Power Ministry forwards 12th Plan capacity additional proposal to Planning Commission
Now the government will not release weekly inflation number anymore, after the numbers were criticised for providing a mislead-ing picture of inflation. Government stares at Rs 1.5 lakh cr hole in its books!
5th edition of consolidated FDI policy to come out on March 31
Budget 2012 may include DTC norms to avoid Vodafone-like disputes
Troubled Galaxy Destroyed Dreams, chapter 735
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The government will not release weekly inflation number anymore, after the numbers were criticised for providing a mislead-ing picture of inflation.The government currently releases weekly inflation data on primary articles, which includes food articles, and fuel and power. The headline inflation data is released once a month.
The union cabinet on Tuesday decided to stop the weekly releases. "The data will now come on a monthly basis," said public information officer Neelam Kapur.
The reduced frequency of data release will also help take attention off from the price rise issue that is debated every week because of the food and inflation numbers.
The move, according to economists, will help to give a better and holistic picture of the inflation scenario in the country.
Banking Sector Employees Suffer the Privatisation Sting as SBI is all set to be SOLD Off! Global banks led by Citigroup, HSBC, Bank of America Merrill Lynch and Barclays are slashing jobs in their Indian operations at the fastest pace since the 2008 credit crisis amid dwindling deal flows and parent companies' shrinking balance sheets to boost capital.
With HCL Technologies announcing 10,000 jobs for locals in the US and Europe, India Inc on Thursday chose the WEF meet to send a strong message that Indian IT firms are creating and not stealing jobs in troubled western economies.
Also, a message emerged from British Prime Minister David Cameron's advice to the European Union (EU) that instead of being a threat, the emerging economies like India can be of great help to Europe.
Concluding a Free Trade Agreement(FTA) with India by the year-end would be in Europe's interest, he said.
"We need to have a check-list to tackle the euro crisis... There has to be FTAs, bilateral trade agreements and EU trade agreements with countries like India and Singapore, among others by the end of the year," he said.
His plain-speak to Brussels (EU headquarters) comes against delay in trade-opening pact with India.
Barely a day after President Barack Obama hit out against outsourcing, HCL Technologies' Vice Chairman Vineet Nayar made a major announcement here that his company would create 10,000 locals jobs in the US and Europe in the next five years.
"Companies in today's world of globalisation need to create jobs wherever they go. We have taken a pioneering step...", he said.
Wipro chief Azim Premji, known for his frank talk, said the issue of outsourcing is "getting hyped up since elections are coming up... The US has become over-sensitive on jobs".
Chairman of Mahindra Satyam Vineet Nayyar hinted at creating jobs in the western economies from where they get bulk of business. "Indian firms when they go overseas, will have to create jobs there. We will certainly do so," he said.
German Chancellor Angela Merkel also wanted investment in Europe to create employment.
Obama in his State of the Union address had hit out at outsourcing.
"No American company should be able to avoid paying its fair share of taxes by moving jobs and profits overseas. From now on, every multinational company should have to pay a basic minimum tax. And every penny should go towards lowering taxes for companies that choose to stay here and hire here," he had said.
Amid economic uncertainties and rising unemployment in the western world, the focus is on generation of jobs.
On Wednesday, Citigroup chief Vikram Pandit had said that job-creation was the single biggest issue, both in developed and developing markets.
According to him, 400 million new jobs could be needed to be generated in next 10 years.
Indian IT industry, which rakes in about USD 60 billion revenues from overseas markets, depends significantly on outsourcing of business processes of the Western companies.
Painting a pessimistic outlook, the International Labour Organisation earlier this week had said that urgent attention is needed to create 600 million new jobs in the next 10 years.
"Despite strenuous government efforts, the jobs crisis continues unabated, with one in three workers worldwide, or an estimated 1.1 billion people, either unemployed or living in poverty,"ILO said.
Full coverage
Global banks Citigroup, HSBC, BofA Merrill Lynch and Barclays cutting jobs in ...Economic Times - 19 hours ago MUMBAI: Global banks led by Citigroup, HSBC, Bank of America Merrill Lynch and Barclays are slashing jobs in their Indian operations at the fastest pace since the 2008 credit crisis amid dwindling deal flows and parent companies' shrinking balance ... Indian banks hire, at lower payHindustan Times - Jan 25, 2012 First the good news: Indian banks, unlike their global peers, are hiring. So, if you are an executive in a multi-national bank looking for a job following a retrenchment exercise, there could be similar assignments on offer from domestic banks. come ... Citi mulls more cuts in securities and bankingReuters - Jan 25, 2012 Jan 25 (Reuters) - Citigroup Inc said it may make further cuts in its securities and banking unit in 2012 if revenue does not pick up meaningfully, as the prospect of more layoffs looms large over investment banks globally. The US bank, which said last ... Citigroup to Weigh Further Cutbacks in Trading, Investment BankSan Francisco Chronicle - Jan 24, 2012 Jan. 25 (Bloomberg) -- Citigroup Inc., the third-biggest US bank, will consider further spending cuts at its securities unit after an investment of almost $1 billion in the business last year failed to boost revenue. The lender, which last week ... Citigroup to lay off 100 staff in IndiaTimes of India - Jan 24, 2012 Citigroup said it will lay off 100 staff in India as part of a global restructuring exercise. MUMBAI: Citigroup said on Tuesday it will lay off 100 staff in India as part of a global restructuring exercise. "Citigroup continuously reviews its internal ... Citibank lays off 100 executivesEconomic Times - Jan 24, 2012 MUMBAI: Citibank has laid off 100 executives across positions in various businesses. Sources in the know of the development indicate that the redundancies are largely in the consumer banking unit. In December 2011, Citi CEO Vikram Pandit had said the ... Citigroup to Weigh More Cuts in Securities Unit If Revenue Doesn't ReboundBloomberg - Jan 24, 2012 Enlarge image Citigroup to Consider Further Cuts in Trading, Investment Citigroup to Consider Further Cuts in Trading, Investment Jin Lee/Bloomberg Citigroup Inc.may make more spending cuts at its securities unit after an investment of almost $1 ... Citi India to fire 100 in IndiaBusiness Standard - Jan 24, 2012 The move comes after the financial services firm announced that it will lay-off 4500 employees or 2 per cent of its workforce globally. "Citigroup continuously reviews its internal processes and organisational structure to right-size the organisation ... Citigroup to lay off 100 employees in IndiaHindustan Times - Jan 24, 2012 PTI International banking major Citigroup on Tuesday said it will lay off 100 employees in India as part of its global restructuring exercise. "Citigroup continuously reviews its internal processes and organisational structure to right size the ... | RelatedTimeline of articles Number of sources covering this story
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Govt to divest stake in SBI - Indian Express
www.indianexpress.com/news/govt-to-divest-stake-in-sbi/588206/
8 Mar 2010 – Govt to divest stake in SBI - The government on Monday sought parliamentary approval to cut its stake in top lender State Bank of India to 51 ...
