General Affairs
Chief Justice's Claim On Need Of Judges Not Based On Scientific Research: Sadananda Gowda
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NEW DELHI: The government today said the report cited by Chief Justice of India TS Thakur to claim that the country needed 40,000 judges was not based on any scientific research but maintained it has hastened efforts to fill up vacancies in Supreme Court and the high courts.
Addressing a press conference to mark two years of the Narendra Modi government, Union Law Minister Sadananda Gowda said the adequacy of bench strength in a country is determined on the basis of workload on the courts and not judge-population ratio.
Virtually breaking down in the presence of the prime minister in Delhi on April 24, CJI TS Thakur had lamented the government's "inaction" in increasing the number of judges from the present 21,000 to 40,000 to handle the "avalanche" of litigations, saying, "you cannot shift the entire burden on the judiciary".
"Nothing has moved" since 1987 when the Law Commission had recommended increase in the number of judges from then 10 judges per 10 lakh people to 50, an unusually emotional Mr Thakur had said.
Responding to a question on whether the government will ever be able to reach the target of 40,000 judges (judges in the lower courts as well as judges of the Supreme Court and the 24 High Courts), Mr Gowda said the Law Commission report given in 1987 was based on the opinion of some experts and the public.
"In the report itself they said that this has to be calculated on the basis of scientific data. But no scientific data was available. Even recently in the Imtiaz Ahmed case, the Supreme Court itself has asked the Law Commission to once again look into the matter. They once again said that this may not be possible unless we get the scientific data," Mr Gowda said.
Addressing a press conference to mark two years of the Narendra Modi government, Union Law Minister Sadananda Gowda said the adequacy of bench strength in a country is determined on the basis of workload on the courts and not judge-population ratio.
Virtually breaking down in the presence of the prime minister in Delhi on April 24, CJI TS Thakur had lamented the government's "inaction" in increasing the number of judges from the present 21,000 to 40,000 to handle the "avalanche" of litigations, saying, "you cannot shift the entire burden on the judiciary".
"Nothing has moved" since 1987 when the Law Commission had recommended increase in the number of judges from then 10 judges per 10 lakh people to 50, an unusually emotional Mr Thakur had said.
Responding to a question on whether the government will ever be able to reach the target of 40,000 judges (judges in the lower courts as well as judges of the Supreme Court and the 24 High Courts), Mr Gowda said the Law Commission report given in 1987 was based on the opinion of some experts and the public.
"In the report itself they said that this has to be calculated on the basis of scientific data. But no scientific data was available. Even recently in the Imtiaz Ahmed case, the Supreme Court itself has asked the Law Commission to once again look into the matter. They once again said that this may not be possible unless we get the scientific data," Mr Gowda said.
Union Cabinet Gives Approval To 6 New IITs
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NEW DELHI: Six new IITs will come up at Tirupati, Palakkad, Dharwar, Bhilai, Goa and Jammu while ISM Dhanbad will also be upgraded to an IIT.
The Union Cabinet which met today gave its ex post facto approval to amend The Institutes of Technology Act, 1961 for incorporation of new IITs at Tirupati (Andhra Pradesh), Palakkad (Kerala), Dharwar (Karnataka), Bhilai (Chhattisgarh), Goa, Jammu (Jammu and Kashmir) and conversion of Indian School of Mines (ISM), Dhanbad to an IIT under the law.
"The approval will bring six new Indian Institutes of Technology within the ambit of The Institutes of Technology Act, 1961 and declaring them as the institutions of national importance," an official statement said in New Delhi.
The amendment will also help convert ISM, Dhanbad into an IIT by bringing it into the ambit of the Institutes of Technology Act, 1961.
The Cabinet also gave ex post facto approval to set up NIT, Andhra Pradesh which has been registered as a Society under the Andhra Pradesh Societies Registration Act, 2001.
The Cabinet also approved introduction of a bill - the National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016 for inclusion of the NIT, Andhra Pradesh in its first schedule, another statement said.
"The proposed amendments to the NITSER Act, 2007 will ensure a high level of public accountability and increased participation of the stakeholders in the administration and academic activities of the Institute," the statement said.
The Union Cabinet which met today gave its ex post facto approval to amend The Institutes of Technology Act, 1961 for incorporation of new IITs at Tirupati (Andhra Pradesh), Palakkad (Kerala), Dharwar (Karnataka), Bhilai (Chhattisgarh), Goa, Jammu (Jammu and Kashmir) and conversion of Indian School of Mines (ISM), Dhanbad to an IIT under the law.
"The approval will bring six new Indian Institutes of Technology within the ambit of The Institutes of Technology Act, 1961 and declaring them as the institutions of national importance," an official statement said in New Delhi.
The amendment will also help convert ISM, Dhanbad into an IIT by bringing it into the ambit of the Institutes of Technology Act, 1961.
The Cabinet also gave ex post facto approval to set up NIT, Andhra Pradesh which has been registered as a Society under the Andhra Pradesh Societies Registration Act, 2001.
The Cabinet also approved introduction of a bill - the National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016 for inclusion of the NIT, Andhra Pradesh in its first schedule, another statement said.
"The proposed amendments to the NITSER Act, 2007 will ensure a high level of public accountability and increased participation of the stakeholders in the administration and academic activities of the Institute," the statement said.
