Monday, August 6, 2012
Hotelier Saraf follows footsteps of Buddha with Bodh Gaya project
source:hindubusinessline
Aiming to grow: Arun
Saraf, owner of Hyatt Regency, Chennai. — Bijoy Ghosh
Chennai, Aug. 5:
Leading hotelier Arun K. Saraf, who owns many of the properties
managed by Hyatt in the country, has teamed up with the Bihar Government and
Magadh University to develop a resort at Bodh Gaya through the public private
partnership model.
Saraf has floated a special purpose vehicle, Footsteps of Buddha
Pvt Ltd, for the project . While the government of Bihar has allotted 25 acres
of land near the Mahabodhi temple, the company will invest around Rs 140 crore
to build a 160-key resort, in the first phase, with a convention space that can
accommodate 1,000 people.
Japanese connection
According to Saraf, a lot of Japanese corporates have expressed
interest to chip in with funds for the project.
“Though we have not yet decided, we may consider taking some of
them on board,” he said. The Japanese companies may be given a 35 per cent stake
and “we can, in fact, have a zero-debt company,” he adds.
Other projects
In addition, he is building nine upscale and mid-market hotels in
various cities such as Raipur, Hampi, Lucknow, Sarnath, Guwahati, Ahmedabad, New
Delhi, Jaipur, and Thiruvananthapuram.
These projects are being developed by two of his companies:
Juniper Hotels Pvt Ltd and Chartered Hotels Pvt Ltd.
These hotels will be managed by various Hyatt brands such as
Regency and Hyatt Place.
Saraf, Managing Director of Asian Hotels East Ltd (a listed
company), has six properties in India and Nepal with a total inventory of over
2,000 rooms, and majority of them are being run by Hyatt.
investment
And, the upcoming properties will add another 3,000 rooms taking
the total to 5,000 rooms by the end of 2015. The investment tab will be Rs 2,400
crore, which will be a mix of debt and equity.
Responding to a question on the drop in demand and increasing
supply in the Indian hospitality industry, he said at present there may be a
glut in supply, but in the next two to three years it will be absorbed.
slowdown
He says though there is a general slowdown, things will bounce
back soon.
The Indian growth story has not ended. “In my opinion, it is yet
to start. We are just scratching the surface now,” he said.
ravikumar.ramanujam@thehindu.co.in
Universities favoured by ex-IGNOU VC made Rs 1,600 cr: CBI
New Delhi, Aug 5, 2012, (PTI):
Two private universities allegedly favoured by former IGNOU Vice-Chancellor V N Rajasekharan Pillai earned nearly Rs 1,600 crore in five years by conducting distance learning programmes in violation of norms, the CBI has found.
CBI sources claimed that the agency recovered documents related to investments worth Rs two crore from Pillai's premises during its searches.
They said the agency is trying to trace the money trail to establish whether there was any exchange of money to allow Punjab Technical University and Sikkim Manipal University to run distance learning courses.
Agency officials have already quizzed Pillai and the then officials of the two universities and further questioning might be conducted in the coming week, they said.
The CBI alleged that Sikkim Manipal University had made over Rs 400 crore while Punjab Technical University made over Rs 1,200 crore through these courses, which were being run in alleged violation of rules.
The agency claimed that although Pillai, being the head of the Distance Education Council (DEC), allowed them to run these courses, he was not the competent authority to give the nod.
The CBI sources, however, refused to give the names of the courses, saying it could hamper the future of enrolled students.
They said the agency has found that Pillai apparently ignored the advice of the joint committee of All India Council for Technical Education (AICTE), Indira Gandhi National Open University and the UGC while granting the permission to start these courses in 2007.
Sources said Pillai allegedly allowed Sikkim Manipal University to run distance learning programmes for over 50 courses ignoring the shortcomings highlighted in the inspection reports of the DEC.
He allegedly allowed them to run these courses on provisional basis for one year in 2007-08.
A post facto recognition was also given by him later in August 2007 to the university by allegedly manipulating the minutes of the third meeting of the joint committee, they said.
Pillai had taken over as IGNOU's VC in 2006 and continued till October 20, 2011. By being the VC, he was also the Chairman of DEC, which monitors the standards of all the Open Universities and distance education institutes in the country.
The agency had registered a case against him, Sikkim Manipal University and Punjab Technical University last week and also carried out searches at his premises in Thiruvananthapuram and Kottayam, from where some documents were recovered.
CBI sources claimed that the agency recovered documents related to investments worth Rs two crore from Pillai's premises during its searches.
They said the agency is trying to trace the money trail to establish whether there was any exchange of money to allow Punjab Technical University and Sikkim Manipal University to run distance learning courses.
Agency officials have already quizzed Pillai and the then officials of the two universities and further questioning might be conducted in the coming week, they said.
The CBI alleged that Sikkim Manipal University had made over Rs 400 crore while Punjab Technical University made over Rs 1,200 crore through these courses, which were being run in alleged violation of rules.
The agency claimed that although Pillai, being the head of the Distance Education Council (DEC), allowed them to run these courses, he was not the competent authority to give the nod.
The CBI sources, however, refused to give the names of the courses, saying it could hamper the future of enrolled students.
They said the agency has found that Pillai apparently ignored the advice of the joint committee of All India Council for Technical Education (AICTE), Indira Gandhi National Open University and the UGC while granting the permission to start these courses in 2007.
Sources said Pillai allegedly allowed Sikkim Manipal University to run distance learning programmes for over 50 courses ignoring the shortcomings highlighted in the inspection reports of the DEC.
