General Affairs
BJP emerges winner in Maharashtra local body elections
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On a day when the Congress observed 'Akrosh Din' against the BJP government's decision of demonetisation the BJP emerged as the largest party in the civic body elections held in Maharashtra.
The results of the 118 out of 147 municipal councils declared till 6 pm showed that BJP was at the top in the winning chart. The party won the municipal chairman's posts in 52 bodies. It also had secured majority in 22 councils till 6 pm. Final results are yet to come.
Shiv Sena has emerged as the second largest party with victory in 23 council chairman posts. Congress stood at number three with 21 seats followed by NCP with 19. The local alliances registered victory in 25 seats.
Majority of the all party stalwarts failed to win the election for their respective party in their hometowns. BJP's women and child development minister Pankaja Munde failed to secure victory in Parali. NCP big shot leader Jayant Patil could not bring majority for the party in Islampur. Water Supply and Sanitation minister Babanrao Lonikar's efforts were proved inadequate in Partur.
Leader of opposition Radhakrishna Vikhe-Patil could not win Rahata. Former Chief Minister Narayan Rane failed to register victory in Malwan. His opponent minister of state for Home Deepak Kesarkar too failed in Sawantwadi. In BJP state president Raosaheb Danve's hometown Bhokardan Congress secured majority.
State BJP spokesperson Keshav Upadhye said people have voted against the established leaders. "We are happy that the workers' hard work paid off. Now, BJP has officially become the number one party in the state. We have increased our based in semi urban areas," he said.
Meanwhile, Prime Minister Narendra Modi too congratulated the Maharashtra BJP unit over the victory.
I laud BJP Karyakartas, CM @Dev_Fadnavis & @raosahebdanve. Their grassroot level work ensured people place their valued trust in BJP.
Narendra Modi (@narendramodi) November 28, 2016
I thank people of Maharashtra for placing their faith in BJP in local body polls. This is a win for pro-poor & development politics of BJP.
Narendra Modi (@narendramodi) November 28, 2016
SHOCKED OPPOSITION
The results came as a shocker for the Congress. Riding high over its campaign against the demoetisation move the Congress went on to claim victory even before the results were announced. Mumbai MP & president of Maharashtra Congress Ashok Chavan said "This had to happen, people are dying in queues, farmers are committing suicides, Centre is insensitive towards them. The poll results are a reflection of that."
The NCP however called it a result of division of votes. NCP spokesperson, Nawab Malik, said, "This is only because of the division of votes. These elections were mostly in semi-urban areas where the BJP has its voter base. The real impact of demonetisation will be seen in the upcoming zilla parishad polls that will take place in rural Maharashtra."
On a day when the Congress observed 'Akrosh Din' against the BJP government's decision of demonetisation the BJP emerged as the largest party in the civic body elections held in Maharashtra.
The results of the 118 out of 147 municipal councils declared till 6 pm showed that BJP was at the top in the winning chart. The party won the municipal chairman's posts in 52 bodies. It also had secured majority in 22 councils till 6 pm. Final results are yet to come.
Shiv Sena has emerged as the second largest party with victory in 23 council chairman posts. Congress stood at number three with 21 seats followed by NCP with 19. The local alliances registered victory in 25 seats.
Majority of the all party stalwarts failed to win the election for their respective party in their hometowns. BJP's women and child development minister Pankaja Munde failed to secure victory in Parali. NCP big shot leader Jayant Patil could not bring majority for the party in Islampur. Water Supply and Sanitation minister Babanrao Lonikar's efforts were proved inadequate in Partur.
Leader of opposition Radhakrishna Vikhe-Patil could not win Rahata. Former Chief Minister Narayan Rane failed to register victory in Malwan. His opponent minister of state for Home Deepak Kesarkar too failed in Sawantwadi. In BJP state president Raosaheb Danve's hometown Bhokardan Congress secured majority.
State BJP spokesperson Keshav Upadhye said people have voted against the established leaders. "We are happy that the workers' hard work paid off. Now, BJP has officially become the number one party in the state. We have increased our based in semi urban areas," he said.
Meanwhile, Prime Minister Narendra Modi too congratulated the Maharashtra BJP unit over the victory.
I laud BJP Karyakartas, CM @Dev_Fadnavis & @raosahebdanve. Their grassroot level work ensured people place their valued trust in BJP.Narendra Modi (@narendramodi) November 28, 2016
I thank people of Maharashtra for placing their faith in BJP in local body polls. This is a win for pro-poor & development politics of BJP.Narendra Modi (@narendramodi) November 28, 2016
SHOCKED OPPOSITION
The results came as a shocker for the Congress. Riding high over its campaign against the demoetisation move the Congress went on to claim victory even before the results were announced. Mumbai MP & president of Maharashtra Congress Ashok Chavan said "This had to happen, people are dying in queues, farmers are committing suicides, Centre is insensitive towards them. The poll results are a reflection of that."
The NCP however called it a result of division of votes. NCP spokesperson, Nawab Malik, said, "This is only because of the division of votes. These elections were mostly in semi-urban areas where the BJP has its voter base. The real impact of demonetisation will be seen in the upcoming zilla parishad polls that will take place in rural Maharashtra."
Nabha jailbreak: This is how Harminder Singh Mintoo was arrested
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Acting on a plot that is generally seen in bollywood films, 10-12 armed men stormed the high security Nabha jail in Patiala and freed Khalistan Liberation Force chief Harminder Singh Mintoo on Sunday morning.
A massive manhunt began and within 24 hours, the hardened militant was arrested in Delhi.
