General Affairs
Bengal Cops Files Case Against BJP Leaders For Tent Collapse At PM Rally
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The West Bengal Police has filed a case of 'attempt to commit culpable homicide' against the organisers of Prime Minister Narendra Modi's public rally at Midnapore, that is state BJP leaders, and against the outfit that put up the shamiana or makeshift tent that collapsed at the rally on Monday.
Around 90 people suffered injuries in the shamiana collapse and the chaos that followed. At least one of them is in serious condition and has been sent from Midnapore to a hospital in Kolkata.
The BJP launched an immediate counter-attack. Tuesday night, party chief Amit Shah called state chief Dilip Ghosh for an update. On Monday, Mr Ghosh had blamed excessive rains for the shamiana collapse. But after senior officers in charge of prime minister's security rushed from Delhi to Midnapore today and the police filed the case, the BJP hardened its stand.
"District officials were present when the shamiana was put up. Why didn't they object if they found lapses?" Mr Sayantan Basu, state leader, said at a press meet in Kolkata.
"Where was the district police chief during the PM speech? Why didn't he take calls from the PM's SPG after the collapse? Why did the police almost launch a lathicharge after the collapse?" Mr Basu said.
The BJP's response was also triggered by a report by the State Forensic Laboratory which completely absolved the state police of any blame for Monday's near disaster.
According to sources, the State Forensic report says:
No negligence by state
The venue had gone under SPG control seven days before rally
SPG did not consult state police
Not a case of negligence
The ground was soggy at many places
Water had collected on top of the shamiana at some places (increasing the weight)
Late Tuesday, the police sealed off the venue with the collapsed shamiana still lying on the ground and beneath it the mangled iron scaffolding. Several eyewitness claimed the iron scaffolding had not been dug down deep into the earth, bolts were missing - instead of four, just two bolts were used in many of the base plates of the scaffolding and some of the iron rods were rusted.
The BJP, however, claimed that the shamiana contractor was empaneled by the state government and had worked with them many times before Monday.
Trinamool leader and minister Jyotipriya Mallik hit back at the BJP saying, "The PM was talking about syndicates and cut money. They should find out if the state BJP leaders took cut money from the shamiana contractor themselves."
The BJP also claimed that several party workers had been arrested for allegedly thrashing the police. "We don't support beating cops but people are angry with the police ever since the panchayat polls because police are behaving like Trinamool cadre," Sayantan Basu said.
Around 90 people suffered injuries in the shamiana collapse and the chaos that followed. At least one of them is in serious condition and has been sent from Midnapore to a hospital in Kolkata.
The BJP launched an immediate counter-attack. Tuesday night, party chief Amit Shah called state chief Dilip Ghosh for an update. On Monday, Mr Ghosh had blamed excessive rains for the shamiana collapse. But after senior officers in charge of prime minister's security rushed from Delhi to Midnapore today and the police filed the case, the BJP hardened its stand.
"District officials were present when the shamiana was put up. Why didn't they object if they found lapses?" Mr Sayantan Basu, state leader, said at a press meet in Kolkata.
"Where was the district police chief during the PM speech? Why didn't he take calls from the PM's SPG after the collapse? Why did the police almost launch a lathicharge after the collapse?" Mr Basu said.
The BJP's response was also triggered by a report by the State Forensic Laboratory which completely absolved the state police of any blame for Monday's near disaster.
According to sources, the State Forensic report says:
No negligence by state
The venue had gone under SPG control seven days before rally
SPG did not consult state police
Not a case of negligence
The ground was soggy at many places
Water had collected on top of the shamiana at some places (increasing the weight)
Late Tuesday, the police sealed off the venue with the collapsed shamiana still lying on the ground and beneath it the mangled iron scaffolding. Several eyewitness claimed the iron scaffolding had not been dug down deep into the earth, bolts were missing - instead of four, just two bolts were used in many of the base plates of the scaffolding and some of the iron rods were rusted.
The BJP, however, claimed that the shamiana contractor was empaneled by the state government and had worked with them many times before Monday.
Trinamool leader and minister Jyotipriya Mallik hit back at the BJP saying, "The PM was talking about syndicates and cut money. They should find out if the state BJP leaders took cut money from the shamiana contractor themselves."
The BJP also claimed that several party workers had been arrested for allegedly thrashing the police. "We don't support beating cops but people are angry with the police ever since the panchayat polls because police are behaving like Trinamool cadre," Sayantan Basu said.
Shiv Sena Undecided On TDP's No-Confidence Motion Against Modi Government
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The Shiv Sena was undecided on supporting the no-confidence motion that the TDP sought to move in Parliament against the BJP-led NDA government, senior party leader Sanjay Raut said today.
The comments from Mr Raut, whose party shared uneasy ties with the BJP, came a day before the beginning of the Monsoon Session of Parliament.
However, a lawmaker from the Telugu Desam Party (TDP) said he was hopeful of receiving support for the motion not just from the Sena, but some BJP lawmakers as well.
Andhra Pradesh Chief Minister and TDP president N Chandrababu Naidu had sought the support of non-BJP, non-Congress parties for the no-confidence motion his party sought to move against the NDA government over non-fulfilment of the promise to grant special status to the state.
"We have not yet decided on the no-confidence motion. A decision will be taken at an appropriate time. However, we will not go by the TDP's agenda. We will do what is in the interest of the country," Mr Raut told PTI.
"We will fight our own battle," added the Rajya Sabha lawmaker.
When a response was sought on the Sena's stand, TDP Lok Sabha lawmaker P Ravindra Babu said, "When the motion is called out, not just the Sena, but even some MPs from the BJP will support it."
Mr Babu said that in the last session of Parliament, when the speaker wanted to know how would the TDP, which had 15 lawmakers, get the support of at least 54 members for moving a no-trust motion, more than 100 lawmakers came out in support of the move.
The TDP leader alleged the the Centre was trying to "destroy" the federal structure in the country.
"If this can happen to us today, tomorrow it can happen to anyone. More political parties will support the TDP motion on the floor of Parliament," the TDP lawmaker said.
