TORONTO, Apr 16: In a Madison Square-like event, Prime Minister Narendra Modi today wowed diaspora Indians with jibes at the UPA government when he pledged to clean up the “mess left behind” and change the country’s image from the one of “scams” to that of a “skilled” nation.
“Khem cho” (how are you), he started in Gujarati as he addressed a huge gathering of Indians flanked by Canadian Prime Minister Stephen Harper and his wife, clad in a dark blue sari.
“The country (India) is facing many challenges. And there is only one medicine,” he said as the crowds shouted “Modi, Modi”. He said it is not him but something called “‘vikas’ (development) is the solution to all the problems of the country….Only development can take the country forward.”
Making a veiled dig at the previous government, the Prime Minister, said, “Jinko gandagi karni thi, woh kar ke chaley gaye. Lekin hum safai karenge (Those who had to create the mess, they had done and left. There is a lot of mess. We will clear it up and go,” Modi said, without taking any name.
“The nation is huge. There is a lot of mess. It has been there for long. It will take time but it (cleaning) will be done as the attitude of people has changed,” said, Modi who was wearing an yellow kurta and sporting an orange angavastram.
“Earlier, the country was known as ‘scam-India’. We want it to be known as ‘skilled-India’,” he said in yet another attack on the previous regime during which scams tumbled out as the gathering lapped up what he said with cheers.
The reception hosted by Harper at the Ricoh Coliseum was attended by a huge number of Indians, who have settled in Canada for decades, and the event was a replica of an address Modi made at the Madison Square in New York during his visit there last year. Modi said the “jan mann” (people’s attitude) has changed over the last 10 months since he took over.
There is now an “atmosphere of trust” which was making things happen like the voluntary participation in Clean India campaign, rich people giving up LPG subsidy and bank accounts being opened for the poor, he said.
Urging the diaspora to contribute to India’s development by sharing their expertise and experience, Modi said the people of India have enough potential but they only needed an opportunity.
He said it was with the aim of strengthening the hands of the people of India that he was asking various countries to share their expertise and technology.
Modi underlined that India had the youth power as 65 per cent of its population is below 35 years of age and if they decide to work for the progress of the country, nothing can stop the nation.
He said the march of development has already started over the last 10 months in a “transparent and corruption-free” environment.
In this context, the Prime Minister said while earlier two km length of road was being built per day, now 11 km is constructed in a day.
The Prime Minister cited a Bollywood song ‘kitna badal gaya insaan…(how much the human has changed)’ to make his point that the attitude of people has changed in India and they needed to be trusted to make things happen.
In this context, he said after he gave a call for “swachh bharat” (clean India), common people have come forward to clean up places.
He said his government is focusing on skill development as he was of the view that by 2030, the developed world would require skilled people in a large number and India will be the only place to source them. (PTI)
Modi vows to ‘clean up mess’ in India
Eicher Motors shares gain 3% on bourses
MUMBAI, Apr 16: Shares of Eicher Motors gained 3 per cent today after RBI allowed foreign investors to invest up to 49 per cent of the paid-up capital in the company.
Following this, shares of the company opened the day on a positive note and further gained 3 per cent to Rs 16,350 apiece as the trade progressed at the BSE.
On the NSE, it climbed by 2.31 per cent to Rs 16,240 per scrip.
Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) can now invest up to 49 per cent of the paid-up capital of Eicher Motors under the Portfolio Investment Scheme (PIS), RBI had said in a statement yesterday.
“… The company has passed resolutions at its Board and a special resolution by the shareholders, agreeing for enhancing the limit for the purchase of its equity shares and convertible debentures by FIIs/RFPIs,” it had said.
The purchases can be made through primary market and stock exchanges, it added.
As per data available on the BSE, FIIs hold 19.47 per cent stake in the company as of quarter ended December 2014. (PTI)
JUSCO to use bitumen technology to build platic-tar road
JAMSHEDPUR, Apr 16: Disposal of waste plastic is no longer a problem in the steel city with Jamshedpur Utility and Services Company (JUSCO) using bitumen technology on waste plastic, ranging from polybags to biscuit packets, for constructing roads.
JUSCO, a 100 per cent subsidiary company of Tata Steel which maintains and provides municipal services in Tata command area of the city, has constructed 12-15 kms road in the steel city as well as Tata Steel Works besides widening 22 roads using the environment-friendly technology of utilising waste plastic.
