General Affairs
No Plans To Restart Ceasefire With NSCN-K: Home Ministry
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SHILLONG: The government has no plans to re-enter into a ceasefire agreement with Naga insurgent group NSCN-K, a home ministry official said today.
"There is no official communication on this (re-entering into ceasefire with NSCN-K) from the government of India, and at this moment there are no initiatives from our side," Satyendra Garg, home ministry joint secretary in-charge of northeast affairs, told journalists.
Mr Garg, who reviewed the overall law and order situation in Meghalaya with state Home Minister Roshan Warjri, however, said the counter-insurgency operations against the National Socialist Council of Nagaland-Khaplang will continue.
"We will continue with our operations against the NSCN-K and I should say that the overall security situation in Nagaland is okay," he said.
Nagaland Chief Minister TR Zeliang had earlier appealed to the Indian government to restart a ceasefire agreement with the NSCN-K to allow peace to prevail in the state.
SS Khaplang, a Myanmarese Hemi Naga chieftain who heads the NSCN-K faction, abrogated the ceasefire with the Indian government on March 27, 2015, just a month before the truce was up for renewal. The group had signed a truce in 2001.
After abrogating the ceasefire, Khaplang's rebels went on a killing spree, attacking Indian soldiers in Nagaland and Manipur. The outfit even mounted the deadly ambush on a convoy of the 6 Dogra Regiment in Manipur's Chandel district on June 4, 2015, killing 18 army personnel.
SHILLONG: The government has no plans to re-enter into a ceasefire agreement with Naga insurgent group NSCN-K, a home ministry official said today."There is no official communication on this (re-entering into ceasefire with NSCN-K) from the government of India, and at this moment there are no initiatives from our side," Satyendra Garg, home ministry joint secretary in-charge of northeast affairs, told journalists.
Mr Garg, who reviewed the overall law and order situation in Meghalaya with state Home Minister Roshan Warjri, however, said the counter-insurgency operations against the National Socialist Council of Nagaland-Khaplang will continue.
"We will continue with our operations against the NSCN-K and I should say that the overall security situation in Nagaland is okay," he said.
Nagaland Chief Minister TR Zeliang had earlier appealed to the Indian government to restart a ceasefire agreement with the NSCN-K to allow peace to prevail in the state.
SS Khaplang, a Myanmarese Hemi Naga chieftain who heads the NSCN-K faction, abrogated the ceasefire with the Indian government on March 27, 2015, just a month before the truce was up for renewal. The group had signed a truce in 2001.
After abrogating the ceasefire, Khaplang's rebels went on a killing spree, attacking Indian soldiers in Nagaland and Manipur. The outfit even mounted the deadly ambush on a convoy of the 6 Dogra Regiment in Manipur's Chandel district on June 4, 2015, killing 18 army personnel.
Devendra Fadnavis Must Quit For Supporting Separate Vidarbha: Raj Thackeray
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MUMBAI: Maharashtra Navnirman Sena president Raj Thackeray today demanded the resignation of Chief Minister Devendra Fadnavis for espousing the cause of a separate state of Vidarbha.
Mr Fadnavis had voted in a 2013 referendum favour of separating Vidarbha from Maharashtra, and hence, "has lost the moral right to continue as chief minister of the state," Mr Thackeray said, displaying pictures of the referendum.
"Vidarbha is just the beginning; later, they will demand a separate Marathwada, and so on to break up the state into pieces. Their final intention is to sever Mumbai from the state," Mr Thackeray alleged.
Speaking to media persons, he said persons like former state advocate-general Srihari Aney, who quit in a cloud following his demands for Vidarbha state, and former RSS former spokesperson MG Vaidya "are propped up by the BJP-RSS lobby in Nagpur" to divide and break up the state.
"For the first time, the Hutatma (Martyrs) Chowk memorial in south Mumbai was not decorated on the occasion of Maharashtra Day yesterday (on Sunday). This was insult to the martyrs of the Samyukta Maharashtra Movement. But the ruling ally, Shiv Sena, did not even raise a protest," Mr Thackeray said.
