General Affairs
Parliament winter session among least productive sittings in 15 years
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The winter session of Parliament has been one of the “least productive” sessions for both Houses in the past 15 years with the issue of demonetisation leading to repeated disruptions, a research body has claimed. According to data provided by the Parliamentary Affairs Ministry at the end of the session Friday, the productivity of work done in the Lok Sabha was pegged at 15.75 per cent, while it was 20.61 per cent in the Rajya Sabha.
As per the data collated by PRS Legislative Research, as a result of repeated disruptions, only two of the 330 listed questions in the Rajya Sabha could be answered orally. “This has been one of the least productive Question Hour sessions for the Rajya Sabha in the last three Parliaments (13th, 14th and 15th Lok Sabhas). Previously, one of the 480 questions and none of the 420 questions were answered orally in the winter sessions of 2010 and 2013, respectively,” it said.
In the Lok Sabha, 11 per cent of the questions could be answered orally. This was the least productive Question Hour of the 16th Lok Sabha, it said. The session hardly saw any legislative action except for the passage of the Rights of Persons with Disability Bill by both the Houses. Significantly, this legislation was cleared Friday after a brief debate with a rare bonhomie, similar to the one witnessed in the Rajya Sabha on it two days back.
According to a press note issued by the Parliamentary Affairs Ministry, during the session 10 bills — all in the Lok Sabha — were introduced. While the lower house passed four, the Rajya Sabha could pass only one bill. Since the 16th Lok Sabha was constituted in middle of 2014, the lower house spent more time discussing bills as compared to the Rajya Sabha.
Since June 2014, the Lok Sabha has passed 83 bills and spent 216 hours on discussions on them. Whereas the Rajya Sabha has passed 73 bills with a total discussion time of 121 hours. The Lok Sabha has discussed 63 per cent of the bills for more than 2 hours while Rajya Sabha has discussed 34 per cent of the bills, the PRS Legislative Research said.
The winter session of Parliament has been one of the “least productive” sessions for both Houses in the past 15 years with the issue of demonetisation leading to repeated disruptions, a research body has claimed. According to data provided by the Parliamentary Affairs Ministry at the end of the session Friday, the productivity of work done in the Lok Sabha was pegged at 15.75 per cent, while it was 20.61 per cent in the Rajya Sabha.
As per the data collated by PRS Legislative Research, as a result of repeated disruptions, only two of the 330 listed questions in the Rajya Sabha could be answered orally. “This has been one of the least productive Question Hour sessions for the Rajya Sabha in the last three Parliaments (13th, 14th and 15th Lok Sabhas). Previously, one of the 480 questions and none of the 420 questions were answered orally in the winter sessions of 2010 and 2013, respectively,” it said.
In the Lok Sabha, 11 per cent of the questions could be answered orally. This was the least productive Question Hour of the 16th Lok Sabha, it said. The session hardly saw any legislative action except for the passage of the Rights of Persons with Disability Bill by both the Houses. Significantly, this legislation was cleared Friday after a brief debate with a rare bonhomie, similar to the one witnessed in the Rajya Sabha on it two days back.
According to a press note issued by the Parliamentary Affairs Ministry, during the session 10 bills — all in the Lok Sabha — were introduced. While the lower house passed four, the Rajya Sabha could pass only one bill. Since the 16th Lok Sabha was constituted in middle of 2014, the lower house spent more time discussing bills as compared to the Rajya Sabha.
Since June 2014, the Lok Sabha has passed 83 bills and spent 216 hours on discussions on them. Whereas the Rajya Sabha has passed 73 bills with a total discussion time of 121 hours. The Lok Sabha has discussed 63 per cent of the bills for more than 2 hours while Rajya Sabha has discussed 34 per cent of the bills, the PRS Legislative Research said.
Rajasthan launches Amma canteen-type meal scheme
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On the lines of Amma canteens, Rajasthan government has launched a subsidised meal scheme in which the poor and the needy will get breakfast for Rs 5 and lunch or dinner for Rs 8. ‘Annapurna Rasoi’ was launched by Chief Minister Vasundhara Raje at the Jaipur Municipal Corporation campus on Thursday by feeding a Dalit and a Gurjar woman.
The scheme will be in 12 cities initially and introduced across the state later. Breakfast will include Poha, Upma, Sevaiyan, Idli Sambhar, Jwar Khichda, Bazra Khichada etc. while one can have Dal-chawal, Churma, Dal-dhokli and other items for lunch or dinner.
