Indian Holocaust My Father`s Life and Time - SIX HUNDRED FORTY FOUR
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Efforts on to strengthen energy, infrastructure!The government today said it has continued its efforts to strengthen the country's energy and infrastructure sectors, which have been identified as key areas for India's economic growth momentum going forward. Energy means Nuclear energy and JAITAPUR Nuclear Cluster along with Haripur Junput Nuclear Plant in Bengal where Media is indulged to project a GODDESS Like IMAGE of Mamata Banerjee who came to power thanks to Anti Neo Liberalism Movement, More CREDIBLE LEFTIST Movement against the Regemented Gestapo lead by Capitalist Brahamin Marxists. Whereas Rahul Gandhi plays a Mamata role in UP to oust Mayawati. Infrstracture means Foreign Capital Inflow, FDI and PPP model of development banking onPrivate Investment resulatnt in Indiscriminate Land Acquisition and Displacement and Ethnic Cleansing in Rural India, aborigin Humanscape. Btrahaminical Media is engaged to Project the Most HUMAN Populist Face of the Prime minister while his AGENDA is NOTHING but MASS Destruction for whch the Brahaminical Hegemony Manipulated MANDATE!
Mumbai witnessed a MASSIVE Rally Today by Bharat Mukti Morcha against the Anti People Policies of LPG Mafia Rule but the Media blacked out the NEWS!It is selling False INFORMATION to justify Economic Reforms!
After high drama, Sachin pilot released
After high drama, Sachin pilot released
| Congress leader and Union minister Sachin Pilot was today (May 22) arrested and later released by UP police after high drama in Maya's state. Pilot was today arrested by Uttar Pradesh Police while he was on his way to violence-hit Bhatta-Parsaul Greater Noida to meet families of farmers injured in the recent agitation on land acquisition. Read More | ||
<script http://www.timesnow.tv/videoshow/4373968.cms">src="http://timesofindia.indiatimes.com/embedvideo.cms?msid=4373968&height=315&width=420"></script>http://www.timesnow.tv/videoshow/4373968.cms
High drama at Bhatta ParsaulTimes Now.tv - 1 hour agoCongress leader and Union minister Sachin Pilot was today (May 22) arrested and later released by UP police after high drama in Maya's state. Pilot was today arrested by Uttar Pradesh Police while he was on his way to violence-hit Bhatta-Parsaul ... Sachin Pilot arrested on way to Bhatta-Parsaul, releasedDaily Bhaskar - 8 minutes agoNew Delhi: Minister of State for Communications and IT Sachin Pilot was released Sunday by Uttar Pradesh police after a brief arrest when the Congress leader tried to make his way to Bhatta-Parsaul village in Greater Noida, but said he would get the... Rahul Gandhi, the serialHindustan Times - May 21, 2011What will Rahul Gandhi's strategy be for the Congress in the Uttar Pradesh assembly elections of 2017? his party matter in next year's UP assembly polls. But once you take a sober look beyond the headlines, it is clear that Rahul is in for the long ... Farmers' stir: Sachin Pilot held and releasedIBNLive.com - 7 hours agoNew Delhi: Communication and IT minister Sachin Pilot was held and later on released by the Uttar Pradesh police under section 151 on Sunday. He was on his way to meet the farmers of Bhatta-Parsaul village in regard to the farmers' stir against land ... Bhatta-Parsaul farmers demand judicial probe in police actionTimes of India - 7 hours agoPTI | May 22, 2011, 03.17pm IST GREATER NOIDA: Residents of Bhatta and Parsaul villages here have demanded a judicial probe into the alleged atrocities by police, claiming that they were victims of Mayawati government's policy on land acquisition. ... PM announces financial aid for Noida farmersIBNLive.com - 8 hours agoNew Delhi: The Prime Minister on Sunday announced financial aid of Rs 50000 for those seriously injured and Rs 10000 for those with minor injuries, for farmers and their family members injured during the recent incidents at Bhatta Parsaul and Acheypur ... Left women's body differs with NCW's NOIDA rape claimsDaily News & Analysis - May 21, 2011By DNA Correspondent | Place: New Delhi | Agency: DNA Two key women organisations,the National Commission for Women (NCW) and the All-India Democratic Women's Association (AIDWA) on Saturday came face to face on whether the women in Bhatta, ... Bhatta-Parsaul: PM announces financial assistanceAll India Radio - 4 hours agoPrime Minister Dr.Manmohan Singh has announced financial assistance to farmers and their family members injured during the recent incidents at Bhatta Parsaul and Acchapur villages in Gautam Budh Nagar of Uttar Pradesh. Those seriously injured will ... All 61 related articles » | RelatedGreater NoidaRahul Gandhi Uttar Pradesh Mayawati US Crime Timeline of articlesNumber of sources covering this story
ImagesDaily Bhaskar All India Radio India Today Deccan Herald Deccan Herald All India Radio The Hindu The Hindu All related images »VideosSachin Pilot arrested on way to Bhatta-Parsaul, released NewsX - 1 hour ago Bhatta Parsaul: NCW and AIDWA reports differ NewsX - 8 hours ago NDTV.com - 9 hours ago NewsX - May 21, 2011 Women raped in Bhatta Parsaul: NCW NewsX - May 21, 2011 All related videos » |
Prime Minister Manmohan Singh Sunday said India will soon become the fastest growing economy, having expanded admirably in the past few years despite the difficult global situation.
"We are already the fastest growing democracy," the prime minister said at a dinner here to celebrate two years of the second United Progressive Alliance (UPA) government.
"If each one of us continues to work hard with dedication, commitment and honesty, I am sure India will soon emerge as the fastest growing economy."
He said in the past seven years when the UPA has been in power, the country had grown at an unprecedented 8.5 percent annually despite grave global financial crises and slowdown.
"It has also been achieved overcoming the problem of high energy prices and rising food costs," he said, calling for rational fuel pricing and enhanced food production.
He also said India had a long road to traverse to banish poverty and provide gainful employment to all as part of the overall focus on inclusive growth.
Indian Defence
Typhoon frontrunner to bag $11 bn IAF deal
India had short-listed French Dassault Rafale and Eurofighter Typhoon fighter jets for the project to acquire 126 fighters.
- Mirage-2000 deal may get government nod
- India withdraws tender for newer Jaguar jet
- Pak's fourth nuclear reactor has India worried
- Illegal miners dig up to airbases, IAF worried
Immigrant entrepreneurs dumping US?
Why entrepreneurs are dumping US; Start-up Visa may help
There were 50% fewer petitions this year for H-1B professional visa - with which many engineers, including Sun Microsystems founder Vinod Khosla had landed in the US.
- US for Start-up Visa to keep entrepreneurs
- Indian immigrants in Canada turn millionaires
- UK concern over visas to Indian IT experts
- Higher costs take shine out of H-1B visa
RIL in news
RIL stock no longer on most-wanted list of MFs
Uncertainty over RIL stock's direction over the next one year threatens to weigh down the overall returns of their equity schemes.
