Monday, February 21, 2011

Mukesh Ambani does not do small!RIL-BP $7.2 bn deal among largest FDIs in India!Reliance Industries' USD 7.2 billion mega deal with British major BP Plc is seen as the biggest the foreign direct investment into India so far. As Prime minister advisor

Mukesh Ambani does not do small!RIL-BP $7.2 bn deal among largest FDIs in India!Reliance Industries' USD 7.2 billion mega deal with British major BP Plc is seen as the biggest the foreign direct investment into India so far. As Prime minister advisory panel calls for tight monetary and fiscal policies!Cricket CARMIVAL - World cup plus IPL 4 is Good Diversion to Black Out all informations about ECONOMIC ETHNIC CLEANSING, EXCLUSION, Continued Indian Holocaust and Monopolistic Aggression for Mass Destructionin Aboriginal Indigenous Humanscape under LPG Mafia Rule led by zionist Dynasty and Brahaminical Hegemony remote Controlled by Galaxy Post Modern Manusmrioti Order!Corporate America wants Indian Finance Minister Pranab Mukherjee to give positive indications on raising the FDI cap in insurance sector and opening multi-brand retailing during presentation of budge!.

Indian Holocaust My Father`s Life and Time -FIVE  HUNDRED  NINETY

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/

http://basantipurtimes.blogspot.com/
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RIL-BP $7.2 bn deal among largest FDIs in India!Reliance Industries' USD 7.2 billion mega deal with British major BP Plc is seen as the biggest the foreign direct investment into India so far. As Prime minister advisory panel calls for tight monetary and fiscal policies!Cricket CARMIVAL - World cup plus IPL 4 is Good Diversion to Black Out all informations about ECONOMIC ETHNIC CLEANSING, EXCLUSION, Continued Indian Holocaust and Monopolistic Aggression for Mass Destructionin Aboriginal Indigenous Humanscape under LPG Mafia Rule led by zionist Dynasty and Brahaminical Hegemony remote Controlled by Galaxy Post Modern Manusmrioti Order!Corporate America wants Indian Finance Minister Pranab Mukherjee to give positive indications on raising the FDI cap in insurance sector and opening multi-brand retailing during presentation of budget.

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Meanwhile,Congress today welcomed President Pratibha Patil's address to the joint sitting of members of Parliament saying it clearly outlined the government's priorities.What are the Priorities?Finance Minister will try to ease inflation-hit voters' pain with a budget heavy on spending for food, fuel and fertiliser subsidies, while selectively lifting taxes to meet fiscal targets. Pranab Mukherjee, faces a tough time reining in inflation while keeping the economy on a high-growth path when he presents his annual budget for 2011/12 in parliament on Feb. 28. 

Eligible NRIs can apply to be registered as voters in India1 Hour ago
IANS
Non-resident Indians can apply to be registered as voters at their place of residence in the country if they are otherwise eligible.

Combating inflation and sustaining growth momentum may be the top priority, but the government today said it would strive to push economic reforms to encourage foreign and private sector investments in the economy.

"The Indian economy continues to be on a trajectory of high growth despite an adverse global environment... However, there is no room for complacency," President Pratibha Patil said in her address to Parliament that marked beginning of the budget session.

The top priority of the government, she said, would include combating high prices especially of food items and sustaining momentum of economic growth.

To achieve this twin objective, she said "we have strived to make the domestic environment more conducive to investment, encouraging public as well as private investment, and domestic as well as foreign investment, particularly FDI.

"We have to maintain the momentum for reforms on a wide front," Patil said.

Referring to the high inflation during the past one year, the president said "my government is deeply concerned over the adverse impact of inflation on the aam aadmi (common man) and the threat it poses to the growth momentum."

While the food inflation had touched 18.32% in December, 2010 before moderating to over 11 per cent this month, the overall inflation still hovers above eight per cent as against the comfort level of 5-6%.

The economic growth, however, is expected to be 8.6% for the current fiscal, up from 8% a year ago.

In their wish list to Mukherjee, as he prepares to present his annual budget in less than 10 days, the US business houses have sought increasing FDI cap in insurance sector to 49 percent, besides reducing tariff in a whole range of items.

The American corporates also urged opening up of multi- brand retailing; liberalisation of FDI norms for food and agricultural products and streamlining the foreign investment process.

"We believe adoption of these proposed changes would be of tremendous benefit to the Indian economy by stimulating long term stable investment and significant job creation," said Ron Somers, president of US India Business Council, in a memorandum.

The council represents the top American companies, including PepsiCo, Boeing, General Electrics, and Lockheed Martin that does business with India.

Despite global economic recovery, many conditions persist that stand as challenges to India maintaining its rapid growth, Somers said.

He said USIBC is committed to supporting implementation of policies and regulations that further strengthen markets in India, while facilitating inclusive growth across all economic sectors and tackling challenges such as the price rise which threatens India's food security goals.

The memorandum send February 9, was twitted by USIBC on Friday with a link to its copy.

It notes that India remains an attractive destination for foreign investors particularly because it strives to create a predictable and transparent regulatory environment that encourages investment.

"Raising the Foreign Direct Investment (FDI) cap in insurance to 49 percent will be an important tool in the creation of a world-class infrastructure that will propel India to a higher level of economic growth," said the memorandum spread over 11 pages.



India needs tight monetary and fiscal policies to deal with high inflation, the prime minister's top economic adviser said on Monday even as he appeared confident that headline inflation would ease to 7% by March-end from 8.23% in January.

C Rangarajan, chairman of Prime Minister's Economic Advisory Council (PMEAC) was speaking after releasing a report titled 'Review of the Economy 2010-11'.

"Overall inflation should come down to 7% by March-end and further next year because of favourable monsoon… but we need to maintain tight fiscal and monetary policies to protect the economy from inflation," he said.