He allegedly allowed them to run these courses on provisional basis for one year in 2007-08.
A post facto recognition was also given by him later in August 2007 to the university by allegedly manipulating the minutes of the third meeting of the joint committee, they said.
Pillai had taken over as IGNOU's VC in 2006 and continued till October 20, 2011. By being the VC, he was also the Chairman of DEC, which monitors the standards of all the Open Universities and distance education institutes in the country.
The agency had registered a case against him, Sikkim Manipal University and Punjab Technical University last week and also carried out searches at his premises in Thiruvananthapuram and Kottayam, from where some documents were recovered.
IDSA COMMENT
PLA Conducts Missile Tests In Tibet
July 30, 2012
Sometime in early July 2012, China’s People’s Liberation Army conducted a high altitude exercise with a new type of surface-to-air missile somewhere in the Tibetan plateau under its Lanzhou Military Area Command (MAC). This was reported by the PLA Daily Online and also by the Tibet Online news portal on 20 July 2012.1 The report says that the exercise was carried out at a mountain pass at an altitude of 5000 metres by a mobile PLA unit, and that three missiles were successfully fired at enemy aircraft targets in the “South-east” direction. The reported also noted that for the purpose of the exercise, the PLA unit covered thousands of kilometres across the Gobi desert, mountainous terrain and glaciers experiencing adverse weather conditions. Apart from testing new equipment in the Tibetan environment, the exercise has reportedly helped the unit to gather more than a hundred technical data relating to topics like storage and maintenance of equipment, system coordination and troop mobility in the Tibetan plateau. The unit reportedly also collated ten kinds of tactical and training methods related to this missile in the terrain.
The area described by the report is possibly located somewhere east or north of Ladakh. If located east of Ladakh, it may fall under Ali (Ngari in Tibetan) area of the South Xinjiang Military District. Ali is part of the Tibetan plateau (administered by the Tibet Autonomous Region), but comes under the jurisdiction of the Lanzhou MAC headquartered in the Gansu province (See Map.) The part of Tibet lying to the east of Ali comes under the Chengdu MAC headquartered in the province of Sichuan. The Lanzhou MAC covers the entire Xinjiang Uygur Autonomous Region (XUAR). XUAR abuts eight countries in all—Mongolia and Russia in the North; three Central Asian countries (Kazakhstan, Kyrgyzstan and Tajikistan) in the west; and three South Asian countries in the southern direction viz. Afghanistan, Pakistan (actually the disputed Pakistan-occupied Kashmir) and India (the state of Jammu & Kashmir). If located north of Ladakh, it is also possible that the exercise was conducted somewhere immediately west of Ali, which too would be just north of Kashmir and in the Karakorams presently contiguous between China and Pakistan.
The “new” surface-to-air missile tested seems to be tailor-made for operations in the high altitude terrain and rarefied atmosphere of Tibet. Key information relating to its dimensions, target acquisition, radar, range and launch are unavailable. Intelligence agencies concerned need to collect and analyse such information from whatever signature the tests have emitted and from the picture below of a similar test earlier.
It is possible that this new missile is a truck mounted tactical weapon, which generally plays an air defence role for assets like airfields. As such, it is possible that a unit of the Artillery Brigade of the 21st Group Army from Zhongning, Ningxia Hui Autonomous Region, undertook the exercise. (See Map)
Towards the end of September 2011, a similar test was conducted of two “new” missiles in Horqin grasslands, Tongliao, Inner Mongolia by an Air Defence Brigade of the Shenyang MAC (see picture).2 . External factors like climate and topography were somewhat similar if not identical to Tibet’s. Reports suggest that these are the first of the third generation indigenous air defence missiles. Earlier generation missiles active in the PLA inventory are S300PMU2 and Hongqi series.
The news report also indicates that Indian aircraft have been assumed as “enemy aircraft” in the war exercise since the only country lying south-east of this area is India. Besides, there is no other “threat” from this direction other than India, according to Chinese perception, for which China might test a missile for in Tibet. The long distance covered by the unit undertaking the exercise is also reminiscent of the PLA’s STRIDE-2009 exercises.3 The troops must have taken back valuable lessons on mobility, mountain warfare and new weapon systems. Therefore, it would be fair to surmise that the PLA would in the near future induct this new missile along with a suitable unit of the Second Artillery in the Tibet Autonomous Region of China.
Nonetheless, this exercise and missile test throws up larger questions relating to regional security, mutual threat perception and bilateral relations between China and India. Although such tactical exercises are routine, it again reveals the security dilemma existing between these two neighbours. Earlier, the PLA has already twice carried out large military exercises in Tibet during 2012, once in March and later in June. The message which such exercises convey to India, needless to say, is that of belligerence. Development and deployment of the new missile in Tibet would definitely figure in the acquisition and deployment of matching defence hardware on the Indian side. Frequent tactical exercises and conventional force accretion cannot be equated with strategic defensive capacity building of a nation. Further, the exercise comes at a time when there are already rumours of a likely border skirmish between China and India, initiated by China. Against such a backdrop, what would eventually happen is the further intensification of the perception of an armed conflict and the militarisation of the Himalayan region. It has recently become known that the Himalayan glaciers are shrinking rapidly. The people on either side are also known to be languishing far below the national income averages. Ergo, militarisation is the last thing which the Himalayas need at this point of time.
