US defence and nuclear deals could touch $15 bn

Free Indian Open Market Leads Boom Boom as Developing nations emerge as major FDI destinations! Obama Sales Trip beginning from Mumabi has set GA GA Mood of Global Hindutva flexing Nuclear Muscles with Killer Money Machine streamlined Never Before!Obama says US, India 'united' against terror!Tagged as partner in America`s War against Terror Shining Sensex India ruled by India Incs, Extra constitutional Elements , World Bank IMF Super slaves and LPG Mafia has DESIGNED Super destruction Plan for Indigenous aboriginal NON Brahamin India!Obama regrets distortion of Islam to justify violence!

U.S. President Barack Obama called on India on Sunday to bolster peace efforts with Pakistan, a country that he said was not acting quickly enough to deal with militancy within its borders.

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Markets expected to move up further with FII inflows
Indian Holocaust My Father`s Life and Time - FIVE Hundred TWENTY Four

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/

http://basantipurtimes.blogspot.com/

US defence and nuclear deals could touch $15 bn!

India is likely to indicate or announce defence and other deals with the US worth around $15 billion during President Barack Obama's Nov 6-9 visit.

While India is yet to decide the winner for the 126-plus Medium Multi Role Combat Aircraft (M-MRCA) contract from among the six US and European competitors, Washington is already set to win orders for six more Boeing C-17 Globemaster III strategic airlifters in addition to the 10 already being negotiated, six more Lockheed Martin C-130J Super Hercules aircraft in addition to the six already purchased, and possibly new combat and heavy lift helicopters depending upon the trial results.

The deal for four more Boeing P8-I Multimission Maritime Aircraft (MMA), or long-range anti-submarine aircraft, which the Navy recently announced, could also be firmed up.

Bean for bean, the 10 C-17s, with their full package including training and spares cleared by the US Congress, cost $5.58 billion, but the negotiated price is likely to be around $4.5 billion and that of six more around $2.5 billion, or an estimated total of $7 billion for 16 aircraft.

The already purchased eight P8-I cost $2.2 billion and the six C-130Js $1.1 billion. If the newer machines are added, the US companies secure additional orders worth $1.6 or $1.7 billion.

There is also the $700-800 million deal for 99 GE 414 engines to power the indigenously designed Light Combat Aircraft (LCA) under negotiations.

These defence deals exceed $10 billion in value.

Although there is no single "signature item" from the defence list, the removal of nuclear technology restrictions from the US entities or banned list, should lead to major nuclear power projects to be awarded to US companies, and these could be worth around $5 billion.

Notably, Commerce Secretary Gary Locke, whose Department of Commerce is responsible for imposing or removing the restrictions on transfer of dual use technology , has strongly indicated the removal of nuclear technology restrictions, which are formally to be announced during the Obama visit.

Under Secretary of Defense for Policy Michele Frournoy, who was recently in India to prepare for the presidential visit, also announced that the US had lifted more than 90 per cent of the restrictions on defence equipment for India.

While no specific details are available, the flurry of activities in both Washington and New Delhi on the eve of the visit, India's signing of the Convention on Supplementary Compensation (CSC) recently at the International Atomic Energy Agency (IAEA), and a meeting of the Cabinet Committee on Security (CCS), chaired by Prime Minister Manmohan Singh, Nov 4 ahead of Obama's arrival, indicate some substantial deals are in the offing.

These could mean award of civil nuclear projects, for which former president George Bush and now Obama have been keen.

Certain Indian institutions like the Defence Research and Development Organisation (DRDO), the Indian Space Research Organisation (ISRO) and Defence Public Sector Undertakings (DPSUs), as well as civil nuclear bodies are likely to be removed from the so-called entities list.

How far the restrictions are really removed, will be known only in course of time, but there would be a step by step approach by Washington, and reciprocally of course, by New Delhi.

There are and there will be hiccups, as India has declined to sign some defence agreements with the US, particularly the Logistics Support Agreement and Communications Interoperability and Security Memorandum of Agreement or CISMOA. The US says that it does not want more from India than what for instance Japan and Britain do, but then India is not militarily tied with the US like those of its allies.

But India recently signed the End User Monitoring (EUM) and Enhanced End User Monitoring (EEUM) agreements for purchasing 24 Boeing Harpoon Block-II missiles for the Indian Air Force (IAF) worth a declared value of $170 million. These agreements are largely aimed at safe storage and preventing unauthorised access.

The US leads the world because of its technological dominance. And India is hungry for technology for economic growth. The question is: how much will the US release? The results of IAF's MMRCA competition, and more defence cooperation with the US, will also depend upon that.

Dear All,

Constituents of the LEFT Fronts - The CPI, CPI (M), CPI-ML, CPI-ML-Liberation, SUCI-Communist, Awami Bharat, Republican Panther, Vidyarthi Bharti, Phule-Ambedkar Vichar Manch as well as various other constituents of the Bharat Bachao Andolan and many other People's Organizations protested today against the visit of US president Barack Obama outside Churchgate station in South Mumbai.

Speaker, after speaker stated that basically Obama was merely the liberal face of US Imperialism, that now stood exposed even within America, especially after the debacle of the recent US elections. They again warned of the increasing strategic alliance between the Indian political & corporate elite & the US Imperial agenda.

In the third part of the video, when one police officer tried to manhandle Mahendra Singh, Secretary, CPM Mumbai Gen Sec, who then - he then lay down on the ground, challenging the police to drag him.

Pt 1: http://www.youtube.com/watch?v=sGNUfft43QE

Pt 2: http://www.youtube.com/watch?v=KBsG2lFhAOk

Pt 3: http://www.youtube.com/watch?v=7pp5oGyLKHQ

In Solidarity with the international struggle against Imperialism.

Jai Hind !! - Jai Bharat !! - Inquilab Zindabad !!

One Asia - United Asia !!
--
Feroze Mithiborwala

Obama regrets distortion of Islam to justify violence!U.S. President Barack Obama called on India on Sunday to bolster peace efforts with Pakistan, a country that he said was not acting quickly enough to deal with militancy within its borders.Snipers on rooftops, surveillance over Yamuna banks, heightened vigil on flyovers and traffic curbs - New Delhi has turned into a fortress ahead of Obama visit.Mainstream US media has underlined the importance of President Barack Obama's 'passage to India', saying it comes at an opportune moment for both countries.
: Industry body CII today said sourcing of infrastructure equipment, nuclear hardware and military aircraft from the US by India could create over seven lakh jobs in America in the next ten years.

A CII survey of member firms with operations in the US clearly shows that Indian business is now engaged across a wide spectrum of sectors in America, and not just IT and ITeS.

The Report, 'India - A Growth Partner in the Indian Economy', estimates that, "India sourcing of US military and nuclear hardware and civilian aircraft could create over 700,000 jobs in the US over the next ten years."

Yesterday, US President Barack Obama had announced USD 10 billion worth of deals between Indian and US companies, including a USD 2 billion equipment order from Anil Ambani Group firm Reliance Power and the purchase of 30 Boeing 737 aircraft by low-cost carrier SpiceJet .

These deals would create more than 50,000 jobs in the US. The report also said that Indian firms operating in the US have been aggressively hiring US workers and a large majority of the workforce for their America operations were local citizens.

It further said that Indian firms having operations in the US are actively engaged as stakeholders in community development programmes for development of libraries, health research and imparting skills to college graduates.

"These examples of deep integration... show that Indian business is in the US for the long-term and see themselves as partners in the resurgence of the US economy," CII Director General Chandrajit Banerjee said.

No 'Indian plot' to steal American jobs: McCain

WASHINGTON: Top Republican leader John McCain has came out strongly against efforts to "demonise" India as a destination of shipping US jobs, saying there was no "Indian plot to steal American jobs".

