General Affairs
Schools, Shops Shut In Few States Due To Protests Against SC/ST Act
-
Trains were stopped and highways blocked briefly in Bihar while shops downed shutters in some other northern states during a 'Bharat Bandh' Thursday against the recent amendment to the SC/ST Act.
Shops, schools and other commercial establishments were closed in parts of Bihar, Rajasthan, Madhya Pradesh, Uttar Pradesh and Punjab but the shutdown call by anti-reservation bodies had little impact elsewhere in the country.
There were scattered incidents of violence, mainly in Bihar, where bandh supporters stormed Patna's Rajendra Nagar terminus and disrupted the movement of trains for about 30 minutes, officials said.
Trains were briefly disrupted in Rajgir also as commercial establishments remained closed in many parts of Bihar.
Some organisation had called the one-day bandh to protest against the amendment last month to the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act.
The amendment bill passed by Parliament had nullified the 'safeguards' ordered by the Supreme Court against arrests without a preliminary inquiry under the SC/ST law.
Shops and commercial establishments remained largely closed in Bihar capital's Patna, but banks and government offices functioned normally.
Protesters gathered before the Bihar BJP headquarters, raising slogans over the "betrayal" by the party. Some of them also headed towards the office of the Janata Dal (United), a BJP ally.
The shutdown had a strong impact in Muzaffarpur, where bandh supporters blocked traffic in the town and on the national highway.
They also burnt tyres at many places and clashed with policemen who tried to stop them.
Cases of arson were also reported from Biharsharif town. Traffic was disrupted in Begusarai.
The bandh call evoked a strong response in Rajasthan where many shops and businesses, schools and other educational institutions remained closed on Thursday.
Shops were shut in Jaipur, Karauli, Pratapgarh, Udaipur, Pali, Nagaur and other districts in the state.
The police detained at least three leaders of the Samta Andolan Samiti, which is against caste-based reservation, as a precautionary measure. There were no reports of violence in the state till this evening.
Most private schools and petrol pumps remained closed in Madhya Pradesh while markets and business establishments in parts of the state were shut. Police said the bandh was observed in a peaceful manner.
Brahma Samagam Sawarna Jankalyan Sangathan's national president Dharmendra Sharma said about 150 organisations of the upper castes and Other Backward Classes participated in the bandh in Madhya Pradesh.
He claimed the bandh was effective in almost the entire state, particularly in Katni, Vidisha, Sehore, Dewas, Indore, Gwalior, Jhabua, Chhattarpur, Mandsaur, Sagar and Ujjain.
In Chhindwara, the Lok Sabha constituency of Madhya Pradesh Congress chief Kamal Nath, markets remained shut.
"Local residents wore black clothes in protest and business establishments remained shut," Vyapari Sangh president Mahesh Chandak said.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan appealed to the people saying, "Madhya Pradesh is an island of peace. I pray that we all progress and no one should try to disrupt the peace in the state."
In Uttar Pradesh, Chief Minister Yogi Adityanath said, "People have their feelings. In a democracy everyone has the right to express themselves."
Six policemen were hurt when they confronted protesters blocking traffic in UP's Ballia district. In Agra too, protesters blocked traffic and shops remained shut. But the bandh was largely peaceful in the state.
"The law is to protect the downtrodden. The government will ensure that it will not be misused," Mr Adityanath told reporters in Gonda.
In Punjab and Haryana, there was little response to the bandh with people keeping their businesses open in most areas, reports said. But in Punjab's Phagwara shops and commercial establishments remained shut.
Earlier this year, the apex court had removed the strict provision of mandatory arrests under the SC/ST Act.
This decision had triggered nationwide protests by Scheduled Caste organisations, forcing the Centre to bring an amendment to the Act to overrule the SC order.
Shops, schools and other commercial establishments were closed in parts of Bihar, Rajasthan, Madhya Pradesh, Uttar Pradesh and Punjab but the shutdown call by anti-reservation bodies had little impact elsewhere in the country.
There were scattered incidents of violence, mainly in Bihar, where bandh supporters stormed Patna's Rajendra Nagar terminus and disrupted the movement of trains for about 30 minutes, officials said.
Trains were briefly disrupted in Rajgir also as commercial establishments remained closed in many parts of Bihar.
Some organisation had called the one-day bandh to protest against the amendment last month to the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act.
The amendment bill passed by Parliament had nullified the 'safeguards' ordered by the Supreme Court against arrests without a preliminary inquiry under the SC/ST law.
Shops and commercial establishments remained largely closed in Bihar capital's Patna, but banks and government offices functioned normally.
Protesters gathered before the Bihar BJP headquarters, raising slogans over the "betrayal" by the party. Some of them also headed towards the office of the Janata Dal (United), a BJP ally.
The shutdown had a strong impact in Muzaffarpur, where bandh supporters blocked traffic in the town and on the national highway.
They also burnt tyres at many places and clashed with policemen who tried to stop them.
Cases of arson were also reported from Biharsharif town. Traffic was disrupted in Begusarai.
The bandh call evoked a strong response in Rajasthan where many shops and businesses, schools and other educational institutions remained closed on Thursday.
Shops were shut in Jaipur, Karauli, Pratapgarh, Udaipur, Pali, Nagaur and other districts in the state.
The police detained at least three leaders of the Samta Andolan Samiti, which is against caste-based reservation, as a precautionary measure. There were no reports of violence in the state till this evening.
Most private schools and petrol pumps remained closed in Madhya Pradesh while markets and business establishments in parts of the state were shut. Police said the bandh was observed in a peaceful manner.
Brahma Samagam Sawarna Jankalyan Sangathan's national president Dharmendra Sharma said about 150 organisations of the upper castes and Other Backward Classes participated in the bandh in Madhya Pradesh.
He claimed the bandh was effective in almost the entire state, particularly in Katni, Vidisha, Sehore, Dewas, Indore, Gwalior, Jhabua, Chhattarpur, Mandsaur, Sagar and Ujjain.
In Chhindwara, the Lok Sabha constituency of Madhya Pradesh Congress chief Kamal Nath, markets remained shut.
"Local residents wore black clothes in protest and business establishments remained shut," Vyapari Sangh president Mahesh Chandak said.
Madhya Pradesh Chief Minister Shivraj Singh Chouhan appealed to the people saying, "Madhya Pradesh is an island of peace. I pray that we all progress and no one should try to disrupt the peace in the state."
