Government 13,742-cr plan ready for Naxal zone
THE Planning Commission has finalised a 13,742-crore Integrated Action Plan (IAP) for Naxal-affected districts. The scope of IAP, earlier envisaged to cover 35 Naxal-affected districts, has been widened to cover governance reforms and devolution of power to grassroot institutions in 60 districts over the next three fiscal.
The Planning Commission has set five criteria for districts to take benefit of funds under the plan. These criteria are district should have 25% of tribal population, 50% poverty ratio, 30% forest cover, security-related concerns and be covered under Backward Regions Grant Fund (BRGF). Any district which fulfils four of five criteria would be covered by the Plan.
NABARD sanctions Rs 284.5 crore for rural infrastructure in West Bengal
NABARD has sanctioned an amount of Rs. 284.51 crore under Rural Infrastructure Development Fund XVI to West Bengal. The projects sanctioned are for improving rural infrastructure including roads and bridges.
For improving rural connectivity in 18 districts of West Bengal, an amount of Rs.279.89 crore has been sanctioned for 100 rural roads (68 village roads, 24 other district roads and 8 major district roads), according to a release.
Since inception of the RIDF, NABARD has sanctioned 32,998 projects with a loan component of Rs.6600.75 crore to West Bengal.
India announces $20m more aid for Pakistan
India has increased its help to Pakistan from $5 million, announced earlier, to $25 million. It has announced an additional monetary assistance of $20 million to Pakistan to help it tackle the worst-ever floods. The decision followed Pakistan's willingness to accept India's initial offer of $5 million, to be routed through the United Nations.
India's decision to increase its flood relief assistance to Pakistan from $ 5 million to $ 25 million has placed it among the top 10 countries/institutions which have loosened their purse strings the most to help Islamabad deal with the unfolding emergency.
China withdraws reference to Gilgit-Baltistan as ‘northern Pakistan’
A day after India voiced concerns to China over its reference to the disputed Gilgit-Baltistan region as “a northern part of Pakistan,” the Chinese government withdrew its statement from its official Xinhua news agency as well as from the Foreign Ministry’s website. The Chinese government had issued a statement on Xinhua’s website late on Wednesday night, refuting a New York Times opinion piece which claimed that over 11,000 Chinese troops were present in the disputed region.
The statement referred to Gilgit-Baltistan, which India views as under illegal occupation by Pakistan and as an integral part of the State of Jammu and Kashmir, as “northern Pakistan,” triggering a protest from New Delhi.
But on Saturday, the statement appeared to have been removed from Xinhua’s website. The link to the statement, headlined “China refutes reports of sending troops to Pakistan,” did not open.
The Chinese Foreign Ministry, which in a regular briefing on Thursday had repeated the reference to Gilgit-Baltistan “as a northern part of Pakistan” in response to a question on the presence of Chinese troops, deleted records of both the question and its response from its official transcript, which was posted on its website.
Northern districts to get 40% of houses
The northern districts of the State get the lion's share in allocation of houses to be covered under the Kalaignar Veedu Vazhangum Thittam (KVVT - Kalaignar Housing Scheme). Of the total three lakh houses to be covered this year, about 40 per cent – around 1.22 lakhs – will be in the districts of Villupuram, Cuddalore, Tiruvannamalai, Vellore, Kancheepuram and Tiruvallur. This is because of the presence of a greater number of huts in these districts. The scheme envisages conversion of huts into permanent houses, irrespective of the type of wall.
The KVVT is being carried out in rural parts of the State. The six-year-long scheme will be implemented simultaneously in all 12,618 village panchayats across the State. The government had earmarked Rs.1,800 crore this year. In view of the increase in the unit cost from Rs. 60,000 to Rs. 75,000, the government would have to incur Rs. 450 crore additionally.
Indian Elephant to get a new status
The government accepted the Elephant Task Force report and decided to set up a National Elephant Conservation Authority (NECA) along the lines of the one for endangered tigers. The task force, led by Mahesh Rangarajan, submitted its report to the environment and forests ministry and recommended that land corridors used by elephants in the wild while moving through forest patches should be secured as community and conservation reserves under the Wildlife Protection Act. The 12-member panel also recommended declaring existing elephant reserves as Ecologically Sensitive Areas (ESA) under Environment Protection Act. This comes in the wake of last year's move to have the Gangetic dolphin declared as the national aquatic animal, as it symbolises the health of the country's rivers.
The government is backing up its declaration with a move to amend the Wildlife Protection Act and set up a National Elephant Conservation Authority, similar to the existing National Tiger Conservation Authority.
