General Affairs
Attempt At De-escalation As India, Pak Top Military Officers Talk
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Amidst escalation of hostilities by Pakistan at the international border and Line of Control, the top military officers of India and Pakistan spoke to each other today after a month. The hotline was initiated by Pakistan's Director General of Military Operations (DGMO) at 6 pm.
The prevailing situation along the Line of Control and the international border in Jammu and Kashmir was reviewed, the army said in a statement.
In the last fortnight, at least 12 people have been killed in the Jammu region in Pakistani shelling and firing. That includes 10 civilians, among them an eight-month-old, and two jawans of the Border Security Force (BSF). Over 40,000 border residents have been moved to safer areas, many of them to shelter camps.
There have been 1252 ceasefire violations by Pakistan this year, said a press release issued by the government yesterday.
"Both the officers agreed to fully implement the ceasefire understanding of 2003 in letter and spirit forthwith and to ensure that henceforth the ceasefire will not be violated by both sides, the army statement said after today's telephonic talks between the top military officers.
It was also mutually agreed that restraint will be exercised and if there's any issue it will be resolved through existing mechanisms of hotline contacts and border flag meetings by commanders on the ground.
The home ministry has already approved over Rs. 400 crore for speeding up construction of over 14,000 bunkers in five districts of Jammu and Kashmir to protect border residents from Pakistani shelling.
The prevailing situation along the Line of Control and the international border in Jammu and Kashmir was reviewed, the army said in a statement.
In the last fortnight, at least 12 people have been killed in the Jammu region in Pakistani shelling and firing. That includes 10 civilians, among them an eight-month-old, and two jawans of the Border Security Force (BSF). Over 40,000 border residents have been moved to safer areas, many of them to shelter camps.
There have been 1252 ceasefire violations by Pakistan this year, said a press release issued by the government yesterday.
"Both the officers agreed to fully implement the ceasefire understanding of 2003 in letter and spirit forthwith and to ensure that henceforth the ceasefire will not be violated by both sides, the army statement said after today's telephonic talks between the top military officers.
It was also mutually agreed that restraint will be exercised and if there's any issue it will be resolved through existing mechanisms of hotline contacts and border flag meetings by commanders on the ground.
The home ministry has already approved over Rs. 400 crore for speeding up construction of over 14,000 bunkers in five districts of Jammu and Kashmir to protect border residents from Pakistani shelling.
No Chance Of Win At Centre When Rahul Gandhi Will Lose Amethi: Smriti Irani
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Mocking the Congress's claims of coming back to power, Union Minister Smriti Irani today predicted the party's president Rahul Gandhi would not be able to even secure his Lok Sabha constituency in the 2019 general elections.
Ms Irani, who was in Shillong to attend the convocation ceremony of the National Institute of Fashion Technology (NIFT), addressed media persons on the sidelines of the event.
"In Amethi, he (Rahul) lost every Assembly seat, every local election in the past four years. What could be his chances of coming to power at the Centre when he is guaranteed to lose election in his own constituency," the Union Textile Minister said here.
The UPA government left behind a 48-year-old legacy of apathy, she said.
"This is 48-year-old legacy of apathy of one family versus 48 months of good governance under (Prime Minister) Narendra Modi," Ms Irani claimed.
The minister also said that the NDA government, after coming to power, had to handle the scams and cope with the debts incurred by the erstwhile Congress government.
"I would like to remind you that when we came to power and got the opportunity to serve people, the economic condition of the country was poor. The government had to address the financial challenges in every sector, especially pertaining to the scams and debts of the UPA rule," she said.
The NDA government, on the other hand, ensured that the social needs of the people are met with, under all circumstances, she asserted.
The Congress is "frustrated" as the family, which was at the helm of affairs for the past 60 years, has been losing every election over the last four years, Ms Irani said in an apparent dig at the Gandhi family.
"Rahul Gandhi, who did not even open a district collector's office in his constituency, is giving speeches about development," the minister said.
Skipping direct questions on fuel price hike and black money recovery, Mr Irani assured people that her colleagues in the government and party president Amit Shah would offer a "time-bound solution" soon.
The Textile Minister also alleged that the former Congress government, during its tenure, had neglected the weavers, most of whom hail from the northeastern region.
"The government now pays 75 per cent of the education fees for weavers' family. Every state now has textile manufacturing units, which were set up within two years," she said.
Ms Irani, who was in Shillong to attend the convocation ceremony of the National Institute of Fashion Technology (NIFT), addressed media persons on the sidelines of the event.
"In Amethi, he (Rahul) lost every Assembly seat, every local election in the past four years. What could be his chances of coming to power at the Centre when he is guaranteed to lose election in his own constituency," the Union Textile Minister said here.
The UPA government left behind a 48-year-old legacy of apathy, she said.
"This is 48-year-old legacy of apathy of one family versus 48 months of good governance under (Prime Minister) Narendra Modi," Ms Irani claimed.
The minister also said that the NDA government, after coming to power, had to handle the scams and cope with the debts incurred by the erstwhile Congress government.
"I would like to remind you that when we came to power and got the opportunity to serve people, the economic condition of the country was poor. The government had to address the financial challenges in every sector, especially pertaining to the scams and debts of the UPA rule," she said.
The NDA government, on the other hand, ensured that the social needs of the people are met with, under all circumstances, she asserted.
The Congress is "frustrated" as the family, which was at the helm of affairs for the past 60 years, has been losing every election over the last four years, Ms Irani said in an apparent dig at the Gandhi family.
"Rahul Gandhi, who did not even open a district collector's office in his constituency, is giving speeches about development," the minister said.
Skipping direct questions on fuel price hike and black money recovery, Mr Irani assured people that her colleagues in the government and party president Amit Shah would offer a "time-bound solution" soon.
The Textile Minister also alleged that the former Congress government, during its tenure, had neglected the weavers, most of whom hail from the northeastern region.
"The government now pays 75 per cent of the education fees for weavers' family. Every state now has textile manufacturing units, which were set up within two years," she said.
As Pranab Mukherjee Heads To RSS Meet, His Secret Role Emerges
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He is a former president but with the invite to be chief guest at an RSS event next month, Pranab Mukherjee has sent out signals that he is not a write-off just yet. While many are stumped in the Congress party, the move is seen as a clear indication that Citizen Mukherjee -- as he calls himself on Twitter -- is asserting an identity independent of the Congress, his party of over five decades.
