General Affairs
Got Rid Of Railway Budget To Stop Parties From Misusing It: Piyush Goyal
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Union minister Piyush Goyal said Saturday that the Narendra Modi government discontinued the decades-old practice of presenting a separate railway budget to stop political parties from using it as a "tool" to win elections.
Addressing the 5th India Ideas Conclave, the railway minister said that Prime Minister Narendra Modi is focusing on a number of programmes that not only provide inclusive and sustainable growth, but make India a force to be reckoned with on the international stage.
"Prime Minister Narendra Modi changed the functioning of the railways. We got rid of the railway budget to remove political interference and started prioritizing what is good for India and not only for a political class of people.
"Over the last 65 years, every railway budget that came in was a political tool, based on which elections were fought and promises made," the minister said.
He said that the investments made over the past four-and-a-half years reflect a huge focus on three aspects -- safety, passenger services and returns on investment.
Citing the example of Bihar which achieved total electrification (willing household) on October 25, Mr Goyal said it was the result of focused work on development.
"Taking digital technology to the remotest corners of this country within five years is certainly a programme that many found unfeasible. But dedicated focus and implementation has made this possible," he said.
As far as the railways is concerned, it was not only replacing diesel engines and aiming for 100 per cent electrification, but will soon come out with a massive 20 gigawatt renewable energy procurement programme by "which we hope to have net zero carbon emissions from the railways in 10 years", he said.
Addressing the 5th India Ideas Conclave, the railway minister said that Prime Minister Narendra Modi is focusing on a number of programmes that not only provide inclusive and sustainable growth, but make India a force to be reckoned with on the international stage.
"Prime Minister Narendra Modi changed the functioning of the railways. We got rid of the railway budget to remove political interference and started prioritizing what is good for India and not only for a political class of people.
"Over the last 65 years, every railway budget that came in was a political tool, based on which elections were fought and promises made," the minister said.
He said that the investments made over the past four-and-a-half years reflect a huge focus on three aspects -- safety, passenger services and returns on investment.
Citing the example of Bihar which achieved total electrification (willing household) on October 25, Mr Goyal said it was the result of focused work on development.
"Taking digital technology to the remotest corners of this country within five years is certainly a programme that many found unfeasible. But dedicated focus and implementation has made this possible," he said.
As far as the railways is concerned, it was not only replacing diesel engines and aiming for 100 per cent electrification, but will soon come out with a massive 20 gigawatt renewable energy procurement programme by "which we hope to have net zero carbon emissions from the railways in 10 years", he said.
After Court Order, Firecracker Makers Want To Know Which Ones Are "Green"
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Following the Supreme Court order allowing sale and manufacture of low emission "green" firecrackers, fireworks manufacturers here on Saturday sought to know the type of crackers that could be called "green".
The West Bengal Pollution Control Board (WBPCB) said everyone should come forward to ensure better air quality.
"We are not sure what kind of crackers will fall in the category of green fireworks. As things stand, no fireworks could be made without niter. It is a must to emit light," a spokesman of the 'Sara Bangla Atasbazi Unnayan Samity' said.
Niter is a form of natural occurring potassium nitrate used in making firecrackers.
With lots of fireworks already on way to market, the firecracker makers and dealers need the help and guidance of the police and pollution control officials to enforce the order which might have come a bit late, the spokesman said.
"We are waiting for the test of fireworks which will take place on Monday," he said.
Firecrackers would be put to test on October 29 in presence of the police and PCB officials to ascertain which would conform to guidelines of the Petroleum and Explosives Safety Organisation.
The spokesman demanded that the 90 decibel sound limit in West Bengal be raised to 125 decibel as in force elsewhere in the country, he said.
In its October 23 order, the Supreme Court also fixed a two-hour time period from 8 pm to 10 pm for bursting firecrackers on Diwali and other festivals.
WBPCB Chairman Kalyan Rudra said, "We have to focus on air quality because that affects the people the most."
He said awareness among the people was important in enforcing the apex court order in its letter and spirit.
Environmentalist S M Ghosh said the two-hour relaxation from 8pm-10pm is better than whole night but strict monitoring is a must.
The West Bengal Pollution Control Board (WBPCB) said everyone should come forward to ensure better air quality.
"We are not sure what kind of crackers will fall in the category of green fireworks. As things stand, no fireworks could be made without niter. It is a must to emit light," a spokesman of the 'Sara Bangla Atasbazi Unnayan Samity' said.
Niter is a form of natural occurring potassium nitrate used in making firecrackers.
With lots of fireworks already on way to market, the firecracker makers and dealers need the help and guidance of the police and pollution control officials to enforce the order which might have come a bit late, the spokesman said.
"We are waiting for the test of fireworks which will take place on Monday," he said.
Firecrackers would be put to test on October 29 in presence of the police and PCB officials to ascertain which would conform to guidelines of the Petroleum and Explosives Safety Organisation.
The spokesman demanded that the 90 decibel sound limit in West Bengal be raised to 125 decibel as in force elsewhere in the country, he said.
In its October 23 order, the Supreme Court also fixed a two-hour time period from 8 pm to 10 pm for bursting firecrackers on Diwali and other festivals.
WBPCB Chairman Kalyan Rudra said, "We have to focus on air quality because that affects the people the most."
He said awareness among the people was important in enforcing the apex court order in its letter and spirit.
Environmentalist S M Ghosh said the two-hour relaxation from 8pm-10pm is better than whole night but strict monitoring is a must.
Stubble Burning Contributed To 32% Of Pollution In Delhi: SAFAR
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Stubble burning in Punjab and Haryana contributed to 32 per cent of Delhi's overall pollution today, according to a report by the Centre-run System of Air Quality Forecasting and Research (SAFAR).
The report, which analyses the impact of pollutant PM2.5, showed that the highest contribution since October 11 by stubble burning was seen on Friday at 36 per cent.
Today, about 32 per cent of pollution by PM2.5 was caused by stubble burning by farmers in Punjab and Haryana, it said.
The report said the stubble burning contribution to pollution will significantly reduce in the next two days.
"Only 19 per cent pollution of PM2.5 would be caused by stubble burning on Sunday. Stubble burning would contribute to 15 per cent PM2.5 per cent pollution on Monday," an official with the SAFAR said.
PM2.5 is the presence of particles in the air with a diameter of less than 2.5 micrometres, while PM10 is the presence of particles in the air with, and both are considered the major atmospheric pollutants. PM2.5, in particular, poses greater harm as its fine particles can easily be inhaled into the respiratory tract.
