Reservations could Exceed 50 per cent,SC judgement on Quota like Oasis in Desert, Karunanidhi Comments.Govt approves inclusion of more castes in OBC list

Accusing opposition Trinamool Congress of having links with Maoists, West Bengal Chief Minister Buddhadeb Bhattacharjee on Thursday slammed it for demanding a halt to joint operations against ultras.

Muralitharan ends career with 800 test wickets!

Biometrics best way to store data safely in India, experts!GST to make India a $2-trillion economy: Pranab

If someone can do the job better, I will be happy: PC

Taslima asked to leave India, apply for fresh visa for return!

Indian Holocaust My Father`s Life and Time - Four Hundred Twenty EIGHT

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/

Muralitharan ends Test career with 800 wickets

Murali brought the curtains down on his illustrious Test career, claiming his 800th wicket. Photos

Murali's record haul will never be beaten: Warne

TODAY - 22 July, 2010

The great political tamasha

It seems these politicians have made the wrong career choice – these videos show they'd be better off fighting wars. Take a look

Govt relaxes norms for setting up SEZ in small towns!

Govt approves inclusion of more castes in OBC list!

Government of India Incs Pushes for Economic ethnic Cleansing beyond Chidambarm`s Corpoaret War as the Superslaves die to Displace and Kill the Aboriginal Landscpae in the best interst of Corporate and MNCS. Draft mines law, illegal prospecting discussed by ministerial group but all measures are taken to ensure the Reddy Brothers indulged in Ilegal Mining. On the other hand, Environment Ministry is pressurised to make way for POSO and Vedant!While,Attorney General GE Vahanvati has opined that the Supreme Court nod to Vedanta Resources'' bauxite mining project in Orissa does not bind the environment ministry to give an automatic clearance to it, and that the project must be approved only on "merits". According to sources, the AG has conveyed it to the ministry of environment and forests (MoEF) that it can make its own assessment whether rights of the tribals in the Niyamgiri hills have been protected before the NRI billionaire Anil Agarwal-promoted firm is given the go-ahead for mining.

"The MoEF can take a decision on the plea of Vedanta if it approaches the ministry. However, the ministry cannot ''mechanically'' give clearance to it and has to decide on the merits of the case," AG is understood to have opined.

The apex court had, in 2008, given a conditional nod to Vedanta''s mining project in the resource-rich Eastern state. Later, the MoEF began an assessment of whether the company was protecting the rights of the tribals under the Forests Rights Act.

The AG has given his opinion, after the ministry referred the issue to him asking whether it is within its rights to examine if the project is proceeding as per the law. The project involves bauxite mining on about 660 hectare of forest land.

I had always been writing about the inherent Injustice and Inequality sustained in the Manusmriti Rule even after the Constitutional safeguards for the Eighty Five Percent Majority EXCLUDED Communities SC, ST, OBC and Minorites, Refugees and Slumdwellers, Non Brahamin Poor! Reservation and Quota have become the tool of Vote Bank Equation and thus formatted from the beginning to benefit only the Powerful castes and Communities inaccordance of Manusmriti Order promoting further inequality and injustice. Whatsoever opportunities were expected from Reservation and Quota have been NULLIFIED by the LPG Mafia Goverened Free Market Democracy of Zionsism and Global Hindutva!

Taslima asked to leave India, apply for fresh visa for return!U.S. Af- PaK envoy Richard Holbrooke on Thursday said that India has a legitimate role to play in stabilizing Afghanistan, but peace cannot be brought to the region without help from its nuclear-armed rival Pakistan. Successfully balancing the competing interests of India and Pakistan, who have been looking for influence in Afghanistan for years, has been a challenge for the United States, but both are seen key to improving the region's security outlook.

Biometrics best way to store data safely in India, experts!Criticised by his party colleague Digvijay Singh on anti-Naxal strategy, Home Minister P Chidambaram said if someone can do the job better he would be the happiest person.On the other hand,The Kerala government will take a decision on banning radical Muslim group Popular Front of India (PFI) after getting a report from the National Investigation Agency (NIA), state Home Minister Kodiyeri Balakrishnan said Thursday.

"He (Singh) is the general secretary of our party. I have a job to do and I am doing my job to the best of my ability. If someone can do the job better, I would be the happiest person," he told a business newspaper,Economic Times.He was replying to a question whether he though that a perception among some Congress leaders that he was an "inflexible" persons was an unfair description.

Singh last week justified what he had written about Chidambaram's handling of the Maoist problem and claimed that it reflected Congress policies.

In the interview, the minister said there was no no operation against the Maoists directed by the Centre. These operations have always been conducted at the state level.

"What has changed after October, 20098 is that we no no longer just provide paramilitary forces--we want to know how they are deployed, whether they are deployed, what the objectives are and how the results can be obtained," he said.

So, Chidambaram said, there was now now a greater degree of consultation and coordination between the Centre and State concerned and inter-state coordination between two or more states, which was facilitated by the Centre.

"That is the difference. But there is no no unified operation by whatever name, Operation Greenhunt" or whatever name," he said in reply to a question whether there is a unified operation against naxals directed by the Centre and the States.

He dismissed reports of police munitions finding their way to Maoists. There was one case which was being investigated and it was not not a widespread problem.

About Naxals, Chidambaram said they were among the "most crafty capitalists" in the country. "They do business in violation of the laws, they collect rents, they don't pay taxes, which makes them very crafty capitalists."

In such a situation, he said, if a company has to do business sometimes it was forced to pay rent to Naxalites in the form of levy, extortion money--and these are rents in the economic sense--that is a fact of life.

"Unless the State is able to pay these rents to protect their investments. I am not not turning a blind eye, I understand their compulsions and I don't approve of it, but the State is helpless."

A meeting of a high-powered panel chaired by Finance Minister Pranab Mukherjee to discuss the draft of a new mining legislation and issues pertaining to illegal prospecting and export of the commodity remained inconclusive Thursday.
'We discussed draft act. The minister for mines (B.K. Handique) made a detailed presentation. Some concerns were raised by members. But no specific decision has been taken,' said Mines Secretary Santha Sheela Nair.

Since only some of the members could make their observations due to paucity of time, the group of ministers will meet again to discuss the issues further, the secretary said.

Among the issues discussed Thursday was the proposed Mines and Minerals (Development and Regulation) Act 2010 that seeks to facilitate greater inflow of foreign investment into the industry.
This apart, the issue of illegal mining was also discussed, particularly against the backdrop of charges levelled by the opposition on the Bharatiya Janata Party (BJP)-led government in Karnataka for turning a blind eye to illegal mining in the state.
Chief Minister B.S. Yeddyurappa has said there was no proposal to drop the controversial Reddy brothers -- G. Janardhana Reddy and G. Karunakara Reddy -- from his ministry over allegations of illegal mining against them.

This apart, Steel Minister Virbhadra Singh has said that the government must ban the export of iron ore and hike the export duty on the extracted mineral to help lower prices of finished products in the country.

Muralitharan ends career with 800 test wickets!Sri Lanka off-spinner Muttiah Muralitharan became the first bowler to take 800 test wickets on the fifth day of the first test against India on Thursday.
The 38-year-old Muralitharan, the leading wicket-taker in tests and one-day internationals, dismissed India's Pragyan Ojha to reach the milestone in his final test match appearance with his family watching from the stands.

