Latest News

 News- UN approves $7.5-billion peacekeeping budget

 The United Nations has adopted a peacekeeping budget plan for the year starting in July totaling more than 7.5 billion dollars.The budget was approved in a vote at the General Assembly on Friday. The money will cover UN peacekeeping activities in 14 places.

The total is up about 200 million dollars from the previous year to fund new activities. They include peacekeeping in Mali, where government and opposition forces have continued to fight, and an intervention brigade added to the existing UN mission in the Democratic Republic of the Congo.

Egypt’s opposition claims to have 22 million signatures for Morsi’s resignation ahead of mass protests

 Pressure on embattled Islamist President Mohammed Morsi is building, as opposition claim more people want him to resign, than those who voted him into office. There are fears that huge protest rallies scheduled for Sunday will descend into violence.

NSA spied on EU diplomats in Washington, NY and Brussels –media report

Not only European citizens, but also employees of the EU diplomatic missions in Washington and the UN were under electronic surveillance from the NSA, Der Spiegel magazine reports citing a document obtained by whistleblower Edward Snowden.

 News -UK far right leader arrested marching to Woolwich-media report

Tommy Robinson, the leader of the English Defence League (EDL) and another member of the far-right party have been arrested for violating a police order not to march to a site in Woolwich, south London, where a soldier was murdered last month, the group said. The march to honor the memory of Lee Rigby, a soldier who was publically hacked to death by two British converts to Islam, went ahead anyway. Police said the EDL’s plans risked causing “serious public disorder.”

News -Rich radioactive water detected in Fukushima-1 well, 6 meters away from Pacific

The operator of Japan’s crippled Fukushima-1 nuclear power plant said on Saturday that high levels of radioactive substances, including strontium, have been detected at a well at the port of the facility, just six meters from the Pacific Ocean, the Japan Times reports. Tokyo Electric Power Co. (TEPCO) said 3,000 becquerels of radioactive substances per liter were detected in groundwater from the well – which is 100 times higher than the maximum legal limit. “It is true that radioactive contamination has been found from groundwater near the sea, but we do not know whether tainted water has made its way into the Pacific,” a TEPCO official said.

US Vice President personally asked Ecuador’s President to reject Snowden’s asylum request

US Vice President Joe Biden has asked Ecuador to reject NSA-leaker Edward Snowden’s asylum request, Ecuadorean President Rafael Correa said during his regular Saturday television broadcast. The White House has confirmed that Biden contacted Correa earlier on Friday morning to discuss the matter. Correa reiterated that there will be no decision made on Snowden’s asylum request unless the whistleblower is on Ecuadorean territory. Snowden remains in Russia’s Sheremetyevo Airport, where he arrived after he fled Hong Kong.

US Vice President Joe Biden has asked Ecuador’s President Rafael Correa to turn down an asylum request from whistleblower Edward Snowden.The former National Security Agency contractor Snowden revealed the extent of the US government’s communications surveillance activity. He is now wanted in the United States for espionage.
Snowden is currently holed up at a Moscow airport. He has requested political asylum from Ecuador.
President Correa spoke in a TV program on Saturday. He said he talked with Biden on the phone on Friday upon request from the US side.
Correa said he told Biden his country can’t consider the asylum request until Snowden arrives in Ecuador or shows up at one of its diplomatic missions.
He added he told Biden the request would be judged in accordance with Ecuadorean law.

News-  ‘The French betrayed me and I consider myself practically Russian,’ – Depardieu

 French actor Gerard Depardieu, who recently received Russian citizenship in protest against high taxes in France, has praised his adopted homeland during a press conference during the annual Moscow Film Festival, saying he has a “French-Russian heart”. “You can’t change your nationality but you can choose a state, a life, liberty and democracy, as I see it,” said the actor, who is promoting his new film, Rasputin. “I am friends with Putin,” continued Depardieu. “He has a very strong personality; he is exactly the kind of leader Russia needs at the moment.”