India and China have been striving long to forge a peaceful solution to the disputed Himalayan border. However, military moves like the latest Chinese test run counter to such efforts for peace as also for China’s own assertion of its “peaceful rise”. When there are questions arising in the neighbourhood about its peaceful intentions, China ought to start more cooperative efforts of peace and harmony in every area of dispute rather than test and deploy machines of war. When the governments of both China and India have repeatedly stated their resolve to solve all outstanding issues including the boundary dispute through peaceful negotiations, it is difficult to fathom the rationale for such a missile test. The test and its publicity may indeed act as a dampener for the diplomatic process and its successes and go against the spirit of earlier resolutions of peace. The possible consequences would also undermine China’s efforts for a harmonious neighbourhood. India has already had to devote substantial resources for ramping up its defences along the border with China due to the latter’s military developments and exercises. While there is visible improvement of interaction between the two countries’ top level leaders, their military diplomacy and confidence building measures and cooperation in multilateral fora, such military activities reveal that their relations would take long to acquire the quantum of critical trust to say farewell to arms.
- 1.Jiefangjun xinxing daodan haiba 5000mi gaoyuan diqu shouci shishe 3fa 3zhong (解放军新型导弹海拔5000米高原地区首次实射3发3中) available at http://military.people.com.cn/n/2012/0720/c1011-18559381.html, last accessed on 20 July 2012.
- 2.Jiefangjun mouxinxing fangkong daodan shouci shishe 2fa 2zhong (解放军某新型防空导弹首次实射2发2中) available at http://news.qq.com/a/20111012/000826.htm, last accessed on 23 July 2012.
- 3.B. Raman, ‘Stride-2009 – China's Largest Ever Long-Range Military Exercise’, Paper no. 3354, 13 August 2009, South Asia Analysis Group, available athttp://www.southasiaanalysis.org/%5Cpapers34%5Cpaper3354.html, last accessed on 23 July 2012. Also see, Dennis J. Blasko, ‘PLA Exercises March toward Trans-Regional Joint Training’, China Brief Volume 9 Issue: 22, 04 November 2009, The Jamestown Foundation available at http://www.jamestown.org/single/?no_cache=1&tx_ttnews[tt_news]=35690, last accessed on 23 July 2012.
Speed up approval for hydel projects in Bhutan
Speed up approval for hydel projects in Bhutan, CEA told
BY SIDDHARTHA P SAIKIA
Five joint venture projects of 2,690 MW under consideration
NEW DELHI, AUG. 5:
The Power Ministry has asked the Central Electricity Authority (CEA) to fast-track clearances for 2,690 MW of hydro projects to be set up in Bhutan in joint venture with Indian companies.
This followed the grid failure on July 30 and 31 that had resulted in the Government seeking power from the neighbour.
DETAILED PROJECT REPORT
“The detailed project report (DPR) for five projects with Bhutan are under advance stage of examination at CEA and the Central Water Commission (CWC).
“The projects would be finalised by December, after which it would go for Cabinet nod. All these five units must be finalised in 2012-13,” a Power Ministry official told Business Line.
The new projects would be set up as joint venture between Indian companies and Bhutan’s Druk Green Power Corporation (DGPC).
The Indian Government will not offer complete grants for the new units unlike the previous ones.
The projects would be funded in 30 per cent equity and the joint venture company will seek loans for remaining funds. At present, 1,416 MW capacities are operational and another 2,940 MW are under construction in Bhutan. These are expected to be commissioned by 2016-17.
FUNDING
“Of the 30 per cent equity, 15 per cent would be by the Indian players and remaining 15 would come from DGPC. However, DGPC would get grants from Indian Government to pay its share. The joint venture company will have to mop up remaining debt,” the official said.
In this pattern, the Indian Government will bring down its share of grants for setting up hydro projects in Bhutan. Also, public sector companies would get an opportunity to diversify into Bhutan, he added.
IMPORTS DURING PEAK HOURS
Currently, India imports about 1,300 MW of electricity from Bhutan during peak hours. These were set up on grants from the Indian Government.
“The Government has provided Rs 3,400 crore of cash grant to Bhutan for setting up these projects. The remaining funds for the units are under loans with interest rate of around 10 per cent,” said the official.
EASY TO OPERATE
Hydro power proved to be the major rescue when half of India suffered a blackout last week.
Hydro power plants start generating electricity immediately after switching on, whereas coal-fired units take several hours.
siddhartha.s@thehindu.co.in
Sunday, August 5, 2012
Health of national grid vital
by Vishwas Kothari, TNN | Aug 4, 2012, 05.58PM IST
PUNE: Director general of Institute of Defence Studies and Analysis (IDSA) Arvind Gupta has said that the country can barely afford to disregard the health of the national energy grids, which is critical to national security.
"The recent failures of the national electricity grids, which had half of India reeling in darkness, have brought out serveral key issues pertaining to energy security, which has both, internal and external dimensions," said Gupta, a 1979 batch Indian Foreign Services officer, at a round table on 'Energy security and environment' here.
"Issues like the state of critical infrastructure, unending electricity shortages, which lead to indiscipline in electricity withdrawal from the grid, the impact of weather on energy demand, the need for energy sector reforms and the efficacy of recovery efforts, are needed to be addressed on priority," he said.
A substantial part of India's energy needs are met from the import of crude oil, liquefied natural gas, coal and, now, uranium ore from far off and difficult regions, he said. "These supplies are sensitive to geopolitcal developments on which India may have no control," he added.
