Prospering India News

Kapil Sibal Inaugurates Round Table on National Postal Policy

2012-02-01T03:45:00.000-08:00

Kapil Sibal, Minister of Communications and Information Technology inaugurated a Round Table on National Postal Policy here today. Speaking on the occasion Shri Sibal said that in view of IT revolution India Post has to embrace the changes and to be prepared for challenges of tomorrow.

. Draft agenda for the Roundtable included –
Ø Vision, Mission and Policy

Ø USO of the Postal Sector.

Ø Organization and Market Research, environmental concerns and social responsibilities in the Postal Sector.

Ø Expansion and Modernization of Postal Network in India.

Ø Issues relating to Standardization of mail and National Address System.

Ø Issues relating to development of institutional framework with right and responsibility of Government regulator, operator and customer.

Ø Contours of Competition Policy in the Postal Sector.

Ø Issues of strategies relating to capacity development in the Postal Sector.

Ø Synchronization of domestic postal policies with WTO and other international norms.

Ø Roadmap for the Postal Sector.

Ø The Round Table aimed at engaging in discussions with key stakeholders related to the Postal Sector. The conference was addressed by various stakeholders giving their inputs in order to frame a National Postal Policy which will address the interests and concerns of all. Indian postal sector requires a comprehensive policy document, representative of the interests of all the stakeholders and driving the postal sector to contribute to the social and economic development of the country.

Assistance to Deserted NRI Indian Women

2012-01-30T22:36:00.001-08:00

The revised Scheme to provide legal /financial assistance to such Indian women through the Indian Missions/Posts overseas has come into effect from November, 2011. This was launched in February, 2007 to assist the deserted or divorced overseas Indian women. The details of the scheme are available on MOIA’s website “http://moia.gov.in/”. A recent review of the Scheme undertaken by MOIA and the scope and eligibility criteria of the scheme have been expanded. The salient features of the revised Scheme are the following:-

· The scheme would be available to Indian women who have been deserted by their overseas Indian / foreign husbands or are facing divorce proceedings in a foreign country, subject to the following conditions:-

· The marriage of the woman has been solemnized in India or overseas with an overseas Indian or a foreigner

· The woman is deserted in India or overseas within fifteen years of the marriage; or

· Divorce proceedings are initiated within fifteen years of the marriage by her overseas Indian / foreign husband; or

· An ex-parte divorce has been obtained by the overseas Indian / foreign husband within twenty years of marriage and a case for maintenance and alimony is to be filed by her.

· The scheme would not be available to a woman having a criminal case decided against her, provided that a criminal charge of Parental Child Abduction shall not be a bar if the custody of the child has not yet been adjudicated upon. The domicile of the woman seeking relief under the Scheme is not relevant for allowing the benefit. The woman may be domiciled in the country of her overseas Indian / foreigner husband or in India at the time of making the application.

· Assistance will be provided to meet the initial legal and other costs, by the Heads of Indian Missions/Posts overseas directly to the applicant’s legal counsel empanelled with the concerned Indian Mission/Post, or through the Indian Community Associations / Women’s organizations / NGOs* acting on the woman’s behalf in an overseas legal institution.

· The assistance will be limited to US$ 3000 per case in developed countries and US$ 2000 per case in developing countries and will be released to the empanelled legal counsel of the applicant or Indian Community Association / Women’s organization / NGO concerned to enable it to take steps to assist the woman in documentation and preparatory work for filing the case.

Quick Estimates of National Income, Consumption Expenditure, Saving and Capital Formation, 2010-11

2012-01-30T22:34:00.000-08:00

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the Quick estimates of national income, consumption expenditure, saving and capital formation for the financial year 2010-11. The estimates of GDP and other aggregates for the previous years have been revised on account of using the new series of the Index of industrial production (IIP) with base 2004-05 and also subsequent revision in Wholesale price Index (WPI). The revision in estimates is also on account of use of latest available data on agricultural production, industrial production, government expenditure and also detailed and more comprehensive data available from various source agencies.

The salient features of the estimates, which are based on latest available information, are indicated below:

GROSS DOMESTIC PRODUCT AND GROSS NATIONAL INCOME

Gross domestic product (GDP) at factor cost at constant (2004-05) prices in 2010-11 is estimated at Rs. 48,85,954 crore as against Rs. 45,07,637 crore in 2009-10 registering a growth of 8.4 per cent during the year which is same as in the year 2009-10. At current prices, GDP in 2010-11 is estimated at Rs. 71,57,412 crore as against Rs. 60,91,485 crore in 2009-10, showing an increase of 17.5 per cent during the year.

At constant (2004-05) prices the gross national income at factor cost in 2010-11 is estimated at Rs 48,33,178 crore as against Rs. 44,79,973 crore in 2009-10 showing a rise of 7.9 per cent during the year. At current prices, the gross national income in 2010-11 is estimated at Rs. 70,78,512 crore as compared to Rs 60,53,585 crore in 2009-10, showing a rise of 16.9 per cent during the year.

The growth rate of 8.4 per cent in the GDP during 2010-11 has been achieved due to high growth in transport, storage and communication (14.7%), financing, insurance, real estate & business services (10.4%), trade, hotels & restaurants (9.0%), and construction (8.0%). At constant prices, the primary sector i.e. agriculture, forestry & fishing has shown a high growth of 7.0 per cent during 2010-11 as against 1.0 per cent during the year 2009-10. The growth of secondary sector is 7.2 per cent and that of service sector is 9.3 per cent during 2010-11.

PER CAPITA NATIONAL INCOME

The per capita income (per capita net national income at factor cost) in real terms, i.e. at 2004-05 prices, is estimated at Rs. 35,993 for 2010-11 as against Rs. 33,843 in 2009-10, registering an increase of 6.4 per cent during the year. The per capita income at current prices is estimated at Rs. 53,331 in 2010-11 as against Rs. 46,117 for the previous year depicting a growth of 15.6 per cent.

CONSUMPTION EXPENDITURE, SAVING AND CAPITAL FORMATION

In order to derive the GDP at market prices, the GDP at factor cost is adjusted by adding indirect taxes net of subsidies. Estimates of GDP at market prices for the year 2009-10 has been revised on account of receipt of data on actual collection of indirect taxes from central and state Governments as well as rectification of misclassification of revised estimates of central Government, used in QE 2009-10. As various components of expenditure on gross domestic product, namely, consumption expenditure and capital formation, are normally measured at market prices, the discussion in the following paragraphs is in terms of market prices.

PRIVATE FINAL CONSUMPTION EXPENDITURE

Private Final Consumption Expenditure (PFCE) in the domestic market at current prices is estimated at Rs. 43,59,792 crore in 2010-11 as against Rs. 37,22,036 crore in 2009-10. At constant (2004-05) prices, the PFCE is estimated at Rs. 30,87,047 crore in 2010-11 as against Rs. 28,52,301 crore in 2009-10. In terms of GDP at market prices, the rates of PFCE at current and constant (2004-05) prices during 2010-11 are estimated at 56.8 per cent and 58.9 per cent, respectively, as against the corresponding rates of 57.6 per cent and 59.7 per cent, respectively in 2009-10.

The per capita PFCE in the domestic market in 2010-11 is estimated to be Rs. 36,760 at current prices and Rs. 26,029 at constant (2004-05) prices as against Rs. 31,812 and Rs. 24,379 respectively in 2009-10.

DOMESTIC SAVING

Gross domestic saving (GDS) at current prices in 2010-11 is estimated at Rs. 24,81,931 crore as against Rs. 21,82,970 crore in 2009-10, constituting 32.3 per cent of GDP at market prices as against 33.8 per cent in the previous year. The decrease in the rate of GDS has mainly been due to the decrease in the rates of financial savings of household sector from 12.9% to 10.0% and private corporate sector from 8.2 per cent in 2009-10 to 7.9 per cent in 2010-11. However, the rate of savings of public sector increased from 0.2 per cent in 2009-10 to 1.7 per cent in 2010-11. In absolute terms, the saving of the household sector has increased from Rs. 16,39,038 crore in 2009-10 to Rs. 17,49,311 crore in 2010-11, the saving of private corporate sector has gone up from Rs. 5,32,136 crore in 2009-10 to Rs. 6,02,464 crore in 2010-11 and that of public sector has gone up from Rs. 11,796 crore in 2009-10 to Rs. 1,30,155 crore in 2010-11.

CAPITAL FORMATION

Gross Domestic Capital Formation has increased from Rs. 23,63,670 crore in 2009-10 to Rs. 26,92,031 crore in 2010-11 at current prices and it increased from Rs. 18,38,870 crore in 2009-10 to Rs. 19,74,172 crore in 2010-11 at constant (2004-05) prices. The rate of gross capital formation at current prices is 35.1 per cent in 2010-11 as against 36.6 per cent in 2009-10. The rate of gross capital formation at constant (2004-05) prices is 37.7 per cent in 2010-11 as against 38.5 per cent in 2009-10.

Within the gross capital formation at current prices, the gross fixed capital formation amounted to Rs. 23,31,382 crore in 2010-11 as against Rs. 20,41,758 crore in 2009-10. At current prices, the gross fixed capital formation of the public sector has increased from Rs. 5,43,337 crore in 2009-10 to Rs. 6,19,923 crore in 2010-11, that of private corporate sector from Rs.6,97,451 crore in 2009-10 to Rs. 7,61,107 crore in 2010-11, and the household sector from Rs. 8,00,971 crore in 2009-10 to Rs. 9,50,352 crore in 2010-11.

