General Affairs
Violence Hurting Jammu And Kashmir's Economy, Says Mehbooba Mufti
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SRINAGAR: Against the backdrop of terror attack on CRPF bus, Jammu and Kashmir Chief Minister Mehbooba Mufti today said violence is hurting the state's economic interests, with tourism being the biggest casualty, and sought the support of the people in maintaining peace.
"Unfortunately, the state's tourism and business fraternity has to suffer the brunt when atmosphere of peace is disturbed in the valley by violent incidents," Ms Mufti said while talking to the members of Parliamentary Standing Committee on Tourism, Transport and Culture in Srinagar.
She noted that tourism is directly linked to economic revival and Jammu and Kashmir has been gifted by the God with breath-taking scenic beauty and water resources which need to be harnessed judiciously for tourism promotion.
Seeking support of the people of the state in maintaining peace, she said, "Tourism spreads best by the word of mouth and the players associated with the industry have played a key role in establishing a feel-good factor among the tourists."
Her comments assume significance as these came against the backdrop of terror attack on CRPF bus in Pampore on Saturday in which eight security personnel were killed and 21 injured.
The Parliamentary Committee discussed issues pertaining to development of modern tourism infrastructure in Jammu and Kashmir, an official spokesman said in Srinagar today.
Ms Mufti told the committee members that the state government is in the process of developing new tourist destinations for which it needs adequate financial and technical support from the central government.
"We will involve experts in building state-of-the-art tourism infrastructure at these new destinations," she said.
She said the government would not, however, allow vandalising of these new resorts as "has, unfortunately, happened" with some of the most cherished tourist destinations in the state.
"We will allow only development of eco-friendly infrastructure at the upcoming tourist destinations like Tosamaidan, Ranjit Sagar Dam, Mughal Road and Bangus Valley and develop local economic stakes in tourism promotion," she said.
The chief minister, who also holds the charge of the Tourism portfolio, said the department is conceptualising a plan to promote niche tourism activities in the state including border tourism, religious tourism and adventure tourism.
"Unfortunately, the state's tourism and business fraternity has to suffer the brunt when atmosphere of peace is disturbed in the valley by violent incidents," Ms Mufti said while talking to the members of Parliamentary Standing Committee on Tourism, Transport and Culture in Srinagar.
She noted that tourism is directly linked to economic revival and Jammu and Kashmir has been gifted by the God with breath-taking scenic beauty and water resources which need to be harnessed judiciously for tourism promotion.
Seeking support of the people of the state in maintaining peace, she said, "Tourism spreads best by the word of mouth and the players associated with the industry have played a key role in establishing a feel-good factor among the tourists."
Her comments assume significance as these came against the backdrop of terror attack on CRPF bus in Pampore on Saturday in which eight security personnel were killed and 21 injured.
The Parliamentary Committee discussed issues pertaining to development of modern tourism infrastructure in Jammu and Kashmir, an official spokesman said in Srinagar today.
Ms Mufti told the committee members that the state government is in the process of developing new tourist destinations for which it needs adequate financial and technical support from the central government.
"We will involve experts in building state-of-the-art tourism infrastructure at these new destinations," she said.
She said the government would not, however, allow vandalising of these new resorts as "has, unfortunately, happened" with some of the most cherished tourist destinations in the state.
"We will allow only development of eco-friendly infrastructure at the upcoming tourist destinations like Tosamaidan, Ranjit Sagar Dam, Mughal Road and Bangus Valley and develop local economic stakes in tourism promotion," she said.
The chief minister, who also holds the charge of the Tourism portfolio, said the department is conceptualising a plan to promote niche tourism activities in the state including border tourism, religious tourism and adventure tourism.
Pampore Terrorists Fired 200 Shots At Unprotected Bus, Says CRPF Chief
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NEW DELHI: The terrorists who ambushed a bus full of soldiers in Jammu and Kashmir's Pampore, leaving eight dead and many injured, fired 200 shots at the unprotected vehicle, a top official of the Central Reserve Police Force (CRPF) said today.
"The bus was not bulletproof so there were casualties. We have to see how to make the bus more secure to travel in," K Durga Prasad, the Director General of CRPF told NDTV.
The terrorists, he said, were armed with AK 47s and 11 magazines. "All boys were in the bus, they had no cover...they were fully exposed to enemy fire. But they fought back," he said, adding that like the army, the CRPF would also now use bullet proof patches to fortify buses carrying troops.
Forty CRPF personnel were returning to Srinagar after a firing exercise when the two heavily armed terrorists stopped the bus and started firing. An amateur video shows that the terrorists kept firing without facing any challenge.
Mr Prasad said the terrorists had been helped by surrendered militants. "Our information suggest that surrendered militants had dropped them at Pampore in car minutes before the attack. The vehicle sped back towards Srinagar after dropping them," he said.
A home ministry team is investigating possible lapses that may have helped the attackers inflict greater damage.
Sources also say the security seemed colossally inadequate, given that there was specific intel about an attack at Pampore. Also, no one detected the terrorists waiting in the car on the highway.
