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Inflation needs to be moderated: FM
New Delhi, May 8 (PTI) Finance Minister P Chidambaram today said the government will take every measure to moderate the high inflation rate but the long term remedy is correcting the demand-supply mismatch in foodgrains.
"I am confident that RBI's monetary steps and government's fiscal measures will moderate inflation," he said replying to supplementaries during Question Hour in Rajya Sabha.
Chidambaram said the current high rate of inflation has been triggered by hardening of commodity prices particularly of metals and crude oil, supply-demand mismatch -- first in sugar, then in wheat and now in pulses, increase in money supply due to capital inflow and increase in demand as a result of rise in public expenditure.
He said the average inflation rate during 2006-07 fiscal was 5.4 per cent. In three out of six years of the previous NDA regime, inflation was more than 5.4 per cent.
"(High) inflation (rate) is not a phenomenon under the UPA government," he said adding "5.4 per cent is not acceptable. It needs to be moderated." The long-term solution to bring down inflation is to correct the supply-demand mismatch created mainly due to stagnation in production of wheat, paddy and pulses, he said.
The Finance Minister said during the past nine years, inflation has been in highs and lows.
However, the difference in inflation rates during the NDA and the UPA regime is the economic growth factor, he said adding average growth during the NDA rule was 5.8 per cent while it was 8.6 per cent during three years of the UPA rule. PTI
SC stays order in M F Husain case
New Delhi, May 7 (PTI) The Supreme Court today stayed a Haridwar court order directing Mumbai police to attach the properties of noted painter M F Husain and other proceedings in the case.
A Bench headed by Justice B N Agrawal also issued notice to the complainant in the case against him in Haridwar on Husain's petition seeking transfer of the matter to Delhi.
The court of Special Judicial Magistrate K S Shukla in Haridwar ordered police to attach Husain's property after he repeatedly failed to respond to summons to appear before it, including at the last hearing of the matter on April 13.
Complainant advocate Arvind Shrivastava had filed a case against Husain for allegedly depicting Hindu goddesses in an obscene manner hurting the Hindu sentiments in the Haridwar district court in March 2006.
The case was transferred nine months later to the court of Magistrate Shukla, who issued a bailable warrant against the artist on January 2 after he failed to respond to summons.
Acting on the court's orders in Haridwar, police in Mumbai on Sunday began the process of attaching the house of of painter Husain.
It later turned out that the house did not belong to Husain but to his son. PTI
Maruti Suzuki to unveil new version of SUV soon
Chennai, May 8 (PTI) Maruti Suzuki will soon unveil the refurbished version of its SUV - the Grand Vitara - in India, a top official of Maruti Udyog Ltd said today.
"We have launched five new models in two-and-a-half years. We plan to launch the Grand Vitara in the next few months," MUL Chief General Manager Mayank Pareek told reporters during the launch of the company's new A3 segment car, the SX4 Sedan here.
The SX4 is priced between Rs 6.31 lakh and Rs 7.37 lakh (ex-showroom) in Chennai.
Pareek said the Sedan had 79 per cent localisation and was powered by the M-Series engine.
To a query, he said the company did not have any plans to launch the diesel version of the car.
The SX4 will be launched in the USA later this year, the CGM said.
Shahabuddin faces disqualification from contesting elections
Patna, May 8 (PTI) RJD MP Mohammed Shahabuddin faces disqualification from contesting elections in future after a court here today sentenced him to life imprisonment for the abduction of a CPI-ML-Liberation worker eight years ago.
According to section 8(3) of the Representation of the People Act of 1951, a person convicted for an offence and sentenced to imprisonment for two years or more would be disqualified from contesting elections in future.
Since Shahabuddin is facing life imprisonment, he may be debarred from contesting the 2009 Lok Sabha polls, legal experts said.
The experts, however, said Shahabuddin could retain his membership of the Lok Sabha till 2009 as he would not be under any legal compulsion to resign in the wake of today's verdict, which he is free to appeal.
"There is no legal compulsion for Shahabuddin to resign and he can continue in the Lok Sabha," Y V Giri, a senior advocate of Patna High Court who is contesting the MP's case, told PTI.
