General Affairs
Lawmaker Missing, Say Posters In Village 'Adopted' Then 'Abandoned'
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PIPRA MAAF, UTTAR PRADESH: Two years after their hamlet was adopted by the local lawmaker to be transformed into a 'model village' under Prime Minister Narendra Modi's 'Aadarsh Gram Yojna' launched with much fanfare in 2014, electricity, roads and toilets are still a distant dream for many, say residents of Pipra Maaf.
Set in Uttar Pradesh's Mahoba, district 260 km from Lucknow, the village was adopted by BJP lawmaker Pushpendra Singh Chandel who, the villagers say, has not shown up in the last two years. Signs of development have been equally elusive and they feel "abandoned".
In the Pathari neighbourhood, where one third of the village lives, there are no pucca roads or electricity. Two wells provide all the water that the around 1,000 people who live in 80 houses need. Incomplete toilets and pits line the village and open defecation continues to be the norm here.
"We face problems as there are no toilets here. After the MP adopted the village, we felt he will develop the village but he did nothing. As there is no electricity children have difficulty in studying," said a resident Akansha Richaria.Frustrated by the absence of their lawmaker who adopted the village in November 2014, villagers have put up posters saying that the MP is missing.
The sarpanch or headman of Pipramaaf, Ghasita Anuragi, said, "18 months ago, the lawmaker adopted our village and just visited once. He has got no work done here. Local officials now say get your work done by the BJP MP. We are stuck in the crossfire between BJP and Samajwadi Party (which rules Uttar Pradesh)."Mr Chandel's office however counters the claim. "Though villagers allege the MP has not visited the village but the truth is he has and we have government records to prove it," Badshah Singh, a representative of the lawmaker said.
When asked about the development of the village, he said, "Our main work is to convert villagers to have a nationalist view. We have to provide basic amenities as well but also spread awareness."
PIPRA MAAF, UTTAR PRADESH: Two years after their hamlet was adopted by the local lawmaker to be transformed into a 'model village' under Prime Minister Narendra Modi's 'Aadarsh Gram Yojna' launched with much fanfare in 2014, electricity, roads and toilets are still a distant dream for many, say residents of Pipra Maaf.
Set in Uttar Pradesh's Mahoba, district 260 km from Lucknow, the village was adopted by BJP lawmaker Pushpendra Singh Chandel who, the villagers say, has not shown up in the last two years. Signs of development have been equally elusive and they feel "abandoned".
In the Pathari neighbourhood, where one third of the village lives, there are no pucca roads or electricity. Two wells provide all the water that the around 1,000 people who live in 80 houses need. Incomplete toilets and pits line the village and open defecation continues to be the norm here.
"We face problems as there are no toilets here. After the MP adopted the village, we felt he will develop the village but he did nothing. As there is no electricity children have difficulty in studying," said a resident Akansha Richaria.Frustrated by the absence of their lawmaker who adopted the village in November 2014, villagers have put up posters saying that the MP is missing.
The sarpanch or headman of Pipramaaf, Ghasita Anuragi, said, "18 months ago, the lawmaker adopted our village and just visited once. He has got no work done here. Local officials now say get your work done by the BJP MP. We are stuck in the crossfire between BJP and Samajwadi Party (which rules Uttar Pradesh)."Mr Chandel's office however counters the claim. "Though villagers allege the MP has not visited the village but the truth is he has and we have government records to prove it," Badshah Singh, a representative of the lawmaker said.
When asked about the development of the village, he said, "Our main work is to convert villagers to have a nationalist view. We have to provide basic amenities as well but also spread awareness."
Set in Uttar Pradesh's Mahoba, district 260 km from Lucknow, the village was adopted by BJP lawmaker Pushpendra Singh Chandel who, the villagers say, has not shown up in the last two years. Signs of development have been equally elusive and they feel "abandoned".
In the Pathari neighbourhood, where one third of the village lives, there are no pucca roads or electricity. Two wells provide all the water that the around 1,000 people who live in 80 houses need. Incomplete toilets and pits line the village and open defecation continues to be the norm here.
"We face problems as there are no toilets here. After the MP adopted the village, we felt he will develop the village but he did nothing. As there is no electricity children have difficulty in studying," said a resident Akansha Richaria.Frustrated by the absence of their lawmaker who adopted the village in November 2014, villagers have put up posters saying that the MP is missing.
The sarpanch or headman of Pipramaaf, Ghasita Anuragi, said, "18 months ago, the lawmaker adopted our village and just visited once. He has got no work done here. Local officials now say get your work done by the BJP MP. We are stuck in the crossfire between BJP and Samajwadi Party (which rules Uttar Pradesh)."Mr Chandel's office however counters the claim. "Though villagers allege the MP has not visited the village but the truth is he has and we have government records to prove it," Badshah Singh, a representative of the lawmaker said.
When asked about the development of the village, he said, "Our main work is to convert villagers to have a nationalist view. We have to provide basic amenities as well but also spread awareness."
Manohar Parrikar Says Defence Deals, Procurement Do Not Happen Overnight
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HYDERABAD: Defence deals, unlike purchase of televisions or mobile phones, are not madeovernight and take "a lot of time" owing to bureaucratic procedures, Defence Minister Manohar Parrikar said today.
Speaking at a function in Hyderabad, Mr Parrikar noted that sometimes, in the bureaucracy, those who do not understand anything about the product, deal with their procurement.
"Things do take time in defence (deals). Even if I make an order, it does not happen overnight because it requires time to mature. Army items are not procured off the shelf like you buy a TV or a mobile, like you walk into a shop and come out with the product," he said.
