General Affairs
'A Path Forward By Year End': US On India's Nuke Club NSG Membership
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WASHINGTON: The US today said that there is "a path forward" for India to become a full member of the Nuclear Suppliers Group by the end of the year, hours after the group's plenary meeting ended in Seoul with no decision on India's membership in face of strong China-led opposition.
"We are confident that we have got a path forward by the end of this year," a top Obama administration official said.
"It needs some work. But we are confident that India would be a full member of the (NSG) regime by the end of the year," the official told PTI on condition of anonymity.
Refusing to divulge the discussions and opposition to India's membership within the 48-member grouping, the official said details of the internal deliberations are confidential.
But the US strongly believes in India's membership in the NSG and the Obama Administration has "worked closely" with New Delhi and other countries on this issues, the official said.
Without going into details of deliberations, the official referred to a similar discussion within the Missile Technology Control Regime (MTCR) to which India was inducted early this month after months of discussions within its member countries.
Like NSG, decisions within MTCR is taken with consensus.
"We expected a discussion on the role that India will play and where it has been," said the official.
"We were able to end discussion this week and we have a clear path forward for India to become a full member by the end of the year," the official asserted.
"That's our expectation," the senior administration official reiterated when asked if US expects that India's NSG membership could be achieved by the end of this year.
"Our expectations is that this would be finished by the end of this year," the official said.
The NSG ended its plenary meeting in Seoul with no decision on India's membership.
China, which had made no secret of its opposition, succeeded in scuttling India's bid despite a significant majority backing the Indian case. Thirty-eight countries supported India, according to Indian officials.
"We are confident that we have got a path forward by the end of this year," a top Obama administration official said.
"It needs some work. But we are confident that India would be a full member of the (NSG) regime by the end of the year," the official told PTI on condition of anonymity.
Refusing to divulge the discussions and opposition to India's membership within the 48-member grouping, the official said details of the internal deliberations are confidential.
But the US strongly believes in India's membership in the NSG and the Obama Administration has "worked closely" with New Delhi and other countries on this issues, the official said.
Without going into details of deliberations, the official referred to a similar discussion within the Missile Technology Control Regime (MTCR) to which India was inducted early this month after months of discussions within its member countries.
Like NSG, decisions within MTCR is taken with consensus.
"We expected a discussion on the role that India will play and where it has been," said the official.
"We were able to end discussion this week and we have a clear path forward for India to become a full member by the end of the year," the official asserted.
"That's our expectation," the senior administration official reiterated when asked if US expects that India's NSG membership could be achieved by the end of this year.
"Our expectations is that this would be finished by the end of this year," the official said.
The NSG ended its plenary meeting in Seoul with no decision on India's membership.
China, which had made no secret of its opposition, succeeded in scuttling India's bid despite a significant majority backing the Indian case. Thirty-eight countries supported India, according to Indian officials.
Boundary Dispute May Have Marginal Effect On India-China Trade Ties: Arun Jaitley
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BEIJING: The differences between India and China on boundary issue and other matters may have "some marginal effect" on bilateral trade but businesses between the two sides have been expanding, Finance Minister Arun Jaitley said today.
"Economic relationship normally moves independently. Because trade will depend on terms of trade. These factors could have some marginal effect," said Mr Jaitley, who is in Beijing on a five-day visit to pitch for more Chinese investments in India's infrastructure sector.
Asked about the impact of India-China differences, specially in the backdrop of the boundary dispute, he said, "If at all it is marginal. You are not at a stage countries have stopped dealing with each other businesses. Issues are there. Issues will be resolved. The boundary issue has existed for decades. Our business expanded notwithstanding."
About ballooning trade deficit which amounted to about $48 billion last year in over $70 billion bilateral trade, Mr Jaitley said, "it can only be bridged by improving upon your trade".
"Otherwise those who are in a position to become global suppliers also has to work on their own costing," he said.
About India pressing China to provide market access to IT and Pharmaceuticals, he said, "the market issues between the two countries are real. These issues are discussed time to time."
On the the flow of Chinese investments into India, Mr Jaitley said investments in rural and public sectors have to be government investments. But two areas private investment is always welcome are, infrastructure and manufacturing.
"These two areas we prefer lot of private investment which will come from where ever it is available," he said.
