Next decade is for India to grab
A decade is but a small speck on the sands of civilization’s time. But in the life of a nation born only sixty two years ago, a decade can be quite transformational. Each of the last two decades has been transformational for India, and the next one will also see dramatic changes.
We will see substantial economic growth, reduction in poverty, higher degree of urbanization and a virtual explosion of talent. These changes will be visible not just in living standards or aspirations of the people, but also in public policy. Future leaders will be from a generation born in the era of economic reforms. These leaders are unfamiliar with shortages, and the days of licence and permits. This is the fearless generation that will shape the next few decades for us.
Setting the context
The global economic turmoil has severely tested every country. India has weathered the crisis extremely well and has emerged stronger, relative to other countries. India’s economic resilience and policy responses are positive indicators that the country’s stature in the international order will gain significantly in the coming decade. Given that an economy’s performance is perhaps the major factor determining a country’s leadership role in the global order, the relatively strong economic performance is likely to confer for India a larger global political role also.
Global leadership
I envision India’s higher international leadership along several dimensions. First, India will be, along with China and Brazil, among the worlds’ major drivers of economic growth. It is feasible that a 7-8% p.a. GDP growth over the coming decade will significantly narrow the differential in income and living standards between India and some of the emerging Asian countries.
The growth impetus provided by the domestic economy can easily propel us into the world league. We can become one of the manufacturing hubs for the world, in areas like automotive, metals, textiles and engineering. In IT services we can enhance our already established global status.
Power to influence
India’s leadership role will gain on other fronts too. The country’s economic strength, democratic underpinnings and credibility in a troubled neighbourhood will increase India’s role as a regional mediator and as a key player in ensuring South Asia’s stability.
At another level, multilateral institutions such as the World Bank and IMF will perforce have to recognize the reality of the importance of the new global economic powerhouses and will have to accord those countries a larger role and voice those institutions.
Likewise, I do see India getting due representation in an expanded UN Security Council. And importantly, India will, over the next decade, extend its influence to the wider South East Asian region as a full-fledged member of the ASEAN economic bloc.
Key drivers
Let me identify the key factors that will drive India’s higher global ranking, economically and in terms being able to project its influence. First, I am confident that our Government will continue on the path of pragmatic liberalization, combined with improved fiscal discipline and monetary prudence. The fiscal position will improve driven by combination of higher growth leading to tax buoyancy, a rationalized tax structure leading to better compliance, and more decisive and broader push on the disinvestment front. Hopefully, the sounder fiscal position should lead to globally competitive interest rates.
Second, I think the reduced involvement in running businesses will enable the Government to free resources and focus more sharply on those areas where it has to take the lead. Such as building the country’s lagging physical and social infrastructure. Providing a wide range of critical social goods, among them education, health care, drinking water, sanitation, law and order and also providing an economic safety net to those who are inevitably affected and disrupted by change.
A third decisive trend that will play out over the next decade will be a significant strengthening and globalization of India’s corporate sector. Although this is a process that has been on for almost two decades now, we still have a lot of ground to cover. The reinforcing of corporate sector will be evident in areas such as stronger balance sheets, larger scale of operations, focused business portfolios, the emergence of global Indian brands, heightened global M&A activity, stronger corporate governance and greater engagement with society. Be it by way of higher standards of environmental compliance or taking on a larger role in the development of communities around them.
Aspirational benchmark
There are other aspirational benchmarks that we ought to achieve by the end of the decade. For example in education we need to aim for 100 percent enrolment for all children in primary schools. We need a higher enrolment in colleges too. All our major universities need strengthening, and I see that a pragmatic mix of public and private involvement can help achieve that. Just as we have a ten year target for a moon mission, or nuclear power, we can have similar ambition for Olympic medals and Nobel winners. In the world of business, I see that we can have several Indian companies that can be counted in the top fifty of Fortune 500.
Raring to go
I do believe that India is set for rapid growth and progress over the next decade. Even so, I believe that we have to scale up the boldness of our dreams. The time has come to shift from small, incremental moves to taking big leaps even if it means taking on greater risks.
As the world economy slowly takes to the upswing, we must be ahead of the curve in terms of growth and value creation, so that we are able to supplement the domestic growth momentum with the global push, when it come. High economic growth is a prerequisite to achieve inclusive growth. The next decade is for India to grab.
The author, Kumar Mangalam Birla is the Chairman of Aditya Birla Group.
Saturday, November 28, 2009
Birdsongs indicate population size’
Ecologists have at last worked out a way of using recordings of birdsong to accurately measure the size of bird populations.
Developed by a joint team from the US Geological Survey and University of Otago, the technique is an innovative combination of sound recording with spatially explicit capture-recapture, a new version of one of ecologists’ oldest tools for monitoring animal populations.
Birds communicate by singing or calling, and biologists have long counted these cues to get an index of bird abundance. But it is much harder to work out the actual density of a bird population because existing methods need observers to measure either the distance to each bird, or whether they are within a set distance from the observer.
This is straightforward if birds are seen, but difficult when birds are heard but not seen.
Team leader Dr Murray Efford said a way has been found to estimate population density of birds or other animals that vocalise by combining sound information from several microphones.
A sound spreading through a forest or other habitat leaves a ‘footprint’. The size of the footprint depends on how quickly the sound attenuates.
Mathematically, there is a unique combination of population density and attenuation rate that best matches the number and ‘size’ of the recorded sounds. Computer methods were used to find the best match and thereby estimate density.
The researchers developed the method by recording the ovenbird — a warbler more often heard than seen — in deciduous forest at the Patuxent Research Refuge near Laurel, Maryland, USA. They rigged up four microphones close to the ground in a square with 21 metre-long sides. Over five days, they moved the microphones to 75 different points across their study area and recorded ovenbirds singing.
“Sound intensity and other characteristics can be measured from the spectrogram — the graph of the sounds — to improve density estimates. Archiving the sounds also makes it possible to re-examine them, or to extract additional information as analytical methods evolve,” he said.
The findings have been published in the ‘Journal of Applied Ecology’
Ecologists have at last worked out a way of using recordings of birdsong to accurately measure the size of bird populations.
Developed by a joint team from the US Geological Survey and University of Otago, the technique is an innovative combination of sound recording with spatially explicit capture-recapture, a new version of one of ecologists’ oldest tools for monitoring animal populations.
Birds communicate by singing or calling, and biologists have long counted these cues to get an index of bird abundance. But it is much harder to work out the actual density of a bird population because existing methods need observers to measure either the distance to each bird, or whether they are within a set distance from the observer.
This is straightforward if birds are seen, but difficult when birds are heard but not seen.
Team leader Dr Murray Efford said a way has been found to estimate population density of birds or other animals that vocalise by combining sound information from several microphones.
A sound spreading through a forest or other habitat leaves a ‘footprint’. The size of the footprint depends on how quickly the sound attenuates.
Mathematically, there is a unique combination of population density and attenuation rate that best matches the number and ‘size’ of the recorded sounds. Computer methods were used to find the best match and thereby estimate density.
The researchers developed the method by recording the ovenbird — a warbler more often heard than seen — in deciduous forest at the Patuxent Research Refuge near Laurel, Maryland, USA. They rigged up four microphones close to the ground in a square with 21 metre-long sides. Over five days, they moved the microphones to 75 different points across their study area and recorded ovenbirds singing.
“Sound intensity and other characteristics can be measured from the spectrogram — the graph of the sounds — to improve density estimates. Archiving the sounds also makes it possible to re-examine them, or to extract additional information as analytical methods evolve,” he said.
The findings have been published in the ‘Journal of Applied Ecology’
club mahindra resort in sikkim
Gangtok,Nov28 : Club Mahindra Royal Demazong Resort at Gangtok marks the company’s first foray into the East. With the addition of Club Mahindra Royal Demazong the total resort count for Club Mahindra moves up to 26. The resorts are located in various picturesque destinations in India and abroad, says release of the company. Mahindra Holidays is among India’s leading leisure hospitality providers. The flagship brand Club Mahindra is India’s No: 1 holiday brand (according to Nielsen Winning Brands Model Research). The company’s expansion into new destinations has widened its tourism destination foot print in India, thanks to the large membership base, currently servicing over one lakh members. The 32 room Club Mahindra Royal Demazong Resort is situated between Gangtok Town and the sacred Tsomgo Lake. Every room offers magnificent views of the legendary Chola mountain range. Like all Mahindra Holidays Resorts, Royal Demazong too promises to keep the holidaying families entertained and engaged by offering day long activities for adults and children at the Holiday Activity Centre. The Orchid Restaurant serves delectable local cuisine as well as oft requested favourites.
According to Mr. Ramesh Ramanathan, Managing Director, Mahindra Holidays Resorts India Limited, “Family holidays are increasingly becoming about discovering new destinations. At Club Mahindra we are constantly expanding the destination bouquet, to ensure that our members experience unique and memorable holidays. Picturesque Gangtok has long been a part of our destination strategy and with Royal Demazong we have found the resort that is ideally suited to our cusotmers requirements. We are delighted to open our 26th resort in Gangtok
According to Mr. Ramesh Ramanathan, Managing Director, Mahindra Holidays Resorts India Limited, “Family holidays are increasingly becoming about discovering new destinations. At Club Mahindra we are constantly expanding the destination bouquet, to ensure that our members experience unique and memorable holidays. Picturesque Gangtok has long been a part of our destination strategy and with Royal Demazong we have found the resort that is ideally suited to our cusotmers requirements. We are delighted to open our 26th resort in Gangtok
TEA- GEOGRAPHICAL INDICATIONS OF GOODS ACT,1999
NEW DELHI:27 nov 2009
The government spends over Rs 60 lakh per annum on legal requirements to protect the `Darjeeling’ tea brand globally, the Rajya Sabha was informed on Thursday.
This amount is spent to protect the word `Darjeeling’ and the logo of the tea produced from that area, minister of state for commerce Jyotiraditya Scindia told the House in a written reply.
The government has done pioneering work for the protection of Darjeeling tea, which has been registered as a geographical indication, he said. The tea, produced in the Darjeeling hills of West Bengal, was the first product to be registered in the country under the Geographical Indications of Goods (Registration and Protection) Act, 1999.
Geographical indication is a sign used on goods that have a specific area origin and possess qualities, reputation or characteristics that are essentially attributable to that region. Geographical indication aims at preventing non-Darjeeling tea from being passed off as Darjeeling tea.
About the promotion of the premium tea, Scindia said the government has sanctioned an amount of Rs 5.68 crore in the 11th Plan to upgrade the Darjeeling Tea Research and Development Centre as a Centre of Excellence
Temi Tea of Sikkim can also go the same way if it likes to fetch more gross value in sales.
The government spends over Rs 60 lakh per annum on legal requirements to protect the `Darjeeling’ tea brand globally, the Rajya Sabha was informed on Thursday.
This amount is spent to protect the word `Darjeeling’ and the logo of the tea produced from that area, minister of state for commerce Jyotiraditya Scindia told the House in a written reply.
The government has done pioneering work for the protection of Darjeeling tea, which has been registered as a geographical indication, he said. The tea, produced in the Darjeeling hills of West Bengal, was the first product to be registered in the country under the Geographical Indications of Goods (Registration and Protection) Act, 1999.
Geographical indication is a sign used on goods that have a specific area origin and possess qualities, reputation or characteristics that are essentially attributable to that region. Geographical indication aims at preventing non-Darjeeling tea from being passed off as Darjeeling tea.
About the promotion of the premium tea, Scindia said the government has sanctioned an amount of Rs 5.68 crore in the 11th Plan to upgrade the Darjeeling Tea Research and Development Centre as a Centre of Excellence
Temi Tea of Sikkim can also go the same way if it likes to fetch more gross value in sales.
WHY DOES DUBAI MATTER ?
Why does Dubai matter?
Because the UAE is India's largest non-oil trading partner. Because one-third of India's remittances come from the Gulf.
Because it will affect personal wealth, air traffic between the two countries and real estate investments
COMPANY PROFITS COULD BE AFFECTED
Stock prices of firms with investments in the UAE fell on Friday 4.91%
Bank of Baroda: Has Rs10,000 cr exposure to UAE, but bank says no concern about this portfolio 4.77%
Thomas Cook (India) Ltd: Dubai Financial has 60% stake in the company worth $123 million 4.48%
Nagarjuna Construction: Has Rs100 cr equity in a construction project in Dubai 4.44%
SpiceJet Ltd: Istithmar PJSC (a private equity fund) has a 13.4% stake worth $50 mn 2.96%
Gammon India Ltd: Has a token presence, builds satellite cities 2.74%
Sobha Developers Ltd: Promoter owns stakes in 2 hotel and residential projects in Dubai 2.55%
Larsen & Toubro Ltd: Has been the most aggressive company in the Gulf states, but says exposure limited to $25 mn now 2.08%
Simplex Infrastructures Ltd: Exposure likely limited to less than Rs300 cr 1.04%
DLF Ltd: Limitless, a Dubai Co, has already pulled out of a partnership with DLF for 3 Indian township projects 1.7%
BSEL Infrastructure Realty: Has plans to build a waterfront project and 6 towers in Emirates City
Because the UAE is India's largest non-oil trading partner. Because one-third of India's remittances come from the Gulf.
Because it will affect personal wealth, air traffic between the two countries and real estate investments
COMPANY PROFITS COULD BE AFFECTED
Stock prices of firms with investments in the UAE fell on Friday 4.91%
Bank of Baroda: Has Rs10,000 cr exposure to UAE, but bank says no concern about this portfolio 4.77%
Thomas Cook (India) Ltd: Dubai Financial has 60% stake in the company worth $123 million 4.48%
Nagarjuna Construction: Has Rs100 cr equity in a construction project in Dubai 4.44%
SpiceJet Ltd: Istithmar PJSC (a private equity fund) has a 13.4% stake worth $50 mn 2.96%
Gammon India Ltd: Has a token presence, builds satellite cities 2.74%
Sobha Developers Ltd: Promoter owns stakes in 2 hotel and residential projects in Dubai 2.55%
Larsen & Toubro Ltd: Has been the most aggressive company in the Gulf states, but says exposure limited to $25 mn now 2.08%
Simplex Infrastructures Ltd: Exposure likely limited to less than Rs300 cr 1.04%
DLF Ltd: Limitless, a Dubai Co, has already pulled out of a partnership with DLF for 3 Indian township projects 1.7%
BSEL Infrastructure Realty: Has plans to build a waterfront project and 6 towers in Emirates City
25% OF INDIA BECOMING DESERT
No less than a fourth of India’s geographical area, or 81 million hectares, is undergoing a process of desertification, reveals a first-of-its-kind ‘desertification status map’ of the country created by the Indian Space Research Organisation (ISRO) in collaboration with several scientific institutions across the country.
A host of reasons are responsible for this phenomenon, including changes in rainfall pattern and over-exploitation of natural resources, says a research paper based on this data and published in the latest issue of Current Science.
The spatial inventory, which uses satellite imagery from an Indian Remote Sensing Satellite, Resourcesat, also reveals that a third of the country’s area (or 105.48 million hectares) is degraded.
At least eight processes were at work, of which water erosion is the most pronounced (affecting 10.21 per cent of the total geographical area), followed by reducing vegetation cover (9.63 per cent) and wind erosion (5.34 per cent). Together 32.07 per cent of the total geographic area is being transformed by land degradation.
State-wise, Rajasthan has the largest area (21.77 per cent of the total geographical area) undergoing land degradation, followed by Jammu and Kashmir (12.79 per cent), Maharashtra (12.66 per cent) and Gujarat (12.72 per cent).
“There is tremendous pressure on our land-based natural resources” say the authors of the paper, adding that this information could serve as baseline data to monitor and develop strategies to arrest desertification. “There has been a long-pending need for a scientific status mapping of desertification and land degradation of the entire country.”
ISRO’s Space Applications Centre in Ahmedabad served as the nodal coordinating organisation for the study.
The spatial inventory, at national and regional levels, will be integrated to generate a desertification status map of the world as envisaged by the United Nations Convention to Combat Desertification.
The research paper adds that about 15.8 per cent of the country’s geographical area is arid, 37.6 per cent semi-arid and 16.5 per cent falls in the dry sub-humid region. Put together, about 228 million hectares, or 69 per cent of the country constitute ‘dry land.’
A host of reasons are responsible for this phenomenon, including changes in rainfall pattern and over-exploitation of natural resources, says a research paper based on this data and published in the latest issue of Current Science.
The spatial inventory, which uses satellite imagery from an Indian Remote Sensing Satellite, Resourcesat, also reveals that a third of the country’s area (or 105.48 million hectares) is degraded.
At least eight processes were at work, of which water erosion is the most pronounced (affecting 10.21 per cent of the total geographical area), followed by reducing vegetation cover (9.63 per cent) and wind erosion (5.34 per cent). Together 32.07 per cent of the total geographic area is being transformed by land degradation.
State-wise, Rajasthan has the largest area (21.77 per cent of the total geographical area) undergoing land degradation, followed by Jammu and Kashmir (12.79 per cent), Maharashtra (12.66 per cent) and Gujarat (12.72 per cent).
“There is tremendous pressure on our land-based natural resources” say the authors of the paper, adding that this information could serve as baseline data to monitor and develop strategies to arrest desertification. “There has been a long-pending need for a scientific status mapping of desertification and land degradation of the entire country.”
ISRO’s Space Applications Centre in Ahmedabad served as the nodal coordinating organisation for the study.
The spatial inventory, at national and regional levels, will be integrated to generate a desertification status map of the world as envisaged by the United Nations Convention to Combat Desertification.
The research paper adds that about 15.8 per cent of the country’s geographical area is arid, 37.6 per cent semi-arid and 16.5 per cent falls in the dry sub-humid region. Put together, about 228 million hectares, or 69 per cent of the country constitute ‘dry land.’
SC seek's Sikkim's response on online lottery
New Delhi, Nov 27 (PTI) The Supreme Court today sought response of the Sikkim Government on a PIL which alleged that the State was organising "illegal" online lotteries in Maharashtra and West Bengal which was ruining the lives of thousands of people.
