General Affairs
No Power In The World Can Stop Us From Resolving The Kashmir Issue: Rajnath Singh
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Union Home Minister Rajnath Singh today said no power in the world can stop the government from resolving the Kashmir issue and hit out at Pakistan for its "impious" activities against India.
Mr Singh said the NDA government has given a free hand to the Army to act against terrorists and give a befitting reply to any firing from across the border in Kashmir.
"I would like to say that nobody needs to be worried about Kashmir. No power in the world can stop us from resolving the issue," he said.
Addressing a gathering here in Surat district as part of the BJP's 'Gujarat Gaurav Yatra', Mr Singh attacked Pakistan saying it sends terrorists into India and wants to break the country.
"Pakistan is our neighbouring state. Its name is 'Pak'-istan, but it regularly indulges in 'napaak' (impious) activities, tries to break India and sends terrorists into India," he said.
"Our Prime Minister Narendra Modi tried his best (for peaceful resolution of bilateral issues) considering that Pakistan is our neighbouring state. He even went to Pakistan breaking all protocol, but Pakistan is not refraining from its activities. This can't continue for long," he said.
The home minister said he has asked the Army to reply with bullets to Pakistani firings on the Kashmir border instead of showing the "white flag" (of peace).
"We have given a free hand to the Army. I have said you are free to act against terrorists," Mr Singh said, adding this has resulted in a "record" number of terrorists being killed in Jammu and Kashmir in 2016-17.
"We do not need to tell you the numbers. Someines it is one (terrorist) in a day or two or four or six. The jawans of our Army keep greeting them with 'Jai Sri Ram.' It has never happened before that militants have been killed in such a large number," the Minister said.
Mr Singh recalled how a few months after the Modi government came to power in May 2014, he had given standing orders to the BSF DG to stop the practice of showing "white flags" to Pakistan in response to their firings at the Indo-Pak border.
The Home Minister said he came to know about the practice after he talked to the BSF chief following news that five Indian citizens had been killed in firing by Pakistani personnel.
He (The BSF DG) "told me it is an old practice to show white flag in response to Pakistani firing... this is to tell them that we want peace. I asked the DG as to what was Pakistan response to our flags being shown 16 times.
"He said Pakistan did not show any white flag. On telephone I told him not to show white flag for the 17th time. And it is my standing order that while first bullet shall not be fired by India, if we receive even a single bullet, we will retaliate," he said.
Mr Singh said had Sardar Vallabhbhai Patel, the country's first deputy prime minister who launched a satyagrah (in support of farmers) during the British rule from Bardoli in 1928, been allowed by Prime Minister Jawaharlal Nehru to act freely, India would not have been facing the Kashmir issue.
"Sardar Patel got Junagad and Hyderabad to become part of the country. Had Pandit Jawaharlal Nehru not stopped him from also deciding the fate of Kashmir, then, I think, the Kashmir issue would not have been before us today," he said.
The BJP has launched the 'gaurav yatra' to galvanise support ahead of the assembly elections in Gujarat. A number of BJP leaders and Union ministers have taken part in the campaign and addressed rallies.
Mr Singh said the NDA government has given a free hand to the Army to act against terrorists and give a befitting reply to any firing from across the border in Kashmir.
"I would like to say that nobody needs to be worried about Kashmir. No power in the world can stop us from resolving the issue," he said.
"Pakistan is our neighbouring state. Its name is 'Pak'-istan, but it regularly indulges in 'napaak' (impious) activities, tries to break India and sends terrorists into India," he said.
"Our Prime Minister Narendra Modi tried his best (for peaceful resolution of bilateral issues) considering that Pakistan is our neighbouring state. He even went to Pakistan breaking all protocol, but Pakistan is not refraining from its activities. This can't continue for long," he said.
The home minister said he has asked the Army to reply with bullets to Pakistani firings on the Kashmir border instead of showing the "white flag" (of peace).
"We have given a free hand to the Army. I have said you are free to act against terrorists," Mr Singh said, adding this has resulted in a "record" number of terrorists being killed in Jammu and Kashmir in 2016-17.
Mr Singh recalled how a few months after the Modi government came to power in May 2014, he had given standing orders to the BSF DG to stop the practice of showing "white flags" to Pakistan in response to their firings at the Indo-Pak border.
The Home Minister said he came to know about the practice after he talked to the BSF chief following news that five Indian citizens had been killed in firing by Pakistani personnel.
He (The BSF DG) "told me it is an old practice to show white flag in response to Pakistani firing... this is to tell them that we want peace. I asked the DG as to what was Pakistan response to our flags being shown 16 times.
"He said Pakistan did not show any white flag. On telephone I told him not to show white flag for the 17th time. And it is my standing order that while first bullet shall not be fired by India, if we receive even a single bullet, we will retaliate," he said.
Mr Singh said had Sardar Vallabhbhai Patel, the country's first deputy prime minister who launched a satyagrah (in support of farmers) during the British rule from Bardoli in 1928, been allowed by Prime Minister Jawaharlal Nehru to act freely, India would not have been facing the Kashmir issue.
"Sardar Patel got Junagad and Hyderabad to become part of the country. Had Pandit Jawaharlal Nehru not stopped him from also deciding the fate of Kashmir, then, I think, the Kashmir issue would not have been before us today," he said.
The BJP has launched the 'gaurav yatra' to galvanise support ahead of the assembly elections in Gujarat. A number of BJP leaders and Union ministers have taken part in the campaign and addressed rallies.
Power, Money Being Used To Muzzle Opposition's Voice, Says Shiv Sena
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Targeting the BJP after its victory in Bhandup civic bypoll, the Shiv Sena today said power and money are being used to 'muzzle' opposition's voice and elections are being won through 'corrupt' means.
"An environment is being created in the country where voices of political opposition are being stifled. All possible corrupt means are being used to win elections.
"Power and money are being used to muzzle the opposition's voice. This kind of environment is dangerous for the country, democracy and freedom," an editorial in Sena mouthpiece 'Saamana' said.
Though Sena is part of the ruling BJP-led coalition in Maharashtra and at the Centre, it has been critical of its ally on a number of issues.
