Indian Boys qualify after defeating Sri Lanka

Basketball U16 FIBA ABC Qualifiers: Indian Boys qualify after defeating Sri Lanka

India’s U16 boys’ basketball team faced no troubles in brushing aside the Sri Lankan squad on their way to a 122-34 rout at the Indira Gandhi Stadium in Delhi on Wednesday, August 3rd. India won the qualifying round and secured their place in the 2nd U16 FIBA Asia Basketball Championship, which will be held at the Nha Trang City in Vietnam from October 18-28th.

It was India’ second successive rout in this competition – after the boys’ blazed to a 98-point win against Nepal on Tuesday, the finalists of the qualifying round, Sri Lanka, failed to provide much more of a challenge. The Indian camp saw a dominating breakout game by prodigious young 7-footer Satnam Singh Bhamara, who was unstoppable on the offensive end of the floor, going for an efficient 28 points. India’s guards played fierce defense, and on the other end, the Punjabi duo of Kushmeet and Love Neet Singh scored a lot of points by outrunning their opponents.

Even after holding to a 64-19 lead at halftime, India didn’t ease their full-court press, forcing Sri Lanka to commit several turnovers that led to easy baskets for the Indian youngsters. In the fourth quarter, Sri Lanka managed to slow the pace of the game a little by fouling the Indian players and sending them to the free throw line often, but the damage was already done, as India also held Sri Lanka down to just four points in the final period.

India were handed by winner’s trophy by Kenny Natt, the American coach of the Indian Senior Men’s side. Sri Lanka, who defeated Nepal 77-54 in their first game on Monday, won the second place trophy, handed to them by NBA India’s Head of Basketball Operations, Troy Justice.

Final Score

India (Satnam Singh Bhamara 28, Kushmeet Singh 26, Love Neet Singh 12, Ajay Pratap Singh 11) bt. Sri Lanka (Kenneth W 12, Praveen Ganlath 10) 122-34 (35-11, 29-8, 35-11, 23-4).

High inflation due to external factors: Pranab

To prove ones perfect,FM attributes high prices to external factors, with eight times hike on fuel rise now the government on Thursday said it is working to moderate food inflation to 5 per cent from over 8 per cent now without sacrificing growth.This remarks is to a debate in Lok Sabha on price rise, Finance Minister Pranab Mukherjee gave details of various steps the government had taken to rein in inflation but did not outline any further strategy in this regard.Growth with moderate rate of inflation... that is what we want to achieve," Mukherjee said in nearly an hour-long reply which left NDA "disappointed" and was followed by a walk out by the BSP, SP, BJD, AIADMK and Left parties.Through a division, the House negative the amendment moved by CPI leader Gurudas Dasgupta which wanted a reference to the "failure" of the government to curb food price inflation.Later, it adopted the motion by voice-vote.Pointing out that the food inflation has come down from 22 per cent in February, 2010 to 8.3 per cent in July this year, he said, "I am not accepting it. This is not the bench mark."
Mukherjee said the comfortable level of food inflation is five per cent but six to seven per cent can be tolerated.Responding to the demand for removing subsidy on diesel used by passenger cars, Mukherjee said, "We can accept the suggestion and try to work out what mechanism could be found out so that this section (passenger cars owners) are not subsidised."

Lok Sabha debates the issue of price rise

Proceedings in the Lok Sabha went off quite smoothly and in a very constructive manner on the third day of the monsoon session on Wednesday.Following the question hour, discussion under rule 184 on the issue of price rise was initiated by BJP leader Yashwant Sinha.Treasury benches defended the govt with Salman Khurshid taking the lead.Khurshid said that govt is taking all options possible to curb inflation.Yashwant Sinha;said after moving a resolution on price rise.
The opposition had been pressing for a discussion on price rise in the backdrop of the inflation which stood at 9.4 per cent in June and is likely to remain high till November.
Defending the government, Law Minister Salman Khurshid attributed high inflation to increasing prices of crude oil in the international market.
The government had taken a number of fiscal measures like reducing import duties, suspended futures trading in rice and certain pulses to rein in prices, he said.
Finance Minister Pranab Mukherjee will reply to the debate tomorrow.

