GMERS Recruitment 2015 – 426 Staff Nurse, Sister in charge & Other Posts

GMERS Recruitment 2015 – 426 Staff Nurse, Sister in charge & Other Posts: Gujarat Medical Education and Research Society (GMERS), Gandhinagar has delivered notification for the recruitment of 426 Nursing Superintendent, Deputy Nursing Superintendent, Assistant Nursing Superintendent/ Matron, Sister in charge and Staff Nurse vacancies at GMERS Medical College attached hospitals at Sola-Ahmedabad, Gotri-Vadodara, Gandhinagar, Dharpur-Patan, Valsad, Himmatnagar and Junagadh. Eligible candidates may apply in prescribed application format on or before 03-01-2015. For more details like age limit, qualification & how to apply are given below…

GMERS Vacancy Details: 
To tal No.of Posts: 426
Name of the Post:
1. Nursing Superintendent: 16 posts
2. Deputy Nursing Superintendent: 05 posts
3. Assistant Nursing Superintendent/ Matron: 22 posts
4. Sister in charge: 73 posts
5. Staff Nurse: 310 posts

Age Limit: Candidates age limit should be 45 years for S.No.1 to 3 posts, 40 years for S.No.4 & 5 posts. Age relaxation will be applicable as per rules.

Educational Qualification: Candidates should possess M.Sc Nursing Degree & GMERS for S.No.1 to 3 posts, Post Graduate Degree in Nursing & GMERS for S.No.4 post, General Nursing & Midwifery Course/ B.Sc Nursing Course for S.No.5 post. All the candidates must be Registered with Indian Nursing Co uncil.

How to Apply: Eligible candidates may send only one application prescribed format for all seven hospitals any of the Medical Superintendent, GMERS college attached hospital at Sola-Ahmedabad, Gotri-Vadodara, Dharpur-Patan, Gandhinagar, Valsad, Junagadh and Himmatnagar on or before 03-01-2015. Refer the notification for sending address.

Last Date for Receipt of Applications: 03-01-2015.

India vs Australia vs England - Carlton Tri-Series 2015 - Live in DD1, Star Sports 1, 3 - IND vs ENG vs AUS - Live Streaming in StarSports - Schedule

Carlton Tri Series - India vs Australia vs England - all the One Day International matches is being live telecast by Star Sports 1 and 3

Note: Doordarshan DD National (DD1) is live telecasting India matches in the tri series. 

Live Streaming in:

Webcast, podcast, online stream of the matches can be seen in the website
http://www.starsports.com/cricket

India Matches Schedule:

20 January, 2015 - Tuesday - 8.50 am IST - India vs England - Brisbane

26 January, 2015 - Monday - 8.50 am IST - India vs Australia - Sydney< br />
30 January, 2015 - Friday - 8.50 am IST - India vs England - Perth

1 February, 2015 - Sunday - 8.50 am IST - Final - Perth

Sony SIX, Ten Sports, Ten Cricket, Neo Cricket, ESPN are not live telecasting the matches of India tour to Australia 2015.

Only Star Sports is live telecasting all the ODI matches in the India's Tour of Australia

For more updates see Cricinfo, Star Sports website, BCCI website, Cricnext and other news media

Tags: 20-1-2015 15; 20th, 26th, 30th, 1st - IND vs ENG - Is India's Whether DD live telecasting today's match? SS 1, 3, - ODI One day International Matches 50 over game 

India's Cash intensive economy

The Reserve Bank of India and commercial banks annually spend around Rs.21,000 crore ($3.5 billion) in currency operations costs while citizens of Delhi alone spend Rs.9.1 crore and 60 lakh hours in collecting cash. The scale of this burden is unique to India considering that it is among the most cash-intensive economies in the world with a cash-to-GDP ratio of 12%, almost four times as much as other markets such as Brazil (3.93%), Mexico (5.3%) and South Africa (3.73%).
There are many reasons why India has to pay such a high price for its payments .One is the need to frequently reissue notes due to poor handling -low-value notes have to be replaced in less than a year. The other reason is the need to frequently upgrade security features and replace old notes. There is a huge cost in pulling old notes out of circulation and replacing them. India also has unique issues in logistics and in some places the currency notes have to be transported by helicopter.
A report on `Cost of Cash in India' commissioned by MasterCard and brought out by the Institute For Business In The Global Context has highlighted how much of a drag the over dependence on currency for payment is turning out to be. One reason for the increased dependence on cash is the lack of access to banking with a third of the population over 15 years not having used a bank account.
The report also highlights that although mobile banking has picked up, it is not yet being used for payments. There has been a jump in electronic payments since 2007 with its share increasing from 2.6% to 6.8%.This is largely due to the development of non-cash payment systems such as the Real Time Gross Settlement (RTGS), National Electronic Funds Transfer (NEFT) and National Electronic Clearing System (NECS). But the report says that growth in these segments has typically benefited the commercial sector more than retail clients. The value of transactions through ATMs has grown sixfold from Rs.3 lakh crore in 2007 to about Rs.18 lakh crore in 2012. However, when the ATM transactions are weighted for population, India continues to fare poorly even when compared to lesser developed markets such as Kenya, Niger or Egypt. According to RBI data, in 2013, 15,400 crore banknotes were issued globally, of which the maximum banknotes, 5,400 crore, were issued by China and almost 2,000 crore by India. The global projections for the next three years have been worked out at 16,000 crore, 16,600 crore and 17,300 crore banknotes, for the world, China and India , respectively

Srirangam By-Election 2015 Schedule - Candidates List - Tamilnadu TN State Assembly - Sri Rangam Tiruchi By-Poll Dates

Tamil Nadu's - Srirangam - State Assembly Constituency by-elections schedule has been announced

Election Date - 13 February, 2015 (Friday)
Counting of Votes, Result - 16 Feb 2015 (Monday)

Issue of Notification - 19-1-2015 (Monday)
Last Date for making Nominations - 27 January 2015 (Tuesday)
Scrutiny of Nomination - 28 Jan 2015 (Wednesday)
Last Date for Withdrawal of Candidature - 30-1-201 5 (Friday)

Candidates List:

1) S. Valarmathi - AIADMK 
2) N Anand - DMK

BJP, Congress might also contest election. Will update candidates list of other parties soon after it is announced. 

The main parties in Tamilnadu are Jayalalitha's AIADMK, Karunanidhi's DMK, Vijayakant's DMDK. Independents might also get into fray

The by-election was necessitated due to the disqualification of ADMK Chief Jayalalitha as MLA because of her conviction in disproportionate assets case.

For more updates on the by-poll one can also see Puthiya Thalaimurai, Jaya Plus, Dinamalar, Thanthi TV, Sun News, Captain TV The Hindu etc.

Tags:  Thiruvarangam 139 TN SattaSabhai Satamandram Idai Therthal Idaitherthal thethi  Poll Bye-Elections - byelection bypoll Polls bi-election poll -Results Vote Count date - Sata Peravai Dates

latur ganimi kava whatsapp video

latur ganimi kava whatsapp video

Three held for thrashing teenage couple in Latur

Three people from Ganimi Kava were arrested on Friday after a video surfaced purportedly showing a group of men thrashing a teenage couple in Latur district, objecting to them "cavorting" in public. arrested people belonging to an outfit called "Ganimi Kava" (guerrilla squad) who went about allegedly thrashing couples in public spaces.

