Centre announces 8-point initiative for Kashmir as Advani urges Supreme Court to allow Ayodhya judgment!
Celebrations cut short, extra 1% EPF interest to be taxed!
Indian Holocaust My Father`s Life and Time - Four Hundred Ninety Two
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
The Brahaminical Zionist Hegemony Alchemists have invented the Double Edged Religious Political Nationalist Mind Control Formula to Push for Economic disaster for the Aboriginal Indigenous Minority Converted Communities, Majority Masses , the Mulnivasi Bahujan as Ayodhya Anatomy Remixed with Kashmir Standoff paves way for Cakewalk for the LPG Mafia and Foreign capital Inflow.
Last day, I have written about the Slaughter of the SEVEN Elephants in the North Bengal Forest to highlight the Criminal deliberate NEGLECT against the Black untouchables for Commercial purpose Profit Oriented showcasing the Corporate Social Concern.
Only the same day, Buddhadev Bhattacharya accepted publicly that EIGHTY Five percent of Muslims in Bengal are in miserable conditions.
We have been talking about the Deprived total Eighty Percent Population which the Ruling Brahamins would Never acknowledge as their CONCERN is related to only Electoral Demographic Engineering at best.
Chidambaram, the Reincarnated PURANDER Indra who destoyed Mohanjodoro Lothal Harapa Urban Developed Literate Civilisation in Aryan Aggression and the Ram Mandir Crusader LK advani invoking RAMA to kill us, both are the Chieftains of the Corpoaret war as Buddhadeb, Mamata Banerjee and Mayawati Happen to be.
Earlier prizing the Matua Sanghadhipati,Kapil Krishna Thakur, Buddhadeb had declared that the ROOT of all problems is BRAHAMINICAL system. Who sustains the System? Who defends the Manusmriti Rule? Matua Mother Bina Pani devi had demanded to resolve Refugee Problem in a letter on this occasion! Buddhadev readily assured to Resolve? Who STOPPED them almost Thirty five years?
Indo US Defence deal signed back to back N- Liability Bill Legislation accomplished, FDI for Defence, Capital Inflow and Foreign Debt under the Circumstances created with Ayodhya, Common Corruption Wealth and kashmir Triangle coinciding the waited Visit of US president Not So Black Not so Muslim despite having a Muslim middle name with Black skin Hussain, BARRACK Obama ,leading the Brahaminical Zionist White House synonymous to EXCLUSION of Black and the Unprecedented Push for Economic reforms with Draconian Legislation indicate rather Master Plan Designed in accordance with Rothschild Illuminiti Satanic TRI IBLIS Expertise!
Centre announces 8-point initiative for Kashmir!India will consider scaling back security in the disputed Kashmir region, the government said on Saturday, in a bid to calm public anger after months of anti-India protests that have killed more than 100 people. Palaniappan Chidambaram also said the government will soon announce a team to begin a dialogue with a broad section of Kashmir, including political parties and groups.The decisions are the latest effort by the government to reach out to Kashmir where an air of defiance unseen for years has threatened to undermine India's rule over a region also claimed by its rival and neighbour, Pakistan. Prime Minister Manmohan Singh has been accused of not taking seriously enough the largest pro-independence protests in two decades in Kashmir this summer.
Advani urges Supreme Court to allow Ayodhya judgment!Senior BJP leader L K Advani today said he failed to understand why the Supreme Court has deferred pronouncement of the verdict on the Ayodhya title suit when the nation has been waiting for a decision on the dispute since decades.
Senior Bharatiya Janata Party (BJP) leader L.K. Advani Saturday urged the Supreme Court to allow a decision on the Ayodhya dispute by the Allahabad High Court, and said people had been waiting for a judgment in the case for over past five decades.Advani, who visited the Somnath temple along with former party leader Uma Bharti, said he was not able to understand the apex court's decision to grant interim stay till Sep 28 on the Allahabad High Court's pronouncement of verdict on the Ayodhya dispute. The high court was to deliver its verdict on the Babri Masjid- Ramjanmabhoomi title suit on Sep 24. Advani visits Somnath temple every year on Sep 25 since he took out a yatra from the place to Ayodhya in 1990.
Announcing a eight-point Kashmir formula, the Centre today said a Group of Interlocutors led by an eminent persons will hold "sustained dialogue" with all sections of Jammu and Kashmir and also review deployment of security forces in the Valley, especially in Srinagar. Unveiling a package of measures approved by the Cabinet Committee of Security(CCS) at its meeting here in a bid to deal with the civil unrest in the Kashmir Valley, Home Minister P Chidambaram said the state Government will be advised to review the notification of areas as "Disturbed Areas".
The unrest has claimed the lives of 105 persons since June 10. The 30-minute CCS meeting was presided by Prime Minister Manmohan Singh.
'I appeal to the Supreme Court that the countrymen have been waiting for the judgment in the case for the last 50 years. I urge the court to take up the matter on Sep 28 and get the judgment delivered through this bench (of the Allahabad High Court),' Advani told reporters.
The CCS decisions were taken after it reviewed the situation in the Valley and considered the report of the recent visit of the 36-member all-party delegation to J and K submitted by Chidambaram, who had led the team.
In a bid to reach out to the masses, the Centre also advised the J and K government to release students and youth who have been arrested or detained for stone pelting and similar violations of law during the Valley unrest, and withdraw all charges against them.
The state governmetn has also been advised to review cases of all Public Safety Act(PSA) detenues and withdraw detention orders in appropriate cases.
"Government will appoint a Group of Interlocutors under the Chairmanship of an eminent person to begin the process of sustained dialogue with political parties, groups, students, civil society," Chidambaram said.
However, he did not say the exact composition of the group and skirted the question and said "it can be either one plus two or one plus three...we will see."
The CCS decided to advice the state government to immediately convene a meeting of the Unified Command and review the deployment of the security forces in Kashmir valley, especially at Srinagar, with particular reference to descale bunkers and check points in the summer capital and other towns, the Home Minister said.
Saturday's announcement comes after a delegation of Indian lawmakers visited the region this week and met separatist leaders. "We will request the state government to immediately convene a meeting of the (security) Unified Command and to review the deployment of security forces in kashmir valley, especially Srinagar," Chidambaram told reporters after a meeting of the Indian cabinet's committee on security. He said the state government will look at the options for scaling down the number of bunkers and check points in Srinagar, Kashmir's summer capital, and other towns. Kashmir has been in a seige-like state since June with shops and offices closed and education institutions shut. Roads have remained empty.
Chidambaram, seeking to assuage popular anger over a law that gives security forces sweeping powers to shoot, arrest and search people, said the state will seek to limit the areas where the law operates. Most of Kashmir has, for years, been declared as "disturbed", a necessary step for the application of the hated Armed Forces Special Powers Act. "We will request the state government to review the notification (of the disturbed areas).
They will decide which notifications have to be continued (and) which need not be continued," Chidambaram said. "We think these steps should address the concerns of different sections of the people in Jammu and Kashmir, including the protesters." Kashmiri separatists, who accuse the Indian army of large scale violation of human rights, want the armed forces law withdrawn.
Tens of thousands of people have been killed in Kashmir since an armed revolt erupted in 1989, but militancy has weakened over the years. While a previous generation of Kashmiris often embraced the militancy, a new generation has used street protests, Facebook and mobile phones to spread revolt.
Advani said he respected the judicial system of the country and added that he had appealed to party workers to maintain calm.
He said people were waiting for the court's decision on Ayodhya, and litigants too wanted a verdict and the Allahabad High Court had rejected the petition to defer the verdict.
Briefing reporters after the meeting, Chidambaram did not elaborate whether the review of the Disturbed Areas notification was a prelude to any phased withdrawal of the contentious Armed Forces Special Powers Act (AFSPA) from certain areas of the Valley. J and K Chief Minister Omar Abdullah welcomed the Centre''s initiative saying it is a positive development and must lead to a resolution to all political issues of Jammu and Kashmir.