Though the government has taken several steps to curb inflation, such as increasing foodgrain availability and introducing favourable changes in trade policy, high inflation has already been felt for two years in a row, said Rangarajan.

But his estimates could bring some cheer —- that the gross domestic product (GDP) was expected to grow 8.6% in 2010-11 and 9% in 2011-12.

The PMEAC's estimates for this fiscal are identical to the Central Statistical Organisation's estimate of 8.6% growth this fiscal.
Globally, food prices are already up and international crude prices could also rise if global recovery is strong, said Rangarajan, but indicated that these factors have already been considered while calculating GDP growth.

Pointing out that the agriculture sector was expected to perform "very well," he said agricultural growth this fiscal would be 5% as against just 0.4% and 1.6% 2009-10 and 2008-09, respectively.

Though concerned over a fall in manufacturing sector growth in November and December last year, Rangarajan said the performance of the mining and services sectors would offset any long-term slackening of manufacturing and industrial growth.

Mukesh Ambani does not do small!Channeling 2 percent, or $1.3 trillion, of global gross domestic product into greening sectors such as construction, energy and fishing could start a move toward a low-carbon world, a report launched on Monday said.The investment would expand the global economy at the same rate, if not higher, as under present economic policies, said the report by the U.N. Environment Program (UNEP).

Japanese pharma major Daiichi Sankyo's buyout of Ranbaxy Laboratories for USD 4.5 billion is the second biggest FDI.

Other proposal like South Korean Posco's USD 12 billion investment for a steel plant in Orissa though higher than RIL-BP deal in terms of value, is yet to take off. So is the case with ArcelorMittal's around USD 30 billion investment plans across India.

Another mega transaction worth USD 11 billion was between Vodafone and Hutchison-Essar. However, there was no direct participation of any domestic firm, as deal was between two foreign firms.

Unveiling one of the biggest transactions in the Indian energy space, Mukesh Ambani-led conglomerate today announced the sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to UK's BP Plc for USD 7.2 billion.

"This is the single largest FDI in the history of India," RIL Chairman Mukesh Ambani said while announcing the deal in London.

Interestingly, Reliance Industries' failed attempt in 2010 to take control of petrochemicals major LyondellBasell, was valued at over USD 14 billion. If the transaction had materialised, it would have been the largest ever by an Indian entity.

Going by estimates, last year alone saw the announcement of more than 290 inbound transactions worth over USD 22 billion.

Among them were Vedanta Resources' planned USD 9.6 billion acquisition of a majority stake in Cairn India .

Abbott Laboratories' takeover of healthcare solutions business of Piramal Healthcare in a USD 3.7 billion deal and Japanese entity JFE Steel Corp's USD 1 billion investment in JSW Steel were among other big transactions.

The NTT DOCOMO-Tata Teleservices worth USD 2.70 billion also saw significant FDI inflows into India.

Among the top deals involving Indian entities are USD 10.7-billion Bharti-Zain transaction and Tata's USD 12 billion-buyout of Corus.

Other major transactions involving Indian entities are Hindalco's buyout of Novelis for USD 6 billion, ONGC -Imperial's USD 2.80 billion deal.

Reuters reports:He is the richest man in Asia, chairman of India's biggest listed company, and lives in one of the largest and most expensive homes in the world.

On Monday, he struck a deal with BP that will see the British energy giant pump at least $7.2 billion into gas projects developed by his Reliance Industries in one of the country's largest foreign investments.

The blockbuster deal comes less than a year after Ambani won a gas pricing dispute with his younger brother Anil that went all the way to the Supreme Court, leading to the end of a long-running family feud that had captivated India.

At 53, Mukesh Ambani is the world's fourth richest man with a net worth estimated at $29 billion, according to Forbes.

The older son of Reliance Industries founder Dhirubhai Ambani, a schoolteacher's son whose rise inspired a Bollywood film, Mukesh is known to be soft-spoken, a vegetarian and a teetotaller, and keeps a lower public profile than his brother.

A chemical engineer by training, Mukesh Ambani dropped out of an MBA program at Stanford University, where he was a classmate of Microsoft CEO Steve Ballmer, and joined Reliance in 1981.

After the death of their father in 2002, the two brothers fought publicly, ending with a split of the family business empire in 2005 that was brokered by their mother and saw Mukesh win control of energy-based conglomerate Reliance Industries.

Anil, now 51, took control of the telecoms, power and infrastructure businesses.

DEALMAKER

Mukesh Ambani has been an avid dealmaker.

Monday's deal with BP is expected to boost shares in Reliance Industries, valued at about $70 billion, company watchers said, as it brings in capital and technology.

Last year, he struck three shale gas joint ventures in the United States, including a $1.7 billion deal with Atlas Energy

to own 40 percent of its Marcellus Shale operations in the eastern United States.

Still, not everything he touches turns to gold.

Meanwhile,UNEP's Executive Director Achim Steiner said in the statement: "With 2.5 billion people living on less than two dollars a day and with more than two billion people being added to the global population by 2050, it is clear that we must continue to develop and grow our economies.

"But this development cannot come at the expense of the very life support systems on land, in the oceans or in our atmosphere."

Agriculture, buildings, energy supply, fisheries, forestry, industry, tourism, transport, waste management and water are sectors that could do with more greening, the report said.

Buildings are the single largest emitter of greenhouse gases because of inefficient heating in offices and homes, according to the study entitled "Toward a Green Economy."

THREEFOLD INCREASE IN RECYCLING

The sector's footprint could nearly double by 2030, or 30 percent of total energy-related carbon dioxide.

The report suggests investing $108 million in the waste sector annually could increase recycling threefold by 2050 and reduce landfill contents by more than 85 percent.

In Brazil, recycling already makes $2 billion a year while avoiding 10 million tonnes of greenhouse gas emissions, UNEP said.

Greener policies would still grow economies while reducing the ecological footprint by nearly 50 percent in the next 40 years, but some jobs would be lost as a result in sectors such as fisheries, the report said.