Video: -

मराठवाड्यातील तरुण-तरुणीला बेदम मारहाण आणि तरुणीच्या विनयभंगप्रकरणी तिघांना अटक करण्यात आली असून तिघे फरार आहेत. हे तीनही आरोपी गनिमी कावा या संघटनेचे सभासद आहेत.

नितीन गोडसे, अमोल खंदाडे, संदीप गोडसे अशी अटक करण्यात आलेल्या आरोपींची नावं आहेत. गनिमी कावा संघटनेच्या एकूण सहा जणांवर गुन्हा नोंदवण्यात आला आहे. त्यापैकी संघटनेचा लातूर तालुका अध्यक्ष बालाजी गोडसे, राकेश गोडसे आणि अक्षय बनसोडे फरार आहेत. सर्व आरोपींवर कलम 395 अंतर्गत गुन्हा दाखल करण्यात आला आहे.

लातूर जिल्ह्यातील अंकोली गावात 30 नोव्हेंबर 2014 रोजी हा प्रकार घडला होता. यात तरुण आणि तरुणीला बेदम मारहाण करण्यात आली. मात्र याच ठिकाणी असलेल्या 25 ते 30 जणांनी फक्त बघ्याची भूमिकेत होते.

Haryana's brand ambassador: Baba Ramdev

The BJP government in Haryana which has ambitious plans to promote yoga and ayurveda in a big way has appointed yoga guru Ramdev its brand ambassador.
Announcing this at a press conference at the Divya Yog Mandir here, Haryana's minister of sports and health Anil Vij said a herbal forest would be developed over thousands of acres of land in the state where plants of 25 thousand species of ayurvedic herbs would be grown under the supervision of the yoga guru and his close aide Balkrishna.
Expressing happiness at being appointed Haryana's brand ambassador, Ramdev said considering the state government's vision, the day was not far off when it would become India's first yogic state.

Kiran Bedi joins BJP

F ormer Team Anna member Kiran Bedi has joined BJP and will contest the Delhi assembly polls on February 7, a move seen as the party's move to contain Aam Aadmi Party (AAP) in the national capital.
The 65-year-old former IPS officer was inducted into the party fold in the presence of BJP president Amit Shah and Union ministers Arun Jaitley and Harshvardhan, triggering speculation that she may be in the race for chief ministership if BJP wins.
Shah declined to answer if Bedi would be pitted against her former colleague Arvind Kejriwal from New Delhi constituency . "A decision about her constituency will be taken later."

PM vows rapid change

Prime Minister Narendra Modi vowed to push through change at a fast pace but said subsidies should be continued to protect the interests of the poor.
Addressing the Economic Times Global Business Summit, he struck an optimistic note to say , "The New Age India has begun its transition, from a winter of subdued achievement lasting three to five years, to a new spring that beckons." He referred to the challenge the government faces in repairing the damage to the economy under UPA, but asserted that efforts to rev the growth engine would succeed. "It will take hard work, sustained commitment and strong administrative action. But we can overcome the mood of despair," Modi said, unveiling the agenda to revamp the economy . FM Arun Jaitley pitched India as a "great choice" for investors.
Listing the measures taken by his government, the PM said, "Improvement in governance is a continuous process. We are making changes wherever acts, rules and procedures are not in tune with needs." "We are cutting down on multiple clearances that choke investment. Our complex tax system is crying for reform, which we have initiated. I believe in speed. I will push through change at a fast pace. You will appreciate this in times to come," the PM said in remarks which are being seen as a roadmap of his reform agenda.
The PM defended subsidies, saying they were needed for the poor, but also asserted that their ultimate objective should be the welfare of the needy. "We need to cut subsidy leakages, not subsidies themselves," he said in his 45-minute speech. "The ultimate objective of subsidies should be to empower the poor, to break the cycle of poverty, and become foot soldiers in our war on poverty," the PM said.
The PM also said the government plans a massive national program for computerization of the public distribution system. "The entire PDS supply chain, from the FCI godown to the ration shop and consumer will be computerized. Technology will drive welfare and efficient food delivery," Modi said.
Modi said the government was committed to achieving the fiscal deficit target announced in the budget. "We have worked systematically in this direction," he said weeks before the 2015-16 budget, signalling commitment to repair the health of state finances.
However, he also made it clear that the pursuit of fiscal discipline would not be at the expense of the pro-poor orientation of his policies as he spelt out after he was elected the leader of BJP parli amentary party. "This government will be that of the poor," Modi had said. He took off from where he had left in May last year as he said, "Economic development cannot take a nation forward on its own. We need a society and economy which complement each other. We need to take care of the poor, deprived and sections which have been left behind." "Reforms are not an end in themselves. Reforms must have a concrete objective. The objective must be to improve the welfare of the people," he told an audience of top economists, businessmen, diplomats and bureaucrats. Modi said the government was preparing the ground for India to be a $20 trillion economy in the years ahead. "This is hard work. Quick and easy reforms will not be enough for creating a fast growing economy. This is our challenge and that is what we aim to do," he said.
Outlining some of the measures to boost growth and improve governance, Modi said thousands of railway stations in the country where not more than one or two trains stop in the day could be used as growth centres for nearby villages and used as centres for skill development using technology. He said government systems need to be sharp, effective, fast and flexible and this would require simplification of processes and having trust in citizens. "What is maximum governance, minimum government? It means government has no business to be in business," Modi said.

Aviation statz

FM Radio channels' e-auction approved

The Union Cabinet gave its nod for auction of FM radio channels under phase-III and renewal of licenses from phase-II to III in 69 existing cities for 135 channels.
This will be on an ascending e-auction basis. Approval was also given to migration (renewal) of private FM Radio licenses from phase-II to phase-III on payment of migration fee according to TRAI recommendations. As of now, there are 243 private FM channels in 86 cities of the country , spanning 26 States and 3 union territories.
A statement from the government said, "The auction process will add an estimated revenue of over Rs.550 crore to the national exchequer on successful auctions of all proposed channels. Besides, it will give the amount realized through the migration process, which is dependent on the TRAI recommended formula, where migration fee is linked with the discovery of market prices through the FM Radio phase-III auction."
Roll out of the first batch of FM radio phase-III auction will provide more channels to listeners with richer content in 69 existing cities. The cabinet has also approved correcting reserve price for 13 out of the 67 existing cities.The I&B ministry has also been authorized to extend the license periods of 21 channels for a year in case the auction or post auction formalities go beyond the March 2015 deadline, sources said. A committee of secretaries, including those from the department of economic affairs, finance, telecom, I&B will be set up to approve the list of successful bidders, sources added.
The cabinet nod came after the Election Commission's go-ahead for the auction. The EC was assured by the I&B ministry that only the tendering process would be taken up for now. 