Hailing the Supreme Court judgement on the quota issue, Tamil Nadu chief minister M Karunanidhi today said it vindicated the state government''s stand and described the verdict as an "oasis in the desert". "The apex court''s observation that reservations could exceed 50 per cent has only justified Tamil Nadu''s stand that states should have the right to fix the quantum of quota," he said in a statement.On the other hand, Accusing opposition Trinamool Congress of having links with Maoists, West Bengal Chief Minister Buddhadeb Bhattacharjee on Thursday slammed it for demanding a halt to joint operations against ultras.

The SC, in its order on July 13, had asked the state government to place all quantifiable data available with it before the State Backward Class Commission, which would revisit the issue of reservation. The court had noted that certain parameters laid down by the court in the Mandal Commission judgement would have to be taken into account by the Tamil Nadu Backward Class Commission if the government wanted to exceed the 50 per cent ceiling in reservation.

Karunanidhi demanded that the Constitution be amended, allowing the states to fix the quantum of reservation.

Finance Minister Pranab Mukherjee today said successful implementation of the goods and service tax (GST) can give a trillion-dollar boost to the economy, taking the total output to USD 2 trillion in a short span of time. "The gain from GST will propel the country from one-trillion dollar economy to two trillion-dollar economy in a short span of time," he said while addressing a meeting of the industry chamber Ficci.

As the country''s economy is on the rise, experts today said biometrics is the only way to store data in a safe manner in a vast country like India and the unique identity numbers will provide that security. "As the Indian economy grows, there is a necessity for some kind of a system through which information about an individual can be known and the unique identity numbers will provide that", said Rajesh Mashruwala, Member, Unique Identification Authority of India (UIDAI). Biometrics is the only way to store data in a safe manner, it guarantees that there is no duplication of data, he said during a workshop. James Herman, Consul General, US Embassy New Delhi said, "Biometrics is a indispensable way to store information in these times, it helps to store better and timely information.

" He urged the Indian government to make way for wider use of biometrics in its various departments. The workshop was organised by Confederation of Indian Industries (CII) in association with the American National Standards Institute (ANSI) and Bureau of Indian Standards.

Mukherjee, who had yesterday proposed a three-tier structure for the new indirect tax regime, quoting an NCAER estimates said, "well designed GST will see an increase of 2 to 2.5 per cent in the GDP." GST will subsume all the indirect levies like excise, VAT, local taxes etc. Currently, the gross domestic product (GDP), which is the sum of total goods and services produced in a year, is over a USD 1 trillion dollar (Rs 58.68 lakh crore).

The proposed GST, he told the industry captains, will provide a level playing field to domestic producers besides stimulating the economy by removing tax distortions and tax competitions. "The successful implementation of GST will create win- win situations for Centre-state, industry and consumers," the minister added.

Mukherjee had yesterday proposed a three-layer GST rates to the states--20 per cent for goods, 16 per cent for services and 12 per cent for essential items. As per the formula, the Centre and states will share the revenue equally.

In the first year of GST (2011-12), the peak Central GST and state GST will be 10 per cent each, he said, adding the rates can be reduced to 9 per cent in the second year. The effort, he added, reduce the CGST and SGST at 8 per cent each for goods and as well as services.

"In a phased manner, we will be able to achieve a single CGST and SGST rate for both goods and services," he said. The Centre has already discussed the draft constitutional amendment bill with the state finance ministers, he said, adding, "we are looking forward to constructive suggestions from the empowered committee on this landmark legislation".
Referring to the empowered group under UIDAI chairman Nandan Nilekani for putting in place the IT infrastructure for GST, he said, this has helped the government in freezing "one of the critical elements for successful role out of GST".

Replying to questions in the state Assembly, the bengal Marxist Chief Minister said by repeatedly raising such demands, they (TC) want Maoists to spread throughout West Bengal.

Describing the demand as unjust, he mentioned that 35 companies of Central forces were deployed in the state for joint operations against Maoists. "What will be the result if they are withdrawn," Bhattacharjee asked.

However, Leader of the Opposition Partha Chatterjee insisted that Trinamool was right in raising the demand.

The Chief Minister challenged him to deny links with the Maoists-backed People's Committee Against Police Atrocities headed by Chhatradhar Mahato, who has been under arrest since September 2009.

Protesting against Bhattacharjee's remark, TC members staged a walkout in the House.

Bhattacharjee hoped that the Centre does not give importance to their demand.

TC Chief Mamata Banerjee had yesterday appealed to the Centre to halt anti-Maoist operations by the joint forces in the state and said that she would meet Prime Minister Manmohan Singh in this regard.

Dubbing the Maoist problem as a country-wide phenomenon, the Chief Minister said the joint operation was successful in restricting Maoists activities in the fringe areas of three districts -- Bankura, Purulia and West Midnapore.

The joint forces were also successful in establishing area domination, he said, adding 379 people were arrested this year for having links with Maoists.
About 242,000 results (0.22 seconds)

Search Results

Al Jazeera English - CENTRAL/S. ASIA - Interview: P Chidambaram
7 Sep 2009 ... India's home affairs minister says Pakistan is stifling Mumbai attacks inquiry.
english.aljazeera.net/news/asia/.../200996165240481319.html - Cached - Similar
domain-b.com : Interview: P Chidambaram
1 Mar 2006 ... Just a day after the Budget, finance minister P Chidambaram spoke to TV18 network's editor Raghav Bahl on his recent budget and a wide range ...
www.domain-b.com › People › Interviews - Cached - Similar
Time to change tactics against Naxals, Chidambaram tells NDTV
17 May 2010 ... Here's the full transcript of the interview with Home Minister P Chidambaram: Dr Prannoy Roy: One year after UPA-2 won the last election, ...
www.ndtv.com/.../chidambaram-exclusively-speaks-to-ndtv-26152.php - Cached

News for Chidambaram Interview

The Hindu

Will be happy if someone can do my job better: Chidambaram‎ - 5 hours ago

I am doing a job and I am doing my job to the best of my ability," Chidambaram said in an interview published in the Economic Times on Thursday. ...

Times of India - 94 related articles »

Chidambaram didn't have prior knowledge of Azad encounter: Swami ...‎ - Times of India - 4 related articles »

Videos for Chidambaram Interview

*

Chidambaram speaks exclusively to Barkha Dutt

3 min - 8 Sep 2009

Uploaded by ndtv

www.youtube.com

*

The Chidambaram interview

10 min - 25 Jun 2010

www.timesnow.tv
No regrets for criticising Chidambaram : Digvijay Singh (Interview)
1 post - 1 author - Last post: 15 Jul
By George Joseph New Delhi, July 14(IANS) Declaring that he has no regrets for his public criticism of Home Minister P. Chidambarams ...
www.thaindian.com/.../no-regrets-for-criticising-chidambaram-digvijay-singh-interview_100396156.html - United States - Cached Get more discussion results
Exclusive interview/P Chidambaram
23 May 2006 ... In an exclusive interview with CNBC-TV18, Finance Minister Palaniappan Chidambaram says that on a long-term basis, the India story is going ...
www.rediff.com › MONEY - Cached - Similar
The Chidambaram interview- TIMESNOW.tv - Latest Breaking News, Big ...
The Chidambaram interview. 25 Jun 2010, 1924 hrs IST. Just before the Union Home Minister P. Chidambaram left for his historic visit to Pakistan coming ...
www.timesnow.tv/The-Chidambaram-interview/.../4348235.cms - Cached
Interview - Srinidhi Chidambaram, Bharatanatyam dancer
Srinidhi Chidambaram, Bharatanatyam dancer. Sep 2000 .... Srinidhi Chidambaram Res: 16, Pycrofts Garden Road Chennai 600006. Ph: (044) - 8279025 / 8222266 ...
www.narthaki.com/info/intervw/intrvw5.html - Cached - Similar
Anatomy of Chidambaram's Tehelka Interview: "Give me 72 hours!" at ...
Anatomy of Chidambaram's Tehelka Interview: "Give me 72 hours!" By Sadanand Patwardhan. Nov 17, 2009. Shoma Chaudhary of Tehelka interviewed P Chidambaram ...
sanhati.com/articles/1909/ - Cached - Similar
Chidambaram didn't have prior knowledge of Azad encounter: Swami ...
18 Jul 2010 ... The clarification came after Chidambaram lodged a protest with Swami Agnivesh, objecting to his saying in the interview, "He (Chidambaram) ...
timesofindia.indiatimes.com/india/Chidambaram-didnt.../6198091.cms
YouTube - Karti P Chidambaram - Kumudham Interview
20 Nov 2008 ... Karti P Chidambaram - Kumudham Interview. knacktechnologies | November 20, 2008. Karti P Chidambaram - Kumudham Interview ...
www.youtube.com/watch?v=lUsaNrPibWs - Cached - Similar