“Quality meals will be provided through special vans so that needy people get nutritious food, which will also have variety,” a statement quoting the chief minister said. The meal will be cooked and served by trained staff in 80 vans in the 12 cities.
“We are planning to introduce the scheme in all the urban areas of the state in next 6 months,” UDH Minister Srichand Kriplani said.
Manjeet Singh, Principal Secretary Local Self Department, said the cost of a breakfast is Rs 21.70 and Rs 23.70 for lunch or dinner.
“The government will have to bear a financial burden of Rs 10 crore for 12 cities as the financial gap whereas this gap will be approximately 40 crore if the scheme covers all the urban areas of the state,” he said.
Initially, the scheme has been launched in Jaipur, Jodhpur, Kota, Ajmer, Bikaner, Udaipur, Bharatpur, Baran, Banswara, Dungarpur, Pratapgarh and Jhalawar.
Late Tamil Nadu Chief Minister Jayalalithaa had launched ‘Amma canteens’ that offer breakfast, lunch and dinner at highly subsidised rates.
On the lines of Amma canteens, Rajasthan government has launched a subsidised meal scheme in which the poor and the needy will get breakfast for Rs 5 and lunch or dinner for Rs 8. ‘Annapurna Rasoi’ was launched by Chief Minister Vasundhara Raje at the Jaipur Municipal Corporation campus on Thursday by feeding a Dalit and a Gurjar woman.
The scheme will be in 12 cities initially and introduced across the state later. Breakfast will include Poha, Upma, Sevaiyan, Idli Sambhar, Jwar Khichda, Bazra Khichada etc. while one can have Dal-chawal, Churma, Dal-dhokli and other items for lunch or dinner.
“Quality meals will be provided through special vans so that needy people get nutritious food, which will also have variety,” a statement quoting the chief minister said. The meal will be cooked and served by trained staff in 80 vans in the 12 cities.
“We are planning to introduce the scheme in all the urban areas of the state in next 6 months,” UDH Minister Srichand Kriplani said.
Manjeet Singh, Principal Secretary Local Self Department, said the cost of a breakfast is Rs 21.70 and Rs 23.70 for lunch or dinner.
“The government will have to bear a financial burden of Rs 10 crore for 12 cities as the financial gap whereas this gap will be approximately 40 crore if the scheme covers all the urban areas of the state,” he said.
Initially, the scheme has been launched in Jaipur, Jodhpur, Kota, Ajmer, Bikaner, Udaipur, Bharatpur, Baran, Banswara, Dungarpur, Pratapgarh and Jhalawar.
Late Tamil Nadu Chief Minister Jayalalithaa had launched ‘Amma canteens’ that offer breakfast, lunch and dinner at highly subsidised rates.
No estimation of black money either before or after Nov 8: Arun Jaitley
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There is no official estimation of black money either before or after November 8 – the day government announced scrapping of old Rs 500 and Rs 1,000 notes, Finance Minister Arun Jaitley said on Friday. “There is no official estimation of the amount of black money either before or after the government’s decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1000 shall cease to be legal tender with effect from November 9,” he said in a written reply in Lok Sabha.
The searches conducted by Income Tax Department between April 2014 and November 2016 on 1,356 groups of assessees led to admission of undisclosed income of Rs 31,277 crore apart from seizure of undisclosed assets worth Rs 2,164 crore, he added. Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.
Replying to another question on whether the government has received any proposal from the employees of LIC to provide another opportunity to those who have not chosen pension option earlier, Jaitley replied in affirmative. “The proposal was examined and a view has been taken that no more options for pension may be extended to employees of public sector insurance companies,” he said.
The searches conducted by Income Tax Department between April 2014 and November 2016 on 1,356 groups of assessees led to admission of undisclosed income of Rs 31,277 crore apart from seizure of undisclosed assets worth Rs 2,164 crore, he added. Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.
Replying to another question on whether the government has received any proposal from the employees of LIC to provide another opportunity to those who have not chosen pension option earlier, Jaitley replied in affirmative. “The proposal was examined and a view has been taken that no more options for pension may be extended to employees of public sector insurance companies,” he said.