- RIL, AmEx to form JV
- Oil ministry orders Reliance gas for core users
- RIL trying to settle insider-trading case again
- Mukesh gets fresh BofA shares worth Rs 72L
Who will be the new IMF head?
Why it makes sense to have an Indian heading the IMF
India, as a rising superpower, can help resolve global challenges. India is also in a better position to understand borrowers' compulsions.
- Possible successors to Kahn as IMF head
- IMF seeks new Managing Director by June 30
- IMF official calls for open selection process
- Kahn tastes freedom under house arrest
- Strauss-Kahn to get $250K in severance: IMF
Second year was 'nightmare' for UPA-II government: BJP
BJP today said the second year had been a "nightmare" for the UPA-II government due to its dismal track record in which it failed in checking corruption, tackling economic challenges like price rise and in fighting Naxal violence.
"The UPA has had a dismal track record in the last year. It was a nightmare for the government. A year which any government would love to forget. We fail to understand what is there for it to celebrate," Leader of Opposition in Rajya Sabha Arun Jaitley said on the completion of two years of UPA-II government.
He insisted that it was a "wasted opportunity" for the government as its credibility has "hit rock-bottom".
The BJP leader maintained that the Manmohan Singh government had failed in all areas of governance.
On the economic front, UPA-II had failed to check the high rate of inflation and the investment environment in the country stands disturbed, he said.
Jaitley said amid all these challenges, the ministers did not agree on several issues while UPA allies were busy making money from corruption.
"People do not remember the Commonwealth Games for the games that took place but essentially for the corruption around the games," he said.
The senior BJP leader mentioned a recent Time magazine article which states that the 2G spectrum allocation scam was the second biggest after the Watergate scam.
He was also critical of the role played by the investigative agencies like the CBI which, he alleged, were working at the behest of the government.
Jaitley hailed the role of the opposition, media and the judiciary for "jumping into action" to corner the corrupt practices in the UPA-II government.
The main opposition also took a dig at the government for failing to find a solution to the Telangana issue.
He also said the UPA regime has failed to combat Maoists and there is no progress in the fight against Naxal violence.
On the issue of Jammu and Kashmir, the BJP leader maintained that the government was merely indulging in "various adventures" like forming groups to look into the issue and appointing interlocutors who had failed in their job.
"We continued our efforts at strengthening the energy and infrastructure sector during 2010-11," Prime Minister Manmohan Singh said in the UPA government's 'Report to the People'.
Notably, the country has achieved record capacity addition in the power and the renewable energy sectors.
Singh, further said that in the power sector the country saw a record capacity addition in a single year in the last six decades.
"During the 2010-11, a capacity of 12,160 MW has been commissioned, which is the the highest ever capacity addition in single year during the last six decades," the government said.
The government's plan to prioritise allocation of natural gas to sector such as power and fertilisers would enable generation of an additional 6,200 MW of power and save Rs 3,000 crore annually in fertiliser subsidy.
In the previous fiscal, the government has added a record 3,157 MW capacity in the renewable energy sector.
Besides, domestic crude oil production increased by 11 per cent over the previous year to 37.7 million metric tonne in the 2010-11. At the same time availability of natural gas touched 169 mmscmd recording a major growth from 105 mmscmd in 2008-09.
In the nuclear sector, with the commissioning of the fourth unit at the Kaiga station in Karnataka nuclear fuel capacity in January this year, there are now 20 operating reactors in the country with a total installed capacity of 4,780 MWe.
In the infrastructure sector, the government seems to be completing the road projects at a good pace. During the last fiscal, 50 road projects of 5,060 km were awarded, while around 15,450 kms of national highways have been completed under the National Highways Development Project until March 31, 2011.
When it comes to shipping, the capacity of Indian ports during 2010-11 crossed 1 billion tonnes per annum and this is a major landmark for the country's port sector.
Concerns on corruption legitimate, says Prime Minister
NDTV Correspondent, Updated: May 22, 2011 20:46 IST
New Delhi: Ahead of hosting a dinner tonight to mark the second year of UPA-II in office, Prime Minister Manmohan Singh has admitted that corruption in the government is a concern.
"There is a challenge of good governance. In the past several months the conjunction of several development related to the 2G spectrum, procurement for Commonwealth Games (CWG) have caused concern to the citizens. These are legitimate concerns. We're committed to corrective measures and due processes are already in place," said the Prime Minister while presenting a report card of the government.
Addressing reporters from 7 Race Course Road, Dr Singh said the UPA government has offered seven years of political stability, social progress, communal harmony and economic growth.
"Our economy has grown at an unprecedented rate of 8.5% annually in the face of the global economic crisis, rising international energy, fuel prices," the Prime Minister said.
He, however, also said that the government's most immense challenge is to sustain growth while keeping inflation under check.
Addressing the issue of terrorism, the PM said, "Threat of terrorism looms large, we must all stand united in our combined fight against terror, extremism".
The Prime Minister also said that the government has enacted laws that guarantee Right to Education, information and rural employment, and now the government is working on the right to food legislation.
But even as the UPA-II celebrates two years in government, not all allies are expected to join the dinner hosted by the Prime Minister. The DMK had made it clear that it will only make a token appearance at the function as none of its big leaders will be present there.
DMK's parliamentary leader in Lok Sabha TR Baalu will be the only minister from the party who will attend the function.
The Samajwadi Party (SP) and the Bahujan Samajwadi Party (BSP) have also decided to skip the dinner. Earlier today, the BSP said that the government's compensation to Bhatta-parsaul villagers is political theatrics and that Congress is using the incident to fulfill its political ambitions.
Read more at: http://www.ndtv.com/article/india/prime-minister-presents-upa-ii-report-card-107524?cp
No roll back of petrol prices!Despite hectic short-coverings on the last day of the week ahead of the expiry of May contract coupled with strong results from Larsen and Toubro, the benchmark Sensex fell by 205 points to finish at 18326.09.
Ramdev's hunger strike on 4th June over black money issue!
Moily calls financial crisis a 'Credit Tsunami'!
Finance minister Pranab Mukherjee on Saturday brushed aside the possibility of any roll back of the recent hike in petrol prices. Mukherjee said that his ministry was already giving subsidies of Rs.16 per litre on diesel, Rs. 26 per litre on Kerosene, Rs. 320 on Liquefied Petroleum Gas (cooking fuel). Meanwhile commenting on the arrest of the DMK lawmaker M. K. Kanimozhi, in the multi-billion dollar telecom scam case, Mukherjee said that her arrest was a mere process of law.
On the other hand, Renowned Indian yoga guru Baba Ramdev on Saturday announced the beginning of his hunger strike on 4th June in New Delhi to protest the black money issue. Speaking at a news conference in New Delhi, Ramdev said the cause for his hunger strike is the black money and its retrieval. Ramdev said his strike is not to give competition to the recent fast-unto-death by veteran social activist Anna Hazare.
The free money, designed to hold down rates and spur growth, has pushed up food, fuel prices, and consumers from Queens to Cairo have felt the pinch.Reports reuter.
