General Affairs
"India A Global Power", Says Israeli PM Benjamin Netanyahu; Begins Historic Visit
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Keen to bolster Israel's relations with India, Israeli Prime Minister Benjamin Netanyahu today arrived in India for a six-day visit which he said would provide an opportunity to enhance bilateral cooperation with a "global economic, security, technology and tourism power".
Mr Netanyahu's visit to India is only the second one by an Israeli prime minister and comes after a gap of 15 years. Former Israeli Prime Minister Ariel Sharon had visited India in 2003.
"I will meet with the Prime Minister (of India), my friend Narendra Modi, with the Indian President and with many other leaders. We will sign very many agreements," Prime Minister Netanyahu said in a statement.
"We are strengthening ties between Israel and this important global power. This serves our security, economic, trade and tourism interests, as well as many other areas. This is a great blessing for the state of Israel," he said.
"Indian Prime Minister (Narendra) Modi is a close friend of Israel and of mine and I appreciate the fact that he will accompany me on extensive parts of my visit," Prime Minister Netanyahu said just before leaving for New Delhi.
"On this visit I intend to strengthen bilateral relations even more. This visit is an opportunity to enhance cooperation with a global economic, security, technology and tourism power," he added.
The visit marks 25 years since the establishment of diplomatic relations between the two countries and takes place about six months after PM Modi's trip to Israel, the first by an Indian prime minister to the Jewish state.
Prime Minister Netanyahu will be visiting Delhi, Agra, Gujarat and Mumbai and will be accompanied by PM Modi on extensive portions of his visit, a press statement said. He will hold meetings with President Ram Nath Kovind and External Affairs Minister Sushma Swaraj, apart from Prime Minister Modi.
Several agreements and MoUs, including in the field of oil and gas, renewable energy, amended protocol for airports, cyber security, and co-production of films and documentaries, will be signed between the two sides.
Israel's Saare Tzedek hospital would be signing an agreement with the ministry of health and family welfare.
Informed sources in Jerusalem said that this relates to sharing of knowledge in the field of homoeopathy and Ayurveda that have been gaining popularity in Israel over the last few years.
Technion-Israel Institute of Technology would also be signing an agreement with the ministry of science and technology, sources in Jerusalem said.
Prime Minister Netanyahu is leading a high-profile delegation comprising 130 businessmen from 102 Israeli companies drawn from areas like agriculture, water, cyber security, health care and security, on his trip.
Israel will be investing $68.6 million to boost cooperation with India in areas like tourism, technology, agriculture and innovation over a period of four years, a senior official in Jerusalem said ahead of Prime Minister Netanyahu's visit.
The commitment is in addition to the India-Israel Industrial R&D and Technological Innovation Fund of $40 million over five years with equal contribution from both sides that has already been agreed between the two nations, Deputy Director General of Israel's Foreign Ministry, Gilad Cohen, earlier told news agency PTI.
Moshe Holtzberg, the toddler who survived the November 2008 Mumbai terror attack but lost his parents, will also join the trip with his grandparents and his brave Indian nanny, Sandra Samuels, who saved him.
Prime Minister Netanyahu had promised to take him along on his visit during an emotional meeting between the now 11-year-old boy and PM Modi in Jerusalem in July.
PM Modi will be hosting a private dinner for Prime Minister Netanyahu in New Delhi tonight. The Israeli prime minister also met Swaraj today.
Prime Minister Netanyahu will be formally welcomed tomorrow morning at the Rashtrapati Bhawan following which he would lay a wreath at Rajghat. He would then participate in a dialogue at Hyderabad House which will also include a one-on-one discussion with Prime Minister Modi. A meeting with President Kovind is also scheduled for tomorrow.
Prime Minister Netanyahu, accompanied by his wife Sara, would be travelling to Agra to see the Taj Mahal on Tuesday and return to Delhi to participate in the Raisina Dialogue.
PM Modi would be accompanying Prime Minister Netanyahu to Gujarat on Wednesday where he will be welcomed in the same fashion as Japanese Prime Minister Shinzo Abe was with a road show in Ahmedabad.
The road show is said to be an 8-kilometre drive from the airport to the Sabarmati Ashram. The two leaders will also be witnessing several innovative technologies in the field of water, agriculture and health at iCreate and visit a Centre of Excellence.
Prime Minister Netanyahu will travel to Mumbai on Wednesday in the evening where he will meet the Indian Jewish community.
A packed schedule on Thursday for the Israeli premier in Mumbai will include a "power breakfast" with Indian business leaders, a business seminar, attending two memorial services for the victims of the 26/11 attack at the Taj Mahal Hotel and Nariman House and finally a gala event with Bollywood actors.
Mr Netanyahu's visit to India is only the second one by an Israeli prime minister and comes after a gap of 15 years. Former Israeli Prime Minister Ariel Sharon had visited India in 2003.
"I will meet with the Prime Minister (of India), my friend Narendra Modi, with the Indian President and with many other leaders. We will sign very many agreements," Prime Minister Netanyahu said in a statement.
"We are strengthening ties between Israel and this important global power. This serves our security, economic, trade and tourism interests, as well as many other areas. This is a great blessing for the state of Israel," he said.
"Indian Prime Minister (Narendra) Modi is a close friend of Israel and of mine and I appreciate the fact that he will accompany me on extensive parts of my visit," Prime Minister Netanyahu said just before leaving for New Delhi.
"On this visit I intend to strengthen bilateral relations even more. This visit is an opportunity to enhance cooperation with a global economic, security, technology and tourism power," he added.