Govt. received info on Swiss bank deposits: Pranab

The Government has received information on some Swiss Bank deposits of Indian nationals. In a written reply, the Finance Minister Pranab Mukherjee on Tuesday informed the House of Elders that to get back the black money to the country, a five pronged strategy has been formulated by the Government which includes joining the global crusade against black money, creating an appropriate legislative framework, setting up institutions for dealing with Illicit Funds, developing systems for implementation and imparting skills to the manpower for effective action. He said India has been raising the issue at international platforms like G 20, Global Forum on Transparency and Exchange of Information for Tax Purposes, Task Force on Financial Integrity and Economic Development, Financial Action Task Force, UN, OECD, etc. Mr. Mukherjee said various anti tax evasion measures have been legislated in existing Act and proposed in the DTC. He informed the House that 10 Income Tax Overseas Units have also been created with dedicated computerized Exchange of Information system. The Finance Minister said, whenever information about money deposited in any foreign bank accounts is obtained, the same is first verified and then action is taken in accordance with the law to bring the undisclosed amount to taxation. He said, the information received under Double Taxation Avoidance Agreement (DTAA) is covered by the confidentiality provision of the DTAA. Meanwhile, in reply to a separate question, Minister of State for Finance, S S Palanimanickam said, currently India has DTAA with 80 countries, while it has signed Tax Information Exchange Agreement (TIEA) with five nations. DTAA and TIEA are the two instruments through which information can be obtained from other nations. The minister said in his written reply, the government is in the process of amending pacts with a host of countries to get information from banks. He said, the government had identified 22 priority countries for negotiations of TIEAs. Negotiations have been completed with 16 countries. To a query on whether the investigations against the persons who are having bank accounts in Liechtenstein have been concluded, the minister said the total income assessed for 18 individual beneficiaries was 39.66 crore and the total tax demand raised was 24.26 crore rupees. He said, prosecution proceedings for tax evasion have been initiated in the case of 17 individuals and information relating to these cases has been handed over to the CBI and Enforcement Directorate.

Strategic initiatives to curb generation of black money:FM

Finance Minister Pranab Mukherjee has said that the names of chronic income tax defaulters will be made public as part of the government's crackdown on tax evasion and black money. He told PTI that the government is working on a number of strategic initiatives to curb generation of black money and for its detection. 

Finance Minister said, details of assets and payments received by Indian citizens in several countries have started flowing in and are being investigated.

In an interview to AIR, Mr Mukherjee cautioned that the Indian economy may get affected if slow recovery continues in the US which is battling a serious debt crisis. He said the slowdown in European markets will also have an adverse impact on India's economic growth.

Mr. Mukherjee also admitted that his ministry will face a lot of difficulty in meeting the fiscal deficit target of 4.6 per cent set for this financial year if revenue growth is not as buoyant as it is now. He, however, added that the government will try to stick to its target as far as possible.

Hundred-dead in Syrian army attack on Hama

Hundred people were killed on Sunday when the military launched an attack on the flashpoint protest city of Hama in central Syria, a human rights activist said.

Ammar Qorabi, who heads the National Organisation for Human Rights, reported the toll and also said army attacks across the country on Sunday killed at least 121 people and wounded dozens more.

Earlier, Rami Abdel Rahman of the Britain-based Syrian Observatory for Human Rights reported a death toll in Hama of 45, but said that number could rise because of the number of seriously wounded and a lack of medical supplies.

Vice President Addresses Birth Centenary Celebrations of late Shri R.Venkatraman

The Vice President of India Shri M.Hamid Ansari has said that Venkataraman ji believed in the Gandhian dictum that “self government is not a substitute for good government”. He noted in the opening lines of his presidential memoirs that he viewed his role as one where the ideals of Lord Krishna, taught upon the battlefield, were tested. Addressing at the birth cenenery celebrations of former President of India late Shri R. Venkataraman here today, Shri Ansari has said that Shri Venkataraman  believed that while the observance of one’s dharma, and right conduct, was necessary for the efficient functioning of our democracy, it was nevertheless insufficient since the test of good governance lay in delivery of justice.

Shri Ansari has opined that while political virtue is important, it can neither be pursued in isolation nor can it be the sole guide for political action. Political virtue, combined with idealism and activism, can also degenerate into political anarchy, even tyranny. A classic case is Robespierre’s famous oration on political morality wherein he argued that in revolutionary times the mainspring of popular government is both virtue and terror. In any structured society and polity therefore, and especially in a republic such as ours, it is paramount that political virtue be wedded to the grammar of constitutional morality.

Following is the text of the Vice President’s address :

“It is a privilege to attend a function commemorating the birth centenary of a great son of India. The late President Ramaswami Venkataraman had an extraordinary career in public life as an eminent lawyer, trade union leader, parliamentarian and statesman. The journey from Rajamadam village to Rashtrapati Bhavan is an example of dedication, perseverance and concern for public interest.

Ramaswami Venkataraman contributed to the strengthening of the institutions of our republic. He was a practitioner of virtue in the classical sense, a stickler for propriety and decency, for doing what was right in accordance with his conscience and convictions. He believed that incumbency of public office necessitated decision making, and that doing right was more important than catering to personal preferences or quest for popularity.