Asking the government "to tender an apology" for this insult, he challenged the Shiv Sena to display guts and walk out of the government, as it was playing "a dual role of both opposition and ruling party ally".
Thackeray also accused the BJP of bandying out "lies" and misleading the people of the state on various counts.
Citing examples, he said the government had claimed to have dug 33,000 wells for farmers in the state, but letters and RTI queries revealed nothing.
"Most of the proposals are only on paper. All the funds have been gobbled up by the contractors. So what's the difference between BJP and Congress?" he said.
He claimed fudging of figures of investment proposals received during the recent 'Make In India' conclave in Mumbai mid-February this year.
"I can provide evidence on all this. Let Fadnavis reply to the issues I have raised," Mr Thackeray demanded.
Mr Fadnavis had voted in a 2013 referendum favour of separating Vidarbha from Maharashtra, and hence, "has lost the moral right to continue as chief minister of the state," Mr Thackeray said, displaying pictures of the referendum.
"Vidarbha is just the beginning; later, they will demand a separate Marathwada, and so on to break up the state into pieces. Their final intention is to sever Mumbai from the state," Mr Thackeray alleged.
Speaking to media persons, he said persons like former state advocate-general Srihari Aney, who quit in a cloud following his demands for Vidarbha state, and former RSS former spokesperson MG Vaidya "are propped up by the BJP-RSS lobby in Nagpur" to divide and break up the state.
"For the first time, the Hutatma (Martyrs) Chowk memorial in south Mumbai was not decorated on the occasion of Maharashtra Day yesterday (on Sunday). This was insult to the martyrs of the Samyukta Maharashtra Movement. But the ruling ally, Shiv Sena, did not even raise a protest," Mr Thackeray said.
Asking the government "to tender an apology" for this insult, he challenged the Shiv Sena to display guts and walk out of the government, as it was playing "a dual role of both opposition and ruling party ally".
Thackeray also accused the BJP of bandying out "lies" and misleading the people of the state on various counts.
Citing examples, he said the government had claimed to have dug 33,000 wells for farmers in the state, but letters and RTI queries revealed nothing.
"Most of the proposals are only on paper. All the funds have been gobbled up by the contractors. So what's the difference between BJP and Congress?" he said.
He claimed fudging of figures of investment proposals received during the recent 'Make In India' conclave in Mumbai mid-February this year.
"I can provide evidence on all this. Let Fadnavis reply to the issues I have raised," Mr Thackeray demanded.
Election Commission Seeks CD Of Mamata Banerjee's Claim About State Police
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KOLKATA: The Election Commission today sought a recording of West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee's speech at a rally yesterday, wherein she claimed that a section of the police had "unleashed terror" on people at the behest of the poll panel and warned them of "consequences" if she was voted to power.
"We have asked for a CD of the speech from the district magistrate. We will send the CD to the ECI and they will decide on this," Additional CEO Dibyendu Sarkar said in Kolkata today.
Ms Banerjee in the rally at Chandipur in East Midnapore district alleged that officers were appointed to posts like Kolkata police commissioner, district magistrates and SPs under the instructions of the poll panel, and said that she had taken note of who had done what and also those who had worked "impartially".
"We keep watch on what's going on around. In this case we have received complaints from political parties. Both the BJP and the CPI-M have lodged complaints with us," the Additional CEO said.
The EC had earlier slapped a show-cause notice to Ms Banerjee for violating the model code of conduct. After receiving the show-cause notice she had said that the people of Bengal would 'showcause' the Election Commission on May 19.
The commission also filed an FIR against Trinamool candidate Sonali Guha for allegedly intimidating CPI-M polling agents and for interfering with the electoral process during the April 30 polling at Satgachia in South 24 Parganas district.
Meanwhile, talking about the post-poll violence in the state, Mr Sarkar said that the Commission had directed the DGP to look into the matter and take necessary steps.
"The EC is directly interacting with the DGP. And he has been given directives how to deal with the post-poll violences. The DGP is reporting us regarding this from time to time," Mr Sarkar said.
On Malda blasts in which three persons were killed and four injured, Mr Sarkar said, "We have got reports regarding this but apparently this incident is not connected with the elections."