"To place a defence order, it takes a hell lot of time. With every Tom, Dick and Harry sitting in the department ... those who do not understand anything about actual product asking some vague questions, sometimes funny questions, also sometimes relevant questions. After he satisfies himself he gets transferred and somebody else comes in and raises different kind of queries again ... it takes lot of time," Mr Parrikar said.
The defence minister was speaking at the foundation-laying ceremony of a new facility in Hyderabad for Tata Boeing Aerospace Limited (TBAL), a joint venture between Boeing and Tata Advanced Systems.
Mr Parrikar said the government's emphasis is on skill development programmes for aviation sector, and it is working with Boeing towards that.
The minister, who in the morning visited T-Hub, a technological incubator started by the Telangana government, interacted with the budding entrepreneurs there.
Speaking at a function in Hyderabad, Mr Parrikar noted that sometimes, in the bureaucracy, those who do not understand anything about the product, deal with their procurement.
"Things do take time in defence (deals). Even if I make an order, it does not happen overnight because it requires time to mature. Army items are not procured off the shelf like you buy a TV or a mobile, like you walk into a shop and come out with the product," he said.
"To place a defence order, it takes a hell lot of time. With every Tom, Dick and Harry sitting in the department ... those who do not understand anything about actual product asking some vague questions, sometimes funny questions, also sometimes relevant questions. After he satisfies himself he gets transferred and somebody else comes in and raises different kind of queries again ... it takes lot of time," Mr Parrikar said.
The defence minister was speaking at the foundation-laying ceremony of a new facility in Hyderabad for Tata Boeing Aerospace Limited (TBAL), a joint venture between Boeing and Tata Advanced Systems.
Mr Parrikar said the government's emphasis is on skill development programmes for aviation sector, and it is working with Boeing towards that.
The minister, who in the morning visited T-Hub, a technological incubator started by the Telangana government, interacted with the budding entrepreneurs there.
Shiv Sena Claims It Is The Only Guardian Of Maharashtra
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MUMBAI: Shiv Sena, which will tomorrow celebrate its golden jubilee at a grand function in Mumbai, today claimed it is the "only guardian" of Maharashtra.
Attempts were being made to destroy the Marathi identity and the unity of the state, which would not be allowed to happen, alleged the party, whose relations with the ruling ally BJP have been strained for a long time.
The Uddhav Thackeray-led party will be staging a grand event in suburban Goregaon tomorrow to celebrate its 50 years of existence.
"Like India, Maharashtra too has its share of problems. What pains us more is that people who call themselves Marathis are the ones who aggravate problems. Maharashtra with Mumbai as its part was formed, thanks to the sacrifice of hundreds of people. King Shivaji's soul would be hurt to see attempts are being made to hand over the control of Mumbai to Delhi," the editorial in the party mouthpiece 'Saamana' said today.
"The Sena is Maharashtra's only guardian and it has been guarding it honestly for the last fifty years. Today, attempts are being made to destroy the Marathi identity and unity of the state which we will not let happen," it said.
In the recent past, the demand for a separate Vidarbha was raised, notably by the former Advocate General Shrihari Aney, who is supposed to be close to Chief Minister Devendra Fadnavis. Sena is bitterly opposed to the demand.
Tomorrow's event is being seen as bugle for the next year's crucial elections to the Brihanmumbai Municipal Corporation which the party currently controls.
Attempts were being made to destroy the Marathi identity and the unity of the state, which would not be allowed to happen, alleged the party, whose relations with the ruling ally BJP have been strained for a long time.
The Uddhav Thackeray-led party will be staging a grand event in suburban Goregaon tomorrow to celebrate its 50 years of existence.
"Like India, Maharashtra too has its share of problems. What pains us more is that people who call themselves Marathis are the ones who aggravate problems. Maharashtra with Mumbai as its part was formed, thanks to the sacrifice of hundreds of people. King Shivaji's soul would be hurt to see attempts are being made to hand over the control of Mumbai to Delhi," the editorial in the party mouthpiece 'Saamana' said today.
"The Sena is Maharashtra's only guardian and it has been guarding it honestly for the last fifty years. Today, attempts are being made to destroy the Marathi identity and unity of the state which we will not let happen," it said.
In the recent past, the demand for a separate Vidarbha was raised, notably by the former Advocate General Shrihari Aney, who is supposed to be close to Chief Minister Devendra Fadnavis. Sena is bitterly opposed to the demand.
Tomorrow's event is being seen as bugle for the next year's crucial elections to the Brihanmumbai Municipal Corporation which the party currently controls.
Matter Of Immense Pride: PM Modi On Induction Of Women Fighter Pilots
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NEW DELHI: As three women were inducted as into IAF as fighter pilots today, Prime Minister Narendra Modi hailed it as a "matter of immense pride and joy".
"It is a matter of immense pride & joy to see the first batch of women fighter pilots being inducted in our Air Force. More power to them," PM Modi tweeted.
He was commenting on the induction of three women -- Avani Chaturvedi, Bhawana Kanth and Mohana Singh -- as the first women fighter pilots of the Indian Air Force.
They were commissioned at a function at Air Force Academy in Dundigal on the outskirts of Hyderabad.
"It is a golden letter day...," said Defence Minister Manohar Parrikar, asserting that "step-by-step", "total gender parity" will be achieved in the armed forces in the coming years.
"It is a matter of immense pride & joy to see the first batch of women fighter pilots being inducted in our Air Force. More power to them," PM Modi tweeted.
He was commenting on the induction of three women -- Avani Chaturvedi, Bhawana Kanth and Mohana Singh -- as the first women fighter pilots of the Indian Air Force.
They were commissioned at a function at Air Force Academy in Dundigal on the outskirts of Hyderabad.