The visit marks 25 years since the establishment of diplomatic relations between the two countries and takes place about six months after PM Modi's trip to Israel, the first by an Indian prime minister to the Jewish state.
Prime Minister Netanyahu will be visiting Delhi, Agra, Gujarat and Mumbai and will be accompanied by PM Modi on extensive portions of his visit, a press statement said. He will hold meetings with President Ram Nath Kovind and External Affairs Minister Sushma Swaraj, apart from Prime Minister Modi.
Several agreements and MoUs, including in the field of oil and gas, renewable energy, amended protocol for airports, cyber security, and co-production of films and documentaries, will be signed between the two sides.
Israel's Saare Tzedek hospital would be signing an agreement with the ministry of health and family welfare.
Informed sources in Jerusalem said that this relates to sharing of knowledge in the field of homoeopathy and Ayurveda that have been gaining popularity in Israel over the last few years.
Technion-Israel Institute of Technology would also be signing an agreement with the ministry of science and technology, sources in Jerusalem said.
Prime Minister Netanyahu is leading a high-profile delegation comprising 130 businessmen from 102 Israeli companies drawn from areas like agriculture, water, cyber security, health care and security, on his trip.
Israel will be investing $68.6 million to boost cooperation with India in areas like tourism, technology, agriculture and innovation over a period of four years, a senior official in Jerusalem said ahead of Prime Minister Netanyahu's visit.
The commitment is in addition to the India-Israel Industrial R&D and Technological Innovation Fund of $40 million over five years with equal contribution from both sides that has already been agreed between the two nations, Deputy Director General of Israel's Foreign Ministry, Gilad Cohen, earlier told news agency PTI.
Moshe Holtzberg, the toddler who survived the November 2008 Mumbai terror attack but lost his parents, will also join the trip with his grandparents and his brave Indian nanny, Sandra Samuels, who saved him.
Prime Minister Netanyahu had promised to take him along on his visit during an emotional meeting between the now 11-year-old boy and PM Modi in Jerusalem in July.
PM Modi will be hosting a private dinner for Prime Minister Netanyahu in New Delhi tonight. The Israeli prime minister also met Swaraj today.
Prime Minister Netanyahu will be formally welcomed tomorrow morning at the Rashtrapati Bhawan following which he would lay a wreath at Rajghat. He would then participate in a dialogue at Hyderabad House which will also include a one-on-one discussion with Prime Minister Modi. A meeting with President Kovind is also scheduled for tomorrow.
Prime Minister Netanyahu, accompanied by his wife Sara, would be travelling to Agra to see the Taj Mahal on Tuesday and return to Delhi to participate in the Raisina Dialogue.
PM Modi would be accompanying Prime Minister Netanyahu to Gujarat on Wednesday where he will be welcomed in the same fashion as Japanese Prime Minister Shinzo Abe was with a road show in Ahmedabad.
The road show is said to be an 8-kilometre drive from the airport to the Sabarmati Ashram. The two leaders will also be witnessing several innovative technologies in the field of water, agriculture and health at iCreate and visit a Centre of Excellence.
Prime Minister Netanyahu will travel to Mumbai on Wednesday in the evening where he will meet the Indian Jewish community.
A packed schedule on Thursday for the Israeli premier in Mumbai will include a "power breakfast" with Indian business leaders, a business seminar, attending two memorial services for the victims of the 26/11 attack at the Taj Mahal Hotel and Nariman House and finally a gala event with Bollywood actors.
Buoyed By Gujarat Show, Rahul Gandhi To Focus On UP Congress Ahead Of 2019 Elections
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After leading from the front in the Gujarat Assembly election that saw his party improving its show, Congress president Rahul Gandhi is now focusing on Uttar Pradesh to galvanise party cadres in the run up to the 2019 Lok Sabha elections.
First time after donning the mantle of the party chief, Mr Gandhi is all set to pay a two-day visit to his Lok Sabha constituency Amethi from tomorrow.
Though party workers are excited by his anointment and have planned a grand reception in Amethi, they are aware that the path for their young leader will not be easy in Uttar Pradesh where its electoral foray in the assembly polls had been anything but encouraging.
The 47-year-old Congress leader is likely to hold road shows at nearly seven places in Amethi.
He will reach Salon via Rae Bareli at around 12:30 pm and address the public at Salon Nagar Panchayat. From Salon, he will proceed to Amethi, and then go to Munshiganj guest house, according to senior UP Congress leader Akhilesh Singh.
On January 16, at around 10:30 am, Rahul Gandhi is likely to interact with the public at Musafirkhana, and then proceed to Jais, Jagdishpur and Mohanganj.
"People of Amethi are quite excited about the visit of Rahul Gandhi. This is the first Amethi visit of Rahul Gandhi after he became the Congress president. People are looking forward to welcome him," Mr Singh said.
Congress spokesman Amar Nath told news agency PTI that the new party president knows the state well.
"He has a personal rapport with party leaders and workers in Uttar Pradesh... we are ready to work hard with him in the field," he said.
"The Congress will definitely work out ways and means to galvanise the party in Uttar Pradesh in order to make a big impact in the 2019 Lok Sabha polls," he added.
The Uttar Pradesh Assembly has 403 seats. In the last assembly elections, the Congress managed to win just seven seats, its lowest ever in the state. But what came as a bigger shock was its dismal show in Amethi and Rae Bareli, which had long been nurtured by the Gandhi family.
The 'Modi wave' stormed into Amethi and Rae Bareli, and Congress was routed in eight of the 10 Assembly seats there.
The BJP won six seats in Sonia Gandhi and Rahul Gandhi's parliamentary constituencies with two seats going to the Samajwadi Party.
