Troubled Galaxy Destroyed Dreams: Chapter 75
Palash Biswas
Navratri nightmare
A stampede — not terrorism — has killed 147 devotees, many of them young, in a country where faith runs deep but not the belief in perfecting fool-proof crowd management methods. ... | Read..
Jail jolt to Rizwan officer
Ajoy Kumar today became the first IPS officer to be sent to jail in Bengal in recent memory. ... | Read..
Act or fact? Over to you, your honour
If you have proficiency in English, some knowledge of cricket and do not “imagine anything in the mind”, are you an actor? ... | Read..
Suicide glare on bosses
Police are on the lookout for two managers of Nokia, the telecom company, to investigate allegations that they drove a young engineer to death. ... | Read..
TIME FOR A MEAL
In West Bengal, people have to die, preferably in noticeably large numbers, of having nothing to eat before the government starts talking about starvation. Then, too, most of the talk is about how the deaths are caused by disease rather than starvation, never mind if the diseases themselves — tuberculosis or dysentery — are because of acute scarcity of food forcing people to live on ants’ eggs or even just soil. This time, it is a survey by the government itself that has decided to come clean with West Bengal’s shocking starvation statistics — with the familiar hedging, of course, around what exactly to call the phenomenon. Around five lakh people, most of them above 60 years old, live in “starvation-like” conditions. (What, one wonders, is the difference between living as if one were starving and actually starving? Is the former better, or less uncomfortable for the government, than the latter?) The concentration of the starved, according to the survey, is in the districts that have been intermittently in the news, for years, precisely for this reason. And something else that is not new is the junior panchayat and rural development minister’s knee-jerk, and entirely ad hoc, offer of a solution in the form of serving one or two cooked meals to those who prove themselves to be in such a condition.
Brazen denial of the facts, short-term and politically advantageous solutions, and refusing to look at the larger systemic factors have always constituted the Left Front government’s familiar and expected reaction to starvation. Be they the displaced tribals of Amlashol or the out-of-work labourers and their families in north Bengal’s tea-gardens, the government has chronically refused to deal with the situation by addressing the fundamental causes of why people are failing to provide themselves with food. This time, the irony is in the fact that the very panchayats that have failed to make the public distribution system and the National Rural Employment Guarantee Scheme work among the rural poor are now planning to provide meals to the starving, or the quasi-starving. From the distribution of below-poverty-line or job cards, to the deflecting of the PDS rice to the open market, both systems are mired in the corruption and greed of politically empowered middle-men. This had even led to an extended outbreak of food riots in the recent past. Nothing about this survey, and about the government’s reaction to it, is new or cause for any fresh hope.
Deep declarations
What the PM talked about when he talked about love
Prime Minister Manmohan Singh’s declaration of “deep love” among Indians for the president of the United States of America, George W. Bush, needs to be defended. Or at least put into context. As one of the two score or so men and women — including of... | Read..
http://www.telegraphindia.com/1081001/jsp/opinion/index.jsp
Decline in capital inflows as a result of ongoing global financial turmoil may see India's foreign exchange reserves depleting by USD 39 billion during 2008-09, says a report by global banker Goldman Sachs!
US congressional blessing is the last hurdle to the Indo US Nuclear deal and the strategical pact, which the Bush administration believes will secure a strategic partnership with the world's largest democracy, help India meet its rising energy demand and open up a market worth billions! It helped the Much wanted resurgence of Indian market, finance and money as well!
US Senate Majority Leader Harry Reid on Tuesday scheduled a vote for Wednesday evening on a deal to end the three-decade ban on US civilian nuclear trade with India, a Senate aide said.
President George W Bush wants to secure the agreement before he leaves office on January 20 and the State Department has mounted an all-out effort, including phone calls and visits to the Capitol by Rice, to win passage.
The deal passed the House of Representatives by a margin of 298-117 on Saturday and the Democrats who control the Senate appeared to have overcome opponents within their own party.
Extending its gains for the second straight day the Bombay Stock Exchange benchmark Sensex today regained the 13,000-point level on the back of positive trends in global markets amid renewed hopes that US lawmakers would reach an agreement on bailout plan for financial markets.
The US Senate will tonight try to resurrect the Bush Administration's stricken $700 billion financial rescue passage when it votes on a revised version of the Bill.
The aim is to pressure the House of Representatives to reverse its stunning rejection of the legislation on Monday.
The Senate proposal, which is believed to have broad bipartisan support in the upper chamber, includes a number of "sweeteners" aimed at making the colossal rescue plan more palatable to enough Democrats and Republicans in the House to ensure that the measure can pass in a new vote when the lower chamber reconvenes on Thursday.
John McCain, Barack Obama and Joe Biden — the Democratic vice-presidential nominee — will all return to Washington to vote in favour of the Senate proposal.
The vote comes amid a sense that the Dow's record one-day points drop after the calamitous defeat of the Bill on Monday has led to a significant shift in the public mood, and a growing realisation among voters that the plan is not just a Wall Street bailout but a critical rescue package for the entire US economy.
The angry calls from constituents railing against the Bill shifted abruptly after the wreckage that followed Monday's House vote. "It's completely in the other direction now," a spokesman for John Boehner, the Republican House Minority Leader, said.
Chris Dodd, the Democratic chairman of the Senate Banking Committee, said that he believed the vote had sobered up some House members, adding: "I'm told a number of people who voted 'no' yesterday are having serious second thoughts about it."
The Senate version — aimed at winning over just 12 extra House Republicans and Democrats needed to reverse Monday's 228 to 206 defeat — contains more than $100 billion of tax breaks, including relief for businesses, which is popular with the Republicans, and help for more than 20 million middle-class taxpayers to avoid higher levies under what is called the Alternative Minimum Tax.
To calm voter fears of bank collapses, the Senate plan would also increase federal insurance for deposit accounts, from $100,000 to $250,000. That element was backed by both Mr McCain and Mr Obama on Tuesday.
In India, The BSE barometer advanced by 195.24 points to close the day at 13,055.67, a day after it gained 265 points defying global trends.
The 30-share Sensex touched day's high of 13,203.86 after dipping to a low of 12,697.30 in early trade.
Nevertheless, The BPO-KPO sector in India is facing the heat of the US slowdown, particularly following recent events in the financial markets. It involves the entire generation Next in India which is facing an unprecedented Job Crunch as the anti national government of India chose IT as the only avenue of Education and job Opportunities discarding Higher education, research and development!
Businesses of a host of small and mid-sized firms have taken a further hit in the industry since a major chunk of business comes from banking and financial services firms in the US.
“The slowdown is going to impact the BPO firms in India. This will eventually result in overall slowdown of the BPO industry. But now a large pool of professionals will be able to provide quality services to the Indian BPO-KPO industry at much lower prices,” says IDBI Capital Market Services research head Shahina Mukadam.
According to a report released by Nasscom, the BPO and KPO industry together generated Rs 1,160 crore revenue and provided employment to 7 lakh people in 2007-08. The share of the US in the Indian BPO-KPO export market was 61%, making it the largest contributor to exports in the segment in 2007.
Prime Minister Dr Manmohan Singh returned on Wednesday after completing a hectic and significant ten-day visit to the United States and France, during which he managed to see through the US Congress, the passage of the Indo-US and Indo-French civil nuclear cooperation deal. Singh also described the communal tensions in Orissa and Karnataka as the worst of his four-and-a-half-year-long tenure as PM. Addressing a press conference onboard his special aircraft before its arrival in India, Dr Singh gave his views on a number of topics.
Meanwhile,Sonia Gandhi today said a bill to amend the 19th-century land acquisition act to end the “exploitation” of farmers was being prepared for passage in Parliament.
The Horses would hesitate to laugh on this pro farmer stance of the Italian Neo Liberal Queen ruling India!