"On Thursday and Friday, more stubble was burnt in Punjab and Haryana due to which its contribution to PM2.5 pollution increased," the official said.
"Pollution would reduce in the next couple of days if the weather condition remains same. The weather conditions include wind direction, temperature etc," he said.
The report also analysed the trends of different factors causing pollution since 2010 and it said transport emission in the national capital has increased significantly at 41 per cent in the last eight years.
The residential bio-fuel emission declined significantly in Delhi at 64 per cent since 2010, the report said.
The SAFAR issued a heath advisory due to increased pollution levels in Delhi, urging people with heart or lung disease, older adults and children to avoid prolonged or heavy exertion.
It also recommended people to go for shorter walks instead of jogs, keeping windows closed and wearing masks while stepping outside.
Delhi's air quality remained very poor for the fourth day today with five areas of the national capital recording severe pollution levels.
The Central Pollution Control Board recorded the overall Air Quality Index (AQI) of Delhi at 350. The highest AQI of this season so far was recorded on Friday at 361.
The report, which analyses the impact of pollutant PM2.5, showed that the highest contribution since October 11 by stubble burning was seen on Friday at 36 per cent.
Today, about 32 per cent of pollution by PM2.5 was caused by stubble burning by farmers in Punjab and Haryana, it said.
The report said the stubble burning contribution to pollution will significantly reduce in the next two days.
"Only 19 per cent pollution of PM2.5 would be caused by stubble burning on Sunday. Stubble burning would contribute to 15 per cent PM2.5 per cent pollution on Monday," an official with the SAFAR said.
PM2.5 is the presence of particles in the air with a diameter of less than 2.5 micrometres, while PM10 is the presence of particles in the air with, and both are considered the major atmospheric pollutants. PM2.5, in particular, poses greater harm as its fine particles can easily be inhaled into the respiratory tract.
"On Thursday and Friday, more stubble was burnt in Punjab and Haryana due to which its contribution to PM2.5 pollution increased," the official said.
"Pollution would reduce in the next couple of days if the weather condition remains same. The weather conditions include wind direction, temperature etc," he said.
The report also analysed the trends of different factors causing pollution since 2010 and it said transport emission in the national capital has increased significantly at 41 per cent in the last eight years.
The residential bio-fuel emission declined significantly in Delhi at 64 per cent since 2010, the report said.
The SAFAR issued a heath advisory due to increased pollution levels in Delhi, urging people with heart or lung disease, older adults and children to avoid prolonged or heavy exertion.
It also recommended people to go for shorter walks instead of jogs, keeping windows closed and wearing masks while stepping outside.
Delhi's air quality remained very poor for the fourth day today with five areas of the national capital recording severe pollution levels.
The Central Pollution Control Board recorded the overall Air Quality Index (AQI) of Delhi at 350. The highest AQI of this season so far was recorded on Friday at 361.
India, China To Hold 21st Round Of Border Talks Next Month
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The 21st round of India-China border talks led by National Security Advisor Ajit Doval and Chinese State Councillor and Foreign Minister Wang Yi will be held in China next month, informed sources said in China.
Both Mr Doval and Mr Wang are designated Special Representatives for the border talks scheduled for November 23-25.
This will be the first round of talks for Mr Wang who earlier this year succeeded Yang Jiechi as state councillor in a reshuffle.
While the dates have been finalised, the venue for the talks, which are expected to held outside Beijing, is yet to be finalised, the sources told PTI.
Special Representatives' talks are regarded as highly significant by both countries as they cover all aspects of bilateral relations besides making efforts to resolve the border dispute.
The India-China border dispute covers the 3,488 km Line of Actual Control (LAC). China also claims Arunachal Pradesh as part of southern Tibet.
Officials on both sides maintain that though a solution to the border dispute still eludes the two countries, a lot of headway has been made in the 20 rounds of talks so far in terms of working out mechanisms to restore peace and tranquility along the border to resolve tensions due to aggressive patrolling by troops.
The last round of talks which was held in New Delhi between Mr Doval and Mr Yang took place in the immediate backdrop of last year's 73-day standoff between the two militaries at Dokalam over the Chinese military's plan to build a road close to India's strategic Chicken's Neck corridor that connects the northeastern states.
The standoff ended after the People's Liberation Army(PLA) halted plans to build the road.
The meeting between Mr Doval and Mr Yang also prepared the ground for the informal summit between Prime Minister Narendra Modi and President Xi Jinping at Wuhan in April this year, which resulted not only in normalisation of relations but gave a new fillip to the improvement of relations in all spheres of relations notwithstanding the border dispute.
Since then both countries have held several rounds of talks to enhance India's exports to China to reduce the USD 51 billion trade deficit as well as improving military-to-military relations.
Indian Ambassador to China Gautam Bambawale said last month at a meeting that India-China military exchanges grew rapidly after the Wuhan summit.
Since then military commanders from both sides are now talking to each other more frankly and more candidly than ever before, he said.
Chinese Defence Minister Gen Wei Fenghe had visited India in August, met PM Modi and held talks with his Indian counterpart Nirmala Sitharaman.
The Chinese defence ministry said after Mr Wei's visit that both countries are discussing a new version of a Memorandum of Understanding (MoU) on defence exchanges and cooperation to improve on the 2006 agreement besides establishing a direct confidential phone line between the two defence ministries and strengthening communications at all levels.
Both Mr Doval and Mr Wang are designated Special Representatives for the border talks scheduled for November 23-25.
This will be the first round of talks for Mr Wang who earlier this year succeeded Yang Jiechi as state councillor in a reshuffle.
While the dates have been finalised, the venue for the talks, which are expected to held outside Beijing, is yet to be finalised, the sources told PTI.
Special Representatives' talks are regarded as highly significant by both countries as they cover all aspects of bilateral relations besides making efforts to resolve the border dispute.
The India-China border dispute covers the 3,488 km Line of Actual Control (LAC). China also claims Arunachal Pradesh as part of southern Tibet.
Officials on both sides maintain that though a solution to the border dispute still eludes the two countries, a lot of headway has been made in the 20 rounds of talks so far in terms of working out mechanisms to restore peace and tranquility along the border to resolve tensions due to aggressive patrolling by troops.