The no-confidence motions against the NDA government, moved by the YSR Congress and the TDP separately during the Budget Session of Parliament, could not be taken up as vociferous protests in the House over various issues had led to repeated adjournments.
In March, the TDP pulled out of the NDA government over the Centre's refusal to grant special status to the southern state.
At that time, the Uddhav Thackeray-led party had said one by one all BJP allies would leave the NDA fold. Mr Raut had then slammed the BJP for not "respecting" its allies.
The comments from Mr Raut, whose party shared uneasy ties with the BJP, came a day before the beginning of the Monsoon Session of Parliament.
However, a lawmaker from the Telugu Desam Party (TDP) said he was hopeful of receiving support for the motion not just from the Sena, but some BJP lawmakers as well.
Andhra Pradesh Chief Minister and TDP president N Chandrababu Naidu had sought the support of non-BJP, non-Congress parties for the no-confidence motion his party sought to move against the NDA government over non-fulfilment of the promise to grant special status to the state.
"We have not yet decided on the no-confidence motion. A decision will be taken at an appropriate time. However, we will not go by the TDP's agenda. We will do what is in the interest of the country," Mr Raut told PTI.
"We will fight our own battle," added the Rajya Sabha lawmaker.
When a response was sought on the Sena's stand, TDP Lok Sabha lawmaker P Ravindra Babu said, "When the motion is called out, not just the Sena, but even some MPs from the BJP will support it."
Mr Babu said that in the last session of Parliament, when the speaker wanted to know how would the TDP, which had 15 lawmakers, get the support of at least 54 members for moving a no-trust motion, more than 100 lawmakers came out in support of the move.
The TDP leader alleged the the Centre was trying to "destroy" the federal structure in the country.
"If this can happen to us today, tomorrow it can happen to anyone. More political parties will support the TDP motion on the floor of Parliament," the TDP lawmaker said.
The no-confidence motions against the NDA government, moved by the YSR Congress and the TDP separately during the Budget Session of Parliament, could not be taken up as vociferous protests in the House over various issues had led to repeated adjournments.
In March, the TDP pulled out of the NDA government over the Centre's refusal to grant special status to the southern state.
At that time, the Uddhav Thackeray-led party had said one by one all BJP allies would leave the NDA fold. Mr Raut had then slammed the BJP for not "respecting" its allies.
Bill Gates Backs $30 Million Push For Early Alzheimer's Diagnostics
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Billionaire Bill Gates and Estee Lauder Cos chairman emeritus Leonard Lauder on Tuesday said they will award $30 million over three years to encourage development of new tests for early detection of Alzheimer's disease.
For Microsoft co-founder Gates, launch of the Diagnostics Accelerator program follows an announcement in November of a personal investment of $50 million in the Dementia Discovery Fund, a venture capital fund aimed at bringing together industry and government to seek treatments for the brain-wasting disease.
The effort, Gates said, was fueled in part by his personal experience with family members struggling with Alzheimer's.
The most common form of dementia, Alzheimer's affects nearly 50 million people worldwide and is expected to rise to more than 131 million by 2050, according to Alzheimer's Disease International.
Gates and Lauder provided seed money for the diagnostics collaboration through the Alzheimer's Drug Discovery Foundation (ADDF), which was founded by Lauder. They will be joined by other philanthropists, including the Dolby family and the Charles and Helen Schwab Foundation.
Funding provided through the initiative will be open to scientists and clinicians globally working in academic settings, charities and biotechnology companies.
As a philanthropy vehicle, the ADDF Diagnostics Accelerator venture will invest in riskier projects that may not have immediate commercial return, the group said in a statement.
Drugmakers have poured billions of dollars into scores of failed attempts to produce a treatment that can arrest the ravages of Alzheimer's, a fatal disease that robs people of their memories and ability to care for themselves.
Many experts believe drug trials have failed in part because treatments were tested in people whose brains were already too damaged to benefit. They argue that drugs need to be tested early, before the disease has caused noticeable declines.
The U.S. Food and Drug Administration has said that it would consider Alzheimer's drug trials based on biological markers rather than clinical symptoms, paving the way for drugs to be tested far earlier in the disease process. Currently, a brain scan or spinal tap are the chief ways used to confirm a diagnosis of Alzheimer's, although the most conclusive test remains an autopsy.
In a blog post announcing his investment, Gates painted a picture of a future where diagnosing Alzheimer's would be "as simple as getting your blood tested during your annual physical."
For Microsoft co-founder Gates, launch of the Diagnostics Accelerator program follows an announcement in November of a personal investment of $50 million in the Dementia Discovery Fund, a venture capital fund aimed at bringing together industry and government to seek treatments for the brain-wasting disease.
The effort, Gates said, was fueled in part by his personal experience with family members struggling with Alzheimer's.
The most common form of dementia, Alzheimer's affects nearly 50 million people worldwide and is expected to rise to more than 131 million by 2050, according to Alzheimer's Disease International.
Gates and Lauder provided seed money for the diagnostics collaboration through the Alzheimer's Drug Discovery Foundation (ADDF), which was founded by Lauder. They will be joined by other philanthropists, including the Dolby family and the Charles and Helen Schwab Foundation.
Funding provided through the initiative will be open to scientists and clinicians globally working in academic settings, charities and biotechnology companies.
As a philanthropy vehicle, the ADDF Diagnostics Accelerator venture will invest in riskier projects that may not have immediate commercial return, the group said in a statement.
Drugmakers have poured billions of dollars into scores of failed attempts to produce a treatment that can arrest the ravages of Alzheimer's, a fatal disease that robs people of their memories and ability to care for themselves.
Many experts believe drug trials have failed in part because treatments were tested in people whose brains were already too damaged to benefit. They argue that drugs need to be tested early, before the disease has caused noticeable declines.
The U.S. Food and Drug Administration has said that it would consider Alzheimer's drug trials based on biological markers rather than clinical symptoms, paving the way for drugs to be tested far earlier in the disease process. Currently, a brain scan or spinal tap are the chief ways used to confirm a diagnosis of Alzheimer's, although the most conclusive test remains an autopsy.
In a blog post announcing his investment, Gates painted a picture of a future where diagnosing Alzheimer's would be "as simple as getting your blood tested during your annual physical."