KOLKATA: The Election Commission today sought a recording of West Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee's speech at a rally yesterday, wherein she claimed that a section of the police had "unleashed terror" on people at the behest of the poll panel and warned them of "consequences" if she was voted to power."We have asked for a CD of the speech from the district magistrate. We will send the CD to the ECI and they will decide on this," Additional CEO Dibyendu Sarkar said in Kolkata today.
Ms Banerjee in the rally at Chandipur in East Midnapore district alleged that officers were appointed to posts like Kolkata police commissioner, district magistrates and SPs under the instructions of the poll panel, and said that she had taken note of who had done what and also those who had worked "impartially".
"We keep watch on what's going on around. In this case we have received complaints from political parties. Both the BJP and the CPI-M have lodged complaints with us," the Additional CEO said.
The EC had earlier slapped a show-cause notice to Ms Banerjee for violating the model code of conduct. After receiving the show-cause notice she had said that the people of Bengal would 'showcause' the Election Commission on May 19.
The commission also filed an FIR against Trinamool candidate Sonali Guha for allegedly intimidating CPI-M polling agents and for interfering with the electoral process during the April 30 polling at Satgachia in South 24 Parganas district.
Meanwhile, talking about the post-poll violence in the state, Mr Sarkar said that the Commission had directed the DGP to look into the matter and take necessary steps.
"The EC is directly interacting with the DGP. And he has been given directives how to deal with the post-poll violences. The DGP is reporting us regarding this from time to time," Mr Sarkar said.
On Malda blasts in which three persons were killed and four injured, Mr Sarkar said, "We have got reports regarding this but apparently this incident is not connected with the elections."
2 Killed In Police Firing On Anti-Dam Activists In Arunachal's Tawang
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ITANAGAR: At least two persons were killed and eight others injured today when policemen opened fire on anti-dam activists trying to barge into a police station demanding release of a monk at Tawang district of Arunachal Pradesh, officials said.
The police opened fire when the activists tried to force their way into the police station, demanding release of Lama Lobsang Gyatso, a monk who headed a group opposed to hydro power projects in the border district, IGP Nabin Payeng said.
"The Army has staged a flag march at Tawang town to bring the situation under control while prohibitory orders under Section 144 CrPC have been clamped in the district," Mr Payeng said.
Unofficial sources, however, claimed that three persons, including a woman, were killed in the firing. The dead have been identified as Tenpa and Nima Wangdi.
Lama Lobsang was arrested on April 28 on a complaint that he had defamed the Abbot of the Tawang Monastery Guru Tulku Rinpoche, the spiritual head of Mon region, by questioning his nationality in an audio clip.
Mr Lobsang in the clip said that the Abbot of the Monastery should not indulge in hydro power politics of Tawang if he was not concerned about the welfare of the area.
An official communique in Itanagar said that Minister of State for Home Kiren Rijiju discussed the situation with the DC and the district SP, besides with Chief Minister Kalikho Pul.
The minister suggested constituting a high level peace committee comprising representatives from all sections of society to initiate a dialogue in an effort to restore normalcy in the district.
The chief minister, who is in New Delhi, assured that the government would take all steps to ensure that the grievances of the public were addressed.
The police opened fire when the activists tried to force their way into the police station, demanding release of Lama Lobsang Gyatso, a monk who headed a group opposed to hydro power projects in the border district, IGP Nabin Payeng said.
"The Army has staged a flag march at Tawang town to bring the situation under control while prohibitory orders under Section 144 CrPC have been clamped in the district," Mr Payeng said.
Unofficial sources, however, claimed that three persons, including a woman, were killed in the firing. The dead have been identified as Tenpa and Nima Wangdi.
Lama Lobsang was arrested on April 28 on a complaint that he had defamed the Abbot of the Tawang Monastery Guru Tulku Rinpoche, the spiritual head of Mon region, by questioning his nationality in an audio clip.
Mr Lobsang in the clip said that the Abbot of the Monastery should not indulge in hydro power politics of Tawang if he was not concerned about the welfare of the area.
