General Affairs
After Everest, 23-Year-Old Indian Woman Summits Kilimanjaro Peak
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MUMBAI: A Satara-based girl has successfully climbed up the highest peak in African sub-continent -- Kilimanjaro on September 29.
The 23-year-old Priyanka Mohite, who had climbed up Mount Everest two years back, the highest peak in the world, had decided to go for the highest peak in African sub-continent.
A trekking enthusiast, Ms Mohite has been practising her passion on the local forts built in Sahyadri mountain ranges for last some years.
Coming from a humble background, Ms Mohite was financially supported by various private groups to meet her practise and travel expenses.
She also spent money for buying of equipment, routine practise and diet for improving stamina. Kilimanjaro peak, located in Tanzania, is as high as 5,890 meters.
"I reached Tanzania on September 24 and expedition was started from the next day. We were a team of 17 people who did the summit on September 29th," Ms Mohite told PTI today.
The 23-year-old Priyanka Mohite, who had climbed up Mount Everest two years back, the highest peak in the world, had decided to go for the highest peak in African sub-continent.
A trekking enthusiast, Ms Mohite has been practising her passion on the local forts built in Sahyadri mountain ranges for last some years.
Coming from a humble background, Ms Mohite was financially supported by various private groups to meet her practise and travel expenses.
She also spent money for buying of equipment, routine practise and diet for improving stamina. Kilimanjaro peak, located in Tanzania, is as high as 5,890 meters.
"I reached Tanzania on September 24 and expedition was started from the next day. We were a team of 17 people who did the summit on September 29th," Ms Mohite told PTI today.
Don't Stop Media From Reporting Court Proceedings: Kerala Chief Minister
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THIRUVANANTHAPURAM: The Kerala government today said any "hindrance" to free and fearless media activities will not be allowed, days after media personnel were prevented by a section of lawyers from covering the High Court proceedings.
Taking a tough stand on the continued action by a section of lawyers preventing reporters from covering courts, Chief Minister Pinarayi Vijayan said, "Media personnel have the freedom to go to courts for covering legal proceedings and this cannot be obstructed. It will not be accepted."
"Any action that creates obstruction for free and fearless media activities cannot be allowed," he said in a statement after a meeting with editors of various media organisations.
The lawyers should understand that their behaviour was "inappropriate" and they should stop indulging in such actions, Mr Vijayan said.
The continuing media-lawyers standoff was affecting the state's reputation, he said.
"It will not be good for the state to be known as a place where there is no freedom of expression," he said.
Representatives of media organisations led by Mathrubhumi Managing Editor P V Chandran, Malayala Manorama Editorial Director Thomas Jacob and Asianet News channel chief editor M G Radhakrishnan were among those who met the Chief Minister.
Since July, media personnel are not being allowed to cover courts in the state after they were attacked by advocates outside the High Court complex and threatened.
Governor P Sathasivam, former Chief Justice of India, had also appealed to the two fraternities to settle their differences amicably through dialogue.
Taking a tough stand on the continued action by a section of lawyers preventing reporters from covering courts, Chief Minister Pinarayi Vijayan said, "Media personnel have the freedom to go to courts for covering legal proceedings and this cannot be obstructed. It will not be accepted."
"Any action that creates obstruction for free and fearless media activities cannot be allowed," he said in a statement after a meeting with editors of various media organisations.
The continuing media-lawyers standoff was affecting the state's reputation, he said.
"It will not be good for the state to be known as a place where there is no freedom of expression," he said.
Representatives of media organisations led by Mathrubhumi Managing Editor P V Chandran, Malayala Manorama Editorial Director Thomas Jacob and Asianet News channel chief editor M G Radhakrishnan were among those who met the Chief Minister.
Since July, media personnel are not being allowed to cover courts in the state after they were attacked by advocates outside the High Court complex and threatened.
Governor P Sathasivam, former Chief Justice of India, had also appealed to the two fraternities to settle their differences amicably through dialogue.
Court Asks Arvind Kejriwal, Najeeb Jung To Hold Meeting On Dengue, Chikungunya
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NEW DELHI: Warning Delhi government against playing any blame game, the Supreme Court today directed Chief Minister Arvind Kejriwal and Health Minister Satyendar Jain to hold a meeting with Lieutenant Governor Najeeb Jung by Wednesday to chalk out a strategy for curbing vector-borne diseases like dengue and chikungunya in the national capital.
"There is no question of playing any blame game. You have the responsibility to look after the people of Delhi. You may be great but you have to do something to maintain that stature. Nothing digging of the past should happen. You have to look at the future," a bench of justices M B Lokur and L Nageswara Rao said.
It refused to go into the allegations and counter- allegations over power tussle between the LG and Kejriwal-led government and said "no substitute" should attend the meeting with LG, except whose names have been proposed.
The court also asked Union Health secretary P K Mishra, Chief Secretary K K Sharma, commissioners of South Delhi Municipal Corporation (SDMC), East Delhi Municipal Corporation (EDMC), North Delhi Municipal Corporation (NDMC) and New Delhi Municipal Council, Chief of Delhi Cantonment Board to attend the meeting with LG.
Apart from the officials and office bearers of civic bodies, the court also asked Amicus Curiae Colin Gonsalves, Chairman of Delhi Metro Rail Corporation (DMRC) and General Manager of Northern Railway and Vice Chairman of Delhi Development Authority to attend the meeting to discuss the steps to be taken to check the menace in the city.
The bench expressed annoyance after senior advocate Chirag Uday Singh appearing for Delhi government and Health Minister Satyendar Jain alleged that officials are not reporting to the minister and not coming to the meetings.
"There cannot be two Delhi governments. Officials are not reporting to us they are not coming to the meeting. We should know with whom we should sit and talk," Mr Singh said.