It is a truism that the Indian reality is reflected in contrasting images. We have witnessed in our own times significant strides in economic growth, technological innovation and social change. We also see societal and regional inequalities, wide spread poverty and disease, and unrealized aspirations for a better life. Change has generated hope; the challenge to our political process is to transform this hope into reality.

Venkataraman ji believed in the Gandhian dictum that “self government is not a substitute for good government”. He noted in the opening lines of his presidential memoirs that he viewed his role as one where the ideals of Lord Krishna, taught upon the battlefield, were tested. He believed that while the observance of one’s dharma, and right conduct, was necessary for the efficient functioning of our democracy, it was nevertheless insufficient since the test of good governance lay in delivery of justice.

The key to the twin imperatives of observance of dharma and delivery of justice thus lies in adherence to propriety in public and personal behaviour and practice. Shri Venkataraman’s life and conduct is a fitting example of such propriety. He remains a shining example worthy of emulation.

The question of propriety in politics, of political morality, is a perennial one. Kautalya dwelt on the perils of flouting the Dharmashastras and the Arthashastra. Others accorded differing priorities; Confucius stressed the primacy of virtue; Machiavelli espoused the ‘virtue’ of the ruler in terms of success and sustainability; Ambedkar spoke of “the paramount reverence for the forms of the constitution.”

It is necessary to dilate on this matter since it goes beyond ideals and touches the very core of public behaviour.

While political virtue is important, it can neither be pursued in isolation nor can it be the sole guide for political action. Political virtue, combined with idealism and activism, can also degenerate into political anarchy, even tyranny. A classic case is Robespierre’s famous oration on political morality wherein he argued that in revolutionary times the mainspring of popular government is both virtue and terror.

In any structured society and polity therefore, and especially in a republic such as ours, it is paramount that political virtue be wedded to the grammar of constitutional morality.

What are the ingredients of constitutional morality?  We can do no better than to go back to the description relied upon by Dr. Ambedkar. It involved, as he put it:

“a paramount reverence for the forms of the Constitution, enforcing obedience to authority acting under and within these forms yet combined with the habits of open speech, of action subject only to defined legal control, and unrestrained censure of those very authorities as to all their public acts combined too with a perfect confidence in the bosom of every citizen, amidst the bitterness of party contest, that the forms of the Constitution will not be less sacred in the eyes of his opponents than in his own.”

In other words, freedom with self restraint, recognition of plurality, consensus on constitutional processes, and absence of a claim to singularity in representation, are absolutely necessary. Constitutional morality, in the words of an eminent political scientist, requires that allegiance to the constitution is non-transactional, is not premised on specific outcomes.

It was conceded even by the constitution framers that such an outcome was not to be a natural process and required the development of healthy conventions.

How successful have we been in developing such conventions and adhering to them? How vibrant is our democratic process in the periods between elections? Has our democracy tended to become progressively non-deliberative? Is there a suggestion of disenchantment with the state and its institutions?

It is essential that there be public debate on these issues.

Today we witness, across the length and breadth of the country, political activism at grass-roots level. In some instances, such activism has sought to utilize Gandhian approaches, both in tactical and strategic terms. These socio-political movements co-exist alongside mainstream politics represented by the political parties and related electoral dynamics at the national, state and local government levels. Their causes vary from environment, farmers’ issues, land acquisition problems, disputes regarding natural resources and mining activities, and public policy goals such as improving public service delivery and combating corruption.

Instead of focusing on solving socio-political problems through established constitutional processes, the search for solutions is increasingly moving towards quasi-legal, perhaps, extra-legal arenas. This has longer term implications. Delegitimizing the political processes is unlikely to solve our problems. Likewise, seeking to erode the careful in-built balance between the Executive, Legislature and the Judiciary as contained in the Constitution, either through under-reach of one or over-reach of another, could lead to chaos.

We were fortunate that many of the founding fathers of the Republic were not only freedom fighters, but were deeply committed to putting in place institutions, systems and processes. They had idealism, were endowed with political virtue, and were deeply committed to the constitutional morality of the republic. Shri Venkataraman was from that political stock and hence imbued his public life with such an approach. There is merit in rejuvenating that spirit, and the commitment that went with it.

I thank Lakshmi ji for inviting me to this function. I wish the Birth Centenary Celebrations of Late President Venkataraman all success.”

This morning President Obama delivered a statement

Read the President’s statement:

Good morning, everybody. I want to speak about the ongoing and increasingly urgent efforts to avoid default and reduce our deficit.