Investment in more sustainable productive activities would, however, offsets those job losses by developing sectors such as renewable energy.

Government subsidies in the fishing industry amount to about $27 billion a year and have created excess capacity and depleted fish stocks globally.

Last year, government rolled back about $10 billion of a $40 billion stimulus package implemented during the 2008 global financial crisis.

This year, the government is unlikely to make tough belt-tightening decisions. It is on the back foot over corruption scandals and faces elections in four major states.

Stubbornly sticky inflation in Asia's third largest economy, driven by food and other commodity prices, combined with a high fiscal deficit has prompted repeated calls from the central bank for fiscal consolidation.

However, government tends to bank on higher revenues rather than spending cuts, a formula that worked in the current fiscal year thanks to a windfall from the sale of 3G mobile bandwidth. 

Counts on which Ajmal Kasab was nailed by Bombay high court 

Daily News & Analysis - Mustafa Plumber,Menaka Rao - ‎24 minutes ago‎
By Mustafa Plumber & Menaka Rao | Place: Mumbai | Agency: DNA The Bombay high court on Monday finally gave its much-awaited judgement in the 26/11 terror attacks case, nailing Mohammed Ajmal Amir Kasab, the only terrorist captured alive that night, ...

Below are some questions and possible answers that the finance minister faces over the budget:

WILL INDIA FURTHER TRIM FISCAL STIMULUS?

Since Mukherjee wants to reduce the fiscal deficit to 4.8 percent of gross domestic product in 2011/12 and 4.1 percent in 2012/13, he is expected to continue a gradual rollback of the fiscal stimulus package unveiled during 2008 global crisis.

In last year's budget, he trimmed the package by raising factory gate duties on all major items to 10 percent from 8 percent and reimposing the taxes on crude oil, petrol and diesel that were withdrawn in 2008.

The government rolled out its stimulus package in three phases during 2008 and 2009 by cutting taxes and lifting spending on infrastructure to prop up demand.

Meanwhile, an effort to overhaul India's tax system has been deferred until next year, meaning Mukherjee may hold off on raising tax rates across the board and instead lift rates only for goods such as cars and commercial vehicles, while bringing more services into the tax net.

WILL INDIA FOLLOW THE FISCAL CONSOLIDATION PATH?

Partially. Mukherjee could rely on a surge in domestic demand and global recovery to drive tax receipts to meet fiscal targets.

The RBI, which has raised rates seven times since March to tackle high inflation, hopes the government moves towards fiscal consolidation in 2011/12.

The finance minister may also marginally lower government borrowings below this year's Rs 4.47 trillion ($98 billion) to show his commitment to fiscal consolidation, though he will not have the cushion of revenue from the 3G spectrum auction in the new year.

The government could raise up to Rs 40,000 crore from the sale of stakes in companies, partially offsetting a swelling food subsidy bill estimated at Rs 70,000 crore. A downturn in the stock market, however, has curbed investor appetite for new issues for the time being.

Orissa accepts eight Maoist demands

The Hindu - Prafulla Das - ‎1 hour ago‎
Orissa Home Secretary UN Behera (centre) addressing the media of the day's negotiations in the Maoist kidnap bid in Bhubaneswar on Monday. Photo: Lingaraj Panda The Naveen Patnaik government on Monday accepted eight of the 14 demands Maoists made for ...

Maoist mediators drive a hard bargain

Hindustan Times - ‎1 hour ago‎
Orissa could be forced to free several alleged rebel sympathisers, along with some top leaders, from jail to secure the release of Malkangiri district collector R Vineel Krishna and junior engineer Pabitra Majhi from Maoist captivity. ...

Orissa hostage crisis: Government agrees to eight of 14 demands

Sify - ‎1 hour ago‎
Bhubaneswar, Feb 21 (IANS) A district collector and a junior engineer abducted by Maoists five days ago are safe and expected to be released soon, the Orissa government said Monday even as it agreed to eight of the 14 demands put forward by the rebels. ...

Orissa okays some demands of the Naxals

IBNLive.com - ‎1 hour ago‎
Malkangiri: At the end of another marathon session of negotiations, there is resolution on some of the demands of the Maoists most of them to do with their economic well being. However the main issue of releasing prisoners still remains unsolved. ...

Maoists, Orissa Govt close to striking a deal?

NDTV.com - ‎2 hours ago‎
Malkangiri: Top Maoist leader Shriramulu Shrinivas was produced in a fast track court at Malkangiri for his bail plea. The release of this man, jailed for dacoity, is an important condition set by Maoists as they negotiate with the Orissa government ...

Orissa govt hopeful of early breakthrough in hostage crisis

Times of India - ‎5 hours ago‎
BHUBANESWAR: After two days of talks with Naxal-chosen mediators, Orissa government today said it was hopeful of an early breakthrough in securing the release of abducted Malkangiri district collector and a junior engineer. In a related development, ...

Orissa not to oppose Ganti's bail, govt tells mediators

Times of India - Sandeep Mishra - ‎9 hours ago‎
BHUBANESWAR: The Orissa government on Sunday agreed not to oppose the bail petition of incarcerated Maoist leader Ganti Prasadam when it comes up for hearing at a Koraput court shortly, sources said. After nine hours of talks between the government and ...

Malkangiri locals become vocal against Maoists

Times of India - Satyanarayan Pattnaik - ‎9 hours ago‎
KORAPUT: With each passing day, resentment is brewing among people of Malkangiri regarding the release of district collector R Vineel Krishna and junior engineer Pabitra Mohan Majhi from Maoist captivity. The 2005 batch IAS officer, who has gained ...

To free Orissa IAS officer, Maoists want 700 in return

Times of India - Supriya Sharma - ‎Feb 17, 2011‎
MALKANGIRI: The Orissa government on Thursday suspended security operations against Maoists within hours of the abduction of Malkangiri district collector R Vineel Krishna. The state home secretary has authorized social activist Swami Agnivesh to ...