The CRPF chief admitted that there aren't enough bullet proof vests. "The number of light bullet proof vests is very limited and they are deployed for the ROP or escort duties. We are reviewing whether all soldiers need to wear these jackets," he said.
Denying that standard operating procedure was skipped, Mr Prasad said: "The convoy was following instructions. We will look into any improvements that are needed."
"The bus was not bulletproof so there were casualties. We have to see how to make the bus more secure to travel in," K Durga Prasad, the Director General of CRPF told NDTV.
The terrorists, he said, were armed with AK 47s and 11 magazines. "All boys were in the bus, they had no cover...they were fully exposed to enemy fire. But they fought back," he said, adding that like the army, the CRPF would also now use bullet proof patches to fortify buses carrying troops.
Forty CRPF personnel were returning to Srinagar after a firing exercise when the two heavily armed terrorists stopped the bus and started firing. An amateur video shows that the terrorists kept firing without facing any challenge.
Mr Prasad said the terrorists had been helped by surrendered militants. "Our information suggest that surrendered militants had dropped them at Pampore in car minutes before the attack. The vehicle sped back towards Srinagar after dropping them," he said.
A home ministry team is investigating possible lapses that may have helped the attackers inflict greater damage.
Sources also say the security seemed colossally inadequate, given that there was specific intel about an attack at Pampore. Also, no one detected the terrorists waiting in the car on the highway.
The CRPF chief admitted that there aren't enough bullet proof vests. "The number of light bullet proof vests is very limited and they are deployed for the ROP or escort duties. We are reviewing whether all soldiers need to wear these jackets," he said.
Denying that standard operating procedure was skipped, Mr Prasad said: "The convoy was following instructions. We will look into any improvements that are needed."
Centre Asks States To Set Up One Lakh Biogas Plants
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NEW DELHI: In a bid to push clean energy, the Centre has asked states and UTs to set up one lakh biogas plants of one to six cubic meter capacity this fiscal, which will save 21.90 lakh LPG cylinders every year.
"With an objective to provide clean gaseous fuel for cooking and organic bio-manure as a by-product, Ministry of New and Renewable Energy has allocated to the states/UTs an annual target of setting up one lakh family size biogas plants (1 m3 to 6 m3 capacity) for the current year, 2016-17," the ministry said in a press release.
This will result in a saving of about 21,90,000 LPG cooking cylinders annually, besides providing bio-manure to reduce the use of chemical fertilisers. There would be a saving of about 10,000 tonnes of urea, the release said.
Moreover, the initiative would reduce emissions of CO2 and Methane by 4,50,000 tonnes and 2,50,000 tonnes respectively, mitigating the menace of climate change.
The family-size biogas plants will be set up under the ministry's National Biogas and Manure Management Progamme (NBMMP).
The objective of the scheme is to provide clean fuel for cooking and organic bio-manure as a by-product in the form of leftover slurry, which is rich in nitrogen, phosphorus and potassium.
NBMMP also helps in mitigating drudgery of women in rural and semi-urban areas by saving their time in collection of firewood, making cattle dung cakes and cooking.
A biogas plant will also improve sanitary condition in villages by linking toilets with cattle dung-based biogas plants.
"With an objective to provide clean gaseous fuel for cooking and organic bio-manure as a by-product, Ministry of New and Renewable Energy has allocated to the states/UTs an annual target of setting up one lakh family size biogas plants (1 m3 to 6 m3 capacity) for the current year, 2016-17," the ministry said in a press release.
This will result in a saving of about 21,90,000 LPG cooking cylinders annually, besides providing bio-manure to reduce the use of chemical fertilisers. There would be a saving of about 10,000 tonnes of urea, the release said.
Moreover, the initiative would reduce emissions of CO2 and Methane by 4,50,000 tonnes and 2,50,000 tonnes respectively, mitigating the menace of climate change.
The family-size biogas plants will be set up under the ministry's National Biogas and Manure Management Progamme (NBMMP).
The objective of the scheme is to provide clean fuel for cooking and organic bio-manure as a by-product in the form of leftover slurry, which is rich in nitrogen, phosphorus and potassium.
NBMMP also helps in mitigating drudgery of women in rural and semi-urban areas by saving their time in collection of firewood, making cattle dung cakes and cooking.
A biogas plant will also improve sanitary condition in villages by linking toilets with cattle dung-based biogas plants.
Pakistan's Linking Of Every Issue To Kashmir 'Absurd': Venkaiah Naidu
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NEW DELHI: Union Minister M Venkaiah Naidu today termed as "totally absurd" and "unacceptable" Pakistan's linking of every issue to Kashmir, saying it is an integral part of India and there is "no question of any bargain" on it.
He also asked the neighbouring country to "give up" Kashmir once and for all.
"Pakistan should give up (Kashmir) once and for all. Moreover, linking everything to Kashmir is totally absurd and unacceptable. Kashmir is an integral part of India and there is no question of any bargain on it," Mr Naidu said on the sidelines of an event in New Delhi.
Noting that India is taking every step to improve relations with its neighbour and restart the dialogue process, he said "But in spite of these elements in Pakistan...if they go on doing this--aiding, funding and training terrorists-- this is not going to help the situation."