China Should Give More Market Access For Indian Products: President
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GUANGZHOU: Seeking a "more equitable" bilateral trade, India today sought from China greater market for its products like drugs and pharmaceuticals, IT and IT-related services and agro-products.
"Although the trade balance continues to be in favour of China, we look forward to expanding our commerce to make it more equitable," President Pranab Mukherjee said while addressing a meeting of the India-China Business Forum here on the second day of his four-day visit to China.
"India would like to see a greater market for our products in China - particularly in sectors where we have natural complementarities - as in the areas of drugs and pharmaceuticals, IT and IT -related services and agro-products," he said in the southern Chinese industrial hub.
Trade deficit between India and China has risen to $44.7 billion during April-January period of 2015-16.
India's exports to China stood at $7.56 billion during the period whereas the imports has jumped to $52.26 billion in April-January. In 2014-15, the deficit was aggregated at $48.48 billion, according to official figures.
The president also promised a conducive environment for Chinese investors and urged them to participate in 'Make in India' and other flagship programmes of the government to boost bilateral trade.
"We will facilitate your efforts to make your investments in India profitable. We must take advantage of the opportunities that abound in the growth of both our economies," he said at the forum, attended by industrialists and businessmen of both sides.
He said China's economic achievements are a source of inspiration for India.
"We believe that stepping up our two way trade and investment flows will be of mutual benefit to both our nations. Our bilateral trade has grown steadily since the turn of this century. From USD 2.91 billion in the year 2000, it reached the level of USD 71 billion last year," he noted.
Guangdong province boasts of a $1 trillion economy with high manufacturing and other industries along with being a powerful export house of China. It has sister province relationship with Gujarat and Maharashtra.
A pilot smart city cooperation project has been announced between Shenzhen and the Gujarat International Finance Tec-City in Gujarat last year.
Referring to the links of 2nd century before the Christian era between Guangdong and Kanchipuram through a direct sea route, Mukherjee said this is an exciting time for India and China to reinforce the old linkages and join hands for new.
"Although the trade balance continues to be in favour of China, we look forward to expanding our commerce to make it more equitable," President Pranab Mukherjee said while addressing a meeting of the India-China Business Forum here on the second day of his four-day visit to China.
"India would like to see a greater market for our products in China - particularly in sectors where we have natural complementarities - as in the areas of drugs and pharmaceuticals, IT and IT -related services and agro-products," he said in the southern Chinese industrial hub.
Trade deficit between India and China has risen to $44.7 billion during April-January period of 2015-16.
India's exports to China stood at $7.56 billion during the period whereas the imports has jumped to $52.26 billion in April-January. In 2014-15, the deficit was aggregated at $48.48 billion, according to official figures.
The president also promised a conducive environment for Chinese investors and urged them to participate in 'Make in India' and other flagship programmes of the government to boost bilateral trade.
"We will facilitate your efforts to make your investments in India profitable. We must take advantage of the opportunities that abound in the growth of both our economies," he said at the forum, attended by industrialists and businessmen of both sides.
He said China's economic achievements are a source of inspiration for India.
"We believe that stepping up our two way trade and investment flows will be of mutual benefit to both our nations. Our bilateral trade has grown steadily since the turn of this century. From USD 2.91 billion in the year 2000, it reached the level of USD 71 billion last year," he noted.
Guangdong province boasts of a $1 trillion economy with high manufacturing and other industries along with being a powerful export house of China. It has sister province relationship with Gujarat and Maharashtra.
A pilot smart city cooperation project has been announced between Shenzhen and the Gujarat International Finance Tec-City in Gujarat last year.
Referring to the links of 2nd century before the Christian era between Guangdong and Kanchipuram through a direct sea route, Mukherjee said this is an exciting time for India and China to reinforce the old linkages and join hands for new.
Sarbananda Sonowal Visits National Register Of Citizens Coordinator's Office
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GUWAHATI: Assam Chief Minister Sarbananda Sonowal today visited the office of state coordinator of the National Register of Citizens and took stock of the progress made in updating it, a day after taking over the reins of the government.
Mr Sonowal had said after his swearing-in yesterday that the state government would extend all assistance for updating the NRC.
Prateek Hajela, the NRC state coordinator, apprised the chief minister of steps taken for its updation.
Later talking to reporters, Mr Sonowal said he had told Mr Hajela that his government was committed to a comprehensive and flawless NRC and would provide all assistance for it.
"Over 40,000 people are working across Assam on the NRC day and night. I have encouraged them to work with utmost sincerity. We support its updation," Mr Sonowal added.
Chief Secretary Vinod Kumar Pipersenia, Additional Chief Secretary TY Das, Home Commissioner and Secretary LS Changsan were present during the chief minister's visit.
Mr Sonowal had said after his swearing-in yesterday that the state government would extend all assistance for updating the NRC.
Prateek Hajela, the NRC state coordinator, apprised the chief minister of steps taken for its updation.
Later talking to reporters, Mr Sonowal said he had told Mr Hajela that his government was committed to a comprehensive and flawless NRC and would provide all assistance for it.
"Over 40,000 people are working across Assam on the NRC day and night. I have encouraged them to work with utmost sincerity. We support its updation," Mr Sonowal added.
Chief Secretary Vinod Kumar Pipersenia, Additional Chief Secretary TY Das, Home Commissioner and Secretary LS Changsan were present during the chief minister's visit.