Apart from the police of Punjab, Rajasthan and Delhi, intelligence bureau and national security advisor Ajit Doval were also involved in the operation.
Agencies made the first arrest in the case on Sunday evening itself when one of the accused of the jailbreak Parvinder was nabbed from Shamli in western Uttar Pradesh. But, the prime catch was still not in sight.
Reports of a car- suspected to have been used for jailbreak- breaking police barricades in Kaithal, Haryana suggested that the escaped terrorist Mintoo and five gangsters were moving towards Kurukshetra. An abandoned car was also recovered from Kaithal.
Now, it has emerged that Harminder Singh Mintoo got down from the SUV that Haryana Police spotted speeding past barricades some 20 kms short of Kurukshetra.
Mintoo took bus to carry his onward journey. He changed bus two-three times to reach Nizamuddin railway station in Delhi.
But, the final clues came from the phone calls that KLF chief Harminder Singh Mintoo made to some of his relatives in Subhash Nagar, Delhi.
As soon as the calls were made, the agencies- IB and police forces of Punjab, Rajasthan and Delhi- got their acts together. IB traced the call location and helped nab the KLF chief.
Harminder Singh Mintoo's hide-and-seek game ended around 3 am, when he was arrested from Nizamuddin railway station in Delhi, from where he wanted to flee to some location in southern part of the national capital.
According to police sources, Mintoo had shaved off his beard and gotten a hair cut to avoid being identified. But, the joint team guided by NSA Ajit Doval had their plan in place that ended Harminder Singh Mintoo's run.
Mintoo was not carrying any weapon lest he attracted suspicion of a curious onlooker or security officials at public places. He wanted to make sure that he looked as one among the crowd.
However, the other five, who escaped during the jailbreak, are still on the run. But, Mintoo is the big catch for the agencies.
According to police sources, Mintoo had bought to ticket for Panvel, Mumbai. He was then supposed to go to Goa, from where he planned to visit Nepal.
Harminder Singh Mintoo has established a good network in Southeast Asia and Europe with the help of Pakistan's ISI.
Police recovered some cash from Harminder Singh Mintoo suggesting that he was being financed by someone. Agencies are trying to trace the people, who gave him financial support and provided him with cash.
Acting on a plot that is generally seen in bollywood films, 10-12 armed men stormed the high security Nabha jail in Patiala and freed Khalistan Liberation Force chief Harminder Singh Mintoo on Sunday morning.
A massive manhunt began and within 24 hours, the hardened militant was arrested in Delhi.
Apart from the police of Punjab, Rajasthan and Delhi, intelligence bureau and national security advisor Ajit Doval were also involved in the operation.
Agencies made the first arrest in the case on Sunday evening itself when one of the accused of the jailbreak Parvinder was nabbed from Shamli in western Uttar Pradesh. But, the prime catch was still not in sight.
Reports of a car- suspected to have been used for jailbreak- breaking police barricades in Kaithal, Haryana suggested that the escaped terrorist Mintoo and five gangsters were moving towards Kurukshetra. An abandoned car was also recovered from Kaithal.
Now, it has emerged that Harminder Singh Mintoo got down from the SUV that Haryana Police spotted speeding past barricades some 20 kms short of Kurukshetra.
Mintoo took bus to carry his onward journey. He changed bus two-three times to reach Nizamuddin railway station in Delhi.
But, the final clues came from the phone calls that KLF chief Harminder Singh Mintoo made to some of his relatives in Subhash Nagar, Delhi.
But, the final clues came from the phone calls that KLF chief Harminder Singh Mintoo made to some of his relatives in Subhash Nagar, Delhi.
As soon as the calls were made, the agencies- IB and police forces of Punjab, Rajasthan and Delhi- got their acts together. IB traced the call location and helped nab the KLF chief.
Harminder Singh Mintoo's hide-and-seek game ended around 3 am, when he was arrested from Nizamuddin railway station in Delhi, from where he wanted to flee to some location in southern part of the national capital.
According to police sources, Mintoo had shaved off his beard and gotten a hair cut to avoid being identified. But, the joint team guided by NSA Ajit Doval had their plan in place that ended Harminder Singh Mintoo's run.
Mintoo was not carrying any weapon lest he attracted suspicion of a curious onlooker or security officials at public places. He wanted to make sure that he looked as one among the crowd.
However, the other five, who escaped during the jailbreak, are still on the run. But, Mintoo is the big catch for the agencies.
According to police sources, Mintoo had bought to ticket for Panvel, Mumbai. He was then supposed to go to Goa, from where he planned to visit Nepal.
Harminder Singh Mintoo has established a good network in Southeast Asia and Europe with the help of Pakistan's ISI.
Police recovered some cash from Harminder Singh Mintoo suggesting that he was being financed by someone. Agencies are trying to trace the people, who gave him financial support and provided him with cash.
NIA arrests 3 suspected al-Qaeda operatives who were planning to kill PM Modi
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Following raids in several places across Madurai in Tamil Nadu, three suspected al-Qaeda operatives were arrested today by the National Investigation Agency, police said.
Police said the three allegedly planned to attack 22 top leaders of the country including Prime Minister Narendra Modi.
INVESTIGATION AND ARREST
Those arrested were identified as M Khareem, Asif Sultan Mohammed and Abbas Ali. While Khareem was arrested from Usmannagar, Asif Sultan Mohammed was picked up from G R Nagar and Abbas Ali from Ismailpuram.
Police said NIA raided several places on receiving specific information that suspected al-Qaeda activists were operating in and around Madurai.
The NIA had tracked their movement for 10 days before apprehending the suspects today morning.