Good morning message

Good morning messages

Make in Maharashtra

Giving a push to his `Make in Maharashtra' campaign, Maharashtra chief minister Devendra Fadnavis has decided to further simplify the existing process to get permissions to set up an industry in the state.
In a meeting with the Industries Department, Fadnavis decided to remove several bottlenecks.Some of those which have been done away with include the Bombay Tenancy Agriculture Land Act (BTAL).The Industries Department has asked the Revenue Department to do away with BTAL which applies to companies which want to set up industries on agricultural land. Any company wanting to put up an industry on agricultural land will now be granted permission within five working days.
It is also being proposed that all industries and manufacturing units in Mumbai will not fall under the local municipal authority but will be brought under the MIDC.Aware that environmental clearances take a lot of time, Fadnavis has also asked the Industries Department to aggressively look into whether the state should do away with the sanction of Maharashtra Pollution Control Board for a project if an approval has been granted by the MoEF.
More importantly, the state has decided that the industrial location policy which was devised to ensure industries set up their business outside Mumbai to decongest the metropolis -the policy will now be scrapped. A senior state government official said the policy has been outdated and was proving counter-productive in setting up businesses in Mumbai.
The state now proposes to increase FSI on agricultural land in case it is being used for industrial purpose. The government now plans to increase the FSI to 0.2 from .08 .
Earlier, industries had to take two different permissions if they wanted an electricity connection for setting up their industry and another when the production started. The government has now proposed to club these two as one. A power connection for construction of an industry and power connection for industrial operations will now no longer require two applications, a single one would do.Henceforth, VAT, CST and professional tax registration will be clubbed into one.

Trade snippets: December 2014

India's trade deficit narrowed to a 10-month low in December despite a contraction in exports as a slump in crude oil prices and lower gold purchases caused imports to drop at a faster pace. Non-oil and non-gold imports rose at a healthy pace, suggesting strength in the domestic economy . The lower trade deficit will provide support to Indian rupee amid volatile global financial markets because of crashing commodity prices, competitive currency moves and global growth concerns.Exports contracted by 3.77% in December after 7.2% growth last month mainly due to lower valuation of petroleum exports and a fall in the value of gems and jewelry sold overseas. Imports declined by 4.78% during the month on a year-on-year basis against an sharp 26.79% growth in November, narrowing the trade gap to $9.4 billion, the lowest since February last year.
Non-oil, nongold imports rose 12.5% in December, adding to positive signs on growth. The Reserve Bank of India on Thursday cut its policy rate by 25 basis points to support growth.Gold imports growth eased significantly in December after the government scrapped a rule that mandated traders export one-fifth of the gold consignment imported into the country .
The inbound shipments of the yellow metal stood at $1.3 billion in December against $5.6 billion in November, when it had posted 570% growth on an annual basis. The 80:20 scheme to restrict gold imports was scrapped in November, freeing shipments of the yellow metal after the central bank said the current account deficit sit uation was comfortable due to low oil prices. India's current account deficit had widened to a fivequarter high of 2.1% of GDP in the second quarter. Gold imports fell to 39 tonnes in December from 152 tonnes in November. The 10% duty on gold, having been raised to that level in phases by UPA government, has been retained.
Gems and jewellery exports contracted by 1.12% to $42.6 billion against 44% growth posted in the previous month.The unceasing decline in global oil prices led to a 28.6% contraction in India's biggest import item but it also pulled down petroleum exports, which fell 20.1% in the month. Global crude oil prices have declined by 60% in the last six months. The engineering sector continued to do well in December with exports up 20.5% to $6.9 billion. Pharmaceuticals exports grew 2%, while readymade garments expanded 10%. 

BlackBerry Classic

Canadian smartphone maker BlackBerry launched the Classic in India, priced at Rs.31,990, featuring the original Qwerty keyboard, track pad and touch screen in a back-to-roots attempt to once again become a contender in a space dominated by Samsung.
The Classic, which is the second phone from BlackBerry after the Passport, is aimed at corporate users. It will be offered on Snapdeal. The first 1,000 buyers who own BlackBerry Bold will get Rs.4,500 off when they upgrade to the Classic.New buyers will get benefits from Yatra.com of up to Rs.10,000.
BlackBerry has grown its global gross margin in the last four quar ters owing to the right mix of devices including Z3 and Passport. BlackBerry has brought back the characteristic features of its older devices such as the Bold and the Curve in the Classic.
It sports a 3.5-inch square touchscreen, dual-core processor running on 2GB RAM and a , a 13-megapixel camera.

Petrol, diesel prices cut

State fuel retailers pared the price of petrol by Rs.2.42 per litre and diesel by Rs.2.25 a litre but consumers were denied the full benefit of six-year low crude prices as the government tapped off Rs.2 by raising excise duty .
But still, this is the ninth reduction in petrol price since August and the fifth in diesel price since October. In Delhi, petrol will cost Rs.58.91 a litre, down from Rs.61.33 a litre now. Similarly , diesel will cost Rs.48.26 a litre, as against Rs.50.51 currently . In Mumbai, petrol price will be cut by Rs.2.55 a litre to Rs.71.91, while diesel will cost Rs.61.04.
This is the fourth increase in excise duty since November and cumulatively customers have been denied the benefit of Rs.7.75 per litre reduction in petrol and Rs.6.50 a litre cut in diesel rates that was warranted due to the slump in oil price to $46 a barrel. With Friday's reduction, petrol price has been cut by Rs.14.69 a li tre since August, while diesel rate in five downward revisions has been slashed by Rs.10.71.
A finance ministry notification said the excise duty on unbranded petrol was being hiked to Rs.8.95 per litre and that on unbranded diesel to Rs.7.96 per litre. The four increases in excise duty is expected to yield Rs 20,000 crore in additional revenue this fiscal and help the government meet the target of limiting fiscal deficit to 4.1% of GDP. Global crude oil prices have fallen almost 50% since June 2014, the most since the 2008 financial crisis, as supplies swelled.

Battle for Delhi begins again!

Prime Minister Narendra Modi kicked off BJP's campaign for Delhi by yoking his credibility to the party's power bid in the city and by launching a frontal attack on AAP , accusing Arvind Kejriwal of promoting anarchy and lacking governance skills.
Addressing a large gathering at Ramlila Maidan, Modi latched on to Kejriwal's self-description of being an anarchist and said such politics will be disastrous for the city.
"Have you ever seen a politician who claims to be an anarchist? Those who believe in anarchy should go to the jungle and jo in the Naxals. There is no place for anarchists in Delhi.The city needs responsible people to run the government," said Modi drawing cheers. In his 38-minute speech, PM took care not to mention the AAP leader but it was Kejriwal who remained the focus of his speech which seemed to set up a showdown between the two who have duelled earlier in Varanasi.
Modi took pointed digs at the AAP leader for his populist politics and labelled him an obstructionist.
"People should be given only such assignments in keeping with their expertise. Those who are adept at sitting on footpaths, blocking traffic and launching agitations, they should be doing just that. We have the expertise to run governments and so we are the ones who should be given that responsibility." He urged voters to punish those responsible for the lack of a government for a year.

