India - The land of Scams

It's bit late to post on this topic, and the new crown which India has got 'The land of Scams' but still this title looks pretty new and fresh as we see daily some or other news channel flashing updates of scams in India, If we check history than I think now the era has changed and more scams are directly printed or telecasted.

According to me these scams were common before economic liberalisation of India, Only difference was at that time we had only Government owned and controlled DD national, but now we have lots of private channels which are free to show any scam.

So in case of scams the difference of economic liberalisation or media liberalization is that people are able to know what are corrupt politicians are doing and have been doing since 1947.

One thing is for sure that Indian Politicians are the worst kinda breed of humans ever evolved, I wanted to write dogs instead of humans before but later thought that dogs are faithfule to the one who gives it food so found it unsuitable title.

The Raja's of Tamil Nadu, Badal's of Punjab, Yedu of karnataka tops the list of the worstness in descending order of corruption. Keeping judiciary and CBI in it's pocket and resignation as a weapon to make some other stupid loyal person face for people and carry on bribery, corrupt practices as it is.

With Central Government sleeping and boasting of just GDP number's and nothing else, what a pity for India, PM makes no statements whatsoever except one like 'Madam se pooch kar bataunga', Politics has reached lowest level, but the good news is that media makes people aware of what is happening in politics and people might consider these scams for the next elections and would not vote for the tainted person.

People have lost their faith in electoral system and donot casts vote because there is no politician with clear history, Voting process has meagre 50 percent turnovers and out of fifty percent turnover the candidate who wins 26 percent is elected to Parliament, This scenario haunts me a lot as clearly the person getting 26 percent means 74 percent people donot consider him eligible person to win, I think in voting too their should be consideration of this point and should go for revoking after cancelling candidature of the earlier candidates as ineligible.

Recently I was reading some english daily and came across figure like Britishers looted some 20k crores from India in 150 years and till now Indian Politicians have looted some 70000 crores, without any development activities, The point to remember is that Indian Economy has grown due to business tycoons and not by any government activities except the liberalisation policy, which has helped our PM in getting residence at 7 Race course road.

At last I want to conclude that if same things keep on hapenning without ant concrete action happening to the culprits then some Bhagat Singh kind of person(s) would surely surface to kill these bastards and return some decency to Indian Politics.

Long live India!!

Ayodhya Verdict is out - Core Dome area is Ramjanambhoomi

The operational Judgement is that the place would be called Ramjanambhoomi as it is hence the most important judgement of decade is out. The core 1/3 area(Dome Area) is Ramjanambhoomi, The 1/3 area constituting Ram Chabutra and Sita Rasoi is given to Nirmohi Akhara, Sunni Wakf board gets the other third part.

Jus. Sibghat Ullah Khan's Judgement - Original
Jus. Sudhir Agrawal Judgement - Original

Top 50 online website brands in India

I was just surfing on net and came across this list of 50 most valued websites in India, thought it would also interest my blog readers as is the latest list:

Rank	Website Name
1	google.co.in(google search)
2	Yahoo mail
3	Gmail
4	Yahoo.com
5	Yahoo search
6	Orkut(is on decline though)
7	Rediffmail
8	Rediff
9	Yahoo movies
10	Naukri.com
11	Hotmail.com
12	facebook(would probably in top 5 now)
13	Yahoo cricket
14	Yatra.com
15	Rediff sports
16	timesjobs.com
17	indiatimes.com
18	twitter.com
19	youtube.com
20	shaadi.com
21	rediff shopping
22	jeevansaathi.om
23	monster india
24	justdial.com
25	wikipedia
26	bharatmatrimony.com
27	msn
28	bollywoodsargam.com
29	iplt20
30	blogspot.com
31	santabanta.com
32	indianedu
33	picasa
34	bharatstudent.com
35	shine.com
36	makemytrip.com
37	indiastudychannel
38	raaga.com
39	ask.com
40	bing.com
41	ibibo.com
42	freshersworld.com
43	quikr
44	ebay.in
45	clickindia
46	metacafe
47	indiastudycenter.com
48	linkedin.in
49	cricinfo.com
50	Amazon.com

RTI act - will it work in land of Goons?