Government Ready To Face No-Confidence Motion, Says Ananth Kumar
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Union Minister of Parliamentary Affairs Ananth Kumar on Tuesday said that the government has majority in the Lok sabha and it is ready to face the opposition's no-confidence motion.
"The BJP and the NDA will face the no-confidence motion, which the opposition wants to bring, under the leadership of Prime Minister Narendra Modi," Mr Kumar told media after a meeting of the National Democratic Alliance (NDA).
He said that in the House, the NDA has huge mandate. "The people of the country have given a huge mandate to the NDA and it has a majority in the House. People have reposed faith in NDA in 21 states, so the government will face any motion which the opposition brings in the House," he said.
Mr Kumar's remarks came soon after the Congress party announced that it will bring a no-confidence motion against the Modi government in the monsoon session of Parliament and that it is in talks with other opposition parties on the issue.
The Bharatiya Janata Party (BJP) leader also said that the Prime Minister has asked the NDA leaders to expose the opposition parties which are raking up several issues to take political mileage. "PM Modi also urged the NDA leaders to work unitedly," he said.
The meeting was attended by PM Modi, the leaders of Shiv Sena, Akali Dal, Lok Janshakti Party, Rashtriya Lok Samta Party, Janata Dal-United, Apna Dal and other NDA allies.
The NDA meeting was preceded by a BJP Parliamentary Party executive which was attended by PM Modi, party President Amit Shah, LK Advani, MM Joshi, Sushma Swaraj, Nitin Gadkari, Rajnath Singh and other senior leaders.
Mr Kumar further said that the NDA members in the meeting hailed PM Modi for his historic decision to increase the minimum support price of the produce of farmers.
"The NDA leaders told Prime Minister that through his decision to increase the MSP, farmers across the country are happy."
The NDA leaders also lauded Modi over the Indian economy jumping to the sixth place in the fastest growing economy list.
"On recent reports of the India economy growing at the fastest rate as it climbed from ninth place to sixth place, the NDA leaders hailed the Prime Minister's leadership," the BJP leader said.
They also hailed the Prime Minister for Aayushman Bharat scheme which is popularly known as Modicare scheme.
"The BJP and the NDA will face the no-confidence motion, which the opposition wants to bring, under the leadership of Prime Minister Narendra Modi," Mr Kumar told media after a meeting of the National Democratic Alliance (NDA).
He said that in the House, the NDA has huge mandate. "The people of the country have given a huge mandate to the NDA and it has a majority in the House. People have reposed faith in NDA in 21 states, so the government will face any motion which the opposition brings in the House," he said.
Mr Kumar's remarks came soon after the Congress party announced that it will bring a no-confidence motion against the Modi government in the monsoon session of Parliament and that it is in talks with other opposition parties on the issue.
The Bharatiya Janata Party (BJP) leader also said that the Prime Minister has asked the NDA leaders to expose the opposition parties which are raking up several issues to take political mileage. "PM Modi also urged the NDA leaders to work unitedly," he said.
The meeting was attended by PM Modi, the leaders of Shiv Sena, Akali Dal, Lok Janshakti Party, Rashtriya Lok Samta Party, Janata Dal-United, Apna Dal and other NDA allies.
The NDA meeting was preceded by a BJP Parliamentary Party executive which was attended by PM Modi, party President Amit Shah, LK Advani, MM Joshi, Sushma Swaraj, Nitin Gadkari, Rajnath Singh and other senior leaders.
Mr Kumar further said that the NDA members in the meeting hailed PM Modi for his historic decision to increase the minimum support price of the produce of farmers.
"The NDA leaders told Prime Minister that through his decision to increase the MSP, farmers across the country are happy."
The NDA leaders also lauded Modi over the Indian economy jumping to the sixth place in the fastest growing economy list.
"On recent reports of the India economy growing at the fastest rate as it climbed from ninth place to sixth place, the NDA leaders hailed the Prime Minister's leadership," the BJP leader said.
They also hailed the Prime Minister for Aayushman Bharat scheme which is popularly known as Modicare scheme.
Support Bill On Triple Talaq And Nikah Halala: BJP To Rahul Gandhi
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A day after Congress President Rahul Gandhi sought the Prime Minister''s support for the passage of the Women''s Reservation Bill, Union Law Minister Ravi Shankar Prasad on Tuesday asked him to support the proposed law to prohibit "triple talaq" and "nikah halala".
The Congress party said rather than being a Minister, the Law Minister has turned into a dealer for cutting a deal between two legislations.
He said that as national parties, the Bharatiya Janata Party (BJP) and the Congress cannot have two sets of standards in dealing with women and their rights.
In a letter to Mr Gandhi, which was released to the media, Mr Prasad said: "As part of the new deal, we should approve, in both Houses of Parliament, the Women''s Reservation Bill, the law prohibiting triple talaq and imposing penal consequence on those who violate the law, and prohibiting nikah halala."
Under the triple talaq practice, a Muslim man can instantly divorce his wife by orally repeating the "talaq" thrice. As per "nikah halala", a divorced has to marry someone else and consummate this marriage to get a divorce and remarry her earlier husband.
Mr Prasad''s letter came a day after Gandhi wrote to Prime Minister Narendra Modi to seek his support for the passage of the Women''s Reservation Bill in Parliament''s monsoon session starting on July 18, claiming that the BJP appears to have had second thoughts on the proposed law even though it was a key promise in its 2014 manifesto.
"As national parties, we cannot have two sets of standards in dealing with women and their rights. We are already too late in conferring the right of adequate representation, equality in personal laws and doing away with such provisions which compromise women''s dignity," Mr Prasad said.
The BJP leader also targeted the Congress chief over lapsing of the Women''s Reservation Bill with the dissolution of the last Lok Sabha.
"The bill was originally proposed by the National Democratic Alliance (NDA) government headed by Atal Bihari Vajpayee but could not be passed for want of a consensus in Parliament.
"It was reintroduced during the UPA-II government in the Rajya Sabha. Despite disturbances, the BJP and the NDA stood in firm support of the bill and got it passed in the Rajya Sabha. For reasons best known to the government of that day, no effort was made to get the bill passed in the Lok Sabha," Mr Prasad said.