In a major embarrassment to the senior leadership of the party, the Congress could manage victory in only two of the 10 prestigious seats.
The party lost all five seats in Amethi, and barely saved face by winning in just two of the five seats in Sonia Gandhi's Rae Bareli constituency.
First time after donning the mantle of the party chief, Mr Gandhi is all set to pay a two-day visit to his Lok Sabha constituency Amethi from tomorrow.
Though party workers are excited by his anointment and have planned a grand reception in Amethi, they are aware that the path for their young leader will not be easy in Uttar Pradesh where its electoral foray in the assembly polls had been anything but encouraging.
The 47-year-old Congress leader is likely to hold road shows at nearly seven places in Amethi.
He will reach Salon via Rae Bareli at around 12:30 pm and address the public at Salon Nagar Panchayat. From Salon, he will proceed to Amethi, and then go to Munshiganj guest house, according to senior UP Congress leader Akhilesh Singh.
On January 16, at around 10:30 am, Rahul Gandhi is likely to interact with the public at Musafirkhana, and then proceed to Jais, Jagdishpur and Mohanganj.
"People of Amethi are quite excited about the visit of Rahul Gandhi. This is the first Amethi visit of Rahul Gandhi after he became the Congress president. People are looking forward to welcome him," Mr Singh said.
Congress spokesman Amar Nath told news agency PTI that the new party president knows the state well.
"He has a personal rapport with party leaders and workers in Uttar Pradesh... we are ready to work hard with him in the field," he said.
"The Congress will definitely work out ways and means to galvanise the party in Uttar Pradesh in order to make a big impact in the 2019 Lok Sabha polls," he added.
The Uttar Pradesh Assembly has 403 seats. In the last assembly elections, the Congress managed to win just seven seats, its lowest ever in the state. But what came as a bigger shock was its dismal show in Amethi and Rae Bareli, which had long been nurtured by the Gandhi family.
The 'Modi wave' stormed into Amethi and Rae Bareli, and Congress was routed in eight of the 10 Assembly seats there.
The BJP won six seats in Sonia Gandhi and Rahul Gandhi's parliamentary constituencies with two seats going to the Samajwadi Party.
In a major embarrassment to the senior leadership of the party, the Congress could manage victory in only two of the 10 prestigious seats.
The party lost all five seats in Amethi, and barely saved face by winning in just two of the five seats in Sonia Gandhi's Rae Bareli constituency.
Seeking Asylum Abroad Can't Be Reason For Denying Passport: High Court
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Authorities cannot deny passport to an Indian citizen merely because he or she has applied for asylum in a foreign country, the Delhi High Court has said.
The observation by a bench of justices S Ravindra Bhat and Sanjeev Sachdeva came on an appeal by the Centre against a single judge order quashing the government's decision to deny passports to three individuals who had sought asylum abroad.
While upholding the single judge's order, the bench also agreed with the decision to quash the authorities act of keeping applications of such applicants under prior approval category to deny passport to them.
According to the trio's pleas, they had applied for political asylum in foreign countries while they were overseas, but were denied passports for five years by different passport offices in the country on the ground that they "are likely to engage in activities prejudicial to the sovereignty and integrity of India".
These decisions were based on section 6(1)(a) of the Passports Act, 1967, which provides that where "the applicant may, or is likely to, engage in such country in activities prejudicial to the sovereignty and integrity of India" it is a valid ground for denying passport.
Recognising the importance of a citizen's fundamental right to travel overseas, the high court's division bench said, "sovereignty and integrity of the country are robust concepts that can withstand the actions of isolated individuals who may seek political asylum".
Advocate Abhik Kumar, who has represented Satnam Singh, submitted that there were no facts indicating that any of the applicants at any time indulged in behaviour that could lead to overt action.
He said that they were never "part of any conspiracy with groups that sought to undermine the sovereignty and integrity of India, which was relied upon by the government in denying them passports".
Agreeing with their contentions, the bench observed that "the act of seeking political asylum in a foreign land, ipso facto, cannot possibly be a ground to deny passport under the Act".
"It is clear that the provisions of the Act should be strictly construed as they have the consequence of depriving a person of his essential rights, and such deprivation should not be done lightly, but within the confines of the legislative provision," it noted in its 18-page verdict.
Central government standing counsel Rajesh Gogna had submitted that the very act of applying for political asylum meant that the applicant/writ petitioner vowed allegiance to the laws and Constitution of another country and disowned the laws and Constitution of his country of birth.
The observation by a bench of justices S Ravindra Bhat and Sanjeev Sachdeva came on an appeal by the Centre against a single judge order quashing the government's decision to deny passports to three individuals who had sought asylum abroad.
While upholding the single judge's order, the bench also agreed with the decision to quash the authorities act of keeping applications of such applicants under prior approval category to deny passport to them.
According to the trio's pleas, they had applied for political asylum in foreign countries while they were overseas, but were denied passports for five years by different passport offices in the country on the ground that they "are likely to engage in activities prejudicial to the sovereignty and integrity of India".
These decisions were based on section 6(1)(a) of the Passports Act, 1967, which provides that where "the applicant may, or is likely to, engage in such country in activities prejudicial to the sovereignty and integrity of India" it is a valid ground for denying passport.
Recognising the importance of a citizen's fundamental right to travel overseas, the high court's division bench said, "sovereignty and integrity of the country are robust concepts that can withstand the actions of isolated individuals who may seek political asylum".
Advocate Abhik Kumar, who has represented Satnam Singh, submitted that there were no facts indicating that any of the applicants at any time indulged in behaviour that could lead to overt action.