"Heavy dependence on energy imports translates into national security concern and having a proactive and nuanced foreign policy becomes key to addressing energy security concerns," he said.
"Five key challenges to energy security viz. reducing the widening energy demand-supply gap; managing security of the sea lanes of communications through which much of India's energy imports pass; understanding and addressing the geopolitical risks to energy supplies; safeguarding the country's interests in the climate change negotiations and investment in energy efficiency and renewable sources, need to be factored in India's foreign policy," he said.
China may play spoiler to TAPI
IDSA COMMENT
Now China may play spoiler to TAPI
July 31, 2012
The US- and ADB-sponsored Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project is as much about the political stability of Afghanistan as it is about energy security for the partner countries. Yet, it continues to evoke scepticism among analysts. Much of this scepticism hinged on finding financiers to underwrite a project which would transit the turbulent regions of Herat and Kandahar in Afghanistan as well as Balochistan (Quetta) and Multan in Pakistan. Now, another factor has emerged which has the potential to further jeopardise the beleaguered project. Recent reports of a rival pipeline project being negotiated between China, Turkmenistan and Afghanistan have emerged. This project proposes to carry Turkmen gas to China through northern Afghanistan and Tajikistan, raising concerns that it may render TAPI a non-starter, akin to the manner in which TAPI played spoiler to the Iran-Pakistan-India (IPI) pipeline project.
On June 6 and 8, 2012, on the sidelines of the SCO summit meeting in Beijing, Afghan President Hamid Karzai met with Chinese President Hu Jintao and China National Petroleum Corporation’s (CNPC) head Jiang Jiemin and discussed the proposal along with other issues. According to reports in the Chinese media, CNPC offered to conduct a technical and economic feasibility study for the proposed project on Afghan and Tajik territories. That the route for the proposed pipeline seeks to avoid the troubled Pashtun-dominated areas in Afghanistan—seen as one of the biggest hurdles for the TAPI project —would make it more attractive for the financiers.
While actual volumes of the proposed pipeline were not discussed or disclosed, it was agreed that a memorandum of understanding (MoU) would be signed when a CNPC delegation visits Kabul to discuss the proposal in greater detail, along with oil and gas exploration possibilities in Afghanistan’s Amu Darya basin, for which an agreement was signed between the Afghan Ministry of Mines and CNPC in December 2011. On returning to Kabul, President Karzai reportedly told Wahidullah Shahrani, the Minister of Mines, to prepare a framework agreement on cooperation with the CNPC and to set up a Chinese-Afghan joint working committee on these projects. CNPC and the Turkmen state firm, Turkmennebitgaz, also signed a framework agreement to increase ongoing gas deliveries to China to 65 billion cubic metres (bcm) from the current 30 bcm per annum by 2014. The gas would be sourced from Turkmenistan’s Bagtyyarlyk gas field and possibly from sections of the South Yolotan field. This would, presumably, be the source for the proposed pipeline project as well. Interestingly, the additional Turkmen gas supply to China is expected to commence in 2014, the year TAPI is expected to begin construction.
The timing of the proposal for the new Turkmen-Afghan-China pipeline is intriguing, setting off speculation about whether it was being conceived to stymie TAPI or is part of China’s strategy to guard against any extra-regional influence in Central Asia, including on the region’s energy resources, which, Beijing wants to garner for itself to offset its dependence on the Strait of Malacca. Given that China has already contracted to buy additional gas from Turkmenistan would suggest that the project is motivated by the former consideration. What is important, however, is that the proposed pipeline seeks to exclude both Pakistan and India, hailed as potential markets for Central Asian energy resources. This is not the first time that China has played spoiler in energy projects originating in a Central Asian state. For example, in 2009, when an EU-backed consortium was working on the Nabucco pipeline to reach Turkmen gas reserves from the west as an additional source, CNPC inaugurated the Turkmen-China gas pipeline, thereby jeopardising Nabucco’s viability.
With the possibility of a rival pipeline transiting Afghanistan, several factors will have to be taken into consideration.
First, will the new pipeline be in lieu of TAPI or in addition to TAPI? This would depend on (a) whether Turkmenistan has sufficient gas to supply both the projects as well as additional gas exports to China and (b) whether financiers would back the more hazardous TAPI project.
Second, does the agreement with China signify a reflection of President Karzai’s confidence—or in fact the lack of it—in TAPI, or is this a reflection of the slide in relations between Karzai and the US? Interestingly, at the time when India and Pakistan agreed on the GSPAs for TAPI with Turkmenistan, Afghanistan had only concluded a MoU for co-operation with Turkmenistan in the gas sector, as against a contract, which was deferred ostensibly because negotiations with Afghanistan were continuing on the price of deliveries.
Third, with the US now no longer in a position to support TAPI other than politically, and with President Obama set on withdrawing from Afghanistan in 2014, does Karzai now see TAPI as unviable, despite recent reports of the Taliban’s assurance that it would not sabotage the project?
The only thing that is certain is that President Karzai’s step-back on TAPI will have an impact on the project’s fate. Let us not forget that Afghanistan is central to TAPI, apart from ensuring that it would provide an alternative to Iranian gas. However, ironically, TAPI’s demise could revive IPI. Pakistan, which is facing a severe energy crunch and is therefore reluctant to succumb to US pressure to abandon the Iranian pipeline, is now talking to the Russians as potential financiers of the IPI—now truncated to IP—project. Recently, a minister-level Russian working group was reported to have participated in meetings in Pakistan, with discussions focusing on Russia’s willingness to finance IPI. The Russians have long indicated their interest in developing a gas market in South Asia, and the recent rapprochement between Moscow and Islamabad may well be the opportunity the former has been seeking to re-engage with the subcontinent politically. Moreover, it would upset the US strategy to circumvent any Russian involvement in Central Asian energy geopolitics.