Police are also on the the lookout for two other men, Hakeem and Dawood Sulaiman.
The arrested men are believed to have been involved in the planning of five different court attacks. Hoards of explosives were confiscated from the suspects' residence.
Police said the arrested suspects had made threatening phone calls to six different embassies as well.
Following raids in several places across Madurai in Tamil Nadu, three suspected al-Qaeda operatives were arrested today by the National Investigation Agency, police said.
Police said the three allegedly planned to attack 22 top leaders of the country including Prime Minister Narendra Modi.
INVESTIGATION AND ARREST
Those arrested were identified as M Khareem, Asif Sultan Mohammed and Abbas Ali. While Khareem was arrested from Usmannagar, Asif Sultan Mohammed was picked up from G R Nagar and Abbas Ali from Ismailpuram.
Police said NIA raided several places on receiving specific information that suspected al-Qaeda activists were operating in and around Madurai.
The NIA had tracked their movement for 10 days before apprehending the suspects today morning.
Police are also on the the lookout for two other men, Hakeem and Dawood Sulaiman.
The arrested men are believed to have been involved in the planning of five different court attacks. Hoards of explosives were confiscated from the suspects' residence.
The arrested men are believed to have been involved in the planning of five different court attacks. Hoards of explosives were confiscated from the suspects' residence.
Police said the arrested suspects had made threatening phone calls to six different embassies as well.
Pakistan Foreign Secretary warns India against 'dangers' of continuing its hostile 'tendencies'
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Pakistan's Foreign Secretary Aizaz Chaudhry has warned India against the 'harms' of its hostile 'tendencies' against Pakistan, implying it's a 'dangerous' territory.
According to a report published in The News International, Chaudhry, in a TV programme, said, "India, with its belligerent attitude, is treading a serious path."
"Pakistan has very sagaciously reminded it (India) of such dangerous tendencies," he said. He also emphasised on the need for India and Pakistan to engage in a dialogue, adding that, "Pakistan's defences are fully impregnable and it could not be intimidated with volleys of bragging talks."
Chaudhry's comments come at a time when Pakistan's new army chief, Lieutenant General Qamar Javed Bajwa, is set to assume office on Tuesday. His predecessor, General Raheel Sharif, has had the notoriety of pushing India-Pakistan ties to a historically low point, with a war-like situation prevailing along the border between the two neighbours.
It is a well-established fact that Pakistan's army chief is its most powerful person. And now, Gen. Raheel Sharif is leaving the country's most powerful office with anti-India designs, something that reflects in statements of every Pakistani politician -- be it its prime minister or defence minister or foreign affairs minister.
If we take a cue from that, India is going to handle the same belligerent and backstabbing Pakistan as it was during Raheel Sharif's time.
Ever since the surgical strike India conducted deep inside Pakistan-occupied-Kashmir on September 29, Pakistan has violated ceasefire over 300 times and brags about the number of Indian soldiers killed in cross-border firing, to appease concerns of its internal politics. But, with Indian forces being given a free hand to give a befitting reply to any Pakistani misadventure, the scale of damage on the Pakistani side in Indian counter-firing has been manifold.
Last week we saw a glimpse of this when the Pakistani DGMO had to call his Indian counterpart for talks after India's retaliatory fire in response to an Indian soldier's beheading inflicted heavy damage on the neighbouring side. We can gauge the extent of damage by the fact that it was the first time since the surgical strike that the Pakistani DGMO had to speak to the Indian DGMO about bringing normalcy along the LoC.
Pakistan's Foreign Secretary Aizaz Chaudhry has warned India against the 'harms' of its hostile 'tendencies' against Pakistan, implying it's a 'dangerous' territory.
According to a report published in The News International, Chaudhry, in a TV programme, said, "India, with its belligerent attitude, is treading a serious path."
"Pakistan has very sagaciously reminded it (India) of such dangerous tendencies," he said. He also emphasised on the need for India and Pakistan to engage in a dialogue, adding that, "Pakistan's defences are fully impregnable and it could not be intimidated with volleys of bragging talks."
Chaudhry's comments come at a time when Pakistan's new army chief, Lieutenant General Qamar Javed Bajwa, is set to assume office on Tuesday. His predecessor, General Raheel Sharif, has had the notoriety of pushing India-Pakistan ties to a historically low point, with a war-like situation prevailing along the border between the two neighbours.
It is a well-established fact that Pakistan's army chief is its most powerful person. And now, Gen. Raheel Sharif is leaving the country's most powerful office with anti-India designs, something that reflects in statements of every Pakistani politician -- be it its prime minister or defence minister or foreign affairs minister.
If we take a cue from that, India is going to handle the same belligerent and backstabbing Pakistan as it was during Raheel Sharif's time.
Ever since the surgical strike India conducted deep inside Pakistan-occupied-Kashmir on September 29, Pakistan has violated ceasefire over 300 times and brags about the number of Indian soldiers killed in cross-border firing, to appease concerns of its internal politics. But, with Indian forces being given a free hand to give a befitting reply to any Pakistani misadventure, the scale of damage on the Pakistani side in Indian counter-firing has been manifold.
Last week we saw a glimpse of this when the Pakistani DGMO had to call his Indian counterpart for talks after India's retaliatory fire in response to an Indian soldier's beheading inflicted heavy damage on the neighbouring side. We can gauge the extent of damage by the fact that it was the first time since the surgical strike that the Pakistani DGMO had to speak to the Indian DGMO about bringing normalcy along the LoC.
For Modi, change begins with office. PMO holds mobile banking workshop for staff
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The Prime Minister believes that change starts from one's own backyard.