Some corporations have large investable surpluses. Therefore, investments do come into manufacturing and infrastructure, he said.
"As a rule they are welcomed unless there is some other issue. In terms of investments it could always be more," he said.
On the feasibility study for Delhi-Chennai bullet train corridor, he said study is there but it has not come to me yet.
Mr Jaitley, who addressed an Investors Forum meet in Beijing today attended by officials of the top Chinese firms will take part in the Board of Governors meeting of the China sponsored Asian Infrastructure Investment Bank (AIIB) on Saturday. India is the second largest shareholder in the bank after China.
"Economic relationship normally moves independently. Because trade will depend on terms of trade. These factors could have some marginal effect," said Mr Jaitley, who is in Beijing on a five-day visit to pitch for more Chinese investments in India's infrastructure sector.
Asked about the impact of India-China differences, specially in the backdrop of the boundary dispute, he said, "If at all it is marginal. You are not at a stage countries have stopped dealing with each other businesses. Issues are there. Issues will be resolved. The boundary issue has existed for decades. Our business expanded notwithstanding."
About ballooning trade deficit which amounted to about $48 billion last year in over $70 billion bilateral trade, Mr Jaitley said, "it can only be bridged by improving upon your trade".
"Otherwise those who are in a position to become global suppliers also has to work on their own costing," he said.
About India pressing China to provide market access to IT and Pharmaceuticals, he said, "the market issues between the two countries are real. These issues are discussed time to time."
On the the flow of Chinese investments into India, Mr Jaitley said investments in rural and public sectors have to be government investments. But two areas private investment is always welcome are, infrastructure and manufacturing.
"These two areas we prefer lot of private investment which will come from where ever it is available," he said.
Some corporations have large investable surpluses. Therefore, investments do come into manufacturing and infrastructure, he said.
"As a rule they are welcomed unless there is some other issue. In terms of investments it could always be more," he said.
On the feasibility study for Delhi-Chennai bullet train corridor, he said study is there but it has not come to me yet.
Mr Jaitley, who addressed an Investors Forum meet in Beijing today attended by officials of the top Chinese firms will take part in the Board of Governors meeting of the China sponsored Asian Infrastructure Investment Bank (AIIB) on Saturday. India is the second largest shareholder in the bank after China.
Congress Says Subramanian Swamy Wants To Become Finance Minister
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NEW DELHI: Congress today said Subramanian Swamy wants to become the Finance Minister and termed his diatribe against Arun Jaitley as an "open war".
"It is a comedy theatre. It is having a tremendous impact when the Brexit crises is on," former Union minister Prithviraj Chavan told reporters at the AICC briefing.
He noted that at such a time, the need is of a united leadership of the External Affairs Ministry and of the Finance Ministry as the External Affairs Minister in case of NSG.
"But it is a comedy theatre going on and Prime Minister is not able to control Dr Swamy or is he working at the behest of somebody. It is an open war between Dr Swamy who wants to become the Finance Minister and the current Finance Minister," he remarked.
On Brexit, he said it will have an "impact" on India because India is the largest investor in Britain and "I think our interests will have to be protected if Indian companies have to do well."
He expected the government to come out with some kind of plan of action about the outcome of the EU vote soon.
"It is a comedy theatre. It is having a tremendous impact when the Brexit crises is on," former Union minister Prithviraj Chavan told reporters at the AICC briefing.
He noted that at such a time, the need is of a united leadership of the External Affairs Ministry and of the Finance Ministry as the External Affairs Minister in case of NSG.
"But it is a comedy theatre going on and Prime Minister is not able to control Dr Swamy or is he working at the behest of somebody. It is an open war between Dr Swamy who wants to become the Finance Minister and the current Finance Minister," he remarked.
On Brexit, he said it will have an "impact" on India because India is the largest investor in Britain and "I think our interests will have to be protected if Indian companies have to do well."
He expected the government to come out with some kind of plan of action about the outcome of the EU vote soon.
Caste-Based Census Data Should Be Made Public: Nitish Kumar
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PATNA: Bihar Chief Minister Nitish Kumar on Friday reiterated his demand that caste-based data of the Census of India 2011 should be made public to "ensure the empowerment of all those lagging behind in development".