Pact Between India, Iran To Counter China-Pakistan Alliance: Report
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NEW DELHI: The pact between India and Iran to develop the strategically located Chabahar port, along with the one with Afghanistan on road and rail network, will counter China and Pakistan's alliance in South West Asia, BMI Research said today.
"The agreement between India and Iran to develop the latter's port of Chabahar is a major boost for both countries, as well as Afghanistan. In particular, growing co-operation between the three countries will counterbalance China-Pakistan alliance in the geopolitics of South West Asia," it said.
Prime Minister Narendra Modi visited Iran earlier this week, the first visit by an Indian Prime Minister in 15 years.
A "milestone" pact on the strategic Chabahar Port in southern Iran, which will give India access to Afghanistan and Europe bypassing Pakistan, was among the agreements signed by India and Iran. Both countries also agreed to cooperate on combating radicalism and terror.
Besides the bilateral pact to develop the Chabahar port, for which India will invest $500 million, a trilateral Agreement on Transport and Transit Corridor was also signed by India, Afghanistan and Iran, which PM Modi said could "alter the course of the history of the region".
The bilateral agreements signed by India and Iran after detailed discussions between PM Modi and President Hassan Rouhani included one on setting up of an aluminium plant and another on laying a railway line to give India access to Afghanistan and Central Asia.
BMI Research, a Fitch Group company, said the governments of India, Iran and Afghanistan have taken a significant step towards closer co-operation by signing an agreement on May 23 to develop Iran's southern port of Chabahar.
"Once the port is developed, it will provide a major boost for Indo-Iranian trade, and also provide a new route for Afghanistan's exports, bypassing Pakistan. In particular, the new port at Chabahar is designed to compete with Pakistan's port of Gwadar, which is being developed with Chinese assistance as part of the China-Pakistan Economic Corridor (CPEC)," it added.
CPEC in turn is part of a much bigger Chinese initiative known as 'One Belt One Road' (OBOR), which envisages new land and sea routes connecting China to Western Eurasia and East Africa.
Iran stands to benefit from Chabahar as it will get an enhanced port from which to export more goods to India and the Asia-Pacific region at a time when it is seeking to reintegrate itself into the global economy, BMI Research said.
Iran will also benefit from increased Indian investment.
For their part, it seems that Indian firms are seeking to gain first-mover advantage in one of the world's biggest new emerging markets, at a time when Western companies are still hesitant about entering Iran, it said.
India will strengthen its ties with Iran and thus its economic presence in the Gulf region.
In addition, trade to and from Chabahar will allow India to increase commercial influence in Afghanistan, physically bypassing Pakistan, whose generally hostile stance towards India impedes New Delhi's ability to develop ties with Kabul, it added.
India's interests in Afghanistan are mainly focused on challenging Pakistan's position, but India is also interested in tapping Afghanistan's natural resources and those of Central Asia, the agency said.
Afghanistan will get a new trade outlet to the Gulf, Arabian Sea and Indian Ocean bypassing the port of Karachi in Pakistan.
Afghan-Pakistan relations are complex and frequently strained due to Islamabad's past support for the Taliban insurgency in Afghanistan. The Taliban suffered a blow on May 20, when its leader Mullah Akhtar Mansour was killed in a US drone strike, BMI Research said.
"The agreement between India and Iran to develop the latter's port of Chabahar is a major boost for both countries, as well as Afghanistan. In particular, growing co-operation between the three countries will counterbalance China-Pakistan alliance in the geopolitics of South West Asia," it said.
Prime Minister Narendra Modi visited Iran earlier this week, the first visit by an Indian Prime Minister in 15 years.
A "milestone" pact on the strategic Chabahar Port in southern Iran, which will give India access to Afghanistan and Europe bypassing Pakistan, was among the agreements signed by India and Iran. Both countries also agreed to cooperate on combating radicalism and terror.
Besides the bilateral pact to develop the Chabahar port, for which India will invest $500 million, a trilateral Agreement on Transport and Transit Corridor was also signed by India, Afghanistan and Iran, which PM Modi said could "alter the course of the history of the region".
The bilateral agreements signed by India and Iran after detailed discussions between PM Modi and President Hassan Rouhani included one on setting up of an aluminium plant and another on laying a railway line to give India access to Afghanistan and Central Asia.
BMI Research, a Fitch Group company, said the governments of India, Iran and Afghanistan have taken a significant step towards closer co-operation by signing an agreement on May 23 to develop Iran's southern port of Chabahar.
"Once the port is developed, it will provide a major boost for Indo-Iranian trade, and also provide a new route for Afghanistan's exports, bypassing Pakistan. In particular, the new port at Chabahar is designed to compete with Pakistan's port of Gwadar, which is being developed with Chinese assistance as part of the China-Pakistan Economic Corridor (CPEC)," it added.
CPEC in turn is part of a much bigger Chinese initiative known as 'One Belt One Road' (OBOR), which envisages new land and sea routes connecting China to Western Eurasia and East Africa.
Iran stands to benefit from Chabahar as it will get an enhanced port from which to export more goods to India and the Asia-Pacific region at a time when it is seeking to reintegrate itself into the global economy, BMI Research said.
Iran will also benefit from increased Indian investment.
For their part, it seems that Indian firms are seeking to gain first-mover advantage in one of the world's biggest new emerging markets, at a time when Western companies are still hesitant about entering Iran, it said.
