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Deposits safe; RBI ready for more steps, economy strong: FM
V S Chandrasekar
New Delhi, Oct 10 (PTI) Unfazed by the global financial crisis, Finance Minister P Chidambaram today asserted that fundamentals of the Indian economy are strong and that savings in banks are "completely safe".
He admitted there is a liquidity crunch in the market and that the economy was facing 'spill over and ripple' effects of the global storm but assured the country that the "RBI is ready to take further steps and infuse more liquidity if necessary." Chidambaram was confident that the country can weather the storm and appealed to "all the players in the economy" to cooperate with the government in the task.
In an interview to PTI, the Minister said "the weekend is a good time for people to reflect. Firstly, those who have money... There have been wage increases for the government servants, and many have received Diwali bonuses.
"Those who have money should spend some money and should save some money. Savings in banks are completely safe. Our banks are well regulated and well capitalised. Depending on your risk threshold you can save in some other instruments. Someone with a low risk threshold should save in a bank," he said.
The Finance Minister's remarks assume significance in the backdrop of a crash in the stock markets, led by bank scrips, that prompted RBI to cut Cash Reserve Ratio by 100 basis points to release about Rs 40,000 crore in addition to Rs 20,000 crore unlocked on Monday. PTI
Anticipatory bail cannot be a passport to commit offence: SC
New Delhi, Oct 10 (PTI) The Supreme Court has ruled that courts cannot give a blanket protection to an accused in the name of granting anticipatory bail as it would amount to providing a passport for indulging in criminal activities.
"A `blanket' order of bail may amount to or result in an invitation to commit an offence or a passport to carry on criminal activities or to afford a shield against any and all types of illegal operations, which, in our judgement, can never be allowed in a society governed by the Rule of Law,", the apex court has said in a judgement.
The apex court passed the ruling while upholding an appeal filed by the Union Government challenging the directions passed by the Rajasthan High Court wherein the latter had ruled that Padam Narain Aggarwal, an export allegedly involved in a customs fraud, shall be arrested only after giving him 10 days' notice.
Aggarwal was sought to be questioned by the Customs authorities for allegedly defrauding the government to the tune of Rs 75 lakh by indulging in bogus export transaction and claiming exemptions for the same.
Aggarwal filed an anticipatory bail in the sessions court which dismissed it but he later moved the high court which granted him anticipatory bail with a direction to the authorities that he shall not be arrested without giving a 10 days' notice to him.
In the SLP filed before the apex court, the Centre argued that the High Court order was illegal and erroneous.
The Union Government submitted that once the High Court held that the accused was merely summoned under Section 108 of the Act to give statements in the inquiry, the anticipatory bail applications was premature and no further direction could have been issued by putting fetters on his arrest. (more)
PM commissions Baglihar power project
Anil Bhat
Chandrakote(Jammu), Oct 10 (PTI) Bringing cheer to people of Jammu and Kashmir facing acute power shortage, Prime Minister Manmohan Singh today commissioned the controversial 450 MW Baglihar power plant and said concerns of Pakistan, which raised objections over the project with World Bank, have been addressed.
The Rs 5,500 crore project built over river Chenab, which is expected to help the state generate a revenue of Rs 900 crore, was dedicated to the nation by the Prime Minister in the presence of Congress President Sonia Gandhi, Governor N N Vohra and Union Ministers Lalu Prasad and Jairam Ramesh.
Addressing a public meeting, Singh said that in the implementation of project, special care has been taken to ensure that "genuine concerns" of Pakistan were taken care of so that it has no complaints in this regard.
Pakistan had approached the World Bank in 2005 alleging that the power plant was being built in violation of the Indus Water Treaty signed by the two countries in 1960 and apprehended it would divert water from its territory.
The Prime Minister used the occasion to renew the hand of friendship and cooperation with Pakistan. "It is the duty of people of India and Pakistan to learn to lend a helping hand to each other.
"I would like to invite Pakistan to work with India in achieving this objective," Singh said in his seven-minute speech at the function.