The last round of talks which was held in New Delhi between Mr Doval and Mr Yang took place in the immediate backdrop of last year's 73-day standoff between the two militaries at Dokalam over the Chinese military's plan to build a road close to India's strategic Chicken's Neck corridor that connects the northeastern states.
The standoff ended after the People's Liberation Army(PLA) halted plans to build the road.
The meeting between Mr Doval and Mr Yang also prepared the ground for the informal summit between Prime Minister Narendra Modi and President Xi Jinping at Wuhan in April this year, which resulted not only in normalisation of relations but gave a new fillip to the improvement of relations in all spheres of relations notwithstanding the border dispute.
Since then both countries have held several rounds of talks to enhance India's exports to China to reduce the USD 51 billion trade deficit as well as improving military-to-military relations.
Indian Ambassador to China Gautam Bambawale said last month at a meeting that India-China military exchanges grew rapidly after the Wuhan summit.
Since then military commanders from both sides are now talking to each other more frankly and more candidly than ever before, he said.
Chinese Defence Minister Gen Wei Fenghe had visited India in August, met PM Modi and held talks with his Indian counterpart Nirmala Sitharaman.
The Chinese defence ministry said after Mr Wei's visit that both countries are discussing a new version of a Memorandum of Understanding (MoU) on defence exchanges and cooperation to improve on the 2006 agreement besides establishing a direct confidential phone line between the two defence ministries and strengthening communications at all levels.
If Not For BJP, Congress Would've Turned India Into Kingdom: Arun Jaitley
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Finance Minister Arun Jaitley on Saturday said the personal ambitions of the Congress leadership had led to the "degeneration of its ideology" and that its dynastic tendencies would have turned India into a kingdom rather than even a dynastic democracy had it not been for the BJP.
He said it was the "personal grievances and ambitions" which compelled the Congress party leadership to visit a congregation where anti-India slogans were raised.
"Would Indira Gandhi or Rajiv Gandhi have ever gone to a congregation where 'Bharat ke tukde honge' slogan was raised," he asked while delivering the first Atal Bihari Vajpayee Memorial Lecture at the India Ideas Conclave.
Mr Jaitley said the Congress, which was the dominant party of Indian politics for at least four decades post-Independence, developed dynastic tendencies after its second decade in power.
He said the Indian parliamentary democracy needed an alternative ideological and political pole without which it was incomplete.
"It was then that Atal Bihari Vajpayee put across his alternative view point whether it was Kashmir, Tibet or situation arising post the India-China war. The alternative voice was his.
"Indian democracy, because of the two political parties as national parties, became a viable parliamentary democracy... The principal party, from the weakness it showed in the second decade, would have succeeded in converting India more into a kingdom rather than even a dynastic democracy," Mr Jaitley said.
Listing the challenges ahead for India, he said terrorism and insurgency would always remain one of the key threats.
The Finance Minister said that while India had been successful in eliminating terror, or reducing it substantially, in three parts of India -- Punjab, northeast and southern part of India - two challenges that still remained were Kashmir and Maoism.
In reply to a question, he said the living realities of Kashmir were that trouble was being fomented from across the border, some local groups had now joined in and the worst sufferers of this were the Kashmiri people.
He said in this battle, India needed the Kashmiri people on its side.
"It's a battle for sovereignty, a battle against separatists and terrorists. And the key is also held by people. Therefore, the approach has to be guided by the fact that those people are on our side and not with separatists," Mr Jaitley said.
Taking a dig at the regional parties of Jammu and Kashmir, the minister said they spoke one language in Srinagar and another in Delhi.
He said the politics of India had to send a clear message that "separatism will never be accepted by India and its mainstream".
Talking about Maoists, he said some mainstream parties were giving respectability to them.
Referring to the degrading quality of politics and public discourse, Mr Jaitley said there was a disconnect between the aspirational new India that was emerging and the larger quality of politics.
Regarding Mr Vajpayee's statesmanship and respect for his opponents, he said the best speech he ever gave was his obituary tribute to Jawaharlal Nehru in Parliament.
"We have to keep the spirit of democracy alive. And let's be clear: democracy can't be saved by those who are committed to dynasties, or those who are committed to the left-wing philosophy of violent overthrows of government, or those who believe in breaking India into pieces," he said.
Mr Jaitley said the other challenges facing India were poverty and corruption. He added another issue that India had to deal with was to figure out a balance between fundamental rights and the right to religion.
"And these will remain issues which will throw up contemporary challenges which the society has to find the answer to," he said.
"The fundamental principles are very clear: India will never have a state religion, theocracy can never be, and India will always protect minorities."
He said it was the "personal grievances and ambitions" which compelled the Congress party leadership to visit a congregation where anti-India slogans were raised.
"Would Indira Gandhi or Rajiv Gandhi have ever gone to a congregation where 'Bharat ke tukde honge' slogan was raised," he asked while delivering the first Atal Bihari Vajpayee Memorial Lecture at the India Ideas Conclave.
Mr Jaitley said the Congress, which was the dominant party of Indian politics for at least four decades post-Independence, developed dynastic tendencies after its second decade in power.
He said the Indian parliamentary democracy needed an alternative ideological and political pole without which it was incomplete.
"It was then that Atal Bihari Vajpayee put across his alternative view point whether it was Kashmir, Tibet or situation arising post the India-China war. The alternative voice was his.
"Indian democracy, because of the two political parties as national parties, became a viable parliamentary democracy... The principal party, from the weakness it showed in the second decade, would have succeeded in converting India more into a kingdom rather than even a dynastic democracy," Mr Jaitley said.
Listing the challenges ahead for India, he said terrorism and insurgency would always remain one of the key threats.
The Finance Minister said that while India had been successful in eliminating terror, or reducing it substantially, in three parts of India -- Punjab, northeast and southern part of India - two challenges that still remained were Kashmir and Maoism.
In reply to a question, he said the living realities of Kashmir were that trouble was being fomented from across the border, some local groups had now joined in and the worst sufferers of this were the Kashmiri people.
He said in this battle, India needed the Kashmiri people on its side.
"It's a battle for sovereignty, a battle against separatists and terrorists. And the key is also held by people. Therefore, the approach has to be guided by the fact that those people are on our side and not with separatists," Mr Jaitley said.
Taking a dig at the regional parties of Jammu and Kashmir, the minister said they spoke one language in Srinagar and another in Delhi.
He said the politics of India had to send a clear message that "separatism will never be accepted by India and its mainstream".