India will strengthen its ties with Iran and thus its economic presence in the Gulf region.
In addition, trade to and from Chabahar will allow India to increase commercial influence in Afghanistan, physically bypassing Pakistan, whose generally hostile stance towards India impedes New Delhi's ability to develop ties with Kabul, it added.
India's interests in Afghanistan are mainly focused on challenging Pakistan's position, but India is also interested in tapping Afghanistan's natural resources and those of Central Asia, the agency said.
Afghanistan will get a new trade outlet to the Gulf, Arabian Sea and Indian Ocean bypassing the port of Karachi in Pakistan.
Afghan-Pakistan relations are complex and frequently strained due to Islamabad's past support for the Taliban insurgency in Afghanistan. The Taliban suffered a blow on May 20, when its leader Mullah Akhtar Mansour was killed in a US drone strike, BMI Research said.
Business Affairs
Sensex ends 575 points higher, Nifty tops 7,900; ICICI Bank top gainer
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Extending its gains for the second straight session on Wednesday, the S&P BSE Sensex jumped over 500 points, while the broader Nifty50 settled above its key 7,900-mark.
The headline indices logged their best gain in nearly three months, as companies with big rural sales such as Hindustan Unilever rose after private weather forecaster Skymet raised the outlook for the 2016 monsoon.
The 30-share index ended the day at 25,881, up 575.70 points, while broad-based 50-share index quoted 7,934, up 186.05 points at close.
Monsoon rains are expected to be 109 per cent above the long-term average, compared with its earlier estimate of 105 per cent, Skymet said on Tuesday, adding that the June monsoon rains were seen at 87 percent of long-period average.
Above-average monsoon plays a key role in boosting demand for an array of consumer goods, as 70 per cent of India's 1.3 billion people live in villages.
Global market sentiment was upbeat as investors cheered strong US new home sales data for April, which supported the view the economy may be strong enough for the Fed to raise interest rates as early as June.
"Global cues are definitely supporting and on top of that Skymet came out with the market commentary and raised its monsoon forecast, which is adding to the positive sentiment," said Vivek Mahajan, head of research, Aditya Birla Money.
ICICI Bank was the best performer on Sensex and settled 4.5 per cent higher on the Bombay Stock Exchange (BSE).
Agriculture-related stocks jumped on better monsoon expectations. Jain Irrigation Systems rose 1.53 per cent, while Insecticides (India) gained 3.65 per cent.
Hopes of revival in rural demand also boosted consumer goods firm Hindustan Unilever and two-wheeler maker Hero MotoCorp, which gained 1.63 percent and 1 per cent respectively.
Tech Mahindra jumped 10.29 per cent after the software services provider on Tuesday posted a 90 per cent surge in consolidated March-quarter profit, beating analysts' estimates, aided by higher other income and lower taxes.
Tata Power Co rose 1.95 per cent, gaining for the second straight session after the company on Monday posted stellar fourth-quarter results.
However, Cipla declined 4.97 per cent after India's fifth-largest drugmaker by sales on Tuesday reported a 69 per cent fall in its quarterly profit, well below analysts' forecasts.
A lowdown on markets today
12: 12 pm
Sensex at 25,740, up 435.25 points
Nifty at 7,889, up 140.85 points
09:20 am
Sensex at 25,608, up 302.73 points
Nifty at 7,844, up 95.25 points
Extending its gains for the second straight session on Wednesday, the S&P BSE Sensex jumped over 500 points, while the broader Nifty50 settled above its key 7,900-mark.
The headline indices logged their best gain in nearly three months, as companies with big rural sales such as Hindustan Unilever rose after private weather forecaster Skymet raised the outlook for the 2016 monsoon.
The 30-share index ended the day at 25,881, up 575.70 points, while broad-based 50-share index quoted 7,934, up 186.05 points at close.
Monsoon rains are expected to be 109 per cent above the long-term average, compared with its earlier estimate of 105 per cent, Skymet said on Tuesday, adding that the June monsoon rains were seen at 87 percent of long-period average.
Above-average monsoon plays a key role in boosting demand for an array of consumer goods, as 70 per cent of India's 1.3 billion people live in villages.
Global market sentiment was upbeat as investors cheered strong US new home sales data for April, which supported the view the economy may be strong enough for the Fed to raise interest rates as early as June.
"Global cues are definitely supporting and on top of that Skymet came out with the market commentary and raised its monsoon forecast, which is adding to the positive sentiment," said Vivek Mahajan, head of research, Aditya Birla Money.
ICICI Bank was the best performer on Sensex and settled 4.5 per cent higher on the Bombay Stock Exchange (BSE).
Agriculture-related stocks jumped on better monsoon expectations. Jain Irrigation Systems rose 1.53 per cent, while Insecticides (India) gained 3.65 per cent.
Hopes of revival in rural demand also boosted consumer goods firm Hindustan Unilever and two-wheeler maker Hero MotoCorp, which gained 1.63 percent and 1 per cent respectively.
Tech Mahindra jumped 10.29 per cent after the software services provider on Tuesday posted a 90 per cent surge in consolidated March-quarter profit, beating analysts' estimates, aided by higher other income and lower taxes.
Tata Power Co rose 1.95 per cent, gaining for the second straight session after the company on Monday posted stellar fourth-quarter results.
