FDI RAJ Consolidates in India under Extra Constitutional LPG Mafia Raj! SATANIC Full Cirlcle with ZIONIST Brahaminical Galaxy Order is COMPLETE. Government panel recommends opening doors for multi-brand FDI.India allows 51 per cent FDI only in the single-brand retail. Multi-brand retail is restricted to cash-and-carry or wholesale outlets.The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained.I have been tracing the CHORONOLOGY as MANDATE is Manipulted with Excellent Demogrphic Adjustment and Readjustment under Total Mind Control and ANESTHESIA.Monipolistic aggression is on and Indian HOLOCAUST Continues!PRANAB`s Budget this year outlined the AGENDA of Ethnic Cleansing and Mass Destruction. War on Terror Inflicted South Asia INVOKOING Brahaminical Blind nationalism as well as ETHNONATIONALISM which STIMULATES ISLAMOPHOBIA and Unification of SC, ST and OBC Excluded Communities under Hindutva Umbrella.Recent Assembly Elections wiped out the Communists and Marxists killing already HIJAKED Trade Union Movement. MASS Movement is near IMPOSSIBLE as DRACONIAN Laws including AFPSA and CORPORATE IPERIALISM sponsered Maoist Menace have seized the ABORIGINAL Humanscape. AT the Same time Brahaminical Civil Society, Intelligentsia, NGOs and Media have jointly launched a US Sponsered Pro Democratic Movement to clear the Decks for not only Second Phase of LPG Rule but ensure Cool Blood MURDER of Democracy and Democratic Institutions to sustain Manusmriti Apartheid Rule of Inequality and Injustice. Mraxists led by Brahamins supported UPA nd even aligned with RSS to kill the Resistance against Neo Liberalism. Ruling Marxists practiced Genocide Culture with the Help of Regemented Gestapo to clear the Decks for Capitalist Development with PRIVATE and Foreign Cpaital Inflow. Citizenship Amendment Act deprived the Excluded Communities of Citizenship and UID is meant to complete the EXODUS to sell out Natural Resources. Production System as well as Livelihod Indigenous Destroyed. Indiscriminate Land Acquistion, SEZ, PCPIR, Nuclear Plants, NMIZ, Retail Chain, Big dams and INFRASTRUCTURE boosted for Ethnic Cleansing. Now the Marxists Oppose Multi Brand Retail FDI! What about the Resistance against Corporate Imperialism?
Indian Holocaust My Father`s Life and Time - SIX HUNDRED FORTY EIGHT
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
FDI RAJ Consolidates in India under Extra Constitutional LPG Mafia Raj!
SATANIC Full Cirlcle with ZIONIST Brahaminical Galaxy Order is COMPLETE.
Government panel recommends opening doors for multi-brand FDI.India allows 51 per cent FDI only in the single-brand retail.
Multi-brand retail is restricted to cash-and-carry or wholesale outlets.
The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained.
I have been tracing the CHORONOLOGY as MANDATE is Manipulted with Excellent Demogrphic Adjustment and Readjustment under Total Mind Control and ANESTHESIA.
Monipolistic aggression is on and Indian HOLOCAUST Continues!
PRANAB`s Budget this year outlined the AGENDA of Ethnic Cleansing and Mass Destruction.
War on Terror Inflicted South Asia INVOKOING Brahaminical Blind nationalism as well as ETHNONATIONALISM which STIMULATES ISLAMOPHOBIA and Unification of SC, ST and OBC Excluded Communities under Hindutva Umbrella.
Recent Assembly Elections wiped out the Communists and Marxists killing already HIJAKED Trade Union Movement.
MASS Movement is near IMPOSSIBLE as DRACONIAN Laws including AFPSA and CORPORATE IPERIALISM sponsered Maoist Menace have seized the ABORIGINAL Humanscape.
AT the Same time Brahaminical Civil Society, Intelligentsia, NGOs and Media have jointly launched a US Sponsered Pro Democratic Movement to clear the Decks for not only Second Phase of LPG Rule but ensure Cool Blood MURDER of Democracy and Democratic Institutions to sustain Manusmriti Apartheid Rule of Inequality and Injustice.
Mraxists led by Brahamins supported UPA nd even aligned with RSS to kill the Resistance against Neo Liberalism. Ruling Marxists practiced Genocide Culture with the Help of Regemented Gestapo to clear the Decks for Capitalist Development with PRIVATE and Foreign Cpaital Inflow.
Citizenship Amendment Act deprived the Excluded Communities of Citizenship and UID is meant to complete the EXODUS to sell out Natural Resources.
Production System as well as Livelihod Indigenous Destroyed.
Indiscriminate Land Acquistion, SEZ, PCPIR, Nuclear Plants, NMIZ, Retail Chain, Big dams and INFRASTRUCTURE boosted for Ethnic Cleansing. Now theMarxists Oppose Multi Brand Retail FDI! What about the Resistance against Corporate Imperialism?
Indian Holocaust My Father`s Life and Time - SIX HUNDRED FORTY EIGHT
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
FDI RAJ Consolidates in India under Extra Constitutional LPG Mafia Raj!
SATANIC Full Cirlcle with ZIONIST Brahaminical Galaxy Order is COMPLETE.
Government panel recommends opening doors for multi-brand FDI.India allows 51 per cent FDI only in the single-brand retail.
Multi-brand retail is restricted to cash-and-carry or wholesale outlets.
The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained.
I have been tracing the CHORONOLOGY as MANDATE is Manipulted with Excellent Demogrphic Adjustment and Readjustment under Total Mind Control and ANESTHESIA.
Monipolistic aggression is on and Indian HOLOCAUST Continues!
PRANAB`s Budget this year outlined the AGENDA of Ethnic Cleansing and Mass Destruction.
War on Terror Inflicted South Asia INVOKOING Brahaminical Blind nationalism as well as ETHNONATIONALISM which STIMULATES ISLAMOPHOBIA and Unification of SC, ST and OBC Excluded Communities under Hindutva Umbrella.
Recent Assembly Elections wiped out the Communists and Marxists killing already HIJAKED Trade Union Movement.
MASS Movement is near IMPOSSIBLE as DRACONIAN Laws including AFPSA and CORPORATE IPERIALISM sponsered Maoist Menace have seized the ABORIGINAL Humanscape.
AT the Same time Brahaminical Civil Society, Intelligentsia, NGOs and Media have jointly launched a US Sponsered Pro Democratic Movement to clear the Decks for not only Second Phase of LPG Rule but ensure Cool Blood MURDER of Democracy and Democratic Institutions to sustain Manusmriti Apartheid Rule of Inequality and Injustice.
Mraxists led by Brahamins supported UPA nd even aligned with RSS to kill the Resistance against Neo Liberalism. Ruling Marxists practiced Genocide Culture with the Help of Regemented Gestapo to clear the Decks for Capitalist Development with PRIVATE and Foreign Cpaital Inflow.
Citizenship Amendment Act deprived the Excluded Communities of Citizenship and UID is meant to complete the EXODUS to sell out Natural Resources.
Production System as well as Livelihod Indigenous Destroyed.
Indiscriminate Land Acquistion, SEZ, PCPIR, Nuclear Plants, NMIZ, Retail Chain, Big dams and INFRASTRUCTURE boosted for Ethnic Cleansing. Now theMarxists Oppose Multi Brand Retail FDI! What about the Resistance against Corporate Imperialism?
Government panel recommends opening doors for multi-brand FDI
Economic Times - 21 hours ago
"It is time for India to allow FDI (foreign direct investment) in multi-product retail and the inter-ministerial group recommends that the government consider this at the earliest," said Chief Economic Advisor Kaushik Basu, who heads the group. ...