Right now, the House of Representatives is still trying to pass a bill that a majority of Republicans and Democrats in the Senate have already said they won’t vote for. It’s a plan that would force us to re-live this crisis in just a few short months, holding our economy captive to Washington politics once again. In other words, it does not solve the problem, and it has no chance of becoming law.

What’s clear now is that any solution to avoid default must be bipartisan. It must have the support of both parties that were sent here to represent the American people -– not just one faction. It will have to have the support of both the House and the Senate. And there are multiple ways to resolve this problem. Senator Reid, a Democrat, has introduced a plan in the Senate that contains cuts agreed upon by both parties. Senator McConnell, a Republican, offered a solution that could get us through this. There are plenty of modifications we can make to either of these plans in order to get them passed through both the House and the Senate and would allow me to sign them into law. And today I urge Democrats and Republicans in the Senate to find common ground on a plan that can get support -- that can get support from both parties in the House –- a plan that I can sign by Tuesday.

Now, keep in mind, this is not a situation where the two parties are miles apart. We’re in rough agreement about how much spending can be cut responsibly as a first step toward reducing our deficit. We agree on a process where the next step is a debate in the coming months on tax reform and entitlement reform –- and I’m ready and willing to have that debate. And if we need to put in place some kind of enforcement mechanism to hold us all accountable for making these reforms, I’ll support that too if it’s done in a smart and balanced way.

So there are plenty of ways out of this mess. But we are almost out of time. We need to reach a compromise by Tuesday so that our country will have the ability to pay its bills on time, as we always have -- bills that include monthly Social Security checks, veterans’ benefits and the government contracts we’ve signed with thousands of businesses. Keep in mind, if we don’t do that, if we don’t come to an agreement, we could lose our country’s AAA credit rating, not because we didn’t have the capacity to pay our bills -- we do -- but because we didn’t have a AAA political system to match our AAA credit rating.

And make no mistake -– for those who say they oppose tax increases on anyone, a lower credit rating would result potentially in a tax increase on everyone in the form of higher interest rates on their mortgages, their car loans, their credit cards. And that’s inexcusable.

There are a lot of crises in the world that we can’t always predict or avoid -– hurricanes, earthquakes, tornadoes, terrorist attacks. This isn’t one of those crises. The power to solve this is in our hands. And on a day when we’ve been reminded how fragile the economy already is, this is one burden we can lift ourselves. We can end it with a simple vote –- a vote that Democrats and Republicans have been taking for decades, a vote that the leaders in Congress have taken for decades.

It’s not a vote that allows Congress to spend more money. Raising the debt ceiling simply gives our country the ability to pay the bills that Congress has already racked up. I want to emphasize that. The debt ceiling does not determine how much more money we can spend, it simply authorizes us to pay the bills we already have racked up. It gives the United States of America the ability to keep its word.

Now, on Monday night, I asked the American people to make their voice heard in this debate, and the response was overwhelming. So please, to all the American people, keep it up. If you want to see a bipartisan compromise -– a bill that can pass both houses of Congress and that I can sign -- let your members of Congress know. Make a phone call. Send an email. Tweet. Keep the pressure on Washington, and we can get past this.

And for my part, our administration will be continuing to work with Democrats and Republicans all weekend long until we find a solution. The time for putting party first is over. The time for compromise on behalf of the American people is now. And I am confident that we can solve this problem. I’m confident that we will solve this problem. For all the intrigue and all the drama that’s taking place on Capitol Hill right now, I’m confident that common sense and cooler heads will prevail.

But as I said earlier, we are now running out of time. It’s important for everybody to step up and show the leadership that the American people expect.

Thank you.

Yeddy is an institution as CM:D B Chandre Gowda,

BJP leaders kicked off consultations to pick a new Chief Minister in Karnataka, some party MPs and MLAs on Friday rallied behind B S Yeddyurappa asking its high command to reconsider his resignation.

Senior BJP leaders Arun Jaitley and Rajnath Singh flew in Bangalore on Friday ahead of the BJP legislature party meeting to elect a new leader amid reports that Yeddyurappa is pressing hard for having a say in the choice of his successor.

Yeddyurappa reluctantly agreed to resign on Thursday following the party high command's decision in the wake of his severe indictment by the Lokayukta in the illegal mining scam. He said he will be officially submitting his resignation to Governor H R Bharadwaj on July 31.

D B Chandre Gowda, an MP said, "Karnataka BJP MPs are of the unanimous opinion that Yeddyurappa should not resign. He is not an individual. He is an institution as CM. He should have taken the opinion of all elected representatives. We appeal to the high command to reconsider."