To this, the infuriated bench said, "Don't beat around the bush. Do we tell you with whom you should sit and talk. Who is the elected government? There cannot be two elected governments. The elected government has responsibility to look after the people."
The top court further said that whatever has happened are things of the past and the Delhi government has to look at the future and take steps for the betterment of the city.
"You have to tell us how you can work in harmony. It can't be like you are in a closed set of mind. Both of you sit together and work for the betterment of Delhi. What has happened has already happened. Look at the future," the court said after the Delhi government counsel told it that they are helpless in the prevailing situation.
During the hearing, the Delhi government counsel further alleged that civic bodies are not under its jurisdiction and they allocate funds to them for sanitation and cleanliness of the area falling in their jurisdiction.
Solicitor General Ranjit Kumar appearing for Delhi Chief Secretary opposed the contention and said that it's good to say for them that civic bodies are not under their jurisdiction but they do have jurisdiction over the local bodies as per statute.
Mr Kumar said that the affidavit of health secretary and minister are not at variance and they are not "at issue" with each other and what needs to be done to check the dengue and chikungunya menace has been outlined.
During the hearing, the court rejected the plea of waiving Rs. 25,000 as cost imposed on Mr Jain yesterday for failing to file the affidavit disclosing the names of non- cooperating officials after he claimed that he had actually complied with the directions.
"The health minister is the head of department. He doesn't need anyone's permission to file an affidavit. When no one came forward, the minister filed the affidavit. What was wrong in it? The facts need to be looked into entirety. He has actually complied with the directions of the court," the Delhi government counsel said.
To this, the bench said, "If that is your argument then you need to answer several other questions. Your plea for waiving of cost is rejected."
The court, then asked Mr Jain what steps he proposes to take to check the menace of dengue and chikungunya in the national capital.
"You tell five steps that you want to take to prevent dengue and chikungunya from spreading in Delhi," the bench said.
"There is no question of playing any blame game. You have the responsibility to look after the people of Delhi. You may be great but you have to do something to maintain that stature. Nothing digging of the past should happen. You have to look at the future," a bench of justices M B Lokur and L Nageswara Rao said.
It refused to go into the allegations and counter- allegations over power tussle between the LG and Kejriwal-led government and said "no substitute" should attend the meeting with LG, except whose names have been proposed.
Apart from the officials and office bearers of civic bodies, the court also asked Amicus Curiae Colin Gonsalves, Chairman of Delhi Metro Rail Corporation (DMRC) and General Manager of Northern Railway and Vice Chairman of Delhi Development Authority to attend the meeting to discuss the steps to be taken to check the menace in the city.
The bench expressed annoyance after senior advocate Chirag Uday Singh appearing for Delhi government and Health Minister Satyendar Jain alleged that officials are not reporting to the minister and not coming to the meetings.
"There cannot be two Delhi governments. Officials are not reporting to us they are not coming to the meeting. We should know with whom we should sit and talk," Mr Singh said.
To this, the infuriated bench said, "Don't beat around the bush. Do we tell you with whom you should sit and talk. Who is the elected government? There cannot be two elected governments. The elected government has responsibility to look after the people."
The top court further said that whatever has happened are things of the past and the Delhi government has to look at the future and take steps for the betterment of the city.
During the hearing, the Delhi government counsel further alleged that civic bodies are not under its jurisdiction and they allocate funds to them for sanitation and cleanliness of the area falling in their jurisdiction.
Solicitor General Ranjit Kumar appearing for Delhi Chief Secretary opposed the contention and said that it's good to say for them that civic bodies are not under their jurisdiction but they do have jurisdiction over the local bodies as per statute.
Mr Kumar said that the affidavit of health secretary and minister are not at variance and they are not "at issue" with each other and what needs to be done to check the dengue and chikungunya menace has been outlined.
During the hearing, the court rejected the plea of waiving Rs. 25,000 as cost imposed on Mr Jain yesterday for failing to file the affidavit disclosing the names of non- cooperating officials after he claimed that he had actually complied with the directions.
"The health minister is the head of department. He doesn't need anyone's permission to file an affidavit. When no one came forward, the minister filed the affidavit. What was wrong in it? The facts need to be looked into entirety. He has actually complied with the directions of the court," the Delhi government counsel said.
To this, the bench said, "If that is your argument then you need to answer several other questions. Your plea for waiving of cost is rejected."
The court, then asked Mr Jain what steps he proposes to take to check the menace of dengue and chikungunya in the national capital.
"You tell five steps that you want to take to prevent dengue and chikungunya from spreading in Delhi," the bench said.
On Strikes, Congress Says 'Expose Pak', BJP Slams Calls For Proof
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NEW DELHI: While claiming that they stand united with the government on its action against Pakistan, the Congress and Arvind Kejriwal today asked for evidence of the raids across the Line of Control, which have been vehemently denied by Islamabad.
Senior ministers said this places opposition leaders on the same side as Pakistan on national security and that it unforgivably undermines the army, which revealed details of the operation last Thursday, hours after soldiers returned home safely after attacking seven terrorist launch pads or staging areas in Pakistan-Occupied Kashmir.
"Every child in India has full faith in our forces. We respect them and will continue to do so," said Home Minister Rajnath Singh.
The cross-border strikes were filmed, in part by drones, sources have said, adding that the government and top commanders will decide whether and when to release any photographs or video.
Union minister Ravi Shankar Prasad said that at a time when political parties must present a joint front for India, Mr Kejriwal, who is the Delhi Chief Minister, "has said something that has given Pakistani media and people a chance to question the Indian army's action."
Refuting that accusation, Mr Kejriwal and the Congress said that furnishing proof would, in fact, definitively Pakistan's cover of denial. In an official statement, the Congress said that Prime Minister Narendra Modi must "call Pakistan's bluff." Similarly, Mr Kejriwal said that is "convinced that strikes took place" but wants the government to rebut international media.