RTI act or Right to Information act for every public undertaking was passed by Congress government to bring transparency in government works which would mean less corruption and the guilty would be given some sort of punishment at a faster pace(not because the legal system would act fast but because the concerned person's corruption act is known early...) however in the time span when this law was passed and today, It has only led to deaths of the RTI activists only, I know that corruption is in blood of every Indian(only the intensity differs). but killing RTI activist just to save image is inhuman, My post on how corruption is in blood of politician can be read by clicking here.

Every day there is some news about killing of RTI activist especially in states where there is more, probably it can only work in bollywood movies like 'well done Abba' where the RTI act was used to bring corruption in public. Now according to me the thing is as soon as an activist come out with a shocking act of corruption through RTI, One copy should be printed in next day's every daily newspaper so that if the Goons(concerned politician) is able to kill that activist the case would become even stronger because media is the one thing which Government takes a bit serious than even the RTI act.

The law for protection about whistleblowers is looking very inaffective still as this is a thing which is against the politicians.

But looking at scenario and Manmohan Singh's, Rahul Gandhi's initiative i feel so that corruption would definitely lesson in coming years but then I feel that if another news about killing of RTI activist comes will surely kick my feeling away.

Time for consolidation of indian IT Companies has arrived

Indian IT industry has withstood the 2008 recession well, All thanks to the cash pile and the margins and the meager pay salaries over the last two years, The reason for coming out even strongly is the cost cutting measures ranging from sending fewer people on-site, some price negotiations, giving no salary hike for two consuctive years to employees(on name of recession), firing people secretly(so that stock does not plummets) etc, etc, this list goes on.

Putting together these all measures have been very good for the biggies in Indian IT industry like - TCS, Infosys, Wipro etc. These companies have lots of people on their bench hence lowering the bid price in recession time helped in increasing the percentage of billed employees.

This above scenario has not been possible for mid tier IT vendors like, Patni, Tech Mahindra, Mastek all of them still showing decrease in profits YoY, The reason is simple The biggies of Indian IT are eating their food by bidding at the same price of these mid tier companies, thus taking even smaller projects on which the mid tier IT Companies depends. Since the potential client is now well aware of these biggies they prefer to give new projects to these rather then mid tier companies which is the biggest area of concern for these smaller companies.

They can't compete with these biggies thanks to the bench strength and the cash pile of these bigger companies, Now in such a scenario where there looks no hope for smaller and mid tier IT Companies, the best method for coping is to be acquired by the biggies or bid to these biggies at even lesser rate for further outsourcing(looks rare possibility as margins are already wafer thin), adding further to IT companies owes is the increase in Visa fees by US Government.
Thus after Indian IT comes out of the recession completely we can possibly see consolidation in Indian IT space. This would definitely help in making global companies which can compete with likes of Accenture, IBM much more efficiently and effectively. Hence it would not be surprise if news about one of the biggies acquire a mid tier or smaller IT companies which would definitly help in the niche domains where the smaller IT companies work.

Hence I can conclude that time has finally arrived when we can see consolidation in indian IT industry which would definitely make Indian IT companies competency even bigger and more powerful. thus offering some serious competition to US biggies like Accenture and IBM.

India's 5 million aid to Pakistan - analysis

It might look very stupid thing being done by Indian government by giving $ 5 million aid to flood hit Pakistan. to me personally it looks a very optimistic move and the aid amount will surely have backing of every political party(I'll tell reason in this post).

In my thinking advisors to PMO and other central ministers have played a very nice move in the ongoing game of chess with Pakistan. This would help in mounting global pressure on Pakistan later in supressing terrorism globally, I have not heard about any big terrorist activity in pass year and half, which is only due to fact that global pressure is mounting day by day on Pakistan.

USA also put pressure on Pakistan in accepting India's aid. Now the question is how this would help Indian Government in it's actual motive behind the move. After giving aid one thing is sure that in the eyes of Pakistan(particularly it's people after reading this news about aid in newspapers) the image of India as country must have changed(though it might be a very meagre initially). Also this move will be very helpful in long term as surely Pakistan would play a softhand in future against India(from terrorist activities perspective) which would mean that government would save even more than 5 million dollars which it currently spends on army budget. I know my post looks too optimistic but this is what I feel the reason why Indian Government has done it.

