Global Hindutva gets BOOST as Nikki Haley becomes first Indian-American woman governor amidst General Disillusionment with Brack Obama! Democrats lose House, hold on to Senate!Obama humbled by US elections after two years in office!
India-US defence ties are multi-billion dollar prospect!
Manmohan Singh is an extraordinary leader: Obama
I have to protect American jobs: Obama on outsourcing
Indian businesses say they are making US jobs
Indian Holocaust My Father`s Life and Time - FIVE Hundred TWENTY One
Palash Biswas
http://indianholocaustmyfatherslifeandtime.blogspot.com/
http://basantipurtimes.blogspot.com/
Obama likely to use chopper in Mumbai
Mumbai: US President Barack Obama is likely to use a helicopter to travel between Mumbai's Chhatrapati Shivaji International airport and the city during his visit to the metropolis. ... Read More »EDITOR'S PICK
'Yeh dosti...' to enthrall Obamas at presidential banquet
US President Barack Obama and wife Michelle might just be tapping their feet to 'Yeh dosti hum nahin todenge' when the Shillong Chamber Choir belts out Bollywood's evergreen ode to friendship to celebrate India-US ties at the presidential banquet here on November 8. Read More >>
Parasnath hills: A synthesis of peace and violence
Jharkhand's Parasnath hills are home to two contrasting worlds - one that spreads the word of peace and the other that walks the path of violence. Read More >>• Beware of those shameless Indians
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3 Nov, 2010, 05.34AM IST,
So said Nehru to Eisenhower
Indo-Pak issues, including Kashmir, can be sorted out only through direct contact between the two countries and not through outside mediation, wrote Jawaharlal Nehru in his 1958 missive to the US President
In his letter dated May 14, 1958, US President Dwight Eisenhower had expressed concern over the economic problems of India and Pakistan "during the last few years" and "admired the resolute manner in which both the countries have tackled the complex difficulties facing them".
However, he found it a "source of real concern" that the "effective economic development of both countries is being hindered by the continued existence of unresolved political and economic issues" and that both the countries were "devoting increasing amounts to their defence budgets at the expense of development".
Emphasising his deep personal concern with this problem, he considered it necessary for both the countries to find "mutually acceptable solutions of the major outstanding issues" and for this purpose, he added, he would be "glad to designate a special representative to visit India" if India agreed to it. Excerpts from Prime Minister Jawaharlal Nehru's reply to the US President dated June 7, 1958, are reproduced below:
Dear Mr President,
Ambassador (Ellsworth) Bunker handed over to me on the May 16 your personal letter of May 14. I am grateful to you for your personal interest and concern in matters affecting us.
I had a long talk with Ambassador Bunker on the subject of your letter and pointed out to him the various aspects of the problems and the difficulties we had to face. I have no doubt that the Ambassador has communicated to you what I said to him on both these occasions.
I need not, therefore, write at any length now. But I am taking the liberty of enclosing a copy of the report of a speech I made in our Parliament on April 9, 1958. This deals with Indo-Pak relations and I attempted to give in it our approach to all the problems that had arisen between them. It deals, in particular, with the basic difficulty we have faced throughout these years in our dealings with Pakistan. There is also reference in it to the report that Dr (Frank) Graham made to the Security Council after his recent visit to India.
This speech will, I hope, make it clear to you how anxious we have been ever since Independence to have normal and friendly relations with Pakistan. We had hoped that the old conflicts and the policy of hatred and violence, pursued by the old Muslim League, which indeed had led to the Partition, would cease. It was obviously to the advantage of both countries to live in peace and friendship with each other and to devote themselves to their social and economic development which was so urgently needed to give a social content to our freedom and independence.
Unfortunately for us and for Pakistan, our hopes were not realised and the Pakistan government continued to pursue that old policy of hatred and violence. Every government that comes to power in Pakistan bases itself on this policy of hatred against India. It is this basic fact that has to be recognised. In our opinion, the settlement we so ardently desire cannot come if this policy of hatred continues.
http://economictimes.indiatimes.com/opinion/comments--analysis/So-said-Nehru-to-Eisenhower/articleshow/6862680.cms
Two-way trade between India and the United States is expected to reach $50 bn this fiscal, with investments moving in both directions, India's Ambassador to the US, Meera Shankar , said here Wednesday.
"We are expecting bilateral trade to grow by 30 percent and reach $50 bn by March," said Shankar, releasing a report on "Indian investment in US" brought out by the Federation of Indian Chamber of Commerce and Industry and Ernst and Young.
She said trade was a "key driver in the relationship". "If we look at the trade in goods, it is growing on both sides".
Shankar pointed out that Indian foreign direct investment was growing fast in US markets. "Indian companies have created 65,000 jobs, both in terms of greenfield projects and by means of mergers and acquisitions."
India is already the second fastest growing investor in the US, after the United Arab Emirates.
The report, released ahead of the visit of US President Barack Obama from Nov 6, said though there has been a decline in outward Indian FDI, the US has emerged as preferred destination with its share increasing from 5.7 percent in 2009 to 6.5 percent in 2010.
Informational Technology, pharmaceuticals and manufacturing sectors account for about 60 percent of the deals in the last two years.
Obama's Democrats lose House, hold on to Senate!Obama humbled by US elections after two years in office!US President Barack Obama will have no choice but to work with Republicans to pass the rest of his domestic legislative agenda after his Democratic Party suffered a landslide defeat in congressional elections.The conservative Republican Party captured more than 50 seats in the House of Representatives in Tuesday's election, a result that leaves them in firm control of the lower chamber for the first time since 2006.Republicans also made significant gains in the US Senate, but projections showed Democrats maintained a slim majority of at least 50 seats in the 100-member upper chamber.
US in process of setting up a very successful India visit by President Obama as Merchants from Washington DC All Set to Open Floodgates of Emerging Market India!As Obama non-committal on permanent UNSC seat for India!That is why,CPI (M) Politburo member Sitaram Yechuri has termed U.S. President Barack Obama's forthcoming visit to India as a business tour, favorable only for the American economy.But the Marxists are hypocrite enough to showcase Ideological Opposition only and happen to be Most Responsible to Dilute Anti Imperialist, Anti Fascist and Anti Zionist Resistance in this part of the World. Just because, the Brahamin Marxists are as much as PRO US as NDA and UPA partners are! since Foreign Capital Inflow and the Corporate War, the Establishment of AFSPA strengthen the Post Modern Global Manusmriti rule of Apartheid, Exclusion and Ethnic Cleansing and sustains the Galaxy Order of Inequality and Injustice!
The United States is in the process of setting up a very successful visit to India by President Barack Obama.
Briefing media persons at the State Department on Tuesday, spokesman Philip Crowley said: As you know, in preparation for presidential travel, the State Department does a lot of the spadework in building that agenda and helping the President set appropriate goals for the travel."
"So, over the past year and a half, the Secretary (Hillary Clinton) has traveled to India. Under Secretary Bill Burns, Under Secretary Bob Hormats, Assistant Secretary Bob Blake - and I'm probably leaving somebody out - all and others across the government have made a number of trips to India to set the stage for what we hope to be and expect to be a very successful trip by the President," Crowley added.
He also said that a very active Indian American Diaspora has helped the relationship between the two countries.
"We did take the opportunity to inform Indian Americans about our goals for the upcoming trip. That's the origins of the meeting late last week," Crowley added.
Global Hindutva gets BOOST as Nikki Haley becomes first Indian-American woman governor amidst General Disillusionment with Brack Obama!Riding a Republican wave, Nikki Haley, a daughter of Sikh immigrant parents from Amritsar, created history as the first Indian American woman to win the Governor's race in South Carolina state.Haley, born Nimrata (Nikki) Randhawa will be the first woman chief executive of the State and America's second Indian-American governor after Louisiana Governor Bobby Jindal, also a Republican, who became the first with his election three years ago.
Indian businesses say they are making US jobs
A leading Indian business group said Wednesday that the world's largest democracy was creating jobs in the United States, not taking them away, despite fears over the impact of outsourcing.
US President Barack Obama arrives in Mumbai this weekend on a three-day official visit focused on widening US export opportunities and creating much-needed jobs to ease the near 10-percent unemployment rate at home.
Amit Mitra, secretary-general of the Federation of Indian Chambers of Commerce and Industry, said it was incorrect to believe that India was robbing the United States of jobs through its flagship outsourcing industry.
"We are creating jobs in the country (US) in the thousands," said Mitra, adding Indian investments in the United States would generate even more employment in the future.
Outsourcing in which US and other Western firms set up call centres, number-crunching and software development outlets in India to cut costs, was a particularly heated issue in the US midterm elections which wound up with Obama's Democrats suffering heavy defeats.
The group said India's investments in new offices, plants and equipment in the United States between 2004 and 2009 totalled 5.5 billion dollars -- the latest period available -- while acquisitions hit 20 billion dollars.
Mitra said the US was a preferred destination for Indian foreign direct investment, with the information technology, media and entertainment sectors favored recipients.
Indian companies are the second-fastest-growing investors in the United States after the United Arab Emirates, supporting some 57,000 jobs in the country, according to US government figures.
Mitra admitted US fears about IT employees losing their jobs as firms send work abroad would not go away while so many American workers were without employment.
But he said Indian business leaders hoped to persuade their visiting counterparts during Obama's visit that India also represented a vast potential export market which could create US jobs.
India-US defence ties are multi-billion dollar prospect
As US President Barack Obama comes visiting India this week, expected on the platter are some multi-billion-dollar defence pacts to push bilateral military ties that have now started expanding rapidly after decades of mutual mistrust.
The biggest grab Washington is eyeing is a lucrative $10-billion project for 126 fighter bombers that the Indian Air Force plans to buy and for which two American companies -- Boeing and Lockheed Martin -- are among six contenders.
As India still keeps its options open on finalising the mother of all defence deals that has entered its last lap, sources told IANS the decks have been cleared for another mega contract of 10 C17 Globemaster III heavy transport aircraft through the Foreign Military Sales (FMS) route.
FMS is a government-to-government route of selling US defence equipment built by private manufacturers.
The value of the C17 Globemaster aircraft project has not been revealed as yet. But according to an official notification to the US Congress, the heavy transport planes are likely to come with a price tag of some $5.8 billion.
This overtakes the $2.1 billion contract for eight Boeing P-8I maritime reconnaissance aircraft inked last year.
The sources said the IAF is also likely to order four more P-8I aircraft and the contract is likely to be signed during the Obama visit. This contract would be worth around $1.1 billion.
Another project expected during the US president's visit is the procurement of nearly 100 GE 414 engines built by the US giant GE Aviation to power India's indigenous Light Combat Aircraft (LCA).
Defence cooperation between the US and India - which buys 70 percent of its military hardware from Russia - has seen rapid transformation over the years after four decades of mutual suspicion and mistrust during the Cold War era.
The visit of President Obama, who has described India as a "natural strategic" partner, follows a series of high-level trips of US civil and military officials this year.
Under Secretary of Defence for Policy Michele Flournoy who was here in August, like every visiting official from the Pentagon, expressed the desire to build on "growing" strategic and defence partnership between the two countries "which includes defence trade, military-to-military training exercises and technology cooperation".
Indian Defence Minister A.K. Antony visited Washington in September, underlining the importance the two countries give to strategic ties. However, the contention over pending key agreements that the US is pushing hard remains amid India's reluctance.
The pacts that will ease high-tech defence exports to India have been in a limbo for long.
These are the Logistics Support Agreement (LSA), the Communication Interoperability and Security Memorandum Agreement (CISMOA) and the Basic Exchange and Cooperation Agreement for Geospatial Cooperation (BECA).
Official sources said the finalisation of the three military agreements was unlikely as New Delhi was "unsure" if signing the pact related to military logistics, technology safeguards and geospatial information would indeed benefit India because of some "misgivings".
The sources in the South Block said India had "yet not" changed its stance on the "restrictive" Communications and Information Security Memorandum of Agreement (CISMOA) and "intrusive" Basic Exchange and Cooperation Agreement for Geo-spatial Cooperation (BECA).
I have to protect American jobs: Obama on outsourcing
President Barack Obama on Wednesday indicated that he was unlikely to accommodate India's concerns about his policy of discouraging outsourcing of US jobs, saying it was his responsibility to support jobs and opportunity for the American people.
Obama, who has recently spoken against outsourcing of American jobs to countries like India and offered tax breaks for those creating jobs in the US, was asked whether he would address concerns in India where this is seen as a restrictive policy.
"As President, I have a responsibility to support jobs and opportunity for the American people, and I believe the US-India economic relationship can and should be a 'win-win' relationship for both of our countries," he told PTI.
He said his administration is "focused on America's economic recovery, investing in America's future, creating and keeping jobs in the United States, increasing our exports and providing incentives and creating conditions under which businesses can grow and prosper."
Making out a case for free access to American companies in India, the President said, "our market is open to products, services and investment from around the world. We believe other countries, including India, should give US companies the same access to their markets that we give."
He made no reference to any specific sectors but the Americans have been pushing for greater access in financial and retail sectors.
Obama said the US has realised that its economy "cannot recover and grow" without growth in other places.
"India has world-class companies, many of which are creating and supporting tens of thousands of jobs in the United States, and my administration wishes to encourage more such investment," he said.
Nasscom to raise outsourcing, visa issues during Obama visit
The apex trade body Nasscom on Wednesday said it will raise IT industry's concerns on visa fees hike and other anti- outsourcing measures adopted by the US during President Barack Obama's visit to India later this week.
"We will raise the issues related to Indian IT industry in the backdrop of anti-outsourcing comments by the US establishment (during Obama's visit)," Nasscom Vice President Ameet Nivsarkar told PTI.
President Obama is scheduled to arrive in India on 6th November.
"We are optimistic enough that the concerns and issues raised by the Indian IT industry will be taken care of by the US President Obama during his visit to India," he said.
Earlier this year, the US government had hiked fee for H1-B and L1 visas, a move that could have adverse impact on the USD 50-billion domestic IT industry that sends many highly-skilled Indians to work there.
This was followed by Ohio state's ban on outsourcing of government IT projects, a step that further irked the Indian players. Both these moves coincide with a fragile recovery in the US economy coupled with high unemployment levels.
Indian IT sector earns more than half of its annual revenues from overseas markets, particularly the US.
Meanwhile, the country's third-largest software exporter Wipro today said that Obama's visit would help in boosting free trade as well as make collaborations in the technology space easier.
On expectations from the US President's visit, a Wipro official told PTI, "From an industry stand-point, I feel this will provide for easier trade and global collaboration in the technology space, and boost free trade and globalisation across products and services."
Nasscom has maintained that business policies should not be mixed up with political issues.
Striking an optimistic note, Nivsarkar said that since elections to the House of Representatives were over, he was expecting that several other (US anti-outsourcing) proposals were unlikely to be implemented.
He pointed out that Indian companies had always been supportive of free trade and open market policies.
On Indian companies planning overseas expansion, Nivsarkar said, "It is good that the Indian IT companies are going global and exploring new business arenas."
Manmohan Singh is an extraordinary leader: Obama
WASHINGTON: President Barack Obama described his "friend" Prime Minister Manmohan Singh as "one of the most extraordinary leaders" he had met and said he greatly valued the Indian leader's "friendship, wisdom and decency".
The two leaders have met several times since their first interaction about 20 months ago in London and Obama was asked about his equation with Singh whom he will be meeting again in New Delhi next Monday.
"From our very first conversation in London, I have found that the Prime Minister and I share many of the same values, the same goals and the same vision for the well-being of our people," he told media.
Stating that he and his wife Michelle were both excited to go to India, Obama remarked, "one of the great joys of my visit to India is the opportunity to see the Prime Minister again."
Obama said, "Michelle and I were so pleased to host the Prime Minister and his wonderful wife (Gursharan Kaur) for our first State dinner (a year back)."
Days ahead of his visit to India, America's first black president Barack Obama saw his Democratic party suffer a near rout in the face of voter dissatisfaction over a recession-hit economy.
Riding the anti-establishment mood, the opposition Republicans won majority control of the US House of Representatives in Tuesday's midterm elections, while Democrats retained their majority in the Senate.
With results still coming in, the extent of the Republican takeover of the 435-member House was still to be determined. But CNN projected that Republicans would win at least 52 more House seats than they currently hold to wipe out the Democratic majority of the past four years.
Republican candidates also were running strong in governors' races, while Democrats were guaranteed to hold at least 50 of the 100 Senate seats with a handful of close races still outstanding, according to the projections based on CNN's analysis of exit poll data.
A mother of two Haley, 38, who defeated Democrat Vincent Sheheen, with a surprisingly close 51 percent 47 percent vote in the most expensive election in state history Tuesday, has already like Jindal been mentioned as a 'long shot' presidential candidate for 2012.
Haley saw quite a bit of controversy surround her campaign before the primary earlier this year. From a racial slur from a fellow lawmaker to unproven accusations of an affair by a political blogger, Haley still snagged the Republican nomination in a run-off in June with 65 percent votes.
Endorsed by former Massachusetts Governor Mitt Romney, former South Carolina First Lady Jenny Sanford, and former Alaska Governor Sarah Palin, Haley is also part of the populist, conservative/libertarian Tea Party movement.
Haley, one of the strongest fiscal conservatives in state government, was first elected to represent the 87th District in Lexington County in 2004, when, as a virtual unknown she beat the longest serving state legislator in a Republican primary.
In 2008, Haley was sent back to the state house with 83 percent of the vote - the highest percentage earned by any lawmaker facing a contested South Carolina election that year.
Born in Bamberg, South Carolina, Nikki's first job was keeping the books for her family's clothing store - at the age of 13.
She went on to graduate from Clemson University with a BS degree in accounting and following her graduation worked as Accounting Supervisor for the Charlotte, North Carolina based corporation FCR, Inc. and five of its subsidiaries.
Nikki then went back to the family business where she helped oversee its growth into a multi-million dollar operation.
Nikki and her husband Michael, a full time federal technician with the South Carolina National Guard and an officer in the Army National Guard, live in Lexington with their two children, Rena, 12, and Nalin, 8.
Ahead of his visit, President Barack Obama on Wednesday described India as a "cornerstone" of US engagement in Asia, but held out no assurances on key issues - support for India's permanent membership of the UN Security Council and ending curbs on export of dual-use technology.
Outlining the objectives of his three-day maiden trip beginning Saturday, Obama said that building "a true strategic partnership" with India had been one of his "highest foreign policy priorities" since he assumed office in January last year.
The visit would give him an opportunity to work with Prime Minister Manmohan Singh to bring Indo-US cooperation on a broad range of issues "to a new level", he told PTI. The Indo-US partnership "is based on both our shared values and our shared interests, and for these reasons, I welcome and support India's rise as a global power", the president said.
India's rise "is in the best interests of both the countries (India and the US), of the region and the world", he said. The president answered a wide range of questions covering contentious issues like US curbs on export of dual-use technology items, outsourcing, UNSC membership and Pakistan's failure to take action against perpetrators of 26/11 attacks.
Asked about the possibility of his announcing lifting of curbs on export of dual-use technology items and more concrete support for India's permanent membership of UNSC, Obama described the two issues as "very difficult and complicated".
"Our teams continue to work hard to reach an agreement that strengthens the international non-proliferation system while treating India in a manner that is consistent with our strategic partnership," he said in a reference to export restrictions that cover items which have both peaceful and military usage.
Without committing himself to a firmer support for India's bid for permanent seat in UNSC, Obama said, "I do also expect to discuss India's role as an actor on the global stage during my visit."
When told that there did not seem to be any "big ticket items" on the agenda, Obama responded, "I do not want to pre-empt the announcements that the Prime Minister and I will make while I am in India.
"I think you can expect a series of announcements on how we are going to deepen and broaden our cooperation on a range of things that will have a direct and very positive impact on millions of people both in India and the United States. "There will be big items on the agenda, and - just as importantly - I believe that we will build an even stronger foundation for the US-India partnership going forward."
The President went on to emphasise that Indo-US relationship "now goes well beyond any one particular issue". He said, "if you look at the breadth of everything we are working on now - from economic engagement to counter terrorism and security cooperation, from clean energy to development ... it goes well beyond the type of cooperation that we pursued just a few years ago."
Addressing a press conference in Vizag, Andhra, on Tuesday, Sitaram Yechuri said: "Obama is coming to India with a business agenda. It has been outlined in a reported letter to the Prime Minister."
"President Obama is looking towards India to be a big source of investment in the United States so that they are able to get out of their economic crisis. But more importantly he has also mentioned that India must open up its domestic market for U.S.A. agricultural products. Now if that happens, that will mean the ruin of Indian agriculture," he added.
