SpArK
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Finnish firm Vaisala sells two weather radars to IMD
Business Line : Industry & Economy / Agri-biz : Finnish firm Vaisala sells two weather radars to IMD
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Business Line : Industry & Economy / Agri-biz : Finnish firm Vaisala sells two weather radars to IMD
Nishant
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It's funny to realize that in Delhi and Jaipur, we also have two old meteorological instruments Jantar Mantar.
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India, US to deepen ties in reforms, infrastructure finance
India and the United States have set a "robust agenda" to deepen their economic engagement in three key areas of macroeconomic challenges, financial sector reforms and infrastructure finance. The agenda was outlined in a Joint Statement issued at the end of the second US-India Economic and Financial
Partnership meeting here Tuesday. Here is the text:
"Today, US Secretary of the Treasury Timothy Geithner and Indian Finance Minister Pranab Mukherjee convened in Washington, DC, the second ministerial meeting of the US-India Economic and Financial Partnership.
As two of the world's largest economies, the US-India relationship offers enormous economic opportunities for Americans and Indians alike.
Through stronger collaboration and coordination amongst our economic and financial policymakers, this Partnership has sought to deepen US-India bilateral and multilateral engagement in order to fully capitalise on the wealth of economic opportunities between our two nations.
The comprehensive inter-agency participation from both the United States and India, including Federal Reserve Chairman Bernanke and Reserve Bank of India Governor Subbarao, is the highest level economic and financial meeting ever between our two countries.
This meeting clearly demonstrates the vision and commitment that the United States and India share in expanding economic opportunities for our citizens through greater trade and investment.
The US-India economic relationship has made significant progress in recent years. Our private sectors share a common entrepreneurial spirit and belief in the pursuit of business innovation.
Over the past decade, trade and investment between our two countries has expanded across a variety of industries and sectors. Between 2000 and 2010, Indian exports to the United States grew by nearly 180 percent and American exports to India increased over four times.
Meanwhile, combined bilateral US-India foreign direct investment grew by nearly 165 percent between 2005 and 2009.
Despite this progress, and especially given the size of the two respective economies, we recognize that there remains untapped potential and opportunity to expand trade and investment linkages to the benefit of both countries.
In the meetings that we just concluded, we discussed the challenges that both economies face in ensuring a strong recovery and price stability in the short term, as well as the range of policies necessary to reach growth at our full potential domestically.
The United States is committed to making the investments in technology, skills, and infrastructure necessary to maintain and enhance US competitiveness in the global economy.
India intends to take steps to marshal private and public saving to meet the infrastructure needs of a rapidly growing Indian economy. The United States and India will work together to expand trade and investment links between our two economies, and to develop and strengthen our financial systems.
India and the United States will also work together in the G-20 on an effective mutual assessment process to bring about strong, sustained, and balanced global growth.
Leveraging our combined knowledge, experience, and shared interests, the two sides agreed to a robust agenda for the coming year that includes deeper engagement in the following areas within each pillar of the Partnership:
. Macroeconomic challenges, including growth, unemployment, inflation, global liquidity, commodity prices, international capital flows and fiscal consolidation.
. Financial sector reforms, including deepening of capital markets, financial inclusion, and ensuring the stability, transparency, and integrity of the financial system.
. Infrastructure finance, including innovative strategies to mobilize capital for infrastructure development, and sharing best practices and building capacity for design and successful execution of Public Private Partnerships.
Since the April 2010 launch in Delhi, our Partnership has led to deeper institutional relationships and exchanges between US and Indian economic and financial sector regulators - both of which have proven critical to technical cooperation, capacity building, and the removal of impediments to realizing our relationship's full economic potential.
Building on the success of the first year of the Partnership, we will continue to strengthen our economic and financial partnership in order to realize the full economic and strategic potential of the US-India partnership to achieve maximum benefits for Americans and Indians."
India, US to deepen ties in reforms, infrastructure finance - Hindustan Times
2012
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India-Malaysia free trade agreement to be effective from tomorrow
NEW DELHI: The free trade agreement between India and Malaysia will come into force from Friday, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation.
In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, will attract lower or no duty in Malaysia with the implementation of the Comprehensive Economic Cooperation Agreement (CECA), according to a statement of the Commerce Ministry issued on Thursday.
It said sensitive sectors like agriculture, fisheries, textiles, chemicals and automobiles have been given protection from imports without duty or with significant cuts.
The CCEA will facilitate temporary movement of business people, including contractual service suppliers and independent professionals in accounting, architecture, engineering services, medical and dental, nursing and pharmacy, computer services and management consulting.
The agreement will also help boost cross-border investment between the two countries, which achieved bilateral trade of $10 billion in the 2010-11 fiscal.
With the help of the opening of trade in goods and services, bilateral trade between India and Malaysia is expected to reach $15 billion by 2015, it said.
"The CECA creates an attractive operating environment for the business communities of both countries," the statement said.
An agreement for freeing trade in goods has already been implemented with the 10-nation Association of Southeast Asian Nations ( ASEAN )). The pact with Malaysia will lead to tariff liberalisation beyond the India-ASEAN FTA commitments, which were implemented by both countries on January 1, 2010.
India has also freed trade with South Korea, while a similar agreement with Japan will come into effect from August.
India-Malaysia free trade agreement to be effective from tomorrow - The Economic Times
NEW DELHI: The free trade agreement between India and Malaysia will come into force from Friday, giving Indian professionals like accountants, engineers and doctors access to the key South-East Asian nation.
In addition, exports of items of considerable interest to India, like basmati rice, mangoes, eggs, trucks, motorcycles and cotton garments, will attract lower or no duty in Malaysia with the implementation of the Comprehensive Economic Cooperation Agreement (CECA), according to a statement of the Commerce Ministry issued on Thursday.
It said sensitive sectors like agriculture, fisheries, textiles, chemicals and automobiles have been given protection from imports without duty or with significant cuts.
The CCEA will facilitate temporary movement of business people, including contractual service suppliers and independent professionals in accounting, architecture, engineering services, medical and dental, nursing and pharmacy, computer services and management consulting.
The agreement will also help boost cross-border investment between the two countries, which achieved bilateral trade of $10 billion in the 2010-11 fiscal.
With the help of the opening of trade in goods and services, bilateral trade between India and Malaysia is expected to reach $15 billion by 2015, it said.