He said that they were never "part of any conspiracy with groups that sought to undermine the sovereignty and integrity of India, which was relied upon by the government in denying them passports".
Agreeing with their contentions, the bench observed that "the act of seeking political asylum in a foreign land, ipso facto, cannot possibly be a ground to deny passport under the Act".
"It is clear that the provisions of the Act should be strictly construed as they have the consequence of depriving a person of his essential rights, and such deprivation should not be done lightly, but within the confines of the legislative provision," it noted in its 18-page verdict.
Central government standing counsel Rajesh Gogna had submitted that the very act of applying for political asylum meant that the applicant/writ petitioner vowed allegiance to the laws and Constitution of another country and disowned the laws and Constitution of his country of birth.
India Can Play A Vibrant Role In Shaping World Order: MJ Akbar
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India can play a vibrant role in shaping the world order in the 21st century, Union Minister M J Akbar said in Hyderabad on Saturday.
He ascribed the Indian challenge to the colonial powers almost a century ago as the start of the emergence of the present world order.
The Minister of State for External Affairs was speaking on 'India's Aspirations and Role in Emerging World Order' during a visit and interaction with the participant officers of Higher Defence Management Course (HDMC) at the College of Defence Management (CDM) in Hyderabad.
"The Indian challenge stands out, due to its own characteristic freedom struggle, based on its unique ideology of 'Satyagraha'. It coincided with the end of First World War and start of the crumble of empires.
"It led to the birth of a nation-state based on the will of the people rather than the will of the monarchs," an official release quoted him as saying.
He termed the cold war as the third world war and the fight against terrorism as the fourth one.
"The fourth world war against terrorism has taken the wars out of the control of the nation-state into the hands of non-state actors and radicals, who no longer believe in the concept of the nation-state, but believe in 'Faith-Based Spaces'," he said.
Indian Armed Forces are faced with the dilemma of fighting based on the rules of engagement with the new adversaries, who do not follow the same rules and it is for the future leaders (of the Forces) to be aware of it and be trained for it, he said.
"India can once again show to the world the path to deal with this new challenge of terrorism, and therefore be the harbinger of the new world order in the 21st century," Mr Akbar added.
He also said India is going through an internal change and reforms at social and economic fronts, which is both exciting and disturbing.
"The changes once fructified will remove the shackles, which have kept India from its emergence to its true potential in the new world order," the release quoted him as saying.
He ascribed the Indian challenge to the colonial powers almost a century ago as the start of the emergence of the present world order.
The Minister of State for External Affairs was speaking on 'India's Aspirations and Role in Emerging World Order' during a visit and interaction with the participant officers of Higher Defence Management Course (HDMC) at the College of Defence Management (CDM) in Hyderabad.
"The Indian challenge stands out, due to its own characteristic freedom struggle, based on its unique ideology of 'Satyagraha'. It coincided with the end of First World War and start of the crumble of empires.
"It led to the birth of a nation-state based on the will of the people rather than the will of the monarchs," an official release quoted him as saying.
He termed the cold war as the third world war and the fight against terrorism as the fourth one.
"The fourth world war against terrorism has taken the wars out of the control of the nation-state into the hands of non-state actors and radicals, who no longer believe in the concept of the nation-state, but believe in 'Faith-Based Spaces'," he said.
Indian Armed Forces are faced with the dilemma of fighting based on the rules of engagement with the new adversaries, who do not follow the same rules and it is for the future leaders (of the Forces) to be aware of it and be trained for it, he said.
"India can once again show to the world the path to deal with this new challenge of terrorism, and therefore be the harbinger of the new world order in the 21st century," Mr Akbar added.
He also said India is going through an internal change and reforms at social and economic fronts, which is both exciting and disturbing.
"The changes once fructified will remove the shackles, which have kept India from its emergence to its true potential in the new world order," the release quoted him as saying.
Not Focusing Only On Budget For Rail Funds: Piyush Goyal
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Aiming to fund rail expenditure through asset monetisation, Railway Minister Piyush Goyal said on Saturday he would be "satisfied" with any amount of capital allocation to the transport behemoth in the upcoming budget.
Without giving details on the budget allocation for Railways, Mr Goyal told reporters in Mumbai that he is "satisfied with whatever has been proposed (in the budget)".
"Frankly, I may may not even need all of that as we have aggressive plans on monetising some of the (Railways) assets," he said.
The Railway budget was merged with the general budget last year.
The minister said his government is planning to change some of the existing guidelines on monetising land and station assets as well as contemplating on extending the lease period from 45 years to 99 years, among others.
Speaking on the sidelines of an BSE event, he also noted that after extensive stakeholder deliberations "there is a lot of excitement among them to get involved".
"One concern developers had was regarding the approval process, so we are bringing in new guidelines to penalise ourselves (the Railways) for every day of delay in giving approvals," Goyal said.
He said the move will help build confidence among the promoters and maximise the value of the Railways and therefore not make the PSU "dependent on the Union budget".
Asked about plans to list the Indian Railways Finance Corporation (IRFC), Mr Goyal said the public sector enterprise is looking to expand its footprint in days to come into newer line of business which would help improve its valuation.
"Therefore, some of those timelines I have allowed to be delayed till the final business plans are made and finalised with Ministry of Finance and Ministry of Corporate Affairs...certain other concessions we require," Goyal said.
IRFC is a unit of the Indian Railways that helps raise financing for various other units of the transport PSU.
Without giving details on the budget allocation for Railways, Mr Goyal told reporters in Mumbai that he is "satisfied with whatever has been proposed (in the budget)".