The party claimed that in the run-up to the Nanded-Waghala municipal corporation polls held recently, the BJP had 'poached' corporators from the Congress and Shiv Sena, in a bid to decimate its Opposition.
The Congress won 73 of the 81 seats in the civic polls in Nanded, the home turf of senior Congress leader and former Chief Minister Ashok Chavan. The BJP bagged six seats, while the Uddhav Thackeray-led party managed to win a single seat.
The Shiv Sena, which has been ruling the Brihanmumbai Municipal Corporation (BMC) for two decades and continues to be at the helm of affairs right now, lost the Bhandup bypoll to BJP nominee Jagruti Patil on Thursday.
"Power is being used to induct people from other parties and field them to win elections. Is BJP's victory in Bhandup bypoll pure? The Congress corporator there had died (which necessitated the poll), but a Congress family was 'adopted' and fielded in the by-election," the Sena said.
Taking potshots at the BJP, the Sena said that for an old party, which follows a set of principles and has intellectual and learned people in it, borrowing candidates to win elections is not a good sign.
"A Chinese company is making the statue of Sardar Vallabhbhai Patel. In Ayodhya, instead of Ram Mandir, Lord Ram's statue will be built on Saryu river. Similarly, people from other parties are being inducted and celebrations are being held.
"Although this move (of poaching members from other parties) to eliminate political rivals is a clever one, those celebrating the Bhandup bypoll victory should not forget that it will surely backfire like a 'benami' property," the Sena said.
"An environment is being created in the country where voices of political opposition are being stifled. All possible corrupt means are being used to win elections.
Though Sena is part of the ruling BJP-led coalition in Maharashtra and at the Centre, it has been critical of its ally on a number of issues.
The party claimed that in the run-up to the Nanded-Waghala municipal corporation polls held recently, the BJP had 'poached' corporators from the Congress and Shiv Sena, in a bid to decimate its Opposition.
The Congress won 73 of the 81 seats in the civic polls in Nanded, the home turf of senior Congress leader and former Chief Minister Ashok Chavan. The BJP bagged six seats, while the Uddhav Thackeray-led party managed to win a single seat.
The Shiv Sena, which has been ruling the Brihanmumbai Municipal Corporation (BMC) for two decades and continues to be at the helm of affairs right now, lost the Bhandup bypoll to BJP nominee Jagruti Patil on Thursday.
"Power is being used to induct people from other parties and field them to win elections. Is BJP's victory in Bhandup bypoll pure? The Congress corporator there had died (which necessitated the poll), but a Congress family was 'adopted' and fielded in the by-election," the Sena said.
Taking potshots at the BJP, the Sena said that for an old party, which follows a set of principles and has intellectual and learned people in it, borrowing candidates to win elections is not a good sign.
"A Chinese company is making the statue of Sardar Vallabhbhai Patel. In Ayodhya, instead of Ram Mandir, Lord Ram's statue will be built on Saryu river. Similarly, people from other parties are being inducted and celebrations are being held.
"Although this move (of poaching members from other parties) to eliminate political rivals is a clever one, those celebrating the Bhandup bypoll victory should not forget that it will surely backfire like a 'benami' property," the Sena said.
India On Very Good Wicket On Privacy, Says Nandan Nilekani
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India is on a "very good wicket" on privacy in this age of digital technology, artitect of the Aadhaar scheme Nandan Nilekani has said, expressing confidence that the government's unique-identity number plan would be able to successfully pass the test of privacy.
Aadhaar card scheme, which has enrolled more than 1 billion people, was launched by the previous UPA government, and has been supported by the current government.
Addressing an audience at an event organised by the Center for Global Development on the sidelines of the annual meeting of the International Monetary Fund and the World Bank, Mr Nilekani said,"I think India is on a very good wicket on privacy".
Thanks to Aadhaar many activists went to the Supreme Court and they claimed that it was a privacy violation, said the 62-year-old non-executive chairman of Infosys -- India's second largest software services firm.
That challenge by activists, he said, led to even more existential question in India is privacy a fundamental right at all.
The question went to a nine-judge Supreme Court bench and they gave "what I call one of the best judgements" in the Supreme Court history, he said, responding to a question on privacy and Aadhaar card.
"And they (judges) said, yes privacy is a fundamental right. However, the state can circumscribe that privacy for specific social goals," he said, adding that they identified national security, prevention of crime prevention, protection of revenue and social welfare benefits as the four reasons.
Mr Nilekani said that the judges said that circumscribing of privacy has to be based on three things.
It has to be based on a law.It has to be based on the test of proportionality and reasonableness.
"The court laid down an excellent framework. And at the same time they said that technology and digital technology are key enablers for social progress and innovation, the architect of Aadhar card said," he said.
Now that the judges have laid a framework, there would be a second bench of the court, which will test whether Aadhaar meets that framework.
"We're very confident that it will," Mr Nilekani said. Responding to a question, Mr Nilekani said that from a policy perspective "it has to be clear" that nobody should be denied an entitlement due to lack of access to technology.
A good system would obviously have the ability to save if there's no connectivity or environment does not work, one should give the overriding capability to the service provider.
So, it is important to make sure that technology does not come as a hurdle in providing benefits to people.
A combination of well-designed override with fraud analytics can solve these issues.
"As people learn the system, they are going to do that," he said.
According to Mr Nilekani, there are many challenges that require a platform thinking as a public good.
"It's important that we recognise that such a category exists. If a particular service or product is offered through a commercial platform that's great. Nobody's saying no to that but there is a problem that only can be solved with societal platform for the public good. That is unavoidable," he said.
Societal platforms, he said, is not about excluding market participants.
Societal platforms, he argued, creates the level playing field and then market participants can operate on that.
It's entirely possible that the entire digital payments that are provided by a combination of public financial institutions and private banks. But the societal platform provides the rules of the game, he said.
That is the role of society and government to provide the rules of the game.
"That's what this is all about. So think of this as one more way of enforcing the rules of the game," Mr Nilekani said.
Aadhaar card scheme, which has enrolled more than 1 billion people, was launched by the previous UPA government, and has been supported by the current government.
Addressing an audience at an event organised by the Center for Global Development on the sidelines of the annual meeting of the International Monetary Fund and the World Bank, Mr Nilekani said,"I think India is on a very good wicket on privacy".
