Prime Minister Manmohan Singh, Opposition leader L K Advani, business tycoons Mukesh and Anil Ambani, corporate czar Ratan Tata and star cricketer Sachin Tendulkar have been named among the 50 most powerful people in India by American magazine BusinessWeek.
Congress President Sonia Gandhi, Gujarat Chief Minister Narendra Modi, Congress leader Pranab Mukherjee, music maestro A R Rahman, BSP chief Mayawati, Olympics gold medalist Abhinav Bindra and Security and Exchange Board of India (SEBI)
Chairman C B Bhave also feature in the league of 50.
The magazine pointed out that the list of 'India's 50 Most Powerful People 2009' reflects the impact of the Satyam scandal and the global economic crisis.
Communist Party of India (Marxist) General Secretary Prakash Karat, Mahindra and Mahindra's Managing Director Anand Mahindra, steel czar Lakshmi Mittal, telecom tycoon Sunil Mittal, Indian Premier League Chairman Lalit Modi and Indian Space Research Organisation's Chairman G Madhavan Nair and bankers -- K V Kamath and Deepak Parekh also feature in the list.
Sunday, April 19, 2009
Kandahar episode exposed NDA’s weakness: Rahul
Congress General Secretary Rahul Gandhi termed as ‘dismal’ the previous NDA Government's record in handling terrorism and charged that its ‘weakness was exposed’ during the Kandahar episode when "the terrorists responsible for the recent Mumbai attacks were let off".
"The people who are talking about terrorism themselves bowed before terrorists and released two of their associates, who were later responsible for the terror attacks in Mumbai," Rahul said, addressing an election rally in the temple town.
In contrast, UPA Government acted decisively in tackling the Mumbai attacks and exerted intense diplomatic pressure on Pakistan putting onus on that country for the terror mechanism operating from its soil, he claimed.
The Congress leader, who was here to canvass votes for Union Power Minister and party's candidate from Solapur Lok Sabha constituency Sushil Kumar Shinde, wondered as to why the Opposition was raking the issue of black money in Swiss banks now and had maintained silence over the issue in the last five years
"The people who are talking about terrorism themselves bowed before terrorists and released two of their associates, who were later responsible for the terror attacks in Mumbai," Rahul said, addressing an election rally in the temple town.
In contrast, UPA Government acted decisively in tackling the Mumbai attacks and exerted intense diplomatic pressure on Pakistan putting onus on that country for the terror mechanism operating from its soil, he claimed.
The Congress leader, who was here to canvass votes for Union Power Minister and party's candidate from Solapur Lok Sabha constituency Sushil Kumar Shinde, wondered as to why the Opposition was raking the issue of black money in Swiss banks now and had maintained silence over the issue in the last five years
Tax that: 157 rich candidates don't have PAN cards
Politicians who claim to have jumped into the fray to 'serve the people' have become wealthier manifold, some even up to 300 percent, in the past five years, but many still do not possess a PAN card, said the National Election Watch (NEW) on Sunday.
"While the property of several candidates has doubled in the past five years, in many cases it has increased more than three hundred times as compared to the last general elections in 2004," said Rakesh Ranjan, who is convenor of the state unit of NEW, a non-profit group that monitors poll-related facts.
Ranjan said of the 198 candidates contesting for 13 seats slated to go to polls on April 23, 157 candidates are 'lakhpati' while 24 are 'crorepatis' but many do not have a PAN card of the Income Tax Department.
There are also seven such nominees who do not have a single rupee, if the affidavits submitted by them at the time of filing nominations are to be believed.
And this, Ranjan said, despite the fact that of these 198 candidates only three are illiterate. Of the remaining, eight are educated up to Class 5, and 42 candidates have completed their graduation and 45 are post-graduates and others have attained higher education. As many as 70 candidates also have liabilities ranging from Rs.70,000 to Rs.2.5 crore, he said.
Among the 'crorepati' nominees, Ranjan said, nine are from the Congress, four from the Samajwadi Party, three each from the Bharatiya Janata Party (BJP) and the Bahujan Samaj Party (BSP). The Gondwana Gantantra Party (GGP) and the Republican Party of India (RPI) have one each while three other 'crorepati' candidates are contesting as Independents.
