Friday, September 10, 2010

Mamata Banerjee wants the amended land acquisition bill, which the Congress is adamant to table in the winter session, to be sent to cold storage till the Bengal elections next year.

Mamata Banerjee wants the amended land acquisition bill, which the Congress is adamant to table in the winter session, to be sent to cold storage till the Bengal elections next year.

Why?

Obama Replicates Matua Mamata,Greets Muslims on Eid, seeks more aid for Pak.Ohio outsourcing ban won't impact Indo-US biz ties !US pastor confirms he will not burn Quran!US envoy discusses terror, tolerance with Chidambaram!

Cabinet Committee on Security likely to meet tomorrow to discuss Kashmir situation, say sources after Congress Core Group meeting.Ban on SMS: Kashmiris say it with cards again!Govt proposes relaxing FDI rules governing JVs.

US could want 'changes' to Nuclear Liability Bill!India to raise visa fee hike issue with US!

Indian Holocaust My Father`s Life and Time - Four Hundred SEVENTY Nine

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/

Mamata Banerjee wants the amended land acquisition bill, which the Congress is adamant to table in the winter session, to be sent to cold storage till the Bengal elections next year.

Why?

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Obama Replicates Matua Mamata,Greets Muslims on Eid, seeks more aid for Pak! Ohio outsourcing ban won't impact Indo-US biz ties!Govt proposes relaxing FDI rules governing JVs.

US pastor confirms he will not burn Quran!

India to raise visa fee hike issue with US!

Meanwhile,Cabinet Committee on Security likely to meet tomorrow to discuss Kashmir situation, say sources after Congress Core Group meeting.Ban on SMS: Kashmiris say it with cards again!

The government has been searching for consensus on how to acquire land from farmers for public projects. Sonia Gandhi made her stand clear today. "New industries and infrastructure cannot be built without acquiring land. This is obvious and there is no argument about it.Congress President Sonia Gandhi on Thursday reacting to the verdict of the Supreme Court that endorsed the Mayawati Government''''s acquisition of 25 million square metres of land along the six-lane Yamuna Expressway Project connecting New Delhi to Agra and Mathura, said land acquisition should not result in loss of fertile land.Reacting to Sonia Gandhi's statement on land acquisition, the BSP today said that instead of giving her views on the issue, the Congress president should have got the Land Acquisition Act amended in Parliament.

On the other hand,Proposing a major relaxation in a 12-year FDI rule, the Industry Ministry today made a case for allowing foreign investors to bring in fresh money and technology to India irrespective of the impact on local partners in any existing joint venture.

Under the present dispensation, a foreign player who entered India before January 12, 2005 has to take government approval and "demonstrate" that fresh investment in the same field would not affect interest of his domestic joint venture partner.

The FDI rules proposed to be relaxed was not applicable to the joint ventures entered after January 12, 2005. Thus, the changes would help foreign investors who entered JVs after this date.

The Cabinet Committee on Security (CCS) may meet Saturday to finalise an Eid peace package for the violence-hit Kashmir, Home Minister P. Chidambaram said Friday after a two-hour meeting of the Congress core committee.

'Yes, we discussed the Kashmir situation. The CCS may meet tomorrow,' Chidambaram told reporters after the meeting at Prime Minister Manmohan Singh's official residence - 7 Race Course Road.

Besides Manmohan Singh and Congress president Sonia Gandhi, senior leaders Finance Minister Pranab Mukherjee, Home Minister P. Chidambaram, Defence Minister A.K. Antony, Congress general secretary in charge of Jammu and Kashmir Prithviraj Chavan and political secretary to Sonia Gandhi, Ahmed Patel attended the meeting.

Prominent party leaders from the state -- party chief Saifuddin Soz, former chief minister Ghulam Nabi Azad and former union minister Karan Singh -- also attended the meeting.

This is the second meeting of the Congress core committee on Kashmir since eruption of stone-pelting street protests in Kashmir June 11.

According to Congress circles, the party core committee's suggestions for a peace package will be considered by the CCS.

Jammu and Kashmir Chief Minister Omar Abdullah had met Manmohan Singh Wednesday here and requested for the lifting of the Armed Forces Special Powers Act (AFPSA) at least from a few districts of the state.

Abdullah met Mukherjee and Antony Thursday and discussed the situation in the violence-hit state.
According to official sources, the peace package is likely to include:

- Lifting of AFSPA from the districts of Srinagar and Badgam in Kashmir and Jammu and Ramban in Jammu region. Now all the districts of the state are placed under the act.

- Special compensation for the families of the 69 civilians killed in firing by security forces during the past three months.

- Jobs and rehabilitation for surrendered militants.
- An employment package for the educated unemployed.

- Release of arrested youths and withdrawal of several cases related to stone-pelting.

The central government will repeat its intention to begin a dialogue with 'all shades of opinion in Jammu and Kashmir,' the sources said.

Sending an all-party parliamentary delegation to the violence-hit state will be another proposal to come up at the cabinet meeting.

At least 69 civilians, mostly teenagers and young men, have been killed in firing by security forces on stone-pelting street protesters since June 11.

The cycle of violence has led to frequent shutdowns and curfew in the valley for the past three months.

India to raise visa fee hike issue with US

Bangalore, Sep 10 (IANS) India will raise the visa fee hike issue with the US administration at the upcoming joint trade policy forum meeting Sep 21 in Washington, union Commerce and Industry Minister Anand Sharma said here Friday.
'The hike in H1-B and L1 visa fee is very much on the top of the agenda at the trade policy forum Sept 21 in Washington. We have already made known our objection to such a regressive measure,' Sharma told reporters here.
India has also decided to discuss the Ohio state ban on outsourcing of IT projects and US President Barack Obama's stand against offshoring.
'Though the Ohio ban on outsourcing is a state issue and Obama's observation on offshoring is sovereign issue, we are going to discuss at the forum because eventually outsourcing plays a major role,' Sharma said on the margins of a meeting here.
Asserting that the government was with the IT industry on the visa and outsourcing issues, Sharma said the question was not what was done through the government support to the sector as it goes well beyond that.
'The American industry, the Indo-US Chambers of Commerce and prominent opinion makers in the US have already gone on record that the hike in visa fee and ban on outsourcing or offshoring was counterproductive,' Sharma noted.
Asked if India had a fit case to take up the visa fee hike issue to the World Trade Organisation (WTO) as such a measure violates the US commitments, Sharma said he would not like to pre-empt his discussions with his counterpart Ron Kirk, who is the co-chair of the trade policy forum.
'It's not a question of retaliation. Governments don't function like that. We will examine it. I have written to the US Trade Representative on the issue. It would be unfair for me to pre-empt our meetings by making any comment prior to it,' Sharma added.

The Telegraph, Kolkata reports:

The Trinamul Congress leader is learnt to have no problem with the bill being brought in Parliament but wants it to be subsequently referred to a standing committee, so that it can be kept in abeyance till the Assembly polls.

"The bill can come during the winter session but we are sure that it will be referred to a standing committee. By the time the committee gives its report, elections in Bengal would be over," a senior party leader said.

Trinamul leaders said that given the sensitivity attached with land acquisition in Bengal, they could not afford to take any risk till the elections. The party owes its political resurgence to its protest against land acquisition in Nandigram and Singur.

"We have communicated our views over the bill to the government," Mamata said yesterday, when asked to respond to the government's plans to introduce it in the winter session.

Mamata's key concern is that she does not want the government to play any role in acquiring land for private developers.

"The government should not figure anywhere in land acquisition for private developers. We cannot compromise on this aspect," a party leader said.

But the government, which is working on the bill that Rahul Gandhi is very keen on, is finding it difficult to accept this demand.

"Suppose a private developer has acquired 90-95 per cent of the land they need and the project is held up because the owners of the remaining 5-10 per cent refuse to sell their land. That small portion of land could well be very critical to the project, like providing road connectivity. Would it be prudent for the government not to step in and allow the proposed industry to be shelved?" an official in the rural development ministry asked.

The land acquisition bill prepared by the previous UPA government, which lapsed because it could not be tabled in the Rajya Sabha, had proposed that the government would acquire 30 per cent of the land after the private developer purchased 70 per cent.

This was totally unacceptable to Mamata, who had opposed it in the cabinet last year.
http://www.telegraphindia.com/1100910/jsp/nation/story_12919801.jsp

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The US says it will look to India to see what "changes" can be made to the Nuclear Liability Bill just passed by Parliament in the wake of concerns over making suppliers of equipment also liable in the event of a nuclear accident.
"We continue our discussions with the Indian government on this issue and we note that Indian business leaders are concerned about some specific aspects of the law that was just passed by Parliament," State Department spokesman P J Crowley said in the first reaction by the Obama Administration to some controversial provisions in the Bill.
"We will look to the Indian government to see what changes can be made," Crowley told reporters in response to a question on the US business being reportedly unhappy on some aspects of the liability law.
The liability legislation was a vital step to clear the decks for the full implementation of the historic Indo-US civil nuclear deal.
On August 30, Parliament had adopted the Nuclear Liability Bill with the government insisting that the compensation package for victims matches that of the US and it was still open to accommodate some suggestions.
A US South Asia expert has recently suggested that the Parliament had passed a flawed civil nuclear liability law, warning that it could cast a pall over the Indo-US nuke deal.
US policymakers and industrial leaders were taken off guard over the passage of the legislation "despite retaining language inconsistent with international standards for engaging in nuclear commerce," according to Lisa Curtis, Senior Research Fellow for South Asia at The Heritage Foundation, a Washington think tank.
The law includes language that makes suppliers of equipment, raw materials, and services liable after the construction of a plant during any nuclear accident.
Noting that Indian business groups have denounced the legislation, Curtis said "This latest obstacle in the US-India nuclear deal is unfortunate, as it follows the successful completion of a US-India nuclear reprocessing agreement earlier this year, which granted India the right to reprocess spent nuclear fuel."