This is Singh's first visit to the state since the outbreak of recent agitation over the land row in Amarnath that left over 50 people dead. PTI
Pvt broadcasters come down on Govt decision on exit polls
New Delhi, Oct 9 (PTI) Private broadcasters today came down heavily on the Government decision to restrict telecast and publication of exit polls during elections till the conclusion of the final phase of polling, terming it a move that violates their freedom of expression.
Describing the Union Cabinet's decision as something "which is not a step in the right direction as this could have a bearing on the freedom of expression of the Press," CNN-IBN national bureau chief Bhupendra Chaubey said that the government could have inserted some riders for broadcasters, instead of completely banning the telecast of exit polls.
"At the end of the day, people of India do not exercise their voting rights on the basis of what exit polls say. At a time when the world has become a global village, more and more people are getting interested in what is happening around them," said Chaubey, adding that an exit poll on Gujarat could even interest a resident of Uttar Pradesh.
Echoing similar sentiments, NDTV's senior managing editor Sonia Singh said that the decision was a "clear and unacceptable government interference in the freedom of the press".
She added that there was no research or evidence that showed such polls affecting voting behaviour.
"Political parties at election time spread rumours about who is winning. This is called 'bad' information. Polls push out this sort of information with 'good' scientific information. Even if polls are not always accurate, they are unbiased, unmotivated ... That political parties do not like, hence the knee jerk reaction to ban all polls," she said.
Annie Joseph, secretary general of News Broadcasters Association (NBA), chose not to comment on the issue, saying she was "yet to go through the details of the issue". PTI
Australia all out on 430
Bangalore, Oct 10 (PTI) Electing to bat, Australia were all out on 430 in their first innings on the second day of the first cricket Test against India here today.
Brief scores: Australia first innings: 430 in 149.5 overs (Ricky Ponting 123, Simon Katich 66, Michael Hussey 146; Zaheer Khan 5-91, Ishant Sharma 4-77). PTI
Ganguly will get his answer after the series: Vengsarkar
Mumbai, Oct 10 (PTI) Former Chief selector Dilip Vengasarkar today said he would refrain from responding to Sourav Ganguly's outburst against the selectors till the end of the current series against Australia as it could divert the team's focus.
"I won't answer him now as this is not the right time because India are in the middle of a Test series (against Australia) and it might affect the focus of the team," Vengsarkar told PTI.
"But I will definitely answer him after the series is over. He will get more than what he has asked for," he added.
Ganguly hit out at selectors for the way he had been treated and said he decided to retire to save himself the humiliation of being treated as the "sacrificial goat" all the time.
"There is no point playing like this. I am not willing to play at their (selectors') mercy. They will pick you now and then dump you. Why should I be the sacrificial goat all the time? It was difficult to accept," said Ganguly, who announced his retirement from international cricket on Tuesday.
Vengsarkar also said the BCCI would look into the matter and find out what Ganguly had told the Bengali daily.
"All I had said yesterday (to a TV channel) is that if he had said anything (on selection), the BCCI will look into it," he said.
The News 24 Channel in a press release late last night quoted Vengsarkar as saying "Sourav should stay away from making any statements till he is playing as they will create unnecessary controversies." He also said "that BCCI should take some strict action against this as such statements are needless and can affect the morale and spirit of the whole squad". PTI
Seniors deserve better farewell, says Pillay
Mona Parthsarathi
New Delhi, Oct 10 (PTI) Terming Sourav Ganguly's exit from international cricket as "unfortunate" and "sad", former hockey skipper Dhanraj Pillai today said senior players in any sport deserved better treatment and respect from its countrymen.
Pillay was deeply "hurt" by the way Ganguly was treated as the episode reminded him of his own unceremonious exit from the Indian team.
"I feel really hurt when a senior player is treated like this. It is unfortunate. We have given our heart and soul for the game. Don't we deserve a better farewell," said Pillay.
"Senior player is next to coach. In our country people remember one bad performance and forget past nine good shows. They constantly criticise you which is wrong. Same happened with me and now with Sourav. Despite playing well after the comeback, he was compelled to announce retirement. It is sad," he added.