Hours after PM Narendra Modi lashed out at AAP, Arvind Kejriwal returned fire, calling BJP's Delhi unit "a sinkin g ship without a captain"."The party (BJP) has no positive agenda for Delhi and is therefore resorting to name-calling and personal attacks," Kejriwal said.The AAP chief blamed the BJP and the Congress for the year-long political stalemate in Delhi. "Call me anything you like but at least I worked. I am the only one who can stand up for the rights of people.Delhi has been without a government for a year because of the BJP and the Congress who refused to allow fresh elections to take place," he said. Countering the PM's remark that Kejriwal was good at dharnas and should stick to that, he said: "BJP does not know governance. AAP knows both governance and doing dharnas. If BJP wants, we can teach them (both).

Somewhere in Bangladesh....

Justice SK Sinha was appointed Chief Justice of Bangladesh to become the first Hindu to hold the highest judicial post in the Muslim majority country. President Mohammad Abdul Hamid appointed Sinha, the senior most judge of the apex court, as its chief justice who will have a term of a little over three years. He is the first non-Muslim to become the country's top judge.
Sinha, 64, will take over on January 17 with the present Chief Justice Muzammel Hossain retiring on January 16 on reaching 67, the retirement age for Supreme Court judges in Bangladesh, a law ministry statement said. Sinha is known for a number of landmark judgements, including those on the killing of Bangabandhu Sheikh Mujibur Rahman and the 5th and 13th amendments to the Constitution.
He has also been an appeals judge in the on-going war crimes trials linked to the country's 1971 liberation war against Pakistan. Sinha obtained LLB and enrolled a s an advocate of the district court, Sylhet, in 1974 and practiced in that court. He conducted sessions trial cases independently till the end of 1977.

Delhi Polls announced

The gong has been sounded for a thre e-way contest in Delhi between BJP , Aam Admi Party and Congress with the Election Commission announcing February 7 as the date for the assembly polls.Results of the polls--the second in the last 13 months--will be out on February 13 and could end the uncertainty over which party would assume office after the 2013 election threw up a hung House.
After AAP's eventful 49 day stint in office, there has been no government in the capital with sporadic efforts to cobble a majority failing to bear fruit. Though it was just four seats short of a majority, BJP found the assembly's math difficult to work out with AAP having 28 seats and Congress 8 along with an AAP rebel, one JD(U) MLA and one independent. Chief Election Commissioner V S Sampath said the Delhi poll process will be completed by February 12, three days before President's rule in the state is due to expire. President's rule will have to be extended in case a new government is not formed by February 15.
PM Naren dra Modi's rally in Delhi on Saturday during which he launched a hard hitting attack on AAP leader Arvind Kejriwal who, in turn, responded with a pointed rebuttal and results of the cantonment board election on Monday have spiced up the poll broth. Though a contest on a modest scale, BJP's good showing in the 8-member cantonment board, fall in AAP's votes and Congress's success in gaining the second slot were quickly read as mood indicators by BJP and Congress ahead of the February 7 contest. The 70-member Delhi assembly is a high profile contest as BJP is keen to maintain its winning spree in recent state elections and check AAP with which it shares a bitter rivalry .The relatively better than expected performance of Congress may , however, dilute expectations of a near direct face-off between AAP and BJP with Kejriwal's party seen as the main challenger to the saffron outfit.
BJP is hoping to capitalize on the perceived disappointment of voters over Kejriwal's decisio n to step down as CM and has sought to tag him as a "quitter". Having won all 7 parliamentary seats in Delhi in the Lok Sabha polls, BJP chief Amit Shah has been working to overcome divisions in the Delhi unit and maintain the party's winning streak. AAP , on the other hand, has been aggressively working to woo back its "dejected" supporters in Delhi, which now boasts of a 1.3 crore-strong electorate.
It was with the blessings of these supporters that AAP had marked its sensational electoral debut in 2013. Congress, on the other hand, has been struggling to find its feet. There is an expectation that AICC general secretary and former Delhi assembly Speaker Ajay Maken could be Congress's face for Delhi elections, heading the party's campaign committee and also contesting the state polls.

Of India's Biggest Solar Energy Facility....

Adani Enterprises, India's biggest private power producer and port owner, is taking giant strides in the energy sector ­ planning to make solar panels that can generate competitively priced electricity and investing in LNG sourcing and oil and gas exploration. It's agreed to set up a joint venture with SunEdison that will invest Rs.25,000 crore, or $4 billion, to make India's biggest solar photovoltaic manufacturing facility and signed an accord with Australia's Woodside Energy in the oil and gas business.
The solar plant, to be constructed in Mundra, Gujarat, over a three-year period, will make low-cost panels capable of producing electricity that costs as much as power generated by using traditional fuels. "The facility will manufacture solar panels to fuel solar power growth in India, furthering India's goals for clean, renewable energy independence, and will add up to 20,000 jobs to the local economy," Adani a nd New Yorklisted SunEdison said in a joint statement on Sunday.
The venture will boost domestic solar equipment supply to meet the huge requirement of the sector in which Coal, Power and Renewable Energy Minister Piyush Goyal is aiming for unprecedented growth. The solar energy sector has so far imported huge amounts of low-cost Chinese equipment, drawing criticism from local suppliers.
Under the memorandum of understanding signed by Adani Group chairman Gautam Adani and Woodside CEO Peter Coleman, the companies will explore opportunities in sourcing of liquefied natural gas, supply and purchase arrangements for India and LNG marketing. They will also consider investment in activities such as oil and gas exploration, production and liquefaction plants, Adani Enterprises said.
Ahmad Chatila, President and Chief Executive Officer of SunEdison, said the solar plant will supply equipment at competitive rates. Adani Power said the development of the largest integr ated solar manufacturing facility furthers the vision of Modi's `Make in India' campaign.
During the first half of 2015, SunEdison and Adani will conduct a comprehensive analysis of the opportunity and business plan before starting construction of the facility, the statement added.
On Saturday, debt-laden wind turbine maker Suzlon Energy announced plans to invest Rs.24,000 crore over the next five ` years in wind energy projects in Gujarat. Welspun Renewables said that it will spend Rs.8,300 crore in the state and has signed two MoUs for 500 MW wind and 600 MW solar capacities with Gujarat Urja Vikas Nigam.