The Samajwadi Party candidate from Rewa constituency Pushpraj Singh is, however, the wealthiest of all: his total wealth amounts to over Rs 28.66 crore. Next comes Union Commerce and Industry Minister Kamal Nath of the Congress from Chhindwara, whose total assets have increased from Rs 96.63 lakh in 2004 to Rs 14.17 crore this time.
"While the property of several candidates has doubled in the past five years, in many cases it has increased more than three hundred times as compared to the last general elections in 2004," said Rakesh Ranjan, who is convenor of the state unit of NEW, a non-profit group that monitors poll-related facts.
Ranjan said of the 198 candidates contesting for 13 seats slated to go to polls on April 23, 157 candidates are 'lakhpati' while 24 are 'crorepatis' but many do not have a PAN card of the Income Tax Department.
There are also seven such nominees who do not have a single rupee, if the affidavits submitted by them at the time of filing nominations are to be believed.
And this, Ranjan said, despite the fact that of these 198 candidates only three are illiterate. Of the remaining, eight are educated up to Class 5, and 42 candidates have completed their graduation and 45 are post-graduates and others have attained higher education. As many as 70 candidates also have liabilities ranging from Rs.70,000 to Rs.2.5 crore, he said.
Among the 'crorepati' nominees, Ranjan said, nine are from the Congress, four from the Samajwadi Party, three each from the Bharatiya Janata Party (BJP) and the Bahujan Samaj Party (BSP). The Gondwana Gantantra Party (GGP) and the Republican Party of India (RPI) have one each while three other 'crorepati' candidates are contesting as Independents.
The Samajwadi Party candidate from Rewa constituency Pushpraj Singh is, however, the wealthiest of all: his total wealth amounts to over Rs 28.66 crore. Next comes Union Commerce and Industry Minister Kamal Nath of the Congress from Chhindwara, whose total assets have increased from Rs 96.63 lakh in 2004 to Rs 14.17 crore this time.
Advani's stake to power: Grand temple in Ayodhya
A grand Ram temple in Ayodhya will become a reality if the Bharatiya Janata Party is voted to power, BJP prime ministerial candidate LK Advani told an election rally in Lucknow on Sunday.
"It is a dream of crores of people across India and a magnificent temple will definitely come up in Ayodhya," Advani told a gathering of over a thousand people.
Advani was in this Uttar Pradesh capital to campaign for party candidate Lalji Tandon, the sitting legislator.
He also repeated his pledge to bring back the Indian money deposited in tax havens abroad if voted to power.
"A party of south India has protested the demolition of the Rama Setu and has supported the cause of building the Ram mandir in Ayodhya. The party has mentioned this in its election manifesto too," Advani said, hinting at J Jayalalitha's AIADMK.
He also cautioned party workers against over-confidence and said that was what led to the BJP's defeat in the 2004 elections.
"I would like to request party workers not to rely on rallies and public meetings. We have 10 crore new voters this time and you should be conducting door-to-door contacts to convince them," Advani said in his hour-long speech in Vikas Nagar locality
"It is a dream of crores of people across India and a magnificent temple will definitely come up in Ayodhya," Advani told a gathering of over a thousand people.
Advani was in this Uttar Pradesh capital to campaign for party candidate Lalji Tandon, the sitting legislator.
He also repeated his pledge to bring back the Indian money deposited in tax havens abroad if voted to power.
"A party of south India has protested the demolition of the Rama Setu and has supported the cause of building the Ram mandir in Ayodhya. The party has mentioned this in its election manifesto too," Advani said, hinting at J Jayalalitha's AIADMK.
He also cautioned party workers against over-confidence and said that was what led to the BJP's defeat in the 2004 elections.
"I would like to request party workers not to rely on rallies and public meetings. We have 10 crore new voters this time and you should be conducting door-to-door contacts to convince them," Advani said in his hour-long speech in Vikas Nagar locality
Let voters decide who is strong leader, says Sonia
In a strong rejoinder to the BJP prime ministerial candidate L.K. Advani’s charge that Manmohan Singh is a weak and indecisive Prime Minister, Congress president Sonia Gandhi on Sunday said the so-called “strong leader” was incapable of taking any decision on his own.
“He takes directions from an organisation [the RSS] and worked in accordance to its dictates. His resignation as party president was also on the directives of the organisation”, Ms. Gandhi said.