Govt relaxes norms for setting up SEZ in small towns

In a significant move to spread out industrialisation and decongest big cities like Mumbai and Chennai, the government has drastically reduced the minimum built-up area requirement for SEZs in small towns. In the new rules notified for the Special Economic Zones (SEZs), the mandatory built-up processing area has been halved for 15 cities, including Raipur, Varanasi, Jabalpur, Amritsar, Nashik, Dhanbad and Madurai.
For SEZs in smaller towns, the built-up area requirement has been further cut to one-fourth the norm in the nine big cities. In the nine big cities, a multi-product SEZ requires minimum 500 hectares of built up area but the requirement has been cut to 250 hectares for small cities and further reduced to 125 hectares in smaller towns, as per the new rules.
"The amended SEZ rules will encourage developers and units to go to semi-urban and rural areas so that the people of those regions could get job opportunities at their doorstep," Export Promotion Council for EoUs and SEZs Director General L B Singhal said. However, the Commerce Ministry has tightened the rules to weed out non-serious players by making it mandatory for developers to operationalise the SEZ within three years of getting an approval.
"The letter of approval of a developer.
shall be valid for a period of three years within which time at least one unit should have commenced production," one of the amended rules said.
Out of the 580 SEZs approved, only 111 have been operationalised in the last four years.

Taslima asked to leave India, apply for fresh visa for return

As the government is yet to decide on her plea for residential permit, controversial Bangladeshi writer Taslima Nasrin may have to leave India soon and apply for a fresh visa because her travel document expires in the middle of next month.

The 47-year-old doctor-turned writer is also trying for a permanent residency in the country. Her visa is valid till August 16. Her application for granting a permanent residency in the country has been hanging in balance for years together.

Official sources said the government has already made it clear that Taslima's visa cannot be extended beyond August 16, 2010 as her travel document had been issued under the category (miscellaneous).

Govt approves inclusion of more castes in OBC list

Government today approved inclusion of more castes in the central list of OBCs for various states, a move it hopes will especially help it reach out to people in Naxal affected states.

Sources said the Union Cabinet has given approval to most additions from Jharkhand and Chhattishgarh in the Other Backward Castes list.

"Inclusion of these communities in the central list of OBCs will enable them to avail benefits of reservation in central government services as well as in central education institutions, thus contributing to the goal of equity and inclusiveness," an official spokesperson said.

Adrakhi Mahato caste of Bihar is one such community, whose inclusion in the central list of OBC for Bihar was approved today.

Similar changes have been approved for inclusion as well as amendments in the names of castes and communities in the OBC's central list for Chhattishgarh, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Rajasthan and the Union Territory of Daman and Diu.

The new additions will be made public after the Ministry of Social Justice and Empowerment issues a notification in this regard.

The ministry will, for the first time, notify the central list of OBCs for Chhattisgarh and Jharkhand, and also make amendments in the list in respect of four states Haryana, Himachal Pradesh, Karnataka and Rajasthan and Union Territory of Daman and Diu.

The changes have been made on the recommendation of the National Commission for Backward Classes (NCBC). Sources in the Commission said that these recommendations were sent in August last year.

The Commission sources added that similar recommendations were also sent for West Bengal, Maharashtra, Assam and Uttarakhand.

NCBC had also approved a proposal to include the Gada caste of Uttar Pradesh in the central list of OBC for the state, the sources said.

Rs 1548.56-cr compensation disbursed to gas victims: Gaur

22 Jul 2010, 1453 hrs IST,PTI

A total of Rs 1548.56 crore was disbursed as compensation to 5,74,375 affected persons following the leakage of lethal Methyl Isocyanate (MIC) gas from Union Carbide factory in Bhopal in 1984, Gas Relief and Rehabilitation Minister, Babulal Gaur today informed in the Madhya Pradesh Assembly.

In a written reply to independent MLA Paras Saklecha, Gaur informed that Rs 15.47 crore were given to 3,199 cases of permanent disability, Rs 130.89 crore to 33,672 cases of non-permanent disabled persons, Rs 41.05 lakh to 42 seriously affected persons, Rs 1,310 crore to 5,21,332 cases of simple affected persons and Rs 52.95 crore to kin of 5,295 dead.

Referring to studies on gas affected persons, Gaur said that the Rehabilitation Study Centre of Gas Relief Department had conducted a study on effects of gas on infants, but the rate of affected children was not found to be abnormal.

He also informed that in June 2010, a body of Group of Ministers (GoM) constituted by the Centre had also decided to establish a centre of Indian Council of Medical Reserch (ICMR) to study the long-term effects of the disaster on the victims in Bhopal.

Attack on US with Pak links can have devastating impact: Hillary

WASHINGTON: Asking Islamabad to take "additional steps" to combat terrorism, secretary of state Hillary Clinton has warned that any terror attack on the US if traced back to Pakistan would have a "devastating impact" on bilateral ties.

Contending that terror groups if unchecked can be like having "a poisonous snake in your backyard," Clinton suggested she was "all the time" worried about a terrorist attack against the US emanating from Pakistan.

"There are still additional steps that we are asking and expecting the Pakistanis to take. But there's no doubt in anyone's mind that should an attack on the United States be traced to Pakistan, it would be a very devastating impact on our relationship," Clinton told the BBC in an interview, according to the State Department transcripts.

She said the Pakistan government now understands its responsibility to protect its people from attacks, as well as towards the US and the rest of the world, a significant change from the time the Obama administration assumed power.

"So we have increased our cooperation, deepened our relationship when it comes to fighting terrorism," she said.

Clinton said when Obama Administration came to power, there was very little activity on the part of the Pakistani government against any terrorist group, even the ones that were moving inexorably close to Islamabad or which were very clearly attacking Pakistani targets elsewhere in the country.

"Now, that has changed and the Pakistani military has taken significant losses in going after a number of these terrorist groups," she said.

"There is, however, an absolute link now among all these terrorist groups. It's like having a poisonous snake in your backyard, and you think, well, he'll only attack intruders or strangers, he won't turn on us," she said.

She said that network of terror is clearly a threat to Pakistan, to Afghanistan, and to other countries.

"... and we expect to see greater activity in cooperation with the Pakistanis against all these networks," Clinton said.

She said she viewed the groups as "a syndicate of terror" which were cooperating across the line that used to divide them.

"You can't separate one out... And frankly, they are no longer so choosy about their targets. They are engaged in terrible attacks here in Pakistan and beyond.

"So we are going to continue to press for specific action against all of them," she said.