The basics of Indian Politics - how corruption starts from base

I was thinking from long time to post this but was not getting time for the same, finally I managed to spare some time to tell about the basic functionality model of Indian politics and why it is often referred as politics led by goons. I request to please post your views about the same in the comment section.

It is true that most of the Indian politician are goons who win election by distributing money among the poor people, and the politicians are most after the poor people who can be purchased by distributing a couple of whiskey bottles or by few thousand rupees, which comes down to few hundred rupees in case of Bihar.

I was wondering how can so much dirt get into system that too at every level. well I got answer in few days and here is what I concluded.

Most of the poor people or low income group people(bus drivers, Auto drivers, sweepers ) to list a few are the ones who are very fond of politics not because they like it but to earn money, A person who has no work, no job to earn money is type of hired by the local politician at not much wages but given a commitment that if he/she wins in smallest level election then there would be lots of money around and the person (having no money presently) says a yes and becomes a chela of that to be politician. Now the task is how to earn votes in coming general body election or any other election, Since they have not done anything good for the people but still want to win, they start corrupt practices like giving warnings to people to cast them or face the music(taking advantage of weak police system), In India Police can be termed as goons hired by politicians legally to take money from the literate(well settled individuals). but in case of poor people they dont give such warnings(because they will get nothing in case they even kill the person for not casting the vote to them) So they purchase their votes by paying a meagre amount while also maintaining some sort of ledger of the money spent on whole election campaign. Since they start from smaller area hence people to purchase is very less hence the budget is fixed too. Once they win the election by giving money, bribing police, they feel very happy and first take out the money out from government funds(which is indirectly the taxes collected from the well settled people).

They charge compound interest for their money and fill their stomachs and houses as this stolen money would now become input for purchasing votes for the next level of elections(which covers larger geographical area), The person who helped initially now becomes a legal goon which is used for killing a competitor and the police is used by same politician to show it as either a suicide or road accident(I have not heard of any third type of killing strategy used by the politicians in India for killing of their competitors).

Now when he follows the same strategy and wins the elections again then he becomes the god of the area, which gives him power to do all the illegal activities, drugs, call girls mafias, murders, licenses to builders etc. From all these activities the percentage of now minister's share reaches at end of the day or weekly or monthly(depends on how the politician wants that money) and this is all hard cash. Local police helps in watching that all the illegal activities are going on nicely and they are getting their share at time.

The things shown in movie Rajneeti are very true(however it depicted only the killing of competitors part, I discussed earlier). Now since the whole nexus created by the politician of that area is functioning smoothly he makes a lot of money.

The tragedy here for medium income group or middle class people is that their vote has no effect as the number of poor people surpasses them and would always be the same in future too. but the money which goes into politicians pocket is the one from their taxes :(

Hence no politician ever talks about providing jobs to the people as in that case their own job would end because they know the truth about their doings and no person would ever want that his/her source of income should stop.

So this was my try to depict the working of indian pilitics and indian politicians(in which the middle income group has no effect)

PLEASE GIVE YOUR COMMENTS ABOUT WHAT TO FEEL ABOUT THIS

Core investment norms released by RBI

Reserve Bank of India on Friday said core investment companies with assets over Rs 1 billion will be required to obtain certificate of registration from it while the ones below Rs 1 billion need not.

A core investment company means a non-banking finance company which holds not less than 90 per cent of its total assets in the form of investment in equity shares, preference shares, debt or loans in group companies, the bank said.

Indian Forex reserves at $ 287 billion

India's foreign exchange reserves rose to $287.356 billion as on August 6, from $284.183 billion in the previous week, the Reserve Bank of India (RBI).

Foreign exchange reserves include India's Reserve Tranche position in the International Monetary Fund (IMF), the RBI said.

14000 crores as subsidy to Oil Cos

The government will give Rs 14,000 crore in cash to Indian Oil, Bharat Petroleum and Hindustan Petroleum to make up for the losses incurred on selling fuel below cost in the first quarter of 2010-11 fiscal.