Need FDI in multi-brand retail to check India inflation: Kaushik Basu
Economic Times - May 27, 2011
NEW DELHI: India needs to bring in foreign direct investment in multi-brand retail to control inflation, chief economic adviser to the finance ministry, Kaushik Basu , said on Friday. India's retail sector is largely closed to foreign firms and favours ...
Taming price rise: Govt panel for FDI in multi-product retail
Times of India - 19 hours ago
This is the first formal recommendation by a government panel to allow FDI in the tightly policed and sensitive retail sector. "It is time for India to allow foreign direct investment in multi-product retail and the IMG recommends that the government ...
Basu pitches for FDI in multi-brand retail to tame inflation
NDTV.com - May 27, 2011
"India's retail sector continues to be primitive. It's time for India to allow FDI in multi-product retail and IMG recommends that the government consider this at the earliest," Chief Economic Advisor and head of the Inter-ministerial Group (IMG) ...
CPI (M) opposes move to allow FDI in multi-brand retail trade
NetIndian - 4 hours ago
The Communist Party of India (Marxist) today strongly opposed any move to allow foreign direct investment (FDI) in multi-brand retail trade as suggested by the Inter-Ministerial Group on Inflation headed by Chief Economic Adviser Kaushik Basu. ...
No FDI in multi-brand retail, says CPI(M)
Daily News & Analysis - 8 hours ago
Place: New Delhi | Agency: PTI The CPI(M) today opposed any move to allow FDI in retail trade suggested by an Inter-Ministerial Group (IMG) on Inflation, saying it would lead the multinational corporations to have monopoly over both farmers and ...
Inter-ministry group pitches strongly for FDI in retail
domain-B - 10 hours ago
Calling the the Indian retail sector "primitive", the government's chief economic advisor Kaushik Basu, who headed the IMG, told newspersons in New Delhi, ''It's time for India to allow FDI in multi-product retail, and IMG recommends that the ...
India Adviser Calls For Opening up Retail
Wall Street Journal - - May 27, 2011
NEW DELHI --India should allow foreign direct investment in the multi-brand retail segment as it will help clear supply bottlenecks that fuel inflation, Chief Economic Adviser Kaushik Basu said Friday. ...
Panel says FDI in multi-brand retail will curb inflation
Livemint - - May 27, 2011
"The gap between farm gate prices of agricultural produce and the retail prices (in India) are amongst the highest in the world as also amongst the emerging markets. China, which opened its retail sector to FDI in 2004, has shown the benefits of ...
To fight inflation, open multi-brand retail to FDI: Chief Economic Advisor
Indian Express - 20 hours ago
The country's Chief Economic Advisor, Kaushik Basu, has made a formal pitch to the government for permitting foreign direct investment (FDI) in multi-brand retail in a bid to tackle inflation. Citing the rising gap between farm-gate prices and retail ...
Basu-led committee favours FDI in multi-brand retail
Business Standard - May 27, 2011
IMG said FDI in multi-product retail should be considered at the earliest, as reforms in this sector could be an effective inflation-busting measure. It, however, cautioned that the entry of foreign investors should be properly regulated and that India ...
CPI-M opposes move to allow FDI in multi-brand retail
iNewsOne - 3 hours ago
New Delhi, May 28 (IANS) The Communist Party of India-Marxist (CPI-M) Saturday strongly opposed any move to allow foreign direct investment (FDI) in multi-brand retail in view of the recommendation made by an inter-ministerial group on inflation headed ...
Price panel backs retail FDI
Calcutta Telegraph - 20 hours ago
New Delhi, May 27: An inter-ministerial group on inflation has recommended foreign direct investment in multi-brand retail to check rising prices. Chief economic adviser Kaushik Basu, who heads the panel, said, "It is time for India to allow foreign ...
Allow FDI in retail to check price rise: experts
IBNLive.com - 12 hours ago
Besides opening the retail sector for FDI, the panel which was constituted by Prime Minister Manmohan Singh in February, also advocated reforms in agriculture marketing laws to reduce the gap between farm gate and retail prices to contain inflation. ...
Ministerial panel for FDI in multi-brand retail
Deccan Herald - May 27, 2011
At present, India allows FDI only in single brand retail chains with a cap of 51 per cent. It also permits 100 per cent overseas investment in wholesale cash-and-carry format. Quoting studies by the IMG, Basu said, "India's retail sector continues to ...
Basu favors FDI in multi-brand retail to tame inflation
SME Times - - 13 hours ago
India allows up to 51 percent foreign investment in single-brand retail. In multi-brand segment, foreign investment is restricted only in cash-and-carry or wholesale outlets. Inflation based on wholesale prices was recorded at 8.66 percent in April. ...
IMG wants FDI in retail; revamped APMC law to tame inflation
mydigitalfc.com - May 27, 2011
This can be great value to Indian farmers as well as to Indian consumers," Basu said adding "it is time for India to allow FDI in multi-brand retail. At present India's retail continued to be primitive and there was evidence that there are large losses ...
Not one farmer on Basu's IMG
Deccan Chronicle - 41 minutes ago
On the other hand, permitting FDI in this sector will bring more money into India and the revenue the government earns by taxing these giant retailers could be ploughed back into agriculture and social sector spending. The Basu IMG has also recommended ...
Kaushik Basu panel sees it as inflation-buster
Daily News & Analysis - - 19 hours ago
Announcing the conclusions, Kaushik Basu, the Cornell don who is now the chief economic advisor in the finance ministry, announced on Friday that allowing in foreign direct investment (FDI) in multi-brand retail would be one of the ways of containing ...
Basu pitches for FDI in multibrand retail to tame inflation
Moneycontrol.com - May 27, 2011
Inflation continues to remain firm despite the host of steps taken by the government as well as the Reserve Bank of India over more than a year. The RBI recently raised key policy rates for the ninth time since March, 2010, to tame inflation. ...
Panel recommends FDI in retail to control inflation
Chandigarh Tribune - - 22 hours ago
Its logic is that India's retail sector continues to be primitive and there is evidence that there are large losses that occur as products pass through the supply chain from farm to the retail customer. This will get new technology and expand organised ...
Basu favours FDI in multi-brand retail
Financial Express - May 27, 2011
Opening up the doors for FDI will bring new technology which will expand the organised sector. It could provide remunerative prices for farmers and fair prices for consumer especially during peak marketing season. India's organised...
GDP growth projection may be lowered
Business Standard - May 27, 2011
"This year, because of changing global scenario and many other important organisations having downgraded India's growth rate, we have decided that we would go back and take another look at our (GDP) numbers in mid-June," Chief Economic Advisor Kaushik ...
India FY12 growth forecast seen revised downwards-adviser
Reuters - - May 27, 2011
NEW DELHI, May 27 (Reuters) - India is likely to revise down its growth forecast for the current fiscal year, currently 9 percent, a senior official said, which would bring the government's view closer to the ...
Small cut in growth nos. Likely: Kaushik Basu
Economic Times - 21 hours ago
The Reserve Bank of India expects the economy to expand at about 8% in the current year. Finance Minister Pranab Mukherjee had pegged the GDP expansion at about 9% in his end-February Budget speech. In its mid-year review of the world economy, ...
India FY12 growth forecast seen revised downwards-adviser
Reuters - - May 27, 2011
NEW DELHI May 27 (Reuters) - The growth forecast for India in the current fiscal year that ends in March 2012 is expected to be revised downwards, chief economic adviser to the finance ministry, Kaushik Basu, said on Friday. ...
Govt may scale down FY12 growth forecast
Business Standard - May 27, 2011
PTI / New Delhi May 27, 2011, 16:56 IST Amid rising global commodity prices and high inflation, the government is likely to scale down India's GDP growth projection for the 2011-12 financial year next month from 9% estimated in February, Chief Economic ...
Ministerial panel sees scope for FDI in multi-product retail
Hindu Business Line - May 27, 2011
Picture by Ramesh Sharma India should allow foreign direct investment (FDI) in multi-product retail and such a move can be an "effective inflation busting measure", the inter-ministerial group (IMG) on inflation has recommended. ...
