Showing posts with label business news. Show all posts
Showing posts with label business news. Show all posts

Thursday, January 28, 2010

Latest News of India

Telangana committee to be announced by next week: Govt

New Delhi: The much-talked about committee to examine the demand for separate Telangana will be announced next week, Home Minister P Chidamabaram said on Thursday.

"We are almost at the end of concluding that exercise. If all goes well, we should have a committee by the end of this week. We will announce the committee by next week," he told reporters declining to give out the names.

The Home Minister said the government would have more or less finalised the names and will do by the end of this week. "Perhaps by the next week, the committee will be announced," he said.

Chidambaram in the meeting with political parties from Andhra Pradesh on January 5 had said that its agenda was to "deliberate on the mechanism and lay down a road map for consultations" on the Telangana issue.

The meeting followed Chidambaram's statement on December 23, 2009 when the government put on back burner the formation of the separate state for which it had on December 9, 2009 promised to initiate the process.

On law and order situation in Andhra Pradesh, the Home Minister said much of the agitation has cooled down while there are some protests here and there.

"My greatest regret is that a couple of students reportedly committed suicide. That, I think, should have been completely avoided. Why should children commit suicide. Parents, teachers have responsibility to stop this. But keeping that apart, by and large, things are peaceful there.

There is no major law and order violation. We are sticking to our words," he said.

China mulls setting up military base in Pakistan

BEIJING: China has signaled it wants to go the US way and set up military bases in overseas locations that would possibly include Pakistan. The obvious purpose would be to exert pressure on India as well as counter US influence in Pakistan and Afghanistan.

"(So) it is baseless to say that we will not set up any military bases in future because we have never sent troops abroad," an article published on Thursday at a Chinese government website said. "It is our right," the article said and went on to suggest that it would be done in the neighborhood, possibly Pakistan.

"As for the military aspect, we should be able to conduct the retaliatory attack within the country or at the neighboring area of our potential enemies. We should also be able to put pressure on the potential enemies' overseas interests," it said.

A military base in Pakistan will also help China keep a check on Muslim Uighur separatists fighting for an independent nation in its western region of Xingjian, which borders the North West Frontier Province of Pakistan. Beijing recently signed an agreement with the local government of NWFP in order to keep a close watch on the movement of Uighur ultras.

"I have personally felt for sometime that China might one day build a military base in India's neighborhood. China built the Gadwar port in Pakistan and is now broadening the Karokoram highway. These facilities can always be put to military use when the need arises," Ramesh V Phadke, former Air Commodore and advisor to the Institute of Defense Studies told TNN.

Phadke said the article in very significant. "The purpose may be to see how the international community reacts to it," he said.

China, which has no military bases outside its territory, has often criticized the United States for operating such overseas bases. It has not just changed its standpoint but also wants to enter the lucrative protection business.

"With further development, China will be in great demand of the military protection," the article said. Pakistan, which buys 70% of its military hardware from China, is likely to be an eager buyer for such protection. Beijing may also be able to pressurize Islamabad to accept its diktat using the threat of withholding military supplies.

A Pakistani expert on China-Pakistan relationship has a different view on the subject. "The Americans had a base in the past and it caused a political stink. I don’t think it would be politically possible for the Pakistani government to openly allow China to set up a military base," he said while requesting anonymity. Pakistan might allow use of its military facilities without publicly announcing it, he said.

A Chinese military base can tackle several international relations issues, it said. One of them is "the relationship between the base troops and the countries neighboring to the host country." This is another indication that Beijing is considering Pakistan as a possible base. China’s argument is that a foreign base would actually help regional stability.

"If the base troops can maintain the regional stability, it will be probably welcomed by all the countries in the region," the article said. Beijing is conscious that the move might result in opposition from the US, UK and France which has overseas military bases.

“Thirdly, the relationship between the big countries in the world. The establishment of the troop bases is sensitive to those big countries which have already set up the bases abroad," the article said.

Arms sale to Pak justified as India buys from US: Chinese official

BEIJING: A senior Chinese defense official has justified Beijing's sale of warships and submarines to Pakistan on the ground that India was buying similar systems from Russia and the United States. He indicated that China was conscious India might be worried about the sales.

"The initiative may invite concerns from its neighboring countries. But the doubts are unnecessary," Zhai Dequan, deputy director of China Arms Control and Disarmament Association, was quoted as saying in the official media.

The statement came in the midst of efforts by Norman Bashir, chief of Pakistan's naval staff, to persuade Beijing to sell higher capacity ships as compared to the F22P frigates that China begun delivering last June.

Zhai said Pakistan’s desire for high capacity systems is normal for an independent nation seeking to bolster its security. India has also entered into large deals for military hardware from the US and Russia, he said.

"India's aircraft carrier has already cost it billions of US dollars," Zhai said.

Bashir, who met Chinese Defense Minister Liang Guanglie on Friday, said Pakistan was keen on buying bigger ships and more JF-17 fighter planes from China apart from the submarines. Pakistan will buy more weapons including missiles from China in future, he said.

"The F22P frigate is about 3,000 tons, and now we are talking about 4,000-ton ships. These are very big projects and we think the cooperation is important for both countries, especially Pakistan," he said.

Pakistan booked four F22P frigates from China in 2005 and the first one began sea trials last year. Islamabad followed it up with another order of four more ships of same kind in 2007, the Chinese media said.

Bashir showered fulsome praise on Chinese warships saying they use the latest technology, and have the all-round capability to target surface ships, aircraft and submarine.

"The F22P frigate can be deployed to complete multitasks. The ship is balanced for offense and defense, and can be used in both peace and war time, if there is a war," he said. This is his third visit to China this year.

Fonseka attempted to assassinate Rajapaksa: Ministry

COLOMBO: Sri Lankan government on Thursday hit back at defeated opposition candidate Gen Sarath Fonseka, alleging he had attempted to "assassinate" President Mahinda Rajapaksa and his family.

A day after Fonseka charged the Army with attempting to kill him and was seeking India's protection, the Defence Ministry today claimed there was "ample evidence" to prove that the former Army Chief Fonseka hatched the conspiracy from two hotels in Colombo.

Director of Media Centre for National Security Lakshman Hullugale claimed that the President and his family were to be assassinated along Galle Road in Colombo or at the Lake House Junction in the commerce hub of Fort.

He claimed nine army deserters, who were arrested from outside a hotel in the capital yesterday, were part of the plot and investigations into this are now underway.

In his letter to the Election Commission yesterday, Fonseka accused Rajapaksa of using the state media to attack him and of misappropriating public funds for his campaign and of preventing displaced minority Tamils from voting.

"The enthusiasm of the people we noticed during the campaign is not reflected in this result," Fonseka told reporters here. "We will never accept this result. We will petition (the court) against it."

Pak dragging feet on bringing 26/11 accused to justice: PC

New Delhi: India on Thursday said it would have to conclude that Pakistan is dragging its feet on bringing terror accused in Mumbai attacks to justice if it does not put on trial people including Hafiz Saeed, founder of terror group Lashker-e-Taiba.

Union Home Minister P Chidambaram, while reacting to Pakistan's claim that India had not provided any evidence against Saeed, said "Zaki-ur-Rehman Lakhvi is one of the masterminds. There are others. We know their names and Pakistan also knows their names.

"If they do not bring the others to trial, then I would have to conclude, reluctantly and regretfully that they are dragging their feet," Chidambaram told reporters here.

He was responding to questions that Pakistan had spared Saeed in its chargesheet filed in an anti-terrorist court accusing seven other Lashker terrorists including Lakhvi.

India has been demanding trial of Saeed, against whom Interpol also issued Red Corner Notice for his alleged role in the 26/11 Mumbai attack. Islamabad, however, claims that India had only shared information about Saeed and no evidence.

Pakistan Federal Investigating Agency, in its report to the court conducting the trial of seven accused, including Lakhvi, states that there is "sufficient incriminating evidence on record against those arrested for orchestrating the Mumbai attacks."

India dismayed over new attacks in Australia

New Delhi: India on Thursday expressed "dismay" over new incidents of attacks against Indians in Australia with External Affairs Minister S M Krishna once again expected to raise the issue with his Australian counterpart Stephen Smith on the margins of a conference in London.

"We have learnt with dismay on Thursday, of fresh incidents of violence against Indians residing in Australia, with the latest reports coming from Brisbane where four Indians, including three taxi drivers were attacked in two separate incidents on Thursday, 28th January," Minister of State for External Affairs Preneet Kaur said in a statement here.

"....In view of the latest incidents reported today, EAM (External Affairs Minister) is likely to raise this issue once again with the Australian Foreign Minister later today on the margins of the meetings in London," she said.

