General Affairs
India successfully test-fires advanced interceptor missile
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In its effort to have a full fledged multi-layer Ballistic Missile Defence system, India on Sunday, successfully test-fired its indigenously developed supersonic interceptor missile, capable of destroying any incoming hostile ballistic missile, from a test range off Odisha coast.
“The test conducted to validate various parameters of the interceptor in flight mode has been successful,” Defence Research Development Organisation sources said.
The interceptor was engaged against a target which was a naval version of Prithvi missile launched from a ship anchored inside Bay of Bengal, taking up the trajectory of a hostile ballistic missile.
The target missile was launched at about 11.15 hours and the interceptor, Advanced Air Defence (AAD) missile positioned at Abdul Kalam island (Wheeler Island) getting signals from tracking radars, roared through its trajectory to destroy the incoming hostile missile in mid-air, in an endo-atmospheric altitude, the sources said.
Kill effect
“The ‘kill’ effect of the interceptor was ascertained by analysing data from multiple tracking sources,” a DRDO scientist said.
The interceptor is a 7.5-metre-long single stage solid rocket propelled guided missile equipped with a navigation system, a hi-tech computer and an electro-mechanical activator, the DRDO sources said.
The interceptor missile had its own mobile launcher, secure data link for interception, independent tracking and homing capabilities and sophisticated radars, the sources added.
In its effort to have a full fledged multi-layer Ballistic Missile Defence system, India on Sunday, successfully test-fired its indigenously developed supersonic interceptor missile, capable of destroying any incoming hostile ballistic missile, from a test range off Odisha coast.
“The test conducted to validate various parameters of the interceptor in flight mode has been successful,” Defence Research Development Organisation sources said.
The interceptor was engaged against a target which was a naval version of Prithvi missile launched from a ship anchored inside Bay of Bengal, taking up the trajectory of a hostile ballistic missile.
The target missile was launched at about 11.15 hours and the interceptor, Advanced Air Defence (AAD) missile positioned at Abdul Kalam island (Wheeler Island) getting signals from tracking radars, roared through its trajectory to destroy the incoming hostile missile in mid-air, in an endo-atmospheric altitude, the sources said.
Kill effect
“The ‘kill’ effect of the interceptor was ascertained by analysing data from multiple tracking sources,” a DRDO scientist said.
The interceptor is a 7.5-metre-long single stage solid rocket propelled guided missile equipped with a navigation system, a hi-tech computer and an electro-mechanical activator, the DRDO sources said.
The interceptor missile had its own mobile launcher, secure data link for interception, independent tracking and homing capabilities and sophisticated radars, the sources added.
Judiciary must draw its own ‘Lakshmanrekha’: Jaitley
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Flagging concerns over judicial overreach yet again, Finance Minister Arun Jaitley on Monday made it clear that the Judiciary must draw its own “Lakshmanrekha” and not take decisions, which fall in the domain of the Executive.
He also underlined that activism has to be blended with restraint and there cannot be a compromise with other aspects of the basic structure in the name of independence of the Judiciary.
“Judicial review is legitimate domain of Judiciary but then the Lakshmanrekhahas to be drawn by all the institutions themselves. Lakshmanrekha is very vital,” the Finance Minister said, asserting that “the executive decisions are to be taken by the Executive and not the Judiciary.”
Replying to questions during an interaction at Indian Women’s Press Corps (IWPC) in New Delhi, Mr. Jaitley reasoned that there are different kinds of recourse and “layers of accountability” available when the Executive takes decisions.
He said people have the options of seeking changes in the decision taken by the Executive besides voting out the government.
The courts can also strike down a decision taken by the Executive if it is found to be unconstitutional but all these options are not available when the court ends up taking executive decisions, Mr. Jaitley argued.
“Courts cannot substitute the Executive and say I will exercise the executive power. If you do so the three options will not be available, which are there when the Executive takes executive decisions,” the Finance Minister said.
He was asked questions about his earlier remarks that the Judiciary had been encroaching on legislative and executive authority.
Mr. Jaitley also referred to protests by many States over the Supreme Court decision on National Eligibility Entrance Test (NEET) and asserted that what should be the manner of holding the examination across the country is essentially an executive matter as it is in policy domain.
“It is the case of some of the States that boards are unequal, their languages are dissimilar. Can those who are dissimilar in language and unequal be placed on the pedestal of quality and asked to give the same exam? I think this matter is essentially in the Executive domain. We now have a Supreme Court judgment. We will have to see how we deal with that particular issue,” he said.
He added that the Judiciary and the Executive are “on the same page” over maintaining the fairness and integrity of exams at all costs.
At the same time, the Finance Minister noted that the independence of jthe Judiciary is extremely important and that is rightly asserted by the Judiciary.
“Just as independence of the Judiciary is part of basic structure, the primacy of the Legislature in policy making is also part of basic structure. In the name of the independence of the Judiciary, we cannot compromise the other two basic structures,” he said.
The Finance Minister also stressed that he was not going into any specific issue but speaking on the issue of Constitutionality.
“Element of activism always has to be blended with element of restraint,” he said, adding that the correct course is when the two are balanced.
Speaking in the Rajya Sabha, Mr. Jaitley had earlier urged the legislators to refrain from handing over budgetary and taxation powers to the Judiciary.
Mr. Jaitley had made the remark while replying to Opposition Congress’ demand for a dispute redressal mechanism under which a judge would resolve any dispute between the Centre and States on Goods and Services Tax.
Again speaking in Hyderabad, Mr. Jaitley had on Sunday has said that while he respects the apex court, “one should not try to interfere in others’ areas.”
