General Affairs
Terrorism Poses Grave Threat To Future Generations: Prime Minister Narendra Modi In Berlin
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Warning that terrorism poses a grave threat to future generations, Prime Minister Narendra Modi today said forces of humanity should come together to combat the menace as India and Germany vowed to take "strong measures" against those who encourage, support and finance it. He made the remarks after over an hour-long wide-ranging talks with German Chancellor Angela Merkel on a host of key issues like trade, skill development and climate change.
"The pace of development of our relations is fast, direction positive and destination clear. Germany will always find India as powerful, prepared and capable partner," PM Modi said at a joint press interaction with Ms Merkel.
After the talks, the two sides signed 12 MOUs/agreements in fields like cyber policy, development initiatives, sustainable urban development, continued development of cluster managers and skill development, digitalisation, railway security and promoting vocational training. The two sides also issued a joint statement after PM Modi and Ms Merkel held the fourth India-Germany Intergovernmental Consultations (IGC).
The two leaders underlined their common concern about the threat and global reach of terrorism and extremism while condemning terrorist violence in all its forms and manifestations, the joint statement said. "They agreed on the need to take strong measures against all those who encourage, support and finance terrorism, provide sanctuary and safe havens that sustain and support terrorist groups and organisations," it said.
India and Germany hailed their closer collaboration in countering these challenges through regular meetings of the Joint Working Group on Counter Terrorism.
They also called for finalisation and adoption of Comprehensive Convention on International Terrorism, it said. Making a reference to terrorism, PM Modi said it was a big problem that faces future generations and all forces of humanity must come together to fight the menace.
"Both our countries will work together to tackle this problem together and cyber security and intelligence sharing is a very important aspect of this cooperation," he said. PM Modi's remarks assume significance as they come in the wake of a spate of terror attacks that have struck European countries like Germany, France, the UK and Sweden recently. The latest terror attack to have rocked Europe was at a concert in Manchester where a suicide bomber blew himself up, killing 22 people.
PM Modi said a comprehensive review of bilateral relations was undertaken during the talks with Ms Merkel.
"The pace of development of our relations is fast, direction positive and destination clear. Germany will always find India as powerful, prepared and capable partner," PM Modi said at a joint press interaction with Ms Merkel.
The two leaders underlined their common concern about the threat and global reach of terrorism and extremism while condemning terrorist violence in all its forms and manifestations, the joint statement said. "They agreed on the need to take strong measures against all those who encourage, support and finance terrorism, provide sanctuary and safe havens that sustain and support terrorist groups and organisations," it said.
They also called for finalisation and adoption of Comprehensive Convention on International Terrorism, it said. Making a reference to terrorism, PM Modi said it was a big problem that faces future generations and all forces of humanity must come together to fight the menace.
"Both our countries will work together to tackle this problem together and cyber security and intelligence sharing is a very important aspect of this cooperation," he said. PM Modi's remarks assume significance as they come in the wake of a spate of terror attacks that have struck European countries like Germany, France, the UK and Sweden recently. The latest terror attack to have rocked Europe was at a concert in Manchester where a suicide bomber blew himself up, killing 22 people.
PM Modi said a comprehensive review of bilateral relations was undertaken during the talks with Ms Merkel.
People Found Buying Or Selling Plastic Bags In Goa Will Be Fined: Chief Minister Manohar Parrikar
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From July, those who are found buying or selling plastic bags in Goa will be fined, Chief Minister Manohar Parrikar said today.
Appealing people to inculcate a habit of carrying cloth bags in the markets, like what they used to do in the past, Mr Parrikar announced stringent measures to make the coastal state free of plastic bags.
"We need to do away with the plastic bags. From July onwards if we find anyone selling or buying plastic bag he will have to pay the fine," the chief minister said addressing a function here today.
"The fine won't be a meagre amount. It will be hefty. It might be upto Rs. 5,000 (each time). We might give some relaxation in the beginning in terms of the amount of fine, but we are strictly going to implement the ban," he said.
Mr Parrikar said the state government cannot perform if citizens behave irresponsibly.
"We expect the state government to provide clean cities. However, we keep on throwing garbage on roadside," he said.
The state government has taken up an initiative to clear the highways of the garbage piles, but it is noticed that soon after the trash is removed, it resurfaces, he said.
"We have now provided work stations to collect garbage on the highways. I appeal to people to hand over their garbage at these work stations rather than just throwing it on the roadside," he said.
Mr Parrikar said Prime Minister Narendra Modi's 'Swachh Bharat' (clean India) initiative is picking up across the country. "There were certain elements who initially mocked the concept, but if you see now, the people have started talking about it and working for Swachh Bharat," he said.
On the occasion, Mr Parrikar also inaugurated a community park funded by state-run Economic Development Corporation under Corporate Social Responsibility.
Addressing a gathering, he said quality of education is a matter of concern owing to the 'no-detention policy' in schools.
"We have decided to introduce an examination for the students (up to class VIII). The exam will be conducted in next six months (in the current academic year). We will assess the level of the students. We will not fail them but will put them for remedial classes," Mr Parrikar said.
He said the exam will not just make the education department assess the level of understanding of the students, but also that of the teachers.
Under the no-detention policy introduced by the previous UPA government, children are not failed till class VII. The decision was then taken to reduce pressure on students and avoid dropouts from school.
The states which have sought changes in the policy have said that holding exams will encourage children to learn more.
"The quality of education has been a matter of concern in schools. We will work towards improving the quality of education but it is also the responsibility of parents to do so," Mr Parrikar said.
The government will also introduce 'upgradation' and 'training' for teachers, so that the quality of education is not compromised, he said.
Appealing people to inculcate a habit of carrying cloth bags in the markets, like what they used to do in the past, Mr Parrikar announced stringent measures to make the coastal state free of plastic bags.