Krishna had met Smith on Wednesday and had conveyed that these attacks are particularly worrisome as the Indian community members appeared to have been singled out and it was becoming increasingly difficult to accept these attacks as mere opportunistic crimes devoid of any racial motives.

He also impressed upon Smith that there has been no visible progress so far in most of the investigations into previous attacks including in the fatal murder of 21-year-old Nitin Garg earlier this month.

It was the responsibility of the Australian authorities to bring the perpetrators of these crimes to book at the earliest and immediately put effective measures into practice to prevent any further attacks, Krishna had said.

Smith had informed Krishna that a high-level Working Group had been set up under his overall charge to deal on an urgent basis with this issue.

Kaur said meanwhile, the Indian High Commissioner in Australia is currently visiting Brisbane.

He "is meeting community leaders and members of the Queensland Police authorities to discuss and deal with the recent attacks, and to ensure that remedial measures are urgently undertaken," she said.

Business News

Obama-speak: Hello, war on recession; Goodbye, war on terror

WASHINGTON: Amid talk of fading allure and promises not kept, a feisty President Barack Obama, bruised by economic, political, and foreign policy crises in his first year in office, asserted that he was not a quitter and pledged he would deliver on the change he vowed to bring about in his rousing presidential campaign.

In his first state of the union address on Wednesday that was largely devoted to domestic issues, Obama also signaled to the international community that Washington intended to ease its way out of Iraq and Afghanistan while securing itself at home through better homeland security and preventing terrorists from getting their hands on weapons of mass destruction.

Only a few minutes and a bare 800 words of his 70-minute/7000-word address were devoted to foreign policy as the first African-American President in US history battled the perception that he has lost
his way in Washington. In sharp contrast to the many Bush speeches, he mentioned the word terror or terrorists only twice in his speech; there were nearly 50 references to jobs and economy, a clear indication of where the Obama administration’s emphasis will be in the remaining three years of its term.

As has now become the norm, the President invoked the growth of China and India to gee up the home constituency on the economic front, where a continuing slow-down and job loss has bedeviled his first year in office.

"Washington has been telling us to wait for decades, even as the problems have grown worse," he said, referring to the enervating political gridlock in the capital that he blames for stymieing some of his initiatives. "Meanwhile, China is not waiting to revamp its economy. Germany is not waiting. India is not waiting. These nations -- they're not standing still."

"These nations aren't playing for second place. They're putting more emphasis on math and science. They're rebuilding their infrastructure. They're making serious investments in clean energy because they want those jobs. Well, I do not accept second place for the United States of America," he added.

Obama also repeated the mandatory mantras about loss of jobs to foreign markets, saying to encourage businesses to stay within the United States "it is time to finally slash the tax breaks for companies that ship our jobs overseas, and give those tax breaks to companies that create jobs right here in the USA."

In an elaborate appraisal of the state of the US economy, President Obama explained how government’s bail-out of big banks was inevitable despite everyone, including himself, hating it (he compared it to a root
canal). But now that the "worst storm has passed" it was time for Democrats and Republican to "overcome the numbing weight of our politics" and address issues such as health care and initiatives for job creation and economic growth.

The president set a target of doubling US exports over the next five years, a goal that will inevitably bring pressure on countries such as India to open its markets, as he pledged "to continue to shape a Doha trade
agreement."

"We have to seek new markets aggressively, just as our competitors are. If America sits on the sidelines while other nations sign trade deals, we will lose the chance to create jobs on our shores. But realizing those benefits also means enforcing those agreements so our trading partners play by the rules," he said.

But it was his quick glossing over of the crises in Afghanistan and Iraq, including promise of a rapid withdrawal of US troops, that was most striking. "In Afghanistan, we're increasing our troops and training Afghan security forces so they can begin to take the lead in July of 2011, and our troops can begin to come home," he said. "We are responsibly leaving Iraq to its people. We will have all of our combat troops out of Iraq by the end of this August."

"This war is ending, and all of our troops are coming home," he said to repeated applause at a joint session of law-makers where 9/11 is a distant memory and there is clearly no appetite for continued attrition abroad amid severe domestic crises.

Oracle closes USD 7.4 bn Sun deal

New York: Software major Oracle Corp has completed the takeover of hardware company Sun Microsystems Inc for USD 7.4 billion.

The deal, which was announced nine months ago, would transform the IT industry, Oracle said in a statement on Wednesday.

The two companies, which have a significant presence in India, together employs more than 26,000 people in the country. Oracle has more than 25,000 employees in India while Sun Microsystem has 1,200 people.

The Sun Solaris operating system is the leading platform for the Oracle database, Oracle's largest business. With the acquisition of Sun, Oracle can optimise Oracle database for some of the unique, high-end features of Solaris.

"With the addition of servers, storage, SPARC processors, the Solaris operating system, Java, and the MySQL database to Oracle's portfolio of database, middleware, and business applications, we plan to engineer and deliver open and integrated systems¿from applications to disk where all the pieces fit and work together out of the box," Oracle said.

The European Union's antitrust watchdog has approved the Sun-Oracle transaction last week saying the deal would not would restrict competition in the database's market. The approval from the EU came after months of investigation.

In April last year, Oracle has agreed to buy Sun Microsystems for USD 7.4 billion or USD 9.50 a share in cash.

Ramalinga Raju declared 'pauper' in US court

New York: Ramalinga Raju, former chairman of Satyam Computers, who last year confessed to have inflated his company's assets by over USD 1 billion, was declared a pauper by a court exempting him from paying court costs.

New York judge Barabara S Jones approved 'pauper' status for Raju, his brother Rama Raju, Satyam's former chief executive officer, and Srinivas Vadlamani, the company's former head of finance.

In October 2009, the defendants filed an "in forma pauperis" and for the appointment for a pro bono counsel.

According to court documents, the accused stated they are "unable to engage an attorney in the US to defend (themselves) in the class action litigation and to pay any court fees or to meet any financial obligations which might be imposed by this court".

"The court finds that defendants have adequately demonstrated that they are unable to pay costs as described in the federal law," US District Judge Jones said.

The judge however denied the request for a pro bono counsel as the "defendants are incarcerated in a foreign country and it would be unusually difficult for the appointed counsel to meet and otherwise competently represent Defendants under the circumstances".

On 7 January 2009, Raju, 55, admitted that Satyam's accounts had been falsified by over USD one billion, in what became India's largest corporate scandal.

In November, the CBI said that fraud was 40 per cent larger than originally estimated. The former CEO of Satyam is being held in India.

"It was like riding a tiger, not knowing how to get off without being eaten," he said, after the scandal broke. The IT company was taken over by Tech Mahindra.

Sports News

Murray reaches Oz Open final, revives British hopes

Melbourne: Andy Murray has beaten Marin Cilic to reach the Australian Open final and is again only a win away from ending a long British drought at the Grand Slam tournaments.

Murray started slowly but picked up momentum Thursday night in a 3-6, 6-4, 6-4, 6-2 win over the 21-year-old Croatian.

Murray is the first British man to reach the final in Australia since John Lloyd in 1977 and the first to reach two Grand Slam finals in the Open era. Cilic had an upset win over Murray in the fourth round of the 2009 U.S. Open, where the Scot had lost the final the previous year to Roger Federer.

Fred Perry, who won eight major singles titles in the 1930s, was the last British man to win a Grand Slam event.

Mithun, Saha named in India's Test squad

Mumbai: Rookie Karnataka paceman Abhimanyu Mithun and Bengal wicketkeeper-batsman Wriddhiman Saha were on Thursday named in India's 15-member squad for the first Test against South Africa beginning in Nagpur from February 6.

Ravaged by injuries to key players like Rahul Dravid, Yuvraj Singh and paceman S Sreesanth, the national selectors brought in Tamil Nadu middle order batsman S Badrinath while opener Murali Vijay retained his place in the sqaud.

Apart from Mithun and Saha's inclusion, there were no major suprises in the squad announced by BCCI secretary N Srinivasan after a meeting of the selection committee here.

Rahul Dravid, who sustained a face injury in the second Test against Bangladesh, has been advised rest for three weeks while Yuvraj Singh has also been ruled out of the Test series due to an injury to his left wrist.

Uttar Pradesh paceman Sudeep Tyagi, who also featured in the squad that toured Bangladesh, has retained his place. Tamil Nadu wicketkeeper-batsman Dinesh Karthik has been dropped with the selectors opting for the young Saha in his place.

Stylish batsman VVS Laxman, who had also suffered a finger injury during the Test series against Bangladesh, has recovered sufficiently to be drafted into the squad.