However, Cipla declined 4.97 per cent after India's fifth-largest drugmaker by sales on Tuesday reported a 69 per cent fall in its quarterly profit, well below analysts' forecasts.
A lowdown on markets today
12: 12 pm
Sensex at 25,740, up 435.25 points
Nifty at 7,889, up 140.85 points
09:20 am
Sensex at 25,608, up 302.73 points
Nifty at 7,844, up 95.25 points
Bajaj Auto Q4 net up 29 per cent to Rs 803.06 crore
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Bajaj Auto on Wednesday reported 29.18 per cent increase in standalone net profit to Rs 803.06 crore for the fourth quarter ended March 31, riding on robust sales growth.
The company had posted a standalone net profit of Rs 621.62 crore in the same period of the previous fiscal, Bajaj Auto said in a BSE filing.
Standalone net sales during the period under review stood at Rs 5,303.89 crore as against Rs 4,623.7 crore in the year-ago period, up 14.71 per cent.
Total volume sales stood at 8,72,458 units as against 7,82,669 units in the corresponding period a year ago, a growth of 11.47 per cent, it said.
The board of directors has recommended a final dividend of Rs 5 per share at 50 per cent. The total amount of final dividend and tax thereon, including the amount paid as interim dividend, amounts to Rs 1,916 crore, the company said.
For the fiscal 2015-16, Bajaj Auto said its consolidated net profit was at Rs 3,783.98 crore as against Rs 3,025.63 crore, up 25 per cent.
Consolidated net sales for the fiscal were at Rs 22,252.78 crore as compared with Rs 21,106.15 crore in the previous fiscal, up 5.43 per cent, it said.
Total volume sales (standalone) were at 38,93,581 units during the year, as against 38,11,201 units in the previous year, up 2.16 per cent.
Commenting on the performance, Bajaj Auto said it was yet another challenging business environment in the domestic market and volatile global economic conditions riddled with uncertainties.
Despite the challenges, the company said, it focussed on strategy to expand its share in domestic motorcycle market and reinforce its "leadership position in the domestic three-wheeler commercial vehicles" segment and expand its geographical presence in the international markets.
Shares of Bajaj Auto were trading at Rs 2491.95 apiece in the afternoon trade, up 4.51 per cent from the previous close on BSE.
Bajaj Auto on Wednesday reported 29.18 per cent increase in standalone net profit to Rs 803.06 crore for the fourth quarter ended March 31, riding on robust sales growth.
The company had posted a standalone net profit of Rs 621.62 crore in the same period of the previous fiscal, Bajaj Auto said in a BSE filing.
Standalone net sales during the period under review stood at Rs 5,303.89 crore as against Rs 4,623.7 crore in the year-ago period, up 14.71 per cent.
Total volume sales stood at 8,72,458 units as against 7,82,669 units in the corresponding period a year ago, a growth of 11.47 per cent, it said.
The board of directors has recommended a final dividend of Rs 5 per share at 50 per cent. The total amount of final dividend and tax thereon, including the amount paid as interim dividend, amounts to Rs 1,916 crore, the company said.
For the fiscal 2015-16, Bajaj Auto said its consolidated net profit was at Rs 3,783.98 crore as against Rs 3,025.63 crore, up 25 per cent.
Consolidated net sales for the fiscal were at Rs 22,252.78 crore as compared with Rs 21,106.15 crore in the previous fiscal, up 5.43 per cent, it said.
Total volume sales (standalone) were at 38,93,581 units during the year, as against 38,11,201 units in the previous year, up 2.16 per cent.
Commenting on the performance, Bajaj Auto said it was yet another challenging business environment in the domestic market and volatile global economic conditions riddled with uncertainties.
Despite the challenges, the company said, it focussed on strategy to expand its share in domestic motorcycle market and reinforce its "leadership position in the domestic three-wheeler commercial vehicles" segment and expand its geographical presence in the international markets.
Shares of Bajaj Auto were trading at Rs 2491.95 apiece in the afternoon trade, up 4.51 per cent from the previous close on BSE.
Cabinet nod for rail infra projects worth Rs 10,736 cr
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Railway projects worth Rs 10,736 crore were cleared by the government on Wednesday for improving infrastructure in various states, including Uttar Pradesh and Gujarat that go to polls next year.
The projects, including three for doubling of existing rail lines and two for laying a third rail line on busy routes, were cleared by the Cabinet Committee on Economic Affairs (CCEA) at its meeting chaired by Prime Minister Narendra Modi.
"I am happy to say that the CCEA has approved projects worth Rs 10,736 crore for doubling and tripling (of railway lines). There are a total of five new projects, three doubling projects for 763 kms and two third line projects for 514 kms.
"The benefit of these projects obviously will go to several states but two important states will benefit immensely, one is Gujarat and the other is Uttar Pradesh," Railway Minister Suresh Prabhu said at a press conference after the meeting.
Providing details of the projects, he said, in Gujarat the CCEA has given approval for doubling of Surendranagar-Rajkot project at an estimated cost of Rs 1,002.39 crore with expected completion cost of Rs 1,137.17 crore with 5 per cent escalation per annum.
The length of the railway line will be 116.17 kms. The completion period of the project will be four years.
"It is a major push to Gujarat's industrialisation ability," he said.