"It is a golden letter day...," said Defence Minister Manohar Parrikar, asserting that "step-by-step", "total gender parity" will be achieved in the armed forces in the coming years.
Mamata Banerjee Says Centre Using CBI, ED To Terrorise People
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KOLKATA: West Bengal Chief Minister Mamata Banerjee today accused the Centre of pursuing vindictive politics and using central agencies like the CBI and the ED to terrorise people in the non BJP-ruled states.
"They are terrifying everybody by using the CBI, ED or the Income Tax Department. In states which have no BJP governments they are using the three central agencies against them," she said.
Addressing a programme of Trinamool Congress, the chief minister also ticked off BJP for "selling" the country in the name of "Make In India".
"They don't care for the values and principles of the country," she alleged.
Ms Banerjee indirectly accused Prime Minister Narendra Modi of trying to take credit for everything positive happening in Bengal and "spreading lies".
"In Bengal, we have cancelled more than 1.35 crore fake ration cards. He is claiming that they have saved so much of leakage of PDS by saving Rs. 30,000 crore. In Swachh Bharat, under the Nirmal Bharat scheme we have taken a lead, but they are taking credit by saying they are doing Swachh Bharat.
"We have opened accounts in panchayat for women working in ICDS. They are taking credit that they have opened accounts. Sitting back and tweeting about those achievements and trying to take credits. There should be a limit in telling lies," Ms Banerjee said.
She asked her party lawmakers to expose the lies on the floor of Parliament.
Ms Banerjee attacked CPI(M) and Congress for protesting only in West Bengal against the hike in fuel prices, saying "Every day the prices of fuel are increasing. And whenever the fuel prices are increasing CPI-M and Congress are protesting. Why are they not protesting against it in Delhi? They have their offices in Delhi."
She accused the BJP of trying to flare up communal passions in the country. "The Congress too has joined them these days while the CPI-M is also there with them."
She alleged the CPI-M and the Congress had sacrificed their ideologies for the sake of returning to power and that a section of the media acted as their "stooges".
"They are terrifying everybody by using the CBI, ED or the Income Tax Department. In states which have no BJP governments they are using the three central agencies against them," she said.
Addressing a programme of Trinamool Congress, the chief minister also ticked off BJP for "selling" the country in the name of "Make In India".
"They don't care for the values and principles of the country," she alleged.
Ms Banerjee indirectly accused Prime Minister Narendra Modi of trying to take credit for everything positive happening in Bengal and "spreading lies".
"In Bengal, we have cancelled more than 1.35 crore fake ration cards. He is claiming that they have saved so much of leakage of PDS by saving Rs. 30,000 crore. In Swachh Bharat, under the Nirmal Bharat scheme we have taken a lead, but they are taking credit by saying they are doing Swachh Bharat.
"We have opened accounts in panchayat for women working in ICDS. They are taking credit that they have opened accounts. Sitting back and tweeting about those achievements and trying to take credits. There should be a limit in telling lies," Ms Banerjee said.
She asked her party lawmakers to expose the lies on the floor of Parliament.
Ms Banerjee attacked CPI(M) and Congress for protesting only in West Bengal against the hike in fuel prices, saying "Every day the prices of fuel are increasing. And whenever the fuel prices are increasing CPI-M and Congress are protesting. Why are they not protesting against it in Delhi? They have their offices in Delhi."
She accused the BJP of trying to flare up communal passions in the country. "The Congress too has joined them these days while the CPI-M is also there with them."
She alleged the CPI-M and the Congress had sacrificed their ideologies for the sake of returning to power and that a section of the media acted as their "stooges".
Business Affairs
Sugar stocks tumble up to 10% on imposition of export duty
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Sugar stocks such as Uttam Sugar Mills, Rajshree Sugars & Chemical and Ugar Sugar Works declined up to 10 per cent after the government imposed 20 per cent customs duty on sugar exports on Friday.
Oudh Sugar Mills tumbled 10 per cent, Dwarikesh Sugar plunged 6.38 per cent and Bajaj Hindusthan slumped 4.82 per cent on BSE.
Government on Thursday imposed 20 per cent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.
The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses.
"To keep the domestic prices of sugar under check, the government has decided to impose export duty of 20 per cent on raw sugar, white or refined sugar," the Finance Ministry had said in a release on Thursday.
The duty has been imposed to restrict exports following sharp rise in global prices. The duty is, however, lower than 25 per cent proposed by the Food Ministry.
India, the world's second largest sugar producer after Brazil, has exported 1.6 million tonnes of sugar so far in the 2015-16 marketing year (October-September).
Sugar stocks such as Uttam Sugar Mills, Rajshree Sugars & Chemical and Ugar Sugar Works declined up to 10 per cent after the government imposed 20 per cent customs duty on sugar exports on Friday.
Oudh Sugar Mills tumbled 10 per cent, Dwarikesh Sugar plunged 6.38 per cent and Bajaj Hindusthan slumped 4.82 per cent on BSE.
Government on Thursday imposed 20 per cent customs duty on sugar exports to boost domestic supply and check prices which are ruling high at Rs 40/kg.
The move comes at a time when prices have surged sharply in various commodities including tomato, wheat and pulses.
"To keep the domestic prices of sugar under check, the government has decided to impose export duty of 20 per cent on raw sugar, white or refined sugar," the Finance Ministry had said in a release on Thursday.
The duty has been imposed to restrict exports following sharp rise in global prices. The duty is, however, lower than 25 per cent proposed by the Food Ministry.
India, the world's second largest sugar producer after Brazil, has exported 1.6 million tonnes of sugar so far in the 2015-16 marketing year (October-September).