Prime Minister Narendra Modi had invited Pakistani Prime Minister Nawaz Sharif for swearing-in ceremony, himself went to Pakistan and greeted the PM (Sharif) there, he added.
"If you want to discuss, clear your doubts any number of times. One can have discussions and also clear their doubts. But trying to make it a controversy, time and again, is not going to help in improving the relationship," Mr Naidu said.
He slammed Pakistan for its lament of being "a victim of terrorism", saying "on the one hand you are encouraging terrorists, and on the other hand, you are lamenting about terrorism. Let Pakistan realise and see to it that such forces are crushed down."
Mr Naidu also termed as "insensitive" Pakistan High Commissioner Abdul Basit's "focus on the iftaar party" remark when asked about the attack on CRPF convoy in Pampore, in which eight security personnel were killed and 21 injured.
Mr Basit had made the remark during an iftaar party in Pakistan High Commission on Saturday.
"Yesterday, I could find that there was lot of criticism of the government by the High Commissioner of Pakistan. I thought at least he will realise it, but unfortunately he has not. The comment 'let us focus on party' was totally insensitive," he said.
Asked about Jammu and Kashmir Chief Minister Mehbooba Mufti's alleged remark of being ashamed of bloodshed in name of Islam during Ramzan, Mr Naidu said, "Some people call it Muslim terrorism, some people call it Hindu terrorism. Terrorism has no religion, I do agree but at the same time if somebody continuously does it then she must have kept that in mind and then made that reaction.
"I do not ascribe terrorism to any particular religion. Terrorism is enemy of mankind and should be curbed, and all religion should start disowning it (terrorism)," he said.
The minister also expressed his happiness over condemnation of terrorism by some clergymen and leaders of Muslim community in India, saying "That's a healthy trend. Every religion should come out openly and condemn the barbaric acts of terrorism."
Mr Naidu also expressed hope that India would get the NSG membership in future amid reports that the group has decided to meet again later this year to discuss the process for allowing non-NPT signatories like India, into the group.
He asked the opposition parties not to politicise matters related to international affairs.
"My appeal to opposition parties is let us not politicise at least matters related to international affairs. Let us keep our voice one to keep the country's prestige and honour. We hope to move forward and also get the membership of NSG in future," he said.
He also asked the neighbouring country to "give up" Kashmir once and for all.
"Pakistan should give up (Kashmir) once and for all. Moreover, linking everything to Kashmir is totally absurd and unacceptable. Kashmir is an integral part of India and there is no question of any bargain on it," Mr Naidu said on the sidelines of an event in New Delhi.
Noting that India is taking every step to improve relations with its neighbour and restart the dialogue process, he said "But in spite of these elements in Pakistan...if they go on doing this--aiding, funding and training terrorists-- this is not going to help the situation."
Prime Minister Narendra Modi had invited Pakistani Prime Minister Nawaz Sharif for swearing-in ceremony, himself went to Pakistan and greeted the PM (Sharif) there, he added.
"If you want to discuss, clear your doubts any number of times. One can have discussions and also clear their doubts. But trying to make it a controversy, time and again, is not going to help in improving the relationship," Mr Naidu said.
He slammed Pakistan for its lament of being "a victim of terrorism", saying "on the one hand you are encouraging terrorists, and on the other hand, you are lamenting about terrorism. Let Pakistan realise and see to it that such forces are crushed down."
Mr Naidu also termed as "insensitive" Pakistan High Commissioner Abdul Basit's "focus on the iftaar party" remark when asked about the attack on CRPF convoy in Pampore, in which eight security personnel were killed and 21 injured.
Mr Basit had made the remark during an iftaar party in Pakistan High Commission on Saturday.
"Yesterday, I could find that there was lot of criticism of the government by the High Commissioner of Pakistan. I thought at least he will realise it, but unfortunately he has not. The comment 'let us focus on party' was totally insensitive," he said.
Asked about Jammu and Kashmir Chief Minister Mehbooba Mufti's alleged remark of being ashamed of bloodshed in name of Islam during Ramzan, Mr Naidu said, "Some people call it Muslim terrorism, some people call it Hindu terrorism. Terrorism has no religion, I do agree but at the same time if somebody continuously does it then she must have kept that in mind and then made that reaction.
"I do not ascribe terrorism to any particular religion. Terrorism is enemy of mankind and should be curbed, and all religion should start disowning it (terrorism)," he said.
The minister also expressed his happiness over condemnation of terrorism by some clergymen and leaders of Muslim community in India, saying "That's a healthy trend. Every religion should come out openly and condemn the barbaric acts of terrorism."
Mr Naidu also expressed hope that India would get the NSG membership in future amid reports that the group has decided to meet again later this year to discuss the process for allowing non-NPT signatories like India, into the group.
He asked the opposition parties not to politicise matters related to international affairs.
"My appeal to opposition parties is let us not politicise at least matters related to international affairs. Let us keep our voice one to keep the country's prestige and honour. We hope to move forward and also get the membership of NSG in future," he said.