In Uttar Pradesh, Chief Minister Yogi Adityanath said, "People have their feelings. In a democracy everyone has the right to express themselves."
Six policemen were hurt when they confronted protesters blocking traffic in UP's Ballia district. In Agra too, protesters blocked traffic and shops remained shut. But the bandh was largely peaceful in the state.
"The law is to protect the downtrodden. The government will ensure that it will not be misused," Mr Adityanath told reporters in Gonda.
In Punjab and Haryana, there was little response to the bandh with people keeping their businesses open in most areas, reports said. But in Punjab's Phagwara shops and commercial establishments remained shut.
Earlier this year, the apex court had removed the strict provision of mandatory arrests under the SC/ST Act.
This decision had triggered nationwide protests by Scheduled Caste organisations, forcing the Centre to bring an amendment to the Act to overrule the SC order.
Technology To Change Railway's Face And Direction, Says Piyush Goyal
-
The number of paperless unreserved tickets had increased from 195 in 2014-15 to 67,000 last year, Railway Minister Piyush Goyal said on Thursday.
Speaking at a seminar on leveraging information technology for mobility, he said a rapid scale-up of technology was what the country expected and that's where the help of the private sector could be taken.
"Paperless unreserved tickets have moved up from 195 in 2014-15 to 67,000 last year, which is a 35,000 per cent increase over a period of three years," Mr Goyal said, highlighting the use of technology in the railways.
Stating that the youngsters in the railways' team should engage with new ideas, the minister said he was sure that "some game changing results" would be achieved, which would truly help better the passenger and freight customer experience, making it sustainable and satisfying.
"I do not know any other department which collects data the way railways does, but how efficiently and effectively we use that data is the defining success story we are looking for. And this is surely possible with the high quality team that we have in the railways," he said.
Mr Goyal said there were many transformations related to tracks, safety, signalling, catering, punctuality that the railways was working on and that efforts were on to modernise its inspection processes, making them more efficient and clinically sound.
"It's time we got the charm back to the Indian Railways and to my mind, technology can be that defining factor that will help the Indian Railways change both its direction and its face," he said.
On the occasion, the minister also launched a mobile app called "Aapoorti", which will provide information and data related to e-tendering and e-auction related activities of the railways.
Speaking at a seminar on leveraging information technology for mobility, he said a rapid scale-up of technology was what the country expected and that's where the help of the private sector could be taken.
"Paperless unreserved tickets have moved up from 195 in 2014-15 to 67,000 last year, which is a 35,000 per cent increase over a period of three years," Mr Goyal said, highlighting the use of technology in the railways.
Stating that the youngsters in the railways' team should engage with new ideas, the minister said he was sure that "some game changing results" would be achieved, which would truly help better the passenger and freight customer experience, making it sustainable and satisfying.
"I do not know any other department which collects data the way railways does, but how efficiently and effectively we use that data is the defining success story we are looking for. And this is surely possible with the high quality team that we have in the railways," he said.
Mr Goyal said there were many transformations related to tracks, safety, signalling, catering, punctuality that the railways was working on and that efforts were on to modernise its inspection processes, making them more efficient and clinically sound.
"It's time we got the charm back to the Indian Railways and to my mind, technology can be that defining factor that will help the Indian Railways change both its direction and its face," he said.
On the occasion, the minister also launched a mobile app called "Aapoorti", which will provide information and data related to e-tendering and e-auction related activities of the railways.
After Saying No-Early Poll In Telangana, Congress Amends: "Post-January"
-
State-level elections in Telangana may not be possible before next year, the Congress indicated today soon after Chief Minister K Chandrashekar Rao got the assembly dissolved and announced the names of 100 candidates.
At a press conference this evening, the Congress said the Election Commission has asked for a full revision of electoral rolls for which the deadline is January 1 next year. The list -- a routine and critical exercise before elections -- is meant to include new young voters in the electoral rolls.
Unless this exercise is completed, elections cannot be held in the state, the party indicated. This would put the Election Commission in a tricky situation, as it would have little more than a month to hold elections in the state.
COMMENT
Under the rules, elections must be held in a state within six months of the assembly being dissolved. There is no precedent of elections being held while electoral roll revision has been announced and is in progress.
Governor ESL Narasimhan has already accepted the recommendation from Chief Minister K Chandrashekar Rao and is expected to formally notify the Election Commission and recommend holding of elections within six months.
The Chief Minister has been keen on holding the election by the end of this year. The BJP claimed it was because he thought his chances were better before the state got caught up in the campaign fever of the general elections next year.
The term of the Telangana assembly ends next May and the state would have gone to polls next year, in the middle of the general elections.
The state Congress, which has accused the Chief Minister of being a stooge of the BJP and Prime Minister Narendra Modi, said earlier this week that he might have dropped his plans to go for early assembly elections in the state after the idea was vetoed by the PM and the Election Commission.
At a press conference this evening, the Congress said the Election Commission has asked for a full revision of electoral rolls for which the deadline is January 1 next year. The list -- a routine and critical exercise before elections -- is meant to include new young voters in the electoral rolls.
Unless this exercise is completed, elections cannot be held in the state, the party indicated. This would put the Election Commission in a tricky situation, as it would have little more than a month to hold elections in the state.
COMMENT
Under the rules, elections must be held in a state within six months of the assembly being dissolved. There is no precedent of elections being held while electoral roll revision has been announced and is in progress.
Governor ESL Narasimhan has already accepted the recommendation from Chief Minister K Chandrashekar Rao and is expected to formally notify the Election Commission and recommend holding of elections within six months.
The Chief Minister has been keen on holding the election by the end of this year. The BJP claimed it was because he thought his chances were better before the state got caught up in the campaign fever of the general elections next year.
The term of the Telangana assembly ends next May and the state would have gone to polls next year, in the middle of the general elections.
The state Congress, which has accused the Chief Minister of being a stooge of the BJP and Prime Minister Narendra Modi, said earlier this week that he might have dropped his plans to go for early assembly elections in the state after the idea was vetoed by the PM and the Election Commission.
Working On Smaller Launch Vehicles To Carry Satellites, Says ISRO Chief
-
The ISRO is working on building smaller launch vehicles that will carry satellites weighing 500 to 700 kg to up to 500 kilometres from the earth's surface, its chief, K Sivan, said Thursday.
Speaking at the inaugural session of the Bengaluru Space Expo 2018, a biennial event organised by the Indian Space Research Organisation (ISRO), Mr Sivan said the agency was planning to open incubation centres at six places in the country to encourage innovation and start-ups.