Disinvestment in India @ whatisindia.com
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Connections between Disinvestment and SBI
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16 Jul 2011 – News Connections between Disinvestment and SBI.
Department of Disinvestment - Ministry of Finance, Govt. of India
www.divest.nic.in/marutieoi.asp
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disinvestment of state bank of india
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5th edition of consolidated FDI policy to come out on March 31.
Budget 2012 may include DTC norms to avoid Vodafone-like disputes!
To avoid disputes like the Vodafone tax case in future, government is contemplating incorporation of provisions on taxation of overseas deals from the stalled Direct Taxes Code (DTC) Bill in the Budget for 2012-13.
"The Direct Taxes Code Bill contains a proposal to tax similar transactions... We are planning to include that provision in the Finance Bill so that in future, such issues do not arise," a top Finance Ministry official said.
In a judgement that will have revenue implications of about Rs 11,000 crore, the Supreme Court last week set aside the Bombay High Court's decision in favour of the Income Tax Department on the Rs 11,000 crore tax demand on Vodafone International Holdings following its overseas acquisition of interest in Hutchinson-Essar Limited in 2007.
The apex court had also asked the I-T Department to return Rs 2,500 crore deposited by Vodafone International Holdings within two months, along with 4 per cent interest.
In view of the judgement, the Essar Group is reportedly contemplating a refund of the $883 million deducted as withholding tax by the I-T Department on the 22 per cent stake sale by its Mauritius entities in Vodafone Essar.
The Supreme Court decision will have implications on similar cross-border deals where companies have not paid capital gains tax and will also impact future transactions.
Chapter XI of the draft DTC Bill, which is currently under consideration of a Parliamentary Standing Committee, provides for general anti-avoidance rules.
"According to the (DTC) provision, if there is an overseas transfer of shares with an underlying value in India of more than 50 per cent, it is liable to be taxed," KPMG Deputy CEO and Chairman Tax Dinesh Kanabar said.
Sources said the chances of the code coming into effect from next fiscal also appear unlikely as the parliamentary committee is yet to submit its report.
The Department of Industrial Policy and Promotion today said the fifth edition of its consolidated FDI policy document will be released on March 31 to incorporate changes made in the regulations over the past six months.
"The next edition of the consolidated FDI policy circular -- Circular 1 of 2012 -- is scheduled to be issued on March 31, 2012, and will be effective from April 1, 2012," the Department of Industrial Policy and Promotion (DIPP) said.
The DIPP is the nodal agency on FDI policy. With a view to make India's FDI regime simple and easy to understand for investors, the DIPP -- which is under the Commerce and Industry Ministry -- had compiled all the related policies into a single document.
Earlier, one had to go through various press notes issued by the industry department and RBI regulations to understand the FDI policy. The government updates the policy every six months.
The DIPP has invited public comments on the document till February 15, 2012.
Foreign direct investment is considered crucial for economic development of a country and India has taken several steps to attract such funds.
In November last year, the government had announced its intent to allow 51 per cent FDI in multi-brand retail, while completely opening up single-brand retail to overseas investors.
It has since notified foreign investment in single-brand retail, but had to suspend FDI in multi-brand retail owing to pressure from its allies and the Opposition in Parliament.
Foreign direct investment in India surged by 36 per cent to $23.68 billion during the January-October, 2011, period despite the uncertain global economic environment.
Power Ministry forwards 12th Plan capacity additional proposal to Planning Commission!
The Ministry of Power is believed to have sent its proposal for addition of 76,000 MW of power capacity in the 12th Five-Year Plan to the Planning Commission, even as the sector battles acute fuel shortages and environmental issues.
The Power Ministry has set a target for adding 76,000 MW of electricity capacity in the 12th Plan (2012-17) and 93,000 MW in the 13th Five-Year Plan (2017-2022). The ministry is understood to have sent the recommendation to the Plan panel.
"We have finalised 76,000 MW capacity addition for the 12th Plan and 93,000 MW for the 13th Plan... Now the Planning Commission has to approve it," a Power Ministry official told PTI.
