NEW DELHI, July 23: The Indian economy is likely to grow at six per cent in 2014-15 and if the new government delivers on its promise of good governance, reversion to a growth rate of around 7-8 per cent can occur in coming years, Harvard University professor Gita Gopinath said.
“Let’s just say that 6 per cent growth rate in FY15 would not be unreasonable… If the Modi government delivers on its promise of good governance, speedy implementation, improved infrastructure and manufacturing revival, 7-8 per cent growth is certainly within reach,” she said in an interview to PTI.
As per the Economic Survey for 2013-14, India’s GDP growth rate will improve to 5.4-5.9 per cent in the current fiscal after remaining at sub-5 per cent level for past two years.
The Survey added that reversion to a growth rate of around 7-8 per cent can only occur beyond the ongoing and the next fiscal.
The domestic economy was expanding by over 9 per cent before being hit by the global financial meltdown of 2008.
“The Budget provided few details on how the fiscal deficit will be reduced,” she said on Finance Minister Arun Jaitley’s resolve to bring down the the fiscal deficit to 4.1 per cent in 2014-15.
“There were some new revenue sources, like the increase in cigarette taxes and the service tax base, but bigger changes on the expenditure end will be required to make the fiscal deficit sustainable,” said Gopinath, the first Indian woman to become a professor at the Economics Department of Harvard University.
She also pitched for India’s rating upgrade and underlined the need for fiscal prudence.
“If the economic environment improves and higher growth rates return there is certainly a case for an upgrade. One of the “do no harm” pieces of the Budget is that it did not introduce new subsidies and handouts. That is a welcome sign of fiscal discipline,” she added.
Describing Modi government’s first Budget as a “safe” one, Gopinath said among the announcements that caught her attention included a serious resolve to move to Goods and Services Taxes (GST) regime and cutting subsides, including those on fertilisers. (PTI)
India likely to grow at 6 per cent in 2014-15: Gita Gopinath
Crude oil futures decline on weak Asian cues
NEW DELHI, July 23: Crude oil futures fell 0.41 per cent to Rs 6,129 per barrel today as speculators trimmed positions amid a weakening trend in Asian trade.
At the Multi Commodity Exchange, crude oil for delivery in September shed Rs 25, or 0.41 per cent, to Rs 6,129 per barrel in 101 lots.
In a likewise manner, the oil for August delivery moved down by Rs 23, or 0.37 per cent, to Rs 6,158 per barrel in 23 lots.
The trading sentiment eased at futures trade after crude oil prices fell in Asian trade as concerns over the geopolitical fallout from the downing of flight MH17 in Ukraine eased, analysts said.
Meanwhile, West Texas Intermediate (WTI) crude for September delivery declined 34 cents to USD 102.05 while Brent crude for September declined 10 cents to USD 107.23 a barrel at the New York Mercantile Exchange in late morning trade today. (PTI)
Copper futures fall 0.19% on global cues, weak demand
NEW DELHI, July 23: Copper prices moved down by 0.19 per cent to Rs 428.15 per kg in futures trade today as speculators reduced positions amid a weak trend overseas and subdued demand in the spot market.
At the Multi Commodity Exchange, copper for delivery in August shed 80 paise, or 0.19 per cent, to Rs 428.15 per kg in a business turnover of 955 lots.
Likewise, the metal for delivery in far-month November traded lower by 80 paise, or 0.18 per cent, to Rs 435.60 per kg in 10 lots.
Analysts said the fall in copper prices at futures trade was largely in line with a weak trend in select base metals at the London Metal Exchange (LME) ahead of data on China’s manufacturing and subdued demand at domestic spot market.
Meanwhile, copper for delivery in three months retreated 0.20 per cent to USD 2,038.25 a metric tonne at the London Metal Exchange. (PTI)
Cardamom futures down 0.35% on profit-booking
NEW DELHI, July 23: Cardamom prices extended losses for the fourth straight day by falling 0.35 per cent to Rs 904 per kg in futures trading today as speculators booked profits amid sluggish demand in the spot market.
At the Multi Commodity Exchange, cardamom for delivery in September fell by Rs 3.20, or 0.35 per cent, to Rs 904 per kg in a business turnover of 2 lots.
Similarly, the spice for delivery in August shed Rs 1.20, or 0.17 per cent, to Rs 936.60 per kg in 118 lots.