India may scale down GDP growth projection
Rediff - May 27, 2011
Amid rising global commodity prices and high inflation, the government is likely to scale down India's [ Images ] GDP growth projection for the 2011-12 financial year next month from 9 per cent estimated in February, chief economic advisor Kaushik Basu ...
Finance ministry okays norms for new bank licences, with FDI rider
Economic Times - 20 hours ago
NEW DELHI: The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained. The central bank, which had proposed capping FDI in new banks ...
RBI eases norms on FDI by firms for ops flexibility
Daily News & Analysis - - 20 hours ago
The Reserve Bank of India (RBI) on Friday relaxed norms for Indian companies' foreign direct investments by allowing listed companies to write-off up to 25% of their stake in overseas joint ventures and ...
India Inc gets more room to invest abroad
Indian Express - 12 hours ago
Overseas direct investment rules for Indian companies were substantially relaxed by the Reserve Bank of India (RBI) on Friday, cutting by half the financial commitment for companies when they provide guarantees for projects on behalf of their overseas ...
RBI eases India Inc's overseas investment norms
Indian Express - 16 hours ago
Providing more operational flexibility to Indian corporates with investments abroad, the Reserve Bank of India has relaxed the investment norms governing performance guarantees, write-offs, restructuring and corporate guarantees. ...
Taxpayers, watch out for this RBI site
Daily News & Analysis - - 20 hours ago
Cyber criminals are using their best bait in the Indian cyber space to con more and more internet users. This time it's in the name of the apex banking organisation of the country, the Reserve Bank of ...
Norms for overseas direct investment eased further
The Hindu - 22 hours ago
The Reserve Bank of India (RBI) has decided to further liberalise the regulations relating to overseas direct investment with a view to providing more operational flexibility to Indian corporates having investments abroad. Keeping in mind the utility ...
RBI eases overseas investment norms
Business Standard - May 27, 2011
In a move that will give Indian companies more flexibility in managing international joint ventures (JVs) and wholly-owned subsidiaries, the Reserve Bank of India (RBI) has changed its overseas direct investment guidelines. Indian companies will now be ...
RBI eases norms for Indian companies
Livemint - - May 27, 2011
The Reserve Bank of India (RBI) announced a series of measures on Friday aimed at helping companies boost investment in overseas units and giving them greater "operational flexibility" to expand their global footprint. This includes more flexibility on ...
India s FX reserves at USD 308 534 bn as of May 20
Moneycontrol.com - May 27, 2011
India's foreign exchange reserves rose to USD 308.534 billion as of May 20 from USD 307.493 billion in the previous week, the Reserve Bank of India (RBI) said in its weekly statical supplement on Friday. Changes in foreign currency assets, expressed in ...
Yields on 10-yr bond highest since Oct '08
Business Standard - May 27, 2011
Expectations that the Reserve Bank of India (RBI) may continue making funds dearer to tame inflation and increased government borrowing have sent yields on the 10-year benchmark government bond to 8.45 per cent. This is the highest level since October ...
PREVIEW - March-qtr growth seen at 8.2 pct y/y
Reuters India - - May 27, 2011
India's industrial output grew an annual 7.3 percent in March, smashing forecasts on the back of a revival in capital goods production. * Services sector gained momentum in April, with strong growth in new business orders, a HSBC survey showed early ...
RBI eases norms to help India Inc increase global footprint
The Hindu - May 27, 2011
PTI In order to encourage Indian companies to expand their global footprint and showcase entrepreneurial skills, the Reserve Bank on Friday relaxed norms for overseas direct investments. The regulations relating to overseas direct investments, ...
RBI liberalises rules for overseas direct investment
IBNLive.com - May 27, 2011
MUMBAI (Reuters) - The Reserve Bank of India (RBI) said on Friday Indian companies having wholly owned subsidiaries abroad or having at least 51 percent stake in an overseas joint venture are now allowed to write off capital or other receivables in ...
India Eases Overseas Investment Rules
Wall Street Journal - - May 27, 2011
MUMBAI -- India's central bank Friday eased some rules governing Indian companies' foreign direct investments, giving them more operational flexibility. The Reserve Bank of India has relaxed the requirement over performance guarantees ...
Polaris Software stock rises on $55 mn deal from RBI
Economic Times - May 26, 2011
MUMBAI: Banking and insurance software provider Polaris Software Lab Ltd said on Friday it has received a $55 million contract to implement its banking product across India's central bank, sending the company's shares over 3 percent up. ...
Overseas investment rules eased
Calcutta Telegraph - 20 hours ago
Mumbai, May 27: The RBI today liberalised rules relating to overseas direct investment by relaxing conditions for capital write-off in overseas entities and giving Indian firms greater operational flexibility in the grant of performance guarantees to ...
Inflation tipped to hit 20-year high
Stuff.co.nz - - May 26, 2011
KEEPING LOW: The Reserve Bank has an inflation target of 1 per cent to 3 per cent. Inflation could blow out to 10 per cent over the next five years, well above the Reserve Bank target of 1 per cent to 3 per cent, according to funds management company ...
India Weighs Wider Door for Foreign Banks
Wall Street Journal - - May 26, 2011
MUMBAI—India has long been a source of frustration for international banks, in large part because regulations limited the number of new branches opened by all foreign banks to just 12 a year. Now, India's banking regulator is expected ...
Banks want complete say in savings accounts
Business Standard - May 26, 2011
... to decide on their own structure, terms and conditions, and charges for opening and maintenance a savings account if the central bank decides to deregulate the savings deposit rate, top bank officials told the Reserve Bank of India (RBI) today. ...
Time to review inflation strategy
gulfnews.com - May 26, 2011
By Keerthik Sasidharan, Special to Gulf News The results from India's state level elections confirm what many hold as one of the self-evident truths of Indian political life: when the price of onions rises, governments unravel. Anti-incumbency is just ...
Provide portfolio mgmt details, RBI tells banks
Business Standard - - May 26, 2011
The Reserve Bank of India (RBI) has asked banks to furnish details of the portfolio management services offered by them. The Financial Stability and Development Council (FSDC) had earlier mandated RBI and the Securities and Exchange Board of India ...
Growth and inflation are challenges for planners
Independent Online - May 26, 2011
Interest rates affect your life regardless of whether you are borrowing or not. Not only are they the cost of acquiring or using money, but they are also used as a powerful tool in controlling the pace of the economy and other major indicators within ...
RBI to soon release guidelines on new bank branches
Business Standard - May 26, 2011
Deputy Governors Shyamala Gopinath and Anand Sinha along with nine bankers, including Indian Overseas Bank Chairman and Managing M Narendra, were present at the meeting. Issues relating to Basel II and III norms were also discussed at the meeting, ...
RBI has no plan to conduct open market operation as of now: Sources
Economic Times - May 26, 2011
MUMBAI: The Reserve Bank of India has no plans as of now to buy government bonds from the secondary market to support the market or to ease tight liquidity condition given its anti-inflation stance, two central bank officials with direct knowledge told ...
Cover story 2 - The SA response
FM.co.za - - May 26, 2011
Reserve Bank governor Gill Marcus is facing her first major test since taking the hot seat almost two years ago, as she deals with the risks of rising inflation. Until now, Marcus has had the pleasant job of cutting interest rates. ...
India GDP seen at 8.2% in FY12: RBI survey
Moneycontrol.com - May 25, 2011
India's GDP is likely to grow at 8.2% in 2011-12, instead of 8.5% expected earlier, according to the survey of professional forecasters on macroeconomic indicators, conducted by the Reserve Bank of India (RBI). The projection of central government ...