"Frankly, I may may not even need all of that as we have aggressive plans on monetising some of the (Railways) assets," he said.
The Railway budget was merged with the general budget last year.
The minister said his government is planning to change some of the existing guidelines on monetising land and station assets as well as contemplating on extending the lease period from 45 years to 99 years, among others.
Speaking on the sidelines of an BSE event, he also noted that after extensive stakeholder deliberations "there is a lot of excitement among them to get involved".
"One concern developers had was regarding the approval process, so we are bringing in new guidelines to penalise ourselves (the Railways) for every day of delay in giving approvals," Goyal said.
He said the move will help build confidence among the promoters and maximise the value of the Railways and therefore not make the PSU "dependent on the Union budget".
Asked about plans to list the Indian Railways Finance Corporation (IRFC), Mr Goyal said the public sector enterprise is looking to expand its footprint in days to come into newer line of business which would help improve its valuation.
"Therefore, some of those timelines I have allowed to be delayed till the final business plans are made and finalised with Ministry of Finance and Ministry of Corporate Affairs...certain other concessions we require," Goyal said.
IRFC is a unit of the Indian Railways that helps raise financing for various other units of the transport PSU.
Business Affairs
GDP growth not justifiable unless benefits reach farmers, says Arun Jaitley
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Ahead of the Budget, Finance Minister Arun Jaitley today said the agriculture sector is the top priority for the government because the country's economic growth is not "justifiable and equitable" unless the benefits are "clear and evident" in the farm sector.
Therefore, the government's priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, he said at an event here.
As per latest Central Statistics Office (CSO) data, the country's economic growth is expected to slow to a four-year low of 6.5 per cent in the 2017-18 fiscal, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.
The CSO has pegged farm and allied sector growth to slow to 2.1 per cent in the current fiscal from 4.9 per cent in the preceding year.
"India is one of the fastest growing economies in the world and the growth is benefiting people in different sectors.
"But maximum population is dependent on agri-sector and unless the gains are clear and evident, the (economic) growth is not justifiable and equitable," Jaitley said after launching options trading in guarseed on NCDEX.
Among the priority areas, agriculture sector is on the top, he said. "Ensuring the benefits reach the agri-sector and growth is visible -- this is among the priority areas for us."
Jaitley further said: "We see in some places the problem of falling prices because of higher production. Farmers are not getting the price for their produce."
He said many steps have been taken in the last few years to take farmers out of this situation. "There has been some impact," he said.
Lauding the contribution of farmers, he said they have left no stone unturned to serve the nation.
They have worked hard to turn a food shortage country to a surplus now. However, due to higher production, they are now faced with falling prices, he added.
The minister also mentioned that the launch of options trading is one of the major steps taken to help farmers.
In the beginning, options trading may look like a small step but when its awareness increases in the coming days, it is will benefit farmers, he added.
Therefore, the government's priority is to ensure the gains reach the farmers and the growth is visible even in the farm sector, he said at an event here.
As per latest Central Statistics Office (CSO) data, the country's economic growth is expected to slow to a four-year low of 6.5 per cent in the 2017-18 fiscal, the lowest under the Modi-led government, mainly due to poor performance of agriculture and manufacturing sectors.
The CSO has pegged farm and allied sector growth to slow to 2.1 per cent in the current fiscal from 4.9 per cent in the preceding year.
"India is one of the fastest growing economies in the world and the growth is benefiting people in different sectors.
"But maximum population is dependent on agri-sector and unless the gains are clear and evident, the (economic) growth is not justifiable and equitable," Jaitley said after launching options trading in guarseed on NCDEX.
Among the priority areas, agriculture sector is on the top, he said. "Ensuring the benefits reach the agri-sector and growth is visible -- this is among the priority areas for us."
Jaitley further said: "We see in some places the problem of falling prices because of higher production. Farmers are not getting the price for their produce."
He said many steps have been taken in the last few years to take farmers out of this situation. "There has been some impact," he said.
Lauding the contribution of farmers, he said they have left no stone unturned to serve the nation.
They have worked hard to turn a food shortage country to a surplus now. However, due to higher production, they are now faced with falling prices, he added.
The minister also mentioned that the launch of options trading is one of the major steps taken to help farmers.
In the beginning, options trading may look like a small step but when its awareness increases in the coming days, it is will benefit farmers, he added.
WEF ranks India 30th on global manufacturing index; Japan tops the list
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The World Economic Forum (WEF) has ranked India at 30th position on a global manufacturing index -- below China's 5th place but above other BRICS peers, Brazil, Russia and South Africa.
Japan has been found to have the best structure of production in the Geneva-based WEF's first 'Readiness for the future of production report' and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.
Among BRICS nations, Russia is ranked 35th, Brazil 41st and South Africa at 45th place.
The report, which analyses development of modern industrial strategies and urges collaborative action, has categorised 100 countries into four groups -- Leading (strong current base, high level of readiness for future); High Potential (limited current base, high potential for future); Legacy (strong current base, at risk for future); or Nascent (limited current base, low level of readiness for future).
India has been placed in the 'Legacy' group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey, among others. China figures among 'leading countries', while Brazil and South Africa are in 'nascent' ones.
The 25 'leading' countries are in the best position to gain as production systems stand on the brink of exponential change, the WEF said in the report published ahead of its annual meeting in Davos, Switzerland later this month.
At the same time, no country has reached the frontier of readiness, let alone harnessed the full potential of the Fourth Industrial Revolution in production.
About India, the 5th-largest manufacturer in the world with a total manufacturing value added of over USD 420 billion in 2016, the WEF said the country's manufacturing sector has grown by over 7 per cent per year on average in the past three decades and accounts for 16-20 per cent of India's GDP.
"Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising.
"India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5," the WEF said.
It listed human capital and sustainable resources as the two key challenges for India and said the country needs to continue to raise the capabilities of its relatively young and fast-growing labour force.
This entails upgrading education curricula, revamping vocational training programmes and improving digital skills, the WEF said, while adding that India should continue to diversify its energy sources and reduce emissions as its manufacturing sector continues to expand.
It also took note of the government's 'Make in India' initiative to make the country a global manufacturing hub and of "a significant push" to improve key enablers and move towards a more connected economy with announcement of a USD 59 billion investment in infrastructure in 2017.
In terms of scale of production, India has been ranked 9th, while for complexity it is at 48th place. For market size, India is ranked 3rd, while areas where the country is ranked poorly (90th or even lower) include female participation in labour force, trade tariffs, regulatory efficiency and sustainable resources.
Overall, India is ranked better than its neighbours Sri Lanka (66th), Pakistan (74th) and Bangladesh (80th). Other countries ranked below India include Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and the UAE.
The countries ranked better than India include Singapore, Thailand, the UK, Italy, France, Malaysia, Mexico, Romania, Israel, the Netherlands, Denmark, the Philippines and Spain.
In a separate list of the countries best positioned to capitalise on the fourth industrial revolution to transform production systems, the US has been ranked on the top, followed by Singapore, Switzerland, the UK and the Netherlands in the top five. India has been ranked 44th on this list, while China is at 25th place and Russia at 43rd. However, India is ranked better than Brazil (47th) and South Africa (49th).
The report has been developed in collaboration with A T Kearney and calls for new and innovative approaches to public-private collaboration are needed to accelerate transformation.
"Every country faces challenges that cannot be solved by the private sector or public sector alone. New approaches to public-private collaboration that complement traditional models are needed to help governments quickly and effectively form partnerships that unlock new value," it added.
Japan has been found to have the best structure of production in the Geneva-based WEF's first 'Readiness for the future of production report' and is followed by South Korea, Germany, Switzerland, China, Czech Republic, the US, Sweden, Austria and Ireland in the top 10.
Among BRICS nations, Russia is ranked 35th, Brazil 41st and South Africa at 45th place.
The report, which analyses development of modern industrial strategies and urges collaborative action, has categorised 100 countries into four groups -- Leading (strong current base, high level of readiness for future); High Potential (limited current base, high potential for future); Legacy (strong current base, at risk for future); or Nascent (limited current base, low level of readiness for future).
India has been placed in the 'Legacy' group along with Hungary, Mexico, Philippines, Russia, Thailand and Turkey, among others. China figures among 'leading countries', while Brazil and South Africa are in 'nascent' ones.
The 25 'leading' countries are in the best position to gain as production systems stand on the brink of exponential change, the WEF said in the report published ahead of its annual meeting in Davos, Switzerland later this month.
At the same time, no country has reached the frontier of readiness, let alone harnessed the full potential of the Fourth Industrial Revolution in production.
About India, the 5th-largest manufacturer in the world with a total manufacturing value added of over USD 420 billion in 2016, the WEF said the country's manufacturing sector has grown by over 7 per cent per year on average in the past three decades and accounts for 16-20 per cent of India's GDP.
"Home to the second-largest population in the world and one of the fastest growing economies, the demand for Indian manufactured products is rising.
"India has room for improvement across the drivers of production, except for demand environment where is ranks in the top 5," the WEF said.
It listed human capital and sustainable resources as the two key challenges for India and said the country needs to continue to raise the capabilities of its relatively young and fast-growing labour force.
This entails upgrading education curricula, revamping vocational training programmes and improving digital skills, the WEF said, while adding that India should continue to diversify its energy sources and reduce emissions as its manufacturing sector continues to expand.
It also took note of the government's 'Make in India' initiative to make the country a global manufacturing hub and of "a significant push" to improve key enablers and move towards a more connected economy with announcement of a USD 59 billion investment in infrastructure in 2017.
In terms of scale of production, India has been ranked 9th, while for complexity it is at 48th place. For market size, India is ranked 3rd, while areas where the country is ranked poorly (90th or even lower) include female participation in labour force, trade tariffs, regulatory efficiency and sustainable resources.
Overall, India is ranked better than its neighbours Sri Lanka (66th), Pakistan (74th) and Bangladesh (80th). Other countries ranked below India include Turkey, Canada, Indonesia, New Zealand, Australia, Hong Kong, Mauritius and the UAE.
The countries ranked better than India include Singapore, Thailand, the UK, Italy, France, Malaysia, Mexico, Romania, Israel, the Netherlands, Denmark, the Philippines and Spain.
In a separate list of the countries best positioned to capitalise on the fourth industrial revolution to transform production systems, the US has been ranked on the top, followed by Singapore, Switzerland, the UK and the Netherlands in the top five. India has been ranked 44th on this list, while China is at 25th place and Russia at 43rd. However, India is ranked better than Brazil (47th) and South Africa (49th).
The report has been developed in collaboration with A T Kearney and calls for new and innovative approaches to public-private collaboration are needed to accelerate transformation.
"Every country faces challenges that cannot be solved by the private sector or public sector alone. New approaches to public-private collaboration that complement traditional models are needed to help governments quickly and effectively form partnerships that unlock new value," it added.
'India to post average GDP growth of 7.3 per cent over 2020-22'
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The Indian economy is expected to witness an average GDP growth of 7.3 per cent over 2020-22, says a Morgan Stanley research report.
According to the global financial services major, the structural growth story in India remains strong from a medium term perspective.
