General Affairs
PM Modi Stresses On Development Of Eastern India, Takes Swipe At 'Gareebi Hatao' Slogan
-
BALASORE, ODISHA: Attacking Congress' "gareebi hatao" slogan, Prime Minister Narendra Modi today said, though intention of those who gave the slogan may have been good, the path they chose for delivering the promise was wrong.
Addressing a rally in Balasore town of Odisha on completion of two years of his government, he called for a 'balanced' development in the country and wondered why the eastern belt had remained backward despite being generously bestowed with natural resources.
Pitching for development of Odisha, eastern Uttar Pradesh, West Bengal, Bihar and Assam, PM Modi said his government was committed to the welfare of the poor people who would be at the centre of all schemes.
Questioning former Prime Minister Indira Gandhi's 'gareebi hatao' slogan, he said, "We have for the last 60 years heard the slogan of 'gareebi hatao'. I do not doubt the intention of those who gave this slogan. The intention may have been good but the path they chose to eradicate poverty was certainly wrong because poverty, umemployment and disease grew."
He said governments are not for the rich, but for the poor and they should work towards fighting poverty. Till the time scientific solutions to the problems are found, poverty will not be eradicated, he said.
"I had said that my government is dedicated to the welfare of poor people in the country. When I said this, my purpose was that no state or area should be left behind in development. There should be a balanced development and everyone should benefit from it... Governments are not for the rich but for the poor and should work for them. The poor should be at the centre of all governments schemes," PM Modi said.
Addressing a rally in Balasore town of Odisha on completion of two years of his government, he called for a 'balanced' development in the country and wondered why the eastern belt had remained backward despite being generously bestowed with natural resources.
Pitching for development of Odisha, eastern Uttar Pradesh, West Bengal, Bihar and Assam, PM Modi said his government was committed to the welfare of the poor people who would be at the centre of all schemes.
Questioning former Prime Minister Indira Gandhi's 'gareebi hatao' slogan, he said, "We have for the last 60 years heard the slogan of 'gareebi hatao'. I do not doubt the intention of those who gave this slogan. The intention may have been good but the path they chose to eradicate poverty was certainly wrong because poverty, umemployment and disease grew."
He said governments are not for the rich, but for the poor and they should work towards fighting poverty. Till the time scientific solutions to the problems are found, poverty will not be eradicated, he said.
"I had said that my government is dedicated to the welfare of poor people in the country. When I said this, my purpose was that no state or area should be left behind in development. There should be a balanced development and everyone should benefit from it... Governments are not for the rich but for the poor and should work for them. The poor should be at the centre of all governments schemes," PM Modi said.
Aviation Minister Denies Wrongdoing, Backs Aide Who Spoke To Arms Dealer 355 Times
-
NEW DELHI: Civil Aviation Minister Ashok Gajapathi Raju has denied any links with arms dealer Sanjay Bhandari. He has also backed his aide Appa Rao, who had exchanged 355 phone calls with Mr Bhandari over the last year, according to documents collected in raids last month on the defence dealer.
Mr Bhandari is being investigated for allegedly buying a proxy-owned house for Robert Vadra in London. The Congress - whose chief Sonia Gandhi is the mother-in-law of Mr Vadra -- has accused the BJP of playing down its own links with Mr Bhandari, while pointing fingers at the Gandhis.
"If anyone has a clandestine deal with me I want to know how they have it. My job is to see nothing clandestine is going on," said Mr Raju, who is a member of the Telugu Desam Party, an ally of the BJP.
Mr Raju said his Officer on Special Duty, Appa Rao, would remain in his post "as long as I have confidence in him". Appa Rao has denied that he had spoken to Mr Bhandari hundreds of times. He also told "I have no personal relationship with the fellow. If at all, there is a professional relationship."
The minister's aide has said that Mr Bhandari visited Mr Raju at his office on three or four occasions. The minister met him professionally as Mr Bhandari is in the business of procuring aircraft parts, Mr Rao said.
The Congress has also accused the BJP's Sidharth Nath Singh of links with the arms dealer. Sidharth Nath Singh told that he has nothing to hide, saying, "It's a social relationship and friendship, certainly not a business relationship. Since the Congress has asked for an investigation into this, I must say that I have absolutely no issues with it. Please go ahead and carry out an investigation."
Robert Vadra's lawyers have denied that he directly or indirectly owned the London property and have said he has no association with Mr Bhandari.