"We cannot allow our anxieties about globalisation to cause us to demonise India for crass political gain," McCain said at the Carnegie Endowment for International Peace, a Washington-based think tank.

" Outsourcing is an inescapable feature of today's global economy, not an Indian plot to steal American jobs, and we should not condone any unfair punishments of Indian workers," McCain said hours ahead of President Barack Obama's India tour.

Outsourcing of jobs to India was one of the major election issues in the November 2 American mid-term elections.

The Republican Party gained majority in the US House of Representatives as they defeated the Democratic Party of President Obama who during his entire electoral campaign repeatedly spoke against shipping US jobs overseas including India and putting an end to tax breaks to such American companies.

Earlier Obama, who has recently spoken against outsourcing of American jobs to countries like India and offered tax breaks for those creating jobs in the US, had indicated that he was unlikely to accommodate New Delhi's concerns, saying it was his responsibility to support jobs and opportunity for the American people.

"As President, I have a responsibility to support jobs and opportunity for the American people, and I believe the US-India economic relationship can and should be a 'win-win' relationship for both of our countries," he said.

In his remarks on Indo-US ties at the US think tank yesterday, McCain said: "On the Indian side, relations with the US cannot remain a political club, which the party out of power uses to beat up the party in power for doing exactly what it would have done were it governing".

"More leaders on both sides need to speak up for this partnership, and fight harder for it, and build the public support needed to sustain our strategic priorities. If not, our relationship will fall far short of its potential, as it has before," McCain underlined.

"Spectacular!" This is how US President Barack Obama described the Humayun Tomb as he visited the 450-year-old Mughal monument, getting a glimpse of India''s rich cultural and historic civilisation. Obama, who kicked off his engagements in Delhi with the visit to the 16th century marvel, went around with his wife Michelle intently getting the feel of the monument, which is said to have inspired the creation of Taj Mahal.

Free Indian Open Market Leads Boom Boom as Developing nations emerge as major FDI destinations! Obama Sales Trip beginning from Mumabi has set GA GA Mood of Global Hindutva flexing Nuclear Muscles with Killer Money Machine streamlined Never Before!Factors such as weaker economic growth in developed countries and abnormal functioning of the world credit are putting pressures on the pace of recovery of FDI flows.Meanwhile,Obama says US, India 'united' against terror!Taggged as partner in america`s War against Terror Shining Sensex India ruled by India Incs, Extra constitutional Elements , World Bank IMF Superslaves and LPG Mafia has DESIGNED Super destruction Plan for Indigenous aboriginal NON Brahamin India!
Searching for help half a world away, President Barack Obama on Saturday embraced India as the next jobs-creating giant for hurting Americans, not a cheap-labor rival that outsources opportunity from the United States.

Fresh off a political trouncing at home, Obama was determined to show tangible, economic results on his long Asia trip, and that was apparent from almost the moment he set foot on a steamy afternoon in the world's largest democracy. By the end of the first of his three days in India, he was promoting $10 billion in trade deals completed in time for his visit that the White House says will create about 54,000 jobs at home.

That's a modest gain compared with the extent of the enduring jobless crisis in the United States. Economists say it would require on the level of 300,000 new jobs a month to put a real dent in an unemployment rate stuck near 10 percent.

Yet to Obama, the bigger picture was the lucrative potential of an unleashed trading relationship between India and the United States. He seemed comfortable and energized away from Washington, days removed from the Republican Party's election thumping.

"For America, this is a jobs strategy," Obama said of his emphasis on trade, although it could stand as a motto for his 10-day trip. He is spending Sunday with young people in Mumbai and then heading onto meetings in New Delhi, the capital, before shifting later in the week ahead to Indonesia and economic talks in South Korea and Japan.

In India for the first time, Obama quickly got a sense of riches and poverty, history and tragedy.

His helicopter ride into this bustling financial center took in some of the country's slums. His luxury accommodation for the night, the Taj Mahal hotel, was one of the sites of a terrorist rampage in Mumbai that killed 166 people. Obama and his wife, Michelle, paid quiet tribute to the 31 people slain at the hotel, looking over their names inscribed in a memorial before meeting with victims' families and survivors of the shootings.

"We visit here to send a very clear message that in our determination to give our people a future of security and prosperity, the United States and India stand united," Obama said from an outdoor plaza, the soaring Gateway of India and the Arabian Sea behind him. "We'll never forget."

Indian commentators seized on the president's failure to mention Pakistan, India's neighbor and bitter rival. Pakistan was home to the 10 assailants.

The president also celebrated the life of a personal hero, Mohandas K. Gandhi, a father of Indian independence and model of peaceful activism. The Obamas spent time at the home-turned-museum where Gandhi once lived. They signed personal messages into the guest book and pledged to bring their daughters, Sasha and Malia, back one day.
Obama directly addressed the belief in the US that India is robbing Americans of jobs. He acknowledged that many Americans only know trade and global commerce as the source of a job shipped overseas.

"There still exists a caricature of India as a land of call centers and back offices that cost American jobs. That's a real perception," Obama said. He noted the real concern in India that American corporate giants, if welcomed, would run mom-and-pop stories out of business and upend Indian culture.

Seeking to dismiss all "old stereotypes," Obama said the relationship between the countries is "creating jobs, growth, and higher living standards in both our countries. And that is the truth."
07/11/2010

Manmohan gets Obama hug, stage set for talks

US President Barack Obama and his wife Michelle on Sunday had a glimpse of India's rich cultural and historic heritage as they visited the 450-year-old Mughal marvel Humayun's Tomb here.

Obama, who kicked off his engagements in Delhi with the visit to the 16th century marvel, went around with his wife intently getting the feel of the monument, which is said to have inspired the creation of Taj Mahal.
49-year-old Obama and Michelle drove to the monument soon after their arrival from Mumbai at the airport here, where the first couple was personally received by Prime Minister Manmohan Singh and his wife Gursharan Kaur.
Obama became the first American President to visit Humayun's Tomb, the resting place of Mughal emperor Humayun, which is an artistic precursor to the 17th century monument of love Taj Mahal.
"Wonderful. Let's take a look," Obama said as he entered the main building. Then, ASI Superintendent Archaeologist, Delhi, K K Mohammad, took the First Couple around the monument explaining its history.

Then, Mohammad explained to the First Couple about the history of the monument while he took them around the plush green gardens that surround a central structure.
The beautiful red-stone monument in Nizamuddin in south Delhi, built over 450 years ago, now sports a new look after a major renovation exercise thanks to the efforts of the Aga Khan Trust for Culture and Archaeological Survey of India.
At the entrance of the monument, Obama was received by ASI Director-General Gautam Sengupta and other officials.
Obama, dressed in white shirt with a tie and black trousers, and Michelle listened intently and were seen enquiring about the various elements of the 450-year-old structure.

Then, Obama and Michelle met 14 kids, children of workers at the monument, and even shook hands with them. The kids, aged from 4 to 10 years of age, were accompanied by their parents.
Obama was seen striking a chord with the kids as he chatted with them and distributed along with his wife gave them gifts. The first garden tomb in the Indian subcontinent, the mausoleum was commissioned in 1562 by Humayun's widow Hamida Banu and designed by Mirak Mirza Ghiyath, a Persian architect, a decade after the death of the Emperor.
The monument now sports a new look, thanks to the conservation work being carried out by Aga Khan Trust for Culture and the ASI. The work which began in 1999 -- six years after Humayun's Tomb was declared a World Heritage Site -- was being done in phases.
The ASI and AKTC have finished reviving the five-century old water channels of the garden surrounding the tomb.