Nissan cuts prices of Micra auto transmission by up to Rs 54k
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Japanese auto major Nissan on Friday slashed the prices of automatic transmission variant of its premium hatchback Micra in India by up to Rs 54,252 on the back of increased parts localisation.
The Micra CVT Automatic XL variant which was priced at Rs 6,53,252 will now be available at Rs 5,99,000, a reduction of Rs 54,252. Similarly, the Micra Automatic CVT XV will now cost Rs 6,73,500 as against its earlier price of Rs 7,19,213 lakh, a drop of Rs 45,713 (all prices ex-showroom Delhi).
Commenting on the development, Nissan Motor India Managing Director Arun Malhotra said: "As Micra is produced right here in India, we are able to better serve the market in terms of faster, more efficient delivery and improved localization levels. This allows us to pass on these benefits to our customers in the form of a revised, even more competitive price for our popular premium hatchback."
The company claimed that the Micra CVT gives a mileage of 19.34 kmpl as per ARAI tests.
Micra was the first locally produced Nissan model in India with production starting in 2010 at the Renault-Nissan Alliance plant in Chennai.
Apart from the Micra, the company sells models, including mid sized sedan Sunny and SUV Terrano, among others under the Nissan brand while it sells three models GO, GO Plus and redi-GO under the Datsun brand.
Japanese auto major Nissan on Friday slashed the prices of automatic transmission variant of its premium hatchback Micra in India by up to Rs 54,252 on the back of increased parts localisation.
The Micra CVT Automatic XL variant which was priced at Rs 6,53,252 will now be available at Rs 5,99,000, a reduction of Rs 54,252. Similarly, the Micra Automatic CVT XV will now cost Rs 6,73,500 as against its earlier price of Rs 7,19,213 lakh, a drop of Rs 45,713 (all prices ex-showroom Delhi).
Commenting on the development, Nissan Motor India Managing Director Arun Malhotra said: "As Micra is produced right here in India, we are able to better serve the market in terms of faster, more efficient delivery and improved localization levels. This allows us to pass on these benefits to our customers in the form of a revised, even more competitive price for our popular premium hatchback."
The company claimed that the Micra CVT gives a mileage of 19.34 kmpl as per ARAI tests.
Micra was the first locally produced Nissan model in India with production starting in 2010 at the Renault-Nissan Alliance plant in Chennai.
Apart from the Micra, the company sells models, including mid sized sedan Sunny and SUV Terrano, among others under the Nissan brand while it sells three models GO, GO Plus and redi-GO under the Datsun brand.
SBI merger a ploy to divert attention from bad loans: union leader
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The proposed merger of the State Bank of India (SBI) with its associate banks is the government's ploy to divert attention from the massive scale of corporate bad loans, said an official of All India Bank Employees' Association (AIBEA).
"The central government is trying to divert the nation's attention from the Himalayan scale of bad loans given by the nationalised banks, including SBI, instead of focusing on recovering these and punishing the culprits," C.H. Venkatachalam, General Secretary of AIBEA, told IANS. The union cabinet on Wednesday approved the merger of the SBI with its five associate banks -- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Mysore (SBM) and State Bank of Hyderabad (SBH) -- as well as Bharatiya Mahila Bank.
Venkatachalam said the SBI itself has bad loans of about Rs 100,000 crore and it should be focusing its energies on recovering these and increasing its business.
The merger is also not good for business as many big accounts in associate banks might shift to other smaller banks instead of remaining with the merged entity, he said.
"The associate banks have a peculiar and strong geographical flavour. Many deposit and loan accounts with them exist because of their local flavour, small size and agility," Venkatachalam said.
About 10-20 per cent of the business of the associate banks might shift to other public sector banks like Canara Bank in Karnataka or Andhra Bank in Andhra Pradesh and others, he said.
A banking sector expert agreed with Venkatachalam, saying some business of the associate banks will move to other banks post merger.
"A big client of an associate bank branch will become just one more customer for the SBI, post merger. So, the customers will lose the personal touch that they enjoy now with the branch officials," Venkatachalam added.
He dismissed the allegation that the AIBEA is opposing the merger because it will lose the status of a leading union in the five associate banks and become a minority union in the merged entity.
Currently, the AIBEA has a presence in associate banks, but none in the SBI.
"Actually the merger is good for AIBEA. We will open our innings in SBI as a major force from day one of the merger with a membership size of around 45,000," Venkatachalam said.
The AIBEA will also become the leading union in some of the SBI circles, he added.
"Knowing AIBEA, there are also bright chances of the union growing its membership base post merger," Venkatachalam said.
He said the merger will result in a major human resource problem as service conditions of the associate banks are different from the SBI.
"Further, in the merged entity the employees of the associate banks will be treated as second class employees. When it comes to rationalisation of branch network, it will be the branches of associate banks that would be closed and the staff working there would be shunted out," Venkatachalam said.
"The seniority of the employees of associate banks will not be protected. Even the erstwhile employees of State Bank of Saurashtra and State Bank of Indore -- the two banks were merged with the SBI years back -- are not treated at par with the employees of SBI," Venkatachalam said.
There will also be adverse impact on fresh recruitment, he said.
"The SBI is currently recruiting a good number of staff. With the merger, it will get around 45,000 more staff. As a result the bank will not go for any new recruitment for a long time to come," he added.
The need of the hour is to have good and strong banks than a global-sized bank with a bad loan portfolio of around Rs 122,000 crore post merger, Venkatachalam said.
The AIBEA has called on about 45,000 employees of the SBI's associate banks to strike work on July 12 to protest the proposed merger.