"We need to do away with the plastic bags. From July onwards if we find anyone selling or buying plastic bag he will have to pay the fine," the chief minister said addressing a function here today.
"The fine won't be a meagre amount. It will be hefty. It might be upto Rs. 5,000 (each time). We might give some relaxation in the beginning in terms of the amount of fine, but we are strictly going to implement the ban," he said.
Mr Parrikar said the state government cannot perform if citizens behave irresponsibly.
"We expect the state government to provide clean cities. However, we keep on throwing garbage on roadside," he said.
The state government has taken up an initiative to clear the highways of the garbage piles, but it is noticed that soon after the trash is removed, it resurfaces, he said.
"We have now provided work stations to collect garbage on the highways. I appeal to people to hand over their garbage at these work stations rather than just throwing it on the roadside," he said.
Mr Parrikar said Prime Minister Narendra Modi's 'Swachh Bharat' (clean India) initiative is picking up across the country. "There were certain elements who initially mocked the concept, but if you see now, the people have started talking about it and working for Swachh Bharat," he said.
On the occasion, Mr Parrikar also inaugurated a community park funded by state-run Economic Development Corporation under Corporate Social Responsibility.
Addressing a gathering, he said quality of education is a matter of concern owing to the 'no-detention policy' in schools.
"We have decided to introduce an examination for the students (up to class VIII). The exam will be conducted in next six months (in the current academic year). We will assess the level of the students. We will not fail them but will put them for remedial classes," Mr Parrikar said.
He said the exam will not just make the education department assess the level of understanding of the students, but also that of the teachers.
Under the no-detention policy introduced by the previous UPA government, children are not failed till class VII. The decision was then taken to reduce pressure on students and avoid dropouts from school.
The states which have sought changes in the policy have said that holding exams will encourage children to learn more.
"The quality of education has been a matter of concern in schools. We will work towards improving the quality of education but it is also the responsibility of parents to do so," Mr Parrikar said.
The government will also introduce 'upgradation' and 'training' for teachers, so that the quality of education is not compromised, he said.
Meghalaya-Myanmar Highway Project Likely To Start Next Month: Nitin Gadkari
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Work on the highway from Meghalaya to Myanmar is likely to start next month as part of the India-Myanmar-Thailand trilateral pact, Road, Transport, Highways and Shipping Minister Nitin Gadkari said today.
"We will probably start work on Meghalaya to Myanmar project from next month. The cost of the project is Rs. 5,000 crore," Mr Gadkari told reporters today on the sidelines of a programme here.
India, Thailand and Myanmar are working on a 1,400 km long highway that would link the country with Southeast Asia by land, which would give a boost to trade, business, health, education and tourism among the countries.
Addressing a meet on 'the green ports and oil spill management" here, Mr Gadkari said the government is planning a waterway connectivity up to Myanmar via Bangladesh using Brahmaputra river.
"Waterways are more cost effective than roads and railways and so any goods required to be traded to Myanmar or Bangladesh could be done in a very cost effective manner. This will finish before 2018," he said.
With the Cabinet approving Rs. 2,000 crore from a central fund for development of water transport, operationalising at least 10 of the 111 national waterways by next year is on top of the government's agenda.
Massive work worth Rs. 5,000 crore is already underway on Ganga (1,620 km), with World Bank assistance, which is the National Waterway No 1.
The work includes development of three multi-modal hubs at Varanasi in Uttar Pradesh, Haldia in West Bengal and Sahebganj in Bihar.
Pitching for environment-friendly initiatives, Mr Gadkari said that the country could be flooded with electric commercial and passenger vehicles by December as a move to curb dependence on crude oil and cut emissions.
He noted that India needs to encourage electric as well as bio-diesel and ethanol-fuelled vehicles.
On concerns on lack of infrastructure for charging electric vehicles, the minister said "the technology is there and if we have more vehicles we will get more charging stations."
Nagpur has earned the distinction of becoming the country's first city with a fleet of 200 electric vehicles, including taxis, buses, e-rickshaw and autos.
Mr Gadkari also suggested that shipping corporations should explore use of liquefied natural gas (LNG) as an alternative source of fuel to save on costs.
The minister also said he would discuss lowering the goods and services tax (GST) rates on hybrid vehicles with the finance ministry.
Under the GST rates, hybrid cars, which are considered eco-friendly, are slated to attract a 15 per cent cess over and above peak rate of 28 per cent, same as those of large luxury cars and sports utility vehicles (SUVs).
"We will probably start work on Meghalaya to Myanmar project from next month. The cost of the project is Rs. 5,000 crore," Mr Gadkari told reporters today on the sidelines of a programme here.
India, Thailand and Myanmar are working on a 1,400 km long highway that would link the country with Southeast Asia by land, which would give a boost to trade, business, health, education and tourism among the countries.
Addressing a meet on 'the green ports and oil spill management" here, Mr Gadkari said the government is planning a waterway connectivity up to Myanmar via Bangladesh using Brahmaputra river.
"Waterways are more cost effective than roads and railways and so any goods required to be traded to Myanmar or Bangladesh could be done in a very cost effective manner. This will finish before 2018," he said.
With the Cabinet approving Rs. 2,000 crore from a central fund for development of water transport, operationalising at least 10 of the 111 national waterways by next year is on top of the government's agenda.
Massive work worth Rs. 5,000 crore is already underway on Ganga (1,620 km), with World Bank assistance, which is the National Waterway No 1.
The work includes development of three multi-modal hubs at Varanasi in Uttar Pradesh, Haldia in West Bengal and Sahebganj in Bihar.
Pitching for environment-friendly initiatives, Mr Gadkari said that the country could be flooded with electric commercial and passenger vehicles by December as a move to curb dependence on crude oil and cut emissions.