Talking about Maoists, he said some mainstream parties were giving respectability to them.
Referring to the degrading quality of politics and public discourse, Mr Jaitley said there was a disconnect between the aspirational new India that was emerging and the larger quality of politics.
Regarding Mr Vajpayee's statesmanship and respect for his opponents, he said the best speech he ever gave was his obituary tribute to Jawaharlal Nehru in Parliament.
"We have to keep the spirit of democracy alive. And let's be clear: democracy can't be saved by those who are committed to dynasties, or those who are committed to the left-wing philosophy of violent overthrows of government, or those who believe in breaking India into pieces," he said.
Mr Jaitley said the other challenges facing India were poverty and corruption. He added another issue that India had to deal with was to figure out a balance between fundamental rights and the right to religion.
"And these will remain issues which will throw up contemporary challenges which the society has to find the answer to," he said.
"The fundamental principles are very clear: India will never have a state religion, theocracy can never be, and India will always protect minorities."
Business Affairs
Telecom equipment makers have committed over Rs 4,000 crore investments at IMC: Sinha
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Telecom gear makers have committed to invest over Rs 4,000 crore at the India Mobile Congress, Communications Minister Manoj Sinha said Saturday.
"We were expecting investment of Rs 2,000 crore but companies have committed investment of over Rs 4,000 crore during our discussions at India Mobile Congress (IMC)," Sinha told reporters here.
The minister said major investment commitment has come from Ericsson, Samsung, Sterlite Tech, Cisco, Nokia and Intel.
"The National Digital Communications Policy has just been announced and these are the first set of investments flowing in," Sinha said.
He said discussions and announcements at IMC show that India is ready for the emerging 5G services. The 5G technology would facilitate machine-to-machine communication and has multiple usages.
"The investments will be made over a period of next one-two years," Telecom Secretary Aruna Sundararajan said.
Talking about IMC, Sinha said this will become an annual event.
"Estimates that have been shared with me so far is that in area of 50 square feet, 5,000 delegates from 20 countries, more than 300 companies participated in it and 50,000 visitors came here. I feel when this baby becomes three years old, the number of visitors will reach 1 lakh," Sinha said.
Sundararajan said IMC has generated more enthusiasm around 5G and the government has already committed to be at par with the world in launching this next generation services.
"We were expecting investment of Rs 2,000 crore but companies have committed investment of over Rs 4,000 crore during our discussions at India Mobile Congress (IMC)," Sinha told reporters here.
The minister said major investment commitment has come from Ericsson, Samsung, Sterlite Tech, Cisco, Nokia and Intel.
"The National Digital Communications Policy has just been announced and these are the first set of investments flowing in," Sinha said.
He said discussions and announcements at IMC show that India is ready for the emerging 5G services. The 5G technology would facilitate machine-to-machine communication and has multiple usages.
"The investments will be made over a period of next one-two years," Telecom Secretary Aruna Sundararajan said.
Talking about IMC, Sinha said this will become an annual event.
"Estimates that have been shared with me so far is that in area of 50 square feet, 5,000 delegates from 20 countries, more than 300 companies participated in it and 50,000 visitors came here. I feel when this baby becomes three years old, the number of visitors will reach 1 lakh," Sinha said.
Sundararajan said IMC has generated more enthusiasm around 5G and the government has already committed to be at par with the world in launching this next generation services.
Punj Lloyd Q2 net loss widens to Rs 1,465 crore
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Infrastructure company Punj Lloyd on Saturday said its net loss has widened to Rs 1,465 crore for the July-September quarter of the current fiscal.
The company had logged a net loss of Rs 248 crore in the year ago period.
Total income from operations declined to Rs 766.89 crore in the second quarter, from Rs 1,086 crore earlier, Punj Lloyd said in a BSE filing.
The company said there are delays/defaults in repayments of substantial dues to lender. Its current liabilities exceeded its current assets and its net worth has also been eroded as at September 30, 2018.
"The present conditions indicate that a material uncertainty exists that cast significant doubt on the company's ability to continue as a going concern...," Punj Lloyd said.
It said majority of the Indian lenders have categorised the company as non-performing asset and some of them have filed applications before the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) for recovery of dues.
"The company had submitted a proposal to its lenders for restructuring of its debt. Restructuring is essential for the company's ability to continue as a going concern and ability to realise its assets and discharge the liabilities... The restructuring proposal is under consideration by the lenders," it said.
"The management is confident and hopeful that restructuring proposal of the company shall be approved," it added.
Punj Lloyd said to improve operational efficiencies, it is taking various measures, including monetising its assets.
"... the management is confident with the above measures, the company would be able to generate sustainable cash flow, discharge its short term and long term liabilities and improve its net worth through profitable operations and continue as a going concern. Hence, financial results have been prepared on a going concern basis," Punj Lloyd said.
It also said Atul Punj has been re-designated as chairman and director and group chief executive officer.
Rakesh Amol has also been re-designated as chief executive officer (Business Improvement and Strategy - New Businesses).
The company had logged a net loss of Rs 248 crore in the year ago period.
Total income from operations declined to Rs 766.89 crore in the second quarter, from Rs 1,086 crore earlier, Punj Lloyd said in a BSE filing.
The company said there are delays/defaults in repayments of substantial dues to lender. Its current liabilities exceeded its current assets and its net worth has also been eroded as at September 30, 2018.
"The present conditions indicate that a material uncertainty exists that cast significant doubt on the company's ability to continue as a going concern...," Punj Lloyd said.
It said majority of the Indian lenders have categorised the company as non-performing asset and some of them have filed applications before the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) for recovery of dues.
"The company had submitted a proposal to its lenders for restructuring of its debt. Restructuring is essential for the company's ability to continue as a going concern and ability to realise its assets and discharge the liabilities... The restructuring proposal is under consideration by the lenders," it said.
"The management is confident and hopeful that restructuring proposal of the company shall be approved," it added.
Punj Lloyd said to improve operational efficiencies, it is taking various measures, including monetising its assets.
"... the management is confident with the above measures, the company would be able to generate sustainable cash flow, discharge its short term and long term liabilities and improve its net worth through profitable operations and continue as a going concern. Hence, financial results have been prepared on a going concern basis," Punj Lloyd said.
It also said Atul Punj has been re-designated as chairman and director and group chief executive officer.
Rakesh Amol has also been re-designated as chief executive officer (Business Improvement and Strategy - New Businesses).
