General Affairs
Qatar Reassures India After PM Modi Raises Abuse Of Migrant Workers
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NEW DELHI: Qatar has reassured India that labour reforms will improve the conditions of more than half a million Indian migrants, after Prime Minister Narendra Modi raised concerns of abuses during a weekend visit to the Gulf state, a statement said on Monday.
Qatar is home to 630,000 Indians, the single largest group of migrants in the country of 2 million. Many work in low paid construction jobs, building stadiums and other infrastructure for the 2022 World Cup.
Rights groups accuse Qatar of abusive labour laws and forcing migrants to work under poor safety conditions. Unions and labour protests are banned, and authorities penalise dissent with jail or deportation.
A joint government statement said PM Modi met with Qatar's Emir Sheikh Tamim Bin Hamad Al-Thani on Sunday and discussed the plight of Indian migrants.
"The Qatari side briefed the Indian side on the reform in labour laws which would protect the interest of skilled and unskilled labour in Qatar," said the statement issued by the prime minister's office.
PM Modi thanked the Qatari leadership for "hosting the Indian community and for ensuring their continued welfare and safety."
Qatar is an important partner for India, with bilateral trade in 2014-15 exceeding $15 billion, according to the Indian government. It is also one of India's key sources of crude oil.
During his two-day visit to the Gulf nation, PM Modi addressed a gathering of Indian labourers in Doha, assuring them he would present their concerns to Qatari authorities.
"I am aware of the issues you are facing. I will talk about it when I meet the authorities," PM Modi told them on Saturday.
"If you have some issues on changing some laws and regulations, I can assure you that I will work with you all to bring about these changes," he added.
PM Modi's comments come amid growing scrutiny of Qatar over the plight of migrants from countries such as Nepal and Bangladesh as well as India employed to build infrastructure as Qatar gears up to host the world's largest sporting event.
Amnesty International in March said migrants faced abuses that in some cases amounted to forced labour. Workers reported squalid living conditions, having their salaries withheld for months and their passports confiscated by employers.
Qatar's kafala sponsorship system - under which migrant workers cannot change jobs or leave the country without their employer's permission - is at the heart of threats to make people work, Amnesty said.
The International Labour Organization said Qatar is making progress towards ending forced labour and improving migrant worker conditions, but added the real test will be whether it enforces new legislation from December.
The new Qatari law abolishes the kafala sponsorship system and removes all curbs on worker movements. Migrants will no longer be forced to continue a job if there is abuse or exploitation, but domestic workers are excluded from this law.
PM Modi said he believed Qatar would respond positively to challenges faced by the Indian community in the country.
"I have been given a long list of all the problems that you face. I have studied it in detail and will address them over the next two days," PM Modi had told the Indian labourers on Saturday, adding, "Despite these issues, the people here are very fond of Indians, they trust Indians, and I am sure that when we raise these concerns, they will respond positively."
Qatar is home to 630,000 Indians, the single largest group of migrants in the country of 2 million. Many work in low paid construction jobs, building stadiums and other infrastructure for the 2022 World Cup.
Rights groups accuse Qatar of abusive labour laws and forcing migrants to work under poor safety conditions. Unions and labour protests are banned, and authorities penalise dissent with jail or deportation.
"The Qatari side briefed the Indian side on the reform in labour laws which would protect the interest of skilled and unskilled labour in Qatar," said the statement issued by the prime minister's office.
PM Modi thanked the Qatari leadership for "hosting the Indian community and for ensuring their continued welfare and safety."
Qatar is an important partner for India, with bilateral trade in 2014-15 exceeding $15 billion, according to the Indian government. It is also one of India's key sources of crude oil.
During his two-day visit to the Gulf nation, PM Modi addressed a gathering of Indian labourers in Doha, assuring them he would present their concerns to Qatari authorities.
"I am aware of the issues you are facing. I will talk about it when I meet the authorities," PM Modi told them on Saturday.
"If you have some issues on changing some laws and regulations, I can assure you that I will work with you all to bring about these changes," he added.
PM Modi's comments come amid growing scrutiny of Qatar over the plight of migrants from countries such as Nepal and Bangladesh as well as India employed to build infrastructure as Qatar gears up to host the world's largest sporting event.
Amnesty International in March said migrants faced abuses that in some cases amounted to forced labour. Workers reported squalid living conditions, having their salaries withheld for months and their passports confiscated by employers.
Qatar's kafala sponsorship system - under which migrant workers cannot change jobs or leave the country without their employer's permission - is at the heart of threats to make people work, Amnesty said.