Mr Bhandari is being investigated for allegedly buying a proxy-owned house for Robert Vadra in London. The Congress - whose chief Sonia Gandhi is the mother-in-law of Mr Vadra -- has accused the BJP of playing down its own links with Mr Bhandari, while pointing fingers at the Gandhis.
Mr Raju said his Officer on Special Duty, Appa Rao, would remain in his post "as long as I have confidence in him". Appa Rao has denied that he had spoken to Mr Bhandari hundreds of times. He also told "I have no personal relationship with the fellow. If at all, there is a professional relationship."
The minister's aide has said that Mr Bhandari visited Mr Raju at his office on three or four occasions. The minister met him professionally as Mr Bhandari is in the business of procuring aircraft parts, Mr Rao said.
The Congress has also accused the BJP's Sidharth Nath Singh of links with the arms dealer. Sidharth Nath Singh told that he has nothing to hide, saying, "It's a social relationship and friendship, certainly not a business relationship. Since the Congress has asked for an investigation into this, I must say that I have absolutely no issues with it. Please go ahead and carry out an investigation."
Robert Vadra's lawyers have denied that he directly or indirectly owned the London property and have said he has no association with Mr Bhandari.
Morocco University Hosting Hamid Ansari Shows Incorrect Map Of India
-
RABAT: In a major goof-up, the University of Morocco hosting Vice President Hamid Ansari for a lecture displayed an incorrect map of India which showed Pakistan and Afghanistan as part of its territory.
The error in the map however was spotted by one of the members of the Indian delegation before Mr Ansari had arrived and was immediately removed. Mr Ansari's lecture was titled 'Accommodating Diversity in a Globalising World: The Indian Experience'
The mistake was attributed to an error by the students who were managing the display system.
Mr Ansari's visit to Morocco is the first high-level visit to the African country after Prime Minister Atal Bihari Vajpayee went there in 1999. He will now head to Tunisia for a two-day visit at the invitation of Prime Minister Habib Essid.
The error in the map however was spotted by one of the members of the Indian delegation before Mr Ansari had arrived and was immediately removed. Mr Ansari's lecture was titled 'Accommodating Diversity in a Globalising World: The Indian Experience'
The mistake was attributed to an error by the students who were managing the display system.
Mr Ansari's visit to Morocco is the first high-level visit to the African country after Prime Minister Atal Bihari Vajpayee went there in 1999. He will now head to Tunisia for a two-day visit at the invitation of Prime Minister Habib Essid.
India, US Sign Pact To Boost Security, Energy Ties
-
NEW DELHI: India has inked a pact with the US to enhance cooperation in energy security and climate change with an aim to promote sustainable growth.
A Memorandum of Understanding (MoU) between the Government of India and the United States was signed in New Delhi today to enhance cooperation in energy security, clean energy and climate change, the power ministry said in a statement.
Power Secretary PK Pujari and US Ambassador to India Richard R Verma signed the MoU.
Speaking on the occasion, Mr Pujari said that "USA and India are already working in some areas and this MoU will help in expanding our horizon. It will provide framework to work more closely not only for betterment of our own people but also for creating a positive environment for the US companies working in India."
Appreciating efforts of the Indian government, Mr Verma said this deal will provide momentum for cooperative work which needs to be done in the fields of energy security and climate change.
The objective of the pact is to boost energy ties between the two countries through increased bilateral engagement and further joint initiatives.
These activities are intended to increase incentives for innovation including research and development, and voluntary and mutually-agreed technology transfer, as well as the deployment of clean energy technologies in both countries.
They will also contribute to a global effort to curb the rise in greenhouse gas emissions and enhance resilience to the impacts of climate change, the statement said.
The priority initiatives under the MoU would be US-India Energy smart Cities Partnership, greening the grid, promoting Energy Access through Clean Energy (PEACE) expansion, energy efficiency including space cooling, renewable energy, energy security, clean energy finance and US-India partnership for Climate Resilience, among others.
A Memorandum of Understanding (MoU) between the Government of India and the United States was signed in New Delhi today to enhance cooperation in energy security, clean energy and climate change, the power ministry said in a statement.
Power Secretary PK Pujari and US Ambassador to India Richard R Verma signed the MoU.
Speaking on the occasion, Mr Pujari said that "USA and India are already working in some areas and this MoU will help in expanding our horizon. It will provide framework to work more closely not only for betterment of our own people but also for creating a positive environment for the US companies working in India."