NEW YORK: When judging the Federal Reserve's unprecedented monetary policies of the past few years, where you stand depends on where you sit.
There's no doubt markets have responded. U.S. stocks are up 28 percent since Aug. 26, 2010, the day before Fed Chairman Ben Bernanke hinted the U.S. central bank would fire up its money-printing press for a second round of economic aid, known as "QE2."
The gain amounts to $3.6 trillion in market capitalization, and for a program that consisted of $600 billion in Treasury purchases, that's quite a multiplier -- and it doesn't even count big gains in commodities and world stocks.
So far, so good -- for Wall Street. But ordinary savers who don't measure their wealth in stocks have less to smile about. All that free money, designed to hold down interest rates and spur growth, also pushed up food and fuel prices, and consumers from Queens to Cairo have felt the pinch.
"If your definition of success is creating large capital gains for fund managers in the stock market, well, I guess they achieved that," said David Rosenberg , chief economist and strategist at Gluskin Sheff, which manages $6.1 billion.
But the Fed's actions "weakened the dollar and sparked a boom in commodity prices, which people need to live, to drive their cars and feed their kids," he said. "The report card is very uneven."
A NECESSARY INSURANCE POLICY
Many investors defended QE2 saying the Fed had to prop up an economy barely removed from the worst recession since World War Two and on the verge of a dreaded double-dip recession.
Even with interest rates at zero, recovery had ground to a halt by mid-2010, the jobless rate was rising, and the S&P 500 had shed 250 points in three months, stalling a year-long rally.
A "sustained period of falling prices would have been very damaging for debt, corporate earnings and policy," said Andrew Milligan, head of global strategy at Standard Life Investments, with $285 billion under management.
Fed action, he said, largely neutralized that risk.
David Joy, who helps oversee $350 billion at Columbia Management, said the Fed action amounted to "taking out an insurance policy so that the recovery could continue."
When it comes to boosting asset prices, that policy has been an unqualified success. But it's done less to stoke economic growth or raise incomes on Main Street. Average U.S. hourly earnings, when adjusted for inflation, have dropped 1.2 percent in the last 12 months through April. And holding down interest rates hurts those on fixed incomes.
The Fed has cited stock market gains as proof of QE2's success, but some fear these risks turning the central bank into chief market cheerleader. They also worry that it prolongs a run of credit-driven boom-bust cycles that reward reckless behaviour and punish responsible behaviour -- the sort that in 2008 unleashed the world's worst financial crisis since the Great Depression.
With QE2 set to end next month, it raises the question: Will the Fed be forced to launch QE3 if the economy worsens, or alternatively, markets fall sharply again?
"Investors and market observers are divided over whether it is a big deal or not," Credit Suisse equity strategist Doug Cliggott wrote in a May 11 note to clients on the approaching end of QE2. "We are in the 'it's a big deal' camp."
http://economictimes.indiatimes.com/news/international-business/federal-reserve-qe2-ordinary-savers-have-less-to-smile/articleshow/8513004.cms
Amit Mitra's successor in Ficci to be announced tomorrow
Ficci will announce its new Secretary General tomorrow, the industry body's top post vacated by Amit Mitra who has become the Finance Minister of West Bengal.
The selection of the Secretary General will be made by the Seniors Committee, comprising of former presidents of Ficci - Y K Modi, Rajan Bharati Mittal and Harshpati Singhania, in consultation with its President Harsh Mariwala.
The announcement about the chamber's secretariat chief will be made by Mariwala, a Ficci statement said.
In the absence of the Secretary General, its Director General Rajiv Kumar is officiated as the functional head of the Ficci secretariat.
India will continue to see inflationary pressures due to high global commodity prices, Finance Minister said on Saturday.
"We are told that there could be pressure on commodity prices because of shortage in production of certain essential food items," Pranab Mukherjee said.
"When there is uncertainty in the global market particularly on those products for which we have to depend through imports. Naturally it would affect," he added.
The wholesale price index, the main gauge of prices in India, rose 8.66 percent annually in April and has been stubbornly high for months while the food price index rose 7.47 percent and the fuel price index climbed 12.11 percent in the year to May 7.
"By constantly adjusting the policy, both from the supply side and the demand side and by taking appropriate fiscal policies in tandem with the RBI, we are trying to achieve high growth and acceptable levels of inflation,"Mukherjee said.
The Reserve Bank of India (RBI) raised interest rates in early May for the ninth time since March 2010, by a sharper-than-expected 50 basis points, and said fighting inflation was its priority, even at the expense of some short-term growth.
The RBI expects inflation to stay high in the first half of the fiscal year before easing, and ending the year at around 6 percent.
Calling a financial crisis a 'Credit Tsunami', Union Law Minister Veerappa Moily has emphasised the need for a comprehensive legal mechanism to avoid a repeat of global financial crisis.
Addressing the Round Table on "Legal security of business transactions, investments and financial instruments-New Challenges of the Global Crisis" in St. Petersburg , Moily said: " The question today is not about the global financial crisis, but is about making suitable enforcing legal mechanism at the domestic and at international level, and to institutionalize the same to avoid any further credit tsunami.'
He further said that India was on a trajectory of fast and inclusive growth, with a focus on quality.
"Since the global financial crisis disturbed the nations and turtled their financial position, the global financial crisis has become a credit tsunami," Moily said in reference to the global crisis that began with the US subprime crisis before spilling over into Euro zone, and then across the world.
He noted the collapse of Lehman Brothers in September 2008 and subsequent fall of Wall Street which led to volatile stock markets and currency fluctuations in many countries in Asia.
"Asian products and services are also global, and slow down in wealthy countries means increased chances of a slow down in Asia and the risk of job losses and associated problems such as social unrest," he said.
"Lack of transparency, uniform accounting standards, stringent securities protection law, legal provisions to control the real-estate transactions and proper collateral security system were the factors in global economic meltdown of 2008," he added.
"Fortunately, India is the least hit by recession as far as internal financial disturbances are concerned and probably most important reason for this is that India's 95 per cent of debt is financed internally," he said.
Because of global recession, Indian economy, which was projected, to grow at approximately nine per cent saw a little slow down. However, he said , now it has been projected to grow approximately at the rate of nine per cent by 2012.
Emphasising that India is the seventh largest and second most populous and fourth largest economy in the world, Moily said: ". A series of ambitious economic reforms aimed at deregulating the economy and stimulating foreign investment has moved India firmly in to the front runners of the rapidly growing Asia Pacific Region and unleashed the latent strength of a complex and rapidly changing nation."
"India's time tested institutions offer foreign investors a transparent environment that guarantees the security of their long term investment. These include a free and vibrant press, an independent judiciary, a sophisticated state of art legal and accounting system and a user friendly intellectual infrastructure," he added.
He expressed the hope that the Regional Conference would stimulate innovative ideas to boost cross border trade, which would enable India to emerge as a preferred destination for international investments," he added.
Meanwhile, Global banking giant Goldman Sachs has said it expects inflation to remain high this summer and the Reserve Bank is likely to further hike interest rates by 75 basis points or more this calender year.
