General Affairs
Venkaiah Naidu To Represent Centre At Jayalalithaa's Swearing-In Ceremony
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NEW DELHI: Union Minister M Venkaiah Naidu will represent the Centre at the swearing-in ceremony of AIADMK chief J Jayalalithaa as Tamil Nadu Chief Minister in Chennai tomorrow.
Ms Jayalalithaa had invited Prime Minister Narendra Modi to the oath-taking function after her win against DMK in the recently concluded Assembly elections.
Currently, the prime minister is on a visit to Iran and Mr Naidu has been asked to represent the central government, sources said.
In 2011, her swearing-in was attended by Mr Modi, who was then the Gujarat Chief Minister, besides a host of other dignitaries.
She will be sworn-in for a second consecutive tenure along with 28 ministers.
It will be 68-year-old Jayalalithaa's fourth term in office. Her earlier tenures as Chief Minister were 1991-96, 2001-06 and 2011-16.
Ms Jayalalithaa had invited Prime Minister Narendra Modi to the oath-taking function after her win against DMK in the recently concluded Assembly elections.
Currently, the prime minister is on a visit to Iran and Mr Naidu has been asked to represent the central government, sources said.
In 2011, her swearing-in was attended by Mr Modi, who was then the Gujarat Chief Minister, besides a host of other dignitaries.
She will be sworn-in for a second consecutive tenure along with 28 ministers.
It will be 68-year-old Jayalalithaa's fourth term in office. Her earlier tenures as Chief Minister were 1991-96, 2001-06 and 2011-16.
I See An Outset Of A Footballing Atmosphere In India: PM Modi
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NEW DELHI: With India gearing up to host the FIFA U-17 World Cup next year, Prime Minister Narendra Modi today said he sees the "outset of a footballing atmosphere" in the country that longs to one day compete in the sport's showpiece event.
For the third time in three months, football played an important part in the PM's address to the nation. During his 'Mann Ki Baat' programme, PM Modi called for creation of the right atmosphere for the game's development.
"Last time around, I had talked about FIFA U-17 World Cup and I have received suggestions from all over the country. I see the outset of a footballing atmosphere here - a lot of people are taking the initiative and funding a team of their own. I have received thousands of suggestions on Narendra Modi mobile app," PM Modi said.
"It might be the case that a lot of people do not play the game but to know of the interest of millions of youngsters in the game was a very pleasant experience for me.
Our affinity for cricket was well known to me but the growing interest for football itself indicates a fruitful future," he added.
PM Modi had earlier urged Indian football fans to give suggestions and ideas to help make the game more popular throughout the country.
For the third time in three months, football played an important part in the PM's address to the nation. During his 'Mann Ki Baat' programme, PM Modi called for creation of the right atmosphere for the game's development.
"Last time around, I had talked about FIFA U-17 World Cup and I have received suggestions from all over the country. I see the outset of a footballing atmosphere here - a lot of people are taking the initiative and funding a team of their own. I have received thousands of suggestions on Narendra Modi mobile app," PM Modi said.
Our affinity for cricket was well known to me but the growing interest for football itself indicates a fruitful future," he added.
PM Modi had earlier urged Indian football fans to give suggestions and ideas to help make the game more popular throughout the country.
Happy To See Girl Students Shine: PM Modi
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NEW DELHI: Prime Minister Narendra Modi today congratulated the students on their success in various examinations, and said he was "happy to see girl students shine".
"Congratulations to all candidates for their scores in examinations. Happy to see girl students shine," PM Modi said in his radio address 'Mann Ki Baat'.
He spoke about a student, Gaurav from Madhya Pradesh, who had scored 89 percent but his family was not happy as they wanted him to get 90 percent.
PM Modi in his message to Gaurav said: "I have read your letter and I am sure there are many like you out there."
"Why to find negativity from everything. It would be better if everyone around you had celebrated your scores," he added.
"Congratulations to all candidates for their scores in examinations. Happy to see girl students shine," PM Modi said in his radio address 'Mann Ki Baat'.
He spoke about a student, Gaurav from Madhya Pradesh, who had scored 89 percent but his family was not happy as they wanted him to get 90 percent.
PM Modi in his message to Gaurav said: "I have read your letter and I am sure there are many like you out there."
"Why to find negativity from everything. It would be better if everyone around you had celebrated your scores," he added.
Non-Passage Of Road Safety Bill 'Biggest Regret': Nitin Gadkari
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NEW DELHI: Blaming 'vested interests' for delaying the Road Safety Bill, Road Transport and Highways Minister Nitin Gadkari today said its non-passage remains his "biggest regret" as more people are getting killed every year in road accidents than in "wars, terror attacks or epidemics".
Mr Gadkari, known to speak his mind, did not name the "vested interests" who are trying to scuttle the new law but said these are the people who are "opposed to transparency and computerisation in the highways sector".
"In India, 30 per cent of the driving licenses are bogus... There has been large-scale corruption in RTOs... Misconception was generated by those who will get affected due to transparency in the new legislation," the Minister told PTI in an interview in New Delhi.