The International Labour Organization said Qatar is making progress towards ending forced labour and improving migrant worker conditions, but added the real test will be whether it enforces new legislation from December.
The new Qatari law abolishes the kafala sponsorship system and removes all curbs on worker movements. Migrants will no longer be forced to continue a job if there is abuse or exploitation, but domestic workers are excluded from this law.
PM Modi said he believed Qatar would respond positively to challenges faced by the Indian community in the country.
"I have been given a long list of all the problems that you face. I have studied it in detail and will address them over the next two days," PM Modi had told the Indian labourers on Saturday, adding, "Despite these issues, the people here are very fond of Indians, they trust Indians, and I am sure that when we raise these concerns, they will respond positively."
Arvind Kejriwal To PM Modi: Wind Up Your SIT To Ensure Justice To Sikh
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NEW DELHI: The central government must disband its SIT and let the Delhi government form its own SIT to ensure justice to victims of the 1984 anti-Sikh riots, Chief Minister Arvind Kejriwal said today.
In an open letter to Prime Minister Narendra Modi, the Aam Aadmi Party (AAP) leader alleged that the Special Investigation Team that the central government formed last year appeared to be "just an eyewash".
"SIT failed to reopen even a single case," Mr Kejriwal said, pointing out that it was formed on February 13, 2015, just two days after the AAP won the Delhi Assembly polls "to prevent us from forming an effective SIT".
"I would urge you to either get your SIT to do something or kindly wind up this SIT and allow the Delhi government to set up an SIT which will do proper investigations and get justice for the victims," he said.
Mr Kejriwal pointed out that the SIT formed last year was set to file its report on August 12, 2015.
"But it is one-and-a-half years, yet the SIT has made absolutely no progress," he said.
The coming October-November would mark the 32nd anniversary of the horrific violence that followed the assassination of then prime minister Indira Gandhi.
The riots left some 3,000 innocent Sikhs dead, mostly in Delhi.
In an open letter to Prime Minister Narendra Modi, the Aam Aadmi Party (AAP) leader alleged that the Special Investigation Team that the central government formed last year appeared to be "just an eyewash".
"SIT failed to reopen even a single case," Mr Kejriwal said, pointing out that it was formed on February 13, 2015, just two days after the AAP won the Delhi Assembly polls "to prevent us from forming an effective SIT".
"I would urge you to either get your SIT to do something or kindly wind up this SIT and allow the Delhi government to set up an SIT which will do proper investigations and get justice for the victims," he said.
Mr Kejriwal pointed out that the SIT formed last year was set to file its report on August 12, 2015.
"But it is one-and-a-half years, yet the SIT has made absolutely no progress," he said.
The coming October-November would mark the 32nd anniversary of the horrific violence that followed the assassination of then prime minister Indira Gandhi.
The riots left some 3,000 innocent Sikhs dead, mostly in Delhi.
Union Minister Birender Singh Supports Jats' Demand For Reservation
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NEW DELHI: Amid a renewed agitation by a section of the Jat community in Haryana in support of their demand for reservation, Union Minister Birender Singh today said reservation is the right of the community.
"Jats should get reservation. It is their right. If Gujjars and Yadavs are eligible (for reservation), the Jats too are," the rural development minister told reporters in New Delhi.
The Jat agitation was resumed in Haryana from June 5 by the All India Jat Aarakshan Sangharsh Samiti whose supporters staged protests at a dozen-odd places in some districts, including Rohtak and Hisar, today.
Mr Singh, a Rajya Sabha member from Haryana, asserted that the Jats never indulged in violence.
"Jats have never indulged in violence. They only get violent on the border and not on the streets," he said.
During the violence in February during the Jat stir in support of the demand for reservation in government jobs and educational institutions, at least 30 persons were killed, 320 others injured and property worth crores of rupees was destroyed.
"Jats should get reservation. It is their right. If Gujjars and Yadavs are eligible (for reservation), the Jats too are," the rural development minister told reporters in New Delhi.
The Jat agitation was resumed in Haryana from June 5 by the All India Jat Aarakshan Sangharsh Samiti whose supporters staged protests at a dozen-odd places in some districts, including Rohtak and Hisar, today.
Mr Singh, a Rajya Sabha member from Haryana, asserted that the Jats never indulged in violence.
"Jats have never indulged in violence. They only get violent on the border and not on the streets," he said.
During the violence in February during the Jat stir in support of the demand for reservation in government jobs and educational institutions, at least 30 persons were killed, 320 others injured and property worth crores of rupees was destroyed.