The Finance Ministry today sought parliamentary approval for additional spending of Rs 68,294.30 crore that included Rs 14,000 crore "for providing compensation to oil marketing companies towards estimated under-recoveries on account of sale of petroleum products."

Retailers IOC, BPCL and HPCL lost about Rs 20,275 crore on selling petrol, diesel, domestic LPG and kerosene below cost in the first quarter of this fiscal. Of these, losses of upstream firms like Oil and Natural Gas Corp (ONGC), made up for one-third or Rs 6,690.68 crore.

Key rates decision after analysing Inflation problem root - RBI

The Reserve Bank of India's (RBI) monetary stance will depend on whether it perceives inflation as stemming from excessive liquidity or due to supply constraints, the country's top civil servant said.

On Tuesday, Cabinet Secretary K.M. Chandrasekhar allayed concerns of persistently high prices, reiterating the government's forecast of headline inflation easing to 5-6 percent by the end of the year.

India's annual headline inflation stayed above 10 percent for the fifth straight month in June, cementing expectations the RBI will raise interest rates for a second time this month to contain price pressures.

A majority of economists expect the RBI to raise key interest rates by 25 basis points in its quarterly review on July 27 and tighten policy further in coming quarters, a new Reuters poll showed.

"A call will have to be taken by the Reserve Bank (RBI) on whether inflation is on account of high money supply or is it on account of certain sectoral reasons, some supply constraints," Chandrasekhar told a news conference.

Some analysts have pegged capacity constraints in the rapidly expanding economy as the main reason for a surge in non-food inflation, pointing out a slowdown in May industrial output, despite robust domestic consumer demand.

Further, expansion in the M3 money supply, the broadest measure of liquidity in the system, has just picked up after slowing down since the year began and lags credit expansion.

Exports to EU countries increases

According to latest report exports to EU union have increase YoY. So does it mean that EU is coming out of bad times...The answer might not be so easy currently, have to wait for another quarter for sure to analyse.

Details:

Exports from India to the 27-member EU increased by 18 percent to 10.7 billion euros in January-April 2010, compared to 9.1 billion euros in the corresponding period last year. and also Exports from the European Union (EU) to India shot up by 28 percent to 10.6 billion euros (about $13 billion) between January and April 2010, compared to 8.3 billion euros in the corresponding period last year,

Good Move - Rs 8000 crores for mid day meal scheme

This year the Centre has alloted rs 8000 crore for the mid day meal scheme , hence there would be more enrolment for schools for sure thus increasing the number of literates in country.

Flashing back to midday scheme: Mid-day meal scheme was first evolved by former Tamil Nadu chief minister K Kamaraj and now it has been taken as a role model for the entire country.

Pathetic - Gujarat Gov unable to collect Tax dues

The booming economy of Gujarat has a darker side too.. as their are many big companies which do not pay their taxes and Owe 4000 crores as taxes from 2006 onwards.

The biggest revenue churner for the state government — the commercial tax department that accounts for 60-70 per cent of the state government’s revenue — may have breathed down a small trader’s neck to recover dues. The department , however, find it difficult to explain why they have been unable to recover Rs 4,775 crore from 13 major units in the state since 2006. The amount includes Rs 1,264 crore in interest.

Indian Economy's GDP pegged at 5 perc for 2010-11

Indian Economy's fiscal deficit for year 2010-11 is predicted to be in line of 5 percent of GDP according to Nomura. Which means it is much less then the predicted.

The government is also looking at raising Rs 40,000 crore through disinvestment this fiscal. It has already raised over Rs 1.06 lakh crore from the sale of spectrum for 3G and Broadband Wireless Services (BWA) services.

The research firm also said that one-off expenses on pay arrears and fiscal stimulus are set to fade. Hence government would borrow 15000 crores less in this financial year.

I am waiting when India would see it's first budget with zero deficit, that day will be golden day for Indian Economy....cheers!!

