Shah said.
The company is currently constructing another sugar plant at Tendaho in Ethiopia that will be Africa's largest integrated sugar factory.
The company has also built a two-storey ophthalmology centre at a cost of $2.13 million in Ethiopia as part of its corporate social responsibility initiatives.
Ethiopia has one of the highest blindness prevalence rates in the world, with a total of 1.2 million blind people.
"Tens of thousands continue to lose their sight due to lack of access to basic eye-care. Trachoma is a huge challenge in Ethiopia with an estimated infection rate of two out of five children," an OIA report has said.
The OIA-India Eye Care Centre in the Ethiopian capital Addis Ababa has been operating successfully as a non-profit hospital since its inauguration in March 2014.
"In its long-term commitment to Ethiopia, OIA is determined to play a meaningful role in meeting the challenges of avoidable blindness. We at OIA seek to roll out the model of rural comprehensive eye care in more regions in Ethiopia to ensure no one goes blind from causes that are preventable, treatable and avoidable," the company said.
OIA first entered Africa to undertake an electrification project at Mozambique's Gaza province for Electricidade de Mozambique.
In just over a decade since it began operations in Africa, India's Overseas Infrastructure Alliance (OIA) says the company has executed projects worth $1 billion in eight African countries.
In an email interview with IANS, OIA's head of corporate communications Chinmay Shah listed the countries as Burkina Faso, Comoros, Ethiopia, the Maldives, Mozambique, Republic of Congo, Rwanda and Tanzania.
"OIA has expanded the capacity of its ethanol plant in Ethiopia from 45,000 litres production per day to 110,000 litres. Total cane crushed last year stood at 759,333 tonnes, while total sugar produced stood at 796,444 tonnes," Shah said.
The company is currently constructing another sugar plant at Tendaho in Ethiopia that will be Africa's largest integrated sugar factory.
The company has also built a two-storey ophthalmology centre at a cost of $2.13 million in Ethiopia as part of its corporate social responsibility initiatives.
Ethiopia has one of the highest blindness prevalence rates in the world, with a total of 1.2 million blind people.
"Tens of thousands continue to lose their sight due to lack of access to basic eye-care. Trachoma is a huge challenge in Ethiopia with an estimated infection rate of two out of five children," an OIA report has said.
The OIA-India Eye Care Centre in the Ethiopian capital Addis Ababa has been operating successfully as a non-profit hospital since its inauguration in March 2014.
"In its long-term commitment to Ethiopia, OIA is determined to play a meaningful role in meeting the challenges of avoidable blindness. We at OIA seek to roll out the model of rural comprehensive eye care in more regions in Ethiopia to ensure no one goes blind from causes that are preventable, treatable and avoidable," the company said.
OIA first entered Africa to undertake an electrification project at Mozambique's Gaza province for Electricidade de Mozambique.
IFC sees opportunity in cleaning up India's bad loans
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World Bank's investment arm, International Finance Corporation (IFC), has been evaluating an investment opportunity thrown open by the soaring bad loans in the country. According to a Mint report, IFC is in touch with various asset reconstruction companies for possible investment opportunities in country's bad-loan market.
IFC, which has already invested in various startups and infrastructure projects in the country, is now keen on playing an active role to help Indian banks clear its NPAs ridden balance sheets.
A partner in a stressed asset platform with Apollo Global Management Llc, International Finance Corporation is now exploring investment opportunities in securities receipts issued by asset reconstruction companies (ARCs). The move could help banks to expedite recoveries from bad loans.
The economic slowdown in the global market has put stress on various banks in the country. Many of them are reeling under huge burden of NPAs. Data released by the Reserve Bank of India showed stressed assets such as gross bad loans, restructured assets and written-off accounts in country's banks rose to 14.5% of total assets as of 31 December, compared with 9.8% in March 2012.
IFC's move could help Indian banks clean up some bad assets from their books before the March 2017 deadline set by RBI.
World Bank's investment arm, International Finance Corporation (IFC), has been evaluating an investment opportunity thrown open by the soaring bad loans in the country. According to a Mint report, IFC is in touch with various asset reconstruction companies for possible investment opportunities in country's bad-loan market.
IFC, which has already invested in various startups and infrastructure projects in the country, is now keen on playing an active role to help Indian banks clear its NPAs ridden balance sheets.
A partner in a stressed asset platform with Apollo Global Management Llc, International Finance Corporation is now exploring investment opportunities in securities receipts issued by asset reconstruction companies (ARCs). The move could help banks to expedite recoveries from bad loans.
The economic slowdown in the global market has put stress on various banks in the country. Many of them are reeling under huge burden of NPAs. Data released by the Reserve Bank of India showed stressed assets such as gross bad loans, restructured assets and written-off accounts in country's banks rose to 14.5% of total assets as of 31 December, compared with 9.8% in March 2012.