The CCS decisions were taken after it reviewed the situation in the Valley and considered the report of the recent visit of the 36-member all-party delegation to J and K submitted by Chidambaram, who had led the team. In a bid to reach out to the masses, the Centre also advised the J and K government to release students and youth who have been arrested or detained for stone pelting and similar violations of law during the Valley unrest, and withdraw all charges against them.
The state government has also been advised to review cases of all Public Safety Act(PSA) detenues and withdraw detention orders in appropriate cases. "Government will appoint a Group of Interlocutors under the Chairmanship of an eminent person to begin the process of sustained dialogue with political parties, groups, students, civil society," Chidambaram said.
However, he did not say the exact composition of the group and skirted the question and said "it can be either one plus two or one plus three.
we will see.
" The CCS decided to advice the state government to immediately convene a meeting of the Unified Command and review the deployment of the security forces in Kashmir valley, especially at Srinagar, with particular reference to descale bunkers and check points in the summer capital and other towns, the Home Minister said.
Meanwhile, Separatist groups in Kashmir today maintained a studied silence over the Centre''s 8-point formula to deal with the current unrest in the Valley. JKLF Chairman Mohammad Yasin Malik said he would summon a meeting of the Working Committee and General Council of his outfit to discuss the new development.
"We will comment only after the measures announced (by the Union government) are discussed threadbare by the Working Committee and the General Council," Malik told PTI. The chairman of the hardline faction of the Hurriyat Conference Syed Ali Shah Geelani could not be reached for his comments. An amlagam spokesman, however, said the measures would would be discussed in the Majlis-e-Shoura (Advisory Council).
"We will react only after the Shoura meeting. May be Geelani will address a press conference in this regard," spokesman Ayaz Akbar said.
Sources in the moderate Hurriyat Conference, headed by Mirwaiz Umar Farooq, said consultations were on among amalgam leaders for framing a response to Union Home Minister''s latest move. The Centre today unveiled a package of measures, approved by the Cabinet Committe on Security, to deal with the current turmoil in Kashmir valley.
25 Sep, 2010, 04.18AM IST, Vikas Dhoot,ET Bureau
Celebrations cut short, extra 1% EPF interest to be taxed
NEW DELHI: The government's surprise gift for workers isn't much of a gift after all. The labour ministry has hiked the employees' provident fund, or EPF, rate to 9.5%, but a finance ministry notification says that anything in excess of 8.5% will be taxed.The labour ministry is, however, confident that the tax department will renotify the higher rate, as otherwise a lot of contentious issues will come up. Labour Minister Mallikarjun Kharge had declared a 9.5% bonanza on provident fund deposits on September 15 — marking a one percentage point increase in the rate from the 8.5% paid in the last five years.
But even before the EPF board met under Kharge, the Central Board of Direct Taxes had notified a tax-free PF rate of 8.5% for 2010-11 — effective from September 1. This means that the 1% extra income (or Rs 1,700 crore) that the labour ministry has projected as a gift to the workforce, would be fully taxable. This is the first time ever that income from provident fund would be taxable, if the tax department does not notify the higher rate.
Historically, the tax-free PF rate notified by the income tax department has never been lower than the EPF rate declared for the year.
In recent years, while the EPF rate was at 8.50%, the ceiling was at 9.50%. This year, when the EPF rate has been hiked to 9.50%, the ceiling on tax free provident fund returns has been lowered to 8.50%. "The incremental PF return would be taxable in the hands of the worker. This has never happened before," said Bhupendra Meel, associate vice president in charge of retirement trust solutions at AK Capital Services.
But levying the tax would be far from easy. The PF interest would be credited to workers' accounts at the end of the year. The trust in charge of the PF would be responsible for deducting the applicable tax at that time.
Usually, the income tax department notifies a tax-free PF rate for the whole year. But this year, it's only applicable from September 1. So the 9.5% provident fund return would be tax-free from April to August, but taxable thereafter. "For company-run trusts, this would be a headache — calculating the tax liability on 1% PF income for seven months," said Amit Gopal, senior vice president at India Life Capital.
But the most acute problem will be faced by the Employees' Provident Fund Organisation – which manages 5 crore PF accounts.
Firstly, EPFO simply doesn't have the systems in place to deduct tax at source. All PF account withdrawals before completing five years of service, are fully taxable, as per existing income tax rules. But the rule has never been implemented because of EPFO's unreliable manual record-keeping systems.
Even if EPFO could deduct tax at source before crediting interest to members, the applicable income tax bracket would vary for its members. For every deduction made, it would also have to give workers a Form 16 statement.
For an organization that doesn't even give members annual account slips on time, mailing 5 crore 'Form 16' sheets would be physically impossible. Experts reckon the PF office could instead put the onus of paying the tax on employees filing their returns.
http://economictimes.indiatimes.com/personal-finance/savings-centre/savings-news/Celebrations-cut-short-extra-1-EPF-interest-to-be-taxed/articleshow/6623542.cms
Dalits Media Watch
News Updates 25.09.10
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Dalit woman, son humiliated on panchyat's diktat - Zee News
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BBC
25 Sep, 2010, 06.20AM IST,ET Bureau
Unwise move on FII debt
The government's decision to raise the limit for investment by foreign institutional investors (FIIs) in the debt market by $10 billion is unfortunate. Surplus global liquidity is already leading to a rush of portfolio investment into the equity market.
In such a scenario, any action that increases the attractiveness of debt instruments only compounds the problem of managing capital flows without destabilising the real economy. Capital flows are not an unmitigated blessing. Unless there is a corresponding rise in absorptive capacity, inflows will only end up as reserves with the Reserve Bank of India (RBI), as the central bank buys dollars in a bid to limit the damage to the real economy through excessive appreciation of the rupee.
The resultant increase in rupee liquidity is bound to add to inflationary pressures. Sterilisation also imposes a cost — the difference between the rate of interest paid on rupee funds mopped up by the RBI and the return on deployment of forex reserves. Hence, any policy that looks only at the immediate 'benefit' in terms of increased inflows, disregarding the long-term costs, is seriously flawed.
Unfortunately, an increase in absorptive capacity alone will not suffice; especially if it leads to an excessive widening of the current account deficit (the difference between national saving and investment). There is the related but vitally important issue of how the deficit will be funded. Thanks to strong growth and hence strong import demand, our current account has already widened sharply.
Today, capital flows may be more than sufficient to fund this wider deficit. But FII flows are known to be fickle. As the recent financial crisis has shown, FIIs are quick to turn tail at the first sign of trouble. Hence, depending on them to fund the current account deficit on a sustained basis would be both naïve and unwise.
If the government is really desirous of augmenting resources for infrastructure development, it would be far better to address policy lacunae hampering foreign direct investment, as also the institutional underdevelopment of India's financial sector that hinders mediation of our considerable domestic savings to investment opportunities.
http://economictimes.indiatimes.com/opinion/editorial/Unwise-move-on-FII-debt/articleshow/6624067.cmsKashmir stone-pelters to be freed: ChidambaramTimes of India - 2 hours agoNEW DELHI: Announcing a eight-point Kashmir formula, the Centre on Saturday said a group of interlocutors led by an eminent persons will hold "sustained dialogue" with all sections of Jammu and Kashmir and also review deployment of security forces in ... Group of Interlocuters to be appointed for dialogue in KashmirSify - 41 minutes agoUnion Home Minister P. Chidambaram said on Saturday that the Government will appoint a Group of Interlocutors under the Chairmanship of an eminent person to begin the process of sustained dialogue with political parties and groups in Kashmir. ... Major eight-point initiative on Kashmir unveiledDaily Pioneer - 55 minutes agoPTI | New Delhi Under a major 8-point initiative to address the unrest in the Kashmir valley, a group of interlocutors is being appointed to hold a "sustained dialogue" with various shades of opinion, about 200 youth detained for stone-pelting are ...