The change in stocks of inventories, measured as additions to stocks increased at current prices, from Rs. 1,74,310 crore in 2009-10 to Rs 2,54,970 crore in 2010-11. The increase is observed due to increase in change in stocks of all the sectors.

The estimates of National Product, Consumption Expenditure, Saving and Capital Formation at aggregate and per capita levels for the years 2004-05 to 2010-11 are presented in Statement 1 and the detailed estimates at industry/item level in Statements 2 to 10.

India Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

2012-01-27T22:12:00.001-08:00

India has signed a Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention was signed by Shri Sanjay Kumar Mishra, Joint Secretary, Foreign Tax & Tax Research Division, Department of Revenue, Ministry of Finance, Government of India in the presence of Deputy Secretary-General of OECD, Mr. Rintaro Tamaki. This instrument hitherto available for the members of OECD and Council of Europe was amended in 2010 and open for all countries in June 2011. The Convention was amended to respond to the 2009 G20 Summit call for developing a broader multilateral approach to improve the effectiveness of exchange of information, co-operation between the countries in the assessment and collection of taxes, with a view to combating tax avoidance and evasion.

Present signatories to the amended Convention are: Argentina, Australia, Belgium, Brazil, Canada, Denmark, Finland, France, Georgia, Germany, Iceland, India, Indonesia, Ireland, Italy, Japan, Korea, Mexico, Moldova, Netherlands, Norway, Poland, Portugal, Russia, Slovenia, South Africa, Spain, Sweden, Turkey, Ukraine, the United Kingdom, and the United States.

By signing the Convention, India and the other 31 signatories encourage more countries to join, sending a strong signal that countries are acting together to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place. Many more countries are expected to sign the Convention in future. This provides for a wider network of countries co-operating in exchange of information, assistance in tax collection etc. Out of the 31 signatories, 12 of them have ratified the Convention so far.

Salient features of this Multilateral Convention are

- It is based on international standard of transparency and exchange of information.

- This instrument is multilateral and a single legal basis for multi-country co-operation as against the DTAAs/TIEAs which are bilateral. It provides for an extensive network and there will be consistent application of provisions leaving limited scope for deviation.

- It provides extensive forms of co-operation among the signatories on all taxes.

- It not only facilitates the exchange of information, but also provides for assistance in the recovery of taxes. This will give a fillip to the efforts of the Government in bringing the Indian money illegally stashed abroad.

- It provides for simultaneous tax examinations and participation in tax examinations in other countries. This provides for examination of tax affairs of the taxpayers simultaneously in their own territory and share the relevant information to each other. This allows tax officials to entering into the territory of the other country to interview individuals and examine records.

- The Convention explicitly provides for automatic exchange of information and spontaneous exchange of information.

- It provides for service of documents in other country.

- The Convention allows exchange of past information in criminal tax matters.

- The information received under the convention can also be used for other purposes besides those related to tax co-operation, for example to counter money laundering with the approval of the supplying state.

Prime Minister constitutes an Expert Committee on Sugar Sector

2012-01-27T22:10:00.000-08:00

Prime Minister has constituted an Expert Committee under the Chairmanship of Dr. C. Rangarajan, Chairman Economic Advisory Council to the Prime Minister, to examine issues relating to the sugar sector. The other members of the committee are:

1. Dr. Kaushik Basu, Chief Economic Adviser, Ministry of Finance
2. Secretary, Department of Food and Public Distribution
3. Secretary, Department of Agriculture
4. Dr. Ashok Gulati, CACP
5. Shri Nand Kumar, former Secretary, Department of Food and Public Distribution and Department of Agriculture and Cooperation and presently Member NDMA
6. Dr. K.P. Krishnan, Secretary EAC – Convener

The Committee has been empowered to involve such experts, academics as required as special invitees. The Committee will look into all the issues relating to de-regulation of the sugar sector and it has been requested to complete its task as early as possible and give its recommendations to the Prime Minister. The Ministry of Consumer Affairs, Food and Public Distribution has been requested to provide the necessary support to the Committee in discharging its functions.

India and Pakistan agree to transit fee formula for Tapi gas pipeline project

2012-01-25T23:30:00.000-08:00

S. Jaipal Reddy, Minister of Petroleum & Natural Gas held bilateral discussions with Pakistan’s Federal Minister for Petroleum & Natural Resources, Dr. Asim Hussain on various matters relating to bilateral cooperation in the hydrocarbon sector, here today. This was Dr. Hussain’s 2nd visit to India as Minister, the 1st one having been on 28th April, 2011 when the Petroleum Ministers of Turkmenistan, Pakistan, Afghanistan and India had met in New Delhi to attend the 13th Steering Committee Meeting for the TAPI Gas Pipeline Project.

Among the issues discussed was the Transit Fee payable to Pakistan by India for the 38 mmscmd of gas envisaged to flow through the Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas Pipeline Project. This was the 3rd meeting with Pakistan on the issue of Transit Fee but the 1st one at the political level.

On the Transit Fee, both sides agreed that the negotiations would be conducted in a transparent manner keeping in mind the overall economics of the Project, i.e., keeping in mind the landed cost of gas, and in accordance with the relevant international practices. Since there is a need to expedite the signing of the Gas Sale Purchase Agreement (GSPA), both sides agreed to settle the Transit Fee issue at the earliest. Pakistan agreed in-principle that whatever fee formula is eventually settled between India and Afghanistan would also be acceptable to Pakistan subject to approval of their competent authority. The two Ministers also discussed other issues of bilateral interest such as trade in petroleum products. Shri Jaipal Reddy offered export of Petrol, Diesel, Aviation Turbine Fuel and Fuel Oil besides Sulphur, Polyethylene and Polypropylene since Pakistan is importing these products currently. It was pointed out that the main advantage for Pakistan will be the savings in freight cost since several refineries in India are located close to the India-Pak border.

The Indian side offered to export refined petroleum and petrochemical products by road, rail and by sea. It was also mentioned that Indian refineries would be willing to look at the feasibility of constructing product pipelines to Pakistan provided long-term guarantees for product offtake can be given by Pakistan.

Both sides noted that a India-Pakistan Joint Working Group (JWG) on Petroleum & Petrochemical Products has been constituted recently to go into the specific details of facilitating trade in this sector, including infrastructure upgradation and augmentation in respect of railways, customs facilitation, setting up of banking channels, etc. Both Ministers agreed to advise their respective officials to hold the 1st meeting of the JWG at the earliest.

Apart from G2G efforts, both sides agreed on the need to activate industry and business associations in the petroleum sector for confidence building. Shri Jaipal Reddy informed Dr. Hussain that India’s oil companies would be participating in the “India Show” at Lahore on 11-13 February, 2012 being organized by the Govt of India and FICCI to showcase the strength of India’s petroleum refining sector and what India’s oil companies can offer to Pakistan.

TRAI Exempts limit of 200 SMS Per day Per SIM

2012-01-25T23:28:00.000-08:00

TRAI today exempted the machine to machine and person to machine messages from the limit of 200 SMS per day per SIM. All the provisions of “The Telecom Commercial Communications Customer Preference Regulations, 2010” issued by TRAI on 1.12.2010 have come into force from 27th September 2011. As per the provisions of such regulations, no Access Provider shall permit sending of more than two hundred SMS per day per SIM.

TRAI has received representations from the stakeholders that in view of the limit of 200 SMS per day per SIM, they are not able to send machine to machine and person to machine SMSs which are sent by them to initiate process or application for their operational requirements. TRAI has duly considered such representations and has excluded all machine to machine and person to machine messages from the limit of 200 SMS per day per SIM. The detailed directions are available at www.trai.gov.in.

The Authority has received representations from various companies, for clarification regarding delivery of information through SMS related to services or maintenance provided by them to their customers. Such services include providing details of driver or taxi on booking of Radio Taxi, tentative date of delivery of goods, tentative date of attending complaint, contact details of person attending the complaint etc. In this regard, it is clarified that the Authority has already issued a Direction dated 25th October, 2011 in which it has categorized information sent by a registered company to its employees or agents or its customers pertaining to services or goods to be delivered to such customer under Transactional message. So a registered company may send information pertaining to services or goods to be delivered to customer under Transactional message category.

Health Effects of Wireless Communications

2012-01-25T23:25:00.000-08:00

Centre for Development of Telematics (C-DOT) organized a lecture here today on "Health Effects of Wireless Communications" by Prof Kenneth R. Foster of University of Pennsylvania USA to create awareness on the subject. In his talk, Prof. Foster described briefly the long history of concern in about possible health risks of radiofrequency energy, and reviewed recent evidence about possible health effects of wireless communications focusing on possible links between use of cell phones and brain cancer. He emphasized that despite extensive research, funded by both industry and government, and numerous expert reviews by health agencies and other expert groups the conclusions have generally been reassuring. Professor Foster discussed the issue and how to address potential health and safety issues about wireless communications technologies.

Brief Bio-sketch of Dr. Foster

Dr Foster is a Professor at the Department of Bioengineering at the University of Pennsylvania. His research interests relate to biomedical applications of non ionizing radiation from audio through microwave frequency ranges, and health and safety aspects of electromagnetic fields as they interact with the body. For example, Ken examines the prospects of workers in electrical occupations and the possibility (or lack of) cancer risk. Another and somewhat broader topic of interest is technological risk, and impact of technology (principally, electro technologies) on humans. His goal in this area is to examine technology, putting into perspective its relative risks and benefits to society. What he hopes to impart is a better perception of the social use of science.

