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Cong: Prices of petrol, diesel should come down
New Delhi, Nov 21 (PTI) With crude oil prices falling below USD 50 per barrel, the Congress today said that the prices of petrol and diesel should come down along with the prices of other commodities.
"We want the prices of petroleum and other commodities to come down," Congress spokesman Shakeel Ahmed said. He, however, refused to demand a cut in the prices from the government.
Even as the crude oil price has been falling in the international market, Ahmed said that the government has to balance out between the falling value of the rupee and the oil price fall.
"Both the factors should be considered by the government," the spokesman said, adding, that the party hoped a decision to this effect would be taken soon.
Party sources, however, said that no reduction is possible in the midst of assembly elections as it violates the model code of conduct.
"It could be possible only after December 4 when the elections end," said a party source. PTI
Economic growth looks fairly robust in 2008-09: Finmin
New Delhi, Nov 21 (PTI) Though the global financial crisis and other factors will moderately impact most sectors of the Indian economy, the growth rate still looks "fairly robust" at 7-8 per cent this fiscal, says the Finance Ministry.
However, some sectors like agriculture would not be impacted since it is sensitive to weather-induced fluctuations, and electricity may see positive sentiment because of some activity in the Indo-US nuclear deal, according to Finance Ministry sources.
Of the 15 sectors in the economy, nine would have a moderate impact while 4, including agriculture and electricity, would face a "neutral" impact of the crisis and other domestic factors, sources said.
GDP growth should still look fairly robust, sources said, adding moderation in growth in the current year is likely, but a growth rate of 7-8 per cent will still be one of the best under the circumstances.
The other two sectors that may see a neutral impact of crisis or other developments are communication and trade and recreation.
While some working capital constraints have been reported, the overall impact is likely to be negligible, they said.
The trade and recreation sector's sales continue to remain buoyant, sources added.
The pay commission award and other wage increases should improve growth, sources added. One sector that will witness a positive impact due to the pay hike would be community and services. This sector relates to defence and social sector services. PTI
Will employ all policy tools to fight crisis: PM
New Delhi, Nov 21 (PTI) Prime Minister Manmohan Singh today said the economy will grow by eight per cent and government will resort to fiscal, monetary, exchange rate and public spending instruments to neutralise the impact of the global meltdown and recession in the West.
The current crisis is "deep", but the economic exigency of 1991 was "more" serious and the country had even then managed to overcome it efficiently, he said at the Hindustan Times Leadership Summit here.
"But I assure that despite the international environment, we have the capacity and ability to sustain the growth rate of about eight per cent and will do so," he said.
The government is fully committed to ensuring that the industry "sails and sails, not in the choppy waters but moves ahead with speed," he said.
"No instruments of public policy will be spared. We will use fiscal, monetary, public investment and exchange rate" to tackle the current crisis, said Singh, who was the Finance Minister in 1991 when the country averted defaulting on its international payment obligations.
The government and Reserve Bank of India have already unveiled a number of fiscal and monetary policy measures ranging from import levies to rate cuts to guard against cheap imports and stimulate the economy, respectively.
"In a globalised world, we cannot pretend that we will not be affected by the crisis that has not been created here but somewhere else. PTI
On-screen depiction of smoking harms public: Centre
New Delhi, Nov 21 (PTI) Justifying a blanket ban on smoking scenes in films and television programmes, the Centre today contended before the Delhi High Court that on-screen depiction of smoking is against public interest as people try to imitate their stars' actions.
"A large number of people get affected by observing what their stars do on screen in films or advertisements. People start imitating them. People would be encouraged for smoking if they see film stars or sports person doing the same in a film or advertisement," Additional Solicitor General P P Malhotra and Advocate Mukul Gupta said.
"There have been many instances where people particularly youth and children have tried to imitate what they see on the screen. In some cases people have jumped from high buildings trying to imitate what they saw in a film. So will be the case if on-screen smoking is allowed," the government said.
The Centre's submission came before Justice S K Kaul, who is hearing the matter as an umpire judge after a split verdict was given by a division bench on filmmaker Mahesh Bhatt's petition challenging the government notification banning smoking scenes in films and television programmes.
A division bench of Justice Mukul Mudgal and Justice Sanjiv Khanna had, on February 7, had given a split verdict after disagreement on the issue.