"People have a right to know it and every caste should know its strength and weakness in terms of population and other things," Nitish Kumar, who is also President of Janata Dal-United (JD-U), said at a conference on social statistics here, hosted by think tank Asian Development Research Institute.
The conference was inaugurated by Vice President M Hamid Ansari.
Nitish Kumar said "real information" about the socio-economic development of all sections of the population must be made publicly available.
The caste-based Census data will explode several myths about development of backward and marginalised people and help formulation of schemes for their socio-economic progress, he said.
The Socio Economic and Caste Census 2011 was the first caste-based census since 1931, he noted.
Last year during the Bihar assembly polls, Nitish Kumar joined Rashtriya Janata Dal chief Lalu Prasad in demanding that the central government should make the caste-based statistics public instead of withholding the data on numerical strength of different castes.
In July last year, the central government released Socio Economic and Caste Census 2011, but reportedly withheld the caste-based data, saying it was concerned with economic data which will help in effective implementation of its programmes.
"People have a right to know it and every caste should know its strength and weakness in terms of population and other things," Nitish Kumar, who is also President of Janata Dal-United (JD-U), said at a conference on social statistics here, hosted by think tank Asian Development Research Institute.
The conference was inaugurated by Vice President M Hamid Ansari.
The caste-based Census data will explode several myths about development of backward and marginalised people and help formulation of schemes for their socio-economic progress, he said.
The Socio Economic and Caste Census 2011 was the first caste-based census since 1931, he noted.
Last year during the Bihar assembly polls, Nitish Kumar joined Rashtriya Janata Dal chief Lalu Prasad in demanding that the central government should make the caste-based statistics public instead of withholding the data on numerical strength of different castes.
In July last year, the central government released Socio Economic and Caste Census 2011, but reportedly withheld the caste-based data, saying it was concerned with economic data which will help in effective implementation of its programmes.
NIT Fee Hiked To Rs. 1.25 Lakh From Rs. 70,000 Per Annum
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NEW DELHI: After IITs, fees in National Institutes of Technology (NITs) is all set for a hike from Rs. 70,000 to Rs. 1.25 lakh per annum.
The Human Resource Development (HRD) ministry has approved this proposal of the NIT Council and the increased fees will be effective from new admissions.
The fee hike will not affect those who have already taken admissions, a senior official told PTI.
In a separate decision, the ministry also decided to hike the fees for the Indian Institutes of Science Education and Research (IISER) from Rs. 15,000 per semester to Rs. 25,000 per semester from "prospective effect".
The decision was taken at a meeting chaired by HRD Minister Smriti Irani yesterday.
"A decision has been taken to raise the fees at NITs for undergraduate as well as post graduate courses for which Rs. 70,000 was charged. Now the students who join NITs will have to pay Rs. 1.25 per year for these courses," the official said.
"The fee hike would only for new students who get admission and not for those who are already studying," the official said.
Earlier, this year, the HRD ministry had hiked the fees for IITs from Rs. 90,000 to Rs. 2 lakh per annum.
However, on the lines of the decision taken with regard to IITs, the ministry has decided to give a total fee waiver for the differently-abled, students from SC and ST community and those belonging to families with annual income less than Rs. 1 lakh.
Students from families with annual income of less than Rs. 5 lakh will also be entitled to a fee waiver of two-thirds amount.
The officials said the fee hike has been effected with an aim of providing more resources to these institutions so that highest quality education can be provided.
The Human Resource Development (HRD) ministry has approved this proposal of the NIT Council and the increased fees will be effective from new admissions.
The fee hike will not affect those who have already taken admissions, a senior official told PTI.
In a separate decision, the ministry also decided to hike the fees for the Indian Institutes of Science Education and Research (IISER) from Rs. 15,000 per semester to Rs. 25,000 per semester from "prospective effect".
The decision was taken at a meeting chaired by HRD Minister Smriti Irani yesterday.
"The fee hike would only for new students who get admission and not for those who are already studying," the official said.
Earlier, this year, the HRD ministry had hiked the fees for IITs from Rs. 90,000 to Rs. 2 lakh per annum.
However, on the lines of the decision taken with regard to IITs, the ministry has decided to give a total fee waiver for the differently-abled, students from SC and ST community and those belonging to families with annual income less than Rs. 1 lakh.