US pastor confirms he will not burn Quran

A Florida pastor who wanted to burn Qurans to protest Islamic extremism reiterated Friday that he would not go ahead with the plan.
Since pastor Terry Jones first announced that he would not burn Qurans Saturday, the ninth anniversary of the Sep 11, 2001 terrorist attack, he appears to have changed his mind several times, causing widespread confusion.
'We are seriously, seriously, seriously considering not burning the Qurans. That is absolutely right,' Jones told reporters Friday outside his Dove World Outreach Center, which has a congregation of about 50 people.
Late Thursday Jones told NBC News that 'we are a little back to square one' after what he claimed was a deal to relocate a controversial mosque near the former site of the World Trade Center in New York appeared not to have materialised.
Jones said earlier Thursday that he was dropping the plans in exchange for relocating the mosque. But mosque officials in New York denied there was an agreement to move the construction site.
'Given what we are now hearing, we are forced to rethink our decision,' Jones told NBC after the mosque officials denied a deal was in the works. 'So as of right now, we are not cancelling the event, but we are suspending it.'

AFSPA: Omar seeks Antony's support

A day after meeting Prime Minister Manmohan Singh to seek withdrawal of the Armed Forces (Special Powers) Act (AFSPA) from six districts of Jammu and Kashmir, Chief Minister Omar Abdullah on Thursday met Defence Minister A K Antony to secure his support for the state government's demand.
The meeting comes a day before the Cabinet Committee on Security is scheduled to meet to take a call on the state government's demand for lifting the AFSPA from six districts as well as deciding on a package for the Valley.
It is learnt that Antony, who has so far strongly opposed all attempts to dilute provisions of the Act, didn't give any categorical assurance to the beleaguered Chief Minister, who has been drawing flak for his handling of the ongoing crisis.
The Defence Minister is learnt to have informed Omar about the reservations expressed by the Army top brass against any tinkering with the AFSPA.
The Army does not want to function in a non-AFSPA environment. The defence establishment also feels that the timing of the move to withdraw the Act from some districts is not right as it could be viewed as being done under pressure from separatists.
The Army is against any move to dilute the AFSPA. It is of the view that while the decision to revoke the AFSPA from certain areas will finally be a government decision, the Act is crucial for the Army's functioning in an anti-terror environment.
Omar, on the other hand, has been trying to drum up support for his plea. He is seeking withdrawal of the AFSPA from six relatively militancy-free districts as well as starting a political dialogue with the separatists at the earliest.
On Wednesday evening, Omar met Finance Minister Pranab Mukherjee to discuss the still-to-be-finalised financial package for the Kashmir Valley.
Former Army Chief General VP Malik on Thursday said while the AFSPA could be revoked from parts of J&K if the government felt things could be handled by the civil administration, the Army would not be able to carry out full-scale operations in these areas without the Act.
"If the government feels that the civil administration is capable of handling things, then the AFSPA may be removed. But if they require the Army to come in and perform certain kinds of operations like searches, they will have to reimpose the AFSPA. The Act is a tool with the government to enable using the Army for its more serious missions," Malik said.
Stone-throwers kill 55-year-old
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Have sought probe into video clip, says PC

Union Home Minister P Chidambaram on Thursday said he had directed investigative agencies to establish authenticity of a video clip, purportedly showing uniformed personnel herding four naked men in Jammu and Kashmir, that has been doing the rounds on the internet.

On Thursday, The Indian Express had reported the story on the three-minute video clip on social networking sites Facebook and YouTube.

"No one has been able to authenticate the video so far," Chidambaram told reporters. "I have asked the investigative agencies to find out," he said.

US envoy discusses terror, tolerance with Chidambaram

US ambassador Timothy J. Roemer on Friday met Home Minister P. Chidambaram and discussed with him ways to expand counter-terror cooperation between the two countries. The meeting took place on the eve of the ninth anniversary of 9/11 terror attacks on the World Trade Centre in New York that killed

more than 2,500 people.

Chidambaram conveyed India's concern over threats by a small American church in Florida to torch copies of the Quran on the anniversary of the attacks.

"We are talking about the global cooperation between India and the US on terrorism," Roemer told reporters after the meeting, while stressing that the India-US ties are growing in all sectors.

The US envoy acknowledged India's concerns and decried such acts of intolerance.

"As we learn of plans by one misguided individual in the US to burn the holy Quran on the 9/11 anniversary, valuing the diversity of our communities and working together for our greater good has never been more important," said Roemer.

"It is also more important than ever before that we speak clearly and consistently about our commitment to religious tolerance. I condemn such acts as disrespectful, intolerant, divisive, and un-representative of American values," said Roemer.

The deliberate destruction of any holy book is an abhorrent act, he said, while lauding India's "welcoming, tolerant, multi-faith society".

"Religious freedom is a value enshrined in the US Constitution and one of the many core values we share with the people of India," he said while conveying Eid greetings to the Muslims of India.

Kamal Nath hits back, says outsourcing no favour by US

Road Transport Minister Kamal Nath has on Thursday said outsourcing is an economic issue and "in the end, it is not something... they (the US) are doing us a favour. The US companies, to remain competitive, must be able to outsource." Despite these odds, the Indian IT firms would remain

India will formally convey its disappointment to the US over the ban imposed by the state of Ohio on offshore outsourcing at the high-level bilateral Trade Policy Forum meeting in Washington later this month.

"It will be on the agenda. I will raise the issue at the TPF meeting there definitely," Commerce and Industry Minister Anand Sharma said in New Delhi.

Sharma and US Trade Representative Ron Kirk will co-chair the September 21 meeting of the Trade Policy Forum (TPF), which is the principal trade dialogue between the United States and India.

While the Commerce and Industry Minister did not spell out specific concerns, sources said the Indian side would convey its "disappointment" over Ohio's ban on offshore outsourcing by government departments.

Sources said India would not like to adopt a "confrontationist" stand ahead of President Barack Obama's visit to India in November.

It is in this backdrop that conciliatory voices were heard from the Commerce Ministry, even though Commerce Secretary Rahul Khullar said on August 17 the H1B and L1 visa fee hike by the US was not WTO-compatible and India "cannot keep quiet".

While the $ 50 billion software export industry does not expect to be hurt financially by Ohio's decision, the development has upset it.

Apex software body Nasscom has described the ban as a "discriminatory" trade barrier.

The Prime Minister's Advisor on Innovation, Sam Pitroda, said the Ohio ban was not much of an issue for the Indian IT industry. The move by the US state had more to do with domestic compulsions.

"When unemployment (in the US) goes in double digits, it is worrisome. So, it is a natural reaction. It's nothing to worry about. I don't see it as a long-term issue to worry about," he said.

UP govt defends Noida park project in SC

Uttar Pradesh government today defended its project of constructing statues and memorials for Dalit leaders at Noida Park near here saying it did not fall under the forest area. "The project is not in the forest area," senior advocate K K Venugopal, appearing for the state government, submitted before a special forest bench comprising Chief Justice S H Kapadia and Justices Aftab Alam and K S Radhakrishnan.
He said that of the 6194 trees that have been cut, only 47 required the permission of the authorities for uprooting them as they were of native variety. He said the permission for that was secured and remaining trees were cut as no permission was needed for them All work for the Rs 650-crore project on the 33.43 hectare land has been stopped since October 9, 2009, by an apex court order.
Earlier, senior advocate Harish Salve, who is assisting the court as amicus curiae in the matter, said clearance to the project has to be given keeping in mind the environmental concern. He said since major part of the work was completed, it would have to be carefully examined whether demolition would be the correct option.
He said it has also to be viewed whether planting of trees would serve the purpose of restoration of forest or not. The apex court had during the earlier hearing maintained that automatic clearance to the project cannot be given merely because the Centre has stated that environment clearance was not required for it.
It had said such a stand of the Centre that the Environment Impact Assesssment (EIA) was not required for the project has to be discussed in detail before arriving at any conclusion.

Sonia should have got Land Acquisition Act amended: BSP

Lucknow, Sep 9 (PTI) Reacting to Sonia Gandhi's statement on land acquisition, the BSP today said that instead of giving her views on the issue, the Congress president should have got the Land Acquisition Act amended in Parliament.

"The Congress president's statement is laughable. Instead of giving the statement, the Congress-led UPA government should have brought a bill in Parliament to amend the Land Acquisition Bill," a party spokesman said here.

The BSP spokesman said that Gandhi should have forced the government to bring a bill to amend the land acquisition rules in the Monsoon session and get the Act, framed in 1894, amended in the interest of farmers.

"The Congress aims only to do politics on this issue," he alleged.

Speaking at a public function, Sonia Gandhi today favoured a balanced approach in securing land for industrial purposes without losing large fertile tracts.

Ban on SMS: Kashmiris say it with cards again
The ban on the Short Message Service (SMS) in Jammu and Kashmir has turned out to be a boon for the few greeting card outlets in the city, as their sale has risen sharply ahead of Eid-ul-Fitr.

The tradition of exchanging greeting cards on festivals and important occasions had gone out of vogue with people preferring an SMS instead.

However, there seems to be a change in the mindset after the SMS ban by the Government, in the wake of the fresh unrest in the valley which began on June 11 with the killing of a 17-year-old youth at Rajouri Kadal in old city.

Obama Replicates Matua Mamata,Greets Muslims on Eid, seeks more aid for Pak

Greeting Muslims across the world on the occasion of Eid-ul-Fitr, US President Barack Obama appealed to Americans to donate generously for flood relief work in Pakistan, where more than 20 million people have been hit by the disaster.

