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Friday, June 5, 2009

UPA government's Agenda

UPA government has been elected to power for second time in a row and it has huge hurdles to overcome on the path of development of the nation which are clearly top priority of this goverment here are few important issues in UPA government Agenda.

1. Major shift in governance practices :

one, ongoing, independent evaluation and public reporting of progress in implementing government schemes; two, big strides in e-governance; three, decentralisation and empowerment of panchayats and non-government organisations to implement and monitor government schemes; four, breaking barriers between departments and schemes to achieve synergy, integration and better utilisation of existing resources;

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five, innovative regulation of health, education and provision of public services; six, liberal use of technology in welfare transfers and achieving public awareness; and, seven, institutionalisation of the government’s basic commitments by requiring all Cabinet notes to specify how their proposals would enhance the goals of equity or inclusion, innovation and public accountability.

2. Disinvestment, FDI lead reforms roadmap:

The government will push ahead with economic reforms, pursue disinvestment, encourage FDI and increase public spending without giving up fiscal prudence. It will also provide tailor-made booster packages for specific sectors to pull the economy out of the slow lane of growth. “Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown by a combination of sectoral and macro-level policies. This must be accompanied by measures to achieve a counter-cyclical expansion in public investment in infrastructure sectors,” President Pratibha Patil said.

Disinvestment of up to 49% in state-run companies will be key to removing those funding constraints. The government will ride piggyback on IPOs by PSUs to offload its shares to public.

3. Zero tolerance for terror :

The second Administrative Reforms Commission (ARC) had earlier recommended UIC for checking illegal immigration and terrorist infiltration. In fact, a pilot project for a Multi-purpose National Identity Card (MNIC) has already been implemented in 13 districts.

“The scheme will be implemented in three years, overseen by an Empowered Group. This will serve the purpose of identification for development programmes and security,” Patil said. According to the ARC, the card is imperative also for delivery of services to citizens. Patil said the government had already prepared a detailed plan to address internal security challenges which would be implemented in a time-bound manner.

4. Food security act :

The government committed itself to coming true on its ‘aam aadmi’ poll agenda with the President promising a national food security Act backed by a new BPL survey which could alter the ambit of those under food schemes.

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While the UPA government has been at work to revamp the method of identifying below poverty line beneficiaries for various social sector programmes, its move to provide 25 kilogrammes of rice or wheat at Rs 3 per kg could heighten the need to redo the list systematically.

5. One rank-one pension report :

After tying itself in knots over the long-standing demand for one rank-one pension (OROP) for armed forces during the run-up to the general elections, the UPA government has promised to resolve the contentious matter by this month-end. President Pratibha Patil said the committee headed by cabinet secretary K M Chandrasekhar had ‘‘already commenced its work and expects to complete it by the end of June 2009’’.

The UPA government, however, is promising only a partial implementation of OROP at best, with the defence ministry acknowledging that full implementation is simply not feasible ‘‘administratively’’.

6. Home stretch for urban poor :

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The government plans to take a slew of measures to uplift the living conditions of the poor in fast-expanding cities. A major thrust on affordable housing is on the cards, President Pratibha Devisingh Patil said. She said the government will propose Rajiv Awas Yojana for slum dwellers and the urban poor on the lines of Indira Awas Yojana for the rural poor.

Over 15-lakh homes are being made for the urban poor. Meanwhile, the housing ministry has asked developers to list the sops they expect from the government for building low-cost houses. The ministry is keen on reviving tax benefits for real estate developers who construct houses for the economically-weaker sections (EWS). The scheme was discontinued last year.

7. Realistic power generation goals :

The government has pared the target for increasing power generation to make it more achievable but that may put paid to its poll promise of making electricity available to all Indians by 2012. By the end of the Eleventh Five Year Plan (2007-12), the government plans to add 52,000 MW new capacity, a 34% drop from the original target of 78,600 MW.

“The effort would be to see that at least 13,000 MW of generating capacity is added each year through a mix of sources—coal, hydel, nuclear and renewables,” President Pratibha Patil said. Total capacity addition in the first two years of the 11th Plan was 12,700 MW, virtually half of the targeted 23,100 MW. The government’s performance was dismal in 2008-09, when a mere 3,500 MW was added, 68% less than the target of 11,061 MW.

8. Women’s quota bill :

Government would hold consultations with all political parties to get around the resistance from the OBC outfits which have held up implementation of the landmark measure insisting on a separate quota for OBCs and Muslims within the larger women’s quota.

9. Right to education law on anvil :

Along with the formulation of a “brain gain” policy, work on the National Council for Higher Education will be initiated in the first 100 days. Other areas of concerted action include enactment of the Right to Free and Compulsory Education Bill, setting up of a National Female Literacy Mission, strengthening of the scholarship and education loan provisions.

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The focus is on higher education. The efforts will not be limited to mere expansion, but reform in the regulatory framework. There is a proposal to attract talent from across the globe — the “brain gain” policy will find expression through 14 new universities that are being set up over the Eleventh Plan period.

