General Affairs
India Gets 1st Diesel Loco From GE, Work On Bihar Factory On Track
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The first diesel-electric locomotive built by US conglomerate General Electric as part of a USD 2.5 billion deal to supply 1,000 such engines to the Indian Railways has arrived in India.
The project, a joint venture between the Indian Railways and GE to supply and maintain modern diesel electric locomotives of 4,500 HP and 6,000 HP to the public transporter, was announced in November 2015.
GE clarified that the work on a diesel locomotive factory in Bihar's Marhowrah is on track, days after Railway Minister Piyush Goyal ruled out any changes in the deal.
But with government's thrust on electrification of tracks to combat pollution, there was a buzz, and some media reports that it could exit the contract.
"The first of 1,000 diesel-electric evolution series locomotives has already arrived at India's Mundra Port,"
Vishal Wanchoo, President and CEO, GE South Asia told PTI on the sidelines of the International Rail Conference and the 12th edition of the International Rail Equipment Exhibition (IREE) held here today.
"The work in our diesel factory in Bihar is on track and as the minister has said there are no changes in the contract," he said, adding GE was actually ahead of schedule.
The plan is to deliver 100 locomotives per year on an average. The first fiscal year will be little bit more. We plan to deliver the 1,000 locomotives to the Indian Railways over 11 years, he said.
"Our partnership with the Indian Railways is a best-in-class bilateral example of how entities can work together to create jobs and drive economic development in a region," said Mr Wanchoo.
"Through this project, we're creating a robust supply chain ecosystem in India, and will localize more than 70 per cent of all content. We're proud of the more than 6,000 jobs that have been created by GE in Bihar and Uttar Pradesh, and remain committed to our work in the country," he said.
Mr Goyal had last month said there would be no changes in the Marhowrah factory set up.
But, the railway minister had also said he had discussions with top executives of GE to explore how the objectives of reducing pollution, bringing down overall cost and honouring agreements with the global conglomerate be met.
Mr Wanchoo said GE has no plans to manufacture electric locomotives at the Marhowrah factory.
"GE bid for diesel locomotives and our Bihar plant can manufacture only diesel locomotives. Two contracts were floated and we bid for the diesel plant.
"However, we support the government's electrification process. In every country that we operate in, we supply these locomotives. Most countries wherein we operate have an electrification program, which makes a lot of sense, but the diesel locomotives also co-exist for various reasons as they are efficient and affordable," Mr Wanchoo said.
The project, a joint venture between the Indian Railways and GE to supply and maintain modern diesel electric locomotives of 4,500 HP and 6,000 HP to the public transporter, was announced in November 2015.
But with government's thrust on electrification of tracks to combat pollution, there was a buzz, and some media reports that it could exit the contract.
"The first of 1,000 diesel-electric evolution series locomotives has already arrived at India's Mundra Port,"
Vishal Wanchoo, President and CEO, GE South Asia told PTI on the sidelines of the International Rail Conference and the 12th edition of the International Rail Equipment Exhibition (IREE) held here today.
"The work in our diesel factory in Bihar is on track and as the minister has said there are no changes in the contract," he said, adding GE was actually ahead of schedule.
The plan is to deliver 100 locomotives per year on an average. The first fiscal year will be little bit more. We plan to deliver the 1,000 locomotives to the Indian Railways over 11 years, he said.
"Our partnership with the Indian Railways is a best-in-class bilateral example of how entities can work together to create jobs and drive economic development in a region," said Mr Wanchoo.
"Through this project, we're creating a robust supply chain ecosystem in India, and will localize more than 70 per cent of all content. We're proud of the more than 6,000 jobs that have been created by GE in Bihar and Uttar Pradesh, and remain committed to our work in the country," he said.
Mr Goyal had last month said there would be no changes in the Marhowrah factory set up.
But, the railway minister had also said he had discussions with top executives of GE to explore how the objectives of reducing pollution, bringing down overall cost and honouring agreements with the global conglomerate be met.
Mr Wanchoo said GE has no plans to manufacture electric locomotives at the Marhowrah factory.
"GE bid for diesel locomotives and our Bihar plant can manufacture only diesel locomotives. Two contracts were floated and we bid for the diesel plant.
"However, we support the government's electrification process. In every country that we operate in, we supply these locomotives. Most countries wherein we operate have an electrification program, which makes a lot of sense, but the diesel locomotives also co-exist for various reasons as they are efficient and affordable," Mr Wanchoo said.
Congress Biggest Beneficiary Of Mahatma's Assassination: Uma Bharti
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The Congress has been the biggest beneficiary of Mahatma Gandhi's assassination in 1948, Union Minister Uma Bharti said today, recalling that he had spoken about disbanding the Congress after Independence.
"Today I ask the people of the country and the media. Who benefited most from the assassination of Gandhiji?" Uma Bharti said in north-west Gujarat's Banaskantha, 200 km from state capital Gandhinagar, according to news agency Press Trust of India.
The comment was a response to the question on a petition before the Supreme Court that wants Mahatma Gandhi's assassination on probed again, claiming it was the "biggest cover-ups in history".
Nathuram Godse and Narayan Apte, both members of an organisation called the Hindu Mahasabha, were hanged for the assassination on 15 November, 1949. The petition contended there was a third assassin too.
In contrast, she said the RSS and the Jana Sangh, which later evolved into the BJP, had suffered the most due to the assassination.
"Due to the assassination, the Congress benefited most as he had announced that Congress will be disbanded and a new political wing will be formed (after independence)."
"We went to jail. We were banned. And we are still suffering for that till today. The country suffered a lot and the Sangh and Jana Sangh suffered a lot," she said.
Just a few months earlier, BJP president Amit Shah had also referred to Mahatma Gandhi advocating the party's dissolution right after Independence in a different content. "Mahatma Gandhi didn't do that (disband the Congress), but now some people are finishing the task of dismantling Congress party," the BJP president had said in Chhattisgarh.