Indian Team for the First Test: Virender Sehwag, Gautam Gambhir, Murali Vijay, Sachin Tendulkar, VVS Laxman, S Badrinath, Mahendra Singh Dhoni (C), Harbhajan Singh, Zaheer Khan, Ishant Sharma, Amit Mishra, Sudeep Tyagi, Pragyan Ojha, Abhimanyu Mithun, Wridhiman Saha.

It's Serena vs Henin at Oz Open final

Melbourne: Defending champion Serena Williams has advanced to her fifth Australian Open final and will put her 100 per cent record at Melbourne Park on the line against Justine Henin, who is only two tournaments into her comeback from retirement.

Both advanced over Chinese players on Thursday to set up a championship match involving two former Australian champions.

Top-ranked Williams wasted four match points before finishing off a 7-6 (4), 7-6 (1) semifinal win with an ace against Li Na on Thursday, a day after her sister Venus lost to the Chinese player in the quarterfinals.

Henin overwhelmed 2008 Wimbledon semifinalist Zheng Jie 6-1, 6-0 in 51 minutes, the shortest match of this tournament and the most lopsided semifinal at the Australian Open since Chris Evert beat Andrea Jaeger by the same score in 1982.

Williams leads Henin 7-6 in career head-to-heads, although they've never met in a Grand Slam final. Williams won their last match, at Miami in 2008, just before Henin retired suddenly while holding the No. 1 ranking.

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"I can't wait for the final. It's such an amazing chance that I have to play another final in Melbourne," said Henin, who won the 2004 title in Melbourne and retired with stomach problems during the 2006 final against Amelie Mauresmo. "It's a very special occasion, but the dream continues.

"I'm going to play the No. 1 player in the world in a Grand Slam final. She's a real fighter."

Serena Williams has a 100 per cent conversion rate so far in finals at Melbourne Park, winning the title every time she's played for the championship since beating Venus here in 2003. The winning sequence has been every odd-numbered year so far.

Saturday, August 22, 2009

Latest News In India

3 more die of swine flu, death toll crosses 50

NEW DELHI: Three more persons, including one in worst-hit Pune, succumbed to the swine flu on Saturday, pushing the country-wide fatalities from the HINI pandemic to 51.

A death each occurred in Pune, Tamil Nadu and Goa with four more testing positive for the virus in Assam even as close to 2,600 patients were undergoing treatment across the country.

With a 60-year-old man succumbing to the disease in Pune in Maharashtra, the city recorded its 20th swine flu death.

All educational institutions in Pune, which reported its first fatality on August 3, had been shut for the past one week to prevent the spread of the infection.

The flu claimed its third victim in Tamil Nadu when a 45-year-old man died at the government hospital in Chennai.
The man, whose throat swabs tested positive on August 19, was admitted to the hospital on August 12 with complaints of breathlessness and bleeding piles.

A 67-year-old man, suspected to be suffering from the swine flu, died at a private hospital in Goa, health officials in state capital Panaji said.

Shiva Murthy, who arrived from Bangalore yesterday, was admitted to the hospital with high fever, they said adding he breathed his last this morning.

His throat swabs had been sent for HINI testing to Delhi and the reports were awaited, the officials said.

Life term for prez guards in rape case

NEW DELHI: A city court on Saturday awarded life imprisonment to two members of the president's bodyguard in the 2003 Buddha Jayanti Park gangrape case.

Assistant Sessions Judge S.K. Sarvaria awarded life imprisonment to Harpreet Singh and Satender Singh for raping a 17-year-old student of a Delhi University college, while two other members, Kuldeep Singh and Manish Kumar, were given 10 years' rigorous imprisonment each.

The four have been found guilty under sections 394 (robbery), 366 (kidnapping) and 34 (common intention) of the Indian Penal Code (IPC). Harpreet and Satender have also been convicted for gangrape under section 376 (2G) of the IPC.

The victim, who had gone with her friend to the park near Rashtrapati Bhavan on Oct 6, 2003, was raped by Harpreet and Satender while the other two Kuldeep and Manish kept watch.

The prosecution examined 25 witnesses to establish the rape charge.

The four first roughed up the girl's friend and then took her to a secluded place inside the park where they raped her, the prosecution had maintained.

Advani stopped Vajpayee from acting against Modi: Jaswant

NEW DELHI: Firing a fresh salvo at L K Advani, expelled BJP leader Jaswant Singh has claimed that the former home minister stopped Atal Bihari Vajpayee from taking action against Narendra Modi over the 2002 riots on the ground that it could trigger uproar in the party.

Prime Minister Vajpayee was "disturbed" and wrote down his resignation letter in his Parliamentary office. "Parliament was in session," Singh said in a TV programme.

"He (Vajpayee) pulled a piece of paper and he started writing his resignation by hand. I held his hand and he looked at me severely and I said what are you doing. Don't do this. He said chod do and I somehow I persuaded him. We went to his house. We were able to defuse the situation," Singh said.

Singh said he alongwith Vajpayee, Advani and Arun Shourie were flying to Goa for a BJP meeting when the conversation relating to the Gujarat Chief Minister cropped up.

"He (Vajpayee) asked, Gujarat ka kya karna hai (what should be done about Gujarat ?...there was silence for sometime. He then said Gujarat ke bare mein sochna chahiye. Then Advaniji went towards the bathroom...Atalji said poochhiye fir ky karna hai (ask him then what should be done)?

"I went and asked Advaniji. Advaniji just said one phrase-bawaal khada ho jayega party mein (there will be uproar in the party," Singh said.

Singh, who held the key portfolios of Finance and External Affairs in the Vajpayee government, said on that day, he was called from the House by Pramod Mahajan to the PM's office in Parliament.

"Come quickly Jaswantji", he told me. "I didn't know what had happened... When I went, I was told "sambhaliye, sambhaliye (control the situation). Istifa de rahein hain (he is giving his resignation).

Vajpayee called his Secretary. "I told his Secretary to go away and not come back. He (Vajpayee) sternly asked me kya kar rahe ho (what are you doing)".

Asked whether Vajpayee was inclined to act against Modi, Singh said, "factually to the best of my recollection, yes, this was the conversation.

Pressed further on whether Vajpayee was inclined to sack Modi, Singh said, "I would not use the word 'sack'. But certainly from the party to reflect and take some corrective measure.

Singh had sought to embarrass Advani yesterday by saying that the then Home Minister was well aware of his accompanying three terrorists to resolve the Kandahar hijack episode.

Advani had then claimed that he was against the decision to free terrorists in return of the passengers of the hijacked flight IC-814 in 1999 and went on say that he had nothing to do with the decision to send.

BMW hit-and-run case: Sanjeev Nanda out of jail

NEW DELHI: Sanjeev Nanda, convicted for his involvement in the infamous BMW hit-and-run case, was freed from jail three months before his two-year jail term ended due to his good conduct, a senior jail official said on Saturday.

Nanda yesterday walked free from Tihar Jail No 4, where he was lodged, Tihar Jail spokesperson Sunil Gupta said.

Tihar Jail Superintendent granted him remission for his "good conduct" during his stay in the jail, he said. According to rules, a convict can earn three months of remission every year if he conducts himself in a positive manner.

Nanda was convicted for a two-year jail term for mowing down six persons, including three policemen on Lodhi Road on January 10, 1999.

Delhi High Court had last month reduced his sentence from five years to two years.

However, Nanda, the grandson of former Navy chief S M Nanda, had to spend only four-and-half months in jail after the deduction of 19 months he remained behind the bars during trial.

India will keep providing 26/11 evidence to Pak : Krishna

NEW DELHI: A day after India gave "additional information" to Pakistan on the Mumbai terror attacks, foreign minister S M Krishna on Saturday said that New Delhi will keep providing more evidence to Islamabad "as and when" it is collected.

The statement comes in the backdrop of Pakistan Foreign Minister Shah Mahmood Qureshi's claim that India was not responding to Islamabad's request for intelligence sharing on possible terror attacks as indicated by Prime Minister Manmohan Singh recently.

"We are in continuous touch with the government of Pakistan. It is an ongoing exercise between India and Pakistan. So, as and when, we collect more evidence we will keep sending it across to Pakistan and that is what Foreign Secretary did yesterday," Krishna said.

In her meeting with Pakistan High Commissioner Shahid Malik yesterday, Foreign Secretary Nirupama Rao handed over "additional information" on Mumbai attacks including inputs on some of the key aspects and accused involved.