While announcing Obama's visit, the White House said Obama "felt it was important, given the rich civilisation that India has, to pay tribute to that through" his stop at Humayun's Tomb.
"Spectacular" was how Obama described the tomb.
"It is spectacular. If our guys have to build it in seven years, it would be pretty tough. Good contractor," Obama said after visiting the monument.
About the national capital, he said "Delhi is such modern city yet rooted in civilisational heritage."
Earlier, the First Couple landed in Delhi from Mumbai, with Prime Minister Manmohan Singh and his wife Gursharan Kaur waiting at the tarmac to welcome them.

Obamas arrive in New Delhi
US President Barack Obama on Sunday arrived in New Delhi on the second leg of his three-day visit to India and was personally received by Prime Minister Manmohan Singh who set aside protocol to welcome the guest.
The Air Force One carrying Obama, his wife Michelle and the official delegation touched down at the Delhi Airport at 3.19 PM and the President and the First Lady waved their hands while getting down from the aircraft.
Soon after alighting from the aircraft, Obama hugged Singh after shaking hands with him and greeted his wife Gursharan Kaur with a peck on her cheek. Michelle did the same to Singh and Kaur.
The couples were seen chatting for a few minutes before the visiting dignitaries introduced to officials in the reception line including Minister-in-Waiting Salman Khursheed, Foreign Secretary Nirupama Rao and Indian Ambassador to the US Meera Shankar.
In a special gesture, Singh accompanied by Kaur received Obama and Michelle, signifying the importance India attaches to the US President's maiden visit during which specific announcements on issues like counter-terrorism, regional security and clean energy to be announced after talks between the two leaders on Monday.

Singh had received Obama's predecessor George W Bush at the airport when he visited India in 2006. The Prime Minister had also gone to the airport to personally receive Saudi Arabia King Abdullah.
Obama, who arrived in Mumbai yesterday afternoon, paid tributes to the victims of the 2008 Mumbai carnage and said his stay at the iconic Taj Mahal Hotel, one of the targets of the Mumbai terror strikes, was intended to send a strong message.
Before embarking for Delhi, Obama and Michelle celebrated Diwali with kids in a school in Mumbai and then interacted with students at the St. Xavier's College in a typical US town-hall style.

Hugs and kisses as PM greets Obamas in Delhi
Obama gave the prime minister a warm hug as he alighted. Michelle Obama, dressed in a powder blue ensemble, followed with a peck on the cheek for Manmohan Singh.
Obama also gave a peck to Gursharan Kaur.
The chemistry was evident as the two leaders chatted amicably at the Air Force station at Palam. They continued to talk for several minutes as Manmohan Singh saw Obama to his stretch limousine.
This is the going to be the sixth meeting between the two leaders since Obama became president about two years ago.
The friendship between the Obamas and the Singhs was evident as both Gursharan Kaur and Michelle Obama firmly clasped hands as they walked the red carpet.
The US first couple arrived in New Delhi after ending a hectic trip to Mumbai.
Source: Agencies

India can become America's largest trading partner: USIBC

India is one of the fastest growing economies in the world.
Post Comments Extremists have distorted Islam: Obama Obamas visit Humayun's Tomb Obama hails 'limitless potential' of ties Michelle to students: Dream big Obamas sweep students off their feet

Extremists have distorted Islam: Barack Obama
Religious tolerance is necessary in a world that is getting smaller and smaller, says US president.

US won't impose itself on Indo-Pak ties: Obama

Obama expressed hope that in time trust would develop between India and Pakistan.

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Markets expected to move up further with FII inflows

The stock markets had a spectacular rally last week and closed at an all-time high level. The main trigger for the market rally was the US Federal Reserve's announcement of USD 600 billion in quantitative easing to provide a boost to the US economy. Analysts believe that a sizeable part of this quantitative easing will flow into emerging markets as part of hedge fund and foreign institutional investor (FII) investments. Therefore, emerging markets are expected to remain strong over the medium term.

On the other hand, the good listing of the Coal India IPO will go a long way in improving investor sentiments in the markets. Many more IPOs are on the cards in the near future, but one should invest only after a thorough analysis. On the currency front, the dollar traded in a narrow range and weakened after the Fed announcement.

These are some of the factors that can influence market direction in the short to medium terms.

Quantitative easing

In the US, the Federal Reserve reviewed the economic conditions and announced quantitative easing to lift economic activity. The US economy grew by around two percent per annum for the third quarter, and the jobless rate is also hovering at around 10 percent. Analysts believe this will result in a sizeable money inflow into the emerging markets such as India. It means challenges related to managing liquidity, and the inflation rate will rise more. The domestic markets are expected to rally further. However, valuations are already stretched in the markets and investors should exercise caution by investing only their risk capital.

RBI rate hike

Last week, the Reserve Bank of India (RBI) increased the key policy interest rates by 25 basis points during its quarterly review meeting. After the increase, the repo rate stands at 6.25 percent and the reverse repo rate stands at 5.25 percent. As such, this is a small hike and most banks decided not to increase the interest rates on retail loans. However, analysts believe rates will go up in due course and borrowers should be prepared.
7 Nov, 2010, 10.29AM IST, Vikas Agarwal,ET Bureau

Markets expected to move up further with FII inflows

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Obama's India visit

As President Obama's first state visit to India approaches, conversation remains focused on what the US might be able to deliver to India at multilateral , regional & bilateral levels.

07 November 2010 Last updated at 19:08 GMT

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49-year-old Obama and Michelle (46) drove to the monument soon after their arrival from Mumbai at the airport here, where the US'' first couple was personally received by Prime Minister Manmohan Singh and his wife Gursharan Kaur. At the monument, the couple spent around 45 minutes enquiring from Superintendent Archaelogist, Archaelogical Survey of India (ASI) K K Muhammad about the history of the architectural marvel located over a 32 acre plot in south Delhi''s Nizamuddin.

"Wonderful. Let''s take a look," Obama said as he entered the main building.

India has received $ 8.88 billion during April-August 2010-11. Whereas,India's economy could grow at 9 percent over the next five to six years, Montek Singh Ahluwalia , deputy chairman of India's Planning Commission , said on Saturday.He also said India's current account deficit could be a "little below" 3 percent of gross domestic product in the current fiscal year ending in March 2011.

The Indian economy is on track to grow 8.5 percent this fiscal year.

US President Barack Obama today regretted that the "great religion" of Islam has been distorted by a few extremists to justify violence towards innocent people and called for isolating these elements.

Obama also said that people will have to fundamentally reject the notion that violence is the way to mediate differences among them. "I think all of us have to fundamentally reject the notion that violence is the way to mediate our differences," he added.

The US president expressed these views when a Muslim student A Ansari lobbed a question asking for his views on on ''jehad" during his interaction with students of St Xavier''s college here. "I think all ofus recognise that this great religion(Islam) in the hands of a few extremists has been distorted to justify violence towards innocent people that is never justified," he said.

"So, one of the challenges the world faces is how to "isolate" those who have these distorted notions of religious war and reaffirm those who see faces of all sorts whether you are a Hindu or a Muslim or a Christian and a Jew or any other religion that we can all treat each other with respect and mutual dignity," he added.

Obama said the phrase ''Jihad has different interpretations. Islam is one of the great religions and majority of its one billion practicers believe in peace, justice and tolerance, he added.

The President also said the existence of diverse religious beliefs was a "major challenge" not only in India but also around the world. He said the youth of the world can make a huge impact in re-affirming that one can be a strong observer of one''s faith without putting somebody else down or visiting violence on somebody else.

Religious tolerance is necessary in a world that is getting smaller and smaller where more and more people of different backgrounds, different races, different ethnicities are interacting and workigng and learning from each other, Obama dded.

Major developing economies like India and Saudi Arabia have emerged as the most attractive destinations for FDI after the global economic meltdown , industry body Assocham said today.