"The April print and the February revision confirms our view that inflation will remain uncomfortably high for the RBI through the summer...We continue to expect an above consensus 75 basis points in rate hikes in the remainder of 2011," Goldman Sachs said in its latest issue of 'Asia Economics Data Flash'.
Headline inflation in April stood at 8.66 per cent. It has remained above the 8 per cent mark since January 2010. Further, the inflation figure for February has been revised upward to 9.54 per cent from the provisional estimate of 8.31 per cent.
Goldman further added that RBI was expected to hike its key policy rates by 25 basis points during the apex bank's next mid-quarterly review on June 16.
On Saturday, Finance Minister Pranab Mukherjee had said that inflationary pressures may continue on account of high global commodity prices.
"We are told that there could be pressure on commodity prices...When there is uncertainty in the global market, particularly on those products for which we have to depend through imports, naturally it would affect," Mukherjee said.
RBI has hiked its short-term lending (repo) and borrowing (reverse repo) rates nine times since March 2010 to curb demand and tame inflation. The latest hike of 50 basis points was announced in its monetary policy review for 2011-12 on May 3.
In its policy, the apex bank has projected headline inflation to average 9 per cent during the first half of the fiscal, before moderating to around 6 per cent by March 2012.
It said that although pressure from price rise in the food segment has fallen, high global commodity prices, particularly of crude, is expected to keep inflation high.
International oil prices have been well above USD 100 per barrel since January on account of various issues, including political turmoil in the Middle East and North Africa.
State-run oil marketing companies recently increased petrol prices by over Rs 5 per litre and retail rates of diesel and LPG are also expected to be hiked soon.
Experts said the effect of the fuel price hike would be evident in the headline inflation figures for May, which are to be released next month.
India is likely to reel under inflationary pressures for some time to come, and the Reserve Bank of India will continue with its "tightening" measures to curtail this rising trend, says a report by Barclays Capital.
The rising 'core' inflation would prompt the Central Bank to turn extra-cautious in containing inflation in the current financial year.
"We factor in a cumulative hike of another 50 basis points in the next two policy announcements," the Barclays Capital report titled Global Economics Weekly said.
On May 3, the Reserve Bank had raised its short-term lending (repo) rate by 50 basis points to 7.25 per cent and increased the saving bank rate by 50 basis points to 4 per cent to give higher returns to depositors in the wake of high inflation, which is eating into their savings.
However, Barclays Capital, the investment banking division of Barclays Bank, believes that increasing key rates will not do the needful.
"Inflation might not be influenced meaningfully by this rate increase alone, especially as persisting price pressures for agro commodities, metals and energy prices can potentially add to further spill over of inflation risks," the report said.
Despite a markedly favourable base effect, the headline inflation for April was at 8.7 per cent year-on-year, suggesting the persisting inflationary pressures in the country, the report said.
Food inflation is softening in "baby-steps" from its peak in December/January, while non-food manufacturing inflation is still hovering around 7 per cent year-on-year.
Fuel inflation has remained high and still rising. The risks of a further increase in energy price inflation are also strong in the coming months.
Domestic petrol prices last week were raised by Rs 5/litre.
Though impact of petrol price hike will be limited on the headline number, likely upward revisions to prices for other petroleum products (particularly diesel) could place upward pressure on headline inflation, the report said.
High inflation and the likely aggressive tightening could potentially affect manufacturing and construction activities the most.
Though the latest Index of industrial production ( IIP )) data for March came at 7.3 per cent on annual basis - "way above expectations" - it is far from clear yet whether IP will be able to break the jinx of consistent low-single digit in the coming months," the report said.
19 MAY, 2011, 06.34AM IST, RAJEEV JAYASWAL & MITUL THAKKAR,ET BUREAU
Petrol prices to rise again by 40 paise, diesel 12 paise; dealers to get more
NEW DELHI/AHMEDABAD: Petrol will be costlier by 40 paise again after it witnesses a substantial hike of 5 a litre last week and diesel will cost 12 paise a litre more as the oil ministry has decided to raise the commission for petrol pump owners, who say their operations are not viable with the current margins.
"The oil ministry has approved raising dealers' margin and a formal order will be issued soon," a senior government official said requesting anonymity.
Oil ministry officials confirmed that dealers' margin in petrol has been raised by about 33% and diesel by 16% but could not indicate a date for implementing new rates. Pump dealers at present get 1.21 a litre on petrol and 0.76 a litre on diesel.
Margins could be revised when diesel prices would be raised after an Empowered Group of Ministers' (EGoM's) meeting expected soon, they said.
The empowered panel, chaired by finance minister Pranab Mukherjee , was scheduled to meet on May 11, but the meeting was deferred due to pre-occupation of Mukherjee in the West Bengal election. Officials anticipate that the panel would now meet after an impending cabinet reshuffle expected next week.
Meanwhile, over 38,700 dealers across the country are getting impatient as oil companies are raising fuel rates without paying attention to their concerns.
"Regional associations have written to us that they would resort to 'no-sale no-purchase' if margins are not raised immediately," Federation of All India Petroleum Traders (FAIPT) general secretary Ajay Bansal said. FAIPT is an apex body of regional dealers' association.
Bansal blamed oil companies for ignoring their demand. "I'm thankful to the petroleum ministry for revising our commission. But oil companies' should have also raised our margins when they were raising petrol prices by 5 last week," he said.
Chairman of a state-run oil company expressed ignorance about the commission issue. "The ministry has not told us anything about this margin," the chairman, who did not wish to be named, said.
Dealers have been demanding an increase in their commission for the last eight months. After they threatened to go on an indefinite strike from September 20, 2010, the government formed a committee to determine their fair margins.
The committee turned down dealers' demand of raising their margin by 5% of the sale value and recommended a moderate hike of commissions by 40 paise a litre for petrol and 12 paise for diesel. The ministry recently approved the committee's recommendation.
Dealers recently met petroleum minister Jaipal Reddy to demand a higher commission.
"The cost of operations has gone up dramatically and we want the ministry to increase our margins. The ministry has already appointed a committee that has recommended commission revision. We want the ministry to grant its approval at the earliest," said AIPDC convenor Arvindbhai Thakkar, who met Reddy last week.
http://economictimes.indiatimes.com/news/economy/indicators/petrol-prices-to-rise-again-by-40-paise-diesel-12-paise-dealers-to-get-more/articleshow/8429219.cms
21 MAY, 2011, 12.20AM IST,ET BUREAU
High global crude prices to cut growth to 8.5%: Anant
NEW DELHI: High global crude prices could pull down India's growth to 8.5% in the current financial year, chief statistician T C A Anant has cautioned. He also said that headline inflation may fall below the 8% mark by August-September if the country receives a normal monsoon.
"Oil situation is a matter of worry and it is likely that oil prices internationally will harden significantly... The expectation now is that probably it will be now 8.5% but this is subject to the assumption on how effectively do we manage the oil price situation," Anant told reporters here on the sidelines of a FICCI event.
