Global sentiment continues to weigh on Sensex
After a firm start, the Bombay Stock Exchange sensitive index (Sensex) closed weaker by over 150 points on Friday as gloomy global economic outlook dampened investor sentiment. With selling emerging across counters, the Sensex pared 300-point gain posted in early trading before losing further to close at 9385.42 against 9536.33 on Thursday. The National Stock Exchange index, Nifty, also closed down at 2810.35, a loss of 38.10 points. Nifty also witnessed handsome gains at the outset. With Sensex touching a three-year low of 7697.39 on October 27, it has lost more than half of its value so far this year to emerge as one of the worst Asian performers. Reliance Industries, the heaviest among the Sensex stocks, fell for the fourth straight day by losing Rs. 13.60 at Rs. 1,148.55. In four days, RIL has declined by 5.69 per cent.
The second heaviest Infosys Technologies also dropped by Rs. 41.35 to Rs. 1,217.90 after Britain’s BT Group, one of its major clients, announced major job cuts. Marketmen said the fall in inflation to 8.98 per cent from 10.72 per cent in November, raising expectations of further interest rate cuts failed to improve trading sentiment as economic outlook for countries across the world is depressingly grim
Friday, November 14, 2008
CHANDRAYAAN
“The Chandrayaan-1 team is over the moon,” exulted M. Annadurai, Project Director, when the Moon Impact Probe of the spacecraft crashed on the lunar surface at 8.31 p.m. IST. The MIP ejected at 8.06 p.m.
When the 35-kg box-like scientific instrument crashed on the Moon on Friday night, India became the fourth country in the world to have put a probe on lunar soil. The other countries/agency which had done it earlier were Russia, the United States, Japan and the European Space Agency.
The MIP was a technological forerunner to Chandrayaan-2, which would soft-land a rover on the Moon in 2012-13. The three objectives were: to demonstrate India’s capability to impact an instrument at a pre-planned time and desired location on the Moon; to test the critical technologies required for soft-landing a rover on the Moon; and scientific exploration of the Moon at close range.
The MIP crashed at a place called the Shackleton crater in the south polar region of the Moon. The crater also is a possible site for future human missions to the Moon.
Riding piggyback on Chandrayaan-1, the MIP had three instruments. They were a video camera, a radar altimeter and a mass spectrometer. Commands went from the Spacecraft Control Centre (SCC) at the ISRO Telemetry, Tracking and Command Network (ISTRAC) at Bangalore to fire a spin-up motor on board the MIP for two seconds and separate it from the mother-spacecraft.
“After it is separated, the MIP starts spinning like a top. The aim behind spinning it like a top is to give directional stability to the MIP just like a top is stable when it is spinning,” explained B.R. Guruprasad, Public Relations Officer, ISRO. Then, the MIP’s retro-rockets were fired to reduce the speed of its descent. When the velocity was reduced, it followed a curved path towards the surface of the Moon, Mr. Guruprasad said. The MIP descended for about 25 minutes from its separation till it impacted on the Moon.
As the MIP was descending, its video-camera took pictures of the lunar surface. They would be useful in selecting a possible site for soft-landing Chandrayaan-2’s rover. Its altimeter measured the MIP’s altitude during every second of its descent. The mass spectrometer analysed the constituents of the Moon’s extremely thin atmosphere.
The Shackleton crater has an undulating terrain with hills and valleys. Since the valleys are in the Moon’s permanently shadowed regions, it could harbour water ice. The dust kicked up when the MIP crashed would be analysed to check whether it contained water ice. The probe died within a few seconds of its crash.
When the 35-kg box-like scientific instrument crashed on the Moon on Friday night, India became the fourth country in the world to have put a probe on lunar soil. The other countries/agency which had done it earlier were Russia, the United States, Japan and the European Space Agency.
The MIP was a technological forerunner to Chandrayaan-2, which would soft-land a rover on the Moon in 2012-13. The three objectives were: to demonstrate India’s capability to impact an instrument at a pre-planned time and desired location on the Moon; to test the critical technologies required for soft-landing a rover on the Moon; and scientific exploration of the Moon at close range.
The MIP crashed at a place called the Shackleton crater in the south polar region of the Moon. The crater also is a possible site for future human missions to the Moon.
Riding piggyback on Chandrayaan-1, the MIP had three instruments. They were a video camera, a radar altimeter and a mass spectrometer. Commands went from the Spacecraft Control Centre (SCC) at the ISRO Telemetry, Tracking and Command Network (ISTRAC) at Bangalore to fire a spin-up motor on board the MIP for two seconds and separate it from the mother-spacecraft.
“After it is separated, the MIP starts spinning like a top. The aim behind spinning it like a top is to give directional stability to the MIP just like a top is stable when it is spinning,” explained B.R. Guruprasad, Public Relations Officer, ISRO. Then, the MIP’s retro-rockets were fired to reduce the speed of its descent. When the velocity was reduced, it followed a curved path towards the surface of the Moon, Mr. Guruprasad said. The MIP descended for about 25 minutes from its separation till it impacted on the Moon.
As the MIP was descending, its video-camera took pictures of the lunar surface. They would be useful in selecting a possible site for soft-landing Chandrayaan-2’s rover. Its altimeter measured the MIP’s altitude during every second of its descent. The mass spectrometer analysed the constituents of the Moon’s extremely thin atmosphere.
The Shackleton crater has an undulating terrain with hills and valleys. Since the valleys are in the Moon’s permanently shadowed regions, it could harbour water ice. The dust kicked up when the MIP crashed would be analysed to check whether it contained water ice. The probe died within a few seconds of its crash.
Tuesday, November 11, 2008
Training at Aralam farm
Training in construction skills for Adivasis rehabilitated at the Aralam farm ,Kannur here began on Monday.
The training, under the aegis of the Kerala State Nirmithi Kendra, aims at producing skilled construction workers from among the Adivasis at the farm. A press release issued by the Nirmithi Kendra said trained and skilled Adivasis would be offered work. All those selected for the training would get Rs.125 each per day during the training period. Construction tools would be provided free of cost. The training programme was inaugurated by K.K. Shylaja, MLA. She said the training was the first in a series of programmes being planned. Nirmithi Kendra administrative manager A. Shanthakumar was also present.
Training in construction skills for Adivasis rehabilitated at the Aralam farm ,Kannur here began on Monday.
The training, under the aegis of the Kerala State Nirmithi Kendra, aims at producing skilled construction workers from among the Adivasis at the farm. A press release issued by the Nirmithi Kendra said trained and skilled Adivasis would be offered work. All those selected for the training would get Rs.125 each per day during the training period. Construction tools would be provided free of cost. The training programme was inaugurated by K.K. Shylaja, MLA. She said the training was the first in a series of programmes being planned. Nirmithi Kendra administrative manager A. Shanthakumar was also present.
Workshop on painting
KANNUR: A workshop on modern painting will be organised here on Tuesday under the joint auspices of the Malayalam Department of Madayi College here and the Jawahar Public Library.
Organisers of the workshop said artists would interact with students and art lovers at the workshop to be held at the Jawahar Library Hall at 10 a.m. The workshop would focus on modern painting and sculpture and their relationship with politics, history and culture
KANNUR: A workshop on modern painting will be organised here on Tuesday under the joint auspices of the Malayalam Department of Madayi College here and the Jawahar Public Library.
Organisers of the workshop said artists would interact with students and art lovers at the workshop to be held at the Jawahar Library Hall at 10 a.m. The workshop would focus on modern painting and sculpture and their relationship with politics, history and culture
RGATT
The government is planning to convert the State-owned Rajiv Gandhi Academy for Aviation Technology (RGATT) into a national institute to cater to the needs of aviation sector,
Minister for Law and Parliamentary Affairs M. Vijayakumar has said.
He was addressing a gathering after handing over student pilot licences (SPL) to the first batch of 25 RGATT students here.
Mr. Vijayakumar, who is also in-charge of the aviation portfolio, said the government wanted to make the academy a prestigious one. The government had worked out plans to expand the activities of the academy to two more cities in the State, he said.
The crisis in the aviation sector will not have any impact on job opportunities, he said. “Air travel is on the increase in the country and the demand for pilots is also on the rise,” he said.
Academy Executive Director V. Thulasidas, who presided over the function, said the aim of the academy was to provide quality training at affordable rates to young, aspiring pilots who wished to take up a career in the burgeoning aviation sector.
Mr. Thulasidas said the academy had plans to start aircraft maintenance engineering, aeronautical engineering, flight despatcher and cabin crew courses. The academy, with three modern aircraft, needed two single-engine and one multi-engine aircraft to impart training to the students, he said. The academy is looking for a separate airstrip and campus to expand its activities
Minister for Law and Parliamentary Affairs M. Vijayakumar has said.
He was addressing a gathering after handing over student pilot licences (SPL) to the first batch of 25 RGATT students here.
Mr. Vijayakumar, who is also in-charge of the aviation portfolio, said the government wanted to make the academy a prestigious one. The government had worked out plans to expand the activities of the academy to two more cities in the State, he said.
The crisis in the aviation sector will not have any impact on job opportunities, he said. “Air travel is on the increase in the country and the demand for pilots is also on the rise,” he said.
Academy Executive Director V. Thulasidas, who presided over the function, said the aim of the academy was to provide quality training at affordable rates to young, aspiring pilots who wished to take up a career in the burgeoning aviation sector.
Mr. Thulasidas said the academy had plans to start aircraft maintenance engineering, aeronautical engineering, flight despatcher and cabin crew courses. The academy, with three modern aircraft, needed two single-engine and one multi-engine aircraft to impart training to the students, he said. The academy is looking for a separate airstrip and campus to expand its activities
Sunday, November 2, 2008
RBI cuts rates, assures more steps
In a major move to inject an additional estimated Rs. 85,000 crore into the system, the Reserve Bank of India on Saturday cut key deposit requirements for banks by one percentage point and its short-term lending rate by 0.5 percentage point, a decision that may help soften general interest rates.
The decisions to cut the Cash Reserve Ratio and the Statutory Liquidity Ratio by 100 basis points each and the repo rate by 50 basis points come a week after the busy season credit policy review by the RBI, in which it had given an assurance of more measures to boost economic growth.
The RBI would continue to closely monitor development in global and domestic financial markets and take swift and effective action as appropriate.With the latest measures, the RBI has pumped about Rs. 2.70 lakh crore into the system since October but industry leaders and bankers feel more is needed to effectively bring down the commercial lending rates
In a major move to inject an additional estimated Rs. 85,000 crore into the system, the Reserve Bank of India on Saturday cut key deposit requirements for banks by one percentage point and its short-term lending rate by 0.5 percentage point, a decision that may help soften general interest rates.
The decisions to cut the Cash Reserve Ratio and the Statutory Liquidity Ratio by 100 basis points each and the repo rate by 50 basis points come a week after the busy season credit policy review by the RBI, in which it had given an assurance of more measures to boost economic growth.
The RBI would continue to closely monitor development in global and domestic financial markets and take swift and effective action as appropriate.With the latest measures, the RBI has pumped about Rs. 2.70 lakh crore into the system since October but industry leaders and bankers feel more is needed to effectively bring down the commercial lending rates
Wednesday, October 22, 2008
Chandrayaan-1 placed in transfer orbit
Sriharikota (PTI): Chandrayaan-1, India's maiden moon spacecraft, was on Wednesday put into Transfer Orbit around the earth by the Polar Launch Vehicle PSLV-C11 about 19 minutes after it blasted off from the Satish Dhawan Space Centre here.
The 1,380 kg Chandrayaan-1, carrying 11 payloads, was released into a Tansfer Orbit at a perigee (nearest point to earth) of about 250 km and apogee (farthest point from the earth ) of about 23,000 km, 18.2 minutes after the PSLV-C11 blasted off as the scientists broke into jubiliation at the mission control centre.
After a series of procedures over the next two weeks, the spacecraft would reach its desired Lunar orbit and placed at a height of 100 km from the Lunar surface, marking the operational phase of the mission which would put India in the elite lunar club.
Earlier, at the end of the 49-hour countdown, the 44.4 meter tall four-stage PSLV-11 lifted off from the second launch pad into a cloudy sky.
This is the 14th flight of ISRO's workhorse PSLV, which had launched 29 satellites into a variety of orbits since 1993, and 13th successive one in a row.
Chandrayaan-1 is carrying 11 payloads, five entirely designed and developed in India, three from European Space Agency, one from Bulgaria and two from US, which would explore the Moon over the next two years.
Indian Space Research Organisation Chairman G Madhavan Nair described the successful launch as a historic moment in India's space programme.
"The launch was perfect and precise. The satellite has been placed in the earth orbit. With this, we have completed the first leg of the mission and it will take 15 days to reach the lunar orbit," Nair announced in the mission control centre shortly after PSLV-C11 put the spacecraft in a transfer orbit.
After circling the earth in its highly elliptical Transfer Orbit for a while, Chandrayaan-1 would be taken into more elliptical orbits by repeated firing of the spacecraft's Liquid Apogee Motor (LAM) at opportune moments.
Subsequently, the LAM would be again fired to take the spacecraft to the vicinity of the moon by following a Lunar Transfer Trajecctory (LTT) path, whose apogee lies at 3,87,000 km.
Later, when Chandrayaan-1 reaches the vicinity of the moon, its LAM would be fired again so as to slow down the spacecraft sufficiently to enable the gravity of the moon to capture it into an elliptical orbit. The next step would be to reduce the height of the spacecraft orbit around the moon in various steps.
After some more procedures, Chandrayaan-1's orbit would be finally lowered to its intended 100 km height from the lunar surface, which was expected to take place around November 8.
Later, the Moon Impact Probe would be ejected from Chandrayaan-1 in a chosen area following which the cameras and other payloads would be turned on and thoroughly tested, marking the operational phase of the mission
Chandrayaan-1 aims at achieving expansion of scientific knowledge about Moon, upgradation of Indian technological capability and providing challenging opportunities for planetary research to young scientists.
