Country’s economy will return to high growth trajectory soon, says President

 The President of India, Shri Pranab Mukherjee has expressed confidence that the country’s economy will return to high growth trajectory soon, as a result of various measures to contain current account and fiscal deficit and to boost industrial investments. He was addressing the delegates at the Annual General meeting of the Bengal Chamber of Commerce & Industry in Kolkata to commemorate the 160th year of its foundation today (September 14, 2013). 

The President also stated that normally the President of India does not attend any functions of Chambers of Commerce but an exception was made to attend today’s function because of his long association with this city and the Bengal Chamber of Commerce which is perhaps the oldest in the country. 

The President voiced concern over slow growth of the economy. He said that during 2008-09 the growth rate came down from 9 plus to 6.7 per cent. Thereafter the economy grew at a rate of 8.7 per cent and 9.3 percent during 2009-10 and 2010-11 respectively. He said that there has been a slump as the world economy did not fully recover from down trend of 2008-09. ‘Our economy is going through a difficult phase due to the slowing down of world economy and persistent crisis in Euro zone; but there is no room for gloom and despondency’, he added. Our growth scenario has had a chequered history since 1951 to 1979 when the growth rate 3.5 per cent which gradually increased to 7.9 per cent during last decade despite three extremely bad years since 2008-09, the President stated. He attributed this to certain fundamentals of the Indian economy but underlined the need for corrective measures to address the problem of rupee depreciation, high inflation, slow employment generation etc. He expressed his confidence regarding the recovery of India’s economy because of record production in agricultural sector and also the new manufacturing policy which envisages manufacturing sectors to increase its contribution from 15-16 per cent to 25 per cent of GDP. He stated that government has passed certain legislations to instill confidence among investors and indicated many more in due course. 

Referring to the strategic location of West Bengal being the gateway of trade and commerce to East/North east of India and the South East Asia, the President urged the Chamber of Commerce to utilize the opportunities in Asian countries which can provide new vistas to boost our economy. 

The President also unveiled a plaque of the Chamber commemorating the occasion. Other dignitaries attended the function were Governor of West Bengal, Shri M.K. Narayanan and President of Bengal Chamber of Commerce & Industries, Shri Kallol Dutta..

source- PIB

Mukesh Ambani richest Indian for 5th straight year: Forbes

NEW DELHI: Mukesh Ambani has retained his position as the world's richest Indian for the fifth year in a row, although his networth declined by USD 1.6 billion to USD 21 billion but remained well above that of the second-ranked Lakshmi Mittal.

Steel baron Mittal's networth also fell by USD 3 billion at USD 16 billion, making him the second richest, as per global business magazine Forbes' annual ranking of 100 wealthiest Indians, released today.

Ambani, who heads energy-to-retail conglomerate Reliance Industries group, and Mittal were followed by IT czar Azim Premji (USD 12.2 billion), construction major and Tata group's major shareholder Shapoorji Pallonji group patriarch Pallonji Mistry (USD 9.8 billion) and drugmaker Sun Pharma's Dilip Shanghvi (USD 9.2 billion) in the top-five.

Auction for Sale of Government Stocks

Government of India have announced the sale (re-issue) of (i) “8.19 percent Government Stock 2020” for a notified amount of Rs.3,000 crore (nominal) through price based auction, (ii) “8.20 percent Government Stock 2025” for a notified amount of Rs. 7,000 crore (nominal) through price based auction; and (iii) “8.83 percent Government Stock 2041” for a notified amount of Rs. 3,000 crore (nominal) through price based auction. The auctions will be conducted using uniform price method. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 19, 2012 (Friday).

Up to 5% of the notified amount of the sale of the stocks will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Negotiated Dealing System (NDS) on October 19, 2012. The non-competitive bids should be submitted between 10.30 a.m. and 11.30 a.m. and the competitive bids should be submitted between 10.30 a.m. and 12.00 noon.

The result of the auctions will be announced on October 19, 2012 and payment by successful bidders will be on October 22, 2012 (Monday).

The Stocks will be eligible for “When Issued” trading in accordance with the guidelines on ‘When Issued transactions in Central Government Securities’ issued by the Reserve Bank of India vide circular No. RBI /2006-07/178 dated November 16, 2006 as amended from time to time.

Department of Economic Affairs, Ministry of Finance

Robert Vadra on Facebook: 'I can handle all the negativity'

caught in a controversy over allegations that he was favoured by realty major DLF, Robert Vadra has broken his silence saying he can "handle all the negativity" even as Congress and BJP sparred over the issue.

"Thank you so much for your concern. I am fine and can handle all the negativity. I have lost people I loved, what can be worse," Vadra, son-in-law of Congress chief Sonia Gandhi, said in his post on a social networking site.