The Minister said that the Modi government welcomes Mr Gandhi''s initiative to support the bill. "However, the government would like to understand fully the reasons why the bill was not taken up for three years by the UPA government in the Lok Sabha and allowed to lapse."
Congress spokesperson Sushmita Dev hitting out at Mr Prasad said: "It is extremely unfortunate that the Law Minister has turned into a dealer, rather than a Minister. I am shocked to see that he tries to cut a deal between two legislations, both of which impact women."
"I would like to ask Ravi Shankarji that when BJP scripted its manifesto in 2014, it had no mention of ''triple talaq'' and ''halala'', but did emphatically mention that 33 per cent reservation for women in the Lok Sabha and assemblies will be brought."
"Prasad has established beyond doubt that Prime Minister Modi in the manifesto of the BJP lied to the women. Prasadji has proved that his knowledge on empowerment of women is zero. Their politics when it comes to women empowerment is nothing but a gimmick."
On supporting the Triple Talaq bill, she said: "Even before Supreme Court judgment came banning instant ''triple talaq'', the Congress had taken a stand that we will welcome any progressive law. The bill that was brought to the Lok Sabha passed and is now pending in the Rajya Sabha."
The Congress party said rather than being a Minister, the Law Minister has turned into a dealer for cutting a deal between two legislations.
He said that as national parties, the Bharatiya Janata Party (BJP) and the Congress cannot have two sets of standards in dealing with women and their rights.
In a letter to Mr Gandhi, which was released to the media, Mr Prasad said: "As part of the new deal, we should approve, in both Houses of Parliament, the Women''s Reservation Bill, the law prohibiting triple talaq and imposing penal consequence on those who violate the law, and prohibiting nikah halala."
Under the triple talaq practice, a Muslim man can instantly divorce his wife by orally repeating the "talaq" thrice. As per "nikah halala", a divorced has to marry someone else and consummate this marriage to get a divorce and remarry her earlier husband.
Mr Prasad''s letter came a day after Gandhi wrote to Prime Minister Narendra Modi to seek his support for the passage of the Women''s Reservation Bill in Parliament''s monsoon session starting on July 18, claiming that the BJP appears to have had second thoughts on the proposed law even though it was a key promise in its 2014 manifesto.
"As national parties, we cannot have two sets of standards in dealing with women and their rights. We are already too late in conferring the right of adequate representation, equality in personal laws and doing away with such provisions which compromise women''s dignity," Mr Prasad said.
The BJP leader also targeted the Congress chief over lapsing of the Women''s Reservation Bill with the dissolution of the last Lok Sabha.
"The bill was originally proposed by the National Democratic Alliance (NDA) government headed by Atal Bihari Vajpayee but could not be passed for want of a consensus in Parliament.
"It was reintroduced during the UPA-II government in the Rajya Sabha. Despite disturbances, the BJP and the NDA stood in firm support of the bill and got it passed in the Rajya Sabha. For reasons best known to the government of that day, no effort was made to get the bill passed in the Lok Sabha," Mr Prasad said.
The Minister said that the Modi government welcomes Mr Gandhi''s initiative to support the bill. "However, the government would like to understand fully the reasons why the bill was not taken up for three years by the UPA government in the Lok Sabha and allowed to lapse."
Congress spokesperson Sushmita Dev hitting out at Mr Prasad said: "It is extremely unfortunate that the Law Minister has turned into a dealer, rather than a Minister. I am shocked to see that he tries to cut a deal between two legislations, both of which impact women."
"I would like to ask Ravi Shankarji that when BJP scripted its manifesto in 2014, it had no mention of ''triple talaq'' and ''halala'', but did emphatically mention that 33 per cent reservation for women in the Lok Sabha and assemblies will be brought."
"Prasad has established beyond doubt that Prime Minister Modi in the manifesto of the BJP lied to the women. Prasadji has proved that his knowledge on empowerment of women is zero. Their politics when it comes to women empowerment is nothing but a gimmick."
On supporting the Triple Talaq bill, she said: "Even before Supreme Court judgment came banning instant ''triple talaq'', the Congress had taken a stand that we will welcome any progressive law. The bill that was brought to the Lok Sabha passed and is now pending in the Rajya Sabha."
Business Affairs
Sugar stockpile to double on record output as India struggles to export surplus
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Sugar stocks in India are likely to more than double by the end of the current marketing year as the world's biggest producer of the sweetener struggles to export a surplus, a leading trade body said on Tuesday. The rise will weigh on local prices, potentially pushing the country to try to ship more sugar overseas, which could drag on global prices that have already fallen 16 per cent this year.
The country is likely to end the marketing season on September 30 with inventory of 10 million tonnes, compared with 3.87 million tonnes a year ago, the Indian Sugar Mills Association (ISMA) said. "Production is at a record high. Inventory is rising, but mills are not exporting sugar due to lower returns," said one Mumbai-based dealer with a global trading firm.
India has so far contracted to export 275,000 tonnes sugar from its record production of 32.25 million tonnes, dealers said. The glut is likely to swell in the 2018/19 season starting October 1, with Indian production expected to jump by almost a tenth from the current year to between 35 million tonnes and 35.5 million tonnes, the ISMA said.
Northern state of Uttar Pradesh, the biggest producer in India, could churn out 13-13.5 million tonnes of sugar in the next year, the association said. That would be up 12 percent from the current year, with the ISMA saying farmers have devoted a bigger area to high-yielding varieties of sugar cane. Maharashtra's sugar output is estimated at 11-11.5 million tonnes in the new season, up from 10.71 million tonnes, the ISMA said.
The country is likely to end the marketing season on September 30 with inventory of 10 million tonnes, compared with 3.87 million tonnes a year ago, the Indian Sugar Mills Association (ISMA) said. "Production is at a record high. Inventory is rising, but mills are not exporting sugar due to lower returns," said one Mumbai-based dealer with a global trading firm.
India has so far contracted to export 275,000 tonnes sugar from its record production of 32.25 million tonnes, dealers said. The glut is likely to swell in the 2018/19 season starting October 1, with Indian production expected to jump by almost a tenth from the current year to between 35 million tonnes and 35.5 million tonnes, the ISMA said.