On concerns on lack of infrastructure for charging electric vehicles, the minister said "the technology is there and if we have more vehicles we will get more charging stations."
Nagpur has earned the distinction of becoming the country's first city with a fleet of 200 electric vehicles, including taxis, buses, e-rickshaw and autos.
Mr Gadkari also suggested that shipping corporations should explore use of liquefied natural gas (LNG) as an alternative source of fuel to save on costs.
The minister also said he would discuss lowering the goods and services tax (GST) rates on hybrid vehicles with the finance ministry.
Under the GST rates, hybrid cars, which are considered eco-friendly, are slated to attract a 15 per cent cess over and above peak rate of 28 per cent, same as those of large luxury cars and sports utility vehicles (SUVs).
Kashmir, Kashmiris, Kashmiriyat Belong To India: Home Minister Rajnath Singh
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Home Minister Rajnath Singh has said that the government is making efforts to resolve the problems being faced in the state of Jammu and Kashmir. Assuring the people of the state, Mr Singh said that 'Kashmir, Kashmiri and Kashmiriyat' belonged to India.
Mr Singh however, condemned the attacks on soldiers and security personnel saying, "Those who make attempts to hurt the pride of jawans (soldiers) also need to be taught a lesson".
He also said that the Narendra Modi government is taking steps to tackle corruption and terrorism. He said India has signed agreements with major countries from across the world to share information regarding terrorism, terror-financing and black money. "As a result, India now has access to information from foreign countries because of which the government would be able to seize black money," he said.
Replying to a question about the work done by the government in the last three years, Mr Singh said that the BJP-led NDA government has been "successful" in pushing major reforms. He asked the elected representatives of the BJP to keep their doors open round-the-clock for the public.
In his nearly hour-long address at an event in Meerut, Mr Singh touched upon various issues including demonetisation, farmers' issues, corruption, economy, foreign policy, among others.
Mr Singh however, condemned the attacks on soldiers and security personnel saying, "Those who make attempts to hurt the pride of jawans (soldiers) also need to be taught a lesson".
He also said that the Narendra Modi government is taking steps to tackle corruption and terrorism. He said India has signed agreements with major countries from across the world to share information regarding terrorism, terror-financing and black money. "As a result, India now has access to information from foreign countries because of which the government would be able to seize black money," he said.
Replying to a question about the work done by the government in the last three years, Mr Singh said that the BJP-led NDA government has been "successful" in pushing major reforms. He asked the elected representatives of the BJP to keep their doors open round-the-clock for the public.
In his nearly hour-long address at an event in Meerut, Mr Singh touched upon various issues including demonetisation, farmers' issues, corruption, economy, foreign policy, among others.
NEWS FLASH Research scholar found dead in IIT Delhi campus, no suicide note found: ANI news agency
Top Education Body UGC Moves To Make Father's Name On Degree Certificate Optional
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The University Grants Commission or UGC will soon work on a proposal to make printing father's name on a degree document optional, Human Resource Development Minister Prakash Javadekar told news agency PTI in an interview.
"We are okay with the idea. Whether the student wants to mention mother's name or father's name should be his or her choice," Mr Javadekar said in the interview. "We like the concept and have no objection to it. The UGC will work on it soon," he added.
The HRD Ministry has in-principle agreed to the suggestion made by Women and Child Development Minister Maneka Gandhi.
Following concerns raised by single mothers, Ms Gandhi last month wrote to Mr Javadekar, asking him to change the rule that requires father's name to be mandatorily mentioned on degree certificates of students.
"I have been approached by several women who are separated from their husbands and who face problems getting degree certificates issued for their children without their father's name," Ms Gandhi said in the letter.
In the letter, Ms Gandhi said breakdown of marriages is now a reality and rules must reflect this. "Keeping in view the sensitivity of the single/separated mother, we need to make a provision for this purpose by changing rules/guidelines," she said in the letter.
Last year, after a request by Ms Gandhi, the Ministry of External Affairs had revised passport application rules, and announced that the name of only one parent would be needed to apply for a passport. The new rule eased the passport application process for children of single parents.
The HRD Ministry has in-principle agreed to the suggestion made by Women and Child Development Minister Maneka Gandhi.
Following concerns raised by single mothers, Ms Gandhi last month wrote to Mr Javadekar, asking him to change the rule that requires father's name to be mandatorily mentioned on degree certificates of students.
"I have been approached by several women who are separated from their husbands and who face problems getting degree certificates issued for their children without their father's name," Ms Gandhi said in the letter.
In the letter, Ms Gandhi said breakdown of marriages is now a reality and rules must reflect this. "Keeping in view the sensitivity of the single/separated mother, we need to make a provision for this purpose by changing rules/guidelines," she said in the letter.
Last year, after a request by Ms Gandhi, the Ministry of External Affairs had revised passport application rules, and announced that the name of only one parent would be needed to apply for a passport. The new rule eased the passport application process for children of single parents.
Business Affairs
CBI probes Air India in decade-old deal: Will cooperate with CBI, says Aviation Minister Ashok Gajapathi
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The Central Bureau of Investigation (CBI) has started probing Air India and Indian Airlines in a decade-old deal which witnessed acquiring of 111 Boieng aircrafts worth Rs 70,000 crore. CBI said that the acquisition allegedly caused a financial loss to the "already stressed" national carrier.
The said deal got an approval from the former prime minister, Dr. Manmohan Singh.
CBI has registered three cases against unnamed officials of the Ministry and Air India.
Civil Aviation Minister Ashok Gajapathi Raju on Tuesday said that his department will cooperate fully with the investigation. "Whatever knowledge we have, we will cooperate with them," the minister said, referring to the CBI.