Dr Foster did his B S in Physics from Michigan State University and his Ph D in Physics from Indiana University. Prof Foster is here in India as a visiting faculty of Young India Fellowship (www.youngindiafellowship.com). The vision of YIF is “To identify and develop unique & high potential change agents of India through a multi-disciplinary programme guided by eminent leaders and scholars of our time.”

C-DOT

C-DOT develops standards based; contemporary telecom technologies, best suited to Indian needs, and transfers them to the industry through a Transfer of Technology (ToT) agreement. The ToT package of C-DOT is comprehensive and tailor-made to enable the technology recipient to go into production very quickly. C-DOT effectively hand holds everything right from setting up of manufacturing infrastructure, to ironing out manufacturing problems, finding reliable vendors or solving problems reported from field. The software is maintained by C-DOT and bug fixes or new software versions are released when needed. In fact, life time support is the USP of C-DOT as all knowhow is available right here as there is no dependence on foreign principals for solutions. C-DOT is still supporting over 23 million lines worth of fixed line digital exchanges, based on C-DOT technology, working in BSNL’s network. These exchanges, as also other telecom products from C-DOT, have been upgraded at regular intervals to remain current. For example, C-DOT has developed a solution to convert the existing TDM switches in the field to IP based Next Generation Networks elements. The solution called MAX-NG is now well proven after undergoing extensive field trials. It promises to breathe fresh life into the fixed line infrastructure of the country by bringing new service features to POTS (Plain Old Telephony Service) together with VoIP and broadband access to fixed line subscribers.

Starting from the single mission of providing a dial tone, C-DOT has grown, over the last 26 years, to the level of a national centre for Research and Development in communication technology in many areas –Satellite communications, IN, ATM, DWDM, NMS, Wireless Broadband, GPON, NGN and Mobile Cellular systems.

Skill Development Initiative (SDI) Scheme

2012-01-25T23:19:00.002-08:00

In pursuance of excellence in vocational training, a new strategic framework for skill development for early school leavers and existing workers has been developed since May, 2007 in close consultation with industry, State Governments and experts. The Scheme offers multi-entry and multi-exit options, flexible delivery schedule and lifelong learning. Modular Employable Skills (MES) Framework envisaged under this Scheme involves the ‘minimum skills set’ which is sufficient for gainful employment. Emphasis in the curricula is also on soft skills. Courses are also available for persons having completed 5th standard and attained the age of 14 years. Central government is facilitating and promoting training while industry, private sector and State Governments are associated with training the persons through Vocational Training Providers.

At present, 1386 Modules for employable skills covering 60 sectors have been developed, 36 Assessing Bodies empanelled for conducting assessment, 6,753 Vocational Training Providers (VTPs) have been registered and more than 12.19 lakh persons have been trained.

Employees State Insurance (ESI) Scheme

2012-01-25T23:19:00.000-08:00

The promulgation of Employees’ State Insurance Act, by the Parliament, in 1948, was the first comprehensive Social Security legislation in independent India. The Act envisages social protection for workers in the organised sector in contingencies, such as sickness, maternity, disablement and death due to employment injury. Based on the principle of pooling of risks and resource, this unique multidimensional health insurance scheme provides full medical facilities to the beneficiaries. Besides, adequate cash compensation to insured persons for loss of wages or earning capacity in times of physical distress arising out of sickness or employment injury is also provided. Under the scheme medical care is also provided to families of the insured persons.

The ESI Act applies to non-seasonal factories employing 10 or more persons. The provisions of the Act are being brought into force area-wise in stages. The Act contains an enabling provision under which the "appropriate government" is empowered to extend the provisions of the Act to other classes of establishments- industrial, commercial, agricultural or otherwise. Under these provisions, the State Governments have extended the provisions of the Act to shops, hotels, restaurants, cinemas including preview theatres, road motor transport undertakings, newspaper establishments, educational and medical institutions employing 20 or more employees. Thirteen State governments have reduced the threshold for coverage of shops and establishments to 10 or more persons. Employees of factories and establishments covered under the Act drawing monthly wages upto Rs.15, 000/- per month are covered under the Scheme.

Under the Act, the employers are required to pay contribution at the rate of 4.75 percent of wages of the covered employees. The rate of contribution for the employees is 1.75 percent of their wages. Low paid workers drawing wages upto Rs.100/- per day are exempted from paying their share of contribution. However, the employers are required to pay their share of contribution. The State Governments bear 1/8th of the expenditure on medical care.

Cash benefits are provided through a network of 610 Branch Offices and 187 Pay Offices. In addition, 374 Inspection Offices are functioning under 23 Regional Offices, 26 Sub-Regional Offices and 2 Divisional Offices.

As per the provision of Section 58 of the ESI Act, State Government is the designated agency for delivery and administering medical care to the beneficiaries except for Delhi, Noida and Model Hospitals wherein ESIC is directly providing medical services. For providing a uniform level of medical care, the Corporation, as per the provisions of Section 58(3) of the Act, enters into agreement with the State Governments and the expenditure on medical care is reimbursed within the prescribed ceiling which is presently Rs.1200/- per IP family unit per annum w.e.f. 01.04.2008. Out of this, Rs.700/- is earmarked for administration and Rs.500/- for other expenses (i.e. drugs and dressings etc.). In addition, there is a provision to reimburse actual administrative expenditure to the State Governments on fulfillment of certain conditions. Besides this an additional incentive of Rs.50/- per I.P. per family unit is being given to the State Government on fulfilling stipulated terms and conditions for improvement of medical scheme and Rs.20 for preventive and promotive healthcare.

The delivery of medical care is through a service (direct) as well as a panel (indirect) system. The direct system functions through a network of Hospitals (146), annexes (42), dispensaries (1402), ISM Units (93). A total of 1447 panel doctors were engaged in providing primary medical services through the indirect system.

Rashtriya Swasthya Bima Yojana (RSBY)

2012-01-25T23:18:00.000-08:00

he ‘Rashtriya Swasthya Bima Yojana’ providing for smart card based cashless health insurance cover of Rs.30000/- per annum on a family floater basis to BPL families (a unit of five) in the unorganized sector, was formally launched on October, 1, 2007 and became operational from April 1, 2008.

As per the salient features of the scheme the Government contributes 75% of the annual premium. State Governments contribute 25%. In case of North-East region and Jammu & Kashmir, the premium is shared in the ratio of 90:10; The beneficiary family pays Rs. 30 per annum per family as registration or renewal fee. Administrative cost is borne by the State Governments; Beneficiaries are entitled to smart card based cashless health insurance cover of Rs. 30,000 per family per annum on a family floater basis; Coverage of all pre-existing diseases and coverage of hospitalisation expenses, including maternity benefit, plus payment of transportation cost of Rs.100/- per visit.

The Scheme is being implemented in 24 States/Union Territories, namely, Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Jharkhand, Karnataka, Kerala, Maharashtra, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Punjab, Tripura, Uttar Pradesh, Uttarakhand, West Bengal and Chandigarh Administration and more than 2.57 crore smart cards have been issued.

Rajasthan has issued advertisement for selecting an insurance company for implementing the scheme. Madhya Pradesh and Sikkim are also in the process of implementation of the scheme. Tamil Nadu and Goa had participated in the scheme earlier but now have launched their own health insurance schemes. Andhra Pradesh has its own health insurance scheme and has yet to take a decision on implementing Rashtriya Swasthya Bima Yojana.

Rashtriya Swasthya Bima Yojana has also been extended to building and other construction workers registered under the Building and other Construction Workers (Regulation of Employment and Condition of Service) Act, 1996 and street vendors, beedi workers, MGNREGA beneficiaries (who have worked for more than 15 days during the preceding financial year and domestic workers.

National Voters’ Day: An Instrument for Effective People’s Participation in Electoral Process

2012-01-25T23:16:00.001-08:00

Every year National Voters’ Day (NVD) is observed on 25th January, a practice that was initiated in 2011 to commemorate the foundation day of the Election Commission of India and also to enhance the participation of the voters, especially the youth, in the democratic process. The Election Commission’s objective behind National Voters’ Day is to increase enrolment of voters, especially of the newly eligible ones, by using this occasion to make universal adult suffrage a complete reality, and thereby enhance the quality of Indian democracy. The day is also utilized to spread awareness among voters regarding effective participation in the electoral process.

25th January has already become a historic moment in India’s electoral democracy. As per the reports of Voters’ registration, approximately 3.83 crore new registrations have been done throughout the country, out of which 1.11 crore are in the age group 18-19 as on January 1, 2012, which was the qualifying date. Last year 52 lakh young voters, who had attained the age of 18 years, had been enrolled which marked the biggest empowerment of youth on a single day anywhere in the world. This year, the number has more than doubled.

During the last 60 years, the Election Commission of India has conducted 15 General Elections to the Lok Sabha (House of the People) and 331 general elections to State Legislative Assemblies, thus facilitating peaceful, orderly and democratic transfer of power. In its delivery of free, fair and transparent polls, the Commission considers it sacred to stay uncompromising and to fiercely guard its credibility, besides affirming that the vote of every eligible Indian counts.

The Commission’s journey has also witnessed a change in both quality and scale of its operations. In 1962, the voting process moved from the balloting system to marking system and then, from 2004 onwards, to the present system based on Electronic Voting Machines. Multi-member constituencies have given way to single member constituencies. Printed electoral rolls have now been substituted by computerized photo-electoral rolls. The Elector’s Photo Identity Cards (EPICs), by now a cherished possession of all citizens, were issued to over 582 million voters in time for General Election 2009. Elections to the 15th Lok Sabha held in April-May 2009 have been described as the biggest management event in the world. It involved 714 million voters, 835,000 polling stations, 1.2 million Electronic Voting Machines and 11 million polling personnel. The management of elections in India has continually been evolving in order to match with the colossal proportions and ever-increasing complexity of the task.