A bench of Chief Justice K G Balakrishnan, Justices B S Chauhan and K S Radhakrishnan, while passing the direction, posted the matter for further hearing to December 14.
The petition filed by Bibhas Karmkar who appeared in person alleged that the online lottery draws was being conducted by the state governments every 15 minutes and bumper draws every day.
He pointed out that under Section 4H of the Central Lottery Act, there can be only weekly draws and bumper draws can be conducted only six times in a year.
New Delhi, Nov 27 (PTI) The Supreme Court today sought response of the Sikkim Government on a PIL which alleged that the State was organising "illegal" online lotteries in Maharashtra and West Bengal which was ruining the lives of thousands of people.
A bench of Chief Justice K G Balakrishnan, Justices B S Chauhan and K S Radhakrishnan, while passing the direction, posted the matter for further hearing to December 14.
The petition filed by Bibhas Karmkar who appeared in person alleged that the online lottery draws was being conducted by the state governments every 15 minutes and bumper draws every day.
He pointed out that under Section 4H of the Central Lottery Act, there can be only weekly draws and bumper draws can be conducted only six times in a year.
Friday, November 27, 2009
HIV/AIDS count reach 157 in Sikkim
GANGTOK, November 27: As the whole world joins hand in observing the World AIDS Day with the vow of preventing the ailment on December 1, the toll of HIV/AIDS patients in Sikkim has reached 157.
The year 2009 alone recorded 26 HIV/AIDS cases in Sikkim, which authorities reveal is less than it was recorded last year. The Sikkim State Aids Control Society had recorded the highest number of cases in 2008, which numbered to 46. However, no cases of HIV positive were recorded in 1996.
The latest SSACS statistics reveals that 102 males and 55 females are infected with HIV.
GANGTOK, November 27: As the whole world joins hand in observing the World AIDS Day with the vow of preventing the ailment on December 1, the toll of HIV/AIDS patients in Sikkim has reached 157.
The year 2009 alone recorded 26 HIV/AIDS cases in Sikkim, which authorities reveal is less than it was recorded last year. The Sikkim State Aids Control Society had recorded the highest number of cases in 2008, which numbered to 46. However, no cases of HIV positive were recorded in 1996.
The latest SSACS statistics reveals that 102 males and 55 females are infected with HIV.
Sikkim’s ‘organic farming’ highlighted in Bio Fach India 2009
GANGTOK, November 27: The State Agriculture Minister Dawcho Lepcha cited Sikkim’s ‘organic farming’ initiative during the international organic trade fair held in Mumbai from November 18 to 20.
Addressing the event held under the banner of ‘Bio Fach India 2009’, which was attended by Minister for State, Agriculture, Chairman Bio Fach, president ICCOA and delegates from different countries across the world, Mr. Lepcha said that Sikkim was putting concerted efforts towards organic farming. He said, the State, which was declared ‘Organic State’ in 2003 was presently in transition period and envisages becoming fully organic five years from now by 2015.
“Following the landmark decision, a total ban on subsidy transport and handling subsidy including commission to retail agents) in case of inorganic fertilizers and pesticides as a first small step was affected immediately to discourage farmers from resorting to such unsustainable options,” he said.
The Sikkim minister further informed that a number of organic initiatives have been launched with the noteworthy ones being setting up of a centre of excellence of organic farming, awareness programmes on the benefits of organic farming, demonstration programmes, adoption of bio-villages in pilot areas and initiation of the processes of internal control system and organic certification, etc.
“Morarka foundation and HARC are two major service providers along with local MEVEDIR facilitating the process of certification of the farms in the state and so far, a little more than 6000 ha are presently covered in the first phase,” Mr. Lepcha said adding that the target coverage to achieve was 60,000 ha or more by the end of 2015”.
GANGTOK, November 27: The State Agriculture Minister Dawcho Lepcha cited Sikkim’s ‘organic farming’ initiative during the international organic trade fair held in Mumbai from November 18 to 20.
Addressing the event held under the banner of ‘Bio Fach India 2009’, which was attended by Minister for State, Agriculture, Chairman Bio Fach, president ICCOA and delegates from different countries across the world, Mr. Lepcha said that Sikkim was putting concerted efforts towards organic farming. He said, the State, which was declared ‘Organic State’ in 2003 was presently in transition period and envisages becoming fully organic five years from now by 2015.
“Following the landmark decision, a total ban on subsidy transport and handling subsidy including commission to retail agents) in case of inorganic fertilizers and pesticides as a first small step was affected immediately to discourage farmers from resorting to such unsustainable options,” he said.
The Sikkim minister further informed that a number of organic initiatives have been launched with the noteworthy ones being setting up of a centre of excellence of organic farming, awareness programmes on the benefits of organic farming, demonstration programmes, adoption of bio-villages in pilot areas and initiation of the processes of internal control system and organic certification, etc.
“Morarka foundation and HARC are two major service providers along with local MEVEDIR facilitating the process of certification of the farms in the state and so far, a little more than 6000 ha are presently covered in the first phase,” Mr. Lepcha said adding that the target coverage to achieve was 60,000 ha or more by the end of 2015”.
Chenrezig statue as step towards enhancing pilgrimage tourism
SE Report
GANGTOK, November 26: Welcoming the State Government’s initiative of setting up of the 130ft tall statue of Chenrezig, the Bodhisattva of Compassion at Sanghachoeling Monastery near Pelling in West Sikkim, the newly formed Sikkim Sachet Swarojkar Birojgar Sangathan has termed the effort as a step towards developing Sikkim as a pilgrimage destination.
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SE Report
GANGTOK, November 26: Welcoming the State Government’s initiative of setting up of the 130ft tall statue of Chenrezig, the Bodhisattva of Compassion at Sanghachoeling Monastery near Pelling in West Sikkim, the newly formed Sikkim Sachet Swarojkar Birojgar Sangathan has termed the effort as a step towards developing Sikkim as a pilgrimage destination.
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Low key border trade
GANGTOK, November 26: The Indian traders have recorded abysmally low business transactions in this month even as the border trade for the fourth consecutive year is scheduled to end on November 30.
A report prepared by the State Department of Commerce and Industries Department reveals that in the month of September, the export business transactions amounted to Rs. 27, 47, 200 while the import was nil.
This has been not the case with their Chinese counterparts as the recent data reveals. According to the data, the Chinese traders had carried out trade worth Rs. 36, 78, 900 in the month of November alone. Their exported items included canned food, copper items, textiles, vanaspati oil, tea leaves and mini blankets.
“Despite slight increase in the volume of trade in the past three years, the Nathu-la Border trade would be enhanced only if the list of items is revised,” said one of the officers of the Department.
The official said that the department has in the recent past written several letters to the Central Government apprising for increase of trade items but no response on the matter has been received yet.
It was also learnt that the Central government may increase the tenure of the business for the Sikkimese people, contradicting to the five year tenure given exclusively for the Sikkimese people scheduled to be over next year.
The import export transactions at Nathula border trade since 2006
Year Import Export
2006 Rs. 8, 87,000 Rs. 10, 83000
2007 Rs. 27, 87000 Rs. 6, 88000
2008 nil Rs. 34, 6000
But surprisingly Now daily has a different story on trade thru Nathu la
GANGTOK, November 26: The Indian traders have recorded abysmally low business transactions in this month even as the border trade for the fourth consecutive year is scheduled to end on November 30.
A report prepared by the State Department of Commerce and Industries Department reveals that in the month of September, the export business transactions amounted to Rs. 27, 47, 200 while the import was nil.
This has been not the case with their Chinese counterparts as the recent data reveals. According to the data, the Chinese traders had carried out trade worth Rs. 36, 78, 900 in the month of November alone. Their exported items included canned food, copper items, textiles, vanaspati oil, tea leaves and mini blankets.
“Despite slight increase in the volume of trade in the past three years, the Nathu-la Border trade would be enhanced only if the list of items is revised,” said one of the officers of the Department.
The official said that the department has in the recent past written several letters to the Central Government apprising for increase of trade items but no response on the matter has been received yet.
It was also learnt that the Central government may increase the tenure of the business for the Sikkimese people, contradicting to the five year tenure given exclusively for the Sikkimese people scheduled to be over next year.
The import export transactions at Nathula border trade since 2006
Year Import Export
2006 Rs. 8, 87,000 Rs. 10, 83000
2007 Rs. 27, 87000 Rs. 6, 88000
2008 nil Rs. 34, 6000
But surprisingly Now daily has a different story on trade thru Nathu la
ULIPS TO BECOME COSTLIER
In a bid to maintain the profitability of their lucrative unit-linked insurance plans (Ulips), life insurance companies have sent a proposal to the insurance regulator to hike the minimum premium investors will have to pay on these popular plans, a move that if allowed could make Ulips costlier by between 30% and 60% by January.
The Insurance Regulatory and Development Authority (Irda) is studying the proposal.
The move follows a July directive by Irda to cap fund management charges on Ulips at 1.35%. The insurers are required to submit their proposals for new premium and cost structures by 30 November.
Ulips are hybrid products.
The premiums collected from Ulips are predominantly invested in equities and bonds, while a portion of the fund is kept aside as insurance.
In July, Irda ordered all life insurers to ensure that the difference between gross and net yields in Ulips did not exceed 300 basis points for policies of less than or equal to 10 years, and not cross 225 basis points for products with higher tenures. The regulator said that within these limits, fund management charges should not exceed 135 basis points. One basis point is one-hundredth of a percentage point.
Ulip charges include agent commission, mortality charges, fund management charges, policy or administration fees, unit allocation charges and a surrender charge. Excluding the agent commission, charges currently can add up to 2-4%.
Initial expenses, mainly agent commissions, on Ulips are very high, varying between 20% and 60% of the premium.
With Irda capping this, insurers are looking for ways to keep their business profitable.
To avoid the resulting increase in expenses, companies can either increase the minimum premium or trim the agent s commission. Most life insurers, however, have opted for the first option.
Financial services firm Edelweiss had said in June: For a typical back-loaded policy, the difference between gross and net yields to the policyholder ranges between 2.1% and 4%.
This difference is likely to be higher for high-charge, frontloaded policies (4-4.5%). As per the new guidelines, insurers will have to reduce this difference to prescribed range, resulting in lower revenue generation on new business written, in turn, raising dependence on capacity utilization and persistency to generate decent profitability.
Addressing Life Insurance Corp. of India (LIC) agents in Kolkata on Saturday, LIC chairman T.S. Vijayan had said that the state-owned insurer was planning to raise minimum premium to Rs40,000 from Rs25,000 for Ulips.
At least a 30% increase in minimum premium can be expected in Ulips where the ticket size is low. We have five such products, but the minimum ticket sizes vary. Unless the structures are changed, small-ticket policies will not be viable. The changes will be effective January, Vijayan said.
Other insurers said the hike in premiums could be even higher.
Amish Tripathi, national head of marketing and product management at IDBI Fortis Life Insurance Co. Ltd, said, For the industry, it may go up from 5% to 50-60% depending on cost structure of individual companies.
When allocation and fund management charges are capped, expenses have to be controlled. To adjust the charges, in one of our Ulips called Maha Anand, we have proposed to double the minimum premium from Rs6,000 a year to Rs12,000 a year, said Sanjeev Pujari, head of actuary, SBI Life Insurance Co. Ltd.
The moves are aimed at protecting the expected returns from investments in Ulips. For example, currently, if Rs100 is the premium, and if the product is expected to fetch a return of 10% over three years, the gross yield is Rs110. If the insurer deducts a 4% management charge, the investor gets Rs105.60 (net yield), which is Rs4.40, or 4%, less than the gross yield. If this difference between gross and net yields is capped at 3%, the gross yield will have to be Rs146 to maintain the charges at Rs4.40. To maintain a 10% return on investments, keeping everything else constant, the minimum premium has to be increased to Rs132.72. This amount changes as the minimum premium and other expenses vary according to companies.
There were two products where the charges were higher than stipulated. For one such product we have increased the minimum premium from Rs15,000 to Rs18,000 a year.
We are expecting an approval from Irda by early December, said G.N. Agarwal, chief of actuary, Future Generali Life Insurance Co. Ltd.
Irda has said the cap on charges will be based on the difference between the gross return shown in benefit illustrations and the actual return that policyholders get after adjusting for all charges.
Benefit illustrations give policyholders an idea about how much they will receive after accounting all charges.
Anil Singh, head (actuarial and product development) at Bajaj Allianz Life Insurance Co. Ltd, said, Bajaj Allianz has carried out a rejig of features in Ulip products that did not comply with the guidelines as we had several products which complied with the guidelines. We have aligned commission rate with term of the policy. We feel that these guidelines are beneficial for customers and thus would benefit the industry For certain products, the minimum premium sizes have been increased by 20-30% to ensure that the returns on these products do not get affected due to the cap on charges, said an official from a large private insurer who did not want to be named.
Debashis Sarkar, chief marketing officer at Max New York Life Insurance Co. Ltd, said, Minimum premiums will go up by 25-30% for the Ulip products. The tenures are likely to increase and there will be some loyalty bonuses for persistent customers. These are the three broad changes I see.
According to the Life Insurance Council, the representative body of life insurers, the industry collected total renewal premium of Rs62,991 crore during the quarter ended September, of which Rs25,950 crore came from Ulips.
SOURCE:Livemint
The Insurance Regulatory and Development Authority (Irda) is studying the proposal.
The move follows a July directive by Irda to cap fund management charges on Ulips at 1.35%. The insurers are required to submit their proposals for new premium and cost structures by 30 November.
Ulips are hybrid products.
The premiums collected from Ulips are predominantly invested in equities and bonds, while a portion of the fund is kept aside as insurance.
In July, Irda ordered all life insurers to ensure that the difference between gross and net yields in Ulips did not exceed 300 basis points for policies of less than or equal to 10 years, and not cross 225 basis points for products with higher tenures. The regulator said that within these limits, fund management charges should not exceed 135 basis points. One basis point is one-hundredth of a percentage point.
Ulip charges include agent commission, mortality charges, fund management charges, policy or administration fees, unit allocation charges and a surrender charge. Excluding the agent commission, charges currently can add up to 2-4%.
Initial expenses, mainly agent commissions, on Ulips are very high, varying between 20% and 60% of the premium.
With Irda capping this, insurers are looking for ways to keep their business profitable.
To avoid the resulting increase in expenses, companies can either increase the minimum premium or trim the agent s commission. Most life insurers, however, have opted for the first option.
Financial services firm Edelweiss had said in June: For a typical back-loaded policy, the difference between gross and net yields to the policyholder ranges between 2.1% and 4%.
This difference is likely to be higher for high-charge, frontloaded policies (4-4.5%). As per the new guidelines, insurers will have to reduce this difference to prescribed range, resulting in lower revenue generation on new business written, in turn, raising dependence on capacity utilization and persistency to generate decent profitability.
Addressing Life Insurance Corp. of India (LIC) agents in Kolkata on Saturday, LIC chairman T.S. Vijayan had said that the state-owned insurer was planning to raise minimum premium to Rs40,000 from Rs25,000 for Ulips.
At least a 30% increase in minimum premium can be expected in Ulips where the ticket size is low. We have five such products, but the minimum ticket sizes vary. Unless the structures are changed, small-ticket policies will not be viable. The changes will be effective January, Vijayan said.
Other insurers said the hike in premiums could be even higher.
Amish Tripathi, national head of marketing and product management at IDBI Fortis Life Insurance Co. Ltd, said, For the industry, it may go up from 5% to 50-60% depending on cost structure of individual companies.
When allocation and fund management charges are capped, expenses have to be controlled. To adjust the charges, in one of our Ulips called Maha Anand, we have proposed to double the minimum premium from Rs6,000 a year to Rs12,000 a year, said Sanjeev Pujari, head of actuary, SBI Life Insurance Co. Ltd.
The moves are aimed at protecting the expected returns from investments in Ulips. For example, currently, if Rs100 is the premium, and if the product is expected to fetch a return of 10% over three years, the gross yield is Rs110. If the insurer deducts a 4% management charge, the investor gets Rs105.60 (net yield), which is Rs4.40, or 4%, less than the gross yield. If this difference between gross and net yields is capped at 3%, the gross yield will have to be Rs146 to maintain the charges at Rs4.40. To maintain a 10% return on investments, keeping everything else constant, the minimum premium has to be increased to Rs132.72. This amount changes as the minimum premium and other expenses vary according to companies.
There were two products where the charges were higher than stipulated. For one such product we have increased the minimum premium from Rs15,000 to Rs18,000 a year.
We are expecting an approval from Irda by early December, said G.N. Agarwal, chief of actuary, Future Generali Life Insurance Co. Ltd.
Irda has said the cap on charges will be based on the difference between the gross return shown in benefit illustrations and the actual return that policyholders get after adjusting for all charges.
Benefit illustrations give policyholders an idea about how much they will receive after accounting all charges.
Anil Singh, head (actuarial and product development) at Bajaj Allianz Life Insurance Co. Ltd, said, Bajaj Allianz has carried out a rejig of features in Ulip products that did not comply with the guidelines as we had several products which complied with the guidelines. We have aligned commission rate with term of the policy. We feel that these guidelines are beneficial for customers and thus would benefit the industry For certain products, the minimum premium sizes have been increased by 20-30% to ensure that the returns on these products do not get affected due to the cap on charges, said an official from a large private insurer who did not want to be named.
Debashis Sarkar, chief marketing officer at Max New York Life Insurance Co. Ltd, said, Minimum premiums will go up by 25-30% for the Ulip products. The tenures are likely to increase and there will be some loyalty bonuses for persistent customers. These are the three broad changes I see.
According to the Life Insurance Council, the representative body of life insurers, the industry collected total renewal premium of Rs62,991 crore during the quarter ended September, of which Rs25,950 crore came from Ulips.
SOURCE:Livemint
THINK TWICE
Research indicates that people buy more German wine when a store s sound system plays German music in the background and more French wine when it plays French music. However, shoppers claim that the background music has no effect on their wine choices. Most people think that they make rational decisions, even if they do not. In this example, irrelevant, low-level sensory input determines people s choices.