IFC's move could help Indian banks clean up some bad assets from their books before the March 2017 deadline set by RBI.
RBI governor Raghuram Rajan says core inflation a bit higher than desired
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Core inflation remains sticky and a bit higher than policymakers would like to see, Reserve Bank of India governor Raghuram Rajan said on Friday.
"Broadly core inflation has a been fairly sticky, a bit higher than we would want. It hasn't moved up and down. We will continue on the task of anchoring expectations," Rajan said, speaking at an event at the Chicago Booth business school in London.
Rajan also said India was in the midst of a slow recovery though there were signs of faster growth, with possible acceleration coming from a good monsoon.
He added that a banking sector clean up was underway and with the help of a bankruptcy law recently passed by parliament, the country's banks would have room to lend to the economy.
Core inflation remains sticky and a bit higher than policymakers would like to see, Reserve Bank of India governor Raghuram Rajan said on Friday.
"Broadly core inflation has a been fairly sticky, a bit higher than we would want. It hasn't moved up and down. We will continue on the task of anchoring expectations," Rajan said, speaking at an event at the Chicago Booth business school in London.
Rajan also said India was in the midst of a slow recovery though there were signs of faster growth, with possible acceleration coming from a good monsoon.
He added that a banking sector clean up was underway and with the help of a bankruptcy law recently passed by parliament, the country's banks would have room to lend to the economy.
Sabero case: Murugappa says vindicated after Sebi orders re-investigation
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A day after Sebi ordered a 'deeper examination' into alleged insider trading charges in shares of Sabero Organic Gujarat, Murugappa group today said its Executive Chairman A Vellayan has been "vindicated" as the market regulator found no material evidence to conclude that he passed on the sensitive information.
In its order yesterday, Sebi directed a 'deeper examination' into alleged insider trading charges against Murugappa Group's chief A Vellayan and others in the shares of Sabero Organic Gujarat.
The regulator also directed that the investigation must be completed within six months to conclude the matter expeditiously while disposing of its earlier interim order related to impounding of illegal gains, which was passed in May 2015.
The matter relates to alleged trading in the scrip of Sabero on the basis of 'unpublished price-sensitive information' (UPSI) in 2011 pertaining to the acquisition of shares of Sabero by Coromandel International.
"The Murugappa Group Executive Chairman A Vellayan has been vindicated, with the Securities and Exchange Board of India finding that it never had a fair and reasonable basis to conclude that he was the source of information for alleged insider trading in shares of Sabero Organics Gujarat Ltd," Murugappa group said in a statement.
The group said that the Sebi order "states categorically that there is no collateral material on record to support the assertion/conclusion that UPSI has flowed from Vellayan".
"Vellayan had stepped aside from chairmanship of the group until an internal review looked into the allegations of Sebi last year which had been made without a hearing, and on a prima facie basis," the statement said.
"Now that the regulator has come to a view that it is not just or reasonable to conclude that Vellayan had been a communicator of information about taking over Sabero, he stands vindicated."
In its order, Sebi said overall there were 19 suspected entities (including Gopalakrishnan and Karuppiah-HUF), who traded in the shares of Sabero during the investigation period. These entities too had never traded in Sabero shares in six months time before the probe period.
These entities have also made gains ranging between Rs 0.06-2.98 crore by trading in the shares of Sabero.
Subsequently, Sebi said a "deeper examination" is definitely warranted in this case.
Sebi said this was a "fit case of re investigation and Sebi should employ all the investigative powers entrusted with it to unearth the entire truth and find out the role of each of the suspected entities vis-a-vis the persons/entities privy to the UPSI, including the noticees herein".
The watchdog found that there were in all 69 persons/entities, including Vellayan and comprising the management of Coromandel and Sabero, besides the employees and professionals of the two firms who were privy to the UPSI.
A day after Sebi ordered a 'deeper examination' into alleged insider trading charges in shares of Sabero Organic Gujarat, Murugappa group today said its Executive Chairman A Vellayan has been "vindicated" as the market regulator found no material evidence to conclude that he passed on the sensitive information.
In its order yesterday, Sebi directed a 'deeper examination' into alleged insider trading charges against Murugappa Group's chief A Vellayan and others in the shares of Sabero Organic Gujarat.
The regulator also directed that the investigation must be completed within six months to conclude the matter expeditiously while disposing of its earlier interim order related to impounding of illegal gains, which was passed in May 2015.
The matter relates to alleged trading in the scrip of Sabero on the basis of 'unpublished price-sensitive information' (UPSI) in 2011 pertaining to the acquisition of shares of Sabero by Coromandel International.
"The Murugappa Group Executive Chairman A Vellayan has been vindicated, with the Securities and Exchange Board of India finding that it never had a fair and reasonable basis to conclude that he was the source of information for alleged insider trading in shares of Sabero Organics Gujarat Ltd," Murugappa group said in a statement.