"On this Eid, those devastated by the recent floods in Pakistan will be on the minds of many around the world. To help in the tremendous relief, recovery, and reconstruction effort for the floods, all Americans can participate by donating to the Pakistan Relief Fund at www.state.gov," Obama said in a statement issued on the occasion of Eid-ul-Fitr.

"As Ramadan comes to an end, Michelle and I extend our best wishes to Muslims in the United States and around the world on the occasion of Eid-ul-Fitr.

'China indulging in muscular diplomacy with India'
China is indulging in 'muscular diplomacy' with India, two noted American scholars have said and recommended the US to not only keep a close tab on Sino-India border frictions, but also enhance the defense co-operation with India.

Over the last few years, tensions have been brewing between India and China over their long-held border disputes, said Dean Cheng and Lisa Curtis of The Heritage Foundation.

"The source of the tensions is multi-faceted but driven in large part by China's concern with an emergent India and Beijing's desire to consolidate its position on Tibet," they said.

While military conflict between the two Asian giants is unlikely any time soon, recent Chinese moves illustrate a broader trend of muscular diplomacy from Beijing over its various territorial claims, Cheng and Curtis said.

Obama concedes poor economy threatens Democrats
President Barack Obama is conceding that if the November election turns out to be mostly a referendum on the sluggish US economy, Democrats are "not going to do well."

In an interview with ABC News aired Thursday, Obama said the party should be able to maintain control of the House and Senate if the electorate takes a look at what Democrats and Republicans stand for. But he said Democrats won't do well if it amounts to a referendum on "the economy as it currently is."

Obama said he believes "everybody feels like this economy needs to do better than it's been doing."

Obama rolled out a trio of new plans this week to help spur job growth and invigorate the lethargic national economic recovery.

Ohio outsourcing ban won't impact Indo-US biz ties
The US today sought to downplay the ban on outsourcing clamped by the government of its Ohio state, saying similar actions in the past have not affected Indo-US ties which have grown to a far greater level.

US ambassador to India Timothy Roemer said Ohio banning outsourcing of IT related work would not have any bearing on Indo-US business ties and asserted that the partnership between the countries was "indispensable".

"I would refer you to statements by Infosys and other Indian companies which recently had said about Ohio action ...that they had very little, if any, impact on US-Indian business," he told reporters here when asked to comment on the ban.

The ambassador said Indo-US relations have reached to a new stage which now includes counter terrorism, green partnership, apart from trade and commerce.

It's raining investment in Orissa, but no implementation

It is raining mega investment in Orissa, but none of the big ticket projects have made any headway hitting the land acquisition, environmental clearance and sundry other hurdles.

South Korean steel major Posco's Rs 51,000-crore project, Vedanta's Rs 5,000 crore mining venture and Tata Steel and ArcelorMittal's Rs 15,400 crore and Rs 40,000 crore projects respectively are some of the mega proposals, which are still-born.

'At present, we have over Rs four lakh crore of committed investments in various stages of implementation,' Chief Minister Naveen Patnaik said.

He, however, did not mention the remaining Rs two lakh crore investment for which foreign and domestic investors were making a beeline.

Posco's 12 mtpa mega steel mill at an investment of Rs 51,000 crore has been hanging fire for the last five years in the absense of land arrangement by the state government.

FM expects industry to grow by 12-13 pc this yr

Enthused by 13.8 per cent industrial growth in July, Finance Minister Pranab Mukherjee today pegged industrial expansion at 12-13 per cent this year.

He also said the manufacturing sector, which generates jobs, was performing well.

"I expect average industrial growth to be between 12-13 per cent this year. Manufacturing, which generates employment is doing well," Mukherjee told reporters.

When asked whether RBI will further tighten monetary policy to combat inflation, the Finance Minister said, "Government and RBI are watching. Let us see. We will take actions as the situation demands."

RBI is expected to raise its short-term borrowing and lending rates at its September 16 mid-quarter review.

Overall inflation for the month of July was 9.97 per cent, while figures for August are expected next week. Food inflation shot up to 11.

PlanCom sees more than 8.5 pc growth this fiscal

The Planning Commission today felt that there is case for revising economic growth projections upwards from the present 8.5 per cent, given the impressive 13.8 per cent industrial expansion in July.

"These July figures, I would say, are better than what I had expected. On the whole, taking together April-July, it thus suggests we are on track at least to achieve the growth rate target...Infact, there may be a good case to marginally increase it (GDP target)," Planning Commission Deputy Chairman Montek Singh Ahluwalia told reporters here.

He, however, didn't give any exact figure.

The government had fixed a target of 8.5 per cent growth for the economy this fiscal. GDP growth during the first quarter was 8.8 per cent, up from six per cent in the year-ago period.

As per the data released today, the country's industrial growth accelerated to 13.

Factory output nearly doubles at 13.8 pc in July
Growth in industrial production almost doubled to 13.8 per cent in July from the year-ago level on robust expansion in capital goods, and doused fears about any slowdown in demand.

The stellar numbers, the Planning Commission believes, would help the economy beat the government's overall growth projection of 8.5 per cent for this fiscal.

But analysts disagree. In fact, most analysts had predicted factory output to fall to single digit in July as a result of waning demand.

Finance Minister Pranab Mukherjee said he expects average industrial growth this fiscal to be between 12 and 13 per cent, given the good showing of the labour-intensive manufacturing sector.

Manufacturing sector output grew 15 per cent in July against 7.4 per cent a year ago and mining by 9.7 per cent compared to 8.7 per cent.

Media attack on Dabur to impact investment in Nepal: Ficci

Industry body FICCI today said the "malicious" campaign by a Nepalese media house against FMCG firm Dabur would impact Indian investments in the Himalayan nation. "The current bout of the malicious campaign by a Nepalese media house against Dabur India is bound to force Indian investors into their shell and result in shying away of FDI to Nepal," FICCI said in a statement.
Indian joint venture Dabur Nepal has come under attack from the Nepalese media, which has alleged the firm was supplying low quality products. The Indian embassy in Kathmandu recently asked the Nepalese government to take action against the "baseless adverse publicity" against the firm.
"Indian companies have made a significant contribution to the Nepalese economy both in terms of employment generation and by way of generation of revenue to the Nepalese exchequer," Ficci Secretary General Amit Mitra said. The JV directly employs over 1,000 people and about 30,000 indirectly and it has generated revenue of over 40 crore Nepali rupees for the Himalayan Kingdom''s exchequer.
Indian industry has made a total investment of Rs 1,400 crore in Nepal, of which Dabur''s share is Rs 143 crore. "The need of hour is to encourage Indian investments into Nepal, provide the right framework for investment policies, create conducive labour laws and forge new partnerships in areas of health and education," the chamber said.
Some of the other Indian companies with a presence in Nepal include ITC, Unilever, United Telecom, State Bank of India, Punjab National Bank, Manipal Group and SJVN..

SC asks CBI, RBI to file replies in derivatives scam

The Supreme Court today asked the CBI, RBI and the Enforcement Directorate to file their reply in the derivatives scam case. The case pertains to illegal sale of forex derivatives in violation of RBI and FEMA guidelines by members of the Fixed Income Money Market Derivatives Association of India (FIMMDA).
A bench comprising Justices Dalveer Bhandari and Deepak Verma directed Central Bureau of Investigation (CBI), Reserve Bank of India (RBI) and Enforcement Directorate (ED) to file their reply. It also directed all parties in this case to complete their pleading by November 8, next date of hearing.
Meanwhile, the bench allowed the intravention application filed by the Indian Bank Association in this matter. Derivatives are a hedge or insurance covered by banks and financial institutions to protect income and liability.
During the proceedings, Additional Solicitor General H P Raval, appearing for the CBI in this matter rescued himself from this case. Earlier, the probe agency CBI had filed its opinion on the case and had said that it was a "herculean task" for them to probe the entire scam.
The Central Bureau of Investigation further suggested in its reply that such a probe should be conducted by the ED and banking sector regulator as it involved violation of FEMA Act and RBI guidelines. Earlier, on March 15, 2010, the Supreme Court had stayed an order of the Orissa High Court, which had directed that a probe be conducted by premier investigative agency CBI. Acting on a petition by an Orissa-based businessman, Pravanjan Patra, the High Court had on December 24, 2009, directed a CBI probe into the alleged sale of forex derivatives to exporters in gross violation of foreign currency laws of RBI and FEMA. This was challenged by the Fixed Income Money Market Derivatives Association of India (FIMMDA) before the Apex Court, which stayed High Court''s directive on CBI inquiry.
Earlier, the Supreme Court had directed some exporters, who requested that they be made a party in the case, to file their replies, which was later referred to the registrar of the apex court for verification. In June 2010, Forex Derivatives Consumers Forum, who had suffered losses as a result of the alleged scam by banks and lenders owing allegiance to FIMMDA had approached the apex court requesting that they be made a party in the case.
They had requested the apex court to allow a CBI inquiry into the scam by lifting a stay on High Court order.

Sonia sets line on industry
- Development model with balanced approach

SANJAY K. JHA

Sonia Gandhi at the meeting in Delhi on Thursday. (PTI)

New Delhi, Sept. 9: Congress president Sonia Gandhi today emphatically asked the government to strike a balance between industrial development and environment protection and suggested a comprehensive rehabilitation scheme for landlosers.

Sonia's assertion is the most categorical yet on the subject and crystallises the stand voiced by Rahul Gandhi during an Orissa rally where he declared himself a "sipahi" of tribal interests.

Earlier this week, Prime Minister Manmohan Singh had spoken of a balanced approach and that industry must recognise environment concerns but added that "we cannot solve environmental problems by perpetuating poverty. We need a balance between environmental concerns and poverty eradication".