Polaris wins $55m RBI core banking deal
Finextra - May 27, 2011
The Reserve Bank of India (RBI) has signed a $55 million deal for the implementation and maintenance of Polaris's Intellect core banking system. The deal - the single largest ever signed by Polaris for Intellect - covers implementation, ...
RBI liberalises regulations relating to overseas direct investmen
India Infoline.com - May 27, 2011
At present, 'financial commitment' of the Indian Party includes contribution to the capital of the overseas Joint Venture (JV) / Wholly Owned Subsidiary (WOS), loan granted to the JV / WOS and 100 per cent of guarantees issued to or on behalf of the ...
Polaris to implement Intellect Core Banking System in Reserve Bank of India
India Infoline.com - May 27, 2011
Polaris Software has announced that Reserve Bank of India (RBI) has chosen Polaris to implement its Intellect Core Banking System (CBS) across the bank. The end-to-end implementation includes System Integration and maintenance of software for a period ...
DeLaRue to cut jobs post RBI deal loss
Economic Times - May 25, 2011
LONDON: The expected loss of a major contract with the Reserve Bank of India has forced the world's largest bank note printer DeLaRue to cut jobs, merge divisions and shake up its supply chain in a bid to return to financial health.
Hike in FDI will result in informed investments: Hathway
Moneycontrol.com - May 24, 2011
The information and broadcasting ministry accepted the recommendation by the Telecom Regulatory Authority of India (TRAI) to boost foreign direct investment (FDI) ceiling for direct-to-home TV, Internet protocol TV and teleport from 49% to 74%. ...
TRAI recommendations to raise FDI for DTH, IPTV from 49% to 74% accepted by ...
Economic Times - May 24, 2011
NEW DELHI: The recommendations of the Telecom Regulatory Authority of India ( TRAI . to raise FDI ceiling for DTH, Internet protocol TV and teleport from 49 per cent to 74 per cent have been "accepted" by the I&B Ministry. The recommendations have been ...
I&B nod to 74% FDI in broadcast carriage services
Hindustan Times - May 25, 2011
There are about 106 million cable and satellite homes in India, of which 26 million are DTH while 80 million are cable homes. There are 706 TV channels in India —among the highest in the world.
I&B Ministry Agrees to 74 Per Cent FDI Limit For DTH, IPTV
VC Circle - - May 25, 2011
Telecom Regulatory Authority of India's (TRAI) recommendation to increase foreign direct investment (FDI) limit from 49 per cent to 74 per cent for direct-to-home TV, Internet Protocol TV and Teleport has been validated by the Information ...
India approves 74% limit on foreign investment for DTH, IPTV
Rapid tv news - - May 24, 2011
Endorsing the recommendations of the Telecommunications Regulatory Authority of India (TRAI), the Information and Broadcasting (I&B) Ministry will raise the FDI limit for DTH satellite TV and IPTV platforms, as well as teleport outfits, ...
Hike in FDI will result in informed investments: Hathway
Moneycontrol.com - May 24, 2011
The information and broadcasting ministry accepted the recommendation by the Telecom Regulatory Authority of India (TRAI) to boost foreign direct investment (FDI) ceiling for direct-to-home TV, Internet protocol TV and teleport from 49% to 74%. ...
TRAI recommendations to raise FDI for DTH, IPTV from 49% to 74% accepted by ...
Economic Times - May 24, 2011
NEW DELHI: The recommendations of the Telecom Regulatory Authority of India ( TRAI . to raise FDI ceiling for DTH, Internet protocol TV and teleport from 49 per cent to 74 per cent have been "accepted" by the I&B Ministry. The recommendations have been ...
I&B nod to 74% FDI in broadcast carriage services
Hindustan Times - May 25, 2011
There are about 106 million cable and satellite homes in India, of which 26 million are DTH while 80 million are cable homes. There are 706 TV channels in India —among the highest in the world.
I&B Ministry Agrees to 74 Per Cent FDI Limit For DTH, IPTV
VC Circle - - May 25, 2011
Telecom Regulatory Authority of India's (TRAI) recommendation to increase foreign direct investment (FDI) limit from 49 per cent to 74 per cent for direct-to-home TV, Internet Protocol TV and Teleport has been validated by the Information ...
India approves 74% limit on foreign investment for DTH, IPTV
Rapid tv news - - May 24, 2011
Endorsing the recommendations of the Telecommunications Regulatory Authority of India (TRAI), the Information and Broadcasting (I&B) Ministry will raise the FDI limit for DTH satellite TV and IPTV platforms, as well as teleport outfits, ...
| Department of Industrial Policy & Promotion |
India Foreign Direct Investment
FDI has helped the Indian economy grow, and the government continues to encourage more investments of this sort - but with $5.3 billion in FDI in 2004 India gets less than 10% of the FDI of China.
Foreign direct investment (FDI) in India has played an important role in the development of the Indian economy. FDI in India has - in a lot of ways - enabled India to achieve a certain degree of financial stability, growth and development. This money has allowed India to focus on the areas that may have needed economic attention, and address the various problems that continue to challenge the country.
India has continually sought to attract FDI from the world's major investors. In 1998 and 1999, the Indian national government announced a number of reforms designed to encourage FDI and present a favorable scenario for investors.
FDI investments are permitted through financial collaborations, through private equity or preferential allotments, by way of capital markets through Euro issues, and in joint ventures. FDI is not permitted in the arms, nuclear, railway, coal & lignite or mining industries.
A number of projects have been announced in areas such as electricity generation, distribution and transmission, as well as the development of roads and highways, with opportunities for foreign investors.
The Indian national government also provided permission to FDIs to provide up to 100% of the financing required for the construction of bridges and tunnels, but with a limit on foreign equity of INR 1,500 crores, approximately $352.5m.
Currently, FDI is allowed in financial services, including the growing credit card business. These services include the non-banking financial services sector. Foreign investors can buy up to 40% of the equity in private banks, although there is condition that stipulates that these banks must be multilateral financial organizations. Up to 45% of the shares of companies in the global mobile personal communication by satellite services (GMPCSS) sector can also be purchased.
By 2004, India received $5.3 billion in FDI, big growth compared to previous years, but less than 10% of the $60.6 billion that flowed into China. Why does India, with a stable democracy and a smoother approval process, lag so far behind China in FDI amounts?
Although the Chinese approval process is complex, it includes both national and regional approval in the same process.
Federal democracy is perversely an impediment for India. Local authorities are not part of the approvals process and have their own rights, and this often leads to projects getting bogged down in red tape and bureaucracy. India actually receives less than half the FDI that the federal government approves.
http://www.economywatch.com/foreign-direct-investment/fdi-india/
FDI in India Statistics
- 10:39amFDI in India Statistics. S. No. Name of the Document, Date. India FDI Fact ...
dipp.nic.in/fdi_statistics/india_fdi_index.htm - Cached - Similar
dipp.nic.in/fdi_statistics/india_fdi_index.htm - Cached - Similar
Foreign Investments in India - Reserve Bank of India
Jump to Foreign Direct Investment: (FDI). Q. 1. What are the forms in which business can be conducted by a foreign company in India? ...
www.rbi.org.in › FAQs - Cached - Similar
www.rbi.org.in › FAQs - Cached - Similar
News for foreign direct investment india
Indian Express | New Delhi, May 28 (IANS) The Communist Party of India-Marxist (CPI-M) Saturday strongly opposed any move to allow foreign direct investment (FDI) in ... iNewsOne - 75 related articlesHike in FDI will result in informed investments: Hathway - Moneycontrol.com - 7 related articles |
Foreign Direct Investment
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GoM clause to cost Cairn over $908 mnBusiness Standard - - 2 hours ago With a group of ministers (GoM) deciding to make royalty on Barmer crude cost recoverable, as a condition for approval to multibillion Cairn-Vedanta deal, Cairn India would have to take a hit of over $908 million. Analysts said this would make the deal ... India panel to recommend royalty sharing in Cairn deal- sourceReuters Africa - - 10 hours ago NEW DELHI, May 28 (Reuters) - A government panel will recommend that the operators of Cairn Energy's key Indian oil field must share the royalty burden in proportion to their stake in the project, a government source said, ... Vedanta raises $1.65 bn to finance Cairn buyIndian Express - 12 hours ago The Anil Agarwal-promoted Vedanta Resources on Friday announced that the company has priced its offering of bonds at $1.65 billion (R7,425 crore), representing one of the largest corporate bond issuances by an Indian group. The proceeds from the bonds ...