Students from families with annual income of less than Rs. 5 lakh will also be entitled to a fee waiver of two-thirds amount.
The officials said the fee hike has been effected with an aim of providing more resources to these institutions so that highest quality education can be provided.
Business Affairs
Forex reserves hit record high of $363.83 bn amid market turmoil
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Foreign exchange reserves hit a record high of $363.83 billion as of the week ended June 17, shoring up the country's defences just as investors brace for continued volatility after Britain voted to leave the European Union.
Analsyts said FX reserves rose mainly on currency valuations.
The Reserve Bank of India has also been steadily building dollars to help meet $20 billion in expected outflows in September tied to maturing dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis.
The weekly data comes on a day when the Indian rupee fell to as low as 68.22 to the dollar, its lowest since March 1 and not far from a record low of 68.85 hit in August 2013, during the crisis.
The currency however cut some of its losses to end at 67.96/97, compared with its close of 67.25 on Thursday.
"India's strong reserves position is an important buffer against volatility in these uncertain times," said A. Prasanna, economist, ICICI Securities Primary Dealership Ltd in Mumbai.
"However, reserves are likely to see some decline in coming months due to the FCNR redemptions. Over the medium term, we expect reserves to keep expanding, boosted by sustainable inflows such as FDI (foreign direct investment)."
RBI Governor Raghuram Rajan and Finance Minister Arun Jaitely said on Friday India was ready to deal with the aftermath of the Brexit vote, citing its solid economy and planned government reforms.
Rajan also touted the country's FX reserves as key defence against foreign investor selling.
Foreign exchange reserves hit a record high of $363.83 billion as of the week ended June 17, shoring up the country's defences just as investors brace for continued volatility after Britain voted to leave the European Union.
Analsyts said FX reserves rose mainly on currency valuations.
The Reserve Bank of India has also been steadily building dollars to help meet $20 billion in expected outflows in September tied to maturing dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis.
The weekly data comes on a day when the Indian rupee fell to as low as 68.22 to the dollar, its lowest since March 1 and not far from a record low of 68.85 hit in August 2013, during the crisis.
The currency however cut some of its losses to end at 67.96/97, compared with its close of 67.25 on Thursday.
"India's strong reserves position is an important buffer against volatility in these uncertain times," said A. Prasanna, economist, ICICI Securities Primary Dealership Ltd in Mumbai.
"However, reserves are likely to see some decline in coming months due to the FCNR redemptions. Over the medium term, we expect reserves to keep expanding, boosted by sustainable inflows such as FDI (foreign direct investment)."
RBI Governor Raghuram Rajan and Finance Minister Arun Jaitely said on Friday India was ready to deal with the aftermath of the Brexit vote, citing its solid economy and planned government reforms.
Rajan also touted the country's FX reserves as key defence against foreign investor selling.
Monsoon seen retreating late, June deficiency to narrow: IMD
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Monsoon is likely to withdraw from India later than usual this year, with a vigorous spell of rains towards the tail end of the season that typically ends in September, the chief of the weather office said on Friday.
The deficiency in June rains will also narrow in the days the come, Laxman Singh Rathore told Reuters in an interview.
"There is a strong possibility that the terminal phase will be wetter and the withdrawal will be later than normal," Rathore said.
Monsoon rains, vital for the farm-dependent economy and its 1.3 billion people, arrive in Kerala by June 1 and start retreating by September from Rajasthan.
Monsoon is likely to withdraw from India later than usual this year, with a vigorous spell of rains towards the tail end of the season that typically ends in September, the chief of the weather office said on Friday.
The deficiency in June rains will also narrow in the days the come, Laxman Singh Rathore told Reuters in an interview.
"There is a strong possibility that the terminal phase will be wetter and the withdrawal will be later than normal," Rathore said.
Monsoon rains, vital for the farm-dependent economy and its 1.3 billion people, arrive in Kerala by June 1 and start retreating by September from Rajasthan.
Raghuram Rajan wants central banks to keep off competitive devaluation
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Reserve Bank Governor Raghuram Rajan on Friday asked central banks across the globe to desist from currency depreciation to create competitive advantage in the wake of Britain's exit from the European Union.