After Pulgaon Fire, Army Conducts Safety Audits Of Arms Depots In Eastern India
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KOLKATA: A week after 19 soldiers were killed in the explosion at the Army's ammunition depot at Pulgaon in Maharashtra, the Eastern Command has undertaken a safety audit of depots in eastern India.
"We have a few major ammunition dumps in the east and we have done a safety and technical audit of all of them and they are safe," said Lieutenant General Praveen Bakshi, Eastern Army Commander, in Kolkata on Monday.
"Minor hiccups do happen. Some of our ammunition which has to be kept outside our dumps may not be in the best of locations. But that is part of our infrastructure development which goes into our border areas," he added.
In Manipur, where six jawans were killed in an ambush on May 22, Lieutenant General Bakshi said, "Manipur was not a slip up. Every unit is always prepared. But this unfortunate incident happened. Luckily, only one vehicle got caught, soldiers in the other two vehicles reacted very bravely."
He denied some reports that the Indian Army had crossed into Myanmar in "hot pursuit though insurgency knows no boundaries."
Lieutenant General Bakshi said if the Army is required to address insurgency, it requires the Armed Forces Special Powers Act or AFSPA to be in place. "If we don't have AFSPA, our hands are tied and we cannot do our jobs effectively. AFSPA is an enabling provision, not a draconian one, as it is made out to be."
Lieutenant General Bakshi also launched VEcare or Veteran Emergency care on Monday. Veterans seeking medical help in an emergency can dial the helpline number, 1904. Checks and balances have been put in place so that PIOs - Pakistan Intelligence Operatives - do not misuse the system. There are 24 lakh defence forces' veterans in India.
"We have a few major ammunition dumps in the east and we have done a safety and technical audit of all of them and they are safe," said Lieutenant General Praveen Bakshi, Eastern Army Commander, in Kolkata on Monday.
"Minor hiccups do happen. Some of our ammunition which has to be kept outside our dumps may not be in the best of locations. But that is part of our infrastructure development which goes into our border areas," he added.
He denied some reports that the Indian Army had crossed into Myanmar in "hot pursuit though insurgency knows no boundaries."
Lieutenant General Bakshi said if the Army is required to address insurgency, it requires the Armed Forces Special Powers Act or AFSPA to be in place. "If we don't have AFSPA, our hands are tied and we cannot do our jobs effectively. AFSPA is an enabling provision, not a draconian one, as it is made out to be."
Lieutenant General Bakshi also launched VEcare or Veteran Emergency care on Monday. Veterans seeking medical help in an emergency can dial the helpline number, 1904. Checks and balances have been put in place so that PIOs - Pakistan Intelligence Operatives - do not misuse the system. There are 24 lakh defence forces' veterans in India.
Amarinder Singh Challenges Arun Jaitley To Prove Charges Against His Son
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CHANDIGARH: Punjab Congress chief Amarinder Singh today accused Union Finance Minister Arun Jaitley of "using" the Enforcement Directorate and Income Tax department against him and his family, and "challenged" him to prove the allegations levelled against his son.
The ED has summoned Mr Amarinder Singh's son Raninder, in connection with its probe against him for alleged forex contraventions and holding of untaxed foreign assets.
"Just because Jaitley's agencies accuse somebody with baseless charges does not mean the person is guilty. I challenge him to prove all allegations levelled against my son in the court of law," he said.
"He (Jaitley) has the ED, Income Tax department under his ministry and is using those against me and my family members to avenge his defeat (in Amristar Lok Sabha seat)," Mr Amarinder Singh alleged, adding the repeated allegations only "corroborate his intentions and mindset that he has not forgotten the defeat".
"Earlier it was my wife, now my son. Tomorrow it can be even me that they will level allegations against as it is the election season. This will build up till (Punjab) polls. This is happening because polls are round the corner," he said.
"But we have the rule of the law in the country and we have full faith in our judicial system. All these allegations will eventually fall flat," Mr Singh said.
"I also got a notice from the Income Tax department when I was in the USA. I have replied to that. They can call the ED, the Income Tax. We will come out clean," he said, adding, "There is no illegality and no breaking of Indian law at all."
The Lok Sabha member from Amritsar said that even probe agencies did not find anything wrong against him and his family when the issue came up in 2005, adding even Narendra Modi had spoken against him in Barmer during Lok Sabha polls in 2014 to help Mr Jaitley win in Amritsar.
"When BJP formed the government, Jaitley asked a very senior officer to register a case against me within two months. The officer after few months even told him that there was nothing wrong against me," he claimed.