Planning Commission Member B K Chaturvedi had earlier said the Planning Commission may fix a target for about 1,00,000 MW of capacity addition in the power sector.
During this period, an investment of about Rs 6 lakh crore is expected in power generation projects.
The government had earlier set a goal for adding 78,577 MW of electricity capacity during the 11th Five-Year Plan, which was scaled down to 62,000 MW by the Planning Commission in its mid-term review, citing environmental and land acquisition hurdles.
However, Power Minister Sushilkumar Shinde recently said the sector would not be able to achieve even the revised target and may end up adding 52,000 MW during the five-year period to March, 2012.
The remaining capacity addition target would be carried forward to the next Plan.
He said the country has achieved about two-and-a-half times the capacity addition witnessed in the 10th Plan.
The Power Ministry may not be able to meet its target for the 11th Plan due to environmental issues and coal and gas shortages.
Power projects being executed by state-owned hydro-power generation company NHPC, which were scheduled for commissioning during the current Plan, would now start electricity generation in the 12th Plan.
NHPC's 2,000-MW Subansiri project in Assam and 3,000-MW Dibang project in Arunachal Pradesh are still awaiting environment clearances.
The country's largest power producer, NTPC, which had set itself a mammoth target of becoming a 75,000 MW company by 2017, is also believed to have brought down this target to 70,000 MW because of scarcity of gas.
Go ahead with both ID schemes, UIDAI & NPR: Manmohan Singh
PM stepped in to reconcile differences between home ministry and Planning Commission over collection of biometrics for the UID and NPR.- NPR & UIDAI: Cost pegged at Rs 15K cr
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Economic Times reports:
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Citigroup on Tuesday cut 100 jobs and HSBC will soon show the door to scores of its staff here as part of its 30,000 reductions internationally. French bank BNP Paribas eliminated more than a dozen in recent months and Royal Bank of Scotland has put its equities and mergers advisory business on sale that may lead tolayoffs.
Job cuts by the investment banking divisions of global banks due to slowdown in deal flows and retrenchments in corporate and retail businesses due to strong domestic competition could top 1,000, aggregation of publicly available data by human resources consultant Ma Foi and ET shows.
The job cuts implemented in the past 12 months and those in the process of execution bring back the debate raised by Reserve Bank of India Governor Duvvuri Subbarao on international banks' commitment to emerging economies during times of stress at home.
"In the markets you don't have commitment, you will shirk each time there is a problem," said Jaspal Bindra, Asia chief executive of Standard Chartered Bank, which plans to add to its 2,000 hires last year. "The name you can't pronounce is much easy to sack than the person sitting next to you. It boils down to the factor of commitment," he said.
*
These job cuts are in contrast to what state-run banks are doing. Lenders led by Punjab National Bank and Union Bank of India are estimated to be hiring more than 45,000 during the fiscal, but paying just about a fraction of what international banks pay.
"All businesses across the world are undergoing a strategic review and India will not be left out of this review," HSBC said in a statement without specifying the headcount reduction.
"The effort is about increasing efficiencies and enhancing our effectiveness as an organisation. A variety of roles may be impacted," it said.
All banks referred to the cuts as part of global strategy.
MOST STAY OUT OF RETAIL BANKING
Need for additional scarce capital to meet new rules and shrinking profitability from trading and other investment banking activities in the West are forcing banks to cut thousands of jobs. European banks that are also battling the sovereign credit crisis are cutting exposure to Asia, where they are estimated to have loaned more than $2 trillion.
The European Banking Authority has directed banks to raise e115 billion by June. Although the job cuts in India are a fraction of the more than 200,000 job losses announced by financial firms in 2011, they reinforce the regulator's keenness to ringfence domestic operations from risky global ones.
"Foreign banks in emerging economies vigourously built business in good times, but were equally vigourous to retrench during the crisis," Subbarao had said. "The question is, are foreign banks going to be fair weather friends?"
http://economictimes.indiatimes.com/news/news-by-industry/jobs/Global-banks-Citigroup-HSBC-BofA-Merrill-Lynch-and-Barclays-cutting-jobs-in-India-at-ruthless-pace/articleshow/11633779.cms
Full coverage
Global banks Citigroup, HSBC, BofA Merrill Lynch and Barclays cutting jobs in ...
Economic Times - 19 hours ago
The job cuts implemented in the past 12 months and those in the process of execution bring back the debate raised by Reserve Bank of India Governor Duvvuri Subbarao on internationalbanks' commitment to emerging economies during times of stress at home ...
Citi India to Cut About 100 Jobs
Wall Street Journal - Jan 24, 2012
Citigroup is among several banking groups that are tightening their belts through layoffs and other measures as volatile financial markets and new regulations crimp profits. Citi India, which employs about 7000 people, didn't specify where the cuts ...
Indian banks hire, at lower pay
Hindustan Times - Jan 25, 2012
First the good news: Indian banks, unlike their global peers, are hiring. So, if you are an executive in a multi-national bank looking for a job following a retrenchment exercise, there could be similar assignments on offer from domestic banks. come ...
Citi mulls more cuts in securities and banking
Reuters - Jan 25, 2012
Jan 25 (Reuters) - Citigroup Inc said it may make further cuts in its securities and banking unit in 2012 if revenue does not pick up meaningfully, as the prospect of more layoffs looms large over investment banks globally. The US bank, which said last ...