LeT as dangerous as Taliban, Al-Qaida: US

The US today said Lashkar-e-Taiba terror outfit was as dangerous as Taliban and Al-Qaida with which it was working in close coordination and that Pakistan has been asked to deny it a foothold in that country.

US Special Envoy on Afghanistan and Pakistan Richard Holbrooke also emphasised the urgent need for bringing to justice the perpetrators of Mumbai attacks, saying Pakistan has taken "some steps" in this regard but these were not enough.

Holbrooke, who met Prime Minister Manmohan Singh here last evening to give his assessment of the situation in Afghanistan, said India has a "vitally important role" to play in the peace and stability in that country and insisted that the US was not trying to "diminish" that scope.

At the same time, he emphasised that Afghanistan cannot be stabilised without the participation of Pakistan, which has "legitimate concerns" in that country.

In an interaction with a group of journalists here, he said the LeT's goal was to create "maximum problems" between India and Pakistan besides working against the interests of western countries.

"When we talk about major terrorist groups we consider it as dangerous as other groups," Holbrooke said when suggested that the US did not appear to be keen on tackling LeT on the same lines as Taliban and Al Qaida.

"We understand, as government, that it (LeT) is a threat and we talk about it all the time with Pakistani military (asking them) to deny their territory to this organisation," said Holbrooke, who arrived here yesterday after a visit to Islamabad.

The Special Envoy said, "We all know what it (LeT) did and what they want to do."

He identified LeT as a part of terror conglomerate comprising Afghan Taliban, Pakistani Taliban and Haqqani network. "Taliban has almost become a brand," he observed.

"Under intense pressure these groups seem to be growing closer to each other. Two or three years ago, they were more distinct than now," Holbrooke said.

He said these groups work more closely and help each other as their long-term objective is similar -- to hurt western ideologies and create "maximum problems between India and Pakistan.

"Tackling it (LeT) is equal to any other priority in the region," he said.

Taslima finds her voice again on twitter

Taslima, a Swedish passport-holder, had sought visa under the miscellaneous category in 2005 and it has since been extended initially for a year and later for six months. The visa under this category cannot be extended beyond five years.

She has been conveyed that she should seek a fresh visa from a third country after which she could visit India again, the sources said.

Taslima, who has been in and out of the country after she was dramatically bundled out of West Bengal in November 2007 in the wake of protests by radical Muslim groups, came from London in the wee hours of Sunday last and was immediately whisked away to a safe location.

The future plans of the writer, who shot to fame with her controversial book 'Lajja' in 1994, were not immediately known.

Night curfew continues in riot-hit Karnataka town

The writer has been told that she could stay in some other country for a few days and later apply afresh for the visa under the same category, pending her request for a permanent residency in the country, the sources said.

The writer had earlier expressed her desire to visit Kolkata but it has been turned down on the ground that radical elements may try to harm her, the sources said.

RBI should avoid aggressive tightening - finsecy
Reuter
The Reserve Bank of India (RBI) should not aggressively tighten monetary policy and risk denting economic growth, the finance secretary said in an interview on television channel NDTV Profit on Thursday.

"If there is oversupply of money, it has necessarily to be handled by monetary policy instruments. But if there are other factors which are contributing to rise in prices or inflation, then it may not be a very useful tool," Ashok Chawla said.

"And using it in an aggressive manner would hamper and spoil growth, without actually helping on the inflation front."

The central bank is widely expected to raise key interest rates by 25 basis points next Tuesday when it reviews policy, which would be its second increase this month and take the total rise to 1 percentage point since mid-March.

Chawla's comments reiterate the government's view the RBI should look at factors fuelling inflation while deciding its monetary stance.

On Tuesday, Cabinet Secretary K.M. Chandrasekhar, the country's top civil servant, had said the RBI should take a call whether inflation was being fueled by excessive liquidity or supply constraints.

Annual headline inflation stayed above 10 percent for the fifth straight month in June, cementing expectations the central bank will continue with its calibrated tightening.

"I cannot comment on status quo or not, but what I am saying is, it's probably not the time to be very aggressive one way or the other, and the incrementalist and gradual approach which RBI is adopting, is the right way to go," Chawla said.

Inflation was initially fueled by high food prices following last year's poor summer harvest. But a pick-up in non-food prices suggests inflation is becoming a demand-driven phenomenon, which the central bank cited for its off-cycle rate hike in early July.

Some analysts have pegged capacity constraints in the rapidly expanding economy as the main reason for a surge in non-food inflation, pointing out a slowdown in May industrial output, despite robust domestic consumer demand.

Further, expansion in the M3 money supply, the broadest measure of liquidity in the system, has just picked up after slowing down since the year began and lags credit expansion .

(Reporting by Rajesh Kumar Singh; Editing by Ranjit Gangadharan)

Upcoming tripartite meeting heats up hill politics in Darjeeling
The upcoming sixth tripartite meet called by the Union Home Minister P. Chidambaram has united almost all regional parties in the hill town of Darjeeling in West Bengal, as many of the parties want it to be postponed.

Even as the significant meet is scheduled for Saturday (July 24) in the national capital, a sense of uncertainty prevails here about holding the tripartite talks between the Central government, State government of West Bengal and Gorkha Jan Mukti Morcha (GJMM).

Different parties like Bharatiya Gorhka Parisad, All India Gorhka league, Socialist Unity Centre Of India (SUCI), Communist party of Revolutionary Marxist, Trinamool Congress (TMC,Hill), Communist Party Of India (Marxist-Lenin) Liberation (CPIML), United forum of Cinchona Plantation and Communist Party of India, Marxist (CPIM) have jointly opposed the meeting.

They are demanding postponement of the meeting as top leaders of GJMM are accused of murdering Madan Tamang president of All India Gorkha League (AIGL).

They also maintain that GJMM is not the sole representative of Darjeeling.

Ashok Bhattacharya, Urban Development Minister of West-Bengal Government said that the meeting would give legitimacy to an organisation, which is now looked down upon by the people of the hills.

"This meeting right now means disrespecting the strength of democracy. It is the duty of the state as well as central government to respect the hill's democratic strength and the strength of peace. There should be a government, which would be able to prevail law in the hills, and everybody should encourage this. Only they would be able to resolve the issue," said Bhattacharya.

Avijeet Majumder, Central Committee Member of Communist Party Of India (Marxist-Lenin) Liberation (CPIML) party says that it should be postponed till Tamang' s killers are put behind the bars.

"The central as well as the state government has always tried to create some or the other interference in between the matters of the people of the hills and therefore they have only welcomed a newly evolved party Gorkha Jana Mukti Morcha (GJMM). And by doing that they are pampering this party and neglecting the democratic rights of other parties. In this newly developed situation here they have again called a tripartite meet and they have only invited this new party and the leaders of the party who are accused of murder charges. This is not acceptable, this is not democratic. We protest this," said Majumder.

Political circumstances of Darjeeling have altered drastically after the murder of Tamang on May 21. Since then Gorkha Jan Mukti Morcha (GJMM) is losing popularity. (ANI)

Opposition supports High Court's directive for CBI probe against Bihar Govt.
: A day after creating ruckus in the Bihar State Assembly, Opposition leaders in Patna reiterated High Court's ruling asking the Central Bureau of Investigation to probe into the alleged treasury scam case involving Chief Minister Nitish Kumar.

Rashtriya Janata Dal (RJD) chief and former Railway Minister Lalu Prasad Yadav said: "Nitish Kumar has no other way to rescue himself from the fear of CBI. Now he wants that I should speak up. If they (the government) pass a regulation will High Court and Supreme Court take back its decision?."