The objectives would be achieved through high-resolution remote sensing of moon in the visible, near infrared, microwave and x-ray region of electromagnetic spectrum.
The eleven payloads, five designed and developed in India, three from European Space Agency, one from Bulgaria and two from NASA, would expand various scientific knowledge about the moon.
The Indian payloads included Terrain Mapping Camera, Hyperspectral Imager, Lunar Laser Ranging Instrument, High Energy X-ray Spectrometer and Moon Impact Probe.
Chandrayaan-1 was built at ISRO's Satellite Centre, Bangalore, with contribution from various wings of the space agency, including the Vikram Sarabhai Space Centre in Thiruvananthapuram.
The ground facilities of Chandrayaan-I would perform the highly important task of receiving the microwave containing the health information of the spacecraft as well as the valuable scientific information, which the spacecraft sends.
It also transmits the radio commands to be sent to the spacecraft during all the phases of its mission
Sriharikota (PTI): Chandrayaan-1, India's maiden moon spacecraft, was on Wednesday put into Transfer Orbit around the earth by the Polar Launch Vehicle PSLV-C11 about 19 minutes after it blasted off from the Satish Dhawan Space Centre here.
The 1,380 kg Chandrayaan-1, carrying 11 payloads, was released into a Tansfer Orbit at a perigee (nearest point to earth) of about 250 km and apogee (farthest point from the earth ) of about 23,000 km, 18.2 minutes after the PSLV-C11 blasted off as the scientists broke into jubiliation at the mission control centre.
After a series of procedures over the next two weeks, the spacecraft would reach its desired Lunar orbit and placed at a height of 100 km from the Lunar surface, marking the operational phase of the mission which would put India in the elite lunar club.
Earlier, at the end of the 49-hour countdown, the 44.4 meter tall four-stage PSLV-11 lifted off from the second launch pad into a cloudy sky.
This is the 14th flight of ISRO's workhorse PSLV, which had launched 29 satellites into a variety of orbits since 1993, and 13th successive one in a row.
Chandrayaan-1 is carrying 11 payloads, five entirely designed and developed in India, three from European Space Agency, one from Bulgaria and two from US, which would explore the Moon over the next two years.
Indian Space Research Organisation Chairman G Madhavan Nair described the successful launch as a historic moment in India's space programme.
"The launch was perfect and precise. The satellite has been placed in the earth orbit. With this, we have completed the first leg of the mission and it will take 15 days to reach the lunar orbit," Nair announced in the mission control centre shortly after PSLV-C11 put the spacecraft in a transfer orbit.
After circling the earth in its highly elliptical Transfer Orbit for a while, Chandrayaan-1 would be taken into more elliptical orbits by repeated firing of the spacecraft's Liquid Apogee Motor (LAM) at opportune moments.
Subsequently, the LAM would be again fired to take the spacecraft to the vicinity of the moon by following a Lunar Transfer Trajecctory (LTT) path, whose apogee lies at 3,87,000 km.
Later, when Chandrayaan-1 reaches the vicinity of the moon, its LAM would be fired again so as to slow down the spacecraft sufficiently to enable the gravity of the moon to capture it into an elliptical orbit. The next step would be to reduce the height of the spacecraft orbit around the moon in various steps.
After some more procedures, Chandrayaan-1's orbit would be finally lowered to its intended 100 km height from the lunar surface, which was expected to take place around November 8.
Later, the Moon Impact Probe would be ejected from Chandrayaan-1 in a chosen area following which the cameras and other payloads would be turned on and thoroughly tested, marking the operational phase of the mission
Chandrayaan-1 aims at achieving expansion of scientific knowledge about Moon, upgradation of Indian technological capability and providing challenging opportunities for planetary research to young scientists.
The objectives would be achieved through high-resolution remote sensing of moon in the visible, near infrared, microwave and x-ray region of electromagnetic spectrum.
The eleven payloads, five designed and developed in India, three from European Space Agency, one from Bulgaria and two from NASA, would expand various scientific knowledge about the moon.
The Indian payloads included Terrain Mapping Camera, Hyperspectral Imager, Lunar Laser Ranging Instrument, High Energy X-ray Spectrometer and Moon Impact Probe.
Chandrayaan-1 was built at ISRO's Satellite Centre, Bangalore, with contribution from various wings of the space agency, including the Vikram Sarabhai Space Centre in Thiruvananthapuram.
The ground facilities of Chandrayaan-I would perform the highly important task of receiving the microwave containing the health information of the spacecraft as well as the valuable scientific information, which the spacecraft sends.
It also transmits the radio commands to be sent to the spacecraft during all the phases of its mission
Tuesday, October 21, 2008
REPRO RATE
Applications invited
Kozhikode: The Indian Institute of Management Kozhikode (IIM-K) has invited applications from candidates who have passed M.B.A./BTech/M.A (Economics) for the post of research associate on a temporary basis. Candidates should be familiar with computer applications. Those interested candidates should apply to the Senior Administrative Officer, IIM-K, IIM-K campus P.O. - 673570, Kunnamangalam, Kozhikode.
Kozhikode: The Indian Institute of Management Kozhikode (IIM-K) has invited applications from candidates who have passed M.B.A./BTech/M.A (Economics) for the post of research associate on a temporary basis. Candidates should be familiar with computer applications. Those interested candidates should apply to the Senior Administrative Officer, IIM-K, IIM-K campus P.O. - 673570, Kunnamangalam, Kozhikode.
REPRO RATE
Repo rate cut, home loans may get cheaper
Mumbai: After shoring up the banking system with Rs. 1,45,000 crore funds, the Reserve Bank on Monday paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points.
The cut in repo, the first since 2004, would allow banks to immediately borrow short-term funds from the apex bank at a cheaper eight per cent as against nine per cent till now.
Finance Minister P. Chidambaram told reporters in New Delhi that this move “will enthuse investors to continue to take forward their investment proposals.”
“It is a welcome step and clearly shows that the interest rate regime is now on a descent curve,” HDFC Bank’s Deputy Treasurer Ashish Parthasarathy told PTI here.
Earlier, the RBI cut the mandatory cash deposits that banks must keep with it (CRR) by 250 basis points after five years, along with other measures.
“It is a pro-growth measure,” IDBI Bank’s Chairman and Managing Director Yogesh Agarwal said. While the CRR cuts stopped rates from moving upwards, the repo rate cut could see a softening of deposit and lending rates, Mr. Parthasarathy said. —PTI
Mumbai: After shoring up the banking system with Rs. 1,45,000 crore funds, the Reserve Bank on Monday paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points.
The cut in repo, the first since 2004, would allow banks to immediately borrow short-term funds from the apex bank at a cheaper eight per cent as against nine per cent till now.
Finance Minister P. Chidambaram told reporters in New Delhi that this move “will enthuse investors to continue to take forward their investment proposals.”
“It is a welcome step and clearly shows that the interest rate regime is now on a descent curve,” HDFC Bank’s Deputy Treasurer Ashish Parthasarathy told PTI here.
Earlier, the RBI cut the mandatory cash deposits that banks must keep with it (CRR) by 250 basis points after five years, along with other measures.
“It is a pro-growth measure,” IDBI Bank’s Chairman and Managing Director Yogesh Agarwal said. While the CRR cuts stopped rates from moving upwards, the repo rate cut could see a softening of deposit and lending rates, Mr. Parthasarathy said. —PTI
Sunday, September 28, 2008
Peace Boat arriving in Kochi today
The Clipper Pacific passenger ship, with some 102 Hibakushas (atom bomb survivors) from Japan, Korea, Brazil, Canada and Australia on board, will sail into Kochi from Singapore on Monday, seeking to spread the message of peace for a nuclear weapon-free future.
Organised by Peace Boat, a Japan-based international non-governmental organisation (NGO) that strives “to promote peace, human rights, equal and sustainable development and respect for the environment,” the global voyage for peace is the 63rd and bears special significance as it happens in connection with the NGO’s silver jubilee. At a press conference here on Saturday, Maho Takahashi, a Peace Boat representative, said nuclear weapons should not be used anymore.
The crew of the ship, comprising NGO activists, survivors of war from around the world and disarmament educators will be accorded a civic reception in the city. Mayor Mercy Williams will sign a protocol, Vision 2020 campaign for nuclear non-proliferation led by Mayors for Peace, Japan, thereby becoming the only mayor in the country to be party to a campaign that has so far had the endorsement of some 330 mayors the world over.
The ship left Yokohama on September 7. From here, the ship will leave for Massawa in Eritrea. The voyage is scheduled to end at Yokohama on December 18
The Clipper Pacific passenger ship, with some 102 Hibakushas (atom bomb survivors) from Japan, Korea, Brazil, Canada and Australia on board, will sail into Kochi from Singapore on Monday, seeking to spread the message of peace for a nuclear weapon-free future.
Organised by Peace Boat, a Japan-based international non-governmental organisation (NGO) that strives “to promote peace, human rights, equal and sustainable development and respect for the environment,” the global voyage for peace is the 63rd and bears special significance as it happens in connection with the NGO’s silver jubilee. At a press conference here on Saturday, Maho Takahashi, a Peace Boat representative, said nuclear weapons should not be used anymore.
The crew of the ship, comprising NGO activists, survivors of war from around the world and disarmament educators will be accorded a civic reception in the city. Mayor Mercy Williams will sign a protocol, Vision 2020 campaign for nuclear non-proliferation led by Mayors for Peace, Japan, thereby becoming the only mayor in the country to be party to a campaign that has so far had the endorsement of some 330 mayors the world over.
The ship left Yokohama on September 7. From here, the ship will leave for Massawa in Eritrea. The voyage is scheduled to end at Yokohama on December 18
Friday, September 19, 2008
CMZ II
State’s coastal belt may come under CMZ-II
The entire coastal belt in Kerala may come under the Coastal Management Zone-II if one goes by the population criterion mentioned in the recommendations of the M S Swaminathan Committee for the newly proposed Coastal Management Zone Act. According to the new recommendations, any developmental activity in coastal areas will need permission from the Ministry of Earth Sciences or the National Board which will be formed to monitor the CMZ violations.
The coastal zones have been classified into four areas. As per the classification, the CMZ-I includes ecological sensitive areas like sea shores while the CMZ-II will include areas with population density of more than 400 people per sq km. In Kerala, the density in coastal areas is 2,176 people per sq km.
As per the existing Coastal Regulation Zone Act, Pariyaram grama panchayat in Kannur district with a population density of 450 per sq km is on the top.
``In the CMZ-II, the activities on the seaward side of the setback line will be regulated to ensure that no further development takes place other than the foreshore requiring facilities and basic infrastructure,’’ said Kerala Land Reforms Committee member P B Sahasranaman.
This, he adds, is a stringent condition as places where the setback line is on the landward side, no construction will be possible.
``What will be the effect of this notification on the ongoing constructions in violation of the CRZ notification, 1991?’’ he asks.
He said that the draft was silent on whether the notification repeals the earlier CRZ Act or regularises the constructions.
The contradictions in the draft and the M S Swaminathan report has irked many in the state. While the latter strongly recommends strict enforcement by local bodies, the draft is silent on enforcing agencies including the local self-government.
K V Thomas MLA who heads a subcommittee of the KPCC said in his report that the fishing community be made the stakeholders in the management of coastal areas as had been recommended by the Swaminathan Committee.
But, the proposed notification does not mention them as well as it was silent on violators
Source : Tthe New Indian Express
The entire coastal belt in Kerala may come under the Coastal Management Zone-II if one goes by the population criterion mentioned in the recommendations of the M S Swaminathan Committee for the newly proposed Coastal Management Zone Act. According to the new recommendations, any developmental activity in coastal areas will need permission from the Ministry of Earth Sciences or the National Board which will be formed to monitor the CMZ violations.
The coastal zones have been classified into four areas. As per the classification, the CMZ-I includes ecological sensitive areas like sea shores while the CMZ-II will include areas with population density of more than 400 people per sq km. In Kerala, the density in coastal areas is 2,176 people per sq km.
As per the existing Coastal Regulation Zone Act, Pariyaram grama panchayat in Kannur district with a population density of 450 per sq km is on the top.
``In the CMZ-II, the activities on the seaward side of the setback line will be regulated to ensure that no further development takes place other than the foreshore requiring facilities and basic infrastructure,’’ said Kerala Land Reforms Committee member P B Sahasranaman.
This, he adds, is a stringent condition as places where the setback line is on the landward side, no construction will be possible.
``What will be the effect of this notification on the ongoing constructions in violation of the CRZ notification, 1991?’’ he asks.
He said that the draft was silent on whether the notification repeals the earlier CRZ Act or regularises the constructions.
The contradictions in the draft and the M S Swaminathan report has irked many in the state. While the latter strongly recommends strict enforcement by local bodies, the draft is silent on enforcing agencies including the local self-government.
K V Thomas MLA who heads a subcommittee of the KPCC said in his report that the fishing community be made the stakeholders in the management of coastal areas as had been recommended by the Swaminathan Committee.
But, the proposed notification does not mention them as well as it was silent on violators
Source : Tthe New Indian Express
SENSEX UP
At 2.00 p.m. on Friday, the Sensex was up by 610.63 points at 13,926.23. The Nifty was up by 164.55 points at 4,202.70.
The Bombay Stock Exchange benchmark Sensex gained 491 points in early trade and moved up further on emergence of buying by funds, triggered by firming global trend.
All sectoral indices led by heavy-weight and index-linked stocks recorded handsome gains today.
Marketmen said the trading sentiment turned extremely bullish after global stock markets recovered by 3-7 per cent. Hong Kong's Hang Seng index opened up 7.2 per cent today, rallying after a Wall Street rebound as US authorities announced plans to help b anks cope with the bad debts, which affected world markets. - PTI
The Bombay Stock Exchange benchmark Sensex gained 491 points in early trade and moved up further on emergence of buying by funds, triggered by firming global trend.
All sectoral indices led by heavy-weight and index-linked stocks recorded handsome gains today.