"He (Jaitley) is a petty man. They have done this with P Chidambaram, Virbhadra Singh," Mr Singh alleged.
On Congress leader Jagdish Tytler's alleged role in 1984 anti-Sikh riots, the ex-Punjab chief minister clarified that he had never given clean chit to anyone or to Mr Tytler.
Mr Singh reiterated that he had only said that when he had met the victims of the anti-Sikh riots, nobody mentioned Mr Tytler's name to him as the accused. The names mentioned were that of Sajjan Kumar, HKL Bhagat, Dharamdas Shastri, Lalit Maken and Arjan Das.
"Tytler's name appeared when he fought in election against Madan Lal Khurana in Delhi after a few months. If his name comes up during probe, then hang him," Mr Singh said.
The ED has summoned Mr Amarinder Singh's son Raninder, in connection with its probe against him for alleged forex contraventions and holding of untaxed foreign assets.
"Just because Jaitley's agencies accuse somebody with baseless charges does not mean the person is guilty. I challenge him to prove all allegations levelled against my son in the court of law," he said.
"He (Jaitley) has the ED, Income Tax department under his ministry and is using those against me and my family members to avenge his defeat (in Amristar Lok Sabha seat)," Mr Amarinder Singh alleged, adding the repeated allegations only "corroborate his intentions and mindset that he has not forgotten the defeat".
"Earlier it was my wife, now my son. Tomorrow it can be even me that they will level allegations against as it is the election season. This will build up till (Punjab) polls. This is happening because polls are round the corner," he said.
"But we have the rule of the law in the country and we have full faith in our judicial system. All these allegations will eventually fall flat," Mr Singh said.
"I also got a notice from the Income Tax department when I was in the USA. I have replied to that. They can call the ED, the Income Tax. We will come out clean," he said, adding, "There is no illegality and no breaking of Indian law at all."
The Lok Sabha member from Amritsar said that even probe agencies did not find anything wrong against him and his family when the issue came up in 2005, adding even Narendra Modi had spoken against him in Barmer during Lok Sabha polls in 2014 to help Mr Jaitley win in Amritsar.
"When BJP formed the government, Jaitley asked a very senior officer to register a case against me within two months. The officer after few months even told him that there was nothing wrong against me," he claimed.
"He (Jaitley) is a petty man. They have done this with P Chidambaram, Virbhadra Singh," Mr Singh alleged.
On Congress leader Jagdish Tytler's alleged role in 1984 anti-Sikh riots, the ex-Punjab chief minister clarified that he had never given clean chit to anyone or to Mr Tytler.
Mr Singh reiterated that he had only said that when he had met the victims of the anti-Sikh riots, nobody mentioned Mr Tytler's name to him as the accused. The names mentioned were that of Sajjan Kumar, HKL Bhagat, Dharamdas Shastri, Lalit Maken and Arjan Das.
"Tytler's name appeared when he fought in election against Madan Lal Khurana in Delhi after a few months. If his name comes up during probe, then hang him," Mr Singh said.
Business Affairs
PM Narendra Modi gets Swiss pledge on tackling tax dodgers
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Switzerland promised on Monday to work with Indian authorities to tackle tax dodgers who stash money in Swiss bank accounts to avoid Indian taxes.
After talks in Geneva with Swiss President Johann Schneider-Ammann and round-table discussions with Swiss businessmen, Prime Minister Narendra Modi said the two countries had agreed to make combating tax evasion and "black money" a shared priority.
"We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders. An early start to negotiations on the Agreement on Automatic Exchange of Information would be important in this respect," he said, referring to a portal supported by the Organisation for Economic Co-operation and Development (OECD).
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India.
Schneider-Ammann said no figure had been put on the amount of "black money" to be recovered. Talks would begin later this month, he said.
Modi said Switzerland had also agreed to support its bid for membership of the Nuclear Suppliers Group (NSG), which it applied to join last month, having won a waiver in 2008 that accorded it the right to trade in commercial nuclear technology.
New Delhi's bid for full membership of the 48-nation club, if granted, would tip the balance of power in South Asia against its arch-rival Pakistan, whose own application has been backed by China despite questions over its proliferation record.
Modi tacked on Switzerland and Mexico as extra stops on a five-country tour to seek their support on joining the NSG. He left Switzerland for Washington, where U.S. President Barack Obama is expected to offer his backing also.
Both Switzerland and Mexico have been viewed as skeptical about India's bid for nuclear legitimacy. They are among countries concerned that India has not signed the nuclear Non-Proliferation Treaty, a step that would require New Delhi to give up its nuclear arsenal.