Leaving it to the voters to decide who, in this context, is a strong leader, Ms. Gandhi criticised Mr. Advani for his comments that terror incidents increased under the United Progressive Alliance government.
“Who was the Home Minister and Deputy Prime Minister when Parliament was attacked by terrorists and when a dreaded terrorist was released from jail and airlifted to Kandahar as a guest; of course by BJP leaders,” she asked.
Ms. Gandhi was addressing an election rally at the Jyotiba Phule open air stadium here in support of the local Congress candidate Rita Bahuguna Joshi.
The Congress, she said, was not functioning on the directions of an individual. On the contrary, it worked for the welfare of the common man.
There was no leader in the BJP of the stature of Indira Gandhi and Rajiv Gandhi, who sacrificed their lives for the country.
The saffron party’s temple agenda was also slammed by the Congress president. She said: “the party talked about Ram Rajya, but in a Ram Rajya there is no discrimination; no hatred for the other community and no riots. Ram Rajya is one where there is respect for every one and security is guaranteed.”
Without naming the Samajwadi Party, Ms. Gandhi said its real face was known to all. In an implied reference to the coming together of Mulayam Singh, Lalu Prasad and Ram Vilas Paswan and the Congress-SP seat-sharing fiasco in Uttar Pradesh, she accused the “party” of changing its colours to suit its political needs.
“At one time it was with some party, at another time it was in a front,” she said.
“SP is unreliable”
Ms. Gandhi quoted an adage, “pal mein tola, pal mein maasha” (to suggest changing colours or shifting stance), to drive home her point that the (Samajwadi) party is unreliable.
She also criticised U.P. Chief Minister and BSP president, Mayawati’s (who was not named) penchant for erecting statues and her concern for Dalit welfare.
Criticises Mayawati
Accusing the BSP chief of dividing society to garner the support of Dalits, Ms. Gandhi said now she (Ms. Mayawati) was banking on the same segments of society to remain in power. “Mahatma Gandhi, Jyotiba Phule and Bhimrao Ambedkar, who worked for Dalit uplift, did not install their own statues, but reformed society.” Law and order, she alleged, had gone for a toss and criminals were joining the BSP.
“He takes directions from an organisation [the RSS] and worked in accordance to its dictates. His resignation as party president was also on the directives of the organisation”, Ms. Gandhi said.
Leaving it to the voters to decide who, in this context, is a strong leader, Ms. Gandhi criticised Mr. Advani for his comments that terror incidents increased under the United Progressive Alliance government.
“Who was the Home Minister and Deputy Prime Minister when Parliament was attacked by terrorists and when a dreaded terrorist was released from jail and airlifted to Kandahar as a guest; of course by BJP leaders,” she asked.
Ms. Gandhi was addressing an election rally at the Jyotiba Phule open air stadium here in support of the local Congress candidate Rita Bahuguna Joshi.
The Congress, she said, was not functioning on the directions of an individual. On the contrary, it worked for the welfare of the common man.
There was no leader in the BJP of the stature of Indira Gandhi and Rajiv Gandhi, who sacrificed their lives for the country.
The saffron party’s temple agenda was also slammed by the Congress president. She said: “the party talked about Ram Rajya, but in a Ram Rajya there is no discrimination; no hatred for the other community and no riots. Ram Rajya is one where there is respect for every one and security is guaranteed.”
Without naming the Samajwadi Party, Ms. Gandhi said its real face was known to all. In an implied reference to the coming together of Mulayam Singh, Lalu Prasad and Ram Vilas Paswan and the Congress-SP seat-sharing fiasco in Uttar Pradesh, she accused the “party” of changing its colours to suit its political needs.
“At one time it was with some party, at another time it was in a front,” she said.
“SP is unreliable”
Ms. Gandhi quoted an adage, “pal mein tola, pal mein maasha” (to suggest changing colours or shifting stance), to drive home her point that the (Samajwadi) party is unreliable.
She also criticised U.P. Chief Minister and BSP president, Mayawati’s (who was not named) penchant for erecting statues and her concern for Dalit welfare.