The AIBEA is also supporting another strike planned the next day, on July 13, to be observed by employees of all banks.
According to SBI, the net profit of the merged entity (SBI and five associate banks) for the year end March 31, 2016 would be Rs 11,590 crore, capital adequacy ratio 12.66, gross NPA Rs 121,969 crore, net NPA Rs 68,894 crore and restructured advances Rs 94,569 crore.
The proposed merger of the State Bank of India (SBI) with its associate banks is the government's ploy to divert attention from the massive scale of corporate bad loans, said an official of All India Bank Employees' Association (AIBEA).
"The central government is trying to divert the nation's attention from the Himalayan scale of bad loans given by the nationalised banks, including SBI, instead of focusing on recovering these and punishing the culprits," C.H. Venkatachalam, General Secretary of AIBEA, told IANS. The union cabinet on Wednesday approved the merger of the SBI with its five associate banks -- State Bank of Bikaner and Jaipur (SBBJ), State Bank of Travancore (SBT), State Bank of Patiala (SBP), State Bank of Mysore (SBM) and State Bank of Hyderabad (SBH) -- as well as Bharatiya Mahila Bank.
Venkatachalam said the SBI itself has bad loans of about Rs 100,000 crore and it should be focusing its energies on recovering these and increasing its business.
The merger is also not good for business as many big accounts in associate banks might shift to other smaller banks instead of remaining with the merged entity, he said.
"The associate banks have a peculiar and strong geographical flavour. Many deposit and loan accounts with them exist because of their local flavour, small size and agility," Venkatachalam said.
About 10-20 per cent of the business of the associate banks might shift to other public sector banks like Canara Bank in Karnataka or Andhra Bank in Andhra Pradesh and others, he said.
A banking sector expert agreed with Venkatachalam, saying some business of the associate banks will move to other banks post merger.
"A big client of an associate bank branch will become just one more customer for the SBI, post merger. So, the customers will lose the personal touch that they enjoy now with the branch officials," Venkatachalam added.
He dismissed the allegation that the AIBEA is opposing the merger because it will lose the status of a leading union in the five associate banks and become a minority union in the merged entity.
Currently, the AIBEA has a presence in associate banks, but none in the SBI.
"Actually the merger is good for AIBEA. We will open our innings in SBI as a major force from day one of the merger with a membership size of around 45,000," Venkatachalam said.
The AIBEA will also become the leading union in some of the SBI circles, he added.
"Knowing AIBEA, there are also bright chances of the union growing its membership base post merger," Venkatachalam said.
He said the merger will result in a major human resource problem as service conditions of the associate banks are different from the SBI.
"Further, in the merged entity the employees of the associate banks will be treated as second class employees. When it comes to rationalisation of branch network, it will be the branches of associate banks that would be closed and the staff working there would be shunted out," Venkatachalam said.
"The seniority of the employees of associate banks will not be protected. Even the erstwhile employees of State Bank of Saurashtra and State Bank of Indore -- the two banks were merged with the SBI years back -- are not treated at par with the employees of SBI," Venkatachalam said.
There will also be adverse impact on fresh recruitment, he said.
"The SBI is currently recruiting a good number of staff. With the merger, it will get around 45,000 more staff. As a result the bank will not go for any new recruitment for a long time to come," he added.
The need of the hour is to have good and strong banks than a global-sized bank with a bad loan portfolio of around Rs 122,000 crore post merger, Venkatachalam said.
The AIBEA has called on about 45,000 employees of the SBI's associate banks to strike work on July 12 to protest the proposed merger.
The AIBEA is also supporting another strike planned the next day, on July 13, to be observed by employees of all banks.
According to SBI, the net profit of the merged entity (SBI and five associate banks) for the year end March 31, 2016 would be Rs 11,590 crore, capital adequacy ratio 12.66, gross NPA Rs 121,969 crore, net NPA Rs 68,894 crore and restructured advances Rs 94,569 crore.
Wondering what Brexit is all about? Read all about it and how it matters to India
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With six days to the referendum, many world leaders and politicians are worried about Britain's possible exit, dubbed as Brexit, from the European Union (EU) and its reverting into conservative protectionism.
The killing of a labour Party MP, Jo Cox on Thursday may have swayed sentiment toward the "Remain" camp, but the naysayers are still no less. While a Brexit will sure dampen Britain's trade relations with other countries as more than half of Britain's export revenue come from EU states, this will have a mixed impact in India.
What it means for India:
Impact on markets and currency
The Brexit is seen as the next big financial event since 2008 causing jerks in markets around the world including India.
India doesn't have to fear much in an event of Brexit, but stock market and currency may turn volatile in the short run.
"Fundamentally, India has nothing to do with Brexit. Even if the event occurs, India is relatively immune, considering very less dependence on UK as a foreign investor," said brokerage IIFL in a research note.
"If the exit (Brexit) happens, I think at least in the short to medium term, there is going to be lot of liquidation, not only in equity markets globally but also in India. Also, there is going to be a lot of volatility in the currency market," said Gaurang Shah to Reuters.
He said should Britain leave the EU, the Indian auto, IT and pharma sectors will get hit primarily.
Also, the coming of the Brexit could force investors to dump high risk assets such as equities and rush to safer havens such as gold.
Indian-based companies in UK
There are over 800 Indian companies based in Britain who are now coming under the pressure of a Brexit. Setting up a base in the UK allowed these companies easy access into the EU market and gaining numerous clients. In case of a Brexit, tariff walls will be created dampening their growth.
Capital flows
Brokerage IIFL believes despite the outcome, emerging market capital flows are seen to be heading towards India in a medium-long term horizon, considering the improvement of the macroeconomic profile of the country coupled with current account deficit, moderating inflation, lower interest rates and stable economic growth.