NRIs can now vote

Non-resident Indians (NRIs) will soon be able to cast their vote through electronic ballots or through their nominees residing in India but will not be able to exercise their franchise through the novel method during the coming Delhi assembly polls. The Union government has informed the Supreme Court that it had accepted the Election Commission's recommendation to allow NRIs to vote through e-ballot system or through proxy . The EC discarded other possibilities--postal ballot and internet voting--terming them fraught with the danger of manipulation.
After the Centre conveyed its acceptance of the EC recommendations on NRI voting, a bench of Chief Justice H L Dattu and Justice A K Sikri gave the Centre eight weeks to effect necessary amend ments in the law to implement the EC suggestion.
NCP had proposed postal ballot for NRIs while BJP, BSP and CPI had opined that postal ballot might not be a viable option for NRI s. Congress was not in favour of epostal ballot for NRIs.
Senior advocate Dushyant Dave, appearing for petitioner Shamsheer VP, pushed another plea--voting rights for migrant labourers who constitute nearly 30% of the population and facilities to enable armed forces personnel posted in remote and forward areas to vote.
The EC examined several suggestions to enable NRIs to cast their vote and rejected the idea of allowing them to cast their votes at diplomatic missions abroad.
Postal ballot was also ruled out. An EC committee said, "Epostal ballot can be considered to be employed after proofing, validation of the process and pilot implementation in 1 or 2 constituencies in elections to the legislative assemblies and then scale up to more assembly polls and finally parliamentary elections if found feasible, practicable and meeting the objectives of free and fair election."
"The committee recommends that the option of voting through proxy appointed by the overseas electors can be considered to be provided to NRIs. In order to cater to needs of all categories of NRIs, additional options of e-postal ballot and proxy voting can be made available depending upon the preference exercised by the NRI voter. In case NRI voter does not exercise any of these additional two options, then by default it will be deemed that overseas elector will cast his vote as per existing legal provisions and procedures at the polling station in India." Describing the e-ballot procedure, the EC committee said the NRI wishing to vote through this procedure would have to send an application either electronically or physically to the returning officer six months before the expiry of the term of the House.
"The RO may then verify the particulars of the person and at the time of election, on satisfaction, send the postal ballot electronically after the same is finalized on the last date of withdrawal of candidature, which the NRI elector can acce ss through a password that would be allotted to him. The elector downloads the postal ballot paper and then casts vote and posts is back to the RO after getting the declaration attested," it said.

PMRDA snippets

The chief minister's positive statements have set the ball rolling for the Pune Region Development Authority(PMRDA). The state government will soon transfer some of its land in Pune district to the PMRDA to raise funds for its functioning and implementing the development plan (DP).
Chief minister Devendra Fadnavis recently made it clear that the state would replicate the financial model of the Mumbai Metropolitan Region Development Authority (MMRDA) in Pune. District guardian minister Girish Bapat said, "The state will not keep the PMRDA issue pending and you will soon see action on the ground. We are very much concerned about the haphazard development in the region. The state is keen to make the PMRDA functional."According to highly places sources in the state govern ment, the urban development department (UDD) will ask the divisional commissioner and the district collector to compile a list of vacant government land in the district and a plan to exploit it to raise funds. "If the PMRDA has to function independently it must have its own sources of revenue. It should not depend on the state for implementation of its plan.This model has worked well in Mumbai and we hope to emulate it in Pune," Fadnavis said at a function in the city on Thursday.
The PMRDA will undertake preparation and execution of town planning schemes -with regard to the draft development plan prepared by the metropolitan planning committee, carry out surveys in the development area to prepare town planning schemes and controlling the development activities.
In 1997, the government announced the formation of the PMRDA and the state assembly passed a resolution in its favour in 1999. The metropolitan planning committee (MPC), the planning body of the PMRDA, was already constituted. In April 2008, elections to the 30 member MPC were held. However, in the absence of basic infrastructure, such as office space, the elected MPC members were not able to do much and the term on MPC has expired. The elections to the MPC will be held once the state makes the PMRDA functional and appoints a special officer.

Vibrant Gujarat 2015

PM Narendra Modi made a strong pitch to global investors, promising to make India the "easiest" place to do business while showcasing a combination of "democracy , demography and demand" as the country's unique attractions.
Spelling out the attraction of the 3Ds in selling Brand India, he took on critics who have accused him of tall talk, saying hype has its uses. "It is often said that I have a penchant for hyping things. But this compels the government also to mov e faster.They challenge us to do away with red tape and become proactive," he said.
Looking to inject a note of positivity in the economy, the PM said, "My government is committed to create a policy environment that is predictable, transparent and fair." Strong democratic traditions and an independent judiciary made India a "level playing field" for business and Modi said he was willing to back words with action, pointing to promotion of manufacturing and initiation of labour reforms intended to encourage enterprise.
"India offers you the potential of low cost manufacturing. India has low cost and high quality manpower. 65% of our population is below 35 years of age," the PM said. Asserting the India will adopt the "cleaner and greener way", Modi said the development process will not be incremental but will comprise a quantum leap. He pointed to industrial regions planned along dedicated freight corridors and said the government was working toward s a single window clearance at federal and state levels. Brand Gujarat took a back seat in the seventh edition of the Vibrant Gujarat business blitzkrieg that kicked off on Sunday , as it provided the backdrop for Modi's `Make in India' pitch.
Even as references extolling Gujarat flowed freely , Modi chose the 5,000-capacity Mahatma Mandir in the Gujarat capital to sell Brand India to the world. In the winter chill, Vibrant Gujarat Global Investors' Summit (VGGIS) saw a galaxy of top world leaders ­ from UN secretary general Ban Ki-moon to US secretary of state John Kerry and World Bank president Jim Yong Kim--warming up to the idea of `Make in India'. "Ease of doing business in India is a prime concern for you and for us ...we are working seriously on these issues. We want to make them not only easier than earlier, not only easier than the rest but we want to make them the easiest," Modi said.
Nearly 2,500 delegates from over 120 countries heard him out even as they would have realized that the PM has his work cut out -India has dropped down two places to 142nd out of 189 countries ranked by the World Bank on the ease of doing business last year. In his 45-minute address, Modi said the government was working day and night to make India a global manufacturing hub. Kerry said, "We can take advantage of the challenge laid down by Modi who plans to expand his resources ... Together, we can make `Make in India' a win-win opportunity not only for India but the entire planet."
Yosuke Takagi, Japan's minister of economy , trade - industry , said, "In 2014 alone, 1,000 Japanese companies invested in India. We plan to `Make in India' from Gujarat."
World Bank president Kim said, "For all things made in India, it is made in Gujarat which has laid the foundation for Make in India. India will guide us to end poverty with hard work of its people."

Gujarat was promised investments worth Rs.10 lakh crore from corporates, medium and small scale industries on Day One of the Vibrant Gujarat summit. Over 15,000 agreements were inked on the first day of the mega business conclave held at Mahatma Mandir in state capital.
Leading the pack was chairman and managing director of `proud-to-be-a-Gujarati company' Reliance Industries Limited (RIL), Mukesh Ambani, who said, "We will invest over a Rs.100,000 crore in next 12 to 18 months in Gujarat to contribute to the `Make in India' and `Digital India' initiatives. We will partner and enable 1,000 small businesses and Gujarati entrepreneurs. This partnership will crea te virtual cycle of prosperity for millions of Gujaratis."
Home-grown corporate major Adani Enterprises and SunEdison, a leading solar technology manufacturer and provider of solar energy services, signed an MoU to build the largest, vertically integrated solar photovoltaic manufacturing unit in India with an investment of around $4 billion.
The three business seminars held after the inauguration ceremony saw a total of 35 MoUs worth Rs.50,446 crore signed between the Gujarat government and corporates.They ranged from sectors like chemicals, fertilizers, agro and food processing, defense manufacturing, urban infrastructure and engineering.
MoUs were also signed in the logistics parks and other infrastructure projects sector where Rail Vikas Nigam signed a Rs.1,655-crore MoU with Gujarat Industrial Development Board (GIDB) for developing a regional rail network system for Ahmedabad. The Indochin Development signed an MoU worth Rs.9,000 crore with GIDB to deve lop an India international trade centre.
Two companies entered into MoU for manufacturing defence equipment in Gujarat.Bharat Forge has signed an MoU worth Rs.600 crore for defence manufacturing (upgrade & overhaul of armoured fighting vehicles) at the proposed location of Dholera. It intends to commence the facility by 2016.Amit Kalyani, executive director of Kalyani Group, said, "This is in line with the vision of the Prime Minister towards `Make in India'. We are confident that given an opportunity we can become the manufacturing hub for the world."