New Delhi had earlier given four dossiers to Islamabad providing inputs on the terror suspects and logistics including communication used by those involved in carrying out the attacks in Mumbai. They also contained responses to many queries raised by Pakistan relating to lone surviving terrorist Ajmal Kasab and others.

Indian Business News

Govt's effort not to protect RIL's interest: Deora

Mumbai: Irked by allegations of favouritism, Petroleum Minister Murli Deora today said his ministry had better things to do than go around supporting Mukesh Ambani-led RIL.

"How do you say that... Don't we have any other work," Deora shot back when asked about Anil Ambani group's ad-campaigns in newspapers alleging that the ministry was favouring RIL.

The Government will protect the interests of state-owned NTPC, he said, adding that its revenues from the RIL's KG-D6 fields was estimated at about Rs 84,000-crore and not Rs 500 crore as claimed by ADAG in the advertisement campaign.

Deora said the Ambani brothers' fight had impacted investor confidence in the oil and gas sector, but the response so far to the country's latest offering of oil and gas blocks was "very good".

"It would have been better (if there had been no dispute)," Deora said.

The Government had begun overseas roadshows to attract investment into the country's Exploration and Production sector through the latest offering under New Exploration Licensing Policy.

Food prices likely to stay high

NEW DELHI: While finance minister Pranab Mukherjee on Friday said the government is ready to import foodgrains to contain the impact of drought on the availability of essential commodities, food prices in the country are likely to remain high.

Though the global prices of food products like rice, wheat, maize and edible oil have fallen in the last one year, the prices in India surged sharply.

While the global prices were rising in the second and third quarter of 2008, India banned exports of most of the commodities to keep domestic prices under control. But between October and December, the global commodity prices fell sharply due to the global financial crisis. However, commodity prices in India did not come down.

Despite WPI in the country declined year-on-year, showing a negative inflation, CPI is ruling at 10-14%.

According to the government data, prices of staple food items in WPI (wholesale price index) have risen sharply, led by rice, which is up by 15.2%, vegetable by 21.8%, pulses by 15.9%, sugar by 34% and tea and coffee by 25.6%. In its global economic monitor, Nomura Global Economics said that though India has sufficient buffer stock of rice and wheat at 32.3 million tonnes and 25.3 million tonnes respectively, the prices are rising mainly due to the fact that government machineries do not move quickly enough to sell buffer stock in the open market and take action against the hoarders.

The report said that prices for products such as pulses, sugar, oilseeds and coarse cereals, where no such buffer stocks exists, could rise further due to hoarding.

Increase in the minimum support prices (MSP) of commodities has also led to the spurt. But, government sources said that increase in MSP helped revive rural economy, which in turn has generated demand for steel, cement and other consumer items. This helped the other section of Indian economy tide over impact of the global slowdown.

The fear is that when India will enter the global market to purchase foodgrains, prices worldwide will also firm up fast.

This was evident in the case of sugar, whose prices in the global futures market jumped to 28-year high on the news of India’s decision to increase sugar import. Mukherjee said that government will not announce the timing of the import to ensure that prices are not jacked up artificially by the international players.

States not to review sales tax on jet fuel

New Delhi: States will not review the current sales tax rates on jet fuel as of now, even as the troubled aviation industry demanded reduction in the levy.

"The mood of states is not to review the (sales tax) rates of ATF," Value Added Tax (VAT) panel Chairman Asim Dasgupta told reporters when asked whether states will lower sales tax rates on jet fuel as global crude prices have come down drastically.

Dasgupta said states have asked the Centre certain questions on Aviation Turbine Fuel (ATF), but have not got a response so far.

He said states also do not want the centre to bring ATF in the declared goods category which will bind the states to levy sales tax on jet fuel up to 4 per cent only.

Sales tax on ATF vary widely among states. The aviation industry is demanding a cut in the sales tax rates on jet fuel which constitute 40 per cent of their operation costs.

Dasgupta was talking to reporters after the empowered committee of state finance minister on VAT held a meeting to discuss the broad contours of the proposed Goods and Services Tax.

Dasgupta said the meeting discussed the items which have to be covered under GST, but did not disclose the list of items and the rate of GST as some more meetings are to be held before the agreement on these issues are reached.

Indian Sports News|Sports News

Sri Lanka thrash ailing Kiwis in Galle Test

Galle (Sri Lanka): An illness-depleted New Zealand were bamboozled in the face of pace and spin as Sri Lanka cruised to a 202-run victory in the first cricket Test on Saturday to lead the two-match series.

The Kiwis, set an improbable target of 413 runs, collapsed to 210 all out in their second innings before tea on the fifth and final day at the Galle International Stadium.

Off-spinner Muttiah Muralitharan claimed 3-88 to take his world record tally to 777 wickets, while left-arm seamer Thilan Thushara and spinner Ajantha Mendis picked up two scalps each.

The tourists, who had 13 of their 15 players affected by a stomach bug and viral fever, had been left hoping the weather might do them a favour -- only for clear skies to break over the coastal town for the first time since the Test began.

Skipper Daniel Vettori battled bravely for two-and-a-half hours to make 67, his 20th Test fifty, sparking a brief resistance by the lower order after the Kiwis were reduced to 86-5.

Jesse Ryder, one of the players worst affected by the virus, defended for almost an hour to add 48 for the sixth wicket with his captain before he was caught behind off Muralitharan for 22 soon after lunch.

Jeetan Patel hit 22 and Brendon McCullum, who was confined to bed yesterday due to fever, made 29 before he was last man to be dismissed, a run-out victim of a direct throw from Muralitharan.

Wicket-keeper Prasanna Jayawardene, returning to the side after missing the previous series against Pakistan with a knee injury, chipped in with three catches and a stumping.

For Kalmadi, F1 is Family 1st

New Delhi: Two years ago, Suresh Kalmadi, president of the Indian Olympic Association (IOA), proudly said that he had sealed an agreement to bring the Formula One Grand Prix to India. Just months later, the company that signed the contract with the organisers had his son as part owner — and a year later, his daughter and her husband joined it as directors.

In June 2007, Kalmadi — as IOA chief — announced that he had a letter of intent from F1 chief Bernie Ecclestone under which the IOA would “promote and back” the move to build infrastructure for the event in India and “elicit support from Central and State Governments to construct the circuit.”

In October that year, the UK-based Formula One Administration Limited — F1’s organisers — signed a Rs 1600-crore contract with JPSK Sports Private Limited.

Records obtained by The Indian Express show that JPSK’s stakeholders are Jaiprakash Associates (74%); Pune-based Sulba Realty Private Limited (13%) of which Kalmadi’s son, Sumeer Kalmadi, is Director; and Trackwork International Pvt Ltd, a Delhi-based firm (also 13%). SK in JPSK is an apparent reference to Sumeer Kalmadi.

As per the agreement between the three — signed on November 16, 2007 — JPSK acquired around 2,500 acres for the project. Approximately 1000 acres of this will be used for the race circuit and the “balance land” will be “developed” in the ratio of 80%-10%-10% between Jaiprakash Associates, Sulba and Trackwork.

Records from the Registrar of Companies, Ministry of Commerce, show that a year after the company was floated, Kalmadi’s daughter, Payal Aditya Bhartia, and his son-in-law, Aditya Bhartia, joined JPSK as Independent Directors. Officials of the Jaypee Group say they regularly attend Board meetings.

Saturday, August 1, 2009

Indian Latest News

Pak given enough evidence to prosecute Saeed: Chidambaram

NEW DELHI: India on Saturday maintained it had given enough evidence to Pakistan to prosecute Jamaat-ud Dawa (JuD) chief Hafiz Saeed, the alleged mastermind of the 26/11 Mumbai terror attacks, and it was now for Islamabad to proceed against him. The home ministry has also prepared a fresh dossier on the attack, which will soon be given to Pakistan.

"There is enough evidence to proceed against Saeed," home minister P. Chidambaram said at a press conference here to detail the activities of his ministry during July.

"The evidence provided in three dossiers is, in our view, sufficient to investigate role of Hafiz Saeed (in the Mumbai carnage)," the minister said, adding: "The investigations in Pakistan will also throw up enough evidence."

Chidambaram also said his ministry had formulated its latest response to the queries submitted by Pakistan on India's third dossier on the Mumbai attacks.

"Yesterday (Friday), we finalised our response. A seven page response with attachments has been handed over to the ministry of external affairs to be transmitted to Pakistan. I believe this will be done shortly," the home minister added.

Saeed, who had been placed under house arrest in December after the UN proscribed the JuD in the wake of the Nov 26-29, 2008 Mumbai attacks, was released by the Lahore High Court in June citing lack of evidence.