Most analysts have pared India's GDP growth in the fiscal to about 8% after the Reserve Bank of India raised policy rates by 50 basis points. The central bank has projected 8% growth rate.
Finance minister Pranab Mukherjee himself had said rise in rates that country's fight against inflation could knock about half a percentage point off economic growth this fiscal year. He projected a further fall in growth to 8% due to high commodity prices.
The government had in the pre-budget economic survey projected that the country's GDP would grow by 9% plus minus 0.25% in the current fiscal.
Anant said the current political turmoil in parts of the Middle East and North Africa (MENA) and the recent tsunami and subsequent radiation leak in Japan could impact oil prices.
"It is likely that the fall-out of the events in Japan may temporarily raise demand for fossil fuel like oil and gas while they review their nuclear dependence... I suspect these (factors) will contribute to a certain measure of hardening of crude prices," the chief statistician said.
Global crude prices are currently ruling above around $ 107 per barrel much higher than government's budget assumption of $95 a barrel. On inflation, Anant said he expected it to fall below 8% post monsoon.
"My guess is that if all goes well and if by July it appears that monsoon is normal, I think... maybe by mid-year, either August or September, we should see inflation rates moderate. But I am putting a big assumption there,"he said.
'More foreigners than Indians receiving patents in India'
There are more foreigners than Indians receiving patents in India, prompting the government to say "much needs to be done to encourage more domestic innovations".
The number of patents granted to Indian applicants has steadily decreased from a high of 41 per cent in 2002-03 to a low of 17 per cent in 2009-10, according to an Industry Ministry document.
It further said, "The percentage has fallen secularly between 2005-06 and 2008-09." The proportion of patents granted to Indians vis-a-vis foreigners showed a drastic drop from 28 per cent in 2009-10 to 17 per cent in 2010-11.
In 2010-11, of the total 7,486 patents granted, Indians could claim only 1,272. On the other hand, foreigners walked away with 6,214 patents.
Japan gave a maximum number of 1,93,449 patents in 2009 followed by the US (1,35,193), China (1,28,489). India granted only 6,168 patents during the year.
In the document, the ministry said: "there are a number of fundamental challenges which need to be addressed to catalyse Indian innovation."
National Intellectual Property Organisation (NIPO) Director T C James said that the government should carry out a comprehensive study to find out the main reasons for declining numbers of patent in the country.
NIPO is an association of creators, users and owners of Intellectual Property.
Meanwhile, Industry Ministry has floated a discussion paper to examine the viability of introducing utility models into the Intellectual Property Rights regime.
Utility models are a framework for providing limited protection to those innovations, which may not meet the standards of the Patents Act and yet are commercially exploitable and socially relevant.
The patent protection for the home-grown products will be technically called the "Utility Models". Such a practice is prevalent in 55 countries like China, Japan and Germany.
Finance Ministy to set up criminal investigation unit by May
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month.
"A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and in extreme cases, terror funding. The Directorate would be notified within this month", a Finance Ministry official told PTI.
The specialised wing -- Directorate of Criminal Investigation (Income Tax)-- will be manned by hand-picked officers who are experts in financial and forensic investigations.
The I-T department, which has unearthed about Rs 30,000 crore black money in the past two years, has begun putting necessary infrastructure for the new unit.
Finance Minister Pranab Mukherjee gave his approval for the creation of the new unit earlier in the month. The new wing will help in expediting investigations of big-ticket cases and track illegal financial transactions in India and abroad, sources said.
Under the provisions of the new Direct Taxes Code (DTC) which is set to replace the I-T Act by next year, the department, with the operationalisation of this elite unit, will have powers to investigate and summon for evidence, on the lines of the Enforcement Directorate and the CBI .
The new unit will enable the department to deploy additional intelligence and investigation tools to detect and combat terror financing, money laundering, offshore tax evasion and other illegal trades which impact national security.
The creation of the new unit comes in the backdrop of a new plan of action developed by the Finance Ministry for the I-T department, keeping in view the multitude of financial scams in the country and ramifications of national security through illegal funding and Hawala dealings.
20 MAY, 2011, 03.57AM IST,ET BUREAU
Panel against subsidised gas for power companies
NEW DELHI: A high-level government committee has argued that natural gas should be sold at market rates and suggested that power stations and fertilizer plants should not be supplied subsidized gas.
It said power firms should not be supplied cheap natural gas as most of the electricity they generate is sold in open competitive markets and it was not clear if subsidies actually translate into cheaper supply.
The committee on natural resources, comprising senior government officials and headed by former finance secretary Ashok Chawla , has also proposed that even fertilizer plants should not be provided subsidized gas as the government aims to reform the subsidy regime in the sector.
Power and fertilizer sectors are the biggest gas consumers in the country and have managed to convince the government that their claims on natural gas, a scarce resource in India , are much more important than other sectors.
Recently, the government directed Reliance Industries Ltd to cut gas supplies to "non-core" sectors such as steel to make sure power and fertilizer units are adequately supplied from the D-6 field which has seen output fall unexpectedly.
The committee has suggested that gas suppliers who have a contract to supply gas to customers should sell their output to a government agency at an agreed price and the agency can then resell the gas to the market or to allocated consumers.
EGoM likely to allow wheat, rice exports soon
With its godowns overflowing with foodgrains on the back of a bumper crop in 2010-11, the government may finally allow wheat and rice exports, sources said.
The decision in this regard is expected to be taken by an empowered group of ministers headed by Finance Minister Pranab Mukherjee in the next two weeks, they said.
Even though food inflation remains above the comfort level of 4-5 per cent, prices of wheat and rice have remained generally stable in the last one year.
Besides, the state assembly elections are also out of the way for the government to take a call, especially when the move for opening wheat exports is supported by the Ministries of Agriculture and Commerce .
Since the Food and Consumer Affairs Ministry still has reservations on inflationary concerns, the exports window may initially be opened with quantitative restrictions.
"EGoM is expected to meet soon on the issue," sources said.
The Agriculture Ministry has been supporting the proposal for permitting exports in the wake of bumper production.
According to official estimates, output would touch a record 84 million tonnes.
The Agriculture Ministry had recently pegged wheat production of the country, the world's second largest producer, at a record 81.47 million tonnes in 2010-11 crop year (July-June) against 80.71 million tonnes in the previous year.
Rice output is estimated to rise to 94 million tonnes this year from 89 million tonnes.
Food Corporation of India has 42 million tonnes of wheat and rice in its godowns against the buffer norm of 21 million tonnes as on April 1.
Agriculture Minister Sharad Pawar favours wheat exports to cash in on high prices and short supply in global markets. There have been reports that China's wheat crop might decline due to drought conditions.
The exports of wheat and non-basmati rice were banned in February 2007 and April 2008, respectively, to control high inflation.
Ratan Tata's comments on Mukesh Ambani taken out of context: Tatas
MUMBAI: Rubbishing media reports on Tata group chief Ratan Tata's comments on the 27-storey residence of Reliance Industries Limited's chairman Mukesh Ambani, a statement issued by the company on Sunday said the story was "out of context and factually incorrect".