Nirupama visits Vavuniya, Kilinochchi and Jaffna
Foreign Secretary Nirupama Rao visited Vavuniya, Kilinochchi and Jaffna for a firsthand assessment of the Indian assistance and the situation of the resettled Tamils.
Ms. Rao is the first Foreign Secretary to visit these areas in nearly three decades. The visit is taking place against the backdrop of concerns in India over the pace of resettlement of nearly three lakh Tamils displaced in the conflict between the Sri Lankan security forces and the LTTE.
India signs deal for Harpoon Block II missiles with US
INDIA has signed an agreement with the US government to purchase 24 Harpoon Block II missiles for its Jaguar strike aircraft, in a bid to ramp up its maritime warfare capability.
The deal is expected to be worth about $170 million.
BrahMos tested in steep-dive mode
This was BrahMos' 23rd flight.
India, Russia to develop 6,000kmph cruise missiles
India will soon become the first country to have cruise missiles with hyper speed of over 6,000 km per hour, as an agreement for their joint development will be signed with Russia during the visit of President Dmitry Medvedev in December. India will become the only country in the world to possess such missiles of this speed.
Pakistan for panel visit to record Kasab's testimony
Pakistan has decided to approach the trial court for permission to set up a commission to visit India to record the statements of the key witness to the attack. This was disclosed here by Interior Minister Rehman Malik after a meeting with Indian High Commissioner Sharat Sabharwal.
Mr. Malik said the prosecution would seek permission to send a commission as videoconferencing of the police official and magistrate who recorded Kasab's statement is also not permissible under Pakistan law.
India, China to attend Hanoi Defence Ministers' meeting
Union Defence Minister A.K. Antony and his Chinese counterpart, Liang Guanglie, would attend the ASEAN Defence Ministers Meeting (ADMM) + 8 format meeting, or ADMM Plus, in Hanoi. It will be the first-ever meeting of Defence Ministers from 18 countries being held in Vietnam on October 12.
The ADMM Plus meeting will be attended by the Defence Ministers of Association of South East Asian Nations, which has 10 members besides six full dialogue partners — China, South Korea, Japan, Australia, India and New Zealand — and Russia and the U.S.
It will be chaired by Vietnamese Defence Minister Phung Quang Thanh and the next interaction will be held after three years.
Sonia set to be elected party president the fourth time
Caste census got approval for next year
THE Centre proposes to conduct caste census as a stand-alone exercise between June and September 2011, three months after completion of Census 2011. The exercise will cost the government 2,200 crore.
More foodgrains for poor at BPL rates
In the wake of the concern expressed by the Supreme Court at foodgrains rotting, the Union government on Thursday decided to release an additional 2.5 million tonnes of rice and wheat to the States for distribution to the poor under the Targeted Public Distribution System. The grain will be sold at Below the Poverty Line (BPL) rates in the next six months. At present, 6.52 crore families are categorised as BPL. The Centre distributes subsidised grain to 6.52 crore BPL families. They are eligible for 35 kg of grain a month. The current food subsidy bill is estimated at Rs. 66,000 crore.
RS okays bill for voting rights to NRIs
THE RAJYA SABHA on Monday passed a bill that seeks to amend the Representation of the People Act to provide special provisions for citizens of India residing outside the country. The Representation of the People (Amendment) Bill, 2010, seeks to provide that every citizen of India whose name is not included in the electoral roll and who has not acquired the citizenship of any other country and who is absenting from his place of ordinary residence in India owing to his conditions such as employment, education, shall be entitled to have his name registered in the electoral roll in the constituency in which his place of residence is mentioned in his passport.
Prime Minister forms panel to study sugar decontrol
To look at the possibility of de-control, it was decided that Chairman of Prime Minister's Economic Advisory Council C. Rangarajan, Chief Economic Adviser Kaushik Basu and former Agriculture Secretary Nanda Kumar would suggest a formula for revenue sharing between farmers and industry when all controls go.
At present, the government controls the sugar industry by fixing fair and remunerative price payable to farmers for sugarcane, setting the quota of sugar that mills could sell in the open market as well as the levy sugar to be sold through ration shops each month. Mills have to give 20 per cent of their produce for levy at present.
The FRP is the minimum price that mills have to pay to procure cane.
Sachin is Indian Air Force group captain
JNNURM: NGO study finds deviations all along in implementing basic services
There is a gap between what has been promised for the urban poor under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and what is being implemented, a case study of Bangalore slums by the NGO Civic has revealed.The study in 20 slums across Bangalore shows that there have been deviations every step of the way in implementing Basic Services for Urban Poor (BSUP) under JNNURM not only from the guidelines laid down by the Centre, but also from what had been promised in the City Development Plan (CDP).