The two had different opinions on the constitutional validity of a provision in the Cigarettes and other Tobacco products (Prohibition of Advertisement and Regulation of Trade and Commerce, Production, Supply and Distribution) Act 2003 which bans smoking on screen. PTI
5 lakh textile workers may lose jobs in next 5 months: Govt
New Delhi, Nov 21 (PTI) Five lakh workers in the textile industry, which is reeling under the impact of a severe slowdown in the export market, may lose jobs in the next five months, Commerce Secretary G K Pillai said today.
"According to estimates of the textile ministry, there will be job losses of about five lakhs in the next five months," Pillai told reporters on the sidelines of a FICCI function here.
He said the government is working on a package for the distressed export sector. The package, which may include cut in interest rates and increased credit for exporting firms, would go to the committee chaired by Prime Minister Manmohan Singh next week.
Pillai warned that growth rate of exports may come down to 10 per cent for the current fiscal "if the fall continues".
Before the slowdown set in, exporters had grown by over 30 per cent in the first half of 2008-09.
"The target (200 billion dollar) would come down," the Commerce Secretary said. PTI
Women beat Bulgaria, men go down to France in Chess Olympiad
By Our Chess Correspondent
Dresden (Germany), Nov 21 (PTI) On a mixed day for India at the 32nd Chess Olympiad, women's team defeated Bulgaria to move up to joint third while their men counterparts slipped to tied 10th following their loss to France in the seventh round.
Asian women's champion Tania Sachdev and Asian junior girls' winner Mary Ann Gomes helped India women to a 2.5-1.5 victory over Bulgaria.
Tania atoned for her loss in the previous round to humble Emilia Dzingarova of Bulgaria on the second board.
D Harika held former women's world champion Antoaneta Stefanova on the top board and Swati Ghate's defeat on the third board to Margarita Voiska did not deter the Indians much as Mary Ann continued with her dream run to beat Raeva Elitsa on the fourth board.
The win helped the Indian women climb to joint third spot with 11 points and will meet Serbia in the next round.
China were held by the United States but still lead the women's section with 13 points.
Ukraine follow next on 12 points while the USA, Poland, Hungary, Russia, Serbia and India are next in line.
The Indian men went down 1.5-2.5 to France after Grandmaster P Harikrishna could not survive the onslaught of young Frenchman Maxime Vachier-Lagrave.
On the top board, GM Krishnan Sasikiran played out a draw with Etienne Bacrot while on the third and fourth tables Surya Shekhar Ganguly and GN Gopal carved out similar results against Laurent Fressinet and Vladislav Tkachiev. PTI
New China-Pak N-cooperation need approval from NSG: US
Sridhar Krishnaswami
Washington, Nov 21 (PTI) The US has asked China to halt its plan to construct two more nuclear reactors in Pakistan and indicated that any new Sino-Pak cooperation in the atomic field would require "consensus" approval from the NSG, a "difficult" task to achieve.
"Although Pakistan's energy needs are real and increasing, we believe Pakistan's proliferation record would make NSG consensus difficult were China to request an exception," State Department Assistant Secretary for Legislative Affairs Matthew Reynolds said in a letter to Democrat Congressman from Massachusetts, Edward J Markey.
Reynolds said Washington has already communicated its "position clearly" to Islamabad and Beijing that the proposed cooperation between the two countries to construct two more nuclear reactors in Pakistan should not move forward.
"We have communicated our position clearly to our Chinese and Pakistani interlocutors at multiple levels in Washington, Beijing, and Islamabad, and have made plain our view that proposed cooperation on Chasma III and IV should not move forward." The US position is that cooperation on the construction of two new reactors, Chasma III and IV, would be inconsistent with the commitments China made at the time of its adherence to Nuclear Suppliers Group (NSG) guidelines in 2004.
"We also have been in contact with other NSG members, a number of whom have expressed similar concern at the recent reports," the State Department said in the letter, which was made public today.
Reynolds also said that the US has sought and continue to seek clarification from Islamabad and Beijing on this matter. PTI
India, China to emerge as major world powers by 2025
Sridhar Krishnaswami
Washington, Nov 21 (PTI) India and China have been identified as "major rising powers" in an emerging multi-polar world, and this could bring in "new stakes and rules of the game" in the international arena, according to a new US intelligence forecast.