"The CECA creates an attractive operating environment for the business communities of both countries," the statement said.
An agreement for freeing trade in goods has already been implemented with the 10-nation Association of Southeast Asian Nations ( ASEAN )). The pact with Malaysia will lead to tariff liberalisation beyond the India-ASEAN FTA commitments, which were implemented by both countries on January 1, 2010.
India has also freed trade with South Korea, while a similar agreement with Japan will come into effect from August.
India-Malaysia free trade agreement to be effective from tomorrow - The Economic Times
Ajaxpaul
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FDI in retail likely within weeks
NEW DELHI: After years of debate, foreign direct investment in retail may soon be a reality with a panel of secretaries expected to approve the framework for allowing global retail chains to set up shop in India later this month.
Government sources said the proposal has gained momentum, with both Prime Minister Manmohan Singh and finance minister Pranab Mukherjee backing it, and chances are that the Cabinet could clear the proposal in August, setting the stage for the entry of large chains by the end of the current financial year.
While a date for the meeting of secretaries would be fixed over the next few days, the outline of the policy has been finalized after two rounds of inter-ministerial consultations. The plan envisages allowing foreign chains such as Walmart and Tesco to hold up to 51% stake in the Indian venture. This is higher than what had been proposed during the first round of consultations.
But there could be areas demarcated for these retailers. For instance, it would be left to state governments to decide whether foreign chains are welcome or not. Similarly, the government intends to allow these chains to operate in large cities only. How large cities are defined remains to be seen. If the cut-off is fixed at one million population, then the retailers can open stores in around 50 cities. But if the bar is raised to 10 million, then only Delhi, Mumbai and Kolkata will make the cut.
The move is aimed at countering criticism that the large chains will result in the closure of mom-and-pop stores. Over the years, Opposition parties such as BJP have used livelihood concerns of kirana stores to block FDI in multi-brand retail.
Though the government believes that a large footprint of multi-brand retail chains will boost employment, efforts are also underway to stipulate local sourcing requirements. For instance, the secretaries' panel will discuss a plan to mandate 25-30% sourcing from small and medium enterprises.
In a recent interaction with TOI, economic affairs secretary R Gopalan had said the government could contemplate putting in place rules stipulating majority sourcing from India. But the view in other ministries is that this might not be compatible with the rules prescribed by the World Trade Organisation.
Further, to stay competitive, especially vis-a-vis kirana stores, the organized retailers will be forced to procure from local manufacturers and producers.
Only in case of goods such as electronics or high-technology items that are not manufactured in India or the local producers are not cost-competitive would a retailer opt to import.
In any case, most international players are already in India and have been sourcing for their global requirements or have additionally got into the wholesale cash-and-carry segment where they are not permitted to sell to individuals.
So, in a way, the supply chains have already been built, said a government official. The other requirement that foreign retailers are going to face is a mandated level of investment in back-end infrastructure to develop supply and distribution chains which would help check wastage.
FDI in retail likely within weeks - The Times of India
NEW DELHI: After years of debate, foreign direct investment in retail may soon be a reality with a panel of secretaries expected to approve the framework for allowing global retail chains to set up shop in India later this month.
Government sources said the proposal has gained momentum, with both Prime Minister Manmohan Singh and finance minister Pranab Mukherjee backing it, and chances are that the Cabinet could clear the proposal in August, setting the stage for the entry of large chains by the end of the current financial year.
While a date for the meeting of secretaries would be fixed over the next few days, the outline of the policy has been finalized after two rounds of inter-ministerial consultations. The plan envisages allowing foreign chains such as Walmart and Tesco to hold up to 51% stake in the Indian venture. This is higher than what had been proposed during the first round of consultations.
But there could be areas demarcated for these retailers. For instance, it would be left to state governments to decide whether foreign chains are welcome or not. Similarly, the government intends to allow these chains to operate in large cities only. How large cities are defined remains to be seen. If the cut-off is fixed at one million population, then the retailers can open stores in around 50 cities. But if the bar is raised to 10 million, then only Delhi, Mumbai and Kolkata will make the cut.
The move is aimed at countering criticism that the large chains will result in the closure of mom-and-pop stores. Over the years, Opposition parties such as BJP have used livelihood concerns of kirana stores to block FDI in multi-brand retail.
Though the government believes that a large footprint of multi-brand retail chains will boost employment, efforts are also underway to stipulate local sourcing requirements. For instance, the secretaries' panel will discuss a plan to mandate 25-30% sourcing from small and medium enterprises.
In a recent interaction with TOI, economic affairs secretary R Gopalan had said the government could contemplate putting in place rules stipulating majority sourcing from India. But the view in other ministries is that this might not be compatible with the rules prescribed by the World Trade Organisation.
Further, to stay competitive, especially vis-a-vis kirana stores, the organized retailers will be forced to procure from local manufacturers and producers.
Only in case of goods such as electronics or high-technology items that are not manufactured in India or the local producers are not cost-competitive would a retailer opt to import.
In any case, most international players are already in India and have been sourcing for their global requirements or have additionally got into the wholesale cash-and-carry segment where they are not permitted to sell to individuals.
So, in a way, the supply chains have already been built, said a government official. The other requirement that foreign retailers are going to face is a mandated level of investment in back-end infrastructure to develop supply and distribution chains which would help check wastage.
FDI in retail likely within weeks - The Times of India
ramu
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Kerala temple treasure could be worth 50,000 crore rupees (11.2 Billion)
Kerala has stumbled upon a treasure trove in the underground chambers of the centuries-old Sree Padmanabhaswamy Temple here, where a Supreme Court appointed panel prepared the inventory of the priceless heap of precious metals.
The value of articles stocked in the vaults of the temple, managed by the royal family of the erstwhile Travancore princely state, would run into thousands of crores of rupees. Unofficial sources associated with the ongoing examination of the temple cellars pegged the jackpot at Rs 50,000 crore.
According to noted historian Dr M G S Narayanan, Padmanabhaswamy is one of the Vaishnava temples in the country and dates back to 9th Century. Hence, the vaults would be containing several centuries old precious objects.