Marketmen said the trading sentiment turned extremely bullish after global stock markets recovered by 3-7 per cent. Hong Kong's Hang Seng index opened up 7.2 per cent today, rallying after a Wall Street rebound as US authorities announced plans to help b anks cope with the bad debts, which affected world markets. - PTI
Friday, September 5, 2008
INDUSTRIAL PARK AT MATTANUR
MASTER PLAN FOR KANNUR
Industries Minister Elamaram Karim has said that a master plan will be prepared for the industrial development of areas near the proposed Kannur airport as Kerala Industrial Infrastructure Development Corporation (Kinfra) has accelerated the process of acquiring land for the airport near Mattannur here.
The Minister told reporters here on Thursday that the government’s plan was to ensure parallel development of industries in areas closer to the proposed airport which could attract investors and entrepreneurs.
A green field airport such as the one proposed in Kannur might not be viable initially unless there was increased industrial and economic activities that would attract more air passengers, he said adding that the process of acquiring 200 acres of land near the proposed airport was under way.
The Minister said that Kinfra would complete the acquisition of land for the airport by January next year. A proposal for appointing a consultant for preparing the master plan was under consideration, he said.Freight station
Listing various developmental projects in the pipeline in the district, Mr. Kareem said that the container freight station sanctioned here by the Central government would be a major push for the region’s development. Its foundation stone would be laid this month, he said. The process of allotment of land at the Textile Park at Nadukani here to entrepreneurs would begin by October, he announced. NIFT campus
The work for developing the campus of the National Institute of Fashion Technology Centre here would start this year as the government had already made budgetary allocation of Rs. 20 crore. The construction would be completed in two year, he added.
Mr. Karim said that the construction of a road to Valiyavelicham near Koothuparamba that was nearing completion would attract more entrepreneurs at the Kerala Industrial Development Corporation’s industrial park there. The government was also considering a proposal for developing an industrial park in Taliparamba and Payyannur areas, he said..... SOURCE: Hindu
Industries Minister Elamaram Karim has said that a master plan will be prepared for the industrial development of areas near the proposed Kannur airport as Kerala Industrial Infrastructure Development Corporation (Kinfra) has accelerated the process of acquiring land for the airport near Mattannur here.
The Minister told reporters here on Thursday that the government’s plan was to ensure parallel development of industries in areas closer to the proposed airport which could attract investors and entrepreneurs.
A green field airport such as the one proposed in Kannur might not be viable initially unless there was increased industrial and economic activities that would attract more air passengers, he said adding that the process of acquiring 200 acres of land near the proposed airport was under way.
The Minister said that Kinfra would complete the acquisition of land for the airport by January next year. A proposal for appointing a consultant for preparing the master plan was under consideration, he said.Freight station
Listing various developmental projects in the pipeline in the district, Mr. Kareem said that the container freight station sanctioned here by the Central government would be a major push for the region’s development. Its foundation stone would be laid this month, he said. The process of allotment of land at the Textile Park at Nadukani here to entrepreneurs would begin by October, he announced. NIFT campus
The work for developing the campus of the National Institute of Fashion Technology Centre here would start this year as the government had already made budgetary allocation of Rs. 20 crore. The construction would be completed in two year, he added.
Mr. Karim said that the construction of a road to Valiyavelicham near Koothuparamba that was nearing completion would attract more entrepreneurs at the Kerala Industrial Development Corporation’s industrial park there. The government was also considering a proposal for developing an industrial park in Taliparamba and Payyannur areas, he said..... SOURCE: Hindu
Thursday, August 14, 2008
Salaries of government employees substantially hiked
Thu, Aug 14 04:00 PM
New Delhi, Aug 14 (IANS) The central government Thursday revised the recommendations of the Sixth Pay Commission to grant substantial hikes to its five million employees, with special attention being paid to military and paramilitary personnel.
'The cabinet has broadly accepted the recommendations of the Sixth Pay Commission with some modifications in the wake of representations received from various sections and associations of central government employees,' Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh.
The revision translates into a 20 percent hike over the 40 percent across-the-board hike the pay commission had recommended.
The revision will enlarge the government's wage bill by Rs.221 billion in the current fiscal that ends March 31, 2009, Dasmunsi said.
The prime minister would announce more details Friday during his address from the ramparts of the Red fort on Independence Day, he added.
The minimum basic pay for a central government employee would now be Rs.7,000 a month, which will translate to around Rs.10,000 after adding allowances, the minister said.
As for arrears, central government employees would get 40 percent in the current fiscal and 60 percent in fiscal 2009-10, Dasmunsi said.
The revised scales would be retroactive Jan 1, 2006 and would be payable from Sep 1, 2008, the minister said.
The other highlights of the cabinet decision are:
* Enhancement in the fitment in revised pay bands recommended by the pay commission to be based on multiplication factor of 1.74 to 1.86 to result in increased emoluments for government employees;
* Increase in the annual increment rate from 2.5 percent to 3 percent;
* At least three promotions assured for defence personnel and civilian employees under modified assured career progression (ACP) scheme. Civilians will be assured of promotions after 10, 20 and 30 years of service while junior and non-commissioned officers and personnel below officer rank (PBOR) would be eligible for this after 8, 16 and 24 years of service.
* Military Service Pay enhanced from Rs.1,000 to Rs.2,000 for PBORs. MSP retained at Rs.6,000 for officers up to brigadier's rank;
* Middle level officers - colonels, brigadiers and equivalent - placed in the highest pay band of PB-4.
* Lieutenant generals overlooked for promotion as army commanders due to lack of residual service would now get the grade of Army Commander.
The report of the Sixth Pay Commission, headed by Justice (retd) B.N. Srikrishna, was submitted to Finance Minister P. Chidambaram here March 24.
It immediately raised a storm of protests from both civilian and defence personnel, following which the government had appointed a committee under cabinet secretary K. Chandrashekhar to study the representations received.
The three service chiefs, on their part had made a joint representation to Defence Minister A.K. Antony saying their expectations had not been met. On Wednesday, the prime minister had chaired a high-level meeting to consider the Chandrashekhar committee's recommendations with regard to the armed forces.
Thereafter, official sources said, finance ministry bureaucrats had burned the midnight oil to ready the revised package for both civilians and defence personnel and finished the task only by 5 a.m. Thursday.
Thu, Aug 14 04:00 PM
New Delhi, Aug 14 (IANS) The central government Thursday revised the recommendations of the Sixth Pay Commission to grant substantial hikes to its five million employees, with special attention being paid to military and paramilitary personnel.
'The cabinet has broadly accepted the recommendations of the Sixth Pay Commission with some modifications in the wake of representations received from various sections and associations of central government employees,' Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after a cabinet meeting chaired by Prime Minister Manmohan Singh.
The revision translates into a 20 percent hike over the 40 percent across-the-board hike the pay commission had recommended.
The revision will enlarge the government's wage bill by Rs.221 billion in the current fiscal that ends March 31, 2009, Dasmunsi said.
The prime minister would announce more details Friday during his address from the ramparts of the Red fort on Independence Day, he added.
The minimum basic pay for a central government employee would now be Rs.7,000 a month, which will translate to around Rs.10,000 after adding allowances, the minister said.
As for arrears, central government employees would get 40 percent in the current fiscal and 60 percent in fiscal 2009-10, Dasmunsi said.
The revised scales would be retroactive Jan 1, 2006 and would be payable from Sep 1, 2008, the minister said.
The other highlights of the cabinet decision are:
* Enhancement in the fitment in revised pay bands recommended by the pay commission to be based on multiplication factor of 1.74 to 1.86 to result in increased emoluments for government employees;
* Increase in the annual increment rate from 2.5 percent to 3 percent;
* At least three promotions assured for defence personnel and civilian employees under modified assured career progression (ACP) scheme. Civilians will be assured of promotions after 10, 20 and 30 years of service while junior and non-commissioned officers and personnel below officer rank (PBOR) would be eligible for this after 8, 16 and 24 years of service.
* Military Service Pay enhanced from Rs.1,000 to Rs.2,000 for PBORs. MSP retained at Rs.6,000 for officers up to brigadier's rank;
* Middle level officers - colonels, brigadiers and equivalent - placed in the highest pay band of PB-4.
* Lieutenant generals overlooked for promotion as army commanders due to lack of residual service would now get the grade of Army Commander.
The report of the Sixth Pay Commission, headed by Justice (retd) B.N. Srikrishna, was submitted to Finance Minister P. Chidambaram here March 24.
It immediately raised a storm of protests from both civilian and defence personnel, following which the government had appointed a committee under cabinet secretary K. Chandrashekhar to study the representations received.
The three service chiefs, on their part had made a joint representation to Defence Minister A.K. Antony saying their expectations had not been met. On Wednesday, the prime minister had chaired a high-level meeting to consider the Chandrashekhar committee's recommendations with regard to the armed forces.
Thereafter, official sources said, finance ministry bureaucrats had burned the midnight oil to ready the revised package for both civilians and defence personnel and finished the task only by 5 a.m. Thursday.
GOVT APPROVES VI PAY REPORT
August 14, 2008 13:02 ISTLast Updated: August 14, 2008 13:13 IST
The government on Thursday approved the Sixth Pay Commission recommendations, heaping civil and defence staff with a salary hike bonanza on the eve of the country's 61st Independence Day.
The Sixth Pay Commission, which was headed by Justice B N Srikrishna, had in March submitted its report to the government, recommending an average 28 per cent hike for central government staff and defence personnel.
All about the 6th Pay Commission report
Highlights:
Pay revision with effect from January 1, 2006.
Arrears to be paid in two installments -- 40 per cent this fiscal and 60 per cent in the next financial year, said Information and Broadcasting Minister P R Dasmunsi.
Minimum entry level pay raised to Rs 7,000 from Rs 6,660 per month recommended by the Commission.
Financial implication of Pay Commission on General Budget would be Rs 15,700 crore (Rs 157 billion) and Rs 6400 crore (Rs 64 billion) on the Railway Budget in 2008-09.
Average increase in pay is 21 per cent, said expenditure secretary Sushma Nath.
Prime Minister Manmohan Singh had on wednesday held a meeting with External Affairs Minister Pranab Mukherjee, Defence Minister A K Antony and Finance Minister P Chidambaram to discuss the pay commission report and the recommendations of the empowered committee of Secretaries that went into it.
The government on Thursday approved the Sixth Pay Commission recommendations, heaping civil and defence staff with a salary hike bonanza on the eve of the country's 61st Independence Day.
The Sixth Pay Commission, which was headed by Justice B N Srikrishna, had in March submitted its report to the government, recommending an average 28 per cent hike for central government staff and defence personnel.
All about the 6th Pay Commission report
Highlights:
Pay revision with effect from January 1, 2006.
Arrears to be paid in two installments -- 40 per cent this fiscal and 60 per cent in the next financial year, said Information and Broadcasting Minister P R Dasmunsi.
Minimum entry level pay raised to Rs 7,000 from Rs 6,660 per month recommended by the Commission.
Financial implication of Pay Commission on General Budget would be Rs 15,700 crore (Rs 157 billion) and Rs 6400 crore (Rs 64 billion) on the Railway Budget in 2008-09.
Average increase in pay is 21 per cent, said expenditure secretary Sushma Nath.
Prime Minister Manmohan Singh had on wednesday held a meeting with External Affairs Minister Pranab Mukherjee, Defence Minister A K Antony and Finance Minister P Chidambaram to discuss the pay commission report and the recommendations of the empowered committee of Secretaries that went into it.
BONANZA FOR GOVT STAFF
Govt approves Sixth Pay Commission recommendations
August 14, 2008 13:02 ISTLast Updated: August 14, 2008 13:13 IST
The government on Thursday approved the Sixth Pay Commission recommendations, heaping civil and defence staff with a salary hike bonanza on the eve of the country's 61st Independence Day.
The Sixth Pay Commission, which was headed by Justice B N Srikrishna, had in March submitted its report to the government, recommending an average 28 per cent hike for central government staff and defence personnel
All about the 6th Pay Commission reportMarch 24, 2008
The following are the highlights of the 6th Pay Commission Panel report that was submitted to the government on Monday: The 18-month tenure of the Commission was till April 4, 2008.
Implementation of the revised pay scales from January 1, 2006. Recommendations relating to allowances to be implemented prospectively.
To remove stagnation, introduction of running pay bands for all posts in the Government presently existing in scales below that of Rs 26,000 (fixed).
Four distinct running pay bands being recommended -- one running band each for all categories of employees in groups 'B' and 'C' with 2 running pay bands for Group A posts.
The posts of Secretary to Government of India/equivalent and Cabinet Secretary/equivalent to be kept in distinct pay scales.
A separate running pay band, designated as -1S scale, is not to be counted for any purpose as no future recruitment is to be made in this grade and all the present Group D employees not possessing the prescribed qualifications are to be upgraded and placed in the Group 'C' running pay band PB-1 after they are suitably retrained. Group D employees possessing the minimum prescribed qualifications to be placed in PB-1 pay band straightaway.
Minimum salary at the entry level of PB-1 pay band to be Rs 6660 (Rs 4860 as pay in the pay band plus Rs 1800 as grade pay). Maximum salary at the level of Secretary/equivalent to be Rs 80000. The minimum: maximum ratio 1:12.
Every post, barring that of Secretary/equivalent and Cabinet Secretary/equivalent to have a distinct grade pay attached to it. Grade pay (being a fixed amount attached to each post in the hierarchy) to determine the status of a post with a senior post being given higher grade pay.
The total number of grades reduced to 20 spread across four distinct running pay bands; one Apex Scale and another grade for the post of Cabinet Secretary/equivalent as against 35 standard pay scales existing earlier.
At the time of promotion from one post to another, the grade pay attached to posts in different levels within the same running pay band to change. Additionally, increase in form of one increment to be given at the time of promotion. A person stagnating at the maximum of any pay band for more than one year continuously to be placed in the immediate next higher pay band without any change in the grade pay.
Annual increments to be paid in form of two and half percent of the total of pay in the Pay Band and the corresponding grade pay. The date of annual increments, in all cases, to be first of July. Employees completing six months and above in the scale as on July 1 to be eligible.