At the same time, the Turkmen-China pipeline could jeopardise Russia’s plans to go ahead with its gas deal with China. With Turkmenistan offering lower-priced gas to China, it provides Beijing the leverage to negotiate better terms with Russia for future gas deliveries. The two countries have been in talks to import 68 billion cubic metres of gas annually for some time. Although an MoU was signed in June 2009, no agreement has followed suit, ostensibly because of differences over pricing. As a result, with the onset of more Turkmen/Central Asian gas flowing to China, Moscow may well lose its hold on the region’s gas.
For India, the China pipeline would end, or at least put on hold indefinitely, plans to import Central Asian gas. Given the large difference in the price of imported gas, whether piped or liquefied, and domestically produced gas, the pricing discrepancy would further add to the government’s gas import bill. With US shale gas now opening up an avenue for low-priced LNG imports, provided India is granted a waiver from US laws on gas imports to non-FTA partners, it would be a better option than complex transcontinental pipeline projects.
Shebonti Ray Dadwal is a IDSA Fellow specialising in energy-related issues
| Income Tax Department may do away with ITR-V |
| Neha Pandey Deoras / Mumbai Aug 05, 2012, 00:06 IST |
If you file returns online, you may not have to mail the Income Tax Returns Verification (ITR-V) form next year. The Income Tax (I-T) department is working on a proposal where individual taxpayers, who do not have a digital signature, need not have to sign the ITR-V to complete the process of e-filing returns.
“There is work going on but I can't give any more details,” said an income tax official confirming the development but refusing to give further details.
At present, those filing returns electronically need to either sign digitally or physically. Those who don’t have a digital signature need to take a print out of the ITR-V after filing returns online and mail it to the Bangalore office of the I-T Department through ordinary or Speed post. Unless this procedure is followed, returns are not considered filed.
Sudhir Kaushik, Co-founder & CFO of TaxSpanner.com, says, “This will go live from next financial year, that is, after April 2013. But this year taxpayers would have to mail the ITR-V to the I-T Department’s Bangalore office.”
The I-T Department discussed the proposals with industry players like authorised e-return intermediary (ERIs) and sought their opinion 3-4 months ago. The proposal is likely to come up for clearance by September 2012.
Explains Saakar Yadav, MD of myITreturn.com, “According to my discussion with the department, this will work on a one-time pin or OTP, which will act as an authentication for the tax filer instead of a physical or digital signature. The OTP is similar to the pin number introduced in online banking transactions for security reasons.” This OTP may be linked to your permanent account number (PAN) to maintain the confidentiality and will be valid for may be five minutes at a time.
This is how the new process may work, if approved. Say you file your returns through an ERI. You register yourself and put in the details in your Form 16 in the form provided by the website and submit the same. After this, typically the ERI sends a mail saying you will receive your ITR-V in one to two days on mail, which you should sign and mail to the I-T Department. After this, if the draft proposal is accepted, the ERI will send an alert to the I-T Department about you having filed the returns with them. On receiving the alert, the tax department will send an OTP to your mail address or mobile number, registered with the department or given to the department when you last filed your return.
You need to feed the OTP on the ITR-V, in place of the signature, thereby completing the process of filing tax returns online.
The department wants to make the process of e-filing completely online. Also in the past two years, ERIs say, there are as many as 5-10 per cent e-filers who haven’t sent their ITR-V to the department. Over 10 lakh individuals file returns online actively
Reason: Most do not know that they need to mail the ITR-V and many even find the process cumbersome. These individuals will not be able to file their returns and those who have refunds pending will not get it anymore
Madhya Pradesh to get 25 MW solar power
Madhya Pradesh to get 25 MW solar power
A Power Purchase Agreement (PPA) was signed between Madhya Pradesh Power Management Company and MK Solar Energy (MP) Private Limited at Jabalpur the other day. Due to it, Madhya Pradesh will get 25 MW solar power.
The PPA was signed in the presence of the Company’s Managing Director Manu Shrivastava by company’s Executive Director (Investment Promotion Cell) Rajesh Mehta and by
Ankur Kumar on behalf of MK Solar Energy.
MK Solar Energy Private Limited is establishing a 25 MW solar power plant at village Bagheli in Rajgarh district. Madhya Pradesh will start receiving 25 MW power from this plant from September 2013. Per unit tariff of solar power has been fixed at `8.05, which will remain effective for 25 years.
Company’s Managing Director informed that MoUs have also been signed as per norms of Madhya Pradesh Electricity Regulatory Commission with three private sector companies while power purchase agreement has been signed with Solar Energy (M.P.) Private Limited, Gurgaon. PPAs will soon be signed with remaining two companies including Wellspun and Majorware group.
Besides reduction of pollution, solar energy will also ensure availability of more power in the state. This power will be received at `8.05 per unit for the next 25 years. As a result, its existing average cost comes to around `2.70 per unit, which is quite low.