RBI protecting its turf, image and independence
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RBI Deputy Governor Viral Acharya, who has one more year of his tenure left, has once again reinforced the issue of central bank's autonomy by citing cricket analogy, 'government plays T-20, we (RBI) play Test match'.
Few years ago, the then RBI Governor D Subbarao famously said, 'Thank God, the RBI exists.' This was in response to the then Finace Minister P Chidambaram's remarks that he would 'walk alone' to ensure economic growth in the face of tight monetary policy of RBI. Subbarao, whom Chidambaram appointed, said, "I do hope Finance Minister will one day say, I am often frustrated by the RBI, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the RBI exists."
The RBI always has had its disagreements with the government, mostly in private and rarely in public, when it comes to its autonomy in setting the monetary policy, regulating banks, managing the rupee value in foreign exchange market, and even debt management function. The history of RBI is actually strewn with such anecdotes if one talks to RBI maindrains in private.
There are quite a few public spats. In the late 50s, the fourth RBI Governor under Jawaharlal Nehru's prime ministership, Benegal Rama Rau exited abruptly when the then finance minister encroached into RBI's turf by levying some taxes. The 22nd Governor D Subbarao had a public spat with two finance ministers (mostly P Chidambaram) over the direction of interest rates. Raghuram Rajan, predecessor of incumbent Governor Urjit Patel, always showed the mirror to government, which was not appreciated by the current government.
Clearly, RBI is too big an insitution to be cowed down by government bureaucrats or the ministry. Over the decades, it boasts of visionary governors like M Narasimham, C D Deshmukh, I G Patel, Manmohan Singh, R N Malhotra, C Rangarajan, etc. In the immediate history, Governor Bimal Jalan was known for smoothly managing the monetary policy when the East Asian Currency crisis impacted many countrues in the late 90s. Governor Y V Reddy was known for building safegaurds in the economy which saved India when the global financial meltdown hit the world.
Governor Rajan's biggest contribution was on kickstarting the cleaning of banks' balance sheet from hidden or likely NPAs. This exercise continues even today as Governor Urjit Patel also refuses to budge from relaxing NPA guidelines.
Patel's start as the new Governor was a bit challenging as government announced demonetisation which RBI didn't get the time to prepare for. The RBI received all the flak for issuing numerous circulars, but Governor Patel did not get into a blame game as there was a larger interest meant to be served with demonetisation. It was not achieved, though, as the entire money came back into the system.
In fact, Governor Patel broke his silence when the government started the blame game over the Nirav Modi scam. What infuriated the RBI was the comment from Finance Minister Arun Jaitley where he said that the regulators have a very important function. "Regulators ultimately decide the rules of the game and they have to have a third eye which should be perpetually open. Unfortunately, in the Indian system, we politicians are accountable but regulators are not," the finance minister had said.
Exactly after two weeks, Governor Patel shot back saying the RBI's regulatory powers over public sector banks (PSB) are weaker than those over private lenders. In his speech, Deputy Governor Acharya also said that there are limited power over PSBs, especially overthrowing boards, mergers and license cancellation etc.
For quite a long time, the government and the RBI have been at loggerheads over the public debt management, a function which is under RBI's domain and the government wants to hive off. This issue often came up during the tenures of D Subbarao and Raghuram Rajan, but the RBI had strongly protected its turf. The government still wants a separate agency managing the public debt function, probably with bureaucrats manning it whereas RBI wants an agency independent of government and the RBI. While the public debt management issue is still hanging, the government has set its eyes on yet another RBI function -- Payments & Settlement. Last week, a government committee suggested creation of an independent regulator to manage payments-related issues. This is yet another instance of encroaching into RBI's turf or taking away its powers. The RBI, in its dissent note to committee, has outrightly rejected the idea.
Last but not the least, there were differences between the RBI and the government over the transfer of surplus dividend to the latter. Two years ago, there was some pressure from the government on RBI to pay higher surplus during 2016-17. The government in its Budget had allocated Rs 58,000 crore, but the RBI managed to transfer only Rs 30,659 crore due to fall in its income on account of demonetisation costs. The government had its eyes on the Rs 13,149 crore, which was set aside by RBI as contingency fund.
Deputy Governor Acharya also mentioned the RBI's balance sheet strength. "Having adequate reserves to bear any losses that arise from central bank operations and having rules to allocate profits is considered an important part of central bank's independence from the government," he said.
Few years ago, the then RBI Governor D Subbarao famously said, 'Thank God, the RBI exists.' This was in response to the then Finace Minister P Chidambaram's remarks that he would 'walk alone' to ensure economic growth in the face of tight monetary policy of RBI. Subbarao, whom Chidambaram appointed, said, "I do hope Finance Minister will one day say, I am often frustrated by the RBI, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the RBI exists."
The RBI always has had its disagreements with the government, mostly in private and rarely in public, when it comes to its autonomy in setting the monetary policy, regulating banks, managing the rupee value in foreign exchange market, and even debt management function. The history of RBI is actually strewn with such anecdotes if one talks to RBI maindrains in private.
There are quite a few public spats. In the late 50s, the fourth RBI Governor under Jawaharlal Nehru's prime ministership, Benegal Rama Rau exited abruptly when the then finance minister encroached into RBI's turf by levying some taxes. The 22nd Governor D Subbarao had a public spat with two finance ministers (mostly P Chidambaram) over the direction of interest rates. Raghuram Rajan, predecessor of incumbent Governor Urjit Patel, always showed the mirror to government, which was not appreciated by the current government.
Clearly, RBI is too big an insitution to be cowed down by government bureaucrats or the ministry. Over the decades, it boasts of visionary governors like M Narasimham, C D Deshmukh, I G Patel, Manmohan Singh, R N Malhotra, C Rangarajan, etc. In the immediate history, Governor Bimal Jalan was known for smoothly managing the monetary policy when the East Asian Currency crisis impacted many countrues in the late 90s. Governor Y V Reddy was known for building safegaurds in the economy which saved India when the global financial meltdown hit the world.
Governor Rajan's biggest contribution was on kickstarting the cleaning of banks' balance sheet from hidden or likely NPAs. This exercise continues even today as Governor Urjit Patel also refuses to budge from relaxing NPA guidelines.