Obama faces a diplomatic tightrope in fostering ties with India as its economic and geopolitical importance grows while at the same time helping Pakistan with billions of dollars in aid and promoting wider peace in Afghanistan.

"My hope is that over time, trust develops between the two countries, that dialogue begins, perhaps on less controversial issues, building up to more controversial issues," Obama told a meeting of students at a college in Mumbai.

"There are more Pakistanis who've been killed by terrorists inside Pakistan than probably anywhere else," Obama said.

India blames Pakistan for fostering militants and says elements withing the Pakistan state were behind the Mumbai attacks in 2008, when Pakistan-based gunmen killed 166 people in a 60-hour rampage through India's financial hub.

The attack inflamed tension between the nuclear foes, who have been to war three times since independence from Britain in 1947. India immediately broke off peace talks with Pakistan, although there have been some largely fruitless top level meetings in the last year.

While Obama's visit is mainly about boosting trade with India, the issue of regional stability in South Asia dominated a meeting on Sunday that Obama held with students at a college in Mumbai.

For a TV debate, click http://link.reuters.com/taj24q

On Saturday, Obama announced the United States would relax export controls over sensitive technology, a demand of India's that will help deepen U.S. ties with the emerging global power and its trillion dollar economy.

The White House also announced Obama would support India's membership of four global non-proliferation organisations.

Obama is scheduled later on Sunday to fly to New Delhi for a tour of a Mughal-era tomb and dinner with Prime Minister Manmohan Singh.

Obama will also visit Indonesia, South Korea and Japan on an Asian tour that will see Washington push to prevent countries unilaterally devaluing currencies to protect their exports, a top theme at the Group of 20 heads of state meet in Seoul next week.

"The FDI inflows into the developed countries registered a sharp decline of about 30 per cent in 2008, while the developing nations have experienced an increase of about 17 per cent and sustained their uninterrupted inflows," it said.

It said that China is leading as the priority host economy for FDI amongst the developing economies and also the second largest FDI recipient in the world.

Besides, Hong Kong, Russia , Saudi Arabia and India are other countries attracting maximum FDI, it added.

"The potential impact of the economic crisis enforce the shifting of geographical focus to developing and transition economies because of their much better economic performance than the developed countries," Assocham said.

US President Barack Obama said on Saturday that his decision to stay in Taj Hotel is a powerful message against terrorism , and demanded that the perpetrators of the horrific Mumbai attacks be brought to justice.

Beginning his three-day maiden visit to India by paying homage to the victims of 26/11 attacks, he said he was looking forward to deepening partnership in counter-terrorism during his meeting with Prime Minister Manmohan Singh.

Accompanied by his wife Michelle, he signed the visitors' book, looked at the plaque on which the names of 26/11 victims are engraved and delivered a six-minute speech in which he paid tributes to people of Mumbai and India hailing their determination and resilience.

"There has been a great commentary on our decision to begin our visit here, in this dynamic city, at this historic hotel. Those who have asked whether this is intended to send a message, my answer is simply 'absolutely'," Obama told a gathering that included kin of victims and staffers of the hotel who braved the 2008 attack.

He made a special reference to the general manager of the Hotel Karamveer Kang who continued to work at the hotel during the 60 hours of mayhem despite losing his family. "Taj is a symbol of strength of Indian people," he said.

Obama also talked about the role of an Indian nanny who saved the life of a toddler, who lost his Jewish parents during the attack at the Chabad House.

"We will never forget the awful images of the 26/11 attacks, the flames from Taj Hotel that lit up the skies on those four days of November, 2008," the US President said with the Gateway of India forming the backdrop.

"We, today, US and India are working together, more closely than ever to deepen counter-terrorism, to keep our people safe," he said, adding that the two countries have been sharing intelligence to avoid more attacks and demanding at the same time that the perpetrators be brought to justice.

In this context, he said he was looking forward to meeting Prime Minister Manmohan Singh in Delhi to deepen cooperation in counter-terrorism.

Obama said his visit to Mumbai was a "clear message that to give to our people future of security and prosperity, the US and India stand united."

Describing his visit to India as an "extraordinary honour", he said he wanted to tell the people of India "how much we are looking forward to spending the next three days in this remarkable country and deepening the partnership between the two countries."

Recalling the November 2008 attacks in which five US citizens were among those killed, he said Americans watched and grieved along with Indians.

"The resolve and resilience of Indian people during those attacks stood in stark contrast to the savagery of the terrorists who came to kill innocent civilians that day," the US President said.

He noted that during the attack strangers had helped strangers, men in uniform stopped the carnage and Taj Hotel staffers made their ultimate sacrifices to save others.

"The perpetrators wanted to pit believers of different faiths against one another because, here, in Mumbai diversity, that is India's strength, was the focus point (of terrorists)," Obama said.

"Hindus, Sikhs, Christians, Jews and Muslims, protecting each other, saving each other, living the common truth of all the world's great religions that we are all children of God," he said.

Paying tributes to the spirit of Mumbai city, he said, "Those who attacked Mumbai wanted to demoralise the city and the country, but they failed because the very next day Mumbaikars came back to work, hotel staff reported for their shifts and others returned to their businesses. Within weeks, the hotel was once again welcoming guests."

He added, "By striking the places where countries and people come together, those who perpetrated these attacks hoped to drive us apart."

After his brief address, Obama and his wife mixed with the gathering, shaking hands with some of them and talking to some of the kins of the dead.

US should ensure third party assistance for Kashmir: Mirwaiz

Noting that the visit of US President Barack Obama is focussed on economy, the moderate Hurriyat Conference faction today said economic development cannot be achieved without political stability in the region, which was dependent on the resolution of the Kashmir issue. "There is no doubt that the visit of Obama is focussed on economic development but it cannot be achieved without political stability and resolution of Kashmir issue is imperative for achieving that goal," Hurriyat Chairman Mirwaiz Umar Farooq told reporters at his residence.

The Hurriyat chairman, who is under house arrest, briefed the mediapersons about the amalgam''s signature campaign, which began on October 24, seeking US intervention in resolution of the issue. Mirwaiz said the Hurriyat initiative was not to embarass India during the high-profile visit of the US President but to highlight the need for third party assistance for resolving Kashmir as bilateral dialogue between New Delhi and Islamabad over the past many decades had failed to make any progress.

"Bilateralism has failed and there is huge trust deficit between the two nuclear-armed neighbours. In this scenario, third party mediation or assistance has become inevitable," he added.

The Mirwaiz expressed surprise that Centre and other political parties in the country take objection to the "mere mention of third party intervention". "When there are economic disputes (with Pakistan), Government of India approaches World Bank or IMF. Why is there aversion to do the same about political issues?" he asked.

The Hurriyat chairman said the amalgam had collected two lakh signatures in the two-week campaign apart from thousands of signatures collected in Pakistan-occupied Kashmir (PoK). "It is a symbolic initiative .

we do not expect the US President to go through all these documents. I have spoken to US Embassy officials and they have said that necessary action has been initiated after the mission received a large number of petitions through email and fax," he said.

The Mirwaiz said the Hurriyat did not expect any overnight results but a step-by-step approach for resolution of Kashmir issue. "The US should appoint a special representative for South Asia if peace and stability is to be achieved in the region," he said, claiming if Kashmir issue was again "put on the backburner, it can push the youth to revive the armed struggle for achieving their goals".

The Hurriyat chairman lauded the role of Indian civil society, saying, "we have been invited to speak at seminars and workshops for creating awareness about Kashmir issue." "We will be visiting Chandigarh, Hyderabad, Kolkata and Chennai after the Eid (falling on November 18 or 19) to explain our viewpoint on Kashmir to the people of India," he said.

Al Qaeda targets Christmas, plans to make toy bomb

London, Nov 7 (IANS) Al Qaeda's bomb makers are believed to be planting explosives in Christmas toys bound for Europe and the US that would be timed to explode once they are in stores, a media report said Sunday.