Northern state of Uttar Pradesh, the biggest producer in India, could churn out 13-13.5 million tonnes of sugar in the next year, the association said. That would be up 12 percent from the current year, with the ISMA saying farmers have devoted a bigger area to high-yielding varieties of sugar cane. Maharashtra's sugar output is estimated at 11-11.5 million tonnes in the new season, up from 10.71 million tonnes, the ISMA said.
Get ready to shell out more for foreign clothes as govt doubles import duty on over 50 textile products
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Shoppers will have to shell out more for high-end jackets, suits and dresses of international brands as the government has doubled import duty on over 50 textile products to 20 per cent in line with its 'Make in India' initiative. The imported products which have become more expensive include woven fabrics, dresses, trousers, suits, carpets and baby garments. This will have an impact on international brands like Burberry, Chanel, Fendi and Gucci which sell here garments made in other manufacturing hubs.
The Central Board of Indirect Taxes and Customs (CBIC) notification on the duty hike issued on Monday night to boost the domestic garment manufacturing sector, comes at a time when India has lost out its garment manufacturing edge to neighbouring countries of China, Bangladesh and Vietnam. The government has also raised the ad-valorem rate of duty for certain items.
The Indian fashion fraternity, while hailing the move to boost domestic apparel, has mixed views regarding the impact that the duty increase will have on the market. Their fear is that even the prices of domestic apparel which use foreign inputs could rise.
As designer Suket Dhir shares, "A lot of products like ribbons and tape used in lingerie and trims get imported from either China or Hong Kong because their highest quality manufacturing doesn't happen in India. As a result, the designers will be compelled to import them regardless, which will lead to an increase in prices.''
Fashion Design Council of India president, Sunil Sethi said, "From a patriotic point of view it does seem that we should promote our own industry. But right now our biggest problem is increasing our exports, so these sort of additional tariffs are not very friendly tariffs with the countries to which we want to export."
That said, they are hopeful for the long-term impact that this move will have. While Sethi believes that trade restrictions aren't the only way to promote domestic goods, he continues, "It seems that the government is taking a right call in trying to promote the domestic manufacturing. The patriotic Indian in me says we must do this, but the customer in me understands the extra load on my pocket. But yes, in the apparel segment, it will definitely help the domestic market and I am all for it."
Dhir also states, "In the long run it might be a good thing. For the time being it will be very difficult, but we should soon see some manufacturing in India in six months to a year. Those who are currently suffering competition from products from abroad will be encouraged to produce better and service Indian customers."
"The duties have been doubled on most of the textile products. It will help boost domestic manufacturing but least developed countries including Bangladesh would continue to enjoy duty free access to Indian markets," FIEO DG Ajay Sahai said.
The duty has been doubled to 20 per cent on 23 knitted garments items and one knitted fabric item as well, Tirupur Exporters' Association (TEA) president Raja M Shanmugham said. "This will help in protecting the industry and also employment," he added.
On some items, the rate would be 20 per cent or Rs 38 a metre, whichever is higher. India last increased import duties on textiles in October 2017, which was for a broader set of products. However, apparel exports are witnessing downtrend since then. Exports of all textile readymade garments dipped by 12.3 per cent to $13.5 billion in June 2018. Meanwhile, imports of textile yarn, fabric and made-up articles into the country grew by 8.58 per cent to $168.64 million in June.
The Central Board of Indirect Taxes and Customs (CBIC) notification on the duty hike issued on Monday night to boost the domestic garment manufacturing sector, comes at a time when India has lost out its garment manufacturing edge to neighbouring countries of China, Bangladesh and Vietnam. The government has also raised the ad-valorem rate of duty for certain items.
The Indian fashion fraternity, while hailing the move to boost domestic apparel, has mixed views regarding the impact that the duty increase will have on the market. Their fear is that even the prices of domestic apparel which use foreign inputs could rise.
As designer Suket Dhir shares, "A lot of products like ribbons and tape used in lingerie and trims get imported from either China or Hong Kong because their highest quality manufacturing doesn't happen in India. As a result, the designers will be compelled to import them regardless, which will lead to an increase in prices.''
Fashion Design Council of India president, Sunil Sethi said, "From a patriotic point of view it does seem that we should promote our own industry. But right now our biggest problem is increasing our exports, so these sort of additional tariffs are not very friendly tariffs with the countries to which we want to export."
That said, they are hopeful for the long-term impact that this move will have. While Sethi believes that trade restrictions aren't the only way to promote domestic goods, he continues, "It seems that the government is taking a right call in trying to promote the domestic manufacturing. The patriotic Indian in me says we must do this, but the customer in me understands the extra load on my pocket. But yes, in the apparel segment, it will definitely help the domestic market and I am all for it."
Dhir also states, "In the long run it might be a good thing. For the time being it will be very difficult, but we should soon see some manufacturing in India in six months to a year. Those who are currently suffering competition from products from abroad will be encouraged to produce better and service Indian customers."
"The duties have been doubled on most of the textile products. It will help boost domestic manufacturing but least developed countries including Bangladesh would continue to enjoy duty free access to Indian markets," FIEO DG Ajay Sahai said.
The duty has been doubled to 20 per cent on 23 knitted garments items and one knitted fabric item as well, Tirupur Exporters' Association (TEA) president Raja M Shanmugham said. "This will help in protecting the industry and also employment," he added.
On some items, the rate would be 20 per cent or Rs 38 a metre, whichever is higher. India last increased import duties on textiles in October 2017, which was for a broader set of products. However, apparel exports are witnessing downtrend since then. Exports of all textile readymade garments dipped by 12.3 per cent to $13.5 billion in June 2018. Meanwhile, imports of textile yarn, fabric and made-up articles into the country grew by 8.58 per cent to $168.64 million in June.
NPA-laden IDBI Bank seeks government's nod for 51% stake sale to LIC
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Days after the state-run lender received a letter from Life Insurance Corporation of India (LIC) expressing its interest in acquiring 51 per cent controlling stake in IDBI Bank, the NPA-laden bank in its board meeting today sought government's decision in this regard.