Politicians across party lines who confirmed that the 82-year-old is playing a significant role in bringing non-Congress, non-BJP leaders together to form an alternative front ahead of 2019. Some of those leaders went as far as to pitch the former president as a potential prime ministerial candidate in 2019. They point to talks that Mr Mukherjee has been having with political leaders who have met him at his official bungalow in Delhi.
It all goes back to a low-key meeting held in Bhubaneswar in January at the home of Odisha Chief Minister Naveen Patnaik, the chief of the Biju Janata Dal (BJD). Mr Patnaik had invited the leaders for the launch of a biography of his father Biju Patnaik. Unlike other high-profile dinners hosted recently by Sonia Gandhi or NCP leader Sharad Pawar, this one was revealed in a tweet showing Pranab Mukherjee, Janata Dal Secular's Deve Gowda, Left leader Sitaram Yechury and BJP veteran LK Advani having lunch with Mr Patnaik.
Many others say the starting point was a much earlier meeting at Rashtrapati Bhawan last year when Chief Minister Patnaik had lunch with Pranab Mukherjee and then they dialled another "Third Front" player, Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee.
Since it involves a former president, none of the leaders spoke to wanted to speak on record. But key leaders in the Congress, BJP, Trinamool and the BJD have confirmed the developments.
"He is very political and he may be the only one with the stature to match Prime Minister Narendra Modi," said a BJD MP. "And he is open to playing a key role as a non-NDA pole position," he added.
Often described as the "prime minister India never had", Mr Mukherjee has documented how he was passed over for the job in 2004 in his book The Coalition Years. He shares that he thought then Congress president Sonia Gandhi would choose him and send Manmohan Singh to Rashtrapati Bhawan (as president).
"I returned with a vague impression that she might wish to consider Manmohan Singh as the UPA presidential nominee. I thought that if she selected Singh for the presidential office, she may choose me as the prime minister. I had heard a rumour that she had given this formulation serious thought while on a holiday in the Kaushambi Hills." That didn't happen. But this was not the first let-down in his years in the Congress.
The veteran Congressman had to spend some years away from the party after a falling out with Rajiv Gandhi in the aftermath of Indira Gandhi's death in 1984. Many say it was prompted by the fact that when Rajiv Gandhi asked who was most senior in the party to take over after his mother's assassination, Mr Mukherjee's name came up. Mr Mukherjee has declared stories that he aspired to be interim PM "false and spiteful".
In 2012, when his name was first proposed for President, it was Mamata Banerjee who swung it for him, backed also by the Shiv Sena in Maharashtra. Significantly, Ms Banerjee along with MPs of other parties including from the Shiv Sena marched to the Rashtrapati Bhavan on 16 November 2016, in a protest against demonetisation.
"It is Pranab Mukherjee who held Bengal politics together for decades and it is because of him that the Trinamool Congress and Mamata Banerjee evolved," said a senior Bengal leader, explaining the bond between Mamata Banerjee and the former president.
A senior BJP minister tracking the developments with interest believes Ms Banerjee's recent overtures to the Telangana Rashtra Samiti (TRS) of K Chandrasekhara Rao are also backed by Mr Mukherjee. "Whatever Mamata is doing is on behalf of Pranab Mukherjee," he said. "They are trying to create a front that will determine India's future in the next five years. The idea is that one of them will be prime minister."
Politicians across party lines who confirmed that the 82-year-old is playing a significant role in bringing non-Congress, non-BJP leaders together to form an alternative front ahead of 2019. Some of those leaders went as far as to pitch the former president as a potential prime ministerial candidate in 2019. They point to talks that Mr Mukherjee has been having with political leaders who have met him at his official bungalow in Delhi.
It all goes back to a low-key meeting held in Bhubaneswar in January at the home of Odisha Chief Minister Naveen Patnaik, the chief of the Biju Janata Dal (BJD). Mr Patnaik had invited the leaders for the launch of a biography of his father Biju Patnaik. Unlike other high-profile dinners hosted recently by Sonia Gandhi or NCP leader Sharad Pawar, this one was revealed in a tweet showing Pranab Mukherjee, Janata Dal Secular's Deve Gowda, Left leader Sitaram Yechury and BJP veteran LK Advani having lunch with Mr Patnaik.
Many others say the starting point was a much earlier meeting at Rashtrapati Bhawan last year when Chief Minister Patnaik had lunch with Pranab Mukherjee and then they dialled another "Third Front" player, Bengal Chief Minister and Trinamool Congress chief Mamata Banerjee.
Since it involves a former president, none of the leaders spoke to wanted to speak on record. But key leaders in the Congress, BJP, Trinamool and the BJD have confirmed the developments.
"He is very political and he may be the only one with the stature to match Prime Minister Narendra Modi," said a BJD MP. "And he is open to playing a key role as a non-NDA pole position," he added.
Often described as the "prime minister India never had", Mr Mukherjee has documented how he was passed over for the job in 2004 in his book The Coalition Years. He shares that he thought then Congress president Sonia Gandhi would choose him and send Manmohan Singh to Rashtrapati Bhawan (as president).
"I returned with a vague impression that she might wish to consider Manmohan Singh as the UPA presidential nominee. I thought that if she selected Singh for the presidential office, she may choose me as the prime minister. I had heard a rumour that she had given this formulation serious thought while on a holiday in the Kaushambi Hills." That didn't happen. But this was not the first let-down in his years in the Congress.
The veteran Congressman had to spend some years away from the party after a falling out with Rajiv Gandhi in the aftermath of Indira Gandhi's death in 1984. Many say it was prompted by the fact that when Rajiv Gandhi asked who was most senior in the party to take over after his mother's assassination, Mr Mukherjee's name came up. Mr Mukherjee has declared stories that he aspired to be interim PM "false and spiteful".
In 2012, when his name was first proposed for President, it was Mamata Banerjee who swung it for him, backed also by the Shiv Sena in Maharashtra. Significantly, Ms Banerjee along with MPs of other parties including from the Shiv Sena marched to the Rashtrapati Bhavan on 16 November 2016, in a protest against demonetisation.
"It is Pranab Mukherjee who held Bengal politics together for decades and it is because of him that the Trinamool Congress and Mamata Banerjee evolved," said a senior Bengal leader, explaining the bond between Mamata Banerjee and the former president.