Patel's start as the new Governor was a bit challenging as government announced demonetisation which RBI didn't get the time to prepare for. The RBI received all the flak for issuing numerous circulars, but Governor Patel did not get into a blame game as there was a larger interest meant to be served with demonetisation. It was not achieved, though, as the entire money came back into the system.
In fact, Governor Patel broke his silence when the government started the blame game over the Nirav Modi scam. What infuriated the RBI was the comment from Finance Minister Arun Jaitley where he said that the regulators have a very important function. "Regulators ultimately decide the rules of the game and they have to have a third eye which should be perpetually open. Unfortunately, in the Indian system, we politicians are accountable but regulators are not," the finance minister had said.
Exactly after two weeks, Governor Patel shot back saying the RBI's regulatory powers over public sector banks (PSB) are weaker than those over private lenders. In his speech, Deputy Governor Acharya also said that there are limited power over PSBs, especially overthrowing boards, mergers and license cancellation etc.
For quite a long time, the government and the RBI have been at loggerheads over the public debt management, a function which is under RBI's domain and the government wants to hive off. This issue often came up during the tenures of D Subbarao and Raghuram Rajan, but the RBI had strongly protected its turf. The government still wants a separate agency managing the public debt function, probably with bureaucrats manning it whereas RBI wants an agency independent of government and the RBI. While the public debt management issue is still hanging, the government has set its eyes on yet another RBI function -- Payments & Settlement. Last week, a government committee suggested creation of an independent regulator to manage payments-related issues. This is yet another instance of encroaching into RBI's turf or taking away its powers. The RBI, in its dissent note to committee, has outrightly rejected the idea.
Last but not the least, there were differences between the RBI and the government over the transfer of surplus dividend to the latter. Two years ago, there was some pressure from the government on RBI to pay higher surplus during 2016-17. The government in its Budget had allocated Rs 58,000 crore, but the RBI managed to transfer only Rs 30,659 crore due to fall in its income on account of demonetisation costs. The government had its eyes on the Rs 13,149 crore, which was set aside by RBI as contingency fund.
Deputy Governor Acharya also mentioned the RBI's balance sheet strength. "Having adequate reserves to bear any losses that arise from central bank operations and having rules to allocate profits is considered an important part of central bank's independence from the government," he said.
RBI Deputy Governor Viral Acharya warns govt against curbing central bank's independence
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A top Reserve Bank of India official said on Friday that undermining a central bank's independence could be "potentially catastrophic", in comments appearing to push back against government pressure ahead of a general election next year.
Government officials have recently called for the RBI to relax its lending restrictions on some banks, and New Delhi has also been trying to trim the RBI's regulatory powers by setting up a new regulator for the country's payments system.
RBI Deputy Governor Viral Acharya said in a speech on Friday that more needed to be done to ensure effective independence for the central bank in its regulatory and supervisory powers.
He also noted in his address to top industrialists that the Argentine government's meddling in its central bank's affairs in 2010 led to a market revolt and a surge in bond yields.
"The risks of undermining the central bank's independence are potentially catastrophic," said Acharya, adding that rash moves could trigger a "crisis of confidence in capital markets that are tapped by governments and others in the economy."
Acharya, who had three of his fellow deputy governors in the audience, also thanked RBI Governor Urjit Patel for his "suggestion to explore this theme for a speech," in a show of unity from an institution typically known for its restraint.
Finance Ministry spokesman D.S. Malik said he had read Acharya's statement but declined to comment on it without consulting senior officials. Finance Minister Arun Jaitley was due to speak at a scheduled event in New Delhi later on Saturday, he added.
Government officials have called for the central bank to ease its lending restrictions on some banks that have a low capital base.
The RBI has identified 11 such state-run banks that are barred from lending unless they shore up their capital base after a massive rise in bad debts on their balance sheets.
Separately, the government has been trying to establish a separate regulator for the payments system, which is currently handled by the RBI as part of its functions related to banking regulations. Last week, the RBI published an unprecedented note expressing its opposition to the move.
Prime Minister Narendra Modi, who faces a re-election campaign early next year, is under pressure as higher international oil prices have driven Indian fuel prices to record highs, leading to protests.
Stock markets, which scaled new highs in August, have since given up all of their gains for the year amid fears of a liquidity crisis among non-banking finance companies (NBFCs), in the aftermath of the IL&FS debacle here
Modi's government has also been mired in allegations over a corruption scandal tied to a military jet deal with France, and this week the government faced opposition protests over its move to suspend the chief of India's top crime fighting bureau.
Work in progress
Acharya, who is in charge of departments including monetary policy and exchange rate markets, also defended the central bank on its effectiveness following a pile-up of bad debt worth $150 billion in banks. He said that the bank was "statutorily limited" in taking a full scope of actions against state-run banks.
Acharya reiterated the need for a central bank to fortify its balance sheet against external shocks in the face of demands by governments to transfer surplus reserves to its coffers.
Referring to NBFCs, Acharya said that systemic risks can build in shadow banks when important parts of financial intermediation are kept outside the purview of the central bank. He warned this could come at "substantive costs to future generations in the form of unchecked financial fragility."
While the RBI is not statutorily independent, as the governor is appointed by the government, it enjoys broad autonomy in setting rates. Acharya acknowledged the government's efforts to bring in legislative changes that allowed setting up a monetary policy committee in 2016 and distancing itself from monetary policy decision-making.
But he said interference by the government in operational areas could erode the credibility of the central bank and push up market yields and weaken the exchange rate.
"Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution," he said.
Those "who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans," he added.
Government officials have recently called for the RBI to relax its lending restrictions on some banks, and New Delhi has also been trying to trim the RBI's regulatory powers by setting up a new regulator for the country's payments system.
RBI Deputy Governor Viral Acharya said in a speech on Friday that more needed to be done to ensure effective independence for the central bank in its regulatory and supervisory powers.
He also noted in his address to top industrialists that the Argentine government's meddling in its central bank's affairs in 2010 led to a market revolt and a surge in bond yields.
"The risks of undermining the central bank's independence are potentially catastrophic," said Acharya, adding that rash moves could trigger a "crisis of confidence in capital markets that are tapped by governments and others in the economy."
Acharya, who had three of his fellow deputy governors in the audience, also thanked RBI Governor Urjit Patel for his "suggestion to explore this theme for a speech," in a show of unity from an institution typically known for its restraint.
Finance Ministry spokesman D.S. Malik said he had read Acharya's statement but declined to comment on it without consulting senior officials. Finance Minister Arun Jaitley was due to speak at a scheduled event in New Delhi later on Saturday, he added.