Prakash Karat Hits Out At Government For Effort To Get Nuke Club Membership
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THIRUVANANTHAPURAM: Hitting out at the Narendra Modi government over its bid for membership in the Nuclear Suppliers Group, CPI(M) today said it was a pursuit which was "totally unnecessary" and a "big diplomatic setback".
"The Modi government had made frantic efforts to get membership of NSG and you saw Prime Minister going around the world meeting leaders of various countries to elicit support for membership of NSG and we have failed to get membership in the plenary session of NSG held at Seoul recently. That is not surprising," CPI(M) Polit Bureau member Prakash Karat told reporters in Thiruvananthapuram.
He said in 2008, the Manmohan Singh government had after signing the Indo-US Nuclear Civil Nuclear agreement managed with the US to get a waiver from the NSG. This allowed India, despite not being a member of NPT, get an exception to buy nuclear technology, he said.
"The concept that America promised (was) that we will make you a member and we have completely allied to the US. We thought that becoming an ally of the US will give us automatic membership of the NSG," he said.
"The government is trying to say it was only China which opposed India's entry into NSG. That is not correct. Out of 48 countries, 10 countries, including China, and our own partners in BRICS like Brazil and South Africa, did not favour India getting into the NSG," he said.
"This has been a big diplomatic setback for India in recent times and we would like the Modi government to have a more reasonable foreign policy. Not line up with the US and fall in line with their strategy to contain China. That sort of approach is not helping our country's independent foreign policy," he said.
Flaying the government's decision to ease FDI norms in defence procurement, retail trade in food items and civil aviation and allowing 74 per cent FDI in existing pharmaceutical enterprises, Karat said these policies would be "very harmful" for the country and the people.
In the pharmaceutical industry, already there was 100 per cent FDI for greenfield enterprises. But with the new norms in place, 74 per cent foreign shares or control can be there for existing pharmaceutical enterprises.
This will allow foreign companies to take over Indian companies and they will allow only their patented drugs to be manufactured which would be 3-4 times more expensive, he said.
India is the biggest producer of generic drugs, which enables people to get medicines at cheaper cost and it is also being exported to third world countries, he said.
The 100 per cent FDI in food retail will send the small goods and grocery shops out of business, he said.
"The Modi government had made frantic efforts to get membership of NSG and you saw Prime Minister going around the world meeting leaders of various countries to elicit support for membership of NSG and we have failed to get membership in the plenary session of NSG held at Seoul recently. That is not surprising," CPI(M) Polit Bureau member Prakash Karat told reporters in Thiruvananthapuram.
He said in 2008, the Manmohan Singh government had after signing the Indo-US Nuclear Civil Nuclear agreement managed with the US to get a waiver from the NSG. This allowed India, despite not being a member of NPT, get an exception to buy nuclear technology, he said.
"The concept that America promised (was) that we will make you a member and we have completely allied to the US. We thought that becoming an ally of the US will give us automatic membership of the NSG," he said.
"The government is trying to say it was only China which opposed India's entry into NSG. That is not correct. Out of 48 countries, 10 countries, including China, and our own partners in BRICS like Brazil and South Africa, did not favour India getting into the NSG," he said.
"This has been a big diplomatic setback for India in recent times and we would like the Modi government to have a more reasonable foreign policy. Not line up with the US and fall in line with their strategy to contain China. That sort of approach is not helping our country's independent foreign policy," he said.
Flaying the government's decision to ease FDI norms in defence procurement, retail trade in food items and civil aviation and allowing 74 per cent FDI in existing pharmaceutical enterprises, Karat said these policies would be "very harmful" for the country and the people.
In the pharmaceutical industry, already there was 100 per cent FDI for greenfield enterprises. But with the new norms in place, 74 per cent foreign shares or control can be there for existing pharmaceutical enterprises.
This will allow foreign companies to take over Indian companies and they will allow only their patented drugs to be manufactured which would be 3-4 times more expensive, he said.
India is the biggest producer of generic drugs, which enables people to get medicines at cheaper cost and it is also being exported to third world countries, he said.
The 100 per cent FDI in food retail will send the small goods and grocery shops out of business, he said.
Business Affairs
Sensex, Nifty recover from Brexit hangover, end flat
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In a volatile trading day, the S&P BSE Sensex on Monday settled the day flat, while the broader Nifty50 ended below its key 8,100-mark.
The headline indices swung between gains and losses, as investors continued to digest the fallout of Britain's decision to leave the European Union and as cement makers and agriculture-related firms rose on forecast of an extended monsoon season.
The 30-share index ended the day at 26,402, up 5.25 points, while broad-based 50-share index quoted 8,094, up 6.10 points at close.
The chief of the weather office IMD told Reuters on Friday that monsoon rains were likely to end later than usual this year, with plentiful showers towards the latter stages of the season, helping farmers recover from two straight droughts.
Analysts warned the Brexit vote would still weigh on domestic markets, even though some sectors were expected to benefit. Shares of oil marketing companies, for example, rallied on Monday after crude prices slumped.
Brexit still remains a concern across the globe, said Saurabh Jain, assistant vice president-research at SMC Global Securities.