"I have experienced this. I have been thrown out of the team when I was in-form and cent percent fit also. I had couple of years of international hockey left in me. I am still playing in domestic circle," said the mercurial striker, only Indian player to participate in four Olympics and same number of World Cups. PTI
Warne not inclined to make international comeback
Melbourne,Oct 10 (PTI) As speculation about his return refusing to die down, legendary Australian spinner Shane Warne today made it clear that he quit international cricket on his own terms and had no inclination at the moment to make a comeback.
Warne said his change of mind was possible only in case of unusual circumstances requiring his presence in the team.
"I played with a certain passion. I showed passion. I was an exciting player, I was an entertainer. I went out on my own terms. There was a bit of class about how I went out. I didn't stick around for the money," Warne said.
"I've got no inclination (to return). I'm very happily retired. Got no interest in going back to play cricket for Australia. None whatsoever. But I have learned in my life never to say never," he was quoted as saying by 'Courier Mail'.
The rumour about his return was floated when Warne successfully led Rajasthan Royals team in the Indian Premier League while Australia were struggling with their spin options in the absence of Stuart McGill.
Warne also spoke about the identity crisis he faces each time he fills his departure card at an airport.
"I ask myself 'what am I?' I don't know what to say. So I end up putting businessman," said Warne, who travels a lot because of poker.
"Sometimes I put ex-sportsman. But businessman seems to fit most of the time." Warne insisted he had not changed as a person despite achieving so much in his life.
"There's not much I haven't experienced in my life. There's not much I haven't been through. I haven't changed one bit as a person. But I'm smarter, I do things a bit smarter.
"People I saw 10 years ago, when they see me now they say 'you haven't changed a bit'. They sound surprised. They think I must have changed," he said. PTI
47 rebels, three soldiers killed in Lanka clashes
T V Sriram
Colombo, Oct 10 (PTI) At least 47 LTTE cadres and three soldiers were killed in fierce clashes in Sri Lanka's restive northern region, where fighter jets pounded key rebel bases in a series of raids today.
Fighter jets launched four strikes targeting three vital encampments of the LTTE in the rebel stronghold of Kilinochchi, the Air Force said.
The first raid targeted an LTTE communications centre located three kms northeast of Paranthan, Air Force spokesperson Wing Commander Janaka Nanayakkara said. Another two air raids were carried out to target an LTTE leader's hideout located two kms northeast of Kilinochchi, he said. The fourth air strike targeted a den of LTTE suicide bombers, also known as Black Tigers, located 1.5 kms west of Paranthan.
Nanayakkara said all three targets were effectively engaged.
In ground clashes, troops operating in Akkarayankulam area in Kilinochchi attacked three LTTE bunkers, killing 14 rebels, officials said.
Another two Tamil Tigers were killed when troops attacked a group of rebels elsewhere in the region, the Defence Ministry said.
Four rebels were gunned down by security forces operating in the west of Mankulam area in Kilinochchi after detecting the guerrillas in Pannikkulama, it said.
Troops killed three LTTE cadres in Vannerikulam area, the Defence Ministry said, adding three soldiers also injured in the mortar fire. PTI
Dow Jones falls to lowest level in five years
New York, Oct 10 (PTI) The US benchmark index Dow Jones Industrial Average has plunged to its lowest level in five years, amid negative market sentiments in the world economy and some analysts predicting that recovery could take a long time.
In the last ninety minutes of trading, the Dow index dropped to 8,579.19, the lowest level in five years, down as much as 679 points.
In percentage terms the Dow saw its 11th largest since the index came into effect, with a fall of 7.3 per cent yesterday.
The fall was witnessed even as foreign ministers of major powers are to meet today in Washington to chalk out steps to restore confidence in the light of failure of measures taken so far, including cut in interest rate, to stem the blood bath.
Analysts said after the seventh straight day of losses, stocks have lost around USD 2.3 billion in a week as investors saw their wealth plummeting by USD 8.4 trillion dollars after year-long decline.
The New York Times reported that no corner of the market was left untouched as investors dumped stocks en masse with 1,754 stock falling and just 87 rising.
In the last six trading days, the Dow has plummeted a staggering 2,251.8 points losing 20.8 per cent.