Michael J. Mauboussin, a finance professor and investment strategist, wants to help people make better decisions.
In his book, he details the most common decision-making mistakes and suggests practical techniques to avoid them.
GetAbstract recommends this book to people who want to increase their awareness of their own irrationality and, especially, to managers in decision-making positions, whose mistakes may have ripple effects throughout their organizations and even beyond.
According to Mauboussin, smart, well-informed people make decisions as poorly as anyone else. The human mind is not hard-wired for rational thinking, and many intelligent and creative people harbour false beliefs. Arthur Conan Doyle, the creator of the superrational detective Sherlock Holmes, believed in spiritualism and fairies. His capacity to interpret the world accurately was, therefore, rather less than that of his protagonist.
To make better decisions, learn to counteract false premises and avoid other mental pitfalls. Don t go with your first impulse. Instead, Mauboussin advises you to think twice . First, prepare to make decisions by learning about usual mistakes.
Next, recognize flaws in your own decision making, and then apply this lesson to your next decision. Don t let closeat-hand information lead you astray.
Avoid the inside view. Use objective information about how other people have evaluated and handled the type of problem you face.
Avoid the tunnel vision trap by seeking out different points of view. Don t make important decisions at stressful times. Since incentives can sway your opinions, analyse the incentives that might cause you to make one decision over another. Consider the potential consequences of your actions.
Mauboussin recommends keeping a decision-making journal , where you enter each major decision you make, the reasons that led to your choice, a description of your mood and your prediction of the outcome. By auditing your decisions, you ll be able to evaluate them. The journal will reveal patterns in your thinking. Equipped with a record of your decisions, you will avoid hindsight bias , the inclination to see events as more predictable than they were. It will help you remember how the situation presented itself to you before you knew its outcome. Your circumstances influence your decisions. Thus, to make good decisions, increase your awareness of your environment and its influence upon you. Don t mindlessly base your decisions on what peers do. Keep your thinking fresh and relevant, and don t let yourself be dragged down by inertia or the status quo.
Often, you must consider numerous factors when you make decisions. Therefore, in addition to a decision-making journal, Mauboussin recommends developing a decision checklist so you don t inadvertently overlook something crucial. People make mistakes more often by forgetting an important step than by failing to handle the individual steps well. The value of your checklist will increase in proportion to the stability of your environment . For example, decision checklists are useful for pilots and surgeons, because much data exists regarding situations similar to those they routinely confront. However, in an environment where everything is fluid and circumstantial, decision checklists are less helpful.
Warren Buffett said, Virtually all surprises are unpleasant. With this in mind, think through the worst-case outcomes of your decisions. When you regard such scenarios as potential real-life situations, you will be motivated to think things through rationally.
Place yourself mentally in the future. Imagine that your decision did not work out as you had planned. Should you have been able to predict the poor outcome? This technique enables you to spot in advance problems that may result from your decisions.
Rolf Dobelli is chairman, getAbstract. Think Twice: Harnessing the Power of Counterintuition Michael J. Mauboussin Harvard Business Press, 2009, 272 pages List price: $26.95 ISBN13: 9781422176757
Michael J. Mauboussin, a finance professor and investment strategist, wants to help people make better decisions.
In his book, he details the most common decision-making mistakes and suggests practical techniques to avoid them.
GetAbstract recommends this book to people who want to increase their awareness of their own irrationality and, especially, to managers in decision-making positions, whose mistakes may have ripple effects throughout their organizations and even beyond.
According to Mauboussin, smart, well-informed people make decisions as poorly as anyone else. The human mind is not hard-wired for rational thinking, and many intelligent and creative people harbour false beliefs. Arthur Conan Doyle, the creator of the superrational detective Sherlock Holmes, believed in spiritualism and fairies. His capacity to interpret the world accurately was, therefore, rather less than that of his protagonist.
To make better decisions, learn to counteract false premises and avoid other mental pitfalls. Don t go with your first impulse. Instead, Mauboussin advises you to think twice . First, prepare to make decisions by learning about usual mistakes.
Next, recognize flaws in your own decision making, and then apply this lesson to your next decision. Don t let closeat-hand information lead you astray.
Avoid the inside view. Use objective information about how other people have evaluated and handled the type of problem you face.
Avoid the tunnel vision trap by seeking out different points of view. Don t make important decisions at stressful times. Since incentives can sway your opinions, analyse the incentives that might cause you to make one decision over another. Consider the potential consequences of your actions.
Mauboussin recommends keeping a decision-making journal , where you enter each major decision you make, the reasons that led to your choice, a description of your mood and your prediction of the outcome. By auditing your decisions, you ll be able to evaluate them. The journal will reveal patterns in your thinking. Equipped with a record of your decisions, you will avoid hindsight bias , the inclination to see events as more predictable than they were. It will help you remember how the situation presented itself to you before you knew its outcome. Your circumstances influence your decisions. Thus, to make good decisions, increase your awareness of your environment and its influence upon you. Don t mindlessly base your decisions on what peers do. Keep your thinking fresh and relevant, and don t let yourself be dragged down by inertia or the status quo.
Often, you must consider numerous factors when you make decisions. Therefore, in addition to a decision-making journal, Mauboussin recommends developing a decision checklist so you don t inadvertently overlook something crucial. People make mistakes more often by forgetting an important step than by failing to handle the individual steps well. The value of your checklist will increase in proportion to the stability of your environment . For example, decision checklists are useful for pilots and surgeons, because much data exists regarding situations similar to those they routinely confront. However, in an environment where everything is fluid and circumstantial, decision checklists are less helpful.
Warren Buffett said, Virtually all surprises are unpleasant. With this in mind, think through the worst-case outcomes of your decisions. When you regard such scenarios as potential real-life situations, you will be motivated to think things through rationally.
Place yourself mentally in the future. Imagine that your decision did not work out as you had planned. Should you have been able to predict the poor outcome? This technique enables you to spot in advance problems that may result from your decisions.
Rolf Dobelli is chairman, getAbstract. Think Twice: Harnessing the Power of Counterintuition Michael J. Mauboussin Harvard Business Press, 2009, 272 pages List price: $26.95 ISBN13: 9781422176757
Sikkim:Severe winters expected this year
26 NOV: A severe winter seems to be in store for north Bengal & Sikkim this year, so says the weather specialists. The mercury might dip to 2 degree Celsius or even below in the coming days. If this happens Sikkim would get to taste quite a winter this time. According to Dr Subir Sarkar, a North Bengal University meteorologist, the severity of the chill would set in with the onset of December. “Come December and the people would scurry for protective woollen cover against the chilling west winds. The arrival of a remarkably severe winter has been clear from the very beginning. The long spells of late monsoon showers and the penetration of the west wind into the atmosphere, deemed to be the harbinger of winter, are indications enough,” he said.
“The higher ridges have already had snowfalls last week. And if the weather does not drastically change there is no reason Sikkim higher hills would not get snow capped this season,” he said.
26 NOV: A severe winter seems to be in store for north Bengal & Sikkim this year, so says the weather specialists. The mercury might dip to 2 degree Celsius or even below in the coming days. If this happens Sikkim would get to taste quite a winter this time. According to Dr Subir Sarkar, a North Bengal University meteorologist, the severity of the chill would set in with the onset of December. “Come December and the people would scurry for protective woollen cover against the chilling west winds. The arrival of a remarkably severe winter has been clear from the very beginning. The long spells of late monsoon showers and the penetration of the west wind into the atmosphere, deemed to be the harbinger of winter, are indications enough,” he said.
“The higher ridges have already had snowfalls last week. And if the weather does not drastically change there is no reason Sikkim higher hills would not get snow capped this season,” he said.
Sikkim Nationalist Peoples Party seek cut off year for old settlers for tax exemption
November 25, 2009,
Gangtok: The Sikkim Nationalist Peoples Party (SNPP) on Wednesday urged the Sikkim government to announce a cut off year for migrants in the state to avail the benefit of income tax exemption.
While about 73,000 migrant Nepalese who obtained Indian citizenship in 1990s were eligible for the exemption, a huge chunk of population living in the state for several decades were denied the benefit for lack of required documents, SNPP chief Coordinator, D N Kazi told reporters here.
The state government should immediately convene an all party meeting to evolve a consensus on the cut off year for the entitlement of the exemption, he said.
Kazi urged the state government to ensure that no other central taxes, like wealth tax, be levied upon the Sikkimese people who enjoyed a special status under Article 371(F) of the Constitution.
The Centre has extended income tax exemption to the indigenous Nepalese, Lepcha and Bhutia people on the criteria of identification laid down by the state government.
PTI
November 25, 2009,
Gangtok: The Sikkim Nationalist Peoples Party (SNPP) on Wednesday urged the Sikkim government to announce a cut off year for migrants in the state to avail the benefit of income tax exemption.
While about 73,000 migrant Nepalese who obtained Indian citizenship in 1990s were eligible for the exemption, a huge chunk of population living in the state for several decades were denied the benefit for lack of required documents, SNPP chief Coordinator, D N Kazi told reporters here.
The state government should immediately convene an all party meeting to evolve a consensus on the cut off year for the entitlement of the exemption, he said.
Kazi urged the state government to ensure that no other central taxes, like wealth tax, be levied upon the Sikkimese people who enjoyed a special status under Article 371(F) of the Constitution.
The Centre has extended income tax exemption to the indigenous Nepalese, Lepcha and Bhutia people on the criteria of identification laid down by the state government.
PTI
Chinese Claim on Arunachal Pradesh and Sikkim
Rajya Sabha
26.11.2009
China disputes the international boundary between India and China in the Eastern Sector and claims approximately 90,000 square kilometres of Indian territory in the State of Arunachal Pradesh. China does not have claims over the Indian State of Sikkim. The two countries have appointed Special Representatives to explore from the political perspective of the overall bilateral relationship the framework for a boundary settlement.
There have been thirteen meetings of the Special Representatives till date. Since 1993, the two Governments have agreed to maintain peace and tranquility along the Line of Actual Control in the India-China border areas, without prejudice to their respective positions on the alignment of the line of actual control as well as on the boundary question. Government regularly takes up any violation along the LAC with the Chinese side through established mechanisms including the Joint Working Group, the Expert Group, border personnel meetings, flag meetings and diplomatic channels. There has been no increase in the number of incidents of Chinese intrusions.
This information was given by DR.Shashi Tharoor, Minister of State, External Affairs in reply to a question by Shri Nand Kishore Yadav,Shri Mati Kusum Rai, Shri Kamal Akhtar & Shri Amir Alam Khan in Rajya Sabha Today.
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Rajya Sabha
26.11.2009
China disputes the international boundary between India and China in the Eastern Sector and claims approximately 90,000 square kilometres of Indian territory in the State of Arunachal Pradesh. China does not have claims over the Indian State of Sikkim. The two countries have appointed Special Representatives to explore from the political perspective of the overall bilateral relationship the framework for a boundary settlement.
There have been thirteen meetings of the Special Representatives till date. Since 1993, the two Governments have agreed to maintain peace and tranquility along the Line of Actual Control in the India-China border areas, without prejudice to their respective positions on the alignment of the line of actual control as well as on the boundary question. Government regularly takes up any violation along the LAC with the Chinese side through established mechanisms including the Joint Working Group, the Expert Group, border personnel meetings, flag meetings and diplomatic channels. There has been no increase in the number of incidents of Chinese intrusions.
This information was given by DR.Shashi Tharoor, Minister of State, External Affairs in reply to a question by Shri Nand Kishore Yadav,Shri Mati Kusum Rai, Shri Kamal Akhtar & Shri Amir Alam Khan in Rajya Sabha Today.
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Steps to improve national highway in Sikkim
New Delhi, Nov 26 (PTI) The Centre has taken a number of steps to improve the national highway in Sikkim and has released Rs 700 crore for the purpose under its Special Accelerated Road Development Programme for the North East.
Minister of State for Road Transport and Highways R P N Singh stated this in Rajya Sabha today.
He was intervening in a discussion on a Private Member's resolution on development of Sikkim brought by O T Lepcha (Sikkim Democratic Front).
The minister said 69 of the 77 critical locations on the 80 km-long NH-31A stretch, which links Sikkim with the mainland, has been improved.
He said once the Border Road Organisation (BRO) okays the remaining eight stretches, the ministry will act.
He also said the government has given in-principle approval to an alternative 242 km-long highway to be constructed between Chalsa and Rani Paul.
New Delhi, Nov 26 (PTI) The Centre has taken a number of steps to improve the national highway in Sikkim and has released Rs 700 crore for the purpose under its Special Accelerated Road Development Programme for the North East.
Minister of State for Road Transport and Highways R P N Singh stated this in Rajya Sabha today.
He was intervening in a discussion on a Private Member's resolution on development of Sikkim brought by O T Lepcha (Sikkim Democratic Front).
The minister said 69 of the 77 critical locations on the 80 km-long NH-31A stretch, which links Sikkim with the mainland, has been improved.
He said once the Border Road Organisation (BRO) okays the remaining eight stretches, the ministry will act.
He also said the government has given in-principle approval to an alternative 242 km-long highway to be constructed between Chalsa and Rani Paul.
Thursday, November 26, 2009
130 FT TALL CHENREZIG STATUE @ SANGA CHOELING MONASTERY,SIKKIM
GYALSHING, November 26: Chief Minister Pawan Chamling today called upon all the people to uphold peace and religious harmony in the State.
Mr. Chamling said this while laying the foundation stone of 130 ft tall statue of Chenrezig, the Lord Buddhist Lord of Compassion to be built near Sanghachoeling monastery in Pelling, West Sikkim.
The Chief Minister, who was accompanied by the MLAs of West District during the ceremony said, this statue to be built with a fund of Rs. 113 crores would be one of the tallest structures in the world.
“We want Sikkim to grow as one of the pilgrimage tourist destinations and I am hopeful that the statue would attract more numbers of international devotees,” the CM said in his brief address.
He said, the vision of the SDF government is to promote and preserve religious and communal harmony in Sikkim and that he added would be possible once the people realize their roles and responsibilities towards the State.
Mr. Chamling also announced that the world’s tallest statue of Buddha Shakyamuni would be built in the years to come after the establishing of ITI and several training centres in the District. More religious institutions such as Church, monasteries, temples, Mangkhims, etc will also be built, he said while announcing that a meditation centre would be constructed in West Sikkim to promote Buddhist literature and culture.
At the same time, the CM on seeing the road conditions of West Sikkim assured for its immediate renovation.
Later in the evening, the Chief Minister also inaugurated the newly built tunnel of NHPC at Reshi, West Sikkim
GYALSHING, November 26: Chief Minister Pawan Chamling today called upon all the people to uphold peace and religious harmony in the State.
Mr. Chamling said this while laying the foundation stone of 130 ft tall statue of Chenrezig, the Lord Buddhist Lord of Compassion to be built near Sanghachoeling monastery in Pelling, West Sikkim.
The Chief Minister, who was accompanied by the MLAs of West District during the ceremony said, this statue to be built with a fund of Rs. 113 crores would be one of the tallest structures in the world.
“We want Sikkim to grow as one of the pilgrimage tourist destinations and I am hopeful that the statue would attract more numbers of international devotees,” the CM said in his brief address.
He said, the vision of the SDF government is to promote and preserve religious and communal harmony in Sikkim and that he added would be possible once the people realize their roles and responsibilities towards the State.
Mr. Chamling also announced that the world’s tallest statue of Buddha Shakyamuni would be built in the years to come after the establishing of ITI and several training centres in the District. More religious institutions such as Church, monasteries, temples, Mangkhims, etc will also be built, he said while announcing that a meditation centre would be constructed in West Sikkim to promote Buddhist literature and culture.
At the same time, the CM on seeing the road conditions of West Sikkim assured for its immediate renovation.
Later in the evening, the Chief Minister also inaugurated the newly built tunnel of NHPC at Reshi, West Sikkim
25 new buses to hit the roads of Gangtok soon
GANGTOK, November 25: After the much-awaited plan of the Sikkim Nationalised Transport (SNT) department to procure new buses under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) plan, the SNT General Manager, LM Pradhan today said the first batch of 25 new buses is expected to hit the Capital roads before the end of this year.
The total estimated cost of buying the 25 buses have been Rs. 3 crores out of which Rs 30 lakhs will be borne by the State Government while the remaining 90 percent of the amount will be provided under the JNNURM scheme. It has also been learnt that Gangtok is one out of 63 cities in India which have been identified under JNNURM scheme.
“The issue pertaining to this has already been discussed in the Cabinet meeting and the money has been sanctioned,” Mr. Pradhan told media persons.
The 24-seater buses, it is informed are expected to ply in an around the periphery of the Capital and its adjoining areas connecting Setipul, Jali Power House, Marchak, Central School, Penlong, Luing and other areas.
The SNT GM informed there are already five city runners (buses) in the Capital operating from different areas and the new 25 buses added will eventually help the local passengers and office goers thus solving the problem of transportation during peak tourist seasons
GANGTOK, November 25: After the much-awaited plan of the Sikkim Nationalised Transport (SNT) department to procure new buses under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM) plan, the SNT General Manager, LM Pradhan today said the first batch of 25 new buses is expected to hit the Capital roads before the end of this year.
The total estimated cost of buying the 25 buses have been Rs. 3 crores out of which Rs 30 lakhs will be borne by the State Government while the remaining 90 percent of the amount will be provided under the JNNURM scheme. It has also been learnt that Gangtok is one out of 63 cities in India which have been identified under JNNURM scheme.
“The issue pertaining to this has already been discussed in the Cabinet meeting and the money has been sanctioned,” Mr. Pradhan told media persons.
The 24-seater buses, it is informed are expected to ply in an around the periphery of the Capital and its adjoining areas connecting Setipul, Jali Power House, Marchak, Central School, Penlong, Luing and other areas.