A senior BJP minister tracking the developments with interest believes Ms Banerjee's recent overtures to the Telangana Rashtra Samiti (TRS) of K Chandrasekhara Rao are also backed by Mr Mukherjee. "Whatever Mamata is doing is on behalf of Pranab Mukherjee," he said. "They are trying to create a front that will determine India's future in the next five years. The idea is that one of them will be prime minister."
Amit Shah Meets Ex-Army Chief, Kicks Off BJP's Outreach Programme
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Bharatiya Janata Party (BJP) President Amit Shah on Tuesday launched a massive "Sampark se Samarthan" (contact for support) personal outreach programme to highlight the achievements of the Narendra Modi-led government in the last four years.
Mr Shah met former Army Chief General Dalbir Singh Suhag at his residence in Delhi's Mandir Marg and kicked off the programme. He handed Mr Suhag a few booklets on the achievements of the Modi government.
The BJP chief tweeted: "Launched the nationwide campaign 'Sampark for Samarthan', a door-to-door initiative aimed at making people aware of the transformative initiatives undertaken by Prime Minister Narendra Modiji's government in the last four year."
He was earlier scheduled to launch the contact programme from Mr Suhag's residence in Haryana's Gurugram, but that was cancelled at the last minute, a party official said.
Mr Shah would personally meet at least 50 eminent personalities to enlighten them about the BJP-led National Democratic Alliance government's achievements.
It is part of the party's effort to reach out to maximum number of people ahead of the 2019 Lok Sabha polls.
The Bharatiya Janata Party launched the contact programme after completing four years of the NDA rule at the centre.
About 4,000 senior party workers, including Union Ministers, Chief Ministers and Deputy Chief Ministers of states, would carry out the campaign to meet more than one lakh well-known personalities to discuss the Modi government's achievements.
Besides, parliamentarians, legislators, District Panchayat members and senior office bearers will also pitch in.
PM Modi, also as part of the campaign, addressed beneficiaries of the Ujjwala Yojana and Mudra Yojana on Monday and Tuesday respectively, through the NaMo app.
Mr Shah met former Army Chief General Dalbir Singh Suhag at his residence in Delhi's Mandir Marg and kicked off the programme. He handed Mr Suhag a few booklets on the achievements of the Modi government.
The BJP chief tweeted: "Launched the nationwide campaign 'Sampark for Samarthan', a door-to-door initiative aimed at making people aware of the transformative initiatives undertaken by Prime Minister Narendra Modiji's government in the last four year."
He was earlier scheduled to launch the contact programme from Mr Suhag's residence in Haryana's Gurugram, but that was cancelled at the last minute, a party official said.
Mr Shah would personally meet at least 50 eminent personalities to enlighten them about the BJP-led National Democratic Alliance government's achievements.
It is part of the party's effort to reach out to maximum number of people ahead of the 2019 Lok Sabha polls.
The Bharatiya Janata Party launched the contact programme after completing four years of the NDA rule at the centre.
About 4,000 senior party workers, including Union Ministers, Chief Ministers and Deputy Chief Ministers of states, would carry out the campaign to meet more than one lakh well-known personalities to discuss the Modi government's achievements.
Besides, parliamentarians, legislators, District Panchayat members and senior office bearers will also pitch in.
PM Modi, also as part of the campaign, addressed beneficiaries of the Ujjwala Yojana and Mudra Yojana on Monday and Tuesday respectively, through the NaMo app.
Re-Polling Tomorrow In 73 Polling Stations In UP's Kairana
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Re-polling will take place in 73 polling stations in Uttar Pradesh's Kairana and 49 polling stations in Bhandara Gondia in Maharashtra, the Election Commission has said, after widespread failure of the machines in Monday's by-elections.
Nearly 10 per cent of the 10,300 VVPAT, or Voter Verifiable Paper Audit Trail machines, used in Monday's by-elections across 10 states had developed faults and had to be replaced.
The proportion of VVPAT machines that had to be replaced, however, was as high as 20 per cent in the high-stakes by-elections to the Lok Sabha seats in Kairana and Bhandara Gondia.
Chief Election Commissioner OP Rawat insists that there was no problem in the electronic voting machines yesterday. "There is no problem with EVMs. Problem was with VVPAT. The VVPATs machines used in these elections are new and used first time," Chief Election Commissioner OP Rawat told NDTV.
The commission had yesterday said placing the VVPAT machines under direct light, mishandling and extreme heat could have been responsible for the high failure rate.
"If VVPATs are kept directly under light it creates a problem," Mr Rawat added.
To the opposition's demands of ditching EVMs and going back to ballot papers, Mr Rawat said that would not be possible. "2019 Parliament elections will be held with VVPATs and three won't be any problems," he said.
The Kairana Lok Sabha bypoll is significant as it is seen as testing grounds for opposition unity against the state's ruling BJP.
In Kairana, the Rashtriya Lok Dal (RLD), whose candidate Tabassum Hasan is backed by various opposition parties, complained to the Election Commission that Electronic Voting Machines (EVMS) and VVPAT or Voter Verifiable Paper Audit Trail --- which eject slips to confirm to voters that their choices have been recorded correctly --- had malfunctioned in 175 booths.
According to the Election Commission, there are 16.09 lakh voters in Kairana and 54 per cent had turned out to vote on Monday.
Nearly 10 per cent of the 10,300 VVPAT, or Voter Verifiable Paper Audit Trail machines, used in Monday's by-elections across 10 states had developed faults and had to be replaced.
The proportion of VVPAT machines that had to be replaced, however, was as high as 20 per cent in the high-stakes by-elections to the Lok Sabha seats in Kairana and Bhandara Gondia.
Chief Election Commissioner OP Rawat insists that there was no problem in the electronic voting machines yesterday. "There is no problem with EVMs. Problem was with VVPAT. The VVPATs machines used in these elections are new and used first time," Chief Election Commissioner OP Rawat told NDTV.
The commission had yesterday said placing the VVPAT machines under direct light, mishandling and extreme heat could have been responsible for the high failure rate.
"If VVPATs are kept directly under light it creates a problem," Mr Rawat added.
To the opposition's demands of ditching EVMs and going back to ballot papers, Mr Rawat said that would not be possible. "2019 Parliament elections will be held with VVPATs and three won't be any problems," he said.
The Kairana Lok Sabha bypoll is significant as it is seen as testing grounds for opposition unity against the state's ruling BJP.
In Kairana, the Rashtriya Lok Dal (RLD), whose candidate Tabassum Hasan is backed by various opposition parties, complained to the Election Commission that Electronic Voting Machines (EVMS) and VVPAT or Voter Verifiable Paper Audit Trail --- which eject slips to confirm to voters that their choices have been recorded correctly --- had malfunctioned in 175 booths.