"It (Brexit) is an event which you can say is low probability, high impact. Market participants had never expected this to happen. So, this is a kind of breather which markets are taking before taking their new direction after the event (Brexit) has happened."
Shares of software services companies led declines, given their hefty exposure to Europe. Tata Consultancy Services dropped as much as 3.55 per cent, while Infosys and HCL Technologies fell about 2.80 per cent each.
Meanwhile, shares of consumer giants Hindustan Unilever and ITC gained 1.72 and 2.06 per cent, respectively. Monsanto India jumped 8.21 per cent.
Cement makers were also among the top gainers, with UltraTech Cement up 2.93 and ACC 3.49 per cent higher.
Oil marketing companies Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp gained between 2.20 and 5.21 per cent, supported by continued declines in global crude prices.
In a volatile trading day, the S&P BSE Sensex on Monday settled the day flat, while the broader Nifty50 ended below its key 8,100-mark.
The headline indices swung between gains and losses, as investors continued to digest the fallout of Britain's decision to leave the European Union and as cement makers and agriculture-related firms rose on forecast of an extended monsoon season.
The 30-share index ended the day at 26,402, up 5.25 points, while broad-based 50-share index quoted 8,094, up 6.10 points at close.
The chief of the weather office IMD told Reuters on Friday that monsoon rains were likely to end later than usual this year, with plentiful showers towards the latter stages of the season, helping farmers recover from two straight droughts.
Analysts warned the Brexit vote would still weigh on domestic markets, even though some sectors were expected to benefit. Shares of oil marketing companies, for example, rallied on Monday after crude prices slumped.
Brexit still remains a concern across the globe, said Saurabh Jain, assistant vice president-research at SMC Global Securities.
"It (Brexit) is an event which you can say is low probability, high impact. Market participants had never expected this to happen. So, this is a kind of breather which markets are taking before taking their new direction after the event (Brexit) has happened."
Shares of software services companies led declines, given their hefty exposure to Europe. Tata Consultancy Services dropped as much as 3.55 per cent, while Infosys and HCL Technologies fell about 2.80 per cent each.
Meanwhile, shares of consumer giants Hindustan Unilever and ITC gained 1.72 and 2.06 per cent, respectively. Monsanto India jumped 8.21 per cent.
Cement makers were also among the top gainers, with UltraTech Cement up 2.93 and ACC 3.49 per cent higher.
Oil marketing companies Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp gained between 2.20 and 5.21 per cent, supported by continued declines in global crude prices.
PM Narendra Modi defends under-fire outgoing RBI chief Rajan
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Prime Minister Narendra Modi praised outgoing Reserve Bank of India Governor Raghuram Rajan on Monday, days after the central bank chief made public his decision to stand down after just one three-year term.
In his first comments since Rajan announced his decision, Modi said he had a good working relationship with the central bank chief. Modi also defended Rajan in the face of strident criticism from right-wing members of his ruling political party.
Those who created controversies were being unjust to Rajan, Modi told Times Now TV in a rare interview, adding the central banker's patriotism was "no less than any of ours".
Prime Minister Narendra Modi praised outgoing Reserve Bank of India Governor Raghuram Rajan on Monday, days after the central bank chief made public his decision to stand down after just one three-year term.
In his first comments since Rajan announced his decision, Modi said he had a good working relationship with the central bank chief. Modi also defended Rajan in the face of strident criticism from right-wing members of his ruling political party.
Those who created controversies were being unjust to Rajan, Modi told Times Now TV in a rare interview, adding the central banker's patriotism was "no less than any of ours".
FDI relaxation credit positive for India: Moody's
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India's easing of FDI rules is a credit positive as it shows a continuation of reform momentum, paves the way for private investment and boosts productivity, Moody's Investors Service said.
The credit rating agency, which has a 'Baa3' with a stable outlook on India, said in a report that higher FDI inflows will help support the country's external financing needs at a time of moderated FII inflows.
The government had last week announced FDI liberalisation in nine sectors such as civil aviation, retail and private security services. This was the current government's second round of relaxation in FDI rules.
Moody's said: "The announcement is credit positive because it demonstrates a continuation of reform momentum and paves the way for private investment and a boost in productivity. Additionally, higher FDI inflows will help support India s external financing needs at a time when portfolio flows have moderated."
It added however that "stronger FDI alone will not deliver markedly higher growth and productivity in India. FDI currently accounts for less than 10 per cent of total fixed asset investment and will not substitute for muted domestic private investment. Growth in total investment remained soft at 3.9 per cent in fiscal 2016".
Net foreign direct investment (FDI) inflows have increased over the past two years, reaching record highs of $36 billion in the last financial year from $24.2 billion on average during the preceding three fiscal years.
Moody's said that despite some progress in improving the operating environment and easing investment procedures, reforms have stalled in two key areas: passing a unified Goods and Services Tax and the Land Acquisition Act.
"We expect that political division will keep the reform process uneven and slow-moving," Moody's said.
It said higher FDI will reduce other external financing needs, a positive at a time when the portfolio flows into India and other emerging markets have been volatile.