Montek to head advisory panel on Bundelkhand
Deputy Chairman of Planning Commission Montek Singh Ahluwalia will head a high-profile, representative Advisory Committee for overseeing the implementation of drought mitigation strategies in the Bundelkhand region of Uttar Pradesh and Madhya Pradesh.
The government has approved a Rs. 766 crore-special package for drought mitigation in the region over a period of three years from 2009-10. The region comprises seven districts of Uttar Pradesh and six districts of Madhya Pradesh.
‘Aarohan' selected for Montreal World Film Festival
Bengali film ‘Aarohan' (ascension) has been screened during the 34th Montreal World Film Festival, being held from August 26 to September 6. The film, starring actor Soumitra Chatterjee, Sandhya Ray and Rituparna Sengupta, has been slotted in the ‘Focus on World Cinema' section, ‘Aarohan' director Pinaki Choudhury said. The ‘Focus on World Cinema' section showcases films from America, Europe, Asia and Africa.
Stamp on YSR released
A commemorative Rs. 5 stamp on former Chief Minister Y.S. Rajasekhara Reddy has been released. This is the first time in the country that a commemorative stamp has been released on the first death anniversary of a person.
Govt prodding banks to lend more for low-cost housing
Government is concerned over inadequate funding of lowcost housing projects and this made finance ministry to nudge state-run banks and housing finance companies to set aside more funds. The government had set aside an interest subsidy of 1,100 crore for the four years up to 2012 towards low-cost housing scheme for the urban poor, but has so far received claim of only 4 crore from banks.
The government has asked 17 state-run banks and six housing finance companies to provide these loans.
Economically weaker section is defined as households having an average monthly income of up to 3,300
Low income group is households having income between 3,301 and 7,300
And Borrowers preferably be selected in the ratio of 70:30 respectively, for EWS & LIG categories
Dhoni is U’khand tiger mission ambassador
Indian skipper Mahendra Singh Dhoni has been chosen brand ambassador of Uttarakhand’s Tiger Conservation Mission. He was also appointed honorary wildlife warden of Corbett National Park.
Rajasthan MoU to woo private investment
The Rajasthan Government has entered into a partnership with International Finance Corporation (IFC) to promote a better business environment for private investment, facilitate regulatory simplification, generate opportunities for small businesses and support job creation.A memorandum of understanding was signed here over the weekend between the Rajasthan Industries Department and the IFC, which is a member of the World Bank Group, in the presence of Industries Minister Rajendra Pareek.
IFC has a strong presence in Rajasthan supporting infrastructure and financial private sector players.
Slums get a new, broader definition
A new “reliable statistical model” to enumerate people living in urban slums indicates that their population will be 93.06 million in the 2011 census, against 75.26 million estimated in the 2001 census. This shows a growth of 17.8 million.
Incidentally according to the methodology followed by the Registrar General of India, it comes out with 52.4 million in 2001 census. It is a jump from 23.50 per cent to 26.31 per cent.
The new statistical model is based on the report of the committee headed by Pranob Sen, Principal Advisor to the Planning Commission set up in 2008, which presents its report to the Ministry of Housing and Urban Poverty Alleviation on August 30. The Committee's report also gave a broader definition of slums to replace the existing one used by Census of India and the states.
From now on, any compact housing cluster or settlement of at least 20 households with a collection of poorly built tenements which are, mostly temporary in nature with inadequate sanitary, drinking water facilities and unhygienic conditions will be termed as slums.
This new definition will serve as a guideline for Slum Census 2011 and will replace the existing one used by Census of India and the States.
93m slum dwellers by next year
The committee, headed by Pranab Sen, principal adviser to the Planning Commission and former chief statistician, pointed out that the projected slum population in 2011 would be go up to 93.06 million from 75.26 million that was estimated in 2001 as per the new methodology. The 2001 Census figures peg the slum population at 52.4 million
The ministry appointed the committee to come out with reliable slum data to ensure better implementation of Rajiv Awas Yojana (RAY) that aims to eradicate slums in India.
Gandhi Heritage Sites
The Culture Ministry will soon formally launch the Gandhi Heritage Sites Mission, which will develop the 2,000-odd sites identified by a panel headed by the former West Bengal Governor Gopalkrishna Gandhi, and also create a portal compiling all the documents related to the life of Mohandas Karamchand Gandhi.