The Washington Post and The New York Times have run articles by journalists who were taken to villages on Pakistan's side of the Line of Control by the Pakistani army. Villagers there joined army generals in stating that India had not crossed the de facto border last week.
Critics of the opposition accuse it of making a devious and risky move, using the international reports as cover to attack the government on a matter of vital security at a moment when India has much riding on fighting cross-border terrorism and urging the world to hold Pakistan culpable of terror attacks that link back to it. Senior Congress leader Sanjay Nirupam said without evidence, the strikes seem "fake".
Senior ministers said this places opposition leaders on the same side as Pakistan on national security and that it unforgivably undermines the army, which revealed details of the operation last Thursday, hours after soldiers returned home safely after attacking seven terrorist launch pads or staging areas in Pakistan-Occupied Kashmir.
"Every child in India has full faith in our forces. We respect them and will continue to do so," said Home Minister Rajnath Singh.
Refuting that accusation, Mr Kejriwal and the Congress said that furnishing proof would, in fact, definitively Pakistan's cover of denial. In an official statement, the Congress said that Prime Minister Narendra Modi must "call Pakistan's bluff." Similarly, Mr Kejriwal said that is "convinced that strikes took place" but wants the government to rebut international media.
The Washington Post and The New York Times have run articles by journalists who were taken to villages on Pakistan's side of the Line of Control by the Pakistani army. Villagers there joined army generals in stating that India had not crossed the de facto border last week.
Critics of the opposition accuse it of making a devious and risky move, using the international reports as cover to attack the government on a matter of vital security at a moment when India has much riding on fighting cross-border terrorism and urging the world to hold Pakistan culpable of terror attacks that link back to it. Senior Congress leader Sanjay Nirupam said without evidence, the strikes seem "fake".
Import Of Second Hand Machines Hurting Textile Industry: Smriti Irani
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NEW DELHI: Import of second hand machinery with subsidies provided by the government is affecting the technical textile sector and garment designers, Union Minister Smriti Irani today said.
"If you look at the Indian economy from a textile perspective, most of our subsidies have gone in importing of second hand machines in our country which widely impacts any designer -- be it a designer for a garment or technical textiles," Ms Irani said, while addressing the convocation of National Institute of Fashion Technology (NIFT) in New Delhi.
"As a nation that prides itself of self-sufficiency, I think that it is a department that needs strengthening with all the support that we can possibly give," she added. The convocation was also presided over by ex-cricketer and former BJP lawmaker Chetan Chauhan.
A controversy recently surrounded Mr Chauhan's appointment as the Chairman of the NIFT, with political parties and fashion designers questioning the government's decision. Set up in 1986, the institution with centres across the country, comes under the Union Ministry of Textiles.
As per the NIFT Act 2006, the Chairperson of its Board of Governors should be eminent academician, scientist or technologist or professional, who is to be nominated by the Visitor -- in this case, the President of India.
Later, the Minister presented certificates to NIFT students who had completed the graduate and post graduate courses.
She hailed the courage and perseverance of two physically challenged students -- Devanshi and Anil -- who successfully completed the course, battling all odds.
Ms Irani told students to make design interventions in areas like zero waste fashion, handcrafted products and self-defence garments by leveraging their skills.
The Minister said a programme is on the anvil, which would enable international academicians to come and teach at NIFT, New Delhi, at no extra cost to the institute or the student.
She said that this would be on the lines of Global Initiative of Academic Networks (GIAN) in Higher Education, a programme of the Ministry of Human Resource Development, Government of India.
"If you look at the Indian economy from a textile perspective, most of our subsidies have gone in importing of second hand machines in our country which widely impacts any designer -- be it a designer for a garment or technical textiles," Ms Irani said, while addressing the convocation of National Institute of Fashion Technology (NIFT) in New Delhi.
"As a nation that prides itself of self-sufficiency, I think that it is a department that needs strengthening with all the support that we can possibly give," she added. The convocation was also presided over by ex-cricketer and former BJP lawmaker Chetan Chauhan.
As per the NIFT Act 2006, the Chairperson of its Board of Governors should be eminent academician, scientist or technologist or professional, who is to be nominated by the Visitor -- in this case, the President of India.
She hailed the courage and perseverance of two physically challenged students -- Devanshi and Anil -- who successfully completed the course, battling all odds.
Ms Irani told students to make design interventions in areas like zero waste fashion, handcrafted products and self-defence garments by leveraging their skills.
The Minister said a programme is on the anvil, which would enable international academicians to come and teach at NIFT, New Delhi, at no extra cost to the institute or the student.
She said that this would be on the lines of Global Initiative of Academic Networks (GIAN) in Higher Education, a programme of the Ministry of Human Resource Development, Government of India.
Business Affairs
Spectrum auction receives bids worth Rs 59,981 crore till day 3
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Spectrum auction received additional bids worth Rs 3,100 crore on the third day on Tuesday to take total commitments to Rs 59,981 crore, leaving two-thirds of total quantum of on-offer airwaves unsold as bidders stayed away from high-cost 700 Mhz and 900 Mhz bands.
"The auction has entered the 16th round. Bids worth Rs 59,981 crore have come for 750 Mhz of spectrum out of 2354.55 Mhz put for auction," an official source said.
Sources said there is no demand yet for the 700 MHz and 900 MHz frequencies while bidding interest continues to be largely around 1800 MHz and 2300 MHz that can be used by operators to provide 4G services.
The second day of the auction had also seen a tepid response from bidders with additional bids of just Rs 3,341 crore to take the total commitments to Rs 56,872 crore.
On Monday, the bidding had closed with a cumulative 11 rounds.