"Currencies do help adjustment and some movement is warranted... what I have been concerned about is intervention in a big way in the currency so as to move it in a particular direction and create a competitive advantage... we as central bankers will have to get together and make sure we do not do it," Rajan told CNBC TV18 after the UK vote to leave the EU.
The Governor said the issue of competitive devaluation of currencies is one of the concerns for the past many months and he has been fairly public about it.
"I do not think anybody would argue that Britain engineered Brexit to depreciate the pound," Rajan added. Britain voted to leave the EU in a deadly blow to the 28-nation bloc, forcing Prime Minister David Cameron to resign, triggering panic reaction in world markets and raising questions over immigration and other issues in Britain after the separation.
Britons' decision to exit led to a sharp fall in the domestic market as well as the rupee following which the government and the RBI said the economy has enough "firepower" to deal with the situation.
In a statement, Rajan said RBI is watching markets closely and is ready to act if there is any disorderly behaviour. "RBI is watching all the markets... we are ready to act when there is disorderly conduct, disorderly behaviour (in the markets)," he said.
Reserve Bank Governor Raghuram Rajan on Friday asked central banks across the globe to desist from currency depreciation to create competitive advantage in the wake of Britain's exit from the European Union.
"Currencies do help adjustment and some movement is warranted... what I have been concerned about is intervention in a big way in the currency so as to move it in a particular direction and create a competitive advantage... we as central bankers will have to get together and make sure we do not do it," Rajan told CNBC TV18 after the UK vote to leave the EU.
The Governor said the issue of competitive devaluation of currencies is one of the concerns for the past many months and he has been fairly public about it.
"I do not think anybody would argue that Britain engineered Brexit to depreciate the pound," Rajan added. Britain voted to leave the EU in a deadly blow to the 28-nation bloc, forcing Prime Minister David Cameron to resign, triggering panic reaction in world markets and raising questions over immigration and other issues in Britain after the separation.
Britons' decision to exit led to a sharp fall in the domestic market as well as the rupee following which the government and the RBI said the economy has enough "firepower" to deal with the situation.
In a statement, Rajan said RBI is watching markets closely and is ready to act if there is any disorderly behaviour. "RBI is watching all the markets... we are ready to act when there is disorderly conduct, disorderly behaviour (in the markets)," he said.
Here's what Raghuram Rajan had to say about Brexit
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RBI Governor Raghuram Rajan on Friday said that he was not overly worried over Brexit and that its impact on Indian rupee and bonds was lesser than on their peers.
In an interview to ET Now, the RBI Governor said, "RBI was in touch with other central banks across the globe and sees no immediate impact on the rupee, and that the central bank would provide enough liquidity if there was volatility."
In morning trade, the Indian currency breached the 68-level against the US dollar as Britons voted to exit EU in historic UK referendum vote.
In a statement published on RBI website, the RBI Governor said, "The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves. These should stand the country in good stead in the days to come."
"Reserve Bank is continuously maintaining a close vigil on the market developments, both domestically and internationally, and will take all necessary steps, including liquidity support (both dollar and INR), to ensure orderly conditions in financial markets," he added.
RBI Governor Raghuram Rajan on Friday said that he was not overly worried over Brexit and that its impact on Indian rupee and bonds was lesser than on their peers.
In an interview to ET Now, the RBI Governor said, "RBI was in touch with other central banks across the globe and sees no immediate impact on the rupee, and that the central bank would provide enough liquidity if there was volatility."
In morning trade, the Indian currency breached the 68-level against the US dollar as Britons voted to exit EU in historic UK referendum vote.
In a statement published on RBI website, the RBI Governor said, "The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves. These should stand the country in good stead in the days to come."
"Reserve Bank is continuously maintaining a close vigil on the market developments, both domestically and internationally, and will take all necessary steps, including liquidity support (both dollar and INR), to ensure orderly conditions in financial markets," he added.
Govt likely to pick new LIC chief by next month
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Government will soon start the selection process of new LIC chairman following the premature exit of the incumbent, S K Roy, and complete the whole exercise by the next month.
The selection process will begin after acceptance of Roy's resignation by the Appointments Committee of the Cabinet headed by the Prime Minister.