"We believe chances are good that India and China will continue to rise, but their ascent is not guaranteed and both will have to overcome high economic and social hurdles," a report by the US Directorate of National Intelligence has said.
The report titled "Global Trends-2025, a World Transformed" has come out as the new Barack Obama administration takes over and clearly points out that if current trends continue by 2025, China will have the world's second largest economy and will be a "leading military power." Though the current Superpower United States will remain the single most important actor on the world stage by 2025, but it will be less dominant in the new global multi-polar system with the number of new players.
The report said India would continue on the road to rapid economic growth, but warned "regional and ethnic insurgencies that have plagued country since independence are likely to persist.
"But they will not threaten India's unity. We assess New Delhi will remain confident that it can contain the Kashmiri separatist movement. However, India is likely to experience heightened violence and instability in several parts of the country because of the growing reach of the Maoist Naxalite movement." While, the report labels China as an emerging military power, it is silent on what India's future military strength would be? PTI
India asks UNGA to lead in setting global agenda
Dharam Shourie
United Nations, Nov 21 (PTI) Asking the UN General Assembly to take lead in setting the global agenda, India has asserted that the 102-member world body's position as the chief deliberative, policy-making and representative organ of the United Nation must be respected in letter and in spirit.
Participating in the debate on the revitalisation of the Assembly yesterday, its delegate Tiruchi Siva, MP, said it must also use its powers decisively especially in the economic matters.
He said the benefits of involving the General Assembly in international economic governance have been made evident during the current financial crisis.
"A section of its membership drawn from the global South has consistently pointed out that economic orthodoxies proposed by a group of nations have grave shortcomings," he said, adding that these fears, often voiced in this Assembly and its Committees, have been validated by recent events.
The crisis has also underscored the importance of giving a representative body such as the General Assembly a much greater say in shaping the international economic and financial architecture, particularly in the reform of the Bretton Woods Institutions, Siva added.
The debate is being held in the backdrop of the criticism of the Security Council by several members, including India, for trying to arrogate to itself the issues that are in the domain of the Assembly. These include the economic issues.
The Council is supreme in issues of international peace and security but several members feel that it has been discussing problems which do not fall into that category by merely saying that they pose threat to international peace and security. PTI
U.S. Dollar ends cheaper against Rupee.
Mumbai, Nov 21 (PTI) The U.S. Dollar ended cheaper against the Rupee at Rs.50.02/03 per dollar but the Pound sterling finished higher at Rs.75.18/20 per pound at the Interbank Foreign Exchange (Forex) Market here today.
FOLLOWING ARE INTERBANK FOREX AND RBI RATES: (IN RUPEES PER UNIT) UNIT INTERBANK RBI REFERENCE U.S.DOLLAR 50.02/03 U.S.DOLLAR RS.50.03 POUND STERLING 75.18/20 EURO RS.62.71 EURO 63.05/07 JAPANESE YEN (100) 52.69/71 ---- PTI
Markets snap losing streak, Sensex gains 464 pts
Mumbai, Nov 21 (PTI) The benchmark Sensex on BSE today gained over 460 points to reverse hammering of the past seven days on emergence of buying triggered by Prime Minister Manmohan Singh's confident remarks that economy would sustain eight per cent growth despite global economic turbulence.
The 30-share barometer on the Bombay Stock Exchange bounced back to close at 8,915.21, a smart rise of 464.20 points, or 5.49 per cent, from its last close.
Nifty, the broader index on the National Stock Exchange, also recouped by 140.30 points, or 5.50 per cent, to 2,693.45.
The Sensex had plunged to its three-year low yesterday after being hammered in the past seven days. Sustained selling in these days has shaved off a whopping 2,085.15 points.
The bellwether index has shed a massive 57 per cent since January after surging to over 21,000 level in the same month. Foreign institutional investors have pulled out Rs 53477 crore this year so far.
Domestic markets had fallen in sync with global bourses which plunged primarily due to looses and write-downs to the tune of one trillion dollars by global financial companies after the collapse of the US mortgage market leading to failure of many a financial institution.
Besides Singh's optimistic remarks, anticipation of another round of rate cuts by the central bank encouraged investors to buy.