An official communique in Itanagar said that Minister of State for Home Kiren Rijiju discussed the situation with the DC and the district SP, besides with Chief Minister Kalikho Pul.
The minister suggested constituting a high level peace committee comprising representatives from all sections of society to initiate a dialogue in an effort to restore normalcy in the district.
The chief minister, who is in New Delhi, assured that the government would take all steps to ensure that the grievances of the public were addressed.
In Writing, BJP Links Agusta Middleman To Rahul Gandhi's Close Aide
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NEW DELHI: After a brief hiatus for about two years, the AgustaWestland scam, which saw bribes being paid by the Anglo-Italian firm to land an order for 12 helicopters, has returned to render the Congress badly bruised.
An Italian court's order last month comes across as a virtual slide-show against top Congress leaders, many of whom are mentioned by name in documents it used to conclude that bribes adding upto 30 million euros were paid in India for the helicopter deal. Among those named is Sonia Gandhi, Congress chief, though the court does not indict her for corruption.
The BJP says that the Italian verdict pulls the blinds open on how the Congress colluded with Agusta. Today, the BJP's Kirit Somaiya said that Mrs Gandhi's son and Congress No 2 Rahul Gandhi will be asked by him in parliament to explain why one of the Agusta middlemen was employed as Director by a firm linked closely to his aide, Kanshika Singh.
Mr Haschke is one of three middlemen that India wants to question about the deal. Yet ,Mr Somaiya said, when the Congress was in power, the CBI and the Enforcement Directorate, which investigates financial crimes, ignored his letters which pointed out that Mr Haschke was serving as a Director in 2009 for real estate developer Emaar-MGF, promoted for Mr Singh's family. Agusta landed the helicopter deal in 2010.
Mr Somaiya says he has written anew to the investigating agencies.
"Will Rahul Gandhi deny that he and Kanishka Singh have a close relation, and Kanishka's family is the founder of Emaar-MGF? Will Rahul Gandhi respond how and why Haschke was a Director in the company? We would like to know from Rahul Gandhi if this is a coincidence that the Italian government has named (Sonia) Gandhi and Haschke. The Gandhi Parivaar has to explain," he told.
Emaar MGF was started by VP Gupta, Mr Singh's grandfather. Mr Singh today described Mr Somaiya's allegations as false, said he has no links to the branch of his family that runs Emaar currently, and that the BJP leader should "provide material at the earliest to his own Government and its agencies, which will facilitate investigation".
Emaar spokesperson said that Mr Haschke was on its board for two months and that he "did not attend any board meeting during his tenure of appointment and infact has never visited our offices at any time nor has had any meetings with any of our officials at any time".
After a plea bargain with Italian prosecutors, Mr Haschke is believed to be living in a small Swiss resort town. It was on the basis of his tapped phone conversations and notes that the Italians were able to prove their case of corruption.
NEW DELHI: After a brief hiatus for about two years, the AgustaWestland scam, which saw bribes being paid by the Anglo-Italian firm to land an order for 12 helicopters, has returned to render the Congress badly bruised.An Italian court's order last month comes across as a virtual slide-show against top Congress leaders, many of whom are mentioned by name in documents it used to conclude that bribes adding upto 30 million euros were paid in India for the helicopter deal. Among those named is Sonia Gandhi, Congress chief, though the court does not indict her for corruption.
The BJP says that the Italian verdict pulls the blinds open on how the Congress colluded with Agusta. Today, the BJP's Kirit Somaiya said that Mrs Gandhi's son and Congress No 2 Rahul Gandhi will be asked by him in parliament to explain why one of the Agusta middlemen was employed as Director by a firm linked closely to his aide, Kanshika Singh.
Mr Haschke is one of three middlemen that India wants to question about the deal. Yet ,Mr Somaiya said, when the Congress was in power, the CBI and the Enforcement Directorate, which investigates financial crimes, ignored his letters which pointed out that Mr Haschke was serving as a Director in 2009 for real estate developer Emaar-MGF, promoted for Mr Singh's family. Agusta landed the helicopter deal in 2010.
Mr Somaiya says he has written anew to the investigating agencies.