He said the academia and the industry are two strong pillars of the ISRO and urged the industry to come forward and share the agency's "load".
"The demand for small satellites is growing. Small satellites are going to be used for communication purposes in an enormous way. To catch up with the small satellites market, ISRO is in the process of developing a small satellite launcher," he said.
These satellites, Mr Sivan added, would be of very repetitive nature and easier to produce.
The small launch vehicle will be different from the Polar Satellite Launch Vehicle (PSLV), ISRO's trusted workhorse, and should take only 72 hours for integration, he said.
"We are working on small satellite launch vehicles. These will be able to launch a satellite of 500 to 700 kilograms in a range of 500 kilometre from Sriharikota (the Satish Dhawan Space Centre)," he said.
The ISRO will need 50-60 such vehicles every year, Sivan said, noting that the industry should come forward in this endeavour as over the next 3-4 years, the prime focus of the space research agency would be on the Gaganyan.
"We don't want to spend time on making these smaller vehicles. We want to give this to the industry and it should take part to make it more effective," he said.
He said out of the over Rs. 10,000 crore announced by the Centre for 40 satellite launch vehicle programmes, Rs. 9,000 crore would go to the industry for manufacturing them.
"The prime minister has approved 30 PSLV and 10 GSLV mark III. It costs Rs. 10,400 crore. So, more than Rs. 9,000 crore will be for the industry. In next three years, we are supposed to launch 59 satellites. So, it converts into two launches per month," Mr Sivan said explaining the scope of work for the industry.
Speaking at the inaugural session of the Bengaluru Space Expo 2018, a biennial event organised by the Indian Space Research Organisation (ISRO), Mr Sivan said the agency was planning to open incubation centres at six places in the country to encourage innovation and start-ups.
He said the academia and the industry are two strong pillars of the ISRO and urged the industry to come forward and share the agency's "load".
"The demand for small satellites is growing. Small satellites are going to be used for communication purposes in an enormous way. To catch up with the small satellites market, ISRO is in the process of developing a small satellite launcher," he said.
These satellites, Mr Sivan added, would be of very repetitive nature and easier to produce.
The small launch vehicle will be different from the Polar Satellite Launch Vehicle (PSLV), ISRO's trusted workhorse, and should take only 72 hours for integration, he said.
"We are working on small satellite launch vehicles. These will be able to launch a satellite of 500 to 700 kilograms in a range of 500 kilometre from Sriharikota (the Satish Dhawan Space Centre)," he said.
The ISRO will need 50-60 such vehicles every year, Sivan said, noting that the industry should come forward in this endeavour as over the next 3-4 years, the prime focus of the space research agency would be on the Gaganyan.
"We don't want to spend time on making these smaller vehicles. We want to give this to the industry and it should take part to make it more effective," he said.
He said out of the over Rs. 10,000 crore announced by the Centre for 40 satellite launch vehicle programmes, Rs. 9,000 crore would go to the industry for manufacturing them.
"The prime minister has approved 30 PSLV and 10 GSLV mark III. It costs Rs. 10,400 crore. So, more than Rs. 9,000 crore will be for the industry. In next three years, we are supposed to launch 59 satellites. So, it converts into two launches per month," Mr Sivan said explaining the scope of work for the industry.
Court Warns Maharashtra Cops For Sharing Sensitive Information With Media
-
The Bombay High Court today came down heavily on the Maharashtra Police machinery for revealing information to the media about sensitive cases, saying such "over-enthusiasm could be fatal".
A division bench of Justices SC Dharmadhikari and BP Colabawalla was hearing petitions filed by family members of slain rationalists Narendra Dabholkar and Govind Pansare, seeking court supervision in probes being conducted by the CBI (in Dabholkar case) and the state CID (in Pansare case).
The bench, after perusing reports submitted by both the agencies on the investigation, said everyday there is vital information leaked to the media by probe agencies.
Referring to the press conference of senior IPS officer Parambir Singh along with Pune Police officials last Friday on their case against some activists arrested for alleged Maoist links, Justice Dharmadhikari said, "There is so much hue and cry about this media briefing and disclosures made."
During the press conference, Mr Singh had read out letters purportedly exchanged between the arrested activists. He claimed the police had "conclusive proof" to link Left-wing activists arrested in June and last month to Maoists.
"This over-enthusiasm could be fatal. In such sensitive cases where the investigation is in crucial stages, it is not advisable for police to rush to the media. This shows total lack of maturity," Justice Dharmadhikari said.
The court said by disclosing information to the media, the police were alerting the accused persons.
"Such self-praise and self-patting on their backs by police machinery is not advisable. We see daily there is information in the press regarding such sensitive cases. At whose instance is information being given to the media?" Justice Dharmadhikari said.
The court asked Additional Solicitor General Anil Singh, appearing for the Central Bureau of Investigation (CBI), to convey to senior police officials concerned that it is not happy with the press conference.
"Ask those police officials, who took the media briefing, to go to the trial court and see how difficult it is to prove a case against an accused person," Justice Dharmadhikari said.
CID counsel Ashok Mundargi told the court that the probe agency has not taken any press conference till date on this case.
"Our investigation is on. We are now waiting to interrogate two persons arrested by the CBI in the Dabholkar case," Mr Mundargi said.
The court said the state Crime Investigation Department's (CID) probe should not come to a standstill just because it is waiting to interrogate the accused who are in CBI's custody.
"Do not abandon your (CID) past theories. The CID should continue to look into the involvement of other accused persons too. Both the cases (Dabholkar and Pansare killings) have different repercussions," Justice Dharmadhikari said.
The bench posted the matter for further hearing on October 10. On that day, both the CBI and the CID will have to submit fresh progress reports.
Narendra Dabholkar was shot dead on August 20, 2013 in Pune while on a morning walk. Govind Pansare was shot at on February 16, 2015 in Kolhapur and succumbed to injuries on February 20.
The high court had last month expressed dissatisfaction over the manner in which the CBI and the CID were probing the two cases.
Last month, the CBI arrested two persons - Sachin Andure from Aurangabad in Maharashtra and Sharad Kalaskar from Nallasopara in Palghar district - and claimed that they had shot Narendra Dabholkar.
In June 2016, the CBI had arrested Virendra Tawde, alleging he was one of the conspirators. Virendra Tawde is presently lodged in jail.