Normal Monsoon brigtens hopes for decrease in prices :)

(posted under - Monsoon updates, Economy of India) -As the country is now completely witnessing normal monsoons all over, The monsoon is ahead of schedule by 9 days according to metrological department, The Inflation will surely come down in couple of months from now on..

The revival of monsoon rains, the main source of water for 60 per cent Indian farms, will lift soybean and groundnut crops in the world's top vegetable oils importer and help the cane crop in the Uttar Pradesh state, which produces half the cane in the world's top sugar consumer.

The weather office expects total June-September rainfall to be normal despite the June deficit.

Indian Economy booming - Direct tax collection up 15 percent

(posted under Direct tax collection, Indian economy updates) - collection of direct taxes during the first quarter of the current fiscal increased by over a full 15 per cent, driven mainly by higher realisation from the corporate sector.

The higher realisation of direct taxes, which mainly include corporate tax and income tax, went up to Rs 68,675 crore, as against Rs 59,465 crore during the corresponding period last fiscal.

According to the figures released by the Finance Ministry here today, corporate tax collection, which is a reflection on the performance of India Inc, soared 21.65 per cent to Rs 43,439 crore during the reporting period. The government expects to mop up Rs 4.3 lakh crore by way of direct taxes during the current fiscal, an increase of over 13 per cent over the year-ago period.

Is budget 2010 provisions on track??

It has been 4 months since Pranab Mukherjee presented the Union budget 2010 in Parliament. Now the big question is that Are budget provisions on track.

The list of announcements made during budget speech is as following ans I will soon update the present growth of these provisions in reality.

1. Pranab cuts surcharge for corporate, ups MAT
2. First challenge is to get to the high GDP growth path
3. Oil & gas: Budget 2010 low on reforms, high on tax
4. Actual net market borrowing for 2010/11 seen at Rs3.45 trillion
5.15% increase in plan expenditure in 2010/11
6. Defence allocation raised to 1.47 lakh cr
7. Customs duty on silver at Rs1500/kg
8. Pranab Mukherjee allots Rs 173 crore for infra development
9. Service tax remains unchanged at 10%
10. India received FDI worth $20.9 bn in April to Dec 2009 period
11. New Corporate Tax rate at 33.21%
12. FM says economy now is in far better position
13. Rs50/tonne cess on Indian coal
14. Cut in Personal Tax Rate Savings of Rs50,000-8lac
15. Excise duty on CFL halved
16. FM’s Budget makes tobacco cos cough
17. Waive excise duty on solar panels
18. Govt will implement direct tax code by April 1, 2011
19. Agricultural seeds exempted from service tax
20. RBI to release additional licenses to pvt sector banks and non-banking financial institutions
21. Raise excise duty on non-petro products to 10%
22. Implementation of GST and DTC by April 2011
23. Opposition walks out of the Budget session
24. Sets aside Rs 16500 cr for PSU banks to get minimum 8% tier 1 capital by March 2011
25. Restore 5% basic customs duty on crude petroleum
26. Partial roll back of excise duties of large cars
27. Explicit reduction in domestic public debt equity ratio: FM
28. Excise duty raised on all non-smoking tobacco
29. Centeral Excise Tax on petroleum products raised by Re1
30. Raises excise duty from 8% to 10%
31. R&D deduction increased
32. Surcharge for companies cut to 7.5% from 10%
33. MAT increased form 15% to 18%
34. 30% tax on income above 8 lac
35. 20% tax on salary between 5-8lac
36. Govt to set up apex level Financial Stability and Development Council
37. 10% tax for income between 1.6-5 lac
38. No income tax on salary up to of Rs1.6 lac
39. Fiscal deficit seen at 4.8% in FY12
40. FY11 fiscal deficit pegged at 5.5% of GDP
41. Increase in non-planned expenditure is only 6%
42. Planning Commission to plan development of Maoist affected areas
43. Rs 1,900 cr to authorities working to implement UID number
44. UID number to come into effect the coming year
45. Fuel prices to go up from tonight
46. 15% priority lending to minority sector to be maintained
47. Gradual phasing out of stimulus: FM
48. Plan outlay for welfare of women and children doubled
49. Smart card extended to NREGA scheme
50. Raises allocation for health ministry to Rs22,300 crore
51. Bharat Nirman plan for FY11 has outlay of Rs48,000cr
52. Indira Awaas Yojana allocation at Rs1,000 cr
53. More power to aam aadmi; FM cuts tax rates
54. Raises allocation for urban development by 75% to 5400cr
55. NREGA allocation at Rs40,100 cr
56. Social sector spending at Rs1.38 trillion for FY11
57. Stocks/sectors you should bet on post Budget
58. Increase allocation for school education from to 31,036 cr from 26,800 cr
59. Hike allotment to renewable energy by 61%
60. Doubled allocation for power sector
61. Hope to breach 10% mark in GDP in near future: FM
62. Road development allocation raised to 19,894
63. FM doubles allocation, solar power gets boost
64. Proposes to extend interest subvention for export for 1 yr
65. Will reduce fertilizer subsidies
66. Aims to implement GST and Direct Tax Code in April 2011