"Today I ask the people of the country and the media. Who benefited most from the assassination of Gandhiji?" Uma Bharti said in north-west Gujarat's Banaskantha, 200 km from state capital Gandhinagar, according to news agency Press Trust of India.
Nathuram Godse and Narayan Apte, both members of an organisation called the Hindu Mahasabha, were hanged for the assassination on 15 November, 1949. The petition contended there was a third assassin too.
"Due to the assassination, the Congress benefited most as he had announced that Congress will be disbanded and a new political wing will be formed (after independence)."
"We went to jail. We were banned. And we are still suffering for that till today. The country suffered a lot and the Sangh and Jana Sangh suffered a lot," she said.
Just a few months earlier, BJP president Amit Shah had also referred to Mahatma Gandhi advocating the party's dissolution right after Independence in a different content. "Mahatma Gandhi didn't do that (disband the Congress), but now some people are finishing the task of dismantling Congress party," the BJP president had said in Chhattisgarh.
Himachal Pradesh Polls On November 9, Gujarat Before December 18
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Assembly elections will be held in Himachal Pradesh on November 9 and votes will be counted on December 18, the Election Commission said today. It has not yet announced dates for assembly elections in Gujarat, but said that they would be held before December 18.
Chief Election Commissioner AK Jyoti said the model code of conduct -- a set of dos and don'ts for political parties for their election campaign -- will be effective starting today. He also said Electronic Voting Machines or EVMs with the Voter Verifiable Paper Audit Trail (VVPAT) system will be used for the Himachal Pradesh election. Also, for the first time, phone text messages to voters from candidates and political parties will have to get clearance from the Election Commission.
Himachal Pradesh has 68 assembly seats. The Congress had won 36 seats and the BJP 27 in the last assembly elections. Independent candidates had won five seats.
Explaining the long gap of 9 days between voting and counting of votes in Himachal Pradesh, Mr Jyoti said Himachal is expected to get "very heavy snowfall and severe weather from mid-November" and so it was decided to hold elections before that.
"Polling in Gujarat will take place before December 18 (counting day for Himachal) so that in no way the result of Himachal can affect the voting in Gujarat," the poll official said, adding, "We will, in a few days, announce the dates for the Gujarat election. The Election Commission initially did not cite a reason for not announcing the Gujarat polling dates today along with the Himachal dates. Asked if it was because of Prime Minister Narendra Modi's rally next week in Gandhinagar, Mr Jyoti said that was not the case. "The Gujarat chief secretary wrote to us, saying due to unprecedented floods in the state, the relief work hasn't been done and the state wanted time for that," he said.
The term of the 182-member Gujarat assembly ends on 22 January.
Himachal Pradesh will be the second state after Goa where all voting booths will have VVPAT and for this the size of the voting compartments has been increased by 30 inches, the poll panel said.
Opposition parties have demanded that VVPAT machines be used in all elections after a huge controversy earlier this year. After the BJP swept assembly elections in Uttar Pradesh and Uttarakhand in March this year, opposition parties alleged that the EVMs had been tampered with. The Voter Verifiable Paper Audit Trail issues slips that show if a voter's choice has been correctly recorded in an EVM and can be used in case the results of an election is questioned.
Chief Election Commissioner AK Jyoti said the model code of conduct -- a set of dos and don'ts for political parties for their election campaign -- will be effective starting today. He also said Electronic Voting Machines or EVMs with the Voter Verifiable Paper Audit Trail (VVPAT) system will be used for the Himachal Pradesh election. Also, for the first time, phone text messages to voters from candidates and political parties will have to get clearance from the Election Commission.
Himachal Pradesh has 68 assembly seats. The Congress had won 36 seats and the BJP 27 in the last assembly elections. Independent candidates had won five seats.
Explaining the long gap of 9 days between voting and counting of votes in Himachal Pradesh, Mr Jyoti said Himachal is expected to get "very heavy snowfall and severe weather from mid-November" and so it was decided to hold elections before that.
"Polling in Gujarat will take place before December 18 (counting day for Himachal) so that in no way the result of Himachal can affect the voting in Gujarat," the poll official said, adding, "We will, in a few days, announce the dates for the Gujarat election. The Election Commission initially did not cite a reason for not announcing the Gujarat polling dates today along with the Himachal dates. Asked if it was because of Prime Minister Narendra Modi's rally next week in Gandhinagar, Mr Jyoti said that was not the case. "The Gujarat chief secretary wrote to us, saying due to unprecedented floods in the state, the relief work hasn't been done and the state wanted time for that," he said.
The term of the 182-member Gujarat assembly ends on 22 January.
Himachal Pradesh will be the second state after Goa where all voting booths will have VVPAT and for this the size of the voting compartments has been increased by 30 inches, the poll panel said.
Opposition parties have demanded that VVPAT machines be used in all elections after a huge controversy earlier this year. After the BJP swept assembly elections in Uttar Pradesh and Uttarakhand in March this year, opposition parties alleged that the EVMs had been tampered with. The Voter Verifiable Paper Audit Trail issues slips that show if a voter's choice has been correctly recorded in an EVM and can be used in case the results of an election is questioned.
Brigadier Confesses To Sleeping With Colonel's Wife, Is Punished By Army
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A Brigadier, currently serving in the Indian Army has confessed to charges of committing adultery with a Colonel's wife.
In light of this revelation. A General Courts Martial (GCM) of the Army, sentenced the Brigadier to four-year loss of seniority with a severe reprimand as per a report by The Indian Express. An act that is considered to be a court martial offense, the GCM was conducted in Binaguri, West Bengal and was presided upon by the General Officer Commanding. Six other officers of the rank of Brigadier were also present during the trial.
At the time of the incident, the Brigadier was commanding a brigade in Sikkim and was attached to the mountain division. In a statement sources at the Army's Eastern Command said that the accused had pleaded guilty, which could be the reason for the comparatively lighter sentence. In contrast, in a similar case, a senior officer was handed a sentence of five years of rigorous imprisonment.
