New Delhi, The verdict of state elections could further stymie any hope of speeding up reforms, fear economists and market analysts. They apprehend a heavy dose of populism in the 2012-13 budget and economic policy geared to winning votes in the run-up to the general elections in 2014. "It is early days yet, but it could pose challenges to get every one on board to be able to fast track some long pending reforms," said Shubhada Rao, chief economist, Yes Bank. "The situation is such that there is a need to correct the fiscal situation. However, it will be unrealistic to expect a sharp cut in fiscal deficit," she added. Rao feels that the next year's budget will be crucial and watched keenly in the context of the General Elections. "As for the Reserve Bank of India's monetary policy stance, the central bank has anyway signalled a reversal of its policy stance through a reduction of cash reserve requirements or CRR for banks. "The issue is whether it will be only a CRR cut or it will be a combination of repo rate cut as well," said Rao. The growth forecast for the economy has already scaled down to 7%, a far cry from the over 9% growth before the financing crisis of ...
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New Delhi, Asserting that India-Africa cooperation needs to be built on principles of shared vision, and mutual understanding, Union Minister for Science And Technology Vilasrao Deshmukh on Thursday said that the soft prowess of scientific and technological cooperation can be effectively leveraged by building bridges between the scientific communities of both the nations. Addressing the two-day conference of India Africa S&T Ministers here, Deshmukh said: "We have assembled here to develop a new platform and a concrete road map of cooperation in science, technology and innovation with African countries. This value based cooperation needs to be built on principles of shared vision, mutual understanding and goodwill." He further said that there are several 21st century challenges, which India and African nations have to meet together in their journey for economic development. Science, Technology and Innovation could play an effective role in meeting some of these common challenges. For instance the requirements for food, energy, water and affordable health care are common challenges. The adverse impact of climate change is a shared global concern. Inclusive growth is a ...
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Mumbai, A special CBI court on Wednesday convicted Abdul Karim Telgi and 11 others in one of the fake stamp paper scam-related cases but rejected an application seeking to make former Maharashtra chief minister Vilasrao Deshmukh an accused. Ram Ratan Soni, one of the accused, had alleged that it was during Deshmukh's tenure as state revenue minister that Telgi was granted the stamp vending license, so he be impleaded in the case. But the court rejected the plea. The court, however, sentenced Telgi to life imprisonment in cases registered at Colaba and Cuff Parade police stations here, and at Economic Offence Wing. The cases were later taken over by the ...
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Washington, Indian companies have invested more than $26 billion in the US in the last five years and the IT companies employ more than one lakh people in that country, New Delhi's top diplomat in Washington has said. "Indian companies are now contributing strongly to local State economies in the US with a presence in 43 states and having invested over $26 billion in the last five years in several key areas of the economy, in manufacturing as also in services," the Indian Ambassador to the US, Nirupama Rao, said yesterday. India's IT industry has in particular been a strong player in establishing value based mutually beneficial partnerships, Rao said in her address to Harvard's Kennedy School of Government, India-South Asia Programme. "As per our estimates, Indian IT companies employ over 100,000 people in the US and the Indian IT industry supports over 280,000 jobs indirectly out of which about 200,000 are with US residents," she said. Rao said the steady growth of the Indian economy has not only helped improve the living standards of own people, but has also opened up new opportunities to expand mutually beneficial economic and commercial ties with the US. ...
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Jagraon, January 6 (DNS)- It seems that Nitin Garg’s family will have to wait for few more days to see his body for the last time. At present, the Australian government is posing legal glitches to rub salt on the wounds of Nitin’s mother Parveen Garg, who is longing to see her son for the last time. Family members said the Australian court had asked Nitin’s friends to complete formalities, which would delay the process of bringing back the body. Nitin’s elder brother Hanish said the court had demanded a power of attorney from the family members in favour of Amanjeet Singh, who is in Australia and is completing the formalities to bring back Nitin’s body to India. Nitin’s friend Amanjeet Singh Dhillon, a resident of Samrala, who is helping getting the body sent back home, said the authorities concerned had refused to hand over the body to him since he is not in blood relation with Nitin. Thus, Nitin’s mother had today executed the power of attorney in favour of Amanjeet and faxed it to the authorities and sent an e-mail of the scanned copy to them as well. Now, the family is waiting for the authorities to accept the document. The family rued that although the ...
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