Shares of the debt-ridden IDBI Bank spiked over 6 per cent today reacting to news that LIC may be coming out with its open offer to minority shareholders of the bank.
This development comes after LIC's board gave its approval to buy an additional 43 per cent stake in the debt-ridden public sector lender for reportedly around Rs 13,000 crore. India's largest life insurer already owns a stake of close to 8 per cent in IDBI Bank but wants to take it up to 51 per cent.
Department of Economic Affairs Secretary Subhash Chandra Garg, who was also a part of the LIC board representing government, told the media yesterday that since the combined shareholding of both the government and LIC would be over 90 per cent - in other words, the public shareholding is too low - an open offer might not be on the cards. He, however, had added that LIC could make an open offer if needed.
In any case, this is a mandatory requirement under Sebi's takeover code. The latter specifies that if a company acquires more than 25 per cent in another listed company, it has to make an open offer to minority shareholders to buy at least 26 per cent more in the target firm.
"Majority stake acquisition by the largest local investor and insurance company in India has restored investors' confidence in IDBI Bank to an extent," Soumen Chatterjee, head of research at Guiness Securities Ltd, told the news agency. "Moreover, we believe that the NPA cycle is very close to being over."
That's certainly good news for the bank which had long grappled with the problem of toxic loans. Its gross non-performing assets jumped to a staggering Rs 55,600 crore at the end of the March quarter. In fact, IDBI Bank boasts the highest gross non-performing assets (27.95 per cent) as a percentage of total loans among all public sector banks.
Shares of the debt-ridden IDBI Bank spiked over 6 per cent today reacting to news that LIC may be coming out with its open offer to minority shareholders of the bank.
This development comes after LIC's board gave its approval to buy an additional 43 per cent stake in the debt-ridden public sector lender for reportedly around Rs 13,000 crore. India's largest life insurer already owns a stake of close to 8 per cent in IDBI Bank but wants to take it up to 51 per cent.
Department of Economic Affairs Secretary Subhash Chandra Garg, who was also a part of the LIC board representing government, told the media yesterday that since the combined shareholding of both the government and LIC would be over 90 per cent - in other words, the public shareholding is too low - an open offer might not be on the cards. He, however, had added that LIC could make an open offer if needed.
In any case, this is a mandatory requirement under Sebi's takeover code. The latter specifies that if a company acquires more than 25 per cent in another listed company, it has to make an open offer to minority shareholders to buy at least 26 per cent more in the target firm.
"Majority stake acquisition by the largest local investor and insurance company in India has restored investors' confidence in IDBI Bank to an extent," Soumen Chatterjee, head of research at Guiness Securities Ltd, told the news agency. "Moreover, we believe that the NPA cycle is very close to being over."
That's certainly good news for the bank which had long grappled with the problem of toxic loans. Its gross non-performing assets jumped to a staggering Rs 55,600 crore at the end of the March quarter. In fact, IDBI Bank boasts the highest gross non-performing assets (27.95 per cent) as a percentage of total loans among all public sector banks.
JAL assets should not be used for refunding money to homebuyers of Jaypee Infra: Banks to SC
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Banks and financial institutions (FIs), which have lent money to Jaiprakash Associates Limited (JAL), on Tuesday urged the Supreme Court that the assets of holding firm JAL should not used for refunding money to home buyers of its subsidiary firm Jaypee Infratech Ltd (JIL).
JAL, which has already deposited Rs 750 crore with the apex court registry, had told the bench headed by Chief Justice Dipak Misra that it was willing to deposit Rs 600 crore more to refund money to the home buyers if it was allowed to dispose of its identified assets, including a cement plant at Rewa in Madhya Pradesh.
Senior advocate Shyam Divan, appearing for the consortium of banks and FIs led by ICICI Bank, said while JAL has moved the National Company Law Tribunal (NCLT), Allahabad with its restructuring plan. JAL's subsidiary firm JIL owes money to home buyers and was undergoing liquidation process.
Stressing the need for segregating the two issues, Divan told the bench, also comprising justices A M Khanwilkar and D Y Chandrachud, that the exposure of banks and FIs in JAL was to the tune of Rs 21,593 crore, out of which Rs 4,750 crore was of ICICI.
"These are two (JAL and JIL) separate legal entities and if JAL was forced to pay for JIL then it will have adverse impact on JAL," he said, adding that JAL's scheme on restructuring was pending with the NCLT, and the RBI can also be taken on board in the matter.
Additional Solicitor General Tushar Mehta, appearing for the Insolvency Resolution Professional (IRP), referred to the amended provision of the insolvency law and said that now home buyers have also been included in the list of creditors whose interests can be secured in the insolvency proceedings. The hearing on the pleas of home buyers remained inconclusive and would continue tomorrow.
JAL had earlier told the court it would deposit Rs 600 crore more to refund the home buyers if it was allowed to dispose of its identified assets, including a cement plant at Rewa in Madhya Pradesh. Senior advocate Fali S Nariman had said that JAL has already deposited Rs 750 crore with the apex court registry and, for paying the principal amount to the home buyers, it would pay Rs 600 crore more in seven installments.
The firm be granted a prior approval "to dispose of identified cement assets including its cement plant at Rewa, Madhya Pradesh, he had said. "To enable JAL to do this, the National Company Law Tribunal (NCLT), Allahabad may kindly be directed by this court to proceed forthwith to decide and pass appropriate orders on its (JAL) plea for sanctioning the Scheme of Arrangement, propounded pursuant to Master Restructuring Agreement signed and accepted by all 32 creditors of JAL.
"The Scheme of Arrangement is already filed with the NCLT, Allahabad and the NCLT in its Order dated January 25, 2018 has sought for appropriate directions from this Court," Nariman had said. He had also referred to the impediments in the timely delivery of homes to the home buyers and said now the situation has become grave.
Earlier, the bench had said it would ask the NCLT at Allahabad to expeditiously decide JAL's plea on restructuring of its subsidiary firm JIL if they deposit Rs 600 crore for refunding principal amount to home buyers who have opted out of housing projects.