The temple has six vaults and two of them had not been opened for the past one-and-a-half century. A major chunk of the estimated treasure belonged to the cellar, coded as A. The inventory of another chamber B is not over. The inventory thus far included gold coins, thousands of gold chains, precious stones including emerald, gems, diamonds, crowns and royal ornaments. Besides, coins and objects of antique and historical value have been unearthed from the temple.
The wealth at the temple has opened a debate over government control over the property. Prominent Hindu organisation Nair Service Society said the treasure found at the temple should remain with the temple.
Atheist leader U Kalanadan said the property was stashed in the temple cellars by the erstwhile kings. Hence, it could not be claimed as Hindu property. The government should take over the temple wealth for public use, he said.
Kerala temple treasure could be worth 50K crore - Indian Express
Kerala has stumbled upon a treasure trove in the underground chambers of the centuries-old Sree Padmanabhaswamy Temple here, where a Supreme Court appointed panel prepared the inventory of the priceless heap of precious metals.
The value of articles stocked in the vaults of the temple, managed by the royal family of the erstwhile Travancore princely state, would run into thousands of crores of rupees. Unofficial sources associated with the ongoing examination of the temple cellars pegged the jackpot at Rs 50,000 crore.
According to noted historian Dr M G S Narayanan, Padmanabhaswamy is one of the Vaishnava temples in the country and dates back to 9th Century. Hence, the vaults would be containing several centuries old precious objects.
The temple has six vaults and two of them had not been opened for the past one-and-a-half century. A major chunk of the estimated treasure belonged to the cellar, coded as A. The inventory of another chamber B is not over. The inventory thus far included gold coins, thousands of gold chains, precious stones including emerald, gems, diamonds, crowns and royal ornaments. Besides, coins and objects of antique and historical value have been unearthed from the temple.
The wealth at the temple has opened a debate over government control over the property. Prominent Hindu organisation Nair Service Society said the treasure found at the temple should remain with the temple.
Atheist leader U Kalanadan said the property was stashed in the temple cellars by the erstwhile kings. Hence, it could not be claimed as Hindu property. The government should take over the temple wealth for public use, he said.
Kerala temple treasure could be worth 50K crore - Indian Express
ramu
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Security frenzy over Kerala temple treasure trove
The Kerala government on Friday put in place a permanent security setup in and around the Sree Padmanabhaswamy temple here following the discovery of treasures worth a whopping Rs 50,000 crore in its secret vaults on Thursday and Friday.
The treasure excavated from an underground chamber of the “A” vault of the temple on Thursday had stunned not just the expert committee appointed by the Supreme Court and those who were at the scene to assist them but the entire state.
The articles included thousands of gold necklaces, crowns, coins, jewels and precious stones.
If a necklace found on Thursday was 18 feet long and weighed 10.5 kg, 536 kg of 18th century gold coins and about 20 kg of the British East India Company’s gold coins were found on Friday.
Among the coins were those of the Napoleon era. In all 1,000 “saratpoli mala” studded with gems called “aval” were found and a collection of these gems themselves weighed over a tonne. The worth of valuables found from vaults “C”, “D” and “F” which were examined since Monday was estimated to be about Rs 1,000 crore.
The unravelling of the mysterious vaults has suddenly catapulted the temple into the league of the nation’s richest temples.
The expert committee members have refused to either confirm or deny the worth of the valuables as reported in the media. However, sources who were present at the scene have estimated the present market value of the valuables at over Rs 50,000 crore considering their antiquity too.
The seven-member expert committee headed by two retired High Court judges had been asked by the Supreme Court to prepare an inventory of the articles in the six temple vaults following a petition by advocate T P Sundararajan alleging mismanagement of temple affairs.
The state government has strengthened the security around and inside the temple following the discovery of the treasure. There would be round–the-clock security around the temple and CCTV cameras would be installed.
Chief Minister Oommen Chandy has said the government has been worried ever since the court asked it to take over the administration of the temple last year.
The previous LDF government in the state had expressed its inability to take up the responsibility.
Security frenzy over Kerala temple treasure trove
The Kerala government on Friday put in place a permanent security setup in and around the Sree Padmanabhaswamy temple here following the discovery of treasures worth a whopping Rs 50,000 crore in its secret vaults on Thursday and Friday.
The treasure excavated from an underground chamber of the “A” vault of the temple on Thursday had stunned not just the expert committee appointed by the Supreme Court and those who were at the scene to assist them but the entire state.
The articles included thousands of gold necklaces, crowns, coins, jewels and precious stones.
If a necklace found on Thursday was 18 feet long and weighed 10.5 kg, 536 kg of 18th century gold coins and about 20 kg of the British East India Company’s gold coins were found on Friday.
Among the coins were those of the Napoleon era. In all 1,000 “saratpoli mala” studded with gems called “aval” were found and a collection of these gems themselves weighed over a tonne. The worth of valuables found from vaults “C”, “D” and “F” which were examined since Monday was estimated to be about Rs 1,000 crore.
The unravelling of the mysterious vaults has suddenly catapulted the temple into the league of the nation’s richest temples.
The expert committee members have refused to either confirm or deny the worth of the valuables as reported in the media. However, sources who were present at the scene have estimated the present market value of the valuables at over Rs 50,000 crore considering their antiquity too.
The seven-member expert committee headed by two retired High Court judges had been asked by the Supreme Court to prepare an inventory of the articles in the six temple vaults following a petition by advocate T P Sundararajan alleging mismanagement of temple affairs.
The state government has strengthened the security around and inside the temple following the discovery of the treasure. There would be round–the-clock security around the temple and CCTV cameras would be installed.
Chief Minister Oommen Chandy has said the government has been worried ever since the court asked it to take over the administration of the temple last year.
The previous LDF government in the state had expressed its inability to take up the responsibility.
Security frenzy over Kerala temple treasure trove
ramu
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India: Treasure unearthed in Kerala temple
The temple was built in the 16th Century by the kings of Travancore
Treasure, thought to be worth billions of rupees, has been unearthed from secret underground chambers in a temple in the southern Indian state of Kerala.
Precious stones, gold and silver are among valuables found at Sree Padmanabhaswamy temple.
The riches are thought to have been languishing in the temple vaults for more than a century, interred by the Maharajahs of Travancore over time.
They have not been officially valued and inspectors are taking an inventory.
Inspectors say they will continue cataloguing the treasure for at least one more week.