Appreciating efforts of the Indian government, Mr Verma said this deal will provide momentum for cooperative work which needs to be done in the fields of energy security and climate change.
The objective of the pact is to boost energy ties between the two countries through increased bilateral engagement and further joint initiatives.
These activities are intended to increase incentives for innovation including research and development, and voluntary and mutually-agreed technology transfer, as well as the deployment of clean energy technologies in both countries.
They will also contribute to a global effort to curb the rise in greenhouse gas emissions and enhance resilience to the impacts of climate change, the statement said.
The priority initiatives under the MoU would be US-India Energy smart Cities Partnership, greening the grid, promoting Energy Access through Clean Energy (PEACE) expansion, energy efficiency including space cooling, renewable energy, energy security, clean energy finance and US-India partnership for Climate Resilience, among others.
Antarctica Coastline Images Reveal 40 Years Of Ice Loss
-
LONDON: A part of the Antarctica coastline has been losing ice to the ocean for over four decades, far longer than had been expected, finds a new study of satellite images.
The images of 2,000 km of west Antarctica's coastline showed a loss of about 1,000 km of ice, the researchers said.
"We knew that ice had been retreating from this region recently but now, thanks to a wealth of freely available satellite data, we know this has been occurring pervasively along the coastline for almost half a century," said lead researcher Frazer Christie, doctoral student at the University of Edinburgh's School of GeoSciences in Britain.
The findings showed that ice has been retreating consistently along almost the entire coastline of Antarctica's Bellingshausen Sea since satellite records began.
Warmer ocean waters reaching Antarctica's coast, rather than rising air temperatures, are the reason behind the loss of ice, the scientists suggest.
For the study, published in Geophysical Research Letters, the team analysed hundreds of satellite photographs of the ice margin captured by NASA, the United States Geological Survey (USGS) and the European Space Agency (ESA).
The team also monitored ice thickness and thinning rates using data taken from satellites and the air.
This showed that some of the largest changes, where ice has rapidly thinned and retreated several miles since 1975, correspond to where the ice front is deepest.
"This study provides important context for our understanding of what is causing ice to retreat around the continent," said Robert Bingham from School of GeoSciences.
The results will help improve estimates of global sea level rise caused by ice melt, the researchers noted adding that further satellite monitoring is needed to track progress of the ice sheet.
"We now know change to West Antarctica has been longstanding, and the challenge ahead is to determine what has been causing these ice losses for so long," Mr Bingham said.
The images of 2,000 km of west Antarctica's coastline showed a loss of about 1,000 km of ice, the researchers said.
"We knew that ice had been retreating from this region recently but now, thanks to a wealth of freely available satellite data, we know this has been occurring pervasively along the coastline for almost half a century," said lead researcher Frazer Christie, doctoral student at the University of Edinburgh's School of GeoSciences in Britain.
The findings showed that ice has been retreating consistently along almost the entire coastline of Antarctica's Bellingshausen Sea since satellite records began.
Warmer ocean waters reaching Antarctica's coast, rather than rising air temperatures, are the reason behind the loss of ice, the scientists suggest.
For the study, published in Geophysical Research Letters, the team analysed hundreds of satellite photographs of the ice margin captured by NASA, the United States Geological Survey (USGS) and the European Space Agency (ESA).
The team also monitored ice thickness and thinning rates using data taken from satellites and the air.
This showed that some of the largest changes, where ice has rapidly thinned and retreated several miles since 1975, correspond to where the ice front is deepest.
"This study provides important context for our understanding of what is causing ice to retreat around the continent," said Robert Bingham from School of GeoSciences.
The results will help improve estimates of global sea level rise caused by ice melt, the researchers noted adding that further satellite monitoring is needed to track progress of the ice sheet.
"We now know change to West Antarctica has been longstanding, and the challenge ahead is to determine what has been causing these ice losses for so long," Mr Bingham said.
Business Affairs
FM Arun Jaitley hints at GST rollout next year
-
Hinting at rollout of GST next year, Finance Minister Arun Jaitley on Thursday said a constitution amendment bill on the new indirect tax regime will be brought to Rajya Sabha in the next session and all supporting legislations required will be in place by the year end.
"I intend bringing up the Constitution Amendment Bill for consideration in the Upper House in the very next session of Parliament which starts next month and I am reasonably hopeful of this being passed," he said.