Lok Jansahakti Party (LJP) President Ram Vilas Paswan, however, said that floor management of the House was weak and in such situations House could have been adjourned.

"This has been established and High court had given a judgment that CBI will investigate the case. He can do whatever he wants to do. If they want clash between judiciary and the lawmakers, it's their wish," said Paswan.

He blamed the Nitish Kumar-led Govt. for poor floor management that led to recent chaos in State Assembly. e said: "Whatever happened over the past two days had been due to the ruling party and it has led to the embarrassment of Bihar State."

On Tuesday, there was chaos in the State assembly when legislators of the Janata Dal (United) and the opposition, Rashtriya Janata Dal exchanged blows in the state legislature during which several members were injured.

On Wednesday, opposition legislators sat inside the assembly premises to stage a protest against the ruling party.

The uproar in the state assembly was sparked off by a demonstration in the wake of a directive of High Court in Patna ordering a probe by CBI, into Nitish Kumar's role in the alleged irregularities of the State Treasury during his regime. (ANI)

Gujarat minister summoned by CBI in fake encounter case

Gujarat Home Minister Amit Shah has been summoned by the CBI to appear before it today in connection with the Sohrabuddin Sheikh fake encounter case. "Shah has been asked to appear before us today at CBI office in Gandhinagar," CBI IG P Kandaswamy told PTI. The minister has been recently skipping cabinet meetings and not not attending office.

He also skipped the cabinet meeting held yesterday. The minister''s absence from the cabinet meeting had fuelled speculation in the media that he might be arrested by the CBI in connection with the case.

Congress had demanded the resignation of the Minister on moral grounds after his name cropped up in the case.

Media hype and the reality of "new" India
Hasan Suroor
http://www.hindu.com/2010/07/20/stories/2010072055881100.htm
Poverty in at least eight States — Bihar, Uttar Pradesh, Rajasthan, West Bengal, Orissa, Madhya Pradesh, Chhattisgarh and Jharkhand — was worse than in some of the poorest countries of sub-Saharan Africa.

In a week when Delhi's new "world-class" airport opened for business and the Indian Space Research Organisation celebrated the successful launch of five new satellites, we had a stark reminder of another India that, increasingly, many Indians feel embarrassed to talk about. A United Nations-backed study by Oxford University revealed that poverty in at least eight Indian States — Bihar, Uttar Pradesh, Rajasthan, West Bengal, Orissa, Madhya Pradesh, Chhattisgarh and Jharkhand — was worse than in some of the poorest countries of sub-Saharan Africa.

The findings are based on a global poverty index, the Multidimensional Poverty Index or MPI, developed by Oxford University. It takes into account a range of social factors not hitherto considered while measuring poverty and will replace the Human Poverty Index (HPI) which, until now, has formed the basis for the annual U.N. Human Development Reports.

How's the new index significantly different from the traditional ways of measuring poverty and how will it make a difference on the ground? Here, Dr. Sabina Alkire , Director of the Oxford Poverty and Human Development Initiative (OPHI), who has travelled extensively in India, speaks to Hasan Suroor :

Were you surprised by the finding that there are more poor people in eight Indian States than in the 26 poorest African states combined?

No, I wasn't really surprised, as the scale of Indian poverty is well known within the academic world —whether measured in income terms or multi-dimensionally. But the recent focus on India's phenomenal growth in the media has given the impression that the largest numbers of very poor people are in Sub-Saharan Africa rather than South Asia (where there are nearly twice as many MPI poor than in Africa). We wanted to test that impression.

To get this comparison, what we did was to set a more extreme poverty cut-off, which identified the Indian States and the African countries whose Multidimensional Poverty Index (MPI) was equal or greater than 0.32 (the MPIs we calculated for 104 countries range from 0 to .64). Eight Indian States and 26 African countries fall below that cutoff. That's where this figure comes from.

To give an idea of what this means, the least poor entry is West Bengal (MPI = 0.32), in which 58 per cent of people are MPI poor, and they are on average deprived in 54 per cent of the dimensions or weighted indicators; in Niger 93 per cent of people are MPI poor.

Actually, the intensity of poverty in Africa is still higher — the population-weighted MPI for the 26 African countries is 0.43, whereas for the Indian States it is 0.39.

How is the new Multidimensional Poverty Index or MPI significantly different from the Human Poverty Index (HPI) that the U.N. uses for its Human Development Report? Doesn't that also take social indicators as the basis for measuring poverty?

The indices share the same motivation, but are totally different. The MPI starts with each person, and looks at their lives and that of their household members, and identifies a person as poor only if they have multiple deprivations. The MPI reflects the intensity of deprivation each person experiences as well as the percentage of people who are poor.

The HPI aggregates percentages of people who are deprived in different things. So it cannot see if all of the HPI indicators affect the same person simultaneously, or if each person only has one deprivation.

This is understandable, because in 1997 when the HPI was developed we did not have the data that is required to construct the MPI. Only recently has it become possible to focus first on each person's life, and build a multidimensional poverty measure from that.

Critics might say that studies such as yours simply end up producing sensational headlines without anything actually changing on the ground? Is there any evidence, for instance, that the Human Poverty Index has helped fight poverty better than the previous measures of poverty?

Our aim is to strengthen the work of many others who are working passionately to stand alongside and empower those who live with suffering and poverty to shape their own destinies. We welcome specific suggestions from others about how better to do this, but it seems that sharing a measure which can show the simultaneous deprivations people face should be a useful tool to others.

Doesn't, ultimately, the good old definition of poverty based on household income and purchasing still remain valid?

Yes. Our measure complements the income and consumption data, and focuses only on very acute indications of poverty. These data come from different surveys, in most cases. It is a matter of enriching the information field. If both measures coincide perfectly, of course, there would be no need for both poverty measures. However from preliminary analysis it seems that they differ quite a bit, even at the level of individual. We need to understand how and why. If a household has a disabled person it may not be income poor but clearly experiences multiple deprivations for example. Or a family may have enough money to be nourished, but actually the children are malnourished. Also, the MPI checks access to certain services directly, whereas income data includes these in a different way. Finally, data in both cases are imperfect, so comparing two different measures can give us a clearer picture.

In the course of your study, did you come across any other surprising trends about India?

We did note that the MPI for different caste groups varies a great deal. The Scheduled Tribes have the highest MPI (0.482), almost the same as Mozambique, and a headcount (the percentage of people who are MPI poor) of 81 per cent. The Scheduled Castes have a headcount of 66 per cent (the percentage of people who are MPI poor) and their MPI is a bit better than Nigeria. Fifty-eight per cent of other Backward Castes are MPI poor. About one in three of the remaining Indian households are multi-dimensionally poor, and their MPI is just below that of Honduras. While this is not a surprise, it is yet another clear indication of the need for interventions that address these social aspects of poverty in India, alongside the direct deprivations.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
"Ours is a battle not for wealth or for power.
It is a battle for freedom. It is a battle for the reclamation of human personality."
- Dr BR Ambedkar

Karuna's stand on SL because of 'election: Jaya

AIADMK supremo Jayalalithaa today said by demanding a special envoy to study the condition of Tamils in Sri Lanka, Tamil Nadu Chief Minister M Karunanidhi had admitted that the assessment of the UPA MPs team which visited the island nation some months ago was wrong.
The UPA team, led by DMK MP T R Baalu and comprising among others Karunanidhi's daughter Kanimozhi, had then said the internally displaced Tamils were well taken care of, Jayalalithaa alleged in a statement here.
"By demanding that the Centre send a special envoy to the northern and eastern parts of Sri Lanka to assess the real situation, Karunanidhi candidly admitted that the UPA team had given a false report, she charged.
Tamil women, lodged in camps in Sri Lanka, were "humiliated and molested" during the war against LTTE by Sri Lankan Army men, she alleged adding that several nations had demanded that President Mahinda Rajapakse be declared as a war criminal for human rights violations.
Karunanidhi's sudden change of heart in demanding a special envoy was due to "election fever", she said.
Responding to Prime Minister Manmohan Singh's letter seeking his views and advice on finding a solution to the ethnic issue, Karunanidhi had last week written to him suggesting a special envoy could be asked to assess the situation in the affected areas and the measures taken so far by the Lanka government to rehabilitate the nearly 40,000 displaced Tamils.