The proposed law seeks to come down heavily on traffic offenders and proposes steep penalties of up to Rs. three lakh along with a minimum 7-year imprisonment for death in road accidents, besides hefty fines for driving violations.
It would also overhaul the road transport and highways sector bringing in more transparency and curbing malpractices, Mr Gadkari said while adding that the proposed legislation incorporates the best global practises and will curb road accidents. He pegged the annual loss to the economy due to accidents in India at close to 3 per cent of the GDP.
India sees nearly five lakh road accidents a year in which 1.5 lakh people die and another 3 lakh get crippled.
"Ever since I have taken charge of the sector, the biggest regret that keeps me haunting is that despite best of our best intentions, Road Safety Bill is stuck...I feel pained and helpless to see 1.5 lakh Indians, mostly youth, dying on roads," Mr Gadkari said.
"Not so many people die in war or terror attack or naxalite killing...not even in epidemics... It gives me sleepless nights and I want to cut accidents by at least 50 per cent as early as possible," the Minister said.
Mr Gadkari, who said his dream is to overhaul India's infrastructure to the level of the best in the world, said the subject is "close to his heart" but despite "devoting day and night" to correct the flaws, he has not been able to get the crucial bill governing road sector see light of the day.
Mr Gadkari, known to speak his mind, did not name the "vested interests" who are trying to scuttle the new law but said these are the people who are "opposed to transparency and computerisation in the highways sector".
"In India, 30 per cent of the driving licenses are bogus... There has been large-scale corruption in RTOs... Misconception was generated by those who will get affected due to transparency in the new legislation," the Minister told PTI in an interview in New Delhi.
It would also overhaul the road transport and highways sector bringing in more transparency and curbing malpractices, Mr Gadkari said while adding that the proposed legislation incorporates the best global practises and will curb road accidents. He pegged the annual loss to the economy due to accidents in India at close to 3 per cent of the GDP.
India sees nearly five lakh road accidents a year in which 1.5 lakh people die and another 3 lakh get crippled.
"Ever since I have taken charge of the sector, the biggest regret that keeps me haunting is that despite best of our best intentions, Road Safety Bill is stuck...I feel pained and helpless to see 1.5 lakh Indians, mostly youth, dying on roads," Mr Gadkari said.
"Not so many people die in war or terror attack or naxalite killing...not even in epidemics... It gives me sleepless nights and I want to cut accidents by at least 50 per cent as early as possible," the Minister said.
Mr Gadkari, who said his dream is to overhaul India's infrastructure to the level of the best in the world, said the subject is "close to his heart" but despite "devoting day and night" to correct the flaws, he has not been able to get the crucial bill governing road sector see light of the day.
Police Give Clean Chit To Eknath Khadse, Say He Received No Call From Dawood
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MUMBAI: Mumbai Police today said no calls were made or received on Maharashtra Revenue Minister Eknath Khadse's phone from underworld don Dawood Ibrahim's number as claimed by Aam Aadmi Party leader Preeti Sharma Menon.
"Our initial analysis of the cell phone number (belonging to Mr Khadse) indicated that there were neither outgoing nor incoming calls from this number to that of the fugitive (Dawood) during the entire period of September, 2015 to April, 2016, as stated in the (AAP) press conference," Mumbai Joint Commissioner of Police (crime) Atulchandra Kulkarni said.
The AAP leader, in a press conference yesterday, had alleged that the Maharashtra minister had received several calls from Dawood Ibrahim's wife Mehjabeen Shaikh's number 021-35871639 between September 4, 2015 and April 5, 2016.
Ms Menon further claimed that the Maharashtra chief minister had asked the police to investigate the matter.
Mr Khadse has dismissed the allegations as "baseless" stating the particular number was not in use for the last one year.
Mr Kulkarni said, "When the issue of contact of the Maharashtra minister with Mumbai underworld fugitive Dawood Ibrahim, who is abroad, cropped up, we checked the details."
"Our initial analysis of the cell phone number (belonging to Mr Khadse) indicated that there were neither outgoing nor incoming calls from this number to that of the fugitive (Dawood) during the entire period of September, 2015 to April, 2016, as stated in the (AAP) press conference," Mumbai Joint Commissioner of Police (crime) Atulchandra Kulkarni said.
The AAP leader, in a press conference yesterday, had alleged that the Maharashtra minister had received several calls from Dawood Ibrahim's wife Mehjabeen Shaikh's number 021-35871639 between September 4, 2015 and April 5, 2016.
Ms Menon further claimed that the Maharashtra chief minister had asked the police to investigate the matter.
Mr Khadse has dismissed the allegations as "baseless" stating the particular number was not in use for the last one year.
Mr Kulkarni said, "When the issue of contact of the Maharashtra minister with Mumbai underworld fugitive Dawood Ibrahim, who is abroad, cropped up, we checked the details."