A day after Narendra Modi pitched a "less-cash" society to people and urged farmers and small traders to start using digital modes of transaction, his office today conducted a workshop in mobile banking for its staff.
"Officers, including Principal Secretary Nripendra Misra and Additional Principal Secretary PK Mishra, conducted a workshop for the staff of the Prime Minister's Office at 7, Lok Kalyan Marg," an official release said.
How to make cashless transactions
"The workshop was aimed to train and initiate them in the process of mobile banking and conducting daily transactions through mobile applications such as Unified Payment Interface (UPI), e-wallets," the release said.
Officers demonstrated the process of cashless transactions and helped their staff members download relevant mobile applications on their phones.
Officials from the State Bank of India and MyGov portal were also present during the workshop.
Cashless economy to make India corruption-free
Prime Minister Narendra Modi on Sunday made a strong push to turn India into a cashless economy and said demonetisation of high value currency notes was a step forward that would rid the country of unaccounted hidden wealth and corruption.
"Learn the different ways to use your bank accounts through internet banking. Learn how to effectively use the apps of various banks on your phones. Learn how to run your business without cash. Learn about card payments and other electronic modes of payment," Modi said during his monthly Mann ki Baat address.
At a Parivartan rally in Kushinagar district of Uttar Pradesh, the Prime Minister once again emphasised on the need to go cashless to make India corruption-free.
The Prime Minister believes that change starts from one's own backyard.
A day after Narendra Modi pitched a "less-cash" society to people and urged farmers and small traders to start using digital modes of transaction, his office today conducted a workshop in mobile banking for its staff.
"Officers, including Principal Secretary Nripendra Misra and Additional Principal Secretary PK Mishra, conducted a workshop for the staff of the Prime Minister's Office at 7, Lok Kalyan Marg," an official release said.
How to make cashless transactions
"The workshop was aimed to train and initiate them in the process of mobile banking and conducting daily transactions through mobile applications such as Unified Payment Interface (UPI), e-wallets," the release said.
Officers demonstrated the process of cashless transactions and helped their staff members download relevant mobile applications on their phones.
Officials from the State Bank of India and MyGov portal were also present during the workshop.
Cashless economy to make India corruption-free
Prime Minister Narendra Modi on Sunday made a strong push to turn India into a cashless economy and said demonetisation of high value currency notes was a step forward that would rid the country of unaccounted hidden wealth and corruption.
"Learn the different ways to use your bank accounts through internet banking. Learn how to effectively use the apps of various banks on your phones. Learn how to run your business without cash. Learn about card payments and other electronic modes of payment," Modi said during his monthly Mann ki Baat address.
At a Parivartan rally in Kushinagar district of Uttar Pradesh, the Prime Minister once again emphasised on the need to go cashless to make India corruption-free.
Business Affairs
Demonetisation: Pay 50% tax on unaccounted deposits or 85% if caught
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Providing a window to black money holders, the government today proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don't disclose but are caught.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the Income Tax law which also provides for black money declarants a mandatorily depositing of 25 per cent of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period.
Those who choose to declare their ill-gotten wealth stashed till now in banned 500 and 1000 rupee notes under the Pradhan Mantri Grabi Kalyan Yojana 2016, will have to pay a tax at the rate of 30 per cent of the undisclosed income.
Additionally, a 10 per cent penalty will be levied on the undisclosed income and surcharge called PMGK Cess at the rate of 33 per cent of tax (33 per cent of 30 per cent).
Further, the declarants have to deposit 25 per cent of the undisclosed income in a scheme to be notified by the government in consultation with the Reserve Bank of India (RBI).
The money from the scheme would be used for projects in irrigation, housing, toilets, infrastructure, primary education, primary health and livelihood so that there is justice and equality, said the Statement of Objects and Reasons of the Bill.
For those who continue to hold onto undisclosed cash and are caught, existing provisions of the Income Tax law will be amended to provide for a flat 60 per cent tax plus a surcharge of 25 per cent of tax (15 per cent), which will amount a levy of 75 per cent.
Besides, if the assessing officer decides he can charge a 10 per cent penalty in addition to the 75 per cent tax.
Providing a window to black money holders, the government today proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don't disclose but are caught.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the Income Tax law which also provides for black money declarants a mandatorily depositing of 25 per cent of the amount disclosed in anti-poverty scheme without interest and a four-year lock-in period.
Those who choose to declare their ill-gotten wealth stashed till now in banned 500 and 1000 rupee notes under the Pradhan Mantri Grabi Kalyan Yojana 2016, will have to pay a tax at the rate of 30 per cent of the undisclosed income.
Additionally, a 10 per cent penalty will be levied on the undisclosed income and surcharge called PMGK Cess at the rate of 33 per cent of tax (33 per cent of 30 per cent).
Further, the declarants have to deposit 25 per cent of the undisclosed income in a scheme to be notified by the government in consultation with the Reserve Bank of India (RBI).
The money from the scheme would be used for projects in irrigation, housing, toilets, infrastructure, primary education, primary health and livelihood so that there is justice and equality, said the Statement of Objects and Reasons of the Bill.
For those who continue to hold onto undisclosed cash and are caught, existing provisions of the Income Tax law will be amended to provide for a flat 60 per cent tax plus a surcharge of 25 per cent of tax (15 per cent), which will amount a levy of 75 per cent.
Besides, if the assessing officer decides he can charge a 10 per cent penalty in addition to the 75 per cent tax.
Pensioners can now submit life certificate till Jan 15: EPFO
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Providing breather to its around 50 lakh pensioners amid difficulties being faced in banks due to demonetisation, retirement fund body EPFO has extended the last date for submission of life certificate till January 15.