As much as 2,354.55 MHz of frequencies valued at Rs 5.63 lakh crore at base price have been put up for auction across seven bands.
The finance ministry in the Budget pegged the revenue target at Rs 98,995 crore from the telecom space. This included Rs 64,000 crore from the auction.
The premium 700 MHz band alone has the potential to fetch bids worth over Rs 4 lakh crore if the entire spectrum in this band is sold at the base price. However, at a reserve or base price of Rs 11,485 crore per MHz, it is considered to be priced very expensive in spite of its inherent advantages in terms of propagation ability and potential savings.
Seven telecom companies -- Bharti Airtel, Vodafone, Idea Cellular, Reliance Jio, Aircel, Reliance Communications and Tata Teleservices -- are in the fray for acquiring 3G and 4G airwaves that are going to be crucial for maintaining competitive edge in the market and offering next generation services in the world's second-largest telecom market.
Spectrum auction received additional bids worth Rs 3,100 crore on the third day on Tuesday to take total commitments to Rs 59,981 crore, leaving two-thirds of total quantum of on-offer airwaves unsold as bidders stayed away from high-cost 700 Mhz and 900 Mhz bands.
"The auction has entered the 16th round. Bids worth Rs 59,981 crore have come for 750 Mhz of spectrum out of 2354.55 Mhz put for auction," an official source said.
Sources said there is no demand yet for the 700 MHz and 900 MHz frequencies while bidding interest continues to be largely around 1800 MHz and 2300 MHz that can be used by operators to provide 4G services.
The second day of the auction had also seen a tepid response from bidders with additional bids of just Rs 3,341 crore to take the total commitments to Rs 56,872 crore.
On Monday, the bidding had closed with a cumulative 11 rounds.
As much as 2,354.55 MHz of frequencies valued at Rs 5.63 lakh crore at base price have been put up for auction across seven bands.
The finance ministry in the Budget pegged the revenue target at Rs 98,995 crore from the telecom space. This included Rs 64,000 crore from the auction.
The premium 700 MHz band alone has the potential to fetch bids worth over Rs 4 lakh crore if the entire spectrum in this band is sold at the base price. However, at a reserve or base price of Rs 11,485 crore per MHz, it is considered to be priced very expensive in spite of its inherent advantages in terms of propagation ability and potential savings.
Seven telecom companies -- Bharti Airtel, Vodafone, Idea Cellular, Reliance Jio, Aircel, Reliance Communications and Tata Teleservices -- are in the fray for acquiring 3G and 4G airwaves that are going to be crucial for maintaining competitive edge in the market and offering next generation services in the world's second-largest telecom market.
RBI chief Urjit Patel takes centrestage with policy announcements
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The new RBI Governor Urjit Patel, who replaced Raghuram Rajan, has finally come out of his shell to take the centrestage.
In his maiden monetary policy review in Mumbai on Tuesday, the 52-year-old Governor, who also coincidentally chaired the first meeting of the new six-member monetary policy committee (MPC), announced the decision to slash the repo rate by 25 basis points to 6.25 per cent.
Patel has certainly met expectations of the people, government and the industry to spur growth.
The committee was surprisingly unanimous in its decision to cut the rates by 25 basis points even though economists and experts were expecting a status quo. The committee seems to have taken a very optimistic view of the inflation outlook.
"The committee expects that the strong improvement in sowing, along with supply management measures, will improve the food inflation outlook," states the monetary policy document.
At his first media interaction, Patel looked at ease even though it was a short interaction lasting only about 15 minutes.
For almost three and half years, Patel used to be part of the press and analysts interaction which Rajan as Governor used to address for half an hour to 45 minutes.
"We are on a tight schedule today," excused Patel. The new RBI governor also allowed other colleagues to speak within the 15-minutes window about the banking, supervision, cyber security, financial inclusion and consumer protection. The media didn't get enough time to probe the Governor on the inflation-interest-growth dynamics. It could be a good strategy to underplay the big historic event.
Patel has always kept a low profile - spoke when asked to by his boss Raghuram Rajan in the policy conferences. The media actually missed his one liners during conferences as a deputy governor. Since he took over, Patel had also stayed away from addressing media on assuming the new role. But many say Patel by nature is shy and believes in communicating when required.
In his opening remarks, Patel was all praise for the government-appointed three members.
"We have a great MPC. The three members of MPC are of outstanding pedigree. They all are well known academicians. They bring value and dispersion of opinions," said Patel.
Kenya-born Patel, who has studied in Yale and Oxford, and worked at the International Monetary Fund is purely a practicing economist unlike previous governors like D Subbarao, YV Reddy, Bimal Jalan and C Rangarajan.
Rajan was an economist, but also did a whole lot of work in the field of banking and finance. On the growing NPAs situation, Patel said,"We will deal with NPAs with firmness and pragmatism".
That's one area where the 24th RBI Governor Patel would have to rely on his colleagues a lot. Two of the deputy governors -- SS Mundra (a banker) and R Gandhi (a RBI veteran) -- are from the old team.
Patel will certainly miss the wisdom of HR Khan, a deputy governor and expert in foreign exchange matters, as he retired in July this year. NS Vishwanathan has replaced him as the third deputy governor. The post of the fourth deputy governor is still vacant, which is to be filled by an economist -- an area which Patel himself looked after as a deputy governor.
Patel who represents continuity at RBI, said transmission of interest rate is an issue.
"Transmission to the money market has been swift and decisive. I agree that bank lending rates have been less than any of of us would like to," said Patel.
Clearly, Patel is not in the Rajan's mold of speaking more or speaking his mind on broader economic issues beyond monetary policy.
In the months to come, Patel would certainly be under tremendous pressure as he has to fill big shoes of Rajan. There are challenges emnating from international market where his mantle would be tested.