The nuclear club holds its annual meeting later this month.
Switzerland promised on Monday to work with Indian authorities to tackle tax dodgers who stash money in Swiss bank accounts to avoid Indian taxes.
After talks in Geneva with Swiss President Johann Schneider-Ammann and round-table discussions with Swiss businessmen, Prime Minister Narendra Modi said the two countries had agreed to make combating tax evasion and "black money" a shared priority.
"We discussed the need for an early and expeditious exchange of information to bring to justice the tax offenders. An early start to negotiations on the Agreement on Automatic Exchange of Information would be important in this respect," he said, referring to a portal supported by the Organisation for Economic Co-operation and Development (OECD).
Modi promised in his 2014 election campaign to recover billions of dollars sent to tax havens abroad to avoid income tax, now about 30 per cent in India.
Schneider-Ammann said no figure had been put on the amount of "black money" to be recovered. Talks would begin later this month, he said.
Modi said Switzerland had also agreed to support its bid for membership of the Nuclear Suppliers Group (NSG), which it applied to join last month, having won a waiver in 2008 that accorded it the right to trade in commercial nuclear technology.
New Delhi's bid for full membership of the 48-nation club, if granted, would tip the balance of power in South Asia against its arch-rival Pakistan, whose own application has been backed by China despite questions over its proliferation record.
Modi tacked on Switzerland and Mexico as extra stops on a five-country tour to seek their support on joining the NSG. He left Switzerland for Washington, where U.S. President Barack Obama is expected to offer his backing also.
Both Switzerland and Mexico have been viewed as skeptical about India's bid for nuclear legitimacy. They are among countries concerned that India has not signed the nuclear Non-Proliferation Treaty, a step that would require New Delhi to give up its nuclear arsenal.
The nuclear club holds its annual meeting later this month.
Raghuram Rajan to announce RBI monetary policy review on Tuesday
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Investors will be looking for signals from Federal Reserve chair Janet Yellen this week about the US central bank's next rate move after shockingly weak payroll data all but killed off chances for a hike this month.
But the focus will also not stray far from developments in Britain as voters there prepare to vote in a referendum on June 23 on whether to stay in the European Union.
Expectations for the next Fed rate hike were knocked back to at least July or later after US non-farm payroll data on Friday showed US employers added only 38,000 jobs in May, far below expectations of 164,000.
At an event on Monday in Philadelphia, Yellen gets her last chance to offer insight into Fed thinking before a media blackout takes effect ahead of the June 14-15 monetary policy meeting.
"We will have to listen carefully for her analysis of what definitely is a deterioration of the labor market conditions," economists at BNP Paribas wrote in a note.
Investors will be looking to see whether Yellen, who had said last month she expected interest rates to rise "in the coming months", sticks to her tune after the data.
The Fed raised its key benchmark interest rate in December for the first time in nearly a decade, but has held off since then due to concerns earlier this year about a global economic slowdown and financial market volatility.
BREXIT FEARS
The latest polls on British voters' intentions in the EU referendum will guide investor risk appetite with recent surveys suggesting the Brexit camp making creeping gains.
Investment bank J.P. Morgan said on Friday that opinion polls suggest the "In" camp had seen its lead narrow to just two per centage points from nearly eight points just over a week ago.
"As we move closer to the referendum date, markets are likely to become ever more sensitive to the signals stemming from Brexit polls," Unicredit fixed income strategist Kornelius Purps wrote in a note.
UK manufacturing output data from April will offer insight on Wednesday into how much damage the uncertainty over the referendum is wreaking on the British economy with economists expecting on average a flat reading.
In the euro zone, the industrial sector will offer clues into how well the economic recovery there is holding up heading into the second quarter.
Economists polled by Reuters are on average looking for German industrial output on Tuesday to show a 0.6 per cent jump in April, recovering somewhat after a 1.3 per cent drop the previous month.
In France, April industrial production is seen bouncing back 0.4 per cent while Italian output is seen picking up to 0.9 per cent after stalling in March.
Elsewhere, Chinese foreign exchange reserves and trade data on Monday and Wednesday respectively will update views on how well its economy is coping with slower growth.
US Treasury Secretary Jack Lew told Reuters on Friday he would "keep the pressure" on Chinese officials during talks in Beijing on June 6-7 to stick to their reform commitments and execute pledges to reduce excess industrial capacity that is distorting world markets.