"The uptick in the private capex cycle, which we anticipate will begin in 2018, will ensure that the economy enters into a sustained and productive growth cycle," Morgan Stanley said in a research note, adding that over 2020-22, it expects the economy to post an average GDP growth of 7.3 per cent.
Moreover, the overall policy mix will also remain supportive of a further improvement in productivity, which will help keep macro stability risks limited, it added.
The global brokerage expects recovery in private capital spending in 2018 which will aid in overall economic recovery.
Moreover, corporate returns expectations and balance sheet fundamentals are also improving, and a strengthening financial system will be able to meet investment credit demand.
"This sets the stage for a fully fledged recovery in 2018, and we expect real GDP growth to accelerate from 6.4 per cent in 2017 to 7.5 per cent in 2018 and further to 7.7 per cent in 2019," it said.
On prices, the report said the cyclical growth recovery and normalising food prices are expected to drive a pick-up in headline inflation.
"Against the backdrop of a better macro outlook, we expect the RBI to hike in the second half of fiscal year 2019," it added.
The Reserve Bank in its fifth bi-monthly review of this fiscal kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent while raising the inflation forecast for the remainder of 2017-18 to 4.3-4.7 per cent.
According to the global financial services major, the structural growth story in India remains strong from a medium term perspective.
"The uptick in the private capex cycle, which we anticipate will begin in 2018, will ensure that the economy enters into a sustained and productive growth cycle," Morgan Stanley said in a research note, adding that over 2020-22, it expects the economy to post an average GDP growth of 7.3 per cent.
Moreover, the overall policy mix will also remain supportive of a further improvement in productivity, which will help keep macro stability risks limited, it added.
The global brokerage expects recovery in private capital spending in 2018 which will aid in overall economic recovery.
Moreover, corporate returns expectations and balance sheet fundamentals are also improving, and a strengthening financial system will be able to meet investment credit demand.
"This sets the stage for a fully fledged recovery in 2018, and we expect real GDP growth to accelerate from 6.4 per cent in 2017 to 7.5 per cent in 2018 and further to 7.7 per cent in 2019," it said.
On prices, the report said the cyclical growth recovery and normalising food prices are expected to drive a pick-up in headline inflation.
"Against the backdrop of a better macro outlook, we expect the RBI to hike in the second half of fiscal year 2019," it added.
The Reserve Bank in its fifth bi-monthly review of this fiscal kept the repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent while raising the inflation forecast for the remainder of 2017-18 to 4.3-4.7 per cent.
Shoppers Stop allots Rs 179.26-crore shares to Amazon investment arm
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Retail chain Shoppers Stop today said it has allotted 5 per shares worth Rs 179.26 crore to Amazon.com NV Investment Holdings LLC, an investment arm of Amazon.com.
According to a BSE filing by the company, it has issued of 43,95,925 equity shares of Rs 5 each at a price of Rs 407.78 per equity share, aggregating around Rs 179.26 crore, to Amazon.com NV Investment Holdings LLC.
The private placement committee of Shoppers Stop at its meeting held on January 12 had approved the allotment of the equity shares.
The company had entered into an agreement with Amazon.com Investment Holdings LLC in September for the purpose of issuing equity shares on a preferential basis.
As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace.
The two companies have an existing partnership since 2016 under which Shoppers Stops private and exclusive brands (Stop, Kashish, Haute Curry, RS by Rocky Star) have been listed on the Amazon marketplace.
Further, as per details of the deal disclosed by the two companies, Shoppers Stop will now have a flagship store on Amazon.in where it will list its entire portfolio of over 400 across categories such as apparel, footwear, beauty and accessories.
According to a BSE filing by the company, it has issued of 43,95,925 equity shares of Rs 5 each at a price of Rs 407.78 per equity share, aggregating around Rs 179.26 crore, to Amazon.com NV Investment Holdings LLC.
The private placement committee of Shoppers Stop at its meeting held on January 12 had approved the allotment of the equity shares.
The company had entered into an agreement with Amazon.com Investment Holdings LLC in September for the purpose of issuing equity shares on a preferential basis.
As part of the deal, Shoppers Stop will have an exclusive flagship store on the Amazon marketplace.
The two companies have an existing partnership since 2016 under which Shoppers Stops private and exclusive brands (Stop, Kashish, Haute Curry, RS by Rocky Star) have been listed on the Amazon marketplace.
Further, as per details of the deal disclosed by the two companies, Shoppers Stop will now have a flagship store on Amazon.in where it will list its entire portfolio of over 400 across categories such as apparel, footwear, beauty and accessories.
Air India stake sale: Govt mulls absorbing employees in PSUs
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The government is exploring options of absorbing Air India employees in public sector enterprises and voluntary retirement package as it moves ahead with the airline's disinvestment amid stiff opposition from worker unions, sources said.
While foreign direct investment of up to 49 per cent has been allowed in the debt-laden carrier, efforts are on to ensure a smooth strategic disinvestment and a group of ministers are weighing various options.
Air India, estimated to have a debt burden of more than Rs 50,000 crore, is staying afloat on taxpayers' money and the divestment plan is aimed at reviving the airline's fortunes.
Sources in the know said the government is mulling providing airline employees the option of joining public sector companies.
The possibility of having a VRS package is also under consideration, sources said while adding that a final decision is yet to be made.
"Various options are under consideration to protect the interests of the employees," Civil Aviation Secretary R N Choubey told PTI.
His response came to queries on whether the government is looking at giving Air India employees the option to join public sector firms apart from extending VRS package.
Air India and its subsidiaries have around 29,000 employees, including those on contract.