A division bench of Justices SC Dharmadhikari and BP Colabawalla was hearing petitions filed by family members of slain rationalists Narendra Dabholkar and Govind Pansare, seeking court supervision in probes being conducted by the CBI (in Dabholkar case) and the state CID (in Pansare case).
The bench, after perusing reports submitted by both the agencies on the investigation, said everyday there is vital information leaked to the media by probe agencies.
Referring to the press conference of senior IPS officer Parambir Singh along with Pune Police officials last Friday on their case against some activists arrested for alleged Maoist links, Justice Dharmadhikari said, "There is so much hue and cry about this media briefing and disclosures made."
During the press conference, Mr Singh had read out letters purportedly exchanged between the arrested activists. He claimed the police had "conclusive proof" to link Left-wing activists arrested in June and last month to Maoists.
"This over-enthusiasm could be fatal. In such sensitive cases where the investigation is in crucial stages, it is not advisable for police to rush to the media. This shows total lack of maturity," Justice Dharmadhikari said.
The court said by disclosing information to the media, the police were alerting the accused persons.
"Such self-praise and self-patting on their backs by police machinery is not advisable. We see daily there is information in the press regarding such sensitive cases. At whose instance is information being given to the media?" Justice Dharmadhikari said.
The court asked Additional Solicitor General Anil Singh, appearing for the Central Bureau of Investigation (CBI), to convey to senior police officials concerned that it is not happy with the press conference.
"Ask those police officials, who took the media briefing, to go to the trial court and see how difficult it is to prove a case against an accused person," Justice Dharmadhikari said.
CID counsel Ashok Mundargi told the court that the probe agency has not taken any press conference till date on this case.
"Our investigation is on. We are now waiting to interrogate two persons arrested by the CBI in the Dabholkar case," Mr Mundargi said.
The court said the state Crime Investigation Department's (CID) probe should not come to a standstill just because it is waiting to interrogate the accused who are in CBI's custody.
"Do not abandon your (CID) past theories. The CID should continue to look into the involvement of other accused persons too. Both the cases (Dabholkar and Pansare killings) have different repercussions," Justice Dharmadhikari said.
The bench posted the matter for further hearing on October 10. On that day, both the CBI and the CID will have to submit fresh progress reports.
Narendra Dabholkar was shot dead on August 20, 2013 in Pune while on a morning walk. Govind Pansare was shot at on February 16, 2015 in Kolhapur and succumbed to injuries on February 20.
The high court had last month expressed dissatisfaction over the manner in which the CBI and the CID were probing the two cases.
Last month, the CBI arrested two persons - Sachin Andure from Aurangabad in Maharashtra and Sharad Kalaskar from Nallasopara in Palghar district - and claimed that they had shot Narendra Dabholkar.
In June 2016, the CBI had arrested Virendra Tawde, alleging he was one of the conspirators. Virendra Tawde is presently lodged in jail.
Business Affairs
Talks are on with India on granting waivers on purchases from Russia, Iran: Mike Pompeo
-
Secretary of State Mike Pompeo said Thursday that talks were ongoing on whether to grant waivers for India from US sanctions on Russia and Iran as he made it clear that Washington's intention is not to "penalise great strategic partners like India." Pompeo and Defence Secretary James Mattis held the first 2+2 Dialogue here with External Affairs Minister Sushma Swaraj and Defence Minister Nirmala Sitharaman to bolster the strategic ties with India and step up defence and security collaboration.
Pompeo told journalists travelling with him that the United States would work with India on its planned purchase of a Russian missile and air-defense system known as the S-400. India is planning to buy five S-400 Triumf missile air defence systems from Russia for around USD 4.5 billion. The purchase will violate sanctions under the Countering America's Adversaries Through Sanctions Act (CAATSA) instituted by Congress on arms purchases from Russia, but lawmakers have allowed the possibility of a presidential waiver.
"There's been no decision made. But I will share that we do understand the history, right, of India's relationship with Russia and legacy systems. Our effort here, too, is not to penalise great strategic partners like India, a major defence partner. "The sanctions aren't intended to adversely impact countries like India. They are intended to be a have an impact on the sanctioned country, which is Russia," the secretary of state said.
"And so we'll work our way through the waiver decision as the days and weeks proceed, and we'll do that alongside our partner, India, as well," he said. He said the US was working to impose CAATSA Section 231 in a way that is appropriate and lawful and to exercise that waiver authority only where it makes sense. "And we as a team, the national security team, will work on that, and as we continue to have these conversations with India about that, I think come to an outcome that makes sense for each of our two countries," he said.
On the issue of India's oil imports from Iran, Pompeo said, "We have told the Indians consistently, as we have told every nation, that on November 4th the sanctions with respect to Iranian crude oil will be enforced. "We will consider waivers where appropriate, but that it is our expectation that the purchases of Iranian crude oil will go to zero from every country, or sanctions will be imposed."
The US has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone. Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).
"So we'll work with the Indians. We committed that we would do that. "Many countries are in a place where they it takes a little bit of time to unwind, and we'll work with them, I am sure, to find an outcome that makes sense," the top US diplomat said. "And from whence they purchase the other crude oil, we're happy to see if it's American products that are able to deliver for them. I think that'd be a great outcome. But our mission set is to make sure that Iran doesn't engage in malign behaviour with wealth that comes from countries around the world, thus the purpose of the sanctions," he said.
On the difference with India on the issue of trade, Pompeo said, the US wanted it to be "very straightforward, free, fair and reciprocal." "We want the trade balance, the trade deficit that the United States has in its trade with India, to be rectified. "They have made some progress on that, and we thank them for that. They're going to buy more energy products from the United States. They're going to purchase more aircraft from the United States. We truly do appreciate that. But the gap will remain, and so we are urging them to do all that they can to narrow that gap," he said.
At the same time, he said it was important that the trade barriers that are there, places that American companies' and American workers' products can't be sold here, be reduced. "And so very consistent what President Trump is seeking all around the world are the things we talked about with our Indian counterparts here today," Pompeo said in response to a question.
India-US bilateral trade is estimated at around USD 74.5 billion. India has a surplus of USD 23 billion in trade with the US, and Washington wants to reduce it by forcing New Delhi to buy more American products. New Delhi is also concerned over recent US move to increase tariffs on steel and aluminium imports from countries China and India.