“As far as we know, Jamshedpur is the only city in eastern India where bitumen technology (Dry Process) patented by Thiagarajar College of Engineering (TCE), Tirupparankuram, Madurai, has been implemented on accumulated waste plastic for the first time”, Gaurav Anand, Senior Manager (Quality Assurance) of JUSCO, said today.
Claiming that there is no maintenance cost involved for the first five years, Anand, who is an environment engineer,said that for every stretch of such one km long and four metre wide road, one tonne of bitumen costing Rs 50,000 is saved.
The use of bitumen has been reduced by 7 per cent ever since JUSCO began using waste plastic in road construction work, he said, adding that the quality and longevity of roads made of waste plastic-aggregate-bitumen was two times better than bitumen road.
Describing plastic tar road as a “new pathway”, Pratyush Dandpat, Deputy Manager (Quality Assurance) of JUSCO, said that the technology turned out to be successful.
Besides being water resistant, it has better binding property, higher softening point, can withstand high temperature and higher load, has lower penetration value, costs less as compared to bitumen road and has no toxic gas emission, Dandpat said.
Though there is great demand for the technology, including from Chattisgarh, Himachal Pradesh, Uttarakhand and Jharkhand governments, but “we do not have any plan to commercialise it but to serve society. We have even received a request from Nigeria, which wants to replicate it in their country”, Anand said.
Due to the JUSCO initiative, the city will now have strong, durable, eco-friendly roads which will also relieve the residents from the sight of heaps of plastic waste. (PTI)
BHEL commissions 2,400 MW OP Jindal thermal power project
NEW DELHI, Apr 16: State-run power equipment maker BHEL today said it has fully commissioned 2,400 MW OP Jindal thermal power project in Chhattisgarh.
“The unit has been commissioned at Jindal Power Limited (JPL)’s OP Jindal 4X600 thermal power plant located at Tamnar in Raigarh district of Chhattisgarh,” BHEL said in a statement.
The previous three units were commissioned by BHEL in the last three months.
The scope of work in the contract includes design, engineering, manufacture, supply, erection, testing and commissioning of steam turbines, generators and boilers, along with associated auxiliaries and electricals, besides controls & instrumentation and Electrostatic Precipitators (ESPs).
BHEL shares were trading 1.20 per cent down at Rs 230.75 per scrip during afternoon session on the BSE. (PTI)
KEC to sell telecom assets in 3 states to ATC Telecom Tower
NEW DELHI, Apr 16: Infrastructure company KEC International today said it has entered into a pact with ATC Telecom Tower for sale of telecom assets in Chhattisgarh, Meghalaya and Mizoram comprising 381 telecom sites.
“The company has entered into a binding agreement for sale of its telecom assets in the states of Chhattisgarh, Meghalya and Mizoram consisting of 381 telecom sites to ATC Telecom Tower,” it said in a filing to the BSE.
KEC International which is an engineering, procurement & construction (EPC) company also said the transaction is necessary approvals.
“The transaction is subject to obtaining necessary regulatory and third party approvals and complying with the conditions mentioned in the agreement,” it said.
The infrastructure firm has presence across power transmission, power systems, cables, railways, telecom and water space.
(PTI)
Ola raises $400 million from Russian firm
NEW DELHI, Apr 16: Cab service provider Ola today said it has raised 400 million dollar from a consortium of investors led by Russian venture capital firm DST Global. ”The money will help Ola boost its position in taxi services business in India and also enter new enterprises such as logistics,” the company said in a statement. The company said it has raised 400 million dollar from consortium of investors led by DST Global with participation from GIC, Falcon Edge Capital and exisitng investors Soft Bank group, Tiger Global Management, Steadview Capital and Accel Partners,US. Ola has now raised roughly 800 million dollar over the past year, it said. ”Of the overall 400 million dollar announced, 100 million dollar would go towards expansion and growth of its TaxiForSure arm,” it said. The money will also go towards expansion of its Ola brand as it plans to reach out to 200 cities by the end of the year, the company said.