Orissa working on Kandahar-like swap?

Times of India - Supriya Sharma - ‎Feb 19, 2011‎
MALKANGIRI: The Orissa government on Saturday appeared to be working on a hush-hush plan to swap abducted Malkangiri collector R Vineel Krishna and junior engineer Pabitra Majhi with a clutch of jailed Maoist leaders. This could well be the first such ...

Timeline of articles

Timeline of articles
Number of sources covering this story
Maoist mediators drive a hard bargain
‎1 hour ago‎ - Hindustan Times
Maoists demand halt to operations in Orissa-Andhra border
‎Feb 20, 2011‎ - Hindustan Times
Orissa working on Kandahar-like swap?
‎Feb 19, 2011‎ - Times of India
Efforts to secure release of collector gain momentum
‎Feb 18, 2011‎ - The Hindu
Why abduct an honest, pro-poor collector? ask Malkangiri residents
‎Feb 18, 2011‎ - Times of India
Collector remains untraced, govt mulls channels of talks
‎Feb 17, 2011‎ - Times of India
To free Orissa IAS officer, Maoists want 700 in return
‎Feb 17, 2011‎ - Times of India

Images

The Hindu
NDTV.com
The Hindu
NDTV.com
Sify
Sify
NDTV.com
The Hindu
The Hindu
After spending $9 bn, Mukesh Ambani gets BP to pay it
Published: Monday, Feb 21, 2011, 23:22 IST 
By Varun Sood & Satish John | Place: Mumbai | Agency: DNA

Reliance Industries (RIL) discovered the Krishna-Godavari basin gas trove in 2002.

Four years later, it got approval to convert the block for development.

Last year, gas started flowing from the massive gusher.
In all, RIL has invested about $9 billion in the 29 exploration blocks, according to the company's submission to the Comptroller and Auditor General of India last year.

RIL sources said this includes $5.5 billion in the prolific D6.
That's almost exactly what BP will pay RIL — $7.2 billion for a 30% stake in 23 blocks, plus $1.8 billion for future exploration success.

That leaves RIL with a 60% stake in blocks where its partner Niko Resources of Canada has 10% holding, and 70% in the rest of a geography that so far has found 15 trillion cubic feet of gas reserves.

India's largest private company has thus practically got paid for all its exploration expenditure so far.

Not to forget, RIL has already earned over $2 billion by selling the D6 gas in the last three quarters.

Swell deal?

You bet, said analysts.

"It puts RIL in a position to be debt-free," Mukesh Ambani, chairman and managing director, said.

Primary discussions on a potential deal started in late 2007, Ambani said.

"And due-diligence was conducted for two years," said Robert Dudley, CEO of BP Plc.

Deal making intensified over the last 3-4 months as tech teams from both companies tied up things, Ambani said.
RIL will get the money in three tranches — $2 billion upfront, a further $2.3 billion on completion of the deal, and a final payment of $3 billion in October 2011.

In all, the deal could involve investments of up to $20 billion from BP, said RIL — a chunk of which would land up in a private company — Reliance Gas Transportation Infrastructure Ltd.

"He got what he wanted," said an observer who has been tracking both the company and its chairman Mukesh Ambani very closely over more than a decade. He did not wish to be named.
Reliance's current output of 1.8 billion cubic feet of gas a day, which is equal to 125,000 barrels of oil production per day, is nearly 40% of India's total gas production.

All of this currently comes from D6.

While RIL boasts of a balance sheet that generates close to $6 billion or 27,000 crore of cash annually, analysts said what the deal brings to the table is a quick turnaround for the company's various oil and gas exploration projects and faster commercialisation of assets.

When the spat between the Mukesh and younger brother Anil was at its fiercest, the latter had accused RIL of 'goldplating', or showing more than what they were, investments made in D6 — something the company vehemently denied.

Mukesh has also said that RIL needs a "cushion of $18 billion" by fiscal 2013 for developing D6.

BP is reputed to own the world's best deep-sea oil and gas exploration technology. Acquiring that would have cost a fortune and even if it was willing to spend, it was difficult to get an oil company to part with the technology, said another analyst.

"This business requires deep pockets and although RIL has made early inroads, a partnership with BP will only help them realise the full potential of the business," said Monish Chatrath, executive director at Mazars India, a consultant for the oil & gas sector.

"BP, on the other hand, gets a good footprint in India and it also diversifies the risk for RIL," he said.

Europe's No.2 energy giant also has a significant presence in the lubricants business in India through Castrol.

It's not that RIL will just enjoy the cash flows, either.

"For every dollar BP invests, RIL will also invest a dollar. In some cases, we will invest even 2 dollars," Ambani said.

"Personally I am a big believer in the potential of the east coast of India," Ambani said.

Theepam Jothilingam, James R Hubbard, Mathew P Lofting and Albina Sadykova, analysts with Morgan Stanley, wrote in a note to investors after the deal that, "alongside the Rosneft transaction, the Reliance deal suggests BP under Bob Dudley has lost none of its appetite to execute industry leading moves".

Within the exploration circles, RIL is known as a "wildcatter" that uses the 'hit and run' tactics to explore across the 270,000 square kilometres it owns.

For D6, RIL has hired two Houston, Texas-based energy specialists — Halliburton and Schlumberger — and hires deepsea drilling vessels from Transocean.

"This is good news for the country's energy security market," said S P Tulsian, an independent stock analyst.

He expects BP to help Reliance ramp up the gas output from the Krishna Godavari basin to increase from the 56-58 million cubic metres a day currently to 80 million cubic metres a day in the coming six months and also lead to "very speedy production" from the 20 fields being explored by RIL.

"For Reliance it is a very good valuation though I think BP paid a bit on the higher side, thinking they are entering a country where there is high demand," he said.

Niko should be also happy because this would lead to more gas production and therefore higher profit share, Tulsian said.