Considering this mammoth election management exercise in the world, the Election Commission is concerned about greater participation of citizens in the country’s electoral process as against the present level of apathy and non-involvement among certain sections, especially the youth. In particular, the Commission has found that the new voters (18+) are missing from the electoral roll in a big way year after year. In certain cases, the level of their enrolment is as low as 20 to 25%.

In order to effectively deal with this problem, the Commission has decided to take up a vigorous exercise to identify all the eligible voters attaining the age of 18 years as on 1st of January every year, in each of the 8.5 lakh polling station areas of the country. Besides registration, these newly enrolled voters are also administered a pledge that goes as follows: “We, the citizens of India, having abiding faith in democracy, hereby pledge to uphold the democratic traditions of our country and the dignity of free, fair and peaceful elections, and to vote in every election fearlessly and without being influenced by considerations of religion, race, caste, community, language or any inducement”. Moreover, the newly enrolled voters are given a badge with the slogan “Proud to be a voter – Ready to vote” during the felicitation ceremony along with their EPIC. This process is expected to give the youth a sense of citizenship, empowerment, pride and participation and also inspire them to exercise their franchise, when the occasion comes. The Commission is also running special campaigns to involve as many women as possible in the democratic mechanism.

In keeping with the objectives of the National Voters’ Day, a countrywide special campaign has been taken up to reach out to the newly eligible (18+) electors, and to register them in the electoral roll. The Chief Electoral Officers (CEO’s) of all states and UT’s have been instructed by the commission from time to time, to enroll every youth who has attained the age of 18. The Commission has specially been impressing upon the fact that as many women voters as possible need to be enrolled. Without the participation of women, a significant proportion of our country’s population remains on the fringe of democracy.

In order to motivate the youth to become an agent of change through their vote, the Election Commission has been running a comprehensive Systematic Voters’ Education and Electoral Participation (SVEEP) campaign. The messages from the youth icons, namely, Dr. A.P.J. Abdul Kalam, Former President of India, and Shri M.S. Dhoni, Captain, Indian Cricket Team, have been recorded asking the voters to be registered. Messages from the regional icons are also being used to ask the youth to register and vote.

The occasion has been surely turning out to be momentous thereby bringing home the point that democracy is the government of the people, for the people and by the people. All the major issues relating to elections such as corruption, casteism, communalism, and the like ultimately crop up because of the lack of participation of ordinary populace in elections. National Voters’ Day, in essence, is aimed at reaching out to the people, learning the reasons for their disillusionment from the popular process and helping them in realizing the fact that democracy is not complete until everyone is part of it. Certainly the message from the Commission is loud and clear: it will not relent until every single eligible voter is able to- and is willing to- vote.

86th General Assembly of Union Academique Internationale Opens in New Delhi

2012-01-23T03:51:00.000-08:00

The Union Culture Minister Kumari Selja has said that her Ministry has launched a project for taking Indian literature abroad and selected works both classical and contemporary will be translated into world languages. Speaking at the inaugural session of the 86th General Assembly of Union Academique Internationale here today she said, the Ministry is working on the six UN languages plus Japanese and Italian to begin with. She said, it intends to expand the reach to as many languages as it can. The Minister said that her ministry fully endorses and supports every endeavour in this direction.

Kumari Selja said, in India, it is very common to find persons very fluent in more than one language. Most educated persons read literature in more than one language. Simultaneously, there is a vast pool of writers who are extremely proficient writing in more than one language. She said, the Sahitya Akademi will initiate constructive measures to tap this resource pool, and to ensure widespread cross translation of good literary works into multiple Indian languages. The Minister said, the outreach of Sahitya Akademi must be enlarged manifold so that a greater cross section of book lovers within the country can read and appreciate good literary works.

The Minister said, from the Vedic literature through epic literature to Prakrit and Pali writings and the more recent multi lingual modern literature, Indian literature has come a long-long way. It spans all genres in the broadest sense of the word. The works include religious and mundane, epic and lyric, dramatic and didactic poetry, narrative and scientific prose, as well as oral poetry and song. Literature defined the ways of life whether ancient religious practice or the more recent nationalism and reformism. She said, letters have the power to influence one’s mind and stir the soul like none else.

Kumari Selja said, contemporary writings have been profuse and prolific. While we are enabling and recognising good literature, it is sad that cross translation of master works into different languages is still an area where there is much left to be desired.

She said, cross translation of Works serves a greater purpose - that of unifying the peoples of the world. It takes the rich cultural experience of one region to the other through artistic expression which encompasses the regional cultural context, ecology environment and intangible mores and practices as part of literary work. The reader in any distant part of world will live through the same experience the author is living in his narration.

The Minister said, digital experience has undoubtedly over taken all other forms of outreach but it is limited to mere visual appeal. On the contrary, a literary experience makes you walk alive through the thick green forests, it makes you feel your feet sinking on silver beaches, and brings alive the experience of fragrance and the colours of blossoming flowers and so on. Not just the soft power, literature has stirred many a soul into paths of self discovery and aggressive national fervour. Letters give life to the myriad feelings and emotions. The bond that books weave among peoples of the world of different nationalities, economies, cultures, races and ethnic backgrounds is the greatest unifying act. And the members of the Union Academique Internationale must act on it. She said, they owe it to this world and to their future generations.

Referring to the contribution of Sahitya Akademi, the host of the event in India, Kumari Selja said, Sahitya Akademi is the central institution for literary dialogue, publication and promotion in the country and the only institution that undertakes literary activities in twenty-four Indian languages, including English. She said, the Akademi is the central institution for literary dialogue, publication and promotion in the country. Over the 56 years of its dynamic existence, it has ceaselessly endeavored to promote good and healthy reading habits and to keep alive the intimate dialogue among the various linguistic and literary zones.

Kumari Selja expressed the hope that Sahitya Akademi will broaden its reach and area of influence and represent the literature of the country in a much more comprehensive and forceful way. She said, her Ministry is committed to extend its cooperation in broadening the infrastructural base of Sahitya Akademi.

Representatives from Sixty countries, including among others Shri Janusz Koslowski, President, Union Academique Internationale, Shri Francois de Callatay, Rep. Secretary General, UAI and Shri Sunil Gangopadhyay, President, Sahitya Akademi are taking part in the General Assembly.

Steps for the Safe Future of Children

2012-01-20T21:54:00.001-08:00

Union Minister of Labour & Employment shri Mallikarun Khage has called for furthering the steps to seek a safe future of children in the country. Shri Kharge was chairing the 1st meeting of the constituted Central Advisory Board on “Child Labour” here in New Delhi today. Following is the text of ministers’ speech:

“I warmly welcome the distinguished members of this newly constituted Central Advisory Board on “Child Labour”. I wish all the members of the Board a Happy and Prosperous New Year.

Our Ministry of Labour & Employment has the important mandate to implement Child Labour (Prohibition and Regulation) Act, 1986. As per the Child Labour (Prohibition and Regulation) Act, 1986 employment of children below the age of 14 years is prohibited in 18 occupations and 65 processes. Some of the important prohibited occupations and processes are Abattoirs/Slaughter House, Automobiles, Handling of toxic or inflammable substances or explosives, Handloom and power loom industry, Mines (underground and under water) and collieries, Domestic workers or servants, Dhabas (roadside eateries), Diving, Circus and Caring of Elephants etc.

Child Labour is an area of great concern and Government of India is committed towards elimination of Child Labour in any form. In pursuance of the National Policy on Child Labour, the NCLP Scheme was started in 1988 to rehabilitate Child Labour. This is the major scheme for the rehabilitation of the child labour. Under the scheme, 271 districts were identified for implementation of the scheme and at present the scheme is operational in 266 districts in 20 States covering around 3.39 lakhs children through 7300 special schools. Under the Scheme, children withdrawn from work are admitted into special schools where they are provided with bridge education, vocational training, stipend of Rs. 150/-, Mid-Day Meal, health care, etc. Beside this the Ministry is also operating Grant in Aid Scheme for Child Labour. Under this Scheme, funds to the extent of 75% of the project cost, are released directly to the NGOs for elimination of the Child Labour in the districts where opening of NCLP School is not feasible.

Beside this funds to the tune of Rs. 21,000 crore have been allocated during current financial year for implementation of Right to Free and Compulsory Education Act, 2009 and about 19 crore children were covered. Under MGNREGA, the budget outlay for the current financial year is Rs.40,000 crore and in this financial year employment to 3.31 crore households was provided, so far. Last year 5.49 crore households benefitted. Under Mid Day Meal Scheme fund allocated during current financial year is Rs.10.380 crore. Children benefitted during 2010-11 were 10.46 crore. Under the Integrated Child Protection Scheme of Ministry of Women & Child Development, during current financial year, fund of Rs. 270 crore has been allocated and about 94,310 children were benefitted during 2010-11.

Due to all out efforts of Government of India, there is a decline in trend of economically active children in the age group of 5-14 years in India. As per NSSO survey 2004-05, there were 90.75 lakhs working children in India. This has come down to 49.84 lakhs as per NSSO 2009-10 survey which shows a decline by 45 percent.

To further strengthen the Child Labour (Prohibition & Regulation) Act 1986, the Ministry is contemplating Amendment in the existing Act which proposes complete ban on employment of Children upto 14 years of age. This has become essential due to the enactment of Right to Education Act, 2009, under which every child in the age group of 6-14 years is to be provided free and compulsory education. This issue was discussed recently in a meeting held on 11.1.2012 with all the State Secretaries and the representatives from Central Government Ministries, where almost all the participants were unanimous on the issue of complete ban on employment of Children upto the age of 14 years.