He said the doubling of this line will greatly ease the ever increasing freight traffic between Okha-Rajkot, Porbandar-Kanalus, Veraval-Rajkot and Maliya Maiyana - Navalakhi-Dahinsara-Wankaner sections.
In UP, he said the doubling of Roza-Sitapur Cantt-Burhwal broad gauge single line project has been approved at an estimated cost of Rs 1,295.42 crore with expected completion cost of Rs 1,486.46 crore with 5 per cent escalation per annum.
The length of the railway line will be 180.77 kms. The completion period of the project will be five years.
The doubling of this line between Burhwal junction and Roza junction will fulfill the demand of the increasing traffic leading to socio-economic development of the area.
Besides, there will be continuous double line track available from Gorakhpur to Delhi via Sitapur Cantonment and Moradabad.
Barabanki and Sitapur districts of UP would also be benefited through this project.
Prabhu said the CCEA also gave its nod for doubling of Pune-Miraj-Londa railway line in Maharashtra at an estimated cost of Rs 3,627.47 crore and expected completion cost of Rs 4,246.84 crore in five years keeping in view the 5 per cent escalation per annum.
The length of the railway line will be 467 kms.
Besides the travelling people, industries in and around Miraj-Londa section will have additional transport capacity to meet their requirements.
Doubling of this line will greatly ease the ever increasing freight traffic on the Pune-Miraj-Londa section thereby increasing the revenue of the Railways, a railway ministry statement said.
The Pune-Miraj section is non-electrified single line on diesel traction and it is oversaturated.
"The additional traffic running over and above 100 per cent of utilisation is proposed to be diverted on the proposed doubling. The doubling of the section would come as an advantage as it would strengthen the rail network necessary to operate more passenger trains with increased speed and better efficiency," it said.
Prabhu said the CCEA also granted approval for the Vizianagaram and Titlagarh third line project at an estimated cost of Rs 2,335.68 crore. The length of the railway line will be 264.6 kms. The completion period of the project will be five years.
The third line is an alternative route to the over-burdened existing line and this link will also open an alternative route to oversaturated Kharagpur Jharsuguda section Howrah-Mumbai Grand Trunk Route and Howrah-Chennai section main line of East Coast Railways.
Rayagada and Kalahandi districts of Odisha and Vizianagaram and Babbili districts of Andhra Pradesh will benefit from this project.
The section is oversaturated with present capacity utilisation of 106 per cent and there is a huge detention to rolling stock.
The Bina-Katni third line project under West Central Railway (WCR) was also approved at an estimated cost of Rs 2,478.23 crore and expected completion cost of Rs 2,917.06 crore in five years. The line will be 278.7 kms long.
Besides facilitating passenger travel, the thermal power plants in the area will get a third line for transportation.
It will also greatly ease the ever-increasing freight traffic between Bina-Katni section increasing the railways' earnings. Sagar, Damoh and Katni districts of Madhya Pradesh will benefit from this project, the ministry said.
The Bina-Katni is critical and busy section of WCR serving coal rakes for thermal power plants at Chhabra Gugur and Jhalawar in Rajasthan and paints, oils and lubricants (POL) traffic for Mahadevkhedi in Madhya Pradesh. At present, the capacity utilisation of the section is 136 per cent, the statement said.
Asked if the approved projects had been accounted for in the Rail Budget, Prabhu said, "Most of them are a mix, but some projects mentioned are with trans-budgetary support and some with extra-budgetary support."
The completion of these projects, he said, will be between three to five years but the time limits given are outer limits and the government will be able to complete the projects earlier.
Railway projects worth Rs 10,736 crore were cleared by the government on Wednesday for improving infrastructure in various states, including Uttar Pradesh and Gujarat that go to polls next year.
The projects, including three for doubling of existing rail lines and two for laying a third rail line on busy routes, were cleared by the Cabinet Committee on Economic Affairs (CCEA) at its meeting chaired by Prime Minister Narendra Modi.
"I am happy to say that the CCEA has approved projects worth Rs 10,736 crore for doubling and tripling (of railway lines). There are a total of five new projects, three doubling projects for 763 kms and two third line projects for 514 kms.
"The benefit of these projects obviously will go to several states but two important states will benefit immensely, one is Gujarat and the other is Uttar Pradesh," Railway Minister Suresh Prabhu said at a press conference after the meeting.
Providing details of the projects, he said, in Gujarat the CCEA has given approval for doubling of Surendranagar-Rajkot project at an estimated cost of Rs 1,002.39 crore with expected completion cost of Rs 1,137.17 crore with 5 per cent escalation per annum.
The length of the railway line will be 116.17 kms. The completion period of the project will be four years.
"It is a major push to Gujarat's industrialisation ability," he said.
He said the doubling of this line will greatly ease the ever increasing freight traffic between Okha-Rajkot, Porbandar-Kanalus, Veraval-Rajkot and Maliya Maiyana - Navalakhi-Dahinsara-Wankaner sections.
In UP, he said the doubling of Roza-Sitapur Cantt-Burhwal broad gauge single line project has been approved at an estimated cost of Rs 1,295.42 crore with expected completion cost of Rs 1,486.46 crore with 5 per cent escalation per annum.
The length of the railway line will be 180.77 kms. The completion period of the project will be five years.
The doubling of this line between Burhwal junction and Roza junction will fulfill the demand of the increasing traffic leading to socio-economic development of the area.