BP is trying to increase its investment in exploration in key oil and gas basins, including the Russian Arctic region where it announced an exploration venture with state-owned oil major Rosneft.

Related links

http://www.dnaindia.com/money/report_after-spending-9-bn-mukesh-ambani-gets-bp-to-pay-it_1511164

Excise hike of 2% likely in FMCG, auto: SMC Global Securities

PTI
SMC Global Securities Ltd, in its forecast for the 2010-11 Budget, said that service tax is expected to be hiked to 12% from the current level of 10%.

Budget 2011: Car companies split over import duty

TNN
Audi, BMW, Mercedes and Honda feel that stiff import duty should be lowered, at least for green technology vehicles like hybrid cars.

Market bets on GST rollout, clarity in DTC in the budget

PTI
Market experts are pitching for clarity in tax on long-term gains, a clear timeline for GST rollout among other key measures in the upcoming 2011-12 budget.

GJF hopes budget would bring back sparkle to industry

5 Hours ago
PTI
GJF called for abolishing wealth tax on gems & jewellery. It also called for instructing banks to provide gold on low cost loan basis.
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Give equal tax treatment to overseas Indians
Give equal tax treatment to overseas Indians
S P Hinduja
Hinduja Group, Chairman
Tax incentives will spur growth
Tax incentives will spur growth
Hari Bhartia
CII, President
Budget must give a fillip to long-term savings
Budget must give a fillip to long-term savings
Rajesh Sud
Max New York Life Insurance, CEO & MD
Budget should increase tax savings to Rs 3 lakhs
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Vimal Kamdar
Saviance Technologies, CFO
India faces a crisis of growth
India faces a crisis of growth
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Edelweiss Group, Chairman and CEO
Hasten opening of retail to foreign investments
Hasten opening of retail to foreign investments
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Angel Broking, Chairman & MD
STPI should be extended to increase competitiveness
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HCL Technologies, CEO
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No need to lower import taxes on edible oils
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Government of India, Commerce Minister
Investment in education, infra should continue
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PM to announce JPC on 2G spectrum scam tomorrow
Prime Minister Manmohan Singh is likely to announce the setting up of a joint parliamentary committee (JPC) to probe the 2G spectrum scam on Tuesday. 

Manmohan Singh will make a statement in the Lok Sabha in this regard soon after the introduction of the new ministers in his cabinet, sources said here Monday. 

A motion for constituting the JPC will be moved on Thursday by Telecom Minister Kapil Sibal after the prime minister replies to the motion of thanks to the president's address to the joint sitting of parliament, following which it would be sent to the Rajya Sabha for concurrence, sources said. 

The government had last week agreed to the demand of the opposition to form the JPC to investigate the 2G spectrum scam about which the government auditors had said the presumptive loss was worth Rs.1.75 lakh crore. 

The whole of the winter session of parliament was lost due to the opposition demand for a JPC probe into the 2G scam and the government not agreeing to it then. 

Earlier, the Bharatiya Janata Party (BJP) said the announcement on the JPC was likely on Tuesday. BJP deputy leader of the opposition in the Lok Sabha Gopinath Munde said the opposition parties had demanded at the meeting of business advisory committee of the Lok Sabha that the announcement of JPC should be made before the start of question hour Tuesday.
Kasab verdict enhances Indian legal system's prestige: Chidambaram
Welcoming the confirmation of death penalty of 26/11 convict Ajmal Kasab by the Bombay High Court, Home Minister P Chidambaram on Monday said it had enhanced the prestige of India's legal system but rued the lack of progress in the case in Pakistan. 

"I compliment the prosecution. This is a tribute to our legal system," he told reporters while commenting on the Bombay High Court's decision. 

He said the manner in which the case was conducted in India has "raised the prestige" of the country's judicial system. 

"I think, we should allow our legal system to deal with case in the manner every other cases dealt with," the Home Minister said. 

At the same time, he observed that the trial in the case was making no headway in Pakistan. 

"Between the High Court and the trial court in Pakistan, in a way there has been no movement at all (on 26/11 case)," he said when asked whether, in the light of the judgement, India would call for a speedy hearing of the case in Pakistan. 

He noted that when the case came up a couple of days ago in Pakistan, the prosecution had asked for an adjournment on the ground that the matter was pending in the High Court. 

"But in the High Court, the judge, who was dealing with the case had retired," he noted. 

Law Minister Veerappa Moily also welcomed the judgement and said the Indian judicial system was fair and equal to everybody and the same was demostrated by the Bombay High Court in upholding the death sentence of Kasab. 

"Entire world knows how our judicial system works... very methodical, very systematic....it reflects well of our judiciary," he said. 

Terming the judgement as "well carved out", he said the justice delivery system has dealt with the subject in a fair and equal manner. 

"It is fair to everybody..equal to everybody and that is what is demonstrated by this judgement on Kasab," the Law Minister said outside Parliament House.

Kasab death penalty upheld by Bombay High Court
MUMBAI: The Bombay High Court on Monday upheld the death penalty of Pakistani terrorist Mohammed Ajmal Amir Kasab for the 26/11 attack in this city. 

Two Indian judges rejected the appeal of the sole surviving gunman from the 2008 Mumbai attacks against his conviction and death sentence, television reports said. Media reports said the judges dismissed the appeal by Kasab over his role in the attacks that killed 166 and injured more than 300 people. 

The court also threw out the state's appeal against the lower court's decision to acquit two Indian nationals who were accused of providing hand-drawn maps to the 10 Islamist gunmen. 

Ansari and Ahmed had been, however, let off for want of adequate evidence by the trial court. 

Kasab, the sole surviving terrorist in the 26/11 strike, was given the death penalty by a trial court in May 2010. He appeared briefly in the court through a video link wearing a white kurta with his head down. 

Kasab told his lawyer Farhana Shah on Saturday last that he would hear the verdict through video conference. He also appeared to be nervous and did not talk much, Shah said. 