Position on Dalai Lama remains consistent, says India after China lodges protest
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Hours after China expressed dissatisfaction over Dalai Lama’s meeting with President Pranab Mukherjee, India on Friday asserted that her position on the exiled Tibetan spiritual leader remains consistent. President Mukherjee on Saturday had hosted the Dalai Lama and other Nobel Peace laureates during a conference on children’s rights at the Rashtrapati Bhavan.
“India’s position is consistent,” External Affairs Ministry spokesperson Vikas Swarup was quoted as saying by news agency ANI. Clarifying further, Swarup said that “His Holiness the Dalai Lama is a respected spiritual leader. It was a non political event which he attended.”
The meeting between Mukherjee and the Dalai Lama had irked China with the Asian giant warning that India must respect China’s “core interests” to avoid “any disturbance” to the bilateral ties.
“Recently in disregard of China’s solemn representation and strong opposition, the Indian side insisted on arranging for the 14th Dalai Lama’s visit to the Indian Presidential palace where he took part in an event and met President
Mukherjee,” Chinese Foreign Ministry spokesman, Geng Shuang told a media briefing in Beijing, PTI reported.
Maintaining that the Chinese side remains “strongly dissatisfied” and “firmly opposed” with the meeting, Shaung insisted that “The Dalai Lama is in political exile and is long been engaged anti-China separatist activities with the attempt of separating Tibet away from China under the cloak of religion.”
Hours after China expressed dissatisfaction over Dalai Lama’s meeting with President Pranab Mukherjee, India on Friday asserted that her position on the exiled Tibetan spiritual leader remains consistent. President Mukherjee on Saturday had hosted the Dalai Lama and other Nobel Peace laureates during a conference on children’s rights at the Rashtrapati Bhavan.
“India’s position is consistent,” External Affairs Ministry spokesperson Vikas Swarup was quoted as saying by news agency ANI. Clarifying further, Swarup said that “His Holiness the Dalai Lama is a respected spiritual leader. It was a non political event which he attended.”
The meeting between Mukherjee and the Dalai Lama had irked China with the Asian giant warning that India must respect China’s “core interests” to avoid “any disturbance” to the bilateral ties.
The meeting between Mukherjee and the Dalai Lama had irked China with the Asian giant warning that India must respect China’s “core interests” to avoid “any disturbance” to the bilateral ties.
“Recently in disregard of China’s solemn representation and strong opposition, the Indian side insisted on arranging for the 14th Dalai Lama’s visit to the Indian Presidential palace where he took part in an event and met President
Mukherjee,” Chinese Foreign Ministry spokesman, Geng Shuang told a media briefing in Beijing, PTI reported.
Mukherjee,” Chinese Foreign Ministry spokesman, Geng Shuang told a media briefing in Beijing, PTI reported.
Maintaining that the Chinese side remains “strongly dissatisfied” and “firmly opposed” with the meeting, Shaung insisted that “The Dalai Lama is in political exile and is long been engaged anti-China separatist activities with the attempt of separating Tibet away from China under the cloak of religion.”
Kerala solar scam: Saritha Nair, Biju Radhakrishanan get three years in jail
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Solar scam accused Biju Radhakrishanan and Sarita S Nair have been convicted by a court in Ernakulam. The Judicial Magistrate Court in Perumbavoor sentenced the duo to a three year prison term and a fine of Rs 10,000 each. The court acquited Malayalam actor and dancer Shalu menon, her mother Kamaladevi and Manilal, who had earlier worked for the fraudulent company.
This is the first conviction in the scam that rocked Kerala three years ago with the arrest of Saritha S Nair and her live-in partner Biju Radhakrishnan, who had conned businessmen in the state and some NRIs by flaunting their high-level connections, including that of former chief minister Oommen Chandy. They were both business partners in a Kochi-based firm, Team Solar Renewable Energy Solutions Pvt Limited, which offered solar energy solutions to institutions and households.
Friday’s verdict comes in a complaint filed by Sajjad, a resident of Perumbavoor, on whose complaint that the police had earlier arrested Saritha. There are several cases pending against the accused. The case assumed political significance after it became evident that Radhakrishnan and Saritha had conned several by flaunting their proximity to Chandy, who had deposed before the judicial commission probing scam in January this year.
On Wednesday, Salimraj, who was the gunman of Chandy had told the Justice Sivarajan Commission that Saritha used to call the CM on his phone. He also claimed that she also has spoken to Chandy several times on his private secretary Jikkumon’s phone.