Government officials have called for the central bank to ease its lending restrictions on some banks that have a low capital base.
The RBI has identified 11 such state-run banks that are barred from lending unless they shore up their capital base after a massive rise in bad debts on their balance sheets.
Separately, the government has been trying to establish a separate regulator for the payments system, which is currently handled by the RBI as part of its functions related to banking regulations. Last week, the RBI published an unprecedented note expressing its opposition to the move.
Prime Minister Narendra Modi, who faces a re-election campaign early next year, is under pressure as higher international oil prices have driven Indian fuel prices to record highs, leading to protests.
Stock markets, which scaled new highs in August, have since given up all of their gains for the year amid fears of a liquidity crisis among non-banking finance companies (NBFCs), in the aftermath of the IL&FS debacle here
Modi's government has also been mired in allegations over a corruption scandal tied to a military jet deal with France, and this week the government faced opposition protests over its move to suspend the chief of India's top crime fighting bureau.
Work in progress
Acharya, who is in charge of departments including monetary policy and exchange rate markets, also defended the central bank on its effectiveness following a pile-up of bad debt worth $150 billion in banks. He said that the bank was "statutorily limited" in taking a full scope of actions against state-run banks.
Acharya reiterated the need for a central bank to fortify its balance sheet against external shocks in the face of demands by governments to transfer surplus reserves to its coffers.
Referring to NBFCs, Acharya said that systemic risks can build in shadow banks when important parts of financial intermediation are kept outside the purview of the central bank. He warned this could come at "substantive costs to future generations in the form of unchecked financial fragility."
While the RBI is not statutorily independent, as the governor is appointed by the government, it enjoys broad autonomy in setting rates. Acharya acknowledged the government's efforts to bring in legislative changes that allowed setting up a monetary policy committee in 2016 and distancing itself from monetary policy decision-making.
But he said interference by the government in operational areas could erode the credibility of the central bank and push up market yields and weaken the exchange rate.
"Governments that do not respect central bank independence will sooner or later incur the wrath of financial markets, ignite economic fire, and come to rue the day they undermined an important regulatory institution," he said.
Those "who invest in central bank independence will enjoy lower costs of borrowing, the love of international investors, and longer life spans," he added.
Gold prices settle at Rs 32,550 per 10 grams after 6-year high this week
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Continuing its upward march for yet another week, gold prices zoomed to hit over six-year high of Rs 32,625, and finally settled at Rs 32,550 per 10 grams on Saturday, supported by pick up in festive and wedding season demand by local jewellers.
Silver, on the other had, after moving in a narrow range on scattered buying and selling, finally ended flat at Rs 39,600 per kg.
Bullion traders said sentiments were also buoyant on firming trend in global markets where gold surged to over three-month high as the dollar eased and equity markets skidded to multi-months low.
Besides, a depreciating rupee, that made imports costlier also added to the uptrend in the gold prices.
Shifting of funds by investors towards the bullion from the melting equity markets too helped the precious metal to scale over six-year high.
Globally, gold ended the week at $1,233.80 an ounce as compared to previous week's $1,227.50. Silver also advanced to $14.76 an ounce from $14.68.
In the national market, gold of 99.9 per cent and 99.5 per cent purity commenced the week on a somewhat subdued note at Rs 32,220 and Rs 32,070 per ten grams on low demand from jewellers.
Later, it regained sheen on the back of pick up in demand from local jewellers and retailers in view of festive and wedding season to trade at over six-year high of Rs 32,625 and Rs 32,475 per 10 grams on Thursday.
Finally, it shed some grounds as demand from jewellers as well as retailers at higher levels faded and finally ended the week at Rs 32,550 and Rs 32,400 per 10 grams, still showing a rise of Rs 280 over previous week's closing of Rs 32,270 and Rs 32,120.
Sovereign gold, however, traded in a tight range on scattered support and ended the week flat at RS 24,700 per piece of 8 grams.
Silver after moving between Rs 39,500 and Rs 39,750 per kg, ended the week flat at Rs 39,600 per kg but silver weekly based delivery finished lower by Rs 85 to Rs 38,710 per kg.
Silver coins were maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
Silver, on the other had, after moving in a narrow range on scattered buying and selling, finally ended flat at Rs 39,600 per kg.
Bullion traders said sentiments were also buoyant on firming trend in global markets where gold surged to over three-month high as the dollar eased and equity markets skidded to multi-months low.
Besides, a depreciating rupee, that made imports costlier also added to the uptrend in the gold prices.
Shifting of funds by investors towards the bullion from the melting equity markets too helped the precious metal to scale over six-year high.
Globally, gold ended the week at $1,233.80 an ounce as compared to previous week's $1,227.50. Silver also advanced to $14.76 an ounce from $14.68.
In the national market, gold of 99.9 per cent and 99.5 per cent purity commenced the week on a somewhat subdued note at Rs 32,220 and Rs 32,070 per ten grams on low demand from jewellers.
Later, it regained sheen on the back of pick up in demand from local jewellers and retailers in view of festive and wedding season to trade at over six-year high of Rs 32,625 and Rs 32,475 per 10 grams on Thursday.
Finally, it shed some grounds as demand from jewellers as well as retailers at higher levels faded and finally ended the week at Rs 32,550 and Rs 32,400 per 10 grams, still showing a rise of Rs 280 over previous week's closing of Rs 32,270 and Rs 32,120.
Sovereign gold, however, traded in a tight range on scattered support and ended the week flat at RS 24,700 per piece of 8 grams.
Silver after moving between Rs 39,500 and Rs 39,750 per kg, ended the week flat at Rs 39,600 per kg but silver weekly based delivery finished lower by Rs 85 to Rs 38,710 per kg.
Silver coins were maintained a steady trend at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces.
General Awareness
Experiencing North East festival
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What to study?
For Prelims: NEC, its functions and composition, about Experiencing North East festival.
For Mains: Significance of North Eastern region of the country and efforts by government for the development of the region.
Context: The ‘Experiencing North East’ festival is being held. It depicts the uniqueness of North Eastern culture.
‘Experiencing North East’ Festival:
The event which is a part of ‘Destination North East’ series aims at showcasing the diverse culture and heritage of North East all under one roof.
The festival is being organised by North Eastern Council (NEC), Ministry of Development of North Eastern Region (DoNER) in collaboration with India International Centre.