The Congress president's clarification comes also at a time various ministries are locked in a stand-off with the environment ministry, headed by Jairam Ramesh, for raising objections to projects such as an airport on the outskirts of Mumbai and industrial ventures elsewhere.

Dedicating the NTPC's National Capital Thermal Power Project, Dadri, Stage-II, to the nation here today, the Congress chief warned policy-makers against laying abnormal stress on industrial growth at the cost of agriculture.

Her approach suggests that the Congress wants to amplify its projection of itself as the champion of the deprived and the dispossessed, although the government is keen on a much greater push for industry to reduce the country's reliance on agriculture which has its own limitations.

Many in the Congress viewed Sonia's speech as a significant departure, much like her emphasis before 2004 on the welfare state, following which Manmohan Singh spoke of economic reforms with a human face.

The debate within the Congress on the contours of "Manmohanomics" that acquired a particular dimension in the P.V. Narasimha Rao regime finally gave birth to a nuanced economic philosophy which put a brake on blanket divestment and created space for huge social sector expenditure.

Senior Congress leaders feel Sonia's clarification will inject a sense of purpose in the government which is sitting on the Land Acquisition Amendment Bill for so long. The frequent conflicts of various ministers with Ramesh on development projects and airports should also come to an end after Sonia's signal.

Sonia made it clear that she was not against industry but stressed that all concerns should be accommodated while fine-tuning a development model.

On industry, Sonia said: "We definitely need to generate more power from different sources to meet the growing demands from our farmers, our factories and our people. Economic growth is built on greater electricity production and consumption. At the same time, we must protect the environment to ensure sustainable development. In whatever we do, we must not forget that our lush forests and mountains, majestic rivers and all other water sources, and clean air have sustained and nurtured us for millennia. We have a responsibility to preserve them for the coming generations."

Sonia's signposts, along with the strong endorsement on August 26 by Rahul of the brake on the Vedanta mining project in Orissa, indicate that the government will not clear in a hurry any project that stirs environment concerns.

Sonia also touched upon one of the most contentious issues vexing policymakers — land acquisition.

"I would also like to say a few words on land acquisition. New industry and new infrastructure cannot be built without acquiring land. This is obvious. But land acquisition must be done in a manner that does not result in the loss of large tracts of fertile and productive agricultural land so indispensable to cultivate foodgrain needed to feed our people. And if farmers are deprived of their land-based livelihood, they must be provided with adequate compensation and alternative occupation. Some states like Haryana have progressive legislation in this regard. Other states would do well to emulate it."

Sonia has not slammed the door shut on land acquisition but, given the reality of lack of non-fertile land in some states, such as in Bengal, she seems to be pinning hope on job-oriented rehabilitation schemes to persuade people to give up land.

The government plans to table the land acquisition amendment bill in the next session of Parliament which will coincide with the run-up to elections in Bengal. Some of the earlier provisions in the bill had been opposed by Mamata Banerjee.

Sonia used Manmohan's trophy theme — nuclear energy — to drive home her point. "Our future requirements necessitate that we pay much more attention to clean and renewable sources of energy. Now that Parliament has passed the Civil Nuclear Liability Bill, India is in a position to invest in nuclear power to help meet its growing needs. I understand that NTPC is gearing up to enter the field of nuclear energy. It is also taking steps to expand the utilisation of wind and solar energy on a larger scale. This is a tribute to its culture of innovation and performance."

WITH INPUTS FROM R. SURYAMURTHY

http://www.telegraphindia.com/1100910/jsp/frontpage/story_12919862.jsp

Jindals pluck Maoist thorn
- JSW Bengal Steel moves Centre to get SEZ tag dropped

OUR SPECIAL CORRESPONDENT

Calcutta, Sept. 9: The Jindals have approached the Centre to drop the special economic zone (SEZ) label from their steel project in Bengal, citing global recession but plucking out the key reason cited by Maoists for opposing the venture.

The Salboni project in West Midnapore had become a lightning rod for the Maoists who bombed the chief minister's route while he was returning from the foundation ceremony in 2008, setting off a chain of events that ignited the still-smouldering flames in Lalgarh.

JSW Bengal Steel, which is building the Rs 35,000-crore plant, has moved the board of approval under the Union commerce ministry to denotify the area. The Bengal government has approved the change of plan by the Jindals and recommended the denotification to the Centre.

Another group firm, JSL Stainless Ltd, has decided to surrender its SEZ status in Orissa. The Centre is unlikely to have any objection to drop the tag as SEZ has more or less become a politicial hot potato — 18 such zones have been scrapped so far.

The Maoists have been opposing SEZs mainly on two counts: they feel the three-letter abbreviation is a synonym for land grab meant for real estate development and an excuse for flouting labour laws and exploiting people in the neighbourhood.

The Jindals have cited the slow economic recovery abroad and the consequent flat demand for exports as the reason for seeking the change in status.

Biswadip Gupta, the CEO of JSW Bengal Steel, said the company would not give up land or drop any section of the project in Salboni. The company is in possession of 4,457 acres, a large chunk of which was handed over by the government from the vested land pool.

Maoists had in the past questioned the state government's decision to give away the land, which the rebels claimed was kept for distribution among tribals.

Gupta said the decision to withdraw SEZ status was done keeping in mind the changed economic circumstances. Asked if it would blunt Maoist protests against the project, he said: "It will be just like any other plant in the country," indicating there is no specific reason for a protest now.

Explaining the economic reason, Gupta said: "We wanted to export slabs (semi-finished steel) to process and make the final product in the group's US plants. But the idea has been dropped."

Work on the Salboni project may start in December this year, he added.

http://www.telegraphindia.com/1100910/jsp/frontpage/story_12919861.jsp

THAT PRESCIENT OLD FOX
- The capitalist system in the US is facing a strange dilemma

Cutting Corners - Ashok Mitra

Tough call

Nothing reveals more explicitly the American middle-class mind than the comic strips, otherwise known as 'funnies', carried every day in the newspapers. A recent piece of the popular Wizard of Id strip has the King of Id enquiring of his minister on measures being taken to discourage the entry of undesirable immigrants. The minister's response is suave: the problem has been taken care of; two billboards have been planted at the frontier; the first one carries the greeting, "Welcome to Id: 40 per cent unemployment"; the second is even closer to the flesh, "Don't bother, all jobs have been shipped to India."

Middle America is seething with resentment. The economic meltdown which started in 2008 persists. While gross domestic product growth has wormed its way back to an annual rate of 2 per cent or thereabouts, it is clearly not enough, for the unemployment rate stays stubbornly at 9.5 per cent, the highest since the horrendous depression days of the 1930s. Nearly 130,000 jobs, another estimate suggests, are shrinking every month in the US labour market.

Whispers and innuendos keep spreading the story: jobs for American boys and girls are disappearing both because of outsourcing to low-wage countries in Asia, particularly India, and because, in the so-called 'high tech' industries, foreigners — again mostly Indians — are crowding out US citizens. While the problem is severest in the information technology sector, banks and insurance companies are not lagging far behind. Employment opportunities, which in the normal course would have cushioned the crisis for young aspiring Americans, are allegedly vanishing overnight on account of outsourcing to Indian companies located in Bangalore or Hyderabad, which agree to do the entire package of work involved at a sum barely 5 or 10 per cent of what the wage bill would have amounted to in case American boys and girls were engaged to do the assignment. Add to that the influx of the 'software' army from India who, the complaint is posted, agree to work at 'sweat wages' high-tech jobs, thereby again dimming the prospects for US citizens. Such grumblings may in fact mirror only a quarter of the truth. What, however, matters is whether Middle America accepts these as the real state of affairs, and the US administration has to sit up and take note of opinions such as these.

Many will find the proposition difficult to swallow, but does not the situation the US is currently facing bear out the prediction that the old fox, Karl Marx, made almost a century and a half ago — an intense crisis is bound to overtake a mature capitalist economy caused by a falling tendency in the rate of profit? The US is quintessential advanced capitalist system, the world's richest country and the most industrialized. All these achievements are the outcome of steady capital accumulation. Accumulated capital has been continuously invested to further the advancement of technology, technological progress in turn has enabled both reduction of unit cost of production in different spheres and opening up of new fields of activity. The phenomenon helps entrepreneurs to economize on the use of labour in the production process, even as new job opportunities are created with the economy both growing and diversifying. Since population expands at barely one per cent per annum or even less, the supply of labour at some point actually fails to keep pace with the pace of growth of output, leading to scarcity in the labour market and an increase in the wage rate. Rising wages imply a shrinkage in entrepreneurial profit across the board, for a competitive market does not permit increase in product price to compensate for the higher wage bill.

As entrepreneurs feel the pinch, they are driven to invest in superior technology; which economizes on labour use. That apart, technological progress has a law of its own; improved technology propels the growth of still more improved technology. Induced as well as autonomous factors are therefore furiously at work within the corpus of the capitalist system. The consequence is what has come to be known as the crisis of under-consumption: induction of superior technology cuts down progressively the deployment of labour, as a result, growth of the aggregate wage packet fails to keep pace with the rate of growth of output, affecting the overall demand for goods and services; such circumstances cast a shadow on the rate of profit.

This, in reality, is the dilemma the capitalist system is facing in the US. As aggregate consumption tends to reach a plateau, entrepreneurs, to avert a fall in the rate of profit, have recourse to labour-saving technology which pares down wage cost. This increases the capital intensity of the production process, the rough equivalent of the "organic composition of capital" in Marx's terminology. But the outcome is precisely the reverse of the desired objective; the attempt to economize on the use of labour shrinks the total wage bill and therefore the aggregate demand for goods and services, thereby threatening to lower the rate of profit.