The 7th biennial Vibrant G ujarat summit saw yet another surge of investment commitments with a plethora of companies promising to pump Rs.25 lakh crore -$400 billion -into the state, higher than all previous meets. In return, they were assured that doing business in Gujarat will be much easier, clearances easy to come and all their issues addressed.
The amount pledged this year was roughly half of what was committed under MoUs signed in the previous six editions of Vibrant Gujarat.
Over 21,000 MoUs expressing intent to invest in the state were signed over the last two days. Another 1,225 strategic partnerships between state government and several national and international agencies were also forged. Of the total MoUs, MSME alone accounted for 17,081, which also signals a boost to the manufacturing in Gujarat, which is hit by a weak export market.
Addressing the valedictory function at Mahatma Mandir on Monday , chief minister Anandiben Patel announced investment commitments and setting up of district-wise special cells to facilitate faster clearances for land, environment and other requirements.
Referring to PM Narendra Modi's promise to make India the "easiest" destination for doing business, Patel assured to set up two high-level committees, one that she would chair and another headed by the chief secretary, to iron out all the problems faced by industries.
She also assured the business community of addressing policy issues that they faced by quarterly monitoring of each MoU signed.

Coal Bonanza in the making

States, especially the relatively poorer ones, are in for a bonanza due to the coal auctions with the government estimating payments of Rs.3.5 lakh crore over the next few years once 204 coal mines, whose allotment was cancelled by the Supreme Court, are auctioned. The new revenue stream will be in addition to another Rs.3.5 lakh crore flowing to them by way of royalty payments.
Among the seven states, the initial round of auctions are expected to benefit Chhattisgarh and Odisha the most since majority of the cancellations are related to these two states. But over the next few years, mineral rich Jharkhand is expected to steal a march over the rest. According to estimates, over the next 30 years, Jharkhand may end up pocketing close to Rs.1.25 lakh crore from the 60 blocks with reserves of over 15,000 tonnes. This will translate into annual receipts of around Rs.4,100 crore — which is almost 35% of the own tax revenue of Rs.11,800 crore that the state has budgeted to mop up during the current financial year.
Odisha is expected to be the second major beneficiary with receipts of close to Rs.1 lakh crore from coal mined in the 30 blocks. So, annually it can hope to get around Rs.3,200, which is around 17% of the budgeted tax collections of Rs.18,300 crore for the current fiscal year.
Sources said that the payment calculations are baseline estimates and the actual flows could be much higher, helping some of the states garner resources to meet their development and infrastructure needs. The calculations are ba sed on the assumption that 70% of the coal is supplied to the power sector at Rs.100 a tonne, while the remaining goes to others such as steel at Rs.300 a tonne.
Following the Supreme Court order last year, the government has initiated the process of auctioning coal mines and the process has already been set in motion. The court has given the government time till Marchend to complete the auction process, which will help keep several power and steel plants running.
The realizations are expected to pick up over the years once more blocks commence production. The estimates suggest that the power sector will help states generate around Rs.1.5 lakh crore, while Rs.2 lakh crore will flow from the others that consume coal.

Governor of the Year

The Reserve Bank of India governor Raghuram Rajan has been conferred "Governor of the Year" award by the British journal Central Banking. The award recognises Rajan's focussed approach in leading the Reserve Bank of India during his first year as the bank's governor.
"Although there is still much to do, his decisive policy actions based on robust analysis and deep understanding of the underlying causes have contributed significantly to changing perceptions about the strength of the Indian economy," the quarterly journal said in a release.
The awards were judged by a panel made up of the Central Banking editorial team and editorial advisory board, comprising former senior central bank governors from around the world.

National Optic Fibre Network

Idukki in Kerala has become India's first district to be linked to the National Optic Fibre Network (NOFN), the ambitious government project that aims to offer high-speed broadband connectivity in all the villages in the country.
On Monday, telecom minister Ravi Shankar Prasad made the formal announcement of linking the hilly district with eight block offices and 53 gram panchayats to the network. The fibre was laid by As reported earlier, the government expects to connect 20,000 villages across the country through optic fibre by March-end.
Kerala is scheduled to become fully digitally connected by end-March. Karnataka and Andhra Pradesh, also in southern India, are likely to follow next.
The telecom department (DoT) had advanced the deadline for digitally connecting the entire country to December 2016, from March 2017. According to the initial timeline, the government had to connect 50,000 of the total 2.5 l akh gram panchayats by end-March, 2015.
According to senior telecom officials, most issues stalling the project have been settled, including right of way for laying the fibre. "State governments realise that they are going to be the biggest beneficiaries of this nationwide project and logistical issues have more or less been resolved," the minister had previously said. Among other things, Prasad has written to transport minister Nitin Gadkari, requesting that the government should ensure provision for laying optic fibre along new highways constructed.
NOFN is the backbone of the government's Rs.1.13-lakh crore Digital India project under which the Centre hopes to deliver social and economic services through broadband.
Once implemented, NOFN is expected to provide 100 mbps (megabit per second) bandwidth to each gram panchayat to facilitate broadband services. The government estimated the cost of the project at ` Rs.20,000 crore, but sources say it has alrea dy escalated to close to Rs.30,000 crore.

Varanasi Airport to get an upgrade

The Varanasi airport is all set to open its wings to a major expansion plan with Airport Authority of India (AAI) proposing a multi-crore facelift to the airport in Prime Minister Narendra Modi's constituency. The modification, proposed at an estimated cost of around Rs.280 crore, would not only pave way for expansion of runway to allow landing of bigger aircraft, but also an improved terminal building to suit the VIP status of the city . The authority also seeks to put in place the CAT navigation system to allow landing of aircraft under low-visibility conditions.
Varanasi airport director SS Mallik confirmed that the proposal has been sent to the ministry of civil aviation. "We hope to get the proposal approved soon. The airport happens to be a gateway to Kashi," he said. The director said that the airport is flanked by a railway line and the Lucknow-Varanasi national highway on both ends. "The authority has pr oposed realignment of the national highway so that the airport could get ample space for its expansion, he said. Sources said that the AAI is in touch with the National Highway Authority of India (NHAI) to get the highway shifted at least four to five kilometers away from the airport. The railway line, however, may not be touched.
At the same time, the runway is also proposed to be expanded from the existing 2.75 km to 3.5 km to allow bigger aircraft like Boeing to land."This is being done keeping in mind the future," he said. Malik said that plans are also afoot to modify the taxi way and have a bigger apron area to accommodate more aircraft. This would also allow more flights to land at the airport, which currently receives barely nine flights, essentially in the domestic terminal.
Situated in Babatpur area on the North-West part of Varanasi, the airport is also known as Lal Bahadur Shastri Airport. It was given the international ranking in October 2012. Init ially, there was a proposal to hand over the airport to a private developer who would be required to develop and operate it. The move was, however, opposed by the airport employees who feared losing their jobs.
The UP government has also been trying to promote the airport. Only two days ago, the department of tourism announced reduction of Value Added Tax (VAT) on the Aviation Turbine Fuel (ATF) from the existing 21% to only 4%, to woo more operators to fly into Kashi.