At home, Patel will not only have to manage the political masters, but also carry forward Rajan's unfinished agenda especially new banking models, cleaning up of banks' balance sheets and remaking the RBI itself as a knowledge institution. At the 18th floor visitors' room of RBI Governor, the list of illustrious governors with large portraits, would itself be intimidating for the new young governor.
It would be interesting to see how a low-profile Patel leaves his marks on the most respected and independent institution in the country.
The new RBI Governor Urjit Patel, who replaced Raghuram Rajan, has finally come out of his shell to take the centrestage.
In his maiden monetary policy review in Mumbai on Tuesday, the 52-year-old Governor, who also coincidentally chaired the first meeting of the new six-member monetary policy committee (MPC), announced the decision to slash the repo rate by 25 basis points to 6.25 per cent.
Patel has certainly met expectations of the people, government and the industry to spur growth.
The committee was surprisingly unanimous in its decision to cut the rates by 25 basis points even though economists and experts were expecting a status quo. The committee seems to have taken a very optimistic view of the inflation outlook.
"The committee expects that the strong improvement in sowing, along with supply management measures, will improve the food inflation outlook," states the monetary policy document.
At his first media interaction, Patel looked at ease even though it was a short interaction lasting only about 15 minutes.
For almost three and half years, Patel used to be part of the press and analysts interaction which Rajan as Governor used to address for half an hour to 45 minutes.
"We are on a tight schedule today," excused Patel. The new RBI governor also allowed other colleagues to speak within the 15-minutes window about the banking, supervision, cyber security, financial inclusion and consumer protection. The media didn't get enough time to probe the Governor on the inflation-interest-growth dynamics. It could be a good strategy to underplay the big historic event.
Patel has always kept a low profile - spoke when asked to by his boss Raghuram Rajan in the policy conferences. The media actually missed his one liners during conferences as a deputy governor. Since he took over, Patel had also stayed away from addressing media on assuming the new role. But many say Patel by nature is shy and believes in communicating when required.
In his opening remarks, Patel was all praise for the government-appointed three members.
"We have a great MPC. The three members of MPC are of outstanding pedigree. They all are well known academicians. They bring value and dispersion of opinions," said Patel.
Kenya-born Patel, who has studied in Yale and Oxford, and worked at the International Monetary Fund is purely a practicing economist unlike previous governors like D Subbarao, YV Reddy, Bimal Jalan and C Rangarajan.
Rajan was an economist, but also did a whole lot of work in the field of banking and finance. On the growing NPAs situation, Patel said,"We will deal with NPAs with firmness and pragmatism".
That's one area where the 24th RBI Governor Patel would have to rely on his colleagues a lot. Two of the deputy governors -- SS Mundra (a banker) and R Gandhi (a RBI veteran) -- are from the old team.
Patel will certainly miss the wisdom of HR Khan, a deputy governor and expert in foreign exchange matters, as he retired in July this year. NS Vishwanathan has replaced him as the third deputy governor. The post of the fourth deputy governor is still vacant, which is to be filled by an economist -- an area which Patel himself looked after as a deputy governor.
Patel who represents continuity at RBI, said transmission of interest rate is an issue.
"Transmission to the money market has been swift and decisive. I agree that bank lending rates have been less than any of of us would like to," said Patel.
Clearly, Patel is not in the Rajan's mold of speaking more or speaking his mind on broader economic issues beyond monetary policy.
In the months to come, Patel would certainly be under tremendous pressure as he has to fill big shoes of Rajan. There are challenges emnating from international market where his mantle would be tested.
At home, Patel will not only have to manage the political masters, but also carry forward Rajan's unfinished agenda especially new banking models, cleaning up of banks' balance sheets and remaking the RBI itself as a knowledge institution. At the 18th floor visitors' room of RBI Governor, the list of illustrious governors with large portraits, would itself be intimidating for the new young governor.
It would be interesting to see how a low-profile Patel leaves his marks on the most respected and independent institution in the country.
Sensex closes 91 points higher post RBI rate cut
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Stocks ended in the green for the third day on Tuesday as the benchmark Sensex rose over 91 points after rate-sensitive stocks broke free on RBI's surprise decision to cut policy rate by 0.25 per cent to 6.25 per cent, a 6-year low.
In the first monetary policy review under RBI Governor Urjit Patel, the repo rate was on Tuesday cut by 0.25 per cent to 6.25 per cent in a unanimous decision by the new rate-setting panel, or MPC.
The cut -- first in six months -- came amid growing calls for lower rates, especially after the exit of former governor Raghuram Rajan, who had faced criticism of stifling growth by keeping rates too high.
Globally, shares at other Asian and European markets ended higher after an upbeat US manufacturing survey bolstered the dollar.
The 30-share index, which had gained over 160 points in the opening trade ahead of the RBI action, gave up most gains to touch a low of 28,242.25 as investors preferred to book profits.
The 30-share barometer closed the day up 91.26 points, or 0.32 per cent, at 28,334.55.
The barometer had gained over 415.76 points in the previous two sessions.
The 6-member Monetary Policy Committee, headed by Patel, reduced the repo rate -- the short-term rate at which the central bank lends to banks -- to 6.25 per cent. Consequently, the reverse repo rate has also come down by a similar percentage point to 5.75 per cent.
The wider NSE Nifty added 31.05 points, or 0.36 per cent, at 8769.15. Intra-day, it moved between 8,783.65 and 8,736.10.
Interest rate-sensitive sector stocks caught buyers' attention. The BSE banking index went higher by 0.42 per cent to 22,491.47 while the realty index was up 0.96 per cent at 1,572.61.
The auto index too supported the rally and finished 0.05 per cent higher at 22,786.81.