That challenge by activists, he said, led to even more existential question in India is privacy a fundamental right at all.
The question went to a nine-judge Supreme Court bench and they gave "what I call one of the best judgements" in the Supreme Court history, he said, responding to a question on privacy and Aadhaar card.
"And they (judges) said, yes privacy is a fundamental right. However, the state can circumscribe that privacy for specific social goals," he said, adding that they identified national security, prevention of crime prevention, protection of revenue and social welfare benefits as the four reasons.
Mr Nilekani said that the judges said that circumscribing of privacy has to be based on three things.
It has to be based on a law.It has to be based on the test of proportionality and reasonableness.
"The court laid down an excellent framework. And at the same time they said that technology and digital technology are key enablers for social progress and innovation, the architect of Aadhar card said," he said.
Now that the judges have laid a framework, there would be a second bench of the court, which will test whether Aadhaar meets that framework.
"We're very confident that it will," Mr Nilekani said. Responding to a question, Mr Nilekani said that from a policy perspective "it has to be clear" that nobody should be denied an entitlement due to lack of access to technology.
A good system would obviously have the ability to save if there's no connectivity or environment does not work, one should give the overriding capability to the service provider.
So, it is important to make sure that technology does not come as a hurdle in providing benefits to people.
A combination of well-designed override with fraud analytics can solve these issues.
"As people learn the system, they are going to do that," he said.
According to Mr Nilekani, there are many challenges that require a platform thinking as a public good.
"It's important that we recognise that such a category exists. If a particular service or product is offered through a commercial platform that's great. Nobody's saying no to that but there is a problem that only can be solved with societal platform for the public good. That is unavoidable," he said.
Societal platforms, he said, is not about excluding market participants.
Societal platforms, he argued, creates the level playing field and then market participants can operate on that.
It's entirely possible that the entire digital payments that are provided by a combination of public financial institutions and private banks. But the societal platform provides the rules of the game, he said.
That is the role of society and government to provide the rules of the game.
"That's what this is all about. So think of this as one more way of enforcing the rules of the game," Mr Nilekani said.
Top Lashkar Commander Among 2 Terrorists Killed In Encounter In Kashmir's Pulwama
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Top Lashkar-e-Taiba or LeT commander Waseem Shah is among two terrorist who have been killed in a gunfight with security forces in Jammu and Kashmir's Pulwama district today. 23-year-old Waseem Shah was the main strategist who planned last year's unrest in south Kashmir. He also went by the name 'Abu Osama'.
Security forces launched an operation early in the morning today after receiving specific intelligence inputs about the presence of terrorists in Litter village in Pulwama district. The area of the encounter has been cordoned off, Jammu and Kashmir police said.
The encounter broke out after the terrorists fired at the approaching security personnel. Two terrorists -- Waseem Shah and Nisar Ahmed Mir -- have been killed and the security forces have recovered an AK-47 and an AK-56 along with 6 Avtomat Kalashnikova or AK magazines. Today's encounter in Pulwama's Litter area was the first counter-insurgency operation in the village in four years.
The Jammu and Kashmir police, along with security agencies, had been keeping a track of Waseem Shah's movements. He had recently been operating from Jammu and Kashmir's Shopian and Pulwama districts, which see a high degree of unrest.
The Lashkar commander, along with his bodyguard Nisar Ahmed Mir tried to run away from the security forces, but could not breach the strong security cordon comprising the CRPF and Indian Army.
A college dropout, Waseem Shah, was a resident of Heff-Shrimal in Shopian district. He joined the Lashkar-e-Taiba in 2014. He was an active Lashkar supporter since his school days, when he used to help the terror group by delivering packages and couriers for them. His father Gul Mohammed Shah runs a fruit business. Nisar Ahmed Mir, who was killed along with Shah today, joined the LeT in May 2017.
Waseem Shah, who was responsible for recruiting young people to join the LeT, had been carrying a Rs. 10 lakh cash reward on his head. Apart from being the "chief architect" of last years unrest in south Kashmir, the top LeT commander had planned several attacks on security forces.
Clashes broke out between security forces and sympathisers of LeT commander Waseem Shah shortly after the anti-terror operation. One civilian has died due to the clashes in which security forces were forced to open fire. Several others are injured.
Pulwama and Shopian districts have seen a rise in unrest after terrorists have been killed during anti-terror operations. Terror groups like Pakistan-based Lashkar-e-Taiba have been carrying out recruitment operations in these districts by disillusioning the youth.
Security forces launched an operation early in the morning today after receiving specific intelligence inputs about the presence of terrorists in Litter village in Pulwama district. The area of the encounter has been cordoned off, Jammu and Kashmir police said.
The Jammu and Kashmir police, along with security agencies, had been keeping a track of Waseem Shah's movements. He had recently been operating from Jammu and Kashmir's Shopian and Pulwama districts, which see a high degree of unrest.
The Lashkar commander, along with his bodyguard Nisar Ahmed Mir tried to run away from the security forces, but could not breach the strong security cordon comprising the CRPF and Indian Army.
A college dropout, Waseem Shah, was a resident of Heff-Shrimal in Shopian district. He joined the Lashkar-e-Taiba in 2014. He was an active Lashkar supporter since his school days, when he used to help the terror group by delivering packages and couriers for them. His father Gul Mohammed Shah runs a fruit business. Nisar Ahmed Mir, who was killed along with Shah today, joined the LeT in May 2017.
Waseem Shah, who was responsible for recruiting young people to join the LeT, had been carrying a Rs. 10 lakh cash reward on his head. Apart from being the "chief architect" of last years unrest in south Kashmir, the top LeT commander had planned several attacks on security forces.
Clashes broke out between security forces and sympathisers of LeT commander Waseem Shah shortly after the anti-terror operation. One civilian has died due to the clashes in which security forces were forced to open fire. Several others are injured.
Pulwama and Shopian districts have seen a rise in unrest after terrorists have been killed during anti-terror operations. Terror groups like Pakistan-based Lashkar-e-Taiba have been carrying out recruitment operations in these districts by disillusioning the youth.
Make Conscious Efforts Towards National Integration: PM Modi Tells Governors
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On Friday, Prime Minister Narendra Modi asked governors to make conscious efforts towards the integration of the nation.