Besides, there will be continuous double line track available from Gorakhpur to Delhi via Sitapur Cantonment and Moradabad.
Barabanki and Sitapur districts of UP would also be benefited through this project.
Prabhu said the CCEA also gave its nod for doubling of Pune-Miraj-Londa railway line in Maharashtra at an estimated cost of Rs 3,627.47 crore and expected completion cost of Rs 4,246.84 crore in five years keeping in view the 5 per cent escalation per annum.
The length of the railway line will be 467 kms.
Besides the travelling people, industries in and around Miraj-Londa section will have additional transport capacity to meet their requirements.
Doubling of this line will greatly ease the ever increasing freight traffic on the Pune-Miraj-Londa section thereby increasing the revenue of the Railways, a railway ministry statement said.
The Pune-Miraj section is non-electrified single line on diesel traction and it is oversaturated.
"The additional traffic running over and above 100 per cent of utilisation is proposed to be diverted on the proposed doubling. The doubling of the section would come as an advantage as it would strengthen the rail network necessary to operate more passenger trains with increased speed and better efficiency," it said.
Prabhu said the CCEA also granted approval for the Vizianagaram and Titlagarh third line project at an estimated cost of Rs 2,335.68 crore. The length of the railway line will be 264.6 kms. The completion period of the project will be five years.
The third line is an alternative route to the over-burdened existing line and this link will also open an alternative route to oversaturated Kharagpur Jharsuguda section Howrah-Mumbai Grand Trunk Route and Howrah-Chennai section main line of East Coast Railways.
Rayagada and Kalahandi districts of Odisha and Vizianagaram and Babbili districts of Andhra Pradesh will benefit from this project.
The section is oversaturated with present capacity utilisation of 106 per cent and there is a huge detention to rolling stock.
The Bina-Katni third line project under West Central Railway (WCR) was also approved at an estimated cost of Rs 2,478.23 crore and expected completion cost of Rs 2,917.06 crore in five years. The line will be 278.7 kms long.
Besides facilitating passenger travel, the thermal power plants in the area will get a third line for transportation.
It will also greatly ease the ever-increasing freight traffic between Bina-Katni section increasing the railways' earnings. Sagar, Damoh and Katni districts of Madhya Pradesh will benefit from this project, the ministry said.
The Bina-Katni is critical and busy section of WCR serving coal rakes for thermal power plants at Chhabra Gugur and Jhalawar in Rajasthan and paints, oils and lubricants (POL) traffic for Mahadevkhedi in Madhya Pradesh. At present, the capacity utilisation of the section is 136 per cent, the statement said.
Asked if the approved projects had been accounted for in the Rail Budget, Prabhu said, "Most of them are a mix, but some projects mentioned are with trans-budgetary support and some with extra-budgetary support."
The completion of these projects, he said, will be between three to five years but the time limits given are outer limits and the government will be able to complete the projects earlier.
Sebi to tighten algo trade norms, warns against audit lapses
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Setting an ambitious agenda for this fiscal, Sebi on Wednesday announced it will put in place stringent norms for high frequency trades along with higher penalties for misuse, initiate strong action against auditors for lapses and expressed hope that P-Note users will start directly investing in the Indian market.
The watchdog also plans to seek delisting of over 4,200 listed companies whose shares are not being traded, apart from having an online platform for sale and purchase of mutual funds.
As part of efforts to further strengthen the domestic markets and protect investor interests, the Securities and Exchange Board of India (Sebi) eyes more strong regulations for credit rating agencies that among others will require such entities to disclose reasons for their actions.
Concerned over misuse of the high-frequency or algo trade, Sebi Chairman U K Sinha said a strong set of norms will be in place in 3-4 months to ensure fair opportunity for trading entities.
"While Sebi is among the first regulators to have some kind of regulations in place on HFT (High Frequency Trading), there is a need to make it stronger. We are working on that.
"It is not only about misuse of algo trade and co-location facilities, but also about fairness, and we are trying to address the issue. We are now looking to increase penalty for its misuse," Sinha said at an interaction here.
The regulator will soon be floating a discussion paper in this regard.
To weed out shares that are not being actively traded, Sebi will push for delisting of more than over 4,200 listed companies while promoters refusing to provide an exit opportunity to investors will face strict penal action.
In addition, Sebi has warned of stringent action against auditors who turn a blind eye to lapses in financial accounts of listed firms.
Setting out Sebi's agenda for the current fiscal, Sinha emphasised that delisting of these companies is one of the key focus areas.
Close on the heels of making norms stricter for Participatory Notes (P-Notes), Sinha on Wednesday ruled out any concession for hedge funds with riskier profile in Indian markets and stressed that P-Note users should eventually move to direct route of investing in Indian markets.
Setting an ambitious agenda for this fiscal, Sebi on Wednesday announced it will put in place stringent norms for high frequency trades along with higher penalties for misuse, initiate strong action against auditors for lapses and expressed hope that P-Note users will start directly investing in the Indian market.
The watchdog also plans to seek delisting of over 4,200 listed companies whose shares are not being traded, apart from having an online platform for sale and purchase of mutual funds.
As part of efforts to further strengthen the domestic markets and protect investor interests, the Securities and Exchange Board of India (Sebi) eyes more strong regulations for credit rating agencies that among others will require such entities to disclose reasons for their actions.