The SNT GM informed there are already five city runners (buses) in the Capital operating from different areas and the new 25 buses added will eventually help the local passengers and office goers thus solving the problem of transportation during peak tourist seasons
ALTERNATIVE HIGHWAY FOR SIKKIM
GANGTOK, November 26: A proposal for an alternate highway from Chalsa to Gangtok, via Khonya more-Lhaldhaka-Tode-Rachella-Aritar-Rangpo-Ranipol along with a link to Menla has been approved by Government ‘in-principle’ on November 28, 2008 at an estimated of Rs. 183 lakh for preparation of detail project report (DPR) by Border Road Organisation has also been sanctioned by the Ministry of Road Transport and Highways in May, 2009.
The Minister of State in the Ministry of Road Transport and Highways RPN Singh said this in response to a question posed by Sikkim MP, Rajya Sabha OT Lepcha.
In his reply, Mr. Singh said, since the proposal is at DPR stage, it is too early to indicate the date by which the proposed alternate highway would be completed.
Earlier, the Sikkim MP had sought to know whether an alternative Highway for Sikkim apart from NH-31A has been approved previously and if so the details of its route and progress made in this regard and its completion
The Minister of State in the Ministry of Road Transport and Highways RPN Singh said this in response to a question posed by Sikkim MP, Rajya Sabha OT Lepcha.
In his reply, Mr. Singh said, since the proposal is at DPR stage, it is too early to indicate the date by which the proposed alternate highway would be completed.
Earlier, the Sikkim MP had sought to know whether an alternative Highway for Sikkim apart from NH-31A has been approved previously and if so the details of its route and progress made in this regard and its completion
Editorial: Money is not everything
China's GDP growth may be much faster than India's. But according to our benevolent and mild mannered Prime Minister Mr. Manmohan Singh, that is not all that is there to it. In a recent visit to the US, he has been quick to point out that respect for fundamental human rights, respect for the rule of law, respect for multi-cultural, multi-ethnic, multi-religious rights are important values that one also has to consider. And this is why even though India's GDP growth might not be as good as the Chinese, Mr. Singh would certainly not like to choose the Chinese model which doesn't mind compromising on the above. He may have a point there. As they say, 'Money is not everything!'
China's GDP growth may be much faster than India's. But according to our benevolent and mild mannered Prime Minister Mr. Manmohan Singh, that is not all that is there to it. In a recent visit to the US, he has been quick to point out that respect for fundamental human rights, respect for the rule of law, respect for multi-cultural, multi-ethnic, multi-religious rights are important values that one also has to consider. And this is why even though India's GDP growth might not be as good as the Chinese, Mr. Singh would certainly not like to choose the Chinese model which doesn't mind compromising on the above. He may have a point there. As they say, 'Money is not everything!'
PRESIDENT OF INDIA MAKES A HISTORIC SORTIE
PRESIDENT OF INDIA MAKES A HISTORIC SORTIE ON THE SUKHOI 30 MKI FIGHTER AIRCRAFT
25-11-2009 : Rashtrapati Bhavan, New Delhi
"It was a wonderful and unique experience", said the President of India, Smt. Pratibha Devisingh Patil on landing after she made a historic sortie on the Sukhoi 30 MKI Fighter Aircraft at the Lohegaon Air Force Station, Pune today. The aircraft was flown by Wing Commander Sajan of the 30 Squadron. During her nearly half hour sortie, the President flew over an area covering Rajgurunagar, Shirur, Daund and Baramati before returning to the Air Force Station. The President flew at a height of about 2 kilometers above sea level and at a speed of about 800 kilometers per hour. The Chief of Air Staff, Air Chief Marshal, P.V. Naik and the Air Officer Commanding in Chief (AOC- in- C) of the South Western Air Command, Air Marshal P.S. Bhangu were also present.
After returning from the sortie, The President said she felt reassured about the capability of the Defence Forces and skill and expertise of the pilots of the Indian Air Force and said that the Defence Forces have the strength to protect our borders. The sortie was an opportunity for her to get a close look at the sophisticated equipment used in the Sukhoi 30 MKI.
Later in the day, the President of the Russian Federation, Mr. Dmitry Medvedev spoke to the President and said that the historic sortie by the President of India has furthered strengthened the friendship, co-operation and partnership between the two countries. The President of India reciprocated these sentiments.
25-11-2009 : Rashtrapati Bhavan, New Delhi
"It was a wonderful and unique experience", said the President of India, Smt. Pratibha Devisingh Patil on landing after she made a historic sortie on the Sukhoi 30 MKI Fighter Aircraft at the Lohegaon Air Force Station, Pune today. The aircraft was flown by Wing Commander Sajan of the 30 Squadron. During her nearly half hour sortie, the President flew over an area covering Rajgurunagar, Shirur, Daund and Baramati before returning to the Air Force Station. The President flew at a height of about 2 kilometers above sea level and at a speed of about 800 kilometers per hour. The Chief of Air Staff, Air Chief Marshal, P.V. Naik and the Air Officer Commanding in Chief (AOC- in- C) of the South Western Air Command, Air Marshal P.S. Bhangu were also present.
After returning from the sortie, The President said she felt reassured about the capability of the Defence Forces and skill and expertise of the pilots of the Indian Air Force and said that the Defence Forces have the strength to protect our borders. The sortie was an opportunity for her to get a close look at the sophisticated equipment used in the Sukhoi 30 MKI.
Later in the day, the President of the Russian Federation, Mr. Dmitry Medvedev spoke to the President and said that the historic sortie by the President of India has furthered strengthened the friendship, co-operation and partnership between the two countries. The President of India reciprocated these sentiments.
Change of sea water into potable water
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17:13 IST
RAJYA SABHA
The National Institute of Ocean Technology (NIOT) an autonomous body of the Ministry of Earth Sciences has indigenously designed developed and demonstrated desalination technology for conversion of sea water into potable water based on Low Temperature Thermal Desalination System (LTTD). The LTTD is a process under which the warm surface sea water is flash evaporated at low pressure and the vapour is condensed with cold deep sea water. This technology is efficient and suitable for island territories of India.
The initial estimated cost of production of Kavaratti Plant was 10 paise per litre depending on the charges of power/electricity. The estimated cost of production of demonstration plant is inclusive of capital and other fixed costs. The operational cost of production is about 6-7 paise per liter.
Currently, two plants are in operation. The first LTTD plant with a capacity of 1 lakh liter per day production of fresh water was developed and commissioned in May 2005, at Kavaratti, Lakshadweep Island. Since then the plant has been effectively working and catering significantly to the needs of the local population. The plant has so far produced over 155 million liters of fresh water. The Lakshadweep Islands have the advantage of ocean depth (~500 m) available within few hundred meters from the coast and hence, island-based plants are possible. NIOT is in the process of setting of 3 more plants in the islands of Lakshawdeep of 1-lakh liter per day capacity, one each in Agatti, Androth and Minicoy. The target for completion of one of the plants at Agatti is March 2010 and for the other two plants is March, 2011. Another LTTD Plant of 1-lakh litre per day capacity was also established at Northern Chennai Thermal Power Station, Chennai in March 2009, which uses waste heat discharge from the power plant. A scheme is also being formulated for large scale desalination plants at the coastal power plants and the remaining 3 more islands of Lakshadweep islands which envisages Public-Private Partnership.
This was stated by Shri Prithviraj Chavan, the Union Minister of Earth Sciences in the Rajya Sabha today.
GG/BS/VK
--------------------------------------------------------------------------------
17:13 IST
RAJYA SABHA
The National Institute of Ocean Technology (NIOT) an autonomous body of the Ministry of Earth Sciences has indigenously designed developed and demonstrated desalination technology for conversion of sea water into potable water based on Low Temperature Thermal Desalination System (LTTD). The LTTD is a process under which the warm surface sea water is flash evaporated at low pressure and the vapour is condensed with cold deep sea water. This technology is efficient and suitable for island territories of India.
The initial estimated cost of production of Kavaratti Plant was 10 paise per litre depending on the charges of power/electricity. The estimated cost of production of demonstration plant is inclusive of capital and other fixed costs. The operational cost of production is about 6-7 paise per liter.
Currently, two plants are in operation. The first LTTD plant with a capacity of 1 lakh liter per day production of fresh water was developed and commissioned in May 2005, at Kavaratti, Lakshadweep Island. Since then the plant has been effectively working and catering significantly to the needs of the local population. The plant has so far produced over 155 million liters of fresh water. The Lakshadweep Islands have the advantage of ocean depth (~500 m) available within few hundred meters from the coast and hence, island-based plants are possible. NIOT is in the process of setting of 3 more plants in the islands of Lakshawdeep of 1-lakh liter per day capacity, one each in Agatti, Androth and Minicoy. The target for completion of one of the plants at Agatti is March 2010 and for the other two plants is March, 2011. Another LTTD Plant of 1-lakh litre per day capacity was also established at Northern Chennai Thermal Power Station, Chennai in March 2009, which uses waste heat discharge from the power plant. A scheme is also being formulated for large scale desalination plants at the coastal power plants and the remaining 3 more islands of Lakshadweep islands which envisages Public-Private Partnership.
This was stated by Shri Prithviraj Chavan, the Union Minister of Earth Sciences in the Rajya Sabha today.
GG/BS/VK
Nuclear Energy from Sea Sand
--------------------------------------------------------------------------------
17:14 IST
RAJYA SABHA
In Orissa, Atomic Minerals Directorate for Exploration and Research (AMD) had identified 1.82 million tonnes of Thorium bearing monazite resources. Thorium is a fertile element and can be converted to fissile element to produce Atomic Energy in the 3rd stage of Nuclear Power Programme of India.
This was stated by Shri Prithviraj Chavan, the Union Minister of Science &Technology and Earth Sciences in the Rajya Sabha today.
--------------------------------------------------------------------------------
17:14 IST
RAJYA SABHA
In Orissa, Atomic Minerals Directorate for Exploration and Research (AMD) had identified 1.82 million tonnes of Thorium bearing monazite resources. Thorium is a fertile element and can be converted to fissile element to produce Atomic Energy in the 3rd stage of Nuclear Power Programme of India.
This was stated by Shri Prithviraj Chavan, the Union Minister of Science &Technology and Earth Sciences in the Rajya Sabha today.
Govt should immediately solve IT issue for old settlers: SNPP
source:Sikkim Express:
GANGTOK, November 25: Following the recent decision of the Old Settlers of Sikkim not to file any annual Income Tax returns, the Sikkim Nationalist People’s Party (SNPP) has today slammed the Sikkim Democratic Front government for not taking up the matter seriously
During a press conference here in the Capital today, SNPP co-coordinator Diley Namgyal Kazi stressed that the State Government should come up with an appropriate solution.
“The State Government should have an elaborate discussion with all opposition parties and NGOs related with the issue for an abrupt solution,” he suggested adding that the IT solution for the old settlers should not be neglected.
At the same time, the SNPP leader demanded that the cut off year should be fixed up by the government on the matter. He also raised a question on wealth tax stating that the domicile holders are not kept aloof from the purview of paying the wealth tax which indirectly signifies that the income tax is indirectly implemented in Sikkim.
Mr. Kazi further took the Sikkim bureaucrats to task alleging them of being involved in rampant corruption. “Several Acts including that of minimum labour wages act are not being fully exercised by many private companies in Sikkim,” he added
source:Sikkim Express:
GANGTOK, November 25: Following the recent decision of the Old Settlers of Sikkim not to file any annual Income Tax returns, the Sikkim Nationalist People’s Party (SNPP) has today slammed the Sikkim Democratic Front government for not taking up the matter seriously
During a press conference here in the Capital today, SNPP co-coordinator Diley Namgyal Kazi stressed that the State Government should come up with an appropriate solution.
“The State Government should have an elaborate discussion with all opposition parties and NGOs related with the issue for an abrupt solution,” he suggested adding that the IT solution for the old settlers should not be neglected.
At the same time, the SNPP leader demanded that the cut off year should be fixed up by the government on the matter. He also raised a question on wealth tax stating that the domicile holders are not kept aloof from the purview of paying the wealth tax which indirectly signifies that the income tax is indirectly implemented in Sikkim.
Mr. Kazi further took the Sikkim bureaucrats to task alleging them of being involved in rampant corruption. “Several Acts including that of minimum labour wages act are not being fully exercised by many private companies in Sikkim,” he added
BIG PUSH FOR REFORMS IN 2010 BUDGET
Finance secretary Ashok Chawla has been in the thick of action as the government has moved to put in place major policy changes to, first, mitigate damage from the global economic meltdown and, later, chart a revival of domestic industry. Even as the economy has gradually stabilized, the finance ministry is readying for the presentation of the next Union budget and negotiating the next steps in seminal tax reforms. Chawla took some time off from his schedule to speak to Mint on the macroeconomic challenges facing the country, and the government's plans to push through economic reforms and put in place new expenditure management measures.
Edited excerpts: Now that we are into the latter half of the third quarter, what is your sense of the growth trajecto ry for this fiscal year and the next?
So far as the numbers are concerned, we are keenly awaiting the GDP (gross domestic product) numbers for the second quarter. Our expectation, not just hope, is that they will be better than the first quarter numbers (India's economy grew by 6.1% in the first quarter). But we need to get a confirmation on that. Having looked at that, our sense is that in the third quarter, fourth quarter as we go ahead will continue to be slightly better than the previous period. The reason is not very far to see: Domestically, things have certainly improved; internationally also there is some improvement--exports are still in negative territory, but their decline is much less. So, overall, our sense of 2009-10 fiscal continues to be somewhere between 6.5-7%, which may be slightly more optimistic than some of the other forecasters.
But I don't think we will be proved very wrong.
What about the next fiscal?
It is always hazardous to look very much beyond. But if there are no unforeseen difficulties, then it should at least be 100 basis points more than what it could be this year. So if we end up with, say, 6.5%, then next year should be at least 7.5%.
(One basis point is one-hundredth of a percentage point.) There has been a renewal of capi tal flows into India. Given the cur rent trends, do you expect them to go up to the record levels of 200708, when they aggregated 9% of GDP?
Certainly not to that extent.
The flows that we got this year seem to be in line with our current account deficit--which is expected to be close to or slightly less than 2% (of GDP).
They will continue to come, continue to be active because the markets in the Western world have got declogged and they need to find good avenues to invest. That kind of flow (that we saw in 2007-08, however) is not expected. While we are certainly watching to see if any corrective actions are required, the clear sense that both the Reserve Bank of India (RBI) and we have is that there is no cause for undue concern or panic at this stage.
Why do you feel it won't surge be yond manageable levels?
One is that there are needs of capital that are re-emerging in those economies. In the first flush, the real sectors there were not able to absorb (this capital), but now real sectors there are coming back. Secondly, there is this constant fear or anxiety of a double-dip (another plunge in economic growth), so people are not absolutely certain at least in the industrially advanced economies; hence, they are not willing to take very clear positions with regards to money and financial markets. So the expectation is that it will come in, but in a calibrated manner which the economy will be able to absorb.
You expect this macro backdrop to endure for at least two quarters? If so, will it set the stage for the next budget in terms of challenges and agenda?
I would think so, yes. Setting the stage in terms of the fact that there is reasonably good growth, but not the kind of growth which we saw before the crisis.
It is setting the stage where exports are doing alright, but not really up to the mark--trade deficit is there but not too high, because imports are not too high. Third is inflation, which will be in the region of 6%-plus/minus by the time we go for the budget.
And fourth, the external sector is reposing confidence in India and we can expect monies to come in. Lastly, we go into the budget with the broad idea that the parameters of the economy, on the whole, are not dysfunctional.
Presumably, it will free your arms to divert your energies away from firefighting.
Absolutely. I think that is what the government will be looking at.
Any broad focus areas?
They have been spelt out by the government when the President gave the address after the formation of the new government. They continue to be (to) improve our growth, focus on infrastructure, ensure that there is more by way of inclusive programmes in the rural countryside, focus on education and health.
What about fiscal reforms? Espe cially with respect to subsidies, taxes and expenditure that the fi nance minister signalled in the budget?
On taxes, there has been movement. In the sense that the government has put out in the public domain its thinking on the direct tax code and, on broad lines along with the state governments, GST (goods and service tax). This is a work in progress and cannot conclude in a day; so, they will play out. Now, on the subsidies and expenditure, overall, there is some thinking going on, but not much has been attempted so far because this particular year has gone in ensuring that public spending on programmes which are of importance (is done). So 2009-10 is not really one year where we could have logically expected some action on these. But as we go ahead, particularly with respect to 2010-11, the government would like to have an overarching view on the expenditure framework, how things are moving and what should be the areas of focus and where we should try to cut. There is some thinking going on and I think you should wait till the budget for government to announce larger policy measures in terms of expenditure. You can expect that.
The finance minister had promised a Bill on the direct tax code in the winter session of Parliament. Is that happening?
I think the process of consultation needs to be further broad-based because there are a number of issues where concerns have been raised quite strongly. Some of those issues have to be addressed in consultation with all stakeholders so that there is wider acceptance.
We also have to look at the fact that the direct tax code was conceived as one overall package. So if some elements are going to be moderated or deleted, then what is going to be the impact on the entire structure.
So whether it will come in the winter session of Parliament or not, I am not very sure...but the idea is to carry this forward. In any case, the ultimate objective and plan was to bring it into force from April 2011; that end objective remains.
As and when GST and the direct tax code come into play, won't it completely reorient the budget to focus on expenditure manage ment?
Exactly. In fact, that is the kind of thing that happens in more industrially advanced countries, where the annual budget statement is more focused only on expenditure and the quality of expenditure.
They don't really go into specifics of taxation and duty rates as those are supposed to remain the same over the medium term. So once this kind of framework comes in on the direct tax side and indirect tax side, the annual budget here will also to that extent become something like what happens in those countries...once this happens, the architecture would be far more balanced, logical and comprehensive. So the whole business of entities and individuals not knowing how to make out their tax arrangements either on the production side (or the) individual income side will get addressed over a period of time.
The Union Budget had proposed unshackling of the fertilizer subsi dy. What is the progress?