JD(S) Seeks Probe into Donation to BSY's Trust

JD(S) Seeks Probe into Donation to BSY's Trust

JD(S) leader Y S V Duuta today filed a complaint with the Lokayukta court praying for referring the payment of donation by a mining firm to a trust owned by Karnataka Chief Minister B S Yeddyurappa's family, for probe by Lokayukta police.

The complaint was filed under IPC seeking a probe into the alleged payment of Rs 10 crore to Prerana Trust owned by the family members of Yeddyurappa.

In his report on illegal mining submitted to the governemnt today, Lokayukta Justice Santosh Hegde said that during the course of investigations it was found that certain transactions have taken place between a company-- the South West Mining Company, owned by Jindals, dealing in ironore which had donated Rs 10 crore to a trust managed by the family members of Yeddyurappa.

BATTLE OF INDIA'S SECOND FREEDOM STRUGGLE.

THIS IS THE DO OR DIE BATTLE OF INDIA'S SECOND FREEDOM STRUGGLE. PLEASE SUPPORT THIS.
OUR APPEAL TO ALL INDIANS - from Arvind Kejriwal
(Please forward this message to as many people as you can)

My dear friend,

It is more than evident that our Government and all the political
parties are unwilling to enact a strong law against corruption.
Because if they did so, many of them would face imprisonment. There is
a serious conflict of interest. None of the large scams like the
Adarsh Housing scam, the Commonwealth Games scam, the Reddy brothers
scam, Fodder scam, Health mission scam of UP, Jharkhand Mukti Morcha
scam, Cash for vote scam are covered by government.s Lokpal. What use
is such a Lokpal Bill? It is weak and ineffective. It has a very
narrow jurisdiction. None of the corruption faced by a common man is
covered under it either. Please refer to my recent article
http://news.indiaagainstcorruption.org/?p=3129 on this issue for more
specifics on why we think the government draft is not serious about
tackling corruption.

Anna's fast from 16th August is our last hope. We can.t afford to fail
this time. For if we fail, we may never get another chance. Its now or
never.

A number of people across the country are planning various protest
activities. You can organize your own or or you can participate in any
manner possible.

1st August to 9th August: Many people across the country are forming
small teams and undertaking short and long padyatras. They would talk
to people on their way, hold meetings, distribute pamphlets (download
pamphlet from http://www.indiaagainstcorruption.org/downloads.html)
and show Jan Lokpal film. Would you like to plan a Yatra with your
friends?

From 9th August: Mass burning/tearing of government.s Bill as a mark
of non-violent protest. Anna will start it most likely from Delhi or
Mumbai.

From 9th August to 15th: People in villages, towns and Mohallas
will form teams and go for prabhat pheri in mornings singing patriotic
songs and educating people about corruption and Jan Lokpal Bill. In
the evening, there would be candle light and mashal marches.
15th August: Switch off lights from 8 pm to 9 pm on Independence day
as a mark of support for the anti-corruption movement.

Fast starts from 16th August: Government says they would crush Anna.s
fast the way they crushed Baba Ramdev.s movement. We are ready for
that. We will offer ourselves for arrest if the government decides to
arrest us. We are ready to face their batons and bullets. But we will
not move from there. We will not retaliate. It will be a completely
non-violent movement.

But if the people take a week off from their work from 16th August and
take to the streets- in front of their house, on the crossings, in
parks, everywhere . with a tricolor in their hands, raise slogans
against corruption - Government can crush one Anna, but it won.t be
able to crush 120 crore Annas. Government could impose section 144 on
one Jantar mantar. But will it impose curfew on the whole country?

If the whole country takes to streets for a week from 16th August, WE,
THE PEOPLE OF INDIA, can force the government to enact a strong Jan
Lokpal Bill.

Will you be there? Can we count on your support and active
participation?

Jai Hind!

Arvind Kejriwal
(Please spread this message to as many people as you can)
India Against Corruption (IAC)
http://www.indiaagainstcorruption.org

Interactive voice response: 0-92-12-12-32-12
Give missed call at 022-61550789 to stay connected
To learn more about Lokpal please see:

Mines and Mineral Development Bill, 2011 in Parliament soon

Mines and Mineral Development Bill, 2011 will come up for approval of Parliament soon. The passage of the Bill will ensure speedy clearance to extract minerals.

In an exclusive interview to AIR correspondent, the Mines Minister Dinsha Patel said that the Bill requires Coal Mine companies to share 26 per cent of their profits and non-coal mining companies to shell out an amount equal to the royalty to people affected by a project.