Pointing out that country had been able to overcome a "more" serious 1991 crisis, Singh said at the Hindustan Times Leadership Summit in New Delhi, "I assure that despite the international environment, we have the capacity and ability to sustain the growth rate of about 8 per cent and will do so." Marketmen said inflation declining for the second week in a row has further strengthened anticipation of rate cuts by the Reserve Bank. PTI
Markets snap losing streak, Sensex gains 464 pts
Mumbai, Nov 21 (PTI) Cutting short prolonged losses of the past seven days, the Bombay Stock Exchange benchmark Sensex today gained over 460 points on confident remarks of Prime Minister Manmohan Singh that economy would grow at a rate of eight per cent.
After losing nearly 2,100 points, or 25 per cent, in the past seven days to touch the three-year low, the BSE barometer today bounced back to close higher by 464.20 points at 8,915.21.
National Stock Exchange index Nifty also shot up by 140.30 points at 2,693.45.
The Sensex has shed a massive 57 per cent since January after surging to over 21,000 level in the same month. Foreign institutional investors have pulled out Rs 53477 crore this year so far.
Domestic markets had fallen in sync with global bourses which plunged primarily due to looses and write-downs to the tune of one trillion dollars by global financial companies after the collapse of the US mortgage market.
Besides, Singh's optimistic remarks, anticipation of another round of rate cuts by the central bank encouraged investors to buy.
"We have the ability to sustain a growth rate of about eight per cent. And we will do so," the Prime Minister said at the Hindustan Times Leadership Summit in New Delhi today.
Barring realty major DLF Ltd, Jaypee Associate, ACC and Tata Power, rest of the stocks in 30-share BSE index ended higher on emergence of buying at existing lower levels PTI
Sonia says bank nationalisation helped weather meltdown
New Delhi, Nov 21 (PTI) Congress today sought to join issue with the Left parties with Sonia Gandhi invoking Indira Gandhi's "much reviled" bank nationalisation in 1969 as a decision that helped the country's financial institutions withstand the global meltdown.
"Every passing day bears out the wisdom of that decision (of bank nationalisation four decades back)" Gandhi said in her address at the Hindustan Times Leadership Summit.
Gandhi went on to say that "our prudence has been marked in the case of the financial sector." The public sector financial institutions have given the country's economy the stability and resilience that is being witnessed in the face of the economic slowdown, he said.
The Congress President invoking Indira's name is significant given the fact that the Left parties have often sought to take credit for the Indian financial institutions withstanding the global crisis as they had opposed the UPA's moves to dilute the equity in public sector banks as also allow foreign capital in them.
Gandhi told the distinguished gathering, in which many a captain of the industry were present, that she will speak on the matter "If you allow me the liberty of showing what is to you the proverbial 'red rag to bull'.
The Congress President's remark and her making a strong pitch for protecting the poor from the meltdown was indicative that the Congress could come up with some populist measures in its manifesto for the Lok Sabha elections which is not far away. PTI
Mohanlal selected for Samsakara Sahithi award
Thiruvananthapuram, Nov 21 (PTI) Malayalam superstar Mohanlal has been selected for this year's KPCC sponsored Samsakara Sahithi Panambilli award in recognition of his outstanding contribution to the language cinema.
Announcing the award here today at a press conference, KPCC president Ramesh Chennithala said the award in the name of late Congress leader Panambilli Govinda Menon would be presented to Mohanlal at a function here by Defence Minister A K Antony on November 26.
'Samsakara Sahithi' is the cultural wing of the KPCC. The award consists of Rs 50,000 and citation. PTI
Madonna and Guy Ritchie get divorce
London, Nov 21 (PTI) Pop queen Madonna's split with her director husband Guy Ritchie got the legal stamp today after the High Court here granted them a preliminary divorce.
Madonna and Ritchie did not attend the hearing.
The "decree nisi" was pronounced by District Judge Caroline Reid after the couple agreed not to demand a financial settlement from each other, the Telegraph reported.
The divorce will become final after a period of six weeks and a day.
Their case - Ciccone M L v Ritchie G S - was listed before District Judge Reid and was announced in Court 10 of the Principal Registry of the High Court's Family Division, the paper said.
The 50-year-old singer and her 40-year-old British filmmaker husband had announced their decision to separate in mid-October after a marriage of eight-years.
The duo had married in lavish ceremony in 2001.
Madonna will keep most of her USD 440 million fortune after Ritchie said he did not want "any of her money".