Over a five-year period, the government plans to spend Rs. 42 crore on this Mission, according to sources.
Rs.1,840 crore-Kuttanad Package launched
The Rs.1,840 crore-Kuttanad Package, said to be among the largest financial packages sanctioned to a single region, was launched by Kerala Chief Minister V.S. Achuthanandan.
The package to ensure overall development of the region and its people was designed by renowned agricultural scientist M.S. Swaminathan.
Land dispute regarding nuclear power plant at Kumahria
The nuclear power plant is being set up by the Nuclear Power Corporation of India (NPCI) at Kumahria in Fatehabad district will be covering an area of 1,400 acres. This part of land has been acquired from farmers for its set up. But farmers are agitated because government is ruining a fertile piece of land for creating a plant based on hazardous Uranium technology. Agriculture is failing in all parts of the country and here each acre is giving over 1.5 tonnes of wheat.
Proposal on Karaikal merchant airport cleared
A proposal to create a merchant airport at Karaikal in Puducherry has been cleared by the Union Civil Aviation Ministry and the Puducherry administration.
It was basically a 100 per cent private airport. Under this concept, there would not be any participation either by the local government or by the Airports Authority of India. The airport would be built by private companies for the use of the public.
Himalayan Day on September 9
Noted environmentalists and civil society organisations of the hill region have decided to observe September 9 as Himalayan Day to draw attention to colossal neglect of the mountain system that nurtures different eco-systems.
India, Mercosur countries to discuss expansion of agreement
India will soon undertake negotiations to discuss the possibility of expanding an agreement on tariffs with South American bloc Mercosur countries in November.
The Agreement on Fixed Tariff Preferences (APTF) between India and Mercosur comprising Argentina, Brazil, Paraguay and Uruguay came into force in 2009, aiming at creating a free trade area. The APTF agreement, which at present covers import and export of 452 products, is to gradually increase the categories of products with special taxation.
Trade volume between Mercosur and India should reach $17 billion in 2012 and $30 billion in 2030.
HapMap 3 project to include Indians in Houston
The Indian-American population, with origins in Gujarat, is one of the seven population groups added to the third phase of the HapMap human genetic mapping project.
The project aims at finding genetic variants associated with complex diseases.
The new map is the third generation of what has been dubbed the HapMap (haplotype map) of the human genome.
All humans are more than 99 per cent the same at the genetic level, but the small fraction of genetic material that varies among people can help explain individual susceptibility to disease, responses to drugs or reactions to environmental factors, researchers say.
International Affairs
US unveils $50-b infrastructure plan
US PRESIDENT Barack Obama unveiled plans to spend at least $50 billion to expand and renew US roads, railways and airports to push up sluggish economic growth.
The $50-billion plan, to be announced at the Milwaukee Laborfest, a union gathering, also targets improvements to the U.S. air traffic control system, an acceleration of high-speed rail projects, and establishes an “Infrastructure Bank” to coordinate federal funding and planning for projects.
Ohio bans off-shoring of government IT projects
THE US state of Ohio has banned outsourcing of government IT and backoffice projects to offshore locations such as India. This move is inclined towards American states struggling to cope with high unemployment rates. The Indian government has protested US state Ohio’s decision to ban offshoring of government work to countries such as India.
Israel makes Gaza war commander military chief
He will replace incumbent Lieutenant-General Gabi Ashkenazi in February.
Rwanda's Kagame sworn in
According to report by U.N. High Commissioner for Human Right, Paul Kagame’s RPF, in what James Traub describes in Foreign Policy as a “typical episode,” “kidnapped refugees, many of them women and children, and brought them to a camp, allegedly under the pretext of returning them to Rwanda. The refugees were then brought out in small groups. From the report: ‘They were bound and their throats were cut or they were killed by hammer blows to the head. Their bodies were then thrown into pits or doused with petrol and burned. The operation was carried out in a methodical manner and lasted at least one month.’”
Quake devastates New Zealand
New Zealand's most destructive earthquake in nearly 80 years caused $2 billion worth damage, felling buildings, tearing up roads and sending terrified residents fleeing into the streets. The 7.0 magnitude quake shook the island nation's second-largest city of Christchurch just before dawn.
Historic West Asia peace talks begin
Israeli and Palestinian leaders sat down for their first direct peace talks in two years. This dialogue is intended to settle peace and stability in West Asia
China to work with India on curbing tiger poaching
India and China agreed to cooperate in sharing intelligence on illegal trade in tiger parts between the countries, which conservationists say is seriously endangering India's tiger population.