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Economic Times reports:
A government panel has recommended allowing multinational retailers such as Walmart, Carrefour and Tesco to set up shops in the country because it will help keep food and commodity prices under check.
"It is time for India to allow FDI (foreign direct investment) in multi-product retail and the inter-ministerial group recommends that the government consider this at the earliest," said Chief Economic Advisor Kaushik Basu, who heads the group.
This is the first endorsement by a government panel for allowing FDI in multi-brand retail, a sensitive issue that has been debated for about a decade now.
Companies such as Walmart and Carrefour have been lobbying for entry into the country's $400-billion and booming retail industry, but critics, including the Left and the BJP, believe opening up the sector will impact the livelihood of small shopkeepers and traders.
"We are taking a clear position on FDI in multi-brand retail. Of course, it is a recommendation, not policy," Basu told reporters.
The Department of Industrial Policy & Promotion has already begun the groundwork for preparation of a formal cabinet note for opening up multi-brand retail.
It is expected to suggest a cap of 51% for FDI in the sector with stringent conditions for investment in backend infrastructure such as development of cold chains, said a government official.
The inter-ministerial group (IMG), set up by Prime Minister Manmohan Singh to suggest ways to tackle high inflation, believes organised retail will reduce the margin between the price farmers get and what consumers pay by eliminating traders and this will bring down prices.
"This (opening up) will bring more competition in the market and reduce the gap between prices at the farm and retail levels," Basu said.
Other members in the group include secretaries of finance, industry, food, commerce, and agriculture ministries, some experts and Planning Commission Member Secretary Sudha Pillai.
Retailers and industry experts say allowing FDI will cut wastage because big players will build backend infrastructure.
"Foreign capital and international best practices will help in building the necessary distribution infrastructure and in removing supply chain inefficiencies," PwC Executive Director Akash Gupt said. "It would be a win-win for consumers, companies and farmers," he added.
The lack of cold chains leads to wastage of about 40% of the farm produce, causing a loss of about `50,000 crore annually, according to industry estimates.
Future Group Chairman Kishore Biyani, the country's largest retailer, said, "Modern retail is all about distribution and supply chain efficiency. The way India is growing and consumption is increasing, distribution system also needs to be changed."
Aditya Birla Retail CEO Thomas Varghese said the move will help reduce prices of food products substantially. "One of the best ways to combat inflation is by reducing intermediaries. It can only be done through setting up infrastructure, where we need FDI," he said.
At present, India allows 51% foreign investment in single-brand retail and 100% in wholesale cash-and-carry business. Companies such as Walmart and Carrefour have set up wholesale operations in the country.
http://economictimes.indiatimes.com/news/economy/policy/government-panel-recommends-opening-doors-for-multi-brand-fdi/articleshow/8612929.cms
28 MAY, 2011, 02.59AM IST, DHEERAJ TIWARI,ET BUREAU
Finance ministry okays norms for new bank licences, with FDI rider
NEW DELHI: The finance ministry has cleared the Reserve Bank of India's draft guidelines on new bank licences with a rider that the existing 74% cap on foreign direct investment be retained.
The central bank, which had proposed capping FDI in new banks at 49% in the first 10 years, is likely to make the guidelines public and may seek comments from all stakeholders again. "We have given our final approval to the RBI and requested them to share the final guidelines after they incorporate comments from other stakeholders," said a senior finance ministry official.
The ministry has asked the central bank to set up a special committee to vet proposals for banks through a three-stage process. First, the RBI will screen all applications. "In the second stage, a high-level advisory committee comprising experts in banking and finance will vet those applications," the official said. This committee will finally submit its recommendations to the RBI, which will decide whether licences should be given or not. "The RBI's decision will be final and will be valid for one year from the date of granting in-principle approval," he said.
If the RBI finds some irregularities regarding the promoter of the companies or their associated groups, it may impose additional conditions or withdraw the in-principle approval. "The RBI has built in enough safeguards to ensure that industrial houses getting banking licences maintain enough distance from promoter group entities," the official said.
http://economictimes.indiatimes.com/news/finance-ministry-okays-norms-for-new-bank-licences-with-fdi-rider/articleshow/8613403.cms
27 MAY, 2011, 03.55AM IST, ATMADIP RAY,ET BUREAU
Mamata in power, ADB willing to fund projects in West Bengal
KOLKATA: International fund floodgates that stayed locked during the Left front regime are now opening up for Mamata Benerjee.
Latest in the "parivartan" syndrome is the Asian Development Bank (ADB), which has given the green signal to go along with one of the state's most ambitious roadway projects - the 271 km express corridor connecting North and South Bengal.
It is a Rs2,270 crore project, which World Bank had refused to fund in the Left Front regime. Now, ADB has decided to provide planning and technical assistance to determine the viability of the project. The initial grant is of $ 1.1 million, if okayed, the project might get full funding by ADB. Cash-strapped West Bengal needs such multilateral and private funding to foster infrastructure development. ADB's decision perhaps marks a critical beginning.
ADB is headed by Rajat Nag, managing director general, while West Bengal finance minister Amit Mitra was the Ficci secretary general for a long time. The new Ficci secretary general Rajiv Kumar, is also ex-ADB who had held several senior positions in the bank's headquarters at Manila. It may be purely coincidental, but the new combination seems to have worked well for the state.
World Bank had earlier rejected the funding proposal as cash-strapped West Bengal was not ready to even bear the project preparation cost. Experts said that while ADB has a provision to offer grants for project preparation, World Bank has no such system.
A senior ADB official said that the agency normally offers a grant when it has inprinciple agreed to fund the entire project.
"A grant is normally followed by a loan. It can safely be inferred that once a project is prepared in sync with ADB guidelines, the lender will extend a loan to the state. But the project has to be a viable one" the source said.
Malay Ghosh, director, project implementation in the public works department of West Bengal government, said his department has recently received ADB clearance for initial support. ADB has an exposure close to $ 79 million in the state's road sector.
"We have estimated the project cost atRs2,270 crore, which includes cost of land acquisition and resettlement of people. ADB is expected to extend the full loan support for the project, barring the cost of land acquisition and resettlement," said Mr Ghosh, who is in charge of ADB funded road projects in the state.
http://economictimes.indiatimes.com/news/economy/finance/mamata-in-power-adb-willing-to-fund-projects-in-west-bengal/articleshow/8595415.cms
Kaushik Basu, chief economic adviser to union finance minister, Friday favoured opening up multi-brand retail sector for foreign investment, saying it would reduce price gap and help curb inflationary pressure in the country.Food and Agriculture Minister Sharad Pawar Wednesday said the government will talk to the states about opening up the multi-brand retail sector to foreign direct investment.
WalMart president Mike Duke Tuesday said his firm's India joint venture will purchase agricultural produce directly from 45,000 small and medium farmers and hoped for easing of foreign equity norms in the multi-brand retail industry.
Under the company's direct farm programme in India, in a joint venture with the telecom-to-retail major Bharti Group, WalMart hoped to bring best farm management practices and train small and medium farmers to grow more with less water and pesticides, he said.
While the Agriculture minister said there were 'serious problems' in allowing 100 percent foreign direct investment (FDI) in retail as it would affect the interest of small shopkeepers of the country.