Speaking at an 'India: Investment Promotion Seminar' organised by CII and DIPP, Jaitley said the numbers in Rajya Sabha are "overwhelmingly in favour of GST".
The GST Bill -- which creates a single national sales tax to replace several state and central levies -- has already been approved by the Lok Sabha or Lower House of Parliament and is pending in the Upper House where the government doesn't have a majority.
"After the Constitution Amendment is approved, there are three legislations that are required to be passed, two by the central government and one by state assemblies.
"Now, on the assumption that the GST will be passed in (the ensuing) monsoon session of Parliament, then by the end of the year those draft legislations are ready and GST council has to approve it," he said.
After Parliament approves the constitutional amendment to allow GST, the measure needs to be ratified by more than half of states. Then Parliament must pass another bill to implement the Goods and Services Tax.
The overall rate, which would vary for different goods, would be set by a newly formed GST Council.
Jaitley, who arrived here yesterday on the second leg of his six-day investor wooing tour of Japan, said the IT backbone required for enforcement of GST has made significant headway.
"Under the GST Bill, the rate of tax is to be decided by GST Council. The Council comprises of State and Central government," he said.
GST, he said, will help in checking tax evasion.
"I think in the long run, GST rates will moderate further. At what rate, the GST Council will start it, I don't know... there have been recommendations which have been made by expert committees including the one that ministry of finance had set up. I'm sure we will try to keep rates as moderate as possible," he said.
Yesterday, Jaitley had said he hoped the main opposition Congress will come on board to help in the passage of the India's biggest indirect tax reform bill since the Independence.
The main opposition party wants the GST rate capped at 18 per cent, the proposed 1 per cent additional levy on inter- state trade be removed and an independent dispute resolution mechanism for states.
Hinting at rollout of GST next year, Finance Minister Arun Jaitley on Thursday said a constitution amendment bill on the new indirect tax regime will be brought to Rajya Sabha in the next session and all supporting legislations required will be in place by the year end.
"I intend bringing up the Constitution Amendment Bill for consideration in the Upper House in the very next session of Parliament which starts next month and I am reasonably hopeful of this being passed," he said.
Speaking at an 'India: Investment Promotion Seminar' organised by CII and DIPP, Jaitley said the numbers in Rajya Sabha are "overwhelmingly in favour of GST".
The GST Bill -- which creates a single national sales tax to replace several state and central levies -- has already been approved by the Lok Sabha or Lower House of Parliament and is pending in the Upper House where the government doesn't have a majority.
"After the Constitution Amendment is approved, there are three legislations that are required to be passed, two by the central government and one by state assemblies.
"Now, on the assumption that the GST will be passed in (the ensuing) monsoon session of Parliament, then by the end of the year those draft legislations are ready and GST council has to approve it," he said.
After Parliament approves the constitutional amendment to allow GST, the measure needs to be ratified by more than half of states. Then Parliament must pass another bill to implement the Goods and Services Tax.
The overall rate, which would vary for different goods, would be set by a newly formed GST Council.
Jaitley, who arrived here yesterday on the second leg of his six-day investor wooing tour of Japan, said the IT backbone required for enforcement of GST has made significant headway.
"Under the GST Bill, the rate of tax is to be decided by GST Council. The Council comprises of State and Central government," he said.
GST, he said, will help in checking tax evasion.
"I think in the long run, GST rates will moderate further. At what rate, the GST Council will start it, I don't know... there have been recommendations which have been made by expert committees including the one that ministry of finance had set up. I'm sure we will try to keep rates as moderate as possible," he said.
Yesterday, Jaitley had said he hoped the main opposition Congress will come on board to help in the passage of the India's biggest indirect tax reform bill since the Independence.
The main opposition party wants the GST rate capped at 18 per cent, the proposed 1 per cent additional levy on inter- state trade be removed and an independent dispute resolution mechanism for states.
Sensex gains 129 points, Nifty holds above 8,200 on positive global cues; Wipro top loser
-
Extending gains for the third straight session, the S&P BSE Sensex on Thursday added 129 points, while the broader Nifty50 jumped above its key support level of 8,200.
The headline indices rallied tracking positive trend seen in European stocks. However, they traded flat during larger period of time as a stronger rupee hit exporters and investors booked profits after indexes rose to the highest since late October during the week.
The 30-share index ended the day at 26,843, up 129.21 points, while broad-based 50-share index was quoting 8,218, up 39.00 points at close.