In February 2014, Nair got out on bail after eight months in jail. But she kept the state and its media hanging on to every word, or name, she uttered and kept the issue alive by dropping a new name every now and then, mostly of politicians and their close aides. Her revelations were almost always followed by a scramble among politicians to cover up their links with Nair.
Solar scam accused Biju Radhakrishanan and Sarita S Nair have been convicted by a court in Ernakulam. The Judicial Magistrate Court in Perumbavoor sentenced the duo to a three year prison term and a fine of Rs 10,000 each. The court acquited Malayalam actor and dancer Shalu menon, her mother Kamaladevi and Manilal, who had earlier worked for the fraudulent company.
This is the first conviction in the scam that rocked Kerala three years ago with the arrest of Saritha S Nair and her live-in partner Biju Radhakrishnan, who had conned businessmen in the state and some NRIs by flaunting their high-level connections, including that of former chief minister Oommen Chandy. They were both business partners in a Kochi-based firm, Team Solar Renewable Energy Solutions Pvt Limited, which offered solar energy solutions to institutions and households.
Friday’s verdict comes in a complaint filed by Sajjad, a resident of Perumbavoor, on whose complaint that the police had earlier arrested Saritha. There are several cases pending against the accused. The case assumed political significance after it became evident that Radhakrishnan and Saritha had conned several by flaunting their proximity to Chandy, who had deposed before the judicial commission probing scam in January this year.
On Wednesday, Salimraj, who was the gunman of Chandy had told the Justice Sivarajan Commission that Saritha used to call the CM on his phone. He also claimed that she also has spoken to Chandy several times on his private secretary Jikkumon’s phone.
In February 2014, Nair got out on bail after eight months in jail. But she kept the state and its media hanging on to every word, or name, she uttered and kept the issue alive by dropping a new name every now and then, mostly of politicians and their close aides. Her revelations were almost always followed by a scramble among politicians to cover up their links with Nair.
Business Affairs
Sensex ends lower, logs biggest weekly fall in a month
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Sandwiched in a tight range, the Sensex closed down for the third day as prospects of more US interest rate hikes next year continue to keep investors on edge. For the week, the Sensex lost 257.62 points, or 0.96 per cent, and the NSE Nifty 122.30 points, or 1.48 per cent. The weekly decline is the biggest since November 18, when the Sensex registered a fall of 668.58 points and the Nifty 222.20 points.
The 30-share index settled moderately lower by 29.51 points, or 0.11 per cent, at 26,489.56. It hit the day’s high of 26,594.55 and a low of 26,455.21.
The gauge had lost 178.75 points in the previous two sessions. Volume remained low as participants preferred to stay near the fence in absence of any positive cues.
Nifty’s 50-share NSE fell 14.15 points, or 0.17 per cent, to 8,139.45 at the close. Intra-day, it moved between 8,178.70 and 8,127.45.
With Parliament’s Winter Session a washout and a consensus eluding on the GST front, stocks moved without any clear domestic support and focus now shifts to the Union Budget.
The dollar soared to a near 14-year high against the euro overseas, which quickened the capital flight. “The market is taking time to shake off the aggressive outlook of Fed. India is likely to underperform in the near term as the strengthening dollar and the rising oil price will add pressure to an already disrupted market,” said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
Data showed yesterday that trade deficit shot up to about a two-year high of USD 13 billion, mainly due to increase in gold imports. Rising oil prices, the prevailing cash crunch in the wake of demonetisation and its trickle-down effect on corporate performance and fears of economic slowdown made investors shaky, brokers said.
Bharti Airtel fell the most in the Sensex group by dropping 2.67 per cent followed by ONGC (2.30 per cent).
Aurobindo Pharma dropped 0.55 per cent following news reports that 20 US states have filed a lawsuit against the company alleging price manipulation of two drugs. Others such as Adani Ports, ICICI Bank, ITC, Hero MotoCorp, Tata Steel, Axis Bank, Wipro, Coal India, Lupin, Bajaj Auto, GAIL, NTPC and Dr Reddy’s too retreated.
The BSE metal counter saw maximum selling, plunging 1.58 per cent, followed by infrastructure (1 per cent). Consumer durables and IT rose up to 0.82 per cent.
Broader markets too remained lacklustre, with small-cap and mid-cap indices ending lower by 0.25 per and 0.04 per cent, respectively.