A recent report by a think-tank Gatewayhouse also said Britain is still the EU country that receives the largest proportion of FDI from India because of the large number of Indian-owned businesses.
This investment is consistently increasing with 2014-15 seeing a 65% increase, making India the third largest source of FDI to the UK.
Hence, if Britain chooses to leave the EU, it could open up wider opportunities for India to strike a deal with Britain sans the EU rules. Britain's expertise in cyber security and military technology, and by looking at the keening in FDI, this can become a point of convergence for the two nations. But companies that once enjoyed capital flow into the EU from Britain may have to find another alternative.
Human resource flow
There is a huge diasporic Indian community in Britain and because of the EU economic laws, Indians have found it difficult to obtain a working visa and get jobs in the UK despite being highly qualified.
According to an Indian research body IDSA, UK's employment minister Priti Patel, who is of Indian origin, says that a vote to leave the EU is a vote to bring back control over immigration policy to the UK. This will also impact Indian students who study in Britain universities to find jobs easily.
Britain and the world:
The question of sustaining economically in the global world and regaining autonomy and border controls is a clashing battle between liberals and fanatic sovereign conservatives in Britain.
More than 3 million jobs are linked with Britain's EU membership facilitating influx of immigrants and labourers which have contributed to more than half of Britain's growth since 2005.
A Brexit could increase the cost of trade and services for the country and result in stricter immigration laws which could deteriorate their GDP.
With six days to the referendum, many world leaders and politicians are worried about Britain's possible exit, dubbed as Brexit, from the European Union (EU) and its reverting into conservative protectionism.
The killing of a labour Party MP, Jo Cox on Thursday may have swayed sentiment toward the "Remain" camp, but the naysayers are still no less. While a Brexit will sure dampen Britain's trade relations with other countries as more than half of Britain's export revenue come from EU states, this will have a mixed impact in India.
What it means for India:
What it means for India:
Impact on markets and currency
The Brexit is seen as the next big financial event since 2008 causing jerks in markets around the world including India.
India doesn't have to fear much in an event of Brexit, but stock market and currency may turn volatile in the short run.
"Fundamentally, India has nothing to do with Brexit. Even if the event occurs, India is relatively immune, considering very less dependence on UK as a foreign investor," said brokerage IIFL in a research note.
"If the exit (Brexit) happens, I think at least in the short to medium term, there is going to be lot of liquidation, not only in equity markets globally but also in India. Also, there is going to be a lot of volatility in the currency market," said Gaurang Shah to Reuters.
He said should Britain leave the EU, the Indian auto, IT and pharma sectors will get hit primarily.
Also, the coming of the Brexit could force investors to dump high risk assets such as equities and rush to safer havens such as gold.
Indian-based companies in UK
There are over 800 Indian companies based in Britain who are now coming under the pressure of a Brexit. Setting up a base in the UK allowed these companies easy access into the EU market and gaining numerous clients. In case of a Brexit, tariff walls will be created dampening their growth.
Capital flows
Capital flows
Brokerage IIFL believes despite the outcome, emerging market capital flows are seen to be heading towards India in a medium-long term horizon, considering the improvement of the macroeconomic profile of the country coupled with current account deficit, moderating inflation, lower interest rates and stable economic growth.
A recent report by a think-tank Gatewayhouse also said Britain is still the EU country that receives the largest proportion of FDI from India because of the large number of Indian-owned businesses.
This investment is consistently increasing with 2014-15 seeing a 65% increase, making India the third largest source of FDI to the UK.
Hence, if Britain chooses to leave the EU, it could open up wider opportunities for India to strike a deal with Britain sans the EU rules. Britain's expertise in cyber security and military technology, and by looking at the keening in FDI, this can become a point of convergence for the two nations. But companies that once enjoyed capital flow into the EU from Britain may have to find another alternative.
Human resource flow
There is a huge diasporic Indian community in Britain and because of the EU economic laws, Indians have found it difficult to obtain a working visa and get jobs in the UK despite being highly qualified.
According to an Indian research body IDSA, UK's employment minister Priti Patel, who is of Indian origin, says that a vote to leave the EU is a vote to bring back control over immigration policy to the UK. This will also impact Indian students who study in Britain universities to find jobs easily.
Britain and the world:
The question of sustaining economically in the global world and regaining autonomy and border controls is a clashing battle between liberals and fanatic sovereign conservatives in Britain.
More than 3 million jobs are linked with Britain's EU membership facilitating influx of immigrants and labourers which have contributed to more than half of Britain's growth since 2005.
A Brexit could increase the cost of trade and services for the country and result in stricter immigration laws which could deteriorate their GDP.
Though the fourth quarter earnings season witnessed some green shoots, the next four quarters will ascertain whether the growth is truly broad-based.
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The earnings season started out on a weak note, but went on to record 10 per cent net profit growth - the fastest in the past six quarters, while revenue growth bounced back to a five-quarter high of 2.2 per cent, according to data sampled from Ace Equity, involving 2,416 companies (excluding banks, financial institutions, and oil & gas companies).
However, things do not look that great for the financial year 2015/16 as broad-based recovery is still underway, reveals an analysis of over 1,300 companies, wherein top line growth remained lacklustre at just 1 per cent compared to 2014/15. Net profits, however, showed some recovery, registering a growth of 4.5 per cent compared to a contraction of 1.1 per cent in the year-ago period."This quarter is surely the best after five quarters, in terms of year-on-year growth from the larger picture point of view. This may be the beginning of the broad-based growth cycle. The improvement was experienced at the top line as well as at the EBITDA and net profit levels," says Jagannadham Thunuguntla, Head of fundamental research, Karvy. Earnings before interest, taxes, depreciation and amortisation, or EBITDA, is an indicator of a company's operating performance.