The fertilizer ministry had prepared some kind of scheme on that which had to be considered by the government first, the other ministries and then at a political level. So, at the moment, it is just work in progress and has not reached any degree of finality.
Any timeline for that?
I will find it difficult to comment on that.
The government has recently moved on several reform initia tives. What does the blueprint look like for the next six months?
Six months is difficult to say.
Many of these are long-haul things. But I think the general position of the government is very clear. Not only the finance minister but also the Prime Minister articulated it at the World Economic Forum (the India Economic Summit in early November where both spoke) where he said that we would be keen to carry forward reform of the financial sector; they have to complement the activities and growth in the real sector.
We are very conscious of the fact that efficient, big-sized intermediation is critical to sustained growth of 8-9%, because business and industry need that kind of service to enable them to grow. So we need progress...
insurance, pension and even the banking system needs to respond more effectively in terms of their operation. A number of things that we are looking at have been identified in the Economic Survey (2008-09).
Are you suggesting that over the next few months the government will spell out details on these re form measures?
Maybe not in the next few months, but in the budget the finance minister will detail more things as we go ahead. That will be the time. Between now and the budget, which is not very far away, we need to really get a clear idea and consolidate our position, whatever it is, on the growth side and watch how it plays out in terms of revenue collections. My sense is that you should not look for any big-ticket things in the next three months. But the budget will be an opportunity for the finance minister to take stock of how 2009-10 has been, how he sees 2010-11 as he goes ahead, and what is his agenda for the next 12 months--which will detail some of the reform measures.
Is there a move to convert the highlevel coordination committee (HLCC) into a formal body?
There is a move but these things have to be discussed and finalized with the Reserve Bank of India. There is certainly a move.
Given the excess liquidity in the system, are we looking at a new asset bubble, especially in real es tate or any other financial sectors?
The sense we get from the securities regulator (the Securities and Exchange Board of India) is no. And there is some amount of movement in the stock markets; it is not something that can be really categorized as leading up to a bubble.
Maybe there is an occasional exuberance, which is more than what it should be. But beyond that, there is no case of a bubble either in the stock market or the real estate sector--certainly not in real estate, which is just coming back to reasonable kind of levels. So I think the asset bubble part of it is not all a cause to worry.
And since we expect the capital flows from outside to be manageable and in a modest range, that is not going to fuel these things.
What is the next stage in the cali bration of your exit strategy (from an easy money policy and the fiscal stimulus)?
On exits there are two views, which the whole world has been debating in the G-20 (Group of Twenty countries) forum. That we need to now start talking about exit; at least prepare ourselves for it; also, whether the economies need to unwind the fiscal part first or the monetary part first. And one view at the international level is that the fiscal part should unwind first. The appreciation that we have is that our fiscal intervention was more to revive public spending and put money into the system which will generate demand and ensure growth. And for that we had to give some amount of tax revenues as we went along. Now these need to play out a little longer. And the monetary part can, therefore, come in first; that is our assessment. RBI will have some assessment of its own and they are working on it. Also, the monetary policy transmission, both ways, takes longer in financial markets that are not well developed and efficient--that is the general prescription which economists give. So, therefore, the monetary part comes in first--as it has come in. The fiscal part will come in when the finance minister will indicate what his position is on these things in 2009-10; basically, fiscal policy uses two instruments--one is more spending and (the other is) tax cuts. Spending in any case, he (the finance minister) has announced, will get moderated because the Plan expenditure was front-loaded for one-and-a-half years to take care of this decline of private spending; that has done its job and it will go back to reasonably normal levels of spending which the fiscal position of the government can accommodate. On the taxation part also, I suppose, business and industry will have to get used to normal level--but it is not as if there is something round the corner because it will have to wait for the appropriate time.
That would be based on the third and fourth quarter economic data?
Yes.
SOURCE: mint
Edited excerpts: Now that we are into the latter half of the third quarter, what is your sense of the growth trajecto ry for this fiscal year and the next?
So far as the numbers are concerned, we are keenly awaiting the GDP (gross domestic product) numbers for the second quarter. Our expectation, not just hope, is that they will be better than the first quarter numbers (India's economy grew by 6.1% in the first quarter). But we need to get a confirmation on that. Having looked at that, our sense is that in the third quarter, fourth quarter as we go ahead will continue to be slightly better than the previous period. The reason is not very far to see: Domestically, things have certainly improved; internationally also there is some improvement--exports are still in negative territory, but their decline is much less. So, overall, our sense of 2009-10 fiscal continues to be somewhere between 6.5-7%, which may be slightly more optimistic than some of the other forecasters.
But I don't think we will be proved very wrong.
What about the next fiscal?
It is always hazardous to look very much beyond. But if there are no unforeseen difficulties, then it should at least be 100 basis points more than what it could be this year. So if we end up with, say, 6.5%, then next year should be at least 7.5%.
(One basis point is one-hundredth of a percentage point.) There has been a renewal of capi tal flows into India. Given the cur rent trends, do you expect them to go up to the record levels of 200708, when they aggregated 9% of GDP?
Certainly not to that extent.
The flows that we got this year seem to be in line with our current account deficit--which is expected to be close to or slightly less than 2% (of GDP).
They will continue to come, continue to be active because the markets in the Western world have got declogged and they need to find good avenues to invest. That kind of flow (that we saw in 2007-08, however) is not expected. While we are certainly watching to see if any corrective actions are required, the clear sense that both the Reserve Bank of India (RBI) and we have is that there is no cause for undue concern or panic at this stage.
Why do you feel it won't surge be yond manageable levels?
One is that there are needs of capital that are re-emerging in those economies. In the first flush, the real sectors there were not able to absorb (this capital), but now real sectors there are coming back. Secondly, there is this constant fear or anxiety of a double-dip (another plunge in economic growth), so people are not absolutely certain at least in the industrially advanced economies; hence, they are not willing to take very clear positions with regards to money and financial markets. So the expectation is that it will come in, but in a calibrated manner which the economy will be able to absorb.
You expect this macro backdrop to endure for at least two quarters? If so, will it set the stage for the next budget in terms of challenges and agenda?
I would think so, yes. Setting the stage in terms of the fact that there is reasonably good growth, but not the kind of growth which we saw before the crisis.
It is setting the stage where exports are doing alright, but not really up to the mark--trade deficit is there but not too high, because imports are not too high. Third is inflation, which will be in the region of 6%-plus/minus by the time we go for the budget.
And fourth, the external sector is reposing confidence in India and we can expect monies to come in. Lastly, we go into the budget with the broad idea that the parameters of the economy, on the whole, are not dysfunctional.
Presumably, it will free your arms to divert your energies away from firefighting.
Absolutely. I think that is what the government will be looking at.
Any broad focus areas?
They have been spelt out by the government when the President gave the address after the formation of the new government. They continue to be (to) improve our growth, focus on infrastructure, ensure that there is more by way of inclusive programmes in the rural countryside, focus on education and health.
What about fiscal reforms? Espe cially with respect to subsidies, taxes and expenditure that the fi nance minister signalled in the budget?
On taxes, there has been movement. In the sense that the government has put out in the public domain its thinking on the direct tax code and, on broad lines along with the state governments, GST (goods and service tax). This is a work in progress and cannot conclude in a day; so, they will play out. Now, on the subsidies and expenditure, overall, there is some thinking going on, but not much has been attempted so far because this particular year has gone in ensuring that public spending on programmes which are of importance (is done). So 2009-10 is not really one year where we could have logically expected some action on these. But as we go ahead, particularly with respect to 2010-11, the government would like to have an overarching view on the expenditure framework, how things are moving and what should be the areas of focus and where we should try to cut. There is some thinking going on and I think you should wait till the budget for government to announce larger policy measures in terms of expenditure. You can expect that.
The finance minister had promised a Bill on the direct tax code in the winter session of Parliament. Is that happening?
I think the process of consultation needs to be further broad-based because there are a number of issues where concerns have been raised quite strongly. Some of those issues have to be addressed in consultation with all stakeholders so that there is wider acceptance.
We also have to look at the fact that the direct tax code was conceived as one overall package. So if some elements are going to be moderated or deleted, then what is going to be the impact on the entire structure.
So whether it will come in the winter session of Parliament or not, I am not very sure...but the idea is to carry this forward. In any case, the ultimate objective and plan was to bring it into force from April 2011; that end objective remains.
As and when GST and the direct tax code come into play, won't it completely reorient the budget to focus on expenditure manage ment?
Exactly. In fact, that is the kind of thing that happens in more industrially advanced countries, where the annual budget statement is more focused only on expenditure and the quality of expenditure.
They don't really go into specifics of taxation and duty rates as those are supposed to remain the same over the medium term. So once this kind of framework comes in on the direct tax side and indirect tax side, the annual budget here will also to that extent become something like what happens in those countries...once this happens, the architecture would be far more balanced, logical and comprehensive. So the whole business of entities and individuals not knowing how to make out their tax arrangements either on the production side (or the) individual income side will get addressed over a period of time.
The Union Budget had proposed unshackling of the fertilizer subsi dy. What is the progress?
The fertilizer ministry had prepared some kind of scheme on that which had to be considered by the government first, the other ministries and then at a political level. So, at the moment, it is just work in progress and has not reached any degree of finality.
Any timeline for that?
I will find it difficult to comment on that.
The government has recently moved on several reform initia tives. What does the blueprint look like for the next six months?
Six months is difficult to say.
Many of these are long-haul things. But I think the general position of the government is very clear. Not only the finance minister but also the Prime Minister articulated it at the World Economic Forum (the India Economic Summit in early November where both spoke) where he said that we would be keen to carry forward reform of the financial sector; they have to complement the activities and growth in the real sector.
We are very conscious of the fact that efficient, big-sized intermediation is critical to sustained growth of 8-9%, because business and industry need that kind of service to enable them to grow. So we need progress...
insurance, pension and even the banking system needs to respond more effectively in terms of their operation. A number of things that we are looking at have been identified in the Economic Survey (2008-09).
Are you suggesting that over the next few months the government will spell out details on these re form measures?
Maybe not in the next few months, but in the budget the finance minister will detail more things as we go ahead. That will be the time. Between now and the budget, which is not very far away, we need to really get a clear idea and consolidate our position, whatever it is, on the growth side and watch how it plays out in terms of revenue collections. My sense is that you should not look for any big-ticket things in the next three months. But the budget will be an opportunity for the finance minister to take stock of how 2009-10 has been, how he sees 2010-11 as he goes ahead, and what is his agenda for the next 12 months--which will detail some of the reform measures.
Is there a move to convert the highlevel coordination committee (HLCC) into a formal body?
There is a move but these things have to be discussed and finalized with the Reserve Bank of India. There is certainly a move.
Given the excess liquidity in the system, are we looking at a new asset bubble, especially in real es tate or any other financial sectors?
The sense we get from the securities regulator (the Securities and Exchange Board of India) is no. And there is some amount of movement in the stock markets; it is not something that can be really categorized as leading up to a bubble.
Maybe there is an occasional exuberance, which is more than what it should be. But beyond that, there is no case of a bubble either in the stock market or the real estate sector--certainly not in real estate, which is just coming back to reasonable kind of levels. So I think the asset bubble part of it is not all a cause to worry.
And since we expect the capital flows from outside to be manageable and in a modest range, that is not going to fuel these things.
What is the next stage in the cali bration of your exit strategy (from an easy money policy and the fiscal stimulus)?
On exits there are two views, which the whole world has been debating in the G-20 (Group of Twenty countries) forum. That we need to now start talking about exit; at least prepare ourselves for it; also, whether the economies need to unwind the fiscal part first or the monetary part first. And one view at the international level is that the fiscal part should unwind first. The appreciation that we have is that our fiscal intervention was more to revive public spending and put money into the system which will generate demand and ensure growth. And for that we had to give some amount of tax revenues as we went along. Now these need to play out a little longer. And the monetary part can, therefore, come in first; that is our assessment. RBI will have some assessment of its own and they are working on it. Also, the monetary policy transmission, both ways, takes longer in financial markets that are not well developed and efficient--that is the general prescription which economists give. So, therefore, the monetary part comes in first--as it has come in. The fiscal part will come in when the finance minister will indicate what his position is on these things in 2009-10; basically, fiscal policy uses two instruments--one is more spending and (the other is) tax cuts. Spending in any case, he (the finance minister) has announced, will get moderated because the Plan expenditure was front-loaded for one-and-a-half years to take care of this decline of private spending; that has done its job and it will go back to reasonably normal levels of spending which the fiscal position of the government can accommodate. On the taxation part also, I suppose, business and industry will have to get used to normal level--but it is not as if there is something round the corner because it will have to wait for the appropriate time.
That would be based on the third and fourth quarter economic data?
Yes.
SOURCE: mint
Old Settlers’of Sikkim not to file returns till disposal of demand for IT exemption
Source:HM Report
Gangtok, November 23: The kins of old settlers today displayed a rare solidarity by intimating the local Income Tax authorities about their collective decision taken earlier to not file annual returns till disposal of the demand for exemption on similar ground that the indigenous people were granted the benefit last year.
As per the pre-decided schedule, a delegation of the Old Settlers Association of Sikkim met the local income tax officials earlier in the day and informed him about their decision to not file return till the centre and state government decided their case for income tax exemption.
The income tax officials confirmed that they have received in writing replies to the income tax notices served on some assesses for filing of annual returns informing them about their collective decision to not file returns till further deliberations.
Meanwhile, the Association of Old Settlers of Sikkim (AOSS), a representative body articulating the demand of the old settlers for income tax exemption, may soon move to the court challenging the discriminatory manner in which the income tax exemption has been given to a section of the people, an office bearer said seeking anonymity.
“We have planned to seek the best legal advice and a team of expert lawyers to make our case for income tax exemption both politically and legally,” he said.
The old settlers can not denied of their rightful claims of income tax exemption once the centre decided to extend the benefit to the indigenous Nepalese, Bhutia and Lepcha people last year as both sections of the people have been living together in Sikkim for decades, if not centuries, the AOSS office bearer said.
The old settlers had hailed the centre’s decision to extend income tax exemption to the local people and demanded extension of similar benefit for themselves, but it appeared that neither the centre nor the Pawan Kumar Chamling government were keen to hear out their case, he said.
The obdurate stand of the authorities have left the old settlers with no other option but to seek a legal remedy, he said and claimed that once the matter goes to the court, the centre and state government may be exposed for the partisan and discriminatory manner in which the income tax exemption issue has been dealt with by the them.
The outfit has taken the best available legal advice and hired a team of lawyers to take up their case, the AOSS representative said.
Source:HM Report
Gangtok, November 23: The kins of old settlers today displayed a rare solidarity by intimating the local Income Tax authorities about their collective decision taken earlier to not file annual returns till disposal of the demand for exemption on similar ground that the indigenous people were granted the benefit last year.
As per the pre-decided schedule, a delegation of the Old Settlers Association of Sikkim met the local income tax officials earlier in the day and informed him about their decision to not file return till the centre and state government decided their case for income tax exemption.
The income tax officials confirmed that they have received in writing replies to the income tax notices served on some assesses for filing of annual returns informing them about their collective decision to not file returns till further deliberations.
Meanwhile, the Association of Old Settlers of Sikkim (AOSS), a representative body articulating the demand of the old settlers for income tax exemption, may soon move to the court challenging the discriminatory manner in which the income tax exemption has been given to a section of the people, an office bearer said seeking anonymity.
“We have planned to seek the best legal advice and a team of expert lawyers to make our case for income tax exemption both politically and legally,” he said.
The old settlers can not denied of their rightful claims of income tax exemption once the centre decided to extend the benefit to the indigenous Nepalese, Bhutia and Lepcha people last year as both sections of the people have been living together in Sikkim for decades, if not centuries, the AOSS office bearer said.
The old settlers had hailed the centre’s decision to extend income tax exemption to the local people and demanded extension of similar benefit for themselves, but it appeared that neither the centre nor the Pawan Kumar Chamling government were keen to hear out their case, he said.
The obdurate stand of the authorities have left the old settlers with no other option but to seek a legal remedy, he said and claimed that once the matter goes to the court, the centre and state government may be exposed for the partisan and discriminatory manner in which the income tax exemption issue has been dealt with by the them.
The outfit has taken the best available legal advice and hired a team of lawyers to take up their case, the AOSS representative said.
Address to the Nation by the Chief Justice of India, K. G. Balakrishnan
The following is the full text of the Address by the Chief Justice of India, K.G. Balakrishnan on the eve of the National Law Day. November 26 is celebrated as National Law Day because it was on this day in 1949 that the Constituent Assembly of India adopted the Constitution, which then came into effect on January 26, 1950.
My Fellow Citizens,
I extend my warmest greetings to all of you on the eve of the 60th Law Day of our country. The legal and judicial fraternity of our country, as well as people at large, celebrate November 26 of each year as National Law Day because it was on this day in 1949 the Constituent Assembly of India had adopted our Constitution, which subsequently came into effect on January 26, 1950.
Law Day is an occasion on which we pay our humble tribute to the unique vision and genius of the framers of our Constitution. It prompts us to reflect upon and renew our pledge to protect, preserve and extend the values enshrined in our Constitution. The very first goal of the Constitution, is to secure justice to all — social, economic and political. This mandate not only shapes the rights of the people but also serves as a command to all those who wield authority in the name of the State. As the head of the Indian judicial system, it is my duty to keep the nation informed about the state of affairs in this branch of government.
An independent, accessible and efficient justice-delivery system is a pre-requisite for maintaining healthy democratic traditions and pursuing equitable development policies. In the last six decades Indian courts have played a leading role in protecting constitutional values and upholding the rule of law in our country. The vital social role of the courts has been strengthened by the creative reading of ideas such as ‘equal protection before the law’ and ‘personal liberty’. Especially with the evolution of the Public Interest Litigation (PIL) movement over the last three decades, the understanding of rights has expanded in many directions. From conferring guarantees of a civil-political nature, the fundamental rights have been interpreted to include positive socio-economic obligations on the State. This means that the courts of law are unique spaces where just solutions are devised, in spite of the socio-economic inequalities between the litigants.