The two countries have agreed to set up nodal officers to facilitate the sharing of real-time information, as well as initiate collaborative investigations into “the backward and forward linkages of wildlife crimes” and organised criminal syndicates operating in the region.
U.S. sanctions on Pakistani Taliban
the United States Department of Treasury has slapped sanctions on the Pakistani Taliban, also known as the Tehreek-e-Taliban Pakistan (TTP), a terrorist group.
Wave of devastating fires in Russia
A new wave of devastating wildfires in Russia has killed several people and gutted hundreds of houses. Strong winds fanned massive forest and brush fires onnight in several regions along the Volga river.
U.S. Army evinces interest in Sulabh toilets
The U.S. Army has shown interest in replicating the low-cost Sulabh public toilet system in Afghanistan. It plans to construct 40 public toilet complexes linked with biogas digester application — a low cost toilet model designed and developed by the Sulabh International.
Economy, Banking and Finance
Economy grows at 8.8 % in first quarter
The value of all goods and services produced by India, or the gross domestic product (GDP) of Indian economy grew by an impressive 8.8 per cent during the first quarter this fiscal, powered by a robust growth in manufacturing coupled with a turnaround in agriculture and allied activities. The size of the economy pegged at Rs.17.12 lakh crore in the April-June quarter of 2010-11.
Alongside, agriculture and allied activities also expanded by 2.8 per cent during the quarter from 1.9 per cent in April-June 2009.
Discrepancies on 8.8% GDP growth number and its correctness
The value of all goods and services produced by India, or the gross domestic product (GDP), grew 8.8% in the first quarter of the current fiscal, according to the `supplyside’ growth estimate arrived from various sectors such as agriculture, industry and services. But, the robust 8.8% growth figure was not corroborated by the `demand side’ of the equation based on transactions in the market place. The demand number—calculated from private and government consumption, investment and net exports—showed that the economy grew as low as 3.7% during the first quarter of the current year. Another worrying sign in the government data was the dismal growth in private consumption, which rose 0.3% in the first three months of the fiscal. “It’s lowest in a decade. Government consumption declined 0.6%—the first fall in 11 quarters.
Indirect taxes are netted out and subsidies added to the demand side of the GDP figure to arrive at the supply-side estimate. Since excise duties were rolled back and subsidies cut, the demand-side GDP growth should have been higher than the supply-side number. But, it was the reverse, as per government data.
Correctness: The government corrected the firstquarter economic growth rate number as measured by market transactions in less than 32 hours, as an error nearly damaged the credibility of its statistics and raised doubts about the much-touted growth story. The Central Statistical Organisation, or CSO, nearly tripled the initially estimated growth on the demand side to 10%, from 3.7% announced , following a raise in private consumption, government expenses and investments.
Following picture shows the revised estimates with respect to the original estimates
Its fiscal deficit rose to 90,915 crore, or 23.8% of the full year target, by end July 2010. The Centre’s revenue deficit amounted to 50,075 crore or 18.1% of the BE by end July 2010. Tax revenues stood at 1,12,821 crore or 21% of the BE in the period under review and total expenditure amounted to 3,32,700 crore or 30% of the full fisc target.
18 % drop in FDI inflow in first half
The uncertainty in the global economy seems to have impacted the flow of foreign funds into India. Foreign direct investment (FDI) declined by 18.3 per cent to $10.77 billion in the first half of 2010.
The country received the maximum investment from countries like Mauritius, the U.S., the U.K., Singapore, the Netherlands and Japan.
Public debt up 4.1% at 26,97,940 cr in Q1
India's public debt increased by 4.1% to 26,97,940 crore during the first quarter of the fiscal. The total public debt of the country on March 31 was 25,92,945 crore. Of the total, internal debt accounted for 89.75% of public debt in the April-June quarter, while the share of external debt was 10.25%.
India number two FDI destination replacing USA and behind China
India has replaced the US as the second most important foreign directive investment (FDI) destination for transnational corporations during 2010-2012, according to a survey conducted UNCTAD. In its latest 'World Investment Prospects Survey 2010-2012', transnational corporations remain buoyant about investment prospects in China, India and Brazil. The US this time has slipped to fourth position.
Bihar registers over 11 per cent growth rate
According to a new report, Bihar has registered a State Gross Domestic Product (SGDP) growth rate of 11.03 per cent between 2004-05 and 2008-09, one of the best in the country,
April-August Direct Collections Grow 13.9% At 1,00,112 Crore
In the five months to August, the government raised 1,00,112 crore from direct taxes, up 13.91% from the corresponding period a year ago.