In light of this revelation. A General Courts Martial (GCM) of the Army, sentenced the Brigadier to four-year loss of seniority with a severe reprimand as per a report by The Indian Express. An act that is considered to be a court martial offense, the GCM was conducted in Binaguri, West Bengal and was presided upon by the General Officer Commanding. Six other officers of the rank of Brigadier were also present during the trial.
At the time of the incident, the Brigadier was commanding a brigade in Sikkim and was attached to the mountain division. In a statement sources at the Army's Eastern Command said that the accused had pleaded guilty, which could be the reason for the comparatively lighter sentence. In contrast, in a similar case, a senior officer was handed a sentence of five years of rigorous imprisonment.
PM Modi Faces Deepening Discontent Over India's Slowdown
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For the first time in his three-and-a-half year rule, Prime Minister Narendra Modi is facing sustained discontent over his economic policies as growth slows, job losses mount and distressed farmers protest.
Four senior members of the Bharatiya Janata Party have hit out at the government, emboldening the country's weak opposition and challenging the previously unstoppable leader to find quick fixes before the 2019 national polls and a raft of state votes. And as criticism of PM Modi's economic management intensifies, the usually loud voices of his supporters are falling silent.
India lost its "fastest-growing major economy" tag as growth slipped below 6 percent in the latest quarter. The moderation was partly the result of PM Modi's boldest moves -- demonetization, as well as the chaotic introduction of the goods and services tax that continues to disrupt supply chains. As talk of a stimulus to boost growth sparked concerns of fiscal slippage, foreign investors went on a selling spree and the rupee started falling.
"The act of dissenters has the potential of snowballing out of control," said Sandeep Shastri, a political analyst and pro-vice chancellor at Jain University in Bengaluru. The response of the prime minister and party president Amit Shah "is indicative of the serious attempt at damage control."
War of Words
The criticism of PM Modi's handling of the economy is mounting, with Yashwant Sinha, former finance minister under Atal Bihari Vajpayee's BJP-led-government, writing a strongly-worded piece saying the economy was in a "mess". In an interview to Bloomberg, Mr Sinha said he was the voice of many in the party who wouldn't speak out of fear.
BJP leader Shatrughan Sinha backed him. Mr Sinha "has shown the mirror on the economic condition of India", he tweeted, calling it a "matter of grave national importance." Arun Shourie, also a minister under Mr Vajpayee, equated PM Modi's move to ban 86 percent of the currency in circulation to tackle unaccounted wealth with 'suicide'. Subramanian Swamy, a former Harvard lecturer and BJP lawmaker, warned the economy was heading for a "major depression". Congress leader Anand Sharma called it "monumental mismanagement" of the economy. PM Modi hit back. A "handful of people" were trying to "spread pessimism" based on the growth numbers for a quarter, he said on October 4, in a rare moment on the defensive. He added his government was fully committed to reverse the trend of slowing growth and "ready to take decisions." And his ministers -- including Yashwant Sinha's son, Jayant Sinha -- have fallen in behind their leader.
"If he is able to resolve the immediate economic challenges, then the impact will be minimal,'' said Ajoy Bose, a Delhi-based author and political analyst. "The government and the BJP are aware that public is slowly getting annoyed with them -- there is a general perception that instead of getting better, things are getting worse."
Jagdish Thakkar, a spokesman in the Prime Minister's Office, didn't respond to calls seeking comment.
Expert Advice
Apart from political adversaries and party members who may have an axe to grind with him, PM Modi's ardent supporters are also showing disappointment. The Rashtriya Swayamsevak Sangh, the ideological parent of BJP, has expressed concerns on the impact of government policy on small traders.
PM Modi constituted a five-member panel on September 25 to advise him on economic issues, signalling an awareness of growing concerns about the prospects of the Indian economy. His finance minister, Arun Jaitley, followed it up by reducing sales tax on about two dozen items last weak to ease the GST burden and douse public resentment over a rise in prices.
And while PM Modi is partly responsible for the dip in growth, he can't do much to revive it, said D. H. Pai Panandiker, president of New Delhi-based think tank, RPG Foundation. "Some problems will drag on -- unemployment is not going to resolve soon and we need correction of exchange rate and reduction in interest rates. The ball is in central bank's court now."
Struggling Opposition
Demonetization and growth slippage didn't affect PM Modi's prospects in state polls earlier this year. He got a thumping victory in India's most populous state, Uttar Pradesh. Yashwant Sinha called it " good marketing" and said PM Modi would have to rely on it again as there was hardly any time to fix India's problems before the 2019 polls. "The extent to which the Modi government embraces expensive welfare programs in the 2017-2018 budget early next year will be one indicator of how worried the party is about its electoral chances," Sasha Riser-Kositsky, an Asia analyst with the Washington-based Eurasia Group said via email. "While there is still time for a serious challenger to emerge, the opposition is bereft of both leadership and a compelling platform that it can present as a credible alternative."
PM Modi may not have the same edge in national polls. He is yet to deliver on his promise of creating enough jobs for the youth in 1.3 billion-strong country. Distressed farmers have hit the streets amid slowing agriculture growth and dwindling incomes.
"At the moment, Modi is the tallest leader and there does not seem to be any clear cut alternative," Mr Bose said. "But at the same time, if there is public anger, then the larger you are, the harder you fall."
Four senior members of the Bharatiya Janata Party have hit out at the government, emboldening the country's weak opposition and challenging the previously unstoppable leader to find quick fixes before the 2019 national polls and a raft of state votes. And as criticism of PM Modi's economic management intensifies, the usually loud voices of his supporters are falling silent.
India lost its "fastest-growing major economy" tag as growth slipped below 6 percent in the latest quarter. The moderation was partly the result of PM Modi's boldest moves -- demonetization, as well as the chaotic introduction of the goods and services tax that continues to disrupt supply chains. As talk of a stimulus to boost growth sparked concerns of fiscal slippage, foreign investors went on a selling spree and the rupee started falling.