Centre unveils new Kashmir initiativedomain-B - 1 hour agoThe cabinet committee on security (CCS) today decided to appoint a group of interlocutors under the chairmanship of an eminent person to begin the process of a sustained dialogue with all sections of the people of Jammu & Kashmir. ... India seeks dialogue with Kashmiris to end unrestAFP - 3 hours agoNEW DELHI, India — The Indian government offered Saturday to hold a "sustained dialogue" with Indian Kashmiris in a bid to quell a wave of deadly anti-India unrest that has engulfed the region. "A group of interlocutors will begin a process of ... Cong Hopes J&K Would be Positive to PackageOutlook - 7 minutes agoTerming the government's eight-point Kashmir initiative as a holistic and well thought-out package, the Congress today hoped that it will be reciprocated by the people of Jammu and Kashmir. "It is a very holistic and well thought-out package. ... India says will review Kashmir security deploymentReuters Canada - Krittivas Mukherjee - 2 hours agoNEW DELHI (Reuters) - India will consider scaling back security in the disputed Kashmir region, the government said on Saturday, in a bid to calm public anger after months of anti-India protests that have killed more than 100 ... "4000 security men injured in 3 months of Kashmir violence"The Hindu - Shujaat Bukhari - 19 hours agoNearly 4000 police and Central Reserve Police Force personnel and 504 civilians were injured in the violent clashes in the Kashmir Valley in the past three months. This was stated by the police in response to reports in a section of media that clashes ... Muslims flee Valley of stone-peltersEconomic Times - Sep 23, 2010JAMMU: Reminiscent of the exodus of Kashmiri Pandits from the Valley in the early 1990s, Muslims caught this time between stone-throwers and security forces are moving from Srinagar to Jammu in the dark of the night. "I didn't inform anyone in the ... Govt to appoint interlocutors for Kashmir talksNDTV.com - 3 hours agoNew Delhi: The government will appoint a group of interlocutors to talk to social and political groups in Kashmir. Home Minister P Chidambaram said this after the Cabinet Committee on Security (CCS) met in New Delhi on Saturday. ... All 56 related articles » | RelatedJammu and KashmirSrinagar India Kashmiri people Chidambaram Timeline of articles Number of sources covering this story
ImagesAFP Zee News  Tehelka  The Nation, Pak...  Daily Mirror  Outlook All related images » Videos Voices from Kashmir Part 1NewsX - Sep 23, 2010 Watch video <div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/J8tjHj0EqRc/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=J8tjHj0EqRc">Voices from Kashmir Part 1</a> <span class="source">NewsX</span> - Sep 23, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=J8tjHj0EqRc">Watch video</a></div>
Voices from Kashmir Part 4 NewsX - Sep 23, 2010 Watch video <div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/hDg_sim1V9w/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=hDg_sim1V9w">Voices from Kashmir Part 4</a> <span class="source">NewsX</span> - Sep 23, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=hDg_sim1V9w">Watch video</a></div>
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Advani surprised at stay on Ayodhya verdict
The Hindu - 16 minutes agoPTI PTI Senior BJP leader LK Advani accompanied by his daughter Pratibha and expelled party leader Uma Bharti, pays obeisance at Shiva temple in Somnath, Gujarat on Saturday. Senior BJP leader LK Advani on Saturday said he failed to understand why the ...
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Temple visit with Advani signals Uma Bharti's return to BJP?
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| ...to reporters after offering prayers at the famous Shiva temple here, the spot from where he took out the rath yatra to Ayodhya on this day 20 years ago, he said, "I am not able to understand the decision of the Supreme Court." more by LK Advani - 16 minutes ago - The Hindu (8 occurrences) |
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''Peepli Live'' is India's official entry for Oscars 2011
Aamir Khan's "Peepli Live", depicting the growing rural-urban divide in India, has been selected as India's official entry to next year's Oscars in the Best Foreign Film category.
"'Peepli Live' has been selected as India's official entry for the Oscars out of 27 films," Supran Sen, secretary general of the Film Federation of India, told PTI. Directed by debutant Anusha Rizvi, the film stars theatre actors and was shot in a small village in Madhya Pradesh.
The film also takes pot shots at the media and the political system in the country. This is third time lucky for Aamir Khan Production as the actor''s previous films "Lagaan" (2001) and "Taare Zameen Par" (2007) were also selected to represent India at the Academy awards.
"Laagan", which saw Aamir playing a farmer in British Raj, was shortlisted in a category of five but lost to Bosnian war film "No Man''s Land".
'Peepli' for Oscar?Reuters India - Danish Siddiqui - 14 minutes ago'Peepli (Live)' has been chosen as India's entry to the Academy Awards in the Best Foreign Language film category. Full Article Who are the new "American Idol" judges? Slideshow Wall Street insider looks into "Money Never Sleeps". ... Why Peepli [Live]?Hindustan Times - 2 hours agoAamir Khan can do no wrong. At least, as far as the Film Federation of India is concerned. Peepli [Live], produced by Khan, written and directed by first-timer Anusha Rizvi and starring Omkar Das Manikpuri, Raghuvir Yadav and Naseeruddin Shah, ... How Kollywood lost out the Oscar raceSify - 2 hours agoBy Moviebuzz | Saturday, 25 September , 2010, 18:13 It was cake walk for Aamir Khan produced and Anusha Rizvi directed Hindi film Peepli Live, to be selected as India's entry for the 83rd Academy Awards, in the Best Foreign Language Film category. ...
Honour to represent India at Oscars: AamirNDTV.com - 4 hours agoAamir Khan is on the top of the world these days. His film Peepli Live, a political satire on the issue of farmers' suicides, has been chosen as India's official entry at the Oscars, and the Bollywood star says it's a "special honour" to represent the ... Aamir Khan scores a hat trick, Peepli Live to vie for Oscar awardIndiantelevision.com - 3 hours agoMUMBAI: Aamir Khan has scored a hat trick as far as the Oscars are concerned. His Peepli Live has been chosen as India's official entry to the Academy Awards in the Best Foreign Language film category. "We chose Peepli Live for its stark portrayal of ... Oscar: Angadi Theru loses to Peepli LiveIndiaGlitz - 7 hours agoVasanthabalan's reality film 'Angadi Theru' lost to Peepli Live in the race to be India's official entry to this year's Oscar Awards in the Best Foreign Language Film category. The decision to send the Bollywood film 'Peepli Live' was announced by the ... Peepli Live deserved it: K-townTimes of India - 1 hour agoThere were 27 films jostling for the nomination of Best Foreign Language Film, for the 83rd Annual Academy Awards, but it was Aamir Khan's Peepli Live that finally made it. The film, which discusses the plight of farmers and agriculture in India, ... 'Peepli Live' is India's entry at OscarsTimes of India - 7 hours agoAamir Khan's production "Peepli Live" is to be India's official entry at the Oscars, an official at the Bollywood star's office said Friday. "Peepli Live" is former journalist Anusha Rizvi's debut film as director. It has been shortlisted in the Best ... All 35 related articles » | RelatedAamir KhanPeepli Live Academy Award Hollywood India Aamir Khan's Timeline of articles Number of sources covering this story
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India a 'must-invest market': Nooyi
Pepsi Co Chief Indra Nooyi described India's infrastructure appalling with projects here showing too much slippage in their execution, but emphasised that the country is a 'must invest market'.
"If I used the word appalling that would be bit of an understatement," Nooyi said during the panel-discussion in New York organised by the Indian American Foundation and Yale University.
She said although there has been some development in infrastructure but the couple of highways and airport were not enough.
"I'm not saying developments have not been made but its not as fast as it needs to be...Unfortunately every project that starts, there is too much of slippage."
The Indian-born businesswomen stressed on the need for India to do a lot more to strengthen its basic infrastructure, for companies wanting to invest in India. "The first biggest issue we have is infrastructure."
Nooyi underlined that reaching every nook and corner of India require roads, electricity, power and water. "Even if they have an MBA or an engineering degree unless they came from a top tier of schools they are not as qualified as they need to be...We always have to retrain them inside the industry," Nooyi said.
"I think we have to take this manpower, which is very bright but we have to make sure we educate them the right way," she continued.