They have also agreed to share custody of their two boys, eight-year-old Rocco and three-year-old adopted David Banda.
Under the British law, Ritchie, whose fortune is estimated at some 30 million pounds, could have claimed to half of Madonna's wealth earned during their seven and a half year marriage but he reportedly rejected the offer.
The bone of contention between the high profile couple were their two children, with both of them wanting to keep the children. PTI
Amitabh Bachchan to perform at Live Earth India concert
New Delhi, Nov 21 (PTI) Superstar Amitabh Bachchan would be joined by a whole host of Bollywood celebrities and musicians at the Live Earth concert next month to raise money for projects on climate change.
The concert on December 7 will feature simultaneous performances by artists in Mumbai, New York, London, Sydney, Tokyo, Shanghai, Rio de Janerio, Johannesburg and Hamburg and would be beamed live to an estimated audience of 2 billion people worldwide.
Bachchan would be joined by his son and daughter-in-law, Abhishek and Aishwarya Rai Bachchan, Hrithik Roshan, Preity Zinta, Bipasha Basu, Shiamak Davar, Farhan Akhtar, Arjun Rampal, Purab Kohli, Hard Kaur, Jalebee Cartel, Vishal & Shekhar, Shankar-Ehsaan-Loy, Sunidhi Chauhan, Sonu Nigam and Shaan and musician Anoushka Shankar.
Grammy Award winner Bon Jovi will also perform on the occasion.
IPCC Chairman Rajendra Pachauri, former US vice-president Al Gore and other environmentalists and advocates and celebrities are also expected to participate in the event.
Live Earth India will highlight personal and policy solutions to the climate crisis, offer support for India's important environmental issues and causes, and provide a platform for India to solidify its leadership role on climate issues, a release said.
The programme will be broadcast by Star's three channels across Asia and beyond. PTI
Dostana is not offensive to homosexuals: Karan Johar
New Delhi, Nov 21 (PTI) Producer-director Karan Johar has refuted media reports that his latest production 'Dostana' is offensive to homosexuals.
"I only wish I had called them to a recent screening we had for members of the gay community in Bombay, who laughed and laughed, cried and left the cinema hall gratified. I don't need to say any more about this because our work here, to put it very simply, is done," he wrote in his blog yesterday.
The producer says,"My principle aim is to entertain, but if I can change a few hearts and minds along the way, that's precisely what makes filmmaking so special."
Karan also thanked the audiences for making 'Dostana' a hit, saying, "It's heartening to know that a film, comedic for the most part, can still make an impact on people's thought processes." The director is specially impressed by the fact that the audiences are not uncomfortable over the male bonding depicted in the film.
"Rather, the number of repeat viewers in the first weekend itself has been the true testament to the success of the film and more importantly, to the way it's been treated," says the satisfied producer.
Karan will soon leave for Philadelphia where the shooting of Rensil D'Silva's film starring Saif, Kareena, and Vivek is all set to begin. The movie is D'Silva's debut as director while it has been written by Karan himself. PTI
Kashmiri poetry is about suffering of its people: Rahi
New Delhi, Nov 20 (PTI) Jnanpith award winning Kashmiri poet Rahman Rahi says contemporary poets of the valley have tried to bring out the suffering of people through their poetry.
"The contemporary poetry is all about the pain and sufferings of the Kashmiri people, specially about Kashmiri pandits, who are scatered in the different parts of the country," Rahi told PTI.
The renowned Kashmiri poet said that regional languages in the country were doing good but their readership was limited due to poor translation facilities.
Talking about the creativity and the language,the noted poet said, "Creativity has always flourished in most adverse situations. Kashmiri poetry is one such example." Rahi said that the poetry from the valley has witnessed an increase in the number of women poets.
Talking about the contribution of women in Kashmiri literature, he said women have always played an integral role in the development of Kashmiri literature. Lalla was the first major poet in the language.
The poet said the younger generation was more interested in short poetry as they want more freedom with the form of the poetry.
Rahi expressed hope that the future of Kashmiri poetry was bright with the younger generation taking an interest in one of the oldest languages in India. PTI
High EQ key to handle tough work conditions: Survey
New Delhi, Nov 19 (PTI) Employees with higher emotional intelligence are better equipped to handle internal changes in companies especially in the times of recession where various cost-cutting measures such as job slashes and layoffs are becoming the norm, according to a new survey.