"We expect FDI inflows to remain robust given the development of industrial corridors, which will form a network of industrial bases between India s big metropolitan cities and investment and manufacturing zones under the 'Make in India' and 'Smart Cities' initiatives," it said.
Moody's said FDI liberalisation illustrates that the government s reform agenda remains on track.
"Sustained, albeit gradual, reform momentum contributes to improving the business environment and establishing a more stable macro-economic environment through gradual fiscal consolidation and credible monetary policy," the report said.
Furthermore, by fostering the adoption of innovative technologies, FDI can help raise India s productivity and growth potential and support economic growth over the next three to five years.
India's easing of FDI rules is a credit positive as it shows a continuation of reform momentum, paves the way for private investment and boosts productivity, Moody's Investors Service said.
The credit rating agency, which has a 'Baa3' with a stable outlook on India, said in a report that higher FDI inflows will help support the country's external financing needs at a time of moderated FII inflows.
The government had last week announced FDI liberalisation in nine sectors such as civil aviation, retail and private security services. This was the current government's second round of relaxation in FDI rules.
Moody's said: "The announcement is credit positive because it demonstrates a continuation of reform momentum and paves the way for private investment and a boost in productivity. Additionally, higher FDI inflows will help support India s external financing needs at a time when portfolio flows have moderated."
It added however that "stronger FDI alone will not deliver markedly higher growth and productivity in India. FDI currently accounts for less than 10 per cent of total fixed asset investment and will not substitute for muted domestic private investment. Growth in total investment remained soft at 3.9 per cent in fiscal 2016".
Net foreign direct investment (FDI) inflows have increased over the past two years, reaching record highs of $36 billion in the last financial year from $24.2 billion on average during the preceding three fiscal years.
Moody's said that despite some progress in improving the operating environment and easing investment procedures, reforms have stalled in two key areas: passing a unified Goods and Services Tax and the Land Acquisition Act.
"We expect that political division will keep the reform process uneven and slow-moving," Moody's said.
It said higher FDI will reduce other external financing needs, a positive at a time when the portfolio flows into India and other emerging markets have been volatile.
"We expect FDI inflows to remain robust given the development of industrial corridors, which will form a network of industrial bases between India s big metropolitan cities and investment and manufacturing zones under the 'Make in India' and 'Smart Cities' initiatives," it said.
Moody's said FDI liberalisation illustrates that the government s reform agenda remains on track.
"Sustained, albeit gradual, reform momentum contributes to improving the business environment and establishing a more stable macro-economic environment through gradual fiscal consolidation and credible monetary policy," the report said.
Furthermore, by fostering the adoption of innovative technologies, FDI can help raise India s productivity and growth potential and support economic growth over the next three to five years.
AAI again rejects Changi plan for Jaipur, Ahmedabad airports
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For the second time, state-owned Airports Authority of India (AAI) has rejected Singapore's Changi Airport proposal to operate and maintain Jaipur and Ahmedabad airports after finding the latest plan "unfeasible".
Now, AAI would move ahead with steps to start the international bidding process for choosing the entities to operate and maintain the two domestic aerodromes.
The proposal to rope in Singapore's Changi airport for the projects was floated during Prime Minister Narendra Modi's visit to the island nation last November.
The revised plan from Changi Airport, owned by the Singapore government, also sought a "higher" quantum of revenue in managing Jaipur and Ahmedabad aerodromes. This is "unfeasible" and not commercially viable for AAI, a source close to the development said.
Hence, the latest proposal has been rejected after discussions with the Civil Aviation Ministry, the source said.
Earlier also, Changi Airport's proposal was rejected on the same grounds.
"It has now been decided to re-open the global bids route for the two airports and (if interested) Changi Airport can also participate in it," the source said.
According to him, AAI is in the process of appointing a consultant for preparing the bid documents,"AAI expects to come out with the Request for Proposal (RFP) for Jaipur and Ahmedabad and airports by August," he added.
A senior Civil Aviation Ministry official said there is no "political pressure" to conclude a deal with Changi Airport and decisions are taken on the basis of merits.
With regard to Jaipur and Ahmedabad airports, AAI had signed a memorandum of understanding (MoU) with Singapore Cooperation Enterprise (SCE) during Modi's visit to the island nation.
In January, the Union Cabinet had also given its ex-post facto approval to the MoU.
Under the MoU, both parties were to cooperate in planning and development of Ahmedabad and Jaipur airports besides other aspects including traffic and commercial development, service quality and operations and management.
Significantly, passenger traffic at Ahmedabad grew 28.3 per cent to 64,80,111 passengers in the last fiscal compared to 50,50,433 passengers in FY15.
Jaipur Airport during this period logged a healthy 31.4 per cent growth in number of passengers to 28,87,195 passengers from 21,97,996 fliers in fiscal 2014-15.
For the second time, state-owned Airports Authority of India (AAI) has rejected Singapore's Changi Airport proposal to operate and maintain Jaipur and Ahmedabad airports after finding the latest plan "unfeasible".
Now, AAI would move ahead with steps to start the international bidding process for choosing the entities to operate and maintain the two domestic aerodromes.