US admits ISI-Taliban link, allays India's Afghan worries

Days after India-Pakistan talks broke down on the issue of terror, the US Thursday pointed out links between the Taliban and Pakistani spy agency ISI and assured India that its role in Afghanistan was 'not being diminished' to the advantage of Islamabad.
Lauding New Delhi's role in the reconstruction of Afghanistan, US Special Representative for Afghanistan and Pakistan Richard Holbrooke also pitched for better relations between India and Pakistan and stressed that improving relations of the US with Islamabad were in New Delhi's interests.
Although Holbrooke did not spell out what gave Pakistan a leverage over the evolving power equations in Afghanistan, he spoke about the links between Pakistan's Inter-Services Intelligence (ISI) and the Taliban, a nexus highlighted by New Delhi many a time.
'The links between the ISI and the Taliban are a problem. US has spoken to the Pakistan government and the military on ISI's links with the Taliban,' he told reporters in an interaction here.
He spoke about a growing coordination among terror groups in the region, a point also made by National Security Adviser Shivshankar Menon at a seminar on terrorism in South Asia when he highlighted the links between the intelligence agencies and terror groups in the region.
'Their long-term objective is to destroy the Western civilisation and to create crisis between New Delhi and Islamabad,' Holbrooke said when asked about the Pakistan-backed Haqqani network and Lashkar-e-Taiba, the Pakistan-based militant group that allegedly plotted and executed the 2008 Mumbai carnage.
'LeT is co-equal threat along with Al Qaeda. The LeT, Al Qaeda and Taliban are all working closer together than ever before,' he said, ruling out any reconciliation with the terrorist groups.
While acknowledging Pakistan's crucial role in the evolving situation in Afghanistan, Holbrooke said it did not detract from India's contribution in reconstruction of that country.
'India role in Afghanistan is not being diminished. It's not a zero sum game,' he told reporters here when asked about India's concerns on the contentious proposal for reconciliation with the Taliban and Pakistan's growing role in the process.
'It is for India to decide what it wants its role to be in Afghanistan. US will back any efforts for better relations between India and Pakistan,' Holbrooke, who flew in here from Kabul Wednesday on a two-day visit, said.
India pitched for 'an Afghan-led, Afghan-owned' peace and reintegration process in Afghanistan at the Kabul conference Tuesday and reminded the world of the need for this process to be 'inclusive and transparent'.
Holbrooke assured that neither Pakistan nor the Taliban are going to take over Afghanistan.
'You can't stabilise Afghanistan without Pakistan's support as a concerned, legitimate partner,' he said, but added in the same breath: 'India has a major role to play in stability in the region and in search for solutions in Afghanistan.'
Referring to the meeting between US Secretary of State Hillary Clinton and External Affairs Minister S.M. Krishna in Kabul two days ago, Holbrooke said Clinton conveyed the need for India to improve relations with Pakistan.
The envoy tried to assuage concerns in India about the growing relationship of the US with Pakistan in the wake of the Taliban reintegration and reconciliation plan in Afghanistan.
'Our goal is to improve relations with Pakistan,' he said.
'The truth is that the US has better relations with India and Pakistan than the two countries have with each other. It's in the interest of both countries.'

National Conference for autonomy for Kashmir or 'better solution'

Jammu and Kashmir's ruling National Conference (NC) Thursday reiterated its demand for restoration of complete internal autonomy to the state, but also said it would support 'any better solution which was acceptable to the people'.
In a resolution adopted at the end of the seven-hour long working committee deliberations, the party also urged the state government to release all political detenus in order to move forward with the resolution of the Kashmir problem.
The marathon session of the party's working committee was chaired by party president, Farooq Abdullah at his uptown Gupkar residence.
The resolution expressed complete support to the state government headed by Chief Minister Omar Abdullah and gratitude to Congress president Sonia Gandhi for her support to the NC-Congress coalition government in the state, Farooq Abdullah said.
'The NC wants the pristine autonomy of the state of Jammu and Kashmir to be restored, but at the same time, the NC is ready to support any other better solution that is acceptable to the people here.'
'The working committee has urged the government to release all political detenus in order to move forward with regard to the resolution of the Kashmir problem. Kashmir is a political problem and needs a political solution through peaceful means,' he said, reading out the resolution.
The working committee regretted the loss of civilian lives that occurred in the Kashmir Valley recently and asked the government to deal firmly with those creating trouble in order to make the lives of the general public trouble free.
It also asked the government to make suitable changes in the Sher-e-Kashmir employment policy to make it more attractive for the unemployed youth of the state.
Farooq Abdullah dismissed as rumours reports of changes in the party hierarchy, terming it a figment of the media's imagination.
Omar Abdullah, his senior cabinet colleagues belonging to the NC, and other members of the working committee were also present at the meet.

Opinions and Editorials

The kids aren't alright

IE - 04:20 AM
Little Sneha was smiling. She had just received a Barbie doll. She had danced well, the judges had been "mind-blown" by her performance. Her parents were watching with benevolent smiles. Then all smiles stopped: the anchor told the story of her older sister's tragic death and Sneha began to cry, her parents lowered their heads. More followed: Sneha was voted off the show.

        View:         Headlines Only |         Include Summaries |         Include Photos