August 14, 2008 13:02 ISTLast Updated: August 14, 2008 13:13 IST
The government on Thursday approved the Sixth Pay Commission recommendations, heaping civil and defence staff with a salary hike bonanza on the eve of the country's 61st Independence Day.
The Sixth Pay Commission, which was headed by Justice B N Srikrishna, had in March submitted its report to the government, recommending an average 28 per cent hike for central government staff and defence personnel
All about the 6th Pay Commission reportMarch 24, 2008
The following are the highlights of the 6th Pay Commission Panel report that was submitted to the government on Monday: The 18-month tenure of the Commission was till April 4, 2008.
Implementation of the revised pay scales from January 1, 2006. Recommendations relating to allowances to be implemented prospectively.
To remove stagnation, introduction of running pay bands for all posts in the Government presently existing in scales below that of Rs 26,000 (fixed).
Four distinct running pay bands being recommended -- one running band each for all categories of employees in groups 'B' and 'C' with 2 running pay bands for Group A posts.
The posts of Secretary to Government of India/equivalent and Cabinet Secretary/equivalent to be kept in distinct pay scales.
A separate running pay band, designated as -1S scale, is not to be counted for any purpose as no future recruitment is to be made in this grade and all the present Group D employees not possessing the prescribed qualifications are to be upgraded and placed in the Group 'C' running pay band PB-1 after they are suitably retrained. Group D employees possessing the minimum prescribed qualifications to be placed in PB-1 pay band straightaway.
Minimum salary at the entry level of PB-1 pay band to be Rs 6660 (Rs 4860 as pay in the pay band plus Rs 1800 as grade pay). Maximum salary at the level of Secretary/equivalent to be Rs 80000. The minimum: maximum ratio 1:12.
Every post, barring that of Secretary/equivalent and Cabinet Secretary/equivalent to have a distinct grade pay attached to it. Grade pay (being a fixed amount attached to each post in the hierarchy) to determine the status of a post with a senior post being given higher grade pay.
The total number of grades reduced to 20 spread across four distinct running pay bands; one Apex Scale and another grade for the post of Cabinet Secretary/equivalent as against 35 standard pay scales existing earlier.
At the time of promotion from one post to another, the grade pay attached to posts in different levels within the same running pay band to change. Additionally, increase in form of one increment to be given at the time of promotion. A person stagnating at the maximum of any pay band for more than one year continuously to be placed in the immediate next higher pay band without any change in the grade pay.
Annual increments to be paid in form of two and half percent of the total of pay in the Pay Band and the corresponding grade pay. The date of annual increments, in all cases, to be first of July. Employees completing six months and above in the scale as on July 1 to be eligible.
Wednesday, August 13, 2008
Independence Day Bonanza
PROPOSAL FOR CABINET
20% raise over pay bands suggested by Pay Commission effective from Jan 2006; arrears to be paid in cash, 40% this year, the rest next year
New Delhi, August 13: A wage hike higher than those recommended by the Sixth Pay Commission, marginal increase in annual increments and the payment of arrears in cash are some of the sweeteners incorporated in the proposal for Thursday’s Cabinet meeting after Prime Minister Manmohan Singh’s intervention.
The new pay package for the 55 lakh Central government employees, to be announced on August 15, proposes a 20 per cent raise over the pay bands suggested by the Commission. The panel in May suggested a gross 40 per cent hike, which means an effective 25 per cent after taxes. “The net jump in pay would be upwards of 30 per cent with the additional increase more for lower grade staff to narrow their difference with the (pay of) senior officials,” said sources.
This raise takes into account the Commission’s miscalculation of the dearness allowance - absorbed in the new basic pay—as 74 per cent whereas it should have been 83 per cent, they said. The proposed annual increment in the basic pay would also be a tad higher than the 2.5 per cent suggested by the Commission.
The Cabinet proposal talks of a uniform 3 per cent raise every year. The current norm is a Rs 500-increase in the basic pay annually within the grade scale.
But what would be music to the bureaucrats’ ears is that the PM has shot down Finance Minister P Chidambaram’s suggestion that the new wage be effective from January 2007 instead of January 2006 because of the heavy run on this year’s Budget. Chidambaram had also wanted that the past dues be parked in the General Provident Fund to be provided as pension after retirement of the employees so that this year’s outgo from the Budget would be limited to Rs 12,500 crore.
But the PM would have none of that. He has ensured that the new pay would be effective from January 2006, as recommended by the Commission, with 40 per cent of the arrears paid in the current fiscal and the remaining 60 per cent next year.
The actual pay-out would come in November after the monsoon session of Parliament in September passes the Finance Ministry’s supplementary Demand For Grant to fund the wage bill, said sources.
What has also been shot down, though by the Committee of Secretaries, is the inclusion of heads of other services in the rank of Cabinet Secretary. The CS will remain primus inter pares, the first among equals, and that position would not be granted to the head of Intelligence Bureau, the three service chiefs or the Chairman Railway Board—as had been demanded.
There would also be no scrapping of Group D personnel (peons in ministries and coolies in Indian Railways). The Commission had suggested that these posts be subsumed in Group C of clerks, fresh induction be stopped and jobs be outsourced.
As for the armed forces, the good news is that military service pay for persons below the officer rank (POBR) would be Rs 2,000 per month. The forces had demanded Rs 3,000 as against Rs 1,000 introduced by the commission.
There would also be a significant improvement in the salaries of Brigadiers as the government has agreed to put them in Pay Band 4 (Rs 39,200-67,000) as against the suggested pay band 3 (Rs 15,600 - 39,100).
For the Indian Police Service and Indian Forest Service, relief would come in the form of abolition of the Deputy Inspector General scale. There would also be no discrimination between Group B and Group A service officers in the form of a differential basic pay at the time of joining, as suggested by the Commission. They would both start at the same scale, as is prevalent now, said sources.
BUREAUCRACY’S BIG HIKE
A 20 % raise over the pay bands suggested by the Commission
Uniform 3% raise in basic pay every year. The norm is a Rs 500-increase annually within grade scale
New wages to be effective from January 2006
No Cabinet Secretary rank for Intelligence Bureau chief, the three Service chiefs or the Chairman, Railway Board
Group D personnel to stay (peons in ministries and porters in Railways)
Military service pay for persons below the officer rank (POBR) would be Rs 2,000 per month
Significant hike in salaries of Brigadiers: they move to Pay Band 4 (Rs 39,200-67,000) from the suggested Pay Band 3 (Rs 15,600-39,100)
D.I.G-scale abolished in IPS and Indian Forest Service
20% raise over pay bands suggested by Pay Commission effective from Jan 2006; arrears to be paid in cash, 40% this year, the rest next year
New Delhi, August 13: A wage hike higher than those recommended by the Sixth Pay Commission, marginal increase in annual increments and the payment of arrears in cash are some of the sweeteners incorporated in the proposal for Thursday’s Cabinet meeting after Prime Minister Manmohan Singh’s intervention.
The new pay package for the 55 lakh Central government employees, to be announced on August 15, proposes a 20 per cent raise over the pay bands suggested by the Commission. The panel in May suggested a gross 40 per cent hike, which means an effective 25 per cent after taxes. “The net jump in pay would be upwards of 30 per cent with the additional increase more for lower grade staff to narrow their difference with the (pay of) senior officials,” said sources.
This raise takes into account the Commission’s miscalculation of the dearness allowance - absorbed in the new basic pay—as 74 per cent whereas it should have been 83 per cent, they said. The proposed annual increment in the basic pay would also be a tad higher than the 2.5 per cent suggested by the Commission.
The Cabinet proposal talks of a uniform 3 per cent raise every year. The current norm is a Rs 500-increase in the basic pay annually within the grade scale.
But what would be music to the bureaucrats’ ears is that the PM has shot down Finance Minister P Chidambaram’s suggestion that the new wage be effective from January 2007 instead of January 2006 because of the heavy run on this year’s Budget. Chidambaram had also wanted that the past dues be parked in the General Provident Fund to be provided as pension after retirement of the employees so that this year’s outgo from the Budget would be limited to Rs 12,500 crore.
But the PM would have none of that. He has ensured that the new pay would be effective from January 2006, as recommended by the Commission, with 40 per cent of the arrears paid in the current fiscal and the remaining 60 per cent next year.
The actual pay-out would come in November after the monsoon session of Parliament in September passes the Finance Ministry’s supplementary Demand For Grant to fund the wage bill, said sources.
What has also been shot down, though by the Committee of Secretaries, is the inclusion of heads of other services in the rank of Cabinet Secretary. The CS will remain primus inter pares, the first among equals, and that position would not be granted to the head of Intelligence Bureau, the three service chiefs or the Chairman Railway Board—as had been demanded.
There would also be no scrapping of Group D personnel (peons in ministries and coolies in Indian Railways). The Commission had suggested that these posts be subsumed in Group C of clerks, fresh induction be stopped and jobs be outsourced.
As for the armed forces, the good news is that military service pay for persons below the officer rank (POBR) would be Rs 2,000 per month. The forces had demanded Rs 3,000 as against Rs 1,000 introduced by the commission.
There would also be a significant improvement in the salaries of Brigadiers as the government has agreed to put them in Pay Band 4 (Rs 39,200-67,000) as against the suggested pay band 3 (Rs 15,600 - 39,100).
For the Indian Police Service and Indian Forest Service, relief would come in the form of abolition of the Deputy Inspector General scale. There would also be no discrimination between Group B and Group A service officers in the form of a differential basic pay at the time of joining, as suggested by the Commission. They would both start at the same scale, as is prevalent now, said sources.
BUREAUCRACY’S BIG HIKE
A 20 % raise over the pay bands suggested by the Commission
Uniform 3% raise in basic pay every year. The norm is a Rs 500-increase annually within grade scale
New wages to be effective from January 2006
No Cabinet Secretary rank for Intelligence Bureau chief, the three Service chiefs or the Chairman, Railway Board
Group D personnel to stay (peons in ministries and porters in Railways)
Military service pay for persons below the officer rank (POBR) would be Rs 2,000 per month
Significant hike in salaries of Brigadiers: they move to Pay Band 4 (Rs 39,200-67,000) from the suggested Pay Band 3 (Rs 15,600-39,100)
D.I.G-scale abolished in IPS and Indian Forest Service
Monday, August 11, 2008
It’s independent India’s first individual Olympic gold medal
Abhinav Bindra with the gold medal.
Abhinav Bindra won the Olympic gold medal for the 10-metre air rifle event here on Monday, bagging for independent India its first individual Olympic gold and sending the nation into raptures.
The gold was an improvement on the silver won by another shooter, double trap marksman Rajyavardhan Singh Rathore, in the Athens Olympics.
It was also the fifth individual medal for India in Olympic Games over the years. Tennis ace Leander Paes won the singles bronze in Atlanta in 1996 and lifter Karnam Malleswari won a bronze in Sydney in 2000. K.D. Jadhav opened the account for India in 1952 with a wrestling bronze.
Indian hockey has won eight gold medals, but it has been a dream for the country to win gold elsewhere. The hockey team failed to qualify for the Beijing Games.
It was third time lucky for the 25-year-old Bindra, from Chandigarh: he missed the final by one point in Sydney. There, he was the youngest shooter in the fray.
He made it to the final last time in Athens but finished seventh: flawed flooring affected his performance.
In Beijing, Abhinav missed the last of his 60 shots before the final and was placed fourth with596 at the end of the qualification series, two points behind the leaders. He moved into the medal bracket after the first of 10 shots in the final, and moved up to the silver after the third shot. He had the gold in control after the seventh shot, and was tied for the gold with Henri Hakkinen of Finland after the penultimate shot.
While the nation waited with bated breath as the event was telecast live, Abhinav released the last shot, the first to do so among the eight finalists, for a near-perfect 10.8.
The gold having been clinched by the Indian, the Chinese defending champion and Olympic record holder, Zhu Qinan, had to settle for the silver despite an impressive 10.5 last shot.
President Pratibha Patil and Prime Minister Manmohan Singh on Monday hailed Bindra’s feat. Ms. Patil said “Bindra has realised the dream of a billion people.”
Dr. Singh said the shooter has “done the nation proud through his spectacular achievement which I hope will inspire other sportspersons of our country.”
Abhinav Bindra with the gold medal.
Abhinav Bindra won the Olympic gold medal for the 10-metre air rifle event here on Monday, bagging for independent India its first individual Olympic gold and sending the nation into raptures.
The gold was an improvement on the silver won by another shooter, double trap marksman Rajyavardhan Singh Rathore, in the Athens Olympics.
It was also the fifth individual medal for India in Olympic Games over the years. Tennis ace Leander Paes won the singles bronze in Atlanta in 1996 and lifter Karnam Malleswari won a bronze in Sydney in 2000. K.D. Jadhav opened the account for India in 1952 with a wrestling bronze.
Indian hockey has won eight gold medals, but it has been a dream for the country to win gold elsewhere. The hockey team failed to qualify for the Beijing Games.
It was third time lucky for the 25-year-old Bindra, from Chandigarh: he missed the final by one point in Sydney. There, he was the youngest shooter in the fray.
He made it to the final last time in Athens but finished seventh: flawed flooring affected his performance.
In Beijing, Abhinav missed the last of his 60 shots before the final and was placed fourth with596 at the end of the qualification series, two points behind the leaders. He moved into the medal bracket after the first of 10 shots in the final, and moved up to the silver after the third shot. He had the gold in control after the seventh shot, and was tied for the gold with Henri Hakkinen of Finland after the penultimate shot.
While the nation waited with bated breath as the event was telecast live, Abhinav released the last shot, the first to do so among the eight finalists, for a near-perfect 10.8.
The gold having been clinched by the Indian, the Chinese defending champion and Olympic record holder, Zhu Qinan, had to settle for the silver despite an impressive 10.5 last shot.
President Pratibha Patil and Prime Minister Manmohan Singh on Monday hailed Bindra’s feat. Ms. Patil said “Bindra has realised the dream of a billion people.”