Confronted by the dilemma, industrial firms in the US have, over the past few decades, tried what they thought was an alternative approach. Instead of increasing capital intensity to reduce wage cost, the total wage bill has been sought to be curtailed by both enlarging the scale of employment of foreign, including Indian, technologists willing to accept wages lower than what American citizens demand for comparable jobs as well as by getting part of the basic work done in low-wage countries such as India. But this stratagem, too, is proving to be an illusory escape route. Whether it is exporting jobs to poorer countries or hiring foreigners who remit home most of their earnings, the result is another round of contraction in effective demand at home; the spin-off is the kind of public outcry depicted in that Wizard of Id comic strip.

There is no way of ignoring the political dimension of the problem. One of the major support bases of the Democratic Party in the US is organized labour; the party, for dear life, has to, remain sensitive to its predilections and prejudices. In contrast, the predominant majority of the country's industrial tycoons gravitate towards the Republican Party which necessarily has to pay heed to the interests and susceptibilities of, for instance, the military-industrial complex. George W. Bush, the true blue Republican, formulated his India strategy on solid domestic considerations. India offers a tantalizingly huge market — amounting to 1,500 billion dollars — for nuclear-related American industries. It made sense to Bush to hustle through the nuclear energy agreement and help lift the post-Pokhran embargo on the supply of fissionable material to India. It was also during his tenure that outsourcing of 'software' assignments to India came to prosper, which, along with economic liberalization, paved the way for the emergence of a new generation of free enterprise-friendly Indian middle class.

Barack Obama's is a different constituency. Organized labour is restless, Middle America is deeply disturbed by continuing joblessness. The nuclear deal with India, Obama and Middle America will go along with; it will boost employment in the defence industries. They will have few problems with the nuclear liability legislation as well; the maximum financial liability fixed by the Indian Parliament is peanuts, only 0.2 per cent of the total size of the nuclear export bonanza. Outsourcing and engaging foreign employees in American firms, however, involve an altogether different genre of issues. The mid-term polls are barely a few weeks away, President Obama has to make at least a gesture to assure Middle America that its worry is his worry too. To prove his credentials, he has promptly endorsed the border security bill sponsored by two Democratic Senators which ordains a hefty increase in the fees for H1-B and L visas payable by American firms wishing to engage foreigners, including Indians. Gossip is also afloat hinting at the intent of the US administration to increase the tax burden of firms which outsource job-sensitive assignments.

India has thus become sort of an adjunct of the classical capitalist crisis unfolding in the US. The ruling regime in New Delhi, representing the aspirations of India's upper classes, is all the way with the American capitalist class. Outsourcing serves the interests of capitalists over there as well as here. The masses in both countries may hold a different point of view.

http://www.telegraphindia.com/1100910/jsp/opinion/story_12911494.jsp

Despite threat letter, Jaya to go ahead with Madurai rally

Chennai, Sept 10 (PTI) Not willing to be bogged down by a threat letter warning of a bomb attack if she went ahead with a party rally in Madurai, AIADMK chief Jayalalithaa today said she will launch a protest there on October 18 against the ruling DMK on various issues. "Death threats were issued to me saying I should not go to Madurai.
But I am not the one to be bogged down," she asserted, adding she will lead the protest at Madurai on October 18. The Opposition leader charged the DMK with failing on issues like inter-state river disputes, power cut, illegal sand mining and price-rise and said people were "clueless".
"On the law-and-order front, anti-social elements are having a free run in the state, while murders have become a routine affair," she said in a statement here. She alleged allround failure by DMK and said all sections of society -- farmers, weavers, traders and others -- were severely affected.
AIADMK-backed TV channel Jaya TV had received a letter on August 28, warning her not to proceed with the proposed rally, saying she and her followers would be attacked with bombs if she did so. A case has been filed and probe is on even as the party has been pressurising the Centre and state government to provide Jayalalithaa adequate security in the wake of the threat.

Committee to suggest model for single engineering entrance

Aiming at doing away with multiple entrance tests and reducing burden on students, the Government today decided to set up a committee to suggest a suitable entrance model for engineering examinations. The decision was taken at the IIT Council meeting chaired by HRD Minister Kapil Sibal.
Sibal said the committee under Secretary, Department of Science and Technology, T Ramasami will prepare a detailed framework which would decided about the kind of test and the methodology of selecting students for IITs, NITs and other engineering institutes. It will submit its report in three months'' time.
He said the issue of an alternative model was discussed in detail at the meeting. The Acharya Committee interim report on a two-tier selection process was also intensely debated but there were certain objections to the recommendations.
"There was no uniformity on how to go ahead in reforming the system but all agreed that the present examination system of JEE, AIEEE etc has to change to reduce burden," he said. He said the members were on one page when it came to doing away with coaching as this was proving detrimental to the quality of intake of students within the IITs.
"Members also agreed that the problem of having to appear for a slew of examination to get admission into the university system puts too much pressure, both financially and psychological on families and students," he said. He said directors of seven IITs were of the opinion that the present system of test for the IITs should not be done away with.
The Ramasami committee, he said, could take all these factors into account while preparing its report. "The idea is that a student should not have to sit through multiple test.
One national level aptitude test should do, but all must be taken onboard," he said.

Panthers Party demands reorganisation of J-K

The JK National Panthers Party today pressed for reorganisation of Jammu and Kashmir and opposed the demand for greater autonomy or self-rule. "The only way out is to go for reorganisation of the entire State of J&K. The Prime Minister may invite the advocates of autonomy, self-rule and the reorganisation so that a consensus may be evolved to restore regional harmony and understanding within the state," Panthers Party chief Bhim Singh said in a letter to Prime Minister Manmohan Singh, a copy of which was released to the media here.
"Those who are talking of Greater Autonomy, they are helping the enemies of J&K because any further autonomy shall only be separation from the Union which 99 per cent people of J&K would not accept. Same is the fate of self-rule demand", he said.
The Panthers Party also condemned the statements by a US pastor on burning of holy Quran, terming it as a "mad attempt" to flare up communal divide and hatred among the people of different faiths and religions and appealed for calm and unity.

More studies before green clearance to Brutanga project

The proposed Brutanga irrigation project in Orissa has hit a stumbling block with a central forest panel today deciding to conduct more studies on its impact on wildlife and tribal population before giving it a green signal. Though the officials and non-official members of the Forest Advisory Committee (FAC) of Environment Ministry, who met here, refused to divulge the decision taken on the project, it is understood that they agreed to conduct more studies on its likely impact on the wildlife habitat, particularly movement of elephants.
Incidentally, the pause to the project has come just a few days after the FAC had on August 20 given it in-principle nod paving way for diversion of 1524.17 hectares of forest land. Soon after that, Environment Minister Jairam Ramesh had announced that based on the recommendation of the forest panel and also in view of the fact that this is an irrigation project which would benefit thousands of farmers in Orissa, the ministry has accorded the stage I clearance to it.
The FAC in its previous order of August 20 had imposed at least 29 conditions on the state government including construction of overpasses in fores land for movement of elephants. A second thought was given to the project after it was felt that till date, there is no documented proof that such structures could be successful in India.
According to experts, elephant herds never use such constructions even if intelligently built or camouflaged. Wild Odisha, an NGO that initiated the "Brutanga Campaign", has termed the irrigation project as a threat to tigers and elephants who will be barred from migrating south from the area.
Based on a report by conservatists L Choudhury and C K Sar published in the Indian Forester in 2002, the NGO has alleged that submergence of the migration route will disable the mixing and interbreeding of herds north of the Mahanadi with those in the south, essential for the survival of both. Moreover, a huge chunk of tribal population will have to give away their forest land for the project.
A reservoir scheme across river Brutanga, the project proposes to provide irrigation to 31,110 hectares of gross command area and 23,330 hectares of culturable command area of its independent ayacut in Dasapalla, Khandapada, Odagaon and Nayagarh blocks of Nayagarh district in Orissa. It had obtained clearance from the Techno-Economic Appraisal Committee of the Central Water Commission on December 18, 2000 but was placed before the FAC in its meeting on August 20.

Ohio outsourcing ban: Weak case for India in WTO

As India has kept out of the multilateral agreement on public procurement, it may find it tough to contest in the WTO the US state of Ohio's ban on offshore outsourcing by government departments, experts said.
The Agreement on Government Procurement (GPA) is the only legally binding agreement in the WTO setting fair rules for public purchases.
In operation since January, 1996, the GPA is a plurilateral treaty that includes only some members of the World Trade Organisation (WTO) and India remained out of it.
India became an 'observer' member of the GPA in February this year. Even if it wants to become a full-fledged member, it would take a long time, since not even the accession negotiations have started, sources said.
While the US is a member of the GPA, its coverage in regard to software procurement is limited to the federal government and not states.
It is in this backdrop that experts feel that India would not be able to challenge the Ohio ban on offshore outsourcing.
Through an executive order, Ohio Governor Ted Strickland had banned offshore outsourcing by government departments. In the run-up to elections to the US Congress in November, President Barack Obama has also raised the pitch against outsourcing, a key earning avenue for the USD 50 billion Indian software export industry.
"We can only criticise and make noise," said R S Ratna, the head of the Centre for WTO Studies in the Indian Institute of Foreign Trade (IIFT).
In the absence of the country being a part of the GPA, India can only try and score some moral points even when WTO negotiations in other areas take place, he said.
Ratna said India should make use of other platforms like the G-20 (Group of 20 most advanced and developing countries) to raise its voice against the protectionist measures.
His views were echoed by Delhi-based think-tank Research and Information System for Developing Countries (RIS)'s trade economist and Director General, Bishwajit Dhar.
"Let's keep reminding them in fora like the G-20. We can tell them it (refraining from protectionism) is a commitment.
Open trade is all the more important when there is a fear of a double dip in the global trade," he said.
A FICCI official said while prima facie the Ohio ban looks discriminatory, it requires a detailed study on whether the move can be contested in the WTO.
The Secretary General of CUTS International, Pradeep Mehta, who follows multilateral affairs closely, said while India is not a signatory to the GPA, "The issue can be taken up at the bilateral level."