'It will give good prices to farmers and consumers will also get wider choices. But we cannot bypass the small shopkeepers,' he told the Economic Editors' Conference .
'We are taking a very clear position on FDI (foreign direct investment) in multi-brand retail. It should be opened up,' Basu told reporters here.
Basu, who is also the chairman of an inter-ministerial group set up to review inflation, said foreign investment in multi-brand retail would reduce current account deficit and help reduce gap in wholesale and retail prices.
He said the inter-ministerial group has recommended that multi-brand retail should be opened up for foreign investments.
However, he said it was just a 'recommendation and not a policy'.
India allows up to 51 percent foreign investment in single-brand retail. In multi-brand segment, foreign investment is restricted only in cash-and-carry or wholesale outlets.
Inflation remains stubbornly high in India despite the central bank's aggressive monetary tightening measures.
Inflation based on wholesale prices was recorded at 8.66 percent in April. Food inflation rose to 8.55 percent during the week ended May 14.
Meanwhile,the Communist Party of India-Marxist (CPI-M) Saturday strongly opposed any move to allow foreign direct investment (FDI) in multi-brand retail in view of the recommendation made by an inter-ministerial group on inflation headed by Chief Economic Advisor Kaushik Basu.
The party's politburo said in a statement that it was yet another instance of 'pro-MNC (multi-national company), neo-liberal framework' which will badly affect people, and called for protests against the move.
'Having utterly failed to curb relentless increase in prices of essential commodities, the move is to utilise that very failure to push for more concessions to multi-national companies like Walmart,' the statement said.
It said the 'specious arguments' put forward that the entry of MNC retail giants like Walmart will enhance efficiency of the supply chain and bring down trading margins belies international experience which shows that 'any state regulation of these giant retailers are always rendered ineffective'.
'In fact, MNCs will enjoy much greater monopoly power over both farmers and consumers and will manipulate prices to their benefit, while at the same time the livelihood of millions of small unorganized retailers will be virtually wiped out,' it said.
The statement said that it was shocking that the group of ministers refused to accept the Supreme Court direction to strengthen the public distribution system (PDS) and distribute foodgrain to people which is also one of the ways of controlling market prices.
'It is to be noted that the inter-ministerial group has not suggested any meaningful step to curb food inflation, like enhancing agricultural productivity or stepping up public investment in storage and transportation. Options like strengthening the PDS and banning future trade in essential commodities are also being ignored,' it said.
Basu, chief economic advisor to the finance ministry, Friday favoured opening up multi-brand retail sector for foreign investment, saying it would reduce price gap and help curb inflationary pressure in the country.
Basu said foreign investment in multi-brand retail would reduce current account deficit and help reduce gap in wholesale and retail prices.
marxistindia
news from the cpi(m)
May 28, 2011
Press Statement
The Polit Bureau of the Communist Party of India (Marxist) has issued the following statement:
No FDI in Multi-Brand Retail
The Polit Bureau strongly opposes any move to allow FDI in multi-brand retail trade as suggested by the Inter-Ministerial Group on Inflation headed by the Chief Economic Advisor.
Having utterly failed to curb the relentless increase in prices of essential commodities, the move is to utilize that very failure to push for more concessions to multinational companies like Walmart. The specious arguments put forward that entry of MNC retail giants like Walmart will enhance efficiency of the supply chain and bring down the trading margins belie international experience which shows that any State regulation of these giant retailers are always rendered ineffective. In fact, MNCs will enjoy much greater monopoly power over both farmers and consumers and will manipulate prices to their benefit while at the same time, the livelihood of millions of small unorganized retailers will be virtually wiped out.
This is yet another instance of pro-MNC neo-liberal framework which will badly affect the Indian people. It is shocking that the Group of Ministers has refused to accept the Supreme Court direction to strengthen the public distribution system and distribute foodgrains to the people which is also one of the ways of controlling market prices. It is to be noted that the Inter-Ministerial Group has not suggested any meaningful step to curb food inflation, like enhancing agricultural productivity or stepping up public investment in storage and transportation. Options like strengthening the PDS and banning future trade in essential commodities are also being ignored.
The CPI(M) calls upon other political parties and organisations to protest against this retrograde move.
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WalMart president Mike Duke Tuesday said his firm's India joint venture will purchase agricultural produce directly from 45,000 small and medium farmers and hoped for easing of foreign equity norms in the multi-brand retail industry.
Under the company's direct farm programme in India, in a joint venture with the telecom-to-retail major Bharti Group, WalMart hoped to bring best farm management practices and train small and medium farmers to grow more with less water and pesticides, he said.
'I am confident these initiatives would result in a 20 percent increase in the income of farmers and would have a multiplier effect to benefit one million farmers and workers associated with agriculture,' Duke told a business meeting here.
Two such training programmes were running successfully in the national capital as well as Punjab and the third will be launched in Bangalore, he told the meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI).
The training centres in Delhi and Punjab, in association with their respective governments, had resulted in skills development and certification of 34,000 people and direct placement of 1,100 people.
Duke, here to meet with top officials in the government and corporate sector, said India must consider foreign equity in multi-brand retail sector, which, at present, is banned. India only allows up to 51 percent foreign equity in single brand retailing.
'This is important so that we can contribute much more by way of infusion of capital, accelerate the opening of more retail stores and bring in overall efficiency in supply chain management,' Duke said.
'I believe that retail foreign investment will go a long way in reducing food inflation in India by 50-70 basis points — by reducing waste and improving efficiency of the business model through supply chain management,' he said.
'We do understand the Indian government's calibrated approach in retail,' he said, and added that other benefits of opening up retail sector were investments for sustainable food supply chain, opportunities for small firms and exports.
Food Processing Minister Subodh Kant Sahai, who also addressed the meeting, asked industry to set up a parallel agriculture and food processing units by investing 5 percent of the turnover in the business.
'This would encourage the corporates to help the farmers increase their yields and take to market-driven farming practices,' Sahay said.
India to get $10 billion offset works from defence deals
The multi-billion dollar defence deals under negotiation are expected to give Indian firms offset works worth around $10 billion over the years,
Minister of State for Defence Production M.M. Pallam Raju said here Wednesday.
'Defence offset projects worth $10-billion are being negotiated, which will benefit India in terms of business and development of defence technology,' said Raju, releasing the KPMG-AMCHAM report on 'The Indian Defence Sector: The improving landscape for US business and Indo-US commercial enterprise'.
According to the global consulting firm KPMG, the increasing convergence between Indian and US defence establishments is manifested in signing of major procurement contracts.
These include deals such as 12 P-8I (Poseidon maritime reconnaissance aircraft) worth over $3 billion, ultra-light howitzers worth $647 million, F414-GE-INS6 engines for the Light Combat Aircraft (LCA) worth $650 million, Harpoon anti-ship missiles worth $170 million and six Martin C-130 J Super Hercules aircraft for Indian special forces worth $1 billion.
'The offset provision is a great opportunity to develop long-term partnership in various areas, which can be utilised by the US industry to identify Indian partners and establish a long-term supply chain,' Raju said in his keynote address to the Indian Aerospace and Suppliers' Conference, organised by KPMG and the American Chamber of Commerce.
Under the renewed defence procurement policy, it is mandatory for overseas firms securing Indian defence contracts to outsource 30 percent of the deal to state-run Indian enterprises and private firms as offset works.
The offset provision applies to all capital acquisition categorised as buy (global) or buy and make with ToT (transfer of technology), where the estimated cost of the acquisition proposal is $67 million and above.
Keeping in view the upcoming visit of US President Barack Obama to India Nov 8-10, Raju said the country saw the US as a key partner in building not only peace and stability, but also in fulfilling its development goals and aspirations.