Besides, 'The Times' quoted analysts as saying that at current prices, the market is suggesting that investors fear the country could face a severe and long recession that has not been seen since at least the early 1970s.
The global stocks have continued to suffer despite the approval of USD 700 billion bailout package, Dutch government readiness to pump 20 billion euros in the market to shore up banks and other European nations considering similar injection of capital to unfreeze credit markets. PTI
UN calls for greater efforts to combat menace of HIV/AIDS
United Nations, Oct 10 (PTI) UN Secretary-General Ban Ki-moon and top executives from several pharmaceutical companies have called for greater efforts to combat the menace of HIV/AIDS which has taken epidemic proportions in some of the poor African countries.
Greater efforts to combat HIV/AIDS was called for during a meeting of the world's leading pharmaceutical and diagnostic companies, including Ranbaxy, Johnson and Johnson and Pfizer, along with representatives from the World Health Organisation, UNICEF, UNDP and the Joint UN Programme on HIV/AIDS (UNAIDS).
"All participants agreed that increasing access to vaccines, diagnostics and medicines are essential in scaling up prevention and treatment efforts," Ban said in a statement following discussions last evening.
The importance of intellectual property in promoting research and development into new therapeutic and diagnostic options was also emphasised in the meeting, he said.
The private sector has much to offer to boost access to prevention and treatment, Ban noted. "More can be done, especially to address shortages of the health workforce and improve managerial capacities." Important progress has been made since 2006, the last time there was a high-level exchange between the UN and drug companies, he said.
The number of people receiving anti-retroviral treatment in low and middle income nations had more than doubled from 1.3 million in 2006 to 3 million by the end of last year. PTI
N-deal reflects close ties with important ally India: lawmaker
Washington, Oct 10 (PTI) With India and the US set to formally sign the civilian nuclear deal later today, a senior Republican lawmaker has said the agreement paves the way for closer ties between the world's largest democracies.
"Stronger economic, scientific, diplomatic, and military cooperation between the US and India is in the national interest of both countries and reflects our increasingly close relationship with this important democratic ally," Ranking member on the House of Foreign Affairs Committee, Ileana Ros-Lehtinen, said.
"This is not an agreement which we would enter into with just any country," she said in a statement.
The Florida law maker, an original co-sponsor of the Henry J Hyde US-India Peaceful Atomic Energy Cooperation Act, had introduced a House companion bill for implementation of the nuclear agreement in the final days of the legislative session.
Secretary of State Condoleezza Rice and External Affairs Minister Pranab Mukherjee will ink the agreement at the State Department at 4pm local time on Friday evening (1:30 am on Saturday morning IST), it has been officially announced.
"The agreement demonstrates India's commitment to cooperate with the US on efforts to halt the proliferation to rogue states and others of material and technology that could be used to construct nuclear weapons. In addition, newly implemented safeguards will expand the International Atomic Energy Agency's authority to monitor Indian nuclear facilities," Ros Lehtinen said.
"In addition to helping India provide energy to its rapidly growing population, this agreement will strengthen the emerging alliance between the countries," she said. PTI
RBI cuts CRR by another 1 pc unlocking Rs 60,000 cr of funds
Mumbai, Oct 10 (PTI) In a swift response to global credit crisis, the Reserve Bank today slashed the mandatory deposit that banks keep with it by another one per cent, a move that will inject a total of Rs 60,000 crore in the financial market and may reduce interest rates.
RBI's announcement came soon after the benchmark BSE benchmark index nosedived by over 1,000 points and bankers said that it could improve the market sentiments.
However, after a partial recovery the market tanked again and the Sensex was trading about 1,000-points down in the red.
The central bank which had earlier decided to reduce the Cash Reserve Ratio (CRR) by 50 basis points on Monday, increased the quantum of cut to 150 basis in view of the adverse implications of the global financial meltdown on the Indian economy.
Following the decision, the banks will be required to keep 7.5 per cent of their funds with the RBI with effect from tomorrow, as against the 9 per cent presently.
The RBI's decision will not only ease the credit crunch but will also soften the interest rates by unlocking Rs 60,000 crore of bank funds, said Bank of Maharashtra Chairman and Managing Director Allen Pereira.