The following chart shows India's trade imbalance with China. While India's imports from China have been growing steadily, our exports to the dragon nation are not growing at the same rate. This has been the biggest contributor to our economy's overall gap between exports and imports, leading to a high current account deficit. It is worth noting that India's current account deficit was at an all-time high of 4.5% of GDP (gross domestic product) during the quarter ended March 2012. The steep depreciation in the rupee has been one of the adverse impacts of the wide trade deficit. This has become a major concern for the Indian government. If some solid steps are not initiated to correct the trade imbalance, it will pose a serious threat to the long term well-being of the Indian economy.
|
| Data source: Ministry of Commerce &
Industry, Department of Commerce *April to December 2012 |
Data source: Ministry of Commerce & Industry, Department of Commerce
*April to December 2012
Saturday, August 4, 2012
Ceremonial Functions At Rashtrapati Bhawan
CEREMONIAL CHANGING OF THE GUARD - An Unforgettable Spectacle
'Changing of the Guard' is a military tradition whose origins are lost in antiquity. From time immemorial, guards and sentries at Forts, Palaces and Defence Establishments change periodically to enable a fresh body of soldiers take charge.
Come Saturday and the Forecourt of the grand Rashtrapati Bhavan- the official residence of the President since Independence, resounds to the hoof beats of horses and the tune of soul-lifting music. Every Saturday, it's time for the Ceremonial Changing of the Guard - a traditional ceremony in which Infantry Army Guards and the President's Bodyguard, in spectacular red, riding well - bred horses, change guard with clock-work precision, demonstrating time honoured military ethos and discipline of both animal and man. This tradition of Ceremonial Changing of Guard dates back to the raising of the President's Bodyguards with 50 handpicked Horsemen in 1773, then called 'The Guards of Moguls'.
The 40-minute Ceremony includes inspection of the New Guard, nomination of sentries, a formal march to take post and an exchange of compliments by the Guards. A formal military ritual, the Ceremony is a coming together of smartly-attired soldiers of the impressive Army Guard and statuesque President's Bodyguard Troopers, astride their caparisoned, sleekly muscled, powerful and exquisitely groomed steeds. The regal bearing and hard training of the noble mounts of the President's Bodyguard, greatly enhanced by their superb ceremonial equipage, heavily embroidered saddle cloths, ceremonial bridles and bits, lend a regal dignity and spectacle of incomparable colour and pageantry at this Ceremonial Parade. A zestful Band and the impressive arrival and dispersal of the guard, makes the Ceremony an unforgettable spectacle.
The New Guard marches from Rashtrapati Bhavan to the Dominion Columns lining the two wings of the Central Secretariat in perfect military tandem. After inspection, Officers of the guards take salute, and march past smartly. Upon entering the driveway, just inside the Iron Gate of the Rashtrapati Bhavan, the New Guard takes position alongside the Old Guard for formal salutation. After exchanging salutes, the sentries of the Old Guard hand-over the keys to the New Guard. Sentries of the New Guard on duty take post and the remainder troops march off to the tune of "Saare Jahan Se Achcha".
Source: website of The President of India
Corruption’s Reach in India Spawns New Political Party
Supporters of anti-corruption activist Anna Hazare march near the India Gate monument in New Delhi, Aug. 2, 2012.(source: New York Ttimes.):
Now, casinos to come to Punjab after Goa, Sikkim
Now, casinos to come to Punjab after Goa, Sikkim
BY Rohan Dua, TNN | Aug 3, 2012, 01.50PM IST
CHANDIGARH: Forget about canting off to Macau or Las Vegas strip to roll a dice and revel in a tantalising gambling carousal.
Get ready to spin a ball on a little wheel popularly called roulette, see it running around and cheerfully call a bet to the croupier, as you quaff colas and gorge peanuts -- all on the banks of the Satluj river in the rural hinterland of Punjab.
Punjab deputy CM Sukhbir Badal, known for his flamboyance and CEO style of functioning, has ordered the state's infrastructure development agency Punjab Infrastructure Development Board (PIDB) to set up a Las Vegas strip-like casino at Mattewara village near Ludhiana.
A three-member team comprising a PIDB official and two members from an empanelled private agency Infrastructure Leasing & Financial Services Limited (IL&FS) was sent on a four-day visit to Goa last week to study and explore the possibility of installing slot machines and casinos in Punjab, set to become third state in the country after Sikkim and Goa to have casinos.
According to the state visit report, a copy of which is with TOI, the team -- which returned on Thursday -- held meetings with Goa chief secretary P K Shrivastav and special secretary Mohan Lal and had a first hand experience of slot machines in casinos in Panjim.
The casinos planned in Mattewara will have around 30-50 slot machines, video pokers and card games like baccarat, blackjack, pontoon and sicbo and will be open 24 hours.
""These casinos which we are planning are a part of our recreational amusement zone project near Ludhiana. The purpose is to increase the tourist footfall in the state. Our team has just returned from Goa after studying casinos. We're going to seek more advice and help on legal, technical and operational details from Sikkim and Goa governments,"" PIDB managing director Anurag Aggarwal told TOI.
The Punjab government is likely to discuss the Public Gambling Act, 1867 in its next Assembly session.
The casinos will be built both inside hotels or stand alone on a PPP model near the river.
The initial report has suggested borrowing legal framework from Goa where an annual licence fee of Rs 5 crore is paid by the hotel housing the casinos and an entry fee between Rs 500-Rs 1,000 is charged to every visitor.
Like the existing Punjab lotteries system, the casinos are also likely to generate revenue of around Rs 100 crore annually.
However, Punjab finance minister Parminder Dhindsa debunked the analogy between lotteries and casinos, saying the latter is only for recreational purpose.