Criticises Mayawati
Accusing the BSP chief of dividing society to garner the support of Dalits, Ms. Gandhi said now she (Ms. Mayawati) was banking on the same segments of society to remain in power. “Mahatma Gandhi, Jyotiba Phule and Bhimrao Ambedkar, who worked for Dalit uplift, did not install their own statues, but reformed society.” Law and order, she alleged, had gone for a toss and criminals were joining the BSP.
Investors favour Southern metros
Minister Narendra Modi might be Numero Uno in drawing industrial investments and Chief Minister Buddhadeb Bhattacharjee might be trying hard enough but states in southern India remain a major draw for investors.
The three South Indian metros, Bangalore, Chennai and Hyderabad have got nearly three times more investments in the field of infrastructure over the past few years.
This has been discovered by a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham). The recent study found that despite the several new flyovers in Delhi, Mumbai and Kolkata, along with other measures to improve infrastructure, the three southern metros are far ahead of the others. “Metros in the southern part of India, especially Bangalore, Hyderabad and Chennai, have become the most favoured destinations for infrastructure investments by corporates,” the Assocham Study on Infrastructure Projects In Metro Cities said. These cities have “outmatched urbanised cities like Mumbai, Delhi and Kolkata,” it said.
Assocham president Sajjan Jindal said the private sector has invested Rs 33,161 crore in the southern metros, compared to just Rs 14,240 crores in other Tier-I cities across the northern, western and eastern parts of the country. He pointed out that the chamber’s Investment Meter Study, titled ‘Indian Metros: Pulling Infrastructure Investment’, found that Bangalore, Chennai and Hyderabad accounted for 70 per cent of total private investment in infrastructure projects across the six metros in India.
This, despite the southern metros being less urbanised with a combined urban population of about 16 million compared to 18 million in Mumbai, 18.7 in Delhi and 15 million in Kolkata, the study revealed. “Southern cities are attracting private attention towards infrastructure projects primarily due to better state policies, availability of talent due to engineering and business institutes, high literacy rates and faster rising per capita income in southern states,” Jindal said.
The Assocham investment meter also revealed that even when the real estate sector across the country was facing problems due to a slump in demand, investments in realty projects are in the top bracket in overall infrastructure investments in the southern Tier-I cities. “Around 12 real estate projects were announced by the private sector over the last six months, amounting to Rs 12,990 crore. Bangalore had the maximum of six realty projects while Hyderabad and Chennai had five and one, respectively,” the study revealed.
The three South Indian metros, Bangalore, Chennai and Hyderabad have got nearly three times more investments in the field of infrastructure over the past few years.
This has been discovered by a study conducted by the Associated Chambers of Commerce and Industry of India (Assocham). The recent study found that despite the several new flyovers in Delhi, Mumbai and Kolkata, along with other measures to improve infrastructure, the three southern metros are far ahead of the others. “Metros in the southern part of India, especially Bangalore, Hyderabad and Chennai, have become the most favoured destinations for infrastructure investments by corporates,” the Assocham Study on Infrastructure Projects In Metro Cities said. These cities have “outmatched urbanised cities like Mumbai, Delhi and Kolkata,” it said.
Assocham president Sajjan Jindal said the private sector has invested Rs 33,161 crore in the southern metros, compared to just Rs 14,240 crores in other Tier-I cities across the northern, western and eastern parts of the country. He pointed out that the chamber’s Investment Meter Study, titled ‘Indian Metros: Pulling Infrastructure Investment’, found that Bangalore, Chennai and Hyderabad accounted for 70 per cent of total private investment in infrastructure projects across the six metros in India.
This, despite the southern metros being less urbanised with a combined urban population of about 16 million compared to 18 million in Mumbai, 18.7 in Delhi and 15 million in Kolkata, the study revealed. “Southern cities are attracting private attention towards infrastructure projects primarily due to better state policies, availability of talent due to engineering and business institutes, high literacy rates and faster rising per capita income in southern states,” Jindal said.
The Assocham investment meter also revealed that even when the real estate sector across the country was facing problems due to a slump in demand, investments in realty projects are in the top bracket in overall infrastructure investments in the southern Tier-I cities. “Around 12 real estate projects were announced by the private sector over the last six months, amounting to Rs 12,990 crore. Bangalore had the maximum of six realty projects while Hyderabad and Chennai had five and one, respectively,” the study revealed.