The industry chamber Ficci said the move will "inject the much desired liquidity in the system" and demanded the other benchmark rates like repo rates should also be reduced.
The decision to slash CRR by a total of 1.50 per cent comes ahead of the RBI's mid-term review of monetary policy slated for October 24. PTI
India can join IPI pipeline project whenever it desires: Pak
Rezaul H Laskar
Islamabad, Oct 10 (PTI) The multi-billion-dollar IPI pipeline project should be initiated bilaterally between Pakistan and Iran while India could join the venture whenever it desired so, Prime Minister Yousuf Raza Gilani said today.
During a meeting with visiting Iranian Foreign Minister Manouchehr Mottaki, Gilani referred to the project's "strategic significance" and said Pakistan would work with Iran for the early establishment of a joint financing company for the venture.
Gilani stressed that "Pakistan wants the gas pipeline project should be initiated bilaterally between Pakistan and Iran while India could join afterwards whenever it so desires", said an official statement issued after the meeting.
Outstanding issues related to the Iran-Pakistan-India (IPI) pipeline project "must be resolved quickly" and the gas sales and purchase agreement between Pakistan and Iran should "be signed as early as possible", Gilani said.
Mottaki assured Gilani that Iran is determined to proceed with the IPI project and hoped remaining issues related to the venture would be resolved during his current visit to Pakistan.
Pakistani officials have accused India of delaying participation in the 7.4-billion-dollar project. President Asif Ali Zardari is expected to formally ask China to join the project during his October 14-17 visit to Beijing.
Following a subsequent meeting with Mottaki, Foreign Minister Shah Mahmood Qureshi said Iran was willing to undertake the IPI project bilaterally.
"India is welcome to join this project at a subsequent time of their choice and convenience," he told a joint news conference with Mottaki. PTI
Infrastructure growth plunges to 2.3 pc in August
New Delhi, Oct 10 (PTI) Growth in key infrastructure industries plunged to 2.3 per cent in August this fiscal from 9.5 per cent a year ago with several segments, including crude oil and petroleum refinery, showing dismal performance.
Crude oil showed negative growth by one per cent in August from a positive 6.5 per cent in the same month last year.
Growth in petroleum refinery products dropped to 2.5 from 8.2 per cent, while expansion in electricity generation was down to just 0.8 per cent from a healthy 9.2 per cent last year.
For the April-August period also, the six core sectors comprising crude oil, petroleum refinery products, coal, electricity, cement and finished carbon steel showed a slower growth of 3.4 per cent as against 7.1 per cent in the corresponding period of 2007, according to official data released today. PTI
Looking forward to perform in India: Placido Domingo
Mumbai, Oct 9 (PTI) World famous tenor Placido Domingo has said he was looking forward to his first ever performance in India and hoped that it would be a new experience for his fans to see him perform live.
"The public may have seen videos, DVDs and other recordings but seeing it being performed live is a new thing and it is the very first time for them to discover it," the Spanish tenor said here.
His last concert in Mexico was a "fun" experience since the stadium was filled with approximately 40,000 people which allowed many to experience a live opera for the first time, Domingo said.
Domingo will be performing in the open air stadium of the Cricket Club of India with soprano Barbara Frittoli on October 11 as part of the centenary celebrations of the birth anniversary of conductor Mehli Mehta.
"It is a great thrill to be in Mumbai and India since it is my first trip and have wanted to come here many times," he said.
Domingo, who is also a conductor and director for two operas in the US, said that it was always fun to perform with conductor Zubin Mehta.
However, Mehta, who is here with the Israel Philharmonic Orchestra, noted that the performance might have to be shortened due to existing laws preventing live music in open areas beyond 10 pm.
"Unfortunately since we are put in the category of making noise we might not be able to stick to the full programme," he said. PTI
My country has given me three Oscars: Bhandarkar
New Delhi, Oct 10 (PTI) For director Madhur Bhandarkar, three-time national awardee, whose ambitious film 'Fashion' is releasing this month end, winning an Oscar matters little.