Citigroup may add to job cuts
Business Spectator - 20 hours ago
Citigroup has warned that it may make further job cuts in its securities and banking unit in 2012 if the US bank's revenues do not show signs of rebounding, according to a report by the Reuters. Last week the bank said current plans for job cuts could ...
Citigroup Looking at Cutting More Jobs
Wall St. Cheat Sheet - Jan 25, 2012
The third largest US bank announced last week that it was already implementing about 5000jobs cuts across the board; about a fifth of which were in investments and securities. Any newlayoffs, it seems, will be directed specifically at the investment ...
Citigroup to Weigh More Cuts in Securities Unit If Revenue Doesn't Rebound
Bloomberg - Jan 24, 2012
Citigroup Inc. (C), the third-biggest US bank, will consider further spending cutsat its securities unit after an investment of almost $1 billion in the business last year failed to boost revenue. The lender, which last week announced 1200 job ...
Citi mulls further cuts in securities and banking unit
Economic Times - Jan 25, 2012
The bank took a charge of about $400 million in the fourth quarter for severance costs as it slashes jobs. The bank, which has about 266000 employees, said in December it would cut4500 jobs and take that charge.
Citi India to fire 100 in India
Business Standard - Jan 24, 2012
For instance, Hongkong and Shanghai Banking Corporation had decided to cut jobs in Indiafrom January 2012. The move is aimed at reducing costs and improving efficiencies and is part of the bank's plan to lay-off 30000 employees globally.
Citi to fire 100 in India
Rediff - Jan 24, 2012
Citi said on Tuesday it would cut around 100 jobs across its businesses in India[ Images ]. The move comes after the financial services firm announced that it will lay-off 4500 employees or 2 per cent of its workforce globally.
Citibank lays off 100 executives
Economic Times - Jan 24, 2012
Sources in the know of the development indicate that the redundancies are largely in the consumer banking unit. In December 2011, Citi CEO Vikram Pandit had said the bank would cut about 4500 jobs in the coming quarters to reduce costs amid slumping ...
Citigroup Inc says to cut about 100 jobs in India
Economic Times - Jan 24, 2012
MUMBAI: Citigroup Inc said it will cut about 100 jobs in India, where it has been expanding rapidly, while reiterating that the country remained among its highest priority markets. The third-largest US bank by assets did not give a reason for the cuts, ...
Citigroup to lay off 100 employees in India
Hindustan Times - Jan 24, 2012
As a result of this exercise, Citi India has identified approximately 100 positions that will be impacted within the bank," it said in a statement. When contacted, a spokesperson of Citigroup told PTI that the job losses are part of the group's ...
Citigroup to slash 100 employees in India
Oneindia - Jan 25, 2012
Mumbai, Jan 25: US bank Citigroup has announced that it is going to lay off 100 empolyess in India as part of its global restructuring exercise. The internationalbanking major is planning to carried out the lay-offs in next few days.
Citi India Restructuring Operations, About 100 Posts To Be Affected
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Citigroup to lay off 100 staff in India
Times of India - Jan 24, 2012
Citigroup said it will lay off 100 staff in India as part of a global restructuring exercise. MUMBAI: Citigroup said on Tuesday it will lay off 100 staff in India as part of a global restructuring exercise. "Citigroup continuously reviews its internal ...
Top Firm Exec Says It's Either 'Drive Revenue', Or 'CutExpenses'
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Gerspach added: 'We must either drive revenue growth and operating leverage, or we will have to restructure, cut capacity, and cut expenses'. Citi has recently announced that 1200 jobs will go in its institutional securities unit this year, ...
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International Business Times - 20 hours ago
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Citibank goes for job cuts
Rupee Times - Jan 25, 2012
By Vaibhav Aggarwal Leading foreign lender in the country, Citibank has indicated laying off 100 of its employees serving at various positions in India. The bank also has plans to take away 4500jobs worldwide. Earlier in December 2011, the bank said ...
Citigroup to Mull Over More Spending Trims – NYSE:C
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Citigroup to slash 100 jobs in India
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Citigroup Inc. (NYSE:C), the third largest US bank by assets, announced that it will cut 100 jobs inIndia. The new job cuts are a part of the bank's global restructuring plan announced last year and it will come into effect in the coming days.
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Speaking on Citi's (NYSE: C) Fourth Quarter Fixed Income Investor Review Call, CFO John Gerspach has said the bank may consider further cuts in trading and investment banking. The exec called results within securities and banking "disappointing.
Government stares at Rs 1.5 lakh cr hole in its books
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NEW DELHI: The government's fiscal headache is getting worse by the day, with the Centre staring at a Rs 1.5-lakh crore hole in its books, nearly three times the level it had anticipated just three months ago.
Finance ministry officials say direct tax receipts, which have remained sluggish, may prove to be a sore point. Estimates show that the government may miss the direct tax receipts target set for the year, and there could be a shortfall of Rs 30,000 crore on this account.
The subsidy bill is also threatening to upset the government's calculations. Officials say that food, fertilizer and petroleum subsidies are expected to widen sharply from the budget estimates for 2011-12. Some estimates say that the food subsidy bill may widen to nearly significantly from the budget estimate of Rs 60,572 crore.
"The situation is tough this year. Let us see. We are still trying," said a senior finance ministry official, who did not wish to be identified.
The government's track record on disinvestment has also been dismal. It is unlikely to meet its target of raising Rs 40,000 crore from stake sale in state-run companies. So far it has been able to raise Rs 1,145 crore from Power Finance Corporation (PFC) sale. Volatile market conditions have dashed the government's hopes of raising money through this route in the current financial year. The government tried to devise several routes for meeting the disinvestment target but so far has been unsuccessful.