On July 28, a defiant Pakistan said it would not arrest Saeed till adequate proof was provided of his involvement in the Mumbai carnage.

"We cannot arrest him till adequate proof is provided. There is no proof," Pakistan's Interior Minister Rehman Malik had told a private TV news channel in an interview.

The latest flip-flop came 12 days after prime minister Manmohan Singh said on July 16 his Pakistani counterpart Yousuf Raza Gilani had informed him that "common consensus" was being evolved and that "action will have to be taken against him (Saeed)".

Two days before that, on July 14, Pakistan's Punjab provincial government had disassociated itself from the case against Saeed, saying the federal government had not furnished "solid evidence" to warrant his continued house arrest.

The Punjab government's move came as a three-member Supreme Court bench headed by Chief Justice Iftikhar Muhammad Chaudhry was considering two identical petitions filed by the federal and provincial governments against Saeed's June 2 release by the Lahore High Court.

Punjab Advocate General Raza Farooq told the court that the provincial government had put Saeed under house arrest on the directive of the federal government.

Saeed is the founder of the Laskhar-e-Taiba (LeT) terror group that New Delhi accuses of also staging the Dec 13, 2001 attack on the Indian parliament. The LeT had morphed into the JuD after it was banned in the aftermath of the attack.

Ajmal Amir Kasab, the lone gunman captured alive during the Mumbai mayhem, has admitted to being a Pakistani national and to being trained by the LeT for the Nov 26-29, 2008 Mumbai attacks that claimed the lives of over 170 people, including 26 foreigners.

Pakistan has charged five men, including LeT commander Zakiur Rehman Lakhvi with involvement in the Mumbai mayhem.
Last month, Pakistan had handed over a dossier to India admitting its nationals were involved in the attacks. The dossier came days before the July 16 Gilani-Manmohan Singh meeting on the sidelines of the Non-Aligned Summit at the Egyptian resort of Sharm el-Shaikh.

Speaking to reporters after the two-hour-long meeting, Manmohan Singh said he had raised the matter of Pakistan taking action against Saeed.

"The Pakistan prime minister told me that there is common consensus being evolved that action will have to be taken against him. The Punjab government, which is of the opposition party, is being persuaded," he said.

Government not to bail out private airlines

NEW DELHI: Civil Aviation Minister Praful Patel on Sturday said that the government would not bailout private airlines. Private airlines ganged up and decided to suspend operations on August 18 if the government did not help them cut costs.

Patel advised the private carriers to withdraw their strike call on August 18. He stated, "Passengers interest would be safeguarded and DGCA would take action if needed."

Air India will increase the number of flights to reduce inconvenience to passengers, Mr Patel said. It is not known if Paramount Airways will join its private sector peers in the strike.

The minister said that the ATF tax was an issue even before the private carriers started operations. Painting a desperate picture of their situation, industry lobby body Federation of Indian Airlines (FIA) said unless the government helps them by lowering taxes on jet fuel and bringing down airport charges, their survival is in doubt.

But the strike threat by Jet Airways, Kingfisher Airlines, SpiceJet, IndiGo and GoAir, which between them carry about one lakh passengers daily, was interpreted as a pressure tactic by a senior official in the civil aviation ministry.

Housing society hits out at Emraan Hashmi

MUMBAI: Nibbana, the Housing Society in the posh Pali Hill area of suburban Bandra in Mumbai has rubbished actor
Emraan Hashmi's allegation that he was denied NOC for flat ownership because he is a Muslim and said that proper procedures for acquiring the NOC had not been followed.

Society Secretary Capt J P Chhetry said that the actor with his baseless allegations and raking up the minority card had inflicted lot of damage on the society.

A meeting of the society residents held on Saturday has demanded an apology from the actor for making allegations of religious profiling.

"The owner had leased his flat to a German national. He had casually told us that after the lease term ends, he plans to sell his flat. He had not made a formal application that he wishes to sell the flat to the actor. The mandatory police clearance along with necessary documents had not been submitted to the society," said Chhetry.

He said that a meeting of the society residents was held on Saturday and it was decided that an apology will be demanded from the actor for making allegations of religious profiling.

"We will not take this lying down and we are also taking legal opinion" he said adding that the society was yet to receive the summons sent by the State Minorities Commission.

CBI to question Buta Singh, may invoke anti-corruption act

New Delhi: Central Bureau of Investigation (CBI) sources said on Saturday that they would be questioning National Commission for the Scheduled Castes Chairman and former Union Home Minister Buta Singh in connection with the Rs 1 crore bribery case involving his second son Sarabjot Singh.

Sources said that Sarabjot Singh had told the CBI after his arrest, that he had informed his father about ‘settling’ the complaint against Nashik civic works contractor Ram Rao Patil that had been lodged with the National Commission for Scheduled castes.

The CBI has said that they need constitutional sanction to question Buta Singh, and once that is given, they plan to invoke Section 7 and 9 of the Prevention against Corruption Act (PCI) against the former minister.

Sarabjot was arrested on July 31 along with Anup Kumar Begi, Madan Singh Solanki and Dhukh Singh Chauhan for allegedly demanding a bribe of Rs one crore from Patil to close a case registered against him under the SC/ST Act. Later he was sent to CBI custody till August 5 along with three other persons arrested.

On Friday, Buta Singh termed the Central Bureau of Investigation's (CBI) questioning of his son a political conspiracy against him and members of his family.

“It is a conspiracy against me and members of my family. This is not the first time that I have been targeted. Not just me, my family as well. There are political elements involved in this conspiracy. I know who they are, but I will not name them,” said the former Union Home Minister at a press conference here.

Pak mob attacks churches, houses of Christians

Islamabad: Muslim fanatics attacked churches and burnt down scores of houses of the Christian community in Pakistan's Punjab province, a news report said on Saturday.

A mob attacked two churches and gutted 75 houses of Christians over the alleged desecration of papers inscribed with Quran verses at a wedding ceremony in Punjab's Azafi Abadi village at Chak 95-JB on Thursday, Atif Jamil Pagaan and Ashfaq Fateh, leaders of the minority community was quoted as saying by the Dawn newspaper on Saturday.

Fearing attack, the members of the minority community fled the village that allowed the fanatics to attack the church, houses and cattle, the report said.

The station house officer of Gojra Sadar has been suspended by the District Police Officer (DPO) Inkisar Khan, the Pakistani daily said.

DPO Khan said a case has been registered against Mukhtar Maseeh, Talib Maseeh and Imran Maseeh, who were accused of desecrating the papers inscribed with Quran verses. it said.

Christians are the second largest religious minority community in Pakistan after Hindus. The total number of Christians in Pakistan is approximately nearly 3 million or 1.6 of the population.

Christians, like other minorities, have been targeted in Pakistan for flouting blasphemy laws. International rights groups have urged the government to change the law because it was being used to terrorize religious minorities.

Sajid Ishaq, the Interfaith League chairman, has expressed concern over the violence against the Christian minorities.

Christians in southern Pakistan held demonstration last Sunday against an attack in Sikendarabad in which four persons were injured, leading to forcible occupation of a primary school, The Christian Post reported.

Indian Business News|Business News

Hero Honda sales up 30.39% in July

New Delhi: The country's largest two-wheeler maker Hero Honda Motors Ltd reported a jump of 30.39 per cent in its sales at 3,66,808 units in July compared to the sales in the same month last year.

Hero Honda had reported a jump of 83.28 per cent in its net profit at Rs 500.11 crore for the quarter ended June 30 on account of robust sales amidst softening of input costs.

The company sold 2,81,317 units in July last year.

The net profit for the first quarter for the last fiscal was at Rs 272.87 crore.

The total income of the company had grown by 33.72 per cent to Rs 3,864.92 crore during the April-June period of this fiscal from Rs 2,890.25 crore of the same quarter a year ago.

The company had crossed 10-lakh units mark in a single quarter for the first time by selling 11,18,987 units from 8,94,244 units in the year-ago period, up 25.13 per cent.

Five BSNL officials suspended for fraud

Kanpur: Five BSNL officials have been suspended for their alleged involvement in a fraud case related to a call centre which did not pay a bill of Rs 95 lakh pertaining to international calls made from the ISD booth within a span of 22 days.

The owner of the call centre, Rohit Masiha, who acquired 24 connections allegedly using fake addresses, is still on the run, police said.

Four officials were suspended, while engineer B K S Senger, who was holding the post of SDO in the state-run telecom service provider, was suspended as soon as the fraud came into light on July 25, BSNL General Manager A K Bajpai told PTI, adding that the vigilance officers are also investigating the matter.