Fareed Zakaria, an international relations expert and journalist, pointed out that one of the reasons for the government's complacency could be the fact that India's economic growth had come to easily.
"The East-Asian crisis was the moment, when all those East-Asian countries did massive reforms and in India you're getting 7 to 8 per cent growth without doing very much reforms has stalled in India," Zakaria said.
Rakesh Mohan, leading Indian economist who was also on the panel, countered this assertion by noting that any given time the argument of "not much is happening right now."
"You can't have bursts of reform every year. So it has to be now much more incremental reform in every area," he said.
Mohan, however, admitted that India had probably gone ahead with the easier reforms or "reforms by announcement" like de-licensing and removing trade barriers earlier, and was now stuck with the tougher ones.
"Now we have all are process reforms, which can't be done by announcement," he said.
Noting that India was aware of its problem, Nooyi added that the say:do ratio is a little bit out of whack.
Govt neutralises tax impact of 1st yr of DTC regime
KOLKATA: Government today said its proposals on withdrawing profit-linked exemptions in Direct Taxes Code will bring in over Rs 50,000 crore and make the exchequer little bit richer despite moderation in tax rates."Government would bring Rs 55,000 crore worth revenue within the tax net through withdrawal of profit-linked tax exemptions...," Revenue Secretary Sunil Mitra said here today at a CII seminar on DTC.
Once the DTC is in place, the profit-linked tax exemptions will go.
With this, the revenue impact in the first year (2012 -13) of implementation of DTC will be marginally positive, as per projections made by the finance ministry .
Mitra said with moderation corporate tax rates from present 33.2 per cent to 30 per cent in DTC, the government is projected to loose Rs 38,829 crore in 2012-13.
The corporate tax rate would continue to be same at 30 per cent but surcharges and cess would be withdrawn. The surcharge and cess collection in 2010-11 is projected to be Rs 25,000 crore.
From raising of income tax exemption from Rs 1.6 lakh to Rs 2 lakh, the government is expected to lose Rs 14,343 crore in 2012-13.
Meanwhile, government's indirect tax collection in the first five months (April-August) of the current fiscal has gone up by 45 per cent and the direct tax collection has gone up 20 per cent over the corresponding period last year.
"Part withdrawal of stimulus has given boost to indirect tax collection," Mitra said.
As part of the partial withdrawal of stimulus, the government raised excise duty on non-petroleum goods from 8 per cent to 10 per cent.
Government has also increased excise duty on petrol and diesel and re-introduced 5 per cent customs duty on crude.
Customs duty collection had jumped by 70 per cent in the first five months.
25 Sep, 2010, 04.47AM IST,ET Bureau
Government backing for loans to PSUs gets tougher
The government will pay only between 70% and 90% of some loans carrying state guarantees if state-run companies fail to repay, making such borrowings costlier.This is a marked shift from the earlier policy where the entire loan was guaranteed. The new policy on government guarantees—spelt out by the finance ministry on Friday—says the state will back only 70-90% of the loan amount in some cases, leaving the lender to bear the balance risk.
Loss-making state-owned entities such as Air India typically need an explicit guarantee from the government to raise funds from debt markets. In such cases, the entire loan is guaranteed.
In the case of default on such a partially-guaranteed loan, the borrower will also have to first negotiate with the lender for the unguaranteed part. It could then approach the government to settle the balance amount.
By upping the stakes for borrowers and lenders, the finance ministry hopes to discourage laxity in loan appraisals in the case of government-backed loans.
"Existence of a government guarantee should not become a substitute for financial prudence," a finance ministry official said, adding the policy is being tightened to ensure that lenders carry out proper due diligence of the borrower.
The immediate fallout of the new rules will be that despite the credit enhancement provided through government guarantees, such loans will be priced higher because of the partial risk that will stay with the lender.
"If the lender has to bear a part of the risk, the rate of interest charged will have to go up," said an executive of a private sector infrastructure finance company.
The government had committed to keeping such guarantees in check by putting a limit of 0.5% of GDP in any financial year in the fiscal discipline act, or the Fiscal Responsibility and Budget Management Rules, 2004.
At the end of fiscal 2007-08 the total outstanding central government guarantee was `1,04,872 crore, 2.2% of GDP. The bulk of these relate to those given to international financial institutions for funding local lenders.
The tighter rules will help free up guarantees where they may be needed more.
"This (limit on guarantees) frees valuable fiscal space for the provision of public goods in areas where such finance is unlikely to be forthcoming," the 13th Finance Commission had said while suggesting a less liberal use of this credit enhancement mechanism.
It went on to suggest that instead of a 0.5% annual ceiling, the government should put a cap of 5% of GDP on the guarantee outstanding at the end of every year.
The reduced level of government guarantee will have the desired effect of forcing public sectors to use the public-private partnership mode more for financing projects.
"Softening the budget constraints for public sector enterprises is a recipe for disaster, so the move will bring about efficiency in the process and is good both for enterprises and the government," said M Govinda Rao, director, National Institute of Public Finance and Policy. Every proposal for guarantee will be independently assessed and the guarantee fee would be fixed based on the assessment of risk.
Split in ULFA ranks as 19 commanders opt for peace
In another blow to the outlawed United Liberation Front of Asom (ULFA), 19 top separatist commanders based in Bangladesh have given up arms and opted for peace with Indian authorities - a clear indication that the ULFA is split.The rebel commanders, led by Anu Buragohain, Bhaiti Baruah, Biju Deka, and Pradyut Buragohain, apparently gave themselves up before Bangladeshi authorities Wednesday. They were arrested on technical grounds and then handed over to the Border Security Force somewhere along the border with Meghalaya Saturday.
The Assam government is maintaining a stoic silence on the development - examining legal provisions so that there are no technical problems in showing them as surrendered to avoid court proceedings.
"We have heard about the development, but we don't have any details about the whereabouts of the 19 ULFA militants and their family members," Assam Chief Minister Tarun Gogoi said.
"But nonetheless it is a good thing that ULFA leaders are coming out to join the peace process," the chief minister said, literally admitting the reports without going into details.
According to Indian intelligence sources, the 19 ULFA leaders and nine of their family members were in touch with Indian authorities since the past fortnight and expressed their desire to surrender and join the peace process.
The matter was taken up with the Bangladesh government and arrangements were made to shift them to Assam. They were shown arrested in Bangladesh and later on handed over to India.
"There is no question of arrests as they came on their own and are ready to join the peace process," a senior Assam police official said requesting not to be named.
"There is no question of the ULFA members being produced before the court as technically they were not arrested as they came on their own," the police official said.
The rebels are now in Assam police custody in Guwahati, although for technical reasons the government is not making it formal and hence is in some sort of a denial mode.
Self-styled ULFA commander-in-chief Paresh Baruah corroborated the development and said the rebels fled the camp and were presently taking shelter in 'enemy camp' (Assam police custody).
"Some of our cadres with their family members fled the camp with the help of Indian intelligence agencies and also with the active support of two of our senior jailed leaders and are now taking shelter in the enemy camp," the ULFA commander-in-chief said in an e-mailed statement.
"We are not at all demoralized by their action."
Dhaka last year launched a massive crackdown against the ULFA and the National Democratic Front of Bodoland (NDFB) and got several of their top leaders arrested and later handed them over to India.
Among those arrested in last year's crackdown include ULFA chairman Arabinda Rajkhowa, deputy commander-in-chief Raju Baruah, foreign secretary Sasha Choudhury, and finance secretary Chitraban Hazarika.
NDFB chairman Ranjan Daimary was also arrested in May and later handed over to India.
Even during the previous arrests in Bangladesh, the Assam government gave contradictory statements feigning ignorance about the capture of the rebel leaders.
India says ready to discuss all issues with Pak
NEW YORK/NEW DELHI: Amid the possibility of a meeting with his Pakistanii counterpart Shah Mahmood Qureshi early next week, Indian External Affairs Minister S.M. Krishna Friday stressed there was no alternative to talks with Pakistan and said he was ready to discuss all issues, including Kashmir."Everything that they want to discuss and everything we want to discuss with them will be discussed," Krishna said in New York.