He also cautioned the Indian government about the proposed move to allow agricultural produce from U.S. to be sold in India.
Commenting on terrorism, he said that the matter relating to David Headly, a U.S. national linked with the 2008 Mumbai terror attacks case, was not handled properly by U.S. and important information was hidden from India.
"After David Headley's experience was not very good, India is also now suggesting that we should jointly fight terrorism. Yes, terrorism has to be fought globally, there is no doubt about it and there is no compromise on that. But we must be clear from where the threats to terrorism emerge and therefore on that basis India should decide," said Yechuri.
He asserted that since terrorism has emerged as one of the biggest threats in today's world, it is the need of the hour to fight it collectively.
He also accused the U.S. of being biased and selfish when it comes to sharing its scientific inventions and developed technologies with the developing nations.
"It (U.S.A.) will only share when it has some interest of its own to pursue otherwise it has never parted with technology," added Yechuri.
Demanding universalisation of PDS, Yechury said the UPA government at the Centre should have no hesitation in giving Rs90,000 crore for it when it relaxed indirect tax of Rs9.33 lakh crore for "capitalists" during the past two years.
He further said that CPI(M) would organise nation-wide agitation demanding universalisation of PDS.
Whatever the final make-up of the Senate, it will include no African-American members. The only current African-American senator, Roland Burris of Illinois, is retiring, and none of the three African-American candidates won on Tuesday.
On the House side, Republicans picked up seats in a broad swath across the country, including victories over one-term Democrats who came to power in traditionally GOP districts in 2008.
Republicans needed a net gain of only three governorships Tuesday for a majority nationally. Often overshadowed during midterm campaigns, governorships can influence national politics by their influence in the redistricting of state electorates.
Exit poll data analysed by CNN showed the economy was the dominant issue on the minds of voters, and indicated that key constituencies shifted from supporting Democrats in 2008 to voting for Republicans this time.
One reason is likely opposition to the health care reform bill pushed through Congress over Republican opposition by
President Barack Obama and Democratic leaders.
While Obama pledged the reforms would improve Medicare, Republican opponents warned of service cuts and higher costs, with some making false claims such as 'death panels' in the bill that would decide whether the elderly receive treatment.
Heated campaigning continued to the last minute Tuesday, with Obama and former President Bill Clinton exhorting Democrats and independents to hold off a Republican surge while Republican candidates promised to change how Washington operates.
Tuesday's defeat comes after Obama was elected in 2008 on a message of change that energised voters across the political spectrum. Two years later pollster John Zogby said it was clear that 'change is in the air' once again.
The massive losses suffered by Obama's Democrats were largely due to the weak state of the US economy, which is likely to be the top priority when the new Congress convenes in January.
Exit polls from Tuesday's election found that more than 60 percent of voters rated the sluggish economy as their top concern. Unemployment remains stuck at 9.6 percent and the world's largest economy grew a meagre 2 percent in the third quarter of this year.
Obama used much of his political capital in the first two years to pass controversial overhauls of health care and financial regulation. Critics argue the efforts distracted from the task of repairing the economy, while other voters complain that Obama overreached by expanding the role of government over key sectors of the economy.
Republican John Boehner, who is set to lead the House in January, said the election results marked 'a repudiation of Washington, a repudiation of big government, and a repudiation of politicians who refused to listen to the American people'.
The shift in congressional power means Obama will have to curb his ambitions as he tries to work with Republicans in the next few years. Some major casualties are likely to be efforts to tackle climate change and reform immigration laws.
The Democratic Party's defeat means Republicans will once again have a hand in governing. In a US capital that has become intensely polarised over the last few years, the question will be if there are areas where the two sides can find common ground.
Obama charged often in his first few years that Republicans refused to work with the new president on key legislative issues. With control of Congress now divided, Republicans could share some blame in the coming years if the economy does not improve.
'It's a lot easier to run against a 'do nothing' Congress that's run by the opposition than it is to run against a 'do nothing' Congress that is run by your own party,' Zogby said.
Obama spoke with Boehner as the results became clear Tuesday night. US media have speculated that Obama may call a 'summit' with Republicans some time in November to discuss a way forward.
But the Republican victories Tuesday night were not just a rejection of Obama, they were a broader rejection of lawmakers. Voters threw out incumbents and showed disillusionment with both parties.
Approval ratings for Obama have hovered around 45 percent for much of this year. Approval of Congress has been stuck just below 20 percent, according to averages compiled by realclearpolitics.com.
'There were no heroes and there's no love from voters,' Zogby said. Obama and the Democrats' missteps of the past two years 'did spell victory for Republicans, but not love'.
Yet even if Republicans now have a governing role, John Fortier of the conservative Washington-based American Enterprise Institute said the responsibility will still be on Obama to drive the legislative agenda in the coming year.
'The ultimate focus will be on the president,' Fortier said. 'How the president himself recovers from the election will be much more important than (what) Republicans do.'
Barring special invitees and former MPs, no visitors would be allowed inside Parliament when US President Barack Obama addresses MPs on the evening of November eight. This would be part of beefed up security measures for the US leader when he visits the historic Central Hall of Parliament which is being given a make over for the big event.
Security measures in the Parliament House complex would be thoroughly reviewed and all security agencies would be involved, Parliament sources said. US security personnel are expected to be here soon, they said.
"So far as the visit of the US President to Parliament is concerned, the security will be on high alert," they said. Right from the circular facade of the eight-decade-old structure to paintings in the corridors and magnificent Central Hall, Parliament is being refurbished.
Hectic preparations are on in Parliament and the Central Hall has been closed for renovation. All construction activities will end in the Complex a week before Obama''s visit.
As per the tentative programme being worked out, the address by Obama would not be for more than 20 minutes. It is scheduled to start at 5 PM. The US President''s programme in Parliament House complex itself will be less than an hour''s affair, the sources said.
The programme will feature a welcome speech by Vice President Hamid Ansari and a vote of thanks by Lok Sabha Speaker Meira Kumar. The US President would also sign the Golden Book, the visitors diary of Parliament.
US First Lady Michelle Obama would be accompanying her husband. Besides the visiting dignitary, the Vice President, the Speaker and Prime Minister Manmohan Singh would be on the dais.
Michelle will be seated in the front row. It was in the historic Central Hall that the British handed over power to India in 1947.
It was also the platform for addresses by several leaders, including former US President Bill Clinton who visited India in 2000.
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General
- No more concessions than what''s agreed at Doha: BRIC to USPTI - 08:16 PM
- Geneva, Nov 3 (PTI) India, China and Brazil have indicated to the United States at the World Trade Organization that they cannot make any substantial commitments over and above what they had agreed for breaking the impasse in the Doha trade negotiations two years ago.
- RBI doubles online money transfer limit via RTGS to Rs 2 lakhPTI - 08:07 PM
- Mumbai, Nov 3 (PTI) The Reserve Bank has doubled the threshold limit for electronic fund transfers using the Real Time Gross Settlement (RTGS) system to Rs 2 lakh with effect from November 15.
- Inc capital flows may hit exchange rates in emerging ecos:OECDPTI - 08:06 PM
- London, Nov 3 (PTI) OECD, a grouping of mostly developed nations, today cautioned that continued monetary easing steps in advanced countries could pressurise exchange rates of emerging economies due to high capital inflows into those markets.
- ISS eyes to double revenue by 2011; expects Rs 400 cr by DecPTI - 08:02 PM
- Mumbai, Nov 3 (PTI) World's largest commercial providers of facility services ISS is eyeing to double its revenue in the country by 2011, from its expected revenue of Rs 400 crore this year.
- Home loan rates to go up on RBI''s move: CrisilPTI - 07:58 PM
- New Delhi, Nov 3 (PTI) Home loan are set to get costlier and there could be some moderation in loan demand, with the RBI asking banks to keep more money aside for offering teaser home loans, research firm Crisil said today.
India
- Tata Docomo rolls out 3G-service in India's tech hubIANS - 08:30 PM
- Bangalore, Nov 3 (IANS) Tata Docomo Wednesday became the first private telecom player to launch the third-generation (3G) service in this tech hub, with a phased rollout in nine circles across the country from Friday.
- Metro service to end at 8 p.m. DiwaliIANS - 08:25 PM
- New Delhi, Nov 3 (IANS) Delhi Metro will close its services on all six routes at 8 p.m. on Diwali.Friday's last train will start at 8 from Dilshad Garden, Rithala, Saritar Vihra, Jahangirpuri, Huda City Centre, Central Secretariat, Dwarka Sector-21, Noida city centre, Yamuna Bank, Anand Vihar, Inderlok and Mundka.
- Energy sector needs structural reforms: MukherjeeIANS - 08:08 PM
- New Delhi, Nov 3 (IANS) Structural reforms are needed to make the energy sector vibrant and investor-friendly, Finance Minister Pranab Mukherjee said Wednesday.
- Bombay Rayon make 29 rupee/shr open offer for STIReuters - 07:56 PM
- Textiles firm Bombay Rayon Fashions Ltd will make an open offer to shareholders of STI India at 29 rupees per share to acquire 20 percent, the manager to the offer said on Wednesday.
- State Bank of Mysore raises base rate by 25 bpsReuters - 07:44 PM
- State Bank of Mysore will raise its base rate by 25 basis points to 8 percent with effect from Nov 1, it said in a statement to the exchange.
International
- Oil at 6-mth highs ahead of Fed, inventories downReuters - 05:29 PM
- Oil climbed to a six-month high above $85 for a second straight session on Wednesday after U.S. fuel inventories fell, and ahead of the widely anticipated U.S. Federal Reserve's quantitative easing announcement due later.
- Picture postcards collection to be launched in UAEIANS - 02:15 PM
- Abu Dhabi, Nov 3 (IANS/WAM) A leading daily in the United Arab Emirates (UAE) will launch an exclusive collection of picture postcards in a bid to revive the tradition of sending postcards.
- FEATURE - China's dream for rare earths rests on grim costsReuters - 12:40 PM
- China's quest for a green future built on rare earths metals seems a world away from Ren Limin as he casts lumps of one of the metals in a chemical-spattered shed thick with acrid fumes.
- In US, Hyundai leads automakers in salesIE - 12:18 PM
- A handful of automakers reported Tuesday that their U.S. sales increased in October from a year ago, but the final tally won't be in for another day.
- India should open retail to spur 'Ever-Green Revolution': US bizIANS - 10:18 AM
- Washington, Nov 2 (IANS) Ahead of US President Barack Obama's trip, a major US trade association suggested action in three key areas, including opening of India's retail industry to foreign direct investment to help India usher in an 'Ever-Green Revolution'.
Personal-Finance
- Sensex soars in morning tradeIANS - 09:47 AM
- Mumbai, Nov 3 (IANS) After a tepid previous session, the benchmark index of Indian equities Wednesday soared in early trade.
- Sensex ends flat, markets shrug off rate hikeIANS - Tue, Nov 2
- Mumbai, Nov 2 (IANS) A benchmark index for Indian equities Tuesday closed flat as traders consolidated their portfolios after a two-day rally. Markets largely shrugged off the Reserve Bank of India's decision to hike short-term interest rates, which led to selling in realty stocks.
- Sensex consolidates, ends 28 points downIANS - Tue, Nov 2
- Mumbai, Nov 2 (IANS) A benchmark index for Indian equities Tuesday closed flat as traders consolidated their portfolios after a two-day rally.
- Markets flat post rates hikeIANS - Tue, Nov 2
- Mumbai, Nov 2 (IANS) Indian equities markets Tuesday were ruling flat after the Reserve Bank of India hiked the short-term borrowing and lending rates by 25 basis points each.
- Sensex closes 323 points higherIANS - Mon, Nov 1
- Mumbai, Nov 1 (IANS) A benchmark index of Indian equities Monday closed 323 points higher, helped by positive cues from other Asian markets. Heavyweights ICICI Bank, HDFC and Bharti Airtel gained the most.
Markets
- Govt to try elongate maturity profile of debt - finminReuters - 08:07 PM
- The government will try to elongate the maturity profile of debt to reduce short-term redemption pressure, the finance ministry said on Wednesday in a report titled Government Debt - Status and road ahead.
- Wall St flat despite strong factory dataReuters - 07:59 PM
- U.S. stocks stayed little changed on Wednesday after data showed new orders received by U.S. factories rose more than expected and the services sector grew more quickly than forecast.
- Wall St set to open higher after ADP, electionsReuters - 06:52 PM
- Wall Street was set for a slightly higher open on Wednesday after Republicans captured control of the U.S. House and ahead of an expected Federal Reserve announcement on monetary easing.
- Dhanteras adds shine to India's gold salesReuters - 06:50 PM
- Gold sales are seen gathering pace all through Wednesday with traders and retailers expecting volume to rise up to 20 percent despite near-record prices as customers line up to make the most of the auspicious Dhanteras festival.
- Gold eases as dollar steadies ahead of Fed statementReuters - 06:21 PM
- Gold prices softened in Europe on Wednesday as the dollar steadied against a currency basket, but traders were nervous of adding substantially to positions ahead of an announcement on monetary policy from the Federal Reserve.
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The Indian equities were holding on to its morning gains in range-bound trading. Broader markets too were in the positive, led by metal and consumer durables. European stock markets rose on Tuesday, b...
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Top Stories
As of 47 minutes ago
Tata Tele to launch 3G in all zones by end-2010
- Reuters
Tata Teleservices, India's No. 4 mobile carrier, launched its 3G wireless data services ahead of larger rivals and on Wednesday said it will roll them out across its nine telecom zones by the end of year....
- Long global recession major risk to growth: RBI- Reuters
- ONGC becomes Asia's No.1 E&P firm- IE Finance
- FIPB could unwrap Rs 3,000-cr Diwali gift- IE Finance
- Sebi gets more stringent on PMS- IE Finance
- Fortis to add 2,100 beds in 18 mths; Q2 net surges- Reuters
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RBI's Second Quarter Review of Monetary Policy 2010-11
RBI indicated that the economy remains on a strong growth trajectory and its policy stance has addressed possible disruptions and provided a strong basis for continuing sustainable growth.
- Report: Move to impact short-term growth but aid expansion in long run: FM
- Report: Bankers rule out immediate hike in rates
LIVE BUSINESS NEWS
- Govt to try elongate maturity profile of debt - finmin- Reuters
- Dhanteras adds shine to India's gold sales- Reuters
- Govt begins move to free urea pricing - minister- Reuters
- Coal India seen up 17 pct on debut after record IPO - POLL- Reuters
- Rupee retreats from 2-wk peak; Fed in focus- Reuters
- HIGHLIGHTS - Easing tight liq not opposed to plcy stance - RBI- Reuters
- Tata Tele to launch 3G in all zones by end-2010- Reuters
- POSCO hopes SAIL JV will start production by 2013- Reuters
- DQ Entertainment to sign 2 major licensing deals - CEO- Reuters
- India, Malawi ink four pacts to boost economic cooperation- ANI
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India on Obama's mind
New Delhi: India has been on US President Barack Obama's mind since his senatorial days. Be it the contentious issue of outsourcing or the "wonderful" Prime Minister Manmohan Singh or his "hero" Mahatma Gandhi, here's what Obama - who will visit India during Nov 6-9 - has been saying about the country:
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Latest NewsOne word Obama will dread to mention- Mention of Kashmir by Obama will be explosive: Riedel
- Obama faces defeat in mid-term elections: Opinion polls
- Washington: US President Barack Obama faces a humiliating defeat in Tuesday's mid-term congressional elections, according to opinion polls.
White House comes to Taj
- Mumbai: President Barack Obama will feel very much at home when he is at the hotel on November 6 and 7.
National News- Andhra rains cause havoc, toll rises to 25
- Bihar's poor have not benefited from welfare schemes: Rahul
- India on alert over parcel bombs
- On Diwali business, China beats India
- 'Yeh dosti…' to enthrall Obamas at presidential banquet
International News- Obama raises hype, promises little on UNSC membership
- Must protect American jobs, says Obama on outsourcing
- Both Nikki Haley and Bobby Jindal's parents came from Punjab
- US polls: Republicans win House; Democrats keep Senate
- Blast at Swiss embassy in Athens
Business News- SpiceJet to buy 30 planes for $900 mn
- ONGC set to invest $9.5 bn to up output
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http://news.in.msn.com/obamasvisittoindia/
India expects progress on US export control issue
Ahead of President Barack Obama's visit here, India today said it expects progress on the issue of relaxation of US export control regime on dual-use items.
"Yes I do see...we are expecting progress in that field," India's Ambassador to the US Meera Shankar said here when asked about New Delhi's expectations on relaxation of US export control laws which prohibit transfer of dual-use items.
The issue, which has been a major area of concern for India, is expected to figure prominently during the talks between Prime Minister Manmohan Singh and Obama here on November 8.
Sources here indicate that some announcement may be reflected in the Joint Statement to be issued after the meeting.
Under the export control regime, the US has a list of entities which whose export to certain countries like India requires clearances.
In the case of India, technology in 10 of the 16 broad areas, including chemicals and biological materials, for the civil industries are affected by this.
These technologies fall under the categories 'non- proliferation, national security, missile technologies and crime control' by the US administration.
India wants such items to be allowed to be transfered without the requirement of clearances.
Sources in the government here say the US is undertaking a India-specific review of its policy and the two sides are working on this issue to finetune it to India's benefit.
Shankar said till now the country's maximum technology collaboration is with the US companies.
Obama, who will undertake a three-day visit beginning from November 6, will also visit Mumbai besides Delhi.
3 Nov, 2010, 03.02PM IST,REUTERS
Long global recession major risk to growth: RBI
MUMBAI: One of the main risks to domestic growth is a prolonged global recession , Reserve Bank of India Governor Duvvuri Subbarao told analysts in a conference call on Wednesday, a day after it hiked key rates as expected.
On Tuesday, the Reserve Bank of India (RBI) raised its key policy rates for the sixth time since March and said it was unlikely to adjust rates again in the near future but would remain vigilant about inflation that remains above its comfort level.
RBI is seen raising rates once more this fiscal year ending in March, according to economists polled by Reuters.
Jharkhand to develop IT hub over 1,000 acre land near Ranchi
RANCHI: The Jharkhand government is acquiring 1,000 acres of land near Ranchi for developing an IT hub with a view to make the state new 'silicon valley' of the country, a senior official said on Monday.
The Chief Secretary of Jharkhand, Ashok Kumar Singh, told media that the state government has decided to make the state the new "silicon valley" of the country and for this purpose Chief Minister Arjun Munda has ordered acquisition of 1,000 acres of land near the capital.
He said that very soon the area will be acquired and it will be declared as an institutional area for the purpose of development of the IT industry.
"The bigwigs of IT industry like Wipro, IBM, HCL, Infosys and others will be invited to establish their software research and development units in the state after the development of the necessary infrastructure in the state," he added.
Asked about the problems of acquisition of such a huge land for the project, he claimed that it will be done smoothly with a pro-people policy.
He said that the state government is also formulating changes in the century old land acquisition law, to make it more pro-people and pragmatic.
Confronted with the naxal problem in the state, Singh said that these are the brief phases of the history and one should not stop its developmental efforts in view of such problems.
"Moreover the establishment of the IT industry in the state will solve the problem of unemployment in here and this will help in eradicating the naxal menace from the state," he added.
3 Nov, 2010, 01.06PM IST,REUTERS
Coal India to debut at Rs 280-300 tomorrow: Analysts
NEW DELHI: State-run Coal India (CIL), which garnered Rs 15,200 crore through its initial public offer (IPO), is likely to make a powerful debut in the range of Rs 280-300 on the bourses, thereby giving a boost to the broader market, say analysts.
"Coal India would witness a remarkable debut on Dalal Street, which would uplift the broader market sentiment. Investors are likely to earn smart gains from the listing, which should be in the range of Rs 280-300," Geojit BNP Paribas Financial Services AVP Gaurang Shah said.
A Reuters poll forecast Coal India shares would rise to about 287 rupees in their first day's trade, a 17 percent premium to its IPO price of Rs 245 a share.
The estimates ranged from Rs 270 to Rs 325 in a poll of 12 analysts, traders and fund managers.
The Bombay Stock Exchange's Sensex, which is hovering in and around 20,500-mark, has its eyes all set on CIL's listing, which is likely to drive the market to some cheerful note.
Besides, the marketmen also feel that CIL's listing will give the much needed push to the broader market, as it will see the increased liquidity with the investors getting back the refunds of the amount blocked in the subscription.
State-run Coal India's IPO, India's largest ever, attracted bids for more than 15 times the shares on offer, luring investors with its dominant position in a country that is heavily reliant on coal-fired power and a valuation considered attractive relative to global peers.