The Prime Minister, speaking on the concluding day of the two-day Conference of Governors 2017, said there was no dearth of ideas, resources, and capabilities in the country.
Asking the governors to facilitate better effectiveness of government initiatives, PM Modi stressed "on making conscious efforts towards national integration".
He also urged governors to involve themselves in initiatives such as 'Ek Bharat, Shreshtha Bharat' (one India, great India) and 'Run for Unity', a statement issued by Rashtrapati Bhawan said.
The conference, hosted by President Ram Nath Kovind, was attended by Vice President Venkaiah Naidu, PM Modi, Home Minister Rajnath Singh, External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman among others.
"Deliberations on both achievements and problems between states, will give a new dimension to cooperative federalism," President Kovind said during the concluding ceremony.
"The president said that states and governors should share information about their successful programmes with their counterparts," according to the statement.
In his remarks, President Kovind said that governors can give direction to the younger generation and play an important role in shaping the future of the country by constantly engaging with students and teachers.
"They can inspire universities in their states to develop as innovation centres. The role of the governors becomes even more important in ensuring education and development in tribal areas," the President said.
He said that during the course of the conference, useful experiences were shared about issues pertaining to cleanliness, the environment, conservation of energy and cutting down of wasteful expenditure.
President Kovind said many Raj Bhavans have been accorded the status of heritage buildings.
He urged that special features such as 'green building' and 'smart building' be included while keeping the heritage status of Raj Bhavans intact.
The President reiterated that India will emerge as a developed nation only when every state develops.
He expressed confidence that governors and lieutenant governors would continue to make important contributions in giving a new direction to development in their respective states.
Speaking on the occasion, Vice President Naidu said that governors should act as catalysts and facilitators in the change process.
"The ultimate aim is to serve common citizens and ensure that the benefits of development reach the people," he said.
Home Minister Rajnath Singh said that the governors can act as a bridge between the Centre and the states.
The governors can contribute towards strengthening confidence building measures so that peoples' faith in the democratic system is maintained, he said.
Earlier in the day, governors made brief remarks on special issues pertaining to their respective states and union territories.
Presentations on the sessions on 'Infrastructure for New India 2022', 'Public Services for New India 2022' and 'Higher Education in States and Skill Development' -- which had taken place on October 12, 2017 -- were also made today.
The conference of governors is a tradition almost as old as Independence. The first conference of governors was held at Rashtrapati Bhavan in 1949 which was presided over by C Rajagopalachari, Governor General of India.
Since then, 48 such conferences have been organised in Rashtrapati Bhavan.
The Prime Minister, speaking on the concluding day of the two-day Conference of Governors 2017, said there was no dearth of ideas, resources, and capabilities in the country.
Asking the governors to facilitate better effectiveness of government initiatives, PM Modi stressed "on making conscious efforts towards national integration".
He also urged governors to involve themselves in initiatives such as 'Ek Bharat, Shreshtha Bharat' (one India, great India) and 'Run for Unity', a statement issued by Rashtrapati Bhawan said.
"Deliberations on both achievements and problems between states, will give a new dimension to cooperative federalism," President Kovind said during the concluding ceremony.
"The president said that states and governors should share information about their successful programmes with their counterparts," according to the statement.
In his remarks, President Kovind said that governors can give direction to the younger generation and play an important role in shaping the future of the country by constantly engaging with students and teachers.
"They can inspire universities in their states to develop as innovation centres. The role of the governors becomes even more important in ensuring education and development in tribal areas," the President said.
He said that during the course of the conference, useful experiences were shared about issues pertaining to cleanliness, the environment, conservation of energy and cutting down of wasteful expenditure.
President Kovind said many Raj Bhavans have been accorded the status of heritage buildings.
He urged that special features such as 'green building' and 'smart building' be included while keeping the heritage status of Raj Bhavans intact.
The President reiterated that India will emerge as a developed nation only when every state develops.
He expressed confidence that governors and lieutenant governors would continue to make important contributions in giving a new direction to development in their respective states.
Speaking on the occasion, Vice President Naidu said that governors should act as catalysts and facilitators in the change process.
"The ultimate aim is to serve common citizens and ensure that the benefits of development reach the people," he said.
Home Minister Rajnath Singh said that the governors can act as a bridge between the Centre and the states.
The governors can contribute towards strengthening confidence building measures so that peoples' faith in the democratic system is maintained, he said.
Earlier in the day, governors made brief remarks on special issues pertaining to their respective states and union territories.
Presentations on the sessions on 'Infrastructure for New India 2022', 'Public Services for New India 2022' and 'Higher Education in States and Skill Development' -- which had taken place on October 12, 2017 -- were also made today.
The conference of governors is a tradition almost as old as Independence. The first conference of governors was held at Rashtrapati Bhavan in 1949 which was presided over by C Rajagopalachari, Governor General of India.
Since then, 48 such conferences have been organised in Rashtrapati Bhavan.
Business Affairs
Address the issues in banking, infrastructure, fiscal consolidation: IMF suggests India
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The IMF has suggested a three- pronged approach for structural reform in India that includes addressing the corporate and banking sector weaknesses, continued fiscal consolidation through revenue measure, and improving the efficiency of labour and product markets. Deputy Director Asia Pacific Department of IMF, Kenneth Kang, said the favorable outlook for Asia was an important opportunity for India to push forward with difficult reforms.
"As such, there should be three policy priorities in the area of structural reforms," Kang, Deputy Director Asia pacific Department IMF told reporters at a news conference here. "First priority is to address the corporate and banking sector weaknesses, by accelerating the resolution of non- performing loans, rebuilding the capital buffers for the public sector banks, and enhancing banks' debt recovery mechanisms," he said.
Secondly, Kang said, India should continue with the fiscal consolidation through revenue measures, as well as further reductions in subsidies.
"And lastly, it's to maintain the strong momentum for structural reforms in addressing the infrastructure gaps, improving the efficiency of labour and product markets as well as furthering agricultural reforms," said Kang.
Responding to a question on labour market reforms, Kang suggested reforming the market regulations in order to create a more favorable environment for investment and employment. "There is a need to reduce the number of labour laws which currently number around 250 across the central and the state level," said Kang. He said India should also focus on closing the gender gap which may help a great deal in boosting the employment opportunities for women in India.