He was responding to questions on a recent Pakistan Foreign Office statement that there can be no "meaningful, result-oriented" discussions with India on Kashmir unless it stops treating the as its integral part and Qureshi's remarks seeking US intervention in resolving the contentious issue.
Krishna's comments came a day after he had "chance encounter" with Qureshi at the UN, where they greeted each other warmly and talked about the floods in Pakistan.
"Well, I was in Islamabad and we did talk and I have invited Excellency Qureshi to come to India and he has very graciously accepted my invitation," Krishna said. "I am looking forward to hosting him in Delhi... and the dates have to be worked out."
Krishna's remarks have brightened the possibility of a substantial bilateral meeting with Qureshi, likely early next week. Indian diplomats have yet to confirm any bilateral meeting, with sources in New Delhi only saying nothing has been fixed as yet.
If it happens, it will be the first meeting between the two ministers since the July 15 talks failed over clashing perceptions about the scope of the talks and Pakistan's insistence on a time-line for resolving complex issues like Kashmir.
Krishna and Qureshi are going to be under the same roof at several ministerial meetings next week, including that of of the SAARC countries and the Non-Aligned Movement.
India has rejected Pakistan's renewed bid to internationalise the Kashmir issue by turning down any third-party intervention in Kashmir. But despite these rhetorical exchanges on Kashmir, Krishna underlined that talks would continue. "India wants to keep Pakistan engaged in talks because we do not see any other alternatives...talks are the only way to take this forward," he said.
Qureshi, who is also in New York to attend the 65th session of the UN General Assembly, has repeatedly raked up the Kashmir issue in the last several days, seeking international intervention.
PDP welcomes steps announced by Chidambaram
Opposition People''s Democratic Party (PDP) today described as a good beginning the steps announced by Union Home Minister P Chidambaram to be taken in strife-torn Kashmir valley but said more needs to be done to regain the trust of people. "It is definitely a good beginning but more needs to be done to regain the trust of the people," PDP chief spokesperson Nayeem Akhtar told PTI. He said the the steps announced by Chidambaram should lead to more confidence building steps, which would result in the revival of the 2003 peace process.
"The people should feel the relief after these measures and their sufferings in terms of daily curfew, crackdowns, arrests and harassment should come to an end," he said.
In Ayodhya, a temple that is open to all faiths
Ayodhya (Uttar Pradesh), Sep 25 (IANS) Idols of Lord Rama, Gautam Buddha, Lord Mahavir, an image of Makkah-Madina, a picture of Prophet Zarathustra...No matter which faith you belong to, chances are you will find your god at the Satyar temple here .
The temple in the Hanuman Garhi area has emerged as a symbol of communal harmony in this historic town, about 150 km from state capital Lucknow, which has lately been in the news over a much-awaited verdict in the Ramjanmabhoomi-Babri mosque title suits.
'Journalists have always focussed on the negative aspect of Ayodhya which is related to the demolition of the mosque...Virtually no one took the initiative to report this unique temple that welcomes people of various religions,' Hanuman Prasad, 45, the temple priest, told IANS.
Not many know that Ayodhya, which was at the heart of a Hindu-Muslim controversy when the Babri mosque was brought down in 1992 by Hindu mobs, has this living example of harmony.
'Those coming here for the first time are taken by surprise after they see idols and images of gods of different religions and places of worship sharing a common platform,' said Prasad.
According to residents, the temple derived its name from a Gujarat-based businessman and social worker, Laljibhai Satya Sanehi, who got it constructed around 60 years ago for promoting harmony among people of different religions.
'Satyar is made of two Hindi words 'Satya' (true) and 'yar' (friend). The temple in a real sense is living up to its name as Hindus, Muslims and people from other religions visit this temple,' said Pankaj Ranjan, a local resident who is a visitor.
'I get a unique sense of satisfaction and peace at this temple. Though I primarily come here to seek blessings from Lord Rama, I don't forget to bow before the gods of other religions,' he said.
Popular among Ayodhya residents, people from various religions make regular contributions for its maintenance and upkeep.
Though the daily prayers and other rituals are conducted as per Hindu tradition, it is ensured that social events are organised on the occasion of festivals celebrated by Muslims, Christians and people of other religion.
'With the help of funds raised by local residents, we distribute food, clothes and other essential items among the poor and needy on festivals celebrated by the people of different religions,' Sheetla Singh, an official of the temple's management, told IANS on telephone.
People believe that more places of multi-religious worship like the Satyar temple of Ayodhya should be set up in other parts of the country.
'If worship places are set up on the lines of the Satyar temple, the exercise would go a long way in promoting communal harmony and uniting people from various religions,' said Shabkadar Alam, an Ayodhya resident.
Even as the Ayodhya verdict - which was to be delivered by the Lucknow bench of the Allahabad High Court Sep 24 - has been deferred till Sep 28, people here are hoping the temple will keep this town in the news for better reasons.
(Asit Srivastava can be contacted at asit.s@ians.in)
Kashmir separatists, authorities now in 'calender war'
The separatists asked people to resume normal life Saturday while the authorities clamped curfew across the Kashmir Valley, a trend now being termed as a 'calendar war' by the common man here.
Hardline separatist leader Syed Ali Geelani once again amended his 'protest calendar', appealing for two days of normalcy Saturday and Sunday as authorities had not allowed people to come out of their homes Thursday and Friday -- days on which Geelani had earlier asked people to resume routine activities of life.
'Curfew continues in Srinagar city and other towns of the valley and it will remain in force till further orders,' a senior police officer said here.
The common man has now started calling the imposition of curfew by authorities and the announcements of normalcy for a day or two by Geelani as the 'calendar war'.
'This is simply a calendar war between the government and Geelani sahib,' said Abdul Majeed, a resident of Srinagar city's Rajbagh uptown area.
'They impose curfew when he announces normalcy and he announces protests when authorities want us to resume normalcy,' he added.
For nearly three months since June 11, when the present unrest started, Geelani's hardline Hurriyat group has been issuing protest calendars as part of its 'Quit Kashmir' campaign.
Locals strictly followed these protest calendars announced by the separatists on a weekly basis, calling for five days of protests and shutdowns and two days of normalcy in a week.
'The administration imposes curfew on the days Geelani calls for protests and lifts curfew and restrictions when Geelani asks people to return to normal routine. An impression was somehow created that the separatists called all the shots here and the authorities were simply responding to their protest calendar,' said a senior intelligence officer here.
'Now the administration has decided to defeat Geelani's protest calendar,' he added.
The hardline Hurriyat group, which met here late Friday, issued a statement quoting Geelani that the protest calendar to be issued by the group Sunday would keep in mind that the Class 10 and 12 board exams would not be affected.
Everyone has to share the blame for CWG mess: Fennell
CGF President Mike Fennell today said that everyone in the Commonwealth Games management has to share the blame for the lack of preparations ahead of the Delhi edition but hoped that they would overcome the problems in the next eight days for the successful conduct of the event. Addressing a press conference a day after visiting the Games Village, Fennell said "considerable work has been done but still some more remains to be done.
" But despite the controversy-marred build-up, Fennell asserted that calling off the Games "was never" on Commonwealth Games Federation''s (CGF) agenda. However, Fennell conceded that a lot of damage has been done to India''s image.
Flanked by embattled Organising Committee chairman Suresh Kalmadi, Fennell said both India and the Commonwealth can learn a lesson from the shortcomings in organising the 19th edition of the Games scheduled October 3 to 14. "The massive work that is being done now ought to have been done earlier," said Fennell.
"We all have to share the blame and responsibility. In any Games, there are a number of stakeholders, overall we have to ensure that we do everything to conduct the Games.
"Other Games have had problems and I believe that here also the problems would be sorted. A number of issues should have been and could have been avoided and that necessary corrective steps should be taken in good time," he added.
"We are going to have good Games," he insisted. "A lot of damage has been done to India, which is the largest Commonwealth country.
