Bangalore better than Delhi, Mumbai in quality of living: Survey

Bangalore ranks better than New Delhi, Mumbai, Chennai and Kolkata amongst Indian cities in overall global quality of living index, according to a Mercer 2012 Quality of Living Survey.

Mercer conducts this survey annually to help multinational companies and other organisations compensate employees fairly when placing them on international assignments. According to the global consulting firm, its Quality of Living index list covers 221 cities, ranked against New York as the base city.

Global ranking by infrastructure

This year’s ranking separately identifies the cities with the best infrastructure based on electricity supply, water availability, telephone and mail services, public transportation, traffic congestion and the range of international flights from local airports, a statement said.

Singapore is at the top of this index, followed by Frankfurt and Munich. Copenhagen (4) and Dusseldorf (5) fill the next two slots, while Hong Kong and London share sixth place. Port-au-Prince (221) ranks at the bottom of the list.

Indian cities

Bangalore’s overall quality of living rank went up from 141 in 2011 to 139 in 2012 and is highest amongst other Indian cities. While New Delhi ranks (143), Mumbai (146), Chennai (150), and Kolkata (151) in overall Quality of living.

Bangalore’s rise in its quality of living ranking can be attributed to positive ratings for international schools which are suitable for expatriates, the survey says.

Mumbai ranks highest on city infrastructure category (134) amongst Indian cities followed by Kolkata (141), New Delhi (153), Chennai (168), and Bangalore (170).

Vienna retains top slot

In a statement issued here, Mercer said, Vienna retains the top spot as the city with the world’s best quality of living. Zurich and Auckland follow in the second and third place, respectively. Munich is in the fourth place, followed by Vancouver, which ranks fifth.

Düsseldorf dropped one spot to rank sixth followed by Frankfurt in seventh, Geneva in eighth, Copenhagen in ninth, and Bern and Sydney tied for the 10th place.

Asia-Pacific cities

Qualifying the Asia-Pacific cities, the survey says that Australian and New Zealand cities rank higher on the index with Sydney (11), Wellington (13), Melbourne (18) and Perth (21) following Auckland (3).

At the bottom

Globally, the cities with the lowest quality of living are Khartoum, Sudan (217); N’Djamena, Chad (218); Port-au-Prince, Haiti (219); and Bangui, Central African Republic (220). Baghdad, Iraq (221) ranks last.

Region-wise

Honolulu (28) is the city in the United States with the highest quality of living, followed by San Francisco (29) and Boston (35). Chicago is at 42 and Washington, DC ranks 43. New York, the base city, ranks 44.

In terms of city infrastructure, Vancouver (9) tops the ranking for the region with Atlanta and Montreal following at 13. In the United States, Dallas ranked 15, followed by Washington, DC (22), Chicago (28) and New York (30).

Europe has 15 cities among the world’s top 25 cities for quality of living. Vienna retains the highest-ranking for both the region and globally. With six cities in the top 10, European cities also fare well in the city infrastructure ranking.

RBI sets up supervisory bodies for SBI, ICICI Bank

The Reserve Bank of India (RBI)  set up two supervisory bodies for State Bank of India (SBI) and ICICI Bank to ensure compliance of global prudential norms and reduce supervisory overlap.

“The objective of establishing supervisory college is to deal with supervisory issues revolving around these banks and establish a cooperation mechanism for cross-border supervision,” RBI said in a statement.

Supervisory colleges have evolved the world over as an important component of effective supervisory oversight of an international banking group, it said.

This mechanism was developed with the aim of reducing supervisory overlap and filling in supervisory gaps for better supervisory co-operation enunciated in Basel II Framework.

The concept, it said, was enunciated in the Basel Committee for Banking Supervision (BCBS) October 2010 Document, “Good Practice Principles on Supervisory Colleges“.

Though India does not have any Systemically Important Banks (SIBs), with a view to benchmarking India with the best practices across the globe and in its capacity as the home country supervisor, the RBI decided to establish a supervisory college each for SBI and ICICI Bank. This is because both banks have vast expanse of overseas operations spreading across many supervisory jurisdictions.

For SBI there are nine host country supervisors. These are, Bangladesh Bank, Central Bank of Bahrain, National Bank of Belgium, Dubai Financial Services Authority, Financial Services Authority (London), Federal Financial Services Authority (BaFin), Bank of Mauritius, Nepal Rastra Bank and Monetary Authority of Singapore.

At the same time, ICICI Bank has seven host country supervisors including Central Bank of Bahrain, National Bank of Belgium, Financial Services Authority (London), Bank of Russia and Monetary Authority of Singapore.

RBI Deputy Deputy Governor K C Chakrabarty hoped the college, being a process and not a one—time forum, will become a key tool of consolidated supervision particularly considering the ever expanding footprint of Indian banks abroad.