Prior to this, it had directed JAL to deposit 1,000 crore, in addition to Rs 750 crore already deposited, by June 15 to provide refunds to the home buyers who had wished to opt out of its various housing schemes. The home buyers had moved the apex court stating that around 32,000 people had booked flats and were now paying instalments.
The plea had also stated that hundreds of home buyers were left in the lurch after the NCLT, on August 10 last year, admitted the IDBI Bank's plea to initiate insolvency proceedings against the debt-ridden realty firm for allegedly defaulting on a Rs 526-crore loan.
JAL, which has already deposited Rs 750 crore with the apex court registry, had told the bench headed by Chief Justice Dipak Misra that it was willing to deposit Rs 600 crore more to refund money to the home buyers if it was allowed to dispose of its identified assets, including a cement plant at Rewa in Madhya Pradesh.
Senior advocate Shyam Divan, appearing for the consortium of banks and FIs led by ICICI Bank, said while JAL has moved the National Company Law Tribunal (NCLT), Allahabad with its restructuring plan. JAL's subsidiary firm JIL owes money to home buyers and was undergoing liquidation process.
Stressing the need for segregating the two issues, Divan told the bench, also comprising justices A M Khanwilkar and D Y Chandrachud, that the exposure of banks and FIs in JAL was to the tune of Rs 21,593 crore, out of which Rs 4,750 crore was of ICICI.
"These are two (JAL and JIL) separate legal entities and if JAL was forced to pay for JIL then it will have adverse impact on JAL," he said, adding that JAL's scheme on restructuring was pending with the NCLT, and the RBI can also be taken on board in the matter.
Additional Solicitor General Tushar Mehta, appearing for the Insolvency Resolution Professional (IRP), referred to the amended provision of the insolvency law and said that now home buyers have also been included in the list of creditors whose interests can be secured in the insolvency proceedings. The hearing on the pleas of home buyers remained inconclusive and would continue tomorrow.
JAL had earlier told the court it would deposit Rs 600 crore more to refund the home buyers if it was allowed to dispose of its identified assets, including a cement plant at Rewa in Madhya Pradesh. Senior advocate Fali S Nariman had said that JAL has already deposited Rs 750 crore with the apex court registry and, for paying the principal amount to the home buyers, it would pay Rs 600 crore more in seven installments.
The firm be granted a prior approval "to dispose of identified cement assets including its cement plant at Rewa, Madhya Pradesh, he had said. "To enable JAL to do this, the National Company Law Tribunal (NCLT), Allahabad may kindly be directed by this court to proceed forthwith to decide and pass appropriate orders on its (JAL) plea for sanctioning the Scheme of Arrangement, propounded pursuant to Master Restructuring Agreement signed and accepted by all 32 creditors of JAL.
"The Scheme of Arrangement is already filed with the NCLT, Allahabad and the NCLT in its Order dated January 25, 2018 has sought for appropriate directions from this Court," Nariman had said. He had also referred to the impediments in the timely delivery of homes to the home buyers and said now the situation has become grave.
Earlier, the bench had said it would ask the NCLT at Allahabad to expeditiously decide JAL's plea on restructuring of its subsidiary firm JIL if they deposit Rs 600 crore for refunding principal amount to home buyers who have opted out of housing projects.
Prior to this, it had directed JAL to deposit 1,000 crore, in addition to Rs 750 crore already deposited, by June 15 to provide refunds to the home buyers who had wished to opt out of its various housing schemes. The home buyers had moved the apex court stating that around 32,000 people had booked flats and were now paying instalments.
The plea had also stated that hundreds of home buyers were left in the lurch after the NCLT, on August 10 last year, admitted the IDBI Bank's plea to initiate insolvency proceedings against the debt-ridden realty firm for allegedly defaulting on a Rs 526-crore loan.
Top IITs, IIMs students bag up to 137% higher salary packages than other institutions this year: Report
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Top IITs and IIMs bagged 137% and 121% higher salary packages, respectively, compared to other institutions, says the Campus Hiring Report 2018 released by assessment and skill-measurement company Mettl. The survey was conducted across 114 engineering and 80 management institutes during the recently concluded campus placement season across different regions in India.
Detailing some of the major salary and employment trends, Ketan Kapoor, CEO and Co-founder, Mettl, said, "There is a rise in demand for skilled candidates across all domains. To meet this demand, employers have taken the campus route. Employers are, however, facing challenges like early attrition to their inability to retain candidates even after rolling out lucrative offer letters. This report provides a solution for companies to smoothly execute campus hiring programmes and efficiently acquire the best talent from leading institutions."
As part of the survey, Mettl's research team reached out to placement cells of various institutes during the campus placement season in May. The survey revealed that graduates from the top Indian Institutes of Technology (IITs) bag 137% higher entry-level packages as compared to the average salary of an engineer, with computer science or information technology graduates receiving the highest annual package of Rs 6.9 lakh per annum. Consequently, the new IITs are catching up fast with top NITs in terms of compensation packages offered, especially in computer science and information technology. Also, candidates proficient in new-age skills like machine learning and data science were mostly hired by the top IITs.
The hiring trend of the management institutes revealed top Indian Institute of Management (IIM) graduates received 121% higher salary packages than an average MBA graduate. In a region-wise analysis, west India held a leading position with 17% higher compensations than the average salary recorded. In addition, graduates from the technology domain received the highest average salary package of Rs 14.8 lakh per annum. Post-MBA, general management roles accounted for the maximum number of hires at 31%, while roles in senior management were the highest paid jobs commanding 118% more than the average salary of MBA graduates.
The Campus Hiring Report 2018 also offers a step-by-step guide for companies to effectively manage various stages of conducting a recruitment programme -- from gathering information and shortlisting campuses to visit, selection of high potential talent and evaluation. One of Mettl's key offerings for organisations to hire skilled and quality talent include online assessments that are aimed at testing the logical reasoning, analytical, and verbal abilities of candidates.
Detailing some of the major salary and employment trends, Ketan Kapoor, CEO and Co-founder, Mettl, said, "There is a rise in demand for skilled candidates across all domains. To meet this demand, employers have taken the campus route. Employers are, however, facing challenges like early attrition to their inability to retain candidates even after rolling out lucrative offer letters. This report provides a solution for companies to smoothly execute campus hiring programmes and efficiently acquire the best talent from leading institutions."