Unofficial estimates say that the treasure discovered so far over four days of inspections may be valued at more than 25 billion rupees ($500m). But historians say that assessing the true value of these objects is likely to be extremely difficult.
Security has been stepped up at the temple: "I have instructed the police chief to reinforce security further following the findings and it would be there permanently," Oomen Chandy, the state's chief minister, said.
Concealed riches
The Sree Padmanabhaswamy temple was built in the 16th Century by the kings who ruled over the then kingdom of Travancore. Local legends say the Travancore kings sealed immense riches within the thick stone walls and vaults of the temple.
The current Maharajah of Travancore has been the managing trustee of the temple
Since Independence, the temple has been controlled by a trust run by the descendants of the Travancore royal family. After 1947 the kingdom of Travancore merged with the princely state of Cochin, which eventually became the present-day state of Kerala.
The inspections at the temple began after India's Supreme Court appointed a seven-member panel to enter and assess the value of the objects stored in its cellars, including two chambers last thought to have been opened about 130 years ago.
The Supreme Court also endorsed a ruling by the high court in Kerala, which ordered the state government to take over the temple and its assets from the royal trust. It also ordered the trust to hand over responsibility for the temple's security to the police.
The initial court petition was brought by a local lawyer, Sundar Rajan, who filed a case in the Kerala High Court demanding the takeover of the temple, saying that the current controllers were incapable of protecting the wealth of the temple because it did not have its own security force.
Anand Padmanaban, counsel for Sundar Rajan, was present when observers appointed by the Supreme Court opened the treasure chambers.
"Treasures included very old gold chains, diamonds and precious stones which cannot be valued in terms of money," he told the BBC Tamil service.
"Many of those things were pretty old, going back to the 18th Century. They could not count it, so they are weighing it."
Only two of four chambers had been opened so far, he said.
Royal wealth?
The current Maharajah of Travancore, Uthradan Thirunaal Marthanda Varma, who is also the managing trustee of the temple, appealed to the Supreme Court against Sundar Rajan's petition.
He said that as Maharajah he had every right to control the temple because of a special law enacted after Independence, which vested the management of the temple with the erstwhile ruler of Travancore.
But his appeal was rejected - Maharajahs have no special status in India and they are treated like ordinary citizens.
The members of the Travancore royal family consider themselves to be servants of the presiding deity at the temple, Padmanabhaswamy, which is an aspect of the Hindu God Vishnu in eternal sleep. This is why they historically entrusted their wealth to the temple.
But there was a public outcry when the Maharajah attempted to retain control of the temple by citing the special law, with many arguing that the wealth belonged to the people now.
The vaults were opened in the presence of the panel, and observers, which include high court judges, temple officials, archaeology authorities, Sundar Rajan and a representative of the current Maharajah.
BBC News - India: Treasure unearthed in Kerala temple
Golden Idol of the temple :
The temple was built in the 16th Century by the kings of Travancore
Treasure, thought to be worth billions of rupees, has been unearthed from secret underground chambers in a temple in the southern Indian state of Kerala.
Precious stones, gold and silver are among valuables found at Sree Padmanabhaswamy temple.
The riches are thought to have been languishing in the temple vaults for more than a century, interred by the Maharajahs of Travancore over time.
They have not been officially valued and inspectors are taking an inventory.
Inspectors say they will continue cataloguing the treasure for at least one more week.
Unofficial estimates say that the treasure discovered so far over four days of inspections may be valued at more than 25 billion rupees ($500m). But historians say that assessing the true value of these objects is likely to be extremely difficult.
Security has been stepped up at the temple: "I have instructed the police chief to reinforce security further following the findings and it would be there permanently," Oomen Chandy, the state's chief minister, said.
Concealed riches
The Sree Padmanabhaswamy temple was built in the 16th Century by the kings who ruled over the then kingdom of Travancore. Local legends say the Travancore kings sealed immense riches within the thick stone walls and vaults of the temple.
The current Maharajah of Travancore has been the managing trustee of the temple
Since Independence, the temple has been controlled by a trust run by the descendants of the Travancore royal family. After 1947 the kingdom of Travancore merged with the princely state of Cochin, which eventually became the present-day state of Kerala.
The inspections at the temple began after India's Supreme Court appointed a seven-member panel to enter and assess the value of the objects stored in its cellars, including two chambers last thought to have been opened about 130 years ago.
The Supreme Court also endorsed a ruling by the high court in Kerala, which ordered the state government to take over the temple and its assets from the royal trust. It also ordered the trust to hand over responsibility for the temple's security to the police.
The initial court petition was brought by a local lawyer, Sundar Rajan, who filed a case in the Kerala High Court demanding the takeover of the temple, saying that the current controllers were incapable of protecting the wealth of the temple because it did not have its own security force.
Anand Padmanaban, counsel for Sundar Rajan, was present when observers appointed by the Supreme Court opened the treasure chambers.
"Treasures included very old gold chains, diamonds and precious stones which cannot be valued in terms of money," he told the BBC Tamil service.
"Many of those things were pretty old, going back to the 18th Century. They could not count it, so they are weighing it."
Only two of four chambers had been opened so far, he said.
Royal wealth?
The current Maharajah of Travancore, Uthradan Thirunaal Marthanda Varma, who is also the managing trustee of the temple, appealed to the Supreme Court against Sundar Rajan's petition.
He said that as Maharajah he had every right to control the temple because of a special law enacted after Independence, which vested the management of the temple with the erstwhile ruler of Travancore.
But his appeal was rejected - Maharajahs have no special status in India and they are treated like ordinary citizens.
The members of the Travancore royal family consider themselves to be servants of the presiding deity at the temple, Padmanabhaswamy, which is an aspect of the Hindu God Vishnu in eternal sleep. This is why they historically entrusted their wealth to the temple.
But there was a public outcry when the Maharajah attempted to retain control of the temple by citing the special law, with many arguing that the wealth belonged to the people now.
The vaults were opened in the presence of the panel, and observers, which include high court judges, temple officials, archaeology authorities, Sundar Rajan and a representative of the current Maharajah.
BBC News - India: Treasure unearthed in Kerala temple
Golden Idol of the temple :
Ajaxpaul
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Govt pushes for Gujarat's IT solution to check illegal mining
NEW DELHI: They may not see eye to eye politically but UPA government it seems is looking towards opposition ruled states for administrative best practices.