Foreign funds net sold shares worth Rs 611.97 crore yesterday, showed provisional data. Other Asian shares closed mixed. Hong Kong’s Hang Seng fell 0.18 per cent while Japan’s Nikkei surged 0.66 per cent and Shanghai Composite rose 0.17 per cent.
Europe too was off to a mixed start as investors continued to digest the Federal Reserve’s rate hike. London’s FTSE was down 0.05 per cent and France’ Paris fell 0.01 per cent. However, Frankfurt gained 0.09 per cent.
But Tata Motors, Cipla, Infosys and TCS were among a few notable gainers. In the 30-share Sensex chart, 19 ended lower while 11
finished higher.
The market breadth turned negative as 1,490 stocks ended lower, 1,121 closed higher, while 164 ruled stable. The total turnover on BSE read Rs 3,140.33 crore, higher than Rs 2,582.33 crore registered during the previous trading session.
“Benchmark indices in India continue to consolidate and trade sideways as markets digest a host of recent developments,” said Karthikraj Lakshmanan, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.
The 30-share index settled moderately lower by 29.51 points, or 0.11 per cent, at 26,489.56. It hit the day’s high of 26,594.55 and a low of 26,455.21.
The gauge had lost 178.75 points in the previous two sessions. Volume remained low as participants preferred to stay near the fence in absence of any positive cues.
Nifty’s 50-share NSE fell 14.15 points, or 0.17 per cent, to 8,139.45 at the close. Intra-day, it moved between 8,178.70 and 8,127.45.
With Parliament’s Winter Session a washout and a consensus eluding on the GST front, stocks moved without any clear domestic support and focus now shifts to the Union Budget.
The dollar soared to a near 14-year high against the euro overseas, which quickened the capital flight. “The market is taking time to shake off the aggressive outlook of Fed. India is likely to underperform in the near term as the strengthening dollar and the rising oil price will add pressure to an already disrupted market,” said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
Data showed yesterday that trade deficit shot up to about a two-year high of USD 13 billion, mainly due to increase in gold imports. Rising oil prices, the prevailing cash crunch in the wake of demonetisation and its trickle-down effect on corporate performance and fears of economic slowdown made investors shaky, brokers said.
Bharti Airtel fell the most in the Sensex group by dropping 2.67 per cent followed by ONGC (2.30 per cent).
Aurobindo Pharma dropped 0.55 per cent following news reports that 20 US states have filed a lawsuit against the company alleging price manipulation of two drugs. Others such as Adani Ports, ICICI Bank, ITC, Hero MotoCorp, Tata Steel, Axis Bank, Wipro, Coal India, Lupin, Bajaj Auto, GAIL, NTPC and Dr Reddy’s too retreated.
The BSE metal counter saw maximum selling, plunging 1.58 per cent, followed by infrastructure (1 per cent). Consumer durables and IT rose up to 0.82 per cent.
Broader markets too remained lacklustre, with small-cap and mid-cap indices ending lower by 0.25 per and 0.04 per cent, respectively.
Foreign funds net sold shares worth Rs 611.97 crore yesterday, showed provisional data. Other Asian shares closed mixed. Hong Kong’s Hang Seng fell 0.18 per cent while Japan’s Nikkei surged 0.66 per cent and Shanghai Composite rose 0.17 per cent.
Europe too was off to a mixed start as investors continued to digest the Federal Reserve’s rate hike. London’s FTSE was down 0.05 per cent and France’ Paris fell 0.01 per cent. However, Frankfurt gained 0.09 per cent.
But Tata Motors, Cipla, Infosys and TCS were among a few notable gainers. In the 30-share Sensex chart, 19 ended lower while 11
finished higher.
finished higher.
The market breadth turned negative as 1,490 stocks ended lower, 1,121 closed higher, while 164 ruled stable. The total turnover on BSE read Rs 3,140.33 crore, higher than Rs 2,582.33 crore registered during the previous trading session.
“Benchmark indices in India continue to consolidate and trade sideways as markets digest a host of recent developments,” said Karthikraj Lakshmanan, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.
Axis Bank cuts lending rates by up to 0.15 per cent
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Country’s third largest private lender Axis Bank on Friday announced up to 0.15 per cent reduction in its lending rates, signalling a further downward trend in borrowing costs. The Ahmedabad-headquartered bank cut its overnight marginal cost of funding-based lending rate – the most competitive offering by rates – by 0.10 per cent to 8.55 per cent.