""The process is in the initial stages. Casinos will certainly be a big revenue generator. The purpose is not create forced taxation here. We only want to encourage local tourism because when you see the locals from here going to Nepal or Hong Kong, they spend huge money to enjoy these games. Times have changed.But we agree, there might be some criticism as well,"" said Dhindsa.
Out of 1,400 acres of proposed landscaped area surrounded by thick forests and water bodies, Mattewara village is already set to have a horse racing turf on a 140-acre land, golf course on a 200-acre land and an amusement park.
Three multi-national companies including -- Populace , S Powers and JAA Consultants -- have already made bids for offering consultancy services for the horse racing tracks.
US-based game park company Six Flags is likely to construct the amusement part.
Madhya Pradesh: As power grids collapse, solar village shines
source:Reuters
Meerwada: Life in the remote village of Meerwada used to grind to a standstill as darkness descended. Workers downed tools, kids strained to see their schoolbooks under the faint glow of aged kerosene lamps and adults struggled to carry out the most basic of household chores.
The arrival of solar power last year has changed all that. On a humid evening, fans whirr, children sit cross-legged to study their Hindi and mother-of-seven Sunderbai is delighted people can actually see what they are eating and drinking.
"When it was dark, we used to drink water with insects in, but now we can see insects, so we filter it and then drink," said the 30-year-old, whose flame-orange sari and gold nose ring are small defiances in a life close to the poverty line.
Meerwada, on a dirt track rutted by rains and outside the reach of the national grid, struck lucky when US solar firm SunEdison picked it to test out business models and covered the hefty initial expense of installing hi-tech solar panels in the heart of the village.
But rapidly falling costs and improved access to financing for would-be customers could encourage the spread of such systems down the line, while simpler solar schemes are already making profits in areas where the grid either does not extend or provides only patchy power.
And Asia's third-largest economy, where just this week hundreds of millions were left without electricity in one of the world's worst blackouts, needs all the help it can get in easing the strain on its overburdened power infrastructure.
The country's Ministry of New and Renewable Energy (MNRE) hopes solar systems that bypass the national grid will account for just under one percent of total installed capacity by 2022. Still a mere flicker, but that 4,000-megawatt (MW) goal would be way up from 80 MW now when so-called off-grid solar systems are still out of reach for most of the country's rural poor.
Sunny again
Large-scale solar facilities that directly feed the grid, such as those at an over 600 MW solar park recently launched with great fanfare in Gujarat, have been gaining traction for some time.
But potential growth in off-grid solar power offers a ray of hope to the around 40 per cent of India's 1.2 billion population that the renewable power ministry estimates lack access to energy. People like those in the village just 200 metres away from Meerwada, who rely on a hand pump for water and cook by torchlight as hungry goats creep up on them out of the gloom.
Covering initial investment on solar is key as, in a country with around 300 days of sunshine a year, subsequent costs are largely limited to maintenance and repairs.
"The high up-front capital cost is one of the adoption barriers (for solar projects)," said Krister Aanesen, associate principal at McKinsey & Company's renewable energy division.
"Although diesel is more expensive on a full-cost basis, you defer cash outlay for the fuel ... the cash outlays are different and that's one of the key challenges."
Small-scale direct current (DC) systems from Karnataka in the south to Assam in the north-east have already cleared that hurdle, supplying simple lights and mobile phone chargers at 100-200 rupees per month per light -- prices that typically allow installers to cover their initial costs in time.
Private company Mera Gao Power fits roof-top solar panels and then transmission to other houses who pay about 40 rupees to connect, with costs thereafter about 25 rupees per week, said Nikhil Jaisinghani, one of the firm's founders. That means it should currently take about 12 months to repay panel installation expenses of about $2,500 for 100 houses, though the cost is set to fall.
Going large
Initial expenses are far more onerous on more comprehensive mini-grids like the one in Meerwada, which includes a room full of batteries that can store enough electricity to provide round-the-clock supply to the village and which has recently started powering water pumps.
California-based SunEdison reckons it cost $100,000-$125,000 to build the 14 kilowatt (KW) plant in Meerwada, an expense that would have demanded fees way too high for the 400 or so villagers, whose per capita income is about $250 a year.
The firm expects initial capital costs to come down enough to make alternating current (AC) systems affordable in villages like Meerwada in a few years, with improving technology and fierce competition reducing hardware costs, while enhanced battery storage driven by the auto industry's push on electric cars is also helping.
SunEdison, which sells solar power plants and services worldwide to commercial, government and utility customers, has over 50 MW of interconnected solar electricity in India, with projects ranging from small rooftop installations to part of the Gujarat solar park.
"Three years ago, the panel price was $2.60 per watt. Today it is 75 cents a watt. I don't think it will halve in the next few years but I clearly see 50 cents a watt by 2014/15," said Ahmad Chatila, president and chief executive of MEMC Electronic (WFR.N), SunEdison's parent company.
In the meantime, the government is offering 30 per cent of the project cost and in some cases low-interest loans for solar power systems under its Jawaharlal Nehru National Solar Mission policy launched in 2010.
But that still means systems are beyond the reach of many poor, rural customers, so some solar companies are putting up the 20 percent deposits on loans required by banks or acting as guarantors for customers who are outside the conventional banking system.
Keep on the sunny side
Back in Meerwada, which lies in Madhya Pradesh, the villagers have added an unexpected ingredient to the cost equation -- frugality. Lights even now are turned on only when darkness falls and fans target the youngest children and the elderly, saving on power use.