Additional Director General of Police (headquarters) Abhayanand said though it was not obligatory for Shahabuddin to resign from the Lower House, he would not be able to contest polls if his conviction was not stayed by a superior court till the next Lok Sabha polls.
While the RJD is maintaining a stony silence on Shahabuddin's conviction, Bihar's ruling BJP-JD-U combine has demanded his immediate resignation from the Lok Sabha.
Shahabuddin had lost the moral right to continue in the Lok Sabha and he should quit immediately, the alliance's leaders said.
Senior CPI-ML leader Santosh Sahar said the MP should resign as he had been convicted for the second time.
On March two, the RJD strongman was sentenced to two years in prison for an attack on a CPI-ML office at Kurmabad in Siwan town on September 19,1998 in which the party's office secretary Keshav Baith was kidnapped and assaulted. PTI
Gilchrist is a highly principled man: CA
Melbourne, May 8 (PTI) Cricket Australia has shot back at its Sri Lankan counterpart for terming Adam Gilchrist's squash ball tactic as "unethical" and defended their vice-captain as a "highly principled man".
CA Spokesman Peter Young refused to admit that Gilchrist gained an unfair advantage by batting with a squash ball in his glove when he scored a match-winning 149 in the World Cup final.
"It's a storm in a teacup, or a batting glove," Young said.
"He (Gilchrist) is a highly principled person. You're going to have to go a long way before you find a cricketer who has higher moral standards than Adam Gilchrist," he was quoted as saying by 'The Age'.
Sri Lanka Cricket Secretary Kangadaran Mathivanan has said "we are of the opinion that it was unethical for Gilchrist to use a squash ball to give unfair advantage" and added Sri Lanka was considering taking the matter to the International Cricket Council.
Young said there was no rule which prevented a batsman from using any such tactic to enhance his grip but if it was so useful it could rather be made compulsary.
"To the best of our knowledge it's no different to, say, putting two or three grips on the bat handle, or batting with two pairs of gloves or having inserts sewn into the palm of gloves. All these are things which now happen. This is in the same category", he said. PTI
Lara takes another dig at WICB
Port of Spain, May 8 (PTI) Batting great Brian Lara, who has often been on a collision course with the Caribbean cricket stablishment, has taken another potshot at the West Indies Board by questioning their integrity and efficiency.
Lara made the remarks against the WICB at a function to inaugurate a cancer treatment centre named after him in Mucurapo.
According to 'Trinidad Express' newspaper, Lara commended the persons and organisations involved in the construction and management of the centre for "their teamwork, integrity and use of technology" but said these had "missed the Cricket Board".
The 38-year-old Lara's retirement from international cricket at the recent World Cup had surprised his fans since he had previously indicated that he would continue to play Test cricket.
The Brian Lara Cancer Treatment Centre at Fitzblackman Drive is the first of its kind in Trinidad and Tobago and the Commonwealth Caribbean. PTI
Smart cricket bat to be available soon for big-hitters
Melbourne, May 8 (PTI) Australia's World Cup-winning team may not be in need of it but a hi-tech Smart Cricket Bat to help big hitters like Adam Gilchrist smash the ball even further could be on the market within 18 months.
The Australian-developed, Smart Cricket Bat, has been patented as the world's first bat with active vibration control, a system already in use in baseball bats and tennis racquets, reports 'The Australian'.
The Smart Cricket Bat's key to reducing the "zinging effect" felt by big-hitting batsmen is in its innovative handle. It can reduce vibration by up to 42 per cent.
Melbourne's RMIT University has developed the bat in conjunction with the Australian Research Council, bat manufacturer Kookaburra Sport and sensor company Davidson Measurement.
The $600,000 project uses electro-mechanical sensors and actuators, built into the bat's handle. The technology is used in collaboration with a vibration-absorbing polymeric-based synthetic material.
The materials convert shock waves into heat and dampen vibration by generating waves in the opposite direction.
RMIT project leader Sabu John said the technology had increased the "sweet spot" of the cricket bat - the area in which the batsman experiences least impact when hitting the ball hard - providing greater control. It may also reduce the injuries experienced by top-level batsmen. PTI
Carvalho hopes to arrest the slide of Indian hockey
Anand Philar
Ipoh, May 8 (PTI) Since his playing days, Indian hockey has slumped to an abysmal low but newly appointed coach Joaquim Carvalho is not short on confidence that he can not only arrest the slide but also mastermind an upturn.