The estimates Rs 13,000 crore from auction of spectrum is unlikely to come through due to the uncertainty in the sector after the 2G scam.
The government is banking on higher dividends from state-run firms to help bridge some of the gap. The savings of around Rs 30,000 crore from plan expenditure is expected to provide some cushion. Officials say the revenue department has been asked to step up their efforts in the run up to the budget. The finance ministry is hoping that advance tax receipts in the quarter ahead may also help to some extent.
Officials and policymakers estimate the fiscal deficit to be between 5.2% and 6%, up from the budget estimate of 4.6% of gross domestic product.
Reserve Bank of India (RBI) has also expressed concern over the state of public finances, and has said it would be difficult for the central bank to lower rates in the absence of a credible fiscal consolidation plan.
"Strong signs of fiscal consolidation, which will shift the balance of aggregate demand from public to private and from consumption to capital formation, are critical to create the space for lowering the policy rate without the imminent risk of resurgent inflation," RBI Governor D Subbarao said in his monetary policy review statement on Tuesday.
"In the absence of credible fiscal consolidation, the Reserve Bank will be constrained from lowering the policy rate in response to decelerating private consumption and investment spending. The forthcoming Union Budget must exploit the opportunity to begin this process in a credible and sustainable way," Subbarao said.
http://economictimes.indiatimes.com/news/economy/finance/government-stares-at-rs-1-5-lakh-cr-hole-in-its-books/articleshow/11636658.cms
Women lead Air Force contingent at R-Day parade for the first time
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New Delhi: India celebrated its 63rd Republic Day on Thursday with a fabulous show of military might and cultural splendor. The main ceremonial parade was held in the capital with Thailand's first woman Prime Minister Yinluck Shinawatra as the guest of honour. What made the celebration even more special was that for the first time, women led the Air Force contingent at the Republic Day parade.
Sneha Shekhawat from Sikar in Rajasthan created history when she led the Air Force contingent at the 63rd Republic Day parade becoming the first woman pilot to do so.
Flight Lieutenant Shekhawat was assisted by three other women Flying Officers Heena Pore, Anupam Chaudhary and Pooja Negi as the 144-strong Air Force contingent marched to the tunes of 'Air Battle'.
IBNLive
She was cheered by thousands of spectators as the commentator mentioned that she is the first woman to lead an Air Force contingent in the 63-year-old history of the parade.
Shekhawat is at posted with the IAF squadron at Hindon air base.
The ceremony began around 10 am with Prime Minister Manmohan Singh laying a floral wreath at the Amar Jawan Jyoti to pay tribute to an unknown soldier.
The early morning chill did not deter people along the 8-km-parade route as they gathered on both sides of the majestic Rajpath, the country's ceremonial boulevard facing the Raisina Hills, and cheered the contingents as they went past portraying the diverse culture of the country.
The well-turned out and synchronised military and police formations led by General Officer Commanding (Delhi) Lt Gen VK Pillai marched proudly to the lilting tunes of bands through the Rajpath where President Pratibha Patil, who is the Supreme Commander of Armed Forces, took salute.
The impressive march-past was watched by Chief Guest Thai Prime Minister Yingluck Shinawatra, Vice President Hamid Ansari, Prime Minister Manmohan Singh, Defence Minister AK Antony, UPA Chairperson Sonia Gandhi, Marshal of Air Force Arjan Singh and top political and military brass.
Police and other para-military forces turned Delhi into a a virtual fortress for the Republic Day celebrations as helicpoters scanned from air, snipers kept a hawk-eye vigil from rooftops and armed personnel at every nook and corner provided a ground-to-air security apparatus.
Minutes before the parade began, Singh, Antony and chiefs of Army, Navy and Air Force laid wreaths at 'Amar Jawan Jyoti', an eternal flame in the memory of those who laid down their lives while defending the nation.
After the customary 21-gun salute and unfurling of the national tricolour, President Patil presented Ashok Chakra - the highest peacetime gallantry award - posthumously to Lieutenant Navdeep Singh who died foiling an infiltration attempt by Pakistan-based terrorists along the LoC in Jammu and Kashmir.
Then, four Mi-17 helicopters zoomed in from skies on the western side showering flower petals on thousands of spectators, signalling the start of the impressive parade followed by winners of Param Vir Chakra, highest war-time gallantry award, and Ashok Chakra and mounted columns of 61 Cavalry.
The Army showcased its impressive weaponry which included T-72 tanks, Carrier Motor Tracked vehicle, Smerch missile Launcher, Multi Barrel Rocket System 'Pinaka' and Full Width Mine Plough.
It also displayed the NBC (Nuclear- Biological-Chemical) Chemical Purification System and Jammer Station.
Demonstrating its air power, Army's also conducted a flypast of three indegenously made advanced light helicopters Dhruv.
The Army contingent from Parachute Regiment, Bengal Engineer Group, The Brigade of the Guards, Kumaon Regiment, Assam Regiment, Mahar Regiment and Gorkha Rifles marched to the tunes of 'Arjuna', Thimmaya, 'Gangotri' and 'Veer Gorkha' military numbers.
The next to follow were smartly-dressed Navy personnel and then the Air Force contingent, led by Flight Lieutenant Sneha Shekhawat, marching to the tunes of 'Jai Bharati' and 'Air Battle'.
The Navy showcased models of the Delhi Class guided missile destroyer and IL-38 (Sea Dragon) Long-Range Maritime Reconnaissance aircraft.