Who destroyed Indian Peasantry? Who introduced SEZ, Chemical Hubs, Nuclear Parks, IT hubs, Retail Chain, GM seeds and the string of anti farmer anti labour legislation in India? Who sold out the natural resources to MNCs? Who launched the Indigenous Annihilation festival in India? Who sold out National security, integrity, freedom and sovereignty? Who destroyed Indigenous production system, livelihood and life?
Pantnagar University is already stripped off Five Thousand Acres of land meant for research and development. Tata Motors has been gifted One Thousand Acres already @ just One Rupee per unit. It wants more! West Bengal is dying to protect Tata`s interest at any cost!
What if the European Union on Wednesday imposed one of its highest ever cartel fines on a `paraffin mafia'' accused of fixing prices and markets for everyday household products like chewing gum, tires and candles!
My we ever think to punish Corporates and the MNCs? The builders and Promoters? May we dare to stop kickbacks and swiss bank accounts?
But, it is all about the European solidarity that a group of nine paraffin wax producers were ordered to pay fines totaling almost euro700 mn (almost US$1 bn) for forcing European consumers to pay more because paraffin was kept at artificially high prices.European Commission Neelie Kroes said the cartel leader was Sasol Ltd. of South Africa but also included such multinationals as ExxonMobil, Repsol, Shell and Total. Paraffin wax is obtained from petroleum and is used in candles, wax paper, cosmetics and many other products.The overall total of euro676 mn (US$967 mn) is the fourth highest fine ever and the fine slapped on Sasol of euro318.2 mn ($455.12 mn) was the fourth largest for an individual company.
You might remember how Taslima was evicted out of India during Nandigram Insurrection! The Ruling Marxists are just waiting to see the Storm of Insurrection diluted and Over in Singur, so that Tata Motors may launch Nano!
Here you are, Riz Love Tragedy Grave is uncovered just for another subversion to feed the Sensation eating Media! Three IPS officers were sent to jail to invite crying News breaks sidelining Singur and Mamata Bannerjee! The officers got released next day!
Media reported: market strikes back! How did it strike? Is the internal strength intact? The growth! Replicating DOWS ditto is converted and the SENSEX has become independent of Global market. The Bailout plan of Paulson was rejected. And it seems quite a mystery how the Global Market resurged! Well! It is no mystery as Bush got the most wanted Periphery full of natural as well as Human Resources! It is damn Cheap. The Weapon industry got an unprecedented lease of life exporting Wars and Civil wars in the Third world. Americanism prevails! It encouraged the FIIs to pump in Money in the Recession struck Global Economy including the Indian Colony! Only the other day, unless the Nuke deal was decided to be operationalised and Super Slave Manmohan got signed another Nuke deal with the French, the Indian colonial Economy was being licked by the cross Continental flames!
US Parliament showed unprecedented solidarity with tax payers! Long live Us Democracy! Just go the Corporate Strategic Galaxy Post Modern Manusmriti Apartheid Imperialism! go to Hell!
What a democracy we have!
Just feel the tremors of NAVRATRI NIGHTMARE!
A stampede — not terrorism — has killed 147 devotees, many of them young, in a country where faith runs deep but not the belief in perfecting fool-proof crowd management methods!
More people die in religious accidents than in man made or natural calamities, in Terror strikes! No security! No Disaster management! No arrangement to tackle such tragedies!
Who will tell this bloody Slave Government of India to pursue Hindutva forces just managing the Pilgrimage! It is rather mandatory! Just cease Hunting Minorities and Indigenous People on the name of God, War against Terrorism, Development and Internal security!
Rajasthan on Wednesday observed state mourning as a mark of respect to the devotees who lost their lives during the stamped.
The national flag atop Government buildings and installations flew at half mast throughout the state and no entertainment programme at official level was held anywhere.
Expressing their grief on the incident, Jodhpur Muslim youth have also decided that they won’t celebrate Eid on October 2 and will prefer to mourn the death of those killed in the stampede.
They feel that the tragedy that struck at the Chamunda Devi temple on Tuesday doesn't warrant any celebration.
According to the reports, locals rushed to the spot to help with rescue operation and take the injured to the hospital and a day later the city is mourning.
And this section of locals have put up posters appealing to others in their community not to celebrate on Thursday.
"We will only be offering Namaz. We have decided not to
Just remember the Indian Parliamentary Nuke opera Reality show minutes! How the Indian people are betrayed with all sorts of fake identities, ideologies and equations! What a horse Trade to feed the Indian Market as well as Politics saving only the Global hegemony interests!
Then, perhaps you might be watching the Pay ROW live and felt the stings of the defence forces of India being furious! Extra Six thousand corore rupees have been pumped into the War machine to defend US interests in Indian Ocean region. No one may dare to question the logic as it involves national security as well as blind nationalism, the vital statics of Fascism as well as imperialism! What army gets on default, the ration, the conveyance, the housing furnished, the drink subsidised, the subordinate staff,were not considered at all!
The Government employees and the forces have to be tamed at any cost. It is an age old story in every country and every time! Repression and persecution are the best ways for sustaining any Ruling Hegemony anywhere! In India it is Americanised! you may never dare to think of a slightest resistance!
Addressing a farmers’ rally in this Uttar Pradesh town in the run-up to the Lok Sabha polls, the Congress president Italian Sonia Gandhi called for transparent land acquisition, building her arguments on the agitation in Badalpur.
The native village of Uttar Pradesh chief minister Mayavati witnessed protests by farmers in July this year. Congress leaders had courted arrest in the fight for better compensation for land losers.
The Uttar Pradesh government had acquired land for developing Badalpur into a tourist destination.
“We have prepared an amendment bill on land acquisition. I hope it will be passed in Parliament so that farmers’ exploitation stops,” Sonia told a mammoth gathering at a college ground.
If farmers were opposed to acquisition, she said, “uska jawab lathi aur goli nahin hai (the answer does not lie in lathis and bullets)”.
Haryana chief minister B.S. Hooda, who attended the rally, told the farmers about the high prices his government was offering for land.
Other leaders like Ghaziabad MP Surendra Goel and Sachin Pilot asked the farmers to raise their voice against injustice and Mayavati’s alleged forced land acquisition.
The first right to the government’s treasury, Sonia said, was of the farmers, workers and the poor. The UPA chairperson also referred to the Rs 66,000-crore package announced by finance minister P. Chidambaram in this year’s budget to bail out debt-burdened farmers.
While criticising the Mayavati government for not doing enough to provide power and water to farmers and businessmen in urban areas, Sonia sneaked in the nuclear deal as well.
She said once the deal was activated, power generation would increase, which would not only help farmers and encourage new businesses but also create employment opportunities.
What a Turnaround!
Just remember the Honeymoon days!
Congress and UPA did their best to defend the Marxist gestapo ruling in West Bengal as the Marxist played their part to subvert Anti Fascism Anti Imperialism movement in India. The NDA cooperated to stall anti US Movement in this subcontinent playing the HINDUTVA card! The Ruling Hegemony as well as the Resistance Hegemony betrayed national Interests and bartered away Freedom and sovereignty to make India a US Colony!
Now, jus see what Manmohan poses just after returning from his heaven, United states of America!
As the West Bengal government makes a fresh effort to resolve the row over Tatas' Nano car project, Prime Minister Mahnmohan Singh Wednesday said it was not too late for a "negotiated settlement" that would be in the interests of the farmers and the investors.
"I don't want to apportion blame," the prime minister said in a mid-air press conference while returning from his 10-day visit to US and France.
"But I sincerely believe that even now it is not too late to find a negotiated settlement which would meet the concerns of those farmers who are agitating as well as the concerns of the investors that is the Tatas," he said.