"Will Rahul Gandhi deny that he and Kanishka Singh have a close relation, and Kanishka's family is the founder of Emaar-MGF? Will Rahul Gandhi respond how and why Haschke was a Director in the company? We would like to know from Rahul Gandhi if this is a coincidence that the Italian government has named (Sonia) Gandhi and Haschke. The Gandhi Parivaar has to explain," he told.
Emaar MGF was started by VP Gupta, Mr Singh's grandfather. Mr Singh today described Mr Somaiya's allegations as false, said he has no links to the branch of his family that runs Emaar currently, and that the BJP leader should "provide material at the earliest to his own Government and its agencies, which will facilitate investigation".
Emaar spokesperson said that Mr Haschke was on its board for two months and that he "did not attend any board meeting during his tenure of appointment and infact has never visited our offices at any time nor has had any meetings with any of our officials at any time".
After a plea bargain with Italian prosecutors, Mr Haschke is believed to be living in a small Swiss resort town. It was on the basis of his tapped phone conversations and notes that the Italians were able to prove their case of corruption.
Business Affairs
Core sector clocks 16-month high growth in March, expands 6.4 per cent
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The eight core sectors expanded to 16-month high of 6.4 per cent in March due to pick-up in refinery products, fertilisers and cement production.
The sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprising nearly 38 per cent of India's total industrial production, had shrunk to (-) 0.7 per cent in March last year.
It is the highest monthly growth since November 2014, when these sectors had expanded by 6.7 per cent.
During the fiscal 2015-16 as a whole, the eight core sectors grew by 2.7 per cent, while it had expanded by 4.5 per cent in 2014-15.
As per the data released by the government, output in refinery products jumped 10.8 per cent as against (-)1.5 per cent recorded in March 2015. Fertiliser production grew 22.9 per cent in March as against 5.2 per cent a year ago.
Similarly, cement output saw a jump of 11.9 per cent while there was decline in March 2015. Power generation saw a significant increase (11.3 per cent) in March 2016 as compared to the same month last year.
Coal production grew by 1.7 per cent, though at a slower pace than 4.5 per cent recorded in March 2015.
Crude oil production shrunk in March by (-)5.1 per cent.
Natural gas output fell sharply by (-)10.5 per cent year-on-year.
The eight core sectors expanded to 16-month high of 6.4 per cent in March due to pick-up in refinery products, fertilisers and cement production.
The sectors - coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity - comprising nearly 38 per cent of India's total industrial production, had shrunk to (-) 0.7 per cent in March last year.
It is the highest monthly growth since November 2014, when these sectors had expanded by 6.7 per cent.
During the fiscal 2015-16 as a whole, the eight core sectors grew by 2.7 per cent, while it had expanded by 4.5 per cent in 2014-15.
As per the data released by the government, output in refinery products jumped 10.8 per cent as against (-)1.5 per cent recorded in March 2015. Fertiliser production grew 22.9 per cent in March as against 5.2 per cent a year ago.
Similarly, cement output saw a jump of 11.9 per cent while there was decline in March 2015. Power generation saw a significant increase (11.3 per cent) in March 2016 as compared to the same month last year.
Coal production grew by 1.7 per cent, though at a slower pace than 4.5 per cent recorded in March 2015.
Crude oil production shrunk in March by (-)5.1 per cent.
Natural gas output fell sharply by (-)10.5 per cent year-on-year.
Sensex falls 170 points, Nifty at 7,805 post disappointing PMI data; ICICI Bank top loser
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The S&P BSE Sensex on Monday settled the day 170 points lower, while broader CNX Nifty managed to hold above its key 7,800-mark.
The headline indices corrected to a three-week low following a spate of disappointing corporate results, including from InterGlobe Aviation, and after a business survey showed manufacturing growth fell its lowest in four months.
The 30-share index ended the day at 25,436, down 169.65 points, while broad-based 50-share index quoted 7,805, down 43.90 points.
Market breadth remained negative with 18 of the 30 Sensex components ending the day in red.
The Nikkei/Markit Manufacturing Purchasing Managers' Index fell to a four-month low of 50.5 in April from March's 52.4, nearing the 50-mark that separates growth from contraction and the lowest reading of the year.
