Archive - 2009

December 14th

Inflation trebles to 4.78%

Inflation more than trebled to 4.78 pc during November on account of rising prices of food items like potato, sugar and pulses, and may prompt the Reserve Bank to squeeze money supply to tame price rise.  The wholesale price-based inflation jumped to nearly 5 percent from 1.34 percent in October, according to the monthly inflation data.

BSNL loses market share by nearly half in 3 yrs

Defending BSNL's massive loss in market share to just 16.71 per cent now from over 31 per cent in 2006-07, the government today said it was mainly due to fierce competition and not due to managerial reasons.

"BSNL, being a Central Public Sector Undertaking, has to follow established institutional procedures in its various functions, which is not required in a private company," Telecom Minister A Raja said in a written reply in Lok Sabha.

Existence of poverty is a violation of human rights: next CJI

Justice S H Kapadia, the senior most sitting Supreme Court judge, who is set to take over as Chief Justice of India next year, says religion is “a matter of personal belief and should be kept at home.” Justice Kapadia spoke his mind at a function to mark Human Rights Day; Vice-President of India M H Ansari, as chief guest, was next in line to address the audience of senior advocates.

November 3rd

IMF sells 200 tonnes of gold to India

The International Monetary Fund has announced the sale of 200 tonnes of gold worth USD 6.7 billion to India's central bank to shore up IMF finances.

The sale to India was nearly half the amount that the Fund has targeted for sale over the coming years.

The IMF said the transaction, which was in the process of being settled, involved daily sales that were phased over a two-week period during October 19-30.

BSNL to set up 30,000 broadband kiosks in 2 yrs

State-run BSNL will set up 30,000 broadband kiosks in rural and remote areas in the next two years on a franchisee basis.
"The aim is to build a network of around 30,000 broadband kiosks across India within a period of two years. We will set up the kiosks through franchisee in rural areas," a senior BSNL official said in New Delhi.

Fatwa issued against 'Vande Mataram'

Jamait-e-Ulema Hind or the JEU on Tuesday issued a fatwa against singing national song 'Vande Mataram'. According to a resolution, Muslims should not sing 'Vande Mataram' as its reciting is against the Islam.

The resolution, which was passed at the Deoband national convention meet, says that Muslims should not sing 'Vande Mataram' as some verses of the patriotic song are against the tenets of Islam. The JEU leader said that the some of the line in the song is against Islam.

October 21st

Massive Surge in food inflation

Inflation, particularly that of food products, has seen a massive surge in recent months according to an influential economic panel of the government headed by C. Rangarajan. In July and August 2009, the year on year inflation rate for CPI (IW) was 11 per cent plus while it was12 to 13 per cent for CPI (AL) and CPI (RL). However, there has been a dramatic rise in the annualised rates of these indices after June 2009 with CPI (IW) rising by over 70 per cent in July 2009 and the CPI (AL) and (RL) increasing by 33 per cent.

October 20th

Raja seeks FM's help to usher in 3G mobile services

Telecom Minister A Raja has held the Defence Ministry responsible for the slippage in the auction process for 3G spectrum and sought Finance Minister Pranab Mukherjee's help to clear the decks.

The Defence Ministry has decided to release only that 3G spectrum that is to be auctioned and that too in phases. In fact, the armed forces have not released spectrum already in use as envisaged in their agreement with DoT.

EU boosts aid for dairy farmers

Dairy farmers in the European Union are to receive 280m euros (£255m) in aid, says the EU's farm commissioner. The decision follows weeks of protests by thousands of farmers over the low price of milk, including the spraying of milk onto fields.

Most of the EU's member states - including France and Germany - had been pressing for aid after the global economic downturn reduced demand. Dairy farmers say milk costs more to produce than they can sell it for.

October 12th

India-European Union FTA on the anvil, says Vayalar Ravi

India-European Union Free Trade Agreement (FTA) is on the anvil as the European Union is India's top-most partner in the area of trade and investment inflows and one of the major partners in the field of economic and development co-operation, Minister for Overseas Indian Affairs, Vayalar Ravi, said at the recently concluded `India Calling' conference at Brussels.