'Cautious' BJP says will respect court verdict on Ayodhya

Treading a cautious path, the BJP today said it will "respect" the court verdict on Ram Janmabhoomi-Babri Masjid title suit to be pronounced later this month but cryptically added that there could be no doubts regarding existence of a temple at the disputed site.
"Our party's stand has always been clear - we will respect the verdict of the Lucknow Bench of the Allahabad High Court on the Ayodhya title suit. We are eagerly awaiting the order," BJP national vice-president Kalraj Mishra told reporters here.
When asked what would be his party's stance if the verdict did not affirm that a temple had existed on the disputed site, Mishra evaded a direct reply and said, "there can simply be no doubts regarding the existence of a temple at the disputed site in Ayodhya.
"Numerous evidence have been placed on record to show that a temple existed there. Above all, what greater proof could there be than the fact that the site is visited by largenumber of Hindu devotees who perform worship and other rituals," the BJP leader said.
The remarks come days after former BJP president Rajnath Singh said the party remains committed to construct a grand Ram temple in Ayodhya but refused to elaborate on the issue before the court's verdict comes out on September 24.
"BJP's view is very clear about a grand temple of Lord Ram in Ayodhya and the party is committed towards it, but we will not give any reaction as of now. First, let the court's verdict come," Rajnath had told reporters on September 5.
"Whatever decision is given by the court it will be okay," he had added.
Mishra also charged the Mayawati government in Uttar Pradesh with "trying to create panic" across the state by making demands for deployment of central para-military forces ahead of the verdict on Ayodhya.
"An attempt is being made to suggest that a volatile situation has arisen which is far from truth and only a ploy to harass us. We have reports that spies have been sent after our cadres and members of outfits like the VHP. This is disgusting", the BJP leader said.
Mishra also came down heavily on Union Home Minister P Chidambaram's recent remark on "saffron terror", saying "terrorism has no religion or creed. The Congress-led UPA government seems to have forgotten that".
he BJP vice-president also claimed that the party has been "opposed to the use of the term Islamic terrorism as it causes prejudice and suspicion against an entire community".

India Law Threatens U.S. Energy Deals

By AMOL SHARMA in New Delhi and PAUL GLADER in New York

The U.S. government is scrambling to preserve the benefits of a civil nuclear agreement with India—the cornerstone of a broad new relationship between the world's two largest democracies—after India passed a law that threatens to effectively exclude U.S. companies from its market for nuclear power.
The Indian law, passed last week, was supposed to be the final chapter of an agreement proposed in 2005. The U.S. used its global influence to end an international moratorium on nuclear trade with India that was put in place after the country's first atomic-weapons tests in 1974.
In return, the U.S. expected India to put a civil nuclear regime in place that would open a new market for companies such as General Electric Co. and Westinghouse Electric Co. that is estimated to top more than $150 billion in coming years as India seeks to bolster its power sector.
But the payoff of the agreement for the U.S. has been thrown into doubt by the new Indian law, which exposes firms supplying equipment to nuclear plants to liability in the case of accidents—unexpectedly making India a difficult market for U.S. suppliers to operate in. In nearly all countries with nuclear power, suppliers are immune from lawsuits while all liability is channeled to nuclear-plant operators.
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Agence France-Presse/Getty Images
The Tarapur Atomic Power Station in India's Maharashtra state, above, in an undated handout photo. Some provisions in India's new nuclear-liability law caught American companies by surprise

In the newly passed nuclear-liability law, the critical provision caught U.S. companies by surprise. The American firms refrained from lobbying openly, mindful that such activity to prevent the provision—and their current efforts to repeal it—could backfire among members of Parliament eager not to be seen as catering to U.S. demands.
The provision also caught Washington off guard, according to people familiar with the talks, and has sparked discussions between the countries on how to deal with it.
U.S. Ambassador to India Timothy J. Roemer said, "We are aware of the concerns of industry regarding the final version of the legislation passed by the Indian Parliament. The U.S. government is engaged with the government of India to ensure that the full potential of this historic agreement can be realized."
The matter threatens to overshadow the progress the countries are making on other fronts, such as stronger commercial ties. Discussions about the new law have taken on a sense of urgency because of the impending visit to India of President Barack Obama scheduled for early November, a trip meant to bolster ties in trade, education, energy, agriculture, and national security. Washington has made it clear to India it wants to see movement on the nuclear issue before Mr. Obama's visit.
The U.S. and India are now discussing ways for American nuclear suppliers to circumvent the new law, people familiar with the matter said. If they can't find a workaround, American companies could effectively be left on the sidelines in India. Russian and French state-controlled nuclear-equipment companies have an advantage, since their governments provide a certain amount of liability protection, but even they are concerned about the impact of the Indian law, people familiar with the matter say.
One option the U.S. and India are considering, according to a U.S. official, is a government-to-government agreement that would take precedence over the law, whereby India would pledge to indemnify foreign suppliers should they be sued.
Another option under consideration, the official said, is for India to negate the effect of the law when it formally implements it. That would be akin to a presidential signing statement, in which the chief executive declares his interpretation of recently passed legislation—at times challenging the measure.
A third route would involve India's only nuclear operator, a state-run firm, signing contracts promising to take on all liability with U.S. suppliers.
The U.S. industry isn't confident any of those measures would work perfectly and would prefer that the law be amended outright so all supplier liability could be explicitly removed, people familiar with the matter say, but such a move would face stiff opposition in New Delhi.
Any watering down of India's nuclear-liability law would be hugely controversial among members of Parliament, where those opposing efforts to shield suppliers from lawsuits have invoked the toxic-gas leak at a pesticide plant owned by a subsidiary of Union Carbide Corp. in Bhopal 26 years ago—the world's worst industrial disaster. Lawmakers are angry at the government's inability to prosecute Warren Anderson, the top U.S. executive of Union Carbide at the time.
Ravi Shankar Prasad, a member of India's parliament and spokesman for the country's main opposition party, the Bharatiya Janata Party, said the party wouldn't be open to any rollback of the nuclear-liability law. He summed up the party's stance: "India is a huge market. Come on my terms or don't come at all."
In a meeting in New Delhi with local newspaper editors Monday, Indian Prime Minister Manmohan Singh reportedly said he was confident foreign suppliers will find India's nuclear-buying spree too lucrative to turn down.
"I hope their profits will tell the true story," he said, according to local news reports. "If they make a lot of money, they will forget some of the concerns they have expressed."
Spokesmen for Mr. Singh and the Ministry of External Affairs didn't return calls and emails seeking comment. Attempts to reach Indian officials responsible for nuclear-energy policy were unsuccessful.
Last year, Washington also signed a nuclear-cooperation agreement with the United Arab Emirates for some of the same reasons it signed one with India: It would be good for business and aid global nonproliferation efforts. At the end of the day, though, American firms got almost nothing out of the agreement, with almost all the major contracts bid out by the U.A.E. going to a consortium led by South Korea's Korea Electric Power Corp.
Nuclear-energy lawyers say that if a solution isn't found, it may be difficult for U.S. suppliers to get insurance for Indian projects, even if they want to sell their goods. Publicly, the companies have said little about the law, though they are lobbying behind the scenes to find ways around it.

President Barack Obama listens to India's Prime Minister Manmohan Singh at the Nuclear Security Summit in April.
In response to a question about India's new law at a recent investor meeting, John Rice, GE's head of infrastructure-technology businesses, said: "We are not going to chase bad deals. And we're not going to do business in countries where the nuclear-liability regime is not well-defined."
GE's nuclear operations are run through a joint venture with Hitachi Ltd. India is one of the first places the company plans to build its newest boiling-water reactor design.The company has plans to build six reactors in India and is still working with the U.S. government to finish agreements that would allow GE to export nuclear technology to India. Scott Shaw, a spokesman at Westinghouse Electric, which has headquarters in Pennsylvania and is a unit of Toshiba Corp., said the company was "evaluating what we are going to do" after India's legislation passed.
In a statement, the U.S. India Business Council, which represents the interests of American companies in India, said a nuclear-liability regime that doesn't protect suppliers from lawsuits could "preclude involvement by the private sector—both Indian and foreign—and stymie India's multiyear effort to develop civil nuclear power."
Though the law took a hard line against nuclear suppliers, the Indian government is also concerned about scaring away vendors it needs to build up its energy market. India's nuclear-plant operator, state-run Nuclear Power Corporation of India Ltd., has itself said making suppliers liable, whether domestic or foreign, will hurt India's nuclear projects because no manufacturers will want to participate in them.
Though India generates only 3% of its electricity from nuclear energy now, the country plans to increase its nuclear-power capacity to 35 gigawatts from 4.5 gigawatts by 2020. Boosting nuclear power is crucial as the country seeks to alleviate severe power shortages and shift away from coal to cleaner energy sources.
The 2005 nuclear deal altered the trajectory of relations between Washington and New Delhi, positioning India after years of nonalignment as a firm U.S. ally in a troubled region and as a democratic buttress to China's rise. The pact's last major hurdle was India's passage of liability legislation according to international standards, channeling all liability to the operators of plants.
That legal approach meant to create "a swift, efficient mechanism for paying damages" and isn't intended to absolve suppliers of responsibility but "rather to attract the best and most capable vendors to a given market, which helps foster safety and performance," said James Glasgow, a nuclear-energy attorney at Pillsbury Winthrop Shaw Pittman LLP who advises equipment companies and other stakeholders on nuclear trade in emerging markets.
Nuclear-energy experts say India's new law deviates from international standards of liability for power plants in accidents.
Under India's law, the cap on liability for any nuclear accident is about $322 million . Though plant operators would be primarily responsible for accidents, they could seek "recourse" by suing suppliers.
Shielding suppliers from liability "is a major element of the international nuclear liability regime," said Norbert Pelzer , a nuclear law expert at Germany's University of Gottingen, adding that India's law "will cause a political problem with the United States."
Write to Amol Sharma at amol.sharma@wsj.com and Paul Glader at paul.glader@wsj.com
http://online.wsj.com/article/SB10001424052748704362404575479603830675106.html?mod=e2e_yahoo_home_india

President: Enough space for both India, China to develop, grow

President Pratibha Patil embarked on a nine-day visit to Laos and Cambodia on Thursday, the second such visit by an Indian President after Dr Rajendra Prasad. The President pointed out that India has deep historical and cultural relations with these countries dating back to Emperor Ashoka's period. "Wat Phu in Laos and Ankor Wat in Cambodia, both World Heritage Sites, stand as grand symbols of the ancient civilisational linkages of India with these countries," she said.