"Improvements in infrastructure can be one important way to facilitate the entry of women into the labour force. But in addition, there is a need to strengthening the implementation of specific gender regulations, as well as to invest more in gender specific training and education," Kang said.
According to IMF s Regional Economic Outlook, India s growth slowed in recent quarters due to the temporary disruptions from the currency exchange initiative demonetisation that took place in November 2016, and the recent roll-out of the Goods and Services Tax (GST). The report, however, went on to say that the growth in 2017 was revised downward to reflect the recent slowdown, but is expected to accelerate in the medium term as these temporary disruptions fade.
The IMF has suggested a three- pronged approach for structural reform in India that includes addressing the corporate and banking sector weaknesses, continued fiscal consolidation through revenue measure, and improving the efficiency of labour and product markets. Deputy Director Asia Pacific Department of IMF, Kenneth Kang, said the favorable outlook for Asia was an important opportunity for India to push forward with difficult reforms.
"As such, there should be three policy priorities in the area of structural reforms," Kang, Deputy Director Asia pacific Department IMF told reporters at a news conference here. "First priority is to address the corporate and banking sector weaknesses, by accelerating the resolution of non- performing loans, rebuilding the capital buffers for the public sector banks, and enhancing banks' debt recovery mechanisms," he said.
Secondly, Kang said, India should continue with the fiscal consolidation through revenue measures, as well as further reductions in subsidies.
"And lastly, it's to maintain the strong momentum for structural reforms in addressing the infrastructure gaps, improving the efficiency of labour and product markets as well as furthering agricultural reforms," said Kang.
Responding to a question on labour market reforms, Kang suggested reforming the market regulations in order to create a more favorable environment for investment and employment. "There is a need to reduce the number of labour laws which currently number around 250 across the central and the state level," said Kang. He said India should also focus on closing the gender gap which may help a great deal in boosting the employment opportunities for women in India.
"Improvements in infrastructure can be one important way to facilitate the entry of women into the labour force. But in addition, there is a need to strengthening the implementation of specific gender regulations, as well as to invest more in gender specific training and education," Kang said.
According to IMF s Regional Economic Outlook, India s growth slowed in recent quarters due to the temporary disruptions from the currency exchange initiative demonetisation that took place in November 2016, and the recent roll-out of the Goods and Services Tax (GST). The report, however, went on to say that the growth in 2017 was revised downward to reflect the recent slowdown, but is expected to accelerate in the medium term as these temporary disruptions fade.
Arun Jaitley says India has high growth potential for next two decades
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Finance Minister Arun Jaitley on Friday said that India has the potential to grow at a reasonably high level in the next decades or two because of a series of structural reforms being carried out by the government. He suggested that turnaround in the global economy and the massive investment opportunity that the infrastructure sector offers will support the Indian growth. Finance Minister Jaitley was speaking at an event organised by the US-India Strategic and Partnership Forum. He is on a week-long visit to the US.
Finance Minister Jaitley's statement came after IMF chief Christine Lagarde called on the policymakers to take benefit of the global broad-based economic recovery and take decisions to make the recovery sustainable. "Our suggestion is that it is not time to be complacent, it is time to take those policy decisions that will actually enable more people and more countries to benefit from that recovery that should be made sustainable," Lagarde had said.
Arun Jaitley said that the sheer size of the country and economy would offer huge opportunity for investment in India in the next few years. "I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned," the Finance Minister said.
Jaitley also explained as to why the government did what it did after coming to power. He said that when the BJP government came to power in 2014, it had the choice to look the other way and allow the shadow economy to continue. "But it did not do so, as it took a series of courageous steps which ultimately culminated in demonetisation of high- value currency," Jaitley said adding the government knew that there would be short-term impact on the economy. "But, in the long term, it would benefit the country," Jaitley said.
The Finance Minister listed out some of the key initiatives by his government and said: "India today is one of the most open, globally integrated economy. In the last few years, we are moving up the ease of doing business ranking." He also talked about the government's digital integration push that would bring transparency in the system. "Today, almost everyone is connected to the banking system. Almost every adult in India has biometric. The integrated data has helped the government to reach every citizen on digital platform," Jaitley said.
"This has helped us save billions of dollars," the Finance Minister said. He isn't the only person to make such remarks. A day before, former UIDAI Chiarman Nandan Nilekani made somewhat similar statement and said that India's unique identity project -Aadhaar- has helped the public exchequer save about USD 9 billion by eliminating frauds in the financial distribution system.
Ever since Prime Minister Modi took charge at South Block, he has been streamlining the financial distribution system by linking other identity cards including PAN number and account number with Aadhaar. The government has so far made Aadhaar mandatory for almost half a dozen state-sponsored schemes to curb corruption.
Finance Minister Arun Jaitley on Friday said that India has the potential to grow at a reasonably high level in the next decades or two because of a series of structural reforms being carried out by the government. He suggested that turnaround in the global economy and the massive investment opportunity that the infrastructure sector offers will support the Indian growth. Finance Minister Jaitley was speaking at an event organised by the US-India Strategic and Partnership Forum. He is on a week-long visit to the US.
Finance Minister Jaitley's statement came after IMF chief Christine Lagarde called on the policymakers to take benefit of the global broad-based economic recovery and take decisions to make the recovery sustainable. "Our suggestion is that it is not time to be complacent, it is time to take those policy decisions that will actually enable more people and more countries to benefit from that recovery that should be made sustainable," Lagarde had said.
Arun Jaitley said that the sheer size of the country and economy would offer huge opportunity for investment in India in the next few years. "I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned," the Finance Minister said.
Jaitley also explained as to why the government did what it did after coming to power. He said that when the BJP government came to power in 2014, it had the choice to look the other way and allow the shadow economy to continue. "But it did not do so, as it took a series of courageous steps which ultimately culminated in demonetisation of high- value currency," Jaitley said adding the government knew that there would be short-term impact on the economy. "But, in the long term, it would benefit the country," Jaitley said.