"The act of dissenters has the potential of snowballing out of control," said Sandeep Shastri, a political analyst and pro-vice chancellor at Jain University in Bengaluru. The response of the prime minister and party president Amit Shah "is indicative of the serious attempt at damage control."
War of Words
The criticism of PM Modi's handling of the economy is mounting, with Yashwant Sinha, former finance minister under Atal Bihari Vajpayee's BJP-led-government, writing a strongly-worded piece saying the economy was in a "mess". In an interview to Bloomberg, Mr Sinha said he was the voice of many in the party who wouldn't speak out of fear.
BJP leader Shatrughan Sinha backed him. Mr Sinha "has shown the mirror on the economic condition of India", he tweeted, calling it a "matter of grave national importance." Arun Shourie, also a minister under Mr Vajpayee, equated PM Modi's move to ban 86 percent of the currency in circulation to tackle unaccounted wealth with 'suicide'. Subramanian Swamy, a former Harvard lecturer and BJP lawmaker, warned the economy was heading for a "major depression". Congress leader Anand Sharma called it "monumental mismanagement" of the economy. PM Modi hit back. A "handful of people" were trying to "spread pessimism" based on the growth numbers for a quarter, he said on October 4, in a rare moment on the defensive. He added his government was fully committed to reverse the trend of slowing growth and "ready to take decisions." And his ministers -- including Yashwant Sinha's son, Jayant Sinha -- have fallen in behind their leader.
"If he is able to resolve the immediate economic challenges, then the impact will be minimal,'' said Ajoy Bose, a Delhi-based author and political analyst. "The government and the BJP are aware that public is slowly getting annoyed with them -- there is a general perception that instead of getting better, things are getting worse."
Jagdish Thakkar, a spokesman in the Prime Minister's Office, didn't respond to calls seeking comment.
Expert Advice
Apart from political adversaries and party members who may have an axe to grind with him, PM Modi's ardent supporters are also showing disappointment. The Rashtriya Swayamsevak Sangh, the ideological parent of BJP, has expressed concerns on the impact of government policy on small traders.
PM Modi constituted a five-member panel on September 25 to advise him on economic issues, signalling an awareness of growing concerns about the prospects of the Indian economy. His finance minister, Arun Jaitley, followed it up by reducing sales tax on about two dozen items last weak to ease the GST burden and douse public resentment over a rise in prices.
And while PM Modi is partly responsible for the dip in growth, he can't do much to revive it, said D. H. Pai Panandiker, president of New Delhi-based think tank, RPG Foundation. "Some problems will drag on -- unemployment is not going to resolve soon and we need correction of exchange rate and reduction in interest rates. The ball is in central bank's court now."
Struggling Opposition
Demonetization and growth slippage didn't affect PM Modi's prospects in state polls earlier this year. He got a thumping victory in India's most populous state, Uttar Pradesh. Yashwant Sinha called it " good marketing" and said PM Modi would have to rely on it again as there was hardly any time to fix India's problems before the 2019 polls. "The extent to which the Modi government embraces expensive welfare programs in the 2017-2018 budget early next year will be one indicator of how worried the party is about its electoral chances," Sasha Riser-Kositsky, an Asia analyst with the Washington-based Eurasia Group said via email. "While there is still time for a serious challenger to emerge, the opposition is bereft of both leadership and a compelling platform that it can present as a credible alternative."
PM Modi may not have the same edge in national polls. He is yet to deliver on his promise of creating enough jobs for the youth in 1.3 billion-strong country. Distressed farmers have hit the streets amid slowing agriculture growth and dwindling incomes.
"At the moment, Modi is the tallest leader and there does not seem to be any clear cut alternative," Mr Bose said. "But at the same time, if there is public anger, then the larger you are, the harder you fall."
Business Affairs
Chandrasekaran's Second Surgical Strike: Tata Tele to merge with Bharti Airtel
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The merger of Tata Teleservices with Bharti Airtel is another feather in the cap of N Chandrasekaran, chairman of Tata Sons. Tata Teleservices was one of the 'legacy hotspots' -- as previous chairman Cyrus Mistry called it -- of the Tata group with a negative net worth of Rs 11,650 crore and a debt of Rs 28,800 crore.
Chandrasekaran, about a month back, got away with another headache -- Tata Steel Europe, announcing its merger with Germany's thyssenkrupp AG. According to the deal, Tata Steel will move 2.5 billion euros debt to the merged entity along with another 4 billion euros of pension and other legacy liabilities.
The merger of Tata Tele with Bharti Airtel will create India's second 300-million-customer-base company, placing next to the largest combine of Vodafone- Idea. Airtel has about 265 million customers in the country and the number will go up to 305 million after adding the 40 million customers of Tata Tele. The new entrant Reliance Jio has fast grown to 130 million customers since its launch last year. The Vodafone-Idea combine has 390 million customers.
After merger Bharti Airtel will get additional spectrum in 1800, 2100 and 850 MHz bands, which are widely used for 4G. In return, Airtel will have to assume only a small portion of the unpaid spectrum liability of Tata. The transaction will also provide Airtel access to Tata's existing fibre network.
Tata Tele's debt of Rs 28,800 crore will be settled by Tata group. Tata will retain its stake in Viom and take care of associated liabilities -- American Tower Company (ATC) owns 51 per cent stake in Viom while Tata Tele holds 33 per cent and Tata Sons 2 per cent.
Now the unresolved issue before Chandrasekaran is the losses in the passenger car business, including that of Nano.
The merger of Tata Teleservices with Bharti Airtel is another feather in the cap of N Chandrasekaran, chairman of Tata Sons. Tata Teleservices was one of the 'legacy hotspots' -- as previous chairman Cyrus Mistry called it -- of the Tata group with a negative net worth of Rs 11,650 crore and a debt of Rs 28,800 crore.
Chandrasekaran, about a month back, got away with another headache -- Tata Steel Europe, announcing its merger with Germany's thyssenkrupp AG. According to the deal, Tata Steel will move 2.5 billion euros debt to the merged entity along with another 4 billion euros of pension and other legacy liabilities.