Justice Ranjana Desai and Justice R V More of the Bombay High Court would also give verdict today on an appeal filed by Kasab against his conviction and death sentence. 

The Judges would also pronounce judgement on an appeal filed by Maharashtra Government against the acquittal of Faheem Ansari and Sabauddin Ahmed, both Indians who were let off on ground of "doubtful evidence". 

Meanwhile, security in and around the High Court has been tightened. The special branch of police has issued passes to journalists and lawyers for entry into court 49 where the judgement would be delivered. 

Kasab, an LeT operative , has been confined to jail since his arrest on November 26, 2008, when he was caught alive at Girgaum Chowpatty in South Mumbai. 

Nine others, who had come with Kasab, from Karachi in Pakistan by sea route, were gunned down by security forces at terror sites, Hotels Taj Mahal and Oberoi-Trident and Jewish guest house Nariman House in South Mumbai. 

No one from Kasab's family has come to meet him in India and neither he has expressed his desire to meet any one, his lawyer Farhana Shah told media. However, Kasab had told the High Court that he wished to be tried in a US court but did not elaborate. The court did not consider his plea. 

During arguments in the High Court, Kasab pleaded that this trial was "unfair" and demanded a fresh trial. He argued that material evidence was suppressed and norms were not followed to defend him. However, the judges rejected his plea. 

Kasab took a stand of total denial and disputed prosecution's story that he had landed with nine others in a dingy at Badhwar Park on the day of terror attack. His lawyers Amin Solkar and Farhana Shah argued the evidence was concocted to frame Kasab in the case, saying the dingy was small and could not accommodate ten persons. 

Kasab submitted that he come from Pakistan much before the terror attacks and was arrested at Juhu beach. He said he was in custody when the terror attacks took place. 

Government Counsel Ujjwal Nikam placed photographs and CCTV footages showing Kasab in terror acts. However, Kasab argued that they had been morphed and his face was not clear. 

The prosecution also relied on Kasab's confession before a Magistrate accepting his role in 26/11 attack and his guilt plea before trial court admitting the crime.
Mohammed Ajmal Kasab
In this file photograph taken on Wednesday, Nov 26, 2008, Mohammed Ajmal Kasab, the accused gunmen walks at the Chatrapathi Sivaji Terminal railway station in Mumbai. The accused gunman in last year's bloody siege of Mumbai retracted his confession on Friday, saying the police tortured him into admitting his role in the attacks that left 166 people dead. (PTI)
-- 
News
21 Feb 2011, 19:22

Government may miss disinvestment target of Rs 40,000 cr for FY-11

Last year, the government had raised about Rs 25,000 crore by selling its stake in PSUs like Oil India, NTPC, NMDC among others.

21 Feb 2011, 19:07, Amiti Sen & Souvik Sanyal

Railway Budget: Railways set to showcase big increase in network 

The Railways has added about 700 km of new lines. The figure, however, will fall short of the ambitious 1,019 km target the railway had set for itself for 2010-11.

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Major UPA allies be included in JPC to probe 2G scam: NCP

Zee News - ‎35 minutes ago‎
NCP wants all major allies of Congress-led UPA to be accommodated in the Joint Parliamentary Committee to probe the 2G spectrum allocation scam. NCP has conveyed to the Congress that it would be better if all major constituents of the ruling alliance ...

PM to announce JPC on 2G spectrum scam tomorrow

Economic Times - ‎1 hour ago‎
NEW DELHI: Prime Minister Manmohan Singh is likely to announce the setting up of a joint parliamentary committee (JPC) to probe the 2G spectrum scam on Tuesday. Manmohan Singh will make a statement in the Lok Sabha in this regard soon after the ...

Government has agreed to JPC, says BJP

Sify - ‎2 hours ago‎
New Delhi, Feb 21 (IANS) The Bharatiya Janata Party (BJP) Monday said the government had agreed to the demand for Joint Parliamentary Committee (JPC) probe into the 2G spectrum controversy and an announcement was likely to be made Tuesday. ...

PM expected to announce JPC on 2G spectrum issue in LS tomorrow

NetIndian - ‎1 hour ago‎
All eyes are set on Prime Minister Manmohan Singh who is expected to make the announcement about a Joint Parliamentary Committee (JPC) to probe the alleged 2G spectrum allocation scam in the Lok Sabha tomorrow. While there has been no official word yet ...

NDA discusses floor strategy for Budget session

The Hindu - ‎5 hours ago‎
PTI The National Democratic Alliance (NDA) said it will allow Parliament to function if formation of Joint Parliamentary Committee (JPC) to probe the 2G spectrum allocation scam is announced by the government tomorrow but would continue to raise ...

Manmohan to make statement in Parliament on JPC

The Hindu - ‎6 hours ago‎
PTI PTI Prime Minister Manmohan Singh, accompanied by Parliamentary Affairs Minister Pawan K. Bansal, enters the Parliament on the opening day of the Budget session. Dr. Singh is expected to announce JPC probe on 2G irregularities tomorrow. ...

PM's peace offering: Nod for JPC likely on Tuesday

Times of India - ‎Feb 20, 2011‎
NEW DELHI: Keen to shake off the impression that it is under siege and isolated, the government is willing to begin Parliament`s Budget session by conceding the Opposition`s demand for a joint parliamentary committee to probe dodgy 2G spectrum ...

Deo, Vyas or Chacko to head JPC probe on 2G

Economic Times - ‎Feb 18, 2011‎
NEW DELHI: The Government has begun the process of identifying the chairman of the Joint Parliamentary Committee that will be constituted soon to probe the 2G scandal. Congress leaders here indicated that Kishore Chandra Deo, PC Chacko and Girija Vyas ...