Pompeo told journalists travelling with him that the United States would work with India on its planned purchase of a Russian missile and air-defense system known as the S-400. India is planning to buy five S-400 Triumf missile air defence systems from Russia for around USD 4.5 billion. The purchase will violate sanctions under the Countering America's Adversaries Through Sanctions Act (CAATSA) instituted by Congress on arms purchases from Russia, but lawmakers have allowed the possibility of a presidential waiver.
"There's been no decision made. But I will share that we do understand the history, right, of India's relationship with Russia and legacy systems. Our effort here, too, is not to penalise great strategic partners like India, a major defence partner. "The sanctions aren't intended to adversely impact countries like India. They are intended to be a have an impact on the sanctioned country, which is Russia," the secretary of state said.
"And so we'll work our way through the waiver decision as the days and weeks proceed, and we'll do that alongside our partner, India, as well," he said. He said the US was working to impose CAATSA Section 231 in a way that is appropriate and lawful and to exercise that waiver authority only where it makes sense. "And we as a team, the national security team, will work on that, and as we continue to have these conversations with India about that, I think come to an outcome that makes sense for each of our two countries," he said.
On the issue of India's oil imports from Iran, Pompeo said, "We have told the Indians consistently, as we have told every nation, that on November 4th the sanctions with respect to Iranian crude oil will be enforced. "We will consider waivers where appropriate, but that it is our expectation that the purchases of Iranian crude oil will go to zero from every country, or sanctions will be imposed."
The US has told India and other countries to cut oil imports from Iran to "zero" by November 4 or face sanctions, making it clear that there would be no waivers to anyone. Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia. Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).
"So we'll work with the Indians. We committed that we would do that. "Many countries are in a place where they it takes a little bit of time to unwind, and we'll work with them, I am sure, to find an outcome that makes sense," the top US diplomat said. "And from whence they purchase the other crude oil, we're happy to see if it's American products that are able to deliver for them. I think that'd be a great outcome. But our mission set is to make sure that Iran doesn't engage in malign behaviour with wealth that comes from countries around the world, thus the purpose of the sanctions," he said.
On the difference with India on the issue of trade, Pompeo said, the US wanted it to be "very straightforward, free, fair and reciprocal." "We want the trade balance, the trade deficit that the United States has in its trade with India, to be rectified. "They have made some progress on that, and we thank them for that. They're going to buy more energy products from the United States. They're going to purchase more aircraft from the United States. We truly do appreciate that. But the gap will remain, and so we are urging them to do all that they can to narrow that gap," he said.
At the same time, he said it was important that the trade barriers that are there, places that American companies' and American workers' products can't be sold here, be reduced. "And so very consistent what President Trump is seeking all around the world are the things we talked about with our Indian counterparts here today," Pompeo said in response to a question.
India-US bilateral trade is estimated at around USD 74.5 billion. India has a surplus of USD 23 billion in trade with the US, and Washington wants to reduce it by forcing New Delhi to buy more American products. New Delhi is also concerned over recent US move to increase tariffs on steel and aluminium imports from countries China and India.
Electric vehicles, green automobiles to be exempted from permit requirements, says Nitin Gadkari
-
The government has decided to keep electric vehicles and automobiles running on alternative fuels out of the ambit of permit requirements in order to boost public interest in them. Vehicles using electricity or, ethanol, biodiesel, CNG, methanol and biofuel need not apply for permits, said Union Road Transport Minister Nitin Gadkari. Demand for eco-friendly vehicles can be created by mandating cab aggregators like Ola and Uber to induct a certain percentage of such vehicles in their fleet.
"We have decided to exempt EVs and all vehicles including autorickshaws, buses, taxis run on alternative fuel like ethanol, biodiesel, CNG, methanol and biofuel, from permit requirements. We have taken the decision to make these permit-free," Gadkari said while addressing the SIAM annual convention.
The transport minister further added that the states have agreed to abide by decision as recommendations to this effect came from a Group of Ministers of states, headed by Rajasthan Transport Minister Yunus Khan. He urged auto manufacturers to take up the production of electric vehicles and those using alternative fuel, but ruled out any financial incentive, on grounds of favourable GST rates.
"With GST at 12 per cent on EVs, I don't think there is any further need for subsidy... we need to think innovatively to bring in that environment. My ministry has prepared a detailed report to raise production of EVs through non-fiscal initiatives in the next five years," Gadkari said clarifying that the subsidy was not mandatory.
The decision to keep EVs and other vehicles using alternative fuels comes amid government's efforts to promote eco-friendly vehicles through Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) India scheme, which was launched in 2015. The second phase of FAME India scheme will be launched by Prime Minister Narendra Modi on September 7. According to official sources, FAME II offers incentives for mass adoption of EVs with an outlay of Rs 5,500 crore.
Gadkari also said the ministry has done away with the requirement of local testing for initially bringing EVs into India for sale. "This will be available for limited number of pieces in the domestic market and if the customers' response is positive then these companies can start making the vehicles in India," he said.
The minister also encouraged automakers to diversify into water transport. "Why don't you diversify? From Allahabad to Varanasi, we are maintaining a draft of 1.5 metre. Fifteen crore people will be gathering at Kumbha mela. You come and run 500-600 seater catamarans. I will give you all permissions in eight days," the minister said.
He said the multimodal hub at Varanasi will be inaugurated soon and 60 river ports offered vast opportunities to automobile makers.
"We have decided to exempt EVs and all vehicles including autorickshaws, buses, taxis run on alternative fuel like ethanol, biodiesel, CNG, methanol and biofuel, from permit requirements. We have taken the decision to make these permit-free," Gadkari said while addressing the SIAM annual convention.
The transport minister further added that the states have agreed to abide by decision as recommendations to this effect came from a Group of Ministers of states, headed by Rajasthan Transport Minister Yunus Khan. He urged auto manufacturers to take up the production of electric vehicles and those using alternative fuel, but ruled out any financial incentive, on grounds of favourable GST rates.
"With GST at 12 per cent on EVs, I don't think there is any further need for subsidy... we need to think innovatively to bring in that environment. My ministry has prepared a detailed report to raise production of EVs through non-fiscal initiatives in the next five years," Gadkari said clarifying that the subsidy was not mandatory.
The decision to keep EVs and other vehicles using alternative fuels comes amid government's efforts to promote eco-friendly vehicles through Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) India scheme, which was launched in 2015. The second phase of FAME India scheme will be launched by Prime Minister Narendra Modi on September 7. According to official sources, FAME II offers incentives for mass adoption of EVs with an outlay of Rs 5,500 crore.