"Given the level of oversubscription and the valuation the market was expecting before the price range was set, a premium is a foregone conclusion," said Ambareesh Baliga, vice president at Karvy Stock Broking .
"Coal India is expected to list at about Rs 300 on the bourses. The market will see sufficient liquidity as the investors blocked cash will be released, easing pressure," CNI Research CMD Kishore P Ostwal said.
The public-sector company had won the confidence of many investors with its blockbuster IPO, through which the government is divesting 10 per cent of its stake.
The IPO had garnered a robust demand of over 960.36 crore shares, as against 63.16 crore equities on offer, which translated into total demand worth Rs 2.35 lakh crore -- the highest upfront payment for any IPO in the country.
"Question is: whether it will sustain in the medium term?" At its offer price, Coal India is worth nearly $35 billion, ranking it seventh among India's listed firms. Any significant listing gains could bump up its ranking above leading power utility NTPC and India's second largest outsourcer, Infosys.
Kolkata-based Coal India, which accounts for nearly 80 percent of coal output in Asia's third-largest economy, will benefit from coal demand in India that is expected to grow 11 percent annually.
The country aims to halve its peak-hour power deficit of nearly 14 percent over the next two years and triple generation capacity over the next decade.
3 Nov, 2010, 09.02AM IST, Reena Zachariah & Shailesh Menon,ET Bureau
India Inc's biggies see CIL as good long-term bet
MUMBAI: Indian companies such as Reliance Industries (RIL), Hero Honda and Bajaj Holdings that have accumulated billions of rupees have bid for shares of Coal India (CIL), the government-run mining company that will be listed on the stock exchanges on Thursday. RIL, India's largest private sector firm, and its group companies are estimated to have put in bids worth Rs 6,000 crore while Hero Honda and Bajaj Holdings have each bid more than Rs 200 crore, according to two people involved in the IPO process.
India Inc's finest will be competing with wealthy individuals for Coal India shares. Sebi norms require 15% to be allotted to so-called non-institutional investors consisting of corporate treasuries and high net worth individuals. While 35% is reserved for retail investors, defined as those investing less than Rs 1 lakh, the remaining 50% is earmarked for qualified institutional investors such as mutual funds and pension funds.
Moneyed individuals have been eager to own Coal India shares, as many think that these would be a good long-term investment in a country where economic growth exceeding 8% will require the burning of fossil fuels for decades. If market intermediaries are to be believed, Azim Premji, the owner of Wipro and one of the richest individuals in the country, has placed bids worth about Rs 700 crore in the Coal India issue. But this could not be independently verified.
A posse of foreign funds such as Janus Capital, Fidelity, Franklin Templeton and Capital International have bid for Coal India shares. SBI, LIC and ICICI are among the leading domestic investors. Both will be allocated shares in the 50% category. Coal India's IPO drew bids for at least Rs 2.3 lakh crore, or $54 billion.
The issue was subscribed 15.3 times the offer. The company is likely to be India's sixth most-valuable company and stands a good chance of making it to the most-tracked indices, the 30-share Sensex and the 50-share Nifty. Financial institutions are usually the biggest investors in public offerings and the huge bids by companies in the Coal India IPO have surprised many. In the past, companies, including Reliance Industries, have invested in public offerings of many state-owned companies like ONGC and Powergrid Corporation but the bids this time have been much larger.
"Most of the companies that have invested in the Coal India IPO have surplus cash on their books. Cash-rich companies invest in issues that are decently priced. They hold these shares in their long-term portfolios," said Ambareesh Baliga, vice-president, Karvy Stock Broking. "Corporate money that gets refunded post-allotment goes back to the books. It (refunds) will not come back to secondary markets as is believed by most marketmen. Cash in books are (only) used for investments and not trading," he added.
An external spokesperson for RIL declined to offer any comments. "By investing in this issue, corporates are showing their support to the government. Big investments by private companies always get highlighted at the government level. This apart, companies invest in good companies to generate returns on their treasury portfolios," said SP Tulsian, a Mumbai-based independent investment advisor.
"Corporates will decide on their investments only after getting allotment. If the allotted portion is way below the bid quantity, corporates may not remain invested for long. They will exit the counter on small gains," he added.
As on March 31, 2010, RIL has a cash and bank balance worth Rs 13,891 crore on its books.
The company has investments worth Rs 3,131 crore in equities, Rs 4,735 crore in debt instruments and Rs 1,193 crore in mutual funds. Hero Honda, India's largest maker of two-wheelers, has a cash and bank balance of Rs 1,907 crore. It has investments worth Rs 552 crore in debt instruments and Rs 3,313 crore in mutual funds.
Coal India has made share allotments to about 15.5 lakh investors, including 775 qualified institutional buyers and 9,500 high net worth individuals and companies. The remaining investors belong to the retail category. They include the company's employees. Many retail investors have already been informed through SMS or online. Allotments to institutional investors have been made and are not publicly disclosed.
"Fuel availability and linkages, particularly for power plants, are very crucial and the fact that Coal India is the largest producer of coal in the world has been one of the fundamental reasons for the positive sentiment. This apart, we have seen that the quality of stock and the price value was very attractive," said a senior official with one of the largest domestic financial institutions.
Over 3,100 CIL employee IPO applications rejected
Over 3,100 applications by Coal India Limited employees for buying company shares through the Rs 15,200-crore IPO have been rejected due to certain procedural issues.
The development comes two days before the company's debut on the bourses.
"There were about 3,166 applications for around 7.5 lakh shares in the employee category, which were wrongly bid under public category. Therefore, they have been rejected," a person in the know of the development told PTI.
When contacted, Coal India Chairman P S Bhattacharyya told media that the company is aware of the development regarding rejection of applications of some of its employees.
"We are aware of the matter. Some mitigating action needs to be taken as well. I have already asked officials to look into the matter and fix responsibility," Bhattacharyya said.
Nearly 25,000 employees, out of its total workforce of 3.98 lakhs, applied for shares in the recently concluded public offer, which was over subscribed 15.28 times and generated bids worth 2.3 lakh crore.
Out of the 63.16 crore shares on offer, 10 per cent of which were reserved for its employees. Coal India officials had last week said that only 10 per cent of the reserved shares were bid by the employees as the trade unions were protesting against the share sale and had advised workers to stay away from the public offer.
3 Nov, 2010, 11.25AM IST, Apurv Gupta,ET Bureau
CIL's successful IPO prompts others to retest market
MUMBAI: Over a dozen corporates have mounted a fresh attempt to raise capital through public offerings, with the upswing in the capital market and the boost to investor sentiment after state-owned miner Coal India's successful share sales.
Companies led by property developer Emaar MGF , Reliance Infratel, Nimbus and Future Ventures have refiled their public offering documents with capital market regulator the Securities and Exchange Board of India (Sebi). Nimbus has filed with Sebi for the fourth time while for Future Ventures, Reliance Infratel and Emaar MGF, it's the second attempt, according to Prime Database, which tracks the primary market.
Some of these firms had attempted to launch their public issues almost two years ago, but the downturn in the market, coupled with steep valuations, forced them to abandon their fund-raising efforts.
Many of these issuers are now making a renewed attempt by emphasising their relatively strong business models and reasonable valuations, investment bankers handling some of these proposed public offerings said.
"The business models of these companies have seen a considerable change now. While there would be a revision of valuations at which the funds would be raised, it doesn't necessarily mean that it will be a downward revision," said Munesh Khanna, CEO & MD-investment banking, Centrum Capital .
Emaar MGF's valuation in the proposed IPO could be slashed to al-most a fourth of what it planned in 2008, according to an earlier ET report.
"It will be wrong to bracket all the firms in the same league and investors should take their call whether to invest or not based on the price at which the issue hits the market again since every company is good or bad at a price," said Prithvi Haldea, managing director, Prime Database.
But investors may be choosy about putting money in such issues, especially when concerns over their business prospects have been raised in the past. "Investors should be choosy about where to invest and not to get carried away by market fancy like they did in the case of some earlier IPOs, where issuers left aside nothing on the table," says Pritesh Vora, director-India of US-based Equanum Advisors.
"It will also be wrong for investors to expect that issuer leaves something on the table every time an IPO comes. Investors should not lay too much stress on peer valuations, among other things, as they don't work on a rigorous basis in every case," he said.
US cos may invest in infrastructure sector
The business delegation travelling with the US President Barak Obama is expected to show a keen interest in investing in India's infrastructure, banking and insurance sectors, says a top government official.
"We expect American companies should be looking at investment in India's growing infrastructure sector," Finance Secretary Ashok Chawla said at a function here.
American investors are also expected to show a keen interest in banking and insurance sectors, Chawla said.
Obama will be on a India visit from November 6-9, during which he would go to Mumbai and New Delhi. A number of key American CEOs would also be travelling to India with the US President.
SAD demands action against Sajjan, Tytler
The ruling Shiromani Akali Dal president Sukhbir Singh Badal today said the party would continue with its sustained struggle "on every available forum" till those responsible for anti-Sikh riots are put behind the bars. Members of the Sikh community all over the world and Indians are offering prayers in the memory of those who were killed in New Delhi and other cities, Sukhbir said while participating in a prayer meeting at Gurudwara Amb Sahib here on the 26th anniversary of the 1984 anti-Sikh riots.
He claimed that the protestors belonged to Congress and were led by Sajjan Kumar and Jagdish Tytler. "We pray to God to give them strength to sustain in this struggle, till every guilty is punished," Sukhbir said.
He accused the Congress of creating hurdles in the judicial process fearing that the custodial interrogation of Sajjan and Tytler would reveal the "real hand" behind this genocide. Vowing to continue the struggle on every forum in the country, and if needed at international forum, Sukhbir said it is the commitment of the SAD to ensure justice to the families of 7,000 victims.
Meanwhile, in Ludhiana, the riot-hit victims burnt effigies of Congress president Sonia Gandhi, Sajjan Kumar and Jagdish Tytler today in protest against the alleged failure of the Central government to take action against those responsible for the riots. Protestors led by president of Danga Peerat Welfare Society, Punjab, Suirjit Singh staged a demonstration and blocked the road traffic.
Oklahoma voters ban shariah law
Washington, Nov 3 (DPA) The central US state of Oklahoma is to become the first state in the US to ban Islamic sharia law.
That's the result of a voter initiative in the state that passed by a heavy majority in the midterm election Tuesday night.
State Question 755 amends the Oklahoma constitution to forbid courts in Oklahoma from considering sharia law or international law in reaching their decisions. With more than 60 percent of precincts counted, more than 70 percent of voters had approved the measure, according to the Secretary of State's website.
The measure was proposed by Republican State Representative Rex Duncan, who said he was inspired to propose the constitutional amendment even though there have been no cases in Oklahoma in which judges had relied on international or sharia law.
'I would describe this as a pre-emptive strike,' he said. 'We don't want to let it get a toe-hold.'
Local Muslims said it was an example of anti-Muslim bigotry.
'There's no threat of sharia law coming to Oklahoma and America, period,' Saad Mohammed of the Islamic Society of Greater Oklahoma City said. 'It's just a scare tactic.'
Cong targeting RSS to divert attention from corruption: BJP
Accusing Congress of diverting public attention from corruption cases under its rule by targeting the RSS, BJP today asked AICC chief Sonia Gandhi not to remain a "mute spectator" and take action against the guilty in scams. "While the party remained silent on the issue of corruption during the AICC session, it attacked a nationalist organisation like the RSS to divert attention from scams under its leadership at the Centre as well as Maharashtra," party spokesperson Shahnawaz Hussain told reporters here.
Asking the Congress President not to remain a "mute spectator" and take action against the guilty, the BJP leader said the party should accept the resignation of Ashok Chavan as the Chief Minister of Maharashtra. Chavan had offered to resign on Saturday during a meeting with Gandhi in connection with the controversial Adarsh Co-operative Housing Society which was supposedly meant for widows and veterans of the Kargil war.
Taking a dig at Congress general secretary Rahul Gandhi, he said while the young leader talks about the ''aam admi'' (common man), "there were two ''adarsh'' (model) personalities on the stage at the AICC session -- one was Suresh Kalmadi and other Ashok Chavan". He said out of so many general secretaries, only one (Rahul Gandhi) spoke at the session.
Making light of the two-member panel headed by Finance Minister and Congress veteran Pranab Mukherjee to probe the role of Chavan, Hussain said it was ironical that the task of security has been entrusted to the "agency accused of theft". "A member of the party is accused of corruption and another member is probing the case," he said.
He claimed that the charges against RSS leader Indresh Kumar in the Ajmer dargah blast case were politically motivated. "His efforts to work for the Muslims are well-known.
And that is the reason why he has been targeted," he said. At the same time he skirted a reply on whether Pragya Singh was also framed as part of a conspiracy.
"Let the law decide and not Congress," he said. To a question on whether BJP will participate in the proposed RSS programme in support of Indresh Kumar on November 10, he said "BJP always stands by what is right for the nation", indicating the party''s support for the Sangh Parivar.
'Mayawati insensitive to Dalit woes'
Lucknow, Nov 3 (IANS) National Commission for Scheduled Castes Chairman P.L. Punia Wednesday accused Uttar Pradesh Chief Minister Mayawati of being insensitive to the problems faced by Dalits.
He also alleged that she was not taking any serious steps to prevent atrocities against them.
'In the last five-six months, several incidents of rape and killing of Dalits took place in districts like Muzaffarnagar, Basti, Kannauj and Hathras, but the state government preferred to remain silent on all such incidents,' Punia told reporters at a press conference here.
'Even when the commission sought a report from the state government on the incidents, the government failed to reply. It clearly reflects the non-serious attitude of the Mayawati government which claims to protect rights of Dalits and backward communities,' he added.
Punia said that the commission was looking at ways to ensure that timely action was taken on first information reports (FIRs) and complaints filed by Dalits.
'We are working to ensure that the investigations in the complaint made by Dalits are completed within a month of registering the FIR so that the court hearing in the case could also start within three months,' said Punia.
Samajwadi Party revokes expulsion of Azam Khan
Samajwadi Party chief Mulayam Singh Yadav has revoked the expulsion of senior leader Mohammad Azam Khan, who was expelled from the party after Lok Sabha polls last year.
It has been reported that Samajwadi Party National General Secretary Ram Gopal Yadav has written a letter to Azam Khan informing him about the decision of Mulayam Singh Yadav to revoke his suspension.
"I am extremely happy to inform you that SP national president Mulayam Singh Yadav has revoked your expulsion from the party. You are requested to continue to serve the party like before," NDTV quoted Ram Gopal Yadav, as saying in the letter.
"We hope that support of a big leader like you will strengthen the party," he added.
Azam Khan was expelled for six years for anti-party activities on May 24, capping weeks of bitter feud with the party leadership over its closeness with former Bharatiya Janata Party (BJP) leader Kalyan Singh and its choice of Jayaprada as the party candidate for the Rampur Lok Sabha constituency.
Azam Khan, formerly a general secretary of the party, was considered a close aide of the SP leader since his early days in politics, and had actively campaigned against Jayaprada in the Rampur constituency and made adverse comments against Amar Singh.
Khan had raised the banner of revolt against the party leadership after Jaya Prada's candidature from Rampur was declared.
He was also peeved over Mulayam Singh Yadav's friendship with former BJP leader Kalyan Singh, who was the Chief Minister of Uttar Pradesh during the 1992 Babri mosque demolition.
Azam Khan, who was a prominent Muslim face of the party, had termed Yadav's closeness with Kalyan Singh as against the sentiments of Muslims. (ANI)
3 Nov, 2010, 01.52PM IST,Bloomberg
Another bubble beginning in emerging market shares
Barton Biggs warned of a US stock-market bubble as early as January 1997 and stayed bearish for most of the following three years as the Standard & Poor's 500 Index surged more than 90% to a record. A decade later, Biggs says another bubble is beginning in emerging market shares. This time, he's bullish.
"We're only halfway along the way to a gigantic eventual bubble in the emerging markets," Biggs, the managing partner of New York based hedge-fund firm Traxis Partners and former chairman of Morgan Stanley Asset Management, said in an October 29 interview on Bloomberg Television. "The emerging markets, particularly Asia, are a place where I want to have a really major representation."
Biggs's view is shared by Jeremy Grantham, whose investment firm had its assets under management shrink 45% in the late 1990s as his pessimistic outlook for high-priced technology stocks spurred clients to buy better-performing mutual funds. The chief strategist at Grantham Mayo Van Otterloo & Co wrote onOctober26that his forecast for an "emerging emerging bubble" was in "splendid shape" after the MSCI Emerging Markets Index soared 146%in the past two years.
While the 49% plunge in the S&P 500 from March 2000 to October 2002 proved Biggs, 77, and Grantham, 72, were right to warn of over valued US shares, their strategy now in emerging markets shows investors are increasingly seeking to profit from bubbles as the US Federal Reserve increases its unprecedented monetary stimulus.
Investment strategists at Bank of America Corp, Credit Suisse Group AG and Societe Generale SA have all said in the past two weeks that emerging-market stocks may climb above levels justified by companies' assets and earnings because of surging economic growth and the Fed's efforts to reduce yields on debt securities. Emerging-market asset prices "maybe running ahead of economic fundamentals" as "herding behaviour" prolongs the rally, Nouriel Roubini, the New York University professor who predicted the global financial crisis, said at a conference in Cape Town on Tuesday.
The MSCI emerging-market index rose1.4% on Monday after a report showed China's manufacturing strengthened and data on American spending and incomes underscored pressure on the Fed to announce more asset purchases this week. Investors poured more than $60 billion into emerging-market stock mutualfundsin2010amiddeveloping-nation growth that the International Monetary Fund says will reach 7.1% this year, more than double the 2.7% pace in advanced countries, data from Cambridge, Massachusetts-based EPFR Global show.
Professional investors are more bullish on emerging markets than any region, according to a Bank of America survey last month of money managers overseeing $492 billion. "Everyone and his dog are now overweight emerging equities, and most stated intentions are to go higher and higher," Grantham, who helps oversee about $104 billion, wrote in his quarterly letter to clients posted on the firm's website.
Developing nations' faster expansion "will give a powerful impression of greater value", he said. The MSCI emerging-market index's13% advance this year has lifted its price to 2.1 times net assets, a record relative to the MSCI World Index of developed-market shares, which trades at a ratio of 1.8, according to weekly data compiled by Bloomberg.
Valuations are the "most stretched" in emerging markets, making them vulnerable to a selloff should global growth disappoint investors, BobJanjuah, the co-head of cross-asset allocation strategy at Nomura International, said in a Bloomberg Television interview on October 27.
Global fund flow to emerging markets slows down in Oct
Global fund flows into emerging market equity and bond funds slowed significantly during the fourth week of October, ahead of America's mid-term elections and Fed meeting.
According to data compiled by international fund tracking firm EPFR, emerging market equity and bond funds took in $2.68 billion and $710 million, respectively, for the week ending October 27, about half the previous week's figures.
It said that flows into commodity sector funds came down drastically as "speculation mounted that the second round of easing might proceed at a slower pace than hoped for" .
Another reason behind the slow flows into emerging market funds was that a whopping $20.2 billion flowed into money market funds, which is a 14-week high for this fund group and the third highest weekly tally yearto-date .
Besides, the US equity funds attracted fresh money and healthcare/biotechnology sector funds recorded their highest weekly inflow since early September.
Overall, the EPFR Global-tracked equity funds took in another $6.44 billion for the week. Bond funds absorbed $4.74 billion, taking the year-to-date total inflows to over $360 billion.
Dedicated BRIC equity funds absorbed a modest $30 million for the week, while frontier market equity funds took in $76 million. Global equity funds extended their current inflow streak to three straight weeks while the other major diversified developed markets fund group, Pacific Equity Funds, posted outflows for only the second time in the past eight weeks.
Emerging markets bond funds, meanwhile, saw inflows slow and spread themselves evenly between the various currency styles. YTD flows into this fund group now stand at $46.4 billion versus $9.48 billion for all of 2009, EPFR said.
2 Nov, 2010, 03.05AM IST,REUTERS
China, India lead way as Asia shows strength
BEIJING/SEOUL: Growth in China and India powered ahead last month, providing welcome support for the global economy at a time of sluggishness in the United States and most of Europe and a faltering in Japan's recovery.
Two surveys of Chinese executives showed broad-based strength in the manufacturing sector of the world's second-largest economy and helped boost Asian shares outside Japan by 1.7 percent. The official purchasing managers' index (PMI) rose to a six-month high in October of 54.7 from 53.8 in September, easily beating market forecasts of 52.9. A figure above 50 denotes expansion; a reading below 50 indicates contraction.
The strength of the official PMI was especially striking because the index normally heads down in October, said Yu Song and Helen Qiao, economists at Goldman Sachs. "The fact that the PMI went up despite this seasonal bias suggests real activity growth was likely to have been exceedingly strong in October," they said in a note.