AP to link Aadhar to 21 services

Andhra Pradesh residents who are yet to get their Aadhaar cards will now be forced to do so as the TDP government has decided to link the same to 21 service-oriented areas. Chief minister Chandrababu Naidu had stated a few days ago that Aadhaar card would be mandatory for obtaining various services in the residuary state. The TDP government is in the process of formulating a state Aadhaar policy, said to be the first-of-its-kind in the country.
As per the policy, as many as 21 service-related areas will be linked to Aadhaar. Areas that will come under the purview of Aadhaar are civil supplies, Aarogyasri, rural development, pensions, national rural employment guarantee scheme (NREGA), SHG books and records, housing, LPG, Sarva Shiksha Abhiyan, power discoms, micro irrigation, civil registration system-unified births and deaths, RTA, revenue, municipal property tax, social welfare (post-metric, pre-metric, hostels), com mercial tax, animal husbandry, Mee Seva and CM Office (grievances, relief funds, disaster management and loan wavier).
This would mean that property tax, other state taxes, power bill and land registration will be linked to Aadhaar. According to authorities, nearly 90% of the 4.8 crore AP population are covered by Aadhaar.The key objective of the proposed Aadhaar policy is to eliminate ineligible candidates from getting benefits of government welfare schemes.
Data from the Unique Identification Authority of India (UIDAI) and beneficiary basic data from all departments will be stored in the AP State Resident Data Hub (APSRDH). Through this, the departments will have access to beneficiary data based on Aadhaar number.
The new policy also outlines that APSRDH framework will have a "data cleansing and purification process", which cleanses departmental databases by formatting and identifying duplicates. To ensure this, APSRDH will use demographic verification, biometric authentication and e-KYC systems to authenticate an Aadhaar number to a citizen. Sources said till date, the Aadhaar-linkage of four departments, civil supplies, LPG, social welfare and housing has been completed.

A Goan Saint

Pope Francis fulfilled a long-cherished dream of the clergy and faithful in Sri Lanka and Goa -as also other parts of the Indian subcontinent -as he declared Blessed Joseph Vaz a saint before a sea of devotees at the expansive Galle Face Green. The historic declaration, made in Latin, to honour the 17th century Goan priest for his exemplary missionary work during his lifetime drew thunderous applause from the over six-lakh-strong congregation, the biggest gathering the oceanside park has seen till date.
Church bells pealed as the faithful of Sri Lank a and Goa rejoiced in their first-ever saint, a deserving culmination to St Vaz's canonization process that had begun circa 1737. The pope arrived at the venue of the Mass in an open-top car, and traversed the four corners of the teeming 500-metre-long park waving to the faithful. Flags fluttered in the sea breeze as the people accorded the pontiff a warm welcome. Vaz is only the fifth Indian saint to be venerated by the Universal Church. He follows St Gonsalo Garcia (from Bassein, now Vasai in Thane district), who was canonized in 1862, St Alphonsa, the first woman of Indian origin who was canonized in 2008, and St Kuriakose Elias Chavara, who, along with St Euphrasia (all from Kerala), was canonized in 2014.
St Vaz worked in Kanara, Karnataka, after his ordination in 1676, and then in Sri Lanka from 1687. He is considered to be one of the greatest missionaries of Asia along with the Spanish St Francis Xavier.
His 24 years of apostolic work across Sri Lanka, amid severe persecution by the Dutch Calvinists, was instrumental in reviving the Catholic faith of the island nation.Adept at working in the guise of a beggar, coolie or labourer, St Vaz walked barefoot and consumed only rice gruel while he ministered to the poorest of the poor.
He endeared himself to people of all faiths and was referred to as `Samanasu Swami' (angelic priest) by the Sri Lankan faithful. The Buddhists are known to have recorded the miracle of rainfall when, at the request of their king, St Vaz prayed for the mercy during a period of extreme drought.
Pointing out how St Vaz rose above the barriers of religion to uphold the importance of peace, Pope Francis, during his homily , urged the congregation to respect other faiths even as he called for peace and reconciliation in the island country . The pontiff also stressed that religious freedom is a fundamental right, stating that intimidation and coercion should not restrict anybody from expressing his/he r religious convictions.
Cardinal Malcolm Ranjith of Colombo, who spoke later, expressed gratitude to Goa for the gift of St Vaz as he called the saint the `pride of Goa'. He hoped that through St Vaz's intercession, the wounds of the war-ravaged nation would be healed. Archbishop of Goa and Daman, Filipe Neri Ferrao, lead the Goan presence at the ceremony .
A holiday was declared in Sri Lanka on Wednesday , to allow the faithful to attend the solemn event. It was the second of its kind after the visit of Pope (now saint) John Paul II on January 21, 1994. A restricted holiday was declared in Goa on the occasion.
A total of 20 cardinals and bishops, and about 100 priests including members of the Goan clergy attended the ceremony . The Pope paid a visit to Madhu in northern Sri Lanka, in a helicopter later in the afternoon. The area, previously dominated by Tamils, was a hotbed of violence. Madhu, which is home to the shrine of Our Lady of Madhu, is visited by f aithful like Vailankani (Tamil Nadu) is in India.