Concerned over misuse of the high-frequency or algo trade, Sebi Chairman U K Sinha said a strong set of norms will be in place in 3-4 months to ensure fair opportunity for trading entities.
"While Sebi is among the first regulators to have some kind of regulations in place on HFT (High Frequency Trading), there is a need to make it stronger. We are working on that.
"It is not only about misuse of algo trade and co-location facilities, but also about fairness, and we are trying to address the issue. We are now looking to increase penalty for its misuse," Sinha said at an interaction here.
The regulator will soon be floating a discussion paper in this regard.
To weed out shares that are not being actively traded, Sebi will push for delisting of more than over 4,200 listed companies while promoters refusing to provide an exit opportunity to investors will face strict penal action.
In addition, Sebi has warned of stringent action against auditors who turn a blind eye to lapses in financial accounts of listed firms.
Setting out Sebi's agenda for the current fiscal, Sinha emphasised that delisting of these companies is one of the key focus areas.
Close on the heels of making norms stricter for Participatory Notes (P-Notes), Sinha on Wednesday ruled out any concession for hedge funds with riskier profile in Indian markets and stressed that P-Note users should eventually move to direct route of investing in Indian markets.
RBI cancels registration certificates of 8 NBFCs
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The Reserve Bank has cancelled registration certificates of eight NBFCs after the companies surrendered their licences.
Eight NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank, RBI said in a release.
Those who surrendered their licenses include Jhunjhunu Investments, Amulya Leasing and Finance, Ankur Securities Private Limited and Dhanwan Securities among others.
"As such, the above companies cannot transact the business of a Non-Banking Financial Institution," RBI said.
In a separate release, RBI said it has cancelled certificate of registration of seven NBFCs including Raw Gold Securities, Springfield Vinimay, and Sirmour Holdings Private Ltd.
The Reserve Bank has cancelled registration certificates of eight NBFCs after the companies surrendered their licences.
Eight NBFCs have surrendered the Certificate of Registration granted to them by the Reserve Bank, RBI said in a release.
Those who surrendered their licenses include Jhunjhunu Investments, Amulya Leasing and Finance, Ankur Securities Private Limited and Dhanwan Securities among others.
"As such, the above companies cannot transact the business of a Non-Banking Financial Institution," RBI said.
In a separate release, RBI said it has cancelled certificate of registration of seven NBFCs including Raw Gold Securities, Springfield Vinimay, and Sirmour Holdings Private Ltd.
General Awareness
40 million Indians at risk from rising sea levels: UNEP
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Highlights of Global Environmental Outlook Report:
According to the UN environment report over 40 millionpeople in India will be put at risk from rising sea levels by 2050.
- The Report points out Mumbai and Kolkata having the maximum exposure to coastal flooding in future due to rapid urbanisation and economic growth.
- Bangladesh, China, India, Indonesia, and the Philippines,are expected to have storm surge with a combined total of over 58 millionpeople at risk by 2050.
- The report also emphasized that global urban populations are projected to scale up by 5 billion by 2050, with nearly 90 per cent ofthe increase in Asia and Africa.
Countries in Asia will face Risk:
Seven of the 10 most vulnerable countries worldwide are in the Asia Pacific region.
S.No Country Estimated People Under Risk 1 India 40 million 2 Bangladesh 25 million 3 China 20 million 4 Philippines 15 million
Exposure to Coastal Flooding:
It warned that by 2070 the following cities projected to have coastal flooding in 2070 due to their fixed location.
S.No City Country 1 Mumbai and Kolkata India 2 Guangzhou and Shanghai China 3 Dhaka Bangladesh 4 Yangon Myanmar 5 Bangkok Thailand 6 Ho Chi Minh City and HaiPhong Vietnam
United Nations Environment Programme:
- Formation: 1972
- Headquarters: Nairobi, Kenya.
- Head: Germany Achim Steiner.
- Highlights of Global Environmental Outlook Report:According to the UN environment report over 40 millionpeople in India will be put at risk from rising sea levels by 2050.
- The Report points out Mumbai and Kolkata having the maximum exposure to coastal flooding in future due to rapid urbanisation and economic growth.
- Bangladesh, China, India, Indonesia, and the Philippines,are expected to have storm surge with a combined total of over 58 millionpeople at risk by 2050.
- The report also emphasized that global urban populations are projected to scale up by 5 billion by 2050, with nearly 90 per cent ofthe increase in Asia and Africa.
Countries in Asia will face Risk:Seven of the 10 most vulnerable countries worldwide are in the Asia Pacific region.S.No Country Estimated People Under Risk 1 India 40 million 2 Bangladesh 25 million 3 China 20 million 4 Philippines 15 million Exposure to Coastal Flooding:It warned that by 2070 the following cities projected to have coastal flooding in 2070 due to their fixed location.S.No City Country 1 Mumbai and Kolkata India 2 Guangzhou and Shanghai China 3 Dhaka Bangladesh 4 Yangon Myanmar 5 Bangkok Thailand 6 Ho Chi Minh City and HaiPhong Vietnam United Nations Environment Programme:- Formation: 1972
- Headquarters: Nairobi, Kenya.
- Head: Germany Achim Steiner.
- The Report points out Mumbai and Kolkata having the maximum exposure to coastal flooding in future due to rapid urbanisation and economic growth.
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