The group said that the Sebi order "states categorically that there is no collateral material on record to support the assertion/conclusion that UPSI has flowed from Vellayan".
"Vellayan had stepped aside from chairmanship of the group until an internal review looked into the allegations of Sebi last year which had been made without a hearing, and on a prima facie basis," the statement said.
"Now that the regulator has come to a view that it is not just or reasonable to conclude that Vellayan had been a communicator of information about taking over Sabero, he stands vindicated."
In its order, Sebi said overall there were 19 suspected entities (including Gopalakrishnan and Karuppiah-HUF), who traded in the shares of Sabero during the investigation period. These entities too had never traded in Sabero shares in six months time before the probe period.
These entities have also made gains ranging between Rs 0.06-2.98 crore by trading in the shares of Sabero.
Subsequently, Sebi said a "deeper examination" is definitely warranted in this case.
Sebi said this was a "fit case of re investigation and Sebi should employ all the investigative powers entrusted with it to unearth the entire truth and find out the role of each of the suspected entities vis-a-vis the persons/entities privy to the UPSI, including the noticees herein".
The watchdog found that there were in all 69 persons/entities, including Vellayan and comprising the management of Coromandel and Sabero, besides the employees and professionals of the two firms who were privy to the UPSI.
SEBI approves appointment of Ashok Chawla as NSE chairman
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The Securities and Exchange Board of India has approved the appointment of Ashok Chawla, the former head of the Competition Commission of India, as the new chairman of the National Stock Exchange (NSE), a spokesman at the bourse said on Friday.
Reuters reported last month that NSE, India's biggest exchange, had nominated Chawla as its new chairman after previous holder S.B. Mathur stepped down upon completing his tenure.
The appointment was pending the approval of SEBI, which regulates exchanges in India.
The Securities and Exchange Board of India has approved the appointment of Ashok Chawla, the former head of the Competition Commission of India, as the new chairman of the National Stock Exchange (NSE), a spokesman at the bourse said on Friday.
Reuters reported last month that NSE, India's biggest exchange, had nominated Chawla as its new chairman after previous holder S.B. Mathur stepped down upon completing his tenure.
The appointment was pending the approval of SEBI, which regulates exchanges in India.
General Awareness
India, China and four others sign pact on tax info sharing
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Six Nations singed pact on tax information sharing in order deal with issues related to taxes.
Six Nations:
Canada, Iceland, India, Israel, New Zealand and the People’s Republic of China
Aim:
- Automatic exchange of information on tax issues – bilaterally and automatically exchange Country-by-Country Reports with each other
- Develop new tools – a complete understanding of how Multi National Enterprises structure their operations, while also ensuring that the confidentiality of such information is safeguarded
- Standards for tackling tax base erosion and evasion
Other countries already took part in the pact are:
- Australia, France, Germany, Japan, Liechtenstein, Malaysia, Italy and the UK
- Organization for Economic Cooperation and Development (OECD) issued final tax policy recommendations branching from its Base Erosion and Profit Shifting (BEPS) project
Objectives of Base Erosion and Profit Shifting Project
- Target limited
- Forceful tax planning that resulted in inappropriate tax avoidance
- 15 key actions to reform the international tax framework and ensure that profits are reported
G20 Leaders approved the BEPS package in November 2015, marking an historic opportunity for improving the effectiveness of the International tax system.
Key Subject:
Meeting of the Forum on Tax Administration ( FTA) in Beijing, drawn high-level tax officials from more than 50 countries and International Organisations.
- Six Nations singed pact on tax information sharing in order deal with issues related to taxes.Six Nations:Canada, Iceland, India, Israel, New Zealand and the People’s Republic of ChinaAim:
- Automatic exchange of information on tax issues – bilaterally and automatically exchange Country-by-Country Reports with each other
- Develop new tools – a complete understanding of how Multi National Enterprises structure their operations, while also ensuring that the confidentiality of such information is safeguarded
- Standards for tackling tax base erosion and evasion
Other countries already took part in the pact are:- Australia, France, Germany, Japan, Liechtenstein, Malaysia, Italy and the UK
- Organization for Economic Cooperation and Development (OECD) issued final tax policy recommendations branching from its Base Erosion and Profit Shifting (BEPS) project
Objectives of Base Erosion and Profit Shifting Project- Target limited
- Forceful tax planning that resulted in inappropriate tax avoidance
- 15 key actions to reform the international tax framework and ensure that profits are reported
G20 Leaders approved the BEPS package in November 2015, marking an historic opportunity for improving the effectiveness of the International tax system.Key Subject:
Meeting of the Forum on Tax Administration ( FTA) in Beijing, drawn high-level tax officials from more than 50 countries and International Organisations.
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