"Even though we had a surprise cut by RBI, the market remained muted. It was a breather post the bounce back after the geo-political issue. Given the neutral commentary from RBI there is limit room for further cut in the near term," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
However, the Reserve Bank has warned of risks to growth next year, given the muted private investments and weak global demand, coupled with geopolitical risks. But is optimistic on meeting the Parliament-mandated inflation target of 2-6 per cent this financial year.
The broader markets too remained strong as retail investors engaged in widening their bets. The BSE small-cap index climbed 0.66 per cent to close at 13,208.73 and mid-cap by 0.50 per cent to close at record high of 13,549.51.
Brokers said RBI's decision surprised the market, which would boost liquidity and buoyed trading sentiment. They said, no change in CRR kept buying activity restricted.
SBI was up 1.59 per cent, ICICI Bank 0.84 per cent and HDFC Bank 0.21 per cent.
Foreign portfolio investors (FPIs) picked up shares worth a net Rs 34.22 crore on Monday, provisional data showed.
Hong Kong's Hang Seng rose 0.45 per cent while Japan's Nikkei was up 0.83 per cent. Chinese markets are shut this week for the National Day holiday.
"... the second half of the week is likely to see focus shifting to US jobs data, and with the pound slumping, Brexit worries would also put IT sector and auto ancillaries in focus," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
RBI kept the cash reserve requirement of banks unchanged at 4 per cent. The central bank also retained growth projection at 7.6 per cent for the current fiscal.
In the Sensex pack, 19 ended higher while 11 stocks closed lower.
The market breadth remained positive as 1,691 stocks ended in the green while 1,156 finished in the red while 131 ruled steady.
The total turnover on BSE rose further to Rs 4,258.42 crore, from Rs 3,841.40 crore on Monday.
Stocks ended in the green for the third day on Tuesday as the benchmark Sensex rose over 91 points after rate-sensitive stocks broke free on RBI's surprise decision to cut policy rate by 0.25 per cent to 6.25 per cent, a 6-year low.
In the first monetary policy review under RBI Governor Urjit Patel, the repo rate was on Tuesday cut by 0.25 per cent to 6.25 per cent in a unanimous decision by the new rate-setting panel, or MPC.
The cut -- first in six months -- came amid growing calls for lower rates, especially after the exit of former governor Raghuram Rajan, who had faced criticism of stifling growth by keeping rates too high.
Globally, shares at other Asian and European markets ended higher after an upbeat US manufacturing survey bolstered the dollar.
The 30-share index, which had gained over 160 points in the opening trade ahead of the RBI action, gave up most gains to touch a low of 28,242.25 as investors preferred to book profits.
The 30-share barometer closed the day up 91.26 points, or 0.32 per cent, at 28,334.55.
The barometer had gained over 415.76 points in the previous two sessions.
The 6-member Monetary Policy Committee, headed by Patel, reduced the repo rate -- the short-term rate at which the central bank lends to banks -- to 6.25 per cent. Consequently, the reverse repo rate has also come down by a similar percentage point to 5.75 per cent.
The wider NSE Nifty added 31.05 points, or 0.36 per cent, at 8769.15. Intra-day, it moved between 8,783.65 and 8,736.10.
Interest rate-sensitive sector stocks caught buyers' attention. The BSE banking index went higher by 0.42 per cent to 22,491.47 while the realty index was up 0.96 per cent at 1,572.61.
The auto index too supported the rally and finished 0.05 per cent higher at 22,786.81.
"Even though we had a surprise cut by RBI, the market remained muted. It was a breather post the bounce back after the geo-political issue. Given the neutral commentary from RBI there is limit room for further cut in the near term," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
However, the Reserve Bank has warned of risks to growth next year, given the muted private investments and weak global demand, coupled with geopolitical risks. But is optimistic on meeting the Parliament-mandated inflation target of 2-6 per cent this financial year.
The broader markets too remained strong as retail investors engaged in widening their bets. The BSE small-cap index climbed 0.66 per cent to close at 13,208.73 and mid-cap by 0.50 per cent to close at record high of 13,549.51.
Brokers said RBI's decision surprised the market, which would boost liquidity and buoyed trading sentiment. They said, no change in CRR kept buying activity restricted.
SBI was up 1.59 per cent, ICICI Bank 0.84 per cent and HDFC Bank 0.21 per cent.
Foreign portfolio investors (FPIs) picked up shares worth a net Rs 34.22 crore on Monday, provisional data showed.
Hong Kong's Hang Seng rose 0.45 per cent while Japan's Nikkei was up 0.83 per cent. Chinese markets are shut this week for the National Day holiday.
"... the second half of the week is likely to see focus shifting to US jobs data, and with the pound slumping, Brexit worries would also put IT sector and auto ancillaries in focus," said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
RBI kept the cash reserve requirement of banks unchanged at 4 per cent. The central bank also retained growth projection at 7.6 per cent for the current fiscal.
In the Sensex pack, 19 ended higher while 11 stocks closed lower.
The market breadth remained positive as 1,691 stocks ended in the green while 1,156 finished in the red while 131 ruled steady.
The total turnover on BSE rose further to Rs 4,258.42 crore, from Rs 3,841.40 crore on Monday.
RBI policy review: Home, car loans to become cheaper on swift transmission of repo rate cut
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The Reserve Bank of India's decision to cut interest rates is likely to have many implications, among which the impact on the home loan EMIs will be closely followed by the Indian middle class.
The repo rate after RBI Governor Urjit Patel's announcement today stands at 6.5 per cent after a reduction of 0.25 per cent. This is the rate at which the RBI lends money to commercial banks.
With lending becoming cheaper, banks will be in a position to reduce interest rates on home and auto loans, bringing relief for the middle class.