Budget session of parliament begins today; JPC on the cards

Hindustan Times - ‎15 hours ago‎
TV Grab: Prime Minister Manmohan Singh looks on as Leader of Lok Sabha Pranab Mukherjee consults a...... In a decision aimed to ensure smooth functioning of the budget session of Parliament beginning on Monday, the government is all set to announce a ...

PM hopeful of productive Budget Session

Economic Times - ‎20 hours ago‎
NEW DELHI: With the government-opposition face-off over the formation of a joint parliamentary committee (JPC) coming to an end, Prime Minister Manmohan Singh on Sunday expressed hope that the budget session of parliament will be peaceful and ...

Timeline of articles

Timeline of articles
Number of sources covering this story
Major UPA allies be included in JPC to probe 2G scam: NCP
‎35 minutes ago‎ - Zee News
Budget session of parliament begins today; JPC on the cards
‎15 hours ago‎ - Hindustan Times
PM's peace offering: Nod for JPC likely on Tuesday
‎Feb 20, 2011‎ - Times of India
Parliament expected to see lot of work in budget session
‎Feb 19, 2011‎ - Economic Times
Deo, Vyas or Chacko to head JPC probe on 2G
‎Feb 18, 2011‎ - Economic Times

Images

The Hindu
NDTV.com
NDTV.com
Moneycontrol.co...
Business Standa...
Indian Express
International R...
India Today
Calcutta Telegr...

Manmohan to make statement in Parliament on JPC 

The Hindu - ‎6 hours ago‎
The government has already agreed to the opposition demand for formation of a JPC into 2G spectrum allocation, an issue over which the entire winter session of Parliament was washed out. Government sources indicated that the JPC will be "broad-based" ...

Congress hails Presidential address to Joint session of Parliament 

All India Radio - ‎3 hours ago‎
The Congress has hailed the Presidential address to the Joint sitting of Parliament on Monday. Party spokesman Abhishek Singhvi said that the President outlined the five priority areas of the government including controlling inflation, probity in life ...

Bill fixing 16 yrs as consent age for sex in Budget session 

Indian Express - ‎6 hours ago‎
A Bill fixing 16 years as the age of consent for sex is among other proposed legislations slated for introduction in Parliament during the current Budget session. The Protection of Children from Sexual Offences Bill which seeks to bring sexual offences ...

Kosovo parliament holds constitutive session 

Southeast European Times - ‎2 hours ago‎
PRISTINA, Kosovo -- Incumbent Parliament Speaker Jakup Krasniqi was re-elected Monday (February 21st) during the new parliament's first session. Lawmakers elected in the December 12th snap elections were sworn in prior the vote, and incumbent Prime ...

Parliament looks all set for a smooth budget session 

IBNLive.com - ‎Feb 20, 2011‎
As many as 32 bills including the controversial Communal Violence Bill, Press and Registration of Books and Publications Bill and the Land Acquisition (Amendment) bill will be introduced during the session. The Press and Registration of Books and ...

Sushma raises pitch ahead of Budget session 

Times of India - Deepender Deswal - ‎Feb 20, 2011‎
ROHTAK: A day before the start of budget session, NDA has indicated they are set to rock the Parliament on the issue of corruption. Leader of the opposition Sushma Swaraj said that the BJP would raise the demand for a JPC probe into the 2G, ...

2-day Telangana bandh from tomorrow 

Daily News & Analysis - ‎3 hours ago‎
Place: Hyderabad | Agency: PTI After the non-cooperation agitation, pro-Telangana parties and groups would now observe a 48-hour bandh in the region from tomorrow to mount pressure on the Centre to introduce a bill in the budget session of Parliament ...

The Big Budget Session Question: Will Everyone Play Nice? 

Wall Street Journal (blog) - Vibhuti Agarwal - ‎14 hours ago‎
The President's bodyguards rehearse to escort President Pratibha Patil at the parliament for the budgetsession which begins Feb. 21. Ahead of the start of the budget session of India's Parliament today, the Congress Party, ...

Communal Violence Bill unlikely to get NAC nod this session 

Indian Express - ‎19 hours ago‎
While the Bill is listed in the business of Parliament this session and is top on the priority list of the Prime Minister's Office, Home Ministry and the Parliamentary Affairs Ministry, it is expected to be put up before the House only in the next ...

Telangana issue surfaces again in Parliament 

Sify - ‎7 hours ago‎
New Delhi, Feb 21 (IANS) Belying expectations of a peaceful budget session, some ruling Congress MPs from Andhra Pradesh Monday created an uproar on the first day of the nearly two-month-long parliament sitting by raising slogans and flashing placards ...


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Parliament of India

From Wikipedia, the free encyclopedia
Parliament of the Republic of India
Coat of arms or logo
Type
Type Bicameral
Houses Rajya Sabha
Lok Sabha
Leadership
Chairman of the Rajya Sabha Mohammad Hamid Ansari, (I)
since 11 August 2007
Speaker of the Lok Sabha Meira Kumar, (INC)
since 30 May 2009
Structure
Members 790
245 Members of RS
545 Members of LS
Elections
House of the PeopleLast election Indian general election, 2009
Council of States Last election Indian general election, 2009
Meeting place
Sansad Bhavan-2.jpg
SansadNew DelhiIndia
Website
Rajya Sabha Website
Lok SabhaWebsite

The Parliament of the Republic of India (commonly referred to as the Indian Parliament) is the supreme legislative body in the Republic of India. The Parliament alone possesses legislative supremacy and thereby ultimate power over all political bodies in India.

The parliament is bicameral, with an upper house, the Rajya Sabha, and a lower house, the Lok Sabha. The two Houses meet in separate chambers in the Sansad Bhawan(commonly known as the Sansad Marg), in New Delhi. The Members of either house are commonly referred to as Member of Parliament or MP. The MPs of Lok Sabha are elected by direct election and the MPs of Rajya Sabha are elected by the members of the State Legislative Assemblies in accordance with proportional voting. The Parliament is composed of 802 MPs, who serve the largest democratic electorate in the world and the largest trans-national democratic electorate in the world (714 million eligible voters in 2009).[1][2]

Of the 552 members of the House of People, 530 members represent the territorial Constituencies in the States, 20 represent the Union territories , chosen in such manner as Parliament may by law provide. These members serve a 5 year term until the next General Election are held. 2 members are chosen by the president. House seats are apportioned among the states by population in such a manner that the ratio between that number and the population of the State is, so far as practicable, the same for all States.