Children are the future of the country. We have not only to keep them safe, but also build them up as strong individuals. Mahatma Gandhi said, “I have also seen children successfully surmounting the effects of an evil inheritance. That is due to purity being an inherent attribute of the soul”. We are the custodians of that purity of the soul of our children. With this responsibility on our shoulders we must dedicate ourselves in this noble work.

Today’s meeting has been called mainly to discuss this important issue of Amendment of Child Labour Act., which would invariably be one of the most important steps taken by our country towards elimination of Child Labour. I wish that we engage in fruitful discussion today and I am confident that with your views we would be able to make the Child Labour Act an effective Act, setting the tone towards a brighter future for millions of our children.”

On this occasion a presentation entitled Child Labor was also made by the Joint Secretary in the M/o Labour & Emloyment Shri Anup Chandra Pandey. The presentation contains gist from the National Child Labour Policy, Legislative Provisions- Child Labour (Prohibition & Regulation)Act 1986,The National Child Labour Project and major Activities under NCLP scheme, Issues for discussion regarding Amendments in the Child Labour (Prohibition & Regulation) Act, 1986, International Principles and Rights for children, ILO Convention 182-worst forms of Child Labour and the main hurdle in its ratification.

Most of the members advised for strict implementations of Laws prohibiting the exploitation of Child labourers, their schooling facilities, ensuring foolproof implementation of National Child Labour Project and stringent norms for the proposed amendments in the Child Labour (Prohibition & Regulation) Act, 1986. Shri Kharge assured members that their suggestions will be taken care of in the future course of action.

The members participating in the meeting besides Labour & Employment Secretary Dr. M. Sarangi included S/shri Shishupal Singh –Vice Chairman, Manik Tagore-MP Lok Sabha, Shri Dhirendra Pratap Singh-Bharatiya Mazdoor Sangh, Shri R.a. Mittal –Hind Mazdoor Sabha, Ms. Amarjeet Kaur-All India Trade Union Congress, Shri Mahantesh Patil, Shri B.P. Pant –FICCI, M.L. Dhawan, Laghu Udyog Sangh, Ms. Helen Seker-VVGNLI, Shri Aamod Kanth from Childline India and representatives from Planning Commission, M/o Rural Development, M/o Women & Child Development, M/o HRD and M/o Social Justice.

Need for Appropriate Policy Instruments to Address Areas of Concern in the Economy: FM

2012-01-20T21:52:00.001-08:00

The Union Finance Minister Shri Pranab Mukherjee has said that on account of the global impact, the Indian economy was facing areas of concern and to address them appropriate policy instruments were required. The Finance Minister Shri Mukherjee was addressing the First meeting of the Consultative Committee attached to his Ministry here yesterday during the inter session period of Parliament in the year 2012. The subject matter of the meeting was “Pre-Budget Consultations”.

The Finance Minister Shri Mukherjee said that the meeting had been convened to seek inputs for addressing the problems which the Indian economy was confronted with. He stated that on account of the global crisis of 2008 and the ongoing Euro zone crisis, there were problems of high inflation and deceleration of GDP. The volatility of international prices particularly fuel posed serious challenges on the inflation front. The Reserve Bank of India had to adjust crucial rates a number of times in order to meet these challenges.

Various members of the Consultative Committee participated in the discussion. Members emphasized that there should be a focus on infrastructure sector, education, power, warehousing facilities and agro-based industries. It was suggested that the Centre should not merely depend on utilization certificates given by the States for Centrally Sponsored Schemes and that proper coordination and monitoring between Centre and States was necessary for their successful implementation. Drip and sprinkle irrigation and production of bio-fuel should be encouraged. The need to rationalize the number of centrally sponsored schemes was emphasized. Members said that in our pursuit for growth, the aspects of financial inclusion should not be ignored and should be given top most priority. It should be ensured that the loopholes in the implementation of MGNREGA scheme are plugged.

Members of Parliament who attended the Meeting include Shri Anto P. Antony, Shri Mukesh B. Gadhvi, Shri Narahari Mahato, Shri S.P.Y. Reddy, Shri Suresh C. Angadi and Shri T.R. Baalu all from Lok Sabha and Shri Debabrata Bandyopadhyay, Dr. E.M. Sudarsana Natchiappan, Shri N.K. Singh, Shri Sabir Ali and Shri Shantaram Naik from Rajya Sabha. Minister of State for Finance, Shri Namo Narain Meena and senior officials of the Ministry of Finance were also present during the meeting.

Filing of Industrial Entrepreneurs Memorandum (IEM)

2012-01-20T21:51:00.001-08:00

Under the provisions of Press Note. 9 (1991 Series) dated 2nd August 1991, entrepreneurs are required to submit an Industrial Entrepreneurs Memorandum (IEM) in the prescribed form along with the prescribed fee for undertaking the manufacture of any article exempted from Industrial Licence in terms of this Ministry’s (Department of Industrial Policy & Promotion) notification No. 477 (E) dated 25.7.1991. Such a memorandum was also to be filed by industrial undertakings engaged in non-scheduled industries i.e. those not covered under the 1 (D&R) Act, 1951. On filing the memorandum with the requisite number of copies, entrepreneurs are given an acknowledgement of receipt.

It was clarified by Press Note. No. 22 (1991 Series) dated 24 the December, 1991 that the IEM was intended purely for statistical purposes and to conduct a limited post-facto check to see whether the proposed manufacturing activity requires an industrial licence or not. It was also clarified that the procedure was not in the nature of any registration involving scrutiny of the memorandum, etc.

Press Note No. 17 (1997 Series) dated 28.11.1997 further clarified that acknowledgement of the IEM, which is given on the spot on prima facie evidence of not attracting licensing provisions, cannot be construed as a clearance of approval to carry on an industrial activity contemplated in the IEM unless the provisions of statutes/regulations/notifications etc. issued by the Central or State Governments from time to time or any specific directions or Stay orders issued by the Court/Competent Authority relevant to such an activity, are also fully complied with or in no way contravened, as the case may be. Hence, it was stated that it is the responsibility of the entrepreneur to ensure that the manufacturing activity as specified in the IEM, does not come into conflict with other legal provisions or directions or standing orders. In case of doubt, the entrepreneurs were free to seek clarification/avail assistance of the Secretariat of Industrial Assistance (SIA).

In continuation of the position mentioned in the Press Notes 22 (1991 Series) & 17 (1997 Series), it is reiterated that the IEM is meant purely for statistical purposes and the acknowledgement is issued without any further scrutiny beyond checking that all the requisite columns in the Form are filled in, and the onus for compliance/non-contravention with all the rules regulations, guidelines, orders and directions etc., on the subject lie with the applicant.

Abu Dhabi Investment Authority Looks for Investment Opportunities in India

2012-01-16T04:18:00.001-08:00

Abu Dhabi Investment Authority (ADIA) one of the World’s largest Sovereign wealth fund has expressed keen interest in investing in India. Sheikh Hamed bin Zayed Al Nahyan, Managing Director of ADIA met the Minister of Commerce Industry and Textiles Shri Anand Sharma to discuss the opportunities of investment in India. Both side agreed to finalize a Joint Working Group to expedite the process. “We will be very happy to see your participation in India’s infrastructure building” said Shri Sharma. “This is an opportunity to enter this huge market” said Sheikh Hamed bin Zayed Al Nahyan.

Shri Sharma mentioned that India will be investing US$ 1 trillion in infrastructure over the next 5 years and huge opportunities exist which include investment along the Delhi Mumbai Industrial Corridor. Returns on infrastructure in India are amongst the highest in the world. The DMIC projects , which are being de-risked before bidding by obtaining all necessary regulatory approvals, might appeal to ADIA for investments as such investments are likely to be profitable. Besides, the huge pent up demand for infrastructure in India makes most PPP projects viable and thus offers huge opportunities for investments.

Keeping in mind the worsening investment climate in developed nations both the leader agreed that UAE and India should engage more. Shri Sharma emphasized need to diversify the investment portfolio and proposed that 3-4 new areas must be identified for closer interaction. Minister said that Pharma, Service Sector and engineering along with agro-processing can be the potential areas. AIDA asked for more support for their explorations of opportunities in Indian market. Shri Sharma also stressed the need for UAE to encourage other members of Gulf Cooperation Council(GCC) for early holding of 3rd round of negotiations on proposed Free Trade Agreement between India and GCC to be held in New Delhi.

UAE is the topmost trading partner of India in the entire West Asia & North Africa (WANA) Region representing about 63% of India’s total trade with GCC countries 2010-11. Bilateral trade has registered an increase over 300% in the last five years. The total trade in 2010 has been US$ 60.357 billion. The exports from India have been US$ 29.456 and imports have been US$ 30.9 billion. Bilateral trade between January to November 2011 has been US $ 66.564 billion. The bilateral trade does not reflect the full potential and can be further exploited to mutual advantage of both the countries, felt the two leaders.

Enhancing Production of Coal

2012-01-16T04:17:00.000-08:00

Enhancing Production of Coal The Coal sector in India has continued to remain vital and of fundamental importance for the growth of Indian economy. India is on the path of rapid growth. High economic growth and increased economic activities would create much larger demand for energy and predominantly of coal.