"This is with reference to stories in the Indian media today. The stories are based on an interaction of Mr Tata with Times UK. The news item is misleading and mischievous. At the onset we would like convey our disappointment at the attempt to sensationalise and replay conversations out of context," the statement by a company spokesperson said.
"We would also like to clarify on stories in Indian media regarding Mr Ambani's home. The report is out of context and factually incorrect," the statement said.
The Times on Saturday quoted Tata as saying: "It makes me wonder why someone would do that," in reference to Ambani's multi-storeyed residence Antilla in south Mumbai.
"The person who lives in there should be concerned about what he sees around him and can he make a difference," the paper quoted Tata as saying.
The report further cited him as saying: "If he is not, then it is sad because India needs people to allocate some of their enormous wealth to finding ways to mitigate the hardship that people have."
"We are doing so little about the disparity. We are allowing it to be there and wishing it away," the newspaper report added.
The Tata spokesperson said that Ratan Tata's comments on wealth were in the larger context of the growing disparity in the society and the "comments seem to have been deliberately sensationalised".
"There have been words, individuals and statements that have not been mentioned by Mr. Tata during the course of the interaction which are being attributed to him. We have already registered our protest with the concerned publication and will continue to pursue measures against the incorrect impressions being sought to be created," the statement added.
Reliance Industries Limited, however, declined to comment on the issue. Contacted, a company official said that the company will not commenting on the same.
In the statement, the company also denied Ratan Tata had calling the British employees as "lazy" in the reference to Tata-owned companies like Corus and Jaguar Land Rover there.
"We wish to make clear The Times claims' that Mr Tata said British managers were 'lazy' is misrepresentation. At no stage in the interview did Mr Tata make this comment."
"In the interview, Mr Tata speaks about the management ethos of Corus and Jaguar Land Rover at the time of acquisition. He says that managers' work ethic at that time was not to 'go the extra mile' and to leave early on Friday afternoons," the statement said.
"The comments were not about the company managers today and Mr Tata makes clear in the interview that new management at Corus and Jaguar Land Rover has eliminated those practices," it clarified.
The Tata group took over steel maker Corus in 2006 and car maker Jaguar Land Rover in 2008 to become the biggest manufacturing employer in Britain.
Kolkata Knight Riders 175/7 (20/20 ov)
Mumbai Indians 178/5 (20.0/20 ov)
Mumbai Indians won by 5 wickets (with 0 balls remaining)
- Mumbai Indians RR 8.90
- Last 5 ovs 68/1 RR 13.60
- Kolkata Knight Riders RR 8.75
| Current time: 23:43 local, 18:13 GMT | Twenty20 career | ||||||||||||||||||
| Batsmen | Runs | B | 4s | 6s | SR | This bowler | Last 5 ovs | Mat | Runs | HS | SR | |||||||||
| *James Franklin(lhb) | 45 | 23 | 5 | 1 | 195.65 | 23 (8b) | 40 (18b) | 70 | 1486 | 90 | 129.78 | |||||||||
| Ambati Rayudu(rhb) | 17 | 6 | 0 | 2 | 283.33 | 13 (3b) | 17 (6b) | 42 | 1026 | 75* | 123.46 | |||||||||
| Bowlers | O | M | R | W | Econ | 0s | 4s | 6s | This spell | Mat | Wkts | BBI | Econ | |||||||
| *Lakshmipathy Balaji(rmf) | 3.0 | 0 | 51 | 1 | 17.00 | 2 | 7 | 2 | 2-0-37-1 | 55 | 57 | 5/24 | 7.91 | |||||||
| Brett Lee(rf) | 4.0 | 0 | 37 | 0 | 9.25 | 9 | 5 | 0 | 2-0-16-0 | 54 | 43 | 3/15 | 7.15 | |||||||
Recent overs 2 2 1wd 1 1wd . 1 1 | 4 1 W 1 1 1wd 6 | . 2 1 2 2 2lb | 4 4 4 4 1 6 Current partnership 41 runs, 2.3 overs, RR: 16.40 (Rayudu 17, Franklin 21) Last Bat KA Pollard b Balaji 18 (22b 2x4 0x6) SR: 81.81 Fall of wicket: 137/5 (17.3 ov); Partnership: 41 runs, 5.0 overs, RR: 8.20 (Franklin 24, Pollard 15) |
End of over 20 (23 runs) Mumbai Indians 178/5 (RR: 8.90)
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| A nightmare for Balaji, Mumbai have won and deprived Kolkata of a place in the top two. Gambhir is livid, Whatmore is stunned in the dugout, and add about 60,000 odd people here. It was all Kolkata till the end of the 19th over. Three streaky boundaries, a crunchy drive past cover and Rayudu's stunner off the final ball. Ecstatic scenes in the Mumbai camp. | ||||||||||||||||||||||||||||||||||||||
| 19.6 | Balaji to Rayudu, SIX, A Javed Miandad moment! Full toss on middle and Ambati Rayudu swings it over deep square leg for a six to seal a thriller | |||||||||||||||||||||||||||||||||||||
| Rayudu the man to face, a boundary needed off one ball. What drama, it's become a thriller in a space of five deliveries. Gambhir's just had a chat with Balaji. He's running in now. Third man is up | ||||||||||||||||||||||||||||||||||||||
| 19.5 | Balaji to Franklin, 1 run, low full toss and it's driven straight to extra cover, just the single | |||||||||||||||||||||||||||||||||||||
| 5 off 2 now, one hit will do it | ||||||||||||||||||||||||||||||||||||||
| 19.4 | Balaji to Franklin, FOUR, Streaky, streaky, streaky, three such boundaries this over, full toss outside off, its off the outside edge again to the third-man boundary, was targeting extra cover, oh Franklin | |||||||||||||||||||||||||||||||||||||
| 9 off 3. | ||||||||||||||||||||||||||||||||||||||
| 19.3 | Balaji to Franklin, FOUR, Franklin's turning it on, full toss outside off and he creams that past extra cover to beat the diving fielder in the deep | |||||||||||||||||||||||||||||||||||||
| 13 off four now. Goswami will be nervous, how costly will that needless direct hit prove? | ||||||||||||||||||||||||||||||||||||||
| 19.2 | Balaji to Franklin, FOUR, four more, this game is very much alive, dropped it short on middle and Franklin went for the pull, went off the top edge and over the keeper's head | |||||||||||||||||||||||||||||||||||||
| 19.1 | Balaji to Franklin, FOUR, boundary first ball, streaky, full toss and Franklin gets an outside edge as he tries to smack that through cover, he'll take it | |||||||||||||||||||||||||||||||||||||
| Balaji to bowl the final over, 21 needed, is it too much? | ||||||||||||||||||||||||||||||||||||||
End of over 19 (9 runs) Mumbai Indians 155/5 (21 runs required from 6 balls, RR: 8.15, RRR: 21.00)
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| 18.6 | Lee to Rayudu, 2 leg byes, two more, Rayudu tried to shuffle and flick that over short fine leg, clipped the pads and they stole a leg bye, Gambhir is upset at Goswami as he conceded another run with a direct hit, a needless one, at the striker's end | |||||||||||||||||||||||||||||||||||||
| 18.5 | Lee to Rayudu, 2 runs, misfield, bad bounce for the fielder at point, low full toss, played it towards point but the ball spun away from Gambhir there, two more | |||||||||||||||||||||||||||||||||||||
| 18.4 | Lee to Rayudu, 2 runs, Rayudu gave him the charge and ended up slicing it over point for a couple of runs, Gambhir throws in a hard one and is holding his shoulder in pain | |||||||||||||||||||||||||||||||||||||
| 18.3 | Lee to Franklin, 1 run, full outside off again, driven straight to deep extra cover for a single | |||||||||||||||||||||||||||||||||||||
| 18.2 | Lee to Franklin, 2 runs, full on the off, driven wide of Kallis at deep cover for a couple, he fumbles | |||||||||||||||||||||||||||||||||||||