Scores of Chinese Uighurs attack police station in Xinjiang

Around a hundred Uighur separatists riding motorcycles and wielding weapons have reportedly assaulted a police station in Hotan in the western region of Xinjiang, in what officials labeled a “terrorist attack”. The Muslim Uighur minority say their cultural and language rights are being suppressed by central authorities and the ethnic-Han majority. Earlier this week 35 people died in similar clashes in the region.

 News - S. African police shoot stun grenades at anti-Obama protesters

 South African police fired stun grenades at hundreds of protesters on Saturday who were demonstrating against US President Barack Obama’s visit to South Africa, according to AFP. Three loud bangs were heard as police tried to move the angry protesters away from the area. Obama’s visit to the country has caused some controversy among a coalition of trade union groups and left-wing political organizations which planned a “national day of action” to coincide with his visit. The groups have indicated that they are cynical about American foreign and trade policies, and that they feel Obama has done nothing to the advantage of South Africa, but merely continued American foreign policies, to which they had hoped for an end.

Remarks on facebook on Uttarakhand 

RAHUL GANDHI WITH Family of IAF officer

Rahul today met the family members of Indian Air Force (IAF) officer Akhilesh Kumar Singh who died in Tuesday's chopper crash in Uttarakhand.
Mr Gandhi met the officer's father, Vikramjit Singh, and wife, Anju Singh, and assured all possible help to the bereaved family.
He also attended the cremation in the village later.
The body of the martyr was brought to his native village today.
An Indian Air Force helicopter crashed on June 25 during a rescue mission in Uttarakhand. All 20 people, including its five crew members, were killed in the mishap. Two of the IAF personnel belonged to Uttar Pradseh.

Arvind Kumar Singh

10, 000 मौत
अभी उत्तराखंड विधानसभा के अध्यक्ष गोविंद सिंह कुंजवाल का एक बयान आया है कि उत्तराखंड प्राकृतिक आपदाओं में 10,000 लोग मारे गए हैं...वहीं मुख्यमंत्री का कहना था कि आंकड़े 1000 के आसपास हो सकते हैं...मैं समझता हूं कि कुंजवाल जी ठेठ पहाड़ी नेता हैं और उनका आकलन जमीनी धरातल पर किया लगता है...मुख्यमंत्री जी नौकरशाहों के आकलन पर हैं...लेकिन इतनी भारी मौतें कल्पना करके भी दिल को हिला दे रही हैं....यह केवल आपदा नहीं बहुतों का आपराधिक कृत्य भी है...इसमें वो सभी लोग शामिल हैं जिन्होंने प्रकृति से छेड़छाड़ करते रहने की इजाजत दी...उनको सजा कौन देगा...

• Raghubar Datt Rikhari कुंज्वालजी का आंकड़ा दिल से निकला है. भावुकता में दिया गया है. हो सकता है आंकड़ा और बढे. किन्तु सीएम को दिमाग से बोलना पडेगा , ठोस सबूतों के आधार के आधार पर, पूरे स्टेट से आये विभिन्न रिपोर्टों के आधार पर.अब ध्यान बहस पर न होकर ठोस कदमों पर होना चाहिए.

  9 hours ago · Like
• 

  Ranjit Choudhary Sir, single responsible person for all this devastation is former PM Atal Bihari Vajpayee...

  about an hour ago · Like
• 

  Ashfaq Ahmad करीब 20 साल में विकास के ढांचे को एक रात की बारिश ने बहा दिया... विकास के बड़े-बड़े दावे करने वाले लोग अब सारा दोष भाग्वान पर डाल रहे हैं।.... जबकि असलियत ये है कि ऐसी बाढ़ पहली बार नही आई है।.... जरूरत है कंकरीट के विकास की जगह प्रक-तिक विकास करने की..... ताकि अपदाओं से इन्हें बचाया जा सके.... साथ ही पहाड़ के लोगें की संस्कृति और सामाजिक सरोकार भी बचा रहे।

  55 minutes ago · Like
• 

  Ranjit Choudhary Sir, overall policy to develop Uttarakhand as a tourism hub since its formation in 2000 has been proved wrong now....