"It's in the interest of (West) Bengal and the interest of India that the issue should be resolved satisfactorily," Manmohan Singh said.
The prime minister's remarks came a couple of days after the West Bengal government called an all-party meeting to find a solution to the land row that led to the suspension of work by Tata Motors at its Singur factory. The main opposition Trinamool Congress has, however, threatened to boycott the parleys.
India and France signed an agreement on civil nuclear co-operation that covers supply of reactors and atomic fuel.The deal is Delhi’s first concrete step back into the nuclear mainstream after 34 years of international isolation.
Sanctions had been imposed on India after the Pokhran nuclear tests of 1974, and also after the 1998 explosions. The US formed the Nuclear Suppliers Group without whose clearance no country could procure nuclear technology or supply of fissile material.
“We expect to finalise agreements (on civil nuclear co-operation) with other European partners, too,” Prime Minister Manmohan Singh said after talks with French President Nicolas Sarkozy at Elysee Palace here.
Atomic Energy Commission chairman Anil Kakodkar and French foreign minister Bernard Kouchner signed the Indo-France Civil Nuclear Co-operation Agreement in the presence of the two leaders.
“Today we have added a new dimension to our strategic partnership by signing an inter-governmental agreement on civil nuclear co-operation,” Singh said.
France is the first country to open nuclear commerce with India since the 45-member NSG exempted India from its tough guidelines on September 6.
The Indo-US nuclear deal is still waiting for the Senate’s nod.
The deal with France will form the basis of wide-ranging bilateral co-operation — from basic and applied research to full civil nuclear co-operation, including reactors, fuel supply, radiation, environment protection and nuclear fuel cycle management.
Two other agreements were signed during Singh’s two-day visit to Paris. One relates to social security for Indian and French nationals staying in each others’ country for up to five years. The other is on utilising services of the Indian Polar Satellite Launch Vehicle.
“France is the first country with whom we have entered into such an agreement after the lifting of international restrictions on civil nuclear co-operation with India by the NSG. I conveyed to President Sarkozy our gratitude for France’s consistent support to our civil nuclear initiative,” Singh said.
A statement on the agreement said both sides recognised nuclear energy as a reliable source of sustainable and non-polluting energy, which could make a significant contribution to meeting the global challenge of achieving energy security.
It said both countries shared common concerns in the field of non-proliferation of weapons of mass destruction, including possible links to terrorism.
US Senate Majority Leader Harry Reid on Tuesday scheduled a vote for Wednesday evening on a deal to end the three-decade ban on US civilian nuclear trade with India, a Senate aide said.
The deal passed the House of Representatives by a margin of 298-117 on Saturday and the Democrats who control the Senate appeared to have overcome opponents within their own party.
The deal is expected to pass Congress, where it enjoys strong support from Democrats and Republicans who want to see closer ties to India, create jobs in the US civil nuclear industry and cultivate the small but affluent Indian-American community.
US congressional blessing is the last hurdle to the pact, which the Bush administration believes will secure a strategic partnership with the world's largest democracy, help India meet its rising energy demand and open up a market worth billions.
Critics argue the deal undermines efforts to prevent the spread of nuclear weapons and sets a precedent allowing other nations to seek to buy such technology without submitting to the full range of global non-proliferation safeguards.
If the agreement does not make it through Congress before lawmakers head home to campaign for the November 4 election, it could slip until next year.
'Landmark agreement'
Secretary of State Condoleezza Rice would not comment on whether the Bush administration had won over critics of the deal in the Senate but said the agreement would cement ties between Washington and New Delhi.
"I certainly hope that it can get done because it would be a landmark agreement for India and the United States and it would be a way to solidify what has been an extraordinary period in which US-Indian relations have reached the kind of deepening that is really appropriate for two of the world's largest and great democracies," she told reporters at the start of a meeting with Hungarian Foreign Minister Kinga Goncz.
Accused cops in Riz case granted bail
2008-10-01 [19:12:49 hrs]
The city sessions court on Wednesday granted bail to the accused police officers in the Rizwanur death case.
Though CBI counsel Partha Tapashi opposed the bail plea of the police officers, Madhusudhan Dutta, judge of the city session court, granted them interim bail in lieu of bail bond to the tune of Rs 10,000 each. The court has also directed the accused cops not to move out of Kolkata.
The CBI, which is investigating the case as per the order of the Calcutta High Court, said that Rizwan, in his suicide note, had blamed Kolkata DGP Gyanwant Singh and uncle Sayeed Rehman for torturing him.
The CBI also gave clean chit to Ashok Todi, Priyanka’s father, saying that he was not responsible for Rizwan’s death. The CBI’s clean chit came days after the agency filed a chargesheet in the case which also included Todi’s name.
Initiatives were taken to expediate the process of sending the court order to the Presidency correctional home where the accused cops have been lodged at a room meant for the special court room inside the correctional home.
"If the bail order directed by the judge does not reach the correctional home in time, the accused will not be let out of the correctional home on Wednesday. This, otherwise, will lead to the suspension of the accused cops," said a senior police officials.
Cong retools Singur strategy
2008-10-01 [14:49:26 hrs]
The Congress on Tuesday said ancillary units should be relocated from the Nano site, shedding its ambiguity on Singur and leaving room for manoeuvre in the run-up to the Lok Sabha elections.
The Congress’s demand for shifting the units was disclosed by chief minister Buddhadeb Bhattacharjee at Writers’ Buildings after an “all-party” meeting boycotted by the principal Opposition group.
“I find a reflection of the Trinamul Congress” in the Congress stand, the chief minister said on a day Mamata Banerjee met Sonia Gandhi in Delhi.
The confluence of circumstances — the Congress’s demand that could kill the Singur project if conceded and Mamata’s meeting with the UPA chief — fuelled speculation that the party was playing with an eye on the approaching polls.
The Congress is said to be keeping two factors in mind: how to ensure that its political space in Bengal is not eaten up by Trinamul and how to avoid antagonising Mamata to such an extent that a future understanding is not possible. In the process, if the Left — yet to be forgiven by Manmohan Singh and Sonia Gandhi for the pullout over the nuclear deal — suffers a few anxious moments, the Congress will not lose sleep, sources said.
Mamata has been repeatedly dubbing the Congress the CPM’s “B team”. The Congress could not respond to the taunt convincingly for several reasons, one of which was the ambivalent stand on Singur.
Till recently, the Congress, especially state unit president Priya Ranjan Das Munshi, had been supporting the project though with qualifications.
The party had also mulled disciplinary action against Subrata Mukherjee for parti-cipating in a Mamata rally in Singur.
However, on Sunday, Das Munshi had picked out the Tatas for mild criticism for “threatening” to pull out. The party still officially supports the project but its demand for relocation of ancillaries is a killer condition identical to that of Trinamul.
The chief minister suggested as much while making public the Congress’s stand at the meeting. “It is unfortunate that the Congress has failed to understand the nature of the project. We don’t think the ancillaries can be relocated as that would affect the viability of the project.”
Mukherjee refused to accept that the Congress had changed its stand. “We are only ta- lking of shifting the ancillaries. That will, at the most, raise the Nano’s price. What’s the big deal if the Tatas increase the car’s price by Rs 10,000?”
Congress sources conceded that Mamata’s accusations that the Bengal unit was a “dalal (broker)” engaged by the CPM and the Tatas to break a “farmers’ movement” could not be ignored. “Some damage control” had to be done, said a Congress leader.
For Das Munshi, another compulsion is Sonia Gandhi, who has opposed Mayavati’s land acquisition plan in Uttar Pradesh.
At the meeting with Sonia, the Trinamul chief apparently asked the Centre to intervene “decisively” in Bengal. So-nia apparently heard her out but Congress sources later said they saw no possibility of the demand being accepted.