Markets edged lower on Thursday, heading for a second session of declines in eight, as a stronger rupee hit exporters and investors booked profits after indexes rose to the highest since late October during the week.
Domestic stock markets have surged around 20 per cent since they hit a near two-year low on February 29, on the back of hopes triggered by a recovery in earnings and improving economic data.
The country's gross domestic product expanded at a stronger-than-expected rate of 7.9 per cent year-on-year in the March quarter, extending India's lead as the world's fastest growing large economy, data on Monday showed.
"We have come across over retracement in the past five-six days. The market is doing sideways consolidation. After two-three days of consolidation, the market will again bounce back," said Shrikant Chouhan, Senior VP, Technical Research at Kotak Securities.
"A lot of stocks are far way from their recent lows. It is not overbought," added Chouhan.
Wipro was the worst performing stock on both the benchmark indices and lost 2.35 per cent on BSE.
Shares of drug makers Sun Pharmaceutical Industries, Aurobindo Pharma and Lupin fell more than 1 per cent after the rupee strengthened against the dollar.
Some major IT stocks were also among the prominent losers as Wipro slid about 3 per cent and HCL Technologies 2 per cent.
Shares of engineering and construction firm Punj Lloyd fell to a record low after a UK commercial court ordered its unit to pay $26.2 million to International Finance Corp for its claims.
Coal India's shares added 3.20 per cent and were among the top gainers after the company raised coal prices.
Extending gains for the third straight session, the S&P BSE Sensex on Thursday added 129 points, while the broader Nifty50 jumped above its key support level of 8,200.
The headline indices rallied tracking positive trend seen in European stocks. However, they traded flat during larger period of time as a stronger rupee hit exporters and investors booked profits after indexes rose to the highest since late October during the week.
The 30-share index ended the day at 26,843, up 129.21 points, while broad-based 50-share index was quoting 8,218, up 39.00 points at close.
Markets edged lower on Thursday, heading for a second session of declines in eight, as a stronger rupee hit exporters and investors booked profits after indexes rose to the highest since late October during the week.
Domestic stock markets have surged around 20 per cent since they hit a near two-year low on February 29, on the back of hopes triggered by a recovery in earnings and improving economic data.
The country's gross domestic product expanded at a stronger-than-expected rate of 7.9 per cent year-on-year in the March quarter, extending India's lead as the world's fastest growing large economy, data on Monday showed.
"We have come across over retracement in the past five-six days. The market is doing sideways consolidation. After two-three days of consolidation, the market will again bounce back," said Shrikant Chouhan, Senior VP, Technical Research at Kotak Securities.
"A lot of stocks are far way from their recent lows. It is not overbought," added Chouhan.
Wipro was the worst performing stock on both the benchmark indices and lost 2.35 per cent on BSE.
Shares of drug makers Sun Pharmaceutical Industries, Aurobindo Pharma and Lupin fell more than 1 per cent after the rupee strengthened against the dollar.
Some major IT stocks were also among the prominent losers as Wipro slid about 3 per cent and HCL Technologies 2 per cent.
Shares of engineering and construction firm Punj Lloyd fell to a record low after a UK commercial court ordered its unit to pay $26.2 million to International Finance Corp for its claims.
Coal India's shares added 3.20 per cent and were among the top gainers after the company raised coal prices.
Personal attacks on RBI Governor Raghuram Rajan are "demeaning": CII
-
As Raghuram Rajan continues facing heat from some sections of BJP, leading industry body CII on Thursday backed a second term for RBI Governor, saying he has done a great job for the country and personal attacks on him are "demeaning".
Naushad Forbes, president of the Confederation of Indian Industry (CII), echoed Finance Minister Arun Jaitley's stand that personal attacks are unwarranted.
"I would only repeat what Finance Minister has said that I don't think personal attacks are warranted. I don't think they serve us well at all as a country. They in a sense actually are demeaning. So I agree with him 100 per cent," he told PTI here.
Forbes, who is part of a high-level industry delegation accompanying Jaitley on the six-day visit to Japan to drum up investments, said he did not take continuous attack by BJP MP Subramanian Swamy on Rajan seriously and treats his comments as noise that are part of a vibrant democracy.
"I think the Governor has been doing a great job for the country and we would certainly see it as a very positive move if he were reappointed," he said.
Rajan, who was appointed by the previous UPA government for a three-year term that began on September 4, 2013, has been under attack from some quarters in BJP, including its Rajya Sabha MP Subramanian Swamy, for what they term as his failure to lower interest rates and boost economic growth.