The survey showed that manufacturers continued to run down stocks last month to meet rising domestic orders, which Ting Lu with Bank of America Merrill Lynch said was a reflection of strength in construction and consumption. "These readings bode well for a recovery of output in coming months," Lu told clients.
A companion PMI produced by Markit for HSBC painted a similar picture, rising to 54.8 from 52.9 -- one of the largest month-on-month rises in the history of the survey. Calling the official PMI one of the best leading indicators of the economy, Lu said the October report supported his forecast of 9.3 percent year-on-year growth in gross domestic product in the fourth quarter and 10.3 percent for all of 2010.
In contrast, the United States reported on Friday that its economy grew at a tepid 2.0 percent rate in the third quarter, reinforcing expectations that the Federal Reserve will agree this week to ease monetary policy by embarking on a new programme of bond purchases. The HSBC Markit PMI for India, Asia's third-largest economy, rose to 57.2 in October from 55.1 in September. "The manufacturing sector remains supported by strong local consumption growth, and growing employment suggests that domestic demand will remain robust," Frederic Neumann, co-head of Asian Economics Research at HSBC, said in a statement.
STRONG KOREAN EXPORTS
Not all the economic news from Asia was rosy. The South Korean manufacturing sector shrank for the second month in a row as the HSBC/Markit PMI fell to 46.7 in October, the lowest since February 2009, from 48.8 in September. New export orders also fell below the boom-bust line of 50 for the first time since February 2009.
But actual exports from Asia's fourth-largest economy rose 29.9 percent in October from the same month last year. That surpassed the 21.9 percent increase economists had expected and boosted investor confidence in the export-dependent economy.
Shares in South Korea's top automakers shot to record highs, while the won rallied against the dollar. "It bodes well for the economy and solid overseas demand will continue to be a major driver for economic growth," said So Jae-yong, an economist at Hana Daetoo Securities in Seoul. Together with a jump in inflation to a 20-month high of 4.1 percent in the year to October, the data also strengthened the case for a rise in interest rates this month. South Korea's PMI mirrored that for Japan, released last Friday, which showed that manufacturing contracted for a second consecutive month as slowing demand and a rising yen led to the first drop in export orders in more than a year.
India on alert over parcel bombs
India sounded an alert at all air and sea ports to closely check all overseas shipments coming into the country following detection of two parcel bombs at Athens and London airports, and a third in Berlin.
Sources said that the union home ministry has directed the postal department to thoroughly check all parcels coming from Yemen and Somalia.
The alert follows last week's discovery of the two parcels containing explosives on US-bound flights in London and Dubai, sent from Yemen.
Will not allow anti-Chinese activities: Nepal to China
BEIJING: In the wake of Tibetans in Nepal trying to hold elections for their government-in-exile, President Ram Baran Yadav on Monday assured Chinese Premier Wen Jiabao that it would not allow "any force" to "damage" Chinese interest in its territory.
Yadav also told Wen that Nepal staunchly adheres to "One- China policy and never allows any force to damage China's interests on Nepali territory."
The Nepalese President's assurance came in the wake of China protesting against activities carried out under the banner of the 'Free Tibet' movement in Nepal.
Last month, Tibetans living in Nepal tried to hold elections for their government-in-exile, but authorities thwarted their attempts after coming under pressure from China.
During the meeting, Wen said China will have "model" ties with Kathmandu.
Yadav along with Sri Lankan President Mahinda Rajapaksa attended the Shanghai Expo closing ceremony along with Wen.
Later, Yadav thanked China for its "goodwill and support for his country", state-run Xinhua news agency reported.
On his part, Wen said China and Nepal are good neighbours, good friends and good partners and termed their bilateral relations a "model" for "equal and friendly cooperation between the two countries."
"China will consolidate its traditional friendship with Nepal, deepen pragmatic cooperation and enrich its comprehensive partnership," Wen said.
Wen also met Rajapaksa in Shanghai and offered to strengthen cooperation in infrastructure and Chinese investments.
Besides expanding cultural exchanges, the two countries should closely coordinate in international and regional affairs to promote comprehensive partnership, Wen said.
Rajapaksa thanked China's assistance and support to Sri Lanka.
"China's development contributes to peace and stability in the region as well as the world at large," he said.
Besides Nepal, China is also investing heavily in Sri Lanka where it is developing a deep water port at Hambantota.
3 Nov, 2010, 07.15PM IST,PTI
I am just your 'servant': Rahul
JEHANABAD: Striking an instant rapport with the masses, Congress General Secretary Rahul Gandhi said that he considered himself as a "servant" who was aware of his responsibilities to the people.
"My family background and the past five years of my political experience have taught me that that I am just a 'naukar' (servant).. and a 'naukar' knows his responsibilities towards his 'malik' (people)," Rahul told an election rally here.
Seeking to define 'Raj Neta', the Congress leader said that "as long as we serve you better you keep us, else throw us out."
Without naming any political opponents, Rahul recalled that a few persons had criticised him when he visited houses of poor people and shared meals with them.
Navy submits report on Adarsh scam to Defence Ministry
The Indian Navy today said it has submitted its report on the Adarsh Housing Society scam to the Defence Ministry.
The report along with the recommendations of the Navy for the future course of action has been sent to the Defence Ministry, Navy sources said here.
After ordering a probe into the issue, the Defence Ministry had sought reports on the controversy and its past background from the Army, Navy and the Defence Estates.
A controversy has erupted over how the Adarsh Society in upscale Colaba, originally meant to be a six-storey structure for house Kargil war heroes and widows, was converted into a 31-storey building.
The high-rise is built on 6,450 sq metres within the Colaba naval area and was cleared on the condition of housing war veterans but now has 104 members, including former service chiefs, senior serving Army officials, a former Environment Minister, legislators and state bureaucrats.
1 Nov, 2010, 01.38AM IST,New York Times
Anti-outsourcing rhetoric goes against US' free market values
NEW DELHI: This week's award for not-knowing-what-world-you're-living-in surely goes to the French high school and college students who blockaded their campuses and snarled rail traffic, in a nation-wide strike against the French government's decision to raise its pension retirement age from 60 to 62.
If those students understood the hypercompetitive and economically integrated world they live in today, they would have taken to the streets to demand smaller classes, better teaching, more opportunities for entrepreneurship and more foreign private investment in France — so they could have the sort of good private-sector jobs that would enable them to finance retirement at age 62.
France already discovered that a 35-hour workweek was impossible in a world where Indian engineers were trying to work a 35-hour day — and so, too, are pension levels not sustained by a vibrant private sector. What is most striking to me being in India this week, though, is how many Indians, young and old, expressed their concerns that America also seems at times to be running away from the world it invented and that India is adopting.
With President Barack Obama scheduled to come here next week, at a time when more than a few US politicians are loudly denouncing immigration reforms, free-trade expansion and outsourcing, more than a few Indian business leaders want to ask the president: "What's up with that?" Didn't America export to the world all the technologies and free-market dogmas that created this increasingly flat, global economic playing field, and now you're turning against them?
"It is the Silicon Valley revolution which enabled the massive rise in tradable services and the US-built telecommunication networks that allowed creation of the virtual office," Nayan Chanda, the editor of YaleGlobal Online, wrote in the Indian magazine Businessworld this week. "But the US seems sadly unprepared to take advantage of the revolution it spawned. The country's worn-out infrastructure, failing education system and lack of political consensus have prevented it from riding a new wave to prosperity."
Saurabh Srivastava, co-founder of the National Association of Software and Service Companies of India, explained that in the first 40 years of Indian independence, entrepreneurs here were looked down upon. India had lost confidence in its ability to compete, so it opted for protectionism. But when the '90s rolled around and India's government was almost bankrupt, India's technology industry was able to get the government to open up the economy, in part by citing the example of America and the Silicon Valley. India has flourished ever since.
"America," said Mr Srivastava, "was the one who told us: 'You have to go for meritocracy. You don't have to produce everything yourselves. Go for free trade and open markets'. This has been the American national anthem, and we pushed our government to tune in to it. And just when they're beginning to learn how to hum it, you're changing the anthem... Our industry was the one pushing our government to open our markets for American imports, 100% foreign ownership of companies and tough copyright laws, when it wasn't fashionable."
If America turns away from these values, he added, the socialist/protectionists among India's bureaucrats will use it to slow down any further opening of the Indian markets to US exporters.
It looks, said Mr Srivastava, as if "what is happening in America is a loss of self-confidence. We don't want America to lose self-confidence. Who else is there to take over America's moral leadership? American's leadership was never because you had more arms. It was because of ideas, imagination, and meritocracy."
1 Nov, 2010, 05.37AM IST, Gayatri Nayak & Barun Chakraborty,ET Bureau
'US for free enterprise, not protectionism'
MUMBAI: AT A time when the political humming in the corridors of power at the Capitol Hills is clearly against outsourcing , a senior administrator in Obama's team is saying exactly the opposite.
"The US is not being protectionist, and the country and its people believe in free enterprise," says US Assistant Secretary & Ddirector-General of foreign commercial services Suresh Kumar. He views 'outsourcing' as a global supply chain. "Outsourcing is a global value chain. Companies will naturally go to locations where they can produce at the minimum cost,'' says Mr Kumar, who moved to the US only in 1993 after globetrotting, essentially selling consumer goods from Levis Jeans in Indonesia to changing the fortune of Listerine for good in Canada.
The versatile administrator started his career at Hindustan Levers in Mumbai, where he also anchored as television news programmer until the mid-eighties .
But the American in him comes out strongly as he advocates open access to Indian markets, toeing the proposals of many other multilateral institutions. When asked about his views on foreign direct investment (FDI) in retail, Mr Kumar says companies such as Wal-Mart will not only bring the capital to create the supply chain from farm-to-plate, but also the latest technology in areas like food processing and warehousing.
" India has a huge population to feed. We can't afford wastage of food grain. There is not much weight in the argument that FDI in retail will take business away from mom-&-pop stores. We need global expertise for the increasing demand of the Indian consumer."
Days before US President Barak Obama's visit, the US assistant secretary came to India scouting for opportunities for US companies in areas of clean & renewable energy, infrastructure development, education and aviation, among other sectors.
"We are trying to identify technologies most suitable for Indian companies. Our emphasis has been on the development of clean energy. Economic development can't move ahead without adequate energy supply. Today, the world is dependent on fossil fuels, but we have to tap non-conventional sources like solar, wind and geo-thermal. India can gain from US companies that are developing and implementing new products in this field."
Mr Kumar, who headed the marketing divisions of several multinational companies across the globe, believes it is time we started thinking of growth and environment together. "We have only one planet to live on and we need to take care of that while pursuing economic growth. Technological innovation, like solar energy, will help control the damage to the environment.
But the challenge is to take it to all corners of the globe," says Mr Kumar, who was leading a delegation of 36 companies to India and held discussions with several central and state government agencies as well as individual firms to identify areas where US companies can complement their Indian counterparts with technical knowhow. He claims success from this visit as he managed about 11 MoUs valued at around $175 million for his team.
"We want to identify the opportunities for both the sides and bring the people together to bridge the gap," says Mr Kumar, who has been reaching out to the mass audience ever since he was pursuing a management degree in Mumbai's Jamnalal Bajaj Institute of Management.
"In the past couple of years, India has recorded a phenomenal growth. I grew up in Delhi and Mumbai. Now, when I go to Delhi, I see the difference. Though people are energy conscious now, we need to do much more. If anything can constrain India's growth, it is energy deficiency," he adds. In February 2010, President Barak Obama launched the National Export Initiative – a strategy to double US exports in five years and create over two million jobs in the US, and support the small and medium sector hit hard by the global economic crisis.
1 Nov, 2010, 11.08AM IST, N Shivapriya,ET Bureau
Outsourcing shadow not to cloud Obama's interaction with CEOs
MUMBAI: A controversial clause requiring corporate honchos attending US President Barack Obama's business meet in Mumbai to share information on whether their companies are in the 'outsourcing' or 'BPO' business has been removed from registration forms in the wake of protests by the Indian business community.
Both the clause and a proposed attendance fee for participants have been dropped, a senior executive associated with the country's $60-billion IT industry said.
"The clause on BPO and outsourcing was felt to be intrusive and has been taken off. Companies will not be required to give any details of how many Americans they employ. There is (also) no fee for attendees," the executive said. He said the online registration form no longer required these details, even if some older forms may still have them.
"Companies had objected to it. The issue was taken up officially and it was confirmed that this data was not required," he said. An official with Nasscom, the country's apex software industry organisation, said the association had sought a clarification and had been told that the information was no longer required.
The event is being organised by the US-India Business Council, along with the Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (Ficci). "It was probably just part of an exercise to get to know the audience," the Nasscom official added.
With unemployment rate in the US hovering near 10%, the number of US locals that Indian software exporters employ in their largest market has shot into prominence. It has also become a politically sensitive subject with elections approaching in the US.
Several protectionist measures are also being proposed. Senators Dick Durban (Democrat) and Chuck Grassley (Republican) have proposed a bill that will restrict large companies (employing more than 50 American employees) from getting any additional work visas, if over 50% of their US workforce is H-1B or L-1 visa holders.
Nasscom, which has opposed such protectionist measures by the US government, will not directly take up any of these issues during the US president's visit to India. "It (Nasscom) has been in close dialogue with the Indian government. The Indian government is aware of how important these issues are and they will be part of the discussions between the Indian government and the US president," said a Nasscom member.
The finance minister and the commerce minister are expected to take up the issue of proposed restrictions on issue of visas as well as the recent visa fee hike in the talks with Obama. "India is a huge market. US companies want to participate in big deals in defence, nuclear and aviation here. They want the retail sector to open up. It has to be quid pro quo. (India) importing computers and software is not different from (US) importing services," the Nasscom member said.Sharp political reactions to Obama''s remarks on UNSC
US President Barack Obama''s remarks in an interview to PTI on India''s quest for permanent membership of UN Security Council (UNSC) drew sharp reactions from Left parties which described them as disappointing while Congress sought to differ with him. "While we respect President Obama''s views, the fact is not only India but other major players in the world want the Security Council to reflect the reality of 2010 and not the power balance of 1945.
" "There is a UN reform process which is underway. The US and various other stakeholders are very actively engaged in this process," Congress spokesman Manish Tewari told reporters on Obama''s comments that the issue of India''s case for a permanent UNSC membership was "very difficult and complicated".
The Left parties said they were disappointed with the American President''s statement. "Definitely it was a disappointing statement.
It was expected that the US would not sincerely pursue India''s case. Interest of India is not protected," CPI-M leader in Lok Sabha Basudeb Acharia told PTI. He said that the India government should contact other countries like China and Brazil to pursue the case.
CPI''s D Raja said Obama''s statement reflected a "clear reservation" of the US in supporting India''s cause. "The Government of India should realise it," Raja said.
Tewari did not agree with Obama''s view on the issue of outsourcing, saying for India and Indian companies "outsourcing is a reality" which is there to remain for quite a while.
WB minister takes swipe at Trinamool mayor
A West Bengal minister today took a swipe at the Mayor of the Trinamool Congress-run Kolkata Municipal Corporation for skipping a meeting on JNNURM projects totalling Rs 12,00 crore. "Running after didi (Trinamool Congress chief Mamata Banerjee) alone will not solve all problems.
The Mayor (Sovan Chatterjee) needs to look after the ''dadas'' too, as the KMC has to work under the state government to expedite development projects," Municipal Affairs Minister Asok Bhattacharya told reporters. Bhattacharya said that close coordination between the state government and civic bodies was essential to expedite projects in the interest of people.Action against Chavan if "really involved": MNS chief
MNS chief Raj Thackeray today said action should be taken against chief minister Ashok Chavan if he was "really involved" in the Adarsh Society scam. "Only a section of the media wants Chavan to resign in the wake of the scam and it is not a valid reason.
Newspapers should not decide that. If the Chief Minister was really involved in the scam, then he should only go," Thackeray told reporters here.
Action should be taken against people who were involved but the kind of coverage media is giving is very confusing, Thackeray said. "It is difficult to understand the exact status," he added.
It is also important to see what stand Opposition parties are taking on the issue, he said. When asked if action should also be taken against bureaucrats involved in the scam, Thackeray said "It is very unfortunate that no action is usually taken against bureaucrats.
They only get transfered. Action has to be taken against them," he said.
lfare schemes: Rahul | PMO approved cost escalations for Games five times: BJP |
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LeT men checked out targets in 2005, used Indo-Pak match as cover: Headley
The handler of American-born Lashker-e-Toiba terrorist David Headley carried out a reconnaissance here when he came to the Capital in 2005 on the pretext of watching an Indo-Pak cricket match, according to an investigation report.
Headley while giving this information during questioning by the National Investigation Agency (NIA), reportedly said his handler Sajid Majid along with another LeT terrorist Abdur Rehman Hashim alias Pasha had visited India using the one-day match in 2005 as cover.
The match, which was played on April 17, 2005, was historic since the then Pakistan President Pervez Musharraf was among the VVIP spectators along with Prime Minister Manmohan Singh. India had lost the match by 159 runs.
"Sajid, of course, did not reveal anything about this visit to me. However, Abdur Rehman had given a detailed narration of this visit to India in April 2005," Headley was quoted as saying in the 106-page report of the NIA.
This report, which has been prepared after nearly 34-hours of questioning over a period of one week in Chicago, quoted Headley, the Pakistani-American who carried out reconnaissance of all targets of 26/11 Mumbai strikes, as saying that Sajid and Rehman crossed into India through the Wagah border.
The duo spent some time in Delhi during which they had carried out a recce of some places including the National Defence College here and had "possibly gone to the Indian Military Academy in Dehradun," Headley told his interrogators.
"On their way back, Abdur Rehman recollected that Sajid was extremely nervous at the Wagah gate," Headley said while replying to questions by NIA.
India secured an Interpol Red Corner Notice against both Sajid and Abdur Rehman recently for their role in the 26/11 Mumbai terror strikes.
The 34-year-old Sajid has been with the Lashker-e-Taiba outfit for nearly 16 years and, according to Headley, he stays near the airport in Lahore. The Lashker terrorist added Sajid was arrested in Dubai once and could get out using his "Lashker connections".
The handler of Headley had undergone plastic surgery and had a good understanding of computers, it was stated.
Haldia Energy to raise Rs.1,000 crore
Haldia Energy Limited, a subsidiary of power utility CESC, will mop up around Rs.1,000 crore by tapping private equity funds by February next year.
Haldia Energy, which will part-finance three power projects in West Bengal, Orissa and Maharashtra, will have a total equity component of Rs.3,000 crore for the projects.
'Out of Rs.3,000 crore, the company will raise around Rs 1,000 crore,' said CESC vice chairman Sanjiv Goenka after releasing the company's second quarter results.
Haldia Energy is the holding company of the three projects which will have a total capacity of 2,500 megawatt. The total cost for power plants is Rs.12,800 crore.
The company proposes to shed less than 26 percent, and is likely to issue fresh equity, with the company management in talks with both domestic and private equity firms.
3 Nov, 2010, 04.02PM IST,ET Now
World in reverse gear, Indian markets in fifth gear: Nilesh Shah
ET Now caught up with Nilesh Shah , Deputy MD, ICICI Prudential AMC , for his views on the direction of the markets, liquidity in the Indian scene & what's hot on his stock radar. Excerpts:
Mesmerising but true. 21000 is almost there. Characterise the big picture for us.
In a very simple way, the world is in the reverse gear and the Indian markets are in the fourth or fifth gear. They have lots of money and more money is being added and they have very limited opportunity to make money. In India, we need capital and we can give adequate return on that capital. So there is almost a perfect flow from the developed markets to India in search of return, in search of growth opportunity. And as long as we can maintain that equation of better growth and better opportunity, this virtuous cycle can continue.
What's the sense with the way the market completely shrugged off the RBI's move? The 25 bps was pretty much factored in and digested in the market movement, but does it seem like it is now global cues what may come about in terms of the quantum of QE2, which has now taken precedence over domestic factors?
I do not think so. The RBI had prepared the market for the rising policy rate cycle. In the last credit policy, there were enough indications to believe that there will be some policy rate hikes to continue. More importantly, the proactive measures which RBI has taken on credential/prudential side of financial system, be it related to real estate, be it related to development of market in the form of interest rate futures or credit default swaps, be it related to lending to small and medium enterprises and microfinance institutions, it enhances the creditability of RBI in the minds of investors and their ability to protect Indian financial system from the global headwinds. So equity markets have probably taken the steps taken by RBI in a very positive manner.