(UNI)
Banks asked to offer early withdrawal on deposits below Rs 15 lakh
NEW DELHI, Apr 16: As a customer– friendly measure, the Reserve Bank of India today asked banks to offer premature withdrawal facility on all term deposits of Rs 15 lakh and below. ”All term deposits of individuals (held singly or jointly) of Rs 15 lakh and below should, necessarily, have premature withdrawal facility,” the RBI has said in a directive to the banks. For all term deposits above this amount, banks can offer deposits without the option of premature withdrawal as well.”However, banks that offer such term deposits should ensure that at the customer interface point the customers are, in fact, given the option to choose between term deposits either with or without premature withdrawal facility”, it said. Also , banks should disclose in advance the schedule of interest rates payable on deposits. This means all deposits mobilized by banks should be strictly in conformity with the published schedule of interest rates. Besides, the banks should have a Board approved policy with regard to interest rates on deposits including deposits with differential rates of interest and ensure that the interest rates offered are reasonable, consistent, transparent and available for supervisory review/scrutiny as and when required. (UNI)
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HCC Concessions to sell stake in Dhule Palesner Tollway
NEW DELHI, Apr 16: Hindustan Construction Company (HCC) today said its infrastructure development arm HCC Concessions Ltd will sell its stake in Dhule Palesner Tollway Ltd to its joint venture partner Sadbhav Group for Rs 204 crore.
”HCC Concessions is also expected to realise an estimated amount of Rs 24 crore from additional claims to be made to the NHAI, towards this project. The deal is subject to receipt of necessary clearances and is expected to close shortly,” the company said in a statement. Arjun Dhawan, President and CEO, HCC said, ”The sale of Dhule furthers our goal of exiting de-risked, operational assets. Our partnership with Sadbhav has been special and we look forward to our next association with them.” In fiscal year 2009, NHAI awarded the development of Dhule Palesner Tollway Ltd to an HCC led consortium comprising the Sadbhav Group and UK based John Laing, it said. Dhule has been developed with a total capital cost of Rs 1,420 crore. This 89 km public-private-partnership (PPP) project is part of NH-3, one of the country’s primary north-south commercial corridors, connecting Mumbai to Agra, it said.
It is a primary conduit for transportation of passengers as well as freight traffic between Uttar Pradesh and major towns in the states of Madhya Pradesh and Maharashtra. (UNI)
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Free, open Internet essential, US commerce secretary tells China
SHANGHAI, Apr 16: An open and free Internet is essential in the 21st century, US Commerce Secretary Penny Pritzker told Chinese officials today, urging them to ensure that government functions as an enabler of entrepreneurship, rather than a barrier.Pritzker is leading a three-city trade mission to China, focused largely on green industries, to boost business links despite friction over issues including high-tech exports and cybersecurity regulations.”We work to expand access to broadband and to protect a free and open Internet, which is absolutely a necessity for any firm in the 21st century, for them to be successful,” Pritzker said at the China Executive Leadership Academy Pudong, a state-run training school for up-and-coming Communist leaders.The audience comprised about 60 mid-level officials from state-owned banks, brokerages, companies or other bodies on a short-term training course at CELAP’s swanky, 10-year-old campus, focused on deepening financial reforms.”You have a very important role to play, to ensure that government is working as a catalyst and enabler rather than a barrier to entrepreneurship,” Pritzker said.Despite efforts to encourage and assist start-ups, the Chinese government has struggled to provide a genuinely supportive environment, venture capitalists and other investors say. Intellectual property protection, policies to promote competition and access to capital have been chronic problems.The government also aggressively censors the internet. Business groups, including the American Chamber of Commerce in Shanghai, have reported frustration among executives over the inaccessibility of many websites and slow internet speeds. (AGENCIES)
Clinton Foundation to limit donations from foreign governments
NEW YORK, Apr 16: The Clinton Foundation will limit donations from foreign governments to six countries that already support it, in the wake of Hillary Clinton’s decision to become a US presidential candidate, the nonprofit charitable group said in a statement. The countries are Australia, Canada, Germany, the Netherlands, Norway and the United Kingdom, which fund the foundation’s work around the world on climate change and economic development, the statement said, citing a board decision. The foundation said it would disclose its donors more frequently, publishing the names of new contributors four times a year. Clinton stepped down from the foundation’s board on Sunday when she announced she would seek the 2016 Democratic presidential nomination. (AGENCIES)