Business Affairs
Mann Ki Baat: PM says 'cashless society' will help curb black money
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In his monthly broadcast 'Mann ki Baat', Prime Minister Narendra Modi today stressed the need to protect forests and water resources, gave an account of the measures taken by the Centre and state governments to meet the challenge of the drought and appealed to people to launch a 'Save Water Campaign' during the monsoon months from June to September.
He also said it was time India moved towards a 'cashless society' through the 'JAM' trinity, which would make transactions transparent and reduce 'black money' in the system.
Modi said there was a need to make transactions "transparent" in India, and for that to happen people need to shed some old bad habits.
"We were taught in school about a time when there were no coins and currency notes but barter system. Gradually, coins and currency notes appeared. But now the world is moving towards a cashless society with the help of technology," the PM said. He said this might look difficult in the beginning but becomes easy with frequent use. He said nearly every Indian family now had a Jan Dhan bank account, nearly each Indian had an Aadhar number and a mobile phone.
The PM detailed the advantages of a 'cashless' society. "With Jan Dhan, Aadhar and Mobile or 'JAM' we can move towards a cashless society," he said. He said the RuPay card given to each Jan Dhan account holder will soon be useful for both credit and debit through Point of Sale or POS. The other initiative being worked upon is ‘Bank on Mobile’ - the Universal Payment interface banking transaction that will make money transaction through phone very easy. He said the National Payments Corporation of India or NPCI and banks are working towards launching this platform as a mobile app. The PM said post offices are also starting banking services. "If all of us adopt this then we won’t need cash or currency. It will be a dent on underhand dealings in business. There will be transparency, influence of black money will lessen," he said.
The PM expressed concern at the continuing heat wave and the drought. He said the news that the monsoon may arrive a week late was of concern. Modi said humans themselves were to blame for this and by indiscriminate deforestation humans have paved the way for their own destruction. The PM said on the forthcoming World Environment Day on June 5 we need to discuss about conserving water and tree cover.
The PM said he has held detailed meetings with 11 drought affected states - Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, Jharkhand, Karnataka, Andhra Pradesh, Telangana and Odisha. "As has been the government traditon, I could have had one meeting, but I met them individually for two two and a half hours and heard in detail what states had to say," Modi said. He said normally such discussions are mostly about how much money was sent from the Centre and spent by the states. "
"But we heard the measures taken by the states and this was a surprise for our bureacurats as well because several states have done commendable work to meet the challenge of drought," he said. Modi said he asked Niti Aayog to cull some of the best practices and implement these in all states. He said adoption of per drop-more crop, micro-irrigation, drip-irrigation and sprinkler system has helped in saving water.
He said some states have employed drip irrigation even for paddy cultiveation, whcich has resulted in increased yields and saving of labour. The PM said Maharashtra, Andhra Pradesh and Gujarat have targeted that each year 2-3 lakh hectares are added to micro-irrigation. He also spoke about the various programmes launched by state governments, including Madhya Pradesh’s ‘Balaram Talab Yojana’ where 22,000 ponds have been dug and efforts to revive old wells in Karnataka.
He said the people people should save water in the months of June, July, August and September. "This time when we celebrate Diwali it should be a source of joy to us that we saved water," the PM said. He said the next four months (June to September) should be observed as ‘Save Water Campaign’. He said saving water was not just the responsibility of governments, politicans but people at large and that media should help in telling people how to save water.
The PM also lauded outgoing Sports Minister Sarbananda Sonowal, who is to be sworn in as the next Chief Minister of Assam, for visiting the sports institute in Patiala to inquire about the preparations of athletes for the Rio Olympics and whether they were getting proper food and training.
In his monthly broadcast 'Mann ki Baat', Prime Minister Narendra Modi today stressed the need to protect forests and water resources, gave an account of the measures taken by the Centre and state governments to meet the challenge of the drought and appealed to people to launch a 'Save Water Campaign' during the monsoon months from June to September.
He also said it was time India moved towards a 'cashless society' through the 'JAM' trinity, which would make transactions transparent and reduce 'black money' in the system.
He also said it was time India moved towards a 'cashless society' through the 'JAM' trinity, which would make transactions transparent and reduce 'black money' in the system.
Modi said there was a need to make transactions "transparent" in India, and for that to happen people need to shed some old bad habits.
"We were taught in school about a time when there were no coins and currency notes but barter system. Gradually, coins and currency notes appeared. But now the world is moving towards a cashless society with the help of technology," the PM said. He said this might look difficult in the beginning but becomes easy with frequent use. He said nearly every Indian family now had a Jan Dhan bank account, nearly each Indian had an Aadhar number and a mobile phone.
"We were taught in school about a time when there were no coins and currency notes but barter system. Gradually, coins and currency notes appeared. But now the world is moving towards a cashless society with the help of technology," the PM said. He said this might look difficult in the beginning but becomes easy with frequent use. He said nearly every Indian family now had a Jan Dhan bank account, nearly each Indian had an Aadhar number and a mobile phone.