The 3,000-km-range nuclear-capable Agni-IV missile, successfully flight tested in November last year, stole the limelight as people cheered and clapped when the weapons system's model came near them. Commentaries gave an insight into the capabilities of the sophisticated missile system.
The DRDO also put on display for the first time the 150-km range Prahaar tactical battlefield support missile and the Rustom-1 Unmanned Aerial Vehicle (UAV).
Other marching contingents were those of camel-mounted BSF, Assam Rifles, Coast Guard, CRPF, ITBP, CISF, SSB, RPF, Delhi Police, NCC and NSS.
As the country's armed and police forces demonstrated their might, states and different departments put up an impressive show when they showcased their rich cultural diversity in full display in 23 tableaux - 13 from states and ten from ministries.
Another highlight of the event was that West Bengal became part of the parade after 13 years as it showcased the university town of Shantiniketan, the living abode of Rabindranath Tagore, that symbolises the avant garde vision of an international, educational and cultural institution.
The Jammu and Kashmir tableaux depicts the architectural heritage of its capital Srinagar during the medieval period, while Chhatisgrah showcased the Dondaki art and claywork by artists late Sonabhai Rajwar, Darogaram and Atmadas Manikpuri.
The one by Maharashtra boasted of its rich culture, natural wonders and historical monuments and attractive tourist destinations.
The north-eastern state of Meghalaya depicted the Jaintia Festivals and the most colourful dance by the major tribal community inhabiting the state, while Rajasthan brought alive the 'Aamber Fort' which has an unique artistic style that blends both Hindu and Mughal elements.
Assam showcased its enthralling Bhortal dance, while the Punjab tableaux adorned the larger than life figure of Sher-e-Punjab Maharaja Ranjit Singh atop the Lahore fort.
Goa, Nagaland and Sikkim are other states who showcased their cultural heritage.
The Union Textiles Ministry's tableaux displayed the range of Indian handicrafts, reflecting the journey of Indian handicrafts from the traditional to the modern world, representing the rich cultural heritage from Kashmir to Kanyakumari.
The HRD Ministry came up with 'Saakshar Bharat' depicting an aspirational goal- a society that is fully literate.
'Punjab Mail', the first train of the Indian Railways to achieve the distinction of entering its 100th year of service, was the topic of Railways tablueax.
Election Commission which came with a tableu for the first time had 'National Voter's Day' as its theme which publicises the objective to maximise enrolment of voters and thereby enhance the quality of Indian democracy.
Tribal Affairs Ministry, CPWD, Finance Ministry, Agriculture Ministry, Ministry of Communication and Information Technology, and Steel also showcased their achievements.
More than 450 artists, fabricators and designers living in the special artist village are involved in the making of these tableaux.
Following the tableaus, 21 young brave hearts who won the national bravery awards drove through the Rajpath in gypsies to a huge applause following which 1,200 students enthralled the spectators with a spectacular performance of various dance forms.
Students between the age group of 12 years to 20 years from West Bengal, Orissa, Delhi and other states performed five cultural programmes during the parade.
A folk ritual from Tamil Nadu to please the goddess of health and rain, fisherman dance from Maharashtra and a ritual related to Odisha were among the highlights of youngsters' performances.
Based on the ideals of meaningful education of Mahatma Gandhi, students of Kendriya Vidyalaya in Delhi's RK Puram presented an item on mass literacy.
Through their song and formation they invoked a world where every person is educated in letter and spirit, where everyone would touch the height of prosperity and enlightenment.
Students of Government Sarvodaya Vidyala in Hastsal brought the colourful 'Kodiyancha Karavan', a folk dance of Maharashtra fishermen while another group presented 'Karagam', a folk dance of Tamil Nadu which originated as a ritual dedicated to Mariamman, the goddess of health and rain.
Another performance was that of 'Thakurani' - a combination of 'Animal Dance', 'Ranapa Dance' and 'Jodi' - which is connected with the religious procession of Thakurani Jatra in Ganjam district of Odisha.
'Gudum Baja', a traditional tribal dance in Mandla and Shahdol Districts of Madhya Pradesh, was also showcased during the parade.
A breathtaking dare-devil performance from the BSF motorcycle team 'Janbaz' then took the breath out of the spectators.
154 riders on 30 motorcycles performed Bordermen Salute, Side Riding, Yoga, Janbaz-1, Ladder Double, Harmony, Exercise, Pyramid, Parallel Bar, Guldasta, Karvan and Flag March.
The grand finale of the parade was the spectacular flypast by the IAF, with the C-130J Super Hercules aircraft participating in the parade for the first time.
The flypast was led by a Vic formation of three Mi-35 helicopters, followed by the three Super Hercules again in a Vic formation. Trailing them was an IL-78, flanked by two AN-32 and two Dornier, in a Big Boy formation and next in line was the fighters, - five Jaguars followed by five MiG-29 will fly in Arrowhead formation.
The breathtaking Trishul formation comprising three Su-30 MKI would fly over the Rajpath and once in front of the saluting dais the Su-30MKI aircraft split upwards, making a Trishul in the sky. The flypast concluded with another Sukhoi
Su-30 MKI carrying out a Vertical Charlie manoeuvre over the saluting dais.
(With additional information from agencies)
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#Republic Day #Indian Air Force #Republic Day parade #India Gate #Delhi#Thailand
http://ibnlive.in.com/news/women-lead-air-force-contingent-at-rday-parade/224509-3.html
Working for a foreign bank in India? You won't like this
FP Editors Jan 26, 2012
If you're a hot-shot banker with a multinational bank in India, you're going to hate this.