The MCLRs for all the other tenors were cut by 0.15 per cent, it said in a statement, adding the revised rate structure is applicable from Saturday.
The one year MCLR — which is crucial in determining the rate of interest for a slew of products including home loans — has been set at 8.90 per cent.
The one-month MCLR is at par with the overnight rate of 8.55 per cent, the three-month MCLR is at 8.75 per cent, while the six-month will be 8.85 per cent, it said.
The two-year MCLR has been revised down to 8.95 per cent, while the three-year MCLR will be 9 per cent, the bank statement said.
MCLR replaced the base rate system of computation of rates from this April for faster transmission of RBI’s rate actions into bank lending rates.
Banks have been flush with liquidity following the demonetisation exercise which has seen deposits of over Rs 12 trillion being made at the system level since November 8.
Banks have responded by cutting the deposit rates, which is generally a pre-cursor to a lending rate cut.
Country’s third largest private lender Axis Bank on Friday announced up to 0.15 per cent reduction in its lending rates, signalling a further downward trend in borrowing costs. The Ahmedabad-headquartered bank cut its overnight marginal cost of funding-based lending rate – the most competitive offering by rates – by 0.10 per cent to 8.55 per cent.
The MCLRs for all the other tenors were cut by 0.15 per cent, it said in a statement, adding the revised rate structure is applicable from Saturday.
The one year MCLR — which is crucial in determining the rate of interest for a slew of products including home loans — has been set at 8.90 per cent.
The one-month MCLR is at par with the overnight rate of 8.55 per cent, the three-month MCLR is at 8.75 per cent, while the six-month will be 8.85 per cent, it said.
The two-year MCLR has been revised down to 8.95 per cent, while the three-year MCLR will be 9 per cent, the bank statement said.
MCLR replaced the base rate system of computation of rates from this April for faster transmission of RBI’s rate actions into bank lending rates.
Banks have been flush with liquidity following the demonetisation exercise which has seen deposits of over Rs 12 trillion being made at the system level since November 8.
Banks have responded by cutting the deposit rates, which is generally a pre-cursor to a lending rate cut.
Petrol price hiked by Rs 2.21 per litre, diesel by Rs 1.79 per litre effective midnight
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Amid continuing cash crunch, the government on Friday hiked the prices of petrol and diesel by Rs 2.21 per litre and Rs 1.79 a litre respectively. The increased prices, which are effective from midnight, exclude charges levied by each state. This comes hours after oil companies deferred a planned Rs 2.26 a litre hike in petrol and Rs 1.78 increase in diesel Friday morning.
The increase was warranted because of a rise in international gasoline (petrol) price to USD 62.82 per barrel from USD 57.43 and that of diesel to USD 60.97 from USD 56.79. Petrol in Delhi currently costs Rs 66.10 a litre and diesel Rs 54.57. Rates were last revised on December 1 when petrol price was hiked by a marginal 13 paise a litre, but diesel rates were cut by 12 paise.
Industry sources had predicted that the deferment may be for a day or two as Parliament is in session and any hike would have added to the discomfort for the government, particularly when it is facing heat over hardships caused by currency demonetisation, the Press Trust of India reported.
Amid continuing cash crunch, the government on Friday hiked the prices of petrol and diesel by Rs 2.21 per litre and Rs 1.79 a litre respectively. The increased prices, which are effective from midnight, exclude charges levied by each state. This comes hours after oil companies deferred a planned Rs 2.26 a litre hike in petrol and Rs 1.78 increase in diesel Friday morning.
The increase was warranted because of a rise in international gasoline (petrol) price to USD 62.82 per barrel from USD 57.43 and that of diesel to USD 60.97 from USD 56.79. Petrol in Delhi currently costs Rs 66.10 a litre and diesel Rs 54.57. Rates were last revised on December 1 when petrol price was hiked by a marginal 13 paise a litre, but diesel rates were cut by 12 paise.
Industry sources had predicted that the deferment may be for a day or two as Parliament is in session and any hike would have added to the discomfort for the government, particularly when it is facing heat over hardships caused by currency demonetisation, the Press Trust of India reported.