National Entrepreneurship Mission

The Committee has made extensive recommendations that are relevant to a number of takeholders both within the Governmental and Regulatory fold and those outside their immediate purview. The Committee believes however, that to build a vibrant entrepreneurial ecosystem leading to significant employment and wealth creation in the country, there has to be a sustained and continuous focus on the simultaneous and coordinated implementation of these measures.

Towards this objective, we recommend that the Central Government set up a National Entrepreneurship Mission (the “Mission”), whose sole focus will be to establish a vibrant entrepreneurial eco system in India. The Mission’s mandate, as one single entity within the Governments both at the National and State levels, will require it to pursue exclusively, the task of facilitating entrepreneurs and entrepreneurship. The Mission’s key roles will be:

1. The Mission will collaborate and work with all other entities, within Government and outside it, with the following objectives:
A. Ensure that the promotion of entrepreneurship is continuously high on the agenda of all stakeholders
B. Educate & inform all best practices globally & put forward well researched recommendations and action plans that would facilitate entrepreneurship
C. Create appropriate measurements, methodologies and systems to track performance across various industries, in this area. A few of these for example, could be India’s global ranking in entrepreneurship, ease of doing business
2. The Mission would work closely with Government ministries/departments of Finance, MSME, HRD, Industry, IT, etc. at both National and State levels, many of whom have developed strategic plans of their own and seek to help them strengthen the element of entrepreneurship in those plans.
3. It would similarly work with Regulators, Banks, Financial Institutions, Angel investors, Venture Capitalists, industry bodies & Chambers of Commerce and educational institutions, both public and private, with the objective of regulatory outcomes which promote and facilitate entrepreneurship.
4. While the general approach would be to work in an enabling and coordinating capacity, it would have the lead role in the area of driving the financing part of the eco system which is the most critical component. In this area it would need to have appropriate empowerment whilst engaging with other stakeholders. In the area of financing, the Mission would be the sole recommending authority to the Government of India and counterpart bodies set up at the State levels.
5. This Mission would derive its unique strength and importance from the fact that it would be the most knowledgeable entity in India on the subject of creation and development of an entrepreneurial eco system that will foster levels of innovation, enterprise and employment that the country needs, on a sustainable basis. It would therefore, be able to achieve a vast majority of its objectives without having an overarching mandate over other entities of Governments.
6. It would also become the nodal point for an entrepreneurship movement and in that capacity, articulate and disseminate the view point of the entrepreneurs amongst all the stakeholders within Government and outside – a capacity that is lacking today.
7. The Mission will develop a clearly defined plan of action, ownership of initiatives, key dependencies, resource requirements for research as well as designing, devising, driving, tracking, and monitoring progress of the initiatives and plans.
8. The Mission should ideally be set up under the Prime Minister’s Office which will give it the ability to exercise adequate influence without necessarily, a statutory authority.
9. The Mission would set up appropriate mechanisms and metrics that will allow it to track its impact on the entrepreneurial eco system in the country.
10. It would similarly help all other stakeholders in drawing up mechanisms to measure their impact on increasing entrepreneurial activity.

National Stock Exchange

The National Stock Exchange of India is a stock Exchange that is located in Mumbai, Maharashtra. The National Stock Exchange basically function in three market sections, that is, (CM) the Capital Market Section); F&Q (The Future and Options Market Sections) and WDM (Wholesale Debt Market Segment).  It is important place where the trading of shares, debt etc takes place.
It was in year 1992 that the National stock Exchange was for the first time incorporated in India. It was not regarded as a stock exchange at once. Rather, the national Stock exchange was incorporated as a tax paying company and had got the recognition of a stock exchange only in year 1993 the recognition was given under the provisions of the Securities Contracts (Regulation) Act, 1956.
The National Stock exchange is highly active in the field of market capitalization and thus aiming it the ninth largest stock exchange in the said field. Similarly, the trading of the stock exchange in equities and derivatives is so high that it has resulted in high turnovers and thus making it the largest stock exchange in India.
It is the stock exchange wherein there is the facility of electronic exchange offering investors. This facility is available in almost types of equitable transactions such as equities, debentures, etc. it is also the largest stock exchange if calculated in the terms of traded values.