Apart from the Civil Aviation Ministry and Air India officials, the CBI has also booked some unnamed private companies in its FIRs lodged under sections of criminal conspiracy and cheating of the Indian Penal Code and relevant sections of the Prevention of Corruption Act.
The FIRs do not mention any public official by name but are based on a report by the Comptroller and Auditor General (CAG) submitted to Parliament in 2011 and a subsequent report by the Public Accounts Committee (PAC) of Parliament.
Back in December 2005, the Manmohan Singh government gave its nod to Air India to buy 68 aircrafts from Boeing Co. In 2006, Indian Airlines signed up for 43 planes from Airbus SE.
However, the two national carriers were eventually merged in 2007 to operate under Air India.
The CBI also mentioned that it's probing the allegations mentioning the aircraft being leased "without due consideration" and whether the national carrier surrendered profitable routes to private national and international private airlines, allegedly adding to its humoungous losses.
Meanwhile, days after finance minister Arun Jaitley pitched for Air India's disinvestment, civil aviation minister Ashok Gajapathi Raju said no option has been closed for the airline.
"NITI Aayog has made recommendations for making Air India strong and viable. All courses of action are being examined. We have not closed any option," Raju said.
The Central Bureau of Investigation (CBI) has started probing Air India and Indian Airlines in a decade-old deal which witnessed acquiring of 111 Boieng aircrafts worth Rs 70,000 crore. CBI said that the acquisition allegedly caused a financial loss to the "already stressed" national carrier.
The said deal got an approval from the former prime minister, Dr. Manmohan Singh.
CBI has registered three cases against unnamed officials of the Ministry and Air India.
Civil Aviation Minister Ashok Gajapathi Raju on Tuesday said that his department will cooperate fully with the investigation. "Whatever knowledge we have, we will cooperate with them," the minister said, referring to the CBI.
Apart from the Civil Aviation Ministry and Air India officials, the CBI has also booked some unnamed private companies in its FIRs lodged under sections of criminal conspiracy and cheating of the Indian Penal Code and relevant sections of the Prevention of Corruption Act.
The FIRs do not mention any public official by name but are based on a report by the Comptroller and Auditor General (CAG) submitted to Parliament in 2011 and a subsequent report by the Public Accounts Committee (PAC) of Parliament.
Back in December 2005, the Manmohan Singh government gave its nod to Air India to buy 68 aircrafts from Boeing Co. In 2006, Indian Airlines signed up for 43 planes from Airbus SE.
However, the two national carriers were eventually merged in 2007 to operate under Air India.
The said deal got an approval from the former prime minister, Dr. Manmohan Singh.
CBI has registered three cases against unnamed officials of the Ministry and Air India.
Civil Aviation Minister Ashok Gajapathi Raju on Tuesday said that his department will cooperate fully with the investigation. "Whatever knowledge we have, we will cooperate with them," the minister said, referring to the CBI.
Apart from the Civil Aviation Ministry and Air India officials, the CBI has also booked some unnamed private companies in its FIRs lodged under sections of criminal conspiracy and cheating of the Indian Penal Code and relevant sections of the Prevention of Corruption Act.
The FIRs do not mention any public official by name but are based on a report by the Comptroller and Auditor General (CAG) submitted to Parliament in 2011 and a subsequent report by the Public Accounts Committee (PAC) of Parliament.
Back in December 2005, the Manmohan Singh government gave its nod to Air India to buy 68 aircrafts from Boeing Co. In 2006, Indian Airlines signed up for 43 planes from Airbus SE.
However, the two national carriers were eventually merged in 2007 to operate under Air India.
The CBI also mentioned that it's probing the allegations mentioning the aircraft being leased "without due consideration" and whether the national carrier surrendered profitable routes to private national and international private airlines, allegedly adding to its humoungous losses.
Meanwhile, days after finance minister Arun Jaitley pitched for Air India's disinvestment, civil aviation minister Ashok Gajapathi Raju said no option has been closed for the airline.
"NITI Aayog has made recommendations for making Air India strong and viable. All courses of action are being examined. We have not closed any option," Raju said.
Meanwhile, days after finance minister Arun Jaitley pitched for Air India's disinvestment, civil aviation minister Ashok Gajapathi Raju said no option has been closed for the airline.
"NITI Aayog has made recommendations for making Air India strong and viable. All courses of action are being examined. We have not closed any option," Raju said.
Trouble for Ramdev's Patanjali? Divya Amla juice, Shivlingi Beej fail to meet quality standards
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Yoga guru Ramdev owned Patanjali might get into trouble as an RTI query revealed that the company's Divya Amla juice and Shivlingi Beej had failed to meet certain quality standards.
A Right to Information (RTI) reply revealed that Haridwar's Ayurveda and Unani Office had found that the ayurveda products of substandard quality included Patanjali items.
The recent quality test failure comes after the retailing platform for the country's defence forces, the Canteen Stores Department (CSD), suspended sale of a batch of Patanjali Ayurveda's amla juice after it "failed" to clear a laboratory test at the West Bengal Public Health Laboratory.
Uttarakhand state government's lab report said Patanajali products had less pH value than the prescribed limit, which could lead to acidity and other medical complications, the HT report stated.
The report further added that in addition to Patanjali's products, 18 samples of ayurveda drugs such as avipattikara churna, talisadya churna, pushyanuga churna, lavan bhaskar churna, yograj guggulu, laksha guggulu were also found to be substandard.
Meanwhile, Baba Ramdev's Patanjali Ayurveda, plans to enter the restaurant business dominated by McDonald's, Kentucky Fried Chicken and Subway in India.
Earlier this month, Ramdev announced Patanjali's earnings over the past year during a press briefing in Haridwar, saying the numbers would make multinational companies fret. Ramdev provided a detailed information on how the top selling products of the company had fared and said that the turnover of the company was Rs 10, 561 crore in the previous fiscal year.