According to a report in The Economic Times, Citigroup, HSBC, Bank of America Merrill Lynch and Barclays are slashing jobs in their Indian operations at the fastest pace since the 2008 global credit crisis amid slowing operations.
Citi cut 100 jobs while HSBC is expected to axe several employees as part of its global staff reduction programme. French bank BNP Paribas has eliminated more than a dozen employees, while Royal Bank of Scotland is putting its equities and mergers advisory division for sale, which may lead to layoffs, added the newspaper.
Overall, more than 1,000 jobs could be shed across foreign banks, the report noted.
Reuters
Terribly depressing, isn't it?
But fear not. Not all sectors have such gloomy news to give. Indeed, even among banks, not everyone is dumping staff.
Several public-sector and private sector banks are actually planning to hire more this year. Indeed, several sectors are planning to hire more employees as they chart out expansion plans.
A recent Grant Thorton interview also showed the upbeat sentiment among Indian companies. Despite a visible economic slowdown, companies across the country plan to hike salaries for their employees by more than the rate of inflation, according to this Firstpoststory.
For job-seekers, here's a quick look at sectors that are likely to keep hiring in 2012:
Banks: Apart from foreign banks, which are in employee-shedding mode, local private- and public-sector banks are mostly in expansion mode. According to The Economic Times, state-run banks like Punjab National Bank and Union Bank of India are expected to hire more than 45,000 employees by the year ending March 2013. A Hindustan Times report also noted that banks like Axis Bank and HDFC Bank are hoping to hire recruits. The only downside: salaries are likely to be much lower this year.
Real estate: Bracing for better times ahead, real estate companies are planning to hire thousands of staff, according to this Economic Times report. Companies are hoping when the rate cuts (expected this year) materialise, it will bring back potential home buyers into the market again. Hiring is expected to go up by at least 15 percent in 2012, led by civil engineers, project managers and sales and marketing teams.
Environment management: If you're a 'green' professional, you're in luck because you are likely to find plenty of job opportunities this year. Demand for people who can help with protecting the environment and reducing energy consumption is forecast to surge 55-60 percent this year, driven by the real estate industry, according to this PTI report. Other sectors expected to focus on environment management are fast-moving consumer goods and retail, so expect demand from these industries as well.
IT: Tech experts continue to be in demand, despite the dampening economic prospects of the eurozone and the US. Despite the drop in dollar revenues, the sector is doing much better than anticipated by most analysts.
Most of India's top IT companies continue to hire at the lower levels. A Business Standardreport says that TCS, India's largest software services exporter, made campus offers to 43,600 engineering freshers for the financial year ending March 2013, up 15 percent from the previous year. Still, hiring is likely to be on a need-basis.
Healthcare: According to various experts, hiring in this sector was robust in 2011 and that trend is likely to continue well into 2012. According to a Wall Street Journal report earlier this month, there will be greater demand for nurses, laboratory technicians and hospital administrators, among others, as more hospitals and diagnostic centres open this year.
These expansions are also likely to be in smaller cities, the report added. In addition, the growing reputation of India as a medical tourism destination is also likely to boost demand for Indian healthcare services.
So, cheer up! It's not all doom and gloom on the jobs front.
http://www.firstpost.com/business/if-youre-working-for-a-foreign-bank-in-india-you-wont-like-this-194591.html
26 JAN, 2012, 03.31AM IST, BHARTI JAIN,ET BUREAU
UID and NPR may be given go ahead by PM even with some overlap
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Prime Minister Manmohan Singh on Wednesday stepped in to reconcile differences between the home ministry and the Planning Commission over collection of biometrics for the UID and the National Population Register (NPR) projects.
After the meeting, there were clear indication that the two schemes will be given the go ahead even with some overlap.
Mr Singh, who held a meeting with finance ministerPranab Mukherjee, home minister P Chidambaram, Planning Commission deputy chairman Montek Singh Ahluwalia, UIDAI chief Nandan Nilekani and NSA Shivshankar Menon, directed the Planning Commission to prepare a revised note for the Cabinet on how to avoid duplication in the two schemes.
Sources said a slight overlap may be unavoidable between NPR and UID projects. "I think that there is agreement that both the projects can move ahead and ways can be found that will avoid avoidable duplication. That was the key issue," Ahluwalia said after the meeting.
The Cabinet committee on UID is now expected to meet on Friday to clear the proposal to extend the mandate of the Nandan Nilekani-led organisation to cover the entire 1.12 billion population of the country. "I think we have come to an agreement on how both the projects can proceed together without any difficulty," said Ahluwalia.
http://economictimes.indiatimes.com/news/politics/nation/UID-and-NPR-may-be-given-go-ahead-by-PM-even-with-some-overlap/articleshow/11634661.cms
Aerospace, defence export to clock 2 billion dollar growth: ASSOCHAM
Pointing out that the aerospace anddefence export industry has recorded about 18 per cent growth in the first three quarters of 2011-12, industry body ASSOCHAM today said the sector is likely to clock $ 2 billion in the current fiscal.
"With about 18 per cent growth during first three quarters of 2011-12, aircraft exports, including components and parts, stood at about 1.31 billion dollars... aerospace and defence exports are likely to clock two billion dollars in current fiscal," ASSOCHAM today said here in a release.
Highlighting India's manufacturing capability in aerospace sector, ASSOCHAM said the parts and components have contributed a whopping 96 per cent of the total aerospace exports.