The Finance Minister listed out some of the key initiatives by his government and said: "India today is one of the most open, globally integrated economy. In the last few years, we are moving up the ease of doing business ranking." He also talked about the government's digital integration push that would bring transparency in the system. "Today, almost everyone is connected to the banking system. Almost every adult in India has biometric. The integrated data has helped the government to reach every citizen on digital platform," Jaitley said.
"This has helped us save billions of dollars," the Finance Minister said. He isn't the only person to make such remarks. A day before, former UIDAI Chiarman Nandan Nilekani made somewhat similar statement and said that India's unique identity project -Aadhaar- has helped the public exchequer save about USD 9 billion by eliminating frauds in the financial distribution system.
Finance Minister Jaitley's statement came after IMF chief Christine Lagarde called on the policymakers to take benefit of the global broad-based economic recovery and take decisions to make the recovery sustainable. "Our suggestion is that it is not time to be complacent, it is time to take those policy decisions that will actually enable more people and more countries to benefit from that recovery that should be made sustainable," Lagarde had said.
Arun Jaitley said that the sheer size of the country and economy would offer huge opportunity for investment in India in the next few years. "I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned," the Finance Minister said.
Jaitley also explained as to why the government did what it did after coming to power. He said that when the BJP government came to power in 2014, it had the choice to look the other way and allow the shadow economy to continue. "But it did not do so, as it took a series of courageous steps which ultimately culminated in demonetisation of high- value currency," Jaitley said adding the government knew that there would be short-term impact on the economy. "But, in the long term, it would benefit the country," Jaitley said.
The Finance Minister listed out some of the key initiatives by his government and said: "India today is one of the most open, globally integrated economy. In the last few years, we are moving up the ease of doing business ranking." He also talked about the government's digital integration push that would bring transparency in the system. "Today, almost everyone is connected to the banking system. Almost every adult in India has biometric. The integrated data has helped the government to reach every citizen on digital platform," Jaitley said.
"This has helped us save billions of dollars," the Finance Minister said. He isn't the only person to make such remarks. A day before, former UIDAI Chiarman Nandan Nilekani made somewhat similar statement and said that India's unique identity project -Aadhaar- has helped the public exchequer save about USD 9 billion by eliminating frauds in the financial distribution system.
Ever since Prime Minister Modi took charge at South Block, he has been streamlining the financial distribution system by linking other identity cards including PAN number and account number with Aadhaar. The government has so far made Aadhaar mandatory for almost half a dozen state-sponsored schemes to curb corruption.
Gold sales pick up ahead of Diwali: Jewellers expect healthy retail demand during festivals
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Gold prices in India traded at a premium this week for the first time in more than three months after a spurt in purchases ahead of a key festival next week and as regulations eased. Indian authorities last week withdrew the amendment to the Prevention of the Money Laundering Act (PMLA) that had made jewellers subject to anti-money laundering legislation.
Jewellers felt the PMLA required them to keep records of customers' personal identification number or tax code for transactions above 50,000 rupees ($771), limiting gold sales by buyers hesitant to give the information.
Investor sentiment has improved since the government withdrew the PMLA notification, said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. "Jewellers are increasing purchases expecting healthy retail demand during Diwali." Indians will celebrate Diwali next week, a holiday period when buying gold is considered auspicious.
"Dussehra (festival) sales were disappointing due to the PMLA. Now since the rule has been withdrawn, we are expecting good demand," said Arjun Raychaudhuri, managing director of MMTC-PAMP India, the biggest refiner in the country, referring to sales during a major festival late last month.
Dealers charged a premium of up to $2 an ounce this week, for the first time since July 8. Last week, they offered a discount of up to $3 an ounce. The domestic price includes a 10 percent import tax. Local gold prices MAUc1 were trading around 29,760 rupees per 10 grams on Friday, up nearly a percent from last week.
In top gold consumer China, premiums rose to between $9 and $14 per ounce over global spot benchmark rates, from $8-$10 range offered two weeks ago, on an appreciating Chinese yuan and as investors returned from the Golden Week holidays.
"Buying has not been very active, especially with prices near $1,300 an ounce. There was some demand when prices were near the $1,270 levels," Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
In Hong Kong, premiums were nearly unchanged around 40 cents-$1.10 an ounce, while Singapore premiums shrank to 50-60 cents from about 80 cents last week. "Demand has been quiet this week. People are waiting for gold to move either up or down by around $20-$30," a Singapore-based physical dealer said.
In Japan, gold was sold at par with the benchmark, versus a discount of 30 cents offered last week.
Gold prices in India traded at a premium this week for the first time in more than three months after a spurt in purchases ahead of a key festival next week and as regulations eased. Indian authorities last week withdrew the amendment to the Prevention of the Money Laundering Act (PMLA) that had made jewellers subject to anti-money laundering legislation.
Jewellers felt the PMLA required them to keep records of customers' personal identification number or tax code for transactions above 50,000 rupees ($771), limiting gold sales by buyers hesitant to give the information.
Investor sentiment has improved since the government withdrew the PMLA notification, said Harshad Ajmera, proprietor of JJ Gold House, a wholesaler in the eastern Indian city of Kolkata. "Jewellers are increasing purchases expecting healthy retail demand during Diwali." Indians will celebrate Diwali next week, a holiday period when buying gold is considered auspicious.
"Dussehra (festival) sales were disappointing due to the PMLA. Now since the rule has been withdrawn, we are expecting good demand," said Arjun Raychaudhuri, managing director of MMTC-PAMP India, the biggest refiner in the country, referring to sales during a major festival late last month.
Dealers charged a premium of up to $2 an ounce this week, for the first time since July 8. Last week, they offered a discount of up to $3 an ounce. The domestic price includes a 10 percent import tax. Local gold prices MAUc1 were trading around 29,760 rupees per 10 grams on Friday, up nearly a percent from last week.
In top gold consumer China, premiums rose to between $9 and $14 per ounce over global spot benchmark rates, from $8-$10 range offered two weeks ago, on an appreciating Chinese yuan and as investors returned from the Golden Week holidays.
"Buying has not been very active, especially with prices near $1,300 an ounce. There was some demand when prices were near the $1,270 levels," Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
In Hong Kong, premiums were nearly unchanged around 40 cents-$1.10 an ounce, while Singapore premiums shrank to 50-60 cents from about 80 cents last week. "Demand has been quiet this week. People are waiting for gold to move either up or down by around $20-$30," a Singapore-based physical dealer said.