According to the Election Commission, there are 16.09 lakh voters in Kairana and 54 per cent had turned out to vote on Monday.
Business Affairs
Sterlite protests: Vedanta's Anil Agarwal dismisses environmental concerns, says firm ready for probe
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The Tamil Nadu Pollution Control Board's decision to permanently close the Vedanta Group's copper plant in Tuticorin following the protests and subsequent is likely to have far-reaching economic fallout. The closure of the Sterlite Copper plant will not only hurt one third of domestic supply but will also lead to a temporary spurt in domestic prices, costing India around $2.8 billion in forex annually. As Vedanta's copper smelter serves over 800 small and medium enterprises, over 32,500 direct and indirect jobs could be affected. The company says the decision to shut down the plant would make India a net importer of copper. The state government has endorsed the board's decision, and also asked it to close the plant permanently, but the company is deciding on the future course of action. Vedanta Chairman Anil Agarwal, in an e-mail interview with BusinessToday.In talked about the allegations against the facility, and how the company plans to handle the situation.
The Tamil Nadu government has shut the Tuticorin plant "in public interest" according to the closure notice. What was you first reaction when you heard about this notice?
Closure of Sterlite Copper plant is an unfortunate development, especially since we have operated the plant for over 22 years in most transparent and sustainable way, contributing to the Tuticorin and the state's socio-economic development. We will decide on the future course of action.
Now that the plant is shut, what's your next course of action? How do you plan to deal with the current crisis?
We will decide on the future course of action, in due time.
There are multiple allegations of violation of environmental norms against the facility. How do you plan to address these allegations?
Sterlite Copper is among the best copper smelters in the world in terms of environmental practices and the entire plant complex uses the best in class technologies from around the world. We have invested more than Rs 500 crore in environmental protection measures which is among the highest spend by any industry standard.
We have the confidence to undergo scrutiny by any technical committee and prove to the people that all the allegations related to health concerns were done with mala fide intentions.
The exemption from environmental clearance in the SIPCOT facility is alleged to have been a case of gross favouritism?
Any industrial/land policy applies that to Sterlite will also apply to other industries in the state or the country. It is worth noting that Sterlite Copper has been subject to various stringent regulations like zero liquid discharge wherein not a single drop of waste water can be let out of the company premises whereas various other industries are allowed to let out their effluents. So it is baseless to state that Sterlite was in receipt of gross favaouritism.
Natives there say the effluents are causing cancer and other diseases?
We follow stringent environment norms. We have enough data and research reports to prove that none of the allegations are true. We are also open to scrutiny by any independent technical committee either from India or from any part of the world to prove that Sterlite Copper is among the best smelters in the world with world class environmental practices.
Vedanta is committed to sustainable operations across all business units. The company holds strong values and abides by every rule and regulation laid out by authorities while developing our assets. We sincerely follow zero harm, zero discharge and zero waste policy across units.
The protests against Sterlite Copper have taken a political hue. What do you think is fueling this?
We have strong reason to believe that the current protests are being orchestrated by anti-developmental activists.
Vedanta and Sterlite have faced similar protests from environmentalists in Niyamgiri as well as in Goa. How are these any different? And is there any correlation between these?
We are the only resources (mining) company in India. Secondly, we are the only company listed there and listed outside (LSE). And we have been openly championing about our country's natural resources and not depend on imported coal, or iron ore, copper, crude oil.
In the past too, other companies such as Tata, Maruti, Hindalco etc have faced such events. Unfortunately, misinformation spread by vested interests gets taken on the face value by the public at large, leading to such incidents. But it becomes dangerous when anti-social elements masquerade as activists.
You have mentioned foreign hands behind the protests. Who are you referring to? Can you name them?
We will leave it to the government authorities to conduct a detailed investigation into the forces behind the protests.
Do you plan to restart the plant at all now? Or, is there a plan to shift this plant elsewhere?
The need of the hour is the restore peace to the city of Thoothukudi and show our solidarity with the families that lost their loved ones in the violence. The company will decide on the future course of action after looking at all available options.
The second plant is also under scanner with allegations of non-compliance. Will you consider shifting the second plant to another location?
The company will decide on the future course of action after looking at all available options.
Most political parties have jumped into the fray. And all of them seem to be opposing the plant. How are you planning to handle this?
My request is to keep business away from politics. All over the world, successful economies don't mix politics with business. Having said that, it is very important for the government to get to the bottom of this episode.
The protests had been brewing for some time. Did you anticipate it would become violent and lead to a closure?
It is unfortunate what happened about 5 km away from our plants. When we had the information that something like this was being planned for the 22nd, we reached out to the court and the court was quick to inform the local administration for it to be prepared which led to the imposition of section 144 in the area.
Have you had any dialogue with protesters before and after the incident? What have been their primary demands?
Even before these protests started, the company followed the practice to invite people from various walks of life to visit our factory and witness first hand, the best practices adopted and in the same lines we had even extended the invitation to several activists and leaders but none of them visited. We are open to meeting and clarifying the doubts of the people of Thoothukudi about any aspect of the company's operations.
The Tamil Nadu government has shut the Tuticorin plant "in public interest" according to the closure notice. What was you first reaction when you heard about this notice?
Closure of Sterlite Copper plant is an unfortunate development, especially since we have operated the plant for over 22 years in most transparent and sustainable way, contributing to the Tuticorin and the state's socio-economic development. We will decide on the future course of action.
Now that the plant is shut, what's your next course of action? How do you plan to deal with the current crisis?
We will decide on the future course of action, in due time.
There are multiple allegations of violation of environmental norms against the facility. How do you plan to address these allegations?
Sterlite Copper is among the best copper smelters in the world in terms of environmental practices and the entire plant complex uses the best in class technologies from around the world. We have invested more than Rs 500 crore in environmental protection measures which is among the highest spend by any industry standard.
We have the confidence to undergo scrutiny by any technical committee and prove to the people that all the allegations related to health concerns were done with mala fide intentions.
The exemption from environmental clearance in the SIPCOT facility is alleged to have been a case of gross favouritism?
Any industrial/land policy applies that to Sterlite will also apply to other industries in the state or the country. It is worth noting that Sterlite Copper has been subject to various stringent regulations like zero liquid discharge wherein not a single drop of waste water can be let out of the company premises whereas various other industries are allowed to let out their effluents. So it is baseless to state that Sterlite was in receipt of gross favaouritism.