"I am sure the government will take up the issue (of Rajan's reappointment) at the appropriate time," Forbes said.
Asked about Swamy's comments on Rajan, he said, "I don't take them seriously. I treat those comments as noise as part of our noisy democracy. It is a sign of vibrancy."
Jaitley too in an interview to PTI earlier this week had denounced the attack on Rajan saying the debate should be about the issues and policies, and not about personalities.
"I do not approve of any of these comments being made by anyone as far as the personality is concerned, because the RBI and its Governor is an important institution in the Indian economy," he said.
The Finance Minister further said, "People should be open to discussing all issues and policies, they have a right to support those policies, they have a right to criticise those policies. But this can't be converted into comments on personalities because that blurs the issue."
A former chief economist of the International Monetary Fund (IMF), Rajan is currently on leave from the Chicago Booth School of Business, where he holds the post of Distinguished Service Professor of Finance.
If denied an extension, he will be the first RBI Governor since 1992 to not have a five-year term.
His predecessors D Subbarao (2008-2013), Y V Reddy (2003-2008), Bimal Jalan (1997-2003) and C Rangarajan (1992-1997) had five-year terms.
Rajan, who after taking over raised the short-term lending rate from 7.25 per cent to 8 per cent and retained the high rates throughout 2014, began the process of lowering the rates in January 2015. He has since then cut them 1.50 per cent to 6.50 per cent.
As Raghuram Rajan continues facing heat from some sections of BJP, leading industry body CII on Thursday backed a second term for RBI Governor, saying he has done a great job for the country and personal attacks on him are "demeaning".
Naushad Forbes, president of the Confederation of Indian Industry (CII), echoed Finance Minister Arun Jaitley's stand that personal attacks are unwarranted.
"I would only repeat what Finance Minister has said that I don't think personal attacks are warranted. I don't think they serve us well at all as a country. They in a sense actually are demeaning. So I agree with him 100 per cent," he told PTI here.
Forbes, who is part of a high-level industry delegation accompanying Jaitley on the six-day visit to Japan to drum up investments, said he did not take continuous attack by BJP MP Subramanian Swamy on Rajan seriously and treats his comments as noise that are part of a vibrant democracy.
"I think the Governor has been doing a great job for the country and we would certainly see it as a very positive move if he were reappointed," he said.
Rajan, who was appointed by the previous UPA government for a three-year term that began on September 4, 2013, has been under attack from some quarters in BJP, including its Rajya Sabha MP Subramanian Swamy, for what they term as his failure to lower interest rates and boost economic growth.
"I am sure the government will take up the issue (of Rajan's reappointment) at the appropriate time," Forbes said.
Asked about Swamy's comments on Rajan, he said, "I don't take them seriously. I treat those comments as noise as part of our noisy democracy. It is a sign of vibrancy."
Jaitley too in an interview to PTI earlier this week had denounced the attack on Rajan saying the debate should be about the issues and policies, and not about personalities.
"I do not approve of any of these comments being made by anyone as far as the personality is concerned, because the RBI and its Governor is an important institution in the Indian economy," he said.
The Finance Minister further said, "People should be open to discussing all issues and policies, they have a right to support those policies, they have a right to criticise those policies. But this can't be converted into comments on personalities because that blurs the issue."
A former chief economist of the International Monetary Fund (IMF), Rajan is currently on leave from the Chicago Booth School of Business, where he holds the post of Distinguished Service Professor of Finance.
If denied an extension, he will be the first RBI Governor since 1992 to not have a five-year term.
His predecessors D Subbarao (2008-2013), Y V Reddy (2003-2008), Bimal Jalan (1997-2003) and C Rangarajan (1992-1997) had five-year terms.
Rajan, who after taking over raised the short-term lending rate from 7.25 per cent to 8 per cent and retained the high rates throughout 2014, began the process of lowering the rates in January 2015. He has since then cut them 1.50 per cent to 6.50 per cent.
Postal Dept's Payments Bank to have 3.5 lakh employees
-
Telecom Minister Ravi Shankar Prasad on Thursday asked Department of Posts to hasten process of setting up all 650 payments bank branches by September 2017.
"Minister (Prasad) today met Postal Services Board for India Post Payments Bank and asked them to expedite the process of setting up this entity by September 2017 as desired by Prime Minister Narendra Modi. There will be about 3.5 lakh employees who are being trained in phases," an official source told PTI.