The mines ministry is pushing states to adopt a software developed by ncode, the IT arm of the Gujarat Narmada Valley Fertilizers Company Limited – promoted by the government of Gujarat – to check rampant illegal mining and consequent loss of revenue. A little while back, the HRD ministry decided to prepare a blueprint for states to adopt the BSP government's innovative IVRS based mid-day meal tracking system in Uttar Pradesh.
Said a senior official of the mines ministry: "The software effectively ensures that every truck that passes the main entry gate of the mine is weighed and the data gets directly transmitted to the government without any human interface or chance of fudging. This means that the mine owner will have to pay duty on that amount and there is no way he can undervalue the produce to cheat the government."
The IT solution may be simple but it has managed to strike at the roots of what is believed to be the most rampant form of illegal mining. "It is difficult for somebody with no lease at all to start mining. But there is nothing at present to stop a mine lease holder to extract more ore than he is allowed to or surreptitiously increase the area under mining. It may be years before authorities will realize that much more area has been mined, by which time the damage would have been done," the official explained.
The ministry wrote to states some time back suggesting that this software should be adopted in order to crack down on the menace of illegal mining which apart from causing massive environmental damage also makes the government lose revenue. So far only two states – Jharkhand and Karnataka – have started the process of procuring the software and training its staff, officials say.
The ministry meanwhile, has also asked states to give a list of proposed mining projects which are pending for want of forest clearance even after the state government has given prior approval. "This is yet another hurdle that often makes illegal mining flourish because miners often have to wait for a year or more just for the forest clearance even when all other documents are in place. There are instances when they start mining," the official said.
The ministry, once it gets the list, is planning to take it up with the ministry of environment.
Govt pushes for Gujarat's IT solution to check illegal mining - The Times of India
NEW DELHI: They may not see eye to eye politically but UPA government it seems is looking towards opposition ruled states for administrative best practices.
The mines ministry is pushing states to adopt a software developed by ncode, the IT arm of the Gujarat Narmada Valley Fertilizers Company Limited – promoted by the government of Gujarat – to check rampant illegal mining and consequent loss of revenue. A little while back, the HRD ministry decided to prepare a blueprint for states to adopt the BSP government's innovative IVRS based mid-day meal tracking system in Uttar Pradesh.
Said a senior official of the mines ministry: "The software effectively ensures that every truck that passes the main entry gate of the mine is weighed and the data gets directly transmitted to the government without any human interface or chance of fudging. This means that the mine owner will have to pay duty on that amount and there is no way he can undervalue the produce to cheat the government."
The IT solution may be simple but it has managed to strike at the roots of what is believed to be the most rampant form of illegal mining. "It is difficult for somebody with no lease at all to start mining. But there is nothing at present to stop a mine lease holder to extract more ore than he is allowed to or surreptitiously increase the area under mining. It may be years before authorities will realize that much more area has been mined, by which time the damage would have been done," the official explained.
The ministry wrote to states some time back suggesting that this software should be adopted in order to crack down on the menace of illegal mining which apart from causing massive environmental damage also makes the government lose revenue. So far only two states – Jharkhand and Karnataka – have started the process of procuring the software and training its staff, officials say.
The ministry meanwhile, has also asked states to give a list of proposed mining projects which are pending for want of forest clearance even after the state government has given prior approval. "This is yet another hurdle that often makes illegal mining flourish because miners often have to wait for a year or more just for the forest clearance even when all other documents are in place. There are instances when they start mining," the official said.
The ministry, once it gets the list, is planning to take it up with the ministry of environment.
Govt pushes for Gujarat's IT solution to check illegal mining - The Times of India
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India tries to boost manufacturing
NEW DELHI — After two decades of unprecedented economic growth, the Indian government wants to fix what many here see as an anomaly – the telecom and software industries have fueled the country’s rise, but manufacturing has never taken off.
Officials say that India will witness a massive field-to-factory migration of its young workforce in the next decade as education levels and aspirations soar, and that a failure to create low-end industrial jobs could result in social unrest.
Today, only 8.7 million people in this country of a billion-plus are employed in manufacturing. But the government says new regulations being finalized this month could turn India into a China-like manufacturing powerhouse by allowing large factories to set up in special industrial zones where labor laws will be more relaxed.
Officials say the zones will make it easier for companies to circumvent a web of more than 150 socialist-era labor laws that have prevented the growth of labor-intensive industries, such as textiles, footwear and toys.
“The new manufacturing policy is the unfinished agenda of India’s economic liberalization program, which began in 1991,” said R.P. Singh, secretary in the ministry of commerce and industry. “Some of the lingering issues, like labor laws, were considered too sensitive and controversial to touch.”
“While we delayed, China and other Asian economies which were almost at par with us 30 years ago, have raced ahead. But the writing on the wall is clear. If we don’t do it now, we will be left far behind,” he said.
Indian and international investors say the country’s protectionist labor rules are among the biggest obstacles to setting up and running a factory in India, and they complain about laws that require frequent inspections and monitoring of workers’ protections, such as a minimum wage, leave and working hours. They say union rules create bottlenecks that slow production.
“Some of our labor laws date back to the time when the British ruled India, and others are a product of the Soviet-style socialist era when the government was deeply suspicious of private capital,” said R.C. Bhargava, chairman of the largest-selling car company in India, Maruti Suzuki, owned by the Suzuki Corp. of Japan. “Business was seen as an exploiter of workers. So we treated labor with kid gloves.”
Labor rights advocates say that regular inspections are even more important as India’s economy booms, and that dismantling the labor laws could lead to exploitation and weaken unions.
“When the government says flexible labor laws for manufacturing hubs, what they really mean is the freedom not to implement labor laws of the land and very little government oversight,” said M.K. Pandhe, vice president of the Center of Indian Trade Unions. “With increased privatization in India, the need is to strengthen our labor laws, not weaken them.”
But even as investors and the government try to loosen laws, workers are pushing for more protections. The government says there were nearly 100 strikes in India last year.
“We want longer tea and lunch breaks. We want more off-days,” a 28-year-old assembly line worker said on the condition of anonymity because he was not authorized to speak on behalf of the striking workers. “We want a second union that will ensure we get our rights.”
The company, which lost $9 million in revenue during the strike, said it would consider some of the strikers’ demands but would not recognize another union. But it took back the dismissed workers after senior government officials helped broker a deal to end the strike.