Findings of the survey which analysed over 1,000 mid-senior level IT professionals in the age group 30-45 years said that women participants were found to fall in the 'High Alert' area with respect to self appraisal.
"Women in the IT area were found deficient in self awareness. They need to build better up their emotional quotient and develop self awareness so that they can be more confident and better about themselves and thus excel in whatever they do," says Neeta Mohla, Director, InspireOne a leading people and leadership development firm, which conducted the survey.
Emotional Intelligence (EI) describes an ability, capacity, skill or a self-perceived ability, to identify, assess, and manage the emotions of one's self, of others, and of groups.
The results indicate that Self Appraisal for Women in IT is a High Alert Area as 38 per cent of them fall in the 'Alarm' category. Another 38 per cent of women in IT fall in the category of 'Concern' which adds up to 76 per cent of them being in 'High Alert' area. While only 11 per cent and 13 per cent women in IT fall in the category of 'Acceptable' and 'Strength' respectively adding up to only 24 per cent of them being in 'Adequate' area. PTI
We lack spirit of adventure: Mandip Singh
New Delhi, Nov 13 (PTI) In India parents are too cautious to send their children for adventure tourism. In fact as a nation we lack spirit of adventure says Mandip Singh Soin, well known adventure sportsperson.
Soin, who got into Limca Book of Records in 1992 as 'India's Most Versatile Adventure Sportsperson' and honoured with the same this year, says, "Adventure tourism is popular in other countries. Spirit of adventure teach us to handle pressures of life better. But the irony is that we lack the spirit as a nation. Parents here are too cautious and apprehensive and do not take it as a sport."
However, the adventurer, who from the age of 16 has participated in adventure activities including Himalayan treks, ice-treks, cycling expeditions, camel and elephant expeditions and is a Fellow of the Royal Geographical Society, UK, however says that adventure tourism as a sport is slowly growing in the country with more and more youngsters showing interest.
"Its been a long journey. But now people are showing interest in it. With the corporates using this sports as a team building measure and college and schools also promoting it on higher level, the percentage of people who have shown active interest in the last 4-5 years has grown tremendously", he says.
Soin, who has done it all from climbing expeditions and treks to jeep safaris and mountain biking, now wants to conquer Mount Everest but not through the beaten track.
"My next target is to climb the Everest. But I would not take the normal route as all other mountaineers had done in the past. I want to reach there through an unusual route. I want to go through challenges but it does not mean that the normal route is easy." PTI
Russian designer keen to collaborate with Indian designers
Suktara Purkayastha
New Delhi, Nov 16 (PTI) Well-known Russian designer Vyacheslav Zaitsev is impressed by Indian fashion designers' ability to integrate global appeal with native culture in their creations.
"I am keenly looking forward to collaborate with them," he says.
Zaitsev, who was in India to promote his winter collection says Indian fashion designers are very popular in the West.
"Indian designers have successfully showcased their native culture through their dresses. The Indian women designers particularly are very talented," says Zaitsev.
The Russian designer says that in 2009 'Year 2009 India in Russia' he plans to collaborate with Indian designers and organise fashion shows in his country.
He is also keen to work with Indian models. "Models here are very beautiful I will surely work with them" he says.
Questioned about his favourite Indian attire, Zaitsev said he was captivated by the saree. "I saw some Indian women sitting outside Taj Mahal draped in sarees, they looked so beautiful." Though, the designer finds it difficult to drape a saree but has expressed a desire to create a fusion of Indian and Russian garments.
Zaitsev laments the fact that not many Russians are aware about the Indian fashion scene.
Interestingly, Zaitsev is against women wearing jeans or trousers.
"Women today have surpassed men in all spheres. So, they should atleast leave the trousers and jeans for men," Zaitsev says adding that women look good in their natural attires. PTI
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The sensex closed at 8915.21, up 464.20
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1 U.S. $ = 50.025 INR
1 Japanese Yen = 0.5282 INR
1 British Pound = 75.037 INR
1 Canadian $ = 39.137 INR
1 Singapore $ = 32.734 INR
1 UAE Dirham = 13.620 INR
1 Saudi Arabian Riyal = 13.358 INR
1 Euro = 63.006 INR
1 Qatar Rial = 13.740 INR
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