"Employees' Provident Fund Organisation (EPFO) has directed its over 120 field offices that the last date for submission of life certificate by pensioners is extended till January 15, 2017," a senior official told PTI.
"The decision is in line with the central government's move to extend the date for submission of life certificate till January 15, 2017," he said.
As per the practice, the EPFO pensioners are required to submit their life certificate by November. In case the pensioners don't submit their life certificate their pension is stopped.
"The decision is taken in view of heavy work load in banks due to demonetisation. Now pensioners are also allowed to submit their life certificate at over two lakh common service centres across the country," the official explained.
EPFO also accepts life certificate through Jeevan Pramaan software application through mobile phones. Besides the pensioners can use over two lakh common service centres across country to submit their life certificates.
Earlier this month, the central government had extended the date of submission of life certificate for its pensioners till January 15, 2017.
The EPFO runs three social security scheme -- Employees' Provident Fund 1952, Employees' Pension Scheme 1995 and Employees' Deposit Linked Insurance Scheme 1976 to provide provident fund, pension and group term insurance to its over four crore subscribers.
"Employees' Provident Fund Organisation (EPFO) has directed its over 120 field offices that the last date for submission of life certificate by pensioners is extended till January 15, 2017," a senior official told PTI.
"The decision is in line with the central government's move to extend the date for submission of life certificate till January 15, 2017," he said.
As per the practice, the EPFO pensioners are required to submit their life certificate by November. In case the pensioners don't submit their life certificate their pension is stopped.
"The decision is taken in view of heavy work load in banks due to demonetisation. Now pensioners are also allowed to submit their life certificate at over two lakh common service centres across the country," the official explained.
EPFO also accepts life certificate through Jeevan Pramaan software application through mobile phones. Besides the pensioners can use over two lakh common service centres across country to submit their life certificates.
Earlier this month, the central government had extended the date of submission of life certificate for its pensioners till January 15, 2017.
The EPFO runs three social security scheme -- Employees' Provident Fund 1952, Employees' Pension Scheme 1995 and Employees' Deposit Linked Insurance Scheme 1976 to provide provident fund, pension and group term insurance to its over four crore subscribers.
Trump effect: Indian IT firms like TCS, Infosys rush to hire Americans
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Anticipating a more protectionist US technology visa programme under a Donald Trump administration, India's $150 billion IT services sector will speed up acquisitions in the United States and recruit more heavily from college campuses there.
Indian companies including Tata Consultancy Services (TCS), Infosys and Wipro have long used H1-B skilled worker visas to fly computer engineers to the US, their largest overseas market, temporarily to service clients.
Staff from those three companies accounted for around 86,000 new H1-B workers in 2005-14. The US currently issues close to that number of H1-B visas each year.
President-elect Trump's campaign rhetoric, and his pick for Attorney General of Senator Jeff Sessions, a long-time critic of the visa programme, have many expecting a tighter regime.
"The world over, there's a lot of protectionism coming in and push back on immigration. Unfortunately, people are confusing immigration with a high-skilled temporary workforce, because we are really a temporary workforce," said Pravin Rao, chief operating officer at Infosys, India's second-largest information technology firm.
While few expect a complete shutdown of skilled worker visas as Indian engineers are an established part of the fabric of Silicon Valley, and U.S. businesses depend on their cheaper IT and software solutions, any changes are likely to push up costs.
And a more restrictive programme would likely mean Indian IT firms sending fewer developers and engineers to the United States, and increasing campus recruitment there.
"We have to accelerate hiring of locals if they are available, and start recruiting freshers from universities there," said Infosys' Rao, noting a shift from the traditional model of recruiting mainly experienced people in the US.
"Now we have to get into a model where we will recruit freshers, train them and gradually deploy them, and this will increase our costs," he said, noting Infosys typically recruits 500-700 people each quarter in the US and Europe, around 80 percent of whom are locals.
ACQUISITIONS
Trump's election win and Britain's referendum vote to leave the European Union are headwinds for India's IT sector, as clients such as big US and British banks and insurers hold off on spending while the dust settles.
In India's IT hub of Bengaluru and the financial capital Mumbai, executives expect a Trump administration to raise the minimum wage for foreign workers, pressuring already squeezed margins.
Buying US companies would help Indian IT firms build their local headcount, increase their on-the-ground presence in key markets and help counter any protectionist regulations.
Indian software services companies have invested more than $2 billion in the United States in the past five years. North America accounts for more than half of the sector's revenue.
"We have to accelerate acquisitions," said Rao at Infosys, which in the past two years has bought companies including US-based Noah Consulting and Kallidus Technologies.
Jatin Dalal, Wipro's chief financial officer, said his growth strategy is to buy companies that offer something beyond what Wipro already does, or new, disruptive firms - such as Appirio, a U.S. cloud services firm.
The chief executive of Tech Mahindra, C.P. Gurnani, said his firm, which two years ago bought network services management firm Lightbridge Communications Corp, is on the look-out for more U.S. acquisitions, particularly in healthcare and fintech - financial technology firms that are disrupting traditional banking services.
OFFSHORING & AUTOMATION
In a broader shift from labour intensive onsite projects, Indian IT firms are also turning to higher-tech services such as automation, cloud computing and artificial intelligence (AI) platforms.
With better technology and faster networks, IT firms are encouraging Western clients to adopt more virtual services.
Infosys CEO Vishal Sikka says he has focused on automation and AI as growth drivers since 2014. "The AI platform is 5-6 percent of our revenues," he told Reuters. "Three years ago, it was zero."