We need to learn lessons for hosting other events as well. This is part of the learning process.
I hope India would have learnt a lesson, we would have learnt a lesson," he said. Asked whether he felt let down by India, which won the hosting rights way back in 2003 but is in a desperate race against time to finish off the work, Fennell said, "We are disappointed in a number of things.
" But the CGF boss said the time for blame-game was over and the focus should now be on conducting a safe and successful Games whatever be the scale of effort required. "If we are committed to the same goal, we should not find faults and criticise each other because we all want that the Games are celebrated properly," he said.
His back against the wall, a defensive Kalmadi said he wished the venues had been handed to OC a little earlier. "I am the chairman of Organising Committee and I will take all the responsibility but I wish venues were handed to us a little earlier," he said.
Opposition to Jaitapur plant out of ''misplaced fear'': Chavan
Minister for Science and Technology Prithviraj Chavan today said that opposition to Jaitapur nuclear power project was out of "misplaced fear". "There is no affluent coming out of the plant and hence there will be no danger to environment and horticulture," Chavan said about the proposed plant in Maharashtra''s Ratnagiri district.
It is the largest nuclear power plant in India to be built with French collaboration, he said. "When completed, there will be six reactors with a capacity of 10,000 MW. Initially, there will be two reactors," he added.
The Jaitapur power plant is being opposed by local groups on environmental
Distribute excess foodgrains free of cost among poor: Gadkari
BJP President Nitin Gadkari today wrote to Prime Minister Manmohan Singh demanding that excess foodgrains in government godowns should be distributed free of cost to the poor affected by droughts and floods in different parts of the country. "I would like to suggest to allocate the food grains lying in the FCI godowns to the flood/drought affected states as central assistance for free distribution among the victims," Gadkari said in his letter to the PM. He suggested this could be done through respective public distribution system and other methods with "top priority to help those who have been uprooted and the farmers whose crop has been destroyed".
Gadkari said the Supreme Court had on August 12, 2010 asked the Centre to consider free distribution of food grain to the poor instead of allowing it to rot in Food Corporation of India godowns. The BJP President maintained that 605 lakh tonnes of foodgrains were lying in government godowns against the optimum storage capacity of 425 lakh tonnes.
"As a result 180 lakh tonnes are lying in the open godowns and getting rotten," he said. He expressed concern over the worsening flood situation in Uttarakhand, Eastern Bihar and Northern Uttar Pradesh, as well as some low-lying areas of Delhi.
On the other hand, as a result of the unusually erratic monsoon, many areas have been officially declared as drought affected, he said.
Kalmadi accepts blame for CWG mess; India's image dented, says Fennell
After days of denial, Commonwealth Games Organising Commitee (CGOC) chairman Suresh Kalmadi Saturday accepted the blame for the mess surrounding the Oct 3-14 event, but cushioned this by saying the government agencies had not delivered the infrastructure on time.
Commonwealth Games Federation chief Mike Fennell, too, blew hot and cold, saying the controversies around the Games have dented India's image but that 'we all have to share the blame'.
On his part, Commerce and Industry Minister Anand Sharma criticised nations like Australia, New Zealand, Canada and England for finger-pointing at the manner in which India was handling the Commonwealth Games, the country's biggest sporting event since the 1982 Asiad, and warned that they may have to pay a price in terms of business opportunities in the emerging economy.
Addressing a packed media conference at the swanky Main Press Centre of the Commonwealth Games, Kalmadi said: 'The role of the Organising Commitee is the conduct of the Games. I am not involved in the construction. Construction is not my responsibility. Yes, monitoring is my responsibility. As OC chairman, we take all the blame on us. But venues were handed to us late.'
When prodded by the foreign media, Kalmadi shot back that not everything was hunky dory at previous Games like in Manchester in 2002.
'In Manchester in 2002, we stayed at a University. We never complained. You have seen the venues here. They are world class, they are as good as Melbourne. The Games Village is fine. Yes, there are some issues with the Village, but the international zone, the food, the kitchen are good,' he insisted.
'There were some problems with some of the towers and the cleaning up is being done. We are trying our best. You talk to me after the Games,' said a beleagured Kalmadi with Michael Fennell and CGF CEO Michael Hooper sitting by his side.
'We still have eight days to go and we will in another couple of days finish all the work.'
Asked why work at the Village lagged behind, Kalmadi said: 'I don't think the OC is respinsoble for it. The last 18 towers were handed to us just three days back and we have been working on these Games for the last few years. I wish all the venues were handed over to me earlier. We would have done a better work.'
Addressing the same press conference, Fennell said 'damage' has been done to India's image and hoped that lessons have been 'learnt' from the controversies surrounding the preparations.
'A lot of damage has been done to India. People are asking: 'Should we come to India?' India is the largest Commonwealth country. At the end of this all, India would have learnt a lesson. And we have also learnt our lessons working with a country like India,' Fennell maintained.
'We all have to share the blame. We will work together to see that everything falls in place. Yes, we all have had problems. We will be overcoming these problems. On hindsight, a number of these things could have been avoided. We have to take necessary corrective measures.'
Fennell also said he was happy with the efforts put in the last couple of days and hoped that India will be able to pull it off. 'Considerable progress has been made since the prime minister has asked the Cabinet Secretary to look into it.'
'But there are concerns which remain, mainly related to cleanliness,' he said.
'What is clear is that the massive amount of work being done now ought to have been done before. What we are concentrating on now is to get it ready so that the teams can enjoy best comforts,' he said.
Pointing out at the concerns expressed by the chefs de mission, he outlined that a series of work including transport, security arrangements, fire safety and technological problems like Wi-Fi connections still remained to be resolved.
Fennell lauded the food arrangements and the international centre at the Village.
'The international centre is finished and in good shape. The food is excellent, which is very important for preparing athletes.'
Minister Anand Sharma told the media in Ottawa after meeting his Canadian counterpart Peter Van Loan: 'It would be a mistake not to engage with India with respect. When it comes to business, who's loss would it be?'
Slamming the foreign media for 'running a campaign' against India over its handling of the Games, the minister said: 'Dated and frozen images, exaggeration, trying to run down a country is not acceptable to us.'
A visibly angry Sharma said India is an emerging economic power as well as the largest democracy in the world and the Commonwealth.
Hitting out at the international athletes who have pulled out of the Games citing health and security reasons, Sharma said: 'Maybe either they are not confident of winning the medals or they will lose out.'
Meanwhile, the New Zealand Olympic Committee has announced that its team would participate in the Commonwealth Games.
The country's delegation, which looked into the situation at the Games' Village and also took stock of the safety measures for the athletes, gave its approval Friday night.
Some 7,000 participants and officials from 71 countries and territories are expected to attend the Commonwealth Games.
Kashmir talks futile after Krishna's comments: Pakistani editorial
There is no possibility of resolving the Kashmir dispute through talks after Indian External Affairs Minister S.M. Krishna shot down his Pakistani counterpart Shah Mahmood Qureshi's proposal to seek US mediation and demanded Pakistan vacate that part of Kashmir it was 'illegally occupying', a Pakistani daily said Saturday.
The Indian minister had said there was no scope of involving a third party in the issue and reiterated that Kashmir was an inalienable part of India, the editorial in the Nawa-i-Waqt said, wondering what scope for a negotiated solution through talks or back-channel diplomacy did it leave.
'There is no denying that disputes can be resolved through talks but it requires commitment and sincerity from the other party,' it said, adding Krishna's comments had exposed the 'perfidy' of the Indian side.
'Now Shah Mahmood Qureshi should answer what negotiated solution of the Kashmir issue has been left after Krishna's comments?'
The editorial said the Kashmir dispute was the last problem left from the agenda of India's partition and when Pakistan had taken action, India went running to the United Nations. 'The UN had sought that the Kashmiris be allowed to decide their own future but for 62 years, India has been dithering on this issue,' it said.
Claiming India has several times itself accepted Kashmir as a dispute, it said several rounds of talks had been held between the two countries but to no avail.