Direct tax receipts up by 5.8% in April/May 09

(Direct tax collection updates) - India's April-May direct tax receipts grew by 5.77 per cent from a year earlier to Rs 241.58 billion, the Central Board of Direct Taxes said in a government statement on Friday.

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Corporate tax receipts rose 5.56 per cent to Rs 85.78 billion rupees in the first two months of 2009/10, while income tax collections were up by 5.92 per cent to Rs 155.59 billion, it said.

"Growth during the month of May 2009 was 16.88 per cent at Rs 11,919 crore (119.19 billion) against Rs 10,198 crore, as against a negative growth of 3.19 per cent for the month of April 2009," it added.

Thursday, June 4, 2009

Govt to focus on recession hit sectors says President Pratibha Patil

Presenting the agenda of the second UPA government at the joint session of Parliament, Patil said the new regime will develop a roadmap for listing public sector units, co-ordinate with other countries to bring back illegal money stashed in secret bank accounts, recapitalise public sector banks, and bring in the pension reforms bill.

"The current financial year is expected to see a slowing down of growth on account of the global recession... Our immediate priority must be to focus on management of the economy that will counter the effect of the global slowdown by a combination of sectoral and macro-level policies," she added.

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The new Government, the President said, will focus on sectors like small and medium enterprises (SMEs), exports, textiles, commercial vehicles, infrastructure and housing as they are adversely hit by the global financial meltdown.

The UPA government, the President, said will enact the National Food Security Act to provide 25 kg of rice or wheat at Rs three a kg per month to families below the poverty line, a promise made in the Congress election manifesto.

"This legislation will also be used to bring about broader systemic reforms in the public distribution system," she said.

The immediate priority of the government, Patil said, must be to focus on managing the economy to counter the effect of the global slowdown through a combination of sectoral and macro-level policies.

The efforts, she added, should be accompanied by an expansion of public investment in infrastructure sectors, besides encouraging public-private partnerships.

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"Financing the investment will be a critical constraint and my government is determined to ensure that innovative steps are taken in this area, consistent with medium term strategy of prudent fiscal management," the President said.


with - extracts from econnomictimes

Annual inflation at 0.48 per cent on May 23

(May 2009 inflation updates) Wholesale price index rose 0.48 per cent in the 12 months to May 23, lower than previous week's annual rise of 0.61 per cent, government data showed on Thursday.

Indian Stock Markets News & Updates

It was below a median forecast of 0.56 per cent in a poll of analysts. The annual inflation rate was 8.90 per cent during the corresponding week of the previous year

Tuesday, June 2, 2009

$ v/s INR daily updates -June 2009

This post gives daily INR v/s US$ updates for the month of June 2009 the comparison is at closing of the indian stock markets. and enteries are in cronological order -
Indian Stock Markets News & Updates

PS - the order of each daily entry is as follow:

Rs v/s US$ | price of 1 us$ in INR | change wrto previous day | remarks/analysis


Enteries in red color show INR weakening and green color entery shows stronger INR wrto $.


June 25/2009 - Rs v/s $ updates
RS v/s $ | 48.53 | 0.38 | Up^38 paise wrto $

June 19/2009 - Rs v/s $ updates
RS v/s $ | 48.06 | -0.15 | Down(-15) paise

June 18/2009 - Rs v/s $ updates
RS v/s $ | 47.91 | -0.15 | Down(-15) paise


June 8/2009 - Rs v/s $ updates
RS v/s $ | 47.08 | 0.08 | Up^8 paise wrto $



June 5/2009 - Rs v/s $ updates
RS v/s $ | 47.16 | -0.32 | Down(-32) paise



June 4/2009 - Rs v/s $ updates
RS v/s $ | 46.84 | -0.30 | Down(-30) paise



June 2/2009 - Rs v/s $ updates
RS v/s $ | 46.99 | 0.30 | Up^30 paise

No change in retail policy - FDI still not allowed

(2/6/09 Retail policy updates) - Ruling out any "review" of the foreign direct investment policy, Commerce and Industry Minister Anand Sharma has said there are in-built safeguards against FDI finding its way into multi-brand retail and breaching caps in broadcasting and defence production.
Indian Stock Markets News & Updates
Sharma, who took charge of the nodal ministry for FDI on May 29, said there is no need for a relook at the policy amended in February by the Department of Industrial Policy and Promotion (DIPP).

"At this stage, we don't see that the time has come for any comprehensive review . it is too early in the day . we will see how the new policy is working," Sharma told in an interview.

There are safeguards against FDI in sensitive sectors like broadcasting and defence production, while the policy does not allow overseas investment in retail, he said. The "misunderstanding" on FDI being allowed indirectly in multi-brand retail "is not well placed at all", he said.

He said there were "effective, inbuilt safeguards when it comes to the sectoral caps, particularly in those sectors which have been sensitive, and (going) by the new policy those areas remain protected ..."
Indian Stock Markets News & Updates
While the policy does not allow overseas inflow into this sector, the changes in February were perceived to be opening the sector to FDI up to 49 per cent in an Indian firm that has a downstream subsidiary firm in retailing.