Indian Coal sector during post nationalization period has seen tremendous growth in production and productivity. Coal India Limited (CIL), a state owned coal company and the single largest coal producer in the world, has focused on excellence in technological advancements. This includes use of underground and opencast mining equipment, eco-friendly mining concept, introduction of satellite surveillance, e-marketing of coal and awareness on quality front. It has adopted best mining practices that take into consideration environmental-forestry-societal well being.

Innovation to optimize the available coal resources has been the key strategy of the Ministry of Coal. The thrust areas for development of coal sector include opening up new mega underground and open cost projects in potential coalfields. Not only large scale deployment of clean fuel technologies, but also use of modern techniques like GPS, remote sensing, satellite surveillance etc.are being adopted for effective resource management. Cost reduction measures through deployment of modern techniques are also being implemented to remain cost-competitive against international volatility in coal prices.

Pursuant to nationalization of coal sector in 1972-73 and subsequent formation of Coal India Limited in November, 1975, Indian coal sector has witnessed a growth in production from a level of 70 million tonnes (1973-74) to a level of 533.07 million tonnes in 2010-11, with Coal India’s contribution of about 431.32 million tonnes, representing a share of 81%. The underground & opencast production shared a ratio of 75:25 in 1974-75. Over a period of almost 37 years, the trend in coal production has undergone a drastic change with opencast mines contributing to 90% of the total coal production while a meagre 10% is extracted from underground mines. Overall labour productivity, referred to as “Output per Manshift” (OMS) in mining parlance, has reached a level of 4.73 T (2010-11) from 0.58 T reported in 1974-75. The underground productivity has mostly remained stagnant over last 5 years, hovering in the range of 0.70 – 0.77 from a level of around 0.55 – 0.60 T in the early 80’s. The productivity of the opencast mines at the early stage of technological development in 80’s was of the order of 0.76 – 1.20 T which has subsequently attained a level of 10.06 T in 2010-11, largely because of higher degree of technical advancement and deployment of HEMM of higher configuration. It is, therefore, imperative that sluggish growth in underground productivity calls for some measure of technological advancement with our ability to innovate the same to suit to our specific geo-mining conditions.

The opencast mines in India usually deploy shovel-Dumper combination of various configurations. Measures like upgradation and standardization of HEMM namely, upgradation of dumpers of various sizes ranging from 35T to the standard 60 T, 100 T, 190 T and 240 T and standardization of Electric Rope shovels to 5 m3, 10 m3 and 42 m3 have been our decision in the recent past. Apart from the above, higher capacity Crawler Dozers of 850 HP have been inducted in Mega opencast mines of CIL. Gradual introduction of such higher capacity HEMM, which are technically advanced, introduction of Maintenance practices have resulted in overall improvement in productivity, which in turn have vastly improved profitability of mines of CIL.

Smaller mines have been amalgamated to form bigger capacity projects to enhance the life of the mine with enhanced production and productivity. Productivity improvement does not mean taking care of the various measures, as suggested above only. It also needs to be ensured that the equipment introduced and the skilled manpower deployed is able to perform uninterruptedly. Recent experience of introduction of large size equipment in some of the mega size open-cast mines has shown that non-availability of sufficient land and or obstruction in their operation results in effective utilization, thereby reducing their productivity. It is, therefore, necessary to create a situation, which is socially acceptable for application of any technology.

Future outlook

An ILO analysis of labour markets shows that skills development is central to improving productivity. Effective skills development systems – which connect education to technical training. HRD wing of Coal Indian is entrusted with the great responsibility of upgradation of technical and managerial skill of employees, both executives and non-executives.

CIL has organized HRD infrastructure comprising Technical Training Institutes, Management Training Institutes and Vocal Training Centres at subsidiary level and Indian Institute of Coal Management for organising In-company training. Employees are frequently nominated to attend training organized by other renowned Professional institutes within India and abroad. Annual training plan for each subsidiary is formulated and training target is set under MOU with the Government every year. Importance is being attached to Formal Training on Project Management and Training of Medical professionals on Occupational Health. New areas like new technology and IT, Contract Management and Awareness on sustainable Development etc. have touched upon to groom the necessary training for upgradaiton of skill. Unskilled and semiskilled workers and contractor’s labourers are attending training at Vocational Training Centre at subsidiary companies. Safety training is another important aspect which is statutory for an industry like mining and is given due weight-age.

It is felt that women empowerment is critical for productivity enhancement and their participation should be encouraged in the development process. The strength of female employees in CIL is around 28000 out of total manpower of 375851 (as on 1.11.2011). There are instances in various mines of Coal India where female employees have been trained to work as Switch Board attendants, Shovel and drill operators, telephone operators etc. and are leading role models with their performance.

Conclusion

Role of enhancing productivity is vital for the Indian coal sector. Advanced technology, sophisticated training programs and skill development programs are now considered to be the best possible measures to improve production, productivity and in turn the profitability. The productivity improvement in the coal sector depends not only on the resources, but on many other factors such as improving policy guidelines, development of environmentally acceptable technologies, and exploitation of the available energy resources with adequate attention towards commercial viability, which are now focus points of the agenda.

20 Proposals of Foreign Direct Investment Approved

2012-01-11T00:42:00.000-08:00

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 23, 2011, Government has approved 20 Proposals of Foreign Direct Investment amounting to ` 1935.24 crore approximately.

Following 20 (Twenty) proposals have been approved.

Sl. No.

Name of the applicant

Particulars of the proposal

FDI/NRI inflows

(` in crore)

COMMERCE

M/s Christian Louboutin S.A. France

To set up a JV to set up retail stores, outlets, show rooms and other formats across India for carrying on retail trading.

2.55

CONSUMER AFFAIRS

M/s Funderburk 2 Mauritius Ltd., Mauritius

To subscribe to equity shares of an Indian company engaged in the business of multi commodity exchange for derivative markets across all commodity segments.

13.75

ECONOMIC AFFAIRS

M/s Pipe Supports Group Limited, United Kingdom

Ex-post-facto approval to set up a WoS to carry out the business of design, manufacture and supply of pipe supporting equipment, fittings and materials for use in various industries. The proposal attracted the provisions of para 4.2.2.2 of Circular 2 of 2010.

0.01

FINANCIAL SERVICES

4	M/s Financial Inclusion Network & Operations Ltd., Mumbai	Ex Post-facto approval for the subscription to equity shares without satisfying the minimum capitalization requirements for FDI in NBFCs.	0.24
5	M/s Equitas Micro Finance India Private Limited, Chennai	Approval for demerging of microfinance business with its WoS. Post the demerger, the activity of the company will be NBFC-Core Investment Company.	230.70
6	M/s DMI Finance Private Limited, Delhi	Induction of foreign equity to carry out the business of securitization and asset reconstruction.	20.66

INFORMATION & BROADCASTING

M/s TV Vision Ltd., Mumbai

Induction of foreign investment by way of issue of equity shares through an IPO to undertake the business of broadcasting a non-news and current affairs TV channel.

200.00

MICRO SMALL AND MEDIUM ENTERPRISES

The Technology Venture Fund, Hyderabad

Induction of foreign investment in the Fund engaged in the investment in equity and equity related unlisted seed stage companies.

1.38

NEW & RENEWABLE ENERGY

9	M/s i3E Trust, Ahmedabad	Induction of foreign investment in the Trust.	12.00
10	M/s Sterlite Grid Limited, Dadar and Nagar Haveli	Post facto approval to act as an investing company.	1150.00

URBAN DEVELOPMENT

11	M/s Matrix Sociis Holdings Limited, Mumbai	Induction of foreign equity in an investing company.	25.00
12	M/s Elpro International Ltd., Mumbai	Post facto approval for the issuance of shares against warrants. The company is engaged in the manufacture and production of surge arrestors and metal oxide varistors as well as in real estate services and development and making investments.	64.67

TELECOMMUNICATIONS

M/s Shyam Internet Services Ltd.

Amendment of clause 2 & 3 of the FC approval dated 08.10.2009 to allow the company to engage in the business of providing Internet Services on all India basis instead of providing the same service within the State of Rajasthan.

Nil

COMMERCE

M/s Rahimafrooz Batteries Ltd., Bangladesh

To set up a WOS to undertake import and wholesale distribution of batteries and providing after sales services in India by a company from Bangladesh.

0.10

ECONOMIC AFFAIRS

M/s Jalgaon Investments Pvt. Ltd., Mumbai

Ex-post-facto approval to act as an investing company.

135.55

HIGHER EDUCATION

M/s Copper Beech Infrastructure Pvt. Ltd., Delhi

Repatriation of FDI. The company is engaged in the business of educational infrastructure.

3.83

INDUSTRIAL POLICY & PROMOTION

M/s Singpai Pte Ltd., Singapore

Induction of foreign equity into an Indian company to carry out the business of manned guarding investigations, electronic security systems and cash management services.

65.00

CHEMICALS & PETROCHEMICALS

M/s Sabero Organics Gujarat Ltd., Mumbai

Ex-post-facto approval for issuance of warrants. The company is engaged in the business of producing insecticides, herbicides, fungicides and speciality chemicals.

9.80

HOME AFFAIRS

M/s Verizon Communications India Pvt. Ltd.

Transfer of equity shares from non-resident shareholder to non-resident group company in Telecom Sector.

Nil

TELECOMMUNICATIONS

M/s SDP Telecom (India) Pvt. Ltd., Kanchipuram

Ex post facto approval for issue of equity shares for consideration other than inward remittances.