As part of the survey, Mettl's research team reached out to placement cells of various institutes during the campus placement season in May. The survey revealed that graduates from the top Indian Institutes of Technology (IITs) bag 137% higher entry-level packages as compared to the average salary of an engineer, with computer science or information technology graduates receiving the highest annual package of Rs 6.9 lakh per annum. Consequently, the new IITs are catching up fast with top NITs in terms of compensation packages offered, especially in computer science and information technology. Also, candidates proficient in new-age skills like machine learning and data science were mostly hired by the top IITs.
The hiring trend of the management institutes revealed top Indian Institute of Management (IIM) graduates received 121% higher salary packages than an average MBA graduate. In a region-wise analysis, west India held a leading position with 17% higher compensations than the average salary recorded. In addition, graduates from the technology domain received the highest average salary package of Rs 14.8 lakh per annum. Post-MBA, general management roles accounted for the maximum number of hires at 31%, while roles in senior management were the highest paid jobs commanding 118% more than the average salary of MBA graduates.
The Campus Hiring Report 2018 also offers a step-by-step guide for companies to effectively manage various stages of conducting a recruitment programme -- from gathering information and shortlisting campuses to visit, selection of high potential talent and evaluation. One of Mettl's key offerings for organisations to hire skilled and quality talent include online assessments that are aimed at testing the logical reasoning, analytical, and verbal abilities of candidates.
General Awareness
Central Adoption Resource Authority (CARA)
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Context: Taking cognizance of the recent cases of illegal adoptions, Ministry of Women and Child Development directs state governments to ensure registration of all child care institutions and linking to CARA within the next one month.
Background:
The mandatory registration of CCIs and linking to Central Adoption Resource Authority (CARA) has been provided in Juvenile Justice (Care and Protection of Children) Act, 2015.
About CARA:
Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development, Government of India.
It functions as the nodal body for adoption of Indian children and is mandated to monitor and regulate in-country and inter-country adoptions.
CARA is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in 2003.
CARA primarily deals with adoption of orphan, abandoned and surrendered children through its associated /recognised adoption agencies.
What is the Hague Convention?
The Hague Convention protects children and their families against the risks of illegal, irregular, premature or ill-prepared adoptions abroad.
To do this, the Hague Convention puts:
Safeguards in place to make sure that all intercountry adoptions are in the best interests of the child and respects their human rights,
A system in place of cooperation among countries to guarantee that these safeguards are respected, and to prevent the abduction of, sale of, or traffic in children.
For Hague adoptions, the authorities in both countries must agree to go ahead with the adoption. For non-Hague adoptions, requirements may vary from one country to another. The Hague Convention does not allow private adoptions in the child’s home country.
Adoption is a handled by the provinces and territories, and they all have and follow laws implementing the Hague Convention.
Facts for Prelims:
Know where Hague is located: Hague is a city on the western coast of the Netherlands and the capital of the province of South Holland.
What’s important?
For Prelims: CARA, Hague convention.
For Mains: Child Abduction- conerns, challenges and regulatory framework.
Context: Taking cognizance of the recent cases of illegal adoptions, Ministry of Women and Child Development directs state governments to ensure registration of all child care institutions and linking to CARA within the next one month.
Background:
The mandatory registration of CCIs and linking to Central Adoption Resource Authority (CARA) has been provided in Juvenile Justice (Care and Protection of Children) Act, 2015.
About CARA:
Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development, Government of India.
It functions as the nodal body for adoption of Indian children and is mandated to monitor and regulate in-country and inter-country adoptions.
CARA is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in 2003.
CARA primarily deals with adoption of orphan, abandoned and surrendered children through its associated /recognised adoption agencies.
What is the Hague Convention?
The Hague Convention protects children and their families against the risks of illegal, irregular, premature or ill-prepared adoptions abroad.
To do this, the Hague Convention puts:
Safeguards in place to make sure that all intercountry adoptions are in the best interests of the child and respects their human rights,
A system in place of cooperation among countries to guarantee that these safeguards are respected, and to prevent the abduction of, sale of, or traffic in children.
For Hague adoptions, the authorities in both countries must agree to go ahead with the adoption. For non-Hague adoptions, requirements may vary from one country to another. The Hague Convention does not allow private adoptions in the child’s home country.
Adoption is a handled by the provinces and territories, and they all have and follow laws implementing the Hague Convention.
Facts for Prelims:
Know where Hague is located: Hague is a city on the western coast of the Netherlands and the capital of the province of South Holland.
What’s important?
For Prelims: CARA, Hague convention.
For Mains: Child Abduction- conerns, challenges and regulatory framework.
Background:
The mandatory registration of CCIs and linking to Central Adoption Resource Authority (CARA) has been provided in Juvenile Justice (Care and Protection of Children) Act, 2015.
About CARA:
Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development, Government of India.
It functions as the nodal body for adoption of Indian children and is mandated to monitor and regulate in-country and inter-country adoptions.
CARA is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in 2003.
CARA primarily deals with adoption of orphan, abandoned and surrendered children through its associated /recognised adoption agencies.
What is the Hague Convention?
The Hague Convention protects children and their families against the risks of illegal, irregular, premature or ill-prepared adoptions abroad.
To do this, the Hague Convention puts:
Safeguards in place to make sure that all intercountry adoptions are in the best interests of the child and respects their human rights,
A system in place of cooperation among countries to guarantee that these safeguards are respected, and to prevent the abduction of, sale of, or traffic in children.
For Hague adoptions, the authorities in both countries must agree to go ahead with the adoption. For non-Hague adoptions, requirements may vary from one country to another. The Hague Convention does not allow private adoptions in the child’s home country.
Adoption is a handled by the provinces and territories, and they all have and follow laws implementing the Hague Convention.
Facts for Prelims:
Know where Hague is located: Hague is a city on the western coast of the Netherlands and the capital of the province of South Holland.
What’s important?
For Prelims: CARA, Hague convention.
For Mains: Child Abduction- conerns, challenges and regulatory framework.
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