He said the Bill also seeks to tackle the problem of illegal mining. It recommends a penalty of up to 25,000 rupees per hectare or two years imprisonment or both for those engaging in illegal mining.

Sandeep Sejwal qualifies for 2012 London Olympics

Indian swimmer Sandeep Sejwal on Sunday qualified for the 2012 London Olympics after clocking 1:02.62sec in the 100m Breaststroke event at the FINA World Championships in Shanghai.

The 2008 Beijing Olympian became the first Indian to qualify in the swimming events for the London Olympics after he bettered Olympic Invitation cut in the 100m Breaststroke event which was set at 1:02.92sec.

Sejwal had contested in the men's 100m and 200m breaststroke events at the 2008 Summer Olympics in Beijing, but failed to reach the finals in both events.

Khade qualifies for 2012 London Olympics

Virdhawal Khade on Wednesday became the second Indian swimmer to qualify for next year's London Olympics by clocking 50.34s in the 100m freestyle event at the 14th FINA World Championships in Shanghai.Khade thus joined Sandeep Sejwal, who had earlier qualified for the 100m breaststroke event in the London Games.

Competing in heat nine, Khade could not make the semifinals but managed to cross the qualifying mark.He covered the 50m distance in 24.08s.He finished tied 41st overall out of 105 competitors.Sharath Gayakwad has also qualified for the London Paralympics in the 100m breaststroke event.

India and Pak announce Additional confidence building

India and Pak announce additional confidence building measures-India and Pakistan on Wednesday decided to continue their constructive cooperation to counter terror threats in all its form through firm and undiluted measures.Foreign Ministers of both countries Krishna and Khar made positive statements maintaining that they were looking towards a cooperative relationship.

"I look forward to working closely with her, in forging a peaceful and cooperative relationship between India and Pakistan, which is in the interest of peace and development of both our countries, the region and beyond. We owe this to ourselves and to the generations to follow," Krishna said.

Asserting that they have come with a "positive outlook", Khar, the youngest and the first woman Foreign Minister of Pakistan, said, "We feel that the relationship between the two countries should not be held hostage by the past that the two countries have faced. We look forward to a genuine interaction with India in a setting which is respectful of reality of the two countries.

"As I have said, (there should be) peaceful co-existence recognising the realities that exist within the two countries," Khar said while noting that burden of responsibility on the shoulders of India and Pakistan was not only to work for peace and prosperity for the people of two neighbours but also for peace and stability in the region.

"I visualise a resurgent South Asia, proudly marching forth on a path of development, in a terror free and harmonious atmosphere," Krishna said.

Emphasising that Pakistan was looking for a positive engagement with India, Khar said Pakistan seeks good, friendly and cooperative relationship with India as an important neighbour."We also understand the responsibility that both the countries have on their shoulders as important players in the region," she said.Both leaders noted that the challenges and aspirations for the people of India and Pakistan and that of South Asia were similar.The restricted talks lasted for over half-an-hour followed by delegation-level parleys.

Krishna was accompanied by Foreign Secretary Nirupama Rao, Foreign Secretary-designate Ranjan Mathai, Y K Sinha, joint secretary in-charge of Pakistan in MEA, Sharat Sabharwal, India's High Commissioner to Pakistan, and other senior officials.

Khar's delegation included Foreign Secretary Salman Bashir, Zehra Akbari, Director General, South Asia, in Pakistan's Foreign Office and Pakistan's High Commissioner to India Shahid Malik.

Ahead of the Minister-level talks, Rao and Bashir on Tuesday finalised a slew of CBMs designed to expand cross-LoC travel and trade in Jammu and Kashmir apart from holding discussions on terror including progress in Pakistan in the probe into 2008 Mumbai attack case and ISI's links with Kashmiri separatists.
Media-agencies

India to be 2nd Largest Steel Producer by 2013:B P Verma

India to be 2nd Largest Steel Producer by 2013: Shri Beni Prasad Verma

The Union Minister for Steel, Shri Beni Prasad Verma said that India will become the world's second largest producer of steel by 2013. With an installed annual production capacity of 120 million tonnes up from the present the present 80 million tonnes. Addressing the 5th India steel Summit in New Delhi today, he said that currently, India has the fourth largest steel sector in the world, both in terms of capacity and production. He said, further the capacity is expected to be over 150 million tonnes by 2020.

On the occasion, the Steel Secretary, Shri P K Misra said that by the end of the current financial year, the steel manufacturing capacity of the country might reach around 90 MT. He said, this is likely to cross 110 MT by next financial year when the brownfield capacity addition projects of SAIL and other private sector projects get commissioned.