In Japan, gold was sold at par with the benchmark, versus a discount of 30 cents offered last week.
India's trade deficit narrows to 7-month low of $8.98 billion in September
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The country's trade deficit dropped to a seven-month low of $8.98 billion (over Rs 58,000 crore) in September compared to $11.64 billion last month, according to government data released on Friday. Trade deficit, which is the difference between the exports and imports, for the corresponding period last year was $9 billion.
Merchandise exports for September 2017 soared 25.67 per cent from a year ago to $28.61 billion on the back of rise in shipments of chemicals, petroleum and engineering products, commerce ministry data showed. Overall outbound shipments have now grown for 13 straight months after contracting for more than a year.
Goods imports too rose by 18.09 per cent to $37.6 billion from $31.83 billion in the year-ago month, data showed. Gold import dipped 5 per cent to $1.71 billion last month. Oil and non-oil imports grew by 18.47 per cent and 17.98 per cent to $8.18 billion and $29.4 billion, respectively in September.
Cumulative exports during April-September 2017-18 increased by 11.52 per cent to $147.18 billion, while imports grew by 25.08 per cent to $219.31 billion, leaving a trade deficit of $72.12 billion.
In continuation with positive growth exhibited by exports for the last thirteen months, exports during September 2017 have shown growth of 25.67 per cent in dollar terms, the ministry said in a statement.
In September, petroleum, engineering and chemicals exports grew by 37 per cent, 44.24 per cent and 46 per cent, respectively. However, sectors which recorded negative growth include handicrafts, iron ore, and fruit and vegetables
The country's trade deficit dropped to a seven-month low of $8.98 billion (over Rs 58,000 crore) in September compared to $11.64 billion last month, according to government data released on Friday. Trade deficit, which is the difference between the exports and imports, for the corresponding period last year was $9 billion.
Merchandise exports for September 2017 soared 25.67 per cent from a year ago to $28.61 billion on the back of rise in shipments of chemicals, petroleum and engineering products, commerce ministry data showed. Overall outbound shipments have now grown for 13 straight months after contracting for more than a year.
Goods imports too rose by 18.09 per cent to $37.6 billion from $31.83 billion in the year-ago month, data showed. Gold import dipped 5 per cent to $1.71 billion last month. Oil and non-oil imports grew by 18.47 per cent and 17.98 per cent to $8.18 billion and $29.4 billion, respectively in September.
Cumulative exports during April-September 2017-18 increased by 11.52 per cent to $147.18 billion, while imports grew by 25.08 per cent to $219.31 billion, leaving a trade deficit of $72.12 billion.
In continuation with positive growth exhibited by exports for the last thirteen months, exports during September 2017 have shown growth of 25.67 per cent in dollar terms, the ministry said in a statement.
In September, petroleum, engineering and chemicals exports grew by 37 per cent, 44.24 per cent and 46 per cent, respectively. However, sectors which recorded negative growth include handicrafts, iron ore, and fruit and vegetables
Russell Reynolds Associates launches a predictive tool to hire C-suite executives in India
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The executive search firm Russell Reynolds Associates launched Leadership Span, a scientific, evidence-based approach to executive search and assessment that helps predict executive performance.
The proprietary framework was developed in partnership with personality assessment and consulting firm Hogan Assessments.
It will help organizations mitigate the risk of executive selection by finding and developing leaders with the highest likelihood of long-term success in C-suite roles, said Ric Roi, Asia Pacific Head for Leadership & Succession Practice, Russell Reynolds Associates. It de-risks on 2 core basis - by validating and benchmarking using the framework versus no metrics at all, and increasing the self-awareness of both the organization and/or the leaders to identify gaps/potential.
This assessment tool will be used in conjuction with in-depth interviews, referencing, and analyses of experiences and accomplishments, he added, making the selection process scientific and objective.
Leadership Span evaluates a leader's potential based on their ability to pivot across a variety of major contradicting traits. The four main competing traits are: Pragmatic and Disruptive: Organisations need a leader to disrupt the status quo with innovation, but they also must be pragmatic about focus, priorities, and the pace of innovation.
Then Reluctant and Risk Taking: A good leader takes calculated risks and is opportunistic, but we also want them to be somewhat reluctant and show some vigilance before steering the organisation off a cliff.
Third is Vulnerable and Heroic: A heroic leader needs to be vulnerable as well, so their perseverance and grit doesn't turn into self-delusions. They need to take feedback and external data to heart and make continuous improvements to themselves and their organisations.
And, lastly, Connecting and Galvanising: Leaders must galvanise support with energy and inspiration, but they also need to know when to take a step back and share credit, promote the success of others, and to connect the organization to become something stronger and greater than themselves and the cult of their own personality.
Roi adds, leaders need to act with confidence, but not so much confidence that it turns into recklessness. They need to have attention to detail, but not obsession. Recognizing the problems that can arise when dark side tendencies become out of balance, over 50 percent of Fortune 100 companies use dark side method to better understand the potential risk factors associated with their leaders' personality and mitigate their impact on an organization.
Based on Russell Reynolds Associates' research of thousands of successful C-Suite leaders reveals that the best leaders are defined by their effective use of these four competing competencies comprising of both 'loud' (differentiating behaviours that get noticed) and 'quiet' (subtle competencies that ensure long term effectiveness and impact) traits.
The executive search firm Russell Reynolds Associates launched Leadership Span, a scientific, evidence-based approach to executive search and assessment that helps predict executive performance.
The proprietary framework was developed in partnership with personality assessment and consulting firm Hogan Assessments.
It will help organizations mitigate the risk of executive selection by finding and developing leaders with the highest likelihood of long-term success in C-suite roles, said Ric Roi, Asia Pacific Head for Leadership & Succession Practice, Russell Reynolds Associates. It de-risks on 2 core basis - by validating and benchmarking using the framework versus no metrics at all, and increasing the self-awareness of both the organization and/or the leaders to identify gaps/potential.
This assessment tool will be used in conjuction with in-depth interviews, referencing, and analyses of experiences and accomplishments, he added, making the selection process scientific and objective.