But the focus will also not stray far from developments in Britain as voters there prepare to vote in a referendum on June 23 on whether to stay in the European Union.
Expectations for the next Fed rate hike were knocked back to at least July or later after US non-farm payroll data on Friday showed US employers added only 38,000 jobs in May, far below expectations of 164,000.
At an event on Monday in Philadelphia, Yellen gets her last chance to offer insight into Fed thinking before a media blackout takes effect ahead of the June 14-15 monetary policy meeting.
"We will have to listen carefully for her analysis of what definitely is a deterioration of the labor market conditions," economists at BNP Paribas wrote in a note.
Investors will be looking to see whether Yellen, who had said last month she expected interest rates to rise "in the coming months", sticks to her tune after the data.
The Fed raised its key benchmark interest rate in December for the first time in nearly a decade, but has held off since then due to concerns earlier this year about a global economic slowdown and financial market volatility.
BREXIT FEARS
The latest polls on British voters' intentions in the EU referendum will guide investor risk appetite with recent surveys suggesting the Brexit camp making creeping gains.
Investment bank J.P. Morgan said on Friday that opinion polls suggest the "In" camp had seen its lead narrow to just two per centage points from nearly eight points just over a week ago.
"As we move closer to the referendum date, markets are likely to become ever more sensitive to the signals stemming from Brexit polls," Unicredit fixed income strategist Kornelius Purps wrote in a note.
UK manufacturing output data from April will offer insight on Wednesday into how much damage the uncertainty over the referendum is wreaking on the British economy with economists expecting on average a flat reading.
In the euro zone, the industrial sector will offer clues into how well the economic recovery there is holding up heading into the second quarter.
Economists polled by Reuters are on average looking for German industrial output on Tuesday to show a 0.6 per cent jump in April, recovering somewhat after a 1.3 per cent drop the previous month.
In France, April industrial production is seen bouncing back 0.4 per cent while Italian output is seen picking up to 0.9 per cent after stalling in March.
Elsewhere, Chinese foreign exchange reserves and trade data on Monday and Wednesday respectively will update views on how well its economy is coping with slower growth.
US Treasury Secretary Jack Lew told Reuters on Friday he would "keep the pressure" on Chinese officials during talks in Beijing on June 6-7 to stick to their reform commitments and execute pledges to reduce excess industrial capacity that is distorting world markets.
'60% digital businesses to face service failures by 2020'
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By 2020, 60 per cent of digital businesses will suffer major service failures due to the inability of IT security teams to manage digital risk, said a special report by market research firm Gartner.
"Cybersecurity is a critical part of digital business with its broader external ecosystem and new challenges in an open digital world," said Paul Proctor, Vice President and Distinguished Analyst at Gartner, in a statement on Monday.
"Organisations will learn to live with acceptable levels of digital risk as business units innovate to discover what security they need and what they can afford. Digital ethics, analytics and a people-centric focus will be as important as technical controls," he added.
According to Gartner as organisations transition to digital platforms, a lack of directly owned infrastructure and services outside of Information Technology's (IT) control will need to be addressed by cybersecurity.
Gartner has identified five key areas of focus for successfully addressing cybersecurity in digital business -- leadership and governance, the evolving threat environment, cybersecurity at the speed of digital business, cybersecurity at the new edge, people and process.
By 2020, 60 per cent of digital businesses will suffer major service failures due to the inability of IT security teams to manage digital risk, said a special report by market research firm Gartner.
"Cybersecurity is a critical part of digital business with its broader external ecosystem and new challenges in an open digital world," said Paul Proctor, Vice President and Distinguished Analyst at Gartner, in a statement on Monday.
"Organisations will learn to live with acceptable levels of digital risk as business units innovate to discover what security they need and what they can afford. Digital ethics, analytics and a people-centric focus will be as important as technical controls," he added.
According to Gartner as organisations transition to digital platforms, a lack of directly owned infrastructure and services outside of Information Technology's (IT) control will need to be addressed by cybersecurity.
Gartner has identified five key areas of focus for successfully addressing cybersecurity in digital business -- leadership and governance, the evolving threat environment, cybersecurity at the speed of digital business, cybersecurity at the new edge, people and process.
Inflation to moderate in second half of FY17: StanChart
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Inflation in India is expected to moderate in the second half of the ongoing fiscal, according to Standard Chartered.
"We expect India's CPI inflation to moderate over the course of year ending March 2017, slowing to 5 per cent y-o-y in the second half from 5.7 per cent in first half," it said in a note.