It is also getting supported from the QE2 because in September 2007 when Fed unexpectedly cut the interest rate, a wave of liquidity came towards emerging markets, including India, and we received one of our maximum flows during that month. Now fortunately or unfortunately for us, QE2 has been discounted into our markets since almost August or September 2010 and hence today evening when the QE2 is announced, my feeling is that a large portion of that is already discounted and unless and until we see a big surprise in terms of very high package, I do not think markets will get supported from that going forward.
Do you expect global asset classes, equities, metals, crude to correct after the final print for QE2 is out?
My feeling is that obviously Fed does not want the market to get disappointed, otherwise they would not have pre-empted or forewarned the market about QE2. So clearly it is not in the agenda of Fed to disappoint the market, but at the same time by informing the market well in advance about QE2, it has raised the expectations and it will probably meet the expectations rather than exceed the expectations. So we would not see a full blown event of buy on rumour sell on news kind of thing, but definitely the kind of run-up, which we have seen across commodities, across markets in the run-up to QE2, will not be repeated after QE2 is announced. A large portion of QE2 is discounted into the market.
3 Nov, 2010, 06.55AM IST, Sangeetha Kandavel & Pankaj Mishra,ET Bureau
'Unemployment in US can impact outsourcing'
CHENNAI: In the past few years, Cognizant has outpaced India's top three tech firms — Tata Consultancy Services (TCS), Infosys Technologies and Wipro — quarter after quarter, forcing the companies to rethink their strategy and tweak their sales models. As growth comes back for the sector, Francisco D'Souza, president and chief executive officer, Cognizant, says macro economic concerns in the US continue to worry customers, and the industry needs to be cautious as long as the unemployment rates are hovering around 9%, in an interview with Sangeetha Kandavel & Pankaj Mishra . Excerpts:
What is driving the outsourcing recovery? Is it still cost arbitrage?
In the past three quarters we have seen a real shift on the client's side. This is a new twist to the story during
this quarter. What we are seeing is that post downturn there has been a change. There was a real structural change. This change is driven by three big trends, the first is that there is a whole new set of technology out there at the horizon such as cloud computing , mobile computing, social computing, etc. This is one big trend. The other big trend is the new generation of consumers and workers that customers are looking at. They are the so-called millennial generation. You have a whole different set of expectations as to how they interact as consumers and what they expect as employees.
And the third big trend is that businesses are becoming more virtual and more global for a whole set of reasons. Now what we have seen over the past three quarters is that our client base is ready to invest and capture these trends. Demand is there and we see good projects coming to us because of the investments that we have made.
Despite achieving double-digit growth, we still find that you and your rivals' commentaries are cautious. Why is that?
We remain cautious about the macro-economic environment in places like US and major economies around the world. As long as unemployment remains at the current level, for example in the US, where it is still 9%; we would continue to remain cautious on the macro-economic climate. I don't think that there is any single issue right now in the macro-economic environment beyond the unemployment issue that can impact outsourcing.
A lot of the regulatory changes that we have seen in the past 12 months like the financial regulatory report and health care report are driving incremental demand for our services. These implementations require technology and process-based solutions. But overall while the macro-economic condition improved from a year ago we are still cautious about it.
How sustainable are these double digit growth rates?
Our guidance for the fourth quarter of this year is around 4% sequential growth, which is a normal pattern if you consider that this quarter is traditionally weak. We took full year guidance out this quarter to almost 38.8% compared with 2009. I still feel very optimistic about the demand picture. I feel that there is lot of opportunity in the market place and the market is quite under penetrated. All of these things bodes well for the Indian IT industry and for the offshoring industry. It also bodes well for Cognizant because of our strategy of reinvestment and our ability to capture the demand out there.
Obama won't 'walk the talk' on outsourcing jobs to India: Presidential biographer
Presidential biographer William Chafe has said that the US President Barack Obama may talk tough about clamping down on outsourcing jobs to India, but his international upbringing and perspective would make it difficult for him to take literal steps in this regard.
According to the Wall Streets Journal, Chafe has said that Obama's background makes him unique in the history of American presidents as not only he is the only president who spent his childhood years in an Asian country, Indonesia, but also is the only one known to be of a mixed racial background and whose seminal political experience involved working as a community organizer in a slum.
"So unlike Ronald Regan who saw Russia as the 'evil empire,' or George Bush, who spoke of the 'axis of evil,' Obama doesn't deal in binary terms. Obama wants to engage the rest of the world on its own terms, in a dialogue of respect," Chafe, a longtime American history professor at Duke University who is now vice provost for undergraduates at the school, added.
It is speculated that during his visit to India later this week, talks between him and Indian Prime Minister Manmohan Singh would include sensitive topics like U.S. companies' outsourcing jobs to India.
With the American economy still struggling with high unemployment, the exporting of jobs to India, a hot topic during Obama's election campaign, remains a sensitive subject, the paper said.
Chafe, who is finishing a biography of Bill and Hillary Clinton has said that where President Clinton "grew into an international role" in his second term, becoming obsessive about trying to win peace in the Middle East, Obama started his presidency with a strong international understanding, and added that because of his background, Obama will likely be even more pro-India than Clinton.
"Obama recognizes the 21st century is in India and China--not in Europe, he is going to be more open in recognizing the power of India and the power of the Indian economy," he added.
Outsourcing: Need to watch US political scenario, says envoy
India needs to watch how the anti- outsourcing sentiment evolves in the "new political scenario" in the US, Ambassador to the US Meera Shankar said today.
"We have to see how national debate evolves in the new political scenario, where you have a House going to the Republicans, Senate being probably retained by Democrats and to a different political scenario," she said while responding to a query on the anti-outsourcing rhetoric in the US.
Shankar also said she does not want to predict or comment on political developments in the US.
Regarding a question on whether outsourcing would be a diversion during President Barack Obama's visit this week, Shankar said, "I think the relationship is one, where we discuss issues which are of the interest to the two sides in a spirit of candour and in the spirit of maturity..."
"I think that is the way we will discuss all the issues of interest to both the sides," she added.
Recently, the state of Ohio had banned IT outsourcing. Democrat and Ohio Governor Ted Strickland, who once wooed Indian companies to invest in the state, justified the move, asserting that outsourcing undermines economic development and even has unacceptable business consequences for his state.
Moreover, Obama earlier this year announced that tax benefits would be cut for American companies that ship jobs overseas.
Meanwhile, apex body Nasscom has said it will raise the domestic IT industry's concerns about the recent US visa fee hike and rising anti-outsourcing measures during the American President's visit to India this week.
President Obama is scheduled to arrive in India on November 6.
Indian-American Kamala Harris wins California AG poll
WASHINGTON: Endorsed by US President Barack Obama, Indian-American Kamala Harris won the election for Attorney General of California , soon after Indian origin Nikki Haley of Republican Party scripted history by winning the governorship of South Carolina.
Kamala will be the first woman to hold the office of Attorney General in California, elections for which were held yesterday.
Daughter of an Indian mother and African-American father, Harris is currently the San Francisco Attorney General. She would replace Democratic Jerry Brown who won the election for Governor of California on Tuesday.
Harris, who was the only Indian-American candidate to be publicly endorsed by Obama, defeated Steve Cooley of the Republican Party in a tough fight.
"Kamala has done a remarkable job in San Francisco. Now it's time to send her to Sacramento so she can get those same results for all Californians -- but she needs our help if she's going to win this race," Obama had said in his endorsement message last month.
The US President had also attended a fund raiser for Harris in California last month.
In key mid-term polls in which President Obama's Democrats were routed, 38-year-old-Haley, born of Sikh parents who migrated from Punjab, became only the second Indian- American to be a Governor of a US State after Bobby Jindal of Louisiana; and also the first Indian-origin woman governor.
Haley received 52 per cent of votes as against her Democratic rival Vincent Sheehan who polled 46 per cent.
She has served three-terms in the South Carolina House of Representatives where she represented Lexington County and was also the first Indian-American to hold office in that state.
Born and raised in the East Bay, Kamala was elected as the first woman District Attorney in San Francisco's history in December 2003, and as the first African-American woman and South Asian American woman in California to hold the office. She was overwhelmingly reelected to a second term in November 2007.
Kamala is the daughter of Dr. Shyamala Gopalan, a Tamilian breast cancer specialist who traveled to the United States from Chennai, to pursue her graduate studies at UC Berkeley.RBI doubles online money transfer limit via RTGS to Rs 2 lakh
The Reserve Bank has doubled the threshold limit for electronic fund transfers using the Real Time Gross Settlement (RTGS) system to Rs 2 lakh with effect from November 15.
"It has been decided to increase the threshold limit for RTGS transactions from the present limit of Rs 1 lakh to Rs 2 lakh," the RBI said in a notification.
The RTGS system facilitates high-value transfers of money from one bank to another on a real-time and gross basis.
The central bank said the RTGS system has witnessed tremendous growth in terms of both transaction volumes and values since inception in March, 2004.
"With the increased number of electronic payment transactions, it has become expedient to position the Indian RTGS system primarily for processing and settling large value payment orders," the RBI had said in its second quarter monetary policy review.
On an average, the central bank handles around 60,000 RTGS and around 50,00,000 cheque clearing transactions per day.
For electronic transactions valued between Rs 1-2 lakh, the RBI has created a new value band in its 'near real-time' National Electronic Fund Transfer (NEFT) system to cater to retail bank customers.
The RBI has revised the service charges for fund transfers through the NEFT mode. Fund transfers up to Rs 1 lakh will continue to attract a service charge of Rs 5.
"The revised threshold limits for customer transactions in RTGS system and revised NEFT service charges will be implemented with effect from November 15, 2010," the RBI said.
For fund transfers valued between above Rs 1 lakh and Rs 2 lakh, the RBI has revised the customer charges downward to Rs 15 from Rs 25 earlier. The fee for fund transfers worth more than Rs 2 lakh remains unchanged at Rs 25.
The NEFT has been a highly successful service ever since it was launched in late 2005. More than 60 lakh transactions are estimated to take place every month through this route.
The NEFT mode provides for a near real-time settlement finality, with 11 settlement cycles in a day.
Currently, banks pay processing or service charges to the RBI for electronic fund transfers, which are in turn passed on to customers.
3 Nov, 2010, 03.27AM IST,TNN
Banks will now lend only 80% of home price
: While most banks are in a wait-and-watch mode on their lending and deposit rates after the Reserve Bank of India's decision on Tuesday to hike key policy rates--repo and reverse repo--by a modest 25 basis points (100 basis points=1%), it is certain that from now on, anyone applying for a housing loan from a bank will have to pay a margin money of at least 20% of the value of the property. This in effect means that you will have to shell out more from your own savings to buy that house you have been eyeing for a while. Earlier, this margin money varied between 10% and 15 %.
That's not all. The RBI also increased the risk weightage of loans above Rs 75 lakh taken for buying property, which could increase the interest rates on loans for high-cost properties. This is being seen as a pre-emptive measure to rein in the possibility of the creation of an asset bubble and a sign that there could be overheating in the property market.
The RBI, with a focus on taming the currently rigid high inflation rate in the economy, raised repo rate (the rate at which banks borrow from the RBI) to 6.25% and reverse repo rates (the rate of interest that banks get when they park their surplus money with the central bank) to 5.25%. These steps were expected by most market players ahead of the policy. The central bank also said that unless anything drastic happens to the economy, it would probably pause in hiking rates for the time being. Simultaneously, IDBI Bank , announced raising deposit rates by 10-50 basis points and lending rates, including home loan rates for loans of Rs 75 lakh and above, by 25 basis points.
RBI said that loan-to-value (LTV) ratio for housing loans should not exceed 80% and increased the risk weight for residential housing loans of Rs 75 lakh and above, irrespective of the LTV, to 125%, from 100% now. It also increased the standard asset provisioning by commercial banks for all housing loans with `teaser rates to 2%.
The raising of LTV ratio to 80% means that any new home buyer going for a housing loan, will have to bring in at least 20% of the value of the property while the balance, 80% or less, could be financed from a bank or a HFC.
Top industry officials feel this is a pre-emptive measure and is a warning sign for all in the real estate sector--developers, financiers and also the buyers--that there could be danger ahead. `` The RBI has always taken pre-emptive measures to prevent asset bubbles, particularly in real estate. It is in this context that the RBI has restricted the maximum loan to value ratio to 80% and increased risk weights on housing loans above Rs 75 lakh, said Renu Sud Karnad, MD, HDFC, the mortgage finance major.
Going by tradition, even other housing finance companies (HFCs) not under RBI will perhaps adhere to the same rule of margin money of 20% of the property value. This is because in the past whenever the central bank imposed some new rules related to housing loans by banks, National Housing Bank (NHB), the regulatory body for HFCs, had imposed the same conditions on these companies.
Industry players pointed out that the RBI's steps were more directional since the average LTV in the housing finance industry is at about 67% while average loan size would be between Rs 20 lakh and Rs 25 lakh. On the teaser loan rate, industry players pointed out that such schemes which are still being offered is expected to end by March 2011.
The RBI measure could also work in favour of home buyers in the form of a either a slow or nil rise in real estate prices. ``The message from RBI is clear: There is a worry about real estate prices spiralling. This concern will ensure that there is a short-term cap on real estate prices and in the near future it may come down marginally,'' said Gagan Banga , CEO, Indiabulls Financial Services . ``A correction in prices should result in higher volumes given the strong macro economic conditions,'' Banga added.
As for lending rates, any decision to hike them going forward will depend upon the availability of funds in the banking system, also called liquidity, bankers and economists said. ``The market was expecting these hikes and have already discounted the same. For lending rates to go up, along with hikes in policy rates, we also need to consider the liquidity situation,'' Arun Kaul, chairman, UCO Bank said. ``The combined impact of these two would be reflected in the cost of funds. In case the cost of funds goes up, banks would hike rates. As of now, we are in a wait-and-watch mode,'' he added.
Although it was clear from the tone of the policy document that reining in inflation and managing people's expectations about the rate of inflation were the RBI's major concerns, it could not completely put the growth factor in the background. ``The low possibility of any further rate action in the immediate future and the decision to leave the cash reserve ratio unchanged indicate that RBI wants to keep the monetary environment conducive for growth in the economy,'' said Chanda Kochhar , MD & CEO, ICICI Bank , the largest private sector bank in the country. ``RBI has also assured that it will monitor the liquidity situation closely to avoid choking off fund flows required for growth,'' she added.
Seen from another side, the decision to hike key policy rates could also lead to some tough times for the RBI itself, market players pointed out. Lured by higher interest rates in the country compared to most developed markets, there could be a rush of foreign funds into the Indian debt market, just like the rush of FII money that the stock market is witnessing at present. The fact that the RBI is also keeping a strict vigil on capital flows through the debt market route was proved when the central bank's governor, D Subbarao, dwelt on this topic in substantial detail in his post-policy media conference.
``It has often been argued that the widening of interest rate differential between the domestic and international markets will result in increased debt-creating capital flows. While it is true that large interest rate differential makes investment in domestic debt instruments and external borrowings by domestic entities more attractive, we need to keep in view three aspects in the Indian context,'' the RBI governor said. ``First, the economy's capacity to absorb capital flows has expanded as reflected in the widening of the current account deficit. Second, despite the already large differential between domestic and international interest rates, capital flows in the recent period have been predominantly in the form of portfolio flows into the equity market. This suggests that the interest rate differential is not the only factor that influences capital flows.
Third, in line with our policy of preferring equity to debt-creating flows, we still maintain some controls in respect of debt flows.''
It could be pointed out here that in recent times while several of the top RBI officials have spoken about controlling capital flows, both through the equity and the debt routes, the finance ministry has mostly been against any form of capital control.
American Express comes up with Diwali Gift Card
HOUSTONL After Hallmark introduced their customised greeting cards for Diwali, the American Express has also jumped on to the Diwali bandwagon and has come up with a unique gift card exclusively for the festival to woo millions of its Indian-origin customers.
American Express introduced this gift card for family, friends and business associates in October, just in time for the festival season the starts in India this week.
Designed exclusively for Diwali, the new American Express Diwali Gift Card, can be used to substitute a cash gift, included with the traditional 'mithai' box, or added as a special touch to any Diwali gift.
Unlike most other gift cards, American Express gift cards charge no fee after purchase - for activation, checking balance, monthly servicing, card replacement, and the funds on the cards never expire.
If the Gift Card is ever lost or stolen, the remaining balance can be refunded or replaced.
"We're absolutely delighted as a company to launch the Diwali card for Indian American this year," says Alpesh Chokshi, president, global prepaid business, adding that this is the first such effort the company is making to address the needs of the Indian community in the US.
The Diwali Gift Card by American Express is available in denominations of USD 25, USD 50, USD 100 and USD 200. It is available online for a limited period of time.
American Express is waiving the purchase price and offering free standard shipping when customers enter promo code 'Diwali'.
The gift card will be accepted at many locations in the US, Puerto Rico and the US Virgin Islands where American Express Cards are accepted.
Obama visit: Huge security drill, Coconuts removed at a Mumbai venue
Hindustan Times - 2 hours ago
PTI Extraordinary steps like getting coconuts removed from trees at one venue were taken by authorities in Mumbai, as unprecedented security measures were put in place ahead of US President Barack Obama's visit starting Saturday. ...
Michelle Obama to bring a touch of compassion in India
Sify - 20 minutes ago
New Delhi, Nov 3 (IANS) When US President Barack Obama talks serious business with corporate honchos in Mumbai Saturday evening, First Lady Michelle Obama will be interacting with differently-abled children at the library of Mumbai University, ...
Obama visit: India hopes to seal $11 bn defense deals
NDTV.com - Arijit Banerjee - 2 hours ago
US President's Barack Obama's visit to India promises many a bounty for the defence sector in the country. India is looking to buy 126 top end fighter jets in a deal that could be worth almost $11 billion. It is not only the usual Russian or French ...
India attaches great importance to Obama's visit: Prithviraj Chavan
Sify - 1 hour ago
The Government said on Wednesday that it attaches great significance to the visit of the United States President Barack Obama to India commencing from Saturday. Minister of State for Parliamentary Affairs Prithviraj Chavan told reporters today that the ...
US first lady's India programme
Hindustan Times - 2 hours ago
The US first lady, Michelle Obama, will have two separate events in India that is independent of the President's itinerary. In Mumbai, she will be visiting the library of Mumbai University, one of the oldest university libraries in India at 6 pm on ...
India-US trading defies downturn
BBC News - Mark Dummett - 28 minutes ago
A report has been released in Delhi detailing the level of trade between India and the US ahead of the four-day visit by President Barack Obama. It says that trade between them is growing despite the global downturn. ...
Sharp political reactions to Obama's remarks on UNSC
Times of India - 1 hour ago
NEW DELHI: US President Barack Obama's remarks in an interview to PTI on India's quest for permanent membership of UN Security Council (UNSC) drew sharp reactions from Left parties which described them as disappointing while Congress sought to differ ...
Want to pay tribute to 26/11 victims, Obama on Taj stay
Hindustan Times - 2 hours ago
PTI President Barack Obama has chosen to stay at the Taj Hotel in Mumbai when he arrives on Saturday as a "tribute to the resilience of the Indian people" and to underscore the shared commitment of India and the US to counter terrorism. ...
Obama's visit to be a game-changer for India: KV Kamath
Moneycontrol.com - 48 minutes ago
Just days ahead of US President Barack Obama's visit, the Indian administration is confident of crucial decisions being taken during the visit. The Indian side is gung-ho on that the relationship will get a further fillip during Obama's visit. ...
I have to protect American jobs: Obama on outsourcing
NDTV.com - 4 hours ago
PTI, Updated: November 03, 2010 18:49 IST AP Photo Washington: President Barack Obama indicated that he was unlikely to accommodate India's concerns about his policy of discouraging outsourcing of US jobs, saying it was his responsibility to support ...
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The Obama Visit: India Inc Optimistic (II)
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The Obama Visit: India Inc Optimistic (I)
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Mumbai school set to welcome Obama this Diwali
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<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/AL8yNSWmX54/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=AL8yNSWmX54">Mumbai school set to welcome Obama this Diwali</a> <span class="source">NewsX</span> - Nov 1, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=AL8yNSWmX54">Watch video</a></div>
The Obama Visit: Part II
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The Obama Visit: Part I
NewsX - Nov 1, 2010 Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/JRK4GlljDBI/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=JRK4GlljDBI">The Obama Visit: Part I</a> <span class="source">NewsX</span> - Nov 1, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=JRK4GlljDBI">Watch video</a></div>
Country cannot change without support of poor people: Rahul Gandhi
Sify - 1 hour ago
Congress General Secretary Rahul Gandhi on Wednesday said that the country cannot change without the support of the poor people. Gandhi assured the people that the rule of Congress party would be for the poor. "If you want to change the country, ...