Asked if anything other than Singur cropped up, Trinamul sources said: “If two important leaders are face-to-face before an election, obviously other matters will come up.”
The Congress feels that the CPM would not do well in the Lok Sabha elections in Bengal and Kerala. Coupled with that, an understanding with Mamata should help the Congress neutralise the loss of the CPM as an outside supporter, according to the leadership.
However, Congress lead-ers said “little else” was discussed.
India will be in nuclear mainstream: Kakodkar
Sanjay Suri / CNN-IBN
Paris: Atomic Energy Commission Chairman Anil Kakodkar has said that says India is not worried about losing out on the reprocessing technology in the nuclear deal with the French.
"One has to be practical and the purpose is to enhance the electricity generation. Through nuclear energy means that is our primary objective. India has full comprehensive technological capability on all aspects of nuclear fuel cycle," said Kakodkar.
When asked if none of the NSG countries will provide reprocessing technology to India, Kakodkar said, "It's upto the NSG and we would expect that soon, we will be in the nuclear mainstream."
Kakodkar and French Foreign Minister Bernard Kouchner signed the Indo-France Civil Nuclear Cooperation Agreement in the presence of Prime Minister Manmohan Singh and French President Nicolas Sarkozy .
The agreement ended India' 34 years of nuclear isolation.
“We expect to finalise agreements (on civil nuclear co-operation) with other European partners, too,” Singh said after talks with Sarkozy at Elysee Palace.
Sanctions had been imposed on India after the Pokhran nuclear tests of 1974, and also after the 1998 explosions.
The US formed the Nuclear Suppliers Group without whose clearance no country could procure nuclear technology or supply of fissile material.
http://www.ibnlive.com/news/india-will-be-in-nuclear-mainstream-kakodkar/74773-2.html
RPT-UPDATE 1-India c/a deficit widens to $10.7 bln in June qtr
Wed Oct 1, 2008 8:15am IST Email | Print | Share| Single Page[-] Text [+] (Repeats story issued late on Tuesday) (Updates with details, analyst comment)
By Anurag Joshi
MUMBAI, Sept 30 (Reuters) - India's current account deficit
The Reserve Bank of India (RBI) said the balance of payments surplus
The merchandise trade deficit on a balance of payment basis widened by more than 50 percent to $31.6 billion in April-June from $20.7 billion in the same period last year, as high oil prices boosted the value of imports.
"It going up does not come as a surprise. Look at oil prices in the last quarter," said D.K. Joshi, principal economist with CRISIL.
The price of the Indian basket of crude in the fiscal first quarter was $118.8 per barrel, compared with $66.4 per barrel in April-June 2007, the central bank said.
Oil CLc1 hit a record high above $147 a barrel in mid-July, but has since eased under $100. India imports about 70 percent of its oil needs, and crude is its largest import.
Invisible receipts, which includes remittances by overseas Indians and income from software-services firms, rose to $20.85 billion from $14.4 billion in April-June 2007. Continued...
A year for markets to get back to normal?
1 Oct, 2008, 1929 hrs IST,Arun Duggal,
http://economictimes.indiatimes.com/A_year_for_markets_to_get_back_to_normal/articleshow/3550348.cms
We are going through the most serious global financial crisis since the Great Depression. It is centred in the United States, but its implications are worldwide. The nationalisation of Bradford & Bingley in the UK and financial support for Fortis in Europe highlight the dangers of contagion.
Only concerted action by governments and monetary authorities, particularly those of the US, can prevent a global disaster. The crisis is as much real as it is based on the fear in the minds of participants in the financial system. That is why the $700 billion Troubled Asset Recovery Plan proposed by US treasury secretary Paulson and rejected by US House of Representatives is so important. The US government must commit large amounts of taxpayer funds and show firm determination to solve the problem.
There were four main factors behind this crisis. One, the US had long and continuous economic expansion with low inflation over the last 15 years, making financial markets and regulators complacent. They forgot that there is a “business cycle”. Only 18 months ago, regulators, particularly the US Federal Reserve, were focused on dealing with the so-called ‘liquidity glut’. In the process, they missed noticing the emerging risk due to asset price inflation, particularly in real estate.
Two, during these good times financial institutions (FIs), particularly investment banks, grew very large. They took big risks and made huge profits. In recent years, FIs contributed nearly 40%, as against the normal 10%, of total US corporate profits. They paid huge salaries to recruit the best and the brightest from top business schools, who, in turn, helped create and sell complex financial products, credit derivatives and other securities whose risks were not understood by either investors or the top managements of investment banks.
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Three: The good times encouraged banks to take higher risks. Highly leveraged transactions with “life covenants” became the norm. Investment banks themselves, became highly leveraged: 32:1 for Lehman Brothers before it failed, as against 8:1 for a conservative bank. Investment banks did not have sufficient capital to support the risks on their balance sheets.
Four, there was major failure of leadership at most FIs. Dealmakers took charge and risk managers were completely sidelined. Credit was mispriced so much that there was only small difference in the yield between junk bonds and US treasuries.
The very first inkling of the crisis came in February 2007 when Bobby Mehta, chief executive of HSBC, North America and another executive of HSBC, USA were sacked for catastrophic forays into high-risk US mortgage securities. These two bankers had received $40 million in bonuses the previous two years. The bank was forced to issue the first profit warning in its 142 years history but the timely action to recognise and deal with this problem has served HSBC well. Few market participants picked up the implications of this market signal.
Since early 2008, treasury secretary Henry Paulson and Federal Reserve chairman Ben Bernanke have been spearheading the fight against the financial crisis. Their challenge is to prevent systemic failure and recession, without creating a moral hazard, which would encourage people to act irresponsibly in the future.
DLF's Rajarhat Complex to Run on Solar Power
2008-10-01 [14:46:52 hrs]
The DLF Housing Complex coming up at Rajarhat is going to serve many firsts in the country. It will be the country's first solar run housing complex and also the largest housing complex planned till date.
An agreement to this effect has just been signed by real estate major DLF and the West Bengal Green Energy Development Corporation (WBGEDC). In fact, the project is the latter's brainchild.
A total of 200 acres has been acquired in Rajarhat by DLF for the project and work is expected to start after Puja. "The project has already been designed following specifications laid down by us for DLF. The idea was to build a complex that runs on green energy," said an ecstatic SP Gon Choudhury, WBGEDC managing director and the brains behind the project.
The highrise complex will provide housing solutions to all three categories - lower, middle and higher income - and contain 8,000 apartments. Photovoltaic cells will be fitted on rooftops, terraces, refuge areas, balconies and window panes to generate power.
"Over the years, we have developed more efficient ways of generating solar energy. We will share this knowhow with DLF so that each tower in the complex is able to generate at least 40% of its total energy requirement," said Gon Choudhury. He, however , conceded that the use of ACs and microwaves is not being considered while the total energy requirement of an apartment is considered; tubelights , fans and geysers have been factored in.
Explaining how the remaining power requirement of the complex will be satisfied , Gon Choudhury said the complex will be fitted with a dual grid system. The power generated by the solar panels will directly flow into the grid, owned by West Bengal State Electricity Development Corporation Limited (WBSEDCL ) and this will be purchased by WBSEDCL at market price. That will then be registered as the complex's own output.
Priya Ranjan criticises Mamata for demanding invocation of Art 355
2008-10-01 [13:37:21 hrs]
The West Bengal PCC chief Mr Priya Ranjan Das Munshi on Tuesday criticised the Trinamul Congress chief Miss Mamata Banerjee for demanding invocation of Article 355 in West Bengal.