The great gameplan IE - 04:20 AM
The spectre of malevolent hubris is haunting South Asia again. It would be foolish to underestimate the signals Pakistan's recent attitude sends about the unfolding strategic scenario in South Asia. The core issue is not that its foreign minister's conduct represented a diplomatic slight to India.
Demand-driven destiny IE - 04:20 AM
The Food Security Act's success will depend on how the customer is able to enforce accountability on his neighbourhood fair price shop.
Two to go IE - 04:20 AM
Muttiah Muralitharan came to this, his last Test at Galle, with a record in sight. Over 132 previous matches he had taken 792 wickets, and at the end of play on day four he was just two short of 800. Muralitharan, one of the greatest spinners of all time, has never had to reach for bowling statistics as a mark of domination.
RSS for Reddys IE - 04:20 AM
The Bellary brothers, at the centre of a controversy over their role in illegal mining in Karnataka, have received the crucial support of the RSS. It has endorsed the BJP's claim that the Congress was playing dirty in the southern state to unseat the B.S. Yeddyurappa government.
'In a profession where one gets thick-skinned and cynical, Vijay was extra sensitive' IE - 04:20 AM
Jante hain aap?" Whenever Vijay started a conversation with this question, I knew he had a solid, interesting story.
Going to seed IE - 04:20 AM
How nice — finally, Krishi Bhavan has decided to push hybrid paddy in the eastern region, as a Chinese best practice.
High-five the future-I FE - 01:49 AM
The new Protection and Utilisation of Publicly Funded Intellectual Property Bill, which is to be reintroduced in the monsoon session of Parliament, proposes to split the royalty from publicly funded research among the researchers, the institution and the government.
FE Editorial : Let MCX-SX in FE - 01:49 AM
The decision by MCX-SX to drag markets regulator Sebi to the Bombay High Court over the latter's continued refusal to permit MCX-SX to begin trading in equities, bonds and interest rate futures may be unusual and even unprecedented, but has justifiable reasons.
Adidas and Nike battled for World Cup Kodak moment FE - 01:49 AM
Competition in the 2010 World Cup was fierce, both on and off the field, notably in the battle for media exposure by top sports brands.
Column : Energy intensive FE - 01:49 AM
China has added yet another accomplishment to its mantel—the International Energy Agency has rated the country the world's largest energy consumer.
Column : Beyond the base effect on inflation FE - 01:49 AM
There is a lot of talk of inflation coming down to 5-7% by harvest time—March-end. But is there any basis for this feeling? Also, while the WPI inflation numbers may show a downward trend with statistical props, will the pain of inflation actually be lessened? The truth is that we may be living in the delusion that WPI will come down.
Column : Is Sebi going too fast or too slow? FE - 01:49 AM
The surprise in the MCX-SX suit against the capital market regulator is the length of time it took to reach this flashpoint.
FE Editorial : Power failure FE - 01:49 AM
The sharp criticism of the power ministry by the parliamentary panel on energy, specifically the scepticism about achieving even scaled-down capacity addition targets for the Eleventh Plan, is timely.
M&A Q&A IE - Wed, Jul 21
A committee tasked by the Securities and Exchange Board of India to examine takeover regulations has come out with recommendations with far-reaching consequences.
Coalition side-effects IE - Wed, Jul 21
Your bold and forthright editorial 'Mamata should go' (IE, July 20) is apt but the compulsions of coalition politics puts paid to any corrective action.
A system under stress IE - Wed, Jul 21
The collision between Uttarbanga Express and the stationary Vanachal Express at Sainthia station is the latest in a series of large-scale railway accidents.
Emperor's new tracks IE - Wed, Jul 21
I am suspicious about the cause of the accident." With that reaction to the Sainthia rail collision, Mamata Banerjee revealed a problem greater than her capacity to personalise even an accident that's already taken more than sixty lives.
Point of departure IE - Wed, Jul 21
More than 60 people lost their lives on Monday when the Uttarbanga Express rammed into the Vananchal Express at a station in West Bengal.
FE Editorial : Stable external front FE - Wed, Jul 21
The continued growth in merchandise exports, over the past nine months till June 2010, indicates that the recovery on the external front is gaining momentum as global demand steadily picks up.

1 2 3 4 5 6 7 8 9 10 11

If someone can do the job better, I would be the happiest person: PC

22 Jul 2010, 0212 hrs IST,Rohini Singh,ET Bureau
NEW DELHI: Delivering what in a Leftist lexicon would rank as the ultimate insult to Maoists, home minister P Chidambaram has called them "crafty capitalists" and candidly admitted that the state was "helpless" in preventing businesses from succumbing to their extortion.

"The CPI Maoists are among the most crafty capitalists in this country. They do business in violation of the laws, they collect rents, they don't pay taxes, which makes them very crafty capitalists," Mr Chidambaram told ET in an interview.

The home minister said while he did not condone payments to Naxals, he understood the compulsions faced by businesses. "Unless the State is able to provide them better security they will have to pay these rents to protect their investments. I am not turning a blind eye, I understand their compulsions and I don't approve of it, but the State is helpless," he said during the course of the rare, hour-long interview at his official residence.

Catapulted into the home ministry from finance in the aftermath of the 26/11 attacks in Mumbai, Mr Chidambaram has won praise for his hard-line approach to security issues and for streamlining the functioning of various intelligence agencies. While there have been no major terrorist attacks of the 26/11 variety under his watch, several states have seen a wave of Naxal violence, killing hundreds of people. Embarrassingly for him, many of the victims have been members of security forces.

Mr Chidambaram said a major reason for the setbacks faced by the security forces was differing rules of engagement. "The Naxalites can choose a place and time. They do not wear uniforms. They run a guerrilla operation... The paramilitary forces have to function in a battalion, in company formations, in uniform and they can't fight like a guerrilla force."

The home minister said political parties in some parts of Jharkhand had "unwritten understandings with Naxal elements", but clarified it was based on intelligence and not evidence. He did not name the parties.

But he dismissed the Left parties' claims that UPA constituent Mamata Banerjee's Trinamool Congress is working together with the CPI (Maoists). "There is no evidence at all. This is a canard being spread by the CPI (Marxist) party."

The home minister also referred to the growing "trust deficit" between corporate India and tribals, which has stalled several projects in mineral-rich states and was being widened further by opposition by NGOs.

"Today the tribals begin with some sense of distrust and that distrust is made deeper by a large number of organisations which paint every attempt to bring in modern industry as an attempt to exploit the tribals."

Famed for his attention to detail, a no-nonsense demeanour and an acerbic tongue, Mr Chidambaram's attitude has won him several critics, particularly in liberal intelligentsia, and including in his own party.

Senior Congress leader Digvijay Singh in a signed article in this newspaper last April called Mr Chidambaram "rigid" and "intellectually arrogant" and criticised the Centre's anti-Maoist strategy as police-centric and not addressing the "root causes" of the problem. Earlier this week, the former Madhya Pradesh chief minister said he stood by his previous comments, saying what he had written was in line with the party policy.

Asked for his response to Mr Singh's latest comments, the home minister said: "He is the general secretary of our party... I have a job to do and I am doing my job to the best of my ability. If someone can do the job better, I would be the happiest person."

Market

Realty is a laggard: MD, Motilal Oswal Financial Services

Duration: 02:56
Posted: 22 Jul, 2010, 1639 hrs IST

'Bullish on most Asian markets, China attracts attention'

Duration: 04:56
Posted: 22 Jul, 2010, 1319 hrs IST

Three stocks to watch for tomorrow's trade

Duration: 02:06
Posted: 22 Jul, 2010, 1900 hrs IST

Market close: Sensex ends above 18,000 mark

Duration:
Posted: 22 Jul, 2010, 1546 hrs IST
more market videos >
http://economictimes.indiatimes.com/news/politics/nation/If-someone-can-do-the-job-better-I-would-be-the-happiest-person-PC/articleshow/6198496.cms

Ulips, joint mechanism and FSDC

22 Jul 2010, 0634 hrs IST,K P Krishnan,
There has been much attention, in the media, on inter-regulatory conflicts in finance, and on the proposed institutional arrangements on financial stability. While these issues have been with us for a while, the present debate falls within the context of announcements in the Budget 2010 speech.

In this speech, the finance minister announced the setting up of an agency called Financial Stability and Development Council (FSDC) to deal with financial stability and macroprudential supervision, inter-regulatory coordination and financial literacy and inclusion. Equally important but less noticed was the announcement relating to the creation of a Financial Sector Legislative Reforms Commission (FSLRC).

Inter-regulatory conflicts, over products and policy that straddle regulators, are neither new nor peculiar to India. The dispute about Ulips is only the most recent, and publicly visible, manifestation of this problem. There are many other existing and future products where identical difficulties could arise. The root cause is not regulatory cussedness or turf concerns: it is financial laws that are out of tune with the present state of Indian finance. As an example, consider the core question of the Ulip dispute: should a Ulip with 1% or 2% insurance be treated as an insurance product, or like a mutual fund product? An answer to this question requires a combined reading of Section 12(1B) of Sebi Act, 1992, Section 2(11) of Insurance Act, 1938, and Regulation 3(3) of Irda Investment Regulations, 2000.