A group of ministers is in the process of finalising the modalities for the proposed strategic stake sale and expression of interest is likely to be invited from bidders soon.
Various Air India unions are opposed to the divestment plan.
On January 10, the government allowed overseas entities, including foreign airlines, to own up to 49 per cent stake under the approval route in Air India subject to certain conditions.
"Substantial ownership and effective control of Air India shall continue to be vested in an Indian national," the government had said.
Civil Aviation Minister Ashok Gajapathi Raju had said permitting 49 per cent foreign direct investment in Air India brings the airline at par with other domestic carriers and does away with the preferential treatment that was extended to the national carrier.
The move has also been opposed by the Centre of Indian Trade Unions (CITU) and RSS-affiliated Swadeshi Jagaran Manch, among others.
Meanwhile, a parliamentary panel is likely to suggest that Air India should be given at least five years for revival.
The Parliamentary Standing Committee on Transport, Tourism and Culture concluded that the government should review its decision to privatise or disinvest Air India and explore the possibility of "an alternative to disinvestment of our national carrier which is our national pride".
Under a turnaround plan approved by the previous UPA regime, Air India is to receive up to Rs 30,231 crore from the government subject to meeting certain performance thresholds.
While foreign direct investment of up to 49 per cent has been allowed in the debt-laden carrier, efforts are on to ensure a smooth strategic disinvestment and a group of ministers are weighing various options.
Air India, estimated to have a debt burden of more than Rs 50,000 crore, is staying afloat on taxpayers' money and the divestment plan is aimed at reviving the airline's fortunes.
Sources in the know said the government is mulling providing airline employees the option of joining public sector companies.
The possibility of having a VRS package is also under consideration, sources said while adding that a final decision is yet to be made.
"Various options are under consideration to protect the interests of the employees," Civil Aviation Secretary R N Choubey told PTI.
His response came to queries on whether the government is looking at giving Air India employees the option to join public sector firms apart from extending VRS package.
Air India and its subsidiaries have around 29,000 employees, including those on contract.
A group of ministers is in the process of finalising the modalities for the proposed strategic stake sale and expression of interest is likely to be invited from bidders soon.
Various Air India unions are opposed to the divestment plan.
On January 10, the government allowed overseas entities, including foreign airlines, to own up to 49 per cent stake under the approval route in Air India subject to certain conditions.
"Substantial ownership and effective control of Air India shall continue to be vested in an Indian national," the government had said.
Civil Aviation Minister Ashok Gajapathi Raju had said permitting 49 per cent foreign direct investment in Air India brings the airline at par with other domestic carriers and does away with the preferential treatment that was extended to the national carrier.
The move has also been opposed by the Centre of Indian Trade Unions (CITU) and RSS-affiliated Swadeshi Jagaran Manch, among others.
Meanwhile, a parliamentary panel is likely to suggest that Air India should be given at least five years for revival.
The Parliamentary Standing Committee on Transport, Tourism and Culture concluded that the government should review its decision to privatise or disinvest Air India and explore the possibility of "an alternative to disinvestment of our national carrier which is our national pride".
Under a turnaround plan approved by the previous UPA regime, Air India is to receive up to Rs 30,231 crore from the government subject to meeting certain performance thresholds.
General Awareness
Indian culture will cover the salient aspects of Art Forms, Literature and Architecture from ancient to modern times.
Indian harvest festivals
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Context: The Harvest season is on and festivities have gripped the nation from the north to down south.
Various festivals across the nation:
Makar Sankranti: The festival of Makar Sankranti is being celebrated today when the Sun enters the Makar zodiac and the days begin to lengthen compared to nights.
Pongal: In South India and particularly in Tamil Nadu, it’s the festival of Pongal which is being celebrated over 4 days at harvest time.
Magha Bihu: In Assam and many parts of the North East, the festival of Magha Bihu is celebrated. It sees the first harvest of the season being offered to the gods along with prayers for peace and prosperity. People in Assam celebrate this festival wearing colourful and bright clothes.
Uttarayan: Gujarat celebrates it in the form of the convivial kite festival of Uttarayan.
Maghi: In Punjab, Makar Sankranti is celebrated as Maghi. Bathing in a river in the early hours on Maghi is important.
Saaji: In Shimla District of Himachal Pradesh, Makara Sankranti is known as Magha Saaji. Saaji is the Pahari word for Sakranti, start of the new month. Hence this day marks the start of the month of Magha.
Kicheri: The festival is known as Kicheri in Uttar Pradesh and involves ritual bathing.
Various festivals across the nation:
Makar Sankranti: The festival of Makar Sankranti is being celebrated today when the Sun enters the Makar zodiac and the days begin to lengthen compared to nights.
Pongal: In South India and particularly in Tamil Nadu, it’s the festival of Pongal which is being celebrated over 4 days at harvest time.
Magha Bihu: In Assam and many parts of the North East, the festival of Magha Bihu is celebrated. It sees the first harvest of the season being offered to the gods along with prayers for peace and prosperity. People in Assam celebrate this festival wearing colourful and bright clothes.
Uttarayan: Gujarat celebrates it in the form of the convivial kite festival of Uttarayan.
Maghi: In Punjab, Makar Sankranti is celebrated as Maghi. Bathing in a river in the early hours on Maghi is important.
Saaji: In Shimla District of Himachal Pradesh, Makara Sankranti is known as Magha Saaji. Saaji is the Pahari word for Sakranti, start of the new month. Hence this day marks the start of the month of Magha.
Kicheri: The festival is known as Kicheri in Uttar Pradesh and involves ritual bathing.
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