Gadkari also said the ministry has done away with the requirement of local testing for initially bringing EVs into India for sale. "This will be available for limited number of pieces in the domestic market and if the customers' response is positive then these companies can start making the vehicles in India," he said.
The minister also encouraged automakers to diversify into water transport. "Why don't you diversify? From Allahabad to Varanasi, we are maintaining a draft of 1.5 metre. Fifteen crore people will be gathering at Kumbha mela. You come and run 500-600 seater catamarans. I will give you all permissions in eight days," the minister said.
He said the multimodal hub at Varanasi will be inaugurated soon and 60 river ports offered vast opportunities to automobile makers.
Banks to refer 11 power companies to NCLT over loan default
-
Failing to find resolutions for stressed power sector companies, lenders have decided to refer 11 companies, including Prayagraj Power Generation, GMR Chhattisgarh Energy and Jaiprakash Power Venture, to the National Company Law Tribunal (NCLT), banking sources said.
The other companies are SKS Ispat Power, Meenakshi Energy, Athena Chhattisgarh Power Jhabua Power, KSK Mahanandi, Coastal Energen and Jindal India Thermal Power, among others.
The Reserve Bank of India (RBI) in its February 12 circular had asked banks to identify projects over Rs 2,000 crore with even a day's default as stressed assets, and conclude resolution proceedings in 180 days. The circular came into effect on March 1 and the 180-day deadline ended on August 27.
"There are in total 11 stressed power assets that banks have decided to take to NCLT," a public sector bank official said.
After crossing the August 27 deadline, banks have 15 days time to refer all stressed accounts to NCLT.
"RBI has advised to take all these stressed accounts immediately to refer to NCLT and not wait for 15 days," said another banker.
Post August 27 deadline, nearly 70 large accounts mainly from power, EPC and telecom, with a total exposure of Rs 3.8 trillion, are expected to be refereed to NCLT for resolution.
There are 34 stressed power accounts, with a combined value of Rs 1.74 trillion.
The other companies are SKS Ispat Power, Meenakshi Energy, Athena Chhattisgarh Power Jhabua Power, KSK Mahanandi, Coastal Energen and Jindal India Thermal Power, among others.
The Reserve Bank of India (RBI) in its February 12 circular had asked banks to identify projects over Rs 2,000 crore with even a day's default as stressed assets, and conclude resolution proceedings in 180 days. The circular came into effect on March 1 and the 180-day deadline ended on August 27.
"There are in total 11 stressed power assets that banks have decided to take to NCLT," a public sector bank official said.
After crossing the August 27 deadline, banks have 15 days time to refer all stressed accounts to NCLT.
"RBI has advised to take all these stressed accounts immediately to refer to NCLT and not wait for 15 days," said another banker.
Post August 27 deadline, nearly 70 large accounts mainly from power, EPC and telecom, with a total exposure of Rs 3.8 trillion, are expected to be refereed to NCLT for resolution.
There are 34 stressed power accounts, with a combined value of Rs 1.74 trillion.
Rupee breaches 72 mark against US dollar: It's not all doom and gloom just yet
-
The unabating fall of the Indian rupee has spooked many Indians. On Thursday, the domestic currency breached the 72 mark against the US dollar for the first time ever. While the sharp decline in rupee's value has unnerved importers, it has also brought cheer to many Indians who stand to gain from its slide.
The INR which was around Rs 63.38 on January 1, 2018 against the USD has depreciated to nearly 72, recording a 13.6 per cent slump since the beginning of this year. The plunge in rupee indicates that foreign investors are losing faith in India and exiting their investments in the belief that their money can earn better returns elsewhere. Foreign investors and funds have pulled out $280 million from the Indian equity markets so far this year.
It's not just FIIs who are skittish about the falling rupee. Among those affected by drop in rupee's value include importers, students studying overseas, people going abroad for vacation or other purposes. The relentless depreciation of rupee will hit domestic consumers too.
Carmakers, dependent on imports of parts, are likely to pass on the costs to car buyers. Electric appliances like laptops, TVs, etc. are also likely to turn dearer in the coming days. Mobile phones, for which components come from outside India, may see a price hike ahead of the festive season. Some consumer durable companies like LG, Haier, and Godrej Appliances have already hiked prices by 3-5 per cent this month. Executives at Chinese smartphone major Xiaomi have already hinted at a price hike if rupee continues its losing streak against the greenback.
Airlines, which are already facing headwinds due to higher oil prices, are also likely to face the brunt of falling rupee. Unlike state-run oil marketing companies, their ability to pass on higher costs to consumers is limited due to stiff competition.
A weak rupee will eat into the bottom line of companies which have taken foreign currency loans in the form of external commercial borrowings and FCCBs.
While there is a direct impact on imported goods, some companies will be indirectly hit by the rupee fall. To start with, the fall will slow economic growth as foreign funds lose confidence in India and take their capital elsewhere. This will compress margins and make it difficult for companies to pay off debts, in turn putting pressure on banks as well.
However, it's not all gloom and doom for India Inc. Indian IT and pharmaceutical companies which earn a huge portion of their revenues in dollars are likely to make a windfall. Every dollar earned through exports means more rupees added to the bottom line. IT companies are likely to post higher revenue growth for this quarter. An industry thumb rule says that every 100 basis points, or bps, rupee movement impacts operating margins of IT companies by 30-50 bps.
India, also the world's highest receiver of remittances, is likely to get more money from NRIs and overseas workers who earn in dollars. People dependent on overseas remittances are likely to have more money at their disposal.
Amid the downside, there is a silver lining too. Domestic tourism may get a boost as travellers may prefer holidaying in India rather than going abroad. Foreigners too, will find it cheaper to visit India.
The INR which was around Rs 63.38 on January 1, 2018 against the USD has depreciated to nearly 72, recording a 13.6 per cent slump since the beginning of this year. The plunge in rupee indicates that foreign investors are losing faith in India and exiting their investments in the belief that their money can earn better returns elsewhere. Foreign investors and funds have pulled out $280 million from the Indian equity markets so far this year.
It's not just FIIs who are skittish about the falling rupee. Among those affected by drop in rupee's value include importers, students studying overseas, people going abroad for vacation or other purposes. The relentless depreciation of rupee will hit domestic consumers too.