The rate cut will also provide a much needed push to the real estate sector which has seen low buying sentiment in the past.
"For the busy season of the financial year, a cut in repo rate by 25 basis point is indeed a welcome sign. With MCLR already stabilised, the pass through of this cut is expected to be quite swift," said Dena Bank CMD Ashwani Kumar who is also chairman of Indian Banks' Association.
SBI Managing Director B Sriram said the trend for rate cut is there and given the data points, there is scope for reduction in rates. He expressed the hope that both deposit and lending rates will come down.
According to Yes Bank MD and CEO Rana Kapoor, the maiden policy decision taken by RBI's MPC is completely justified by the ongoing disinflation in the economy.
"Today's rate cut will boost sentiment and contribute towards reinvigorating growth impulses. Backed by a healthy set of macros, I expect 50-75 basis points further easing in the coming months," Kapoor said.
Since 2015, the RBI has cut repo rate by 1.5 per cent but the banks have passed the benefit of mere 0.5 per cent to their customers. Though the banks are not bound to pass on the change in rates to the customers, there has been immense pressure on them to do so by the government.
The Reserve Bank of India's decision to cut interest rates is likely to have many implications, among which the impact on the home loan EMIs will be closely followed by the Indian middle class.
The repo rate after RBI Governor Urjit Patel's announcement today stands at 6.5 per cent after a reduction of 0.25 per cent. This is the rate at which the RBI lends money to commercial banks.
With lending becoming cheaper, banks will be in a position to reduce interest rates on home and auto loans, bringing relief for the middle class.
The rate cut will also provide a much needed push to the real estate sector which has seen low buying sentiment in the past.
"For the busy season of the financial year, a cut in repo rate by 25 basis point is indeed a welcome sign. With MCLR already stabilised, the pass through of this cut is expected to be quite swift," said Dena Bank CMD Ashwani Kumar who is also chairman of Indian Banks' Association.
SBI Managing Director B Sriram said the trend for rate cut is there and given the data points, there is scope for reduction in rates. He expressed the hope that both deposit and lending rates will come down.
According to Yes Bank MD and CEO Rana Kapoor, the maiden policy decision taken by RBI's MPC is completely justified by the ongoing disinflation in the economy.
"Today's rate cut will boost sentiment and contribute towards reinvigorating growth impulses. Backed by a healthy set of macros, I expect 50-75 basis points further easing in the coming months," Kapoor said.
Since 2015, the RBI has cut repo rate by 1.5 per cent but the banks have passed the benefit of mere 0.5 per cent to their customers. Though the banks are not bound to pass on the change in rates to the customers, there has been immense pressure on them to do so by the government.
Jet Airways festive season base fare starts at Rs 396
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Private carrier Jet Airways on Monday announced special offers with base fare starting as low as Rs 396 on select domestic routes.
The Mumbai-based full service carrier's low fares offer comes after two other domestic airlines-AirAsia India and SpiceJet-announced special discounted schemes for their customers.
Tickets for special fare offer can be booked between October 4 and October 7 for the travel period from November 8, 2016 onwards on select domestic routes, Jet Airways said in a release.
The offer is valid only on Jet Airways direct flights within India and available on first-come-first serve basis, it said.
The base fare excludes fuel surcharge, statutory taxes and fees.
"This exciting limited-period offer is our way of joining the festive celebrations, together with our guests, their families and loved ones," Jet Airways Chief Commercial Officer Jayaraj Shanmugam said.
Earlier in the day, Gurgaon-based SpiceJet had announced airfares as low as Rs 888 for its domestic flights and Rs 3,699 for international journey under its festival sale offer.
Another no-frills carrier, AirAsia India, which has only domestic operations, has also launched a discounted ticket schemes as part of its year-end sale, in which it is offering fares starting at Rs 999 for a limited period.
Private carrier Jet Airways on Monday announced special offers with base fare starting as low as Rs 396 on select domestic routes.
The Mumbai-based full service carrier's low fares offer comes after two other domestic airlines-AirAsia India and SpiceJet-announced special discounted schemes for their customers.
Tickets for special fare offer can be booked between October 4 and October 7 for the travel period from November 8, 2016 onwards on select domestic routes, Jet Airways said in a release.
The offer is valid only on Jet Airways direct flights within India and available on first-come-first serve basis, it said.
The base fare excludes fuel surcharge, statutory taxes and fees.
"This exciting limited-period offer is our way of joining the festive celebrations, together with our guests, their families and loved ones," Jet Airways Chief Commercial Officer Jayaraj Shanmugam said.
Earlier in the day, Gurgaon-based SpiceJet had announced airfares as low as Rs 888 for its domestic flights and Rs 3,699 for international journey under its festival sale offer.
Another no-frills carrier, AirAsia India, which has only domestic operations, has also launched a discounted ticket schemes as part of its year-end sale, in which it is offering fares starting at Rs 999 for a limited period.
General Awareness
India formally joined the Paris Climate Change Agreement
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India formally joined the Paris Climate Change Agreement. It is been done by submitting its instrument of ratification at UN headquarters in New York on the birth anniversary of Mahatma Gandhi.
Paris Climate Change :
The Paris Agreement is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gases emissions mitigation, adaptation and finance starting in the year 2020.
- The language of the agreement was negotiated by representatives of 195 countries at the 21st Conference of the Parties of the UNFCCC in Paris and adopted by consensus on 12 December 2015.
- It was opened for signature on 22 April 2016 (Earth Day) in a ceremony in New York City.As of September 2016, 191 UNFCCC members have signed the treaty, 61 of which have ratified it.
- The agreement will only enter into force provided that 55 countries that produce at least 55% of the world’s greenhouse gas emissions ratify, accept, approve or accede to the agreement; although the minimum number of ratifications has been reached, the ratifying states do not produce the requisite percentage of greenhouse gases for the agreement to enter into force.