"I don't believe in running after Oscars. India has given me three National Awards. They are my Oscars," Bhandarkar told PTI.
The director, however, says he has no objection if his films are selected by the jury for Oscars but he is not ready to be part of the hype and attention that surrounds these awards in India.
"Recognition of Indian people matters the most as they are the main viewers of my films," says Bhandarkar.
Bhandarkar's National Award winning films like "Chandni Bar (2001)", "Page 3 (2005)" and "Traffic Signal (2007) are famous for their strong story-lines and often have a female protagonists as lead characters.
"My latest film is about the emotional journey of a model played by Priyanka Chopra. This film is going to be a landmark in Priyanka's acting career. She has never before played a character with such substance," he says.
So, how did the idea to make a film on fashion industry come? "I have attended several fashion shows as a guest but it never attracted my attention much but when I saw that media was taking such interest and devoting special shows, I became curious.
"I decided to decipher the mystery of fashion to the common public. It is not about pretty faces doing catwalk. I wanted to go behind the screens and bring back other aspects of the industry to the viewers," says the director known for his well researched movies. PTI
Book: A travelogue on a groom hunting trip to India!
Wasfia Jalali
New Delhi, Oct 9 (PTI) Originally intended to find a suitable match for herself, her year-long visit to India, however, turned her into an author!
Fed up with the singles scene in the US, Indian American journalist Anita Jain, who ventured out on a mate-hunting trip to India, has come up with a literary venture chronicling the post-globalisation social climate of the Indian capital, set against the quest for finding the right match.
"It was my idea to take the book to India, of using the quest to marry to tell a story, I was sure those two things would work together," says the author.
The recently released book 'Marrying Anita' published by Bloomsbury and Penguin, according to the writer is an honest memoir a branch of literary work which is yet to become common in India.
"Memoirs are every other book in New York; however, the genre is still not as common in India. I have spoken so openly about my loneliness, some people find it shockingly honest," says Jain, who was recently in the capital to release the book.
"A confessional account is what constitutes a memoir. Indians are not used to such honesty," she says.
Asked why she believed autobiographical accounts were not as common in India as in some other parts of the world, she says the country is yet to witness a grand political event or a drastic social change, which provide a suitable backdrop for a personal account.
"Powerful memoirs have come from the parts of the world that have seen remarkable political or social upheavals," Jain says. PTI
Bhujbal, NCP play down gesture but suspense continues
Pune, Oct 7 (PTI) When he parted ways with Shiv Sena 17 years ago, Chhagan Bhujbal, firebrand Maharashtra Minister, was embraced by Congress, relishing the prospects of marginalising the Sena in the state using him to attack his mentor Bal Thackeray.
Then came yet another turn in his political roller-coaster as Bhujbal who belongs to OBC decided to join Sharad Pawars fold when the latter floated Nationalist Congress Party (NCP) breaking away from Congress on the now dead issue of Sonia Gandhi foreign origin.
But last weekend when Bhujbal, PWD minister in the Congress-NCP coalition government appeared in a Mumbai court to withdraw a 1997 defamation case against the Sena Supremo Bal Thackeray with Uddhav Thackeray keeping him company in front of cameras it ruffled many a feather despite both Bhujbal and NCP playing down the development seen by many as pregnant with possibilities of realignments in the state.
Notwithstanding the ostensible reason given by Bhujbal that he was withdrawing the case -- relating to a report in Sena mouthpiece `Saamana' in view of the age factor and health condition of the senior Thackeray - the timing and the manner of the goodwill gesture is being seen in political circles as demonstrative of Bhujbals not too subtle message to NCP leadership that he cannot be taken for granted if sidelined.
This move on part of Bhujbal, apparently sidelined by NCP leadership at a time when the dominant Maratha elements within the party are pressing for the community's inclusion in OBC list - comes also when disgruntled Revenue Minister and another former sainik Narayan Rane (Congress)is openly hobnobbing with other parties, including NCP.
Pawar is scheduled to inaugurate Rane's proposed Marathi daily 'Prahar' on the eve of Dusherra, yet another oddity perceived by political observers when next assembly elections are round the corner. PTI
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