British intelligence agencies believe Al Qaeda's warlords, including its chief bomb maker Ibrahim Hassan al-Asiri in Yemen, plan to smuggle in their deadly cargo aboard freight ships after airport security was tightened following the failed ink cartridge bomb attacks 10 days ago, the Daily Express reported.

Al-Asiri is the main suspect in a plot to get parcel bomb packages onto US-bound cargo planes.

British surveillance experts in Afghanistan and their American colleagues uncovered the latest threat last week.

They intercepted conversations between terrorists from Al Qaeda in the Arabian Peninsula (AQAP), the group responsible for the ink bombs, revealing they were planning a spectacular hit for the festive season.

AQAP leader, American-born cleric Anwar al-Awlaki, and his right-hand man al-Asiri are aiming to use sea ports because they believe security there is more relaxed, the report said.

With so much Christmas stock arriving in Britain, they are confident their toy bombs can remain undetected.

A British intelligence officer told the Sunday Express: 'Al Qaeda in the Arabian Peninsula see the festive season as their ideal time to strike because of its importance in the Christian calendar.

'The bombs found at East Midlands airport and Dubai escaped scrutiny until the last moment. It would be much easier to plant a similar bomb inside a Christmas toy.'

Al Qaeda is rumoured to have control of at least 23 ships, nicknamed 'Osama bin Laden's navy', registered in the names of companies that support the terror group.

British securities agencies fear the vessels could be used to ferry toys filled with the same powerful explosive used in the ink bombs and last year's failed Christmas Day underpants bomb plot on an airliner, the report said.

No terror camps in Pakistani Kashmir: Minister

Islamabad, Nov 7 (IANS) Pakistan has rejected a recent media report that spoke about the existence of terrorist training camps in Pakistan-administered Kashmir.

Foreign office spokesman Abdul Basit Saturday termed the report in the British media as 'baseless and malicious', Online news agency reported.

He said such 'groundless reports' are aimed at 'undermining the legitimate struggle of Kashmiris for their right to self-determination'.

Basit said that Pakistan would continue extending full diplomatic and moral support to the Kashmiri people in their 'struggle against Indian occupation'.

Corruption issue to take centrestage in Parliament session

The issue of corruption is expected to take centrestage in the winter session of Parliament beginning Tuesday with a united Opposition raring to corner the government by raising the matter of "various scams" including the Adarsh housing scandal. In fact, the Adarsh scam has become an ideal issue for the Opposition to target the Congress-led coalition at the Centre with Maharashtra Chief Minister Ashok Chavan''s alleged links proving to be an embarrassment for the ruling party.

While the floor strategy of the Opposition is unclear, the BJP-led NDA as also the Left parties have given enough hints that the scams would be their handle to beat the government with. The Opposition is hellbent on demanding action on the allegations of scams surrounding 2G spectrum allocation and the Commonwealth Games during the month-long session.

It will also seek a detailed discussion on the situation in Kashmir. The NDA has threatened to stall the proceedings if "strong action" was not taken against all guilty in the Adarsh housing scam.

The BJP also wants acceptance of Chavan''s resignation. A Union Minister, who declined to be identified, felt that the first week of the session could turn out to be a washout due to opposition uproar and adjournments despite denials by the government that it was "under siege" from the Opposition.

Leader of the Opposition in the Lok Sabha Sushma Swaraj has said the BJP would scuttle any plans of the Congress to "hide" the CWG scam behind the housing society scam. Striking a similar note, CPI leader D Raja said corruption would be a major issue for the Left.

He said the government would have to tell Parliament what was happening in Kashmir after the appointment of interlocutors to find a political solution to the issue. Congress is expected to hit back by directing its firepower against RSS accusing it of being involved in terror acts and the BJP on the Babri Masjid demolition issue.

A statement at the just-concluded AICC meeting had obliquely referred to the Ajmer blast saying recent revelations through detailed investigations have exposed the "true character" of RSS and its sister organisations.

Sonia Gandhi''s power bill: over Rs seven lakh for 3 years

Congress President Sonia Gandhi''s official residence 10 Janpath has consumed electricity worth more than Rs seven lakh in the last three years, an RTI reply said. Out of the total bill of Rs 7.47 lakh, the Lok Sabha Secretariat paid Rs 7.38 lakh while Gandhi herself paid about Rs nine thousand.

As per the RTI reply, received from the Lok Sabha Secretariat, 10 Janpath consumed a little over two lakh units of electricity between 2007-2009 for which the total bill was Rs 7.47 lakh, the RTI reply to Hissar resident Naresh Saini, said. There is no amount due against the electricity head on the Congress President, the reply added.

The RTI response also said that Gandhi has not availed any MTNL landline or mobile facility and that no water connection has been provided in her name. "Concerned division of this (Lok Sabha) Secretariat has informed quoting MTNL that as an MP, Sonia Gandhi has not availed any telephone/mobile facility from MTNL..

It has further informed that no water connection has been provided in her name.

The accommodation to Gandhi is of General Pool which is administered by the Directorate of Estates, Ministry of Urban Development. "Further, this Secretariat does not keep expenditure details of security, travel and food in respect of Gandhi," the RTI reply said.

Unsure of China''s motives, but 1962 repeat not possible: Singh

Army Chief General V K Singh has said India was "not sure" of China''s intentions for developing infrastructure along the borders, but a repeat of the 1962 aggression was "never" possible. Describing the regional security situation as "fragile," Singh said Pakistan Army''s India-centric posturing and diversion of US counter-terrorism military aid against India were matters of concern.

"China is doing a great amount of infrastructure development, which it says is for locals of the area. No bones about it, no crib about it.

But our problem is we are not very sure about the intentions. And when intentions change, with this capability, things can go wrong.

And that is what is a matter of concern," he said. "But, there is going to be no no 1962.

Never," he said, referring to the Chinese aggression of Indian territory that year. Singh reasoned that he did not see the kind of signages of 1962 at present, as there were no military build up or territorial claims that were witnessed just before the only time the two countries went to war.

"Absolutely, with full conviction," he said, when asked if he was confident there would be no no repeat of history. "Things are better than what it was in 1962," he said, noting that situation along the borders was peaceful "to an extent" and the stand-offs were within the known parameters governed by Confidence Building Measures, with "nothing going astray".

There were also mechanisms between the two countries now to take care of such stand-offs. But there was a question mark over the intentions of China''s infrastructure development, he said.

On regional security, Singh said, "Any country which has unsettled borders, which are undemarcated and with problems, the security situation in the overall calculus remains fragile. It remains a cause for concern and that is what it is.

" On Pakistan, the Army Chief told the ''Devil''s Advocate'' talk show on CNN-IBN that "the major problem is that the terrorist infrastructure is intact (across the border)". Pointing to Pakistan Army Chief Ashfaq Pervez Kayani''s remarks that his whole Army was India-centric, Singh said, "when you combine this (with the economic condition, terror and political uncertainty there), it means the following: That the proxy war will carry on.

And they will keep looking for an alibi. And this is a matter of concern.

" On the USD two billion American military aid to Pakistan for war against terror, Singh said all aid that were ever given to Pakistan were diverted against India and there were credible inputs to support this charge. .

Obamas visit Humayun's Tomb, interact with children

US President Barack Obama and his wife Michelle today had a glimpse of India's rich cultural and historic heritage as they visited the 450-year-old Mughal marvel Humayun's Tomb here.

Obama, who kicked off his engagements in Delhi with the visit to the 16th century marvel, went around with his wife intently getting the feel of the monument, which is said to have inspired the creation of Taj Mahal.