Dr. Singh said the shooter has “done the nation proud through his spectacular achievement which I hope will inspire other sportspersons of our country.”
Wednesday, August 6, 2008
OIL FALLS
Oil falls to $118 a barrel, a three-month Low
Oil fell to $118 a barrel on Tuesday, a three-month low, as investors focused on rising OPEC supply and declining demand in the United States and Europe.
The loss extends a slide from the July 11 record high of $147.27 a barrel, despite a Gulf of Mexico storm that has curbed oil output, and is prompting some to say that oil's rally has run its course for now
Oil fell to $118 a barrel on Tuesday, a three-month low, as investors focused on rising OPEC supply and declining demand in the United States and Europe.
The loss extends a slide from the July 11 record high of $147.27 a barrel, despite a Gulf of Mexico storm that has curbed oil output, and is prompting some to say that oil's rally has run its course for now
Monday, August 4, 2008
VI CENTRAL PAY COMMISSION AWARDS
Pay panel awards may be deferred
August 05, 2008 03:13 IST
The government may defer the implementation of the sixth Pay Commission award by a year or even two to reduce the fiscal burden of the recommendations that proposed a 28 per cent across-the-board salary increase for an estimated 4.5 million central government employees.
The report of the commission headed by Justice BN Srikrishna was submitted to the government on March 24 this year, nearly a fortnight before its 18-month tenure was to end.
Senior government sources said that the government's current fiscal position may well see the arrear payments deferred to January 1, 2008, two years later than originally recommended. However, a relaxation may be granted to employees who have retired in the interim period.
Lower-level government staff in central government service, which comprises a large part of the employee base, may also get some relaxation, although it is not clear what it will be.
The panel had recommended implementing the revised pay scales from January 1, 2006. The new pay scales, if implemented as originally recommended, would have cost the exchequer Rs 7,975 crore in fiscal 2008-09. However, the one-time additional outgo on account of the retrospective revision of salaries is estimated to be at Rs 18,060 crore. The arrears were to be given in instalments, which would have lessened the fiscal burden.
Before the report was submitted, finance ministry officials had said the impact of the recommendations would be within 0.4 per cent of Gross Domestic Product in 2008-09. Other experts have said the impact would not exceed 0.5 per cent of GDP, unlike the previous fifth Pay Commission award when the impact was much higher.
In Budget 2008-09, the finance ministry has estimated the fiscal deficit at 2.5 per cent of GDP, which is in line with the Fiscal Responsibility and Budget Management Act, 2003. This included headroom for the likely impact of the Pay Commission award. However, subsequent developments have led to the fear that the Centre's fiscal position may have taken a beating during the year on account of the farm loan relief package and higher crude oil prices leading to an increase in the subsidy burden.
In fact, risk rating agency Moody's today forecast a deterioration of central government finances and pointed out that the central government's true borrowing need � which equals the reported fiscal deficit plus off-Budget borrowing � could reach 10 per cent of GDP, up from 8 per cent projected earlier this fiscal if global crude oil prices average $110/120 a barrel in 2008-09 and domestic retail fuel prices are not raised further.
Soon after the report was published, the defence services had opposed its recommendations on the grounds that it gave short-shrift to their demands. The matter was referred to a committee of secretaries. It is believed that the issue has been discussed and a final proposal may be put up for Cabinet consideration, officials said.
They added that a final decision could be taken as early as next month, well before six states head for elections to their legislatures. Of these, the Congress-ruled Delhi is crucial, being home to a large percentage of the country's central government employees.
August 05, 2008 03:13 IST
The government may defer the implementation of the sixth Pay Commission award by a year or even two to reduce the fiscal burden of the recommendations that proposed a 28 per cent across-the-board salary increase for an estimated 4.5 million central government employees.
The report of the commission headed by Justice BN Srikrishna was submitted to the government on March 24 this year, nearly a fortnight before its 18-month tenure was to end.
Senior government sources said that the government's current fiscal position may well see the arrear payments deferred to January 1, 2008, two years later than originally recommended. However, a relaxation may be granted to employees who have retired in the interim period.
Lower-level government staff in central government service, which comprises a large part of the employee base, may also get some relaxation, although it is not clear what it will be.
The panel had recommended implementing the revised pay scales from January 1, 2006. The new pay scales, if implemented as originally recommended, would have cost the exchequer Rs 7,975 crore in fiscal 2008-09. However, the one-time additional outgo on account of the retrospective revision of salaries is estimated to be at Rs 18,060 crore. The arrears were to be given in instalments, which would have lessened the fiscal burden.
Before the report was submitted, finance ministry officials had said the impact of the recommendations would be within 0.4 per cent of Gross Domestic Product in 2008-09. Other experts have said the impact would not exceed 0.5 per cent of GDP, unlike the previous fifth Pay Commission award when the impact was much higher.
In Budget 2008-09, the finance ministry has estimated the fiscal deficit at 2.5 per cent of GDP, which is in line with the Fiscal Responsibility and Budget Management Act, 2003. This included headroom for the likely impact of the Pay Commission award. However, subsequent developments have led to the fear that the Centre's fiscal position may have taken a beating during the year on account of the farm loan relief package and higher crude oil prices leading to an increase in the subsidy burden.
In fact, risk rating agency Moody's today forecast a deterioration of central government finances and pointed out that the central government's true borrowing need � which equals the reported fiscal deficit plus off-Budget borrowing � could reach 10 per cent of GDP, up from 8 per cent projected earlier this fiscal if global crude oil prices average $110/120 a barrel in 2008-09 and domestic retail fuel prices are not raised further.
Soon after the report was published, the defence services had opposed its recommendations on the grounds that it gave short-shrift to their demands. The matter was referred to a committee of secretaries. It is believed that the issue has been discussed and a final proposal may be put up for Cabinet consideration, officials said.
They added that a final decision could be taken as early as next month, well before six states head for elections to their legislatures. Of these, the Congress-ruled Delhi is crucial, being home to a large percentage of the country's central government employees.
Thursday, July 24, 2008
Disinvestment Process may gain speed
After the initial euphoria over reforms getting a leg-up following the United Progressive Alliance (UPA) Government surviving a trust vote and freeing itself from the Left’s clutches, reality seems to be dawning upon pDisinvestment process may gain speedolicymakers.
The win at Tuesday’s confidence vote will technically allow the Congress-led alliance to be in power till April next. But as a senior official noted, the ‘window of opportunity’ to push through major reforms exists only till around October, after which Assembly elections would take off in six States.
Any Bill to be passed would have to be taken up in the Monsoon session, starting next month.
“While there is also the Winter session after that, it would be politically difficult to enact any big-ticket .The Finance Minister, Mr P. Chidambaram, on Wednesday, stated that the Government will ‘try’ to take up various pending Bills in the coming session itself.
These pertain to raising the existing 26 per cent foreign direct investment (FDI) limit in insurance companies to 49 per cent, removing the 10 per cent individual voting rights cap in banks and conferring statutory status to the Pension Fund Regulatory and Development Authority.
While the Government’s new ally, Samajwadi Party (SP), has indicated that it is open to pension, banking and insurance reforms, “it is risky to rely just on their numbers, more so after all the recent horse-trading allegations”.
The official was also pessimistic on FDI being permitted in retail, even if it involves no legislation per se.
After the initial euphoria over reforms getting a leg-up following the United Progressive Alliance (UPA) Government surviving a trust vote and freeing itself from the Left’s clutches, reality seems to be dawning upon pDisinvestment process may gain speedolicymakers.
The win at Tuesday’s confidence vote will technically allow the Congress-led alliance to be in power till April next. But as a senior official noted, the ‘window of opportunity’ to push through major reforms exists only till around October, after which Assembly elections would take off in six States.
Any Bill to be passed would have to be taken up in the Monsoon session, starting next month.
“While there is also the Winter session after that, it would be politically difficult to enact any big-ticket .The Finance Minister, Mr P. Chidambaram, on Wednesday, stated that the Government will ‘try’ to take up various pending Bills in the coming session itself.
These pertain to raising the existing 26 per cent foreign direct investment (FDI) limit in insurance companies to 49 per cent, removing the 10 per cent individual voting rights cap in banks and conferring statutory status to the Pension Fund Regulatory and Development Authority.
While the Government’s new ally, Samajwadi Party (SP), has indicated that it is open to pension, banking and insurance reforms, “it is risky to rely just on their numbers, more so after all the recent horse-trading allegations”.
The official was also pessimistic on FDI being permitted in retail, even if it involves no legislation per se.
Tribal survey to be held in 36 panchayat areas in Kannur
A tribal survey will be conducted in 36 panchayat areas in the district in August under the auspices of the District Planning Committee (DPC).
A district-level Scheduled Tribe workshop was held at the district panchayat hall here on Wednesday in connection with the arrangements for the survey which would collect basic data regarding facilities of the Adivasis, welfare in Adivasi settlements and Adivasi families.
District Collector Ishita Roy, who spoke at the workshop, called for a uniform policy on matters concerning the Adivasis.
The number of Scheduled Tribe communities in the State had come down from 43 to 36. There were large numbers of Adivasis in the Kolayad and Naduvil panchayats.
As many as 71 of the 81 panchayats in the district had Adivasi settlements. A minimum allocation of Rs.10,000 will be set apart in each panchayat for the welfare of the Adivasis.
A tribal survey will be conducted in 36 panchayat areas in the district in August under the auspices of the District Planning Committee (DPC).
A district-level Scheduled Tribe workshop was held at the district panchayat hall here on Wednesday in connection with the arrangements for the survey which would collect basic data regarding facilities of the Adivasis, welfare in Adivasi settlements and Adivasi families.
District Collector Ishita Roy, who spoke at the workshop, called for a uniform policy on matters concerning the Adivasis.
The number of Scheduled Tribe communities in the State had come down from 43 to 36. There were large numbers of Adivasis in the Kolayad and Naduvil panchayats.
As many as 71 of the 81 panchayats in the district had Adivasi settlements. A minimum allocation of Rs.10,000 will be set apart in each panchayat for the welfare of the Adivasis.
Tuesday, July 22, 2008
Markets remain bullish
Continuing its upward movement for the third straight day on Monday, the Bombay Stock Exchange sensitive index (Sensex) notched up a 215-point gain on the back of strong Asian cues amid continuing political drama on domestic front. Marketmen said though bourses staged a rally, cautious undertone was too apparent to miss as the government is seeking a trust vote in Parliament.
The 30-share index, which had gained more than 1,000 points in the last two trading days, closed at 13850.04, a rise of 214.64 points against 13635.40 on last Friday.
Similarly, the S&P CNX Nifty of the National Stock Exchange firmed up by 67.25 points at 4159.50.
Continuing its upward movement for the third straight day on Monday, the Bombay Stock Exchange sensitive index (Sensex) notched up a 215-point gain on the back of strong Asian cues amid continuing political drama on domestic front. Marketmen said though bourses staged a rally, cautious undertone was too apparent to miss as the government is seeking a trust vote in Parliament.
The 30-share index, which had gained more than 1,000 points in the last two trading days, closed at 13850.04, a rise of 214.64 points against 13635.40 on last Friday.
Similarly, the S&P CNX Nifty of the National Stock Exchange firmed up by 67.25 points at 4159.50.
Wednesday, July 9, 2008
LEFT WITHDRAW SUPPORT
Political developments over the civilian nuclear deal with the United States reached a crescendo on Tuesday with four Left parties announcing withdrawal of support to the United Progressive Alliance government over its move to go to the International Atomic Energy Agency Board of Governors to seal the safeguards accord.
Left leaders will meet President Pratibha Patil on Wednesday and formally hand over a letter of withdrawal of support.
Announcing the decision after a meeting of the CPI(M), CPI, RSP and Forward Bloc, CPI(M) general secretary Prakash Karat said the Left parties decided that if the government “goes to the IAEA Board of Governors, they will withdraw support. In view of the Prime Minister’s announcement, that time has come.”
On way to Japan on Monday, Prime Minister Manmohan Singh announced that the government would go to the IAEA “very soon.”
At a press conference , Mr. Karat reminded External Affairs Minister Pranab Mukherjee that since the UPA refused to provide the text of the safeguards agreement to the members of the UPA-Left committee on the deal, “no purpose will be served by having a meeting on July 10.”
Left leaders will meet President Pratibha Patil on Wednesday and formally hand over a letter of withdrawal of support.
Announcing the decision after a meeting of the CPI(M), CPI, RSP and Forward Bloc, CPI(M) general secretary Prakash Karat said the Left parties decided that if the government “goes to the IAEA Board of Governors, they will withdraw support. In view of the Prime Minister’s announcement, that time has come.”
On way to Japan on Monday, Prime Minister Manmohan Singh announced that the government would go to the IAEA “very soon.”
At a press conference , Mr. Karat reminded External Affairs Minister Pranab Mukherjee that since the UPA refused to provide the text of the safeguards agreement to the members of the UPA-Left committee on the deal, “no purpose will be served by having a meeting on July 10.”
Monday, July 7, 2008
PM ON NUCLEAR DEAL
Prime Minister Manmohan Singh has declared that he does not need any advice from the Leader of the Opposition in the Lok Sabha L.K. Advani about when to get the vote of confidence in Parliament for his government.
He said this at a press conference en route to Japan when he was asked how he would respond to Mr. Advani demanding that the government seek a vote of confidence in Parliament should the Left parties withdraw support. “We are not afraid of facing Parliament,” he said.
Dr. Singh said he was still trying to work for bringing all parties whether on the Right or the Left to see the government’s point of view. The deal was in the national interest and that he was willing to convince anyone that this would in no way compromise the independence of India’s foreign policy.
Any patriotic citizen would support the deal, he said, and when asked about whether he could yet persuade the Left to accept the viewpoint, he said: “I know they are patriotic…there is unfortunately differences in our perception and I sincerely hope we can find some way in which we can resolve these differences in a manner that the deal can go through.”
Alluding to the concerns the Left has about independent India’s foreign policy, he said that India was too big a country to bow to any other country. Its foreign policy would be determined only in reference to what was in the national interest.