India is a diverse country where we are still grappling with social stratification and discrimination on the grounds of caste, religion, gender, language, race and ethnicity among other factors. Conflicts that arise out of such identity-based differences or those related to the distribution of material resources are often very complicated since they involve multiple interest groups. Adjudicating such disputes often calls for a departure from the norm of adversarial litigation and the judges have accordingly devised procedural innovations to respond to the needs of litigants. This means that the role of a judge is not only that of applying the existing rules in a mechanical manner but also interpreting them in a creative manner in order to pursue the ends of justice.
I am deeply gratified by the trust and confidence that the people of this country repose in our judicial system. About 1.8 crore fresh cases had been filed in Indian courts in 2008, reflecting a steady increase in the rate of institution of fresh proceedings over the years. Against this, approximately 14,000 judges disposed of about 1.7 crore cases in 2008, demonstrating a disposal rate of about 1,200 cases per year by each judge. This was achieved notwithstanding the severe shortage of judges and their very heavy work load, abysmal infrastructure and a very challenging environment.
In all, Indian courts processed some 4.8 crore cases in 2008 — which is one of the largest volume of cases faced by any national judicial system in the world. Expert studies have suggested that our judicial strength is only very minimal and large expansion is required to dispose of this case-load. It is therefore quite natural that most cases take several years to be completed. Such is the shortage of judicial officers that, on average, an Indian judge has a total of about 25 minutes to devote to each case.
A significant consequence of the severe shortage of judges is that a substantial number of poor people are unable to obtain the protection of courts to preserve and strengthen their rights. This ‘docket exclusion’ does not bode well for the country as affected people may turn to alternative (including violent) means for securing their rights. On the contrary, there is an urgent need to promote ‘docket inclusion’. There is also a widespread perception that many people are being deterred from approaching the courts on account of apprehensions about undue delay in the delivery of justice. This may indeed be true in some parts of the country where the number of civil cases being instituted are very low in proportion to their respective population-levels. Therefore, any meaningful agenda for judicial reforms must account for the twin problems of high pendency levels as well as the limited access to justice for some sections of society.
This means that even as we devise strategies to combat the existing backlog, we must also prepare for the further expansion of court dockets in the coming years. With gradual improvements in development indicators such as income-levels, access to education and healthcare, we should expect the previously marginalized sections to approach the judicial system in larger numbers, enhancing “docket inclusion”.
In many cases, the undue delay in disposal is a consequence of hurdles placed in the procedural steps involved in litigation. In the course of a legal proceeding, there is a likelihood of delay at various stages from the service of notice upon the parties, the framing of issues, submission of pleadings, examination of witnesses, production of documents and the counsels’ arguments. If a party apprehends an adverse result, there is a tendency on part of litigants or practitioners to place obstacles in these proceedings. The logical response to this endemic problem is that judges need to be more proactive in managing the flow of proceedings before them. Attempts to delay the proceedings should be treated firmly but it must also be kept in mind that the desire to improve procedural efficiency should not compromise the quality of justice being delivered. As inheritors of the common-law tradition, we are bound to follow the principles of natural justice, namely that ‘no man shall be a judge in his own cause’, that ‘no persons shall be condemned unheard’ and that ‘every order will be a reasoned order’.
Even though the judges are the main actors in the justice-delivery system, their efficiency is closely related to the behaviour of advocates, litigants, investigating agencies and witnesses among others. While public scrutiny is rightly being directed towards the performance and accountability of judges, there is also a need to examine the responsibilities of all the other participants in the judicial system. In particular, there is an urgent need to tackle the institution of frivolous claims and the giving of false evidence. Judges can perform their fact-finding and adjudicatory roles in a satisfactory manner only if they receive the co-operation of all the stakeholders. In this sense, the judicial function is as much a collective enterprise as the other wings of government.
A meaningful shift will only occur if attitudes change among the bar. Ultimately it is the responsibility of legal practitioners to advice their clients on the suitability of resorting to litigation. For resolving many categories of disputes, adversarial courtroom litigation is not appropriate since disputes can be amicably resolved at the pre-trial stage. With the objective of promoting awareness about these methods, full-time Mediation Centres have been established in the various High Courts as well as some of the District Courts. Their function is to not only provide mediation services but also to impart training about the same.
I must also emphasize that a large portion of the increase in litigation rates can be attributed to stronger remedies that have been introduced through Central and State legislations over the years. In particular, our trial courts are confronted with a disproportionate number of cases involving the dishonour of cheques, motor accident compensation claims, domestic violence and corruption-related cases. This is of course a natural consequence of the fact that litigant-friendly procedures and remedies were incorporated to address such grievances. Hence, there has been an incentive for parties to come forward and file cases in these categories. However, there has not been a commensurate increase in the strength of judges needed to decide these cases.
In recognition of this fact, the strength of the Supreme Court and the various High Courts has been gradually increased. However, it is the strength of the subordinate courts which calls for a drastic increase. I have repeatedly called for targeted interventions by way of increasing the strength of the subordinate judiciary, while emphasizing the need for establishing more Family Courts, CBI Courts and specialised magistrates’ courts. In recent months, a lot of attention has been drawn to the proposal for establishing ‘Gram Nyayalayas’. Under the Gram Nyayalayas Act, 2008 judicial officers of the rank of Civil Judge (Junior Division) will be appointed to function at the block-level. The intent of course is to bring the justice-delivery system closer to rural citizens who have to otherwise travel to distant district centres. It is estimated that nearly 5,000 judicial officers will be needed to occupy these positions.
Since 2007, some important steps have been taken to improve the quality of justice-delivery. Hundreds of judicial conferences have been organized through the National and State Judicial Academies as well as National and State Legal Services Authorities on the topic of delay and arrears reduction as well as enhancing timely justice to raise awareness about the problem and develop effective strategies. There has been substantially increased attention to the use of Alternate Dispute Resolution (ADR) techniques, in particular mediation and Lok Adalats. A system of planning and management is being developed and recommended to High Courts for their consideration. A National Judicial Infrastructure Plan, A National Judicial Education Strategy and a National Mediation Plan have been developed and are in different stages of implementation. The results of these massive initiatives have been encouraging. Reversing earlier trends, filing of new cases as well as disposal has gone up at the national level. However, aggregate pendency has increased because the increase in filing has been faster than the rate of disposals in general.
I must also comment on the importance of Legal Aid programmes, especially those which seek to impart legal literacy in remote and backward areas. We must acknowledge that access to legal education is still confined to a privileged few and that the existing pool of judges and lawyers is not adequate to bring about the changes that we desire. In recognition of this fact, a Committee headed by a sitting Supreme Court judge has been recently appointed to oversee the training of motivated young individuals as paralegals, who can then expand the reach of the legal aid programmes. We are also in the process of designing a project dedicated to the improvement of access to justice in the North-Eastern region of our country. It is our hope that improved awareness and access to legal remedies will help in mitigating the socio-political conflicts in troubled areas.
Efforts are also being made to incorporate Information Technology (IT) based solutions in order to strengthen the judicial system. Under the E-Courts project, most judicial officers in the country have been provided with computers, printers and access to legal databases. Steps are also being taken to digitize precedents as well as the permanent records of courts at all levels. At present the daily cause-lists, orders and judgments of the Supreme Court and the respective High Courts are freely available online through the Judgment Information System (JUDIS). In the coming years, the objective is to ensure that materials pertaining to all subordinate courts as well as tribunals will also be made freely available through this system.
Another important element of judicial reforms is that of organising educational programmes, which are held at the National Judicial Academy (Bhopal) and the various State Judicial Academies. These programmes are periodically held for the benefit of sitting judges from all levels. They are designed to raise awareness about the latest legal developments as well as the strengthening of skills for court-management, research and writing. Special efforts are made to sensitise judges to the complex interactions between law and social realities. These programmes also serve as a common forum for judges serving in different parts of the country to interact and learn from each others’ experiences.
Recently, the Union Minister for Law and Justice has also unveiled some proposals for systemic reforms. There are plans to establish a ‘National Arrears Grid’ which will compile reliable statistics on the institution, disposal and pendency of cases at all levels. The top law officers of the Central Government have also resolved to reduce the extent of litigation which involves governmental agencies. A ‘National Litigation Policy’ is being designed wherein administrative remedies will be strengthened in order to reduce the burden before the courts. A comprehensive legislation dealing with the subject of standards and accountability in the higher judiciary is also on the anvil.
To conclude, I would like to extend my heartfelt gratitude to all my colleagues who are serving at the various levels of the judicial system. I hope that they will all strive to uphold the high standards of dignity and integrity that are expected from anyone who holds a judicial office. I must also place on record my gratitude to the administrative staff members who have been working hard to keep pace with the increasing case-load. Like any public institution, the quality of justice-delivery also depends on the trust and confidence of the larger public. We rely on an active bar, a free press and a vigilant citizenry to point out our unintended mistakes so that we can improve our functioning. I sincerely hope that the dialogue between the judiciary and the various stakeholders in our society continues to take place in a cordial and constructive manner.
Jai Hind
The following is the full text of the Address by the Chief Justice of India, K.G. Balakrishnan on the eve of the National Law Day. November 26 is celebrated as National Law Day because it was on this day in 1949 that the Constituent Assembly of India adopted the Constitution, which then came into effect on January 26, 1950.
My Fellow Citizens,
I extend my warmest greetings to all of you on the eve of the 60th Law Day of our country. The legal and judicial fraternity of our country, as well as people at large, celebrate November 26 of each year as National Law Day because it was on this day in 1949 the Constituent Assembly of India had adopted our Constitution, which subsequently came into effect on January 26, 1950.
Law Day is an occasion on which we pay our humble tribute to the unique vision and genius of the framers of our Constitution. It prompts us to reflect upon and renew our pledge to protect, preserve and extend the values enshrined in our Constitution. The very first goal of the Constitution, is to secure justice to all — social, economic and political. This mandate not only shapes the rights of the people but also serves as a command to all those who wield authority in the name of the State. As the head of the Indian judicial system, it is my duty to keep the nation informed about the state of affairs in this branch of government.
An independent, accessible and efficient justice-delivery system is a pre-requisite for maintaining healthy democratic traditions and pursuing equitable development policies. In the last six decades Indian courts have played a leading role in protecting constitutional values and upholding the rule of law in our country. The vital social role of the courts has been strengthened by the creative reading of ideas such as ‘equal protection before the law’ and ‘personal liberty’. Especially with the evolution of the Public Interest Litigation (PIL) movement over the last three decades, the understanding of rights has expanded in many directions. From conferring guarantees of a civil-political nature, the fundamental rights have been interpreted to include positive socio-economic obligations on the State. This means that the courts of law are unique spaces where just solutions are devised, in spite of the socio-economic inequalities between the litigants.
India is a diverse country where we are still grappling with social stratification and discrimination on the grounds of caste, religion, gender, language, race and ethnicity among other factors. Conflicts that arise out of such identity-based differences or those related to the distribution of material resources are often very complicated since they involve multiple interest groups. Adjudicating such disputes often calls for a departure from the norm of adversarial litigation and the judges have accordingly devised procedural innovations to respond to the needs of litigants. This means that the role of a judge is not only that of applying the existing rules in a mechanical manner but also interpreting them in a creative manner in order to pursue the ends of justice.
I am deeply gratified by the trust and confidence that the people of this country repose in our judicial system. About 1.8 crore fresh cases had been filed in Indian courts in 2008, reflecting a steady increase in the rate of institution of fresh proceedings over the years. Against this, approximately 14,000 judges disposed of about 1.7 crore cases in 2008, demonstrating a disposal rate of about 1,200 cases per year by each judge. This was achieved notwithstanding the severe shortage of judges and their very heavy work load, abysmal infrastructure and a very challenging environment.
In all, Indian courts processed some 4.8 crore cases in 2008 — which is one of the largest volume of cases faced by any national judicial system in the world. Expert studies have suggested that our judicial strength is only very minimal and large expansion is required to dispose of this case-load. It is therefore quite natural that most cases take several years to be completed. Such is the shortage of judicial officers that, on average, an Indian judge has a total of about 25 minutes to devote to each case.
A significant consequence of the severe shortage of judges is that a substantial number of poor people are unable to obtain the protection of courts to preserve and strengthen their rights. This ‘docket exclusion’ does not bode well for the country as affected people may turn to alternative (including violent) means for securing their rights. On the contrary, there is an urgent need to promote ‘docket inclusion’. There is also a widespread perception that many people are being deterred from approaching the courts on account of apprehensions about undue delay in the delivery of justice. This may indeed be true in some parts of the country where the number of civil cases being instituted are very low in proportion to their respective population-levels. Therefore, any meaningful agenda for judicial reforms must account for the twin problems of high pendency levels as well as the limited access to justice for some sections of society.
This means that even as we devise strategies to combat the existing backlog, we must also prepare for the further expansion of court dockets in the coming years. With gradual improvements in development indicators such as income-levels, access to education and healthcare, we should expect the previously marginalized sections to approach the judicial system in larger numbers, enhancing “docket inclusion”.
In many cases, the undue delay in disposal is a consequence of hurdles placed in the procedural steps involved in litigation. In the course of a legal proceeding, there is a likelihood of delay at various stages from the service of notice upon the parties, the framing of issues, submission of pleadings, examination of witnesses, production of documents and the counsels’ arguments. If a party apprehends an adverse result, there is a tendency on part of litigants or practitioners to place obstacles in these proceedings. The logical response to this endemic problem is that judges need to be more proactive in managing the flow of proceedings before them. Attempts to delay the proceedings should be treated firmly but it must also be kept in mind that the desire to improve procedural efficiency should not compromise the quality of justice being delivered. As inheritors of the common-law tradition, we are bound to follow the principles of natural justice, namely that ‘no man shall be a judge in his own cause’, that ‘no persons shall be condemned unheard’ and that ‘every order will be a reasoned order’.
Even though the judges are the main actors in the justice-delivery system, their efficiency is closely related to the behaviour of advocates, litigants, investigating agencies and witnesses among others. While public scrutiny is rightly being directed towards the performance and accountability of judges, there is also a need to examine the responsibilities of all the other participants in the judicial system. In particular, there is an urgent need to tackle the institution of frivolous claims and the giving of false evidence. Judges can perform their fact-finding and adjudicatory roles in a satisfactory manner only if they receive the co-operation of all the stakeholders. In this sense, the judicial function is as much a collective enterprise as the other wings of government.
A meaningful shift will only occur if attitudes change among the bar. Ultimately it is the responsibility of legal practitioners to advice their clients on the suitability of resorting to litigation. For resolving many categories of disputes, adversarial courtroom litigation is not appropriate since disputes can be amicably resolved at the pre-trial stage. With the objective of promoting awareness about these methods, full-time Mediation Centres have been established in the various High Courts as well as some of the District Courts. Their function is to not only provide mediation services but also to impart training about the same.
I must also emphasize that a large portion of the increase in litigation rates can be attributed to stronger remedies that have been introduced through Central and State legislations over the years. In particular, our trial courts are confronted with a disproportionate number of cases involving the dishonour of cheques, motor accident compensation claims, domestic violence and corruption-related cases. This is of course a natural consequence of the fact that litigant-friendly procedures and remedies were incorporated to address such grievances. Hence, there has been an incentive for parties to come forward and file cases in these categories. However, there has not been a commensurate increase in the strength of judges needed to decide these cases.
In recognition of this fact, the strength of the Supreme Court and the various High Courts has been gradually increased. However, it is the strength of the subordinate courts which calls for a drastic increase. I have repeatedly called for targeted interventions by way of increasing the strength of the subordinate judiciary, while emphasizing the need for establishing more Family Courts, CBI Courts and specialised magistrates’ courts. In recent months, a lot of attention has been drawn to the proposal for establishing ‘Gram Nyayalayas’. Under the Gram Nyayalayas Act, 2008 judicial officers of the rank of Civil Judge (Junior Division) will be appointed to function at the block-level. The intent of course is to bring the justice-delivery system closer to rural citizens who have to otherwise travel to distant district centres. It is estimated that nearly 5,000 judicial officers will be needed to occupy these positions.
Since 2007, some important steps have been taken to improve the quality of justice-delivery. Hundreds of judicial conferences have been organized through the National and State Judicial Academies as well as National and State Legal Services Authorities on the topic of delay and arrears reduction as well as enhancing timely justice to raise awareness about the problem and develop effective strategies. There has been substantially increased attention to the use of Alternate Dispute Resolution (ADR) techniques, in particular mediation and Lok Adalats. A system of planning and management is being developed and recommended to High Courts for their consideration. A National Judicial Infrastructure Plan, A National Judicial Education Strategy and a National Mediation Plan have been developed and are in different stages of implementation. The results of these massive initiatives have been encouraging. Reversing earlier trends, filing of new cases as well as disposal has gone up at the national level. However, aggregate pendency has increased because the increase in filing has been faster than the rate of disposals in general.
I must also comment on the importance of Legal Aid programmes, especially those which seek to impart legal literacy in remote and backward areas. We must acknowledge that access to legal education is still confined to a privileged few and that the existing pool of judges and lawyers is not adequate to bring about the changes that we desire. In recognition of this fact, a Committee headed by a sitting Supreme Court judge has been recently appointed to oversee the training of motivated young individuals as paralegals, who can then expand the reach of the legal aid programmes. We are also in the process of designing a project dedicated to the improvement of access to justice in the North-Eastern region of our country. It is our hope that improved awareness and access to legal remedies will help in mitigating the socio-political conflicts in troubled areas.
Efforts are also being made to incorporate Information Technology (IT) based solutions in order to strengthen the judicial system. Under the E-Courts project, most judicial officers in the country have been provided with computers, printers and access to legal databases. Steps are also being taken to digitize precedents as well as the permanent records of courts at all levels. At present the daily cause-lists, orders and judgments of the Supreme Court and the respective High Courts are freely available online through the Judgment Information System (JUDIS). In the coming years, the objective is to ensure that materials pertaining to all subordinate courts as well as tribunals will also be made freely available through this system.