More automation would mean fewer onshore developers.
"The 'Plan B' would be to accelerate the trend ... to reduce their reliance on people and increase their focus on delivering automation, leveraging the cloud for their clients," said Partha Iyengar, Gartner's head of research in India.
Anticipating a more protectionist US technology visa programme under a Donald Trump administration, India's $150 billion IT services sector will speed up acquisitions in the United States and recruit more heavily from college campuses there.
Indian companies including Tata Consultancy Services (TCS), Infosys and Wipro have long used H1-B skilled worker visas to fly computer engineers to the US, their largest overseas market, temporarily to service clients.
Staff from those three companies accounted for around 86,000 new H1-B workers in 2005-14. The US currently issues close to that number of H1-B visas each year.
President-elect Trump's campaign rhetoric, and his pick for Attorney General of Senator Jeff Sessions, a long-time critic of the visa programme, have many expecting a tighter regime.
"The world over, there's a lot of protectionism coming in and push back on immigration. Unfortunately, people are confusing immigration with a high-skilled temporary workforce, because we are really a temporary workforce," said Pravin Rao, chief operating officer at Infosys, India's second-largest information technology firm.
While few expect a complete shutdown of skilled worker visas as Indian engineers are an established part of the fabric of Silicon Valley, and U.S. businesses depend on their cheaper IT and software solutions, any changes are likely to push up costs.
And a more restrictive programme would likely mean Indian IT firms sending fewer developers and engineers to the United States, and increasing campus recruitment there.
"We have to accelerate hiring of locals if they are available, and start recruiting freshers from universities there," said Infosys' Rao, noting a shift from the traditional model of recruiting mainly experienced people in the US.
"Now we have to get into a model where we will recruit freshers, train them and gradually deploy them, and this will increase our costs," he said, noting Infosys typically recruits 500-700 people each quarter in the US and Europe, around 80 percent of whom are locals.
ACQUISITIONS
Trump's election win and Britain's referendum vote to leave the European Union are headwinds for India's IT sector, as clients such as big US and British banks and insurers hold off on spending while the dust settles.
In India's IT hub of Bengaluru and the financial capital Mumbai, executives expect a Trump administration to raise the minimum wage for foreign workers, pressuring already squeezed margins.
Buying US companies would help Indian IT firms build their local headcount, increase their on-the-ground presence in key markets and help counter any protectionist regulations.
Indian software services companies have invested more than $2 billion in the United States in the past five years. North America accounts for more than half of the sector's revenue.
"We have to accelerate acquisitions," said Rao at Infosys, which in the past two years has bought companies including US-based Noah Consulting and Kallidus Technologies.
Jatin Dalal, Wipro's chief financial officer, said his growth strategy is to buy companies that offer something beyond what Wipro already does, or new, disruptive firms - such as Appirio, a U.S. cloud services firm.
The chief executive of Tech Mahindra, C.P. Gurnani, said his firm, which two years ago bought network services management firm Lightbridge Communications Corp, is on the look-out for more U.S. acquisitions, particularly in healthcare and fintech - financial technology firms that are disrupting traditional banking services.
OFFSHORING & AUTOMATION
OFFSHORING & AUTOMATION
In a broader shift from labour intensive onsite projects, Indian IT firms are also turning to higher-tech services such as automation, cloud computing and artificial intelligence (AI) platforms.
With better technology and faster networks, IT firms are encouraging Western clients to adopt more virtual services.
Infosys CEO Vishal Sikka says he has focused on automation and AI as growth drivers since 2014. "The AI platform is 5-6 percent of our revenues," he told Reuters. "Three years ago, it was zero."
More automation would mean fewer onshore developers.
"The 'Plan B' would be to accelerate the trend ... to reduce their reliance on people and increase their focus on delivering automation, leveraging the cloud for their clients," said Partha Iyengar, Gartner's head of research in India.
Sensex slides 133 points in early trade, banks lead fall
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The BSE benchmark Sensex fell over 133 points and the Nifty slipped below the 8,100-mark in early trade on Monday as banking stocks led fall on fresh selling amid mixed Asian cues.
Other sectoral indices like consumer durables, PSU, FMCG and capital goods were trading in the negative zone, falling up to 1.56 per cent.
The 30-share Sensex was trading lower by 133.12 points or 0.50 per cent at 26,183.22 in early trade.
The index had soared 456.17 points in the previous session after investors crated fresh long positions in the new
December series amid the rupee rebounding from record lows.
The NSE Nifty was trading down by 23.70 points or 0.29 per cent at 8,090.60.
Brokers said sentiments were dampened with trimming of positions by participants, particularly in banking stocks
after the Reserve Bank on Saturday introduced an incremental CRR of 100 per cent for the fortnight to absorb the surge in liquidity in banking system following demonetisation of high value notes.
Shares of state-owned SBI was trading lower by 2.68 per cent at Rs 253.95, ICICI Bank fell Rs 1.75 at Rs 255.30, Axis Bank down 1.56 per cent at Rs 464 and HDFC Bank shed 0.28 per cent at Rs 1,185.80, dragged down the key indices.
In Asia, Japan's Nikkei fell 0.80 per cent, while Shanghai Composite Index was quoting 0.32 per cent higher
in early trade . Hong Kong's Hang Seng index too was up 0.77 per cent.
The Dow Jones Industrial Average ended 0.36 per cent higher in Friday's trade.
Other sectoral indices like consumer durables, PSU, FMCG and capital goods were trading in the negative zone, falling up to 1.56 per cent.
The 30-share Sensex was trading lower by 133.12 points or 0.50 per cent at 26,183.22 in early trade.