India tries to boost manufacturing - The Washington Post
NEW DELHI — After two decades of unprecedented economic growth, the Indian government wants to fix what many here see as an anomaly – the telecom and software industries have fueled the country’s rise, but manufacturing has never taken off.
Officials say that India will witness a massive field-to-factory migration of its young workforce in the next decade as education levels and aspirations soar, and that a failure to create low-end industrial jobs could result in social unrest.
Today, only 8.7 million people in this country of a billion-plus are employed in manufacturing. But the government says new regulations being finalized this month could turn India into a China-like manufacturing powerhouse by allowing large factories to set up in special industrial zones where labor laws will be more relaxed.
Officials say the zones will make it easier for companies to circumvent a web of more than 150 socialist-era labor laws that have prevented the growth of labor-intensive industries, such as textiles, footwear and toys.
“The new manufacturing policy is the unfinished agenda of India’s economic liberalization program, which began in 1991,” said R.P. Singh, secretary in the ministry of commerce and industry. “Some of the lingering issues, like labor laws, were considered too sensitive and controversial to touch.”
“While we delayed, China and other Asian economies which were almost at par with us 30 years ago, have raced ahead. But the writing on the wall is clear. If we don’t do it now, we will be left far behind,” he said.
Indian and international investors say the country’s protectionist labor rules are among the biggest obstacles to setting up and running a factory in India, and they complain about laws that require frequent inspections and monitoring of workers’ protections, such as a minimum wage, leave and working hours. They say union rules create bottlenecks that slow production.
“Some of our labor laws date back to the time when the British ruled India, and others are a product of the Soviet-style socialist era when the government was deeply suspicious of private capital,” said R.C. Bhargava, chairman of the largest-selling car company in India, Maruti Suzuki, owned by the Suzuki Corp. of Japan. “Business was seen as an exploiter of workers. So we treated labor with kid gloves.”
Labor rights advocates say that regular inspections are even more important as India’s economy booms, and that dismantling the labor laws could lead to exploitation and weaken unions.
“When the government says flexible labor laws for manufacturing hubs, what they really mean is the freedom not to implement labor laws of the land and very little government oversight,” said M.K. Pandhe, vice president of the Center of Indian Trade Unions. “With increased privatization in India, the need is to strengthen our labor laws, not weaken them.”
But even as investors and the government try to loosen laws, workers are pushing for more protections. The government says there were nearly 100 strikes in India last year.
“We want longer tea and lunch breaks. We want more off-days,” a 28-year-old assembly line worker said on the condition of anonymity because he was not authorized to speak on behalf of the striking workers. “We want a second union that will ensure we get our rights.”
The company, which lost $9 million in revenue during the strike, said it would consider some of the strikers’ demands but would not recognize another union. But it took back the dismissed workers after senior government officials helped broker a deal to end the strike.
India tries to boost manufacturing - The Washington Post
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22 Billion US dollars and counting (1 lakh crore Indian Rupees)
Temple of boom: Rs 1 lakh crore and counting
THIRUVANANTHAPURAM: Call it the mother of all treasure hunts. The stock-taking by a panel of experts at the Sree Padmanabha Swamy temple has catapulted the shrine located here to the country's richest, with reports claiming that the value of recoveries may have touched close to Rs 1 lakh crore, more than Kerala public debt of Rs 70,969 crore.
With one more "secret" vault yet to be opened, the figure in all likelihood will go up further. But sources said the figures could only be speculation as it wasn't possible to determine the antique value of the precious gems and jewellery. "These are antique pieces and it's not possible to determine their prices," said historian and former director of Indian Council of Historical Research M G S Narayanan. In other words, the worth of the treasure could be intimidatingly higher.
The Supreme Court-appointed committee on Sunday refused to confirm reports about the value of the recoveries, saying that its mandate is limited to making an inventory of the assets.
Kerala chief minister Oommen Chandy said the treasure would remain with the temple. "The wealth belonged to the temple and it will be preserved where it was found. There is religious and historical significance to the findings. The state will ensure its security," Chandy told reporters on Sunday.
Chandy said the police would patrol the shrine 24X7 and a control room had already started functioning. "Permanent security arrangements will be put in place only after consultations with the chief priest of the temple and the Travancore king who is the caretaker of the shrine," the CM said.
A source said the seven-member panel was stunned by what it found in the secret vault marked `A' during its inspection on Thursday. There were close to 1,000 kg of gold coins, some of these from the East India Company era and Napolean's period, about one tonne of gold in the form of rice trinkets, sack full of diamonds said to be from Burma and Sri Lanka, a rope made of gold and thousands of pieces of rare 'sarappoli' necklaces.
The stock-taking continued next day as only 30% of the assets could be counted on Thursday. Again there were surprises in the form of a three-and-a-half feet tall idol of Lord Vishnu studded with diamonds, emeralds and rubies, an 18-feet-long ornament used to adorn the deity and weighing 35 kg and 1 feet tall human figurines weighing 1 kg each. There were coins marked 1772 indicating they were from the era of former Travancore ruler Karthika Thirunal Rama Varma better known as `Dharma Raja' for his strict adherence to the rules of 'dharma'.
Entry was strictly forbidden for the media and public to the site. There are six vaults marked A to F in the shrine. The A and B cellars have never been opened after 1872. The panel had set out on the job on June 27 and opened three vaults marked C, D and F till Wednesday.
The observers, retired Kerala high court judge Justice M N Krishnan and Justice C S Rajan, said it was difficult give an exact date when the stock-taking would be completed. The B and E vaults remain to be opened.
Narayanan said there were specific documents called 'Mathilakam records' which speak about the history of the shrine and about how the assets came into it. "The temple has been known since the 9th Century and figures in the writings of that time. Native ruler of Travancore (then pricely state) Marthanda Varma had given away all the wealth to the deity and ruled the kingdom as the Lord's agent."
"Travancore was a very prosperous state and with its port facilities, traded in spices, sandalwood and ivory. The foreign currency recovered from the vaults may have come in through the trade route," he added.