49-year-old Obama and Michelle drove to the monument soon after their arrival from Mumbai at the airport here, where the US' first couple was personally received by Prime Minister Manmohan Singh and his wife Gursharan Kaur.

Obama became the first American President to visit Humayun's Tomb, the resting place of Mughal emperor Humayun, which is an artistic precursor to the 17th century monument of love Taj Mahal.

"Wonderful. Let's take a look," Obama said as he entered the main building. Then, ASI Superintendent Archaeologist, Delhi, K K Mohammad, took the First Couple around the monument explaining its history.

Then, Mohammad explained to the First Couple about the history of the monument while he took them around the plush green gardens that surround a central structure.

The beautiful red-stone monument in Nizamuddin in south Delhi, built over 450 years ago, now sports a new look after a major renovation exercise thanks to the efforts of the Aga Khan Trust for Culture and Archaeological Survey of India.

At the entrance of the monument, Obama was received by ASI Director-General Gautam Sengupta and other officials.

Obama, dressed in white shirt with a tie and black trousers, and Michelle listened intently and were seen enquiring about the various elements of the 450-year-old structure.

Then, Obama and Michelle met 14 kids, children of workers at the monument, and even shook hands with them. The kids, aged from 4 to 10 years of age, were accompanied by their parents.

Obama was seen striking a chord with the kids as he chatted with them and distributed along with his wife gave them gifts.

Bush 'thinks' Sarah Palin 'unqualified'

George W Bush has suggested that Republican leader Sarah Palin is "unqualified" and she spoiled the party's 2008 presidential election campaign, a top aide of the former US President has said.Bush has been disparaging about Palin in the past.

"Naming Palin makes Bush think less of McCain as a man. He thinks McCain ran a lousy campaign with an unqualified running mate and destroyed any chance of winning by picking Palin," a Republican official close to Bush was quoted as saying by the 'New York Daily News'.

Bush suggested that the 46-year-old glamorous former Alaskan governor is not at all qualified to be President and criticised Senator John McCain for picking her as his Running Mate in 2008, the report said.

Matt Latimer, former special assistant to Bush, wrote in a book released last year: "'I'm trying to remember if I've met her before. I'm sure I must have'. (Bush's) eyes twinkled, then he asked, 'What is she, the governor of Guam?'"

South Mumbai breathes easy as Obama leaves for Delhi

South Mumbai, which had turned into a virtual fortress during Barack Obama''s visit, today limped back to normalcy as all security restrictions were lifted after he left for the national capital. "All the restrictions imposed in the view of Obama''s visit were lifted as he left the city.

We wanted to ensure that no untoward incident with regards to Obama''s security take place and we all lived up to everyone''s expectations," City Police Commissioner Sanjeev Dayal told PTI. Over 5,000 security personnel, including US security men, Indian intelligence officials and elite commandos were deployed in south Mumbai alone, as all venues on the itinerary of the POTUS fell in this area, police said. The city had turned into a fortress during the high profile visit.

Shops were shut voluntarily by the owners and many people preferred remaining indoors. As Obama and his wife Michelle visited Taj Mahal hotel, Mani Bhavan, Trident and Mumbai University, Holy Name High school and St Xavier''s college, all the roads used by the VVIPs were closed for regular vehicular traffic till the time the entourage passed.

Eleven roads--Chhatrapati Shivaji Maharaj Marg, Adam Street, Mahakavi Bhushan Marg, Ramchandani Marg, Bomanji Behram Marg, Henry Road, Steven Street, Battery Street, Navroji Fardunji Road, Mandlik Path and BEST Marg-- that remained closed since Saturday morning were thrown open for public at 1600 hours today. .

IT can take India directly to 21st century: Obama

US President Barack Obama today got a first hand account of how information technology (IT) has revolutionised life in rural India, and said this technology would help India directly leapfrog into the 21st century. "India may be in a position to leapfrog, avoiding 20th century straightaway into the 21st century.

I look forward to the day you will be a model for countries around the world," he told villagers of Kanpura near Ajmer while interacting with them from Mumbai through video conference. After a short introduction by National Knowledge Commission chairman Sam Pitroda, Obama spoke to the villagers who shared the benefits of broadband penetration - from online medical consultation, education and local e-governance.

The President expressed happiness about the progress being made with the aid of IT. "Here is a good news. In the US, we are trying to do the same thing.

Trying to make the government accountable and efficient," Obama said. The villagers interaction was coordinated by Union Minister of State for Communications and IT Sachin Pilot, who said IT was not just about exporting services, but was also about changing lifestyle of rural India.

India expects to achieve broadband penetration in all panchayats by 2012. Broadband spectrum was auctioned earlier this year and the network roll-out is currently underway.

Obama says US poll results not to affect ties with India

MUMBAI: Given the "strong bipartisan" support for India in the US, President Barack Obama today said the results of the Congressional polls in which his Democrats got a drubbing was not going to affect ties with this country.

Noting that his country has enormous "fondness" for India, Obama said the United States does not just see India as a rising power, saying "we believe India is already risen."

Showering praise on India's dynamic economy and its strategic role in Asia and beyond, Obama said there is a strong bipartisan belief in the US that this country is going to be a critical partner for it in the 21st century.

Obama made these remarks when asked by a student at an interaction at St.Xavier's college how the changes he hopes to make in the wake of the drubbing by Democrats in the US Congressional elections would affect India.

The president in his response had also spoken of the "course corrections" required in his presidency.

Obama said the partnership between India and the US has "limitless potential" to improve the lives of people of the two countries.

"Indo-US relations will be indispensable in shaping the 21st century...The US has enormous fondness for India. India is going to be a critical partner for the US in 21st century," he said.

"There is a strong bipartisan belief in the US that India is going to be a critical partner. It has been true always whether it is George W Bush presidency or Bill Clinton's, Democrats or Republicans. I don't think that fundamental belief is not going to be altered anyway," he said.

"US does not just see India as a rising power. India is already risen, we wish India's emergence as good for the US and the world," Obama said against the backdrop of oft-repeated assertions by US officials that India is a rising power.

"Its(India)economy has risen at a breathtaking rate... we look forward to a greater role for India at the world stage," he added.

Monday morning traffic blues on cards for Delhiites

With major roads in the capital blocked to facilitate US President Barack Obama's movements, office-goers will have a tough time Monday as most of the vehicular restrictions will be in place during peak traffic hours.

As Obama is scheduled to visit Rajghat Monday morning, roads around Mahatma Gandhi's memorial will be closed between 9.00 am and 11.00 am Sardar Patel Marg , where the ITC Maurya Hotel where the president is staying, will be closed from 8 am to 10 am.

Moreover, roads around India Gate , Ashoka Road, K G Marg and Copernicus Marg will be closed to traffic from 11.00 am to 2 pm. All of these are major arterial roads and the restrictions are likely to cause severe traffic jams.

As high security is in place and many arterial roads have been blocked for the first half of Monday, the traffic police has issued advisories to people not to take these routes and instead opt for the Delhi Metro.

"My office is in Connaught Place, I am wondering how to commute. All roads are closed and the Metro is too crowded," said Smita Nagpal, a resident of Preet Vihar.

Obama, who is on a four day visit to India, will be leaving early Tuesday for Indonesia on the next leg of his tour.

India can become America's largest trading partner: USIBC

Business leaders accompanying US President Barack Obama on his visit here feel India has the potential to become America's largest trading partner .

"India is the United States' 12th largest trading partner. It could be number one or two if the conditions for trade between these two giant economies continue to improve," said The McGraw-Hill Companies Chairman and CEO Harold Terry McGraw III, who is also the Chairman of the US-India Business Council (USIBC).

The USIBC is the premier bilateral business advocacy organisation between India and the US, whose members include top-tier US and Indian companies.