Sentiment was also hit as Japan's Nikkei share average slumped 3 percent after the yen hit a fresh 18-month high against the dollar.
"We expect markets to remain in a trading range for the next few days. Market valuations are full and the results season has been tepid, hence there is no big upside trigger," said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors.
"Investors will now look at the progress of the monsoon from the last week of May in order to increase equity allocation."
ICICI Bank was the worst performing stock on both the benchmark indices and lost 4.08 per cent on the bourses after the private bank reported 75.97 per cent decline in standalone net profit at Rs 701.89 crore for the fourth quarter ended March 31 on account of 2-fold rise in provisioning for bad loans.
Among other firms, InterGlobe Aviation, the owner of largest carrier IndiGo, fell 4.51 per cent as the company's quarterly net profit grew only marginally after a sharp rise in rentals and depreciation.
Bajaj Auto fell 0.42 per cent after the two-wheeler maker posted a 2 per cent fall in its monthly auto sales for April.
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The S&P BSE Sensex on Monday settled the day 170 points lower, while broader CNX Nifty managed to hold above its key 7,800-mark.
The headline indices corrected to a three-week low following a spate of disappointing corporate results, including from InterGlobe Aviation, and after a business survey showed manufacturing growth fell its lowest in four months.
The 30-share index ended the day at 25,436, down 169.65 points, while broad-based 50-share index quoted 7,805, down 43.90 points.
Market breadth remained negative with 18 of the 30 Sensex components ending the day in red.
The Nikkei/Markit Manufacturing Purchasing Managers' Index fell to a four-month low of 50.5 in April from March's 52.4, nearing the 50-mark that separates growth from contraction and the lowest reading of the year.
Sentiment was also hit as Japan's Nikkei share average slumped 3 percent after the yen hit a fresh 18-month high against the dollar.
"We expect markets to remain in a trading range for the next few days. Market valuations are full and the results season has been tepid, hence there is no big upside trigger," said Samrat Dasgupta, CEO of Esquire Capital Investment Advisors.
"Investors will now look at the progress of the monsoon from the last week of May in order to increase equity allocation."
ICICI Bank was the worst performing stock on both the benchmark indices and lost 4.08 per cent on the bourses after the private bank reported 75.97 per cent decline in standalone net profit at Rs 701.89 crore for the fourth quarter ended March 31 on account of 2-fold rise in provisioning for bad loans.
Among other firms, InterGlobe Aviation, the owner of largest carrier IndiGo, fell 4.51 per cent as the company's quarterly net profit grew only marginally after a sharp rise in rentals and depreciation.
Bajaj Auto fell 0.42 per cent after the two-wheeler maker posted a 2 per cent fall in its monthly auto sales for April.
Indian economy to clock 7.4% GDP growth this fiscal: Standard Chartered
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The Indian economy is expected to clock a GDP growth of 7.4 per cent this fiscal largely driven by the lagged impact of a good monsoon and increased consumer spending, supported by pay commission awards, a Standard Chartered report says.
The expectations of a growth recovery are contingent on consumption revival, especially rural demand as investment-led recovery will likely be gradual amid rising external woes, the global financial services major said.
"We expect consumption to replace investment as the growth driver in financial year 2016-17," Standard Chartered in a research note said adding, "We forecast financial year 2016-17 GDP growth of 7.4 per cent."
According to the global brokerage firm, the recovery in rural consumption due to better monsoons is likely to support the consumption momentum generated by higher pay for public-sector employees.
The urban consumption is expected to pick up further, driven by the implementation of the 7th Pay Commission and a sharp hike in defence pensions under the One Rank One Pay (OROP) pension scheme.
Further, Standard Chartered expects the rural demand to recover in the ongoing fiscal for the first time since 2013-14 as good rains have the potential to boost agricultural-sector growth to 4-5 per cent this fiscal.
Moreover, some support from non-budgetary channels for financing agriculture investment is also expected in this financial year. The report further noted that weaker global growth is likely to affect India's pace of recovery .