Carmakers, dependent on imports of parts, are likely to pass on the costs to car buyers. Electric appliances like laptops, TVs, etc. are also likely to turn dearer in the coming days. Mobile phones, for which components come from outside India, may see a price hike ahead of the festive season. Some consumer durable companies like LG, Haier, and Godrej Appliances have already hiked prices by 3-5 per cent this month. Executives at Chinese smartphone major Xiaomi have already hinted at a price hike if rupee continues its losing streak against the greenback.
Airlines, which are already facing headwinds due to higher oil prices, are also likely to face the brunt of falling rupee. Unlike state-run oil marketing companies, their ability to pass on higher costs to consumers is limited due to stiff competition.
A weak rupee will eat into the bottom line of companies which have taken foreign currency loans in the form of external commercial borrowings and FCCBs.
While there is a direct impact on imported goods, some companies will be indirectly hit by the rupee fall. To start with, the fall will slow economic growth as foreign funds lose confidence in India and take their capital elsewhere. This will compress margins and make it difficult for companies to pay off debts, in turn putting pressure on banks as well.
However, it's not all gloom and doom for India Inc. Indian IT and pharmaceutical companies which earn a huge portion of their revenues in dollars are likely to make a windfall. Every dollar earned through exports means more rupees added to the bottom line. IT companies are likely to post higher revenue growth for this quarter. An industry thumb rule says that every 100 basis points, or bps, rupee movement impacts operating margins of IT companies by 30-50 bps.
India, also the world's highest receiver of remittances, is likely to get more money from NRIs and overseas workers who earn in dollars. People dependent on overseas remittances are likely to have more money at their disposal.
Amid the downside, there is a silver lining too. Domestic tourism may get a boost as travellers may prefer holidaying in India rather than going abroad. Foreigners too, will find it cheaper to visit India.
Why YES Bank stock tanked over 6% today despite RBI nod to extension of Rana Kapoor as CEO
-
The YES Bank stock fell in early morning trade a day after the Reserve Bank of India (RBI) approved reappointment of Rana Kapoor as managing director and CEO till further notice from the central bank.
The stock fell 6.60% to intra day low of 338 today. At 12:10 pm, the stock was trading 5.50% or 20 points lower on the BSE. It opened at a loss of 5.22% in trade today. Its market capitalisation fell to Rs 78,984.09 crore on the BSE. The stock closed 5.11% or 18.50 points lower at 343.40 level.
Yesterday, the YES Bank stock closed 1.12% lower to 361.90 level on BSE. It has been falling for the last four days and has lost 10.62% during the period.
It has lost 2.79% during the last one year and gained 8.35% since the beginning of this year. The stock fell to a 52-week low of 285.10 on March 23, 2018. It rose to a fresh 52-week high of 404 level on August 20, 2018.
The stock fell in trade today as the RBI did not approve a full three-year extension which was cleared by the bank's board.
Morgan Stanley said, "Our base case expectation was that the CEO extension would be done without any subjectivity. However, RBI has yet not given a full three-year extension and approval is valid until further notice. Uncertainty could potentially increase short-term volatility." The brokerage is overweight on the stock with a target price of Rs 400.
Jefferies in a note said, "RBI has left street hanging on Rana Kapoor's reappointment. We hazard a guess, but in our opinion, reappointment may not be clean one, and while all the options are possible, street is likely to react negatively to this uncertainty."
However, the brokerage has a buy call on the stock with a target price of Rs 445.
In June, the board of country's fourth largest public sector bank decided to reappoint Kapoor who is also founder of the Mumbai-based bank as managing director and CEO for a period of three years. The board also managed to secure shareholders' approval for the same.
The appointment was still subject to approval of the RBI which recently turned tough on the management of lenders for issues related to appropriate recognition of bad loans.
Kapoor has been the bank's CEO since 2003 and holds 10.66% stake in the lender along with his family.
The stock fell 6.60% to intra day low of 338 today. At 12:10 pm, the stock was trading 5.50% or 20 points lower on the BSE. It opened at a loss of 5.22% in trade today. Its market capitalisation fell to Rs 78,984.09 crore on the BSE. The stock closed 5.11% or 18.50 points lower at 343.40 level.
Yesterday, the YES Bank stock closed 1.12% lower to 361.90 level on BSE. It has been falling for the last four days and has lost 10.62% during the period.
It has lost 2.79% during the last one year and gained 8.35% since the beginning of this year. The stock fell to a 52-week low of 285.10 on March 23, 2018. It rose to a fresh 52-week high of 404 level on August 20, 2018.
The stock fell in trade today as the RBI did not approve a full three-year extension which was cleared by the bank's board.
Morgan Stanley said, "Our base case expectation was that the CEO extension would be done without any subjectivity. However, RBI has yet not given a full three-year extension and approval is valid until further notice. Uncertainty could potentially increase short-term volatility." The brokerage is overweight on the stock with a target price of Rs 400.
Jefferies in a note said, "RBI has left street hanging on Rana Kapoor's reappointment. We hazard a guess, but in our opinion, reappointment may not be clean one, and while all the options are possible, street is likely to react negatively to this uncertainty."
However, the brokerage has a buy call on the stock with a target price of Rs 445.
In June, the board of country's fourth largest public sector bank decided to reappoint Kapoor who is also founder of the Mumbai-based bank as managing director and CEO for a period of three years. The board also managed to secure shareholders' approval for the same.
The appointment was still subject to approval of the RBI which recently turned tough on the management of lenders for issues related to appropriate recognition of bad loans.
Kapoor has been the bank's CEO since 2003 and holds 10.66% stake in the lender along with his family.
General Awareness
National Statistical Commission
-
The National Statistical Commission (NSC) constituted a Committee on Real Sector Statistics under the Chairmanship of Dr. Sudipto Mundle in April, 2017 for improvement and modernisation of real sector database. The Committee submitted its report to the NSC in July, 2018.Chapter V of the report discusses alternative approaches for converting the old GDP series to the new base year 2011-12. It presents estimates of the old series of GDP and other macroeconomic aggregates converted to the new base year 2011-12 for the period 1993-94 to 2013-14 based on one of these approaches.
2. The report of the Committee was considered by the NSC in its meeting held during 16-17th July, 2018. In this meeting, the NSC inter alia noted the recommendations made by the Committee along with those made by three other committees and desired that the reports of all the four Committees should be placed on the MoSPI website for wider consultation. Accordingly, the reportswere uploaded on the MoSPI website.