India's trade deficit to widen to 154 billion in 2011/12

India's trade deficit is forecast to widen in the 2010/11 fiscal year as its rebounding economy raises demand for manufacturing and oil imports, while the euro zone debt crisis hits exports, mainly in software.

A wider deficit would pressure the partially convertible rupee, which has lost more than 5 per cent from its 2010 peak of 44.18 to the US dollar.

India's trade deficit was $117.3 billion in 2009/10, down from $118.7 billion in 2008/09. But a Reuters survey in April forecast the gap would widen to $132.70 billion in 2010/11 and $154.50 billion in 2011/12.

Worst Economies of World

Well I have already posted about the best economies of world, If you have not read that post here is the link Best economies of world, Now I thought why not post about the worst economies of world, So here I start....

Country Name	Rank
Zimbabwe	1
Democratic Republic of Congo	2
Guinea	3
Sierra Leone	4
Nicaragua	5
Burundi	6
Eritrea	7
Liberia	8
Ghana	9
Madagascar	10

the list is based on forbes.com work

Indian Cos investments in USA everincreasing

Indian investment in 2008 was USD 4.5 billion but the investments in 2009 grew 60 per cent higher than investments in the previous year. He was quoting from a yet to be published report by India US World Affairs Institute and the University of Maryland.

This feat has been achieved by acquiring 372 businesses by Indian companies in the US between 2004 and 2009 worth USD 21 billion. which has created an estimated 40,000 employments in the US.

FDI's are down as recession re-emerges from Europe

Foreign direct investment in India dipped for the second month in a row in April to $2.21 billion, down 5.1 per cent over the year-ago period.

In March, the inflows had contracted by about 38 per cent to $1.2 billion. The inflows in the first three months of 2010 were $4.96 billion, down 20 per cent from $6.17 billion in the corresponding period last year.

Fiscal deficit 2009-10 marginal better then Govt Expectations

India's fiscal deficit for the 2009/10 fiscal year that ended on March 31 was Rs 4.12 trillion ($88.9 billion), the government said in a statement on Monday.

The deficit is equivalent to 6.6 per cent of India's gross domestic product (GDP), according to a Reuters calculation, and was slightly lower than the government's revised target of 6.7 per cent.

In February, the government had revised its fiscal deficit estimate for the year to Rs 4.14 trillion. Tax receipts were Rs 4.59 trillion and total expenditure was Rs 10.19 trillion for the 2009/10 fiscal year.

Govt speeds up PSUs stake sale

India's cabinet approved a plan to speed up the sale of stakes in state-owned companies as the government aims to make nationalised companies more responsive to markets as well as cutting the fiscal deficit.

The cabinet will allow state-run companies to appoint investment bankers and other intermediaries at the same time as they seek cabinet approval for stake sales, allowing IPOs to proceed more quickly when market conditions allow.

Previously companies had to wait for cabinet approval before moving ahead with preparations, causing delays that have already sparked problems with valuations as market dip.

BRIC economies growth predictions 2010 - 11

China, India, Brazil and Russia are powering ahead, the Organisation for Economic Cooperation and Development said on Wednesday, revising upwards its growth outlook for all four largest emerging economies.