Having been part of the 1984 Olympic squad, considered as one of the strongest ever to leave the Indian shores in modern era, he finds himself in the hot seat as he seeks to resurrect the country's hockey fortunes.
Carvalho, or "Jack" to his friends, admitted that he was taken off-guard when the Indian Hockey Federation (IHF) offered him the post.
"It did take me by surprise, but after giving it a lot of thought and discussing with my close friends and family, I decided to take up the offer. In turn, the IHF agreed to give me the support staff that I wanted and also a say in team selection," he said during an interview to PTI here.
Carvalho opted for two of his closest friends and former India team-mates, M M Somayya and Mervyn Fernandes, as members of his support staff to look into technical matters with Mohinder Pal Singh, the former ace penalty corner hitter, and Ramesh Parameswaran as assistant coaches.
In many ways Carvalho is a self-made coach who believes that players learn more and quicker on the field than through computers and whiteboards. Unlike a typical modern day coach, he hates to be "wired" or "stay connected" 24/7 and treats his mobile phone as an unavoidable nuisance than a necessity. His baggage does not include a laptop. PTI
More problems surface in Abu Dhabi series
Karachi, May 7 (PTI) The planned one-day series between Pakistan and Sri Lanka in Abu Dhabi continues to be dodged by problems with the Sri Lankan cricket board now demanding an appearance fee of USD 750,000 by Tuesday to play the three matches from May 18-22.
Initially, the Abu Dhabi Cricket Club was due to pay USD 500,000 each to the Pakistan and Sri Lanka as appearance fees but the situation has changed after the latter played in the World Cup final.
"The problem is that the ADCC has still not sold its television rights for the series and are facing fund flow issues. Whereas the Sri Lankans want the payment made by Tuesday to play in the series," a well informed source said.
Pakistan on Monday announced a 16-member squad for the series while Sri Lanka have said that star off spinner, Muttiah Muralitharan, Chaminda Vaas and Kumar Sangakkara will miss the series due to county commitments.
Sources said that the organizers were still negotiating with Geo television of Pakistan, MTV of Sri Lanka and Ary for the sale of television rights territory wise. While Geo is negotiating for the Pakistan rights, Ary wants rights for Middle east and Europe and MTV is only interested in showing the matches in Sri Lanka for a paltry sum of 75,000 dollars.
The ADCC, a private venture requires around 2.5 million dollars to manage all expenses of the tournament whereas sources say they are still facing shortfall of funds.
Dilawar Mani, the ADCC official denied that the series had earlier been postponed to May 18 because of fund problems. PTI
TCS to recruit 32,000 IT professionals this year
Tiruchirapalli,May8 (PTI) Tata Consultancy Services Limited would recruit about 32,000 IT professionals in the current year, a top company official said today.
In an informal chat with reporters, K Karthikeyan, Head Strategy, Planning and Operational Excellence, mentioned that the company recruited 32,000 professionals in the last financial year and it would be repeated in the current fiscal too.
Of the 32,000 personnel planned for recruitment, 50 percent would be freshers from engineering, arts and science colleges and the rest would be experienced hands.
As many as 19,000 professionals were recruited lat year at the Chennai branch and in the current year, an addition of 6000 is planned.
The major facility of TCS coming up at Siruseri near Chennai is to be completed in six phases.
The first phase would be commissioned by the third quarter of the financial year and when the sixth phase is completed in the year 2010, the total IT professionals working at Siruseri would exceed 22,000.
Simultaneously, the activities of TCS located at Kochi,Coimbatore,Chandigarh are also poised for expansion and the company was also "holding tier-II cities like Madurai and Tiruchirappalli in its radar." PTI
Govt approves Rs 3,594 cr five auto SEZs: Ramesh
New Delhi, May 8 (PTI) Government has approved setting up of five sector specific special economic zones (SEZ) for automobiles and automobile component manufacturing, envisaging an investment of Rs 3,593.95 crore, Lok Sabha was informed today.