100 Chinese firms take part in ‘Make in India’ event in China
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About 100 Chinese firms took part in a ‘Make in India’ business forum organised today by the Indian Consulate of Shanghai at Gaoyou town to attract investments. The ‘Make in India’ Business Forum focusing on the investment opportunities available in India for Chinese entrepreneurs was organised at Gaoyou, a county-level industrial hub.
Nearly 100 local companies from Gaoyou from sectors like photovoltaic cells, textile, garments and textile machinery, electrical appliances, renewable energy and real estate and construction participated at the seminar, a press release by the consulate said.
During the investment forum, Consul General Prakash Gupta made presentations about the policy incentives available to foreign investors in each of the above sectors and assured Gaoyou companies of necessary facilitation in their investment plans for India.
Ruling Communist Party of China’s Gou Feng Cheng, who is Secretary of Gaoyou, also interacted with the Consul General and it was decided that Gaoyou leaders would be heading a high level investors’ delegation on a visit to India next year, the release said.
Yangzhou city, under which Gaoyou is located, had hosted a large scale business forum and an India Week in September.
The India Week celebrations included an Indian film festival, food festival, art exhibition and a cultural performance.
The ‘Make in India’ seminar was a follow-up to deepening engagement with Yangzhou city, which continues to be a key focus partner for the Indian Consulate in Shanghai for 2016, the release said.
About 100 Chinese firms took part in a ‘Make in India’ business forum organised today by the Indian Consulate of Shanghai at Gaoyou town to attract investments. The ‘Make in India’ Business Forum focusing on the investment opportunities available in India for Chinese entrepreneurs was organised at Gaoyou, a county-level industrial hub.
Nearly 100 local companies from Gaoyou from sectors like photovoltaic cells, textile, garments and textile machinery, electrical appliances, renewable energy and real estate and construction participated at the seminar, a press release by the consulate said.
During the investment forum, Consul General Prakash Gupta made presentations about the policy incentives available to foreign investors in each of the above sectors and assured Gaoyou companies of necessary facilitation in their investment plans for India.
Ruling Communist Party of China’s Gou Feng Cheng, who is Secretary of Gaoyou, also interacted with the Consul General and it was decided that Gaoyou leaders would be heading a high level investors’ delegation on a visit to India next year, the release said.
Yangzhou city, under which Gaoyou is located, had hosted a large scale business forum and an India Week in September.
The India Week celebrations included an Indian film festival, food festival, art exhibition and a cultural performance.
The ‘Make in India’ seminar was a follow-up to deepening engagement with Yangzhou city, which continues to be a key focus partner for the Indian Consulate in Shanghai for 2016, the release said.
Bombay HC refuses to stay Tata companies’ EGMs scheduled for later this month
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The Bombay High Court on Friday refused to stay the Extraordinary general meetings of Tata companies scheduled for later this month. Tata Sons on Friday too issued a statement to this effect. The statement read, “Mumbai High Court has allowed the Extraordinary General Meetings (EGMs) of all Tata comapnies to proceed without any intervention as as planned. The statement further added: “The Bombay High Court denied every interim relief as claimed by the plaintiff and Mr. Nusli Wadia. Tata Sons’ votes will be counted and factored in as per the law.” Meanwhile, Tata’s lawyer assured the high court that one of seats of Director permitted for their board will be kept vacant subject to outcome of Court’s order.
Earlier in the day, Tata Sons denied reports that its chairman Ratan Tata could step down from Tata Trusts, saying ‘there are no plans for Ratan Tata to step down from chairmanship at this point in time.’
“Further to news reports that have appeared in the media today, Mr. Ratan Tata, Interim Chairman, clarified that there are no plans for his stepping down from the chairmanship of the Tata Trusts at this point in time. The reference to the media discussion with some Trustees relate to the process being put in place for the leadership succession in the Trusts in the future, to enable an ordered and smooth transition of leadership,” a press release from the company said.
Earlier in the day, Tata Sons denied reports that its chairman Ratan Tata could step down from Tata Trusts, saying ‘there are no plans for Ratan Tata to step down from chairmanship at this point in time.’
“Further to news reports that have appeared in the media today, Mr. Ratan Tata, Interim Chairman, clarified that there are no plans for his stepping down from the chairmanship of the Tata Trusts at this point in time. The reference to the media discussion with some Trustees relate to the process being put in place for the leadership succession in the Trusts in the future, to enable an ordered and smooth transition of leadership,” a press release from the company said.