New FDI rules face scrutiny
Barely two months after the government announced major changes in foreign direct investment (FDI) norms, the Reserve Bank of India (RBI) and the Finance Ministry have sought a comprehensive review of the new guidelines on several contentious issues cutting across sectors that include banking, financial services, insurance, real estate, infrastructure and airlines.
The ministry fears that the new guidelines could open up the floodgates for foreign investment in several sensitive sectors including gambling, agricultural plantations and multi-brand retail, where FDI is currently prohibited.
The new norms —specified under the government’s Press Notes 2, 3 and 4, 2009---state that an entity that is controlled and owned by an Indian with less than 50 per cent foreign investment can invest downstream in any sector.
In an internal note on the recent changes in FDI policy, a copy of which is available with the Hindustan Times, the ministry has expressed fears that in “one sweep any sectoral gap of 49 per cent and below has become meaningless.”
“Whether this stance has been approved as such or is it an unintended liberalisation is not clear,” the note stated.
The ministry also wants a method to be built in where violation of sectoral caps can be detected through a standard filing system either with the RBI or any sector regulator.
“For downward investment, there is no filing at all done or mandated with the RBI and therefore no violation can be detected,” the note said.
While the new norms have been specified and approved by the Cabinet, these will find legal sanctity only after they are notified under the Foreign Exchange Management Act (Fema). The ministry says contentious issues must be clarified before the notification is issued.
In a recent letter to the government, the RBI has also echoed similar opinion. It said under the new norms many private banks may turn “foreign owned (though Indian controlled).”
Among the affected banks are ING Vysya, ICICI Bank, Development Credit Bank, Yes Bank, IndusInd Bank, Federal Bank and HDFC Bank.
“This will have implications not only on the business model of the banks but also for the investee companies,” it said. So far there are only two categories of banks-- Indian banks and foreign banks. There are separate norms on priority sector lending, market access etc for the two categories.
A new hybrid category would create difficulty in compliance with minimum capitalisation norms. Moreover, in the insurance sector, where FDI is capped at 26 per cent, needs more clarity and uniformity, the RBI has said.
The RBI is also against inclusion of foreign currency convertible bonds (FCCBs) as foreign investment as this could lead to ambiguities because bonds are treated as borrowings until conversion into shares.
The ministry fears that the new guidelines could open up the floodgates for foreign investment in several sensitive sectors including gambling, agricultural plantations and multi-brand retail, where FDI is currently prohibited.
The new norms —specified under the government’s Press Notes 2, 3 and 4, 2009---state that an entity that is controlled and owned by an Indian with less than 50 per cent foreign investment can invest downstream in any sector.
In an internal note on the recent changes in FDI policy, a copy of which is available with the Hindustan Times, the ministry has expressed fears that in “one sweep any sectoral gap of 49 per cent and below has become meaningless.”
“Whether this stance has been approved as such or is it an unintended liberalisation is not clear,” the note stated.
The ministry also wants a method to be built in where violation of sectoral caps can be detected through a standard filing system either with the RBI or any sector regulator.
“For downward investment, there is no filing at all done or mandated with the RBI and therefore no violation can be detected,” the note said.
While the new norms have been specified and approved by the Cabinet, these will find legal sanctity only after they are notified under the Foreign Exchange Management Act (Fema). The ministry says contentious issues must be clarified before the notification is issued.
In a recent letter to the government, the RBI has also echoed similar opinion. It said under the new norms many private banks may turn “foreign owned (though Indian controlled).”
Among the affected banks are ING Vysya, ICICI Bank, Development Credit Bank, Yes Bank, IndusInd Bank, Federal Bank and HDFC Bank.
“This will have implications not only on the business model of the banks but also for the investee companies,” it said. So far there are only two categories of banks-- Indian banks and foreign banks. There are separate norms on priority sector lending, market access etc for the two categories.
A new hybrid category would create difficulty in compliance with minimum capitalisation norms. Moreover, in the insurance sector, where FDI is capped at 26 per cent, needs more clarity and uniformity, the RBI has said.
The RBI is also against inclusion of foreign currency convertible bonds (FCCBs) as foreign investment as this could lead to ambiguities because bonds are treated as borrowings until conversion into shares.
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