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Indian economy has capacity to overcome crisis: Pranab
Concerned over slowdown, finance minister Pranab Mukherjee on Tuesday
said the government will make efforts to build broad consensus on
reforms as the economy has resilience to overcome the problem.
He said questions have been raised whether the economy is going to be derailed in
the wake of IIP figures turning negative and overall growth slowing.
"We have the capacity and resilience to overcome the crisis," he said, winding up a debate on Appropriation Bill in the Rajya Sabha.
The industrial production declined by 5.1 per cent in October, while the rupee crossed all time low of Rs 53 to a dollar.
The House later returned the Bill, granting Parliamentary approval for extra expenditure of Rs 63,180 crore for the current fiscal.
The finance minister said that for the economy to recover, it has to be demonstrated that Parliament and other institutions can function without disturbance.
He expressed disappointment over frequent disruptions in Parliament. "Let us not institutionalise instability in Parliament", he said, adding coalition governments have become stable since 2000.
Against the backdrop of difficult economic situation, he said political parties have to demonstrate that Parliament and other institutions function and it will have its impact on the government and confidence will return in the economy.
On its part, he said, "The government will not be found lacking in building consensus on broad economic policies."
Denying a perception that there is paralysis in decision making process, the finance minister said, "It is not so."
The government, he said, has taken a number of decisions which include national manufacturing policy, incentives to small industries and package to debt-ridden handloom weavers.
He said questions have been raised whether the economy is going to be derailed in
"We have the capacity and resilience to overcome the crisis," he said, winding up a debate on Appropriation Bill in the Rajya Sabha.
The industrial production declined by 5.1 per cent in October, while the rupee crossed all time low of Rs 53 to a dollar.
The House later returned the Bill, granting Parliamentary approval for extra expenditure of Rs 63,180 crore for the current fiscal.
The finance minister said that for the economy to recover, it has to be demonstrated that Parliament and other institutions can function without disturbance.
He expressed disappointment over frequent disruptions in Parliament. "Let us not institutionalise instability in Parliament", he said, adding coalition governments have become stable since 2000.
Against the backdrop of difficult economic situation, he said political parties have to demonstrate that Parliament and other institutions function and it will have its impact on the government and confidence will return in the economy.
On its part, he said, "The government will not be found lacking in building consensus on broad economic policies."
Denying a perception that there is paralysis in decision making process, the finance minister said, "It is not so."
The government, he said, has taken a number of decisions which include national manufacturing policy, incentives to small industries and package to debt-ridden handloom weavers.
SC asks Kerala, TN to cool down on Mullaperiyar row
The Supreme Court on Tuesday asked Tamil Nadu and Kerala to cautiously
deal with the Mullaperiyar dam dispute and not add "fuel to fire".
The court sternly warned the two states "sense and sensibility must prevail".
The Tamil Nadu government has accused the Kerala government of
whipping up a "fear psychosis" on Mullaperiyar row. A
public campaign has been building up in Kerala demanding that a new dam
built to replace the "dangerous one. The Supreme Court also asked the
Centre to respond to petitions that central forces be deployed at the
dam site.
According to Kerala, the dam in its Idukki district - which meets the irrigation needs of southern Tamil Nadu - is fragile and poses grave danger. "Seven million people can get washed away if the dam collapses. Twenty-six tremors have been recorded at the site of the dam in the last 11 months," said State water resources minister PJ Joseph in November. Kerala wants to construct a new dam at the site to replace the old structure. It also wants the existing dam's storage height to be reduced from the current 136 feet to 120 feet.
Tamil Nadu, which opposes a new dam, wants the storage height to be raised to 142 feet. According to the state, the lowering of the storage capacity of the dam earlier, at the behest of Kerala, had resulted in great losses.
The court sternly warned the two states "sense and sensibility must prevail".
The Tamil Nadu government has accused the Kerala government of
According to Kerala, the dam in its Idukki district - which meets the irrigation needs of southern Tamil Nadu - is fragile and poses grave danger. "Seven million people can get washed away if the dam collapses. Twenty-six tremors have been recorded at the site of the dam in the last 11 months," said State water resources minister PJ Joseph in November. Kerala wants to construct a new dam at the site to replace the old structure. It also wants the existing dam's storage height to be reduced from the current 136 feet to 120 feet.
Tamil Nadu, which opposes a new dam, wants the storage height to be raised to 142 feet. According to the state, the lowering of the storage capacity of the dam earlier, at the behest of Kerala, had resulted in great losses.
Factory output slumps, slowdown fears increase
Factory output dipped 5.1 per cent in
October, its first fall in more than two years, as manufacturers cut
production, businesses held back investments and consumers trimmed
spending. The Index of Industrial Production, released by the government
on Monday, had shown a robust 11.3 per cent growth in October last.
A worse than expected deceleration in factory output increased fears of an economic slowdown with the 30-share Sensex plunging 2.12 per cent to close below 16,000. Manufacturing, which accounts for almost three-fourths of the total industrial output, dropped 6 per cent compared to a 12.3 per cent growth last October.
Output fell 25.5 per cent for capital goods, indicating a slowdown in investments. What heightened worries was a fall in output of 0.8 per cent for consumer goods and 0.3 per cent for durables. Though industry chambers clamoured for an interest rate cut, the RBI that meets on December 16 for a mid-quarter review may at best build in a dovish forward guidance.
A worse than expected deceleration in factory output increased fears of an economic slowdown with the 30-share Sensex plunging 2.12 per cent to close below 16,000. Manufacturing, which accounts for almost three-fourths of the total industrial output, dropped 6 per cent compared to a 12.3 per cent growth last October.