“I do hope that we can work towards a broadbased consensus that this deal is good for India,” he said. “If there are any worries about India’s foreign policy strategic autonomy I am willing to give all assurances to all concerned.
He said this at a press conference en route to Japan when he was asked how he would respond to Mr. Advani demanding that the government seek a vote of confidence in Parliament should the Left parties withdraw support. “We are not afraid of facing Parliament,” he said.
Dr. Singh said he was still trying to work for bringing all parties whether on the Right or the Left to see the government’s point of view. The deal was in the national interest and that he was willing to convince anyone that this would in no way compromise the independence of India’s foreign policy.
Any patriotic citizen would support the deal, he said, and when asked about whether he could yet persuade the Left to accept the viewpoint, he said: “I know they are patriotic…there is unfortunately differences in our perception and I sincerely hope we can find some way in which we can resolve these differences in a manner that the deal can go through.”
Alluding to the concerns the Left has about independent India’s foreign policy, he said that India was too big a country to bow to any other country. Its foreign policy would be determined only in reference to what was in the national interest.
“I do hope that we can work towards a broadbased consensus that this deal is good for India,” he said. “If there are any worries about India’s foreign policy strategic autonomy I am willing to give all assurances to all concerned.
Wednesday, July 2, 2008
VELLORE INSTITUTE OF TECHNOLOGY
VIT is the first educational institution in India to get international accreditations for its programmes. The Institution of Engineering and Technology (IET), United Kingdom and the Energy Institute, United Kingdom have audited the Teaching-Learning Processes at VIT and accredited the respective programmes, in the year 2004, with the highest validity of 5 years.
Vellore Engineering College was the first educational institution in India to be awarded the ISO 9002 certificate by the DNV (Det Norske Veritas), of the Netherlands, for three years.
Programmes at VIT have been accredited by the National Board of Accreditation (NBA) and All India Council for Technical Education (AICTE).
The National Assessment and Accreditation Council (NAAC) of the University Grants Commission (UGC) has accredited the University with a B+ Grade (equivalent to 5-Star).
VIT is the first educational institution to be honoured with the TVN-KIDAO-NIQR award instituted by the National Institute of Quality and Reliability (NIQR) for maintaining exceptional quality.
Chancellor G. Viswanathan was honoured with the prestigious "Connect 2006 Achiever Award" by the Confederation of Indian Industry, Chennai for the achievement in the field of IT by way of creating suitable infrastructure and facilities for imparting IT education in the country. The Award was presented to him by the Union Minister for IT and Communications.
Programmes of VIT have been accredited by the Institution of Engineers, India (IEI).
Multinational companies such as Tata Consultancy Services (TCS) have accredited VIT to the highest level enabling VIT students to earn higher starting salary scales.
Please see www.vit.ac.in
VIT is the first educational institution in India to get international accreditations for its programmes. The Institution of Engineering and Technology (IET), United Kingdom and the Energy Institute, United Kingdom have audited the Teaching-Learning Processes at VIT and accredited the respective programmes, in the year 2004, with the highest validity of 5 years.
Vellore Engineering College was the first educational institution in India to be awarded the ISO 9002 certificate by the DNV (Det Norske Veritas), of the Netherlands, for three years.
Programmes at VIT have been accredited by the National Board of Accreditation (NBA) and All India Council for Technical Education (AICTE).
The National Assessment and Accreditation Council (NAAC) of the University Grants Commission (UGC) has accredited the University with a B+ Grade (equivalent to 5-Star).
VIT is the first educational institution to be honoured with the TVN-KIDAO-NIQR award instituted by the National Institute of Quality and Reliability (NIQR) for maintaining exceptional quality.
Chancellor G. Viswanathan was honoured with the prestigious "Connect 2006 Achiever Award" by the Confederation of Indian Industry, Chennai for the achievement in the field of IT by way of creating suitable infrastructure and facilities for imparting IT education in the country. The Award was presented to him by the Union Minister for IT and Communications.
Programmes of VIT have been accredited by the Institution of Engineers, India (IEI).
Multinational companies such as Tata Consultancy Services (TCS) have accredited VIT to the highest level enabling VIT students to earn higher starting salary scales.
Please see www.vit.ac.in
Tuesday, June 17, 2008
After dipping into negative growth in April, excise duty collections grew by 4.4 per cent in May helping the government mop up 12.8 per cent higher revenues at Rs 35,216 crore from indirect taxes, barring service tax, for the first two months of this fiscal. Data for service tax collections are available only for April and the collection under this head grew by a whopping 40 per cent at Rs 6,093 crore in that month, according to an official release here. Excise duty collections grew by 0.9 per cent at Rs 15,993 crore for the first two months of this fiscal compared to same period last year, boosted by 4.4 per cent growth in May at Rs 9,583 crore against Rs 9,175 crore in the same month last year. For the month of April, collections under excise duty had fallen by 3.9 per cent to Rs 6,410 crore against Rs 6,673 crore in the same month last year. Finance Minister P Chidambaram had said that meeting target of excise duty collections for this fiscal appeared to be a formidable task. Even excise duty collection growth in May fell short of the target of 8.8 per cent growth for the whole fiscal. Customs duty mop-up was up by 25.1 per cent for the first two months at Rs 19,223 crore. Collections under this head grew by 25.2 per cent at Rs 10,205 crore in May. Despite cut in customs duty on various items to tame inflation, the Government is hopeful of meeting the collection target under this head for this fiscal.
SENSEX
Sensex ended higher for second straight day Tuesday on the back of strong buying momentum in banking and realty stocks. Bouts of short covering and positive European market helped the up move. Bombay Stock Exchange’s Sensex closed at 15,730.20, up 334.38 points or 2.17 per cent. The index touched a high of 15,732.75 and low of 15,357.98. National Stock Exchange’s Nifty ended at 4662.55 up 90.05 points or 1.97 per cent. The index touched a high of 4664.05 and low of 4561.75. BSE Midcap Index ended 1.80 per cent higher at 6,413.01 and BSE Smallcap Index closed 1.58 per cent up at 7789.95. Biggest Sensex gainers were Maruti Suzuki (up 6.46%), HDFC (6.41%), ONGC (5.79%), HDFC Bank (5.09%), State Bank of India (4.57%) and Larsen & Toubro (4.4%). Satyam Computer (down 0.9%), Reliance Communications (0.77%), Bharti Airtel (0.67%), Grasim Industries (0.08%) and Mahindra & Mahindra (0.02%) were the losers. Market breadth was positive on the BSE with 1801 advances and 884 declines. In Europe, FTSE 100 was up 1.57%, DAX 30 gained 1.32 per cent and CAC 40 moved 0.89 per cent higher
Friday, June 13, 2008
NSSO REPORT
MORBIDITY, HEALTH CARE AND THE CONDITION OF THE AGED
(JANUARY – JUNE 2004)
Report No. 507 on “Morbidity, Health Care and the Condition of the Aged” based on the 60th round of National Sample Survey (NSS) carried out during January to June 2004 by the National Sample Survey Organisation (NSSO), in the Ministry of Statistics and Programme Implementation, Government of India, has been released. At the request of Ministry of Health and Family Welfare, these subjects were taken up during the NSS 60th round along with the regular subjects of household consumer expenditure and employment-unemployment.
2. The NSS made its first attempt to collect information on morbidity during October 1953 - March 1954 (NSS 7th round). This maiden attempt and the subsequent three surveys (NSS 11th to 13th rounds) on the subject carried out during the years 1956 and 1958 were exploratory in nature and aimed to evolve an appropriate data collection method for studying morbidity profile in India. However, a full-scale survey on morbidity was conducted for the first time during October 1973 - June 1974 in the 28th round of NSS. Since then, collection of data on morbidity became a part of the decennial surveys on social consumption carried out in NSS 35th (July 1980 - June 1981), 42nd (July 1986 - June 1987) and 52nd rounds (July 1995 - June 1996).
3. The present report for the NSS 60th round is based on the ‘Central sample’ data collected by the NSSO. The enquiry covered the curative aspects of the general health care system in India, utilization of health care services provided by the public and private sector and the expenditure incurred by the households for availing these services. In addition, information on the condition and problems of the aged persons was also collected.
4. The survey was spread over 4,755 villages and 2,668 urban blocks covering 73,868 households across the country. Some important findings from the survey are presented in this note.
Morbidity and Health Care
· Number of persons reporting ailment during a period of 15 days prior to the date of survey per 1000 persons was 88 in the rural areas and 99 in the urban areas. The proportions were marginally higher among the women as compared to men both in the rural and urban areas.
· The proportion of ailing persons (PAP) per 1000 increased with the age of the person, it being 72 for rural and 79 for urban for the children in the age group 0-14 years and 283 for rural and 368 for urban for the persons aged 60 years or more.
· The proportion of persons reporting commencement (PPC) of any ailment during last 15 days per 1000 persons was about 45 for both rural and urban. The PPC is higher for both the children (54 for rural and 59 for urban) and for aged persons (68 for rural and 55 for urban) as compared to other age-groups.
· Percentage of the spells of ailments that got medically treated was 82 and 89 per cent for rural and urban respectively.
· Among the reasons for not getting the ailment treated, the reason ‘ailment not considered serious’ was the most common single reason both among the rural (32 per cent) and urban (50 per cent) persons.
· About 23 persons in rural and 31 persons in urban per 1000 persons in the country reported being hospitalized during the last 365 days prior to the date of survey and the incidence rates were almost the same for both sex.
· About 58 per cent of the hospitalised cases in the rural areas and 62 per cent in the urban areas were treated in the private hospitals and the rest in the government hospitals. A similar trend but a predominant use of private health facilities was observed for treatment of ailments not amounting to hospitalisation (rural - 78 per cent, urban - 81 per cent).
· The average duration of hospitalized treatment was higher in the case of government hospital (rural – 10.9 days; urban – 10.8 days) than that in the case of private hospital (rural – 8.3 days; urban – 7.3 days).
· The average medical expenditure in the case of non-hospitalised treatment during a period of last 15 days had been Rs. 257 in the rural and Rs. 306 in the urban areas. This expenditure was higher in the case of males (rural - Rs. 275; urban - Rs. 322) than that in the case of females (rural - Rs. 240; urban - Rs. 291).
· The average medical expenditure per hospitalisation during a period of last 365 days was estimated as Rs. 5,695 in the rural and Rs. 8,851 in the urban areas. The average expenditure in the case of hospitalisation of male member was a little more (rural - Rs. 5,946; urban - Rs. 9,535) than those on females (rural - Rs. 5,406; urban - Rs. 8,112).
· The average total expenditure per hospitalised treatment that included the medical expenditure as well as other incidental expenditure such as traveling cost, lodging charges, etc., of other members of the household accompanying the ailing person, was estimated from the survey as Rs. 6,225 in the rural areas and Rs. 9,367 in the urban areas. The average amount of this expenditure in government hospitals was Rs. 3,238 in the rural and Rs. 3,877 in the urban areas which was much lower than that in private hospitals (rural - Rs. 7,408; urban – Rs.11,553).
Immunisation of Children Aged 0 –4 Years
· Among the children of age 0-4 years, around 89 per cent in the rural and 94 in the urban areas received any immunisation during a period of 365 days.
· The average expenditure incurred on receiving immunisation during a period of last 365 days was estimated at Rs. 19.90 in the rural (boys– Rs. 22.30; girls– Rs. 17.40) and Rs. 113.40 in the urban areas (boys– Rs. 109.20; girls– Rs. 118.30).
Pregnancy, Childbirth & Maternity Care
· About 13 per cent of the women of child-bearing age 15-49 years were pregnant any time during a period of last 365 days prior to the date of survey in the rural areas as compared to 11 per cent in the urban areas.
· About 72 per cent of the rural and 69 per cent of the urban pregnant women in the child-bearing age-group delivered a child.
· As high as 65 per cent of the deliveries were non-institutional in the rural as compared to 26 per cent in the urban areas.
· About 18 per cent of the total childbirths in the rural areas and 31 per cent in the urban areas took place in the Government hospitals.
· The average expenditure per rural childbirth was estimated at Rs. 1,169, which was considerably lower than the expenditure of Rs. 2,806 in the urban areas. Moreover, average expenditure on childbirth in government hospital (Rs. 1165 in the rural and Rs. 994 in the urban) was much lower than in the private hospitals (rural – Rs. 4,137; urban – Rs. 5,480).
· About 70 per cent of the rural and 84 per cent of the urban pregnant women in the child-bearing age-group availed of any antenatal care services.
· In the case of post-natal care services, 63 per cent of the rural mothers in the rural areas and 73 per cent of the urban mothers availed of these services.
· The average expenditure for the antenatal care and post-natal care services in the rural areas was Rs. 499 and Rs. 402, respectively. The corresponding average expenditure in the urban areas was Rs. 905 and Rs. 595, respectively.
Condition of the Aged (60 yrs. or more)
· Around 7 per cent of the Indian population was aged, i.e., persons of age 60 years and above.
· The old-age dependency ratio (proportion of aged persons per 1000 persons in the age-group 15-59 years) was much higher in the rural areas (125) than in the urban areas (103).
· The sex-ratio among the aged was much higher in the urban (1046) than in the rural (985) areas.
· About 58 per cent of the aged persons, in both rural and urban, lived with their spouse and 32 per cent lived with their children only. About 5 per cent of the aged in rural and 4 per cent in urban lived alone.
· About 67 per cent of the aged in rural and 64 per cent in urban depended on others for their day-to-day maintenance.
· Among the economically dependent aged, about 78 per cent in rural and 76 per cent in urban were dependent on their children and 13 per cent in rural and 15 per cent in urban on their spouse.
· The proportions of the aged persons who could not move or were confined to bed were 7.7 per cent in the rural and 8.4 per cent in the urban areas.