Flagging concerns over judicial overreach yet again, Finance Minister Arun Jaitley on Monday made it clear that the Judiciary must draw its own “Lakshmanrekha” and not take decisions, which fall in the domain of the Executive.
He also underlined that activism has to be blended with restraint and there cannot be a compromise with other aspects of the basic structure in the name of independence of the Judiciary.
“Judicial review is legitimate domain of Judiciary but then the Lakshmanrekhahas to be drawn by all the institutions themselves. Lakshmanrekha is very vital,” the Finance Minister said, asserting that “the executive decisions are to be taken by the Executive and not the Judiciary.”
Replying to questions during an interaction at Indian Women’s Press Corps (IWPC) in New Delhi, Mr. Jaitley reasoned that there are different kinds of recourse and “layers of accountability” available when the Executive takes decisions.
He said people have the options of seeking changes in the decision taken by the Executive besides voting out the government.
The courts can also strike down a decision taken by the Executive if it is found to be unconstitutional but all these options are not available when the court ends up taking executive decisions, Mr. Jaitley argued.
“Courts cannot substitute the Executive and say I will exercise the executive power. If you do so the three options will not be available, which are there when the Executive takes executive decisions,” the Finance Minister said.
He was asked questions about his earlier remarks that the Judiciary had been encroaching on legislative and executive authority.
Mr. Jaitley also referred to protests by many States over the Supreme Court decision on National Eligibility Entrance Test (NEET) and asserted that what should be the manner of holding the examination across the country is essentially an executive matter as it is in policy domain.
“It is the case of some of the States that boards are unequal, their languages are dissimilar. Can those who are dissimilar in language and unequal be placed on the pedestal of quality and asked to give the same exam? I think this matter is essentially in the Executive domain. We now have a Supreme Court judgment. We will have to see how we deal with that particular issue,” he said.
He added that the Judiciary and the Executive are “on the same page” over maintaining the fairness and integrity of exams at all costs.
At the same time, the Finance Minister noted that the independence of jthe Judiciary is extremely important and that is rightly asserted by the Judiciary.
“Just as independence of the Judiciary is part of basic structure, the primacy of the Legislature in policy making is also part of basic structure. In the name of the independence of the Judiciary, we cannot compromise the other two basic structures,” he said.
The Finance Minister also stressed that he was not going into any specific issue but speaking on the issue of Constitutionality.
“Element of activism always has to be blended with element of restraint,” he said, adding that the correct course is when the two are balanced.
Speaking in the Rajya Sabha, Mr. Jaitley had earlier urged the legislators to refrain from handing over budgetary and taxation powers to the Judiciary.
Mr. Jaitley had made the remark while replying to Opposition Congress’ demand for a dispute redressal mechanism under which a judge would resolve any dispute between the Centre and States on Goods and Services Tax.
Again speaking in Hyderabad, Mr. Jaitley had on Sunday has said that while he respects the apex court, “one should not try to interfere in others’ areas.”
Poll stakes high for national parties
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Voters in Kerala, Tamil Nadu and Puducherry will cast their votes on Monday, bringing to an end polling in five States.
The results are to be declared on May 19 and the stakes are high for both the BJP and the Congress.
The BJP is seeing a chance to seize power in Assam from the Congress’s Tarun Gogoi. It is also hoping to open its account in Kerala in alliance with the Bharatiya Dharma Jana Sena, an outfit supported by the OBC Ezhava organisation Sri Narayana Dharma Paripalana Yogam (SNDP)
The party desperately needs a booster shot after its defeat in Bihar and Delhi. For this, it is counting on Assam where it is fighting the elections in alliance with the Asom Gana Parishad and the Bodoland People’s Front — a union it sees as an “indigenous people’s alliance” against Bangladeshi immigrants “represented by the All-India United Democratic Front (AIUDF).”
It needs a few States under its belt to at least partially offset its Rajya Sabha disadvantage.
“Victories in Assam and Kerala will symbolically strengthen the BJP’s status as a truly national party in a geographical sense. We are already running the government in alliance with the PDP in Jammu and Kashmir,” said a BJP leader.
For the left, it is virtually a life or death battle. It is hoping to topple the powerful Mamata Bannerjee in alliance with the Congress in West Bengal. In Kerala, it is looking to defeat a Congress-led United Democratic Alliance government that is weighed down by corruption charges.
Tricky in Assam
Which way the Muslims voted is crucial for the Congress in Assam. If they have shifted tactically from Badruddin Ajmal’s AIUDF in favour of the Congress, particularly in the Muslim-heavy second phase of polls, the party will give the BJP a run for its money.
In Tamil Nadu, the DMK-Congress alliance is looking to trounce the AIADMK.
The outcome will have a bearing on the GST Bill’s 1 per cent additional charge that is being opposed by Jayalalithaa’s AIADMK government.
Voters in Kerala, Tamil Nadu and Puducherry will cast their votes on Monday, bringing to an end polling in five States.
The results are to be declared on May 19 and the stakes are high for both the BJP and the Congress.
The BJP is seeing a chance to seize power in Assam from the Congress’s Tarun Gogoi. It is also hoping to open its account in Kerala in alliance with the Bharatiya Dharma Jana Sena, an outfit supported by the OBC Ezhava organisation Sri Narayana Dharma Paripalana Yogam (SNDP)
The party desperately needs a booster shot after its defeat in Bihar and Delhi. For this, it is counting on Assam where it is fighting the elections in alliance with the Asom Gana Parishad and the Bodoland People’s Front — a union it sees as an “indigenous people’s alliance” against Bangladeshi immigrants “represented by the All-India United Democratic Front (AIUDF).”