The merger of Tata Tele with Bharti Airtel will create India's second 300-million-customer-base company, placing next to the largest combine of Vodafone- Idea. Airtel has about 265 million customers in the country and the number will go up to 305 million after adding the 40 million customers of Tata Tele. The new entrant Reliance Jio has fast grown to 130 million customers since its launch last year. The Vodafone-Idea combine has 390 million customers.
After merger Bharti Airtel will get additional spectrum in 1800, 2100 and 850 MHz bands, which are widely used for 4G. In return, Airtel will have to assume only a small portion of the unpaid spectrum liability of Tata. The transaction will also provide Airtel access to Tata's existing fibre network.
Tata Tele's debt of Rs 28,800 crore will be settled by Tata group. Tata will retain its stake in Viom and take care of associated liabilities -- American Tower Company (ATC) owns 51 per cent stake in Viom while Tata Tele holds 33 per cent and Tata Sons 2 per cent.
Now the unresolved issue before Chandrasekaran is the losses in the passenger car business, including that of Nano.
Retail inflation remains at 3.28% in September, IIP rises to 9-month high of 4.3% in August
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Retail inflation came in at 3.28 per cent in September, unchanged from August, despite softening of vegetable and cereal prices, according to government data. In year-on-year comparison, the Consumer Price Index (CPI) or retail inflation figures were at 4.39 per cent in September 2016.
The Central Statistics Office (CSO) also revised the August inflation downwards to 3.28 per cent from 3.36 per cent. The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month.
The rate of price in vegetables softened to 3.92 per cent (from 9.97 per cent in August). On the other hand, the inflation print rose in the fuel and light category to 5.56 per cent. It was 3.66 per cent in August.
Among others, inflation in fruits, meat and fish, and prepared meals quicken during the month. Rate of price rise in pulses continued with deflationary trend at (-)22.51 per cent and eggs prices fell by 0.15 per cent.
On the other hand, Industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output, official data showed today. The output of the mining and electricity sectors grew at 9.4 per cent and 8.3 per cent as compared to August 2016. Meanwhile, the July IIP figures for the month of July were revised to 0.94 per cent from 1.2 per cent provisional estimates released last month.
Comparitively, factory output growth, measured in terms of Index of Industrial Production (IIP), stood at 4 per cent in August 2016, as per data released by the Central Statistics Office (CSO). The previous high in IIP growth was recorded at 5.7 per cent in November 2016. IIP growth during April-August period of this fiscal stood at 2.2 per cent, down from 5.9 per cent in same period in 2016-17.
In contrast to this picture, the output growth in manufacturing sector, which constitutes 77.63 per cent of the index, however decelerated to 3.1 per cent in August from 5.5 per cent a year ago. As per use-based classification, the growth rates in August 2017 over August 2016 are 7.1 per cent in primary goods, 5.4 per cent in capital goods, (-)0.2 per cent in intermediate goods and 2.5 per cent in infrastructure and construction goods.
On the other hand, both the consumer durables and consumer non-durables sectors recorded growth of 1.6 per cent and 6.9 per cent, respectively. In terms of industries, 10 out of 23 industry groups in the manufacturing sector have shown positive growth during August 2017.
The industry group 'manufacture of computer, electronic and optical products' showed the highest positive growth of 24.9 per cent, followed by 16.5 per cent in 'pharmaceuticals, medicinal chemical and botanical products and 11.1 per cent in 'other transport equipment .
Meanwhile, the industry group 'Manufacture of furniture' fared the worst with a 16 per cent decline, followed by 15.1 per cent decrease in 'tobacco products' and 11.4 per cent in 'printing and reproduction of recorded media'.
Retail inflation came in at 3.28 per cent in September, unchanged from August, despite softening of vegetable and cereal prices, according to government data. In year-on-year comparison, the Consumer Price Index (CPI) or retail inflation figures were at 4.39 per cent in September 2016.
The Central Statistics Office (CSO) also revised the August inflation downwards to 3.28 per cent from 3.36 per cent. The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month.
The rate of price in vegetables softened to 3.92 per cent (from 9.97 per cent in August). On the other hand, the inflation print rose in the fuel and light category to 5.56 per cent. It was 3.66 per cent in August.
Among others, inflation in fruits, meat and fish, and prepared meals quicken during the month. Rate of price rise in pulses continued with deflationary trend at (-)22.51 per cent and eggs prices fell by 0.15 per cent.
On the other hand, Industrial production grew at a nine-month high of 4.3 per cent in August, mainly on account of robust performance of mining and power sectors coupled with higher capital goods output, official data showed today. The output of the mining and electricity sectors grew at 9.4 per cent and 8.3 per cent as compared to August 2016. Meanwhile, the July IIP figures for the month of July were revised to 0.94 per cent from 1.2 per cent provisional estimates released last month.
Comparitively, factory output growth, measured in terms of Index of Industrial Production (IIP), stood at 4 per cent in August 2016, as per data released by the Central Statistics Office (CSO). The previous high in IIP growth was recorded at 5.7 per cent in November 2016. IIP growth during April-August period of this fiscal stood at 2.2 per cent, down from 5.9 per cent in same period in 2016-17.
In contrast to this picture, the output growth in manufacturing sector, which constitutes 77.63 per cent of the index, however decelerated to 3.1 per cent in August from 5.5 per cent a year ago. As per use-based classification, the growth rates in August 2017 over August 2016 are 7.1 per cent in primary goods, 5.4 per cent in capital goods, (-)0.2 per cent in intermediate goods and 2.5 per cent in infrastructure and construction goods.
On the other hand, both the consumer durables and consumer non-durables sectors recorded growth of 1.6 per cent and 6.9 per cent, respectively. In terms of industries, 10 out of 23 industry groups in the manufacturing sector have shown positive growth during August 2017.