"The selection of the new chief should happen by next month. The candidate would be selected from within the organisation after interview," senior officials in the Finance Ministry said.
Currently, there are two managing directors -- V K Sharma and Usha Sangwan. Besides, there is one vacancy of a managing director as well.
Asked about the reasons for Roy's resignation, officials said: "For some months, he has been talking about his personal concerns. There was no pressure from the government as such for any investment. Investment decisions are taken by LIC based on commercial consideration."
Not a single call has been made by the government for any investment decision, the officials added.
Roy, appointed by the previous UPA government, has resigned nearly two years ahead of completion of his five-year term. He has been with LIC since 1981 and became chairman of life insurance behemoth in June 2013.
On May 31, 2013, he had assumed charge as managing director of LIC and a month later, he was elevated as chairman. Prior to his elevation as MD, he was head of the International Operations division.
Government will soon start the selection process of new LIC chairman following the premature exit of the incumbent, S K Roy, and complete the whole exercise by the next month.
The selection process will begin after acceptance of Roy's resignation by the Appointments Committee of the Cabinet headed by the Prime Minister.
"The selection of the new chief should happen by next month. The candidate would be selected from within the organisation after interview," senior officials in the Finance Ministry said.
Currently, there are two managing directors -- V K Sharma and Usha Sangwan. Besides, there is one vacancy of a managing director as well.
Asked about the reasons for Roy's resignation, officials said: "For some months, he has been talking about his personal concerns. There was no pressure from the government as such for any investment. Investment decisions are taken by LIC based on commercial consideration."
Not a single call has been made by the government for any investment decision, the officials added.
Roy, appointed by the previous UPA government, has resigned nearly two years ahead of completion of his five-year term. He has been with LIC since 1981 and became chairman of life insurance behemoth in June 2013.
On May 31, 2013, he had assumed charge as managing director of LIC and a month later, he was elevated as chairman. Prior to his elevation as MD, he was head of the International Operations division.
General Awareness
Union Government approved MoU between India and Germany
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Prime Minister Narendra Modi approvedMemorandum of Understanding (MoU) with Steinbeis GmbH Co. KG for Technology transfer
Venue: Germany
Purpose: Technology resourcing in manufacturing and enclosed with subsectors of Capital Goods.
The MoU was signed on 25th April at the time of Industrial Exhibition Hannover Messe 2016 which was held in Hannover, Germany.
The foremost organisation for applied industrial research is Steinbeis GmbH in Europe.
It provides Technology Resource Partner for innovating identified projects in manufacturing industries
The mutual cooperation visualize in the MoU:
- Profiling of particular technologies which are already known
- Road Mapping technology for particular sub sectors of Capital Goods
- Appraisal of Technology condition of Capital goods groups
- Mutual cooperation among technology
- Improved version of existing technology institutes
- Building up of Greenfield institutes in India
Features of Memorandum of Understanding:
- Framework instrument to enhance industrial technology projects by Indian Capital Goods Sector.
- Provide a platform to various public sector undertakings and Capital Goods Sector units.
- The easier process of accessing abilities and proficiency of Steinbeis GmbH for identifying and connecting technology gaps.
- Prime Minister Narendra Modi approvedMemorandum of Understanding (MoU) with Steinbeis GmbH Co. KG for Technology transfer
Venue: GermanyThe MoU was signed on 25th April at the time of Industrial Exhibition Hannover Messe 2016 which was held in Hannover, Germany.Purpose: Technology resourcing in manufacturing and enclosed with subsectors of Capital Goods.
The foremost organisation for applied industrial research is Steinbeis GmbH in Europe.It provides Technology Resource Partner for innovating identified projects in manufacturing industriesThe mutual cooperation visualize in the MoU:- Profiling of particular technologies which are already known
- Road Mapping technology for particular sub sectors of Capital Goods
- Appraisal of Technology condition of Capital goods groups
- Mutual cooperation among technology
- Improved version of existing technology institutes
- Building up of Greenfield institutes in India
Features of Memorandum of Understanding:- Framework instrument to enhance industrial technology projects by Indian Capital Goods Sector.
- Provide a platform to various public sector undertakings and Capital Goods Sector units.
- The easier process of accessing abilities and proficiency of Steinbeis GmbH for identifying and connecting technology gaps.
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