The proposal to rope in Singapore's Changi airport for the projects was floated during Prime Minister Narendra Modi's visit to the island nation last November.
The revised plan from Changi Airport, owned by the Singapore government, also sought a "higher" quantum of revenue in managing Jaipur and Ahmedabad aerodromes. This is "unfeasible" and not commercially viable for AAI, a source close to the development said.
Hence, the latest proposal has been rejected after discussions with the Civil Aviation Ministry, the source said.
Earlier also, Changi Airport's proposal was rejected on the same grounds.
"It has now been decided to re-open the global bids route for the two airports and (if interested) Changi Airport can also participate in it," the source said.
According to him, AAI is in the process of appointing a consultant for preparing the bid documents,"AAI expects to come out with the Request for Proposal (RFP) for Jaipur and Ahmedabad and airports by August," he added.
A senior Civil Aviation Ministry official said there is no "political pressure" to conclude a deal with Changi Airport and decisions are taken on the basis of merits.
With regard to Jaipur and Ahmedabad airports, AAI had signed a memorandum of understanding (MoU) with Singapore Cooperation Enterprise (SCE) during Modi's visit to the island nation.
In January, the Union Cabinet had also given its ex-post facto approval to the MoU.
Under the MoU, both parties were to cooperate in planning and development of Ahmedabad and Jaipur airports besides other aspects including traffic and commercial development, service quality and operations and management.
Significantly, passenger traffic at Ahmedabad grew 28.3 per cent to 64,80,111 passengers in the last fiscal compared to 50,50,433 passengers in FY15.
Jaipur Airport during this period logged a healthy 31.4 per cent growth in number of passengers to 28,87,195 passengers from 21,97,996 fliers in fiscal 2014-15.
Larsen & Toubro's construction arm bag orders worth Rs 2,416 cr in June
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Infrastructure major Larsen & Toubro's construction arm has won projects worth Rs 2,416 crore across various business segments in June.
"The construction arm of L&T has won orders worth Rs 2,416 crore across various business segments in the month of June 2016," Larsen & Toubro (L&T) said in a statement.
The company said its building and factories business won orders worth Rs 1,165 crore and added a prestigious high rise residential project from a leading developer in Mumbai.
The job involves civil and structural works for the construction of two residential towers, it said, adding that another order was bagged for the construction of a mixed-use development (MUD) from a renowned customer in Kolkata.
The scope of work involves civil and structural works for the construction of two towers of G+15 and G+7 floors, respectively, with 2 levels of common basement.
Power transmission and distribution business bagged orders worth Rs 1,120 crore in the domestic and international markets. "In the international market, a major engineering, procurement and construction order has been bagged from a reputed customer in the Middle East," the company said.
The work includes construction of a medium voltage overhead line which will enhance the reliability of the existing network.
On the domestic front, orders have been received from Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) in Uttar Pradesh including construction of 33 kV sub-stations and associated lines in Ghaziabad, under the Integrated Power Development Scheme (IPDS) and rural electrification including feeder separation works in Meerut under the Deen Dayal Upadhyaya Gram Jyoti Yojana scheme (DDUGJY).
L&T further said its Smart World & Communication Business secured orders worth Rs 131 crore which includes a new order from RajCOMP Info Services Limited, a government of Rajasthan undertaking, for establishing and commissioning command and control centres at Bikaner, Bharatpur and Jodhpur cities under the Surveillance and Incident Response Project.
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with USD 16 billion in revenue.
The company operates in over 30 countries. Larsen and Toubro shares were trading 1.56 per cent up at Rs 1,455.90 on BSE in the afternoon session.
Infrastructure major Larsen & Toubro's construction arm has won projects worth Rs 2,416 crore across various business segments in June.
"The construction arm of L&T has won orders worth Rs 2,416 crore across various business segments in the month of June 2016," Larsen & Toubro (L&T) said in a statement.
The company said its building and factories business won orders worth Rs 1,165 crore and added a prestigious high rise residential project from a leading developer in Mumbai.
The job involves civil and structural works for the construction of two residential towers, it said, adding that another order was bagged for the construction of a mixed-use development (MUD) from a renowned customer in Kolkata.
The company said its building and factories business won orders worth Rs 1,165 crore and added a prestigious high rise residential project from a leading developer in Mumbai.
The job involves civil and structural works for the construction of two residential towers, it said, adding that another order was bagged for the construction of a mixed-use development (MUD) from a renowned customer in Kolkata.
The scope of work involves civil and structural works for the construction of two towers of G+15 and G+7 floors, respectively, with 2 levels of common basement.
Power transmission and distribution business bagged orders worth Rs 1,120 crore in the domestic and international markets. "In the international market, a major engineering, procurement and construction order has been bagged from a reputed customer in the Middle East," the company said.
The work includes construction of a medium voltage overhead line which will enhance the reliability of the existing network.
The work includes construction of a medium voltage overhead line which will enhance the reliability of the existing network.