It needs a few States under its belt to at least partially offset its Rajya Sabha disadvantage.
“Victories in Assam and Kerala will symbolically strengthen the BJP’s status as a truly national party in a geographical sense. We are already running the government in alliance with the PDP in Jammu and Kashmir,” said a BJP leader.
For the left, it is virtually a life or death battle. It is hoping to topple the powerful Mamata Bannerjee in alliance with the Congress in West Bengal. In Kerala, it is looking to defeat a Congress-led United Democratic Alliance government that is weighed down by corruption charges.
Tricky in Assam
Which way the Muslims voted is crucial for the Congress in Assam. If they have shifted tactically from Badruddin Ajmal’s AIUDF in favour of the Congress, particularly in the Muslim-heavy second phase of polls, the party will give the BJP a run for its money.
In Tamil Nadu, the DMK-Congress alliance is looking to trounce the AIADMK.
The outcome will have a bearing on the GST Bill’s 1 per cent additional charge that is being opposed by Jayalalithaa’s AIADMK government.
Malegaon case: Congress wants SC-monitored probe
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The Congress on Sunday said the fresh charge sheet filed by the National Investigation Agency (NIA) in the 2008 Malegaon blast case has put a question mark on India’s commitment to fight terror and demanded that the probe should be monitored by the Supreme Court.
The Opposition party asked Prime Minister Narendra Modi to uphold his Constitutional oath by letting the Supreme Court monitor the case.
The NIA has become ‘Namo Investigation Agency’, senior Congress leader Anand Sharma said at a press conference in New Delhi while contending that the charge sheet appears to be aimed at “decimating and demolishing” the “meticulous” probe conducted by Mumbai ATS, led by late Hemant Karkare.
He claimed the agency dropped Maharashtra Control of Organised Crime Act (MACOCA) charges to see that all the statements recorded by the ATS become inadmissible as evidence.
Mr. Sharma demanded Supreme Court-monitored probe in the “sudden reversal” of the stance that has led to exoneration of six accused, including Sadhvi Pragya, and “dilution” of the case against the remaining accused on account of withdrawal of MACOCA and other offences.
“The developments have raised question mark on the integrity of India and its commitment to fight the forces of terror, having taken this position that India is a victim of organised terrorism, the targeted victim over decades, India is determined to fight terrorism, we condemn terrorism in all its forms and manifestation,” the former Minister said.
Mr. Sharma questioned the government whether, with the fresh NIA stance, it is “negating” Karkare’s “sacrifice”. He demanded that Mr. Modi himself should intervene in the matter.
He accused the government of “consistently” trying to save those who follow their ideology or belong to their associated outfits and are faced with charges.
“...(it goes on to) show that the earlier probes, charges which were filed and arrests made were all wrong. The fact is, the steps were taken only after proper probe. We have always maintained that, with lot of seriousness, that terrorism and crime have no caste and religion,” he added.
Mr. Sharma, deputy leader of Congress in the Rajya Sabha, also accused the government of intervening in functioning of all the arms like investigative agencies, prosecution and judiciary dealing with the explosion case.
In this context, he cited the claim made by former special public prosecutor in the matter Rohini Salian last year that she was “pressurised to go soft” on the accused in the case.
Ms. Salian, he said, was removed by the BJP government and NIA, in the wake of her claims.
The “same story” has repeated itself again as the current special public prosecutor Avinash Rasal too has stated that he was “not even informed” about filing of the charge sheet by NIA on Saturday, the Congress leader said.
All India Congress Committee (AICC) spokesperson R.P.N. Singh, who also addressed the press conference, referred to reports of Colonel P.S. Purohit, an accused in the matter, writing to NSA Ajit Doval allegedly seeking the latter’s intervention in the case, and said it was a matter of concern.
“I want to know how many letters the NSA receives from such terrorists and has he forwarded it to the Home Ministry for action? If this is the internal security of the country, if this is how the terror cases will be politicised, then it is a matter of concern,” he said.
Mr. Singh noted the United Progressive Alliance (UPA) government had set up the NIA and ensured it remained above political interference “as terrorism can not be compromised with.”
“This is the first time we see that such terror plots which hurt the very heart and soul of this country are being manipulated by the government and people who gave up their lives to protect the very idea of this country are being postured as wrong and people who tried to destroy this country their allegations are being held as being true,” he added.
The Congress on Sunday said the fresh charge sheet filed by the National Investigation Agency (NIA) in the 2008 Malegaon blast case has put a question mark on India’s commitment to fight terror and demanded that the probe should be monitored by the Supreme Court.
The Opposition party asked Prime Minister Narendra Modi to uphold his Constitutional oath by letting the Supreme Court monitor the case.
The NIA has become ‘Namo Investigation Agency’, senior Congress leader Anand Sharma said at a press conference in New Delhi while contending that the charge sheet appears to be aimed at “decimating and demolishing” the “meticulous” probe conducted by Mumbai ATS, led by late Hemant Karkare.
He claimed the agency dropped Maharashtra Control of Organised Crime Act (MACOCA) charges to see that all the statements recorded by the ATS become inadmissible as evidence.
Mr. Sharma demanded Supreme Court-monitored probe in the “sudden reversal” of the stance that has led to exoneration of six accused, including Sadhvi Pragya, and “dilution” of the case against the remaining accused on account of withdrawal of MACOCA and other offences.
“The developments have raised question mark on the integrity of India and its commitment to fight the forces of terror, having taken this position that India is a victim of organised terrorism, the targeted victim over decades, India is determined to fight terrorism, we condemn terrorism in all its forms and manifestation,” the former Minister said.