The PM detailed the advantages of a 'cashless' society. "With Jan Dhan, Aadhar and Mobile or 'JAM' we can move towards a cashless society," he said. He said the RuPay card given to each Jan Dhan account holder will soon be useful for both credit and debit through Point of Sale or POS. The other initiative being worked upon is ‘Bank on Mobile’ - the Universal Payment interface banking transaction that will make money transaction through phone very easy. He said the National Payments Corporation of India or NPCI and banks are working towards launching this platform as a mobile app. The PM said post offices are also starting banking services. "If all of us adopt this then we won’t need cash or currency. It will be a dent on underhand dealings in business. There will be transparency, influence of black money will lessen," he said.
The PM expressed concern at the continuing heat wave and the drought. He said the news that the monsoon may arrive a week late was of concern. Modi said humans themselves were to blame for this and by indiscriminate deforestation humans have paved the way for their own destruction. The PM said on the forthcoming World Environment Day on June 5 we need to discuss about conserving water and tree cover.
The PM said he has held detailed meetings with 11 drought affected states - Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh, Jharkhand, Karnataka, Andhra Pradesh, Telangana and Odisha. "As has been the government traditon, I could have had one meeting, but I met them individually for two two and a half hours and heard in detail what states had to say," Modi said. He said normally such discussions are mostly about how much money was sent from the Centre and spent by the states. "
"But we heard the measures taken by the states and this was a surprise for our bureacurats as well because several states have done commendable work to meet the challenge of drought," he said. Modi said he asked Niti Aayog to cull some of the best practices and implement these in all states. He said adoption of per drop-more crop, micro-irrigation, drip-irrigation and sprinkler system has helped in saving water.
He said some states have employed drip irrigation even for paddy cultiveation, whcich has resulted in increased yields and saving of labour. The PM said Maharashtra, Andhra Pradesh and Gujarat have targeted that each year 2-3 lakh hectares are added to micro-irrigation. He also spoke about the various programmes launched by state governments, including Madhya Pradesh’s ‘Balaram Talab Yojana’ where 22,000 ponds have been dug and efforts to revive old wells in Karnataka.
He said some states have employed drip irrigation even for paddy cultiveation, whcich has resulted in increased yields and saving of labour. The PM said Maharashtra, Andhra Pradesh and Gujarat have targeted that each year 2-3 lakh hectares are added to micro-irrigation. He also spoke about the various programmes launched by state governments, including Madhya Pradesh’s ‘Balaram Talab Yojana’ where 22,000 ponds have been dug and efforts to revive old wells in Karnataka.
He said the people people should save water in the months of June, July, August and September. "This time when we celebrate Diwali it should be a source of joy to us that we saved water," the PM said. He said the next four months (June to September) should be observed as ‘Save Water Campaign’. He said saving water was not just the responsibility of governments, politicans but people at large and that media should help in telling people how to save water.
The PM also lauded outgoing Sports Minister Sarbananda Sonowal, who is to be sworn in as the next Chief Minister of Assam, for visiting the sports institute in Patiala to inquire about the preparations of athletes for the Rio Olympics and whether they were getting proper food and training.
Rs 17,000-cr worth projects cleared for electronics manufacturing
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Government has cleared 69 projects envisaging investment of Rs 17,112 crore out of the Rs 1.2 lakh crore-worth proposals received under the electronics manufacturing scheme till date.
"69 out of about 160 proposals under the MSIPS (Modified Special Incentive Package Scheme) have been cleared. Total investment committed in these projects is Rs 17,112 crore," IT and Electronics Secretary Aruna Sharma told PTI in an interview.
Till date, proposals worth Rs 1.2 lakh crore were received by the government for electronic manufacturing.
Sharma said projects worth about Rs 10,000 crore were rejected for benefits under the Modified Special Incentive Package Scheme (MSIPS).
The scheme provides financial incentives to offset disability and attracts investments in the electronics hardware. It provides subsidy for investments in Special Economic Zones (SEZs) and 25 per cent in non-SEZs, is open to receive applications till July 26, 2020.
The government launched MSIPS with a view to pushing the domestic manufacturing of electronic products to reduce dependence on imports and check forex outflows.
Total import of electronics goods were valued at Rs 2.25 lakh crore in 2014-15 against Rs 1.95 lakh crore in the previous year.
Total domestic production of electronic goods based on figures provided by the Electronics Industry Associations was at Rs 1,90,366 crore in 2014-15 against Rs 1,80,454 crore in the previous year.
Automotive electronics components manufacturing has attracted investment of about Rs 4,284 crore followed by IT and telecom products at Rs 3,500 crore, electronic components and strategic electronics (Rs 2,300 crore each), consumer appliances (Rs 2,000 crore), LED and solar (Rs 947 crore), medical electronics (Rs 600 crore), semiconductor ATMP (Rs 500 crore) and industrial electronics (Rs 235 crore), among others.
The government is keen on pushing manufacturing of
electronic circuit boards, LCD screens and their packaging in the country to push employment generation, Sharma said.