'I'm a people's servant,' Rahul tells his audience
Hindustan Times - 1 hour ago
Congress star campaigner Rahul Gandhi announced in his poll rallies in Bihar on Wednesday that he was a servant of the people, while the ruling NDA leaders were living on ivory towers. He said, "Though I am a five-year-old in politics, I've understood ...
Nitish Kumar's development card a 'farce', says Rahul
Indian Express - 7 hours ago
Rubbishing as "farce" the development card of Chief Minister Nitish Kumar, Congress leader Rahul Gandhi Wednesday said Bihar was not shining. "Bihar shining is a farce. Biharis are shining away from the state, but not in Bihar," the Congress General ...
"If you want to change the country, then only one power can change this and that is the power of India's poor individuals power. No other power can change this country and it needs to be merged with politics," said Rahul Gandhi.
more by Rahul Gandhi - 1 hour ago - Sify (5 occurrences)
After Sonia & PM, Rahul slams Bihar CM
Oneindia - 6 hours ago
Barbigha(Bihar), Nov 3: After mother Sonia Gandhi and Prime Minister targeted on Nitish Kumar's government, now son Rahul comes in and dig at Kumar's claims of development in the state on Wednesday, Nov 3 trying its best to bring the party into power. ...
Rahul takes on Nitish during campaign in Bihar; rejects claim on development plank
All India Radio - 1 hour ago
In Bihar, Congress General Secretary Rahul Gandhi today rejected the claim of Nitish Government on development of the State. Addressing three election rallies at Sheikhpura, Nawada and Jehenabad districts he alleged that due to corruption prevailing in ...
He is yet to be tested
Times of India - Jay Kumar - 32 minutes ago
Between Rahul Gandhi and Nitish Kumar, the latter is certainly the more experienced politician. In a context where Congress sycophants have raised the demand that Rahul should be made the prime minister of the country, Nitish is perfectly within his ...
Experience in office not essential
Times of India - 39 minutes ago
A war of words has broken out between the Congress and the NDA over a remark made by Rahul Gandhi. The Congress general secretary, during campaigning in Bihar, said Nitish Kumar's claims about economic development in the state were hollow. ...
Bihar's poor have not benefited from welfare schemes: Rahul
Hindustan Times - 7 hours ago
The Bihar government has failed to implement centrally-funded welfare and development schemes for the poor, Congress general secretary Rahul Gandhi said on Wednesday while again launching a scathing attack on chief minister Nitish Kumar. ...
Day in Pictures - November 3, 2010
The Hindu - 4 hours ago
Sachin at practice ahead of the first Test, rains wreak life in Thailand while Rahul Gandhi delivers a speech in Bihar. A selection of images from India and around the world. Literary conversation, magical music and of course the final winner of the ...
Sycophants responsible for upgrading Rahul Gandhi's status: NDA
Daily News & Analysis - Nov 2, 2010
Place: Patna | Agency: PTI A day after chief minister Nitish Kumar attacked Congress general secretary Rahul Gandhi for alleging corruption in Bihar, the ruling NDA in the state today said that the 'sycophants' within the party were "trying to upgrade ...
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BJP wants PM, Sonia to explain 'silence' over scams
Hindustan Times - 31 minutes ago
PTI Rubbishing corruption charges levelled by Congress in Bihar, BJP today asked Prime Minister Manmohan Singh, Sonia Gandhi and Rahul Gandhi to explain their "silence" over scams involving senior party leaders and chief ministers. ...
Sonia Gandhi's message to partymen against corruption clear: Congress
Daily News & Analysis - 2 hours ago
Place: New Delhi | Agency: PTI Under attack for remaining silent on the issue of corruption at the AICC meeting, Congress today said Sonia Gandhi's "clear message" to partymen to follow the principles of patience, simplicity and faith, takes the wind ...
Cong targeting RSS to divert attention from corruption: BJP
Sify - 3 hours ago
New Delhi: Accusing Congress of diverting public attention from corruption cases under its rule by targeting the RSS, BJP today asked AICC chief Sonia Gandhi not to remain a "mute spectator" and take action against the guilty in scams. ...
"The only party that can connect with two Hindustans (rural and urban) is the Congress......Other parties speak for a particular region, religion or caste," Rahul said at the AICC session here.
more by Rahul Gandhi - 17 hours ago - Economic Times (1 occurrences)
It was Sonia all the way at AICC session
Times of India - Aradhana Sharma - 17 hours ago
NEW DELHI: With her election as Congress president for the fourth time in a row, there is little doubt over who reigns supreme in the grand old party. But that's clearly not enough for Congresswallahs who don't let a chance pass when it comes to ...
Sonia, Rahul flaunt Cong's national ID card
Economic Times - 17 hours ago
NEW DELHI: There was no hint of subtlety as the Congress made it clear to regional parties on Tuesday that it will continue to counter regional and sectarian impulses. Congress general secretary Rahul Gandhi flaunted the Congress as the only pan-Indian ...
Rahul Gandhi crucial to Ashok Chavan's fate
Daily News & Analysis - Shubhangi Khapre - Nov 1, 2010
Will Congress general secretary Rahul Gandhi step in to decide the fate of chief minister Ashok Chavan? Sources in the All India Congress Committee (AICC) believe Rahul's intervention would be crucial ...
Sonia Gandhi worried about high prices
Economic Times - Nov 2, 2010
NEW DELHI: Congress party chief Sonia Gandhi called on Tuesday for more steps to control stubbornly high prices and promised more social programmes that could rally voters in a season of crucial state elections. Gandhi's statements come as Congress is ...
AICC to meet tomorrow in shadow of Adarsh scam, Commonwealth mess
Daily News & Analysis - Nov 1, 2010
Place: New Delhi | Agency: PTI A meeting of the All India Congress Committee (AICC) is being held in the capital tomorrow in the shadow of the Adarsh housing scam and the Commonwealth mess which have made the opposition to train their guns on the ...
'Rahul making Nitish panic'
Times of India - Navendu Sharma - Nov 1, 2010
PATNA: Reacting strongly to chief minister Nitish Kumar's remark that AICC general secretary and youth icon Rahul Gandhi should first become chief minister before becoming prime minister, the state Congress said that it showed the CM's frustration and ...
Rahul steps centrestage
Times of India - 17 hours ago
NEW DELHI: When Rahul Gandhi walked to the lectern to strong demands from the gathered Congressmen, he carried the transition from his pre-2009 apprentice days to a leader in his own right. The AICC gathering heard him in rapt attention and clapped ...
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BJP wants PM, Sonia to explain 'silence' over scams
31 minutes ago - Hindustan Times
Rahul's impromptu act
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Centre drafting new law to guarantee food security: Sonia Gandhi
Nov 2, 2010 - Sify
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Nov 2, 2010 - IBNLive.com
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The AICC meets as allegations fly high
NewsX - Nov 2, 2010 Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/72dz1sNJI5c/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=72dz1sNJI5c">The AICC meets as allegations fly high</a> <span class="source">NewsX</span> - Nov 2, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=72dz1sNJI5c">Watch video</a></div>
All related videos »Republicans Marco Rubio and Meg Whitman enjoyed contrasting fortunes
BBC News - 1 hour ago
The following are some of the winners and losers in Tuesday's mid-term elections in the United States. The Republican congressman from Ohio will replace Nancy Pelosi as speaker of the House of Representatives, and become second in line to the US ...
Blow to Obama as Republicans take House
India Today - 1 hour ago
Barack Obama's presidency failed the mid-term poll test on Wednesday with the Republicans taking control of the House of Representatives and expanding their presence in the Senate. At last count, the Republicans had swept 239 of the 435 seats in the ...
Obama Appeals for 'Common Ground' After Democrats Lose House
Fox News - 12 minutes ago
President Obama appealed Wednesday for both parties to find "common ground," addressing the nation after his party suffered historic losses in Congress. The president attributed the losses to frustration over the economy. "Some election nights are more ...
"The American people's voice was heard at the ballot box," he said. "We have real work to do, and this is not the time for celebration."
more by John Boehner - 1 hour ago - BBC News (35 occurrences)
US Mid-Term Elections 2010
BBC News - 4 hours ago
0325: There are also three Senate seats left to declare and seven governorships. But those results could take some time. That concludes our live coverage on what has been a night to forget for the Democrats - but one to savour for the Republicans. ...
Boehner calls for smaller, less costly government
Washington Post - David Espo - 1 hour ago
AP WASHINGTON -- House Speaker-in-waiting John Boehner pledged Wednesday that Republicans will use their new House majority to seek a "smaller, less costly, and more accountable government," and said he hoped President Barack Obama would ...
How will House Republicans wield their power?
BBC News - Katie Connolly - 4 hours ago
Now that Republicans have taken control of the House of Representatives and have narrowed the Democrats' advantage in the Senate, one of the biggest questions is: what does this mean for President Barack Obama's ...
The Caucus: Republican Leaders Say They Have a Mandate
New York Times - Michael D. Shear - 38 minutes ago
Newly empowered Republican Congressional leaders challenged President Obama and the Democratic Party today to turn in their direction after an election that they described as a clear message from the American people. ...
US mid-term elections show progress for Republicans
BBC News - 1 hour ago
The Republicans in the United States have made sweeping gains in the mid-term elections, dealing a sharp rebuff to President Obama. They regained control of the House of Representatives, winning back the majority they lost in 2006. ...
Obama says US voters 'frustrated'
BBC News - 11 minutes ago
US President Barack Obama says he believes US voters are feeling frustrated with the pace of economic recovery, after mid-term poll losses. The Republicans captured 60 seats to take control of the House of Representatives. The Democrats clung on to the ...
Republican John Boehner urges Barack Obama 'to change course'
BBC News - 2 hours ago
A top Republican has urged Barack Obama to change course after the US president suffered a severe setback in mid-term elections. John Boehner said Americans had voted for "limited government", and pledged to roll back Mr Obama's healthcare reform ...
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Obama Appeals for 'Common Ground' After Democrats Lose House
12 minutes ago - Fox News
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4 hours ago - New York Times
Election 2010: GOP captures House, Democrats hold Senate
7 hours ago - USA Today
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10 hours ago - Reuters
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13 hours ago - Atlanta Journal Constitution
Senate veers to the right with GOP wins
14 hours ago - Los Angeles Times
House veteran Kanjorski ousted
14 hours ago - Washington Post
SCOREBOARD-Republicans take control of U.S. House - networks
15 hours ago - Reuters
Republicans take more than 60 House seats, CNN projects
15 hours ago - CNN
Republicans Projected to Win Majority in US House
15 hours ago - Bloomberg
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GOP Leader Boehner: Big Job Ahead to Cut Govt.
The Associated Press - 3 hours ago Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/hi7QdL-fmXw/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=hi7QdL-fmXw">GOP Leader Boehner: Big Job Ahead to Cut Govt.</a> <span class="source">The Associated Press</span> - 3 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=hi7QdL-fmXw">Watch video</a></div>
Economy key in US elections
Al Jazeera - 9 hours ago Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/07BQSNOLwNw/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=07BQSNOLwNw">Economy key in US elections</a> <span class="source">Al Jazeera</span> - 9 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=07BQSNOLwNw">Watch video</a></div>
Boehner: American People Have 'Sent an Unmistakable Message'
PBS News Hour - 13 hours ago Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/3LKKhNrhFj4/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=3LKKhNrhFj4">Boehner: American People Have 'Sent an Unmistakable Message'</a> <span class="source">PBS News Hour</span> - 13 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=3LKKhNrhFj4">Watch video</a></div>
All related videos »RBI levers are on debt side if more flows come Subbarao
Moneycontrol.com - 1 hour ago
On Tuesday, the Reserve Bank of India (RBI) raised its key policy rates for the sixth time since March by 25 bps each and said it was unlikely to adjust rates again in the near future but would remain vigilant about inflation that remains above its ...
Home loans to get dearer
Financial Express - 32 minutes ago
Mumbai: Thanks to the tightening in home financing regulations by the Reserve Bank of India (RBI), buying a home will become dearer for those relying entirely on a bank loan. As per the new norms spelt out by RBI during the credit policy review on ...
Central Banks in Rate Clash
Wall Street Journal - Jon Hilsenrath, Andrew Batson - 3 hours ago
Just a day before the Federal Reserve was expected to open its credit spigot to boost subpar US growth, central banks in India and Australia tightened theirs by raising interest rates to ...
HIGHLIGHTS - Easing tight liq not opposed to plcy stance - RBI
Reuters India - Danish Siddiqui - 5 hours ago
A policeman walks past the logo of the Reserve Bank of India (RBI) outside its head office in Mumbai November 2, 2010. MUMBAI (Reuters) - The Reserve Bank of India's endeavour to ease the current tight liquidity conditions does not contradict the ...
India call rates a tad up on long weekend demand
Economic Times - 8 hours ago
MUMBAI: Indian overnight cash rates were slightly up in afternoon trade on Wednesday as banks borrowed more ahead of the extended weekend. However, the interbank rate is expected to ease to near the 6.25 percent repo rate in late trades as demand could ...
Long global recession major risk to growth: RBI
Economic Times - 7 hours ago
MUMBAI: One of the main risks to domestic growth is a prolonged global recession , Reserve Bank of India Governor Duvvuri Subbarao told analysts in a conference call on Wednesday, a day after it hiked key rates as expected. On Tuesday, the Reserve Bank ...
Key policy rate hike by RBI will tame inflation: IMC
India Infoline.com - 13 hours ago
Indian Merchants' Chamber broadly welcomed the hike in RBI's Key Policy Rates and hoped that the step would be effective in taming the inflation without hurting growth, which has stubbornly remained well above the comfort zone of about 6 per cent. ...
Markets cautious as US votes loom
Moneycontrol.com - 10 hours ago
Tuesday 08:20 BST. Asian stock markets are mixed amid cautious trading ahead of a long-awaited US Federal Reserve meeting later in the day. However, the Reserve Bank of Australia surprised investors with a 0.25 percentage point rate rise, ...
State Bank of Mysore raises base rate to 8 pc
MSN India - 1 hour ago
Mumbai, Nov 3 (PTI) A day after RBI raised short-term key policy rates, State Bank of Mysore has announced raising base rate, the minimum rate below which a bank cannot offer loans, by 25 basis points to 8 per cent. The bank has revised base rate ...
BOM:532200 - NSE:MYSOREBANK
How RBI plans to tame inflation
Rediff - Sumit Sharma - 11 hours ago
Reserve Bank of India Governor Duvvuri Subbarao says its forward guidance on a pause in policy rate hikes is in tune with best practices. In an interview with Business Standard, he justified action against the real estate sector, saying home prices in ...
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RBI levers are on debt side if more flows come Subbarao
1 hour ago - Moneycontrol.com
Prospect of rate action in Dec fairly low: Subir Gokarn
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RBI hikes key rates by 0.25%, EMIs may rise
Nov 1, 2010 - NDTV.com
RBI hikes repo and reverse repo rates by 25bps, CRR unchanged
Nov 1, 2010 - Economic Times
India's 12-year Bonds Halt 4-Day Advance as RBI May Raise Rates
Nov 1, 2010 - San Francisco Chronicle
Reserve Bank adds 25bp to interest rates
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RBI tightens home loan norms
NDTV Profit - 8 hours ago Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/ITuWHewyWng/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=ITuWHewyWng">RBI tightens home loan norms</a> <span class="source">NDTV Profit</span> - 8 hours ago <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=ITuWHewyWng">Watch video</a></div>
RBI announces hike in key interest rates
NewsX - Nov 2, 2010 Watch video
<div class="video-thumb thumbnail"><a class="js-link thumbnail-toggle" href="javascript:void(0);" onclick="return false;"><img src="http://i.ytimg.com/vi/UAdFZUNGcAY/default.jpg" alt="" class="thumbnail" width="120" height="90"> <div class="icon play-icon"></div></a></div> <div class="video-details"><a href="http://www.youtube.com/watch?v=UAdFZUNGcAY">RBI announces hike in key interest rates</a> <span class="source">NewsX</span> - Nov 2, 2010 <div class="icon video-icon"></div> <a href="http://www.youtube.com/watch?v=UAdFZUNGcAY">Watch video</a></div>
All related videos »Suspected Maoists kill CPI-M leader
Sify - 1 hour ago
Kolkata, Nov 3 (IANS) In two separate incidents in West Bengal's West Midnapore district, a Communist Party of India-Marxist (CPI-M) supporter was allegedly ...
Sitaram Yechuri criticises Obama's India visit
Sify - 10 hours ago
CPI (M) Politburo member Sitaram Yechuri has termed US President Barack Obama's forthcoming visit to India as a business tour, favorable only for the ...
HP: CPI(M) to Protest Against Obama Visit
Outlook - 12 minutes ago
The CPI(M) asked US to stop forcing India on foreign policy and to open up agriculture, retail trade, education and other services for American capital.
Oneindia
Our vote share has improved: CPI-M after Kerala drubbing
Sify - Nov 1, 2010
Thiruvananthapuram, Nov 1 (IANS) Keeping up a brave front despite its electoral reverses, the ruling Communist Party of India-Marxist (CPI-M) in Kerala ...
Kerala: CPI-M Says Civic Polls Did Not Dent LDF's Base Outlook
LDF retains majority in Kozhikode Corporation Council The Hindu
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Gulf Today - Oneindia
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Bengal CPI(M) to hold rallies against Obama visit
Daily News & Analysis - Nov 1, 2010
Place: Kolkata | Agency: PTI The CPI(M) today decided to organise rallies all over West Bengal on November 8 to protest against US president Barack Obama's ...
Protesting Obama's visit is not against individual: CPI(M) clarifies to Vaiko
TruthDive - Nov 1, 2010
Madurai, Nov 2 (TruthDive): The Nation wide demonstration planned against visiting US President Barack Obama by the Left parties in November is not a ...
CPI-M Refuses to Call Off Agitation Against Obama's Visit Outlook
all 7 news articles »Email this story
The HinduCPI-M not to boycott Obama speech
Hindustan Times - Oct 30, 2010
The Communist Party of India-Marxist (CPI-M) Saturday said that it will not boycott US President Barack Obama's address to MPs Nov 8 as he is the first ...
Video: Bardhan on Obama's India visit
Barack Obama will have a business agenda: CPI(M) Daily News & Analysis
CPI(M) opposes access to US products Oneindia
Sify - Economic Times
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'CPI-M delayed Smart City project'
Sify - Oct 30, 2010
'They (CPI-M) did not have a clue that the basic premise of getting IT entrepreneurs into a state is through building infrastructure. ...
IUML becomes third biggest party in Kerala Hindustan Times
Kerala: IUML Becomes Third Largest Party in State Outlook
all 20 news articles »Email this story
CPI (M): Celebrating Foundation Day as golden MP is irony
Central Chronicle - Oct 31, 2010
To remove the misconceptions about State CPI (M) wants to bring some facts to the fore with the hope that Chief Minister and his team will give its reply. ...
Forward Bloc to stay away from Obama's address to Parliament
Daily News & Analysis - 1 hour ago
However, CPI(M) general secretary Prakash Karat has said there was a "difference between George W Bush and Obama" and that his party was not boycotting the ...
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Communist Party of India (Marxist)
From Wikipedia, the free encyclopediaThis page is currently protected from editing until disputes have been resolved.
This protection is not an endorsement of the current version. See the protection policy and protection log for more details. Please discuss any changes on the talk page; you may use the {{editprotected}} template to ask an administrator to make the edit if it is supported by consensus. You may also request that this page be unprotected."CPIM" redirects here. For other uses, see CPIM (disambiguation).This article may need to be updated. Please update this article to reflect recent events or newly available information, and remove this template when finished. Please see the talk page for more information. (January 2010) Communist Party of India (Marxist) Secretary-General Prakash Karat Leader in Lok Sabha Basudev Acharia[1] Leader in Rajya Sabha Sitaram Yechuri[1] Founded 1964 Headquarters New Delhi, India Newspaper People's Democracy (English),
Lok Lehar (Hindi)Student wing Students Federation of India Youth wing Democratic Youth Federation of India Women's wing All India Democratic Womens Association Labour wing Centre of Indian Trade Unions Peasant's wing All India Kisan Sabha Ideology Communism
Marxism-LeninismECI Status Recognised Party Alliance Left Front Seats in Lok Sabha 16 Seats in Rajya Sabha 14 Election symbol Website Official Website Politics of India
Political parties
ElectionsThe Communist Party of India (Marxist) (abbreviated CPI(M) or CPM) is a political party in India. It has a strong presence in the states of Kerala, West Bengal and Tripura. As of 2010, CPI(M) is leading the state governments in these three states. The party emerged out of a split from the Communist Party of India in 1964. CPI(M) claimed to have 982,155 members in 2007.[2]
History
Split in the Communist Party of India and formation of CPI(M)
CPI(M) emerged out of a division within the Communist Party of India (CPI). The undivided CPI had experienced a period of upsurge during the years following the Second World War. The CPI led armed rebellions in Telangana, Tripura and Kerala. However, it soon abandoned the strategy of armed revolution in favour of working within the parliamentary framework. In 1950 B.T. Ranadive, the CPI general secretary and a prominent representative of the radical sector inside the party, was demoted on grounds of left-adventurism.