The Union Cabinet on Wednesday cleared proposal to set up India Post Payments Bank with a corpus of Rs 800 crore and has plans to have 650 branches operational by September 2017. It will be expanded further scaled up to cover the entire country by the end of financial year 2018-19.
Earlier, the Department of Posts (DoP) had to set-up 650 IPPB branches in three years.
With advancement of target, DoP will set up 50 branches by March, 125 by April, 200 in May, 300 in June, 400 in July, 525 in August and 650 by September.
"The Minister (Prasad) will hold review meetings every fortnight," the source said.
Initially most of the 3.5 lakh workforce will be posted on deputation who will be gradually replaced by fresh recruits.
Prasad has asked postal department to hire MD and CEO of the IPPB by August and set up selection committee for hiring Chief Financial Officer by June 15.
The minister has also advance dates for giving handheld devices to 1.3 lakh grameen dak sevaks.
"He has asked the Department of Posts to start rolling out handheld devices in from June 15 and finish the process by in next 3-4 months," the source said.
The IPPB will be managed professionally and most of its A grade employees will be hired from market. The IPPB board will have representation from various other government departments including the Department of Posts, Department of Expenditure, Department of Economic Services etc.
Government has approved Rs 800 crore corpus for IPPB which will have Rs 400 crore equity and Rs 400 crore grant.
Telecom Minister Ravi Shankar Prasad on Thursday asked Department of Posts to hasten process of setting up all 650 payments bank branches by September 2017.
"Minister (Prasad) today met Postal Services Board for India Post Payments Bank and asked them to expedite the process of setting up this entity by September 2017 as desired by Prime Minister Narendra Modi. There will be about 3.5 lakh employees who are being trained in phases," an official source told PTI.
The Union Cabinet on Wednesday cleared proposal to set up India Post Payments Bank with a corpus of Rs 800 crore and has plans to have 650 branches operational by September 2017. It will be expanded further scaled up to cover the entire country by the end of financial year 2018-19.
Earlier, the Department of Posts (DoP) had to set-up 650 IPPB branches in three years.
With advancement of target, DoP will set up 50 branches by March, 125 by April, 200 in May, 300 in June, 400 in July, 525 in August and 650 by September.
"The Minister (Prasad) will hold review meetings every fortnight," the source said.
Initially most of the 3.5 lakh workforce will be posted on deputation who will be gradually replaced by fresh recruits.
Prasad has asked postal department to hire MD and CEO of the IPPB by August and set up selection committee for hiring Chief Financial Officer by June 15.
The minister has also advance dates for giving handheld devices to 1.3 lakh grameen dak sevaks.
"He has asked the Department of Posts to start rolling out handheld devices in from June 15 and finish the process by in next 3-4 months," the source said.
The IPPB will be managed professionally and most of its A grade employees will be hired from market. The IPPB board will have representation from various other government departments including the Department of Posts, Department of Expenditure, Department of Economic Services etc.
Government has approved Rs 800 crore corpus for IPPB which will have Rs 400 crore equity and Rs 400 crore grant.
India to get substantial portion of Uber's $3.5 bn fund raise
-
Online taxi aggregator Uber will invest in India a "substantial portion" of the $3.5-billion funding raised from Saudi Arabia's sovereign wealth fund, as the US-based firm is looking to overtake local rival Ola.
Uber has raised $3.5 billion from Saudi Arabia's sovereign wealth fund, valuing the company at $62.5 billion and making it one of the most highly valued venture capital-backed companies globally.
"A substantial portion will be for India. We have grown exponentially over the last two years and remain bullish on the Indian market where we continue to register remarkable growth," Uber India President Amit Jain told PTI.
It is a global fund and will be used for strategic investments in global priority markets like India, he added.
"With this investment, we have more than $11 billion in our war chest to invest in our product and markets to grow and compete," Jain said.
In July last year, Uber had announced an investment of $1 billion in India to expand its services in India. It has also set up a response and support centre in Hyderabad with an investment of $50 million.
Jain, however, did not comment if the company has exhausted the earmarked sum.
Uber, which competes with Softbank-backed Ola in India, said the company witnessed a 26 times growth in 2015 over the previous year.
"India is our third largest market, after the US and China, in terms of number of trips. Our focus is on growing the business here," Jain said.
Uber is present in over 460 cities, globally. In China also, Uber is facing competition from Alibaba-backed Didi Kuaidi.