| 18.1 | Lee to Franklin, no run, not a wide though Franklin hoped for one, full outside off and just inside that line, Franklin regrets letting it go | |||||||||||||||||||||||||||||||||||||
| Lee is bowling out here | ||||||||||||||||||||||||||||||||||||||
End of over 18 (14 runs) Mumbai Indians 146/5 (30 runs required from 12 balls, RR: 8.11, RRR: 15.00)
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| They're still in it are Mumbai but it'll take some onslaught to clinch this | ||||||||||||||||||||||||||||||||||||||
| 17.6 | Balaji to Rayudu, SIX, Rayudu clears the ropes, a timely strike, full outside off and he launches that one over the deep extra cover boundary | |||||||||||||||||||||||||||||||||||||
| 17.6 | Balaji to Rayudu, 1 wide, full toss down the leg side, called a wide | |||||||||||||||||||||||||||||||||||||
| 17.5 | Balaji to Franklin, 1 run, smacked down towards long-on for a single, was a long-on | |||||||||||||||||||||||||||||||||||||
| 17.4 | Balaji to Rayudu, 1 run, slashed past point for a single, a slower one bowled short | |||||||||||||||||||||||||||||||||||||
| Mumbai Indians under serious pressure, that cartwheeling stumps was a sight to watch. | ||||||||||||||||||||||||||||||||||||||
| 17.3 | Balaji to Pollard, OUT, Bowled'im! full on leg stump, he made room to smack it over long-on, missed and out went the leg stump towards the keeper, lovely sight for Balaji | |||||||||||||||||||||||||||||||||||||
KA Pollard b Balaji 18 (22b 2x4 0x6) SR: 81.81 | ||||||||||||||||||||||||||||||||||||||
| 17.2 | Balaji to Franklin, 1 run, aiming for the yorker, is full on the off, digs it out wide of the bowler to long-on for a single | |||||||||||||||||||||||||||||||||||||
| 17.1 | Balaji to Franklin, FOUR, Franklin finds the boundary, full and wide and he moves away to slice it over point | |||||||||||||||||||||||||||||||||||||
| Balaji to bow now | ||||||||||||||||||||||||||||||||||||||
End of over 17 (9 runs) Mumbai Indians 132/4 (44 runs required from 18 balls, RR: 7.76, RRR: 14.66)
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| 16.6 | Lee to Franklin, 1 run, pitched up but Franklin can only manage a single, drives it hard but on the bounce to deep extra cover, just the one | |||||||||||||||||||||||||||||||||||||
| 16.5 | Lee to Pollard, 1 run, was shaping up for a scoop but Lee smartly delivered a yorker outside off, could only manage a single | |||||||||||||||||||||||||||||||||||||
| 16.4 | Lee to Pollard, no run, not a wide this time, was well within the line, full again and Pollard couldn't quite reach it | |||||||||||||||||||||||||||||||||||||
| 16.4 | Lee to Pollard, 1 wide, called a wide again, full and wide, very close to that line again and Taufel calls it | |||||||||||||||||||||||||||||||||||||
| 16.3 | Lee to Franklin, 1 run, full toss that Franklin will be disappointed not to dispatch, struck straight to deep cover http://www.espncricinfo.com/indian-premier-league-2011/engine/current/match/501267.html
22/05/2011 Economic growth on track, says PMGovt hints at more steps to check inflation; PM, Sonia declare guilty in scams will be punished New Delhi: Bullish on an economic growth rate of 8.5 per cent in the past seven years of its rule, the UPA government today said high prices still remain a major concern and hinted at more steps to contain inflation, especially for the poor and vulnerable sections. Presenting its annual report card for the year 2010-11, the government said it would seek to contain food inflation through measures for higher production of various agriculture products, while minimising the impact of high fuel prices on 'poor and vulnerable' of the society. At the same time, the government presented a bullish stance on the state of economy and pegged the average growth rate between 2004-05 and 2010-11 at 8.5 per cent and said it was determined to take India to the select league of "middle income countries". In the report card being presented every year ever since UPA government came to power in 2004, the Prime Minister Manmohan Singh also said the government has taken many steps to improve production of agriculture commodities to contain inflation and intends to take more steps in future. "Food inflation was a major concern in 2010-11," Singh, said, while adding that various measures were taken by the government to address the problem. Noting that high fuel prices reflected the global trends, the government said that it was committed to ensuring availability of cooking fuels to the common man at affordable prices. While prices of petrol and diesel will be market determined, the overall impact on the poor and the vulnerable was being minimized, it said. Singh said that the economy grew at an unprecedented 8.5 per cent growth rate from 2004-05 to 2010-11, despite a severe global financial crisis in 2008-09. Noting that rapid and broad-based economic growth was essential for inclusive development, Singh said India was today widely seen as poised to embark on a sustained high growth path of the type achieved by a handful of countries. "We are determined to deliver on this promise so that India moves rapidly into the ranks of middle income countries, free of the burden on poverty, ignorance and disease that has held us down for so long," he said. As per World Bank classifications, India is ranked among lower-middle income economies along with countries like Sri Lanka, China, Pakistan, Iraq and Indonesia. Countries like the US, UK, Australia, France, Germany and Japan are ranked as high-income economies, and those like Brazil, Malaysia, Mauritius, Turkey and South Africa are upper-middle income economies. In the annual report card, Singh further said the government would look to chart an economic growth process that was "socially inclusive and regionally balanced. "We will endeavour to reduce inequities and inequalities that exist in our country," he added. The government said it has also simplified its foreign direct investment policy and steps have been taken towards an improved taxation environment through Direct Tax Code and Goods & Services Tax regimes. While listing out growth in various sectors of the economy, the government also said it was promoting people's ownership of PSUs through its disinvestment programme. It also said that efforts have continued to strengthen the country's energy and infrastructure sectors, which have been identified as key areas for the India's economic growth. The government also said that it would seek to encourage " responsible corporate behaviour" through the Companies Bill, 2009. "The bill incorporates a number of investor protection measures and it will encourage responsible corporate behaviour through innovative provisions of law," it added. About the public sector enterprises, the government said that they were are likely to earn an aggregate annual profit of Rs 5,551 crore during 2010-11. The 32 operating public sector enterprises (PSEs), under the Department of Heavy Industry, have achieved an aggregate turnover of over Rs 45,219 crore in the 2010-11 showing a growth of 13.02 per cent. It further said that out of 16 sick or loss making PSEs, whose restructuring was approved, with a total financial assistance of Rs 8,293.48 crore, as many as eight have started earning profits. In order to revive the sick companies, the government has taken various steps which include setting up of the Board for Reconstruction of Public Sector Enterprises (BRPSE). PM, Sonia declare guilty in scams will be punished Pledging to take corruption head on, the Congress-led UPA tonight promised to punish the guilty in scams and assured the people that it would demonstrate