On the domestic front, orders have been received from Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) in Uttar Pradesh including construction of 33 kV sub-stations and associated lines in Ghaziabad, under the Integrated Power Development Scheme (IPDS) and rural electrification including feeder separation works in Meerut under the Deen Dayal Upadhyaya Gram Jyoti Yojana scheme (DDUGJY).
L&T further said its Smart World & Communication Business secured orders worth Rs 131 crore which includes a new order from RajCOMP Info Services Limited, a government of Rajasthan undertaking, for establishing and commissioning command and control centres at Bikaner, Bharatpur and Jodhpur cities under the Surveillance and Incident Response Project.
Larsen & Toubro is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with USD 16 billion in revenue.
The company operates in over 30 countries. Larsen and Toubro shares were trading 1.56 per cent up at Rs 1,455.90 on BSE in the afternoon session.
The company operates in over 30 countries. Larsen and Toubro shares were trading 1.56 per cent up at Rs 1,455.90 on BSE in the afternoon session.
General Awareness
Swachhta Mission to be implemented in 10 prominent wildlife sanctuaries, Tiger reserves and National Parks
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Union Ministry of Environment and Forests has decided to implement Swachhta Mission in 10 significant Wildlife Sanctuaries, Tiger reserves and National Parks and make visitors to use Jute bag
Focus: Keeping the Wildlife Sanctuaries, Tiger reserves and National Parks pollution-free and Ensure cleanliness & Waste Management.
Plans: Union Government planned to disallow use of dustbin and plastic bagsinside the reserves and Sanctuaries
The ten places recognised for Swachh Bharat mission
National Parks:
- Gir National Park, Gujarat
Wildlife Sanctuary:
- Coringa Wildlife Sanctuary, Andhra Pradesh
- Flamingo Sanctuary, Maharashtra
Tiger Reserve:
- Kanha Tiger Reserve, Madhya Pradesh
- Tadoba Andhari Tiger Reserve, Maharshtra
- Nagarhole Tiger Reserve, Karnataka
- Periyar Tiger Reserve, Kerala
- Sariska Tiger Reserve, Rajasthan
- Mudumalai Tiger Reserve, Tamil Nadu
- Jim Corbett Tiger Reserve, Uttarakhand
The sanctuaries are covered over app 1.61 Lakh Sq.km and about 32 lakh visitorsvisit the sanctuaries every year
The Government decided to implement Standard operating Procedures or SOP to end the solutions for garbage in addition to cleanliness of International Excellence level at the sanctuaries.
Swachh Bharat Campaign in Sanctuaries
Held during 1st June to 15th June 2016
Delegates: Principal Chief Conservators of Forest, Chief Wildlife Wardens, National Tiger Conservation Authority, Wildlife Crime Control Bureau and other Agencies
It has been decided to continue to implement for the whole year if it is launched successfully.
About Swachha Bharat:
- Started in October 2, 2014
- Launched by Prime Minister Narendra Modi
- Inspiration: Mahatma Gandhi
- Mission: To achieve the goal of Clean India in next five years so that the 150th birth anniversary of Mahatma can be celebrated as an accomplishment of this duty in 2019
- Focus: Clean India – To make country clean
- Union Ministry of Environment and Forests has decided to implement Swachhta Mission in 10 significant Wildlife Sanctuaries, Tiger reserves and National Parks and make visitors to use Jute bag
Focus: Keeping the Wildlife Sanctuaries, Tiger reserves and National Parks pollution-free and Ensure cleanliness & Waste Management.Plans: Union Government planned to disallow use of dustbin and plastic bagsinside the reserves and SanctuariesThe ten places recognised for Swachh Bharat missionNational Parks:
- Gir National Park, Gujarat
Wildlife Sanctuary:- Coringa Wildlife Sanctuary, Andhra Pradesh
- Flamingo Sanctuary, Maharashtra
Tiger Reserve:- Kanha Tiger Reserve, Madhya Pradesh
- Tadoba Andhari Tiger Reserve, Maharshtra
- Nagarhole Tiger Reserve, Karnataka
- Periyar Tiger Reserve, Kerala
- Sariska Tiger Reserve, Rajasthan
- Mudumalai Tiger Reserve, Tamil Nadu
- Jim Corbett Tiger Reserve, Uttarakhand
The sanctuaries are covered over app 1.61 Lakh Sq.km and about 32 lakh visitorsvisit the sanctuaries every yearThe Government decided to implement Standard operating Procedures or SOP to end the solutions for garbage in addition to cleanliness of International Excellence level at the sanctuaries.Swachh Bharat Campaign in SanctuariesHeld during 1st June to 15th June 2016Delegates: Principal Chief Conservators of Forest, Chief Wildlife Wardens, National Tiger Conservation Authority, Wildlife Crime Control Bureau and other AgenciesIt has been decided to continue to implement for the whole year if it is launched successfully.About Swachha Bharat:- Started in October 2, 2014
- Launched by Prime Minister Narendra Modi
- Inspiration: Mahatma Gandhi
- Mission: To achieve the goal of Clean India in next five years so that the 150th birth anniversary of Mahatma can be celebrated as an accomplishment of this duty in 2019
- Focus: Clean India – To make country clean
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