An FIR was registered against Masiha at Nazirabad police station for using fake addresses and not clearing the bill of Rs 95 lakh.

Masiha had closed down his Vertix Global Call Centre in this industrial city before fleeing, SP (Crime) O P Singh said adding connivance of some senior BSNL officials was suspected in the entire episode.

Indian Cricket News |Indian Sports News| Sports News

Sri Lanka beat Pak by 6 wickets

Dambulla (Sri Lanka): Chamara Kapugedera scored a composed 67 and shared an unbeaten 95-run partnership with Thilan Samaraweera on Saturday to guide Sri Lanka to a six-wicket win in the second limited-over match against Pakistan.

The victory gave the host team a 2-0 lead in the five-match series.

Chasing a modest 169 to win, Sri Lanka looked shaky at 74-4 when the Kapugedera and Samaraweera paired to take their side home without further damage.

Kapugedara faced 97 deliveries for his runs, hitting eight fours and a six while Samaraweera faced 69 balls for his 38, hitting two boundaries.

Sri Lanka lost Upul Tharanga early for 10 runs when the left-hander was caught at first slip by Nasir Jamshed off the bowling of Mohammad Aamer.

Sanath Jayasuriya made 30 in 33 balls with five boundaries and would be relieved that Sri Lanka got through despite him running out his captain Kumar Sangakkara early in the innings.

He called Sangakkara for a run after pushing Abdul Razzaq to short mid-off, but after the non-striker having sprinted almost half way through the pitch, he sent him back only to see him falling short.

Two balls later, Jayasuriya departed when he was caught by Umar Akmal at deep backward of point to give Razzaq a wicket. Mahela Jayawardene mistimed legspinner Shahid Afridi and was caught at mid-wicket by captain Younis Khan to leave his side 74-4.

Earlier Sri Lanka's left-arm seamer Thilan Thushara grabbed three wickets as Pakistan was bowled out for 168 in its innings. Asked to bat first, Pakistan's poor form with the bat in their winless tour continued as the hosts came up with a disciplined effort on the field.

Dope testing programme will be reasonable: Lorgat

Mumbai: In a bid to ease cricketers' concerns over the contentious "Whereabouts Requirements" clause of the WADA Anti-Doping Code, the ICC has assured its member boards that the dope testing programme would be "reasonable".

"The ICC has stressed at all IRTP (International Registered Testing Pool) education sessions, and continues to stress, that the ICC testing programme will be reasonable and that the majority of the Out-of-Competition testing will be based around team and FTP commitments and not whilst players are on holiday," ICC's Chief Executive Haroon Lorgat had written to its member boards some time ago.

But Lorgat had added a rider to this assurance saying the ICC must have the ability to test any cricketer at any time of the day and on any day for effective implementation of WADA's Anti-Doping Code to which it is a signatory.

"However, it is a fundamental requirement in any effective anti-doping regime (as well as a condition of compliance with the Code) that the ICC must have the ability to test any cricketer at any time on any day", he had said.

Explaining further the ICC CEO had said this was for a number of sporting reasons that included placing a deterrent on any doping practice in any off-season.

Lorgat explained that research into the fight against doping in sport has indicated that all sportsmen and women were most at risk of engaging in doping practices when they were not playing.

"The longer cricketers are away from their team and the longer their holiday the more at risk they become. This risk increases significantly if they are aware that they cannot be located", he had said in his communication.

Monday, July 6, 2009

Latest News India

'Union Budget is sour, trepid and unimpressive'

New Delhi: Samajwadi Party, which is extending support to the government, on Monday joined the opposition in ridiculing the General Budget, terming it as "sour", "trepid" and "unimpressive".

RJD chief Lalu Prasad, who had criticised the Rail Budget two days back despite his association with the ruling UPA, however, struck a conciliatory tone and described the Union budget as a "balanced" one.

SP, BJP, Left parties, JD(S) and BJD were critical of the budget even as the Congress hailed it.

"While the Rail Budget was sweet and sour, this budget is only sour," SP chief Mulayam Singh Yadav said while reacting to the Budget presented by Finance Minister Pranab Mukherjee in Parliament.

He particularly said farmers and rural areas have been neglected in the budget.

"I do not see any great message in the budget. It is timid, trepid and unimpressive," senior BJP leader and former Finance Minister Yashwant Sinha said.

He said he would have expected the government to list steps it was taking to fight global recession but the budget had nothing on it.

Sinha said the fiscal deficit has gone up and there was no boldness shown by the Finance Minister as focus on infrastructure projects like roads, airports is missing. JD(S) President and former Prime Minister H D Deve Gowda said there was nothing in the budget for the farmers.

"I am deeply hurt. The farmers and the farming sector have been ignored," Gowda said.

CPI leader Gurudas Dasgupta described the budget as "inconsequential and insufficient" which "fails to address the economic challenges facing the nation".

Indian Budget News|Budget News

Rs 120 crore for Unique Identity Cards; first set in 18 months

NEW DELHI: Countrymen will start getting the sophisticated unique identity cards from within the next 18 months with the government today allocating Rs 120 crore for the purpose in the general budget.

Announcing this, finance minister Pranab Mukherjee said the first set of unique identity numbers will be rolled out in 12 to 18 months.

"A provision of Rs 120 crore has been proposed for this project," Mukherjee said during his budget in the Lok Sabha.

The Unique Identification Authority of India (UIDAI), set up recently by the government, will establish an online databse with identity and biometric details of Indian residents and provide enrolment and verification services across the country.

Mukherjee said the setting of the UIDAI was a "major step in improving the governance with regard to delivery of public services.

The Finance Minister also expressed his happiness that the project also marks the beginning of an era where a top private sector talent, Nandan Nilekani of Infosys, steps forward to take the responsibility for implementing the projects of vital national importance.

Allocation for NRHM hiked by 2,057 crore

NEW DELHI: Giving a boost to healthcare in rural areas, finance minister Pranab Mukherjee hiked the allocation for the flagship National Rural Health Mission (NRHM) by an additional Rs 2,057 crore over and above Rs 12,070 crore in the interim budget.

Apart from this, the health sector as a whole has an allocation of Rs 4,447 crore.

The finance minister said the response for Rashtriya Swasthya Bima Yojana, which was operationalised last year, has been very good.

More than 46 lakh BPL families in 18 states and Union Territories have been issued bio-metric smart cards. This scheme empowers poor families by giving them freedom of choice for using healthcare services from an extensive list of hospitals including private ones.

Government proposes to bring all BPL families under this scheme. "An amount of Rs 350 crore, marking 40 per cent increase over the previous allocation is being provided in 2009-10 budget estimates," he said.

21% hike in Rashtrapati Bhavan budget; Rs 38L for Prez salary

NEW DELHI: Allocation for Rashtrapati Bhavan saw a 21.39% jump with a major chunk being earmarked for Presidential secretariat expenses.

Rs 38 lakh has been allocated for salaries and allowances of the President in the 2009-10 budget presented by finance minister Pranab Mukherjee in the Lok Sabha.

The budget for the Rashtrapati Bhavan has been pegged at Rs 27.52 crore in comparison to last year's Rs 22.67 crore.

The allocation also covers establishment-related expenses in respect of all the staff of the secretariat and expenditure on household establishment and purchase of vehicles.

Mixed response to Budget from Gulf NRI businessmen

DUBAI: Indian businessmen in the Gulf region welcomed the focus given to the agriculture sector in the Budget presented by Finance Minister Pranab Mukherjee today, but expressed disappointment as it offers no incentives for NRIs.

Xpertize United Managing Director Navin Kapoor and a board member of Indian Business and Professional Council (IBPC) said the Gulf businessmen in gold and silver trade will not welcome the hike in customs duty on gold and silver.

Terming the Budget as "lacklustrous", Indian Business and Professional Council (IBPC), which had organised a meeting to discuss the proposals, President and member of administrative board Paras Shahdapuri said, "There is nothing extremely exciting about the Budget."

"Agriculture sector has been given wide support which is good but infrastructure hasn't been given enough attention even as fiscal deficit remains a matter of anxiety," he said.

Kapoor further said, "There was no mention of NRIs in the Budget and that is disappointing."

Shahdapuri also said the country's exports, which have suffered in the wake of the financial crisis, should have been given more incentives.

The businessmen also expressed their disappointment over lack of focus on infrastructure. Infrastructure development would provide huge opportunities for Gulf companies engaged in the construction sector, Shahdapuri said.

India's Consul-General to Dubai, Venu Rajamony, also lauded the Budget for its "inclusive nature" and an important step to bringing India back to a 9 per cent growth rate.