With the expected rebound of agricultural output in India, growth should be strong in the near term while inflationary pressures would also remain high amid strong outlook for demand.

Russia should use windfall oil revenues to eliminate fiscal deficits more quickly but if oil prices and capital inflows continue to increase rapidly the country would face another boom-and-bust cycle.

In Brazil, infrastructure investment will help lift growth again despite tighter monetary policies and the beginning of spending cuts

World's top 10 reputed companies 2010

Following are the top 10 most reputed companies of the world as according to survey by the reputation institute.

RANK	COMPANY NAME
1	GOOGLE Inc
2	SONY CORPORATION
3	WALT DISNEY COMPANY
4	Bavarian Motor Works(BMW)
5	Mercedes-Benz
6	Apple Inc
7	Nokia
8	IKEA
9	Volkswagen
10	Intel

Investment proposals worth 1400 crore passed

The government cleared 24 foreign investment proposals, including those of media company Asianet and broadcasting firm Tata Sky, worth Rs.1,412 crore.

Asianet's proposal worth Rs.425 crore is on induction of foreign equity to undertake the business of broadcasting non-news and current affairs television channels.

Indian black money and IPL

Well Indian Premier league is just over so i wanted to write on it . As this time i thought the IPL was indirectly related to Indian economy or atleast with the black money which is as large as the legal value of indian economy.

So why was the whole episode of suspending lalit Modi created.?

The obvious reason for that was he brought name of Shashi Tharoor and her so called friend sunanda(oops i forgot to keep the 's' capital) in the eyes of the common men. people now obviously think that the black money which our politicians make from corruption, smuggling, trafficking etc have been properly invested by them in bringing the IPL teams. Prafull (he is full of money) Patel himself might be related (although these alligations have been ruled out by the puppets for NCP)......i mean people of BCCI.

The reason of indian government beginning to go after Lalit Modi is very obvious! that is - you have made one of our most public politician to resign so you have no right to come in front of public too.....(being the IPL chairman). Lalit Modi himself is tremendous businessman and turned this business venture of IPL into profit in the very first year.

The other reason is that the ruling politicians have not got their share of the black money and they are crying...sob sob. There are no proper papers of the deals and after some masala news, News channels have got their share for keeping their mouth shut from now on....!!

It's sad to say that we live in a country being run by ignorant goons!! It's only the hardwork of the people which is keeping our economy on growth path.

Another funny thing from this whole IPL episode was that the minister's use public money for their own pleasures... (example being the Poorna Patel episode). and a false clarification from AI on the whole episode.

God Bless India

Economy of India to grow at 8.3 percent

Assuming a normal monsoon, we expect GDP growth to surge 8.3 per cent during the financial year 2010-11, driven by robust industrial growth and resilient performance of the service sector," D&B said in a report.

Besides, it said that rise in consumption demand is likely to contribute majorly to the economic growth and help augment investments.

Healthy income levels on account of faster pace of job creation as well as broadening of tax slabs -- as proposed in this year's Union Budget -- will create higher disposable income with consumers, driving up demand.

Banks move to Mutual funds as loan applications dip

(posted under - Indian Economy, Mutual funds investing) - According to the latest RBI figures, the first week of April has seen a dip in outstanding loans. Total bank loans as on April 9 stood at Rs 32,41,255 crore, up Rs 1,167 crore over the previous fortnight’s levels. However, outstanding loans were marginally lower than the Rs 32,43,175-crore loans outstanding on end March 2010. The second half of March saw bank loans growing by over Rs 1,00,000 crore — a feat which banking sources say was achieved only by banks window dressing their books.

Banks have invested an additional Rs 50,016 crore during the fortnight ended April 9, taking their total MF exposure to Rs 1,05,519 crore. This is despite the central bank asking lenders to cut down exposure to mutual funds. Foreign exchange reserves were flat at $280 billion during the week-ended April 16, largely on account of revaluation of non-dollar assets.

Govt to infuse 15000 cr into public sector banks - nice move

(posted under PSU banks, banking sector news)- just headrd that the government on Friday approved a plan to infuse Rs 15,000 crore capital into state-run banks in the current fiscal to boost their lending capacity. looks like a nice move if whole amount is infused without anything taken by politicians from it.