"Unless oil prices surprise on the downside or food prices fall much faster than we expect, we do not expect CPI to undershoot the RBI's 5 per cent CPI inflation target for January 2017," it added.
Expecting the RBI to hit the pause button at the policy review tomorrow, the firm said it is also cautious about further rate cuts.
Even the forecasts are predicting a normal monsoon, it is expecting headline inflation at 5.3 per cent for the 2016-17, Standard Chartered said, adding that the rains will lead to an ebbing price rise only in the second half.
The key factor to watch out for is the implementation of the Seventh Pay Commission, it said.
If the rental allowances go up as recommended the headline inflation can go up to 6 per cent, it added.
"Such a rise is unlikely to raise concerns, as the RBI has indicated that it will look beyond this technical boost to inflation," it said.
The headline inflation rose to 5.4 per cent in April, dashing hopes of a rate cut by the RBI. The RBI is targeting to get it down to 5 per cent by early 2017.
The only factors which can positively impact the inflation condition are a dip in oil prices and food prices correcting at a faster clip than expected, Standard Chartered said.
Inflation in India is expected to moderate in the second half of the ongoing fiscal, according to Standard Chartered.
"We expect India's CPI inflation to moderate over the course of year ending March 2017, slowing to 5 per cent y-o-y in the second half from 5.7 per cent in first half," it said in a note.
"Unless oil prices surprise on the downside or food prices fall much faster than we expect, we do not expect CPI to undershoot the RBI's 5 per cent CPI inflation target for January 2017," it added.
Expecting the RBI to hit the pause button at the policy review tomorrow, the firm said it is also cautious about further rate cuts.
Even the forecasts are predicting a normal monsoon, it is expecting headline inflation at 5.3 per cent for the 2016-17, Standard Chartered said, adding that the rains will lead to an ebbing price rise only in the second half.
The key factor to watch out for is the implementation of the Seventh Pay Commission, it said.
If the rental allowances go up as recommended the headline inflation can go up to 6 per cent, it added.
"Such a rise is unlikely to raise concerns, as the RBI has indicated that it will look beyond this technical boost to inflation," it said.
The headline inflation rose to 5.4 per cent in April, dashing hopes of a rate cut by the RBI. The RBI is targeting to get it down to 5 per cent by early 2017.
The only factors which can positively impact the inflation condition are a dip in oil prices and food prices correcting at a faster clip than expected, Standard Chartered said.
NPPA cuts prices of cancer, diabetes, BP drugs by around 25%
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Prices of 56 important medicines used in treatment of cancer, diabetes, bacterial infections and blood pressure have been capped by the government thereby reducing the cost by an average of around 25 per cent.
Drug price regulator National Pharmaceutical Pricing Authority (NPPA), however, has also increased prices of some of the smaller volume packs of commonly used intravenous fluid such as glucose and sodium chloride injections.
Products of major pharmaceuticals firms, including Abbott Healthcare, Cipla, Lupin, Alembic, Alkem Laboratories, Novartis, Biocon, Intas Pharmaceuticals, Hetero Healthcare and erstwhile Ranbaxy (now Sun Pharmaceutical Industries) will be affected by the new price cap announced by NPPA.
"The prices of drugs have been reduced on an average of 25 per cent. In some cases the reduction is 10 to 15 per cent while for others it is up to 45 to 50 per cent also," NPPA Chairman Bhupendra Singh told PTI.
He further said out of these, for the 31 scheduled formulations packs of IV Fluids, NPPA has increased prices in case of small volume packs while reducing it for large volume packs.
NPPA, in its notifications for the fixed/revised ceiling prices said: "The manufacturers not complying with the ceiling price and notes specified herein-above shall be liable to deposit the overcharged amount along with interest thereon..."
The capping of the prices of 56 scheduled formulations of Schedule-I is being carried out under Drugs (Price Control) Amendment Order, 2016, and retail prices of eight formulations under DPCO, 2013.
The government fixes the prices of essential drugs based on the simple average of all medicines in a particular therapeutic segment, having sales of more than 1 per cent.
Companies are allowed to hike prices of such drugs by up to 10 per cent in a year.
The government had notified DPCO, 2013, which covers 680 formulations, with effect from May 15, 2014, replacing the 1995 order that regulated prices of only 74 bulk drugs.
Set up in 1997, NPPA has been entrusted with the task of fixation/revision of prices of pharma products, enforcement of provisions of the Drugs (Prices Control) Order and monitoring of prices of controlled and decontrolled drugs.
Prices of 56 important medicines used in treatment of cancer, diabetes, bacterial infections and blood pressure have been capped by the government thereby reducing the cost by an average of around 25 per cent.