Some of these laws were drafted at a time when the country had one government monopoly insurance company. Hence, these laws did not deal with the complexities of today's financial system. The law of 1938 did not deal with a statutory regulator, Sebi, which would be established more than 50 years later, which regulates other products that look like Ulips. These laws did not plan for the complexities of a competitive insurance industry where sales practices evolve in response to profit maximisation by private firms.

The recognition that financial laws require fundamental reform, rooted in a series of expert committee recommendations, led to the FSLRC announcement by the FM in his Budget 2010 speech. To go to the root cause of the problem requires a comprehensive and contemporaneous re-examination of all the relevant laws. Such an effort needs to address overlaps and gaps, clarify roles of agencies, and bring laws up-to-date with today's requirements.

Drafting and enacting new laws after scrutiny by the Parliamentary Standing Committee will inevitably take time. Until a full set of new laws is put into place, a mechanism to deal with the problem of inter-regulatory coordination and conflicts is required to address the difficulties faced today. This issue has been emphasised by the Joint Parliamentary Committee (JPC) that enquired into the Harshad Mehta scam and the JPC that enquired into the Ketan Parekh scam. For the foreseeable future, Indian finance will be regulated by multiple regulators. Given the fastpaced changes in Indian finance, greater and more effective inter-regulatory coordination is essential.

*	Ulips, joint mechanism and FSDC The recent ordinance making the finance minister the arbiter of regulatory disputes is a result of outdated laws.

How do we pay the bankers?
The RBI's recent guidelines on bankers' compensation is broadly welcome.
The dreaded P-word?
It's no surprise that in recent years, some on the left have embraced the term 'progressive' as a substitute for 'liberal'.

Editorial
Let MCX-SX trade
The new exchange MCX-SX promises to offer tough competition to NSE.
RSS and terror
How far can BJP afford to be steered by RSS whose ideology is linked to terror?
Nonce sense
Sarah Palin wants any media attention she can get.

More >>

Columnists

T T Ram Mohan
How do we pay the bankers?
The RBI's recent guidelines on bankers' compensation is broadly welcome.
Mythili Bhusnurmath
Don't take savers for granted
Household savings are not significantly affected by interest rates.
Mythili Bhusnurmath
It's the Asian (banks) century
They have emerged relatively unscathed from global crisis.

Other Columnists

http://economictimes.indiatimes.com/Opinion/opinionshome/897228639.cms

Sensex closes highest in over 2 years
22 Jul 2010, 1727 hrs IST,ET Bureau

Sensex ended at 18113.15, up 135.92 points. The index touched a high of 18127.90 and low of 17879.88. Gainers, losers | Gold rally to extend into 2011 | Q1 Earnings

ET SPOTLIGHT
1654 hrs IST
Porsche launches its second-generation Cayenne in India
1516 hrs IST
Motorola sues Huawei for trade secret theft; Huawei denies
1601 hrs IST
Fortis files complaint against Khazanah at SIC
1819 hrs IST
Indian cos upbeat about hiring in July-Sept quarter: TeamLease
1744 hrs IST
Buyer's Guide: BMW 325i of the 3 series sedan range
1746 hrs IST
US economic outlook remains 'unusually uncertain': Bernanke
2031 hrs IST
Indian banking sector's growth to remain high: S&P
1908 hrs IST
SKS Microfinance to double headcount to 42K; IPO opens Jul 28
1531 hrs IST
Anand Mahindra resigns as Chairman of Mahindra Forgings
2033 hrs IST
Nokia chief pleas for end to speculation on his departure
2006 hrs IST
Biometrics best way to store data safely in India, experts
1903 hrs IST
Railways to take over catering services from IRCTC
2013 hrs IST
Heavy costs be imposed on mindless litigants: HC
1319 hrs IST
Question before HC: Can a bouquet of fresh flowers be taxed?
0349 hrs IST
TCS preparing to fight double dip recession
0052 hrs IST
Video: Infosys' revenue re-mix plan to drive growth
1846 hrs IST
Nomura hires TMT i-banker in India from Macquarie
1248 hrs IST
Bajaj Auto Q1 net zooms over two-fold to Rs 590 crore; 1-for-1 bonus
1812 hrs IST
Beware of free investment advice on TV, MCA tells investors
1443 hrs IST
Is Commonwealth Games 2010 a marketing failure?

Railways to take over catering services from IRCTC
22 Jul 2010, 1903 hrs IST,PTI
Railways have decided to strip the PSU of its catering responsibilities in Rajdhani, Duronto, Shatabdi and all other express trains. Gurgaon-Qutub Minar Metro

No service tax on food supplied by IRCTC on trains: HC

India unveils $30 laptop for students
22 Jul 2010, 2027 hrs IST,IANS
The HRD ministry expects the prices to drop to Rs.1,000 ($20) and reach Rs.500($10) as innovations are introduced. Fujitsu Lifebook T 900 | What's new in Windows 7

HP dabbling with Windows 7 tablet computer

All headlines >>

Jobs corner

How to deal with varied mood swings at work
Mood swings can be dealt tactfully if HR conducts counselling sessions & workshops to improve emotional well-being.

More >>

News by Industry

Personal Finance

More >>

Markets News

Economy

More >>

Infotech

International Business

More >>

Market Analysis
Stocks
Mutual Funds
Bullion
Real Estate
Blogs

More >>

Realty Corner

Affordable housing: Dream or reality?
With buyers being extremely price conscious, the demand for affordable housing is on the rise.

EMI sharing for those living in rented houses
Builders come out with concept of 'EMI sharing' for customers who find EMI payment during the construction phase burdensome.

Tax on income from property to change
The key concern of taxpayers was in respect of taxability of income from house property under DTC vis-a-vis the Income Tax Act, 1961.

Transfer of property through Will
A Will is a legal declaration by the testator, with respect to his property which he desires to be carried into effect after his death.

More >>

Politics / Nation

US military chief fears another 26/11
Admiral Mullen said he feared a repeat of a Mumbai type terror attack.
11 LJP legislators resign from Bihar
Legislators resigned from the assembly to protest the "partisan" role of the speaker.
LeT as dangerous as Taliban, Al-Qaida
The US today said LeT was as dangerous as Taliban and Al-Qaida.

Opinion

Let MCX-SX trade
The new exchange MCX-SX promises to offer tough competition to NSE.
RSS and terror
How far can BJP afford to be steered by RSS whose ideology is linked to terror?
Nonce sense
Sarah Palin wants any media attention she can get.

More >>

Investor's
Guide
Brand
Equity
Corporate
Dossier
ET
Realty
ET
Travel

*More upside left for FMCG and pharma stocks
Stock prices of FMCG and pharma cos are believed to be overheated. However, the majority of these defensive stocks are still fairly valued and quite a few of them look cheaper than their historic valuations.

More >>

We leverage design to create simplicity: David Butler
David Butler, VP, global design, The Coca-Cola Company, talks about applying a designer's mindset to refresh one of the world's most iconic consumer brands.

More >>Every organisation needs people with foresight

Every organisation has a Prometheus and an Epimetheus. Prometheus is he who thinks before a deed is done while Epimetheus is he who thinks after the deed is done.

More >>Affordable housing: A roof for all

Thanks to affordable housing, now owning a home of one's own isn't a distant dream anymore. The sudden growth that our economy saw and the following recession have taught both the common man and their service providers a lot.

More >>Turkish cuisine immensely suits Indian palate

Turkish cuisine is immensely suited to the Indian palate, and yet is quintessentially Mediterranean in its combination of meats, seafood and vegetables.

More >>