"We are very keen to promote manufacturing of printed circuit boards (PCBs), LCD screens and packaging of LCD as it has huge employment potential.
"There is an open invitation from our side for serious players. We will work them to resolve all constraint that is possible from our end," she said.
PCBs are base of all electronic products on which components are laid. As per PCB industry body IPCA, there are about 15 PCB manufacturers in the country and about 75 per cent of domestic PCB requirement is estimated to be met through imports.
Besides, there is no company in India that manufactures LCD panel which are widely used in all modern electronic products like mobile phones, television, medical devices, among others.
By 2020, India's LCD panel import bill is expected to touch USD 10 billion.
Business tycoon Anil Agarwal, promoter of Volcan Investments, has announced plan to set up LCD manufacturing unit in India with an investment of USD 10 billion.
Agrawal expects to create jobs for 30,000 people alone from this proposed LCD panel manufacturing plant under Twinstar Display Technologies.
According to Indian Cellular Association National President Pankaj Mohindroo, LCD packaging industry has huge growth potential in India with boom in smartphone segment.
"The investment in LCD packaging segment is small compared to LCD panel manufacturing but it has huge employment opportunity," Mohindroo said.
LCD packaging work includes making the display presentable by use of sensors, backlight, among others.
"69 out of about 160 proposals under the MSIPS (Modified Special Incentive Package Scheme) have been cleared. Total investment committed in these projects is Rs 17,112 crore," IT and Electronics Secretary Aruna Sharma told PTI in an interview.
Till date, proposals worth Rs 1.2 lakh crore were received by the government for electronic manufacturing.
Sharma said projects worth about Rs 10,000 crore were rejected for benefits under the Modified Special Incentive Package Scheme (MSIPS).
The scheme provides financial incentives to offset disability and attracts investments in the electronics hardware. It provides subsidy for investments in Special Economic Zones (SEZs) and 25 per cent in non-SEZs, is open to receive applications till July 26, 2020.
The government launched MSIPS with a view to pushing the domestic manufacturing of electronic products to reduce dependence on imports and check forex outflows.
Total import of electronics goods were valued at Rs 2.25 lakh crore in 2014-15 against Rs 1.95 lakh crore in the previous year.
Total domestic production of electronic goods based on figures provided by the Electronics Industry Associations was at Rs 1,90,366 crore in 2014-15 against Rs 1,80,454 crore in the previous year.
Automotive electronics components manufacturing has attracted investment of about Rs 4,284 crore followed by IT and telecom products at Rs 3,500 crore, electronic components and strategic electronics (Rs 2,300 crore each), consumer appliances (Rs 2,000 crore), LED and solar (Rs 947 crore), medical electronics (Rs 600 crore), semiconductor ATMP (Rs 500 crore) and industrial electronics (Rs 235 crore), among others.
The government is keen on pushing manufacturing of
electronic circuit boards, LCD screens and their packaging in the country to push employment generation, Sharma said.
"We are very keen to promote manufacturing of printed circuit boards (PCBs), LCD screens and packaging of LCD as it has huge employment potential.
"There is an open invitation from our side for serious players. We will work them to resolve all constraint that is possible from our end," she said.
PCBs are base of all electronic products on which components are laid. As per PCB industry body IPCA, there are about 15 PCB manufacturers in the country and about 75 per cent of domestic PCB requirement is estimated to be met through imports.
Besides, there is no company in India that manufactures LCD panel which are widely used in all modern electronic products like mobile phones, television, medical devices, among others.
By 2020, India's LCD panel import bill is expected to touch USD 10 billion.
Business tycoon Anil Agarwal, promoter of Volcan Investments, has announced plan to set up LCD manufacturing unit in India with an investment of USD 10 billion.
Agrawal expects to create jobs for 30,000 people alone from this proposed LCD panel manufacturing plant under Twinstar Display Technologies.
According to Indian Cellular Association National President Pankaj Mohindroo, LCD packaging industry has huge growth potential in India with boom in smartphone segment.
"The investment in LCD packaging segment is small compared to LCD panel manufacturing but it has huge employment opportunity," Mohindroo said.
LCD packaging work includes making the display presentable by use of sensors, backlight, among others.
Recovery uneven, more work needs to be done: Rajan
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Reserve Bank of India (RBI) Governor Raghuram Rajanon Saturday said recovery in Indian economy is uneven. “Broadly, the economy is in the midst of a recovery but it is uneven… Some sectors are certainly experiencing stress. There is still work to be done. A good monsoon is going to be very beneficial for growth,” he said in his address to ministers and civil servants at the Odisha Knowledge Hub lecture series titled ‘India: Prospects & Challenges’.
Rajan said sectors like auto are doing quite well but agriculture needs to pick up after being hit by two successive droughts. The RBI has been engaging with banks, constantly asking them to bring down lending rates so that customers can benefit.
The central bank’s focus, he said, was to create the environment for strong, sustainable growth and generate more jobs.