Output fell 25.5 per cent for capital goods, indicating a slowdown in investments. What heightened worries was a fall in output of 0.8 per cent for consumer goods and 0.3 per cent for durables. Though industry chambers clamoured for an interest rate cut, the RBI that meets on December 16 for a mid-quarter review may at best build in a dovish forward guidance.
3 families, one demand: Please hang Afzal Guru
A decade after the attack on Parliament, the families of martyrs are yet
to come to terms with their loss.
One of the martyrs, Matbar Singh Negi — a security man of the watch and
ward department of Parliament — who was stationed at Parliament's Gate
number 11, succumbed to his injuries at
the Ram Manohar Lohia Hospital three days after the incident.
Today, his family is left with a half-hearted compensation given by the government.
"The government responded quickly to the incident, and announced a compensation of Rs 10 lakh each to the families of the deceased. Of this, Rs 6 lakh had to be awarded by the Centre and R4 lakh by the state. But, a senior officer refused to sanction Rs 4 lakh as ex-gratia. It was only after a long wait that the chief minister's office disbursed the amount," said a relative of Matbar Singh Negi, requesting anonymity.
Negi was among the nine victims of the 2001 attack.
"The manner in which the compensation was given, shows that the government wasn't really bothered about us," he added.
The families of martyrs were also allotment a petrol pump each. This, ironically, added to their misery.
"The government was supposed to allot land to martyrs' families for setting up a petrol pump. The DDA, however, told us they did not have any land. It was only after running from pillar to post for seven years that the DDA finally decided to grant us the land," he said.
Negi was awarded the Ashok Chakra in 2002.
His family, however, returned the award in 2007, protesting the impasse on Afzal Guru's death sentence.
"It was shocking to see that the mastermind behind the attack could not be taken to task. We decided to return the award as a mark of protest. But to date, the President's office has not even written to us regarding the move. It is impossible for us to fight a system that does not respect the people who have laid down their lives for the country," added Negi's relative.
The only real compensation that the family received was in the form of an assured job for Negi's son, who today serves as a security official at the Parliament House.
"The government responded quickly to the incident, and announced a compensation of Rs 10 lakh each to the families of the deceased. Of this, Rs 6 lakh had to be awarded by the Centre and R4 lakh by the state. But, a senior officer refused to sanction Rs 4 lakh as ex-gratia. It was only after a long wait that the chief minister's office disbursed the amount," said a relative of Matbar Singh Negi, requesting anonymity.
Negi was among the nine victims of the 2001 attack.
"The manner in which the compensation was given, shows that the government wasn't really bothered about us," he added.
The families of martyrs were also allotment a petrol pump each. This, ironically, added to their misery.
"The government was supposed to allot land to martyrs' families for setting up a petrol pump. The DDA, however, told us they did not have any land. It was only after running from pillar to post for seven years that the DDA finally decided to grant us the land," he said.
Negi was awarded the Ashok Chakra in 2002.
His family, however, returned the award in 2007, protesting the impasse on Afzal Guru's death sentence.
"It was shocking to see that the mastermind behind the attack could not be taken to task. We decided to return the award as a mark of protest. But to date, the President's office has not even written to us regarding the move. It is impossible for us to fight a system that does not respect the people who have laid down their lives for the country," added Negi's relative.
The only real compensation that the family received was in the form of an assured job for Negi's son, who today serves as a security official at the Parliament House.
Bad times turning worse for Bhajji
Star cricketer Harbhajan Singh on Monday lost his passport, credit cards
and driving license as a group of thieves broke open his car which was
also badly damaged at a place near Karnal.
Harbhajan and his friend were coming to Delhi by car in the evening when the incident happened at
a place called Madhuban, near Karnal.
"Me and my friend got down to get some coffee at a Cafe Coffee Day
outlet near Madhuban Police Academy. I had locked my car and had gone to
get some coffee. I came back within five minutes and saw that window
pane of my car was smashed and a bag containing all the valuable items
was not there," Harbhajan said.
"More importantly, I have lost my passport, driving license along with 10 credit cards," he added.
He said he has lodged a police complaint and freezed the credit card.
"I have frozen my credit cards but losing my passport has been a big headache. Although I have filed a complaint with the police. My appeal to whoever has done this is to at least return my passport and driving license," the senior cricketer who is now nursing an injury said.
Harbhajan and his friend were coming to Delhi by car in the evening when the incident happened at
"More importantly, I have lost my passport, driving license along with 10 credit cards," he added.
He said he has lodged a police complaint and freezed the credit card.
"I have frozen my credit cards but losing my passport has been a big headache. Although I have filed a complaint with the police. My appeal to whoever has done this is to at least return my passport and driving license," the senior cricketer who is now nursing an injury said.
Start-up biz: IIT-B graduates get 'cover' if venture fails
BANGALORE: Fly or fail -
those were the only consequences for Indian Institute of Technology
(IIT) Bombay students who took the entrepreneurial plunge after
graduating. There was no safety net to fall back on if their start-up
ideas failed.
Such failures are not uncommon and, in these cases, IIT graduates were left to fend for themselves. That was a huge deterrent to entrepreneurs being birthed in the campus. But now, select graduates are being given the option of taking a shot at a start-up idea, with the assurance they can come back for campus placements two years later if the idea fails.
This is a first-of-its kind initiative in any IIT. The Mumbai-based engineering institute is also creating a panel of faculty members and industry experts who will select the students, go through their ideas and help them get seed funding as well.
Such failures are not uncommon and, in these cases, IIT graduates were left to fend for themselves. That was a huge deterrent to entrepreneurs being birthed in the campus. But now, select graduates are being given the option of taking a shot at a start-up idea, with the assurance they can come back for campus placements two years later if the idea fails.
This is a first-of-its kind initiative in any IIT. The Mumbai-based engineering institute is also creating a panel of faculty members and industry experts who will select the students, go through their ideas and help them get seed funding as well.
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