The export figure for the last fiscal stood at $ 1.11 billion in the corresponding period of previous fiscal, ASSOCHAM noted.
It sought an exemption from input tax and levies for their contractors and sub-contractors by issue ofcustoms and excise duty exemption certificates on the lines of Defence Public Sector Undertakings (DPSUs).
"Issuance of customs and excise duty exemption certificates to DPSUs to claim exemption from input tax and levies is making exports by private sector exporters uncompetitive by about eight per cent," it said.
ASSOCHAM also suggested the government introduce defence as a priority sector for export promotion councils and setting up a Defence Export Award to acknowledge significant exports.
26 JAN, 2012, 05.23AM IST, MC GOVARDHANA RANGAN & GAYATRI NAYAK,ET BUREAU
We don't want flip-flop on policy till inflation subsides: Subir Gokarn, deputy governor, RBI
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The slowing economic growth weighs more on theReserve Bank of India than inflation. But price pressures have not vanished and they have the potential to come back. The central bank is cautious about this and wary of hurrying with its easing measures and then reverse them later if the pressures don't abate, deputy governor Subir Gokarn told MC Govardhana Rangan and Gayatri Nayak in an interview. Edited excerpts:
Why did you choose a CRR cut instead of repo rate cut when you consider both monetary tools?
Basically, our objective was to address the liquidity constraints in the system. We have been doing OMOs for about seven weeks now and the liquidity pressures still persist. The CRR is essentially a liquidity tool, but it has strong monetary signalling in it. When we looked at the liquidity situation, we realised that a CRR cut would address it without compromising , or conflicting with, our monetary stance. We addressed the liquidity problem with an instrument that has monetary implication but does not compromise our monetary stance.
How do you explain the huge borrowing by banks from RBI?
Intervention is one part. The fact that there has been significant deposit growth without primary liquidity being injected has created this imbalance. To that extent of intervening in the forex market, we have sucked some liquidity . We tried to offset that but clearly the pressure is still there.
If inflation does not fall to your comfort level, will there be a prolonged pause rather than a cut?
The reason why we were relatively focussed and active on the inflation front last year was we did not want to get into a situation where a premature reversal would have to be reversed very quickly because inflation subsided for some period and then reversed. Given the overall growth scenario and whatever trends we are seeing in some component of inflation, we think that the basis for more persistent softening of inflation has come in place. If that pattern plays out as we project, that will provide the basis for somewhat more enduring move on the rate. We are certainly very wary of a flip-flop situation where we reduce rates and inflation starts coming up. We would then have no choice but to reverse course.
You have been talking about fiscal discipline for some time. If the fiscal discipline does not happen, won't easing happen?
It is a concern that fiscal stance is coming in the way of effective transmission of monetary actions. So, inflation has to be brought down on a sustained basis. There has to be some degree of compatibility between monetary and fiscal actions. To the extent that fiscal deficit is rising and is expected to rise, that dilutes the impact rate action has had on aggregate demand.
Has RBI's communication - be it on the currency or monetary actions - got complicated over the last few months?
There is no complication. We have been addressing the liquidity situation with OMOs as a tool that does not require the larger consideration of the macro environment . It can be done at very short notice on a week-to-week basis and can be terminated when needed. But a CRR is a permanent action. We can't cut the CRR now and then a week later decide to raise it. Once we have done it, there is a signal being sent. In increasing the liquidity in the system, we are not in conflict with our monetary stance.
Does it also reflect your fear of inflation?
Absolutely. We have also indicated that core inflation momentum is not showing a discernible downward trend. It is expected to moderate, but it has not shown up yet. Two, there are a number of risks to inflation , which might cause it to revive if certain circumstances manifest. We are not downplaying, or in anyway underestimating , the inflation risk that still exists in the system. But there is a growth risk also, which we have recognised.
http://economictimes.indiatimes.com/opinion/interviews/We-dont-want-flip-flop-on-policy-till-inflation-subsides-Subir-Gokarn-deputy-governor-RBI/articleshow/11635432.cms
Govt gets its way, arm-twists PSUs into shelling out Rs 7,000 cr as dividends
Sanjit Oberai Jan 26, 2012
o, it's finally done.
All the high-profile meetings between public-sector undertakings and the government have finally ended with an agreement that state-run entities will shell out Rs 7,000 crore in dividends.
"The government held meetings across the board with PSUs and PSU banks, and managed to get around Rs 7,000 crore as dividends to breach the deficit gap" a CNBC TV-18 report said.
The government will be banking on Coal India, which is sitting on Rs 50,000 crore in cash, to shoulder the main responsibility of the dividends.
Rethinking the disinvestment strategy. Reuters
In addition, the government said that its original disinvestment target of Rs 40,000 crore was impossible to meet and that the target had now been scaled down to Rs 10,000 crore.
However, there will be more clarity on the subject next month, after the government becomes more certain about its tax revenues, Sethi added.
The government is, once again, considering launching a follow-on public offer for oil producer ONGC by the end of March, the report noted.
Firstpost had reported earlier that the government planned to nudge top public-sector companies into coughing up higher dividends, and would target some cash-rich companies with low capital expenditure plans.
The BSE PSU index, a collection of about 60 government-owned companies, has shot up by 15.7 percent since the start of the year on hopes of a higher dividend payout. In comparison, the Sensex has gained 10 percent.
Watch the video below :
http://www.firstpost.com/business/govt-gets-its-way-arm-twists-psus-into-shelling-out-rs-7000-cr-as-dividends-194449.html
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/
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