“We support some points raised by Miss Mamta Banerjee on the Singur issue but not her demand for the invocation of Article 355 in the state,” Mr Das Munshi said here today. Downplaying Miss Banerjee's criticism against the Congress for agreeing to attend the all-party meeting convened by the state government in Kolkata today, the Congress leader said: “Those who were in the Congress but siding with the CPI-M are now with Miss Banerjee.”
The PCC chief, however, added that he did not mind Miss Banerjee meeting Mrs Sonia Gandhi. “Any person can meet Mrs Gandhi,” he said.
Supporting Miss Banerjee's demands on Singur, the Union minister said that the state government should have to execute the accord signed in presence of the Governor Mr Gopalkrishna Gandhi to resolve the Singur crisis.
“The state government hurriedly published the package but failed to manage the overall situation,” he said adding: “Still 21 ancillary industries have not set up their units in the Nano project site. There is sufficient land left to be returned to the farmers unwilling to offer land for the project,” he claimed.
The Union minister also said the Tata Motors should respond to the farmers’ demand and plight to resolve the Singur impasse. “I shall write a letter to Mr Ratan Tata soon pointing out the problems and offering proposals to resolve the crisis,” the minister, said.
No differences between govt, armed forces on pay hike: DM
2008-10-01 [14:35:47 hrs]
Defence Minister AK Antony on Wednesday sought to dismiss reports of differences between the Central government and the armed forces over the Sixth Central Pay Commission (CPC) recommendations. Antony said that the government was ready to add Rs 6,000 crore as further commitment, adding this will be over and above the Pay Commission’s recommendations.
The armed forces’ chiefs had also dismissed suggestions earlier that there was a rift between the government and the Services on the issue.
“I just want to clarify that this talk of differences between the armed forces and the government... I think that is not right,’’ Army Chief General Deepak Kapoor had said after Navy Chief Admiral Sureesh Mehta was reportedly pulled up by the Defence Minister for crossing the line by refusing to accept the Pay Panel’s recommendations.
According to Antony, the three Services chiefs have already submitted detailed aspects of changes in the salary structure.
Last Saturday, mindful of the concerns of the personnel belonging to three wings of the armed forces, the Centre had ordered release of their ad-hoc arrears for the current year this week. The development paved the way for the 1.5 million personnel to take home the revised pay on October 1, i.e. today.
The government has also constituted a three-member committee, headed by External Affairs Minister Pranab Mukherjee, to look into the pay-related anomalies of the Services. Other members on the high-level committee include the Defence Minister and Finance Minister P Chidambaram.
The defence personnel had sought 70% “pensionary weightage” to jawans, placing Lieutenant-Colonels in Pay Band-IV, parity of Grade Pay between defence officers and civilian counterparts and according Higher Administrative Grade Plus scales to Lieutenant-Generals and their equivalents in Navy and Air Force in the CPC.
The defence personnel would receive their remaining 40% arrears along with their November salaries. The government had stated that there might be a delay in calculating the amount before salaries for the month of October are released, as the armed forces’ fresh pay vouchers for October salaries were submitted in the Defence Ministry’s accounts office only on Tuesday.
While the armed forces are taking only part arrears this month, their 3.5 million civilian counterparts are getting the entire 40% arrears. The government has said it would pay the remaining 60% of the arrears in the next fiscal.
Following the CPC notification last month, Navy Chief Admiral Sureesh Mehta, Air Force Chief Fali Homi Major and Army Chief General Deepak Kapoor had expressed their disappointment over the “disparities”.
Antony intervened on behalf of the armed forces by writing to the Prime Minister and the Finance Minister, seeking resolution of the four “core issues” of the defence personnel.
While submitting their forces’ revised salary vouchers yesterday, the three Services chiefs had discussed the ways for moving forward on the issue at their regular weekly meeting with the Defence Minister.
Antony was reported to have taken a tough stand and asked the defence chiefs to accept the Sixth Central Pay Commission recommendations temporarily, after their decision to withhold its implementation.
Woman may seek share but cannot claim right to live in her in-laws` house: Delhi HC
2008-10-01 [14:33:41 hrs]
A woman can seek a share in her husband's property but cannot claim a right to live in the house of her in-laws, the Delhi High Court has said.
Upholding an injunction order passed by a civil judge in favour of the parents-in-law of Neetu Mittal, Justice Shiv Narayan Dhingra dismissed an appeal filed by her claiming that being their daughter-in-law she had every right to stay in their house.
"A woman has her rights of maintenance against her husband or son/daughters. She can assert her rights, if any against the property of her husband, but she cannot thrust herself (upon) the parents of her husband nor can claim a right to live in the house of the parents of her husband against their consultation and wishes," Justice Dhingra observed in a judgement.
In May 2005 a civil judge had allowed the prayer of Kanta and Ram Kishan Mittal, in-laws of Neetu, seeking a direction to restrain their daughter-in-law from forcibly entering their Ashok Vihar, Phase-II house. They alleged that she has been interfering in their affairs and disturbing them.
The civil judge had directed Neetu not to enter the house of her in-laws' Ashok Vihar house as she and her husband Vikas Mittal had already occupied another house in Rohini illegally.
Neetu then challenged the civil judge's order in the High Court.
DO YOU KNOW WHAT THIS BROUGHAHHA OF BAILING OUT WALL STREET IS ALL ABOUT?
Date: Monday, 29 September 2008, 9:12 p.m. Ex-CIA official pleads guilty in contracts case
WASHINGTON (Reuters)
"The CIA's former executive director, Kyle "Dusty" Foggo, admitted steering contracts to friend Brent Wilkes, who already is serving a 12-year sentence for bribing former Republican Congressman Randall "Duke" Cunningham, the department said.
It said Wilkes, a one-time Republican fundraiser, had made Foggo a standing offer of a high-paying job, and the two hid their relationship from the CIA and used shell companies to conceal Wilkes's interest in the CIA contracts." http://news.yahoo.com/s/nm/20080929/ts_nm/us_cia_contracts
I thought the before mentioned article was interesting.. as in regards to its CIA CONTRACTORS involvement in MONEY LAUNDERING.
Few, and I mean very few people know what this WALL STREET BAIL OUT was and is all about.. Had U.S. Senator, Charles E. Grassley's Office commenced a Full, Formal, Federal Investigation into what was hand carried to his Sioux City Office on or about February 21, 1998 regarding a full blown Counterfeiting Operation operating with Diplomatic Immunity in the Philippines.. this need for WALL STREET BAIL OUT would have never occurred.. But, February 1998 the GAIA-Ekkers of Global Alliance Investment Association were beginning THE FIRST 10 YEAR TERM "COUNTERFEIT" U.S. Debt Instruments known as Collateralized Debt Obligation's aka DERIVATIVES. The Information was given to William Andersen, Chairman of the U.S. Senate Banking Committee's Aide.
We were later told: "Orders came down from the TOP.. Do not investigate".. We could not figure that one out.. There was an ORGANIZED CRIME OPERATION fabricating PRIME BANK INSTRUMENTS in Violation of 18 U.S.C. Sec. 471.. Prime Bank Instruments Fraud.
Try as hard as we could.. nothing was ever done.. Finally my associate Arnie Gammelsgarrd, Chief of Bank Fraud Division Interpol, Copenhagen D.K. retired.. Information had been compiled since 1989.. it involved BANK FRAUD and MONEY LAUNDERING involving the Diawa Banks, Credit Lyonaise, UBS, NuganHand, Deutch Bank, Belmont Bank Ltd; and far too many for me to remember.. but all were subject to the BCCI FRAUDS along with the KEATING FIVE S&L fiasco. All Connected..
Banking Laws, Rules and Regulations Changed.. the Glass Steagall Act was set aside by the Clinton Administration which more or less did away with the CLAYTON ACT. Sec. 8 and the SHERMAN ANTI-TRUST Act protective Laws and Regulations.