'Ever since the military ties with the US went on the upswing, we have engaged in several defence and aerospace related acquisition programmes, including the C-130J, the C-17 Globemaster and the P-8I. There is an enormous potential and opportunities for collaboration and creation of joint ventures between the US and Indian firms,' Raju observed.
With the Indian aerospace sector ranking among the world's most dynamic, India represents a growing market for air defence equipment comprising military hardware.
In the civilian sector, with the domestic air traffic projected to grow at 12.5 percent annually, India will need an additional 1,180 aircraft valued at a whopping $120 billion over the next two decades, as per the global aerospace firm Boeing Corporation.
'In view of the growing demand and growth of the civil aviation sector, the thrust is on modernization of airports, communication, navigation and surveillance systems for air traffic management and facilities for maintenance repairs and overhaul (MRO) of aircraft and sub-systems,' Raju said.
India annually imports about 80 percent of aerospace products, including aircraft and parts.
Raju also told the industry representatives that the government was conscious of the benefits of the offset policy and would tweak it to incorporate best global practices.
'The procurement contracts indicate that the US defence industry players are looking more towards East to establish manufacturing bases,' said Martin W. Philips, KPMG global head of aerospace and defence.
Endorsing Philips' view, Richard Rekhy, KPMG advisory head, said a business of $10 billion was a big number for the Indian defence industry.
27 MAY, 2011, 04.45PM IST,AFP
India's stingy definition of poverty irks critics
NEW DELHI: Every day, through scorching summers and chilly winters, Himmat pedals his bicycle rickshaw through New Delhi's crowded streets, earning barely enough to feed his family. But to India's government he is not poor, not even close.
The 5,000 rupees ($110) he earns a month pays for a tiny room with a single light bulb and no running water for his family of four. After buying just enough food to keep his family from starving, there is nothing left for medicine, new clothes for his children or savings. Still, Himmat is way above India's poverty line.
Earlier this month, India's Planning Commission, which helps sets economic policy, told the Supreme Court that the poverty line for the nation's cities was 578 rupees ($12.75) per person a month, or 2,312 rupees ($51.38) for Himmat's family of four. For rural India, it's even lower at about 450 rupees ($9.93).
The revelation set off an angry debate in a country with soaring economic growth that has brought Ferrari dealerships and Louis Vuitton stores to cater to the new urban rich but left hundreds of millions of others struggling without access to adequate food and clean water.
The World Bank global poverty line, at $1.25 a day or about $38 per month, is three times higher than India's urban level. Local activists say a better name for India's standard would be ``the starvation line.''
``This number is a joke. There's no seriousness about the poor,'' activist Aruna Roy said.
The Planning Commission said it has to set the poverty line, which determines who gets government assistance, to make the best use of limited funds.
``When you have such a large number of people, given the resources that are available to the government, do you target the poorest of the poor or do you spread your net wider and succeed in covering nobody?'' Pranab Sen, an adviser to the Planning Commission, recently told the NDTV news channel.
A daily allowance of 19 rupees (42 cents) would buy 3 1/2 bananas from a stall outside the commission's own office in the Indian capital or less than two pounds (one kilogram) of wheat flour or rice, staples for most Indians.
Himmat, who like many Indians uses just one name, said India's poverty line was ridiculous. ``What can we eat with that much money? Not even two dry rotis,'' he said, referring to the traditional flat bread of north India.
Rent for his room, which is no larger than 10 feet by 4 feet, costs 1,500 rupees ($33). He struggles to send his two children to a poorly run government school that costs him another 1,000 rupees ($22). The remaining 2,500 ($55) must pay for food, medicines and any other necessities for his family of four.
In the summer, he sends his wife and children back to their village in eastern India and sleeps on the sidewalk to save on rent. ``I am a very poor man. I can't imagine living on any less money,'' he said.
The poverty controversy began after India's top court asked the Planning Commission to explain earlier this month why hundreds of millions of Indians are undernourished when the country had vast stores of food grains, at times running into millions of tons of surplus.
The commission maintained the government has only limited resources to distribute the grain to subsidized shops, and that it must set its poverty line accordingly to target the neediest families.
Rights activists and some economists have slammed the commission, saying it should guide the government to set aside adequate resources to help the poor, and not merely set a poverty line so low that hundreds of millions are kept out of the social security net.
``In a globalized economy why are the people of India naked? It's because the planning is to keep them naked,'' said activist and lawyer Colin Gonsalves.
Dozens of activists protested outside the commission's office earlier this week carrying small cardboard gift boxes for its members. The boxes contained the cheapest bus ticket, a pound (about 500 grams) of the cheapest rice, one potato, one onion, one banana, a matchbox and a pencil and overshot the daily budget by two rupees (4 cents).
``I propose that the Planning Commission members do their own research for one day. If they can live on this money and tell us how they did it we will stop protesting,'' said activist Nikhil Dey.
For most of the last six decades since gaining independence from British rule India has struggled to find a method to identify its poor and provide for them, at times trying to count calorie intake and now using income data that economists acknowledge are unreliable.
Using the commission's poverty line, 37 percent of India's 1.2 billion people qualify as poor.
The country currently spends 2 percent of its GDP, about 29 billion, in social protection, and half of that goes to the Public Distribution System, which provides the poor with subsidized food. Even with the low poverty line, the system, riddled with corruption and mismanagement, caters to over 440 million people, more than the entire population of the United States.
The World Bank poverty line would add about 60 million more people to that category. Critics say even that is too few, and that India needs to extend its social security net to hundreds of millions more who like Himmat, the rickshaw puller, live in penury.
The Planning Commission's current approach implies that the coverage of social benefits will shrink if not disappear over time, said Jean Dreze, a development economist affiliated with the Delhi School of Economics. ``In a rapidly growing economy, one would like to see the opposite,'' he said.
For Himmat, who is illiterate and oblivious to what he can expect from the government, the debate has little meaning. ``My existence doesn't matter to the government. They don't care if people like me live or die,'' he said.
28/05/2011
Chennai Super Kings are IPL-4 champions
Chennai Super Kings are the IPL-4 champions. MS Dhoni and his men captured the glittering IPL trophy for second year in a row as they outclassed the Royal Challengers Bangalore at Chepauk. The match was completely dominated by the home team as they won the final by 58 runs . The night belonged to Chennai as they lifted the champions crown in front of a packed home crowd that got louder and louder as the Super Kings grip over the game got tighter. The freshly refurbished MA Chidambaram was a sea of yellow, with supporters waving the Chennai flag and sporting their team's jersey. Super Kings had many heroes in the game, with Murali Vijay striking 95 and Hussey scoring 63. The duo's efforts was worth 159 runs. If Hussey and Vijay starred with bat, it were the slower bowlers who proved to be the trump card for Dhoni. Chennai started with Ashwin who plucked Gayle in the first over of the chase and ended up with three wickets, while left-arm spinner Shahdab Jakati took two wickets in AB de Villiers and Luke Pomerscbach. More to follow…
Vijay hits 95 as CSK post an imposing 205 for 5 vs RCB
Chennai: Murali Vijay came good when it mattered most as his blistering 95 helped defending champions Chennai Super Kings reach an imposing 205 for five against Royal Challengers Bangalore in the final of the Indian Premier League here today.
Put into bat, Vijay (95, 52 balls, 4x4, 6x6)led the mayhem with some clean hitting and was ably supported by 'Mr Cricket' Mike Hussey as they put on 159 runs for the opening wicket. As the CSK openers took the bowlers to the cleaners, there were also helped by some sloppy work by the RCB fielders.
Vijay missed out on a well-deserved century when he was caught in the covers by Daniel Vettori off Sreenath Aravind's bowling. RCB bowlers made some sort of a comeback towards the end of the innings as they snared four wickets in the final two overs bowled by Aravind and Gayle respectively. It was Dwayne Bravo who hit six off the final delivery to help CSK cross 205.