India is a domestic market-oriented economy , but its correlation with global growth has increased in recent years... We therefore expect external headwinds to adversely affectIndia's growth performance in FY17, it added.
The Indian economy is expected to clock a GDP growth of 7.4 per cent this fiscal largely driven by the lagged impact of a good monsoon and increased consumer spending, supported by pay commission awards, a Standard Chartered report says.
The expectations of a growth recovery are contingent on consumption revival, especially rural demand as investment-led recovery will likely be gradual amid rising external woes, the global financial services major said.
"We expect consumption to replace investment as the growth driver in financial year 2016-17," Standard Chartered in a research note said adding, "We forecast financial year 2016-17 GDP growth of 7.4 per cent."
According to the global brokerage firm, the recovery in rural consumption due to better monsoons is likely to support the consumption momentum generated by higher pay for public-sector employees.
The urban consumption is expected to pick up further, driven by the implementation of the 7th Pay Commission and a sharp hike in defence pensions under the One Rank One Pay (OROP) pension scheme.
Further, Standard Chartered expects the rural demand to recover in the ongoing fiscal for the first time since 2013-14 as good rains have the potential to boost agricultural-sector growth to 4-5 per cent this fiscal.
Moreover, some support from non-budgetary channels for financing agriculture investment is also expected in this financial year. The report further noted that weaker global growth is likely to affect India's pace of recovery .
India is a domestic market-oriented economy , but its correlation with global growth has increased in recent years... We therefore expect external headwinds to adversely affectIndia's growth performance in FY17, it added.
Nitin Gadkari says not all loan defaulters are thieves
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As Indian agencies step up efforts to bring industrialist Vijay Mallya back to the country and recover much of the Rs.9,000 crore his companies allegedly owe banks, a key member of Prime Minister Narendra Modi cabinet cautions that every defaulter mustn't be labelled a defaulter.
"Judicial proceedings are going on about the default of Vijay Mallya . Steps will be taken on whatever will be right," said Road Transport, Highway and Shipping Minister Nitin Gadkari in an interview to ETV News Network, the transcript of which was provided by the channel.
"Earlier, his companies were giving interest to banks regularly. At that time, people were rating him good. Consultants were considered good, their managers were considered good. When one company faced difficulty, then all are termed as thief," he said.
"Government is taking action as per law."
Giving a macro picture, Gadkari said, when there was an overall global slowdown, especially in the Chinese economy, a host of industries have not been performing well in India. But the government's intervensions have helped areas such as infrastructure, steel and cement industries.
"We are also accepting that everything is not in good position. But we are trying to improve the situation. Banks' positions are also not in good terms. But we cannot term every defaulter as thief. We have to see if default is bonafide mistake or malafide mistake," he said.
"Overall, we have to take a positive, development-oriented approach. We should help the bonafide defaulters. Actions should be taken against malafide defaulters."
As Indian agencies step up efforts to bring industrialist Vijay Mallya back to the country and recover much of the Rs.9,000 crore his companies allegedly owe banks, a key member of Prime Minister Narendra Modi cabinet cautions that every defaulter mustn't be labelled a defaulter.
"Judicial proceedings are going on about the default of Vijay Mallya . Steps will be taken on whatever will be right," said Road Transport, Highway and Shipping Minister Nitin Gadkari in an interview to ETV News Network, the transcript of which was provided by the channel.
"Earlier, his companies were giving interest to banks regularly. At that time, people were rating him good. Consultants were considered good, their managers were considered good. When one company faced difficulty, then all are termed as thief," he said.
"Government is taking action as per law."
Giving a macro picture, Gadkari said, when there was an overall global slowdown, especially in the Chinese economy, a host of industries have not been performing well in India. But the government's intervensions have helped areas such as infrastructure, steel and cement industries.
"We are also accepting that everything is not in good position. But we are trying to improve the situation. Banks' positions are also not in good terms. But we cannot term every defaulter as thief. We have to see if default is bonafide mistake or malafide mistake," he said.
"Overall, we have to take a positive, development-oriented approach. We should help the bonafide defaulters. Actions should be taken against malafide defaulters."