Money Laundering was rampant.. Grand Cayman Accounts flourished.. Finally to cover up the Paper Trail of the WALL STREET Bankers..and LLC'S.. housed in the World Trade Towers.. The 9/11/01 event occurred..as THE CARLYLE GROUP lunched at THE CARLYLE watching the TRADE TOWERS GO DOWN .. as a direct hit on CANTOR FITZGERALD LLC.. the Underwriters of two 120 Billion Dollar Gold Transactions. The first 120 Billion Dollar Transaction involving United States Dollars, Deutch Mark and Japanese Yen was signed September 12, 1991.. it was "to remain in existence for 10 YEARS or until the U.S. Dollar is exhausted." The second involved William J. Clinton, Mark Rich, Benjamin Netanyahu and the LaSalle Banking Group. You can read about most of this at MORE 9/11 CANTOR FITZGERALD, GOLDMAN SACHS, FED. R., UST, BUSH ETAL 'FINANCIAL TERRORISM' ... http://www.theantechamber.net/V_K_Durham/More911FinancialTerror.htm . these busters have had their fingers in the TILL..OFF SHORE.. http://www.theantechamber.net/V_K_Durham/MoreSenClintonGrenadaAcc2.htm .
This MONEY LAUNDERING has gone on for far too long.. putting counterfeit Prime Bank Instruments out throughout the Global Banking, Financing and Economics Systems.. with "Diplomatic Immunity"..no less.. Not even the U.S. Secret Service Field Office Omaha Nebraska would touch this MONEY LAUNDERING OPERATION.. nor would the SECURITY EXCHANGE COMMISSION REGULATORS or LAWYERS.
As the WTC Investigations situations went under investigation.. CONFIDENTIAL documents were uncovered exposing Deputy Attorney General, Jamie Gorelick's INTER-OFFICE Memo "DO NOT INVESTIGATE" with special instructions regarding "Instructions on Separation of Certain Foreign Counterintelligence and Criminal Investigations" .. You can read it for yourselves at http://www.theantechamber.net/UsHistDoc/Gorelick/GmPsIndex.htm . You can download all 29 pages at pdf format:
http://www.usdoj.gov/ag/testimony/supplementarymaterial.pdf
This DO NOT INVESTIGATE with Instructions on Separation of Certain Foreign Counterintelligence and Criminal Investigations involved THE TOP OF THE TOP not just in the U.S. Federal Government, Treasury and the Fed. R., it involved the TOP OF THE TOP of pretty near every Nations Government around the world..
These individuals were given a free reign.. bribing CONGRESSMEN-WOMEN, SENATORS, PRESIDENTS, JUDGES as was exposed in the JACK ABRAMOFF scandal.. which further exposed TOM DELAY and ove 80,000 Lobbyist buying and lining the pockets of your Federal and State Representatives to have the ability to RE-WRITE LAWS THAT WOULD PROTECT THEIR BUTTS..AND DO GREAT AND INESTIMABLE HARM TO THE PEOPLE who were being enticed into home loans they had absolutely no ability to pay, and recently exposed these were 110% loans with no down payment.. nothing.. Just get the 'bodies' into the homes, discount the mortgage, sell the paper to FOREIGN BANKING.. The Foreign Banks esclated the payments, the homeowner could not pay, the home was foreclosed on becoming FOREIGN OWNED PROPERTY here in the United States of America circumventing the IMMIGRATION ACT mandatory provisions of "No individual (company) shall own property in the United States of America without having first becoming a Citizen and taking the Oath." Thats the LAW. Thats also how these FOREIGN BANKS got control over our Lands.
Then, there is CORPORATE IDENTITY THEFT.. which these individuals used .. using seasoned Corporations, registering on the SEC and doing business on THE BOARD OF TRADE and WALL STREETS EXCHANGE MARKETS.
Had this been investigated.. instead of caving in to OBSTRUCTION OF JUSTICE dictates of Jamie Gorelick.. under the Clinton Administration.. this ONE QUADRILLION DOLLAR PLUS financial nightmare would have never existed.
WALL STREET was an active participant.. as was WACHOVIA and CitiGroup.. Its a matter of destroying the PAPER TRAIL and blackmail more Congressmen-Women, Senators and Presidents.. thats 'the game' that is being played..
The People are more angry I believe than they were when Pearl Harbor was bombed.. They have let Congress know: WE HAVE HAD ENOUGH..!
Market turmoil may force India to go slow on reforms
1 Oct, 2008, 2019 hrs IST, REUTERS
US crisis: Impact on India
FMPs good during slowdown
NEW DELHI: India will adopt a more cautious approach towards fuller rupee convertibility and banking reforms due to the global market crisis, slowing already tentative steps to open its financial sector, a government official said. Indian policymakers have said the financial turmoil would only have a marginal impact on India's economy, but the worst crisis since the Great Depression has taken a toll on local stocks as investors cut exposure to riskier assets.
Analysts say the market turmoil may force Asian countries to go slow on deregulation, rush to the rescue of troubled companies or clampdown more quickly on market volatility. "There is a roadmap, but given what has happened there will some pause," a senior finance ministry official, who asked not to be named, told reporters on Wednesday when asked about expanding the rupee's capital account convertibility.
"We can't move at a fast pace." A panel appointed by the central bank has suggested a three-phase blueprint for fuller convertibility by the end of 2010/11 fiscal year. The rupee has been convertible on the current account since 1994, meaning it can be changed freely into foreign currency for specific purposes like trade-related expenses.
Also Read
→ India not insulated from global financial crisis: Kamal Nath
→ US crisis will slow India's growth, say analysts
→ India has 9 per cent medium-term growth potential: Chief Economic Adviser
→ Annual inflation seen at 12.13 pct on Sept 20
Analysts said the government was justified in its cautious approach but should not postpone reforms indefinitely. "I think they should go slow for the time being because the international financial system is in a crisis," said D.H. Pai Panandikar of private economic thinktank RPG Foundation.
"But reforms in the financial sector should not be delayed beyond a year, by when the global situation is likely to settle down a bit."
Asia economic slowdown becoming more severe
30 Sep, 2008, 1949 hrs IST, REUTERS
The biggest danger for Asian economies is that global demand, the main pillar of the exports-driven region, will continue to weaken as sliding stock markets erode consumer confidence. The dismantling of Wall Street puts the United States at increased risk of slipping into a recession following a resilient year so far, while the euro zone economy shrank in the second quarter.
Economists say Japan is on the brink of recession. The fallout from the global financial crisis will drag China's economic growth down to 9.9 percent this year, marking the first time since 2002 that the world's fastest-growing major economy has seen growth slip to single digits.
Also Read
→ Dexia bank gets euro6.4 billion bailout
→ Europe rescues more banks as bailout rejected
→ Obama urges bailout bill's passage
→ Bush implores Congress to act to rescue markets
"The Chinese economy is slowing. But China will not follow the US and much of Europe into the economic abyss," said Andy Rothman, a CLSA economist in Shanghai. "Overall, the impact of the export slowdown on the domestic economy will not be severe." Economists forecast China's growth will ease further to 9 percent in 2009.
Growth forecasts were widely downgraded across the rest of the Asia-Pacific. Growth in 2009 will be similar to this year in seven of 12 economies covered, the polls found. New Zealand is already in recession and Singapore looks increasingly likely to slip into recession -- commonly defined as two consecutive quarters of falling gross domestic product. Both economies should see growth pick up next year, economists said.
Bush implores Congress to act to rescue markets
30 Sep, 2008, 1831 hrs IST, AGENCIES
Survive credit crisis
WASHINGTON: President Bush said on Tuesday the economic damage to the nation will be "painful and lasting" if Congress fails to pass a $700 billion bailout bill.