The festival will showcase the vibrant strengths of North East India and display its art, handicraft, handlooms, tourism, food, culture etc.
There will be special performances daily by eminent cultural troupes, bands and artistes from North East, including Nise Meruno, classical pianist and vocalist.
About NEC:
NEC was established under the North Eastern Council Act, 1971 as an apex level body for securing balanced and coordinated development and facilitating coordination with the States.
Subsequent to the Amendment of 2002, NEC has been mandated to function as a regional planning body for the North Eastern Area and while formulating a regional plan for this area, shall give priority to the schemes and projects benefiting two or more states provided that in the case of Sikkim, the Council shall formulate specific projects and schemes for that State.
Recent amendments:
The Union Cabinet, in June 2018, approved the proposal of Ministry of Development of North Eastern Region (DoNER) for the nomination of the Union Home Minister as ex-officio Chairman of North Eastern Council (NEC). The Cabinet has also approved that Minister of State (Independent Charge), Ministry of DoNER would serve as Vice Chairman of the Council.
Under the new arrangement, Home Minister shall be the Chairman and Minister of DoNER as Vice Chairman, NEC and all the Governors and Chief Ministers of North Eastern States will be Members.
Background:
Destination North East event is one of the steps taken by Ministry of Development of North Eastern Region to bring North East closer and help assimilate the diverse cultural heritage of India while encouraging investment in priority sectors like Tourism, Handloom, Handicrafts, Food Processing etc. Other steps taken by Ministry of DoNER towards assimilation of North Eastern Region, are funding Business Summits, Seminars, Buyers & Sellers meets to attract investors in North Eastern Region and supporting participation of weavers/artisans of NER in Craft Bazaars and exhibitions all over India to promote their Handloom and Handicrafts and give them exposure to the National Market.
What to study?
For Prelims: NEC, its functions and composition, about Experiencing North East festival.
For Mains: Significance of North Eastern region of the country and efforts by government for the development of the region.
Context: The ‘Experiencing North East’ festival is being held. It depicts the uniqueness of North Eastern culture.
‘Experiencing North East’ Festival:
The event which is a part of ‘Destination North East’ series aims at showcasing the diverse culture and heritage of North East all under one roof.
The festival is being organised by North Eastern Council (NEC), Ministry of Development of North Eastern Region (DoNER) in collaboration with India International Centre.
The festival will showcase the vibrant strengths of North East India and display its art, handicraft, handlooms, tourism, food, culture etc.
There will be special performances daily by eminent cultural troupes, bands and artistes from North East, including Nise Meruno, classical pianist and vocalist.
About NEC:
NEC was established under the North Eastern Council Act, 1971 as an apex level body for securing balanced and coordinated development and facilitating coordination with the States.
Subsequent to the Amendment of 2002, NEC has been mandated to function as a regional planning body for the North Eastern Area and while formulating a regional plan for this area, shall give priority to the schemes and projects benefiting two or more states provided that in the case of Sikkim, the Council shall formulate specific projects and schemes for that State.
Recent amendments:
The Union Cabinet, in June 2018, approved the proposal of Ministry of Development of North Eastern Region (DoNER) for the nomination of the Union Home Minister as ex-officio Chairman of North Eastern Council (NEC). The Cabinet has also approved that Minister of State (Independent Charge), Ministry of DoNER would serve as Vice Chairman of the Council.
Under the new arrangement, Home Minister shall be the Chairman and Minister of DoNER as Vice Chairman, NEC and all the Governors and Chief Ministers of North Eastern States will be Members.
Background:
Destination North East event is one of the steps taken by Ministry of Development of North Eastern Region to bring North East closer and help assimilate the diverse cultural heritage of India while encouraging investment in priority sectors like Tourism, Handloom, Handicrafts, Food Processing etc. Other steps taken by Ministry of DoNER towards assimilation of North Eastern Region, are funding Business Summits, Seminars, Buyers & Sellers meets to attract investors in North Eastern Region and supporting participation of weavers/artisans of NER in Craft Bazaars and exhibitions all over India to promote their Handloom and Handicrafts and give them exposure to the National Market.
For Prelims: NEC, its functions and composition, about Experiencing North East festival.
For Mains: Significance of North Eastern region of the country and efforts by government for the development of the region.
Context: The ‘Experiencing North East’ festival is being held. It depicts the uniqueness of North Eastern culture.
‘Experiencing North East’ Festival:
The event which is a part of ‘Destination North East’ series aims at showcasing the diverse culture and heritage of North East all under one roof.
The festival is being organised by North Eastern Council (NEC), Ministry of Development of North Eastern Region (DoNER) in collaboration with India International Centre.
The festival will showcase the vibrant strengths of North East India and display its art, handicraft, handlooms, tourism, food, culture etc.
There will be special performances daily by eminent cultural troupes, bands and artistes from North East, including Nise Meruno, classical pianist and vocalist.
About NEC:
NEC was established under the North Eastern Council Act, 1971 as an apex level body for securing balanced and coordinated development and facilitating coordination with the States.
Subsequent to the Amendment of 2002, NEC has been mandated to function as a regional planning body for the North Eastern Area and while formulating a regional plan for this area, shall give priority to the schemes and projects benefiting two or more states provided that in the case of Sikkim, the Council shall formulate specific projects and schemes for that State.
Recent amendments:
The Union Cabinet, in June 2018, approved the proposal of Ministry of Development of North Eastern Region (DoNER) for the nomination of the Union Home Minister as ex-officio Chairman of North Eastern Council (NEC). The Cabinet has also approved that Minister of State (Independent Charge), Ministry of DoNER would serve as Vice Chairman of the Council.
Under the new arrangement, Home Minister shall be the Chairman and Minister of DoNER as Vice Chairman, NEC and all the Governors and Chief Ministers of North Eastern States will be Members.
Background:
Destination North East event is one of the steps taken by Ministry of Development of North Eastern Region to bring North East closer and help assimilate the diverse cultural heritage of India while encouraging investment in priority sectors like Tourism, Handloom, Handicrafts, Food Processing etc. Other steps taken by Ministry of DoNER towards assimilation of North Eastern Region, are funding Business Summits, Seminars, Buyers & Sellers meets to attract investors in North Eastern Region and supporting participation of weavers/artisans of NER in Craft Bazaars and exhibitions all over India to promote their Handloom and Handicrafts and give them exposure to the National Market.
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