Mr. Sharma questioned the government whether, with the fresh NIA stance, it is “negating” Karkare’s “sacrifice”. He demanded that Mr. Modi himself should intervene in the matter.
He accused the government of “consistently” trying to save those who follow their ideology or belong to their associated outfits and are faced with charges.
“...(it goes on to) show that the earlier probes, charges which were filed and arrests made were all wrong. The fact is, the steps were taken only after proper probe. We have always maintained that, with lot of seriousness, that terrorism and crime have no caste and religion,” he added.
Mr. Sharma, deputy leader of Congress in the Rajya Sabha, also accused the government of intervening in functioning of all the arms like investigative agencies, prosecution and judiciary dealing with the explosion case.
In this context, he cited the claim made by former special public prosecutor in the matter Rohini Salian last year that she was “pressurised to go soft” on the accused in the case.
Ms. Salian, he said, was removed by the BJP government and NIA, in the wake of her claims.
The “same story” has repeated itself again as the current special public prosecutor Avinash Rasal too has stated that he was “not even informed” about filing of the charge sheet by NIA on Saturday, the Congress leader said.
All India Congress Committee (AICC) spokesperson R.P.N. Singh, who also addressed the press conference, referred to reports of Colonel P.S. Purohit, an accused in the matter, writing to NSA Ajit Doval allegedly seeking the latter’s intervention in the case, and said it was a matter of concern.
“I want to know how many letters the NSA receives from such terrorists and has he forwarded it to the Home Ministry for action? If this is the internal security of the country, if this is how the terror cases will be politicised, then it is a matter of concern,” he said.
Mr. Singh noted the United Progressive Alliance (UPA) government had set up the NIA and ensured it remained above political interference “as terrorism can not be compromised with.”
“This is the first time we see that such terror plots which hurt the very heart and soul of this country are being manipulated by the government and people who gave up their lives to protect the very idea of this country are being postured as wrong and people who tried to destroy this country their allegations are being held as being true,” he added.
Army denies reports of mutiny in Northeast infantry unit after jawan’s death
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In a case of serious disciplinary breach in the ranks of the Army, an officer was injured when some jawans got “emotionally” agitated at the death of their colleague during routine training in the Northeast.
“A case of death of a jawan during routine training activity has taken place in an infantry unit in Northeast,” one officer said denying rumours of a “mutiny” as doing the rounds in the social media.
Officials said the jawan complained of chest pain prior to a route march and was checked by unit medical officer and was found to be fit. He later collapsed during the route march and was taken to the field ambulance where he succumbed.
“About 4-5 jawans got emotional and agitated on the death of their colleague and when being consoled by adjutant indulged in agitated behaviour leading to minor scuffle,” Army sources said.
The officer was injured in the scuffle however no one was injured seriously, officials stated and added that the incident is being investigated as is the practice in all cases of death during training.
In a case of serious disciplinary breach in the ranks of the Army, an officer was injured when some jawans got “emotionally” agitated at the death of their colleague during routine training in the Northeast.
“A case of death of a jawan during routine training activity has taken place in an infantry unit in Northeast,” one officer said denying rumours of a “mutiny” as doing the rounds in the social media.
Officials said the jawan complained of chest pain prior to a route march and was checked by unit medical officer and was found to be fit. He later collapsed during the route march and was taken to the field ambulance where he succumbed.
“About 4-5 jawans got emotional and agitated on the death of their colleague and when being consoled by adjutant indulged in agitated behaviour leading to minor scuffle,” Army sources said.
The officer was injured in the scuffle however no one was injured seriously, officials stated and added that the incident is being investigated as is the practice in all cases of death during training.
Business Affairs
Confident of GST Bill passage in monsoon session: Jaitley
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Exuding confidence in getting the Goods and Services Tax (GST) Bill passed in the upcoming monsoon session, Finance Minister Arun Jaitley on Monday said regional parties, including UPA allies like DMK and NCP, are all in support of the tax legislation.
Stating that it would be extremely difficult for the Congress to take a contrarian view, he said if there is no consensus, the only alternative is a parliamentary vote.
“I am reasonably confident because... every political party, including the Congress, favours the GST. In fact, the Congress should have had the vision to support it more aggressively because they could claim the original authorship of the idea,” Mr. Jaitley said when asked if he was confident of passing the Bill in the monsoon session during an interaction with members of IWPC here.
“So, whether it is SP or BSP in Uttar Pradesh, JD(U) or RJD in Bihar, the Left in West Bengal and Kerala, the Trinamool in West Bengal, BJD..., each one of the UPA partners from DMK to NCP is making strong noises in support.”
He added that he is “reasonably confident” that when it comes to the crunch, “it would be extremely difficult even for the Congress party to take a contrarian view.”
The GST Bill, which has been approved by the Lok Sabha, is pending in the Rajya Sabha because of stiff resistance by the Congress, the largest party in the House, over a few proposals.
“I hope... the Congress party would revisit its position. I certainly would be keeping the discussions with them on. I always said my preference is a consensus must emerge because all state governments across political complexion has to implement it and therefore, consensus is the better way,” Mr. Jaitley said.
“And I do hope it moves in that direction. If consensus does not emerge, then the only other alternative is the parliamentary process. We will ask the Rajya Sabha and take a view on it.”
The Minister said the number count of all those that are supporting the GST shows that barring the AIADMK, which has some mixed voices, every other regional party has strong interest in passing the legislation because it helps these States.
Mr. Jaitley said he has spoken to the Chief Ministers of all States, including those ruled by the UPA and the Congress, and they are a “strong supporter” of the idea.