Natives there say the effluents are causing cancer and other diseases?
We follow stringent environment norms. We have enough data and research reports to prove that none of the allegations are true. We are also open to scrutiny by any independent technical committee either from India or from any part of the world to prove that Sterlite Copper is among the best smelters in the world with world class environmental practices.
Vedanta is committed to sustainable operations across all business units. The company holds strong values and abides by every rule and regulation laid out by authorities while developing our assets. We sincerely follow zero harm, zero discharge and zero waste policy across units.
The protests against Sterlite Copper have taken a political hue. What do you think is fueling this?
We have strong reason to believe that the current protests are being orchestrated by anti-developmental activists.
Vedanta and Sterlite have faced similar protests from environmentalists in Niyamgiri as well as in Goa. How are these any different? And is there any correlation between these?
We are the only resources (mining) company in India. Secondly, we are the only company listed there and listed outside (LSE). And we have been openly championing about our country's natural resources and not depend on imported coal, or iron ore, copper, crude oil.
In the past too, other companies such as Tata, Maruti, Hindalco etc have faced such events. Unfortunately, misinformation spread by vested interests gets taken on the face value by the public at large, leading to such incidents. But it becomes dangerous when anti-social elements masquerade as activists.
You have mentioned foreign hands behind the protests. Who are you referring to? Can you name them?
We will leave it to the government authorities to conduct a detailed investigation into the forces behind the protests.
Do you plan to restart the plant at all now? Or, is there a plan to shift this plant elsewhere?
The need of the hour is the restore peace to the city of Thoothukudi and show our solidarity with the families that lost their loved ones in the violence. The company will decide on the future course of action after looking at all available options.
The second plant is also under scanner with allegations of non-compliance. Will you consider shifting the second plant to another location?
The company will decide on the future course of action after looking at all available options.
Most political parties have jumped into the fray. And all of them seem to be opposing the plant. How are you planning to handle this?
My request is to keep business away from politics. All over the world, successful economies don't mix politics with business. Having said that, it is very important for the government to get to the bottom of this episode.
The protests had been brewing for some time. Did you anticipate it would become violent and lead to a closure?
It is unfortunate what happened about 5 km away from our plants. When we had the information that something like this was being planned for the 22nd, we reached out to the court and the court was quick to inform the local administration for it to be prepared which led to the imposition of section 144 in the area.
Have you had any dialogue with protesters before and after the incident? What have been their primary demands?
Even before these protests started, the company followed the practice to invite people from various walks of life to visit our factory and witness first hand, the best practices adopted and in the same lines we had even extended the invitation to several activists and leaders but none of them visited. We are open to meeting and clarifying the doubts of the people of Thoothukudi about any aspect of the company's operations.
Tech companies dominate BrandZ list of top 10 most valuable brands in the world
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BrandZ conducts a global survey which ranks companies according to their brand value. The report is published annually. The Global Top 100 Most Valuable Brands comprise sectors like technology, automobile, retail, personal care and more. The latest ranking shows a clear dominance of tech brands in the top 10 list.
The top position in the list is claimed by internet giant Google, followed by Apple and Amazon. Microsoft bagged the fourth position followed by Tencent. Amazon is the only non-tech company among the top five.
Google's brand value is pegged at $302,063 million which is 23 per cent higher than last year. Apple came a close second with a total of $300,595 million which is a 28 per cent bump from last year's valuation.
Amazon and the other three brands are far from the top two in terms of brand value but they have shown tremendous year on year growth.
Amazon's brand showed a growth of 49 per cent with a total brand value of $207,594 million. Microsoft, another major tech company that has been increasingly focusing on cloud technology showed a growth of 40 per cent and is valued at $200,987 million.
Tencent is the only non-American company in the top five which also showed the maximum growth at 65 per cent. The Chinese company is heavily invested in major Indian startups. The company's instant messaging application, WeChat is one of the strongest contenders of Facebook's WhatsApp. The company is valued at $178,990 million.
Facebook couldn't make it to the top five and ended up at the sixth position with a total brand value of $162,106.
Indian car company Maruti Suzuki made it to the Top 10 car companies in the world and reserved the ninth position. The report suggests that this growth can be attributed to Maruti's premium dealership Nexa which has managed to create a premium brand while maintaining affordability.
Another new entrant in the top 10 car brands is Tesla which is placed right above Maruti Suzuki at the eighth position. The total value of Indian brands in the BrandZ Global Top 100 is $20.9 million.
The top position in the list is claimed by internet giant Google, followed by Apple and Amazon. Microsoft bagged the fourth position followed by Tencent. Amazon is the only non-tech company among the top five.
Google's brand value is pegged at $302,063 million which is 23 per cent higher than last year. Apple came a close second with a total of $300,595 million which is a 28 per cent bump from last year's valuation.
Amazon and the other three brands are far from the top two in terms of brand value but they have shown tremendous year on year growth.
Amazon's brand showed a growth of 49 per cent with a total brand value of $207,594 million. Microsoft, another major tech company that has been increasingly focusing on cloud technology showed a growth of 40 per cent and is valued at $200,987 million.
Tencent is the only non-American company in the top five which also showed the maximum growth at 65 per cent. The Chinese company is heavily invested in major Indian startups. The company's instant messaging application, WeChat is one of the strongest contenders of Facebook's WhatsApp. The company is valued at $178,990 million.
Facebook couldn't make it to the top five and ended up at the sixth position with a total brand value of $162,106.
Indian car company Maruti Suzuki made it to the Top 10 car companies in the world and reserved the ninth position. The report suggests that this growth can be attributed to Maruti's premium dealership Nexa which has managed to create a premium brand while maintaining affordability.
Another new entrant in the top 10 car brands is Tesla which is placed right above Maruti Suzuki at the eighth position. The total value of Indian brands in the BrandZ Global Top 100 is $20.9 million.
Two-day bank strike from tomorrow; salary withdrawal, ATM transactions may take a hit
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If your bank is state-run, you'd best finish off any pressing banking business before end of day today. Because, with all conciliatory efforts on the part of Additional Chief Labour Commissioner (CLC) Rajan Verma failing to work out on Monday, the employees of public sector banks are reportedly going full-steam ahead with their plans for a two-day nationwide strike starting Wednesday. Several banks, including State Bank of India, Bank of Baroda and Canara Bank, have previously cautioned that their services and normal banking operations would be impacted by the strike.