The secretary also called upon the steel industry to come forward for expansion in Research & Development and infrastructure development specially of port and railways. Shri Misra said that the industry and the technologists to seriously consider and prioritize innovation, research design and manufacturing activities in the steel technology area.

Shri Misra said, considering the many challenges, the industry faces at present; Ministry of Steel has decided to formulate a New National Policy and vision Document on Steel sector. This will project a medium term horizon of 10 years and also a long term vision of 25 years. Four eminent personalities in the related fields have offered their services to head the Task Force committees. The various Committees have already started functioning with wide interactions and consultations with the stakeholders and the industry. The report is expected to be ready by December this year, said the Secretary.

Following is the text of the speech made by the Minister of Steel, Shri Beni Prasad Verma on the occasion:

“I am indeed happy to be present on the occasion of ‘Fifth India Steel Summit’ organised by the Associated Chamber of Commerce & Industry. The Conference has come at a right moment when Indian Steel Sector is passing through an important phase, where it needs to address key issues relating to capacity enhancement, value creation and competitiveness.

Currently, India has the fourth largest steel sector in the world, both in terms of capacity and production. By 2013, India will be the second largest steel producer in the world riding on the high levels of growth in construction, housing, real estate, automobiles and agriculture. Currently, steel demand in the country is growing at an average rate of 10%, which may exceed even 12% in near future. In order to meet the demand from domestic consumers, steel production capacity in India must increase at average rate of 10 to15%. We have, therefore a challenging task ahead of us in setting up the desired capacities, within the shortest possible time.

As you may be aware, the progress of steel projects also depends upon allocation of raw material resources, land, water, environmental & forest clearances as well as development of infrastructure. There is also the issue of delay in iron ore mining lease to major steel producers, many of whom have no captive source of raw materials. I hope the Conference will deliberate on these key issues affecting investment and suggest a way regarding how Investors and the Government can expedite steel investment.

India is endowed with significant iron ore reserves, estimated at 25 Billion tonne. However, the proven economically mineable reserve is only 7 billion tonne, of which the high reserve grade is only 1.3 billion tonne. Considering we will be producing more than 200 million tonnes of steel in another 10 years, there is an urgent need to conserve our scarce natural resources. As a matter of policy we have taken fiscal measures in imposing 20% duty on export of all kinds of iron ore. This is expected to encourage domestic value addition in the country. Also in order to encourage better utilization of iron ores fines, export duty on Pellets has been exempted in the last budget.

There are a large number of projects currently in the pipeline including the major ones such as expansion plan of SAIL, RINL, Tata, Essar, JSW and JSPL. A number of greenfield projects are also at different stages of progress including the large foreign investment projects such as Posco and Arcellor-Mittal. I have been told that, the brownfield projects are progressing well, whereas some of the greenfield projects are lagging behind their schedules by 2 to3 years period. My Ministry is closely monitoring the major steel investment projects. The progress of public sector steel units is also being closely monitored by the Ministry. By the year 2013, it is estimated that Indian would have a steel production capacity of 120 million tonnes, up from the present 80 million tonnes. Further the capacity is expected to be over 150 million tonnes by 2020.

Land Acquisition has become a major challenge. Steel investors need thousands of acres of land for setting up their projects. India is a thickly populated country. Most of the people in rural areas are largely dependent upon agricultural land for maintaining their livelihood. Acquisition of land without ensuring adequate compensation, rehabilitation and employment, has already generated massive unrest and protests, in various parts of the country. However, land is also essential for any industrial development activity. To maintain the fine balance, Government is seriously working on a new Land Acquisition and Rehabilitation Bill. I hope this will be finalized very soon.

Steel projects and the mining activities are usually located in relatively underdeveloped regions of the country. The industry has a responsibility for looking after the needs of the local population and act as a facilitator for social development. Corporate Social Responsibility (CSR) assumes a significant role in this area. All profitable public sector companies under my Ministry have made commitments to the cause of CSR and have earmarked at least 2% of their distributable surplus for CSR activities focusing on environment, family welfare, education, health, water supply and sanitation. I also request the private sector to take a massive lead in this direction.

Steel consumption in India is around 50 Kilograms per person per year. A large section of rural India does not have good distribution network to avail the steel products. Rural steel consumption in the country is only 10 Kilograms per person. Various government social schemes like NREGA and Indira Awas Yojana are expected to bring about development in the rural areas and increase steel consumption. In addition I have also directed the Public sector steel units to increase their distribution network in rural and remote areas of the country.

I understand that the National Summit will be addressed by eminent persons from the industry as well as representatives from some of the State Government. I request the participants and delegates to focus upon the key issues affecting growth and development of Indian steel industry into a world leader and in achieving long term sustainability. I wish the Conference all success”.