The industry group 'manufacture of computer, electronic and optical products' showed the highest positive growth of 24.9 per cent, followed by 16.5 per cent in 'pharmaceuticals, medicinal chemical and botanical products and 11.1 per cent in 'other transport equipment .
Meanwhile, the industry group 'Manufacture of furniture' fared the worst with a 16 per cent decline, followed by 15.1 per cent decrease in 'tobacco products' and 11.4 per cent in 'printing and reproduction of recorded media'.
TCS Q2 net profit beats estimates, rises at 8.4% to Rs 6,446 crore in September quarter
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Tata Consultancy Services (TCS), presented its financial report for the second quarter of current fiscal today. The biggest IT compnay of India saw its net profit for September quarter rise by 8.4 per cent to Rs 6,446 crore in comparison to the last quarter in the ongoing financial year. The Mumbai-based tech giant stated that the rise in numbers come from exponential growth in business volume. Moreover, the company has declared a dividend of Rs 7 per share on the back of the revenue growth.
TCS registered revenues at Rs 30,541 crore in the second quarter of financial year 2017-18, which is a 4.3 per cent increase from Rs 29,284 crore seen for the same period last fiscal, and 3.2 per cent as opposed to last quarter. Operating margin by September 30, 2017 came to 25.1 per cent, which is a 1.7 per cent quarter-on-quarter growth.
"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals. Strong, broadbased client metrics this quarter demonstrates our increasing success with newer customers. Large deal wins this quarter, a good pipeline, and bottoming out of the Retail sector softness positions us well," TCS CEO and MD Rajesh Gopinathan said while presenting the compnay's quarterly report.
He further added that the company continues to gain share in the fast growing 'digital spend' of its customers. "We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2. By sharpening our focus on individual components of the Digital service stack, we have been able to bring to bear the full power of our contextual knowledge, research and innovation, and investments in location-independent agile, automation and cloud on our customers' transformational imperatives and become a trusted partner in their Business 4.0 journeys," said Gopinathan.
TCS registered a growth in digital revenue at 19.7 per cent during Q2 of financial year 2017-18, which is 31 per cent higher than what was seen for the same period during last fiscal, and 5.9 per cent in comparison to the previous quarter this year.
"Our investment programme remains geared for growth. Continued investments in digital design and transformational capabilities are paying off, and it shows in the strong growth in our Digital business," TCS CFO V Ramakrishnan said.
Meanwhile, earnings per share grew to Rs 33.67 per share, a 10.8 per cent increase in comparison to last quarter and highest in last three quarters, a compnay statement showed.
In the course of September quarter, TCS saw its IT attrition rate (LTM) come down by 0.3 per cent sequentially to 11.3 per cent. It added 15,868 employees (gross) and 3,404 people (net) in the September 2017 quarter, taking its total headcount to 3,89,213 people. The company also hired 3,725 employees in markets outside India, bringing the total to 6,979 in the first half of the fiscal year.
Tata Consultancy Services (TCS), presented its financial report for the second quarter of current fiscal today. The biggest IT compnay of India saw its net profit for September quarter rise by 8.4 per cent to Rs 6,446 crore in comparison to the last quarter in the ongoing financial year. The Mumbai-based tech giant stated that the rise in numbers come from exponential growth in business volume. Moreover, the company has declared a dividend of Rs 7 per share on the back of the revenue growth.
TCS registered revenues at Rs 30,541 crore in the second quarter of financial year 2017-18, which is a 4.3 per cent increase from Rs 29,284 crore seen for the same period last fiscal, and 3.2 per cent as opposed to last quarter. Operating margin by September 30, 2017 came to 25.1 per cent, which is a 1.7 per cent quarter-on-quarter growth.
"We experienced robust volume growth in Q2, driven by good demand across multiple industry verticals. Strong, broadbased client metrics this quarter demonstrates our increasing success with newer customers. Large deal wins this quarter, a good pipeline, and bottoming out of the Retail sector softness positions us well," TCS CEO and MD Rajesh Gopinathan said while presenting the compnay's quarterly report.
He further added that the company continues to gain share in the fast growing 'digital spend' of its customers. "We continue to gain share in the fast growing Digital spend of our customers, evident in our industry-leading Digital growth in Q2. By sharpening our focus on individual components of the Digital service stack, we have been able to bring to bear the full power of our contextual knowledge, research and innovation, and investments in location-independent agile, automation and cloud on our customers' transformational imperatives and become a trusted partner in their Business 4.0 journeys," said Gopinathan.
TCS registered a growth in digital revenue at 19.7 per cent during Q2 of financial year 2017-18, which is 31 per cent higher than what was seen for the same period during last fiscal, and 5.9 per cent in comparison to the previous quarter this year.
"Our investment programme remains geared for growth. Continued investments in digital design and transformational capabilities are paying off, and it shows in the strong growth in our Digital business," TCS CFO V Ramakrishnan said.
Meanwhile, earnings per share grew to Rs 33.67 per share, a 10.8 per cent increase in comparison to last quarter and highest in last three quarters, a compnay statement showed.
In the course of September quarter, TCS saw its IT attrition rate (LTM) come down by 0.3 per cent sequentially to 11.3 per cent. It added 15,868 employees (gross) and 3,404 people (net) in the September 2017 quarter, taking its total headcount to 3,89,213 people. The company also hired 3,725 employees in markets outside India, bringing the total to 6,979 in the first half of the fiscal year.
India to send 3 lakh youth to Japan for training; 50,000 may get jobs there
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The government of India will send three lakh youth to Japan for on-job training for 3-5 years as part of the government's skill development programme, Union Minister Dharmendra Pradhan said. Japan will bear the financial cost of the skill training of Indian technical interns.
The Skill Development and Entrepreneurship Minister said the Union Cabinet has approved signing of Memorandum of Cooperation (MoC) between India and Japan on the 'Technical Intern Training Program (TITP)'.
The MoC, he said, is expected to be signed during his three-day visit to Tokyo starting October 16.
"TITP is an ambitious program to send Three Lakh Indian technical interns to Japan for on the job training for a period of three to five yrs," Pradhan said in a tweet.