Posted  by Sagar Media Inc

Petrofed Oil and Gas Industry Award 2012

Indian Oil Corporation Limited receiving ‘Leading Oil & Gas Corporate of the Year’ Award.  (R-L): Shri M. Nene, Director (Mktg.); Shri A. M. K. Sinha, Director (P&BD); Shri R. K. Ghosh, Director (Refineries); Dr. R. K. Malhotra, Director (R&D); Shri R. S. Butola, Chairman, IndianOil; Dr. M. Veerappa Moily, Hon’ble Union Cabinet Minister for Petroleum & Natural Gas; Shri Vivek Rae, Secretary, MoP&NG; Shri P. K. Goyal, Director (Finance), IndianOil.

Shri Prabh Das, MD&CEO receiving the ‘Human Resources Management Company of the Year’ Award along with his team.

Mr. Rich Paces, Director, Development (2^nd from Right) & Dr. Sunil Bharati, Head (Corp. Affairs & Comm.), Cairn India Ltd. receiving Special Commendation – Exploration & Production Company of the Year Award.

Oil & Natural Gas Corporation Limited receiving ‘Exploration & Production Company of the Year’.  (R-L): Shri P. Raghavendran, President (Refinery Business), RIL & Vice Chairman, PetroFed; Shri A. K. Banerjee, Director (Finance); Shri K. S. Jamestin, Director (HR) & Officiating CMD, Dr. M. Veerappa Moily, Hon’ble Union Cabinet Minister for Petroleum & Natural Gas; Shri Vivek Rae, Secretary, MoP&NG and Shri N. K. Verma, Director (Exploration),ONGC.

Shri B. C. Tripathi, CMD, GAIL (India) Limited (3^rd from right) receiving ‘Oil & Gas Pipeline Transportation- Company of the Year’ Award along with his team.

Shri S. P. Gathoo, Director (HR), BPCL (right) receiving Special Commendation Award for ‘Refinery of the Year’ along with his team.

Shri A. K. Purwaha, CMD, EIL (2^nd from right) and Shri Ajay Deshpande, Director (Technical), EIL receiving Special Commendation Award for ‘Innovator of the Year (Team)’

Shri K. S. Jamestin, Director (HR) & Officiating CMD, ONGC (3^rd from right) and Shri P. P. Upadhya, MD, MRPL receiving ‘Refinery of the Year’ Award.

Global FDI declined by 18% in 2012: UNCTAD

(Developing countries received majority of investment in 2012, led by the BRICS nations which saw an increase in flows from US$7 billion in 2000 to US$145 billion in 2012, accounting for 10% of world total. FDI inflows to India declined by 29% to US$26 billion in 2012, however future prospects remain bright.)

According to World Investment Report 2013 published by UNCTAD, the global foreign direct investment (FDI) fell by 18% to US$1.35 trillion in 2012, mainly due to economic fragility and policy uncertainty prevalent in a number of major economies. In contrast to this sharp decline, other key economic indicators such as GDP, international trade and employment all registered positive growth at the global level.

For 2013, the report projects that FDI will remain close to the 2012 level, with an upper range of US$1.45 trillion. With improving macroeconomic conditions and increasing investor confidence in the medium term, transnational corporations (TNCs) may convert their record levels of cash holdings into new investments. FDI flows may then reach the level of US$1.6 trillion in 2014 and US$1.8 trillion in 2015. However, the report warns that significant risks to this growth scenario remain. Factors such as structural weaknesses in the global financial system, the possible deterioration of the macroeconomic environment, and significant policy uncertainty in areas crucial for investor confidence might lead to a further decline in FDI flows.

Compared to the developed economies, the report finds that FDI flows to developing economies proved to be much more resilient, recording their second highest level- even though they declined slightly (by 4%) to US$703 billion in 2012. They accounted for a record 52% of global FDI inflows, exceeding flows to developed economies for the first time ever, by US$142 billion. The global rankings of the largest recipients of FDI also reflect changing patterns of investment flows: 9 of the 20 largest recipients were developing countries. Among regions, flows to developing Asia and Latin America remained at historically high levels, but their growth momentum weakened. Africa saw a year-on-year increase in FDI inflows in 2012. Moreover, outflows from developing economies’ reached US$426 billion, a record 31% of the world total. Asian countries remained the largest source of FDI, accounting for three quarters of the developing-country total. FDI outflows from Africa tripled while flows from developing Asia and from Latin America and the Caribbean remained at the 2011 level.