Temple of boom: Rs 1 lakh crore and counting - The Times of India
Temple of boom: Rs 1 lakh crore and counting
THIRUVANANTHAPURAM: Call it the mother of all treasure hunts. The stock-taking by a panel of experts at the Sree Padmanabha Swamy temple has catapulted the shrine located here to the country's richest, with reports claiming that the value of recoveries may have touched close to Rs 1 lakh crore, more than Kerala public debt of Rs 70,969 crore.
With one more "secret" vault yet to be opened, the figure in all likelihood will go up further. But sources said the figures could only be speculation as it wasn't possible to determine the antique value of the precious gems and jewellery. "These are antique pieces and it's not possible to determine their prices," said historian and former director of Indian Council of Historical Research M G S Narayanan. In other words, the worth of the treasure could be intimidatingly higher.
The Supreme Court-appointed committee on Sunday refused to confirm reports about the value of the recoveries, saying that its mandate is limited to making an inventory of the assets.
Kerala chief minister Oommen Chandy said the treasure would remain with the temple. "The wealth belonged to the temple and it will be preserved where it was found. There is religious and historical significance to the findings. The state will ensure its security," Chandy told reporters on Sunday.
Chandy said the police would patrol the shrine 24X7 and a control room had already started functioning. "Permanent security arrangements will be put in place only after consultations with the chief priest of the temple and the Travancore king who is the caretaker of the shrine," the CM said.
A source said the seven-member panel was stunned by what it found in the secret vault marked `A' during its inspection on Thursday. There were close to 1,000 kg of gold coins, some of these from the East India Company era and Napolean's period, about one tonne of gold in the form of rice trinkets, sack full of diamonds said to be from Burma and Sri Lanka, a rope made of gold and thousands of pieces of rare 'sarappoli' necklaces.
The stock-taking continued next day as only 30% of the assets could be counted on Thursday. Again there were surprises in the form of a three-and-a-half feet tall idol of Lord Vishnu studded with diamonds, emeralds and rubies, an 18-feet-long ornament used to adorn the deity and weighing 35 kg and 1 feet tall human figurines weighing 1 kg each. There were coins marked 1772 indicating they were from the era of former Travancore ruler Karthika Thirunal Rama Varma better known as `Dharma Raja' for his strict adherence to the rules of 'dharma'.
Entry was strictly forbidden for the media and public to the site. There are six vaults marked A to F in the shrine. The A and B cellars have never been opened after 1872. The panel had set out on the job on June 27 and opened three vaults marked C, D and F till Wednesday.
The observers, retired Kerala high court judge Justice M N Krishnan and Justice C S Rajan, said it was difficult give an exact date when the stock-taking would be completed. The B and E vaults remain to be opened.
Narayanan said there were specific documents called 'Mathilakam records' which speak about the history of the shrine and about how the assets came into it. "The temple has been known since the 9th Century and figures in the writings of that time. Native ruler of Travancore (then pricely state) Marthanda Varma had given away all the wealth to the deity and ruled the kingdom as the Lord's agent."
"Travancore was a very prosperous state and with its port facilities, traded in spices, sandalwood and ivory. The foreign currency recovered from the vaults may have come in through the trade route," he added.
Temple of boom: Rs 1 lakh crore and counting - The Times of India
Mumbai Man
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India's June exports up 46.4%
India's merchandise exports rose 46.4% in June at $29.2 billion compared to June 2010, commerce secretary Rahul Khullar said on Friday. India's imports in June grew at 42.4% at $36.9 billion resulting in a trade deficit of $7.7 billion, Khullar told reporters. In May, exports went
up by a whopping 56.93% at $25.94 billion, compared to $16.53 billion in May 2010.
For the first quarter of the current fiscal, exports increased 45.7% at $79 billion while imports rose by 36% to $110.6 billion, resulting in a trade deficit of $31.6 billion.
"If we keep growing at an excess of $79 billion we can achieve our target by 2014. At the same time, our imports are also increasing due to the high commodity prices," said commerce and industry minister Anand Sharma.
During the quarter India exported $23 billion worth of engineering goods followed by $14 billion worth of petroleum products and $9.25 billion worth of gems and jewellery.
"Due to ban on exports of iron ore, fruits and vegetables and tobacco, these sectors are on negative growth," said Khullar.
In the same period, India imported $30.5 billion worth of petroleum products followed by gold and silver at $17.7 billion and machinery worth $9 billion.
"There is a perceivable shift in the export mix from traditional to high end services such as engineering for which there seems to be a sustained overseas demand," said Anis Chakravarty, director, advisory firm Deloitte Haskins and Sells.
Chakravarty added: "Recent improvements in the global economy and India's diversification into new strategic regions such as Latin America and Africa are also bearing fruit."
India's June exports up 46.4% - Hindustan Times
India's merchandise exports rose 46.4% in June at $29.2 billion compared to June 2010, commerce secretary Rahul Khullar said on Friday. India's imports in June grew at 42.4% at $36.9 billion resulting in a trade deficit of $7.7 billion, Khullar told reporters. In May, exports went
up by a whopping 56.93% at $25.94 billion, compared to $16.53 billion in May 2010.
For the first quarter of the current fiscal, exports increased 45.7% at $79 billion while imports rose by 36% to $110.6 billion, resulting in a trade deficit of $31.6 billion.
"If we keep growing at an excess of $79 billion we can achieve our target by 2014. At the same time, our imports are also increasing due to the high commodity prices," said commerce and industry minister Anand Sharma.
During the quarter India exported $23 billion worth of engineering goods followed by $14 billion worth of petroleum products and $9.25 billion worth of gems and jewellery.
"Due to ban on exports of iron ore, fruits and vegetables and tobacco, these sectors are on negative growth," said Khullar.
In the same period, India imported $30.5 billion worth of petroleum products followed by gold and silver at $17.7 billion and machinery worth $9 billion.
"There is a perceivable shift in the export mix from traditional to high end services such as engineering for which there seems to be a sustained overseas demand," said Anis Chakravarty, director, advisory firm Deloitte Haskins and Sells.
Chakravarty added: "Recent improvements in the global economy and India's diversification into new strategic regions such as Latin America and Africa are also bearing fruit."
India's June exports up 46.4% - Hindustan Times
Mumbai Man
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India is our key priority in trade: Canada
TORONTO: Canada on Thursday said deepening trade ties with India is its key priority as the two countries work out the modalities of a Comprehensive Economic Partnership Agreement ( CEPA )) to be signed soon.