The index had soared 456.17 points in the previous session after investors crated fresh long positions in the new
December series amid the rupee rebounding from record lows.
The NSE Nifty was trading down by 23.70 points or 0.29 per cent at 8,090.60.
Brokers said sentiments were dampened with trimming of positions by participants, particularly in banking stocks
after the Reserve Bank on Saturday introduced an incremental CRR of 100 per cent for the fortnight to absorb the surge in liquidity in banking system following demonetisation of high value notes.
Shares of state-owned SBI was trading lower by 2.68 per cent at Rs 253.95, ICICI Bank fell Rs 1.75 at Rs 255.30, Axis Bank down 1.56 per cent at Rs 464 and HDFC Bank shed 0.28 per cent at Rs 1,185.80, dragged down the key indices.
In Asia, Japan's Nikkei fell 0.80 per cent, while Shanghai Composite Index was quoting 0.32 per cent higher
in early trade . Hong Kong's Hang Seng index too was up 0.77 per cent.
The Dow Jones Industrial Average ended 0.36 per cent higher in Friday's trade.
We're as Indian as Maruti: Paytm founder on Chinese ownership
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Facing criticism over significant Chinese ownership, Paytm Founder and Chief Executive Vijay Shekhar Sharma has asserted that the payments and e-commerce platform is "as Indian as Maruti" and prides itself on being a representative of the "India story".
"We are as Indian as Maruti is...we are 'India story' in every sense whatsoever," Sharma told PTI.
The once-government controlled Maruti is now majority owned by Japanese carmaker Suzuki Motor Corp with a 56.21 per cent stake as its sole promoter.
Paytm had hailed the ongoing demonetisation drive with advertisements displaying Prime Minister Narendra Modi's picture, leading many critics to point out that its single largest shareholder is Chinese giant Alibaba, the world's largest e-commerce player.
Sharma said Paytm goes out into the world as an Indian company that is of "pride" to India.
"What matters to us is our customers, what matters to us is the law of land, regulator," he said.
Alibaba Group and its affiliate Ant Financial pumped in USD 680 million into Paytm's parent One97 Communications last year, taking its total shareholding to over 40 per cent in the country's largest mobile wallet operator with close to 160 million customers.
The criticism over ownership, circulated widely through instant messaging apps, sought to pick up on sentiment of banning Chinese products.
Sharma, however, appeared unfazed by the criticism, saying, "Everybody else has a way to say whatever they want to say. We don't come to that level and reply."
A recent report also said Chinese investors are looking to raise their stake to 70 per cent in the company, which is at the cusp of launching a payments bank.
Reserve Bank guidelines say foreign shareholding in payments banks would be as per the prevailing FDI policies for private sector banks, which currently stands at 74 per cent.
Sharma had yesterday said that Paytm Bank, its payments bank offering scheduled for commercial launch next month, will not engage in a rate war with rivals like Airtel, which is offering 7.25 per cent interest on deposits.
"None of our products are driven by anything that anybody else does. I do not know the interest rates of my rivals. But I don't think our product is built around the interest rate," Sharma said.
Facing criticism over significant Chinese ownership, Paytm Founder and Chief Executive Vijay Shekhar Sharma has asserted that the payments and e-commerce platform is "as Indian as Maruti" and prides itself on being a representative of the "India story".
"We are as Indian as Maruti is...we are 'India story' in every sense whatsoever," Sharma told PTI.
The once-government controlled Maruti is now majority owned by Japanese carmaker Suzuki Motor Corp with a 56.21 per cent stake as its sole promoter.
Paytm had hailed the ongoing demonetisation drive with advertisements displaying Prime Minister Narendra Modi's picture, leading many critics to point out that its single largest shareholder is Chinese giant Alibaba, the world's largest e-commerce player.
Sharma said Paytm goes out into the world as an Indian company that is of "pride" to India.
"What matters to us is our customers, what matters to us is the law of land, regulator," he said.
Alibaba Group and its affiliate Ant Financial pumped in USD 680 million into Paytm's parent One97 Communications last year, taking its total shareholding to over 40 per cent in the country's largest mobile wallet operator with close to 160 million customers.
The criticism over ownership, circulated widely through instant messaging apps, sought to pick up on sentiment of banning Chinese products.
Sharma, however, appeared unfazed by the criticism, saying, "Everybody else has a way to say whatever they want to say. We don't come to that level and reply."
A recent report also said Chinese investors are looking to raise their stake to 70 per cent in the company, which is at the cusp of launching a payments bank.
Reserve Bank guidelines say foreign shareholding in payments banks would be as per the prevailing FDI policies for private sector banks, which currently stands at 74 per cent.
Sharma had yesterday said that Paytm Bank, its payments bank offering scheduled for commercial launch next month, will not engage in a rate war with rivals like Airtel, which is offering 7.25 per cent interest on deposits.
"None of our products are driven by anything that anybody else does. I do not know the interest rates of my rivals. But I don't think our product is built around the interest rate," Sharma said.
General Awareness
26 November Celebrated as Constitution Day Across the Nation
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India on November 26, 2016 observed it’s Constitution Day, as it was on this day in 1949 that the Constituent Assembly adopted the Constitution, which, it came into force in 1950.The Government of India declared 26 November as Constitution Day on 19 November 2015 by a gazette notification to honor our Constitution and its promulgation.
- The Prime Minister of India Narendra Modi made the declaration on 11 October 2015 on the occasion of laying the foundation stone of the Ambedkar memorial in Mumbai. The year of 2015 is the 125th birth anniversary of Dr. Ambedkar.