The Congress is opposing the Bill in the current form, demanding that a cap on GST rate be included in the Constitution Amendment Bill. The other two changes sought are removal of one per cent additional tax on inter-State transfer of goods and a Supreme Court judge-headed dispute resolution panel.
Mr. Jaitley said except for the additional inter-State tax, the GST Bill is verbatim of what the UPA had earlier proposed.
He expressed his willingness to consider the additional 1 per cent inter-State tax.
“... The rest of the GST Bill was verbatim the same what the UPA had introduced. And therefore, one has to analyse these after—thoughts. Now, the Parliamentary Standing Committee has approved it, the Rajya Sabha Select Committee has approved it, minus that 1 per cent...,” he said.
The GST Bill, India’s biggest indirect tax reform since Independence, seeks to replace a slew of central and state levies, with an aim to transform the nation of 1.3 billion people into a Customs union.
After it is approved by the Rajya Sabha, the legislation needs to be ratified by half of the 29 states for its rollout.
Exuding confidence in getting the Goods and Services Tax (GST) Bill passed in the upcoming monsoon session, Finance Minister Arun Jaitley on Monday said regional parties, including UPA allies like DMK and NCP, are all in support of the tax legislation.
Stating that it would be extremely difficult for the Congress to take a contrarian view, he said if there is no consensus, the only alternative is a parliamentary vote.
“I am reasonably confident because... every political party, including the Congress, favours the GST. In fact, the Congress should have had the vision to support it more aggressively because they could claim the original authorship of the idea,” Mr. Jaitley said when asked if he was confident of passing the Bill in the monsoon session during an interaction with members of IWPC here.
“So, whether it is SP or BSP in Uttar Pradesh, JD(U) or RJD in Bihar, the Left in West Bengal and Kerala, the Trinamool in West Bengal, BJD..., each one of the UPA partners from DMK to NCP is making strong noises in support.”
He added that he is “reasonably confident” that when it comes to the crunch, “it would be extremely difficult even for the Congress party to take a contrarian view.”
The GST Bill, which has been approved by the Lok Sabha, is pending in the Rajya Sabha because of stiff resistance by the Congress, the largest party in the House, over a few proposals.
“I hope... the Congress party would revisit its position. I certainly would be keeping the discussions with them on. I always said my preference is a consensus must emerge because all state governments across political complexion has to implement it and therefore, consensus is the better way,” Mr. Jaitley said.
“And I do hope it moves in that direction. If consensus does not emerge, then the only other alternative is the parliamentary process. We will ask the Rajya Sabha and take a view on it.”
The Minister said the number count of all those that are supporting the GST shows that barring the AIADMK, which has some mixed voices, every other regional party has strong interest in passing the legislation because it helps these States.
Mr. Jaitley said he has spoken to the Chief Ministers of all States, including those ruled by the UPA and the Congress, and they are a “strong supporter” of the idea.
The Congress is opposing the Bill in the current form, demanding that a cap on GST rate be included in the Constitution Amendment Bill. The other two changes sought are removal of one per cent additional tax on inter-State transfer of goods and a Supreme Court judge-headed dispute resolution panel.
Mr. Jaitley said except for the additional inter-State tax, the GST Bill is verbatim of what the UPA had earlier proposed.
He expressed his willingness to consider the additional 1 per cent inter-State tax.
“... The rest of the GST Bill was verbatim the same what the UPA had introduced. And therefore, one has to analyse these after—thoughts. Now, the Parliamentary Standing Committee has approved it, the Rajya Sabha Select Committee has approved it, minus that 1 per cent...,” he said.
The GST Bill, India’s biggest indirect tax reform since Independence, seeks to replace a slew of central and state levies, with an aim to transform the nation of 1.3 billion people into a Customs union.
After it is approved by the Rajya Sabha, the legislation needs to be ratified by half of the 29 states for its rollout.
RBI, Finance Ministry share ‘mature relationship’, says Jaitley
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Amid speculation about a possible second term for Reserve Bank Governor Raghuram Rajan, Finance Minister Arun Jaitley on Tuesday declined to be drawn into the matter, but said there is a “mature relationship” between the central bank and the government.
“As far as the Finance Ministry and RBI are concerned, there is an institutional relationship between the two. It is a very mature relationship. We at the highest level at the two institutions have discussion and each other views is considered between us,” he said.
He was speaking at an event organised by Indian Women’s Press Corps.
To a question whether Rajan is getting an extension, he quipped “these are not issues which we discuss through the media.”
Rajan’s current three-year term as RBI chief is ending this September.
Indicating his interest in a second term, Rajan on May 13 had said he has enjoyed every moment of the job, but there is .“more to do”, despite calls from some sections of the ruling BJP against any extension for him.
Senior BJP leader Subramanian Swamy last week had suggested that Rajan should be removed and accused him of being responsible for “unemployment and collapse” of industrial activity.
“In my opinion, the RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country... The sooner he is sent back to Chicago, the better it would be,” Swamy had told reporters outside Parliament.
Rajan, who had earlier also served as the Chief Economist of IMF and is known as a key commentator on financial issues globally, is the on—leave Professor of Finance at University of Chicago’s Booth School of Business
Amid speculation about a possible second term for Reserve Bank Governor Raghuram Rajan, Finance Minister Arun Jaitley on Tuesday declined to be drawn into the matter, but said there is a “mature relationship” between the central bank and the government.
“As far as the Finance Ministry and RBI are concerned, there is an institutional relationship between the two. It is a very mature relationship. We at the highest level at the two institutions have discussion and each other views is considered between us,” he said.