Minimum Rs 30 lakh needed to be called 'wealthy'

NEW DELHI: The government today doubled the threshold for calling a person or entity wealthy, saying the wealth tax would be imposed only on those having a net wealth exceeding Rs 30 lakh.

Under the existing provisions, wealth tax is charged on "every individual, Hindu undivided family and company at the rate of one per cent" of the amount by which their net wealth exceeds Rs 15 lakh.

However, Finance
Minister Pranab Mukherjee today proposed to amend the relevant section of the Wealth Tax Act. Pursuant to this, for every year commencing on and from April 1, 2010, the one per cent wealth tax will be charged on the amount by which the net wealth exceeds Rs 30 lakh.

Besides, the Finance Minister has also proposed to amend certain provisions related to agreement for avoidance of double taxation with respect to wealth tax.

Currently, the Central Government has been conferred with powers to enter into an agreement with the government of any reciprocating country outside India for grant of relief in respect of the wealth tax laws in India and the other nation.

As per the proposed amendment, India can also enter into such agreements with governments of any territory outside India, which may be notified by the Central Government. This particular amendment would take effect from October 1, 2009.

Indirect tax rates unchanged, exchequer to take a hit

NEW DELHI: The government today retained the broad rate structure for all indirect taxes, which will dent its kitty under this head by 16.11% this fiscal compared to projections a year ago.

The government's collection from indirect taxes is pegged at Rs 2.69 lakh crore for this fiscal, a way down from the Rs 3.21 lakh crore Budget Estimate for 2008-09.

This is despite the fact that the net of service tax has been expanded, excise duty on some goods like LPG, nylon and yarn raised from 4% to 8% and customs duty imposed on set-top boxes which would give an additional Rs 2,000 crore.

The government realised a low indirect tax revenue at around Rs 2.81 lakh crore in 2008-09 against budget estimates of Rs 3.21 lakh crore.

Only service tax target of Rs 65,000 crore, pegged in the revised estimates for 2008-09, is retained in the full Budget presented today, which is higher by Rs 540 crore than projected in budget estimates for the last fiscal.

Both customs duty and excise duty collection targets for the current fiscal are less than projected for last fiscal, both in revised estimates and budget estimates.

Customs duty collections are projected to be down over 17% at Rs 98,000 crore during the current fiscal against Rs 1,18,930 crore in Budget estimates, and over nine% lower than Rs 1,08,000 crore in revised estimates.

LCD TVs, mobiles, select life saving drugs cheaper, set-top box costlier

NEW DELHI: Select life saving drugs, LCD TVs, mobile phones, branded jewellery, sports and leather products, packaged software and footwear are among items that would cost less, while gold bars and coins, silver, set-top boxes and cosmetic surgery would turn costlier after the Budget. ( Watch )

Presenting the Union Budget for 2009-10, finance minister Pranab Mukherjee on Monday proposed reduced customs duty on life saving drugs to five per cent from existing 10 per cent. LCD TVs would also attract the lower five per cent customs duty, making the product cheaper.

Mukherjee, however, has imposed five per cent customs duty on set-top boxes used for Direct-To-Home television service. ( Watch )

He also announced duty sops for green energy products like bio-fuel and generators used in environment-friendly sectors by lowering customs duty to 2.5 per cent and five per cent, respectively, from 7.5 per cent.

In a move to appease women, the minister did away with excise duty on branded jewellery from existing two per cent. However, gold bars, coins and silver would become costlier as the government has proposed to increase customs duty.

Gold bars and gold coins would now attract Rs 200 per 10 gram from earlier Rs 100 while on silver, the custom duty has been increased to Rs 1,000 a kg from Rs 500.

Govt announces extension of stimulus package for print media

NEW DELHI: The Government on Monday announced the extension of stimulus package, including a 10% increase in government advertisement rates,given to print media for another six months ending this December.

In his budget speech, finance minister Pranab Mukherjee said the stimulus package given in February this year has been extended from June 30 to December 31 this year.

"In February this year, the print media was given a stimulus package comprising waiver of 15 per cent agency commission on DAVP advertisements and a 10 per cent increase in the DAVP rates to be paid as special relief subject to documentary proof of loss of revenue in non-governmental advertisements," he said.

Additional excise duty on big cars cut

NEW DELHI: Bigger cars will be cheaper as the government today reduced additional excise duty on those with engine capacities of 2,000cc and above by Rs 5,000 per unit.

It also cut the duty of petrol-driven trucks to eight per cent from 20 per cent at present.

"In (the) case of vehicles of engine capacity below 2000cc, this component (specific duty) was Rs 15,000 per unit, while for vehicles of (a) higher engine capacity it was Rs 20,000 per unit. These rates are now being unified at the lower level of Rs 15,000 per unit," finance minister Pranab Mukherjee said while presenting the Budget for 2009-10 today.

Excise duty on petrol-driven trucks and lorries has also been reduced to eight per cent from 20 per cent.

"Petrol-driven trucks provide a useful means of transport within cities and across short distances. These are chargeable to excise duty of 20 per cent. I propose to reduce excise duty on these trucks to eight per cent to equate the duty with similar vehicles run on diesel," Mukherjee said.

Besides, the duties on the chassis of such trucks and lorries have been reduced to eight per cent from 20 per cent, although the fixed component of Rs 10,000 would continue to be levied.

Aiming to reduce the usage of fuel guzzlers, the government had last year imposed the fixed excise duties of Rs 15,000 for cars with an engine capacity of 1,500cc-1,999cc and Rs 20,000 for engines with 2,000cc and above. This was in addition to the already existed 20 per cent duty on such cars.

Gem, jewellery sector sees little relief from Budget

MUMBAI: India's federal budget on Monday brought little relief to the gem and jewellery sector as lack of a cut in interest rates took away cheer from the excise exemption on branded jewellery sales, industry officials said.

"The Budget is not very encouraging for the gems and jewellery industry," said Vasant Mehta, chairman, Gems and Jewellery Export Promotion Council.

"We had asked for an interest subvention which has not been attended to. The exports of the country will be hurt because we are not at par with our international competitors and in recessionary times we need to be competitive," he said.

Gem and jewellery exports contribute 12% to India's foreign exchange reserves.

The industry currently benefits from an interest rate cut of 2%, which has been extended till March 2010. The sector had demanded an additional 2% interest subvention.

The government's move to exempt branded jewellery sales from excise duty did little to revive sentiment as the government increased customs duty on precious metals and hurt the sector already reeling under the economic downturn, officials said.

"There is some good news as the 2% excise duty on branded jewellery
is gone but the gold price hike and no further lowering of interest rates is likely to hurt," said Mehul Choksi, chairman, Gitanjali Gems Ltd.

The amount of gold in studded jewellery varies from 25-30%.

"The duty on gold will affect the industry as a whole as gold prices in India will go up... the industry was looking for abolishing of the duty," said Rajesh Mehta, chairman and managing director, Rajesh Exports.

The 2009/10 federal budget saw customs duty on gold bars being raised to 200 rupees per 10 grams from the current 100 rupees while on other forms of gold excluding jewellery it was raised to 500 rupees per 10 grams from 250 rupees.

However, sops given to the export sector as a whole were welcomed by the industry.

"From the export industry the welcome steps are the abolishing of the fringe benefit tax and the extension of the sunset clause... from 2010 to 2011 wherein EOU's (export-oriented units) and SEZ's (special economic zones) are exempted from income tax," said Mehta of Rajesh Exports.

Shares of Gitanjali Gems rose as much as 6.6% during the Budget but soon reversed gains and ended down 4.42% to 103.9 rupees.

Shares in Rajesh Exports ended down 5.24% at 41.6 rupees and Classic Diamonds ended at 15.4 rupees, down 7.23%.

Budget silent on edible oils tax, trade upset

NEW DELHI: India's federal budget left import duty on edible oils unchanged on Monday, disappointing local industry that had been rooting for at least a small increase.

"There is no news for the edible oil sector. We are little bit disappointed as nothing has been announced to promote domestic oilseeds production," said B V Mehta, executive director of the Solvent Extractors' Association of India.

The market expected the government to impose a nominal tax on crude palm oil imports and marginally raise the levy on refined oils.

India allows tax free imports of crude variants, while levies a 7.5 percent tax on refined imports.

With soaring stocks of imported edible oils at Indian ports, the government was under pressure to slap duties on new cargoes.

An analyst said the decision to leave the tax regime unchanged indicated the government was still assessing the monsoon's progress.

India, the world biggest edible oil consumer after China, mainly buys palm oil from Indonesia and Malaysia, and small quantity of soyoil from Brazil and Argentina.