(JANUARY – JUNE 2004)
Report No. 507 on “Morbidity, Health Care and the Condition of the Aged” based on the 60th round of National Sample Survey (NSS) carried out during January to June 2004 by the National Sample Survey Organisation (NSSO), in the Ministry of Statistics and Programme Implementation, Government of India, has been released. At the request of Ministry of Health and Family Welfare, these subjects were taken up during the NSS 60th round along with the regular subjects of household consumer expenditure and employment-unemployment.
2. The NSS made its first attempt to collect information on morbidity during October 1953 - March 1954 (NSS 7th round). This maiden attempt and the subsequent three surveys (NSS 11th to 13th rounds) on the subject carried out during the years 1956 and 1958 were exploratory in nature and aimed to evolve an appropriate data collection method for studying morbidity profile in India. However, a full-scale survey on morbidity was conducted for the first time during October 1973 - June 1974 in the 28th round of NSS. Since then, collection of data on morbidity became a part of the decennial surveys on social consumption carried out in NSS 35th (July 1980 - June 1981), 42nd (July 1986 - June 1987) and 52nd rounds (July 1995 - June 1996).
3. The present report for the NSS 60th round is based on the ‘Central sample’ data collected by the NSSO. The enquiry covered the curative aspects of the general health care system in India, utilization of health care services provided by the public and private sector and the expenditure incurred by the households for availing these services. In addition, information on the condition and problems of the aged persons was also collected.
4. The survey was spread over 4,755 villages and 2,668 urban blocks covering 73,868 households across the country. Some important findings from the survey are presented in this note.
Morbidity and Health Care
· Number of persons reporting ailment during a period of 15 days prior to the date of survey per 1000 persons was 88 in the rural areas and 99 in the urban areas. The proportions were marginally higher among the women as compared to men both in the rural and urban areas.
· The proportion of ailing persons (PAP) per 1000 increased with the age of the person, it being 72 for rural and 79 for urban for the children in the age group 0-14 years and 283 for rural and 368 for urban for the persons aged 60 years or more.
· The proportion of persons reporting commencement (PPC) of any ailment during last 15 days per 1000 persons was about 45 for both rural and urban. The PPC is higher for both the children (54 for rural and 59 for urban) and for aged persons (68 for rural and 55 for urban) as compared to other age-groups.
· Percentage of the spells of ailments that got medically treated was 82 and 89 per cent for rural and urban respectively.
· Among the reasons for not getting the ailment treated, the reason ‘ailment not considered serious’ was the most common single reason both among the rural (32 per cent) and urban (50 per cent) persons.
· About 23 persons in rural and 31 persons in urban per 1000 persons in the country reported being hospitalized during the last 365 days prior to the date of survey and the incidence rates were almost the same for both sex.
· About 58 per cent of the hospitalised cases in the rural areas and 62 per cent in the urban areas were treated in the private hospitals and the rest in the government hospitals. A similar trend but a predominant use of private health facilities was observed for treatment of ailments not amounting to hospitalisation (rural - 78 per cent, urban - 81 per cent).
· The average duration of hospitalized treatment was higher in the case of government hospital (rural – 10.9 days; urban – 10.8 days) than that in the case of private hospital (rural – 8.3 days; urban – 7.3 days).
· The average medical expenditure in the case of non-hospitalised treatment during a period of last 15 days had been Rs. 257 in the rural and Rs. 306 in the urban areas. This expenditure was higher in the case of males (rural - Rs. 275; urban - Rs. 322) than that in the case of females (rural - Rs. 240; urban - Rs. 291).
· The average medical expenditure per hospitalisation during a period of last 365 days was estimated as Rs. 5,695 in the rural and Rs. 8,851 in the urban areas. The average expenditure in the case of hospitalisation of male member was a little more (rural - Rs. 5,946; urban - Rs. 9,535) than those on females (rural - Rs. 5,406; urban - Rs. 8,112).
· The average total expenditure per hospitalised treatment that included the medical expenditure as well as other incidental expenditure such as traveling cost, lodging charges, etc., of other members of the household accompanying the ailing person, was estimated from the survey as Rs. 6,225 in the rural areas and Rs. 9,367 in the urban areas. The average amount of this expenditure in government hospitals was Rs. 3,238 in the rural and Rs. 3,877 in the urban areas which was much lower than that in private hospitals (rural - Rs. 7,408; urban – Rs.11,553).
Immunisation of Children Aged 0 –4 Years
· Among the children of age 0-4 years, around 89 per cent in the rural and 94 in the urban areas received any immunisation during a period of 365 days.
· The average expenditure incurred on receiving immunisation during a period of last 365 days was estimated at Rs. 19.90 in the rural (boys– Rs. 22.30; girls– Rs. 17.40) and Rs. 113.40 in the urban areas (boys– Rs. 109.20; girls– Rs. 118.30).
Pregnancy, Childbirth & Maternity Care
· About 13 per cent of the women of child-bearing age 15-49 years were pregnant any time during a period of last 365 days prior to the date of survey in the rural areas as compared to 11 per cent in the urban areas.
· About 72 per cent of the rural and 69 per cent of the urban pregnant women in the child-bearing age-group delivered a child.
· As high as 65 per cent of the deliveries were non-institutional in the rural as compared to 26 per cent in the urban areas.
· About 18 per cent of the total childbirths in the rural areas and 31 per cent in the urban areas took place in the Government hospitals.
· The average expenditure per rural childbirth was estimated at Rs. 1,169, which was considerably lower than the expenditure of Rs. 2,806 in the urban areas. Moreover, average expenditure on childbirth in government hospital (Rs. 1165 in the rural and Rs. 994 in the urban) was much lower than in the private hospitals (rural – Rs. 4,137; urban – Rs. 5,480).
· About 70 per cent of the rural and 84 per cent of the urban pregnant women in the child-bearing age-group availed of any antenatal care services.
· In the case of post-natal care services, 63 per cent of the rural mothers in the rural areas and 73 per cent of the urban mothers availed of these services.
· The average expenditure for the antenatal care and post-natal care services in the rural areas was Rs. 499 and Rs. 402, respectively. The corresponding average expenditure in the urban areas was Rs. 905 and Rs. 595, respectively.
Condition of the Aged (60 yrs. or more)
· Around 7 per cent of the Indian population was aged, i.e., persons of age 60 years and above.
· The old-age dependency ratio (proportion of aged persons per 1000 persons in the age-group 15-59 years) was much higher in the rural areas (125) than in the urban areas (103).
· The sex-ratio among the aged was much higher in the urban (1046) than in the rural (985) areas.
· About 58 per cent of the aged persons, in both rural and urban, lived with their spouse and 32 per cent lived with their children only. About 5 per cent of the aged in rural and 4 per cent in urban lived alone.
· About 67 per cent of the aged in rural and 64 per cent in urban depended on others for their day-to-day maintenance.
· Among the economically dependent aged, about 78 per cent in rural and 76 per cent in urban were dependent on their children and 13 per cent in rural and 15 per cent in urban on their spouse.
· The proportions of the aged persons who could not move or were confined to bed were 7.7 per cent in the rural and 8.4 per cent in the urban areas.
Wednesday, June 11, 2008
BANKING STOCKS WORST HIT
Banking stocks were badly battered yet again , with the BSE Bankex shedding 171 points or 2.43 per cent from its previous day’s close. Over the last week, the index has shed 7.23 per cent and over the last month, 19.38 per cent.
Three banking stocks in theSensex basket were amongst the worst performing stocks of the day. HDFC Bank dropped 4.46 per cent, ICICI shed 2.47 per cent and SBI fell 1.06 per cent. The other banking stocks that declined today were Andhra Bank, Bank of Baroda, Canara Bank, Federal Bank and Indian Overseas Bank.
The BSE Bankex has been underperforming the benchmark index, the Sensex, for more than a month now. So it is no surprise that most of the banking stocks today touched their 52-week lows. Among the stocks that recorded their new lows were ICICI Bank, SBI, Oriental Bank, Karnataka Bank, Axis Bank, Canara Bank, Allahabad Bank, Central Bank, IDBI Bank and Syndicate Bank.
Investors are uncertain as to what steps the RBI would take to rein in inflation, which is a major reason for investors wanting to exit the banking stocks. The macro-economic numbers do not look very good now. The main concerns with regard to the banking sector now are the rising rate of inflation and with PSU banks it is the moral hazard created by the recently announced farm loan waiver. With inflation on the rise, further tightening of interest rates cannot be ruled out in the near future
Tuesday, June 3, 2008
SURVEY ON TRIBAL POPULATION
A detailed survey of the Scheduled Tribes in the district will be conducted as part of preparing an integrated development project for tribal areas.
An official press release here on Monday said that the survey was being held State-wide to collect data containing even minute details about the tribal population. Despite huge allocations in Ninth and Tenth Five Year Plans for development of tribal areas, basic problems being faced by the tribal people could not be solved, the release said adding that the absence of a comprehensive data was thought to be a factor that affected effective utilisation of the funds.
The release said that the survey was planned to find out the real condition of the tribal habitats and resources in those areas. Details about Adivasi families and settlements would be collected in the survey. A district-level committee headed by District Collector Ishita Roy would supervise the survey, which would cover 35 panchayats and three municipalities in the district. Hundred survey teams would complete the survey in 10 days, it said adding that each team would collect information from 100 tribal families.
A district co-ordinator had been appointed for launching the survey. A 20-member survey committee would be formed in each of the panchayats to be covered by the survey.
There would be facilitators, observers and enumerators to do the survey work, the release said. A meeting of representatives of the panchayats and muncipalities concerned would be held at the Science Park June 5.
An official press release here on Monday said that the survey was being held State-wide to collect data containing even minute details about the tribal population. Despite huge allocations in Ninth and Tenth Five Year Plans for development of tribal areas, basic problems being faced by the tribal people could not be solved, the release said adding that the absence of a comprehensive data was thought to be a factor that affected effective utilisation of the funds.
The release said that the survey was planned to find out the real condition of the tribal habitats and resources in those areas. Details about Adivasi families and settlements would be collected in the survey. A district-level committee headed by District Collector Ishita Roy would supervise the survey, which would cover 35 panchayats and three municipalities in the district. Hundred survey teams would complete the survey in 10 days, it said adding that each team would collect information from 100 tribal families.
A district co-ordinator had been appointed for launching the survey. A 20-member survey committee would be formed in each of the panchayats to be covered by the survey.
There would be facilitators, observers and enumerators to do the survey work, the release said. A meeting of representatives of the panchayats and muncipalities concerned would be held at the Science Park June 5.
Monday, May 26, 2008
MARKET WEAK
The market remained weak in afternoon trade with no positive triggers to go by. UK markets are shut for Memorial Day while Asian equities continued to sulk on rising crude oil prices. Capital goods and banking shares led losses while IT shares firmed up. At 1:30 pm, Bombay Stock Exchange's Sensex was down 1.28 per cent or 213 points at 16,436.03 after falling to a low of 16,370.09. National Stock Exchange's Nifty fell 1.18 per cent or 58 points to 4888.20, coming off the low of 4865.25 in trade so far. Second rung stocks were hammered the most sending the BSE Midcap and Smallcap indices down 1.97 per cent and 1.72 per cent respectively. Infosys Technologies (up 2.52%), Bharti Airtel (2.46%), Tata Consultancy Services (2.11%), Hindustan Unilever (0.85%), Wipro (0.27%) and Satyam Computer (0.2%) helped limit the slide. Reliance Communications (down 5.27%), BHEL (4.59%), Jaiprakash Associates (4.31%), Reliance Infrastructure (3.97%), ITC (3.75%), Ambuja Cements (3.62%) and Maruti Suzuki (3.4%) were under pressure. Market breadth on BSE turned sharply lower with 1936 declines against 589 advances
PROVIDE ENOUGH SEATS FOR HIGHER EDUCATION
Provide more seats
The result of liberal evaluation in the SSLC examination was the excellent success rate in all districts. But a large number of students will miss the opportunity for higher study owing to lack of seats, especially in Malabar where almost two lakh students qualified for higher education while one lakh seats exist. The government which allowed liberal evaluation should also provide enough seats for higher education in Malabar.
The result of liberal evaluation in the SSLC examination was the excellent success rate in all districts. But a large number of students will miss the opportunity for higher study owing to lack of seats, especially in Malabar where almost two lakh students qualified for higher education while one lakh seats exist. The government which allowed liberal evaluation should also provide enough seats for higher education in Malabar.
Tuesday, May 20, 2008
At present, India’s reserves are in the region of $309 billion. During 2007-08, these grew by a hefty $110.5 billion. The Reserve Bank of India’s forex assets alone went up by $100 billion during the year. There has been no dearth of advice to the RBI and the government on the deployment of reserves, even earlier when these were not as large and when not many had anticipated a sustained growth.
The crux of the matter is that the RBI, like many other central banks, has been investing the bulk of the reserves in safe and liquid instruments such as U.S. government treasury bills. However, these yield very little by way of return.
High up in the list of eligible avenues is the launch of a sovereign wealth fund (SWF), which will manage a portion of the reserves and act as a kind of portfolio manager. Many countries have such funds. The oil rich West Asian countries have used this route to invest their petro dollars. Some funds such as Abu Dhabi’s are huge. Saudi Arabia launched one recently. Outside the oil exporting countries, the experiences of Singapore and China with their sovereign wealth funds, are seen to be more relevant under India’s circumstances.
The crux of the matter is that the RBI, like many other central banks, has been investing the bulk of the reserves in safe and liquid instruments such as U.S. government treasury bills. However, these yield very little by way of return.
High up in the list of eligible avenues is the launch of a sovereign wealth fund (SWF), which will manage a portion of the reserves and act as a kind of portfolio manager. Many countries have such funds. The oil rich West Asian countries have used this route to invest their petro dollars. Some funds such as Abu Dhabi’s are huge. Saudi Arabia launched one recently. Outside the oil exporting countries, the experiences of Singapore and China with their sovereign wealth funds, are seen to be more relevant under India’s circumstances.
REFORMING TAX DEPARTMENT
The style of functioning of the Taxes Department will be changed in a year, Finance Minister T.M. Thomas Isaac has said.