He was speaking at an event organised by Indian Women’s Press Corps.
To a question whether Rajan is getting an extension, he quipped “these are not issues which we discuss through the media.”
Rajan’s current three-year term as RBI chief is ending this September.
Indicating his interest in a second term, Rajan on May 13 had said he has enjoyed every moment of the job, but there is .“more to do”, despite calls from some sections of the ruling BJP against any extension for him.
Senior BJP leader Subramanian Swamy last week had suggested that Rajan should be removed and accused him of being responsible for “unemployment and collapse” of industrial activity.
“In my opinion, the RBI Governor is not appropriate for the country. I don’t want to speak much about him. He has hiked interest rates in the garb of controlling inflation that has damaged the country... The sooner he is sent back to Chicago, the better it would be,” Swamy had told reporters outside Parliament.
Rajan, who had earlier also served as the Chief Economist of IMF and is known as a key commentator on financial issues globally, is the on—leave Professor of Finance at University of Chicago’s Booth School of Business
Wholesale inflation turns positive after 17 months
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Wholesale price-based inflation turned positive after 17 months, posting an annual gain of 0.34 per cent in April, on rise in vegetables and pulses prices. The March Wholesale Price Index-based inflation was at (-)0.85 per cent.
“The annual rate of inflation, based on monthly WPI, stood at 0.34 per cent (provisional) for the month of April, 2016 as compared to (-)0.85 per cent for the previous month,” said the government data released today.
It was (-)2.43 per cent during the corresponding month of the previous year, showed the data.
Food inflation stood at 4.23 per cent in April compared with 3.73 per cent in March. Inflation in vegetables came in at 2.21 per cent compared with (-)2.26 per cent in April while the same in pulses was high at 36.36 per cent as against 34.45 per cent.
However, other daily consumables such as onion and fruits saw further easing of prices, with these sub-indices falling (-)18.18 per cent and (-)2.38 per cent, respectively.
Last week a government data showed a rise in retail inflation for the month of April at 5.39 per cent versus 4.83 per cent in the previous month.
Wholesale price-based inflation turned positive after 17 months, posting an annual gain of 0.34 per cent in April, on rise in vegetables and pulses prices. The March Wholesale Price Index-based inflation was at (-)0.85 per cent.
“The annual rate of inflation, based on monthly WPI, stood at 0.34 per cent (provisional) for the month of April, 2016 as compared to (-)0.85 per cent for the previous month,” said the government data released today.
It was (-)2.43 per cent during the corresponding month of the previous year, showed the data.
Food inflation stood at 4.23 per cent in April compared with 3.73 per cent in March. Inflation in vegetables came in at 2.21 per cent compared with (-)2.26 per cent in April while the same in pulses was high at 36.36 per cent as against 34.45 per cent.
However, other daily consumables such as onion and fruits saw further easing of prices, with these sub-indices falling (-)18.18 per cent and (-)2.38 per cent, respectively.
Last week a government data showed a rise in retail inflation for the month of April at 5.39 per cent versus 4.83 per cent in the previous month.
Rupee dips to 2 month low at 66.80 vs US dollar
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The rupee on Tuesday continued its falling streak against the US currency for the third day, slipping by another three paise to hit 2-month closing low of 66.80 on persistent dollar demand from banks and importers on the back of higher greenback in the overseas market.
Rise in crude oil prices also affected the rupee-value against the dollar, a forex dealer said.
The rupee resumed lower at 66.90 as against the last weekend’s level of 66.77 per dollar at the Interbank Foreign Exchange (Forex) Market and moved down to 66.91 on initial heavy dollar demand from banks.
However, it trimmed its initial losses and recovered 66.7225 per dollar before ending at 2—month closing low at 66.80, still showing a loss of 3 paise or 0.04 per cent.
The domestic currency has lost 24 paise or 0.36 per cent in the last three trading sessions.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
The domestic currency hovered in a range of 66.7225 and 66.9100 per dollar during the day.
The dollar index was down by 0.0074 per cent in the late global trade against a basket of six global currencies.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.8216 and euro at 75.5953.
In cross-currency trades, the rupee firmed up further against the pound sterling to finish at 95.99 from the last weekend’s level of 96.27.
It also moved up further against the euro to 75.62 from 75.80
However, the domestic currency ended unchanged against the yen at 61.32 per 100 yens.
The dollar was moderately higher against the yen in the late afternoon trade, with investors avoiding making major moves given a lack of fresh trading cues.
Investors are watching data and events this week, including January-March Japan gross domestic product data due Wednesday.
Tokyo-based dealers and analysts said a weak result will increase hopes that the government will implement extra stimulus to push up the dollar against the yen. The median forecast from a survey of 20 economists by the Wall Street Journal was for inflation-adjusted growth of 0.3 per cent.
Oil rose to fresh 2016 highs in Asia today as a slowdown in US drilling and increase in Chinese crude refinery processing bolstered hopes a supply glut would ease sooner than expected.
US benchmark West Texas Intermediate (WTI) for delivery in June was up 62 cents, or 1.34 per cent, at USD 46.83 a barrel. Brent North Sea crude for July was up 62 cents, or 1.30 percent, at USD 48.45.
Meahwhile, the Indian benchmark sensex ended higher by 163.66 points or 0.64 per cent to 25,653.23.
Pramit Brahmbhatt of Veracity Financial Services said “Continuing weakness of previous day, the rupee opened on a negative note above 66.90/USD. But selling pressure in USD dragged it below the level. Strength in crude oil price governed rupee move, by putting pressure on it.