He said the youth will sent for training in the next three years with Japanese financial assistance.
"Each skilled youth going there will have a tenure of 3-5 years. These youth will work in the Japanese ecosystem and get employment opportunities there along with accommodation facility," the minister said.
About 50,000 of them may also get jobs in Japan, he added.
The selection of the youth will be done in a transparent manner according to Japanese requirements.
"When these youth return from Japan they will contribute to our industry as well," the minister said.
An official release said the MoC is expected to pave the way for bilateral cooperation between the two countries in the area of skill development.
The government of India will send three lakh youth to Japan for on-job training for 3-5 years as part of the government's skill development programme, Union Minister Dharmendra Pradhan said. Japan will bear the financial cost of the skill training of Indian technical interns.
The Skill Development and Entrepreneurship Minister said the Union Cabinet has approved signing of Memorandum of Cooperation (MoC) between India and Japan on the 'Technical Intern Training Program (TITP)'.
The MoC, he said, is expected to be signed during his three-day visit to Tokyo starting October 16.
"TITP is an ambitious program to send Three Lakh Indian technical interns to Japan for on the job training for a period of three to five yrs," Pradhan said in a tweet.
He said the youth will sent for training in the next three years with Japanese financial assistance.
"Each skilled youth going there will have a tenure of 3-5 years. These youth will work in the Japanese ecosystem and get employment opportunities there along with accommodation facility," the minister said.
About 50,000 of them may also get jobs in Japan, he added.
The selection of the youth will be done in a transparent manner according to Japanese requirements.
"When these youth return from Japan they will contribute to our industry as well," the minister said.
An official release said the MoC is expected to pave the way for bilateral cooperation between the two countries in the area of skill development.
Supreme Court asks liquidator to take over Aamby Valley within 48 hours
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The Supreme Court on Thursday asked the official liquidator of the Bombay High Court to take over Sahara Group's Aamby Valley property after Sebi said the company and its chief Subrata Roy were obstructing the process. The apex court also directed the Maharashtra Police chief to ensure that the property is handed over to the liquidator within 48 hours.
The Supreme Court took strong exception to the Sahara Group allegedly obstructing the auctioning process of Aamby Valley and warned that anybody indulging in such an act would be held liable for contempt and 'sent to jail'. The apex court also directed the Maharashtra Police chief to ensure that the property is handed over to the liquidator within 48 hours.
The apex court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
Taking note of SEBI's allegation in this regard, a bench headed by Justice Dipak Misra said the group should not have entered into a communication with Pune's Superintendent of the Police (Rural) on the issue since the auction has been ordered by the top court.
"If any impediment is caused in the auctioning process by anyone, he shall be liable of contempt of this court and sent to jail," the bench, also comprising Justices Ranjan Gogoi and A K Sikri, said. The punishment for contempt is up to six months of simple imprisonment.
Later however, the apex court clarified that it was not initiating any contempt action at this stage.
Regarding SEBI's allegation that the police has taken custody of the property due to which no bidder was willing to take part in the auction process, the bench directed the Director General of Police, Maharashtra, to see that the property is handed over to the Bombay High Court's official liquidator within 48 hours.
"You go ahead with the auction," the bench said.
Senior advocate Arvind Datar, appearing for Securities and Exchange Board of India (SEBI), told the bench that the September 28 communication, addressed by the group to the Pune police regarding law and order situation at Aamby valley, has stalled the ongoing auction process.
SEBI also said the letter was also sent to the additional chief secretary and no bidder was coming forward to bid for the property as the police, while taking note of the letter, has taken its custody.
Meanwhile, senior advocate Mukul Rohatgi, representing the group, objected to these submissions, saying "completely wrong statements are made to prejudice the court".
"No bidder has come. I (group) am not standing in the way. I have not halted anything and have not given property to the police," he said.
However, the bench asked the official liquidator to go ahead with the auctioning process under the direct supervision of the company judge.
It also said the official liquidator shall take guidance from Justice A S Oka, sitting judge of the Bombay High Court, in the matter.
The bench said Justice Oka and the company judge shall work in harmony so that the auctioning process goes on smoothly.
The top court was hearing the SEBI's plea seeking contempt action against the Sahara group for allegedly obstructing the auctioning process of Aamby Valley.
In its plea, the SEBI has alleged "wilful and deliberate attempt" on Sahara's part "by adopting a subterfuge to cause interference with the administration of justice, especially in a court directed and monitored auction sale of the Aamby Valley property under various orders of the apex court."
On August 10, the apex court had rejected Sahara chief Subrata Roy's plea to put on hold the auction process.
It had said that the auction process would proceed as per schedule and if Rs 1,500 crore is paid by Roy in the SEBI- Sahara refund account by September 7, then it may pass an appropriate order.
The Sahara Group had earlier sought 18 months time to repay around Rs 9,000 crore balance of the principal amount of Rs 24,000 crore.
Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend the funeral of his mother. It has been extended since then.
Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.
The Supreme Court on Thursday asked the official liquidator of the Bombay High Court to take over Sahara Group's Aamby Valley property after Sebi said the company and its chief Subrata Roy were obstructing the process. The apex court also directed the Maharashtra Police chief to ensure that the property is handed over to the liquidator within 48 hours.
The Supreme Court took strong exception to the Sahara Group allegedly obstructing the auctioning process of Aamby Valley and warned that anybody indulging in such an act would be held liable for contempt and 'sent to jail'. The apex court also directed the Maharashtra Police chief to ensure that the property is handed over to the liquidator within 48 hours.
The apex court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
Taking note of SEBI's allegation in this regard, a bench headed by Justice Dipak Misra said the group should not have entered into a communication with Pune's Superintendent of the Police (Rural) on the issue since the auction has been ordered by the top court.
"If any impediment is caused in the auctioning process by anyone, he shall be liable of contempt of this court and sent to jail," the bench, also comprising Justices Ranjan Gogoi and A K Sikri, said. The punishment for contempt is up to six months of simple imprisonment.