Bush said the troubled economy is depending on "decisive action on the part of our government." He spoke a day after the House voted narrowly to defeat the massive relief measure that his administration and leading members of Congress had agreed was necessary.
Bush said he wanted to "assure our citizens and citizens around the world that this is not the end of the legislative process."
He also said "it matters little what path a bill takes to become law. What matters is that we get a law. We're at a critical moment in our economy."
The president said he acknowledges "this is a difficult vote for members of Congress"and that many are uncomfortable with what's transpiring in the economy. But he also declared: "We're in an urgent situation and consequences will grow worse each day we do not act. If our nation continues on this course, the economic damage will be painful and lasting."
Also Read
→ Merrill Lynch hires 6 bankers from Lehman Brothers
→ Citigroup plans to sell Japan call center: Sources
→ Europe rescues more banks as bailout rejected
→ Obama urges bailout bill's passage
"We're facing a choice between action and the real prospect of economic hardship for millions of Americans," Bush added. "For the financial security of many Americans, Congress must act."
The president cited Monday's free fall in the stock market as an ominous, and real, sign of what's to come if a rescue deal isn't approved.
Bush said that administration officials will be talking with congressional leaders on Tuesday on how to keep legislation moving. Congress is on a break for the Jewish holiday.
"The sooner we address the problem, the sooner we can get back to the path of growth, and job creation," he said. "This is what elected leaders owe the American people."
Several injured in serial blasts in Agartala
1 Oct, 2008, 2102 hrs IST
Police cordoned off the blast spots as shopkeepers downed shutters. No group had claimed responsibility for the blasts.
Oil down after surprise jump in US crude stocks
1 Oct, 2008, 2100 hrs IST
Oil prices are falling after the government reported a surprise jump in U.S. crude stockpiles.
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News By Industry
Bumpy road ahead for automobile sector
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http://economictimes.indiatimes.com/News/articlelist/1715249553.cms
BJP warns of ‘slowdown’
Statesman News Service
NEW DELHI, Sept. 30: The BJP is not ready to buy the finance minister, Mr P Chidambaram’s argument that there would be no impact of the ongoing economic crisis in the US and Europe on Indian markets or the country’s economy.
The party cautioned the UPA government against an impending economic “slow down” in the wake of the US Congress withholding consent to the 700 billion dollar recovery plan. “In such a situation, India can simply not remain an island,” the former minister in the Vajpayee government and senior BJP leader, Mr Jaswant Singh, said. He said the finance minister’s assertions were not only confusing but also “baseless”.
Mr Singh, who briefly served as a finance minister in the NDA government, said imminent instability and overheating were just waiting to happen in the real estate and consumer retail credit sectors. “Let me caution this government that there were clear signals of an economic activity slowdown, combined with high inflation, declining industrial activity, high capital costs, unbearable corruption in administration and non-availability of infrastructure support systems,” he said. He predicted that the next areas of crisis in the coming three months in India and the western countries would be insurance sector and pension funds.
Malegaon stays tense
Statesman News Service
MUMBAI, Sept. 30: The powerloom town of Maharashtra, Malegaon remained tense today following last night's blast, which claimed four lives. Maharashtra deputy chief minister Mr RR Patil, DGP Mr AN Roy and other officials visited the communally vulnerable town this morning and faced an angry mob.
The small police contingent tried to bring the people under control but failed as 20 police personnel were injured in the clash, including an IPS probationer Mr Viresh Prabhu.
The situation was brought under control after a few rounds were fired in the air. The town remains tense although security has been beefed up with more personnel deployed. Authorities had to impose curfew in parts
Prompt action is believed to have stalled a larger flare up, this being the month of Ramzan and Malegaon being a communally vulnerable place.
The blast took place outside a building where once the outlawed organisation Students Islamic Movement of India (Simi) had its office.
Mr Patil admitted that despite strengthening security the slightest lapse could be exploited by criminals. “And this is what happened in Malegaon," he added.
Modasa ex-gratia
Gujarat has announced an ex-gratia of Rs 5 lakh for the relatives of those killed in the low intensity blast that rocked Modasa town in Sabarkantha district last night.
Darkness looms
Kanchan Siddiqui
DURGAPUR, Sept. 28: Speaking bluntly for once, the state power minister, Mr Mrinal Banerjee today said the proposed 3000 MW super thermal power station at Katwa could be shifted elsewhere if the turmoil there continues.
“The Tatas can afford wastage to the extent of Rs 1500 crore at Singur. But our state government and its undertaking are not in a position to bear an undesired cash drainage of Rs 100 crore at Katwa. If the turmoil continues we would have to pack up and look for some other location either at Sagardighi or somewhere else,” he said. He was at town to address a World Heart Day gathering at a private owned super specialty hospital here.
Mr Banerjee said: “Katwa’s power plant is a state undertaking project on which we have already spent Rs 100 crore. The state government cannot afford such hefty cash drainage. It's better to shift to a comfortable and congenial zone.
“We badly need to put in additional generation to the grid by 2012 otherwise we will have to face the worst ever consequence. The state would plunge into darkness as our existing power plants would no longer sustain meeting the incessantly escalating demand for power across the state.”
The power minister’s affirmation came today after the Trinamul Congress leaders visited Katwa yesterday. Miss Mamata Banerjee had assigned senior party men Mr Sobhondeb Chatterjee and Mr Sougata Roy to assess the situation at villages near Katwa where the farmers led by Krishak, Krishijomi -O- Kshetmazur Bachao Committee have been fighting against the state bid for acquisition of 1033 acres of cultivable land. The land was being taken for the proposed 3000 MW power utility project by the West Bengal Power Development Corporation. Last week the farmers gave an absolute mandate boycotting the third consecutive phase of public hearing.
The state industry minister Mr Nirupam Sen and state power minister Mr Mrinal Banerjee together had laid the foundation for the project covering 9.5 acres at Srikhanda village in February 2007. The farmers vowed to protest against the project as the area earmarked for acquisition stretches over 15 mouzas of multi-crop land.
On 27 August, this year the state declared a Rs 100 crore compensation cum rehabilitation package for the Katwa farmers, but the Trinamul Congress and Suci were not happy with it. The farmer’s body ruled out giving any space to the political parties alleging that the leaders sitting across the table with the administration will not loose anything if the project comes up.
Mr Robindranath Roy, president of the farmers’ body said today: “Let good sense prevail and make the state ministers have a kindly disposition towards the poor farmers.”
Somnath speaks up for industrialisation
Statesman News Service
BOLPUR, Sept. 28: For the first time since Mr Somnath Chatterjee was expelled from the CPI-M, the Lok Sabha Speaker attended a state government function here today, sharing the dais with tourism minister Mr Manabendra Mukherjee to lay the foundation stone of Birbhum tourism circuit.
While Opposition parties from different sections alleged the CPI-M invited Mr Chatterjee after his expulsion to get him to return to the party, district CPI-M leaders refused to comment on his presence at the event.
“This is the first time since Mr Chatterjee's expulsion from the CPI-M party that he has been invited to a state government programme with a CPI-M minister. The CPI-M understands that they made a mistake by expelling Mr Chatterjee from the party. Now they want to get Mr Chatterjee back,” said Mr Ashis Bannerjee, district Trinamul Congress chairman.
Meanwhile, Mr Chatterjee held fast to his stance on industrialisation in the country.
“Neck-in-neck competition is going on in industrialisation. One industry, which is preparing to wrap up from this state, has experienced many problems. Many others states are welcoming industry. If we do not provide the infrastructure to establish industry, why will they invest in this state?” asked Mr Chatterjee.
In this connection, Mr Chatterjee also linked the role of Opposition parties in different states to difficulties in industrialisation.
“I have noticed in many states that Opposition parties are raising their finger against the government and playing tug of war with the government, which is not expected. They should remember that industrialisation is behind the development of the country,” Mr Chatterjee added.