- The head of the Paris Conference, France’s foreign minister Laurent Fabius, said this “ambitious and balanced” plan is a “historic turning point” in the goal of reducing global warming.
- The aim of the convention is described in Article 2, “enhancing the implementation” of the UNFCCC.
- Holding the increase in the global average temperature to well below 2 °C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 °C above pre-industrial levels, recognizing that this would significantly reduce the risks and impacts of climate change;
- Increasing the ability to adapt to the adverse impacts of climate change and foster climate resilience and low greenhouse gas emissions development, in a manner that does not threaten food production
- Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.
Countries furthermore aim to reach global peaking of greenhouse gas emissions as soon as possible and the Paris deal is the world’s first comprehensive climate agreement.
EU ministers approve ratification of Paris climate Agreement :
European Union ministers approved the ratification of the Paris Agreement at a historic meeting of the Environment Council in Brussels .
- The 28 EU member nations together account for close to 12 per cent of global greenhouse gas emissions
- The Paris treaty had already crossed the first requirement of 55 countries ratifying the treaty to enable its entry into force on September 21 at the UN Secretary-General’s special ratification ceremony organised at the UN headquarters.
- During that ceremony, 31 countries had submitted their ratification instruments to the UN, bringing the total count of ratifying parties to 60.As of now 62 countries have ratified the deal including India.
India’s Desire :
India accounts for about 4.5% of global greenhouse gas emissions.The Paris agreement will come into force when 55 countries contributing to at least 55% of total global emissions ratify the deal. So far, 61 countries have deposited their instruments of ratification, acceptance or approval, accounting for 47.8% of global emissions, an Indian government statement said.
- The Paris agreement was adopted by 185 nations in December. It asks both rich and poor countries to take action to curb the rise in global temperatures that is melting glaciers, raising sea levels and shifting rainfall patterns. It requires governments to present national plans to reduce emissions to limit global temperature rise to well below 2C (3.6F).
- India has committed that by 2030, at least 40% of its electricity will be generated from non-fossil sources. This includes 175GW renewable energy capacity by 2022.
- The ratification by India, which has a population of over 1.2 billion, is expected to give momentum to the implementation of measures at the international level to control global warming.
- It is noted tat earlier this month, the US and China had formally joined the Paris agreement, which was adopted by 195 parties to the UN Framework Convention on Climate Change last December in Paris.
India formally joined the Paris Climate Change Agreement. It is been done by submitting its instrument of ratification at UN headquarters in New York on the birth anniversary of Mahatma Gandhi.
Paris Climate Change :
The Paris Agreement is an agreement within the United Nations Framework Convention on Climate Change (UNFCCC) dealing with greenhouse gases emissions mitigation, adaptation and finance starting in the year 2020.
- The language of the agreement was negotiated by representatives of 195 countries at the 21st Conference of the Parties of the UNFCCC in Paris and adopted by consensus on 12 December 2015.
- It was opened for signature on 22 April 2016 (Earth Day) in a ceremony in New York City.As of September 2016, 191 UNFCCC members have signed the treaty, 61 of which have ratified it.
- The agreement will only enter into force provided that 55 countries that produce at least 55% of the world’s greenhouse gas emissions ratify, accept, approve or accede to the agreement; although the minimum number of ratifications has been reached, the ratifying states do not produce the requisite percentage of greenhouse gases for the agreement to enter into force.
- The head of the Paris Conference, France’s foreign minister Laurent Fabius, said this “ambitious and balanced” plan is a “historic turning point” in the goal of reducing global warming.
- The aim of the convention is described in Article 2, “enhancing the implementation” of the UNFCCC.
- Holding the increase in the global average temperature to well below 2 °C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5 °C above pre-industrial levels, recognizing that this would significantly reduce the risks and impacts of climate change;
- Increasing the ability to adapt to the adverse impacts of climate change and foster climate resilience and low greenhouse gas emissions development, in a manner that does not threaten food production
- Making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.
Countries furthermore aim to reach global peaking of greenhouse gas emissions as soon as possible and the Paris deal is the world’s first comprehensive climate agreement.
EU ministers approve ratification of Paris climate Agreement :
European Union ministers approved the ratification of the Paris Agreement at a historic meeting of the Environment Council in Brussels .
- The 28 EU member nations together account for close to 12 per cent of global greenhouse gas emissions
- The Paris treaty had already crossed the first requirement of 55 countries ratifying the treaty to enable its entry into force on September 21 at the UN Secretary-General’s special ratification ceremony organised at the UN headquarters.
- During that ceremony, 31 countries had submitted their ratification instruments to the UN, bringing the total count of ratifying parties to 60.As of now 62 countries have ratified the deal including India.
India’s Desire :
India accounts for about 4.5% of global greenhouse gas emissions.The Paris agreement will come into force when 55 countries contributing to at least 55% of total global emissions ratify the deal. So far, 61 countries have deposited their instruments of ratification, acceptance or approval, accounting for 47.8% of global emissions, an Indian government statement said.
- The Paris agreement was adopted by 185 nations in December. It asks both rich and poor countries to take action to curb the rise in global temperatures that is melting glaciers, raising sea levels and shifting rainfall patterns. It requires governments to present national plans to reduce emissions to limit global temperature rise to well below 2C (3.6F).
- India has committed that by 2030, at least 40% of its electricity will be generated from non-fossil sources. This includes 175GW renewable energy capacity by 2022.
- The ratification by India, which has a population of over 1.2 billion, is expected to give momentum to the implementation of measures at the international level to control global warming.
- It is noted tat earlier this month, the US and China had formally joined the Paris agreement, which was adopted by 195 parties to the UN Framework Convention on Climate Change last December in Paris.
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