Patanjali plans to double its turnover this year, Ramdev said. He re-emphasised that Patanjali's main aim was charity and introduced a new business policy of "Prosperity for Charity" for the ayurveda company.
Yoga guru Ramdev owned Patanjali might get into trouble as an RTI query revealed that the company's Divya Amla juice and Shivlingi Beej had failed to meet certain quality standards.
A Right to Information (RTI) reply revealed that Haridwar's Ayurveda and Unani Office had found that the ayurveda products of substandard quality included Patanjali items.
The recent quality test failure comes after the retailing platform for the country's defence forces, the Canteen Stores Department (CSD), suspended sale of a batch of Patanjali Ayurveda's amla juice after it "failed" to clear a laboratory test at the West Bengal Public Health Laboratory.
Uttarakhand state government's lab report said Patanajali products had less pH value than the prescribed limit, which could lead to acidity and other medical complications, the HT report stated.
The report further added that in addition to Patanjali's products, 18 samples of ayurveda drugs such as avipattikara churna, talisadya churna, pushyanuga churna, lavan bhaskar churna, yograj guggulu, laksha guggulu were also found to be substandard.
Meanwhile, Baba Ramdev's Patanjali Ayurveda, plans to enter the restaurant business dominated by McDonald's, Kentucky Fried Chicken and Subway in India.
Earlier this month, Ramdev announced Patanjali's earnings over the past year during a press briefing in Haridwar, saying the numbers would make multinational companies fret. Ramdev provided a detailed information on how the top selling products of the company had fared and said that the turnover of the company was Rs 10, 561 crore in the previous fiscal year.
Patanjali plans to double its turnover this year, Ramdev said. He re-emphasised that Patanjali's main aim was charity and introduced a new business policy of "Prosperity for Charity" for the ayurveda company.
GDP data to be more realistic after factoring in new series of IIP
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A portal is being planned for online collection of data on industrial production for greater accuracy in assessing the economic activity, Statistics Minister D V Sadananda Gowda said today.
On whether the GDP data to be released tomorrow will be more realistic after factoring in new series of Index of Industrial Production (IIP) and Wholesale Price Index (WPI) with change of base year to 2011-12, Gowda said: "Most certainly".
When asked about the impact of new series of IIP and WPI on national accounts data for the January-March quarter as well as the entire financial year, 2016-17, he said: "There is change in all systems of the economy across the country. All our data is collected by latest technology. We are coming up with data with clarity and minimum time lag."
At the inauguration of a new office building of National Sample Survey Office (NSSO), he said the Central Statistics Office is planning to develop a web-based data collection system for IIP, which is compiled on monthly basis to assess the growth of factory output and released with a lag of 6 weeks.
Earlier this month, the new series of IIP and WPI with new base year of 2011-12 was released. The CSO had released the new series of national accounts, revising the base year from 2004-05 to 2011-12 in January, 2015.
Several experts and economists have raised doubts over the accuracy of the GDP numbers because CSO had been using data inputs from IIP and WPI with 2004-05 base year.
Earlier this year, the CSO came out with two advance estimates of the GDP and pegged the economic growth at 7.1 per cent after factoring in note ban in the later projection.
Chief Statistician T C A Anant, present on the occasion, said: "We had told you that as and when the IIP series is revised, it will be incorporated (in GDP estimates). The benefit of that revision will certainly will flow into GDP estimates. The IIP and WPI are used in GDP compilation."
Asked about improvement in terms of numbers, he said: "I have not been given an advance intimation about the numbers.
You will see it tomorrow."
Anant also said: "National Sample Survey has begun from April 1, 2017, field work on new survey, which will be collecting new data on employment in the country. This will be a continuous survey."
This survey is in line with Prime Minister's call on regular employment data, he said, adding: "It will give labour force characteristic of both rural and urban area. In addition, for urban areas on quarterly basis, it will also give changed characteristic of key indicators. This is in continuation of labour force survey done every five years."
On this, the minister said: "My ministry s data collection exercise has gone digital with conduct of quarterly Periodic Labour Force Survey (PLFS) using tablets, and guided by computer-assisted personal interviewing (CAPI) technique."
Gowda further said that the project is expected to result in huge time savings and will be performed by the surveyors of the National Sample Survey Organisation (NSSO), who will track and upload employment data, among others.
He also informed that India is participating in the current phase of International Comparison Programme (ICP) with reference to 2017.
It is a global statistical initiative that supports inter-country comparisons of GDP and its components, using purchasing power parity.
"My ministry will take up the price collection work in rural and urban areas shortly all over the country," he said.
A portal is being planned for online collection of data on industrial production for greater accuracy in assessing the economic activity, Statistics Minister D V Sadananda Gowda said today.
On whether the GDP data to be released tomorrow will be more realistic after factoring in new series of Index of Industrial Production (IIP) and Wholesale Price Index (WPI) with change of base year to 2011-12, Gowda said: "Most certainly".
When asked about the impact of new series of IIP and WPI on national accounts data for the January-March quarter as well as the entire financial year, 2016-17, he said: "There is change in all systems of the economy across the country. All our data is collected by latest technology. We are coming up with data with clarity and minimum time lag."
At the inauguration of a new office building of National Sample Survey Office (NSSO), he said the Central Statistics Office is planning to develop a web-based data collection system for IIP, which is compiled on monthly basis to assess the growth of factory output and released with a lag of 6 weeks.
Earlier this month, the new series of IIP and WPI with new base year of 2011-12 was released. The CSO had released the new series of national accounts, revising the base year from 2004-05 to 2011-12 in January, 2015.
Several experts and economists have raised doubts over the accuracy of the GDP numbers because CSO had been using data inputs from IIP and WPI with 2004-05 base year.