“Thus despite of gain in domestic equity market, we saw the rupee depreciating. The rupee closed with a loss of 3 paise at 66.80/USD. Trading range for spot USD/INR will be 66.50 to 67/USD.”
In forward market, premium for dollar eased on persistent receivings from exporters.
The benchmark six-month premium for October moved down to 193.5—195.5 paise from the last weeeknd’s level of 195—197 paise and far forward April 2017 contract also declined further to 399.5-401.5 paise from 401-403 paise.
The rupee on Tuesday continued its falling streak against the US currency for the third day, slipping by another three paise to hit 2-month closing low of 66.80 on persistent dollar demand from banks and importers on the back of higher greenback in the overseas market.
Rise in crude oil prices also affected the rupee-value against the dollar, a forex dealer said.
The rupee resumed lower at 66.90 as against the last weekend’s level of 66.77 per dollar at the Interbank Foreign Exchange (Forex) Market and moved down to 66.91 on initial heavy dollar demand from banks.
However, it trimmed its initial losses and recovered 66.7225 per dollar before ending at 2—month closing low at 66.80, still showing a loss of 3 paise or 0.04 per cent.
The domestic currency has lost 24 paise or 0.36 per cent in the last three trading sessions.
The rupee had last ended at 67.22 per dollar on March 16, 2016.
The domestic currency hovered in a range of 66.7225 and 66.9100 per dollar during the day.
The dollar index was down by 0.0074 per cent in the late global trade against a basket of six global currencies.
Meanwhile, the RBI fixed the reference rate for the dollar at 66.8216 and euro at 75.5953.
In cross-currency trades, the rupee firmed up further against the pound sterling to finish at 95.99 from the last weekend’s level of 96.27.
It also moved up further against the euro to 75.62 from 75.80
However, the domestic currency ended unchanged against the yen at 61.32 per 100 yens.
The dollar was moderately higher against the yen in the late afternoon trade, with investors avoiding making major moves given a lack of fresh trading cues.
Investors are watching data and events this week, including January-March Japan gross domestic product data due Wednesday.
Tokyo-based dealers and analysts said a weak result will increase hopes that the government will implement extra stimulus to push up the dollar against the yen. The median forecast from a survey of 20 economists by the Wall Street Journal was for inflation-adjusted growth of 0.3 per cent.
Oil rose to fresh 2016 highs in Asia today as a slowdown in US drilling and increase in Chinese crude refinery processing bolstered hopes a supply glut would ease sooner than expected.
US benchmark West Texas Intermediate (WTI) for delivery in June was up 62 cents, or 1.34 per cent, at USD 46.83 a barrel. Brent North Sea crude for July was up 62 cents, or 1.30 percent, at USD 48.45.
Meahwhile, the Indian benchmark sensex ended higher by 163.66 points or 0.64 per cent to 25,653.23.
Pramit Brahmbhatt of Veracity Financial Services said “Continuing weakness of previous day, the rupee opened on a negative note above 66.90/USD. But selling pressure in USD dragged it below the level. Strength in crude oil price governed rupee move, by putting pressure on it.
“Thus despite of gain in domestic equity market, we saw the rupee depreciating. The rupee closed with a loss of 3 paise at 66.80/USD. Trading range for spot USD/INR will be 66.50 to 67/USD.”
In forward market, premium for dollar eased on persistent receivings from exporters.
The benchmark six-month premium for October moved down to 193.5—195.5 paise from the last weeeknd’s level of 195—197 paise and far forward April 2017 contract also declined further to 399.5-401.5 paise from 401-403 paise.
Bhilai steel plant Rs 17,000 cr expansion delayed by 15 mths
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Even as the Steel Ministry races to complete Rs 61,870=crore modernisation and expansion, the process at Bhilai Steel plant (BSP), the largest facility of the state-run giant SAIL, has been delayed by 15 months.
BSP’s modernisation and expansion plan, which entails an investment of Rs 17,266 crore, raising steel capacity from 3.93 million tonnes per annum (MTPA) to 7 MTPA, has been delayed as SAIL had to terminate contracts twice due to “unsatisfactory performance”, sources said.
The flagship plant of the Maharatna firm is installing two rolling mills for production of high quality long rails (260 m length) and bars as well as is phasing out old and energy inefficient process routes for reducing carbon foot print and cost of production.
Initially, the programme was expected to be completed by September 2015, which was later revised to October 2016. It has now again been revised to December 2016, a 15-month delay from original completion schedule, sources said.
“BSP first hired Ratna Infra for its steel melting shop (SMS) package, which had to be terminated due to slow progress of work and fresh contract was awarded to state—run Hindustan Steelworks Construction (HSCL) HSCL at risk and cost of Ratna Infra,” they said.
However, HSCL’s contract also had to be terminated due to poor progress and this had to again be given to Simplex at risk and cost of HSCL, which is the main reason behind the delay of the modernisation and expansion programme.
When contacted on the change in contractors, a SAIL spokesperson said: “The contractors were changed because of their unsatisfactory performance.”
On the completion date of the programme, he said: “The completion of modernisation and expansion at BSP is envisaged in December 2016.”
Some of the facilities have been completed and balance facilities are under various stages of execution and all efforts are being made to complete the balance facilities progressively as per the target date, he said.
Sources also said that “The equipment erection package also had to be re—tendered as sufficient erection fronts could not be handed over within contractual completion period and a fresh contract was awarded to Essar Projects.
“Also state-owned Heavy Engineering Corporation’s slow progress of work on installation of cranes for both equipment erection and subsequent material handling during production impacted the programme.”