No Fresh inflow

The following 23 (Twenty three) proposals have been deferred:

Sl. No	Name of the applicant	Particulars of the proposal
1	M/s Rossell Aviation Pvt. Ltd., Delhi	Induction of foreign equity to undertake the business in civil & defence aviation field with focus on product support services, repair and maintenance facility, providing training solutions in project primarily relating to the offset obligation in India to aviation industry.
2	M/s Veritas (India) Ltd., Mumbai	Post facto approval for issue of warrants to carry out the business of import, export, trading and distribution of metals and chemical products, power generation.
3	M/s Aptuit Laurus Private Limited, Hyderabad	Increase in foreign equity. The company is engaged in the pharmaceutical sector.
4	M/s APF II India Investments Pvt. Ltd., Mauritius	To invest in the units of a FUND, constituted as a Trust.
5	M/s Security International Services India Pvt. Ltd., Delhi	Induction of foreign equity to carry out the business of providing security services and providing consultancy and advisory services relating to security services and trade, import, export, supply and deal in all kinds of security aid safety systems equipment, security solutions and devices.
6	M/s Oxigen Services (India) Pvt. Ltd., Gurgaon	Ex-post-facto for induction of foreign investment to carry out the business of providing B2B Services like mobile, DTH & Broadband Recharges, Bill payments, Travel and Ticketing, both by rail and air.
7	M/s Akorn Inc, USA.	Acquisition of 100 percent equity shares of a company engaged in pharmaceuticals sector.
8	M/s Ordain Health Care Global Pvt. Ltd., Chennai	Induction of foreign equity to carry out the business in pharmaceutical sector.
9	M/s Alliance Data Pte. Ltd., Singapore	To undertake the additional of publishing and printing an Indian edition of a foreign specialty magazine.
10	M/s Packt Publishing Private Limited, Mumbai	Induction of foreign equity to carry out the business of writing, editing, summarising, compiling, printing, publishing, buying, selling, importing, exporting, circulating or otherwise dealing in books publication and any other information or data pertaining to all areas and sectors such as computer and information technology.
11	M/s Edict Pharmaceuticals Pvt. Ltd.	Transfer of 100 percent equity to foreign investor. The company is engaged in the pharmaceutical sector.
12	M/s Multiples Private Equity Fund I Limited, Mauritius	Acquisition of the equity shares of the company engaged in the operation of India’s first nationwide, automated and online power exchange and offers products that permit trading in electricity and renewable energy certificates.
13	M/s Sterlite Networks Limited, Dadar and Nagar Haveli	Investment through internal accruals and issue of shares to existing/ new shareholders. The company is engaged in the business of providing telecom services in the category of infrastructure provider providing dark fibre, right of way, duct space, tower (IP Category -I), electronic mail and voice mail services.
14	M/s Microqual Techno Ltd., Mumbai	Increase in foreign equity to carry out the business of wireless telecommunications.
15	M/s Kakade British Realties Private Limited, Pune	Approval for non-compliance with the condition regarding completion of 50 % project within 5 years from the date of obtaining all statutory clearances.
16	M/s DPD Continental Pvt. Ltd.	Deletion of the condition at Clause 6 (i) of the FC approval dated 4.2.2009. The company is engaged in the business of courier services other than post.
17	M/s World Phone Internet Services Pvt. Ltd.	Increase in foreign equity. The company is engaged in the business of Internet Service Provider and set up International Gateways.
18	M/s CSR Technology (India) Pvt. Ltd., Delhi	Ex-post facto approval for the initial capital made by two resident Indians on behalf of the foreign company to undertake design, development and testing services for GPS Chips Sets.
19	M/s CLSA Singapore Holdings Pte Ltd., Singapore/ M/s CLSA Limited, Hong Kong	Induction of foreign equity in an investing company to carry on the business of process outsourcing services for clients, both domestic and offshore.
20	M/s Reed Elsevier India Pvt . Ltd.	To undertake the additional activity relating to the business of publishing and co-publishing (in and outside India), including digital publishing, printing, reprinting, adaptation, article reprinting, repackaging, translation, distribution of scientific, technical, medical, specialty and research journals/magazines/periodicals in any media including print media
21	M/s Royale Asia Couriers Pvt. Ltd., Chennai	Induction of foreign equity to carry out the business of international courier operations.
22	M/s Cordia International Corp., USA	To increase shareholding from 49 percent to 74 percent to carry out the business of telecommunication and act as a services provider. Services include but are not limited to the provision of IP communication services and related services, technology related products and services, web hosting, collection and ISP services.
23	M/s Fine Publishing India Pvt. Ltd.	Induction of foreign equity to carry out the business of publishing specialty technical magazines covering the subject of wine and champagne.

The following 10 (Ten) proposals have been rejected:

Sl. No	Name of the applicant	Particulars of the proposal
1	M/s Pomelo Infra Projects Pvt Ltd., Hyderabad	Relaxation of mandatory period of six months for minimum capitalization of US $ 10 million to carry out the business of development of residual townships in the suburban areas.
2	M/s Unifior Vegetables LLP, Mumbai	Induction of foreign equity in LLP to carry out the business of Food Processing.
3	M/s BSI Blue Sky International Ltd., Mauritius	Induction of foreign equity in a company to carry out the business of Private Security Agency Services.
4	M/s Flemingo Dutyfree Shop Pvt. Ltd.	To increase foreign equity upto 100% to carry out the business of duty free shop.
5	M/s Springer India Pvt. Ltd.	To increase foreign equity upto 100% to carry out the business of publishing and re-printing of scientific, technical, medical and other no-fiction books in electronic and printed forms in any language.
6	M/s Springer Editorial Services Pvt. Ltd.	To increase foreign equity upto 100% to carry on the business of publishing services, content, development, content management, content outsourcing, providing a comprehensive service including data conversion, editorial services, pre-press, pre-media services, digital communication services, data based management, digitization services, data based engineering
7	M/s Bossi Moda India Pvt. Ltd., Delhi	Ex-post-facto approval to issue and allot equity shares against the pre-incorporation expenses. The company is engaged in the Manufacturing of leather footwear as a small scale industries.
8	M/s Surya Chambal Power Ltd., Mumbai	Ex-post-facto approval for issue of equity shares against sale of future carbon credits. The company is engaged in the business of Generation of power from agro waste residue biomass.
9	M/s UT Starcom India Telecom Private Limited	To undertake additional activity relating to Telecom/I&B sector.
10	M/s M and C Rakindo Hospitality Pvt. Ltd., Coimbatore	Ex-post-facto approval to issue and allot partly paid up shares to carry out the business of development, construction ownership, management, sale and/ or lease of hotel projects in India.

The following 1 (One) proposal has been withdrawn from the agenda:

Sl. No	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (` in crore)
1	M/s G4S Security Services (India) Pvt. Ltd., Delhi & Haryana	Ex-post-facto approval for induction of foreign equity to carry out the business of providing security services.	No Fresh Inflow

In the following 01 (One) proposal, FIPB recommended that the applicant may be advised to approach MI&B:

Sl. No.	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (` in crore)
1	M/s Omnimedia SL	To amend the Clause 2 of the FC approval to undertake the business of publishing/ printing of scientific and technical magazines/ specialty journals/ periodicals in the name and style of “Energetica-India” and circulation of its digital version.	No Fresh Inflow

The following 01 (One) proposal has been noted:

Sl. No	Name of the applicant	Particulars of the proposal	FDI/NRI inflows (` in crore)
1	M/s MNP Interconnection Telecom Solutions India Pvt. Ltd.	Intimation regarding overseas transaction.	Nil

Seventeenth National Youth Festival to begin in Mangalore Tomorrow

2012-01-11T00:39:00.000-08:00

The Seventeenth National Youth Festival will be held in Mangalore from 12th to 16th January, 2012. The festival will be inaugurated by Shri D.V. Sadananda Gowda, Chief Minister of Karnataka on Thursday, January 12, 2012 at Mangala Stadium. Shri M. Veerappa Moily, Union Minister for Corporate Affairs will be the Chief Guest while Shri Ajay Maken, Union Minister of State for Youth Affairs and Sports, and Shri Veerendra Heggade, Dharmadhikari, Dharmasthala will be the “Guests of Honour”. Shri Maken will give away the National Youth Awards to 28 individuals and 2 organisations at the inaugural function. This is the first time that the Festival is being organised in Karnataka.

The theme of this year’s event will be “Celebrating Diversity in Unity”. As many as 5000 young persons from all States and UTs are expected to participate in the Youth Festival. Apart from that, young delegates from SAARC countries will also participate in the festival thereby giving it truly “diversified” character.

During the five-day festival, there will be competitive events in 16 individual items and 2 group items. In addition to this, non-competitive events namely Yuva Kriti, Food Festival, Young Artists’ Camp and Adventure Park will be organised by Nehru Yuva Kendra Sangathan which works under the aegis of Ministry of Youth Affairs and Sports. The National Service Scheme will organise a Youth Convention and a lecture series ‘Suvichaar’.

The Festival will be concluded with a Valedictory Function at Mangala Stadium on 16th January, 2012 which is to be presided by Dr. H.R. Bhardwaj, Governor of Karnataka. Shri Sadananda Gowda will distribute the prizes on the occasion while Shri Maken will be the Chief Guest and deliver the valedictory speech. Shri D.H. Shankar Murthy, Chairman, Karnataka Legislative Council, will be the Guest of Honour.