Speaking at a round-table discussion with the Indo-Canada Chamber of Commerce at Toronto, Ed Fast , minister of international trade, said India was a priority country for Canada in terms of forging better economic relations.
"Earlier this week, Canadian and Indian officials held a successful meeting in Ottawa, where they worked toward a comprehensive economic partnership agreement. There is opportunity here, and we are seizing it in order to protect and strengthen the financial security of hardworking Canadians," the Canadian minister said.
He said, "With trade representing some 60 percent of Canada's economy, strengthening and increasing trade and investment with India is vital to our economic recovery. Building on the already strong ties we have with India will lead to new opportunities and stronger economies for both countries."
Punjab-born Bal Gosal, who is the minister of state for sports in the Canadian cabinet, said, "Forging closer Canada-India ties is a key priority for our government, and today's round-table discussion puts even greater emphasis on this important relationship.
"Our ongoing negotiations toward a free trade agreement are a clear indication of our commitment to strengthening this relationship."
Lauding the Canadian prime minister Stephen Harper for his stress on boosting business ties with India, Satish Thakkar, president of the Indo-Canada Chamber of Commerce, said, "The Indo-Canada Chamber of Commerce lauds the efforts of the Harper government to improve economic relations with India. Our Chamber supports an economic partnership agreement and we believe it will result in all-around benefits."
A Canada-India joint study in 2010 concluded that free trade could expand Canada's economy by at least $6 billion and increase bilateral trade with India by 50 percent.
Last year, the bilateral trade between Canada and India totalled $4.2 billion. With the two countries likely to sign a Comprehensive Economic Partnership Agreement (CEPA), they aim to triple it by 2015.
Canadian goods face 16 percent tariff in India while Indian goods face nine percent tariff in Canada.
But once the deal is signed and tariffs are eliminated, each country is expected to gain between $6 billion and $15 billion in trade volume.
Currently, India is Canada's 15th largest trading partner while Canada ranks 33rd on India's list.
India is our key priority in trade: Canada - The Economic Times
TORONTO: Canada on Thursday said deepening trade ties with India is its key priority as the two countries work out the modalities of a Comprehensive Economic Partnership Agreement ( CEPA )) to be signed soon.
Speaking at a round-table discussion with the Indo-Canada Chamber of Commerce at Toronto, Ed Fast , minister of international trade, said India was a priority country for Canada in terms of forging better economic relations.
"Earlier this week, Canadian and Indian officials held a successful meeting in Ottawa, where they worked toward a comprehensive economic partnership agreement. There is opportunity here, and we are seizing it in order to protect and strengthen the financial security of hardworking Canadians," the Canadian minister said.
He said, "With trade representing some 60 percent of Canada's economy, strengthening and increasing trade and investment with India is vital to our economic recovery. Building on the already strong ties we have with India will lead to new opportunities and stronger economies for both countries."
Punjab-born Bal Gosal, who is the minister of state for sports in the Canadian cabinet, said, "Forging closer Canada-India ties is a key priority for our government, and today's round-table discussion puts even greater emphasis on this important relationship.
"Our ongoing negotiations toward a free trade agreement are a clear indication of our commitment to strengthening this relationship."
Lauding the Canadian prime minister Stephen Harper for his stress on boosting business ties with India, Satish Thakkar, president of the Indo-Canada Chamber of Commerce, said, "The Indo-Canada Chamber of Commerce lauds the efforts of the Harper government to improve economic relations with India. Our Chamber supports an economic partnership agreement and we believe it will result in all-around benefits."
A Canada-India joint study in 2010 concluded that free trade could expand Canada's economy by at least $6 billion and increase bilateral trade with India by 50 percent.
Last year, the bilateral trade between Canada and India totalled $4.2 billion. With the two countries likely to sign a Comprehensive Economic Partnership Agreement (CEPA), they aim to triple it by 2015.
Canadian goods face 16 percent tariff in India while Indian goods face nine percent tariff in Canada.
But once the deal is signed and tariffs are eliminated, each country is expected to gain between $6 billion and $15 billion in trade volume.
Currently, India is Canada's 15th largest trading partner while Canada ranks 33rd on India's list.
India is our key priority in trade: Canada - The Economic Times
Dance
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Indian industrial output slows as rate hikes bite
NEW DELHI: India’s annual industrial output slowed to a much lower-than-expected 5.6 per cent in May, official data showed on Tuesday, in a further sign that Asia’s third-largest economy is losing steam.
The 5.6 per cent growth in production by factories, mines and utilities was the weakest in nine months and sharply undershot forecasts of around 8.5 per cent.
With inflation still running at a stubbornly high nine per cent and price pressures spreading from food and energy to manufacturing, analysts said they expected the central bank to raise interest rates again later this month.
The hike would be the 11th since March 2010.
“The central bank has made it quite clear it is prepared for lower growth in pursuit of lower inflation,” Brian Jackson, senior emerging markets strategist at Royal Bank of Canada in Hong Kong, told AFP.
Jackson forecast a 25 basis point hike when the central bank meets on July 26 and a total of 50 basis points through the three months to September.
The output figures spelled more bad news for Prime Minister Manmohan Singh, who on Tuesday reshuffled his Congress-led government after months of bad publicity over corruption scandals.
May’s output figure was down from 8.5 per cent in the same month a year ago, and a revised 5.8 per cent in April, and showed the aggressive rate hikes to tame inflation were putting the brakes on economic performance, analysts said.
The latest figures were compiled using a new index with an updated base year of 2004-05 aimed at more accurately reflecting output trends.
Under the old index, India’s industrial output was even worse at 3.6 per cent year-on-year growth — down from 12.2 per cent the previous year.
Dragging down the index was a slowdown in automobile and textiles production.
The data came a day after industry figures showed the country’s car sales grew just 1.26 per cent last month, their slowest pace in more than two years, as high rates and rising fuel costs deterred buyers.
The government is expected to lower its growth forecast for 2011-12 from nine per cent to around 8-8.5 per cent — still higher than most private economists’ expectations, which range as low as 7.5 per cent.
While growth of 7.0-8.0 per cent would be envied by Western economies, experts say India needs at least 10 per cent expansion to lift hundreds of millions of people out of crushing poverty.
Indian industrial output slows as rate hikes bite | Business | DAWN.COM
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