Interestingly, Didi is also a strategic investor in Ola.
Online taxi aggregator Uber will invest in India a "substantial portion" of the $3.5-billion funding raised from Saudi Arabia's sovereign wealth fund, as the US-based firm is looking to overtake local rival Ola.
Uber has raised $3.5 billion from Saudi Arabia's sovereign wealth fund, valuing the company at $62.5 billion and making it one of the most highly valued venture capital-backed companies globally.
"A substantial portion will be for India. We have grown exponentially over the last two years and remain bullish on the Indian market where we continue to register remarkable growth," Uber India President Amit Jain told PTI.
It is a global fund and will be used for strategic investments in global priority markets like India, he added.
"With this investment, we have more than $11 billion in our war chest to invest in our product and markets to grow and compete," Jain said.
In July last year, Uber had announced an investment of $1 billion in India to expand its services in India. It has also set up a response and support centre in Hyderabad with an investment of $50 million.
Jain, however, did not comment if the company has exhausted the earmarked sum.
Uber, which competes with Softbank-backed Ola in India, said the company witnessed a 26 times growth in 2015 over the previous year.
"India is our third largest market, after the US and China, in terms of number of trips. Our focus is on growing the business here," Jain said.
Uber is present in over 460 cities, globally. In China also, Uber is facing competition from Alibaba-backed Didi Kuaidi.
Interestingly, Didi is also a strategic investor in Ola.
General Awareness
Cabinet approved higher Minimum Support Price and bonus for pulses, oilseed, sesamum
-
-
In order to enhance the production of Pulses and Oil seeds and decline the country’s dependency on Imports, the Union Government has increased the Minimum Support Price (MSP) and announced an increase in Bonus for the Kharif Season Crops
Bonus on the three main Varieties of Pulses
- a.Tur
- b. Arhar
- c. Moong
An increase in the incentive for oil seeds production
Minimum Support Price for
Kharif crops: Paddy, Jowar, Bajra and Maize
Revision of Rate with effective from October 1st 2016
Announced by: Radha Mohan Singh, Agriculture Minister
Points Delivered by Agriculture Minister:
- A bonus
- Rs. 425 per quintal for pulses
- Rs. 100 per quintal for oilseed
- Rs. 200 per quintal for sesamum
- To provide a bonus to farmers to bring more land under these crops
Views of Farmers:
Farmers are not happy due to low allocation of incentives and bonus on considering the rise in cost of production.
Targeting lower imports:
- The enhancement in bonus would be useful for the country as the nations is highlydependent for pulses and oilseeds
- Edible oils and pulses are the two agricultural commodities imported by the country to meet the domestic consumption as local production
- Weak rainfall during the last two years has declined production of pulses and increased the prices this year
- Enhancement in prices has forced the Government to create a buffer stock of pulses.
Minimum Support Price:
- Paddy was hiked by Rs. 60/quintal (4.3%)
- Jowar, bajra, maize and ragi – 3.5 – 4.5 % more
- In order to enhance the production of Pulses and Oil seeds and decline the country’s dependency on Imports, the Union Government has increased the Minimum Support Price (MSP) and announced an increase in Bonus for the Kharif Season Crops
Bonus on the three main Varieties of Pulses
- a.Tur
- b. Arhar
- c. Moong
An increase in the incentive for oil seeds productionMinimum Support Price forKharif crops: Paddy, Jowar, Bajra and MaizeRevision of Rate with effective from October 1st 2016Announced by: Radha Mohan Singh, Agriculture MinisterPoints Delivered by Agriculture Minister:- A bonus
- Rs. 425 per quintal for pulses
- Rs. 100 per quintal for oilseed
- Rs. 200 per quintal for sesamum
- To provide a bonus to farmers to bring more land under these crops
Views of Farmers:Farmers are not happy due to low allocation of incentives and bonus on considering the rise in cost of production.Targeting lower imports:- The enhancement in bonus would be useful for the country as the nations is highlydependent for pulses and oilseeds
- Edible oils and pulses are the two agricultural commodities imported by the country to meet the domestic consumption as local production
- Weak rainfall during the last two years has declined production of pulses and increased the prices this year
- Enhancement in prices has forced the Government to create a buffer stock of pulses.
Minimum Support Price:- Paddy was hiked by Rs. 60/quintal (4.3%)
- Jowar, bajra, maize and ragi – 3.5 – 4.5 % more
No comments:
Post a Comment