"Imports of edible oil will continue to be higher in coming days as the global prices are at comfortable level," said Veeresh Hiremath, senior analyst with Karvy Comtrade.

He said local prices of oils and oilseeds would decline.

Budget cuts excise duty on petrol-driven trucks

MUMBAI: India has reduced the excise duty on petrol-driven trucks to 8% from 20%, the Budget document showed on Monday.

Specific component of excise duty applicable to large cars and utility vehicles of engine capacity of 2000 cc and above will be reduced to 15,000 rupees per vehicle from 20,000 rupees earlier, the document said.

Govt to introduce Food Security Bill soon

NEW DELHI: The government on Monday said it will soon introduce a Bill to enact a Food Security law that will provide 25 kg of rice and/or wheat at Rs 3 to each family below the poverty line - a key poll promise of the Congress that heads the ruling coalition.

Presenting the Union Budget 2009-10, finance minister Pranab Mukherjee said, the Bill will soon be introduced after consultation with different stakeholders.

A draft Food Security Bill will be put up on the website of the ministry of food and public distribution for public debate on this issue, he added.

President Pratibha Patil had, on June 4, said a National Food Security Act would be formulated whereby each BPL family would be entitled by law to get 25 kg of rice or wheat per month at Rs 3 a kg, a promise made by the Congress before general elections 2009.

At present, the Centre provides 35 kg of rice or wheat per month to each BPL family. Wheat is supplied at Rs 4.15 per kg while rice at Rs 5.65 a kg to over four crore families living below the poverty line.

The Centre has enough foodgrain in its buffer stock to implement this law. On the back of bumper foodgrain output and higher minimum support prices, the government has procured a record of over 250 lakh tonnes of wheat and over 300 lakh tonnes of rice till July 3 this marketing season.

Higher education gets boost, IITs, NITs bag Rs 21 billion

NEW DELHI: Continuing its thrust on higher education, the union budget 2009-10 Monday proposed to allocate over Rs.21 billion for the Indian Institutes of Technology (IITs) and the National Institutes of Technology (NITs).

"I am allocating Rs.2,113 crore (Rs.21.13 billion) for IITs and NITs, which includes a provision of Rs. 450 crore for new IITs and NITs," finance minister Pranab Mukherjee said while presenting the budget.

Currently, there are 12 IITs and 20 NITs operating across the country including the new ones.

"The demographic advantage India has in terms of large percentage of young population needs to be converted into a dynamic economic advantage by providing them the right education and skills. The provision for the scheme Mission in Education through ICT has been substantially increased to Rs.900 crore," Mukherjee added.

Similarly, the provision for setting up and up-gradation of polytechnics under the skill development mission has been increased to Rs.495 crore (Rs.4.95 billion).

"The government shall take forward its intent of having one central university in each uncovered state and for this purpose I am allocating Rs.827 crore (Rs.8.27 billion)," the minister announced in his budget speech.

Announcing a special package for Panjab University, Mukherjee said: "The facilities at Panjab University, Chandigarh, need to be improved. I therefore, propose to make an allocation of Rs.50 crore (Rs.500 million) for this university."

Govt scraps Commodity Transaction Tax

NEW DELHI: The government on Monday abolished the Commodity Transaction Tax (CTT) that was announced in the Budget last year, but was yet to be implemented and the commodity exchanges rejoiced the decision.

Finance minister Pranab Mukherjee announced the scrapping of the CTT while presenting the Budget for 2009-10. He said the decision is in step with the recommendation of the Prime Minister's Economic Advisory Council.

The government had proposed 0.017% as the CTT (Rs 17 on the transaction value of every Rs one lakh trade on commodity exchanges).

The CTT was announced in line with the Security Transaction Tax (STT) in the 2008-09 Budget by then finance minister P Chidambaram but was not notified following stiff opposition from regulators and exchanges.

Reacting to the decision, commodity market regulator FMC Chairman B C Khatua said, "We are very happy for industry."

Expressing satisfaction, a spokesperson with the country's largest commodity exchange MCX said, "Thanks to the government for taking the decision. This will make the domestic market more efficient to compete globally and risk management will become more effective."

Similarly, leading farm commodity exchange NCDEX spokesperson Madan Sabnavis said, "This is a blessing for the entire commodity market. We were eagerly looking for this. It will restore confidence in the market."

Fringe Benefit Tax abolished

NEW DELHI: Bowing to the long standing demand of India Inc, finance minister Pranab Mukherjee has abolished the fringe benefit tax and commodity transaction tax.

However, Minimum Allocation Tax (MAT) on book profits has been increased from 10 percent to 15 percent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.

Union Budget: I-T limit raised; sops for poor and farmers

Monday , Jul 06, 2009 at 1741 hrs IST:In a pro-poor, pro-rural budget, Finance Minister Pranab Mukherjee on Monday raised personal income tax exemption by at least Rs 10,000, abolished IT surcharge and Fringe Benefit Tax, while focusing on jobs, cheap food for poor and loans for farmers.

In a budget that fulfils a number of Congress' poll promises while battling the pressures of global slowdown, Mukherjee focused on infrastructure and agriculture sector to push economic growth to nine per cent.

The industry welcomed the budget, saying it is a job well done given the trying circumstances, but had reservations on the hike in Minimum Alternate Tax and absence of details on disinvestment programme. The stock markets reacted strongly and tanked about 900 points on the issue of 6.8 per cent fiscal deficit, the highest in 18 years, and lack of sops for areas like housing, steel and infrastructure.

Mukherjee raised the personal income tax exemption by Rs 15,000 for senior citizens (above 65 years) and by Rs 10,000 for others including women and abolished FBT that would help employers in giving more benefits to employees.

The budget, providing for an expenditure of Rs 10.20 lakh crore, kept the corporate tax, customs, excise and service tax rates unchanged but changes in specific duties would make gold, silver and textile products costly, while making LCD TV and branded jewellery cheaper.

It also provides for 25 kg rice and wheat for poor at Rs three a kg, a guaranteed minimum Rs 100 a day rural job, a national electronic job exchange and over Rs 71,000 crore provision for social sector scheme.

Govt scraps Commodity Transaction Tax

NEW DELHI: The government on Monday abolished the Commodity Transaction Tax (CTT) that was announced in the Budget last year, but was yet to be implemented and the commodity exchanges rejoiced the decision.

Finance minister Pranab Mukherjee announced the scrapping of the CTT while presenting the Budget for 2009-10. He said the decision is in step with the recommendation of the Prime Minister's Economic Advisory Council.

The government had proposed 0.017% as the CTT (Rs 17 on the transaction value of every Rs one lakh trade on commodity exchanges).

The CTT was announced in line with the Security Transaction Tax (STT) in the 2008-09 Budget by then finance minister P Chidambaram but was not notified following stiff opposition from regulators and exchanges.

Reacting to the decision, commodity market regulator FMC Chairman B C Khatua said, "We are very happy for industry."

Expressing satisfaction, a spokesperson with the country's largest commodity exchange MCX said, "Thanks to the government for taking the decision. This will make the domestic market more efficient to compete globally and risk management will become more effective."

Similarly, leading farm commodity exchange NCDEX spokesperson Madan Sabnavis said, "This is a blessing for the entire commodity market. We were eagerly looking for this. It will restore confidence in the market."

Sensex dips 800 pts on deficit concerns

Mumbai: The BSE benchmark Sensex on Monday suffered the biggest fall on any Budget day and in the year too by plunging over 869 points on the Bombay Stock Exchange on concerns at the high fiscal deficit set by the Union Budget.

The Sensex, which started coming down soon after the announcement of budgetary proposals, dipped below 14,000-point level before closing 869.65 points down at 14,043.40, surpassing the hefty fall of 749 points on January 7.

The key index had touched the day's low of 13,959.44 as all the heavyweight stocks led by Reliance Industries suffered a heavy loss 6.53 per cent.

Besides the fiscal deficit, trading sentiment also affected as European stocks dipped to a seven-week low on worries that economic recovery might still be far way off.

The 50-share National Stock Exchange index Nifty also tumbled by 258.55 points to 4,135.70, after hitting the day's low of 4,133.70.

Finance Minister Pranab Mukherjee said the fiscal deficit may rise to 6.8 per cent of gross domestic product in the year 2009-10, the highest since 1994.

Banking sector stocks suffered the most, losing 8.17 per cent to 7,768.63, as ICICI Bank tumbled by 10 per cent and HDFC Bank by 5.88 per cent among lenders as the Budget did not have measures to open up the industry and on concerns that the borrowing plan will reduce the value of bond holdings, brokers said.