SAIL is in process of enhancing its hot metal production capacity to 23.46 MTPA and crude steel to 21.04 MTPA under its current phase of expansion and modernisation which is expected to be completed by 2016—17 fiscal, ending March 2017.
The indicative investment is about Rs 61,870 crore. The cumulative expenditure until December 2015 has been Rs 61,245 crore including expenditure of Rs 4,482.83 crore during the 2015-16 fiscal till December.
Even as the Steel Ministry races to complete Rs 61,870=crore modernisation and expansion, the process at Bhilai Steel plant (BSP), the largest facility of the state-run giant SAIL, has been delayed by 15 months.
BSP’s modernisation and expansion plan, which entails an investment of Rs 17,266 crore, raising steel capacity from 3.93 million tonnes per annum (MTPA) to 7 MTPA, has been delayed as SAIL had to terminate contracts twice due to “unsatisfactory performance”, sources said.
The flagship plant of the Maharatna firm is installing two rolling mills for production of high quality long rails (260 m length) and bars as well as is phasing out old and energy inefficient process routes for reducing carbon foot print and cost of production.
Initially, the programme was expected to be completed by September 2015, which was later revised to October 2016. It has now again been revised to December 2016, a 15-month delay from original completion schedule, sources said.
“BSP first hired Ratna Infra for its steel melting shop (SMS) package, which had to be terminated due to slow progress of work and fresh contract was awarded to state—run Hindustan Steelworks Construction (HSCL) HSCL at risk and cost of Ratna Infra,” they said.
However, HSCL’s contract also had to be terminated due to poor progress and this had to again be given to Simplex at risk and cost of HSCL, which is the main reason behind the delay of the modernisation and expansion programme.
When contacted on the change in contractors, a SAIL spokesperson said: “The contractors were changed because of their unsatisfactory performance.”
On the completion date of the programme, he said: “The completion of modernisation and expansion at BSP is envisaged in December 2016.”
Some of the facilities have been completed and balance facilities are under various stages of execution and all efforts are being made to complete the balance facilities progressively as per the target date, he said.
Sources also said that “The equipment erection package also had to be re—tendered as sufficient erection fronts could not be handed over within contractual completion period and a fresh contract was awarded to Essar Projects.
“Also state-owned Heavy Engineering Corporation’s slow progress of work on installation of cranes for both equipment erection and subsequent material handling during production impacted the programme.”
SAIL is in process of enhancing its hot metal production capacity to 23.46 MTPA and crude steel to 21.04 MTPA under its current phase of expansion and modernisation which is expected to be completed by 2016—17 fiscal, ending March 2017.
The indicative investment is about Rs 61,870 crore. The cumulative expenditure until December 2015 has been Rs 61,245 crore including expenditure of Rs 4,482.83 crore during the 2015-16 fiscal till December.
General Awareness
India, Bangladesh power ties with 21st-century nuclear deal
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India inked a 21st century nuclear agreement with Bangladesh to engage the bilateral neighbourhood relationship between two nations.
The core of the Agreement
- Energy ii. Connectivity iii.Security
- Signed between Minister of External Affairs and Bangladesh Department of Science and Technology
- Prime Minister NarendraModi and Bangladesh Prime Minister Sheikh Hasina inaugurated a 100MW power transmission line from Palatana to Bangladesh
- India is working to upgrade the power transmission line to 500MW
- Oil minister Dharmendra Pradhan visited the Dhaka and assured to send diesel to Bangladesh from West Bengal.
India efforts to support Bangladesh:
- India requirestransporting LPG and LNG to the northeastern states — through Bangladesh.
- Four Indian based companies — BHEL, Reliance, Shapoorji-Pallonji and Adani — have bid to set up power plants in Bangladesh.
- The Indian nuclear deal will equip and train Bangladesh to import their first nuclear power plant from Russia.
Comfort Factor – Both land and maritime boundaries are now clearly demarcated
Implementation of the Land Boundary Agreement has made it easier to plan roads and railways to Bangladesh.
Future projects in Bangladesh with India:
- Revive the train lines that were operational between the two sides
- Bridge on the Feni river
- Water deal, particularly on Teesta and Feni
India has assured to deliver. In the new evolving relationship, both sides are willing to give each other some space.
- India inked a 21st century nuclear agreement with Bangladesh to engage the bilateral neighbourhood relationship between two nations.The core of the Agreement
- Energy ii. Connectivity iii.Security
- Signed between Minister of External Affairs and Bangladesh Department of Science and Technology
- Prime Minister NarendraModi and Bangladesh Prime Minister Sheikh Hasina inaugurated a 100MW power transmission line from Palatana to Bangladesh
- India is working to upgrade the power transmission line to 500MW
- Oil minister Dharmendra Pradhan visited the Dhaka and assured to send diesel to Bangladesh from West Bengal.
India efforts to support Bangladesh:- India requirestransporting LPG and LNG to the northeastern states — through Bangladesh.
- Four Indian based companies — BHEL, Reliance, Shapoorji-Pallonji and Adani — have bid to set up power plants in Bangladesh.
- The Indian nuclear deal will equip and train Bangladesh to import their first nuclear power plant from Russia.
Comfort Factor – Both land and maritime boundaries are now clearly demarcatedImplementation of the Land Boundary Agreement has made it easier to plan roads and railways to Bangladesh.Future projects in Bangladesh with India:- Revive the train lines that were operational between the two sides
- Bridge on the Feni river
- Water deal, particularly on Teesta and Feni
India has assured to deliver. In the new evolving relationship, both sides are willing to give each other some space. - Energy ii. Connectivity iii.Security
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