Developed nations witnessed a decline of 32% in their FDI inflows and fell to US$561 billion. Both Europe and North America saw their inflows fall, as did Australia and New Zealand . The European Union alone accounted for almost two thirds of the global FDI decline. However, inflows to Japan turned positive after two successive years of net divestments. Outflows from developed economies too fell by 23% to US$909 billion. Both Europe and North America saw large declines in their outflows, although Japan bucked the trend, keeping its position as the second largest investor country in the world.

Trends in India ’s FDI

The BRICS countries ( Brazil , the Russian Federation , India , China and South Africa ) have emerged as not only major recipients of FDI but also important outward investors. Their outward FDI rose from US$7 billion in 2000 to US$145 billion in 2012, or 10% of world flows.

However, during 2012, FDI flows to developing Asia decreased by 7% to US$407 billion in 2012. This decline was reflected across all sub-regions, particularly in South Asia , where FDI inflows fell by 24%. India continued to be the dominant recipient of FDI inflows to South Asia in 2012. However, FDI inflows to India declined as well by 29% to US$26 billion in 2012 as high inflation rate increased risks for both domestic and foreign investors, which adversely impacted investor confidence and led to decline in FDI inflows to India . A number of other factors, however, positively influenced FDI prospects in the country. Inflows to services are likely to grow, thanks to ongoing efforts to further open up key economic sectors, such as retailing. Flows to manufacturing are expected to increase as well, as a number of major investing countries, including Japan and South Korea, are establishing country- or industry-specific industrial zones in India

Warm regards,

Dr. S P Sharma

Chief Economist

India’s external debt stands at around US$ 390 billion at end-March 2013

The high current account deficit witnessed during 2012-13 and it’s financing increasingly through debt flows particularly by trade credit resulted in significant rise in India ’s external debt during 2012-13. However, magnitude of increase in external debt was offset to some extent due to valuation change (gain) resulting from appreciation of US$ against Indian rupee and other international currencies.

India’s external debt, as at end-March 2013, stands at around US$ 390 billion with a Y-O-Y increase of 12.9% as compared to US$ 376.3 billion, with a with a Y-O-Y increase of 8.9% at end-December 2012. The increase in total external debt during financial year 2012-13 was primarily on account of rise in short-term trade credit. There has been sizeable rise in external commercial borrowings (ECBs) and rupee denominated Non-resident Indian deposits as well. In terms of major components, the share of external commercial borrowings (US$ 120.9 billion) continued to be the highest at 31% of total external debt, followed by short term debt (24.8%) and NRI deposits (18.2%). Excluding the valuation change (gain) due to the movement of US$ (appreciation) against major international currencies and Indian rupee, the external debt as at end-March 2013 would have increased by US$ 55.8 billion over end-March 2012.

Composition of India ’s external debt

Source: Ministry of Finance, Government of India & Reserve Bank of India

Components of external debt -- Almost all the major components of the external debt recorded a rise during the year except bilateral, IMF, exports credits and rupee debt. External debt on account of commercial borrowings increased by US$ 16.1 billion during 2012-13 as compared with US$ 16.3 billion in 2011-12. Trade credit components of external debt (both long-term and short-term) showed an increase of US$ 20.3 billion as at end-March 2013 over end-March 2012. The short-term debt increased by US$ 18.5 billion to US$ 96.7 billion as at end-March 2013 from US$ 78.2 billion as at end-March 2012 mainly on account of rise in short-term trade credit.

NRI deposits increased by US$ 12.2 billion to US$ 70.8 billion as at end-March 2013 over the level as at end-March 2012 primarily on account of increase in rupee denominated NRI deposits reflecting the impact of deregulation of interest rates on these deposits in December 2011. The loans under external assistance (multilateral and bilateral debt) declined by around US$ 0.6 billion during 2012-13 as compared with an increase of US$ 3.2 billion in the preceding year.