According to The Business Standard, Verma had held a conciliatory meeting between the United Forum of Bank Unions (UFBU), finance ministry officials and the Indian Banks' Association (IBA) in an effort to avert the strike. "The CLC tried his best to sort out the strike-related issues but there is no positive development. Though the bankers, through the IBA, said they are willing to reconsider the proposed wage hike, there was no concrete proposal. Hence, the strike stands," All India Bank Employees' Association General Secretary C H Venkatachalam told the daily.
DT Franco, general secretary, All India Bank Officers' Confederation added that about 1 million bank officers are expected to participate in the strike on May 30 and May 31.
With AIBEA president Rajen Nagar reportedly announcing that ATM security guards will be among the participants in the strike, some ATMs may remain shut over the next two days. So if your salary gets credited at the end of the month, you may not be able to withdraw it till Friday.
To remind you, last week, UFBU - an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) - had called for the strike to protest against a 'meagre' 2 per cent wage hike offered by the IBA earlier this month.
In comparison, in the last wage settlement, for the period November 2012 to October 2017, IBA had given a wage hike of 15 per cent. Hence UFBU is now demanding an expeditious and early wage revision settlement, an adequate increase in salary and improvement in other service conditions and wage revision settlement to include all officers up to scale VII, which will include divisional managers to general managers. IBA has currently decided to restrict wage negotiations to scale-III officers or up till the senior manager-level.
The report added that during the conciliation meeting, UFBU told the CLC that the proposed hike "was not at all acceptable, considering the rise in cost of living". As per the minutes of the meeting, IBA officials had stated that in view of the huge non-performing assets that banks are grappling with, the wage hike had to be capped at 2 per cent. According to a recent CARE Ratings report, NPAs of the 26 banks that have declared Q4 results so far show a 15% jump over December quarter at Rs 7.31 lakh crore.
But UFBU convener Devidas Tuljapurkar later pointed out that "It is only because of provisions towards NPA that banks have booked losses, and for this, bank employees are not responsible". He added that bank employees have worked tirelessly for implementation of government initiatives such as Jan-Dhan, demonetisation, Mudra and Atal Pension Yojana, among others, in the past two-three years, which resulted in a "huge increase in their workloads".
In light of the above, according to the daily, Verma had advised the bank management to offer a fresh wage hike, adding that "as in the past, wage settlements, the officers from scale-IV to scale-VII were also covered so this time also they may be a part of the wage negotiations because excluding them may cause a fresh controversy which may not be conducive for amicable industrial relations".
As per the minutes of the conciliation proceedings, the IBA officials had said that they were ready to negotiate further but having already waited nearly a month, the bank unions have apparently lost patience.
According to The Business Standard, Verma had held a conciliatory meeting between the United Forum of Bank Unions (UFBU), finance ministry officials and the Indian Banks' Association (IBA) in an effort to avert the strike. "The CLC tried his best to sort out the strike-related issues but there is no positive development. Though the bankers, through the IBA, said they are willing to reconsider the proposed wage hike, there was no concrete proposal. Hence, the strike stands," All India Bank Employees' Association General Secretary C H Venkatachalam told the daily.
DT Franco, general secretary, All India Bank Officers' Confederation added that about 1 million bank officers are expected to participate in the strike on May 30 and May 31.
With AIBEA president Rajen Nagar reportedly announcing that ATM security guards will be among the participants in the strike, some ATMs may remain shut over the next two days. So if your salary gets credited at the end of the month, you may not be able to withdraw it till Friday.
To remind you, last week, UFBU - an umbrella body of nine unions, including All India Bank Officers' Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) - had called for the strike to protest against a 'meagre' 2 per cent wage hike offered by the IBA earlier this month.
In comparison, in the last wage settlement, for the period November 2012 to October 2017, IBA had given a wage hike of 15 per cent. Hence UFBU is now demanding an expeditious and early wage revision settlement, an adequate increase in salary and improvement in other service conditions and wage revision settlement to include all officers up to scale VII, which will include divisional managers to general managers. IBA has currently decided to restrict wage negotiations to scale-III officers or up till the senior manager-level.
The report added that during the conciliation meeting, UFBU told the CLC that the proposed hike "was not at all acceptable, considering the rise in cost of living". As per the minutes of the meeting, IBA officials had stated that in view of the huge non-performing assets that banks are grappling with, the wage hike had to be capped at 2 per cent. According to a recent CARE Ratings report, NPAs of the 26 banks that have declared Q4 results so far show a 15% jump over December quarter at Rs 7.31 lakh crore.
But UFBU convener Devidas Tuljapurkar later pointed out that "It is only because of provisions towards NPA that banks have booked losses, and for this, bank employees are not responsible". He added that bank employees have worked tirelessly for implementation of government initiatives such as Jan-Dhan, demonetisation, Mudra and Atal Pension Yojana, among others, in the past two-three years, which resulted in a "huge increase in their workloads".
In light of the above, according to the daily, Verma had advised the bank management to offer a fresh wage hike, adding that "as in the past, wage settlements, the officers from scale-IV to scale-VII were also covered so this time also they may be a part of the wage negotiations because excluding them may cause a fresh controversy which may not be conducive for amicable industrial relations".
As per the minutes of the conciliation proceedings, the IBA officials had said that they were ready to negotiate further but having already waited nearly a month, the bank unions have apparently lost patience.
Sensex falls 216 points to 34,949, Nifty at 10,633; banking stocks lead losses
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The Sensex and Nifty closed lower today after three sessions of gains amid heavy selling mainly in banking and healthcare counters on unabated foreign fund outflows and subdued global cues. The Sensex slipped below the key 35,000-level and fell 216 points or 0.61 percent to close at 34,949 level. The Nifty too finished 55.35 points, or 0.52 per cent, down at 10,633 after hitting the day's high of 10,717.25 and a low of 10,616.
Moreover, fresh weakness in the rupee against the dollar too aggravated the woes. The rupee depreciated by 57 paise to Rs 68 (intra-day) against the dollar at the forex market today. Earlier, the BSE Sensex, after opening higher at 35,213, advanced to hit a high of 35,234 on buying by domestic institutional investors (DIIs) as well as retail participants. The gauge had risen 820.57 points in the previous three sessions. Banking sector stocks saw huge losses on Tuesday on profitbooking after three days of rally.