On the industrialisation issue Mr Chatterjee said: “It is unfortunate that we encourage and promote conflicts in industrialisation. Conflicts cannot prepare the way for development.”
Today the tourism minister Mr Mukherjee said 12 tourism spots in the district would be upgraded by the state tourism department. Rs 6.49 crore has been provided for this purpose.
Power scene 'bad' for Mrinal's heart!
DURGAPUR, Sept. 28: West Bengal's poor power scenario is leaving its mark on the "heart" of the state power minister!
The state power minister, Mr Mrinal Banerjee, today said he has developed cardiac problems owing to regular difficulties in the state power plants.
“My heart has not been working properly since I took oath as the state power minister. It’s a nightmare when any of the state power stations collapse either due to tube leakage or some other technical failure,” said Mr Banerjee. He was addressing a gathering on the occasion of the World Heart Day at The Mission ~ a super-specialised hospital here this morning.
Mr Banerjee said: “I have been a cardiac patient for the past 10 years. It needs delicate care. I am happy to learn that this town has got a new address for cardiac bypass surgeries, possibly the only one beyond Kolkata.”
Dr Srirup Chatterjee and Dr Arunangshu Ganguly, well-known cardiac specialists and surgeons spoke of the present scenario of different heart diseases at a hospital seminar with the minister in attendance. Dr Satyajit Basu, senior cardiothoracic surgeon and the MD of The Mission, said: “Congenial heart disease is a serious and common cause of mortality amongst children in India. It is estimated that every year 1.80 lakh children are born with heart ailments in our country, this means for every thousand children under the age of 15 years, four have heart disease.” nsns
‘Sheikh Abdullah was disappointed’
Statesman News Service
NEW DELHI, Sept. 30: Former chief minister of Jammu and Kashmir, Dr Farooq Abdullah, said today that his father Sheikh Abdullah was a much misunderstood man but remained a strong secularist and nationalist till the end despite a virulent campaign against him during his lifetime.
Alluding to the current turmoil in the sensitive border state, Dr Abdullah said the Sheikh always wanted Kashmir in a united India and loved Kashmiris and people from other parts of India equally. He faced hostility from both Hindu and Muslim fundamentalists, he said.
Dr Abdullah recalled that his father was a sad and disappointed man during his last days. Before he died in 1982 he was tormented by fears about the future of Kashmir. He feared that Kashmir may be lost, not because of Pakistan but because of “communal Hindus and communal Muslims”, he said. Dr Abdullah said he had similar fears but wished he was wrong.
He was speaking at the release of the book, Sheikh Abdullah: The Tragic Hero of Kashmir by veteran journalist Ajit Bhattacharjea and published by Roli Books.
The book was released by Vice President MR Hamid Ansari at his 6 Maulana Road residence.
Special Article
Development agenda
The Relevance Of Gandhi’s Ideas
By Bharat Dogra
Mahatma Gandhi’s ideas are still highly relevant in this day and age, particularly during debates on development issues. One recalls his advice to policy-makers and others that whenever you are in doubt “recall the face of the poorest and the weakest man whom you may have seen and ask yourself if the step you contemplate is going to be of any use to him? Will it restore him the control over his own life and destiny?” Translated into tangible terms, the needs of the poorest people should receive the topmost priority in development planning.
The two most important challenges today are: protecting the environment; and meeting the basic needs of all. The Gandhian response to both challenges is simple and identical ~ release resources from the grip of the very rich so that the needs of the poor can be met.
The lifestyle of the richest is attractive, and so it soon becomes a model for others. Mahatma Gandhi had said clearly that this is a model not worth emulating because it is destructive to nature. Instead he tried throughout his life to experiment with low-cost food, farming, education and medicare which could meet the needs of all.
The environment
He challenged the well-entrenched concepts of what passes by the term “development”, a task which must have been even more difficult in his time when development had not been impeded by the most damaging aspects of the environment, as we know them now.
While considering an alternative path of development, Gandhi was very clear on the point that it must not be based on exploitation. He wrote in 1929, “Surely exploitation means usurpation. And usurpation can never be reconciled with spiritualism.”
He was once asked whether he would like India to develop as much as Britain. He replied that Britain was such a small country but it required the plunder of half the planet to bring about such development. Therefore, if a large country like India is to develop in the same manner it will probably require the plunder of several planets. But he was certain that even if these planets were available, he would never want this country to follow this path. He wrote in 1940: “ I have no idea of exploiting other countries for the benefit of India. We are suffering from the poisonous disease of exploitation ourselves, and I would not like my country to be guilty of any such thing.”
He went a step further and asked the rich to introspect how their wealth has come directly or indirectly from the exploitation of the poor.
One aspect of this exploitation, which particularly pained him, was the exploitation of villages by cities, of rural life by urban life. He wrote in 1927: “The half-a-dozen modern cities are an excrescence and serve, at the present moment, the evil purpose of draining the life-blood of the villages.”
In 1936 he wrote in more specific terms: “Little flour mills are ousting the chakki, oil mills the village ghani, rice mills the village dhenki, sugar mills the village gud-pans, etc. This displacement of village labour is impoverishing the villagers and enriching the rich. If the process continues sufficiently long, the villages will be destroyed without any further effort.”
In this system of exploitation a particularly destructive role was played by labour displacing machinery. He wrote in 1936: “A factory employs a few hundreds and renders thousands unemployed. I may produce tons of oil from an oil mill, but I also drive thousands of oilmen out of employment. I call this destructive energy, whereas production by the labour of millions of hands is constructive and conducive to the common good. Mass production through power-driven machinery, even when state-owned, will be of no avail.”
When asked what kind of machinery he approved of, Gandhi said in 1935: “Any machinery which does not deprive masses of men of the opportunity to labour, but which helps the individual and adds to his efficiency, and which a man can handle at will without being its slave.”
Mahatma Gandhi’s views on machinery were not confined to a theoretical level. Perhaps more than anywhere else in the world, these views found practical application. They became an integral part of India’s freedom movement.
In 1936, while evaluating the progress made by khadi, he wrote with some satisfaction : “The progress khadi has made in terms of the millions, though little in itself, is comparatively the largest of all the other single industries. It distributes yearly the largest amount as wages among the largest number of wage-earners in the villages with the minimum of overhead charges, and every pice practically circulates among the people.”
Gandhi was very clear that the progress of Swadeshi and khadi should continue after the end of foreign rule, as these are equally relevant to post-independent India. He wrote in 1947: “We were trying through khadi to place man above the machine, rather than allow the machinery driven by electricity or steam, to be the master. We were endeavouring through khadi to establish equality between man and man in place of the enormous inequality now existing between the poor and the rich, between the high and the low, between the man and the woman. We also endeavoured to make the labourer independent of the capitalist instead of the capitalist exploiting labour and assuming undue prestige. If, therefore, what we did in India during the last 30 years was not wrong, we should now carry on the programme of the spinning wheel, with all its allied activities with more understanding of all the implications and with greater vigour.”
Benefits of khadi
More recently, Nandini Joshi, who has a doctorate in Economics from Harward, wrote a book in Gujarati (which has also been translated in Hindi) titled Our Distress and Alternatives. It argues that khadi and the spinning wheel are still practical and economically viable if only we give them a fair chance.
An additional argument she advances is that khadi can help us to recover several hundred thousand hectares as urgently needed fertile land to grow food. The mills require long and medium staple cotton which need more fertile land, irrigation and chemicals.
On the other hand short-staple cotton needed for the charkha can be obtained on less fertile land some of which is not under cultivation at present and there is no need for agri-chemicals.
The writer is a social activist
http://www.thestatesman.net/page.news.php?clid=3&theme=&usrsess=1&id=224833
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