Analysts said besides profit-booking by speculators, subdued demand in the spot market against adequate stocks position led to the fall in cardamom prices at futures trade. (PTI)
Militants adopting new strategy to infiltrate into J&K: Army
AKHNOOR : Army today said that militants are adopting a new strategy to infiltrate into Indian territory from across the Line of Control in Jammu and Kashmir.
“Yes, of late, they (militants) have been putting mines and then trying to fire at (troops guarding the LoC) and infiltrators take mileage out of this strategy,” General officer Commanding, Akhnoor-based 10 Division, Major General AK Dhar told reporters here.
He was replying to a question whether militants have adopted a new strategy to infiltrate into J&K from Pakistan.
Earlier today, Maj Gen Dhar laid wreath at mortal remains of Martyr NK Moung Choung at 170 Military Hospital, Akhnoor. Choung of 3 Naga died in the exchange of fire between Indian forces and infiltrating militants yesterday in Pallanwala Sector along the LoC.
Replying to the question on yesterday’s attack on Indian troops during an infiltration bid by the militants, the Army officer said, “There has been a kind of an infiltration attempt which was thwarted and in the bargain this boy has lost his life. He was a brave soldier.”
He said “the operation is still on. We are still searching for militants; we have to see how many can we get hold of.”
“That area (terrain of operation) is across the river and it is such a thick jungle area that you cannot really see anything more than three to four yards. So we are facing this kind of problem in searching the militants.” (AGENCIES)
Plane crashes in bad weather in Taiwan, killing 51
TAIPEI: A plane making a second landing attempt in stormy weather crashed at an airport on a small Taiwanese island today, killing 51 people and injuring seven, fire officials said.
Taiwan was battered by Typhoon Matmo yesterday morning, and the Central Weather Bureau was advising of heavy rain through the evening, even though the center of the storm was in mainland China.
The flight was heading from the capital, Taipei, to the island Penghu, halfway between the Chinese mainland and Taiwan in the Taiwan Strait. Pictures from the airport showed a handful of firefighters using flashlights to look at wreckage in the darkness.
Penghu is a lightly populated island that averages about two flights a day from Taipei.
Taiwan’s Central News Agency cites the Civil Aviation Administration as saying the flight carried 54 passengers and four flight crew and was operated by a Taiwanese airline, TransAsia Airways. (AGENCIES)
India, Pak foreign secys to meet on Aug 25
NEW DELHI: Foreign Secretaries of India and Pakistan will meet on August 25 in Islamabad to discuss the way forward in bilateral ties, which have made no headway since the interruption of dialogue process nearly two years ago.
A simultaneous announcement about the meeting was made from New Delhi and Islamabad today after Foreign Secretary Sujatha Singh and her Pakistani counterpart Aizaz Ahmad Chaudhry had a telephonic conversation.
An understanding that the Foreign Secretaries of the two countries will be in touch to see how to move forward on bilateral relations had been reached during the visit of Pakistani Prime Minister Nawaz Sharif here in May to attend the swearing-in of Prime Minister Narendra Modi. The two leaders had a “constructive” bilateral meeting for 45 minutes, a day after the ceremony. (AGENCIES)
NC releases list of 14 candidates
Srinagar : Jammu & Kashmir National Conference General Secretary Ali Mohammad Sagar announced the second list of 14 candidates for the Assembly Elections 2014 here today. Earlier the party had announced a list of 32 candidates.
In a statement the Parliamentary Board under the Chairmanship of the President of the party Dr. Farooq Abdullah and in the presence of the Working President Shri Omar Abdullah cleared a list of 14 candidates, 13 Candidates for Jammu region and 1 Candidate for Kashmir region.
The Parliamentary Board comprising of A.R. Rather, S. Harbans Singh, Ali Mohammad Sagar, Ch. Mohammad Ramzan, Qamar Ali Akhoon, Nasir Aslam Wani and Devender Singh Rana met here this afternoon and discussed the panels of candidates received from the Block and the District Committees of the party.
The name of the candidates awarded mandates included, Mohammad Shafi Uri (Uri), Peer Mushtaq Bukhari (Surankote), Khalid Najeeb Suhrawardy (Doda), Dr. Chaman Lal (Ramban), Sajaad Shaheen (Banihal)
Sunil Verma (Udhampur), Devender Singh Bindu (Basohli), K.K. Bakshi (Kathua), Romi Khajuria (Billawar), Chandu Ram (Hiranagar), Satwant Kaur Dogra (Samba), Dr. Kamal Arora (Bishnah), T.S. Tony (Suchet Garh) and Satpal Lakhotra (Raipur Domana)
Time not appropriate to withdraw AFSPA from JK: Govt
NEW DELHI : Government today said that time was “not appropriate” for withdrawal of Armed Forces Special Powers Act (AFSPA) from Jammu and Kashmir.