When queried by the media on China's growing political and economic influence in the region once known as Indo-China, President Patil eschewed any notion of a zero sum competition for influence between India and China. "There is enough space in the world for both India and China to develop and grow. They can achieve their aspirations simultaneously," she said.

She did, however, admit that while trade and investment linkages between India and Laos and Cambodia had grown over the years, they remained much below potential. She expressed hope that her visit would help accelerate economic engagement between India and the two countries.

Medicine to be taught at IIT, says Sibal

Union Human Resource and Development (HRD) Minister Kapil Sibal on Friday said the Indian Institute of Technology (IITs) across the country will soon introduce new courses in medicine and even enroll foreign students as well as recruit foreign faculties at the post graduate level.

"The government has decided to seek the approval of the Medical Council of India (MCI) for the course. The IIT council meeting decided to carry out appropriate amendment in the Institute of Technologies Act to enable the IITs to offer the medicine programme," said Sibal.

"We are making sure that wherever the instruction leads to a degree relating to any branch of medicine, then of course clearances from Medical Council of India under the Act will have to be taken," he added.

Sibal said the council has also decided to enable IITs to recruit foreign faculties, which should not be more than 10 per cent of the total faculty strength.

"In principle, we agreed that IITs are entitled to recruiting foreign faculties. A mechanism will be set up with the help of the Home Ministry to ensure that there is no hiccup in the process and there is easy exit and entry of people," he added, after a meeting of the IIT council. (ANI)

Investors in risk love-or-hate bind

With world stocks still in the red for the year, investors are becoming jumpy and impatient, torn between the need to deliver returns in a low-yield environment and pressure to preserve capital in a volatile market.

Even with the threat of a double-dip U.S. recession subsiding, lingering uncertainty over the economy and corporate profits means investors are keen to take profits quickly as any hint of negative data or news can easily rattle their confidence.

This nervous, defensive mood is becoming more apparent among hedge funds. The $1.5 trillion industry lost money again in August as stock markets turned south.

Stanley Druckenmiller -- a key architect of billionaire George Soros' famous bet against sterling -- is closing his hedge fund firm after 30 years. Another hedge fund manager, Paolo Pellegrini, plans to return his investors' money this month.

This is just an example how hard it has become to make money in a skittish market for many investors, especially ahead of the November U.S. mid-term elections, where President Barack Obama's Democrats could face big losses.

"Given the uncertain outlook, we are maintaining a defensive stance and remain focused on capital preservation," noted Dirk Wiedmann, chief investment officer of Rothschild Private Banking & Trust.

Even within its defensive stance, the bank's allocation to hedge funds stands at a high 18 percent.

"The performance of hedge funds in aggregate has been disappointing... In recent months, correlations between and within asset classes have been extremely high, with fluctuations in the economic outlook driving the performance of a wide range of investments," Wiedmann said.

World stocks, as measured by the MSCI world equity index, are down around 2 percent this year, having traded in a relatively tight range in the past 2-1/2 months.

The coming week brings no shortage of data which could determine the near-term economic outlook and investor risk tolerance. Key Chinese indicators and U.S. retail sales data are among them.

Hedge funds lost 0.49 percent in August, bringing their year-to-date gain to 1.3 percent.

According to Bank of America Merrill Lynch, hedge funds' net exposure to equity markets -- measured as long-minus-short positions as a percentage of capital -- stands at 22 percent, near a 16-month low of 18 percent set in July. Before the crisis, their exposure went as high as 55 percent in mid-2006.

The ratio of gross assets held by hedge funds relative to their capital stood at 1.16, compared with a 2006 peak above 2.3 percent.

TUSSLE

The poor performance of hedge funds may be one reason why more conservative investors are also getting defensive.

A survey by Fidelity Investments released in the past week showed pension plans are moving away from equities and into fixed income as their concerns about funding shortfalls grow.

Pension funds, whose typical return target is 8 percent, have moved into hedge funds as a result of a greater focus away from benchmarks onto liability-driven investment strategy, based on a company's risk tolerance and the target return.

The survey, which polled U.S., Canadian and European pensions which oversaw more than $2 trillion in assets, also showed almost two out of three pension plans saw a need for downside protection when markets tumble.

"What we are seeing now is a tussle between the 50 percent sustained speculation branch and the branch where two of three things go wrong and crack confidence. This struggle is an unusual one, and has created market effects I have never seen before," noted Jeremy Grantham, chief investment strategist at U.S. money manager GMO.

"Low rates... merely produce a feeling in ordinary individual investors somewhere between dejection and desperation. They hate to park money in cash at negative real returns, and yet they are still thoroughly nervous... about normal equity investing."

Friday September 10, 02:45 AM

Source: Indian Express Finance

New code to turn the heat on MNCs for tax evasion

By Tanu Pandey

Foreign and Indian multinationals could face a tough time ahead with India's anti-avoidance provisions in the Direct Taxes Code Bill clearly listing the conditions under which a company or individual is likely to be booked for abuse of tax laws.

The new tax code will come into effect from April 2012.

Some of the conditions are no disallowance of expenditure which is excessive and unreasonable, income from international transaction will be determined only as per the arms length price and the arms length price will be determined by the appropriate method. In fact, the Bill also clearly mentions that general anti avoidance rules, branch profit tax and CFC rules will apply to the assessee irrespective of the fact the rule is beneficial to him or not. In other words, the tax treaty between the two nations would hold no meaning where GAAR has to be invoked.

Experts, however, feel that the rules and the threshold limit for imposing such a rule have still not been framed by the Central Board of Direct Taxes (CBDT) and that has left the corporates thinking about how transparent the laws would be.

The regulations for certain things involving GAAR need to be worked out. For instance, who among the tax officials would be in the capacity to invoke GAAR or who can send a notice to the corporates-- the assessing officer or some higher tax authority has to be put in place.

"The important aspect of CBDT guidelines, the essence for the applicability of GAAR, is critical. Hence, we believe that the administrators of the law will be more transparent and also progressive in framing the guidelines and fixing the threshold limit," KR Sekar, partner, Deloitte Haskins & Sells said.

The provisions of anti-avoidance rules may be applied in accordance with the guidelines. Further, the reference to dispute resolution panel (DRP) has also been covered in the DTC Bill. The anti-avoidance rules can be invoked if the assessee's tax benefit is also covered by one of the other four conditions i.e. transaction not at arms length, represents misuse or abuse of the provisions of the code, lacks commercial substance or not for bonafide business purposes. Many countries have included the anti avoidance laws in their tax legislation to safeguard against the misuse of tax laws. India is the latest entrant to the list.

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BSE to buy stake in investor services firm CAMS - paper
- Reuters - Mon 06 Sep, 10:20 AM
Computer-based system shines as active fund managers underperform
- Indian Express - Mon 06 Sep, 02:53 AM
Desi play in social media comes alive
- Indian Express - Mon 06 Sep, 02:50 AM

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- Indian Express - Fri 10 Sep, 02:40 AM
US Federal Reserve Key policy rate Federal funds rate Latest policy stance Pace of recovery in output and employment slowed in recent months. Target range for federal funds rate was maintained at zero-0.25% on anticipation of subdued economic...
U.S. recession creates new trend in fashion shopping
- Reuters - Thu 09 Sep, 09:20 PM
NEW YORK (Reuters) - The U.S. recession has changed how people shop for fashion, with an eye for special pieces rather than trusty wardrobe basics, and top retail buyers say this trend is likely to last beyond an economic...
Govt asks sugar millers to apply for exports
- Reuters - Thu 09 Sep, 09:20 PM
NEW DELHI (Reuters) - India, the world's top consumer of sugar, has asked millers to apply for exports of the sweetener against imports of raws in the past, trade and government officials said on...
Gold falls from record levels
- Indian Express - Thu 09 Sep, 04:45 PM
Gold prices fell from record level by losing Rs 100 to Rs 19,370 per ten grams in the national capital today on emergence of scrap gold jewellery selling amid weakening global trend. Trading sentiment dampened as some retail customers preferred to...
Marico interested in acquiring Paras Pharma
- Indian Express - Thu 09 Sep, 04:43 PM
Paras Pharma is high on the wanted list of FMCG companies. After Emami announced its interest in the company, Marico too went on record about its acquisition intention. Personal care products maker Marico Ltd is also interested in picking up a...
Rains, poor supply keep coconut oil prices high
- Indian Express - Thu 09 Sep, 04:40 PM
Even after the conclusion of Onam festivities, coconut oil prices haven t come down in Kerala and other places, a trend which is not very commonly seen. Coconut oil prices are almost 5-7% more than the rates prevailing before Onam festival. Coconut...