Earlier this year, the CSO came out with two advance estimates of the GDP and pegged the economic growth at 7.1 per cent after factoring in note ban in the later projection.
Chief Statistician T C A Anant, present on the occasion, said: "We had told you that as and when the IIP series is revised, it will be incorporated (in GDP estimates). The benefit of that revision will certainly will flow into GDP estimates. The IIP and WPI are used in GDP compilation."
Asked about improvement in terms of numbers, he said: "I have not been given an advance intimation about the numbers.
You will see it tomorrow."
Anant also said: "National Sample Survey has begun from April 1, 2017, field work on new survey, which will be collecting new data on employment in the country. This will be a continuous survey."
This survey is in line with Prime Minister's call on regular employment data, he said, adding: "It will give labour force characteristic of both rural and urban area. In addition, for urban areas on quarterly basis, it will also give changed characteristic of key indicators. This is in continuation of labour force survey done every five years."
On this, the minister said: "My ministry s data collection exercise has gone digital with conduct of quarterly Periodic Labour Force Survey (PLFS) using tablets, and guided by computer-assisted personal interviewing (CAPI) technique."
Gowda further said that the project is expected to result in huge time savings and will be performed by the surveyors of the National Sample Survey Organisation (NSSO), who will track and upload employment data, among others.
He also informed that India is participating in the current phase of International Comparison Programme (ICP) with reference to 2017.
It is a global statistical initiative that supports inter-country comparisons of GDP and its components, using purchasing power parity.
"My ministry will take up the price collection work in rural and urban areas shortly all over the country," he said.
Not ruling out rationalisation of GST rates: Revenue Secretary Hasmukh Adhia
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Revenue Secretary Hasmukh Adhia today did not rule out the scope for rationalisation of tax rates fixed on various goods and services under the GST regime to be implemented from July one.
"One thing we would agree is that there is a scope for rationalisation of tax rates on various goods and services," he said in an interaction with the industry on GST.
Even the Central Board of Excise and Customs Chairperson Vanaja Sarna had yesterday said the GST Council could revise rates if there is any justification for reconsideration.
Various industries and businesses, including traders, FMCG and automobiles had been petitioning the Central government for revising rates.
On concerns by representatives of food processing sector, Adhia said a decision on the rates of foodgrains, especially wheat and rice, would be taken at the June 3 meeting.
"It was already mentioned by (Finance Minister Arun) Mr Jaitley that this is one issue which is still pending before the GST Council, and it will take a decision. We understand the food processing industry needs to be encouraged," he said.
He also argued that if these items were kept in the exempted category, the food processing industry will be losing.
He said the Council will take a view on the definition of branding.
On concerns raised by representatives of financial services sector, Adhia said dismissed the fear of loans getting costlier due to implementation of GST.
"There have been some concerns raised in the financial service sector that loans and all of these will become costlier, no way (it is going to be so)," he said.
"All people in financial services will know, we are not charging service taxes in deposits as well as loans, but taxes on other services. Loans are not going to become costlier. That is a misplaced fear, because of lack of understanding," he added.
Adhia also said the GST may push India's GDP up by more than 4 per cent because of the simplicity and predictability of the new indirect tax regime, which will encourage people to be tax compliant.
"Economists have argued that India's GDP may go up by more than 4 per cent because of GST - that is the kind of potential it has," he said.
"Why will the GDP go up? It is because businesses require simplicity, predictability of tax regime. These are the things which are going to be fulfilled by GST," he added.
Adhia said the new indirect tax regime will create problems but one should find solutions, instead of not allowing it to happen.
Revenue Secretary Hasmukh Adhia today did not rule out the scope for rationalisation of tax rates fixed on various goods and services under the GST regime to be implemented from July one.
"One thing we would agree is that there is a scope for rationalisation of tax rates on various goods and services," he said in an interaction with the industry on GST.
Even the Central Board of Excise and Customs Chairperson Vanaja Sarna had yesterday said the GST Council could revise rates if there is any justification for reconsideration.
Various industries and businesses, including traders, FMCG and automobiles had been petitioning the Central government for revising rates.
On concerns by representatives of food processing sector, Adhia said a decision on the rates of foodgrains, especially wheat and rice, would be taken at the June 3 meeting.
"It was already mentioned by (Finance Minister Arun) Mr Jaitley that this is one issue which is still pending before the GST Council, and it will take a decision. We understand the food processing industry needs to be encouraged," he said.
He also argued that if these items were kept in the exempted category, the food processing industry will be losing.
He said the Council will take a view on the definition of branding.
On concerns raised by representatives of financial services sector, Adhia said dismissed the fear of loans getting costlier due to implementation of GST.
"There have been some concerns raised in the financial service sector that loans and all of these will become costlier, no way (it is going to be so)," he said.
"All people in financial services will know, we are not charging service taxes in deposits as well as loans, but taxes on other services. Loans are not going to become costlier. That is a misplaced fear, because of lack of understanding," he added.
Adhia also said the GST may push India's GDP up by more than 4 per cent because of the simplicity and predictability of the new indirect tax regime, which will encourage people to be tax compliant.
"Economists have argued that India's GDP may go up by more than 4 per cent because of GST - that is the kind of potential it has," he said.
"Why will the GDP go up? It is because businesses require simplicity, predictability of tax regime. These are the things which are going to be fulfilled by GST," he added.
Adhia said the new indirect tax regime will create problems but one should find solutions, instead of not allowing it to happen.
PM Narendra Modi urges German companies to explore economic prospects in India
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Prime Minister Narendra Modi urged German companies to come and explore the Indo-German economic collaboration to its full potential. Modi addressed the Indo-German Business Summit on Tuesday. Germany is the first stop in his four-country foreign visit .