Top losers on the Sensex were ICICI Bank (2.86%) , SBI (2.68%), IndusInd Bank (1.95%), YES Bank (1.68%) and Kotak Bank (1.39%).
The BSE bankex was down 480 points or 1.61% to 29,410 level. The index rose to a new high of high 29,891 in early trade today extending its rally of of 880 points from the 29,011 level reached on May 25, 2018. The index fell to an intra day low of 29,360 after it opened at 29,872 level today.
Bank Of Baroda (3.65%), PNB (3.44%), SBI (2.92%) and ICICI Bank (2.81%) were the the top losers on the BSE bankex.
The bank Nifty too fell 1.35% to 26,254.80 on profitbooking. Of 12 stocks on bank Nifty, 10 ended in the red. Axis Bank and Federal bank were the sole gainers. Consumer durables stocks too led the indices lower with BSE sectoral index falling 162 points to 20,967 level.
Market breadth was negative with 1235 stocks closing in the green compared with 1445 ending in the red. 163 stocks were unchanged.
Global markets
Shares were lower in Europe and Asia on Tuesday as investor confidence was undermined by political uncertainty in Italy. US markets were poised to reopen lower after a holiday. Britain's FTSE 100 sank 1.3 percent to 7,633.28 and France's CAC 40 slumped 1.6 percent to 5,417.16.
Germany's DAX tumbled 1.6 percent to 12,655.21. Wall Street was due for a weak start, with S&P futures down 0.8 percent and Dow futures also retreating 0.8 percent. Japan's Nikkei 225 fell 0.6 percent to finish at 22,358.43 while South Korea's Kospi lost 0.9 percent to 2,457.25.
Hong Kong's Hang Seng index plunged 1 percent to 30,484.58. The Shanghai Composite Index retreated 0.5 percent to 3,120.46. Australia's S&P/ASX 200 added 0.2 percent to 6,013.60. Stocks in Taiwan and the Philippines were lower. Most Southeast Asian markets were closed for holidays.
Moreover, fresh weakness in the rupee against the dollar too aggravated the woes. The rupee depreciated by 57 paise to Rs 68 (intra-day) against the dollar at the forex market today. Earlier, the BSE Sensex, after opening higher at 35,213, advanced to hit a high of 35,234 on buying by domestic institutional investors (DIIs) as well as retail participants. The gauge had risen 820.57 points in the previous three sessions. Banking sector stocks saw huge losses on Tuesday on profitbooking after three days of rally.
Top losers on the Sensex were ICICI Bank (2.86%) , SBI (2.68%), IndusInd Bank (1.95%), YES Bank (1.68%) and Kotak Bank (1.39%).
The BSE bankex was down 480 points or 1.61% to 29,410 level. The index rose to a new high of high 29,891 in early trade today extending its rally of of 880 points from the 29,011 level reached on May 25, 2018. The index fell to an intra day low of 29,360 after it opened at 29,872 level today.
Bank Of Baroda (3.65%), PNB (3.44%), SBI (2.92%) and ICICI Bank (2.81%) were the the top losers on the BSE bankex.
The bank Nifty too fell 1.35% to 26,254.80 on profitbooking. Of 12 stocks on bank Nifty, 10 ended in the red. Axis Bank and Federal bank were the sole gainers. Consumer durables stocks too led the indices lower with BSE sectoral index falling 162 points to 20,967 level.
Market breadth was negative with 1235 stocks closing in the green compared with 1445 ending in the red. 163 stocks were unchanged.
Global markets
Shares were lower in Europe and Asia on Tuesday as investor confidence was undermined by political uncertainty in Italy. US markets were poised to reopen lower after a holiday. Britain's FTSE 100 sank 1.3 percent to 7,633.28 and France's CAC 40 slumped 1.6 percent to 5,417.16.
Germany's DAX tumbled 1.6 percent to 12,655.21. Wall Street was due for a weak start, with S&P futures down 0.8 percent and Dow futures also retreating 0.8 percent. Japan's Nikkei 225 fell 0.6 percent to finish at 22,358.43 while South Korea's Kospi lost 0.9 percent to 2,457.25.
Hong Kong's Hang Seng index plunged 1 percent to 30,484.58. The Shanghai Composite Index retreated 0.5 percent to 3,120.46. Australia's S&P/ASX 200 added 0.2 percent to 6,013.60. Stocks in Taiwan and the Philippines were lower. Most Southeast Asian markets were closed for holidays.
Kishore Biyani to be Baba Ramdev's competitor; to acquire ayurvedic company Iraya
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Baba Ramdev's Patanjali may soon have to face a new challenger - Future Group. Kishore Biyani-led Future Group is in the process of buying Gujarat-based Athena Life Science's Iraya - a company which deals in ayurvedic personal care products. Among the products that Iraya sells are ayurvedic oil, neem and basil soap, facial massage cream, nutrifying skin food, hair gel and face wash, among others. It also manufactures ayurvedic products for anti dandruff and hair re-growth treatment.
If Biyani succeeds in acquiring Iraya, the Future Group would join the league of FMCG giants Hindustan Unilever, Dabur and Colgate Palmolive to challenge Patanjali's dominance in ayurvedic products. Last year, Patanjali became the second largest FMCG group with a turnover of over Rs 10,500 crore. Baba Ramdev wants to beat HUL which is at the top with sale of over Rs 30,000 crore. Recently, the yoga guru said that he has set a target of Rs 20,000 crore to Rs 25,000 crore turnover in 3-5 years. But, he will now have to look at the potential entrant in the ayurvedic segment.
The Economic Times today reported that the Future group plans to enter almost every FMCG category and the products would be under the group's FMCG arm - Future Consumer. According to the ET report, Future Group's chief is inspired by the rapid growth of Patanjali and has ambitious plans for ayurvedic products.
Baba Ramdev along with Acharya Balkrishna started their FMCG and Ayurvedic formulations journey in 1990 when they set up the Divya Yog Pharmacy Trust. Till 2011, the company's turnover was just Rs 400 crore. However, in last few years, Patanjali's rise was phenomenal that made it the biggest disruptor in the Indian FMCG industry. Patanjali's top five - in terms of revenue - products are cow ghee, dant kanti toothpaste, ayurvedic medicines, keshkanti shampoo and soaps.