The proposed infusion will increase the lending capacity of the banks by Rs 1,85,000 crore. This additional availability of credit is likely to benefit employment oriented sectors, especially agriculture, micro and small enterprises and entrepreneurs that in turn would contribute substantially to the growth of the economy.

Indian Share Markets closes in red | SENSEX | NIFTY closing rates

(posted under - BSE stocks, NSE stocks, SENSEX closing) - Major indian stock indices closed in red as profit booking lowered the indices.

Bombay Stock Exchange’s Sensex ended at 16780.46, down 79.22 points or 0.47 per cent. The index touched an intra-day low of 16705.56 and high of 16877.77.

National Stock Exchange’s Nifty closed at 5007.90, down 28.10 points or 0.56 per cent. The broader index touched a low of 4983.05 and high of 5035.70.

The BSE Midcap Index was down 1.30 per cent and BSE Smallcap Index fell 0.90 per cent.

Amongst the sectoral indices, BSE Realty Index was down 2.88 per cent, BSE Auto Index fell 2.14 per cent and BSE Metal Index declined 1.52 per cent. BSE FMCG Index was up 1.14 per cent and BSE Capital Goods Index advanced 0.42 per cent.

Prediction : Indian economy to grow at 9.2 perc in 2010-11

(posted under - Indian Economy news) - The Centre for Monitoring Indian Economy (CMIE) expects the Asia's third largest economy's GDP growth to accelerate to 9.2 percent in 2010/11 from 6.9 percent in 2009/10.

The measures helped as the country's industrial output grew at its fastest pace in two years in November at 11.7 percent, the economy expanded 7.9 percent in the September-quarter and inflation jumped to a one-year high of 7.3 percent in December CMIE expects the wholesale price index, the main price barometer, to steadily fall to 7.7 percent in the June quarter and further to 3.8 percent March quarter of 2011.

Govt seeks CVC nod for new norms for advisors

The Government has sought the opinion of the CVC to change the norms for appointing investment bankers for advising it on divesting its stakes in the companies it runs.

Last year, the Government had identified over 60 Central public sector undertakings for disinvestment over the next few years to bridge the gaping fiscal deficit and fund its social sector and infrastructure programmes.

Under the plan, the Centre would dilute up to ten per cent of its stakes in those CPSUs which are unlisted through IPOs and those already listed would have to dilute up to 15 per cent through follow-on public offers to meet Sebi guidelines.

The proposed regulations would help the Government modify the criteria of choosing investment bankers from cost- basis to quality-cum-cost basis, as the current norms put those advisors who do not have deep-pockets at a disadvantageous position.

The objective is to give more weight to the quality of these advisors and not just cost.

Currently, the investment bankers are selected on the cost-basis under which the technically qualified investment bankers are selected on the basis of the lowest bid.

India can join WTO pact

India is not a member of the WTO agreement on government procurement and has so far resisted the attempts by the developed countries like the US and European Union to subject Indian state purchases to the multilateral bidding rules.

While the observer status will not mean India immediately coming on the board, it could signal that the country would eventually play the ball, a source said.

The WTO agreement on government purchases is an accord among 30 select countries and is voluntary in nature.

The central government alone has an expenditure budget of Rs 10 lakh crore (approx $125 billion) of which at least more than one third is spent on state purchases. The multinational companies see it as a huge opportunity but find the procurement procedures falling short of global guidelines.

Import ban on steel lifted - sigh of relief for Auto sector

The government on Friday removed restriction on imports of hot-rolled steel, which is mainly used in the automobile and consumer durable industries, giving a big relief to these sectors from rising raw material prices.

A notification to this effect has been issued by the Directorate General of Foreign Trade (DGFT).

The government had put the mother steel product in the restricted category in October 2008, which meant that the users required an import licence from the government.

Experts said the government is allowing free imports as the domestic demand is picking up and steel prices have gone up by 10-14 per cent in the last 45 days.

During April-December 2008-09, the imports of this product were worth USD 2.33 billion.