Currency composition of India’s external debt --The US$ denominated debt continued to be the largest components of India’s external debt with a share of 57.2% as at end-March 2013, followed by Indian rupee (24%), SDR (7.5%), Japanese Yen (6.3%) and Euro (3.5%).

Government and non-government external debt -- Government (Sovereign) external debt stood at US$ 81.7 billion as at end-March 2013 as against US$ 81.9 billion as at end-March 2012. The shares of Government and non-Government external debt in the total external debt were 20.9% and 79.1%, respectively, as at end-March 2013.

India’s key external debt indicators

Source: Ministry of Finance, Government of India & Reserve Bank of India

Warm Regards,

Dr. S P Sharma

Chief Economist

India’s CAD moderated sharply to 3.6% of GDP in Q4 2012-13

India’s current account deficit (CAD) moderated sharply to 3.6% of GDP in Q4 of 2012-13 as compared to 6.7% of GDP in Q3 of 2012-13 as trade deficit narrowed. On BoP basis, India’s merchandise exports increased by 5.9% to US$ 84.8 billion in Q4 of 2012-13 as compared to 2.6% in Q4 of 2011-12. Pickup in exports could be attributed to better performance of products like tea, leather and manufactures, plastic and linoleum products, machinery and equipments, cotton yarn fabrics and carpets. Merchandise imports witnessed a marginal decline of 1% at US$ 130.4 billion in Q4 of 2012-13 as against a growth of 22.6% in Q4 of 2011-12, resulting mainly from a decline in non-oil non-gold imports partly reflecting a slowdown in domestic activity. Trade deficit narrowed down to US$ 45.6 billion in Q4 of 2012-13 amounting to 9% of GDP.

Major items of India ’s Balance of payments                                                           (US$bn)

Source: RBI, Note: P: Preliminary; PR: Partially Revised *: Estimated

1. Changes in Reserve Assets are included under the Financial Account as recommended by the BPM 6.

2 Total of subcomponents may not tally with aggregate due to rounding off.

Services and income flows--Services exports increased by 0.4% to US$ 37.8 billion in Q4 of 2012-13 as compared to an increase of 6.8 % during the same quarter in the preceding year. Moderation in exports was mainly led by a decline in other business services like research and development, professional and management consulting, technical and trade related services. Import of services grew at a faster rate of 4.2% at US$ 20.9 billion in Q4 of 2012-13 as against a decline of 4.1% in Q4 of 2011-12 on account of higher payments towards construction, telecommunication and other business services. Overall, net service receipts recorded a decline of 3.9% in Q4 of 2012-13 over the corresponding quarter of 2011-12.

There was a net outflow on account of primary income amounting to US$ 5.2 billion in Q4 of 2012-13 as compared to an outflow of US$ 4.6 billion in Q4 of 2011-12 led by a decline in net investment income receipts. While investment income receipts declined by 4.5% (decline of 16.6% in Q4 of 2011-12), investment income payments grew by 12.1% in Q4 of 2012-13 (decline of 4.8% in Q4 of 2011-12)

Secondary income witnessed a moderation in net inflows to US$ 15.8 billion in Q4 of 2012-13 from US$ 16.9 billion in the corresponding period of 2011-12, reflecting a fall in net remittances from overseas Indians.

Disaggregated items of Current Account (Net)                                                                   (US$bn)

Source: RBI, Note: P: Preliminary; PR: Partially Revised , Total of subcomponents may not

tally with aggregate due to rounding off.

The burgeoning trade deficit along with significant decline in invisible earnings caused widening of CAD during the year. During 2012-13, CAD stood at US$ 87.8 billion (4.8% of GDP) as against US$ 78.2 billion (4.2% of GDP) during 2011-12. Decline in invisible earning has essentially been on account of sizeable increase of 21.2% in investment income payments, and only a modest rise in net services receipts in 2012-13. The net inflows under financial account during 2012-13 rose to US$ 85.4 billion from US$ 80.7 billion during the preceding year mainly on account of higher inflows under FII, non-resident deposits and short term credits and advances. The increase in capital inflows led to an accretion to foreign exchange reserves by US$ 3.8 billion during 2012-13.

Warm regards,

Dr. S P Sharma

Chief Economist