In a written reply to the House, Minister of State for Commerce and Industry Jairam Ramesh said the government has given formal approvals for two auto SEZs, one each in Jharkhand and Maharashtra, while it has granted in principle approvals for setting up another three SEZs in Haryana, Maharashtra and West Bengal.
The formally approved SEZ projects include one by two-wheeler major Bajaj Auto Ltd in Aurangabad, Maharashtra, entailing an investment of Rs 200 crore while the other approved auto SEZ would be set up Adityapur Industrial Area Development Authority in Adityapur, Jharkhand, at an investment of Rs 30.58 crore, he said.
He said the government has also given its in-principle approval for Rs 447 crore auto SEZ by Shreeaumji Developers Ltd, Rs 119.17 crore auto SEZ by Parsvnath Developers Ltd and Rs 2,797.2 crore auto SEZ being set up by Bengal SREI Infrastructure Development Ltd.
The biggest auto SEZ, being developed by Srei, would come in an area of 200 hectares in Kharagpur, West Bengal. PTI
Sensex plunges by 113 pts on funds selling
Mumbai, May 8 (PTI) The Bombay Stock Exchange benchmark Sensex plunged by over 113 points today on emergence of selling by funds in heavy-weight stocks.
The 30-share Sensex, which gained moderate ground in intra-day trading, dropped by 113.79 points at 13.765.46. It touched the day's high of 13,956.40 and a low of 13,741.24.
In similar fashion, the second wide-based National Stock Exchange fell by 34.15 points at 4,077.00 after moving between 4,136.05 and 4,066.40 points.
A rally in the stocks of Reliance Capital following reports of four major foreign institutional investors planning to pick moderate stake in the company's mutual fund business, lifted the trading sentiment and saved the index from a major fall. PTI
No decision yet to allow FDI in retail: Govt
New Delhi, May 8 (PTI) Government has not taken any decision to allow Foreign Direct Investment in retail sector, Finance Minister P. Chidambaram told Rajya Sabha today.
"There is no government decision to allow FDI in retail," the Minister said during Question Hour, adding FDI was only permitted for cash and carry, wholesale and single brand retail.
On FDI investments, Chidambaram said inflows of 13.5 billion dollars during 2006-07 were the highest-ever and if retained earning and a swap deal were to be included, the FDI during the period would be 19 billion dollars.
He said investments at the ratio of 28-32 per cent of GDP were required for sustaining high GDP growth and the UPA government had achieved an investment ratio of over 33 per cent of GDP during 2005-06.
The Finance Minister said measures would be taken during the current Five-Year Plan to ensure that the target of 320 billion dollars needed for development of infrastructure sector during the next five years was met.
These investments are to be achieved through a combination of public investment, public-private partnerships and exclusive private investments, wherever feasible, he said. PTI
Govt for harnessing captive plants to overcome power crisis
New Delhi, May 8 (PTI) With the country facing a massive electricity shortage, government today asked the states to pull out all stops to setting up captive power plants -- surplus from which could be diverted for public consumption.
"We must unshackle generation, transmission and distribution systems. We cannot shut up this source of energy when we have an acute shortage in the country," Power Secretary Anil Razdan said at a conference on 'Overcoming Power Shortages' organised jointly by Power Grid and Independent Power Producers Association of India.
He said all the rules, regulation and extra charges like cross subsidies should be removed so that surplus power from captive power plants could be supplied to the consumers.
"Beyond regulations concerning safety and grid security all other regulations and extra charges should be removed so that surplus power can be harnessed. We have no moral justification for charging the power coming in when those who were supposed to supply power have failed to do so. Every megawatt counts," Razdan said.
At present, the total installed capacity of captive power plants -- those set up by industries to meet their electricity requirements -- is about 19,000 MW. Of the 72 billion units generated by captive power plants during 2004-05, around 4.2 billion units had been fed into the grid.
Further, a capacity addition of around 12,000 MW is expected during the 11th five-year plan period, of which around 20 per cent is expected to be surplus and available to be fed into the grid.
Razdan said various state governments should work toward removing extra charges and making the state load dispatch centres more independent and autonomous. PTI
Indian students in Texas pool accident identified
Seema Hakhu Kachru
Houston, May 8 (PTI) Two Indian students, whose bodies were found in a swimming pool in the US city of Kingsville, have been identified by police which has ruled out any foul play in the incident.