“Jobs are created by small & medium enterprises (SMEs) that grow into large enterprises. In order to create these kinds of start-ups, four to five conditions are needed — ease to enter and exit, access to input and output markets, protection of property rights, making the whole process of enterprise politically viable and creating a safety net for the employees of start-ups,” Rajan added.
One of the biggest roadblocks faced by the SMEs is getting land at affordable price, he said. “Land acquisition cost in India is one of the highest in the world. Governments need to find land for the SMEs — either through land banks or industrial parks,” he added.
The other constrains for the SMEs, he said, was access to finance which is more important than the cost to finance. “To overcome this, we have brought medium enterprises in the ambit of priority sector lending. This is because our medium enterprises are tiny compared to the developed countries,” Rajan said.
The RBI Governor said, since small banks tend to be more comfortable in lending to small entrepreneurs, we need to strengthen regional rural banks (RRBs) and urban cooperative banks. He pointed out that micro lending by both public sector banks (PSBs) and private banks has grown phenomenally since 2011.
Total lending by PSBs to micro enterprises has grown from Rs 4 lakh crore in 2011 to Rs 7 lakh crore in 2015.
For private banks, it has grown from Rs 1.09 lakh crore to Rs 2.32 lakh crore. Lending to micro enterprises as a proportion to the GDP has risen to 7.7 per cent, from six per cent in 2012.
Stressing on the need for ease of entry and exit, Rajan welcomed the proposed Bankruptcy Code, stating it will allow stressed firms to exit and new ones to come up.
Rajan said RBI has been enjoying full autonomy and support of the government so far and it should be allowed to take its own decision.Pitching for better business environment, Rajan said India has done away with the licence raj, but ‘inspector raj’ continues to some extent.
He also said that regulations should be for betterment of the industry and not to discourage entrepreneurs. He suggested a system of self-certification for the industries with some checks on the part of the authorities to prevent any misuse.
Factory and boiler inspectors and other field level regulators should have adequate knowledge on the initiatives being taken by the government and RBI for the betterment of small and medium enterprises, he said. Light regulation, he said, is very important in small and medium enterprise. Field level regulators must have information regarding the initiatives, he added.
Rajan gave examples of the UK and Italy saying, “We have seen that while regulations are liberal in United Kingdom, it is very heavy in Italy. It is seen that the start-ups in the UK grow faster than their Italian counterparts.”
Rajan said sectors like auto are doing quite well but agriculture needs to pick up after being hit by two successive droughts. The RBI has been engaging with banks, constantly asking them to bring down lending rates so that customers can benefit.
The central bank’s focus, he said, was to create the environment for strong, sustainable growth and generate more jobs.
“Jobs are created by small & medium enterprises (SMEs) that grow into large enterprises. In order to create these kinds of start-ups, four to five conditions are needed — ease to enter and exit, access to input and output markets, protection of property rights, making the whole process of enterprise politically viable and creating a safety net for the employees of start-ups,” Rajan added.
One of the biggest roadblocks faced by the SMEs is getting land at affordable price, he said. “Land acquisition cost in India is one of the highest in the world. Governments need to find land for the SMEs — either through land banks or industrial parks,” he added.
The other constrains for the SMEs, he said, was access to finance which is more important than the cost to finance. “To overcome this, we have brought medium enterprises in the ambit of priority sector lending. This is because our medium enterprises are tiny compared to the developed countries,” Rajan said.
The RBI Governor said, since small banks tend to be more comfortable in lending to small entrepreneurs, we need to strengthen regional rural banks (RRBs) and urban cooperative banks. He pointed out that micro lending by both public sector banks (PSBs) and private banks has grown phenomenally since 2011.
Total lending by PSBs to micro enterprises has grown from Rs 4 lakh crore in 2011 to Rs 7 lakh crore in 2015.
For private banks, it has grown from Rs 1.09 lakh crore to Rs 2.32 lakh crore. Lending to micro enterprises as a proportion to the GDP has risen to 7.7 per cent, from six per cent in 2012.
Stressing on the need for ease of entry and exit, Rajan welcomed the proposed Bankruptcy Code, stating it will allow stressed firms to exit and new ones to come up.
Rajan said RBI has been enjoying full autonomy and support of the government so far and it should be allowed to take its own decision.Pitching for better business environment, Rajan said India has done away with the licence raj, but ‘inspector raj’ continues to some extent.
He also said that regulations should be for betterment of the industry and not to discourage entrepreneurs. He suggested a system of self-certification for the industries with some checks on the part of the authorities to prevent any misuse.
Factory and boiler inspectors and other field level regulators should have adequate knowledge on the initiatives being taken by the government and RBI for the betterment of small and medium enterprises, he said. Light regulation, he said, is very important in small and medium enterprise. Field level regulators must have information regarding the initiatives, he added.
Rajan gave examples of the UK and Italy saying, “We have seen that while regulations are liberal in United Kingdom, it is very heavy in Italy. It is seen that the start-ups in the UK grow faster than their Italian counterparts.”