Indirect tax collections have grown at a faster pace — 46.2% for April to July
The government has budgeted a fiscal deficit of 5.5% of GDP for the current year.
Exports record slower growth of 13 % in July
Retail level inflation eases to 11.25% in July
An index measuring retail price inflation on items consumed by industrial workers (CPI-IW) rose to an annual 11.25% in July, as against 13.73% in June.
The CPI-IW is used for calculating dearness allowance (DA) for government employees, as well as other workers.
Wholesale prices-based inflation stood at 9.97% for the month of July this year, compared to 10.55% in June.
Key messages from RBI Annual Report
Some excerpts:
- Domestic macroeconomic environment changed significantly over four distinct half-yearly phases, beginning the second half of 2008-09.
- The economy decelerated in the second half of 2008-09. The weakness continued in the first half of 2009-10.
- The RBI had promptly introduced conventional and non-conventional measures to limit the impact of the global crisis.
- In the second half of 2009-10, there was a robust recovery ahead of the global recovery. However, food inflation turned out to be more persistent than anticipated.
- Rising and increasingly generalised inflation prompted a calibrated withdrawal of stimulus measures introduced earlier.
- In the first four months of 2010-11, headline inflation has remained at or close to double digits.
- India, having avoided a financial crisis, is in a position to aim for double-digit growth provided there are steps towards fiscal consolidation and further structural reforms. Demographic factors favour India.
- Monetary policy has had to shift its focus to inflation from recovery. And it will be less effective in tacking inflation caused by supply side shocks.
- The agricultural sector was more resilient in the face of a deficient monsoon in 2009-10 than on previous occasions.
- The average growth rate of food production at 1.6 per cent during 1990-2010 lagged behind the average population growth of 1.9 per cent.
- The aggregate savings rate moderated in 2008-09, reflecting a sharp fall in public sector savings on account of the impact of the stimulus measures.
- There was a large divergence between Wholesale Price Index-based inflation and Consumer Price Index-based inflation. Also, inflation varied from State to State.
- Persistent large fiscal deficit has several well known adverse consequences that are more likely to be seen over the medium-term. Hence, there must be a credible fiscal consolidation strategy to bring down the deficit.
- Capital flows have been moderating in the initial months of the current year and subsequently lifting stock indices to near record highs.
Pension fund deficit swells to 54k cr
The Employees’ Pension Scheme of 1995, where up to a third of workers’ provident fund contributions are parked, is facing a shortfall of 54,000 crore.
Designed in haste on the eve of the 1996 Lok Sabha elections, the scheme offered a slew of survivor benefits, allows premature withdrawals and an option to pull out a lumpsum at the time of retirement. Yet, the pension income it delivers to retirees is abysmally low.
The EPFO covers a mere 5% of India’s 400 million-odd work force as it only applies to firms hiring over 20 workers. The government pumps in around 1100 crore annually as a subsidy towards the scheme which now has a corpus of 130,000 crore.
Centre caps cotton exports at 55 lakh bales
The Centre on Saturday announced that it would allow export of 55 lakh bales of cotton effective October 1 and would revisit the policy for a thorough review in mid-November indicating that shipments beyond this ceiling would attract export duty.
Secretaries will meet again on November 15 to review the situation Cotton production estimated at 325 lakh bales in 2010-11
Food inflation inches up to 10.86 %
Food inflation inched up marginally to 10.86 per cent for the week ended August 21 from 10.05 per cent a week ago, mainly owing to higher prices of cereals, fruits and milk.
Textile and apparel industry to grow to $220 billion by 2020
India's textile & apparel (T&A) industry (domestic and exports) is expected to grow from Rs.3.27 lakh crore ($70 billion) to Rs.10.32 lakh crore ($220 billion) by 2020, according to a research report by Technopak Advisors, a leading management consultancy.
U.S. expert to address Indian Banks' Association
Charles Dallara, Managing Director of International Institute of Finance, will address the Indian Banks' Association. In his keynote address, Mr. Dallara will highlight the critical dimensions of the global financial system's regulatory reform, its impact on emerging markets, and specific issues for India.
IOC, ONGC stake sale cleared
Petroleum and Natural Gas Ministry on Monday gave its green signal to the sale of government's stake in Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), to raise around Rs.24,000 crore this fiscal.
IOC will be the first to be disinvested followed by ONGC. Along with the 10 per cent government stake sale, the company will make a follow-on public offer (FPO) of its 10 per cent expanded equity to raise close to Rs.9,000 crore for part-financing its capital expenditure.