National Youth Festival, since its inception and first successful organisation in Bhopal (Madhya Pradesh) in 1995, is organised every year from 12th to 16th January across different States of the country to commemorate the Birth Anniversary of Swami Vivekanand which falls on 12th January. The venues where these Festivals were subsequently held are Kolkata (West Bengal) in 1996, Ahmedabad (Gujrat) in 1997, Chennai (Tamil Nadu) in 1998, Lucknow (Uttar Pradesh) in 1999, Gandhinagar (Gujarat) in 2000, Hissar (Haryana) in 2002, Thiruvananthapuram (Kerala) in 2003, Jamshedpur (Jharkhand) in 2004, Hyderabad (Andhra Pradesh) in 2005, Patna(Bihar) in 2006, Pune (Maharashtra) in 2007 and Chennai (Tamil Nadu) in 2008, Amritsar (Punjab) in 2009, Bhubaneswar (Orissa) in 2010 and Udaipur (Rajasthan) in 2011.

Norwegian Delegation in India to Study Functioning of Decentralised Governance

2012-01-11T00:37:00.001-08:00

A Norwegian delegation led by Ms Liv Signe Navarsete, Minister for Local Government and Regional Development, Royal Kingdom of Norway, is visiting India from 10th to 13th January 2012, to study the functioning of decentralised governance in India. The delegation has participated in a briefing session on the governance system in India on 10th January 2012 at New Delhi, besides this the Norwegian delegation will visit the State Institute of Rural Development, Hyderabad on 12th January 2012. The delegation will visit the State Election Commission, Andhra Pradesh, to understand the election process and the role of a constitutional authority in the process.

The first meeting of the Joint Working Group on Mutual Cooperation on Local Governance was held at Oslo on September 15, 2010. This was followed by signing of a Memorandum of Understanding (MoU) between the Ministry of Panchayati Raj, Republic of India and the Ministry of Local Government and Regional Development, Royal Kingdom of Norway. This MOU on Mutual Cooperation on Local Self Governance was signed by both the countries for a comprehensive dialogue and deliberation in the area of Local Governance in order to facilitate transference of competence between the two countries for strengthening local self-governance including capacity building of institutions, focussing areas relating to achievement of Millennium Development goals, e Governance, Solution sharing and mobilisation of resources.

Earlier, a delegation from India visited Norway led by the Additional Secretary Ministry of Panchayati Raj along with senior officials from State Governments, district administration and UN women programme Managers. This visit gave the Indian officials an insight into the structure and functioning of local governance – especially the Municipalities and the ombuds and the strategies to improve women’s political leadership.

With a view to give shape to the Indo-Norway research agenda on decentralised governance, the Government of India will sign an MOU with UN Women and bring out a grassroot’s orientation to the GOI- UN Women Programme on Promoting women’s Political Leadership. Under this programme a major thrust would be given to use the platform of the Gram Sabha in select districts in 5 States(Andhra Pradesh, Odisha, Madhya Pradesh, Rajasthan and Karnataka), so that the local governance can focus on issues like livelihood, security and entitlements from schemes which have an enduring impact on women’s empowerment and gender equality.

The Norwegian Minister will meet Shri V. Kishore Chandra Deo, Union Minister for Panchayati Raj & Tribal Affairs on13th January, 2012.

Stage set for Bhaichung's last hurrah

2012-01-09T21:40:00.000-08:00

Former captain Bhaichung Bhutia will don the national colours one last time when the Indian football team takes on German giants Bayern Munich in his farewell exhibition match in New Delhi on Tuesday.

Bhaichung, who retired from international football last year after playing for 16 years since 1995, will captain the national team for the last time, a job he had done for more than 10 years before his retirement.

The Capital's most high-profile football match, to be played at the Jawaharlal Nehru Stadium, will see a bevy of international stars such as Philipp Lahm, Arjen Robben, Bastian Schweinsteiger, Thomas Mueller and Mario Gomez in the Bayern Munich ranks.

The result of the match though is a foregone conclusion with Bayern bringing their first team after their week-long winter training camp in Doha. Bayern have won the Bundesliga 22 times and the UEFA Champions League four times.

Bhaichung admitted that there was no question of comparing the national team with Bayern Munich but said the match would be an opportunity for the Indian players to find out how much they need to improve.

"You cannot compare the Indian team with Bayern Munich which is as good as the German national side. But it's an opportunity for the players to know how much they need to work on to take themselves to level of top international stars," he said. "For me, it is just enjoying my last match and enjoying the moment. I feel honoured to play my farewell match against a top side like Bayern Munich," added Bhaichung.

Conference on Science Communication for Scientific Temper

2012-01-09T21:36:00.000-08:00

Conference on Science Communication for Scientific Temper begins here tomorrow. Council of Scientific and Industrial Research (CSIR) -National Institute of Science Communication and Information Resources (NISCAIR), Vigyan Prasar and National Council for Science & Technology Communication (NCSTC), Department of Science & Technology (DST), Governmentr of India has organized it.

The three day congress will be presided by Dr P M Bhargava, Former Vice-Chairman, National Knowledge Commission and Justice Markandey Katju, Chairman, Press Council of India will be the Chief Guest. Besides distinguished delegates from India and abroad, the well known film maker Mahesh Bhatt will share his views on Scientific Temper during the inaugural session of the congress.

The Conference will host dance, music and art forms especially designed on the themes of Scientific Temper, International Peace and Development. Talks and discussions will be organized on subjects like communication through Indian languages , Science communication by print media in Kannada , Commonizing scientific temper: Challenges and opportunities in India , A study of science and faith in traditional medicinal system , Inculcating scientific temper through Thulir: Children’s science magazine in Tamil , Machine translations and communication , The mobilization of resources for science communication, Extension activities and development of ST , Extension activities and development of scientific temper , Blood donation and science awareness , Pledge for donation of posthumous body/organs & tissues to science, History of Science communication, Trends in Science Communication etc.

‘Serious attempts made to address rising expectations’

2012-01-08T00:20:00.001-08:00

Prime Minister Manmohan Singh on Sunday said that the government has made serious attempts to address the rising expectations of people with regard to governance and public services and is committed to provide security of education, nutrition and health to every Indian.

Addressing the tenth Pravasi Bhartiya Divas in Jaipur, Dr. Singh also expressed confidence that some of the legislations on the agenda of the government will bring similar impacts like RTI did in bringing transparency in governance.

“We have attempted sincerely to address the rising expectations of our people with regard to governance and delivery of public services. The Right to Information Act has proved to be a powerful instrument of bringing in transparency in governance,” Dr. Singh said.

“I am confident that some of the other legislations on these issues, which are now on the national agenda, will make a similar impact in the years ahead,” he further said.

The Prime Minister said since the Indian civilization and the society have always been inclusive in character, it is only natural that our political and economic processes have also to be “inclusive” in their orientation and in their outcome.

He said that the Indian democracy has deepened and gained in strength and vitality as more and more people from the disadvantaged sections of our society have secured their rightful place in our economic and political processes over the past years.

“We wish to unleash the vast human potential of the many millions, who for one reason or another, have been on margins of our society in the past. Our government is committed to doing so by providing security of education, nutrition and health to every Indian so that he or she is empowered to live a life of dignity and well being,” he said.

The Prime Minister said his government was committed to the pursuit of a development strategy which will protect the environment and the essential life—support systems of the planet.

Dr. Singh said though people in India speak in different languages and follow different faiths, it has a tradition of assimilating and accommodating diverse traditions, customs, beliefs and peoples.

“That is what makes Indian society, Indian civilization endure and flourish,” he added.

'Much more to contribute'

Recognising the role of overseas Indians in the country’s development, Dr. Singh said the diaspora has much more to contribute to the building of modern India and Government is committed to promote this engagement.

Addressing over 1,900 NRIs in Jaipur, Dr. Singh also said that there is a need to be alert to the unfolding developments in Gulf and West Asia but assured them it was ready to extend such help to them anywhere should the need arise.

Listing several steps taken for the welfare for overseas Indians, the Prime Minister said the government was also “acutely conscious” of the safety and security of Indians living abroad, particularly in regions characterized by instability.

“The government and people of India recognize and greatly value the important role being played by Indian communities living abroad. We believe that the Indian diaspora has much more to contribute to the building of modern India,” Dr. Singh said.

“We propose to facilitate, encourage and promote this engagement. Over the past year we have taken a number of steps towards this end,” he said.

Pension Fund for Indian workers

The Prime Minister told the overseas Indians that the government has decided to introduce and sponsor a new Pension and Life Insurance Fund for overseas Indian workers.

The Union Cabinet had cleared a proposal for setting up of a Pension and Life Insurance Fund (PLIF) for them in the Emigration Check Required (ECR) countries on 4^th January.

“The scheme will encourage, enable and assist overseas workers to voluntarily save for their return and resettlement and old age. It will also provide a low—cost life insurance cover against natural death. This scheme fulfils a long pending demand of our workers abroad,” Dr. Singh said.

Clarification on Interest Rates on Small Savings Schemes

2012-01-04T21:58:00.001-08:00

Ministry of Finance has clarified that although the rate of interest on small savings schemes will be aligned every year with rates of Government securities of similar maturity, with suitable spread, the rates are fixed and not floating so far as individual investments except PPF are concerned. This is in response to news items appearing in certain sections of the Press that the interest rates on small saving schemes, revised by the Government w.e.f. 1.12.2011, are floating rates, which will undergo change according to fluctuations in the yield on the Government securities.

It has been clarified that the rate prevailing at the time of investments will remain fixed and unchanged till the maturity of the investment. Any revisions in interest rates in subsequent years will only be applicable to the investments made in the relevant period. For instance, investment made in an instrument other than PPF on 1.12.2011 will remain valid till the maturity of that instrument, irrespective of revision of interest rate with effect from 1.4.2012. As regards PPF, the interest rate fixed every year will be applicable to all PPF accounts.