The victims, both 23, have been identified as Pravesh Kumar and Vijay Mahadvan, both graduate students at Texas A&M University-Kingsville (TAMUK).
Kumar was looking forward to graduating in August with a Master's in Business Administration, while Mahadevan was working on his Master's in Electrical Engineering.
Police ruled out any foul play in the accident.
"It doesn't appear that (a murder) occurred," Kingsville Chief of Police Ricardo Torres said. "It appears it was just a really bad accident." Police said the two men had been drinking alcohol when they climbed the locked gate surrounding the pool.Both were wearing only a pair of blue jeans. Police said while they are investigating this case nothing suspicious appears to have happened, and they are calling it an accidental drowning. PTI
India had protested Canadian inaction prior to AI bombing
Toronto, May 8 (PTI) India had complained for a year prior to the 1985 Air India bombing that Canada was not doing enough to protect its diplomatic personnel and flights from repeated threats from Sikh extremists, a former diplomat has said.
Testifying before the Air India inquiry commission, former Canadian High Commissioner to India William Warden said India was constantly protesting the inaction of Canadian authorities in prosecuting incidents of assaults and vandalism against their diplomats.
He cited two attacks against Indian diplomats in Winnipeg and Toronto in the summer of 1984 and the fact no one was successfully prosecuted, something that infuriated the Indian government.
Warden laid out his concerns in an Aug. 2, 1984, telex to Ottawa in which he said India believes "Canada was failing to take vigorous action against extremists." About the Winnipeg attack in July, 1984, the telex said "police had scarcely exerted themselves to fend off assailants, let alone to provide effective protection to arrest those committing violence." Warden sent several similar telexes in the year before the bombing, which he said "should have created a greater sense of urgency, a greater appreciation for the threat that was building up." He said that in June-July 1984 he was called in about 18 times by Indian external affairs officials to hear their concerns about attacks on diplomatic staff in Canada.
After the Air India disaster one June 23, 1985 that killed 329 people, the Indian government response was essentially "we told you so". PTI
Boucher to discuss peace process with Lankan officials
Colombo, May 8 (PTI) Sri Lankan peace process and human rights issues would figure prominently in talks US Assistant Secretary of State Richard Boucher will have with officials here during his visit to the island beginning today.
During his three-day visit, Boucher will hold talks with President Mahinda Rajpakse and travel to the embattled northern town of Jaffna tomorrow.
US diplomats said he was expected to take up the question of human rights in the island in the backdrop of growing international concern over extra judicial killings and abductions in the island.
"Ambassador Boucher will discuss the peace process, humanitarian issues, and human rights with President Rajapakse, government ministers, senior military officials, and civil society leaders in Colombo and Jaffna," the US embassy said in a statement.
The British parliament last week discussed Sri Lanka's situation and announced a freeze of debt relief to the island.
The Sri Lankan government yesterday ridiculed the British move and said the amount of money they got from Britain was too insignificant to warrant a reaction from Colombo.
Nationalists led a demonstration outside the British High Commission here protesting what they called British interference in the island's internal affairs.
Parliament was also holding an adjournment debate on the action of the British authorities. PTI
Indian Navy Sail Ship likely to dock at Port Canaveral
Washington, May 8 (PTI) Currently on its Lokayan 07 Global Tour, the Indian Navy Sail Ship, the Tarangini, is likely to dock at Port Canaveral, Florida today.
The sail ship is expected to visit the ports of Charston, Norfolk, Baltimore, Washington DC, Rhode Island and Boston before heading back to India.
The three masted barque is scheduled to participate in the 'Tall Ships Challenge Series 2007' organised by American Sail Training Association (ASTA) on the Atlantic Coast of North America.
The ship departed Kochi on 10th January 2007 and transitted through the Suez Canal to reach the Atlantic Coast of North America. The ship would participate in a series of Tall Ship events such as The World Peace Cup, Sail Virginia, Sail Rhode Island and Sail Boston.
A total of seven officers, 40 sailors, 255 Indian naval cadets and 40 foreign cadets will participate in this ambitious voyage.
In all the Tarangini will be calling on 23 ports in 16 countries on this voyage. PTI
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