Increase in Policy repo rate

RBI Gives Strong Signal to further Moderate Inflation and Check Inflationary Expectations by making 50 basis Points Increase in Policy repo rate; Expects more Comfortable Inflation Situation of 6 to 7 per cent at year end: FM
The Union Finance Minister Shri Pranab Mukherjee said that by announcing a 50 basis point increase in the policy repo rate, raising it from 7.50 per cent to 8.0 per cent, Reserve Bank of India (RBI) has sought to give a strong signal to further moderate inflation and check inflationary expectations. The Finance Minister Shri Mukherjee was reacting here today to the 50 basis points increase made in the policy repo rate under Liquidity Adjustment Facility(LAF) by RBI in its First Quarter Review of Monetary Policy 2011-12 which was announced today in Mumbai.

The Union Finance Minister Shri Pranab Mukherjee said that he expects that with this policy adjustment, we will be able to get back to a more comfortable inflation situation that takes us to the year end inflation level of 6 to 7 per cent.

The Union Finance Minister Shri Pranab Mukherjee said that in recent months, inflation has softened, particularly so in case of food inflation, but due to the hardening of non-food manufacturing inflation, headline inflation continues to be around 9 per cent. Shri Mukherjee said though this is consistent with the RBI assumption for the first half of 2011-12, medium-term concerns on growth require that we bring it down to more acceptable level at the earliest. The Finance Minister Shri Mukherjee said that notwithstanding some slowdown of GDP growth in the first quarter of 2011-12, as reflected in the some indicators including the IIP and moderation in the growth of interest-sensitive sectors, the overall GDP growth for 2011-12 so far is in line with the momentum attained in 2010-11.

Amended Indo-Swiss DTAA might be in place

Amended Indo-Swiss DTAA might be in place by end-2011: Pranab:The protocol signed by India and Switzerland to amend their existing Double Taxation Avoidance Agreement so as to facilitate information sharing on black money stashed away in Swiss banks may come into force by the end of this year, Finance Minister Pranab Mukherjee has said."We have signed a protocol amending the existing Double Taxation Avoidance Agreement with Switzerland last August. As per their law and Constitution, their international agreements are to be ratified by both houses of Parliament and local authorities. "The ratification by the two houses are over. Ratification by local authorities may be over by the end of this year," Mukherjee told newsmen at India House in London on Monday evening. being asked whether former Telecom minister A Raja had consulted him on the 2G spectrum issue, Mukherjee, who was heading the Group of Ministers, said: "I was involved in resolving the issue -- spectrum to be vacated by Ministry of Defence.There were divergent views. I was heading the External Affairs Ministry and I resolved the issue by making the Defence Ministry to vacate certain quantum of spectrum," he said.Asked whether the government would be investigating the Rupert Murdoch issue in India, Mukherjee said: "If we receive any complaints in India we will look into them. What happens in other countries is left to them to decide."The High Commissioner of India to the UK, Nalin Surie, and Deputy High Commissioner Rajesh Prasad were also present on the occasion.

EARTHQUAKE HITS NEW IRELAND REGION,PAPUA NEW GUINEA-Japan

6.4-MAGNITUDE EARTHQUAKE HITS NEW IRELAND REGION,PAPUA NEW GUINEA

6.2-magnitude quake hits Japan's Fukushima Prefecture-early Monday Morning, said the Japan Meteorological Agency.The focus of the quake, which occurred at 03:51 a.m. local time was located some 40 km under the sea off Fukushima, said the agency.

There were no immediate reports of casualties or damage to properties, and no tsunami warning was issued. Tremors were felt in Tokyo, about 240 kilometers away from the prefecture.

Russian team won seventh gold medal : 2011 World Aquatics

Russian team won the 7th gold medal at the 2011 World Aquatics Championships in Shanghai.
Russia scored 98.620 points to beat China, which finished with 96.580. Spain won the bronze with 96.090 points.This year Russia broke the record at swimming championships since no country has ever won seven gold medals at the championship before.The winners' plane will land at Moscow's Sheremetyevo airport on July 24;
Russia's Natalya Ishchenko has won the gold medal in the Technical Solo synchronized swimming event, at the 2011 Swimming World Championships in Shanghai, China."Basically I am pleased with my performance but it is too early to relax," Ishchenko said, adding that there were still a lot of competition days left.
Ishchenko finished first with 98.300 points. Huang Xuechen of China was second with 96.500 and Andrea Fuentes of Spain won the bronze with 95.300.
Ishchenko became the world's first-ever eleven-time world champion in synchronized swimming.