NHAI to raise Rs 55,000 crore via bonds in FY17
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To finance its various projects, National Highways Authority of India (NHAI) plans to raise Rs 55,000 crore through bonds this fiscal.
"NHAI plans to raise Rs 5,000 crore through capital gains bonds and Rs 50,000 crore through taxable bonds or other similar instruments," Minister of State for Road Transport and Highways Pon Radhakrishnan told Rajya Sabha in a written reply on Monday.
The government has permitted borrowing of Rs 59,279 crore by NHAI during 2016-17.
"Ministry and the NHAI propose to construct maximum possible number of kilometers of National Highways in the year 2016-17," Radhakrishnan said in a separate reply.
He said borrowed funds would be utilised towards part financing of various projects being implemented by NHAI under the National Highways Development Project (NHDP) and other national highways projects.
"Emphasis will be on the ongoing projects and also various special projects," he said.
To finance its various projects, National Highways Authority of India (NHAI) plans to raise Rs 55,000 crore through bonds this fiscal.
"NHAI plans to raise Rs 5,000 crore through capital gains bonds and Rs 50,000 crore through taxable bonds or other similar instruments," Minister of State for Road Transport and Highways Pon Radhakrishnan told Rajya Sabha in a written reply on Monday.
The government has permitted borrowing of Rs 59,279 crore by NHAI during 2016-17.
"Ministry and the NHAI propose to construct maximum possible number of kilometers of National Highways in the year 2016-17," Radhakrishnan said in a separate reply.
He said borrowed funds would be utilised towards part financing of various projects being implemented by NHAI under the National Highways Development Project (NHDP) and other national highways projects.
"Emphasis will be on the ongoing projects and also various special projects," he said.
General Awareness
India ranks on 5th Place in forge goods trade, China on Top in the list
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India ranks fifth position in theexports of Fake goods globally, while china is No.1 in the list with a huge 63 % share in the estimated half-a-trillion dollar worldwide imports of forged and pirated goods.
Fake Good Trade Ranking Nation % of Fake goods 1 China 63.2 2 Turkey 3.3 3 Singapore 1.9 4 Thailand 1.6 5 India 1.2
Listed by: OECD (Organisation Economic Cooperation and Development) and the European Union’s Intellectual Property Office
Ranking of Countries affected by global Trade in fake foods
- US
- Italy
- France
- Switzerland
- Japan
Value of imported fake goods worldwide at USD 461 billion in 2013, compared with total imports in world trade of USD 17.9 trillion
- 5% of goods imported into the European Union are fakes
- Half a million customs seizures around the world over 2011-13
- Fake products handbags, perfumes, machine parts, chemicals and footwear
Causes of Counterfeiting – Endanger lives
- Auto parts that fail, pharmaceuticals that make people sick, toys that harm children, baby formula that provides no nourishment and medical instruments that deliver false readings
Postal parcels are the top method of shipping forged goods,accounting for 62% of seizures, reflecting the growing importance of online commerce in international trade
- India ranks fifth position in theexports of Fake goods globally, while china is No.1 in the list with a huge 63 % share in the estimated half-a-trillion dollar worldwide imports of forged and pirated goods.
Fake Good Trade Ranking Nation % of Fake goods 1 China 63.2 2 Turkey 3.3 3 Singapore 1.9 4 Thailand 1.6 5 India 1.2 Listed by: OECD (Organisation Economic Cooperation and Development) and the European Union’s Intellectual Property OfficeRanking of Countries affected by global Trade in fake foods- US
- Italy
- France
- Switzerland
- Japan
Value of imported fake goods worldwide at USD 461 billion in 2013, compared with total imports in world trade of USD 17.9 trillion- 5% of goods imported into the European Union are fakes
- Half a million customs seizures around the world over 2011-13
- Fake products handbags, perfumes, machine parts, chemicals and footwear
Causes of Counterfeiting – Endanger lives- Auto parts that fail, pharmaceuticals that make people sick, toys that harm children, baby formula that provides no nourishment and medical instruments that deliver false readings
Postal parcels are the top method of shipping forged goods,accounting for 62% of seizures, reflecting the growing importance of online commerce in international trade
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