Yesterday, Obama had sought a level-playing field and an atmosphere of genuine competition for American companies doing business in India, saying current foreign investment rules are "opaque" and customs tariffs complex.

Business leaders from both countries have expressed the need for partnership and fostering deeper ties to ensure prosperity for business and society, he said in a statement.

"We welcome President Obama shining the spotlight on business opportunities for American companies in India," McGraw said.

Business seems to have been at the top of Obama's agenda for his India trip, with more than a dozen export deals worth about USD 10 billion inked so far, which will create approximately 50,000 new jobs in the US.

India is one of the fastest growing economies in the world and President Obama's visit highlights the export opportunities available for US businesses, he said.

Obama met hundreds of American and Indian business leaders yesterday at the USIBC event. Along with the USIBC Chairman, the meeting was attended by GE CEO Jeff Immelt, PepsiCo CEO Indra Nooyi, Honeywell Chairman David Cote, Reliance Industries Ltd Chairman Mukesh Ambani and Bharti Enterprises Vice Chairman Rajan Bharti Mittal.
5 Nov, 2010, 04.56AM IST,ET Bureau

Keep options open to counter unrestrained US funds: Basu

NEW DELHI: The country should keep its options open on capital controls in case the situation turns alarming after further liquidity injection by the US central bank, a key government official said.

" India already has a bunch of capital controls. So personally I am not in favour of stepping up on those," chief economic adviser Kaushik Basu said on Thursday.

The country, however, will have to keep all options on the table to handle the flows in case there is an increase in volatility, he said. The inflows are large at present, but still not at a level to cause worry, he said.

US Federal Reserve's move to purchase another $600 billion in government bonds to boost the sagging economy is expected to pump more liquidity into the world system. Although the Fed plans to buy these securities by the second quarter of 2011, the announcement sparked rallies in global stock markets.

India's 30-share sensex rose to an all-time high as investors expect the cheap money in the West to head to the fast growing emerging markets in search of higher returns.

"While it is true that some of the money coming into India is because of loose monetary policy being followed in the US and some other industrialised nations, a part of the money is also coming in because of the confidence in India's ability to grow," he said on sidelines of a meeting of United Nation's Development Programme.

The near 9% growth and prospect of good returns on equities saw foreign investors pumping in a record $26.7 billion into equities in the current calendar year.

And the higher interest differential due to the monetary tightening by the Indian authorities to check high inflation have sent $9.58 billion into debt investments. The Reserve Bank of India has lifted rates six times since March by a total of 150 basis points.

The rising rupee made investments much more attractive, as the need to hedge will not be as much. India's large current account deficit, expected at 3% of GDP in the current fiscal, is one reason why policymakers are sanguine about capital flows.

India had taken tough measures in 2007-08 including imposing restrictions on participatory notes (PN) and external commercial borrowings when capital flows that year crossed $60 billion. Some countries have already taken measures to shield their economy against capital flows. Brazil has raised the rate of tax imposed on inflows and Thailand imposed a withholding tax.

Finance minister Pranab Mukherjee had a few days ago ruled out any curbs on investments by foreign institutional investors into the equity markets, but said the central bank may intervene in forex markets to check rupee appreciation that was hurting its exports.

Similar views were expressed by the RBI. "If the inflows are lumpy and volatile or if they disrupt the macroeconomic situation, we will do so," RBI governor D Subbarao has said indicating that the central bank could resort to intervention.

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Diwali special: Markets testing new highs

PFC disinvestment may be on the block this fiscal

The Power Ministry is mulling yet another big ticket follow-on offer of Power Finance Corporation to raise around Rs 6,300 crore by this fiscal end, even as the Finance Ministry has retained disinvestment target at Rs 40,000 crore this fiscal.

The issue will comprise divestment of five per cent stake held by the Centre along with 10 per cent issuance of fresh equity.

"It is being discussed...," Power Secretary P Uma Shankar told PTI, adding that fresh equity may be 10 per cent with five per cent government stake sale.

He added that the ministry is optimistic about bringing it (FPO) by the end of the current fiscal. "The proposal is on ...we hope to bring the offer by end of this (financial)year."

The power secretary's comments came amid speculations that the FPO of PFC may be deferred to next fiscal.

The follow-on offer of transmission utility PowerGrid Corp , which is under the administrative control of the Power Ministry, would open on November 9. The issue, which comprises 10 per cent divestment by the Centre and issuance of 10 per cent fresh equity, is expected to raise about Rs 8,400 crore.

Minister of State for Power Bharatsinh Solanki had informed Parliament in the last session that the board of Power Finance Corp has approved a proposal for a fresh issue of equity shares along with disinvestment, not exceeding in aggregate 20 per cent.

The government currently holds 89.78 per cent stake in the public sector company. It had divested 10 per cent stake through an initial public offer in 2007. After the proposed disinvestment it may go down to about 85 per cent.

Going by the current share price of PFC at Rs 366.50, the government and company may raise about Rs 6,300 crore.

PFC is a non-banking financial institution that provides loans for various power projects in generation, transmission, distribution sector as well as for renovation & modernisation (R&M) of existing power projects.

The government has divested its stake in various power PSUs over the last one year, starting with NHPC IPO in August 2009, followed by follow-on offers of NTPC and Rural Electrification Corp last fiscal (2009-10) and IPO of Satluj Jal Vidyut Nigam Ltd (SJVNL) in 2010-11.

The government has set a target of raising Rs 40,000 crore from disinvestment this fiscal against Rs 25,000 crore last fiscal. Despite raising Rs 15,200 crore from Coal India Ltd and some Rs 2,000 crore from other two offers, the Finance Ministry has said that it would stick to the target.

Obama likely to push India to buy more US military hardware

NDTV.com - ‎42 minutes ago‎
New Delhi: US President Barack Obama, on his visit to India, is aiming to seal deals worth billions of dollars. A day after announcing new business deals, now his focus is on the defence sector. NDTV has learnt that during his meeting with the Prime ...

Foreign media amused by Obama's two left feet

Daily News & Analysis - ‎1 hour ago‎
By Sreejiraj Eluvangal | Place: New Delhi | Agency: DNA While Indian pundits may have fretted over Barack Obama's failure to censure Pakistan appropriately, Western coverage of the US president's visit to India focused on Michelle Obama's impromptu ...

Obama criss-crosses Delhi; vehicular movement affected

Daily News & Analysis - ‎11 minutes ago‎
Place: New Delhi | Agency: PTI Vehicular movement was affected in the national capital this evening as US President Barack Obama criss-crossed the city visiting Humayun's tomb and Prime Minister Manmohan Singh's residence. Traffic on Sardar Patel Marg, ...

"It may be surprising, that I am absolutely convinced that the country which has the biggest stake in Pakistan's success is India," he said, while replying to a question posed by a girl student as to why the US had not declared Pakistan a terrorist state.
more by Barack Obama - 8 minutes ago - Central Chronicle (53 occurrences)

Obama platter for India: High-tech exports, N-clubs, Kabul role

Hindustan Times - ‎1 hour ago‎
Much to the disappointment of many in India, Obama is, however, unlikely to announce explicit and unequivocal support for New Delhi's claim for a permanent seat in the expanded UN Security Council. At best, he is expected to announce a bigger role for ...

India has bigger role to play for stable Pak: Obama

Central Chronicle - ‎8 minutes ago‎
US President Barack Obama today emphasised that India has the biggest stake in turning Pakistan into a stable and prosperous state in an interaction with students of Mumbai University at St Xavier's College here. ''It may be surprising, ...

Trade with India is win-win situation for US: ICC

Economic Times - ‎1 hour ago‎
CHICAGO: Trade with India and investments by Indian multinationals in the US can help jumpstart American economy and create domestic jobs, Indian business leaders here believe. US President Barack Obama is currently in India to boost economic growth. ...