Drug price regulator National Pharmaceutical Pricing Authority (NPPA), however, has also increased prices of some of the smaller volume packs of commonly used intravenous fluid such as glucose and sodium chloride injections.
Products of major pharmaceuticals firms, including Abbott Healthcare, Cipla, Lupin, Alembic, Alkem Laboratories, Novartis, Biocon, Intas Pharmaceuticals, Hetero Healthcare and erstwhile Ranbaxy (now Sun Pharmaceutical Industries) will be affected by the new price cap announced by NPPA.
"The prices of drugs have been reduced on an average of 25 per cent. In some cases the reduction is 10 to 15 per cent while for others it is up to 45 to 50 per cent also," NPPA Chairman Bhupendra Singh told PTI.
He further said out of these, for the 31 scheduled formulations packs of IV Fluids, NPPA has increased prices in case of small volume packs while reducing it for large volume packs.
NPPA, in its notifications for the fixed/revised ceiling prices said: "The manufacturers not complying with the ceiling price and notes specified herein-above shall be liable to deposit the overcharged amount along with interest thereon..."
The capping of the prices of 56 scheduled formulations of Schedule-I is being carried out under Drugs (Price Control) Amendment Order, 2016, and retail prices of eight formulations under DPCO, 2013.
The government fixes the prices of essential drugs based on the simple average of all medicines in a particular therapeutic segment, having sales of more than 1 per cent.
Companies are allowed to hike prices of such drugs by up to 10 per cent in a year.
The government had notified DPCO, 2013, which covers 680 formulations, with effect from May 15, 2014, replacing the 1995 order that regulated prices of only 74 bulk drugs.
Set up in 1997, NPPA has been entrusted with the task of fixation/revision of prices of pharma products, enforcement of provisions of the Drugs (Prices Control) Order and monitoring of prices of controlled and decontrolled drugs.
General Awareness
India ranks second on GRD index on ease of doing business
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India has moved 13 positions to rank 2nd among 30 developing countries in 2016 on ease of doing business andChina is topped in the list.
2016 Global Retail Development Index (GRDI):
Listed top 30 developing countries for retail investment worldwide
Key Features of India:
- Achieved second ranking by GDP Growth and FDI regulations
- Has relaxed several key Foreign Direct Investment (FDI) regulations in single-brand retail and paved the way for multinational firms to join the market
- India’s retail sector has improved at annual growth rate of 8.8 per cent between 2013 and 2015 and annual sales of USD 1 trillion
- India has become the world’s fastest growing economy
- Large population and the easing of FDI regulations
- India is the world’s second largest internet market and the increasing internet and smartphone penetration is contributing to the expansion of e-commerce.
- Indian consumers become more comfortable with shopping online, venture capital and private equity firms have boosted investment in the sector
Points Delivered by Mukherjee:
- India’s growth will be improved by e-commerce
- Remains a challenging and complex market for Foreign retailers
- Infrastructure blocks including labour laws, complex regulations, high labour attrition rates and limited high-quality retail space remain areas for retailers
The GRDI surveyed 25 macroeconomic and retail-specific indices to help retailers devise successful global strategies to identify emerging market investment opportunities.
The study is dealt about the present and future potential of the market
- India has moved 13 positions to rank 2nd among 30 developing countries in 2016 on ease of doing business andChina is topped in the list.2016 Global Retail Development Index (GRDI):Listed top 30 developing countries for retail investment worldwideKey Features of India:
- Achieved second ranking by GDP Growth and FDI regulations
- Has relaxed several key Foreign Direct Investment (FDI) regulations in single-brand retail and paved the way for multinational firms to join the market
- India’s retail sector has improved at annual growth rate of 8.8 per cent between 2013 and 2015 and annual sales of USD 1 trillion
- India has become the world’s fastest growing economy
- Large population and the easing of FDI regulations
- India is the world’s second largest internet market and the increasing internet and smartphone penetration is contributing to the expansion of e-commerce.
- Indian consumers become more comfortable with shopping online, venture capital and private equity firms have boosted investment in the sector
Points Delivered by Mukherjee:- India’s growth will be improved by e-commerce
- Remains a challenging and complex market for Foreign retailers
- Infrastructure blocks including labour laws, complex regulations, high labour attrition rates and limited high-quality retail space remain areas for retailers
The GRDI surveyed 25 macroeconomic and retail-specific indices to help retailers devise successful global strategies to identify emerging market investment opportunities.The study is dealt about the present and future potential of the market
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