AKG Bhavan, the CPI(M) national headquarters in Delhi. 28°37′53.6″N 77°12′17.9″E / 28.631556°N 77.204972°ECampaign vehicle in ErnakulamBengali mural for the CPI(M) candidate in the Kolkata North West constituency in the 2004 Lok Sabha election, Sudhangshu Seal18th CPI(M) West Bengal state conference muralUnder the government of the Indian National Congress party of Jawaharlal Nehru, independent India developed close relations and a strategic partnership with the Soviet Union. The Soviet government consequently wished that the Indian communists moderate their criticism towards the Indian state and assume a supportive role towards the Congress governments. However, large sections of the CPI claimed that India remained a semi-feudal country, and that class struggle could not be put on the back-burner for the sake of guarding the interests of Soviet trade and foreign policy. Moreover, the Indian National Congress appeared to be generally hostile towards political competition. In 1959 the central government intervened to impose President's Rule in Kerala, toppling the E.M.S. Namboodiripad cabinet (the sole non-Congress state government in the country).
Simultaneously, the relations between the Communist Party of the Soviet Union and the Communist Party of China soured. In the early 1960s the Communist Party of China began criticising the CPSU of turning revisionist and of deviating from the path of Marxism-Leninism. Sino-Indian relations also deteriorated, as border disputes between the two countries erupted into the Indo-China war of 1962.
During the war, a faction of the Indian Communists backed the position of the Indian government, while other sections of the party claimed that it was a conflict between a socialist and a capitalist state. Hundreds of CPI leaders, accused of being pro-Chinese were imprisoned. Some of the nationalists were also imprisoned, as they used to express their opinion only in party forums, and CPI's official stand was pro-China. Thousands of Communists were detained without trial.[3] Those targeted by the state accused the pro-Soviet leadership of the CPI of conspiring with the Congress government to ensure their own hegemony over the control of the party.
In 1962 Ajoy Ghosh, the general secretary of the CPI, died. After his death, S.A. Dange was installed as the party chairman (a new position) and E.M.S. Namboodiripad as general secretary. This was an attempt to achieve a compromise. Dange represented the rightist faction of the party and E.M.S. the leftist faction.
At a CPI National Council meeting held on April 11, 1964, 32 Council members walked out in protest, accusing Dange and his followers of "anti-unity and anti-Communist policies".[4]
The leftist section, to which the 32 National Council members belonged, organised a convention in Tenali, Andhra Pradesh July 7 to 11. In this convention the issues of the internal disputes in the party were discussed. 146 delegates, claiming to represent 100,000 CPI members, took part in the proceedings. The convention decided to convene the 7th Party Congress of CPI in Calcutta later the same year.[5]
Marking a difference from the Dangeite sector of CPI, the Tenali convention was marked by the display of a large portrait of the Chinese Communist leader Mao Zedong.[5]
At the Tenali convention a Bengal-based pro-Chinese group, representing one of the most radical streams of the CPI left wing, presented a draft programme proposal of their own. These radicals criticised the draft programme proposal prepared by M. Basavapunniah for undermining class struggle and failing to take a clear pro-Chinese position in the ideological conflict between the CPSU and CPC.[6]
After the Tenali convention the CPI left wing organised party district and state conferences. In West Bengal, a few of these meetings became battlegrounds between the most radical elements and the more moderate leadership. At the Calcutta Party District Conference an alternative draft programme was presented to the leadership by Parimal Das Gupta (a leading figure amongst far-left intellectuals in the party). Another alternative proposal was brought forward to the Calcutta Party District Conference by Azizul Haque, but Haque was initially banned from presenting it by the conference organisers. At the Calcutta Party District Conference 42 delegates opposed M. Basavapunniah's official draft programme proposal.
At the Siliguri Party District Conference, the main draft proposal for a party programme was accepted, but with some additional points suggested by the far-left North Bengal cadre Charu Majumdar. However, Harekrishna Konar (representing the leadership of the CPI left wing) forbade the raising of the slogan Mao Tse-Tung Zindabad (Long live Mao Tse-Tung) at the conference.
Parimal Das Gupta's document was also presented to the leadership at the West Bengal State Conference of the CPI leftwing. Das Gupta and a few other spoke at the conference, demanding the party ought to adopt the class analysis of the Indian state of the 1951 CPI conference. His proposal was, however, voted down.[7]
The Calcutta Congress was held between October 31 and November 7, at Tyagraja Hall in southern Calcutta. Simultaneously, the Dange group convened a Party Congress of CPI in Bombay. Thus, the CPI divided into two separate parties. The group which assembled in Calcutta would later adopt the name 'Communist Party of India (Marxist)', in order to differentiate themselves from the Dange group. The CPI(M) also adopted its own political programme. P. Sundarayya was elected general secretary of the party.
In total 422 delegates took part in the Calcutta Congress. CPI(M) claimed that they represented 104,421 CPI members, 60% of the total party membership.
At the Calcutta conference the party adopted a class analysis of the character of the Indian state, that claimed the Indian big bourgeoisie was increasingly collaborating with imperialism.[8]
Parimal Das Gupta's alternative draft programme was not circulated at the Calcutta conference. However, Souren Basu, a delegate from the far-left stronghold Darjeeling, spoke at the conference asking why no portrait had been raised of Mao Tse-Tung along the portraits of other communist stalwarts. His intervention met with huge applauses from the delegates of the conference.[8]
Early years of CPI (M)
The CPI (M) was born into a hostile political climate. At the time of the holding of its Calcutta Congress, large sections of its leaders and cadres were jailed without trial. Again on December 29–30, over a thousand CPI (M) cadres were arrested, and held in jail without trial. In 1965 new waves of arrests of CPI(M) cadres took place in West Bengal, as the party launched agitations against the rise in fares in the Calcutta Tramways and against the then prevailing food crisis. State-wide general strikes and hartals were observed on August 5, 1965, March 10–11, 1966 and April 6, 1966. The March 1966 general strike results in several deaths in confrontations with police forces.
Also in Kerala, mass arrests of CPI(M) cadres were carried out during 1965. In Bihar, the party called for a Bandh (general strike) in Patna on August 9, 1965 in protest against the Congress state government. During the strike, police resorted to violent actions against the organisers of the strike. The strike was followed by agitations in other parts of the state.
P. Sundaraiah, after being released from jail, spent the period of September 1965-February 1966 in Moscow for medical treatment. In Moscow he also held talks with the CPSU.[9]
The Central Committee of CPI(M) held its first meeting on June 12–19, 1966. The reason for delaying the holding of a regular CC meeting was the fact that several of the persons elected as CC members at the Calcutta Congress were jailed at the time.[10] A CC meeting had been scheduled to have been held in Trichur during the last days of 1964, but had been cancelled due to the wave of arrests against the party. The meeting discussed tactics for electoral alliances, and concluded that the party should seek to form a broad electoral alliances with all non-reactionary opposition parties in West Bengal (i.e. all parties except Jan Sangh and Swatantra Party). This decision was strongly criticised by the Communist Party of China, the Party of Labour of Albania, the Communist Party of New Zealand and the radicals within the party itself. The line was changed at a National Council meeting in Jullunder in October 1966, were it was decided that the party should only form alliances with selected left parties.[11]
1967 General Election
1967 CPI(M) election results (seats won / seats contested / seats total / votes / % of total vote) Lok Sabha: 19 / 59 / 520 / 6246522 / 4.28% Elections to State Legislative Assemblies: Andhra Pradesh 9 / 83 / 287 / 1053855 / 7.61% Assam 0 / 14 / 126 / 61165 / 1.97% Bihar 4 / 32 / 318 / 173656 / 1.28% Haryana 0 / 8 / 81 / 16379 / 0.54% Himachal Pradesh 0 / 6 / 60 / 3019 / 0.39% Kerala 52 / 59 / 133 / 1476456 / 23.51% Madhya Pradesh 0 / 9 / 296 / 20728 / 0.23% Maharashtra 1 / 11 / 270 / 145083 / 1.08% Manipur 0 / 5 / 30 / 2093 / 0.67% Mysore 1 / 10 / 216 / 82531 / 1.10% Orissa 1 / 10 / 140 / 46597 / 1.16% Punjab 3 / 13 / 104 / 138857 / 3.26% Rajasthan 0 / 22 / 184 / 79826 / 1.18% Tamil Nadu 11 / 22 / 234 / 623114 / 4.07% Tripura 2 / 16 / 30 / 93739 / 21.61% Uttar Pradesh 1 / 57 / 425 / 272565 / 1.27% West Bengal 43 / 135 / 280 / 2293026 / 18.11% In the 1967 Lok Sabha elections CPI(M) nominated 59 candidates. In total 19 of them were elected. The party received 6.2 million votes (4.28% of the nationwide vote). By comparison, CPI won 23 seats and got 5.11% of the nation-wide vote. In the state legistative elections held simultaneously, the CPI(M) emerged as a major party in Kerala and West Bengal. In Kerala a United Front government led by E.M.S. Namboodiripad was formed.[12] In West Bengal, CPI(M) was the main force behind the United Front government formed. The Chief Ministership was given to Ajoy Mukherjee of the Bangla Congress (a regional splinter-group of the Indian National Congress).
Naxalbari uprising
Main article: NaxaliteAt this point the party stood at crossroads. There were radical sections of the party who were wary of the increasing parliamentary focus of the party leadership, especially after the electoral victories in West Bengal and Kerala. Developments in China also affected the situation inside the party. In West Bengal two separate internal dissident tendencies emerged, which both could be identified as supporting the Chinese line.[13] In 1967 a peasant uprising broke out in Naxalbari, in northern West Bengal. The insurgency was led by hardline district-level CPI(M) leaders Charu Majumdar and Kanu Sanyal. The hardliners within CPI(M) saw the Naxalbari uprising as the spark that would ignite the Indian revolution. The Communist Party of China hailed the Naxalbari movement, causing an abrupt break in CPI(M)-CPC relations.[14] The Naxalbari movement was violently repressed by the West Bengal government, of which CPI(M) was a major partner. Within the party, the hardliners rallied around an All India Coordination Committee of Communist Revolutionaries. Following the 1968 Burdwan plenum of CPI(M) (held on April 5–12, 1968), the AICCCR separated themselves from CPI(M). This split divided the party throughout the country. But notably in West Bengal, which was the centre of the violent radicalist stream, no prominent leading figure left the party. The party and the Naxalites (as the rebels were called) were soon to get into a bloody feud.
In Andhra Pradesh another revolt was taking place. There the pro-Naxalbari dissidents had not established any presence. But in the party organisation there were many veterans from the Telangana armed struggle, who rallied against the central party leadership. In Andhra Pradesh the radicals had a strong base even amongst the state-level leadership. The main leader of the radical tendency was T. Nagi Reddy, a member of the state legislative assembly. On June 15, 1968 the leaders of the radical tendency published a press statement outlining the critique of the development of CPI(M). It was signed by T. Nagi Reddy, D.V. Rao, Kolla Venkaiah and Chandra Pulla Reddy.[15] In total around 50% of the party cadres in Andhra Pradesh left the party to form the Andhra Pradesh Coordination Committee of Communist Revolutionaries, under the leadership of T. Nagi Reddy.[16]
Dismissal of United Front governments in West Bengal and Kerala
In November 1967, the West Bengal United Front government was dismissed by the central government. Initially the Indian National Congress formed a minority government led by Prafulla Chandra Ghosh, but that cabinet did not last long. Following the proclamation that the United Front government had been dislodged, a 48-hour hartal was effective throughout the state. After the fall of the Ghosh cabinet, the state was but under President's Rule. CPI(M) launched agitations against the interventions of the central government in West Bengal.
The 8th Party Congress of CPI(M) was held in Cochin, Kerala, on December 23–29, 1968. On December 25, 1968, whilst the congress was held, 42 Dalits were burned alive in the Tamil village of Kilavenmani. The massacre was a retaliation from landlords after Dalit labourers had taken part in a CPI(M)-led agitation for higher wages.[17][18]
The United Front government in Kerala was forced out of office in October 1969, as the CPI, RSP, KTP and Muslim League ministers resigned. E.M.S. Namboodiripad handed in his resignation on October 24.[19] A coalition government led by CPI leader C. Achutha Menon was formed, with the outside support of the Indian National Congress.
Elections in West Bengal and Kerala
Fresh elections were held in West Bengal in 1969. CPI(M) contested 97 seats, and won 80. The party was now the largest in the West Bengal legislative.[20] But with the active support of CPI and the Bangla Congress, Ajoy Mukherjee was returned as Chief Minister of the state. Mukherjee resigned on March 16, 1970, after a pact had been reached between CPI, Bangla Congress and the Indian National Congress against CPI(M). CPI(M) strove to form a new government, instead but the central government put the state under President's Rule.
In Kerala fresh elections were held in 1970. CPI(M) contested 73 seats and won 29. After the election Achutha Menon formed a new ministry, including ministers from the Indian National Congress.
Formation of CITU
Main article: Centre of Indian Trade UnionsFollowing the 1964 split, CPI(M) cadres had remained active with the All India Trade Union Congress. But as relations between CPI and CPI(M) soured, with the backdrop of confrontations in West Bengal and Kerala, a split also surfaced in the AITUC. In December 1969, eight CPI(M) members walked out of an AITUC Working Committee meeting. The eight called for an All India Trade Union Convention, which was held in Goa April 9–10, 1970. The convention decided that an All India Trade Union Conference be held on May 28–31 in Calcutta. The Calcutta conference would be the founding conference of the Centre of Indian Trade Unions, a new pro-CPI(M) trade union movement.[21]
Outbreak of war in East Pakistan
In 1971 Bangladesh (formerly East Pakistan) declared its independence from Pakistan. The Pakistani military tried to quell the uprising. India intervened militarily and gave active backing to the Bangladeshi resistance. Millions of Bangladeshi refugees sought shelter in India, especially in West Bengal.
At the time the radical sections of the Bangladeshi communist movement was divided into many factions. Whilst the pro-Soviet Communist Party of Bangladesh actively participated in the resistance struggle, the pro-China communist tendency found itself in a peculiar situation as China had sided with Pakistan in the war. In Calcutta, where many Bangladeshi leftists had sought refuge, CPI(M) worked to coordinate the efforts to create a new political organization. In the fall of 1971 three small groups, which were all hosted by the CPI(M), came together to form the Bangladesh Communist Party (Leninist). The new party became the sister party of CPI(M) in Bangladesh.[22]
1971 General Election
Martyrs Column in Haripad, KeralaWith the backdrop of the Bangladesh War and the emerging role of Indira Gandhi as a populist national leader, the 1971 election to the Lok Sabha was held. CPI(M) contested 85 seats, and won in 25. In total the party mustered 7510089 votes (5.12% of the national vote). 20 of the seats came from West Bengal (including Somnath Chatterjee, elected from Burdwan), 2 from Kerala (including A.K. Gopalan, elected from Trichur), 2 from Tripura (Biren Dutta and Dasarath Deb) and 1 from Andhra Pradesh.[23]
In the same year, state legislative elections were held in three states; West Bengal, Tamil Nadu and Orissa. In West Bengal CPI(M) had 241 candidates, winning 113 seats. In total the party mustered 4241557 votes (32.86% of the state-wide vote). In Tamil Nadu CPI(M) contested 37 seats, but drew blank. The party got 259298 votes (1.65% of the state-wide vote). In Orissa the party contested 11 seats, and won in two. The CPI(M) vote in the state was 52785 (1.2% of the state-wide vote).[24]
1970s, 1980s, 1990s
In the 1977 election, the CPI(M) gained the majority in the Legislative Assembly of the State of West Bengal, defeating the Congress (I). Jyoti Basu became the chief minister of West Bengal, an office he held until his retirement in 2000. The CPI(M) has held the majority in the West Bengal government continuously since 1977.THE PARTY ALSO WON IN TRIPURA WINNING 49 OF THE 60 SEATS. IT HAS 3 MLAS IN RAJASTHAN ASSEMBLY. IN BIHAR IT HAS AN ALLIANCE WITH CPI(ML)L AND CPI. it has 1 seat in andhra pradesh.it also has strong bases in the stata. in tamil nadu it has worked for dalit causes.
Controversies
Corruption charge
The Comptroller and Auditor General of India, in a report said that Pinaryi Vijayan (member of Politburo and Kerala state secretary of CPI(M)) had struck a deal as electricity minister of Kerala in 1998 with SNC Lavalin, a Canadian firm, for the repair of three generators, which was a huge fraud and had cost the state exchequer a staggering Rs 3.76 billion. On 16 January 2007, Kerala High Court ordered a CBI enquiry into the SNC Lavalin case.[25]. On 21 January 2009, CBI filed a progress report on the investigation in the Kerala high court. Pinarayi Vijayan has been named as the 9th accused in the case.[26][27]. CPM has backed Vijayan saying the case is politically motivated[28][29][30]. The CPM led Kerala Governemnt decided not to let Vijayan to be prosecuted in the case[31]. Overruling the cabinet recommendation, the Governeor allowed CBI to prosecute Vijayan based on prima facie evidence[32]. This is first time in the history of the party a politburo member is being prosecuted in a corruption case [33]. Later on Central Bureau of Investigation gave clean chit to Vijayan in this case.[34]. The accusition of corruption on vijayan was accused to be moved by political reasons, and his party CPIM has always backed vijayan on this issue.[35]
Disciplinary action against V.S. Achuthanandan
On 12 July 2009, CPIM central committee has decided to remove Kerala chief minister V.S. Achuthanandan from its politburo. This decision invoked widespread criticism from general public and party workers, as the decision looked favoring Pinarayi Vijayan who is accused in a multi-crore corruption case and against the anti-corruption stand taken by V.S.[36][37][38][39].
Criticism of Economic Policies
The CPI(M) faces criticism from leftwing sectors regarding its governance policies.[40] Some CPI(M) insiders have also raised questions about CPI(M) compromising with corporate interests. Budhadeb Bhattacharya's own cabinet minister (Land Reform Minister) and CPI(M) leader Abdul Razzak Mollah opposed Buddhadeb's supposedly "neo-liberal" line.[citation needed] He opposed the provisions of the land acquisition bill in the West Bengal state assembly. Former West Bengal finance minister and former CPI(M) Rajya Sabha member Dr. Ashok Mitra also expressed his disagreements with what he sees as CPI(M)'s ideological shift towards economic liberalisation.
In Kerala, Prof. M.N. Vijayan, former editor of the CPI(M) owned "Deshabhimani weekly", argued that CPI(M) policies are now influenced by neoliberalism and rebelled against the influence of foreign fund on party functioning, influence of capital in the cultural field, and attempt to replace class politics with that of identity politics.[41] Under M.N. Vijayan's leadership, in Kerala Adhinivesa Prathirodha Samithi (Council for Resisting Imperialist Globalisation), was formed.[42]
Prabhat Patnaik, a CPI(M) economist, has also questioned the influence of the logic of industrialisation using the Grande Industry route as being the sine qua non of industrial policy in West Bengal.[43].[40]
Criticism for use of violence
Like many other political parties of Democratic India, CPI(M) too accused of using violent means, as a means to respond power struggle, among different political parties.[44][45] [46][47][48] It is accused by the opposition parties of using violent means against them.[49]
Party organization
CPI(M) got 5.66% of votes polled in last parliamentary election (May 2004) and it has 43 MPs. It won 42.31% on an average in the 69 seats it contested. It supported the new Indian National Congress-led United Progressive Alliance government, but without becoming a part of it. On 9 July 2008 it formally withdrew support from the UPA government explaining this by differences about the Indo-US nuclear deal and the IAEA Safeguards Agreement in particular.[50]
In West Bengal and Tripura it participates in the Left Front. In Kerala the party is part of the Left Democratic Front. In Tamil Nadu it was part of the ruling Democratic Progressive Alliance led by the Dravida Munnetra Kazhagam (DMK). However, it has since withdrawn support.