The editorial said it was time for Pakistan to abandon the 'meaningless' talks and 'play its required role in taking the Kashmiris's struggle for freedom to its 'desired conclusion'.
'The Kashmiris have made many sacrifices without any hesitation. In the nearly four months of 'Quit Kashmir' campaign, at least 150 have been martyred, over 1,500 are injured and over 3,000 have been stuffed in jails,' it said, adding it was now time that Pakistan 'did its due share'.
Chief Minister urges Sikhs to maintain peace in Haryana
With a section of Sikh leadership in Haryana adamant on taking control of gurdwaras in the state from the Amritsar-based Shiromani Gurdwara Parbandhak Committee (SGPC), Haryana Chief Minister Bhupinder Singh Hooda Saturday appealed to the Sikh leadership to cooperate in maintaining law and order in the state.
Hooda said: 'The interests of Sikhs in Haryana would be fully safeguarded. As far as the issue of constituting a separate parbandhak committee for gurdwaras in Haryana is concerned, the government has already received the report of the Chatha Committee. The government is examining the legal aspects of the report.'
Sikh leaders in Haryana, led by Haryana's adhoc SGPC head Jagdish Singh Jhinda, are seeking a separate SGPC for Haryana's gurdwaras saying that the Amritsar-based SGPC is neglecting Sikh shrines in Haryana.
Jhinda had set Sep 15 deadline for the Haryana government to announce the SGPC for the state and had threatened to forcibly take control of prominent gurdwaras in Haryana.
He, along with 45 people, was arrested by the Haryana police which have stepped up security around all the prominent gurdwaras in Haryana.
Hooda appealed to the Haryana adhoc SGPC leaders to cooperate in maintaining law and order in the state.
Limited closure of airspace on CWG opening, closing
With security a key priority for the Commonwealth Games, the government said Saturday there will be limited closure of the Indian capital's airspace on the opening and closing days of the Oct 3-14 event, but this will not affect routine commercial flights.
'Delhi airspace will be closed from 5.00 p.m. to 10.00 p.m. on Oct 3 and 14, 2010 - the opening and closing days of the Commonwealth Games,' a civil aviation ministry statement said.
'No flight shall be permitted to take off or land at the Delhi airport and other airports within a 300 km zone around it, except routine commercial flights,' the statement added.
Indian Air Force (IAF) and state-owned aircraft will also not be affected, but microlight aircraft and hang gliders will not be permitted in the airspace.
The Safdarjung Airport shall remain closed except for IAF helicopters which may be deployed on emergency duty or VVIP duty, the statement said.
Greenpeace wants development as a poll plank in Bihar
Environment protection organisation Greenpeace India Saturday asked political parties preparing for the Bihar assembly elections starting next month to make development a poll plank.
'Development plank is missing as an issue. Parties are not serious on development issues,' said Ramapati Kumar, a campaigner with Greenpeace.
The environment group, along with the civil society network, has decided to launch a campaign to advocate decentralised renewable energy as the solution for energy needs of the state.
The campaign will reach out to 10 lakh people to make sure that development issues get priority from contestants, he said.
Addressing reporters at a press conference here, he said that political parties should focus on people's issues. 'We appeal to leaders to talk and debate about bijli-pani (electricity-water) and not jibe at each other,' Kumar said.
'Before the election dates were announced, there was optimism that the elections will be fought on issues of development. This hope has been replaced with despair with the return of political mockery. This needs to stop and be replaced with political consensus for development,' he said.
'As is the case generally in elections, all political parties have forgotten the main issues of development which should be fundamental to their election,' he said.
There have been constant protests all over the state for better supply of energy. The state government is even purchasing electricity from other states at higher rates. But that also is not helping.
A recent report by Associated Chambers of Commerce and Industry of India (Assocham) pointed out that Bihar has the highest peak deficit at 33.7 percent.
But not a single party until now has come forward to present its vision on how the state could become self-reliant in energy, he said.
A total of 55 million voters are eligible to take part in the electoral process spread over October-November. The first of the six-phase election to the 243-member Bihar assembly will be held Oct 21.
New pension scheme for low-income workers to be launched Sunday
A new pension scheme for low-income workers in the unorganised sector, for which the government will grant an incentive of Rs.1,000 annually, will be launched in West Bengal Sunday.
Finance Minister Pranab Mukherjee will formally launch the new scheme, called Swavalamban (self-reliance) Scheme, in the state's Murshidabad district, an official statement said Saturday.
'The scheme is applicable to all citizens in the unorganised sector who join the New Pension Scheme (NPS) subject to their meeting the eligibility criteria,' the statement said.
In his budget speech this year, Mukherjee said the government would contribute Rs.1,000 annually to each NPS account opened in 2010-11 and for the next three financial years - 2011-12, 2012-13 and 2013-14.
The scheme, which will function under the Life Insurance Corporation (LIC), will be funded by grants from the central government. The operational guidelines of the scheme have already been approved.
To be eligible for the scheme, a person will have to make a minimum contribution of Rs.1,000 and maximum contribution of Rs.12,000 per year.
Rs.55,000 crore revenue in tax net with direct tax code
The government plans to bring Rs.55,000 crore revenue within the tax net through withdrawal of profit-linked tax exemptions after the Direct Tax Code (DTC) is introduced in 2012-2013, Revenue Secretary Sunil Mitra said here Saturday.
At the same time, it would lose Rs.53,172 crore worth of taxes for moderating rates after introduction of the code.
'In DTC we will withdraw all profit-linked tax exemptions but we will continue with all investment-linked tax exemptions,' Mitra said on the sidelines of a seminar organised by industry chamber Confederation of Indian Industry (CII).
The government loses Rs.80,000 crore every year on account of investment-linked and profit-linked tax exemptions.
Mitra said government's indirect tax collection in the first five months of 2010-11 has gone up by 45 percent and the direct tax collection has gone up by 20 percent.
The partial withdrawal of stimulus has given boost to indirect tax collection, he added.
Govt to help companies develop technology for hybrid, e-vehicles
NEW DELHI: The government is setting up a new body with a corpus of up to Rs 200 crore to help companies develop environment- friendly technologies for hybrid and electric vehicles, said a senior government official."There are several players in India making different kind of electric vehicles but lack of infrastructure to charge these vehicles and the high-price of hybrid cars has prevented growth," said Ambuj Sharma, joint-secretary, ministry of Heavy Industries.
The National Electric Mobility Mission will try to promote eco-friendly technologies as an alternative to the use of non-renewable fuels such as petrol and diesel that dominate the Indian car and two-wheeler market. This will also help control air pollution in the country.
The new body will help electric vehicle makers to develop technology to lower the cost of batteries, which comprises a third of the total product price. National Electric Mobility Mission will have representatives of various ministries including Road, Transport & Highways, Environment & Forest and Science & Technology to promote fuel efficient vehicles with low-cost technology.
Electric vehicles offer lower running cost and maintenance but have failed to catch the consumers fancy despite various tax benefits due to higher product prices and other factors influencing their cost of ownership.
The electric two wheeler industry, with over three-dozen manufacturers' has an installed capacity of around 10 lakh units a year, but annual sales are restricted to around a lakh units only. Bangalore-based Mahindra Reva Electric Vehicles has managed to sell only few hundred electric cars in India so far.
The cost of electric cars and hybrids are almost double that of petrol-fueled vehicles due to expensive battery and intricate technology. Global car makers like Toyota and Honda had launched their hybrids in India, but could barely sell few hundred units due to the high price tag.
This is despite the high demand for automobiles with sales of cars and bikes shooting up 34% and 27% respectively during April-August'10 over the year ago period on the back of improved consumer sentiment due to buoyant economic growth.
There is cess on automobiles and funding from various schemes like the urban development mission could be utilised to fund the programme, Mr Sharma said.
India Inc keeps away from health checkups: Survey
Most employees in big corporate houses have never undergone a cardiac checkup and were unaware of their risk status, a survey report revealed Friday ahead of World Heart Day Sep 26.