- In honor of the day various activities are being organized all over India such as mock Parliament, essay and debate competition.
- Central Board of Secondary Education (CBSE) has also asked the affiliated schools to celebrate the day.
The Constitution Day is celebrated to
Value and preserve the rich heritage of diverse culture and to develop the scientific spirit, humanism and the spirit of inquiry and reform.
- Promote harmony and the spirit of common brotherhood amongst all countrymen, to respect the dignity of women.
- Protect and improve the natural environment including forests, lakes, rivers and wild life and to have compassion for living creatures.
Constitution Day
Constitution Day (Samvidhan Divas) is celebrated in India in honour of Dr.B.R. Ambedkar. He was Independent India’s first law minister.
- Bhimrao Ramji Ambedkar, the principal architect of the Constitution of India. was an Indian jurist, economist, politician and social reformer who inspired the Dalit Buddhist Movement and campaigned against social discrimination like Untouchables (Dalits) and supported the rights of women and labour.
- In 1949, the Constituent Assembly of India adopted the Constitution of India, and it came into effect on 26 January 1950.
Prime Minister Narendra Modi released books on the Constitution
The Prime Minister, Shri Narendra Modi attended a book release function on November 26, 2016 at Parliament House Annexe to commemorate Constitution Day.
- PM released two books: an updated version of the Constitution of India; and Making of the Constitution” on the occasion.
- PM Modi said that though the nation celebrates Republic Day on 26th January with pride, it is incomplete without celebrating Constitution Day on 26th November.
- The book aimed at spreading the message that in India, when we recall the Constitution, we also recall Babasaheb Ambedkar. We must be connected with the spirit of the Constitution, and to be aware of its various articles and look for a balance between rights and duties.
Book on RSS leader ‘L M Inamdar’ co-authored by PM Modi released on Constitution Day
Gujarati edition of a book on the late RSS leader Lakshmanrao Madhavrao Inamdar, co-authored by the Prime Minister Narendra Modi, was released on November 26, 2016.
- The Gujarati edition of the book is written jointly by Narendra Modi and RSS leader Rajabhai Nene on L M Inamdar, popularly known as “Vakilsaheb”.
- Hindi edition of the book was published two years ago.
- Senior RSS leader Bhaiyyaji Joshi and Gujarat Chief Minister Vijay Rupani were also present for the function.
About L M Inamdar
Born at Satara in Maharashtra, Inamdar was jailed for eight months during the freedom struggle. He became RSS pracharak in 1942 and handled various responsibilities in the saffron organisation. He is considered to be Modi’s mentor.
India on November 26, 2016 observed it’s Constitution Day, as it was on this day in 1949 that the Constituent Assembly adopted the Constitution, which, it came into force in 1950.The Government of India declared 26 November as Constitution Day on 19 November 2015 by a gazette notification to honor our Constitution and its promulgation.
- The Prime Minister of India Narendra Modi made the declaration on 11 October 2015 on the occasion of laying the foundation stone of the Ambedkar memorial in Mumbai. The year of 2015 is the 125th birth anniversary of Dr. Ambedkar.
- In honor of the day various activities are being organized all over India such as mock Parliament, essay and debate competition.
- Central Board of Secondary Education (CBSE) has also asked the affiliated schools to celebrate the day.
The Constitution Day is celebrated to
Value and preserve the rich heritage of diverse culture and to develop the scientific spirit, humanism and the spirit of inquiry and reform.
- Promote harmony and the spirit of common brotherhood amongst all countrymen, to respect the dignity of women.
- Protect and improve the natural environment including forests, lakes, rivers and wild life and to have compassion for living creatures.
Constitution Day
Constitution Day (Samvidhan Divas) is celebrated in India in honour of Dr.B.R. Ambedkar. He was Independent India’s first law minister.
- Bhimrao Ramji Ambedkar, the principal architect of the Constitution of India. was an Indian jurist, economist, politician and social reformer who inspired the Dalit Buddhist Movement and campaigned against social discrimination like Untouchables (Dalits) and supported the rights of women and labour.
- In 1949, the Constituent Assembly of India adopted the Constitution of India, and it came into effect on 26 January 1950.
Prime Minister Narendra Modi released books on the Constitution
The Prime Minister, Shri Narendra Modi attended a book release function on November 26, 2016 at Parliament House Annexe to commemorate Constitution Day.
- PM released two books: an updated version of the Constitution of India; and Making of the Constitution” on the occasion.
- PM Modi said that though the nation celebrates Republic Day on 26th January with pride, it is incomplete without celebrating Constitution Day on 26th November.
- The book aimed at spreading the message that in India, when we recall the Constitution, we also recall Babasaheb Ambedkar. We must be connected with the spirit of the Constitution, and to be aware of its various articles and look for a balance between rights and duties.
Book on RSS leader ‘L M Inamdar’ co-authored by PM Modi released on Constitution Day
Gujarati edition of a book on the late RSS leader Lakshmanrao Madhavrao Inamdar, co-authored by the Prime Minister Narendra Modi, was released on November 26, 2016.
- The Gujarati edition of the book is written jointly by Narendra Modi and RSS leader Rajabhai Nene on L M Inamdar, popularly known as “Vakilsaheb”.
- Hindi edition of the book was published two years ago.
- Senior RSS leader Bhaiyyaji Joshi and Gujarat Chief Minister Vijay Rupani were also present for the function.
About L M Inamdar
Born at Satara in Maharashtra, Inamdar was jailed for eight months during the freedom struggle. He became RSS pracharak in 1942 and handled various responsibilities in the saffron organisation. He is considered to be Modi’s mentor.
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