Its members in Great Britain are in the electoral front Unity for Peace and Socialism with the Communist Party of Britain and the British domiciled sections of the Communist Party of Bangladesh and the Communist Party of Greece (KKE). It is standing 13 candidates in the London-wide list section of the London Assembly elections in May 2008.[51]
Membership
CPI(M) 18th Congress rally in DelhiCPI(M) rally in AgartalaA tableaux in a CPI(M) rally in Kerala, India showing two farmers forming the hammer and sickle, the most famous communist symbol.As of 2004, the party claimed a membership of 867 763.[52]
State 2001 2002 2003 2004 % of party
members in
electorateAndhra Pradesh 40785 41879 45516 46742 0.0914 Assam 10480 11207 11122 10901 0.0726 Andaman & Nicobar 172 140 124 90 0.0372 Bihar 17672 17469 16924 17353 0.0343 Chhattisgarh 1211 1364 1079 1054 0.0077 Delhi 1162 1360 1417 1408 0.0161 Goa 172 35 40 67 0.0071 Gujarat 2799 3214 3383 3398 0.0101 Haryana 1357 1478 1477 1608 0.0131 Himachal Pradesh 1005 1006 1014 1024 0.0245 Jammu & Kashmir 625 720 830 850 0.0133 Jharkhand 2552 2819 3097 3292 0.0200 Karnataka 6574 7216 6893 6492 0.0168 Kerala 301562 313652 318969 316305 1.4973 Madhya Pradesh 2243 2862 2488 2320 0.0060 Maharashtra 8545 9080 9796 10256 0.0163 Manipur 340 330 270 300 0.0195 Orissa 3091 3425 3502 3658 0.0143 Punjab 14328 11000 11000 10050 0.0586 Rajasthan 2602 3200 3507 3120 0.0090 Sikkim 200 180 65 75 0.0266 Tamil Nadu 86868 90777 91709 94343 0.1970 Tripura 38737 41588 46277 51343 2.5954 Uttaranchal 700 720 740 829 0.0149 Uttar Pradesh 5169 5541 5477 5877 0.0053 West Bengal 245026 262882 258682 274921 0.579 CC staff 96 95 95 87 Total 796073 835239 843896 867763 0.1292 Leadership
CPI(M) leaders at the 18th party congressThe current general secretary of CPI(M) is Prakash Karat. The 19th party congress of CPI(M), held in Coimbatore March 29-April 3, 2008 elected a Central Committee with 87 members. The Central Committee later elected a 15-member Politburo:
- » Indices
- Prakash Karat
- Sitaram Yechury
- S. Ramachandran Pillai
- Buddhadeb Bhattacharya
- Manik Sarkar
- M.K. Pandhe
- Biman Bose
- Pinarayi Vijayan
- K. Varadarajan
- B.V. Raghavulu
- Brinda Karat
- Nirupam Sen
- Kodiyeri Balakrishnan
- Mohammad Amin
The senior most member, V.S. Achuthanandan was removed from the Polit Bureau on July 12, 2009.
The 19th congress saw the departure of the last two members of the Polit Bureau who had been on the original Polit Bureau in 1964, Harkishen Singh Surjeet and Jyoti Basu.[53]
State Committee secretaries
- » Indices
- Andaman & Nicobar: K.G. Das
- Andhra Pradesh: B.V. Raghavulu
- Assam: Uddhab Barman
- Bihar: Vijaykant Thakur
- Chattisgarh: M.K. Nandi
- Delhi: P.M.S. Grewal
- Goa: Thaelman Perera
- Haryana: Inderjit Singh
- Jharkhand: J.S. Majumdar
- Karnataka: V.J.K. Nair
- Kerala : Pinarayi Vijayan
- Madhya Pradesh: Badal Saroj
- Maharashtra: Ashok Dhawale
- Orissa: Janardan Pati
- Punjab: Charan Singh Virdi(Acting)
- Rajasthan: Vasudev Sharma
- Sikkim: Balram Adhikari
- Tamil Nadu: G.Ramakrishnan
- Tripura: Baidyanath Majumdar
- Uttaranchal: Vijai Rawat
- Uttar Pradesh: S.P. Kashyap
- West Bengal: Biman Bose[54]
The principal mass organizations of CPI(M)
- Democratic Youth Federation of India
- Students Federation of India
- Centre of Indian Trade Unions class organisation
- All India Kisan Sabha peasants' organization
- All India Agricultural Workers Union
- All India Democratic Women's Association
- Bank Employees Federation of India
- All India Lawyers Union
In Tripura, the Ganamukti Parishad is a major mass organization amongst the tribal peoples of the state. In Kerala the Adivasi Kshema Samithi, a tribal organisation is controlled by CPI(M).
This apart, on the cultural front as many as 12 major organisations are led by CPI(M).
Party publications
From the Centre, two weekly newspapers are published, People's Democracy (English) and Lok Lehar (Hindi). The central theoretical organ of the party is The Marxist, published quarterly in English.
Daily newspapers
- Ganashakti (West Bengal, Bengali)
- Deshabhimani (Kerala, Malayalam)
- Daily Desher Katha (Tripura, Bengali)
- Theekathir (Tamil Nadu, Tamil)
- Prajasakti (Andhra Pradesh, Telugu)
- Desh Sewak (Punjab, Punjabi)
Weeklies
- Abshar (West Bengal, Urdu)
- Swadhintha (West Bengal, Hindi)
- Desh Hiteshi (Bengali)
- Janashakthi (Karnataka, Kannada)[55]
- Jeevan Marg (Maharashtra, Marathi)
- Samyabadi (Orissa, Oriya)
- Deshabhimani Vaarika. (Kerala, Malayalam)
- Ganashakti (Assamese, Assam)
Fortnightlies
- Lok Jatan (Madhya Pradesh, Hindi)
- Lok Samvad (Uttar Pradesh, Hindi)
- Sarfarosh Chintan (Gujarat, Gujarati)
Monthlies
- Shabtaab (Urdu)
- Yeh Naya Raste (Jammu & Kashmir, Urdu)
- Lok Lahar (Punjabi)
- Nandan (Bengali)
- Marxist (Tamil language)
Theoretical publications
Publishing houses
- Leftword Publication
- CPI(M) Publication
- National Book Agency (West Bengal)
- Chinta Publication (Kerala)
- Prajasakti Book House (Andhra Pradesh)
- Deshabhimani Book House (Kerala)
- Natun Sahitya Parishad (Assam)
State governments
As of 2008, CPI(M) leads state governments in three states, West Bengal, Kerala and Tripura. Chief ministers belonging to the party are Buddhadeb Bhattacharya, V.S. Achuthanandan and Manik Sarkar. In West Bengal and Tripura, the party had a majority of its own in the state assemblies, but governs together with Left Front partners. In Kerala, the party is the largest component of the Left Democratic Front.
Name
In Hindi CPI(M) is often called मार्क्सवादी कमयुनिस्ट पार्टी (Marksvadi Kamyunist Party, abbreviated MaKaPa). The official party name in Hindi is however Bharatiya Kamyunist Party (Marksvadi).
During the initial period after the split 1964, the party was often referred to as 'Left Communist Party' or 'Communist Party of India (Left)'. The CPI was then, in the same parlance, dubbed as the 'Rightist Communist Party'. The party decided to adopt the name 'Communist Party of India (Marxist)' ahead of the March 1965 Kerala Legislative Assembly election, in order to obtain an election symbol.[56]
Splits and offshoots
Main article: Various Communist/Leftist Parties in India
A large number of parties have been formed as a result of splits from the CPI(M), such as Communist Party of India (Marxist-Leninist), Marxist Communist Party of India, Marxist Coordination Committee in Jharkhand, Janathipathiya Samrakshana Samithy, Communist Marxist Party and BTR-EMS-AKG Janakeeya Vedi in Kerala, Party of Democratic Socialism in West Bengal, Janganotantrik Morcha in Tripura, the Ram Pasla group in Punjab, Orissa Communist Party in Orissa, etc.
Election results
Main article: CPI(M) election results
In the 2009 Lok Sabha election the party lost several seats in two of its strongholds, West Bengal and Kerala, whilst retaining dominance in the third stronghold, Tripura.
External links
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- CPI(M) election website
- CPI(M) web site
- Leftword Books CPI(M) publishing house
- CPI(M) Andhra Pradesh State Committee
Party publications
- People's Democracy
- Daily Desher Katha
- Deshabhimani
- Ganashakti
- Lok Samvad
- Prajasakti
- Theekathir
- Janashakthi
Articles
- Search For Ways To Keep Marx Alive Opinion on party structure by Sumanta Sen. The Telegraph Calcutta, India. March 31, 2005. Accessed April 1, 2005.
- Veteran Communists Honoured News article on Party history conference. The Hindu. April 6, 2005. Accessed April 8, 2005.
- All you wanted to know about CPI-M News article on CPI-M. Rediff News. April 8, 2005. Accessed April 8, 2005.
- An Upbeat Left by Venkitesh Ramakrishnan. Frontline Volume 22 - Issue 09, April 23 - May 6, 2005
See also
 | Wikimedia Commons has media related to: Communist Party of India (Marxist) |
- List of political parties in India
- Politics of India
- List of Communist Parties
- Co-ordinating Committee of Communist Parties in Britain
- Communist Marxist Party, in Kerala, south India
- Communist Party of Revolutionary Marxists, in West Bengal, India northern areas
- Election Results of Communist Party of India (Marxist)
- Marxist Communist Party of India
- Marxist Communist Party of India (United)
- Marxist Periarist Communist Party, in Tamil Nadu, India
References
- ^ a b http://cpim.org/content/pr-dasmunshis-statement
- ^ "Political-Organizational Report adopted at the XIXth Congress of the CPI(M) held in Coimbatore, Tamil Nadu, March 29-April 23, 2008". http://cpim.org/documents/2008-19%20cong-pol-org%20report.pdf.
- ^ The bulk of the detainees came from the leftwing of CPI. However, cadres of the Socialist Unity Centre of India and the Workers Party of India were also targeted.[1]
- ^ The 32 were P. Sundarayya, M. Basavapunniah, T. Nagi Reddy, M. Hanumantha Rao, D.V. Rao, N. Prasad Rao, G. Bapanayya, E.M.S. Namboodiripad, A.K. Gopalan, A.V. Kunhambu, C.H. Kanaran, E.K. Nayanar, V.S. Achuthanandan Removed, E.K. Imbichibava, Promode Das Gupta, Muzaffar Ahmad, Jyoti Basu, Abdul Halim, Hare Krishna Konar, Saroj Mukherjee, P. Ramamurthi, M.R. Venkataraman, N. Sankariah, K. Ramani, Harkishan Singh Surjeet, Jagjit Singh Lyallpuri, D.S. Tapiala, Dr. Bhag Singh, Sheo Kumar Mishra, R.N. Upadhyaya, Mohan Punamiya and R.P. Saraf. Source: Bose, Shanti Shekar; A Brief Note on the Contents of Documents of the Communist Movement in India. Kolkata: 2005, National Book Agency, p. 37.
- ^ a b Basu, Pradip. Towards Naxalbari (1953-1967) – An Account of Inner-Party Ideological Struggle. Calcutta: Progressive Publishers, 2000. p. 51.
- ^ Suniti Kumar Ghosh was a member of the group that presented this alternative draft proposal. His grouping was one of several left tendencies in the Bengali party branch. Basu, Pradip. Towards Naxalbari (1953-1967) – An Account of Inner-Party Ideological Struggle. Calcutta: Progressive Publishers, 2000. p. 32.
- ^ Basu, Pradip. Towards Naxalbari (1953-1967) – An Account of Inner-Party Ideological Struggle. Calcutta: Progressive Publishers, 2000. p. 52-54.
- ^ a b Basu, Pradip. Towards Naxalbari (1953-1967) – An Account of Inner-Party Ideological Struggle. Calcutta: Progressive Publishers, 2000. p. 54.
- ^ M.V.S. Koteswara Rao. Communist Parties and United Front - Experience in Kerala and West Bengal. Hyderabad: Prajasakti Book House, 2003. p. 17-18
- ^ The jailed members of the new CC, at the time of the Calcutta Congress, were B.T. Ranadive, Muzaffar Ahmed, Hare Krishna Konar and Promode Das Gupta. Source: Bose, Shanti Shekar; A Brief Note on the Contents of Documents of the Communist Movement in India. Kolkata: 2005, National Book Agency, p. 44-5.
- ^ M.V.S. Koteswara Rao. Communist Parties and United Front - Experience in Kerala and West Bengal. Hyderabad: Prajasakti Book House, 2003. p. 234-235.
- ^ In Kerala the United Front consisted, at the time of the election, of Communist Party of India (Marxist), the Communist Party of India, the Muslim League, the Revolutionary Socialist Party, the Karshaka Thozhilali Party and the Kerala Socialist Party.[2]
- ^ According to Basu (in Basu, Pradip; Towards Naxalbari (1953–67) : An Account Of Inner-Party Ideological Struggle. Calcutta: Progressive Publishers, 2000.) there were two nuclei of radicals in the party organisation in West Bengal. One "theorist" section around Parimal Das Gupta in Calcutta, which wanted to persuade the party leadership to correct revisionist mistakes through inner-party debate, and one "actionist" section led by Charu Majumdar and Kanu Sanyal in North Bengal. The 'actionists' were impatient, and strived to organize armed uprisings. According to Basu, due to the prevailing political climate of youth and student rebellion it was the 'actionists' which came to dominate the new Maoist movement in India, instead of the more theoretically advanced sections. This dichotomy is however rebuffed by followers of the radical stream, for example the CPI(ML) Liberation.
- ^ On July 1 People's Daily carried an article titled Spring Thunder Over India, expressing the support of CPC to the Naxalbari rebels. At its meeting in Madurai on August 18–27, 1967, the Central Committee of CPI(M) adopted a resolution titled 'Resolution on Divergent Views Between Our Party and the Communist Party of China on Certain Fundamental Issues of Programme and Policy'. Source: Bose, Shanti Shekar; A Brief Note on the Contents of Documents of the Communist Movement in India. Kolkata: 2005, National Book Agency, p. 46.
- ^ This press statement was reproduced in full in the central CPI(M) publication, People's Democracy, on June 30. P. Sundarayya and M. Basavapunniah, acting on behalf of the Polit Bureau of CPI(M), formulated a response to the statement on June 16, titled 'Rebuff the Rebels, Uphold Party Unity'. Source: Bose, Shanti Shekar; A Brief Note on the Contents of Documents of the Communist Movement in India. Kolkata: 2005, National Book Agency, p. 48.
- ^ Some perceive that the Chinese leadership severely misjudged the actual conditions of different Indian factions at the time, giving their full support to the Majumdar-Sanyal group whilst keeping the Andhra Pradesh radicals (that had a considerable mass following) at distance.
- ^ Dalits and land issues
- ^ Untitled-1
- ^ officialwebsite of kerala.gov.in
- ^ Indian National Congress had won 55 seats, Bangla Congress 33 and CPI 30. CPI(M) allies also won several seats.ECI: Statistical Report on the 1969 West Bengal Legislative Election
- ^ Bose, Shanti Shekar; A Brief Note on the Contents of Documents of the Communist Movement in India. Kolkata: 2005, National Book Agency, p. 56-59
- ^ The same is also true for the Workers Party of Bangladesh, which was formed in 1980 when BCP(L) merged with other groups. Although politically close, WPB can be said to have a more Maoist-oriented profile than CPI(M).
- ^ ECI: Statistical Report on the 1971 Lok Sabha Election
- ^ ECI: Statistical Report on the 1971 Orissa Legislative Election, ECI: Statistical Report on the 1971 Tamil Nadu Legislative Election, ECI: Statistical Report on the 1971 West Bengal Legislative Election
- ^ "Kearala to go by HC order in Lavalin case". The Hindu Business Line. http://www.thehindubusinessline.com/businessline/blnus/27161507.htm.
- ^ "CBI finds Pinarayi guilty in Lavalin scam, moralistic CPM yet to act". http://economictimes.indiatimes.com/News/PoliticsNation/CBI_finds_Pinarayi_guilty_in_Lavalin_scam_moralistic_CPM_yet_to_act/articleshow/4014521.cms.
- ^ "CBI seeks nod to prosecute CPM's Kerala unit chief". http://www.indianexpress.com/news/cbi-seeks-nod-to-prosecute-cpms-kerala-unit-chief/413768/.
- ^ "CPM backs Pinarayi Vijayan, says CBI move is politically motivated". The Times of India. 23 January 2009. http://timesofindia.indiatimes.com/India/CPM_backs_Pinarayi_Vijayan_says_CBI_move_is_politically_motivated/articleshow/4018616.cms.
- ^ "Does C in CPM mean corruption?". The Economic Times. 27 January 2009. http://economictimes.indiatimes.com/News/PoliticsNation/Does_C_in_CPM_mean_corruption/articleshow/4034604.cms.
- ^ "CPM conspiracy theory falls flat in face of facts". The Economic Times. 27 January 2009. http://economictimes.indiatimes.com/News/PoliticsNation/CPM_conspiracy_theory_falls_flat_in_face_of_facts/articleshow/4031752.cms.
- ^ "Kerala govt not to prosecute Vijayan in Lavlain case". The Times of India.. 6 May 2009. http://timesofindia.indiatimes.com/Cities/Kerala-govt-not-to-prosecute-Vijayan-in-Lavlain-case-/articleshow/4490668.cms.
- ^ "Governor allows CBI to prosecute Vijayan". The Times of India.. 8 June 2009. http://timesofindia.indiatimes.com/India/Governor-allows-CBI-to-prosecute-Vijayan/articleshow/4629178.cms.
- ^ "CBI gets Governor nod to book Pinarayi". The Indian Express.. 8 June 2009. http://www.indianexpress.com/news/CBI-gets-Governor-nod-to-book-Pinarayi/472895.
- ^ Article in Hindustan Times
- ^ PB Comminque(CPIM) on SNC Lavalin case
- ^ "VS ' sacking rocks 'red forts'". The Indian Express.. 14 July 2009. http://www.expressbuzz.com/edition/story.aspx?Title=VS+'+sacking+rocks+'red+forts'&artid=CCdPSZedzH8=&SectionID=1ZkF/jmWuSA=&MainSectionID=fyV9T2jIa4A=&SectionName=X7s7i.
- ^ "CPI-M the loser in Achuthanandan-Pinnarayi war". CNN IBN.. 14 July 2009. http://ibnlive.in.com/news/cpim-the-loser-in-achuthanandanpinnarayi-war/97057-37.html.
- ^ "Founding member 'outdated' for CPM". The Indian Express.. 14 July 2009. http://www.indianexpress.com/news/Founding-member--outdated--for-CPM/488534/.
- ^ "CPM action against Achuthanandan may widen Kerala unit split". Hindustan Times.. 12 July 2009. http://www.hindustantimes.com/StoryPage/StoryPage.aspx?sectionName=HomePage&id=a1207c67-2436-437d-be0c-c1d6e2ea0cd2&ParentID=52189a16-362a-441c-afa2-6db62613316f&Headline=CPM+action+against+Achuthanandan+may+widen+Kerala+unit+split.
- ^ a b "Reflections in the Aftermath of Nandigram. Article written by a "CPI(M) supporter"- Economic and Political Weekly [3]
- ^ "Kerala Intra-party differences". Article in Economic and Political Weekly. [4]
- ^ Mainstream article about M.N.Vijayan and Council for resisting Imperialist Globalization.[5]
- ^ "In the aftermath of Nandigram" article by Prabhat Patnaik, CPI(M) Economist and Party Member. Mr. Patnaik is the Planning Commission Deputy Chairman of CPI(M)led Kerala Govt. [6]
- ^ CPIM activist murdered by RSS
- ^ Shahbuddin RJD MP murdred so many people
- ^ BG Verghese on Crimanalisation of politics
- ^ BJP's hand in Naroda Patiya Messcare of GUJRAT RIOTS
- ^ Congress's involved in 1984 ANTI SIKH RIOTS
- ^ BJP to campaign against CPM violence - The Pioneer 20 November 2007
- ^ article in The Hindu, 9 July 2008: Left meets President, hands over letter of withdrawal
- ^ Unity For Peace and Socialism homepage
- ^ Membership figures from http://www.cpim.org/pd/2005/0403/04032005_membership.htm. Electorate numbers taken from http://www.eci.gov.in/SR_KeyHighLights/LS_2004/Vol_I_LS_2004.pdf. Puducherry is counted as part of Tamil Nadu, Chandigarh counted as part of Punjab.
- ^ "Nine to none, founders' era ends in CPM", The Telegraph (Calcutta), April 3, 2008.
- ^ List of State Secretaries
- ^ Janashakti has replaced the previous CPI(M) organ in Karnataka, Ikyaranga
- ^ Basu, Jyoti. Memoirs - A Political Autobiography. Calcutta: National Book Agency, 1999. p. 189.
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