Global Economic Prospects

India is set to become the fastest-growing big economy in the world in the fourth year of Narendra Modi's government, edging past China. It's set to clock a 7% rise in GDP in 2017 compared with 6.9% for bigger rival China, the World Bank said in its flagship publication, Global Economic Prospects. India will recover to 6.4% in the current calendar year itself on the back of higher export growth and bolstered investor confidence with the election of a reform-minded government at the Centre.
Global growth is expected to rise moderately to 3.0 % in 2015 from 2.6% in 2014 and further increase to 3.3% in 2017, the report said, pointing out that there will be significant divergence in trends and that the "oil price collapse will result in winners and losers".
It warned that risks to the outlook "remain tilted to the downside" because of weak global trade, financial market volatility as interest rates in major economies rise, strain on oil producers and a risk of prolonged stagflation or deflation in the euro area or Japan."In this uncertain economic environment, developing countries need to judiciously deploy their resources to support social programs with a laser-like focus on the poor and undertake structural reforms that invest in people," World Bank president Jim Yong Kim said in a statement.
"In India, export growth has been robust, and investor confidence has been bolstered by the election of a reform-minded government. The current account deficit and elevated inflation—both persistent vulnerabilities—have declined considerably. Over the medium-term, growth is expected to rise steadily to 7% as reforms begin to yield productivity gains. This is expected to benefit other countries in the region which receive remittances from India," the World Bank said in its report.
It will also benefit from softer crude oil."Amongst large middle-income countries that will benefit from lower oil prices is India, where growth is expected to accelerate to 6.4% this year (from 5.6% in 2014), rising to 7% in 201617," the statement said.
The new government has undertaken a raft of measures including liberalising foreign direct investment in defence and insurance and opening up railways, passed ordinances to auction coal blocks and ease land acquisition to boost business sentiment and pumpprime growth that witnessed decadal lows of sub 5% in the last two fiscal years.Growth in 2014-15 is expected to recover and climb to 5.5%, according to various forecasts.
The World Bank sees softening in oil prices as a window of opportunity for implementing subsidy and energy tax reforms in oil-importing countries such as India.
"This would make available additional fiscal resources fiscal resources which could be used to rebuild fiscal space or increase fiscal resources for better-targeted pro-poor spending or investment… The challenge now is for policy makers to seize this opportunity," it said. India has deregulated diesel prices and is looking to further reform subsidies after the expenditure management commission submits its report this month.The report sees three challenges for developing countries--monetary, benign cyclical environment and need for structural reforms.
"Developing countries face three major policy challenges. First, monetary and exchange rate policies might have to adapt to the more normal (that is less easy) financial conditions that will eventually accompany the recovery in high-income countries. Second, some developing countries that face benign cyclical environments should rebuild fiscal space" said Kaushik Basu, World Bank chief economist and senior vice president.

HDFC Bank to launch Digital Wallet

HDFC Bank is drawing on its clout as a banker to most of the e-retailers to launch a digital wallet and an electronic marketplace for various online merchants. Once an accountholder or cardholder (even non-HDFC Bank debit and credit cardholder) registers for a digital wallet, he can transact on most websites using only wallet credentials.
HDFC Bank's entry is significant considering that it is the market leader both as a card issuer and in processing card payments for merchants, and accounts 40% of e-commerce transactions. Also, the digital wallet — which can be accessed from a mobile app or online — will be enabled for contactless payment using Near Field Communication (NFC) by flashing the phone in front of readers that can accept NFC payments.
The bank is betting big on the wallet because it is now seeing a shift in e-commerce from desktop to mobile phone. Whether it is tickets or consumer goods, mobiles account for half of purchases in terms of number of transactions. But the complexity of entering card details onto a phone screen also leads to high level of failed transactions. An e-wallet meets RBI's requirement of two-factor authentication but does away with the hassle of filling card details every time.
The bank plans to expand its Smartbuy subsite, which aggregates offers from various merchants for HDFC Bank customers. All the merchants have been signed on for the digital wallet and they have mobile sites of their own, which can be accessed via HDFC Bank's wallet app that will facilitate a one-click purchase.

RBI springs a Rate Cut surprise

A surprise rate cut decision by RBI governor Raghuram Rajan triggered a strong rally in the market with the sensex closing 729 points higher to 28,076, its biggest single-day gain in over five years. Across-the-board buying during the day led to 28 of the 30 sensex stocks closing higher, adding about Rs.1.80 lakh crore to investors' wealth as BSE's market capitalization z oomed past the Rs.100-lakh crore mark again. On the NSE, the nifty gained 217 points at 8,494.
Although the rally was across the board, rate sensitive stocks like banking & financial services, real estate, capital goods and auto stocks led the surge. A cut in interest rate by the RBI means banks can lower their rate of interest for lending which can lead to higher demand for loans for customers and companies, and hence better income and profit for these companies. Lower rates can also lead to higher demand for loans to buy cars and houses, while capital goods companies are likely to see lower interest outgo.
Dealers said the RBI's decision, on top of the falling crude prices globally , could put the Indian market in a sweet spot for the sensex to rally to new highs in the next few weeks. The day's rally on Dalal Street also discounted Wednesday's slide on Wall Street where the Dow Jones closed 187 points lower due to the falling crude prices.
The rally was also helped by strong FII buying with the data on the BSE showing a net inflow of Rs.1,738 crore.Domestic funds, on the other hand, were net sellers at Rs.527 crore. In addition to buying by FIIs and long-term investors, there was short covering by speculators who had earlier sold in anticipation of a slide in the market but rushed in to cut their losses when the market rallied.

Ajay Singh boards SpiceJet again

The ownership and control of SpiceJet will go back to co-founder Ajay Singh with current promoter Kalanithi Maran all set to exit the low cost carrier. Ajay Singh, along with a consortium of investors led by a unit of US-based JP Morgan Chase, is likely to infuse a `significant' sum into the LCC which requires almost Rs.1,500 crore immediately to survive.
In a BSE filing on Thursday, SpiceJet said it would "transfer the ownership, management and control of the company to Singh pursuant to a scheme of reconstruction and revival" being fi led with the aviation ministry . Maran's Sun Group, along with the billionaire personally , holds 58.46% stake in the LCC. It will transfer the stake to the Singh-led consortium and remain an investor with holding of warrants (convertible into 10% stake) in the carrier. SpiceJet promoter Kalanithi Maran is set to hand over control of the troubled low-cost carrier to its co-founder Ajay Singh. While SpiceJet did not disclose financial details of the deal, Maran's stake is worth just over Rs.500 crore. But the airline has dues of way over Rs.700 crore which the Sun Group has refused to pay . The Sun Group may have to infuse about Rs.80 crore into the airline when the 10% warrants are converted.
Aviation ministry sources said the Singh-led consortium would pump Rs.1,500 crore into the LCC, making it the first crisis-ridden airline in recent years to come back from the brink. Others like Vijay Mallya's Kingfisher, Paramount and MDLR have not flown again after running out of cash.
SpiceJet has seen almost half of its Boeing 737s being repossessed by leasors due to non-payment and has cut over 100 daily flights since mid-November. The airline hopes to get a new lease of life now.
Ajay Singh is ready for more funding if the proposed infusion triggers an open offer, under which the new investors will have to acquire another 26% stake worth about Rs.250 crore from public shareholders.
The LCC's current COO Sanjiv Kapoor submitted the ownership transfer plan to the aviation ministry. The airline has 5,000 employees and the downsizing may see significant layoffs in the company going forward.
Ajay Singh, a BJP strongman who coined the term "ab ki baar, Modi sarkar", had started SpiceJet along with UK-based Bhulo Kansagra in 2005. He sold his stake to Maran in 2010 and at that time the LCC had cash reserves of Rs.800 crore.Being completely new to aviation, Maran's Sun Group led the airline to financial disasters.
In the las t quarter ended September 30, 2014, SpiceJet reported Rs.310-crore loss. In financial year 2013-14, it lost over Rs.1,000 crore--the third consecutive year of loss since fiscal 2011-12. Shares of SpiceJet closed 3% higher at Rs 18.65 on the BSE, valuing the company at about Rs.999 crore.