DLF insisted that its "business relationship" with Vadra or his companies had been conducted in individual capacity as per the "highest standards of ethics and transparency" and that it had "not received any undue benefit from any state government or any government authorities in any part of India".

DLF said in a statement that no unsecured loans were provided by it.

Arvind Kejriwal, who levelled allegations against Vadra, son-in-law of Congress President Sonia Gandhi, at a press conference in New Delhi on Friday, said he was ready to face defamation case if his charges were proved untrue.

He had alleged that property worth Rs 300 crore was given at throwaway prices by DLF to companies owned by Vadra with an unsecured interest free loan of Rs 65 crore from given by the realty firm.

Without getting into specifics of the allegations, sources close to Vadra quoted him as saying that he "can handle all the negativity."

Apparently suggesting that he had seen worse situations, he stated, "(I) lost people I loved... What can be worse

Congress leadership continued to come to Vadra's defence.

Transactions between two private individuals could not be questioned on the basis of "implied act of corruption", Finance Minister P Chidambaram said in Mumbai.

The AICC, too, came in support of the 43-year-old businessman married to Priyanka Gandhi, with party spokesman Manish Tewari rejecting demands for a probe into the matter asking "an inquiry into what?"

BJP spokesperson Ravishankar Prasad told reporters in Jaipur that "it is the expectation of people of the country that the matter should be investigated. It should also be probed what benefits Congress state governments in Rajasthan, Haryana and Delhi gave to Vadra."

Chidambaram said what he has gathered is that these transactions are between two private individuals and they have been disclosed in the appropriate income tax and other returns.

"...nobody has alleged any quid pro quo or any corrupt motive, beyond that I cannot say anything," he added.

"I am not aware of the rightness or wrongness of the allegations... transactions between two private individuals cannot be questioned on the basis of certain imputed or implied act of corruption," the Finance Minister said.

In a four-page point-by-point rebuttal of Kejriwal's allegations, DLF said, "we wish to categorically state that the DLF has given no unsecured loans to Mr Vadra or any of his companies."

Denying any quid pro quo, it said, "there is no question of offering, let alone, selling Mr Vadra or his group of companies any property at a throwaway price."

Insisting that all business transactions between DLF and Vadra and his group of companies have been conducted "with complete transparency", it said these are "fully accounted for" and "there is no question of utilisation of unaccounted black money or illicit funds as alleged."

Haryana Chief Minister Bhupinder Singh Hooda, whose government has been accused of favouring DLF in lieu of benefits to Vadra, denied the charges.

In Ralegaon Sidhi (Maharashtra), Anna Hazare said Congress should order a judicial probe if it is sure that the charges against Vadra are false.

"Many Congress leaders say that these allegations are only because of electoral compulsions and are baseless. We say that if the allegations are untrue, then why don't they order a judicial probe into it. And now if it is false, file a defamation case against Arvind. Truth will be out," he said.

Cooking gas price hiked by Rs 11.42; petrol, diesel rates may go up

NEW DELHI, OCT 6: 

Cooking gas (LPG) price has been hiked by Rs 11.42 per cylinder following the Government's decision to raise the commission paid to dealers.

Petrol and diesel prices too may go up marginally as the Oil Ministry considers raising dealers' commission by at least 23 paisa and 10 paisa a litre, respectively.

The Ministry had yesterday issued orders raising the commission paid to LPG dealers from Rs 25.83 per 14.2-kg cylinder to Rs 37.25, Government officials said.

The 44 per cent or Rs 11.42 per cylinder increase in the commission on subsidised cooking fuel is being passed on to consumers, they said.

Subsidised LPG in Delhi will now cost Rs 410.42 per cylinder, up from Rs 399.

The hike comes within weeks of the Government deciding to restrict the supply of subsidised cooking gas to six cylinders of 14.2-kg size per household in a year. The remaining supplies would have to be sourced at market rates.

Officials said the commission paid on market price or non-subsidised LPG too has been raised by Rs 12.17 to Rs 38 per cylinder. Accordingly, a non-subsidised LPG cylinder price will go up from Rs 883.5 to Rs 921.50.

A similar exercise is on to raise the commission paid to petrol pump dealers on the sale of petrol and diesel. The Ministry is proposing to raise the commission paid on petrol by 23 paisa to 1.72 and that on diesel by 10 paisa to Rs 1.01 a litre.

The hike being considered for petrol and diesel is less than 67 paisa and 42 paisa, respectively being demanded by petrol pump dealers in view of their working capital cost going up substantially due to frequent price changes and a sharp rise in overheads like electricity charges.