Experts say the earnings cycle has started turning because interest costs are lower and commodity prices have bottomed out. The International Monetary Fund's primary commodities price index has declined 19 per cent since August 2015.
But here is another set of numbers that tells a different story. The growth in headline numbers of sample companies, which included the oil firms, was disappointing with net sales contracting by 3 per cent in the last quarter of 2015/16 and bottom line growth slowed 13 percentage points over the last two quarters. Says Thunuguntla: "Oil and gas is a global phenomenon. These commodities have experienced multi-decade lows in an unprecedented bear market. This has taken a toll on the Indian oil and gas space also. However, initial signs of the sector bottoming out had started emerging when crude oil saw a sharp bounce from $28 per barrel level. However, it may take some more time to witness confirmed recovery and turnaround in the oil and gas space."
On the margins front, however, corporate India has witnessed some improvement with operating and net profit margins increasing 2.1 percentage points and 1.3 percentage points, respectively, over the past four quarters. "The improvement in operating profit margins has been primarily driven by lower raw material costs on the back of declining crude oil and other commodity prices resulting in lower operating costs. The improvement in operating profit margin has also translated into net profit margin expansion. This, despite a slight increase in interest costs," says Mitul Budhbhatti, Deputy General Manager, CARE Ratings. Raw material costs, as a per cent of net sales, have declined more than 2 percentage points since the fourth quarter of 2014/15, but interest costs have inched up around 30 basis points over the period. "Interest expenses as per cent of net sales have actually gone up for companies during Q4FY16 both on quarter-on-quarter and year-on-year basis. This can be primarily attributed to companies needing to fund elongated working capital cycles in light of a slowdown resulting in inventory pile-up or stretching of receivables. The full impact of lower interest rates in the system may be seen next year," says Budhbhatti.
Sectorally, there were not too many surprises. Construction and real estate sector saw operating profit margins improving around 3 percentage points over the previous quarter. Consumer goods, too, had a smooth ride with decent growth in profitability ratios. The consumer space saw Hindustan Unilever's operating margins improving 1.4 percentage points over the previous quarter, while construction and real estate firms, such as Parsvnath Developers and Godrej Properties, witnessed margins rise by 3 percentage points and 7 percentage points, respectively, during the period.
Says Budhbhatti: "Consumer goods and construction sectors are likely to benefit from lower raw material costs and steady sales realisations resulting in better operating profit margins. In case of real estate, there has been some traction in terms of project completion and sales vis-á-vis previous periods, which resulted in improvement." Margins of information technology companies, however, were a mixed bag.
It was of no surprise given the laggards this season. Asset quality and earnings performance of banks witnessed muted operating growth. For the telecom sector, things were better-off sequentially, though it witnessed muted operating growth. On a standalone basis, telecom major Bharti Airtel posted a 25 per cent decline year-on-year in its earnings before depreciation and taxes, but managed 1 per cent growth over the previous quarter. Major regulatory moves are awaited in this space.
India Inc. looks in no hurry to add capacities as the private sector saw 9 per cent decline in the number of new investment projects announced in the March quarter compared to the December quarter. Even in the absence of any major capital market activity, the benchmark index Sensex managed to climb 1.8 per cent during the period. Foreign portfolio investors invested Rs 4,495 crore in Q4 of 2015/16 - significantly lower than the Rs 36,472 crore invested in the corresponding quarter of last fiscal.
In fact, a little assistance from the rain gods could help in gaining more ground as a good monsoon could drive consumption and improve sentiment.
The earnings season started out on a weak note, but went on to record 10 per cent net profit growth - the fastest in the past six quarters, while revenue growth bounced back to a five-quarter high of 2.2 per cent, according to data sampled from Ace Equity, involving 2,416 companies (excluding banks, financial institutions, and oil & gas companies).
However, things do not look that great for the financial year 2015/16 as broad-based recovery is still underway, reveals an analysis of over 1,300 companies, wherein top line growth remained lacklustre at just 1 per cent compared to 2014/15. Net profits, however, showed some recovery, registering a growth of 4.5 per cent compared to a contraction of 1.1 per cent in the year-ago period."This quarter is surely the best after five quarters, in terms of year-on-year growth from the larger picture point of view. This may be the beginning of the broad-based growth cycle. The improvement was experienced at the top line as well as at the EBITDA and net profit levels," says Jagannadham Thunuguntla, Head of fundamental research, Karvy. Earnings before interest, taxes, depreciation and amortisation, or EBITDA, is an indicator of a company's operating performance.
Experts say the earnings cycle has started turning because interest costs are lower and commodity prices have bottomed out. The International Monetary Fund's primary commodities price index has declined 19 per cent since August 2015.
But here is another set of numbers that tells a different story. The growth in headline numbers of sample companies, which included the oil firms, was disappointing with net sales contracting by 3 per cent in the last quarter of 2015/16 and bottom line growth slowed 13 percentage points over the last two quarters. Says Thunuguntla: "Oil and gas is a global phenomenon. These commodities have experienced multi-decade lows in an unprecedented bear market. This has taken a toll on the Indian oil and gas space also. However, initial signs of the sector bottoming out had started emerging when crude oil saw a sharp bounce from $28 per barrel level. However, it may take some more time to witness confirmed recovery and turnaround in the oil and gas space."