The ONGC issue, in which the government would offload 5 per cent stake.
Post-stake sale, the government's shareholding in ONGC will come down to 69.14 per cent from 74.14 per cent. In IOC, the divestment and stake sale would reduce the government holding from 78.92 per cent to 64.57 per cent.
Oilex claims huge gas finds in Gujarat
Australia's Oilex Ltd. on Monday claimed that it had made a huge natural gas discovery in the onshore Cambay basin near Khambat town in Gujarat that could possibly hold 1.5 trillion cubic feet (tcf) of reserves. Industry sources put the total in-place reserves in the new discovery, which is 160-km south of Ahmedabad, at 20-30 tcf.
This is almost equal to the reserves of Reliance Industries' eastern offshore KG-D6 fields.
DoT allocates 3G with amended licence rules
DoT has allocated 3G spectrum to seven companies which emerged as winners in auction But DoT has made some changes in the licence terms to ensure speedy roll-out of 3G networks and also efficient use of scarce spectrum.
DoT has said that operators were authorised to use the spectrum for 20 years from September 1, 2010, even if their telecom licences expired before that period.
DoT has also imposed roll-out obligation under which the operators will have to cover at least 90 per cent of the service areas in the metro circles and at least 50 per cent in most of the other circles within the next five years. If the operators failed to achieve the roll-out obligations, they would be given extension for one more year after paying 2.5 per cent of the spectrum acquisition charge per quarter.
Similarly, each licensee will also have to pay the annual licence fee as share of adjusted gross revenue (AGR) from the services using 3G spectrum. In the case of two companies merging, only one slot of spectrum can be retained, according to the amended rules. The operators will also have to pay the upward revised spectrum usage charges ranging between 3 per cent and 8 per cent depending on the quantum of spectrum held by them.
Besides State-owned BSNL and MTNL, seven private operators — Bharti Airtel, Vodafone Essar, Reliance Communications, Tata Teleservices, Idea Cellular, Aircel and STel — have got 3G spectrum. The Centre had got Rs.67,000 crore through the 3G spectrum auction — Rs.51,000 crore from private operators and Rs.16,000 crore from the two telecom PSUs.
Telecom draws $891m FDI during April-May
India attracted $891 million ( 4,023 crore) foreign direct investment (FDI) in the telecommunications segment in the first two months of the current fiscal, the highest among all sectors. The highest FDI of $1.29 billion came from Mauritius followed by Singapore ($854 million), Japan ($369 million) and the Netherlands ($298 million) in April-May 2010-11.
Forex kitty increases by $293 million
FOREIGN exchange reserves rose by $293 million during the week ended August 27, largely on account of revaluation of non-dollar assets in reserves. The reserves are at $282.8 billion. Special drawing rights, or SDRs — the reserve currency with the International Monetary Fund — and the reserve capital with the IMF surged $10 million and $4 million, respectively. However, the value of gold in reserves remained unchanged during the week.
In other developments, the government maintained only a minimum of Rs 100 crore in its account with the RBI. On the other hand, it also did not resort to any short-term borrowings from the central bank. Such borrowings are resorted to by the government to meet its daily revenue mismatches. These short-term borrowings are known as Ways and Means Advances (WMA), a facility under which governments borrow from the central bank to meet their daily revenue mismatches.
Four task forces formed to boost India-S Africa trade
FOUR task forces, comprising top CEOs from India and South Africa, have been constituted to suggest policy initiatives to further boost bilateral trade and investment. These are in the areas of mining, infrastructure, energy and financial services. The task forces were set up at the first meeting of the India-South Africa CEO's forum in Johannesburg.
WorldSIM offers global roaming SIM
WorldSIM, a leading mobile virtual network operator, has launched its international roaming SIM, WorldSIM, in India. It appointed Hash10 Telecom Pvt. Ltd. as its exclusive master distributor for India.
NHAI accused of giving false information
The Goa government has accused the National Highways Authority of India (NHAI) of giving false information during its public hearing over the expansion of a highway linking Belgaum to Panaji.
Awards
Sat Paul Mittal Award
Nehru Sidhant Kender Trust has invited nominations for the ‘Sat Paul Mittal National Award for Outstanding Services to Humanity' for the year 2010. The award will be given in two categories, individual and institution, carrying a prize of Rs.2 lakh along with a citation and a medal.