Another important element of judicial reforms is that of organising educational programmes, which are held at the National Judicial Academy (Bhopal) and the various State Judicial Academies. These programmes are periodically held for the benefit of sitting judges from all levels. They are designed to raise awareness about the latest legal developments as well as the strengthening of skills for court-management, research and writing. Special efforts are made to sensitise judges to the complex interactions between law and social realities. These programmes also serve as a common forum for judges serving in different parts of the country to interact and learn from each others’ experiences.
Recently, the Union Minister for Law and Justice has also unveiled some proposals for systemic reforms. There are plans to establish a ‘National Arrears Grid’ which will compile reliable statistics on the institution, disposal and pendency of cases at all levels. The top law officers of the Central Government have also resolved to reduce the extent of litigation which involves governmental agencies. A ‘National Litigation Policy’ is being designed wherein administrative remedies will be strengthened in order to reduce the burden before the courts. A comprehensive legislation dealing with the subject of standards and accountability in the higher judiciary is also on the anvil.
To conclude, I would like to extend my heartfelt gratitude to all my colleagues who are serving at the various levels of the judicial system. I hope that they will all strive to uphold the high standards of dignity and integrity that are expected from anyone who holds a judicial office. I must also place on record my gratitude to the administrative staff members who have been working hard to keep pace with the increasing case-load. Like any public institution, the quality of justice-delivery also depends on the trust and confidence of the larger public. We rely on an active bar, a free press and a vigilant citizenry to point out our unintended mistakes so that we can improve our functioning. I sincerely hope that the dialogue between the judiciary and the various stakeholders in our society continues to take place in a cordial and constructive manner.
Jai Hind
Nabard okays Rs 2.14 cr loan for drinking water
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
The sanctioned loan amounted to 90 per cent of the total cost of the project at Rs. 2.37 crore, the release said.
NABARD has sanctioned a cumulative loan of Rs 6.25 crore in the financial year 2009-10 for three infrastructure development project in Sikkim comprising two road projects and one drinking water project, it said.
The National Bank for Agriculture and Rural Development (NABARD) has sanctioned a loan of Rs. 2.14 crore to the state government for implementation of a drinking water scheme at Lingdok Bazaar in East Sikkim, an official release said today.
The sanctioned loan amounted to 90 per cent of the total cost of the project at Rs. 2.37 crore, the release said.
NABARD has sanctioned a cumulative loan of Rs 6.25 crore in the financial year 2009-10 for three infrastructure development project in Sikkim comprising two road projects and one drinking water project, it said.
Tuesday, November 24, 2009
CHAT WITH DR DEVI SHETTY- HEART SPECIALIST
Chat with Dr.Devi Shetty, Narayana Hrudayalaya
(Heart Specialist) Bangalore was arranged by WIPRO for its employees .
The transcript of the chat is given below. Useful for everyone.
source: Janab Choudhary,mumbai
Qn: What are the thumb rules for a layman to take care of his heart?
Ans:
1. Diet - Less of carbohydrate, more of protein, less oil
2. Exercise - Half an hour's walk, at least five days a week; avoid lifts and avoid sitting for a longtime
3. Quit smoking
4. Control weight
5. Control blood pressure and sugar
Qn: Is eating non-veg food (fish) good for the heart?
Ans: No
Qn: It's still a grave shock to hear that some apparently healthy person
gets a cardiac arrest. How do we understand it in perspective?
Ans: This is called silent attack; that is why we recommend everyone past the age of 30 to undergo routine health checkups.
Qn: Are heart diseases hereditary?
Ans: Yes
Qn: What are the ways in which the heart is stressed? What practices do you suggest to de-stress?
Ans: Change your attitude towards life. Do not look for perfection in everything in life.
Qn: Is walking better than jogging or is more intensive exercise required to keep a healthy heart?
Ans: Walking is better than jogging since jogging leads to early fatigue and injury to joints
Qn: You have done so much for the poor and needy. What has inspired you to do so?
Ans: Mother Theresa , who was my patient
Qn: Can people with low blood pressure suffer heart diseases?
Ans: Extremely rare
Qn: Does cholesterol accumulates right from an early age
(I'm currently only 22) or do you have to worry about it only after you are above 30 years of age?
Ans: Cholesterol accumulates from childhood.
Qn: How do irregular eating habits affect the heart ?
Ans: You tend to eat junk food when the habits are irregular and your body's enzyme release for digestion gets confused.
Qn: How can I control cholesterol content without using medicines?
Ans: Control diet, walk and eat walnut.
Qn: Can yoga prevent heart ailments?
Ans: Yoga helps.
Qn: Which is the best and worst food for the heart?
Ans: Fruits and vegetables are the best and the worst is oil.
Qn: Which oil is better - groundnut, sunflower, olive?
Ans: All oils are bad .
Qn: What is the routine checkup one should go through? Is there any specific test?
Ans: Routine blood test to ensure sugar, cholesterol is ok. Check BP, Treadmill test after an echo.
Qn: What are the first aid steps to be taken on a heart attack?
Ans: Help the person into a sleeping position , place an aspirin tablet under the tongue with a sorbitrate tablet if available, and rush him to a coronary care unit since the maximum casualty takes place within the first hour.
Qn: How do you differentiate between pain caused by a heart attack and that caused due to gastric trouble?
Ans: Extremely difficult without ECG.
Qn: What is the main cause of a steep increase in heart problems amongst youngsters? I see people of about 30-40 yrs of age having heart attacks and serious heart problems.
Ans: Increased awareness has increased incidents. Also, s edentary lifestyles, smoking, junk food, lack of exercise in a country where people are genetically three times more vulnerable for heart attacks than Europeans and Americans.
Qn: Is it possible for a person to have BP outside the normal range of 120/80 and yet be perfectly healthy?
Ans: Yes.
Qn: Marriages within close relatives can lead to heart problems for the child. Is it true?
Ans : Yes, co-sanguinity leads to congenital abnormalities and you may not have a software engineer as a child
Qn: Many of us have an irregular daily routine and many a times we have to stay late nights in office. Does this affect our heart ? What precautions would you recommend?
Ans : When you are young, nature protects you against all these irregularities. However, as you grow older, respect the biological clock.
Qn: Will taking anti-hypertensive drugs cause some other complications (short / long term)?
Ans : Yes, most drugs have some side effects. However, modern anti-hypertensive drugs are extremely safe.
Qn: Will consuming more coffee/tea lead to heart attacks?
Ans : No.
Qn: Are asthma patients more prone to heart disease?
Ans : No.
Qn: How would you define junk food?
Ans : Fried food like Kentucky , McDonalds , samosas, and even masala dosas.
Qn: You mentioned that Indians are three times more vulnerable. What is the reason for this, as Europeans and Americans also eat a lot of junk food?
Ans: Every race is vulnerable to some disease and unfortunately, Indians are vulnerable for the most expensive disease.
Qn: Does consuming bananas help reduce hypertension?
Ans : No.
Qn: Can a person help himself during a heart attack (Because we see a lot of forwarded emails on this)?
Ans : Yes. Lie down comfortably and put an aspirin tablet of any description under the tongue and ask someone to take you to the nearest coronary care unit without any delay and do not wait for the ambulance since most of the time, the ambulance does not turn up.
Qn: Do, in any way, low white blood cells and low hemoglobin count lead to heart problems?
Ans : No. But it is ideal to have normal hemoglobin level to increase your exercise capacity.
Qn: Sometimes, due to the hectic schedule we are not able to exercise. So, does walking while doing daily chores at home or climbing the stairs in the house, work as a substitute for exercise?
Ans : Certainly. Avoid sitting continuously for more than half an hour and even the act of getting out of the chair and going to another chair and sitting helps a lot.
Qn: Is there a relation between heart problems and blood sugar?
Ans: Yes. A strong relationship since diabetics are more vulnerable to heart attacks than non-diabetics.
Qn: What are the things one needs to take care of after a heart operation?
Ans : Diet, exercise, drugs on time , Control cholesterol, BP, weight.
Qn: Are people working on night shifts more vulnerable to heart disease when compared to day shift workers?
Ans : No.
Qn: What are the modern anti-hypertensive drugs?
Ans : There are hundreds of drugs and your doctor will chose the right combination for your problem, but my suggestion is to avoid the drugs and go for natural ways of controlling blood pressure by walk, diet to
reduce weight and changing attitudes towards lifestyles.
Qn: Does dispirin or similar headache pills increase the risk of heart attacks?
Ans : No.
Qn: Why is the rate of heart attacks more in men than in women?
Ans : Nature protects women till the age of 45.
Qn: How can one keep the heart in a good condition?
Ans : Eat a healthy diet, avoid junk food, exercise everyday, do not smoke and, go for health checkup s if you are past the age of 30 ( once in six months recommended) ....
(Heart Specialist) Bangalore was arranged by WIPRO for its employees .
The transcript of the chat is given below. Useful for everyone.
source: Janab Choudhary,mumbai
Qn: What are the thumb rules for a layman to take care of his heart?
Ans:
1. Diet - Less of carbohydrate, more of protein, less oil
2. Exercise - Half an hour's walk, at least five days a week; avoid lifts and avoid sitting for a longtime
3. Quit smoking
4. Control weight
5. Control blood pressure and sugar
Qn: Is eating non-veg food (fish) good for the heart?
Ans: No
Qn: It's still a grave shock to hear that some apparently healthy person
gets a cardiac arrest. How do we understand it in perspective?
Ans: This is called silent attack; that is why we recommend everyone past the age of 30 to undergo routine health checkups.
Qn: Are heart diseases hereditary?
Ans: Yes
Qn: What are the ways in which the heart is stressed? What practices do you suggest to de-stress?
Ans: Change your attitude towards life. Do not look for perfection in everything in life.
Qn: Is walking better than jogging or is more intensive exercise required to keep a healthy heart?
Ans: Walking is better than jogging since jogging leads to early fatigue and injury to joints
Qn: You have done so much for the poor and needy. What has inspired you to do so?
Ans: Mother Theresa , who was my patient
Qn: Can people with low blood pressure suffer heart diseases?
Ans: Extremely rare
Qn: Does cholesterol accumulates right from an early age
(I'm currently only 22) or do you have to worry about it only after you are above 30 years of age?
Ans: Cholesterol accumulates from childhood.
Qn: How do irregular eating habits affect the heart ?
Ans: You tend to eat junk food when the habits are irregular and your body's enzyme release for digestion gets confused.
Qn: How can I control cholesterol content without using medicines?
Ans: Control diet, walk and eat walnut.
Qn: Can yoga prevent heart ailments?
Ans: Yoga helps.
Qn: Which is the best and worst food for the heart?
Ans: Fruits and vegetables are the best and the worst is oil.
Qn: Which oil is better - groundnut, sunflower, olive?
Ans: All oils are bad .
Qn: What is the routine checkup one should go through? Is there any specific test?
Ans: Routine blood test to ensure sugar, cholesterol is ok. Check BP, Treadmill test after an echo.
Qn: What are the first aid steps to be taken on a heart attack?
Ans: Help the person into a sleeping position , place an aspirin tablet under the tongue with a sorbitrate tablet if available, and rush him to a coronary care unit since the maximum casualty takes place within the first hour.
Qn: How do you differentiate between pain caused by a heart attack and that caused due to gastric trouble?
Ans: Extremely difficult without ECG.
Qn: What is the main cause of a steep increase in heart problems amongst youngsters? I see people of about 30-40 yrs of age having heart attacks and serious heart problems.
Ans: Increased awareness has increased incidents. Also, s edentary lifestyles, smoking, junk food, lack of exercise in a country where people are genetically three times more vulnerable for heart attacks than Europeans and Americans.
Qn: Is it possible for a person to have BP outside the normal range of 120/80 and yet be perfectly healthy?
Ans: Yes.
Qn: Marriages within close relatives can lead to heart problems for the child. Is it true?
Ans : Yes, co-sanguinity leads to congenital abnormalities and you may not have a software engineer as a child
Qn: Many of us have an irregular daily routine and many a times we have to stay late nights in office. Does this affect our heart ? What precautions would you recommend?
Ans : When you are young, nature protects you against all these irregularities. However, as you grow older, respect the biological clock.
Qn: Will taking anti-hypertensive drugs cause some other complications (short / long term)?
Ans : Yes, most drugs have some side effects. However, modern anti-hypertensive drugs are extremely safe.
Qn: Will consuming more coffee/tea lead to heart attacks?
Ans : No.
Qn: Are asthma patients more prone to heart disease?
Ans : No.
Qn: How would you define junk food?
Ans : Fried food like Kentucky , McDonalds , samosas, and even masala dosas.
Qn: You mentioned that Indians are three times more vulnerable. What is the reason for this, as Europeans and Americans also eat a lot of junk food?
Ans: Every race is vulnerable to some disease and unfortunately, Indians are vulnerable for the most expensive disease.
Qn: Does consuming bananas help reduce hypertension?
Ans : No.
Qn: Can a person help himself during a heart attack (Because we see a lot of forwarded emails on this)?
Ans : Yes. Lie down comfortably and put an aspirin tablet of any description under the tongue and ask someone to take you to the nearest coronary care unit without any delay and do not wait for the ambulance since most of the time, the ambulance does not turn up.
Qn: Do, in any way, low white blood cells and low hemoglobin count lead to heart problems?
Ans : No. But it is ideal to have normal hemoglobin level to increase your exercise capacity.
Qn: Sometimes, due to the hectic schedule we are not able to exercise. So, does walking while doing daily chores at home or climbing the stairs in the house, work as a substitute for exercise?
Ans : Certainly. Avoid sitting continuously for more than half an hour and even the act of getting out of the chair and going to another chair and sitting helps a lot.
Qn: Is there a relation between heart problems and blood sugar?
Ans: Yes. A strong relationship since diabetics are more vulnerable to heart attacks than non-diabetics.
Qn: What are the things one needs to take care of after a heart operation?
Ans : Diet, exercise, drugs on time , Control cholesterol, BP, weight.
Qn: Are people working on night shifts more vulnerable to heart disease when compared to day shift workers?
Ans : No.
Qn: What are the modern anti-hypertensive drugs?
Ans : There are hundreds of drugs and your doctor will chose the right combination for your problem, but my suggestion is to avoid the drugs and go for natural ways of controlling blood pressure by walk, diet to
reduce weight and changing attitudes towards lifestyles.
Qn: Does dispirin or similar headache pills increase the risk of heart attacks?
Ans : No.
Qn: Why is the rate of heart attacks more in men than in women?
Ans : Nature protects women till the age of 45.
Qn: How can one keep the heart in a good condition?
Ans : Eat a healthy diet, avoid junk food, exercise everyday, do not smoke and, go for health checkup s if you are past the age of 30 ( once in six months recommended) ....
Prime Minister’s Address to the United States India Business Council (USIBC) Washington DC,
Nov.23,2009
Ladies and Gentlemen, It is a great pleasure to be visiting Washington DC again. I am looking forward to my discussions with President Obama tomorrow, when my official program begins.
Today, however, belongs to the private sector and I am therefore delighted to have this opportunity to address this select gathering of distinguished leaders of business and commerce.
Ladies and Gentlemen, In today’s economically integrated world, economic relationships are the bedrock on which social, cultural and political relationships are built. A strategic relationship that is not underpinned by a strong economic relationship is unlikely to prosper. On the other hand, a web of economic relationships intensifies both business-to-business and people to people contacts, promoting a deeper and better understanding between countries. That is the kind of relationship we wish to see with this great country, the United States.
Ladies and Gentlemen, India’s new and evolving relationship with the United States is in many ways the natural consequence of changes in economic policies and business practices that have occurred as countries have responded to the process of global economic integration. India’s policies have also changed in the process making our economy much more open to trade and investment, and more closely integrated with the world economy. These policies have yielded handsome benefits for India no doubt.
In the five years before the global crisis of 2008, India’s economy was growing at an unprecedented rate of 9 percent per year on average in the last five years. India began to be perceived as one of the fastest growing emerging market economies. It became an attractive destination for foreign investment as well.
Ladies and Gentlemen, I am happy to say that American business has been part of India’s economic transformation. Most of the large American corporations are now present in India as foreign direct investors. Many are engaged in high technology work, with their Indian operations forming part of their global supply chains. US business in India has also groomed managerial and technical talent which they have liberally used for their global operations. A number of companies have located their research facilities in India attracted by the availability of high quality scientific talent at relatively competitive costs.
In recent years Indian companies in sectors ranging from automobile components, tractors, pharmaceuticals and software have also been investing in the United States and creating thousands of jobs in this great country. This two-way flow illustrates the mutually beneficial nature of our evolving and growing relationship.
Ladies and Gentlemen, Our engagement with the US has been expanding on many fronts, throwing up new business opportunities. The nuclear agreement was a landmark in Indo-US relations and I would like to acknowledge with deep appreciation, the very supportive role American business played in persuading US Congress to support this important initiative. We are currently finalizing the details that will make the agreement fully operational. Once that is done, it will remove restrictions on the flow of technology in nuclear and many other areas. This will open a large area of commercial opportunities for US business in India.
We have an expanding area of defence collaboration including the possibility of procurement of defence equipment from the US. Our domestic private sector defence suppliers are now allowed to have upto 26% foreign investment, opening a new avenue for Indo-US collaboration in defence related activities.
As we work with other countries to meet the challenge of climate change, we are also addressing the problem domestically through a National Action Plan for Climate Change, which outlines many new initiatives in energy efficiency, and clean energy. These are areas where your companies are leaders in the industry, and we should explore possible areas of cooperation.
We plan to sign with the US Government tomorrow a Memorandum of Understanding on Energy Security, Clean Energy and Climate Change. This will provide a framework for pursuing bilateral cooperation in specific areas.