On the margins front, however, corporate India has witnessed some improvement with operating and net profit margins increasing 2.1 percentage points and 1.3 percentage points, respectively, over the past four quarters. "The improvement in operating profit margins has been primarily driven by lower raw material costs on the back of declining crude oil and other commodity prices resulting in lower operating costs. The improvement in operating profit margin has also translated into net profit margin expansion. This, despite a slight increase in interest costs," says Mitul Budhbhatti, Deputy General Manager, CARE Ratings. Raw material costs, as a per cent of net sales, have declined more than 2 percentage points since the fourth quarter of 2014/15, but interest costs have inched up around 30 basis points over the period. "Interest expenses as per cent of net sales have actually gone up for companies during Q4FY16 both on quarter-on-quarter and year-on-year basis. This can be primarily attributed to companies needing to fund elongated working capital cycles in light of a slowdown resulting in inventory pile-up or stretching of receivables. The full impact of lower interest rates in the system may be seen next year," says Budhbhatti.
Sectorally, there were not too many surprises. Construction and real estate sector saw operating profit margins improving around 3 percentage points over the previous quarter. Consumer goods, too, had a smooth ride with decent growth in profitability ratios. The consumer space saw Hindustan Unilever's operating margins improving 1.4 percentage points over the previous quarter, while construction and real estate firms, such as Parsvnath Developers and Godrej Properties, witnessed margins rise by 3 percentage points and 7 percentage points, respectively, during the period.
Says Budhbhatti: "Consumer goods and construction sectors are likely to benefit from lower raw material costs and steady sales realisations resulting in better operating profit margins. In case of real estate, there has been some traction in terms of project completion and sales vis-á-vis previous periods, which resulted in improvement." Margins of information technology companies, however, were a mixed bag.
It was of no surprise given the laggards this season. Asset quality and earnings performance of banks witnessed muted operating growth. For the telecom sector, things were better-off sequentially, though it witnessed muted operating growth. On a standalone basis, telecom major Bharti Airtel posted a 25 per cent decline year-on-year in its earnings before depreciation and taxes, but managed 1 per cent growth over the previous quarter. Major regulatory moves are awaited in this space.
India Inc. looks in no hurry to add capacities as the private sector saw 9 per cent decline in the number of new investment projects announced in the March quarter compared to the December quarter. Even in the absence of any major capital market activity, the benchmark index Sensex managed to climb 1.8 per cent during the period. Foreign portfolio investors invested Rs 4,495 crore in Q4 of 2015/16 - significantly lower than the Rs 36,472 crore invested in the corresponding quarter of last fiscal.
In fact, a little assistance from the rain gods could help in gaining more ground as a good monsoon could drive consumption and improve sentiment.
General Awareness
India and Bangladesh initiated trans-shipment operations at Ashuganj Port
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Bangladesh’s Shipping Minister Shahjahan Khan inaugurated the operation at Ashuganj port in central Bangladesh
Venue: Dhaka, Bangladesh
1,000 tonnes of Iron and Steel sheets were emptied to be trans-shipped to Tripura via Bangladesh territory by trucks
Delegates:
- Bangladesh Prime Minister Sheikh Hasina’s Economic Affairs Adviser – Mashiur Rahman
- Indian High Commissioner in Dhaka – Harsh Vardhan Shringla
- Bangladeshi lawmakers and senior officials
Features of the Agreement:
- The revised version of Bilateral Agreement on Inland Water Transit and Trade has been launched
- The Agreement was accorded during the Prime Minister visit to Dhaka
- The Agreement was signed to enhance the transits operation to any country
Plan strategy:
- Indian containers carrying goods made emptied at the Ashuganj port
- Bangladesh trucks carry their goods and to be delivered to Akhaura checkpoint via Tiripura
- The check point is second largest trading point between India and Bangladesh after the Benapole – Petrapole
Making bridge between India and Bangladesh:
The transit facility of goods to Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura from West Bengal through a shortcut route via Bangladesh
Distance and money compensation:
- Travelling from Kolkata to Agartala around 1,600 km through trucks
- The cost wise is 67 dollars per tonne of goods
- The transit time takes 30 days to the stipulated place
- The shortcut way through Bangladesh only 500 km
Advantages of Trans-shipment facility:
- Deliver goods within 10 days
- Reduce transport cost by 50%
- Bangladesh’s Shipping Minister Shahjahan Khan inaugurated the operation at Ashuganj port in central BangladeshVenue: Dhaka, Bangladesh
1,000 tonnes of Iron and Steel sheets were emptied to be trans-shipped to Tripura via Bangladesh territory by trucksDelegates:
- Bangladesh Prime Minister Sheikh Hasina’s Economic Affairs Adviser – Mashiur Rahman
- Indian High Commissioner in Dhaka – Harsh Vardhan Shringla
- Bangladeshi lawmakers and senior officials
Features of the Agreement:- The revised version of Bilateral Agreement on Inland Water Transit and Trade has been launched
- The Agreement was accorded during the Prime Minister visit to Dhaka
- The Agreement was signed to enhance the transits operation to any country
Plan strategy:- Indian containers carrying goods made emptied at the Ashuganj port
- Bangladesh trucks carry their goods and to be delivered to Akhaura checkpoint via Tiripura
- The check point is second largest trading point between India and Bangladesh after the Benapole – Petrapole
Making bridge between India and Bangladesh:The transit facility of goods to Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura from West Bengal through a shortcut route via BangladeshDistance and money compensation:- Travelling from Kolkata to Agartala around 1,600 km through trucks
- The cost wise is 67 dollars per tonne of goods
- The transit time takes 30 days to the stipulated place
- The shortcut way through Bangladesh only 500 km
Advantages of Trans-shipment facility:- Deliver goods within 10 days
- Reduce transport cost by 50%
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