Great Indian Obama dance

Livemint - ‎38 minutes ago‎
Midway through his first state visit to India, US President Barack Obama already seems to have won over everyone (except the Communists). He has spoken of business deals that will create jobs back home (the investment should make people in India happy) ...

Obama appreciates India's role in Afghanistan

The Hindu - ‎2 hours ago‎
PTI The Hindu US President Barack Obama and First Lady Michelle Obama being received by Prime Minister Manmohan Singh in New Delhi on Sunday. The President and the Prime Minister will have a one-to-one meeting before the dinner hosted by the latter. ...

Michelle's 'dream big' mantra stirs Young India

Hindustan Times - ‎3 hours ago‎
US First Lady Michelle Obama seems to have struck the right note with India's young generation with her inspiring words during her address to college students in Mumbai on Sunday morning. The youth voiced varied reactions to the First Lady's ...

India can become America's largest trading partner: USIBC

Economic Times - ‎3 hours ago‎
NEW DELHI: Business leaders accompanying US President Barack Obama on his visit here feel India has the potential to become America's largest trading partner . "India is the United States' 12th largest trading partner. It could be number one or two if ...
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Timeline of articles

Number of sources covering this story

	Obama likely to push India to buy more US military hardware ‎42 minutes ago‎ - NDTV.com
	Stable Pak 'good' for India: Obama toes diplomatic line ‎9 hours ago‎ - Hindustan Times
	ANALYSIS: Critical issues in India-US relations —Dr Hasan-Askari Rizvi ‎17 hours ago‎ - Daily Times
	Outsourcing has hurt the US: Obama ‎Nov 6, 2010‎ - MSN India
	Obama says US, India 'united' against terror ‎Nov 6, 2010‎ - Economic Times
	Outsourcing costing Americans their jobs: Obama ‎Nov 6, 2010‎ - Hindustan Times
	Bring perpetrators of Mumbai terror attack to book: Obama ‎Nov 6, 2010‎ - Oneindia
	Obama in India; meets 26/11 survivors at the Taj Hotel ‎Nov 6, 2010‎ - NDTV.com
	Obama seeks to finalise exports with India ‎Nov 5, 2010‎ - Hindustan Times
	Obama embarks on a sales trip to India ‎Nov 5, 2010‎ - Economic Times

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<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/GEVbRYx2OVo/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=GEVbRYx2OVo">India Inc on outsourcing</a> <span class="source">NDTV.com</span>  -  3 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=GEVbRYx2OVo">Watch video</a></div>

Obamas visit Gandhi's Mumbai home
NDTV.com - 3 hours ago Watch video
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Manmohan receives Obamas at Delhi airport
NewsX - 6 hours ago Watch video
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Obama Speak at St Xavier's: Part IV
NewsX - 9 hours ago Watch video
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US won't impose itself on Indo-Pak ties: Obama

NEW DELHI/MUMBAI: Ahead of his strategic dialogue with the Indian leadership, President Barack Obama today made it clear that the US would not "impose" itself on Indo-Pak relations even as he said that Pakistan's progress in fighting terrorism was not quick enough.

After a hectic 26-hour stay in Mumbai, where the focus was on business and economic issues , the US leader flew in this afternoon to New Delhi where Prime Minister Manmohan Singh set aside protocol to greet him personally.

During the packed morning schedule in Mumbai, a relaxed Obama and Michelle joined school children in a dance performance before he addressed a town hall interaction with students at which he fielded questions ranging from Mahatma Gandhi to why US was fighting shy of declaring Pakistan a terrorist state.

He said his administration's foreign policy has been to engage aggressively with Pakistan to communicate that they wanted nothing more than a stable, prosperous and peaceful Pakistan.

"And we will work with Pakistani Government in order to eradicate this extremism that we consider a cancer within the country that can potentially engulf the country," he said.

The US President said the Pakistan Government understood now that the potential threat that exists within its own borders.

"There are more Pakistanis who have been killed by terrorists inside Pakistan than probably anywhere else. Progress is not as quick as we liked," he told a student who asked why Pakistan is an important ally for the US and why it was not declaring that country as a terrorist state.

Maintaining that it is in India's interest to have a stable and peaceful Pakistan, Obama expressed the hope that in time trust develops between India and Pakistan and dialogue begins perhaps on "less controversial issues building up to more controversial issues".

"India and Pakistan can prosper and live side by side; this will not happen tomorrow but needs to be the ultimate goal. The US can be a partner but cannot impose this process. India and Pakistan have to arrive at their own understanding," he said.

6 Nov, 2010, 03.18AM IST,ET Bureau

Obama's India visit: 34 warships, 13 aircraft & N-button

6 Nov, 2010, 03.18AM IST,ET Bureau

NEW DELHI: President Obama does not believe in travelling light. Long before the Air Force One touch down on Saturday, as many 13 US aircraft and four choppers have already flown in all kinds of equipment and 20-25 swanky cars to facilitate his stay in Mumbai and Delhi.

This is not all. As many as 34 warships, including an aircraft carrier, have taken position in the Arabian sea off the Mumbai coast as part of security arrangements for the presidential visit.

Running the show will be over 500-strong presidential staff comprising Secret Service, Marines and intelligence personnel, who will co-ordinate with the Indian para-military and police forces to make Mr Obama's visit secure and glitch-free. The equipment being brought in by the US agencies include a communication set up and the nuclear button.

Apart from the air defence for Mr Obama's visit, business leaders accompanying him are expected to fly in aboard their private jets. Given the air traffic associated with the presidential visit, US authorities had even approached the Centre with an unprecedented request for being allowed to take over the air traffic control towers.

However, Indian authorities turned down the plea while allowing the US personnel to be present inside the towers as ATC personnel manage landings and takeoffs. A four-tiered security will be thrown around the Obamas, the highest level of security extended to a visiting dignitary, in both Mumbai and Delhi. While the outer layer will comprise Delhi police personnel and NSG, the inner layers will be manned by US security agencies.

A full dress rehearsal of Mr Obama's travel arrangements, featuring both US and Indian personnel, was undertaken in Mumbai on Thursday to get the timing and co-ordination right.

The US president is expected to fly in a helicopter, Marine One, from the Chattrapati Shivaji International airport to the Indian Navy's helibase INS Shikra at Colaba in South Mumbai. From there, he will drive down in Lincoln Continental, the Presidential limousine, to the nearby Taj Hotel. Around 800 rooms have been booked for the president and his entourage in Taj and Hyatt.

Two jets, armed with advanced communication and security systems, and a fleet of over 40 cars will be part of Mr Obama's convoy as he moves about in the city. Similar arrangements will be in place in Delhi with Air Force One kept in all readiness throughout Mr Obama's stay here from Sunday afternoon to Tuesday morning.

Maurya Hotel, where the president will stay, has already been swarmed by American security personnel and protective measures put in place. All shops and establishments in Nizamuddin, located on the presidential route to Humayun's Tomb, have been asked to down shutters on Sunday. A dry run of the President's itinerary in Delhi is expected to be undertaken on Friday.

Row over price tag of visit

A day after he admitted to receiving a "shellacking" in mid-term elections, US president Barack Obama has come under attack for the price tag of his India trip, a reported $200 million per day, reports Our Political Bureau from New Delhi. Scathing attacks from a Republican Congresswoman and a number of influential websites forced the White House to issue a statement calling the figure "wildly inflated".

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India-US ties indispensable: Obama

- IE Finance

US President Barack Obama said that Washington would do its bit to help this by easing export controls across a range of high-tech sectors and offering the big win New Delhi was hoping for from his landmark visit....

Obama highlights $10 bln of deals in India- Reuters
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US business chiefs see Obama trade boost in India- Reuters

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Gold coin sales boom for India's post office

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