EARLIER HEADLINES

China automakers slow shipments to dealers in August
- Reuters - Thu 09 Sep, 04:40 PM
Emami, Marico join fray for Paras Pharma
- Reuters - Thu 09 Sep, 03:30 PM
SBI plans retail bond issue for Rs 500 cr
- Indian Express - Wed 08 Sep, 02:54 AM
'Retail products hit banks' asset quality'
- Indian Express - Wed 08 Sep, 02:52 AM
AB Nuvo pumps Rs 300 crore into NBFC subsidiary
- Indian Express - Wed 08 Sep, 02:52 AM

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US shares India's concern on bid to burn Quran

Sify - ‎2 hours ago‎

The US Friday assuaged India's concerns over threats by an American pastor to burn the Quran and underlined that such 'disruptive and disrespectful' ...

US envoy discusses terror, tolerance with Chidambaram

Hindustan Times - ‎3 hours ago‎

US ambassador Timothy J. Roemer on Friday met Home Minister P. Chidambaram and discussed with him ways to expand counter-terror cooperation between the two ...

Obama excited about India tour: Roemer

The Hindu - ‎4 hours ago‎

PTI AP US Ambassador to India Timothy Roemer has said the visit of President Obama to India would be extraordinary and it reflects the US President's deep ...

Plans to burn Koran highly disrespectful: Timothy Roemer

The Hindu - ‎5 hours ago‎

PTI Condemning the plans of an American Pastor to burn the holy Koran, the United States on Friday said such "disruptive and disrespectful" attempts hurt ...

Don't show pastor burning the Koran, Govt tells news media

Indian Express - ‎16 hours ago‎

Worried over possible communal tensions that may erupt in the country in the event of a United States pastor carrying out his threat to burn the Koran on ...

PC condemns burning of Quran

Hindustan Times - ‎18 hours ago‎

India condemned the plan by the pastor of a small Florida church in the United States to burn copies of the Holy Quran to mark the 9/11 attacks and asked US ...

India condemns US pastor's move

The Hindu - ‎21 hours ago‎

In the wake of reports of a US pastor threatening to burn copies of the holy Koran to mark the 9/11 terror attacks, India on Thursday condemned the move, ...

India calls for media black-out of planned Koran burning

AFP - Adam Plowright - ‎22 hours ago‎

NEW DELHI — India called on Thursday for the United States to take "strong action" to prevent a planned Koran burning ceremony and demanded a media ...

India condemns Quran burning move in the US

Indian Express - ‎Sep 9, 2010‎

New Delhi: India today condemned the plan of small Florida church pastor to burn copies of the holy Quran to mark the 9/11 attacks and called on US ...

India Condemns US Pastor's Plan to Burn the Quran, Urges Media Restraint

Bloomberg - Bibhudatta Pradhan - ‎Sep 9, 2010‎

India "condemns" a plan by a Florida pastor to burn copies of the Koran and the government hopes the US ...

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US envoy discusses terror, tolerance with Chidambaram

Hindustan Times - ‎3 hours ago‎

US ambassador Timothy J. Roemer on Friday met Home Minister P. Chidambaram and discussed with him ways to expand counter-terror cooperation between the two ...

Video: Terry Jones PR stunt? Quran burning halted for Ground Zero Mosque relocation

US shares India's concern on bid to burn Quran Sify

Plans to burn Koran highly disrespectful: Timothy Roemer The Hindu

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all 11,482 news articles »

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The Hindu

Centre clears caste in Census 2011

The Hindu - Smita Gupta - ‎18 hours ago‎

Mr. Chidambaram, however, parried a question whether caste enumeration would be merged with the headcount. Doing so could be contentious, as there are two ...

Video: Cabinet approves caste census from 2011

New Delhi Cabinet nod for caste Census Hindustan Times

Caste census in June-Sept next year Indian Express

Economic Times - Financial Express

all 129 news articles »Email this story

Indian Express

Kashmir youth paraded naked?

Oneindia - ‎8 hours ago‎

Home Minister, P Chidambaram has also said that the authenticity of the video is yet to be proved. "No one has been able to authenticate the video so far. ...

JKP To Sue Net Gaints For 'Malicious' Video, Uproar In Cyberworld Kashmir Observer

Naked parade: Centre to look into video clip on Kashmir Indian Express

Police start probe into video clip of Kashmiri youth Sify

New Delhi Chronicle.com (blog) - PC World India

all 41 news articles »

हिंदी मेंEmail this story

India Talkies

Sohrab, 'saffron terror' to rule civic polls

Times of India - ‎12 hours ago‎

AHMEDABAD: The Sohrabuddin Sheikh fake encounter and union home minister P Chidambaram's "saffron terror" remark is expected to figure majorly in the ...

Has BJP distanced itself from Shah? Ahmedabad Mirror

all 22 news articles »

हिंदी मेंEmail this story

Oneindia

Tough call for govt as CCS meets tomorrow on Kashmir

Hindustan Times - ‎16 minutes ago‎

Reflecting the security establishment's apprehensions, Antony opposed any decision to even partially withdraw AFSPA while Chidambaram is understood to have ...

CCS may discuss Kashmir Eid package Saturday Sify

Chidambaram Doing "Exceedingly Good Job": PM India Journal

Top Cong leaders meet to solve JK violence Oneindia

indiablooms - Tehelka

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Moneycontrol.com

Selloff bells ring for Manganese Ore India

Calcutta Telegraph - ‎17 hours ago‎

Following the divestment, the government's share in the company will come down to 71.57 per cent," home minister P. Chidambaram said after the meeting of ...

Cabinet nod for 10 per cent disinvestment in MOIL The Hindu

Manganese Ore gets go ahead to offload 20% through IPO Business Standard

India's cabinet OKs Manganese Ore stake sale: minister Reuters

Reuters Africa - Economic Times

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Can't say if video is authentic: Chidambaram

Hindustan Times - ‎Sep 9, 2010‎

"No one has been able to authenticate the video so far," Home Minister P Chidambaram told reporters here while replying to a question on the three-minute ...

Chidambaram should apologise for 'saffron terror' remark: BJP

Hindustan Times - ‎Sep 7, 2010‎

PTI Terming P Chidambaram's "saffron terror" remark as a serious mistake on his part, former BJP chief Rajnath Singh today threatened an agitation by ...

Court inquiry against Chidambaram for 'saffron terrorism' comment The Hindu

Munde pans Chidambaram on saffron terrorism remark IBNLive.com

Probe ordered into defamation plea against Chidambaram Sify

Times of India - Indian Express

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India is safe, PC tells Naxal-wary investors

Economic Times - ‎16 hours ago‎

MUMBAI: Home minister P Chidambaram has said he is confident that the government will be able to regain control of vast swathes of areas controlled by ...

Advani calls up Chidambaram, expresses concern over violence in WB

Hindustan Times - ‎Sep 8, 2010‎

PTI Senior BJP leader LK Advani on Wednesday spoke to Home Minister P Chidambaram and expressed concern over the law and order situation in West Bengal ...

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BAMCEF UNIFICATION CONFERENCE 7

Friday, September 10, 2010

Mamata Banerjee wants the amended land acquisition bill, which the Congress is adamant to table in the winter session, to be sent to cold storage till the Bengal elections next year.

Obama Replicates Matua Mamata,Greets Muslims on Eid, seeks more aid for Pak.Ohio outsourcing ban won't impact Indo-US biz ties !US pastor confirms he will not burn Quran!US envoy discusses terror, tolerance with Chidambaram!

US could want 'changes' to Nuclear Liability Bill!India to raise visa fee hike issue with US!

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AFSPA: Omar seeks Antony's support

US ambassador Timothy J. Roemer on Friday met Home Minister P. Chidambaram and discussed with him ways to expand counter-terror cooperation between the two countries. The meeting took place on the eve of the ninth anniversary of 9/11 terror attacks on the World Trade Centre in New York that killed

more than 2,500 people.

Chidambaram conveyed India's concern over threats by a small American church in Florida to torch copies of the Quran on the anniversary of the attacks.

"We are talking about the global cooperation between India and the US on terrorism," Roemer told reporters after the meeting, while stressing that the India-US ties are growing in all sectors.

The US envoy acknowledged India's concerns and decried such acts of intolerance.

"As we learn of plans by one misguided individual in the US to burn the holy Quran on the 9/11 anniversary, valuing the diversity of our communities and working together for our greater good has never been more important," said Roemer.

"It is also more important than ever before that we speak clearly and consistently about our commitment to religious tolerance. I condemn such acts as disrespectful, intolerant, divisive, and un-representative of American values," said Roemer.

The deliberate destruction of any holy book is an abhorrent act, he said, while lauding India's "welcoming, tolerant, multi-faith society".

"Religious freedom is a value enshrined in the US Constitution and one of the many core values we share with the people of India," he said while conveying Eid greetings to the Muslims of India.

Kamal Nath hits back, says outsourcing no favour by US

Road Transport Minister Kamal Nath has on Thursday said outsourcing is an economic issue and "in the end, it is not something... they (the US) are doing us a favour. The US companies, to remain competitive, must be able to outsource." Despite these odds, the Indian IT firms would remain

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India will formally convey its disappointment to the US over the ban imposed by the state of Ohio on offshore outsourcing at the high-level bilateral Trade Policy Forum meeting in Washington later this month.

"It will be on the agenda. I will raise the issue at the TPF meeting there definitely," Commerce and Industry Minister Anand Sharma said in New Delhi.

Sharma and US Trade Representative Ron Kirk will co-chair the September 21 meeting of the Trade Policy Forum (TPF), which is the principal trade dialogue between the United States and India.