"About 600 India-German joint ventures are presently operating in India. They provide employment to around two hundred thousand people. However, there is tremendous potential in India-Germany economic collaboration. Our economic partnership is still below its full potential. To enhance this, we, in India, are ready with open arms to welcome German companies," Modi said at the Business Summit.
Fast-track mechanism to help German companies
To allay fears of set-up hurdles, the Indian PM informed the CEOs in attendance about the fast-track mechanism to help German companies. This system has already been used to resolve a number of issues, he said.
Modi presented India as a favourable destination for firms looking to invest. "We are on the path of making India a global manufacturing hub. Already a good eco-system exists in India for manufacturing," he said. He assured that India offers 'one of the most liberal FDI policy regimes in the world', along with skilled professionals, and government efforts to further ease business environment, among others.
"Due to these strengths, as said by UNIDO, India is already the sixth largest manufacturing nation in the world. To make it better, we are working hard on various enablers," stated Modi.
PM Modi's 'Make in India' bid for the Germans
Coming to 'Make in India' initiative, Modi said that German companies have played a crucial role in its success.
"During the Hannover Messe, specific areas for collaboration were mutually identified. This included manufacturing, skill development, railways, cleaning of rivers, renewable energy, education, science and technology. In addition, we are also implementing a strategic market entry support programme, since September 2015. It is called MIIM (Make in India Mittelstand). This is mainly to assist German Mittelstand companies in entering the Indian market. The MIIM programme has been offering a wide range of business support services. The initiative has resulted in growing interest of German companies in India," he mentioned.
GST to help Indian economy: PM Modi
Even states are keeping pace with the steps of federal government, Modi asserted, with 16 states completely implementing single window system for payments and approvals and 13 states exclusively allowing e-filing of tax returns. In his address, he informed the audience of Goods and Service Tax and how it will help with making India a digital economy.
Apart from economic issues, the talks between Modi and German Chancellor Angela Merkel covered issues like terrorism, defense, skill development and cyber security.
Prime Minister Narendra Modi urged German companies to come and explore the Indo-German economic collaboration to its full potential. Modi addressed the Indo-German Business Summit on Tuesday. Germany is the first stop in his four-country foreign visit .
"About 600 India-German joint ventures are presently operating in India. They provide employment to around two hundred thousand people. However, there is tremendous potential in India-Germany economic collaboration. Our economic partnership is still below its full potential. To enhance this, we, in India, are ready with open arms to welcome German companies," Modi said at the Business Summit.
Fast-track mechanism to help German companies
To allay fears of set-up hurdles, the Indian PM informed the CEOs in attendance about the fast-track mechanism to help German companies. This system has already been used to resolve a number of issues, he said.
Modi presented India as a favourable destination for firms looking to invest. "We are on the path of making India a global manufacturing hub. Already a good eco-system exists in India for manufacturing," he said. He assured that India offers 'one of the most liberal FDI policy regimes in the world', along with skilled professionals, and government efforts to further ease business environment, among others.
"Due to these strengths, as said by UNIDO, India is already the sixth largest manufacturing nation in the world. To make it better, we are working hard on various enablers," stated Modi.
PM Modi's 'Make in India' bid for the Germans
Coming to 'Make in India' initiative, Modi said that German companies have played a crucial role in its success.
"During the Hannover Messe, specific areas for collaboration were mutually identified. This included manufacturing, skill development, railways, cleaning of rivers, renewable energy, education, science and technology. In addition, we are also implementing a strategic market entry support programme, since September 2015. It is called MIIM (Make in India Mittelstand). This is mainly to assist German Mittelstand companies in entering the Indian market. The MIIM programme has been offering a wide range of business support services. The initiative has resulted in growing interest of German companies in India," he mentioned.
GST to help Indian economy: PM Modi
Even states are keeping pace with the steps of federal government, Modi asserted, with 16 states completely implementing single window system for payments and approvals and 13 states exclusively allowing e-filing of tax returns. In his address, he informed the audience of Goods and Service Tax and how it will help with making India a digital economy.
Apart from economic issues, the talks between Modi and German Chancellor Angela Merkel covered issues like terrorism, defense, skill development and cyber security.