Vijay and Hussey started off in a whirlwind fashion which hasn't been their style during the league phase. The idea was to dominate from the onset and the exactly did that. The first six overs produced as many as four sixes --- couple each from both the openers as CSK scored 56 in that period.
Vijay played his signature lifted shot over mid-wicket off Sreenath Aravind and then lifted Gayle over mid-wicket for another six.
Hussey who has had a good IPL pulled Zaheer over backward square leg for a six. Left-arm spinner Syed Mohammed, who outsmarted Sachin Tendulkar yesterday was sent soaring into mid-wicket stands by the Australian as he danced down the track.
The Tamil Nadu opener who has failed to convert good starts in most of the matches hit some classy boundaries.
Vijay gave rival Vettori the charge as the ball sailed into stands. The only blemish was when Luke Pomersbach misjudged a catch at deep mid-wicket off Abhimanyu Mithun's bowling when the batsman was on 40. He duly completed his 50 in 29 balls.
With Hussey playing the role of sheet anchor to perfection, the 100 came up in 63 balls. In the 12th over, Vijay suddenly launched into Sreenath Aravind hitting him for two sixes over mid-wicket region. The over yielded 18 runs.
Hussey completed his fourth IPL half century off 40 balls. The 150 came in the 15th over and Hussey was finally out when he tried a flat-batted shot off Syed and was caught at long-on. The duo added 159 runs which is highest partnership for any wicket recorded by Super Kings.
Vijay in the meantime battled cramps but continued the lusty hits in the arc between mid-wicket and long-on.
Source: PTI
Scorecard
Key moments from IPL-4 final
28/05/2011
In politics, nobody is close: Thackeray on Sena-BJP ties
Mumbai: Shiv Sena chief Bal Thackeray has given BJP, his alliance partner of over two decades, food for thought with his remarks on longevity of the alliance, saying he was not close to the younger generation in the ally.
"In politics, nobody is close to anybody," he told Times Now, adding that he was not ideologically close to the BJP's new generation the way he was with Atal Bihari Vajpayee and L K Advani.
"There is no question of being close in politics. (They) come and go. The spelling of the word 'close' is also different. You are close (to somebody) and you also close the door (on someone)," the 83-year-old Sena chief said.
When pointed out that he was ideologically close to the BJP, Thackeray said, "Not (with) this new generation. When Vajpayee was there, when Advani was there, 20 years back, that time was different."
Asked how it is different now, Thackeray said, "They are all newcomers before me".
Asked if he was ideologically as close to BJP as he used to be, he said, "In politics, there is no ideology." When asked if the BJP-Sena alliance be taken for granted in years to come, in the 2014 general elections or next Assembly elections, Thackeray said, "In politics, you cannot have a big canvas and paint your things. No, it will be too early. It can be a modern art but not the real one. And nobody knows and understands what that picture is."
Asked if the Sena and BJP can work together in years to come, Thackeray said, "This is a new generation which is there in power as far as the BJP is concerned. I am the old guard actually. I belong to the old category. But it is for (son and Sena executive president) Uddhav, you can ask this question.
"It is Uddhav's generation and this new generation of Nitin Gadkari, when they can go hand in hand, is to be asked. But to me, not to that extent," he said.
The Sena chief also criticised social activist Anna Hazare's campaign for the Lok Pal Bill.
"I am a political cartoonist. I know the political side of the thing. You are overpowering the other four pillars of your democracy. Your democracy, not my democracy. I don't believe in democracy. I believe in Shiv Shahi (Shivaji's rule) and not Lok Shahi (democracy).... You are overpowering the Supreme Court, the President," he said
Source: PTI
28/05/2011
Karnataka youths vow to support Hazare on anti-graft law
Bangalore: About 5,000 people, a majority of them youths, braved a hot and humid Saturday afternoon to extend support to social activist Anna Hazare for enacting a stringent anti-graft Lokpal bill.
Responding to Hazare's call at a public meeting at the sprawling National College grounds in this tech hub to join his "second freedom struggle" against corruption in the country, the entire audience vowed to fast-unto-death with him if the bill was not enacted.
Clarifying that a stringent anti-graft law at the central level would lead to the setting up of stronger Lok Ayuktas (ombudsmen) in the states, Hazare said the proposed bill would have provisions to facilitate the creation of similar institutions with powers to book, prosecute and convict the corrupt at the local level.
"As you may be aware, the anti-corruption movement is committed to ensure that the Lokpal bill is not only drafted and introduced in the monsoon session of parliament in July, but also passed to become law by the Independence Day Aug 15," Hazare said evoking thunderous applause.
He expressed gratitude to the people of Karnataka, especially the youths from the tech-savvy world, for their spontaneous and overwhelming response to the anti-corruption movement.
Hazare said once the Lokpal institution was set up, citizens from every local body (panchayat), district, city and state could prepare a list of 50 most corrupt politicians and officials who could be charged, prosecuted and convicted for a minimum of two-year jail term.
"As members of the joint panel to draft the Lokpal bill, we have made several suggestions to the government to empower the Lokpal to also recover the bribe amount collected by the guilty and the loss caused to the exchequer," Hazare said, addressing the audience in chaste Hindi.
At the same time, the 73-year-old activist urged the people to remain vigilant and ready to make sacrifice, as the corrupt and powerful politicians and officials were hell bent on delaying the bill and diluting its penal powers.
"The long struggle against monumental corruption and maladministration has just begun. We have a long way to go. All kinds of attempts are being made by the tainted politicians and officials to derail the exercise and buy time," he said.
"Having initiated the movement with the support of the ordinary people like you, the civil society and spirited men and women from across the country, I assure you that we will not let the government, politicians and officials to hold up the bill on one pretext or the other," Hazare said.
Besides Hazare, Karnataka Lokayuktha Justice N. Santosh Hegde, former union law minister Shanti Bhushan, Supreme Court lawyer Prashant Bhushan and rights activist Arvind Kejriwal are members of the joint panel to draft the bill.
The panel has Finance Minister Pranab Mukherjee as its chairman and other government representatives include Home Minister P. Chidambaram, Law Minister M. Veerappa Moily, Human Resource Development Minister Kapil Sibal and Minority Affairs Minister Salman Khurshid.
The panel has met thrice over the last four weeks and is scheduled to meet Tuesday to discuss the contentious issues of bringing the prime minister and the top judiciary under the Lokpal institution.
Earlier, social activist Swami Agnivesh, former Indian Police Service (IPS) officer Kiran Bedi and Kejriwal addressed the audience and highlighted the salient features of the proposed bill.
Source: IANS
28/05/2011
Medha Patkar ends hunger strike
Mumbai: Social activist Medha Patkar ended her nine-day-fast after the Maharashtra government agreed to her demands related to slum-dwellers and rehabilitation projects.
"Medha ended her fast at 1.45 pm. The government of Maharashtra issued a notification accepting all her demands. Mumbai Suburban District Collector Nirmal Deshmukh came up with the notification (to the fast site)," Madhuresh Kumar, Patkar's associate, said.
The 56-year-old was on a hunger strike since May 20 in Golibar slum area in suburban Khar, where 140 acre of land has been handed over to a private builder. She was protesting the eviction of people from slums in Golibar.
She claimed signatures of slum -- dwellers were forged on letters of consent given for a proposed slum rehabilitation project (SRA). Patkar demanded a halt to demolitions of shanties till two government -- appointed committees submit their reports.
Patkar's other demand was to constitute an independent inquiry committee to look into SRA projects where conflict has arisen between people concerned and government authorities.
The state has appointed two panels, comprising government and civil society representatives, to look into the issues raised by Patkar, Kumar said.
"It is a victory of the lakhs of people fighting for their right to live in the financial capital with dignity. The real fight is about the right over land of the poor who make this city what it is. Today the land is being given or grabbed by the builders and influential people," Patkar said after ending her hunger strike.
Source: PTI
India
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