In last few years, FMCG companies have started manufacturing products in ayurvedic segment - a move to regain the ground they ceded to Patanjali over the years. Last year in February, Dabur India launched an ayurvedic specialist toothpaste in a modern gel format. Before that, the company had Dabur Red Paste, Babool and Meswak. Around same time, HUL also launched a new range of ayurvedic personal care products under the 'Lever ayush' brand name. Among the products that it launched under the new brand were anti-dandruff neem shampoo, purifying turmeric handwash, anti-pimple turmeric facewash.
If Biyani succeeds in acquiring Iraya, the Future Group would join the league of FMCG giants Hindustan Unilever, Dabur and Colgate Palmolive to challenge Patanjali's dominance in ayurvedic products. Last year, Patanjali became the second largest FMCG group with a turnover of over Rs 10,500 crore. Baba Ramdev wants to beat HUL which is at the top with sale of over Rs 30,000 crore. Recently, the yoga guru said that he has set a target of Rs 20,000 crore to Rs 25,000 crore turnover in 3-5 years. But, he will now have to look at the potential entrant in the ayurvedic segment.
The Economic Times today reported that the Future group plans to enter almost every FMCG category and the products would be under the group's FMCG arm - Future Consumer. According to the ET report, Future Group's chief is inspired by the rapid growth of Patanjali and has ambitious plans for ayurvedic products.
Baba Ramdev along with Acharya Balkrishna started their FMCG and Ayurvedic formulations journey in 1990 when they set up the Divya Yog Pharmacy Trust. Till 2011, the company's turnover was just Rs 400 crore. However, in last few years, Patanjali's rise was phenomenal that made it the biggest disruptor in the Indian FMCG industry. Patanjali's top five - in terms of revenue - products are cow ghee, dant kanti toothpaste, ayurvedic medicines, keshkanti shampoo and soaps.
In last few years, FMCG companies have started manufacturing products in ayurvedic segment - a move to regain the ground they ceded to Patanjali over the years. Last year in February, Dabur India launched an ayurvedic specialist toothpaste in a modern gel format. Before that, the company had Dabur Red Paste, Babool and Meswak. Around same time, HUL also launched a new range of ayurvedic personal care products under the 'Lever ayush' brand name. Among the products that it launched under the new brand were anti-dandruff neem shampoo, purifying turmeric handwash, anti-pimple turmeric facewash.
General Awareness
India’s second IT corridor in China
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Context: The National Association of Software and Services Companies (NASSCOM) has launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms.
Key facts:
The newly established Digital Collaborative Opportunities Plaza (SIDCOP) platform at Guiyang in China provides market access to Indian IT firms in the huge Chinese market.
The Guiyang corridor will focus on Big Data. Last December, the NASSCOM established its first SIDCOP platform in the Chinese port city of Dalian, which is India’s first IT hub in China. Dalian corridor’s focus was on IOT (Internet of Things).
The corridor is aimed at setting up local offices and assisting companies from Guiyang to establish software and IT units in India.
Background:
India’s top IT firms have a big presence in China, specially multi-nationals and IT Corridor at Dalian which are expected to provide a gateway for the Indian IT-small and medium-sized enterprises.
Way ahead:
India is a world leader in the area of Information Technology and IT-enabled services with annual revenue of over $164 billion and exports of over $120 billion. The country has been demanding China to provide market access to Indian IT and pharmaceutical firms for several years to reduce bilateral trade deficit.
For India, getting access to China’s IT market, valued at over $493 billion in 2013 by the ministry of industry and information technology of China, is important to address the massive trade deficit which has now spiralled to over $51 billion. The Chinese IT market grew exponentially since then.
The two corridors, which were started in collaboration with China’s provincial governments, are expected to provide the much-needed big opening for Indian IT firms.
What’s important?
For Prelims and Mains: India’s IT corridors and their significance.
Context: The National Association of Software and Services Companies (NASSCOM) has launched its second IT corridor in China to cash in on the burgeoning Chinese software market which remained elusive despite the presence of top Indian technology firms.
Key facts:
The newly established Digital Collaborative Opportunities Plaza (SIDCOP) platform at Guiyang in China provides market access to Indian IT firms in the huge Chinese market.
The Guiyang corridor will focus on Big Data. Last December, the NASSCOM established its first SIDCOP platform in the Chinese port city of Dalian, which is India’s first IT hub in China. Dalian corridor’s focus was on IOT (Internet of Things).
The corridor is aimed at setting up local offices and assisting companies from Guiyang to establish software and IT units in India.
Background:
India’s top IT firms have a big presence in China, specially multi-nationals and IT Corridor at Dalian which are expected to provide a gateway for the Indian IT-small and medium-sized enterprises.
Way ahead:
India is a world leader in the area of Information Technology and IT-enabled services with annual revenue of over $164 billion and exports of over $120 billion. The country has been demanding China to provide market access to Indian IT and pharmaceutical firms for several years to reduce bilateral trade deficit.
For India, getting access to China’s IT market, valued at over $493 billion in 2013 by the ministry of industry and information technology of China, is important to address the massive trade deficit which has now spiralled to over $51 billion. The Chinese IT market grew exponentially since then.
The two corridors, which were started in collaboration with China’s provincial governments, are expected to provide the much-needed big opening for Indian IT firms.
What’s important?
For Prelims and Mains: India’s IT corridors and their significance.
Key facts:
The newly established Digital Collaborative Opportunities Plaza (SIDCOP) platform at Guiyang in China provides market access to Indian IT firms in the huge Chinese market.
The Guiyang corridor will focus on Big Data. Last December, the NASSCOM established its first SIDCOP platform in the Chinese port city of Dalian, which is India’s first IT hub in China. Dalian corridor’s focus was on IOT (Internet of Things).
The corridor is aimed at setting up local offices and assisting companies from Guiyang to establish software and IT units in India.
Background:
India’s top IT firms have a big presence in China, specially multi-nationals and IT Corridor at Dalian which are expected to provide a gateway for the Indian IT-small and medium-sized enterprises.
Way ahead:
India is a world leader in the area of Information Technology and IT-enabled services with annual revenue of over $164 billion and exports of over $120 billion. The country has been demanding China to provide market access to Indian IT and pharmaceutical firms for several years to reduce bilateral trade deficit.
For India, getting access to China’s IT market, valued at over $493 billion in 2013 by the ministry of industry and information technology of China, is important to address the massive trade deficit which has now spiralled to over $51 billion. The Chinese IT market grew exponentially since then.
The two corridors, which were started in collaboration with China’s provincial governments, are expected to provide the much-needed big opening for Indian IT firms.
What’s important?
For Prelims and Mains: India’s IT corridors and their significance.
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