through actions and not not words what it meant. As the coalition stepped into its third year in its second term, Prime Minister Manmohan Singh and UPA Chairperson Sonia Gandhi released "Government of the UPA: Report to the People" against the backdrop of corruption denting its image over the past several months. Singh asserted that the guilty in scams will be punished through due process of law and steps will be taken to prevent them in future. In her brief remarks in the report, Gandhi said, "We will take the issue of corruption head on and demonstrate, through actions, and not words, that we mean what we say." Significantly, the Prime Minister touched upon the issue of governance and corruption which, he said, has been the focus of a great deal of attention in 2010-11. "The developments have caused many concerned citizens to worry about the state of governance and the pervasiveness of corruption. "These are legitimate concerns and the UPA government is determined to take corrective action. We will punish those that are guilty through the due process of law," the Prime Minister said in the report which was released at a function at his residence to mark the second anniversary of UPA-II. He also gave an assurance that the government would take steps "to prevent such developments in future". The Prime Minister recalled the "conjunction of several developments" related to the 2G spectrum, procurement and contracting issues related to the Commonwealth Games and similar issues in state governments. He said many of these issues have surfaced because of "our system of institutional oversight and a free press" and to that extend reflect the strength of the system. Singh said,"We have initiated a number of measures to bring about systemic changes that would help in improving governance and curbing corruption and we hope to see quick results of these efforts." The report card talks at length about the constitution of GoM on corruption in January this year and the introduction of the whistleblower bill among the measures initiated by the government to "tackle corruption". It said that the terms of reference of the GoM include considering all legislative and administrative measures necessary to tackle corruption and improve transparency including relinquishing discretionary powers enjoyed by ministers at the Centre. The Prime Minister said the government would leave no stone unturned in providing a clean and effective governance. "We will leave no stone unturned in our efforts at providing clean and effective governance to the people," he said. The report card emphasised that the ToR for the GOM also include fast-tracking of all cases of public servants accused of corruption and ensuring full transparency in public procurement and contracts, including enunciation of public procurement standards and a public procurement policy and introduction of an open and competitive system of exploiting natural resources. "As one of the impediments felt in tackling corruption is lack of adequate protection to complainants, the Public Interest Disclosure and Protection to Persons Making the Disclosure Bill, 2010 (whistleblower bill) has been introduced in the Lok Sabha on 26th August 2010," it added. Noting that India has ratified the United Nations Convention Against Corruption, it said, "with a view to ensuring full compliance with this Convention, the Prevention of Bribery of Foreign Public Officials and Officials of Public International Organisations Bill 2011 has been introduced in the Lok Sabha on 25th March 2011." The report also covers many specific sectors like economic situation, agriculture, rural development, education, external and internal challenges, railways and environmental issues. Touching on economic situation, the Prime Minister said that the country witnessed an unprecedented 8.5 per cent growth from 2004-05 to 2010-11 despite severe global financial crisis in this period and described the performance in agriculture as "particularly satisfying". He said the financial crisis though slowed down the growth rate to 6.8 per cent in 2008-09, the economy rebounded with a "robust growth of 8.6 per cent in 2010-11." Noting that food inflation was a major concern in the last financial year, the Prime Minister said his government took several measures to address the problem and continued its efforts in 2010-11 and "intend to do more in the future." Source: PTI
22/05/2011 Controversies mark UPA's second termNew Delhi: The second term of the United Progressive Alliance (UPA) government has been marked by a few successes in assembly polls and a spate of controversies, including the Adarsh housing society, 2G spectrum and Commonwealth Games scams. The controversies have led to resignations and arrest of some high-profile politicians. Timeline of major events during UPA-II May 22, 2009: Manmohan Singh takes oath as prime minister of second UPA government. Oct 22, 2009: Congress wins polls in Arunachal Pradesh, emerges single largest party in Haryana; wins polls in alliance with Nationalist Congress Party in Maharashtra. Dec 23, 2009: Congress-Jharkhand Vikas Morcha Alliance wins 25 seats in the 81-member Jharkhand assembly. April 1, 2010: Right to Education becomes a fundamental right. April 18, 2010: Shashi Tharoor resigns as minister of state for external affairs following controversy over his mentoring of Kochi Indian Premier League franchise. Nov 9, 2010: Maharashtra Chief Minister Ashok Chavan resigns over Adarsh Housing Society scam. Nov 9, 2010: Congress removes party MP Suresh Kalmadi as secretary of parliamentary party following allegations of corruption in the preparations for the Commonwealth Games. Nov 14, 2010: DMK's A.Raja resigns as communications and IT minister over 2G spectrum scam. Nov 16, 2010: Comptroller and Auditor General's report on 2G controversy tabled in parliament. Nov 24, 2010: Congress fares poorly in Bihar assembly polls getting only four seats. Jan 19, 2011: Supreme Court expresses displeasure over the government's reluctance in coming forward with full information on the black money stashed by Indians in foreign banks. Jan 19, 2011: Prime minister carries out first reshuffle of cabinet. Feb 17, 2011: Government cancels controversial S-band spectrum deal between Antrix, the commercial arm of Indian Space Research Organisation, and private firm Devas Multimedia. Feb 24, 2011: Joint parliamentary committee (JPC) formed to look into the 2G spectrum controversy following opposition's relentless demand that led to wash-out of winter session of parliament. March 3, 2011: Supreme Court quashes appointment of P.J. Thomas as central vigilance commissioner over the appointing committee not considering relevant material, including a pending criminal case against him in the Palmolein import case. April 9, 2011: Government forms joint drafting panel on Lokpal Bill following a fast by social activist Anna Hazare. April 25, 2011: Central Bureau of Investigation (CBI) arrests Kalmadi over criminal conspiracy in buying timing, scoring and result (TSR) systems from a Swiss company at an inflated cost. May 13, 2011: Congress wins elections in Assam, Kerala; loses Puducherry, Tamil Nadu and by-elections in three states; wins in West Bengal as junior partner of Trinamool Congress May 20, 2011: DMK MP and former Tamil Nadu Chief Minister M. Karunanidhi's daughter Kanimozhi arrested for involvement in 2G spectrum scam and sent to Tihar jail Source: IANS
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UPA-II: difficult to redeem
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