General Awareness
Banking Related Acts
-
- Negotiable Instrument Act–1881
- The Bankers’Books Evidence Act–1891
- The ReserveBank of India Act–1934
- The Industrial Finance Corporation of India Act–1948
- The Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
- The Industrial Disputes (Banking and Insurance Companies) Act–1949
- The Banking Regulation(Companies) Rules–1949
- The Banking Regulation Act–1949
- The State Financial Corporations Act–1951
- The Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
- The Industrial Disputes (Banking Companies) Decision Act–1955
- The State Bank of India Act–1955
- The State Bank of India (Subsidiary Banks) Act-1959
- The Subsidiary Banks General Regulation–1959
- The Deposit Insurance and Credit Guarantee Corporation Act–1961(DICGC)
- The Banking Companies (Acquisition and Transfer of Undertakings) Act–1970
- The Regional Rural Banks Act–1976
- The Banking Companies (Acquisition and Transfer of Undertakings) Act–1980
- The Export-Import Bank of India Act–1981
- The National Bank for Agriculture and Rural Development Act–1981
- Chit Fund Act–1982
- Sick Industrial Companies (Special Provisions)Act–1985
- The National Housing Bank Act–1987
- SIDBI Act–1989
- The Special Court (trial of Offences relating to Transactions in Securities) Act–1992
- The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
- Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act–1997
- The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act–(SARFASI-2002)
- Industrial Development Bank (Transfer of Undertaking & Repeal) Act–2003
- Credit Information Companies (Rules & Regulation) Act–2005
- The Industrial Finance Corporation of India Act–1948
- The Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
- The Industrial Disputes (Banking and Insurance Companies) Act–1949
- The State Financial Corporations Act–1951
- The Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
- The Industrial Disputes (Banking Companies) Decision Act–1955
- The State Bank of India Act–1955
- The State Bank of India (Subsidiary Banks) Act-1959
- The Subsidiary Banks General Regulation–1959
- The Deposit Insurance and Credit Guarantee Corporation Act–1961
- The National Bank for Agriculture and Rural Development Act–1981
- Chit Fund Act–1982
- Shipping Development Fund Committee (Abolition)Act–1985
- Sick Industrial Companies (Special Provisions)Act–1985
- The National Housing Bank Act–1987
- The Special Court (trial of Offences relating to Transactions in Securities) Act–1992
- The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
- Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act–1997
- SIDBI General Regulations, 1990
- Banking Regulation (Companies) Rules 1949
- The Nationalised Banks (Management and Misc. Provisions)Scheme,1970
- NABARD General Regulations 1982
- Banking Companies (Period of Preservation of Records) Rules, 1985
- Banking Companies (Regulation)Rules,1985
- NABARD Bonds Regulations — 1988
- The Banking Ombudsman Scheme, 2006
- Factoring Act Rules, 2011
- SARFAESI (Central registry) Rules,2011
- Banker’s Books Evidence Act, 1891
- Banking Regulation Act, 1949
- Banking Companies (Legal Practitioners’ Clients’ Account) Act, 1949
- Banking Regulation (Companies) Rules, 1949
- Banking Companies (Acquisition and Transfer of Undertaking) Act, 1969
- Debts Recovery Appellate Tribunal (Procedure) Rules,1994
- Foreign Contribution (Regulation) Act, 1976
- Foreign Exchange Management Act, 1999
- Indian Partnership Act, 1932
- Indian Stamp Act, 1899
- Indian Trusts Act, 1882
- Limitation Act, 1963
- Recovery of Debts due to Banks and Financial Institutions Act,1993
- Reserve Bank of India Act — 1934
- Negotiable Instrument Act–1881
- The Bankers’Books Evidence Act–1891
- The ReserveBank of India Act–1934
- The Industrial Finance Corporation of India Act–1948
- The Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
- The Industrial Disputes (Banking and Insurance Companies) Act–1949
- The Banking Regulation(Companies) Rules–1949
- The Banking Regulation Act–1949
- The State Financial Corporations Act–1951
- The Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
- The Industrial Disputes (Banking Companies) Decision Act–1955
- The State Bank of India Act–1955
- The State Bank of India (Subsidiary Banks) Act-1959
- The Subsidiary Banks General Regulation–1959
- The Deposit Insurance and Credit Guarantee Corporation Act–1961(DICGC)
- The Banking Companies (Acquisition and Transfer of Undertakings) Act–1970
- The Regional Rural Banks Act–1976
- The Banking Companies (Acquisition and Transfer of Undertakings) Act–1980
- The Export-Import Bank of India Act–1981
- The National Bank for Agriculture and Rural Development Act–1981
- Chit Fund Act–1982
- Sick Industrial Companies (Special Provisions)Act–1985
- The National Housing Bank Act–1987
- SIDBI Act–1989
- The Special Court (trial of Offences relating to Transactions in Securities) Act–1992
- The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
- Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act–1997
- The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act–(SARFASI-2002)
- Industrial Development Bank (Transfer of Undertaking & Repeal) Act–2003
- Credit Information Companies (Rules & Regulation) Act–2005
- The Industrial Finance Corporation of India Act–1948
- The Banking Companies (Legal Practitioner Clients’ Accounts) Act–1949
- The Industrial Disputes (Banking and Insurance Companies) Act–1949
- The State Financial Corporations Act–1951
- The Reserve Bank of India (Amendment and Misc. Provisions) Act–1953
- The Industrial Disputes (Banking Companies) Decision Act–1955
- The State Bank of India Act–1955
- The State Bank of India (Subsidiary Banks) Act-1959
- The Subsidiary Banks General Regulation–1959
- The Deposit Insurance and Credit Guarantee Corporation Act–1961
- The National Bank for Agriculture and Rural Development Act–1981
- Chit Fund Act–1982
- Shipping Development Fund Committee (Abolition)Act–1985
- Sick Industrial Companies (Special Provisions)Act–1985
- The National Housing Bank Act–1987
- The Special Court (trial of Offences relating to Transactions in Securities) Act–1992
- The Industrial Finance Corporation (Transfer of Undertakings and Repeal) Act–1993
- Industrial Reconstruction Bank (Transfer of Undertaking & Appeal) Act–1997
- SIDBI General Regulations, 1990
- Banking Regulation (Companies) Rules 1949
- The Nationalised Banks (Management and Misc. Provisions)Scheme,1970
- NABARD General Regulations 1982
- Banking Companies (Period of Preservation of Records) Rules, 1985
- Banking Companies (Regulation)Rules,1985
- NABARD Bonds Regulations — 1988
- The Banking Ombudsman Scheme, 2006
- Factoring Act Rules, 2011
- SARFAESI (Central registry) Rules,2011
- Banker’s Books Evidence Act, 1891
- Banking Regulation Act, 1949
- Banking Companies (Legal Practitioners’ Clients’ Account) Act, 1949
- Banking Regulation (Companies) Rules, 1949
- Banking Companies (Acquisition and Transfer of Undertaking) Act, 1969
- Debts Recovery Appellate Tribunal (Procedure) Rules,1994
- Foreign Contribution (Regulation) Act, 1976
- Foreign Exchange Management Act, 1999
- Indian Partnership Act, 1932
- Indian Stamp Act, 1899
- Indian Trusts Act, 1882
- Limitation Act, 1963
- Recovery of Debts due to Banks and Financial Institutions Act,1993
- Reserve Bank of India Act — 1934