Speaking at a function at the Hosangadi check-post of the State Commercial Taxes Department after inaugurating the newly installed weigh bridge there on Sunday, the Minister said the government was implementing a time-bound programme with the aim of reforming the department. The Commercial Taxes Department needed to become more effective, he said.
While value-added tax (VAT) collection from the State was around Rs.6,000 crore, the total amount recovered by the Taxes Department from those who evaded taxes or failed to remit taxes properly came to only one per cent of the VAT collection. VAT gave freedom to traders to submit the details of their accounts of transactions voluntarily.
The Taxes Department needed to be more vigilant while scrutinising the accounts, he said.
Speaking at a function at the Hosangadi check-post of the State Commercial Taxes Department after inaugurating the newly installed weigh bridge there on Sunday, the Minister said the government was implementing a time-bound programme with the aim of reforming the department. The Commercial Taxes Department needed to become more effective, he said.
While value-added tax (VAT) collection from the State was around Rs.6,000 crore, the total amount recovered by the Taxes Department from those who evaded taxes or failed to remit taxes properly came to only one per cent of the VAT collection. VAT gave freedom to traders to submit the details of their accounts of transactions voluntarily.
The Taxes Department needed to be more vigilant while scrutinising the accounts, he said.
Monday, May 19, 2008
KOTTIYUR FESTIVAL
KOTTIYUR TEMPLE FESTIVAL
The month-long Vaishakha festival at the Kottiyur Shiva Temple at Kottiyur began on 18 May 2008.
In the coming days, Kottiyur temple, as the temple is popularly known, will be the destination of thousands of pilgrims from different parts of the region. Major rituals during the festival at the temple are Thiruvonam Aradhana on May 26, Ilaneer Veppu on May 27, Ilaneerattam and Ashtami Aradhana on May 28, Revathi Aradhana on May 31, Rohini Aradhana on June 3, Thiruvathira Chathushatham on June 5, Punartham Chathushatham on June 6 and Thrikkalashattu on June 13.
The month-long Vaishakha festival at the Kottiyur Shiva Temple at Kottiyur began on 18 May 2008.
In the coming days, Kottiyur temple, as the temple is popularly known, will be the destination of thousands of pilgrims from different parts of the region. Major rituals during the festival at the temple are Thiruvonam Aradhana on May 26, Ilaneer Veppu on May 27, Ilaneerattam and Ashtami Aradhana on May 28, Revathi Aradhana on May 31, Rohini Aradhana on June 3, Thiruvathira Chathushatham on June 5, Punartham Chathushatham on June 6 and Thrikkalashattu on June 13.
PASSPORT CENTRE AT KANNUR
Minister of State for External Affairs E. Ahamed has said that the proposal for setting up a passport collection centre here is under serious consideration.
He told reporters here on Sunday that a passport collection centre for both Kannur and Kasaragod districts was in the pipeline.
The district administration had been directed to identify suitable office premises for establishing the centre, he said adding that officials visiting the Regional Passport Office would examine the premises once it was identified.
He told reporters here on Sunday that a passport collection centre for both Kannur and Kasaragod districts was in the pipeline.
The district administration had been directed to identify suitable office premises for establishing the centre, he said adding that officials visiting the Regional Passport Office would examine the premises once it was identified.
Wednesday, May 14, 2008
IT SCANNER
About 30 foreign institutional investors (FIIs) are under the scanner of the income-tax department, which is exploring the possibility of claiming tax on income generated from trading of participatory notes, better known as P-Notes (PNs). ABN Amro, Barclays Bank, CLSA Merchant Bank, Calyon, Citicorp Investment Bank, JPMorgan Securities, Goldman Sachs, Morgan Stanley, ICICI International, UBS and Deutsche International Trust Corporation are among those who have received notices from the income-tax department. These banking groups have been asked to provide details of their P-Note dealings.
Wednesday, May 7, 2008
FOREX
The rupee fell further sharply by 19 paise to Rs 41.13/14 against the US currency in the morning trade as oil companies stepped up dollar buying after the global crude oil hit yet another high amid weakness in local stock.
At the forex market, the local currency resumed weak at Rs 41.01/02 from its last close of Rs 40.94/95 per dollar and later it dropped further to Rs 41.13/14 per dollar in late morning trade.
At the forex market, the local currency resumed weak at Rs 41.01/02 from its last close of Rs 40.94/95 per dollar and later it dropped further to Rs 41.13/14 per dollar in late morning trade.
BRIDGE COURSE
The Kannur University started a bridge course on Tuesday for students who completed degree course. A university press release here said that the bridge course was being started to equip the students to select their subjects for post-graduate course. Vice-Chancellor P. Chandramohan inaugurated the course. Experts on different subjects would take classes, the release said.
India today test-fired the 3000 km range surface-to-surface nuclear capable Agni-3 missile from the Wheelers' Island off Orissa coast.
The intermediate range ballistic missile (IRBM) was test-fired from a mobile launcher from the launch complex (LC-4) of the integrated test range (ITR) at about 0956 hours, defence sources said.
The 16 metre-long and 1.8-metre wide missile roared into the sky in a vertically slanted position leaving behind a thick column of orange and white smoke and, within seconds, became invisible to the naked eye, an eyewitness said.
Agni-3 missile is fitted with on-board computer for its guidance system. A battery of sophisticated radars, electro -optic tracking systems, telemetric data centres in the mainland apart from two naval war ships anchored near the impact point, were engaged to monitor the entire trajectory in today's test launch.
The intermediate range ballistic missile (IRBM) was test-fired from a mobile launcher from the launch complex (LC-4) of the integrated test range (ITR) at about 0956 hours, defence sources said.
The 16 metre-long and 1.8-metre wide missile roared into the sky in a vertically slanted position leaving behind a thick column of orange and white smoke and, within seconds, became invisible to the naked eye, an eyewitness said.
Agni-3 missile is fitted with on-board computer for its guidance system. A battery of sophisticated radars, electro -optic tracking systems, telemetric data centres in the mainland apart from two naval war ships anchored near the impact point, were engaged to monitor the entire trajectory in today's test launch.
Tuesday, April 29, 2008
tax holiday
Finance Minister P.Chidambaram extended by a year a tax holiday scheme for export-driven software companies as he outlined some changes to the federal budget for 2008-09. The scheme for facilities based in technology parks was set to expire in March 2009
The central bank has kept the repo rate and reverse repo rate unchanged at 7.75 per cent and 6 per cent, respectively. It has also held the Bank Rate steady at 6.0 per cent. In the Annual Policy Statement for 2008-09, Governor YV Reddy has given high priority to price stability, anchoring inflation expectations and orderly conditions in financial markets. This while sustaining the growth momentum. RBI aims to bring down inflation to around 5.5 per cent in 2008-09, bringing it close to 5.0 per cent as soon as possible. Going forward, the resolve is to condition policy and perceptions for inflation in the range of 4.0-4.5 per cent, so that an inflation rate of around 3.0 per cent becomes a medium-term objective. The central bank has projected GDP growth for 2008-09 in the range of 8.0- 8.5 per cent
India is confident that steps taken to reverse rising prices will moderate inflation, but the world community has not done enough to address problems of costly food and fuel, the prime minister said on Tuesday. Widely watched wholesale price inflation has in recent weeks accelerated to above an annual 7 per cent, its highest levels in more than three years, due in large part to fast rising global prices of key commodities. This has added to policy headaches facing both the central bank and the government, which faces a string of state elections this year and federal polls scheduled for 2009. "The government is fully alive to the challenge and has taken several steps to reverse the recent spurt in prices. I am confident that we will be able to moderate the prices rise," Manmohan Singh told a gathering of top Indian businessmen.
Sunday, April 27, 2008
- The banking sector worldwide is going through its worst crisis since the Great Depression. And Indian banks haven’t managed to stay immune from the global travails. At the same time, rising inflation and a slowdown in domestic credit offtake are also posing a serious threat to the domestic banking industry
Thursday, April 24, 2008
The NDA's agitation on price rise issue rocked Parliament on Thursday with both the Houses being adjourned for two hours as opposition disrupted proceedings over UPA government's "failure" to contain inflation.In the Lok Sabha, trouble started during the Question Hour itself when members of BJP and its allies, who had formed a human chain outside the Parliament complex to protest over the issue, trooped in the House shouting slogans denouncing the government.
Agitation on price rise issue rocked Parliament on Thursday with both the Houses being adjourned for two hours as opposition disrupted proceedings over UPA government's "failure" to contain inflation.In the Lok Sabha, trouble started during the Question Hour itself when members of BJP and its allies, who had formed a human chain outside the Parliament complex to protest over the issue, trooped in the House shouting slogans denouncing the government
Wednesday, April 23, 2008
SENSEX AND INFLATION
Commodity futures trading is not the main cause for price rise and inflation in the economy, according to the Deputy Chairman of the Planning Commission, Mr Montek Singh Ahluwalia.
“I don’t support the notion that futures market creates inflation. We should not look at banning futures trading as this market plays an extremely important role in price discovery. Banning futures trading will be contrary to real economic rationale,” Mr Ahluwalia told reporters on the sidelines of an IIEF-NIPFP policy roundtable on ‘Taxation of Transactions’ here today.
This stance is at variance with that of the Left and other parties that had demanded a blanket ban on futures trading in essential commodities as it was inflationary.
Under commodity futures trading, participants trade on futures contracts to hedge their risks against adverse price movements. A futures contract is an agreement between two parties to buy and sell a specified quantity of an asset at a future date at an agreed price.
On the draft recommendations of the Abhijit Sen Panel, which is studying the entire issue, Mr Ahluwalia said that he had not seen the draft report as yet, but noted that the Panel was set to recommend that the existing ban on futures trading in certain items should not be lifted. “I am told they are going to say that don’t lift what has been banned.”
The Abhijit Sen Panel is also understood to have noted that prices in certain commodities have gone up, despite a ban on their futures, on account of surge in their global prices.
Mr Ahluwalia said that he wants to see if the Panel report has commented on whether the futures market is being manipulated or not. “In the long term, we have to ensure that our futures market is well regulated.
(Business Line dt. 23 April, 2008)
“I don’t support the notion that futures market creates inflation. We should not look at banning futures trading as this market plays an extremely important role in price discovery. Banning futures trading will be contrary to real economic rationale,” Mr Ahluwalia told reporters on the sidelines of an IIEF-NIPFP policy roundtable on ‘Taxation of Transactions’ here today.
This stance is at variance with that of the Left and other parties that had demanded a blanket ban on futures trading in essential commodities as it was inflationary.
Under commodity futures trading, participants trade on futures contracts to hedge their risks against adverse price movements. A futures contract is an agreement between two parties to buy and sell a specified quantity of an asset at a future date at an agreed price.
On the draft recommendations of the Abhijit Sen Panel, which is studying the entire issue, Mr Ahluwalia said that he had not seen the draft report as yet, but noted that the Panel was set to recommend that the existing ban on futures trading in certain items should not be lifted. “I am told they are going to say that don’t lift what has been banned.”
The Abhijit Sen Panel is also understood to have noted that prices in certain commodities have gone up, despite a ban on their futures, on account of surge in their global prices.
Mr Ahluwalia said that he wants to see if the Panel report has commented on whether the futures market is being manipulated or not. “In the long term, we have to ensure that our futures market is well regulated.
(Business Line dt. 23 April, 2008)
Monday, April 21, 2008
CONSUMER PRICE INDEX ( RURAL)
The UPA’s “commitment” to rural India notwithstanding, no progress has been made on compiling the Consumer Price Index (Rural). This index is a crucial indicator measuring the impact of price rise in rural India, which has been bearing the brunt of the increasing cost of essential commodities. Despite showing concern over the spiralling prices, the government has made little effort to gauge the real extent of the hit that rural India has taken. In fact, the government has pleaded that it doesn’t have the manpower to compile the index. The UPA, however, will be ready with the new urban consumer price index by May next year. This new index would give a more accurate and harmonised picture of prices in towns and cities. The CPI (Rural) was supposed to have been ready by December 2007. Four months past the deadline, the country’s chief statistician told a parliamentary panel that “no progress could be achieved on compilation of CPI (Rural) due to absence of manpower resources.” This index was to provide a more accurate measure of the average price of consumer goods and services in rural India. It would replace the existing Consumer Price Index for Agricultural and Rural Workers. The parliamentary standing committee on finance headed by BJP leader Ananth Kumar has criticised the government’s tardiness. “Such non-performance reflects poorly on the functioning of the ministry (ministry of statistics and programme implementation). There is always scope for re-distribution of manpower to attend to important work.” In the absence of an index which provides an accurate picture prices change at the level of the consumer, India continues to use the wholesale price index (WPI) to measure inflation. This at a time when most other countries use consumer price indices to ascertain price changes. The WPI can at best only measure headline inflation, and as such it doesn’t provide an accurate estimate of the price rise that consumers face at the retail level. The current WPI is even less representative of the economy as it bases its measurement on just 435 items. For the last three years, the government has been working on an initiative to recast WPI. The reworked index will have a base year of 2004-05, extend to 2,000 products and weightages for constituent items will be reworked.
( Economic Times dated 21 April, 2008 )
( Economic Times dated 21 April, 2008 )
Thursday, April 3, 2008
WORKSHOP ON IT'S ROLL IN AGRICULTURE
Workshop on IT’s role in farming
Application of information technology in agriculture will be the focus of a workshop to be held at Nalanda Auditorium in Kozhikode on April 9. Representatives of local bodies and experts in the field will attend the workshop.
The concept of application of IT for the benefit of farmers has been developed by Akshaya. Akshaya centres will provide information to farmers on new developments in agriculture, including financial help available to them. A web portal has been developed to help farmers market their products.
Application of information technology in agriculture will be the focus of a workshop to be held at Nalanda Auditorium in Kozhikode on April 9. Representatives of local bodies and experts in the field will attend the workshop.
The concept of application of IT for the benefit of farmers has been developed by Akshaya. Akshaya centres will provide information to farmers on new developments in agriculture, including financial help available to them. A web portal has been developed to help farmers market their products.
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