Only the village leader, Sampat Bai, has been able to afford a television but it's open to all and her bare-walled main room is crowded when the latest epic dramas come on screen and the children have finished their homework.
Manorbai, a 30-something mother who is now making more money by working at night to mend and sew on her vintage black-and-gold foot-pedal sewing machine, has a simple message on the future.
"Our village has power and other villages should too," she said.
| Re-Designed Website of the President of India Launched; Citizens Can Now Connect Directly to the President |
| The re-designed website of the President of India was launched at Rashtrapati Bhavan today. While the historical perspectives from the earlier websites have been retained, the re-designed website has some new features, which include direct connectivity from the website to social networking media of the President i.e. Facebook and You-Tube. These two features have been initiated after assumption of charge by the President Pranab Mukherjee. The new website also has a Video Gallery. Citizens can connect to the President directly by clicking the button ‘Write to the President’, which will take them directly to the helpline portal. Moreover, visuals have been conceptualized and made user friendly. Launching the website, Secretary to the President, Ms. Omita Paul expressed the hope that it would be a step forward to bring the President of India closer to the people. She also said that efforts would be made to ensure that the website is in line with the best global practices. SC/SKS (Release ID :85703) |
Friday, August 3, 2012
Gallup Poll: India Worst Country in Asia for Entrepreneurs
By HARI KUMAR
Mahesh Kumar/Associated
PressA cashier counts money paid by a customer at an
electronics shop in Hyderabad, Andhra Pradesh, July 28, 2011.
Indians’ unwillingness to risk failure has hobbled the creation of small businesses and led the nation to be ranked last in Asia in promoting entrepreneurship, according to a Gallup poll.
Government corruption, a lack of capital and credit, and poor technology and training have also impeded the creation of small businesses, Gallup found. Its survey, of 5,000 adults in India from January to March of this year, found that 16 percent of Indian adults own a business and half of those owners are solo operators.
The survey was not all bad news. It found that business thinking, optimism and persistence – all important for entrepreneurs — are common traits among Indians. Small and medium-sized businesses contribute 8 percent of India’s gross domestic product and employ 60 million people in 26 million enterprises, according to a January 2010 government report.
Nearly half of those surveyed by Gallup said that the government is a significant stumbling block to starting a business. Seven out of 10 Indians said that corruption is widespread in government and 60 percent said that corruption is common in business. The poll’s margin of error was plus or minus 1.7 percentage points, Gallup said. A recent report by the World Bank ranked India 166th among 183 countries in terms of the ease of starting a business.
Training and mentorship are also crucial for startups, but only 37 percent of current business owners and 28 percent of those seeking to start a business said that they know someone who can offer advice about business management, the Gallup poll found.
The survey results were released just as India experienced the two worst blackouts in human history and as foreign investment in India has slowed in part because of concerns about changes in India’s tax policies.
GANGTOK, 30 July 2012: In a major boost to commercial banks and State Co-operative bank operating in Sikkim, the Reserve Bank of India has decided to extend subsidy to them for providing Satellite Connectivity and Off-site Automated Teller Machines (ATMs) in the State.
A press release issued by RBI informs that this facility is being extended through the “Satellite Connectivity Scheme” of RBI under which the RBI will provide financial incentives in the form of subsidy to branches of commercial banks, State Co-operative banks and off-site ATMs for providing satellite connectivity in the State.
The scheme is to be implemented subject to certain terms and conditions. The branches of commercial banks and State Co-operative bank in the State of Sikkim providing satellite connectivity to their branches and those opening off-site ATMs with separate connectivity on or after 01 April, 2012 and not later than 31 March, 2013 would be eligible for 100% subsidy subject to a maximum of Rs. 12,000 (Rupees Twelve thousand only) per month per branch/ ATM or the actual expenditure incurred by the bank whichever is less, subject to the condition that the branches would offer services of electronic funds transfer free of charge to its customers. The subsidy will stand closed for fresh claims with effect from 01 April, 2013.
Each connection will be eligible for subsidy for a period of 36 months. Therefore, if a branch/off-site ATM obtains connectivity on 31 March, 2013 it would be eligible to receive subsidy up to 31 March, 2016.
Bank branches adopting technology solutions irrespective of the technology deployed for connectivity shall be eligible for the incentive under the Scheme.
The subsidy covers the cost of VSAT, bandwidth charges, AMC, alternate sources of power and routers required for implementing the security layer.
The subsidy also covers both the operational expenditure (OPEX) and capital expenditure (CAPEX) models for deployment of satellite connectivity. For the OPEX model, the subsidy would be linked to the actual monthly lease rentals paid by the bank but for the CAPEX model the actual cost of the equipments deployed by the bank (including installation and commissioning) and recurring charges incurred such as equipment, AMC, bandwidth charges etc. would be eligible. The CAPEX model would take the total cost of ownership over a period of 36 months and arrive at the monthly cost for the purpose of claiming reimbursement from Reserve Bank. The subsidy would, however, be subject to a maximum of Rs.12,000 (Rupees Twelve thousand only) per branch.
Gangtok Office of the RBI will be the Nodal Office for monitoring the Scheme here.
The banks have to lodge consolidated annual claims in respect of their branches after the end of the financial year and will be settled by Gangtok Office after scrutiny on an annual basis. The banks will be penalised if false claim(s) are submitted by them.
It is expected that all the 26 commercial banks operating in the State will take full advantage of this Scheme and extend banking connectivity to the remotest areas and villages in the State.
Source:SikkimNow
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