ICICI wins World Finance Awards 2010 in 3 areas
Private sector lender ICICI Bank has been awarded the World Finance Awards 2010 in three categories. They are Excellence in NRI services-Worldwide, Excellence in Remittance Business-Worldwide and Excellence in Private Banking Business-Asia-Pacific Region awards at the prestigious World Finance Awards, UK, 2010
Appointments
Thomas sworn in CVC
Former telecom secretary P J Thomas was sworn in as the new Central Vigilance Commissioner (CVC).
Sripathi sworn in state Chief Information Commissioner
K.S. Sripathi, former Chief Secretary, was sworn in State Chief Information Commissioner (CIC) at Chennai Raj Bhawan.
Deaths
Sethna, the man who made ‘Buddha smile’ has passed away
‘Buddha smile’ is the name given to the first nuclear bomb test.
Dilip Roy passes away
Well-known Bengali actor and director Dilip Roy died. Mr. Roy's directorial ventures include Neelkantha, Debdas, and Amrita Kumbher Sandhaney. He was also cinematographer of the Bengali film Bhalobasa Bhalobasa, besides Oriya films Tu Eka Aama Saha Bharasa, Mamata Ra Dori, and Chaka Bhaunri.
SPORTS
Cricket
ICC suspends three Pakistan players
Three of its top players, captain Salman Butt and fast bowlers Mohammad Amir and Mohammad Asif, were suspended by the International Cricket Council (ICC) over allegations of match-fixing.
Volleyball
Chennai to host National volleyball
The 59th Senior National volleyball championship will be held in Chennai from December 20 to 30.
Billiards and Snooker
Alok Kumar Won the National Billiards Championship 2010
Alok Kumar has won against Pankaj Advani in the final of National Billiards Championship 2010 and he led the final with 5-4 victory
Archery
Indian archers clinch WC gold
India finished with a haul of one gold, one silver and a bronze medal from the World Cup archery stage IV meet at Shanghai. The Indian men’s recurve team of Jayanta Talukdar, Tarundeep Rai and Rahul Banerjee clinched the gold medal by defeating Japan medal by defeating Japan.
Athletics
Haryana wins overall title
Haryana won the overall team championship while Tamil Nadu and Uttar Pradesh were placed second and third respectively in the 32nd National inter-zonal athletics meet.
Renjith finishes seventh
National record holder Renjith Maheswary finished seventh with a jump of 16.69 metres in the triple jump event of the IAAF-VTB Bank Continental Cup.
Bridge
Indonesia wins Ningbo Cup
Indonesia scored the full 50 victory points in Sunday's two final matches against Bangladesh and Korea to comfortably win the Ningbo Cup, the first Asian cup bridge championships that concluded at Ningbo, China.
Chess
Bitan Banerjee triumphs
Bitan Banerjee of Bengal emerged the champion of the fifth Tea Board of India chess for youth championship.
Motor Racing
Sharath clinches National Motorcycle Racing title
S. Sharath Kumar of Ten10 Racing clinched the Group B Expert four-stroke class (up to 165 cc) title in a track record time of 1:58.516s clinched the Sidvin-FMSCI National Motorcycle Racing Championship.
Horse Racing
Raptor Force claims Datta Jewellers Gold Cup
M/s. Vishwanath B.Salvi, Asraf Salam & Mrs.Parvati D. Byramji's Raptor Force (P.S. Chouhan up) won the Datta Jewellers Gold Cup (1,800m).
General
Amrita conquers English Channel
A 22-year-old city girl, Amrita Das, has successfully crossed the English Channel. She took 13 hours and 42 minutes to swim from Dover in England to the French coast.
Diamond Hunter clinches feature event
Diamond Hunter ridden by I.Chisty won the H.H. Sri Krishnaraja Wadiyar Memorial Gold Cup (1,400m), the main event of the races.
More current affairs
- FM Addresses Global Insurance Summit at Mumbai
- The Election Commission of India has disqualified 39 candidates who contested the Haryana Assembly elections last year for three years due to their failure to submit the account of election expenses
- Indian ivory throne on show in London
- Puducherry Chief Minister V. Vaithilingam announced that the territorial government will soon provide medical insurance for retired school teachers up to the age of 70.
- The World Heritage site Keoladeo National Park, formerly known as the Bharatpur Bird Sanctuary in Rajasthan, got a new lease of life this weekend when the waters of the Panchna dam, some 100 kms away in Karauli district, reached its historical swamps.
- The CII-Connect 2010 conference theme and discussions is held at Chennai.
- The finance ministry has slapped a tax notice of about 758 crore on Delhi Development Authority (DDA) for allegedly not paying service tax since 2007.
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