FY17 to witness up to 15% rise in hiring: Survey
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India Inc's hiring plans for this fiscal looks bullish with over 43% corporates spanning across diverse industries saying there will be up to 15 per cent rise in their staff strength during the year, a survey said.
According to staffing firm Genius Consultants' survey on 'Hiring, Attrition & Compensation Trend 2016-17', 44.25% organisations believe that employees with '4-8 years' experience will have the most opportunities in the ongoing financial year.
"Around 45.13 per cent respondents believe that both new vacancies and replacement hiring will take place in a current hiring scenario," Genius Consultants' Chairman and Managing Director RP Yadav said.
Regarding increments, 46.90% of business houses said 5-10% is the normal range of increments likely in this fiscal.
On attrition, the report said 52.21% industry folks believe the 'junior' level employees in their organisations are most susceptible to attrition and noted that 38.05% of companies think that the anticipated attrition level in their organisation for 2016-17 would be 5-10%.
A zonal wise analysis shows that the southern region has the brightest hiring scenario currently, followed by the northern, western and eastern zones.
Notably a significant majority of respondents (66.37%) said using analytical tools like psychometric tests etc for hiring new recruits is still not a norm for the industry.
The online survey is conducted every year to gauge the hiring trends across sectors.Some of the corporate brands that participated in this year's survey include, Infosys, Mahindra and Mahindra, Reliance Communications, Alstom India, TCS, Larsen and Toubro Vijaya Bank, Schneider Electric India and HCL Technologies.
India Inc's hiring plans for this fiscal looks bullish with over 43% corporates spanning across diverse industries saying there will be up to 15 per cent rise in their staff strength during the year, a survey said.
According to staffing firm Genius Consultants' survey on 'Hiring, Attrition & Compensation Trend 2016-17', 44.25% organisations believe that employees with '4-8 years' experience will have the most opportunities in the ongoing financial year.
"Around 45.13 per cent respondents believe that both new vacancies and replacement hiring will take place in a current hiring scenario," Genius Consultants' Chairman and Managing Director RP Yadav said.
Regarding increments, 46.90% of business houses said 5-10% is the normal range of increments likely in this fiscal.
On attrition, the report said 52.21% industry folks believe the 'junior' level employees in their organisations are most susceptible to attrition and noted that 38.05% of companies think that the anticipated attrition level in their organisation for 2016-17 would be 5-10%.
A zonal wise analysis shows that the southern region has the brightest hiring scenario currently, followed by the northern, western and eastern zones.
Notably a significant majority of respondents (66.37%) said using analytical tools like psychometric tests etc for hiring new recruits is still not a norm for the industry.
The online survey is conducted every year to gauge the hiring trends across sectors.Some of the corporate brands that participated in this year's survey include, Infosys, Mahindra and Mahindra, Reliance Communications, Alstom India, TCS, Larsen and Toubro Vijaya Bank, Schneider Electric India and HCL Technologies.
According to staffing firm Genius Consultants' survey on 'Hiring, Attrition & Compensation Trend 2016-17', 44.25% organisations believe that employees with '4-8 years' experience will have the most opportunities in the ongoing financial year.
"Around 45.13 per cent respondents believe that both new vacancies and replacement hiring will take place in a current hiring scenario," Genius Consultants' Chairman and Managing Director RP Yadav said.
Regarding increments, 46.90% of business houses said 5-10% is the normal range of increments likely in this fiscal.
On attrition, the report said 52.21% industry folks believe the 'junior' level employees in their organisations are most susceptible to attrition and noted that 38.05% of companies think that the anticipated attrition level in their organisation for 2016-17 would be 5-10%.
A zonal wise analysis shows that the southern region has the brightest hiring scenario currently, followed by the northern, western and eastern zones.
Notably a significant majority of respondents (66.37%) said using analytical tools like psychometric tests etc for hiring new recruits is still not a norm for the industry.
The online survey is conducted every year to gauge the hiring trends across sectors.Some of the corporate brands that participated in this year's survey include, Infosys, Mahindra and Mahindra, Reliance Communications, Alstom India, TCS, Larsen and Toubro Vijaya Bank, Schneider Electric India and HCL Technologies.
India Post payments bank will be functional by March 17:Prasad
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India Post's payments bank will start functioning from March 2017 and serve as a wider platform to implement financial inclusion programmes, IT & Communications Minister Ravi Shankar Prasad said today.
"We are going to start the postal payments bank by March 2017. Very soon we will go to the Cabinet and postal payments bank will become operational from March 2017," Prasad told reporters here.
He said the proposed India Post payments bank will have immense potential to sell third party product and services. About 50 companies, including some from abroad, are keen to partner with postal department for the payments bank, like World Bank, Citi from America, Barclay's from England, he said.
Reacting to a query, he said these institutions will offer third party services like insurance products, mutual funds,banking instruments and a variety of financial instruments.
Asked on the interest shown by these institutions, the minister said, "...That board will decide, I'm only saying value addition of postal department it is attracting so much global attention."