The 250 Members of the Council of States serve a staggered six-year term. 12 of these members are nominated by the President and shall consist of persons having special knowledge or practical experience in respect of such matters as the following, namely literature, science, art and social service. The 238 members are representatives of the States shall be elected by the elected members of the Legislative Assembly of the State in accordance with the system of proportional representation by means of the single transferable vote. Every two years, approximately one-third of the Council is elected at a time.

Contents

 [hide]

[edit]Parliament of India

[edit]History

The parliament house was planned at the introductory stage to be a part of theRashtrapati Bhawan. But in 1919 according to the Montague-Chelmsford reforms it was announced to be designed as the Indian parliament.

[edit]The houses

The Indian Parliament has two houses-

[edit]Lok Sabha

Lok Sabha (in Hindi) is also known as the "House of the People" or the lower house. Almost all of its members are directly elected by citizens of India. Every citizen who is over 18 years of age, irrespective of gender, caste, religion or race, who is otherwise not disqualified, is eligible to vote.

The Lok Sabha can have up to 552 members as envisaged in the Constitution of India. It has a term of five years. To be eligible for membership in the Lok Sabha, a person must be a citizen of India and must be 25 years of age or older, mentally sound, should not be bankrupt and has no criminal procedures against him/her. Up to 530 members can be elected from the states in single member districts, up to 20 members from the Union territories and no more than two members from the community can be nominated by the President of India if the president feels that the Anglo-Indian community is not adequately represented. The Lok Sabha has 545 members, some seats are reserved for representatives of Scheduled Castes and Scheduled Tribes.

[edit]Rajya Sabha

President of United States Barack Obama in an address to the Members of Parliament at a Joint Session of both houses at the Parliament of India, 2010.

The Rajya Sabha is also known as "Council of States" or the upper house. Its members are indirectly elected by members of legislative bodies of the States.

The Rajya Sabha has 250 members in all. Elections to it are scheduled and the chamber cannot be dissolved. Each member has a term of 6 years and elections are held for one-third of the seats after every 2 years.

The Council of States is designed to maintain the Federation character of the country. The number of members from a state depends on the population of the state (e.g. 31 from Uttar Pradesh and one from Nagaland).

The minimum age for a person to become a member of Rajya Sabha is 30 years.

[edit]Working, procedures and committees

The Parliament consists of the President of Republic of India and both the Chambers. The House and the Council are equal partners in the legislative process; however, the Constitution grants the House of People some unique powers. Revenue-raising or "Money" bills must originate in the House of People. The Council of States can only make recommendations suggestions over these bills to the House, within a period of fourteen days - lapse of which the bill is assumed to have been passed by both the Chambers.

[edit]Procedures and committees

[edit]Lawmaking procedures

Lawmaking procedures in India are modeled after, and are thus very similar to, those followed by the Parliament of the United Kingdom.

[edit]Parliamentary committees

Parliamentary committees play a vital role in the Parliamentary System. They are a vibrant link between the Parliament, the Executive and the general public.

The need for Committees arises out of two factors, the first one being the need for vigilance on the part of the Legislature over the actions of the Executive, while the second one is that the modern Legislature these days is over-burdened with heavy volume of work with limited time at its disposal. It thus becomes impossible that every matter should be thoroughly and systematically scrutinised and considered on the floor of the House. If the work is to be done with reasonable care, naturally some Parliamentary responsibility has to be entrusted to an agency in which the whole House has confidence. Entrusting certain functions of the House to the Committees has, therefore, become a normal practice. This has become all the more necessary as a Committee provides the expertise on a matter which is referred to it.

In a Committee, the matter is deliberated at length, views are expressed freely, the matter is considered in depth, in a business-like manner and in a calmer atmosphere. In most of the Committees, public is directly or indirectly associated when memoranda containing suggestions are received, on-the-spot studies are conducted and oral evidence is taken which helps the Committees in arriving at the conclusions.

Parliamentary Committees are of two kinds: Ad hoc Committees and the Standing Committees most powerful of all is public accounts committee which is headed by the leader of the opposition.

[edit]Standing committees

Each House of Parliament has standing committees like the Business Advisory Committee, the Committee on Petitions, the Committee of Privileges and the Rules Committee, etc.

Standing committees are permanent and regular committees which are constituted from time to time in pursuance of the provisions of an Act of Parliament or Rules of Procedure and Conduct of Business in Parliament. The work of these Committees is of continuous nature. The Financial Committees, DRSCs and some other Committees come under the category of Standing Committees.

These are the Committees on Subordinate Legislation, the Committee on Government Assurances, the Committee on Estimates, the Committee on Public Accounts and the Committee on Public Undertakings and Departmentally Related Standing Committees (DRSCs).

[edit]Ad hoc committees

Ad hoc committees are appointed for a specific purpose and they cease to exist when they finish the task assigned to them and submit a report. The principal ad hoc committees are the Select and Joint Committees on Bills. Others like the Railway Convention Committee, the Committees on the Draft Five Year Plans and the Hindi Equivalents Committee were appointed for specific purposes.

Joint Committee on Food Management in Parliament House Complex etc. also come under the category of ad hoc committees.

[edit]References

  1. ^ Post Store (2009-06-08). "The Washington Post, June 8, 2009". Washingtonpost.com. Retrieved 2010-08-17.
  2. ^ Ian Traynor in Brussels (2009-06-07). "The Guardian, Monday 8 June 2009". London: Guardian. Retrieved 2010-08-17.

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