Leadership Span evaluates a leader's potential based on their ability to pivot across a variety of major contradicting traits. The four main competing traits are: Pragmatic and Disruptive: Organisations need a leader to disrupt the status quo with innovation, but they also must be pragmatic about focus, priorities, and the pace of innovation.
The proprietary framework was developed in partnership with personality assessment and consulting firm Hogan Assessments.
It will help organizations mitigate the risk of executive selection by finding and developing leaders with the highest likelihood of long-term success in C-suite roles, said Ric Roi, Asia Pacific Head for Leadership & Succession Practice, Russell Reynolds Associates. It de-risks on 2 core basis - by validating and benchmarking using the framework versus no metrics at all, and increasing the self-awareness of both the organization and/or the leaders to identify gaps/potential.
This assessment tool will be used in conjuction with in-depth interviews, referencing, and analyses of experiences and accomplishments, he added, making the selection process scientific and objective.
Leadership Span evaluates a leader's potential based on their ability to pivot across a variety of major contradicting traits. The four main competing traits are: Pragmatic and Disruptive: Organisations need a leader to disrupt the status quo with innovation, but they also must be pragmatic about focus, priorities, and the pace of innovation.
Then Reluctant and Risk Taking: A good leader takes calculated risks and is opportunistic, but we also want them to be somewhat reluctant and show some vigilance before steering the organisation off a cliff.
Third is Vulnerable and Heroic: A heroic leader needs to be vulnerable as well, so their perseverance and grit doesn't turn into self-delusions. They need to take feedback and external data to heart and make continuous improvements to themselves and their organisations.
And, lastly, Connecting and Galvanising: Leaders must galvanise support with energy and inspiration, but they also need to know when to take a step back and share credit, promote the success of others, and to connect the organization to become something stronger and greater than themselves and the cult of their own personality.
Roi adds, leaders need to act with confidence, but not so much confidence that it turns into recklessness. They need to have attention to detail, but not obsession. Recognizing the problems that can arise when dark side tendencies become out of balance, over 50 percent of Fortune 100 companies use dark side method to better understand the potential risk factors associated with their leaders' personality and mitigate their impact on an organization.
Based on Russell Reynolds Associates' research of thousands of successful C-Suite leaders reveals that the best leaders are defined by their effective use of these four competing competencies comprising of both 'loud' (differentiating behaviours that get noticed) and 'quiet' (subtle competencies that ensure long term effectiveness and impact) traits.
General Awareness
The Economist Intelligence Unit announces the Safe Cities Index 2017 – Tokyo 1st, Delhi ranked 43rd
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Japan’s capital Tokyo has topped Economist Intelligence Unit’s Safe Cities Index 2017 of 60 cities. Indian cities Delhi and Mumbai have ranked 43rd and 45th respectively.
About Safe Cities Index 2017:
Safe Cities Index is a report by London-headquartered Economist Intelligence Unit owned by ‘The Economist Group’.
- The first edition of Safe Cities Index was published in
- In Safe Cities Index 2017, 60 cities have been ranked on 49 indicators placed under four broad categories viz. digital security, health security, infrastructure security and personal security.
Highlights of Safe Cities Index 2017:
With a strong performance in digital security category and marginal improvement in health security category, Tokyo has retained its top spot in the overall ranking.
- Delhi and Mumbai are the two Indian cities which have been featured in the list. Delhi has an overall rank of 43 and Mumbai is placed at 45. On a comparative basis, Delhi has outperformed Mumbai in infrastructure security category.
- Except Madrid (Spain) and Seoul (South Korea), scores of all cities have fallen in the index since 2015.
- Top half of the index is dominated by high-income cities of developed economies.
- Buenos Aries (Argentina) is the only city from a developing country which has ranked in the top half of the index.
- Pakistan’s Karachi is at the bottom of the index. It has performed poorly in all categories.
- Two high-income cities in the Middle East, Jeddah and Riyadh (both in Saudi Arabia) have fallen below position 40 in 2017 edition of the index, testifying the fact that income is not the only factor that governs city’s performance on security parameter.
Safe Cities Index 2017 – Top 10
1st Tokyo, Japan 2nd Singapore 3rd Osaka, Japan 4th Toronto, Canada 5th Melbourne, Australia 6th Amsterdam, Netherlands 7th Sydney, Australia 8th Stockholm, Sweden 9th Hong Kong 10th Zurich, Switzerland
Japan’s capital Tokyo has topped Economist Intelligence Unit’s Safe Cities Index 2017 of 60 cities. Indian cities Delhi and Mumbai have ranked 43rd and 45th respectively.
About Safe Cities Index 2017:
Safe Cities Index is a report by London-headquartered Economist Intelligence Unit owned by ‘The Economist Group’.
- The first edition of Safe Cities Index was published in
- In Safe Cities Index 2017, 60 cities have been ranked on 49 indicators placed under four broad categories viz. digital security, health security, infrastructure security and personal security.
Highlights of Safe Cities Index 2017:
With a strong performance in digital security category and marginal improvement in health security category, Tokyo has retained its top spot in the overall ranking.
- Delhi and Mumbai are the two Indian cities which have been featured in the list. Delhi has an overall rank of 43 and Mumbai is placed at 45. On a comparative basis, Delhi has outperformed Mumbai in infrastructure security category.
- Except Madrid (Spain) and Seoul (South Korea), scores of all cities have fallen in the index since 2015.
- Top half of the index is dominated by high-income cities of developed economies.
- Buenos Aries (Argentina) is the only city from a developing country which has ranked in the top half of the index.
- Pakistan’s Karachi is at the bottom of the index. It has performed poorly in all categories.
- Two high-income cities in the Middle East, Jeddah and Riyadh (both in Saudi Arabia) have fallen below position 40 in 2017 edition of the index, testifying the fact that income is not the only factor that governs city’s performance on security parameter.
Safe Cities Index 2017 – Top 10
| 1st | Tokyo, Japan |
| 2nd | Singapore |
| 3rd | Osaka, Japan |
| 4th | Toronto, Canada |
| 5th | Melbourne, Australia |
| 6th | Amsterdam, Netherlands |
| 7th | Sydney, Australia |
| 8th | Stockholm, Sweden |
| 9th | Hong Kong |
| 10th | Zurich, Switzerland |
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