"...They will decide how much to give them. It is a call they will take," he said.
The payments bank of postal department will become a big platform of financial inclusion, Prasad said.
"We are going to invest about Rs 800 crore -- Rs 400 crore will be invested by the department and the remaining amount will be equity part (mobilised as equity)," he said.
"Postal department has the widest network in India. We have 1,54,939 post offices in the country, out of that 25,560 are departmental post offices and 1,29,379 are branch post offices," he said.
"Under (Prime Minister) Narendra Modi, we have decided to re-energise the postal department for India's growth and financial inclusion," he further said.
In August 2015, the RBI had given in-principle approval to 11 entities to start payments bank, including the postal department.
The approval is valid for 18 months and all the entities are required to submit a detailed business plan after which they shall be given the final nod.
"We are going to start the postal payments bank by March 2017. Very soon we will go to the Cabinet and postal payments bank will become operational from March 2017," Prasad told reporters here.
He said the proposed India Post payments bank will have immense potential to sell third party product and services. About 50 companies, including some from abroad, are keen to partner with postal department for the payments bank, like World Bank, Citi from America, Barclay's from England, he said.
Reacting to a query, he said these institutions will offer third party services like insurance products, mutual funds,banking instruments and a variety of financial instruments.
Asked on the interest shown by these institutions, the minister said, "...That board will decide, I'm only saying value addition of postal department it is attracting so much global attention."
"...They will decide how much to give them. It is a call they will take," he said.
The payments bank of postal department will become a big platform of financial inclusion, Prasad said.
"We are going to invest about Rs 800 crore -- Rs 400 crore will be invested by the department and the remaining amount will be equity part (mobilised as equity)," he said.
"Postal department has the widest network in India. We have 1,54,939 post offices in the country, out of that 25,560 are departmental post offices and 1,29,379 are branch post offices," he said.
"Under (Prime Minister) Narendra Modi, we have decided to re-energise the postal department for India's growth and financial inclusion," he further said.
In August 2015, the RBI had given in-principle approval to 11 entities to start payments bank, including the postal department.
The approval is valid for 18 months and all the entities are required to submit a detailed business plan after which they shall be given the final nod.
General Awareness
United Nations released World Cities Report 2016 – Urbanisation and Development: Emerging Futures’ report
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UN reported that India is planned to add 300 million new urban residents by 2050 and it is required to build Climate Friendly cities to deal the challenge of accommodating the needs of the Population growth
- The first ‘World Cities Report 2016 – Urbanisation and Development: Emerging Futures’
In India
- Contribution of urban areas more than 60 per cent of the GDP and an extra 300 million new urban residents are projected by 2050
- Urged the Government of India to build 100 new cities with low infrastructure, denser and low energy to avoid the addition of Greenhouse gases
Challenges of Municipal Concerns:
Finance and infrastructure mainly for transport, electricity, communications, water supply and sanitation in support of production
Expanding urban populations in Mega cities in South Asian Countries
- Bangladesh – Dhaka
- India – Mumbai and Delhi
- Pakistan – Karachi and Lahore
Steps taken by India:
- Decided to build 100 smart cities in response to the country’s growing population and pressure on urban infrastructure
- Information and Communication Technology towards sustainable development, participatory governance models, the right infrastructure and technical platforms
Report Stated that:
China, India and Brazil have become major sites for business investment, presenting global companies with unprecedented opportunities for research and development
- In India, between 2000 and 2005, urban employment grew at a rate of 3.22 % andrural employment grew by 1.97 %
- Research in India found that an increase of 200,000 in the urban population resulted in a decrease of 1.3 to 2.6 per cent in rural poverty
- UN reported that India is planned to add 300 million new urban residents by 2050 and it is required to build Climate Friendly cities to deal the challenge of accommodating the needs of the Population growth
- The first ‘World Cities Report 2016 – Urbanisation and Development: Emerging Futures’
In India- Contribution of urban areas more than 60 per cent of the GDP and an extra 300 million new urban residents are projected by 2050
- Urged the Government of India to build 100 new cities with low infrastructure, denser and low energy to avoid the addition of Greenhouse gases
Challenges of Municipal Concerns:Finance and infrastructure mainly for transport, electricity, communications, water supply and sanitation in support of productionExpanding urban populations in Mega cities in South Asian Countries
- Bangladesh – Dhaka
- India – Mumbai and Delhi
- Pakistan – Karachi and Lahore
Steps taken by India:- Decided to build 100 smart cities in response to the country’s growing population and pressure on urban infrastructure
- Information and Communication Technology towards sustainable development, participatory governance models, the right infrastructure and technical platforms
Report Stated that:China, India and Brazil have become major sites for business investment, presenting global companies with unprecedented opportunities for research and development- In India, between 2000 and 2005, urban employment grew at a rate of 3.22 % andrural employment grew by 1.97 %
- Research in India found that an increase of 200,000 in the urban population resulted in a decrease of 1.3 to 2.6 per cent in rural poverty
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