Ladies and gentlemen, As you very well know, the last year has not been an easy one for the global economy. The world has been through an unprecedented financial and economic crisis which has only now shown signs of moderating. There are two fallouts of the crisis that have implications for the Indo-US relations. The first arises from the recognition that managing a highly integrated global economy requires coordinated and collective action on a global scale. After the Pittsburgh Summit, the G-20 has become the premier forum for international consultation and dialogue. As members of this group, our two countries will have the opportunity to cooperate in addressing all the critical issues now facing the world economy. The second is the recognition that the large dynamic emerging market economies of the world are now significant players in the global economy. They are expected to grow faster than the industrialized countries in the years that lie ahead. This will gradually increase their share in the world economy and also increase their contribution to global growth.
India today is the second largest of the dynamic emerging economies. Like other emerging market economies, we too have been affected by the crisis of 2008. Our growth rate has decelerated to 6.7 percent in 2008-09 and will remain at around 6.5 percent in the current fiscal year. However, we expect to accelerate from this level and get back to a growth of around 9% per annum within two years.
There are a number of reasons why I believe the Indian economy will resume rapid growth despite the fact that slower growth in industrialized countries will limit our export possibilities. Our domestic savings rate has increased very substantially and supported an investment rate of 39% of our GDP in 2007-08, most of it being in private investment. We have ample human resources in terms of labour skills, scientific talent, and management capability. Looking ahead we enjoy a demographic dividend in terms of a growing working age populations in a world that is aging very rapidly. We have a vibrant and innovative private sector, which operates independently of our government. Rapid and inclusive growth in the years ahead will enable us to achieve our social objectives. It will also result in a few hundred million people entering the Indian market for a wide range of consumer goods.
American companies interested in global markets would be well advised to look at the emerging possibilities on the horizon in India.
Ladies and Gentlemen, A major weakness that limits our growth possibilities is inadequacy of hard infrastructure. We need massive investment in energy, transport and urban infrastructure to be able to support a high rate of economic growth. Expanded investment in these areas will help offset weak export demand by providing a domestic demand impetus to support higher rates of economic growth. We have taken a number of steps to improve our processes of project approval and implementation. I invite American business to look at the large number of public private partnership projects in infrastructure being promoted by the Central Government and individual State governments in our country. We would welcome innovative ideas to finance such public private partnerships.
Ladies and Gentlemen, American business is also welcome to invest in other areas. These include agriculture based businesses such in the post harvest segment including cold chains, agricultural marketing and food processing; manufacturing and mining; and of course services such as financial services, retailing and tourism.
Ladies and gentlemen, Wherever I meet businessmen to talk of our plans for the future, the question I am most often asked is whether economic reforms will continue. You should have no doubt on that score. The economic reforms of the past have brought us advantages and I can assure you that we will continue down the road.
We might do it gradually, and in a manner which builds a consensus for economic and social change. But I assure you we will persevere. We plan to push ahead on key reforms in several areas especially those aimed at bringing the deficit under control while ensuring a strong expansion in investment in infrastructure. Tax reforms, especially the introduction of a Goods and Services Tax, are a very important part of the agenda. So also are financial sector reforms. We are also committed to major reforms in education and skill development. We have started a program to raise resources by sale of equity in public sector enterprises. Legal reforms aimed at reducing delays are another key priority.
Ladies and gentlemen, Both our governments attach a high importance to the role of the private sector. President Obama and I have reconstituted the Indo-US CEOs’ Forum, with Mr. David Cote and Mr. Ratan Tata as co-chairs. The forum will provide a platform where representatives of our private sectors can submit joint recommendations to the two governments on ways of enhancing private sector cooperation between our countries. I look forward to the recommendations emerging from this distinguished group.
Ladies and gentlemen, American business has played a vital role in transforming the Indo-US relationship into what can today be called a strategic partnership between the world’s oldest democracy and the world’s largest democracy. I thank all those here who have contributed to this process. I invite you to stay engaged as we transform India from a low income country into a vibrant market of over a billion people, with steadily growing purchasing power.With this I wish to thank each one of you for being present this afternoon. Thank you.
source:PIB
Nov.23,2009
Ladies and Gentlemen, It is a great pleasure to be visiting Washington DC again. I am looking forward to my discussions with President Obama tomorrow, when my official program begins.
Today, however, belongs to the private sector and I am therefore delighted to have this opportunity to address this select gathering of distinguished leaders of business and commerce.
Ladies and Gentlemen, In today’s economically integrated world, economic relationships are the bedrock on which social, cultural and political relationships are built. A strategic relationship that is not underpinned by a strong economic relationship is unlikely to prosper. On the other hand, a web of economic relationships intensifies both business-to-business and people to people contacts, promoting a deeper and better understanding between countries. That is the kind of relationship we wish to see with this great country, the United States.
Ladies and Gentlemen, India’s new and evolving relationship with the United States is in many ways the natural consequence of changes in economic policies and business practices that have occurred as countries have responded to the process of global economic integration. India’s policies have also changed in the process making our economy much more open to trade and investment, and more closely integrated with the world economy. These policies have yielded handsome benefits for India no doubt.
In the five years before the global crisis of 2008, India’s economy was growing at an unprecedented rate of 9 percent per year on average in the last five years. India began to be perceived as one of the fastest growing emerging market economies. It became an attractive destination for foreign investment as well.
Ladies and Gentlemen, I am happy to say that American business has been part of India’s economic transformation. Most of the large American corporations are now present in India as foreign direct investors. Many are engaged in high technology work, with their Indian operations forming part of their global supply chains. US business in India has also groomed managerial and technical talent which they have liberally used for their global operations. A number of companies have located their research facilities in India attracted by the availability of high quality scientific talent at relatively competitive costs.
In recent years Indian companies in sectors ranging from automobile components, tractors, pharmaceuticals and software have also been investing in the United States and creating thousands of jobs in this great country. This two-way flow illustrates the mutually beneficial nature of our evolving and growing relationship.
Ladies and Gentlemen, Our engagement with the US has been expanding on many fronts, throwing up new business opportunities. The nuclear agreement was a landmark in Indo-US relations and I would like to acknowledge with deep appreciation, the very supportive role American business played in persuading US Congress to support this important initiative. We are currently finalizing the details that will make the agreement fully operational. Once that is done, it will remove restrictions on the flow of technology in nuclear and many other areas. This will open a large area of commercial opportunities for US business in India.
We have an expanding area of defence collaboration including the possibility of procurement of defence equipment from the US. Our domestic private sector defence suppliers are now allowed to have upto 26% foreign investment, opening a new avenue for Indo-US collaboration in defence related activities.
As we work with other countries to meet the challenge of climate change, we are also addressing the problem domestically through a National Action Plan for Climate Change, which outlines many new initiatives in energy efficiency, and clean energy. These are areas where your companies are leaders in the industry, and we should explore possible areas of cooperation.
We plan to sign with the US Government tomorrow a Memorandum of Understanding on Energy Security, Clean Energy and Climate Change. This will provide a framework for pursuing bilateral cooperation in specific areas.
Ladies and gentlemen, As you very well know, the last year has not been an easy one for the global economy. The world has been through an unprecedented financial and economic crisis which has only now shown signs of moderating. There are two fallouts of the crisis that have implications for the Indo-US relations. The first arises from the recognition that managing a highly integrated global economy requires coordinated and collective action on a global scale. After the Pittsburgh Summit, the G-20 has become the premier forum for international consultation and dialogue. As members of this group, our two countries will have the opportunity to cooperate in addressing all the critical issues now facing the world economy. The second is the recognition that the large dynamic emerging market economies of the world are now significant players in the global economy. They are expected to grow faster than the industrialized countries in the years that lie ahead. This will gradually increase their share in the world economy and also increase their contribution to global growth.
India today is the second largest of the dynamic emerging economies. Like other emerging market economies, we too have been affected by the crisis of 2008. Our growth rate has decelerated to 6.7 percent in 2008-09 and will remain at around 6.5 percent in the current fiscal year. However, we expect to accelerate from this level and get back to a growth of around 9% per annum within two years.
There are a number of reasons why I believe the Indian economy will resume rapid growth despite the fact that slower growth in industrialized countries will limit our export possibilities. Our domestic savings rate has increased very substantially and supported an investment rate of 39% of our GDP in 2007-08, most of it being in private investment. We have ample human resources in terms of labour skills, scientific talent, and management capability. Looking ahead we enjoy a demographic dividend in terms of a growing working age populations in a world that is aging very rapidly. We have a vibrant and innovative private sector, which operates independently of our government. Rapid and inclusive growth in the years ahead will enable us to achieve our social objectives. It will also result in a few hundred million people entering the Indian market for a wide range of consumer goods.
American companies interested in global markets would be well advised to look at the emerging possibilities on the horizon in India.
Ladies and Gentlemen, A major weakness that limits our growth possibilities is inadequacy of hard infrastructure. We need massive investment in energy, transport and urban infrastructure to be able to support a high rate of economic growth. Expanded investment in these areas will help offset weak export demand by providing a domestic demand impetus to support higher rates of economic growth. We have taken a number of steps to improve our processes of project approval and implementation. I invite American business to look at the large number of public private partnership projects in infrastructure being promoted by the Central Government and individual State governments in our country. We would welcome innovative ideas to finance such public private partnerships.
Ladies and Gentlemen, American business is also welcome to invest in other areas. These include agriculture based businesses such in the post harvest segment including cold chains, agricultural marketing and food processing; manufacturing and mining; and of course services such as financial services, retailing and tourism.
Ladies and gentlemen, Wherever I meet businessmen to talk of our plans for the future, the question I am most often asked is whether economic reforms will continue. You should have no doubt on that score. The economic reforms of the past have brought us advantages and I can assure you that we will continue down the road.
We might do it gradually, and in a manner which builds a consensus for economic and social change. But I assure you we will persevere. We plan to push ahead on key reforms in several areas especially those aimed at bringing the deficit under control while ensuring a strong expansion in investment in infrastructure. Tax reforms, especially the introduction of a Goods and Services Tax, are a very important part of the agenda. So also are financial sector reforms. We are also committed to major reforms in education and skill development. We have started a program to raise resources by sale of equity in public sector enterprises. Legal reforms aimed at reducing delays are another key priority.
Ladies and gentlemen, Both our governments attach a high importance to the role of the private sector. President Obama and I have reconstituted the Indo-US CEOs’ Forum, with Mr. David Cote and Mr. Ratan Tata as co-chairs. The forum will provide a platform where representatives of our private sectors can submit joint recommendations to the two governments on ways of enhancing private sector cooperation between our countries. I look forward to the recommendations emerging from this distinguished group.
Ladies and gentlemen, American business has played a vital role in transforming the Indo-US relationship into what can today be called a strategic partnership between the world’s oldest democracy and the world’s largest democracy. I thank all those here who have contributed to this process. I invite you to stay engaged as we transform India from a low income country into a vibrant market of over a billion people, with steadily growing purchasing power.With this I wish to thank each one of you for being present this afternoon. Thank you.
source:PIB
Sikkim to have highest mini-hydro power station in country
GANGTOK, November 22: Sikkim would soon acquire the distinction of having a hydro power station at an altitude of around 13,000 ft, the highest in the entire country.
The work on this proposed mini-hydel power project in Thangu in North Sikkim would start soon with active intervention from the State department of science & technology, said the department’s advisor Mr. GJ Samadhanam.
Mr. Samadhanam who was in Gangtok on Friday, said that the proposed mini-hydel project which is sponsored by his department had earlier been entrusted to a local NGO. However, the NGO could not complete the project in the scheduled time due to some unavoidable reasons and the resulting delay has resulted in cost escalation, he said.
After a meeting on Friday with the State chief secretary and officials from power department along with science & technology departments, Samadhanam said that it was decided during the meeting that the project will be handed over to the power department while the local NGO too would remain involved in undertaking non-technical and other jobs.
Samadhanam said that a fresh DPR will be submitted by the department soon and the Rs. 5 crore worth project is expected to be completed in the next two years.
source:SE
GANGTOK, November 22: Sikkim would soon acquire the distinction of having a hydro power station at an altitude of around 13,000 ft, the highest in the entire country.
The work on this proposed mini-hydel power project in Thangu in North Sikkim would start soon with active intervention from the State department of science & technology, said the department’s advisor Mr. GJ Samadhanam.
Mr. Samadhanam who was in Gangtok on Friday, said that the proposed mini-hydel project which is sponsored by his department had earlier been entrusted to a local NGO. However, the NGO could not complete the project in the scheduled time due to some unavoidable reasons and the resulting delay has resulted in cost escalation, he said.
After a meeting on Friday with the State chief secretary and officials from power department along with science & technology departments, Samadhanam said that it was decided during the meeting that the project will be handed over to the power department while the local NGO too would remain involved in undertaking non-technical and other jobs.
Samadhanam said that a fresh DPR will be submitted by the department soon and the Rs. 5 crore worth project is expected to be completed in the next two years.
source:SE
STDC to introduce skill development programme soon to promote Village Tourism in the state
By Rashmi Pradhan | Gangtok
The Sikkim Tourism Development Corporation (STDC) is planning to introduce skill development programme soon for the locals, in a bid to promote Village Tourism in the state. This decision has been taken as the concept of Village Tourism has become popular among tourists in Sikkim.
Elaborating on the same, Amit Kapil Chettri, Assistant General Manager, STDC said, “STDC has decided to introduce skill development programme under capacity building process. For the same, STDC will set up training centres for the hospitality sector wherein locals irrespective of age and qualification will be provided with specialised training in food and beverage and housekeeping. Under this project, hygiene and quality food will be given priority.
After completing the six months training programme, candidates will be placed at various hotels and restaurants and other private companies. The aim of the skill development programme is to serve hygienic and quality food to tourists.” Chettri added that STDC is planning to market the Village Tourism concept through brochures, websites and by participating in various trade fairs held at national level. For the same, it has also designed different packages for tourists
By Rashmi Pradhan | Gangtok
The Sikkim Tourism Development Corporation (STDC) is planning to introduce skill development programme soon for the locals, in a bid to promote Village Tourism in the state. This decision has been taken as the concept of Village Tourism has become popular among tourists in Sikkim.
Elaborating on the same, Amit Kapil Chettri, Assistant General Manager, STDC said, “STDC has decided to introduce skill development programme under capacity building process. For the same, STDC will set up training centres for the hospitality sector wherein locals irrespective of age and qualification will be provided with specialised training in food and beverage and housekeeping. Under this project, hygiene and quality food will be given priority.
After completing the six months training programme, candidates will be placed at various hotels and restaurants and other private companies. The aim of the skill development programme is to serve hygienic and quality food to tourists.” Chettri added that STDC is planning to market the Village Tourism concept through brochures, websites and by participating in various trade fairs held at national level. For the same, it has also designed different packages for tourists
Five states on ADB aid radar
Centre aims at improving infrastructure, water resources
Guwahati, Nov. 22: The Asian Development Bank has prioritised investment in infrastructure, better governance and improved social services in five northeastern states.
According to sources, this is being done in keeping with the Centre’s policy to speed up development in Tripura, Mizoram, Sikkim, Nagaland and Meghalaya.
The Centre aims at reducing poverty and regional disparities by ensuring infrastructure development, access to basic physical infrastructure, agriculture development and improved water resources management, strengthening governance, social inclusion and reducing inter-state disparities.
The bank is now going ahead to provide technical assistance under multi-state and multi-sector project management capacity building project to strengthen managerial, implementation and institutional capabilities of the five state governments and project management units responsible for the implementation of the ADB-financed programmes in the Northeast.
The technical assistance will be coming up for approval within this year.
Timely delivery of project benefits will lead to an inclusive economic growth in the five states, sources said.
It will help in enhancing project processing and administration, developing implementation capacity of state agencies and building public relations and improving policy dialogue.
There are two main components of technical assistance.
The first component will be establishment of an extended office in the Northeast besides creation and training of a support team for project management.
The second will support preparation of a suitable management information system and introduction of project management units.
The technical assistance is proposed to be implemented over a period of 26 months from January 2010 to February 2012.
The ADB has already approved the North East Region Capital Cities Development-Phase I recently which will improve the urban environment and promote reforms for sustainable, efficient and responsive urban service delivery in Agartala , Aizawl, Kohima, Gangtok and Shillong — capitals of the five states.
The physical investments involve improvement in water supply, sanitation and sewerage and infrastructure for solid waste management.
The expected outcome of the investment programme will be an improved urban environment and better living condition for the 1.4 million people expected to be living in the cities by 2017.
Centre aims at improving infrastructure, water resources
Guwahati, Nov. 22: The Asian Development Bank has prioritised investment in infrastructure, better governance and improved social services in five northeastern states.
According to sources, this is being done in keeping with the Centre’s policy to speed up development in Tripura, Mizoram, Sikkim, Nagaland and Meghalaya.
The Centre aims at reducing poverty and regional disparities by ensuring infrastructure development, access to basic physical infrastructure, agriculture development and improved water resources management, strengthening governance, social inclusion and reducing inter-state disparities.
The bank is now going ahead to provide technical assistance under multi-state and multi-sector project management capacity building project to strengthen managerial, implementation and institutional capabilities of the five state governments and project management units responsible for the implementation of the ADB-financed programmes in the Northeast.
The technical assistance will be coming up for approval within this year.
Timely delivery of project benefits will lead to an inclusive economic growth in the five states, sources said.
It will help in enhancing project processing and administration, developing implementation capacity of state agencies and building public relations and improving policy dialogue.
There are two main components of technical assistance.
The first component will be establishment of an extended office in the Northeast besides creation and training of a support team for project management.
The second will support preparation of a suitable management information system and introduction of project management units.
The technical assistance is proposed to be implemented over a period of 26 months from January 2010 to February 2012.
The ADB has already approved the North East Region Capital Cities Development-Phase I recently which will improve the urban environment and promote reforms for sustainable, efficient and responsive urban service delivery in Agartala , Aizawl, Kohima, Gangtok and Shillong — capitals of the five states.
The physical investments involve improvement in water supply, sanitation and sewerage and infrastructure for solid waste management.
The expected outcome of the investment programme will be an improved urban environment and better living condition for the 1.4 million people expected to be living in the cities by 2017.
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