3. The Committee on Real Sector Statistics made the following recommendations:
(1) The estimates of GVA/GDP prepared by the CSO using its methodology for the period 2004-05 to 2011-12 may be considered by the NSC as and when they are approved by the Advisory Committee on National Accounts Statistics.
(2) The NSC could also consider initiating an exercise toproject forwards the GDP series based on the old methodology with 2004-05 as base up to, say, 2014-15 and adjust it to the new base year 2011-12 based on comparisons with the new series.
(3) Meanwhile the estimates of gross domestic product and other related aggregates forthe period 1993-94 to 2013-14 using the production shift method are being presented to the NSC for consideration.
(4) When the GDP and other macroeconomic aggregates based on the methodsmentioned in V.3.1 and V.3.2 of the report become available the time series data based on all the three approaches should be compared for their robustness.
4. The reports of Committees were considered by the NSC in its meeting held on 30th Jul 2018 at Mumbai and the NSC gave directions that a copy of all the three reportsof the NSC Committees on Real Sector statistics, Online Reporting System and Analytics may be forwarded to MoSPI for comments on eachitem of recommendation.
5. As the report of the Committee on Real Sector Statistics is in the public domain, there seems to be some confusion in a section of the media as also amongst a few economists and academicians that back series data of GDP has been officially released by the MoSPI.
6. It is clarified through this Press Note that the methodology for back-casting GDP series has not yet been finalised and various alternative methods are being explored. The methodology as also the series using the methodology will be worked out using the suggestions made by the Committee on Real Sector Statistics and other suggestions that emanate during the consultancy process. This exercise will first be considered in the Advisory Committee on National Accounts Statistics and subsequently by the NSC. Thereafter, the MoSPI will consider releasing official estimates on back series of GDP data. Thus, it is work in progress.
The National Statistical Commission (NSC) constituted a Committee on Real Sector Statistics under the Chairmanship of Dr. Sudipto Mundle in April, 2017 for improvement and modernisation of real sector database. The Committee submitted its report to the NSC in July, 2018.Chapter V of the report discusses alternative approaches for converting the old GDP series to the new base year 2011-12. It presents estimates of the old series of GDP and other macroeconomic aggregates converted to the new base year 2011-12 for the period 1993-94 to 2013-14 based on one of these approaches.
2. The report of the Committee was considered by the NSC in its meeting held during 16-17th July, 2018. In this meeting, the NSC inter alia noted the recommendations made by the Committee along with those made by three other committees and desired that the reports of all the four Committees should be placed on the MoSPI website for wider consultation. Accordingly, the reportswere uploaded on the MoSPI website.
3. The Committee on Real Sector Statistics made the following recommendations:
(1) The estimates of GVA/GDP prepared by the CSO using its methodology for the period 2004-05 to 2011-12 may be considered by the NSC as and when they are approved by the Advisory Committee on National Accounts Statistics.
(2) The NSC could also consider initiating an exercise toproject forwards the GDP series based on the old methodology with 2004-05 as base up to, say, 2014-15 and adjust it to the new base year 2011-12 based on comparisons with the new series.
(3) Meanwhile the estimates of gross domestic product and other related aggregates forthe period 1993-94 to 2013-14 using the production shift method are being presented to the NSC for consideration.
(4) When the GDP and other macroeconomic aggregates based on the methodsmentioned in V.3.1 and V.3.2 of the report become available the time series data based on all the three approaches should be compared for their robustness.
4. The reports of Committees were considered by the NSC in its meeting held on 30th Jul 2018 at Mumbai and the NSC gave directions that a copy of all the three reportsof the NSC Committees on Real Sector statistics, Online Reporting System and Analytics may be forwarded to MoSPI for comments on eachitem of recommendation.
5. As the report of the Committee on Real Sector Statistics is in the public domain, there seems to be some confusion in a section of the media as also amongst a few economists and academicians that back series data of GDP has been officially released by the MoSPI.
6. It is clarified through this Press Note that the methodology for back-casting GDP series has not yet been finalised and various alternative methods are being explored. The methodology as also the series using the methodology will be worked out using the suggestions made by the Committee on Real Sector Statistics and other suggestions that emanate during the consultancy process. This exercise will first be considered in the Advisory Committee on National Accounts Statistics and subsequently by the NSC. Thereafter, the MoSPI will consider releasing official estimates on back series of GDP data. Thus, it is work in progress.
2. The report of the Committee was considered by the NSC in its meeting held during 16-17th July, 2018. In this meeting, the NSC inter alia noted the recommendations made by the Committee along with those made by three other committees and desired that the reports of all the four Committees should be placed on the MoSPI website for wider consultation. Accordingly, the reportswere uploaded on the MoSPI website.
3. The Committee on Real Sector Statistics made the following recommendations:
(1) The estimates of GVA/GDP prepared by the CSO using its methodology for the period 2004-05 to 2011-12 may be considered by the NSC as and when they are approved by the Advisory Committee on National Accounts Statistics.
(2) The NSC could also consider initiating an exercise toproject forwards the GDP series based on the old methodology with 2004-05 as base up to, say, 2014-15 and adjust it to the new base year 2011-12 based on comparisons with the new series.
(3) Meanwhile the estimates of gross domestic product and other related aggregates forthe period 1993-94 to 2013-14 using the production shift method are being presented to the NSC for consideration.
(4) When the GDP and other macroeconomic aggregates based on the methodsmentioned in V.3.1 and V.3.2 of the report become available the time series data based on all the three approaches should be compared for their robustness.
4. The reports of Committees were considered by the NSC in its meeting held on 30th Jul 2018 at Mumbai and the NSC gave directions that a copy of all the three reportsof the NSC Committees on Real Sector statistics, Online Reporting System and Analytics may be forwarded to MoSPI for comments on eachitem of recommendation.
5. As the report of the Committee on Real Sector Statistics is in the public domain, there seems to be some confusion in a section of the media as also amongst a few economists and academicians that back series data of GDP has been officially released by the MoSPI.
6. It is clarified through this Press Note that the methodology for back-casting GDP series has not yet been finalised and various alternative methods are being explored. The methodology as also the series using the methodology will be worked out using the suggestions made by the Committee on Real Sector Statistics and other suggestions that emanate during the consultancy process. This exercise will first be considered in the Advisory Committee on National Accounts Statistics and subsequently by the NSC. Thereafter, the MoSPI will consider releasing official estimates on back series of GDP data. Thus, it is work in progress.
No comments:
Post a Comment