Later however, the apex court clarified that it was not initiating any contempt action at this stage.
Regarding SEBI's allegation that the police has taken custody of the property due to which no bidder was willing to take part in the auction process, the bench directed the Director General of Police, Maharashtra, to see that the property is handed over to the Bombay High Court's official liquidator within 48 hours.
"You go ahead with the auction," the bench said.
Senior advocate Arvind Datar, appearing for Securities and Exchange Board of India (SEBI), told the bench that the September 28 communication, addressed by the group to the Pune police regarding law and order situation at Aamby valley, has stalled the ongoing auction process.
SEBI also said the letter was also sent to the additional chief secretary and no bidder was coming forward to bid for the property as the police, while taking note of the letter, has taken its custody.
Meanwhile, senior advocate Mukul Rohatgi, representing the group, objected to these submissions, saying "completely wrong statements are made to prejudice the court".
"No bidder has come. I (group) am not standing in the way. I have not halted anything and have not given property to the police," he said.
However, the bench asked the official liquidator to go ahead with the auctioning process under the direct supervision of the company judge.
It also said the official liquidator shall take guidance from Justice A S Oka, sitting judge of the Bombay High Court, in the matter.
The bench said Justice Oka and the company judge shall work in harmony so that the auctioning process goes on smoothly.
The top court was hearing the SEBI's plea seeking contempt action against the Sahara group for allegedly obstructing the auctioning process of Aamby Valley.
In its plea, the SEBI has alleged "wilful and deliberate attempt" on Sahara's part "by adopting a subterfuge to cause interference with the administration of justice, especially in a court directed and monitored auction sale of the Aamby Valley property under various orders of the apex court."
On August 10, the apex court had rejected Sahara chief Subrata Roy's plea to put on hold the auction process.
It had said that the auction process would proceed as per schedule and if Rs 1,500 crore is paid by Roy in the SEBI- Sahara refund account by September 7, then it may pass an appropriate order.
The Sahara Group had earlier sought 18 months time to repay around Rs 9,000 crore balance of the principal amount of Rs 24,000 crore.
Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend the funeral of his mother. It has been extended since then.
Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.
General Awareness
Global Hunger Index – India slips 3 positions to 100th among 119 nations
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India has ranked at 100th position among 119 countries on the Global Hunger Index (GHI), 2017. This year’s ranking marks a drop of three positions as compared to 97th rank in Global Hunger Index 2016.
About Global Hunger Index:
Global Hunger Index is a multidimensional measure that describes the state of hunger situation on regional, national and global level.
- First published in 2006, it is prepared annually by International Food Policy Research Institute (IFPRI).
- On Global Hunger Index, countries are ranked on a 100-point scale. (0 being the best score indicating no hunger and 100 being the worst).
- Scores of countries are based on its performance on four component indicators – Proportion of the undernourished as a percentage of the population, proportion of children under the age of five suffering from wasting (lower weight in relation to height), proportion of children under the age of five suffering from stunting (lower height in relation to age) and mortality rate of children under the age of five.
Highlights of Global Hunger Index 2017:
India’s GHI 2017 score of 4 places it at the high end of the “serious” hunger problem category.
- The report outlines that more than 20% of Indian children under the age of five have lower weight in relation to their height and about 33% are too short in relation to their age.
- Among Asian countries India’s score is the third worst, only better than Pakistan and Afghanistan. Even countries like Iraq, North Korea and Bangladesh have better scores than India.
- The report also cited that despite of India being world’s second largest food producer it has second highest under-nourished population in the world.
- K. Joshi, IFPRI’s South Asia Director stated that drought and structural deficiencies have left a large number of poor in India at risk of malnourishment in 2017 despite of national nutrition-focused programs launched by the Government.
- As per the report, Central African Republic has the worst score and is the only country having “extremely alarming” hunger levels, whereas Chad, Sierra, Leone, Madagascar, Zambia, Yemen, Sudan, and Liberia are the countries that are suffering from “alarming” hunger levels.
- Chile, Cuba and Turkey have a GHI score of less than 5 and have ranked as the best nations on the index.
India has ranked at 100th position among 119 countries on the Global Hunger Index (GHI), 2017. This year’s ranking marks a drop of three positions as compared to 97th rank in Global Hunger Index 2016.
About Global Hunger Index:
Global Hunger Index is a multidimensional measure that describes the state of hunger situation on regional, national and global level.
- First published in 2006, it is prepared annually by International Food Policy Research Institute (IFPRI).
- On Global Hunger Index, countries are ranked on a 100-point scale. (0 being the best score indicating no hunger and 100 being the worst).
- Scores of countries are based on its performance on four component indicators – Proportion of the undernourished as a percentage of the population, proportion of children under the age of five suffering from wasting (lower weight in relation to height), proportion of children under the age of five suffering from stunting (lower height in relation to age) and mortality rate of children under the age of five.
Highlights of Global Hunger Index 2017:
India’s GHI 2017 score of 4 places it at the high end of the “serious” hunger problem category.
- The report outlines that more than 20% of Indian children under the age of five have lower weight in relation to their height and about 33% are too short in relation to their age.
- Among Asian countries India’s score is the third worst, only better than Pakistan and Afghanistan. Even countries like Iraq, North Korea and Bangladesh have better scores than India.
- The report also cited that despite of India being world’s second largest food producer it has second highest under-nourished population in the world.
- K. Joshi, IFPRI’s South Asia Director stated that drought and structural deficiencies have left a large number of poor in India at risk of malnourishment in 2017 despite of national nutrition-focused programs launched by the Government.
- As per the report, Central African Republic has the worst score and is the only country having “extremely alarming” hunger levels, whereas Chad, Sierra, Leone, Madagascar, Zambia, Yemen, Sudan, and Liberia are the countries that are suffering from “alarming” hunger levels.
- Chile, Cuba and Turkey have a GHI score of less than 5 and have ranked as the best nations on the index.
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