The survey report was conducted by Max Healthcare, incorporates inputs from 1,000 employees belonging to various organisations like IFFCO, GE, JK Tyres, L&T, Eveready, Wipro, Hughes Systique etc.
Some of the key findings of the report are that 76 per cent of the subjects had never undergone a cardiac checkup and 78 per cent had no idea about their risk status.
The World Health Organization has defined 'Corporate Wellness' as the theme for 2010 'World Heart Day'.
Around 63 per cent of those surveyed said they do not have high probability of developing heart disease though 20 per cent of their family members had a history of heart disease.
Surprisingly, 39 per cent did not think about a health checkup of their children and 11 per cent had never got a blood pressure and blood sugar evaluation done.
Nearly 35 per cent of them did not exercise at all and 37 did not follow a balanced diet.
Laziness (17 per cent) and long working hours (30 per cent) were the main reasons for people not following a healthy lifestyle.
"The basic objective of the research is to ascertain and evaluate how healthy, fit and aware is India Inc. when it comes to the 'Health of their Heart'. Every question therefore is connected to 'Heart Health'," said an official of the hospital.
25 Sep, 2010, 06.04AM IST,ET BureauBhave slams i-bankers for overpricing IPOs
MUMBAI: Crusading market regulator CB Bhave charged investment bankers with fleecing investors by pricing initial public offers (IPOs) at astronomical valuations, leading to investor anguish when the market tide turns.Steep pricing could enrich bankers and companies, but persistence of the practice could demoralise investors, damaging capital markets, he said in what may be the first regulator comment on share-sale pricing since the abolition of the Controller of Capital Issues in 1992.
"In a bid to maximise returns for promoters, they (investment bankers) are not looking at the interests of investors," Mr Bhave, chairman of the Securities and Exchange Board of India (Sebi), said at a banker conference. "You need to introspect whether it is a healthy practice. If you keep investors disappointed day in and day out, the cause of investors will only be a lip service."
Mr Bhave's criticism comes amid a surge in IPOs by companies at prices disproportionate to their revenues, profits and net worth. A lot of these IPOs don't yield much returns to investors in the early years as they tumble steeper during a market downturn as they were sold at prices steeper than fundamentals justify.
The underperformance of the BSE IPO index—it gained 14.5% in the last 12 months, when the benchmark Sensex rose 19.45%—reflects the Sebi chairman's charges. Furthermore, a price performance study by CARE Research, a unit of rating company CARE, showed that 62% of the 116 IPOs between August 2007 and August 2010 are trading lower than their sale price while 35% are ruling higher.
"Issuers are not leaving enough on the table for investors, which is why we are seeing low participation from retail investors even though the secondary market is buoyant," said Mr Bhave. "Intensive competition among investment bankers are hurting investors' interest."
Some of the recent issues reflect his concerns. Career Point, a company that runs tutorial classes, sold its shares at 32 times its past year earnings when the benchmark is trading at 19.5 times. Ramky Infra, a builder of roads, is estimated to have been priced around 21 times. Orient Green Power, with revenues of Rs 56.2 crore, is seeking a valuation of about Rs 2,500 crore.
While these issues have received investor interest, they also raise memories of such past issues that led to tears.
India's biggest share sale by Reliance Power in January 2008 has left investors poorer by 42% now, adjusted for bonus. So was the case with India's biggest real estate developer, DLF, whose shares have fallen 30%. Future Capital Holdings is down two-thirds from a sale price of Rs 765.
"It is not only the investor who suffers but also the credibility of the merchant banker if the IPO does not offer returns to the investor," said Nagendra Bhatnagar, chairman, Association of Merchant Bankers in India, and MD, IDBI Capital Market Services. "We will be discussing the issue further and it is a question of self-regulation and we are in the process of revamping the code of conduct and sensitising the members as in the long run it earns a bad name for the industry."
Sebi likens MCX-SX buyback deals to gold smuggling at airport
Market regulator Sebi on Thursday said the buyback agreements that bourse MCX-SX had signed with some shareholders was akin to an airline passenger taking the help of fellow fliers to get excess gold past customs."If (say) there is a restriction on an airline passenger visiting India that allows him to carry 5 kg of gold into the country and he is actually in possession of 10 kg, he gives the excess of 5 kg to a fellow passenger to carry the same across the Customs Line...
"And enters into an agreement with him to take it back some time thereafter (promising him a certain incentive for doing so)," the regulator said in its order rejecting the plea of MCX-SX to start a full-fledged stock exchange.
"Would such an airline passenger be in violation of the law?" SEBI wondered.
"The answer is self-evident. Would this transaction become legal, if he takes the plea that after all there are regulatory authorities that can apprehend him, when and if, he actually repossesses the gold from the fellow passenger?" SEBI said further.
The regulator said that "the similarities with the analogy above are only too striking" in the case related to MCX-SX, which has entered into buyback agreements with some shareholders.
The arrangements between the promoters and their associates with investors in the Stock Exchange are material to Sebi for determining compliance to shareholding-related regulations, Sebi said, while giving the analogy to clarify the position.
"In all buy back arrangements... there was a promise of an incentive accompanying these arrangements," Sebi said.
25 Sep, 2010, 05.58AM IST, C P BHAMBHRI,
Congress' non-ideological pragmatism
Rahul Gandhi has been projected by the media as the messiah of the poor, downtrodden Dalits, tribals and farmers. Rahul started his political journey by staying at the huts of poor Dalit families and sharing their frugal meals. Mayawati, in particular, was vocal in her criticism of Rahul's antics because she considers herself the sole custodian of Dalit interests.However, Rahul managed to convey the message that it is not Mayawati but he, along with his mother, who is the real protector and defender of Dalit rights. Rahul went on to visit villages and houses of poor and exploited tribals whose rights to natural wealth were being snatched by multinationals and big industrial houses. On August 26, Rahul congratulated "ancient Dongria Kondh on their victory... by succeeding in halting the Vedanta bid to mine bauxite in the Niyamgiri hills of Orissa".
Rahul championed the cause of poor tribals in their fight against exploiters who, under the garb of industrial development, were trampling on their rights. Many political leaders perceive the ongoing Maoist insurgency against the Indian state as the last-ditch attempt by the exploited tribals of Chhattisgarh, Jharkhand, Orissa, etc., to preserve their rights. It is true that in many places, tribals consider the Maoists as their liberators. But Rahul has accepted the Maoist challenge head-on by reaching out to the tribals to assure them of protection of their rights.
Speaking at a rally at Jagannathpur in Kalahandhi district of Orissa on August 26, Rahul told the tribals that "development did not mean ignoring the genuine voices of people". His rhetoric has alarmed votaries of development because the Vedanta project was seen as a symbol of industrialisation in Orissa.
Going further, Rahul has also voiced his concern at the appropriation of land from farmers by big business houses to set up industries and malls. For Rahul, the opportunity knocked when the fertile Green Revolution belt in western Uttar Pradesh was gripped by an agitation by farmers whose land had been acquired by the Mayawati government to construct the Greater Noida-Yamuna Expressway. Rahul led a delegation of UP farmers to Delhi and met the PM, who assured the farmers that their lands would be fully protected.
Rahul's pro-poor, pro-Dalit, pro-tribal and pro-farmer politics was supported by Sonia Gandhi who made a statement amplifying the concerns raised by Rahul. On September 9, she declared: "Land acquisition must be done in a way that fertile lands are not lost. Farmers should be provided adequate compensation. The UPA government is ready to bring the Land Acquisition (Amendment) Act, 2010."
It is clear from the approach of the Congress top leadership that it is absolutely committed to the project of growth and economic development that is integrally linked to industrialisation and private foreign investment and harnessing new technologies. Both Sonia, as chairperson of the UPA, and Rahul, as the general secretary of the Congress, have led from the front to highlight the party's new line of "growth with a human face".
http://economictimes.indiatimes.com/opinion/comments--analysis/Congress-non-ideological-pragmatism/articleshow/6624019.cms
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Palash Biswas
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