General Awareness
Australia Continent Countries & Capitals, Currency with Code
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Name Capital Currency Official language American Samoa Pago Pago United States dollar(USD) English
Samoan Ashmore and Cartier Islands External territory of Australia — Australia Canberra Australian dollar(AUD) None,
National language- English Baker Island — Insular area of the United States of America Cook Islands Avarua New Zealand dollar (NZD)
Cook Islands dollar English
Cook Islands Māori Coral Sea Islands — External territory of Australia Fiji Suva Fijian dollar (FJD) English
Fijian
Fiji Hindi French Polynesia Papeete CFP Franc(XPF) French Guam Hagåtña Insular area of the United States of America Howland Island — Insular area of the United States of America Jarvis Island — Insular area of the United States of America Johnston Atoll — Insular area of the United States of America Kingman Reef — Insular area of the United States of America Kiribati South Tarawa Marshall Islands Majuro Micronesia Palikir Midway Atoll — Insular area of the United States of America Nauru Yaren (seat of government) New Caledonia Nouméa CFP Franc (XPF) French New Zealand Wellington New Zealand dollar (NZD) Maori
New Zealand Sign
English Niue Alofi Self-governing parliamentary democracy in free association with New Zealand Norfolk Island Kingston Self-governing territory of Australia Northern Mariana Islands Saipan Insular area of the United States of America Palau Ngerulmud Palmyra Atoll — Insular area of the United States of America Papua New Guinea Port Moresby Pitcairn Islands Adamstown Overseas territory of the United Kingdom Samoa Apia Solomon Islands Honiara Tokelau Nukunonu (main settlement, although each atoll has its own administrative centre) Dependent territory of New Zealand Tonga Nukuʻalofa Tuvalu Funafuti Vanuatu Port Vila Vanuatu vatu(VUV) Bislama
French
English Wake Island Insular area of the United States of America United States dollar Wallis and Futuna Mata-Utu CFP Franc(XPF) French
| Name | Capital | Currency | Official language |
|---|---|---|---|
| American Samoa | Pago Pago | United States dollar(USD) | English Samoan |
| Ashmore and Cartier Islands | External territory of Australia | — | |
| Australia | Canberra | Australian dollar(AUD) | None, National language- English |
| Baker Island | — | Insular area of the United States of America | |
| Cook Islands | Avarua | New Zealand dollar (NZD) Cook Islands dollar | English Cook Islands Māori |
| Coral Sea Islands | — | External territory of Australia | |
| Fiji | Suva | Fijian dollar (FJD) | English Fijian Fiji Hindi |
| French Polynesia | Papeete | CFP Franc(XPF) | French |
| Guam | Hagåtña | Insular area of the United States of America | |
| Howland Island | — | Insular area of the United States of America | |
| Jarvis Island | — | Insular area of the United States of America | |
| Johnston Atoll | — | Insular area of the United States of America | |
| Kingman Reef | — | Insular area of the United States of America | |
| Kiribati | South Tarawa | ||
| Marshall Islands | Majuro | ||
| Micronesia | Palikir | ||
| Midway Atoll | — | Insular area of the United States of America | |
| Nauru | Yaren (seat of government) | ||
| New Caledonia | Nouméa | CFP Franc (XPF) | French |
| New Zealand | Wellington | New Zealand dollar (NZD) | Maori New Zealand Sign English |
| Niue | Alofi | Self-governing parliamentary democracy in free association with New Zealand | |
| Norfolk Island | Kingston | Self-governing territory of Australia | |
| Northern Mariana Islands | Saipan | Insular area of the United States of America | |
| Palau | Ngerulmud | ||
| Palmyra Atoll | — | Insular area of the United States of America | |
| Papua New Guinea | Port Moresby | ||
| Pitcairn Islands | Adamstown | Overseas territory of the United Kingdom | |
| Samoa | Apia | ||
| Solomon Islands | Honiara | ||
| Tokelau | Nukunonu (main settlement, although each atoll has its own administrative centre) | Dependent territory of New Zealand | |
| Tonga | Nukuʻalofa | ||
| Tuvalu | Funafuti | ||
| Vanuatu | Port Vila | Vanuatu vatu(VUV) | Bislama French English |
| Wake Island | Insular area of the United States of America | United States dollar | |
| Wallis and Futuna | Mata-Utu | CFP Franc(XPF) | French |
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