Minister of State for Home Kiren Rijiju, in a written reply in Rajya Sabha, said the issue was raised by state Chief Minister Omar Abdullah during the conference of Chief Ministers on Internal Security on June 5, 2013.
The Chief Minister, Rijiju said, “raised the issue of withdrawal of Armed Forces Special Powers Act from the state in a phased manner, beginning from the areas which have been free from militancy for quite sometime.
“However, various stakeholders particularly the security agencies have expressed their apprehension to the government that the revocation of the Act from the state of J and K will jeopardise their efforts in maintaining the security and law and order in the state.
“Hence, it has been decided that the time is not appropriate at the moment for withdrawal of AFSPA from the state of J and K,” the minister said.
As regards North-Eastern states, Rijiju said, “Representations have been received from time to time from different organisations/NGOs from Manipur for withdrawal of AFSPA. On security matters, the government of India carefully evaluates the situation on the ground before taking any decision.”
In reply to a separate question, Rijiju said the resolution of the Kashmir problem involves multi-faceted approach to address the issues besieging the state such as terrorism, infiltration, Pakistan factor, political polarisation among others.
The government has initiated several actions from time to time for resolving the above issues emanating from the domestic and external factors, he said.
“Towards the domestic front, the government in tandem with the state government adopted a multi-pronged approach to contain cross-border infiltration in Jammu and Kashmir, which includes, inter-alia, strengthening of border management and multi-tiered and multi-modal deployment along international borderline of control and infiltration routes, improved intelligence and operational coordination and pro-active action against the terrorists within the state,” the minister said.
The Minister said that during bilateral talks held between the Prime Ministers of India and Pakistan following the swearing-in ceremony of the Indian Government on May 26, 2014, “it was agreed that Foreign Secretaries of both the countries would get in touch to explore the possibility of how to move bilateral relations between the two countries forward.
“Our Prime Minister further emphasised the importance of maintaining peace and tranquillity at the borders and upholding the sanctity of the Line of Control (LoC),” he said.
Further in the budget of 2014-15, introduced in the Parliament on July 10 2014, Rs 500 crore have been earmarked for rehabilitation of Kashmir migrants, he added.
Talking about JK further, he said in an another reply, so far, 2,264 Special Police Officers (SPOs) have been converted as constables/followers under government policy.
“As per report, there is no proposal or policy under consideration of the state government to consider Village Defence Committees (VDCs) for regularisation, as their nature of engagement is purely voluntary,” Rijiju said. (AGENCIES)
Autonomous status to Islamia college, Women college Parade: Omar
SRINAGAR : Jammu and Kashmir Chief Minister Omar Abdullah today emphasised on granting Autonomous status to Islamia College, Srinagar and Government College for Women, Parade, Jammu and drafting of Act for the two Cluster Universities in the State.
He asked the Higher Education Department to fast track the matter and to finalise the cases in a time bound manner. The Chief Minister directed to take Vice Chancellors of Universities of Kashmir and Jammu on board for finalising the Autonomous status of the two colleges. He said the issues should be sorted out in the meeting to be chaired by Higher Education Minister. He also said the Higher Education Minister should chair the meeting of all Vice Chancellors of the Universities in the State to formulate the draft Act for the two Cluster Universities before Law Department is asked to vet the same. The Chief Minister was speaking in the second meeting of the State Higher Education Council (SHEC) held here today under his chairmanship.
Mr Omar who is also Chancellor of the Higher Education Council received brief on various aspects relating to the functioning of Council as also those pertaining to the implementation of various educational programmes in the State.
Commissioner Secretary, Higher Education, Sheikh Mushtaq Ahmad gave overview of the action taken on decisions of first meeting of the Council and dwelt in detail about the creation of Universities by conversion of colleges in a cluster, infrastructural grants to Universities, new model colleges, upgradation of existing colleges to model colleges, new technical colleges, faculty requirement, faculty improvement, vocational education, management information system, support to polytechnics and other related matters.
The meeting discussed recast state higher education plan, financial and physical components, MMER grants, capacity building, consultation and training, data collection and compiling, mission directorate, submission of DPRs to MHRD, delegation of powers, research, innovation and quality improvement in Universities, matters pertaining to JK institute of mathematical sciences and grant of Autonomous status to degree colleges in the State. (AGENCIES)