Origin and History of the National Stock Exchange

The National Stock exchange was incorporated for the first time in November, 1992. The national stock exchange was not incorporated as the national stock exchange; rather, it had got the recognition of the recognized stock exchange in April, 1993. The National stock Exchange has increased its trading facilities in June 1994 when the WDM (Wholesale Debt Market Segment) was gone live. It is basically one of the three market segments in which the national stock Exchange works. In the same year, 1994 November, the Capital Market (CM) segment of the stock exchange goes live through VSAT.
The National Stock Exchange has become the first Clearing Corporation in India by the introduction of NSCCL in April 1995. In the same year, 1995 July, it has introduced the Investor protection fund which is a very important function introduced by the national Stock Exchange.
The National stock Exchange had grown with leaps and bounds and had shown tremendous growth mainly in all the fields and thus making it the largest stock exchange of India by October, 1995.
The concept of NSCCL was extended by the introduction of clearing and settlement with the help of NSCCL in year 1996. The National stock Exchange has introduced its Index for the first time in year April 1996. The index was known as the S&P CNX Nifty Index. In year June 1996, it has introduced the Settlement Guarantee Fund. The National Securities Depositor Fund was launched by the National Stock exchange in year 1996, November, and thus making it the first stock exchange who becomes the first depository in India.
Because of the efforts and introduction of new concept in the field of trading, the National stock Exchange has received the BEST IT USAGE award by the computer Society of India in the year November, 1996. It has also received an award for the TOP IT USER in the name of “Dataquest award” in year December, 1996.
The National stock exchange has also introduced another index in year December 1996 in the name of CNX Nifty Junior in year 1996.  It had again received an award for the BEST IT USAGE award by the computer Society of India in the year December, 1996. In May, 1998 it had launched its first website. Further in October 1999, it had launched the NSE.IT LTD. Further in year October, 2002, it had launched the Government securities index.
The growth of the National Stock Exchange has been tremendous in every field. It had introduced several programmes and has achieved various achievements and awards while working best in the field in which it is working. The efforts and hard work that is contributed by the National Stock exchange has been tremendous and thus making an important and unique stock exchange in India.

NSE & BSE:
The economic and capital market in a country cannot exist without a stock exchange. The Indian capital market is guided by the two pillars viz. Bombay Stock Exchange and the National Stock Exchange. All the major transactions take place here though there are about 20 other stock exchanges in different cities of India. Both these stock exchanges are situated in Bombay [presently Mumbai]. The Bombay stock exchange [BSE] is located at the Dalal Street and was established in the year 1875. The national stock exchange [NSE] is located at Bandra (east) and was founded in the year 1992.
The indices NIFTY for NSE and SENSEX for BSE are displayed in all major portals, newspapers and financial magazines.
BSE has BSE small cap, BSE Mid cap and BSE500 as indices to take care of the medium and small companies while India index services & Products Limited [IISL] was launched to have indices like S&P CNX Nifty, CNX Nifty Junior, CNX 100, S&P CNX 500 and CNX Mid cap.
BSE and NSE have changed the meaning of trading in the share market in India giving the investors the confidence and endeavour to invest and make big money. BSE replaced the open cry system with automated trading  BSE online trading [BOLT] system was established in the year 1995 and expanded to the other exchanges in 1997 by NSE there by giving the investors wider and easier trading options. Both the BSE and NSE have embraced the latest and sophisticated technology for smoother and better trading operations which has re affirmed the investor’s faith in the Indian stock market. There came a period when people were losing faith in the stock market because of the heavy rush, physical presence requirement, filling forms and the other paper work, lack of proper and timely news. But the computerisation and online trading has again changed the views of the people as trading became easier, simpler and faster.
Many time-consuming tasks have become simplified. The technological revolution that has been taking place has not only made trading easy in India but has changed the world markets too. One just requires an online trading account to operate in BSE or NSE and then they can do their trading business within the trading hours from anywhere in the world. All they would need is a computer with a broadband connection.  Earlier transactions used to take a long time but now everything is done in a few minutes. There are no forms to be filled, registers to be maintained as they are all done electronically. One can view the stock market live once they are online.
The national stock exchange has been in the forefront of online stock trading in the country. Soon the online trading spread to the other exchanges in the country. The development in information technology has attracted the investors to trade in any of the BSE and NSE stock. This development in technology has seen the NSE facilitate easy and convenient trading among the investors. Satellite communication technology has been used to connect with the major cities and towns all over India. The necessary software and hardware is being upgraded regularly to keep up with the trends and development. As of this day the NSE can handle more than 15 million trades every day in the stock market.
The NSE has made a name for itself in the global market too. This included signing of a memorandum of understanding with the Singapore stock exchange for development of a market for Indian products to be listed in the Singapore exchange. Many license agreements have been made between Indian companies and benchmark indexes of US.  Many foreign investors have been attracted by both BSE and NSE. There are many firsts to its credit by the Bombay stock exchange. It introduced free floating index, equity derivatives, launched its website Hindi and Gujarat. It obtained the 1st iso certification for having an exchange and starting exchange enabled internet trading platform The NSE too not to be left behind, has strongly made its name in the world market.

BSE launches carbon-based index CARBONEX

The Bombay Stock Exchange (BSE) has launched BSE Carbonex, the first carbon-based thematic index in the country, which takes a strategic view of organizational commitment to climate change mitigation. This index has been launched with the aim of creating a benchmark, and increasing awareness about the risks posed by climate change. It will enable investors to track performance of the constituent companies of BSE-100 index regarding their commitment to greenhouse gases emission reduction. Constituents of BSE Carbonex are over or underweighted compared to the benchmark based on their performance in the assessment process. In every industry, companies that achieve the strongest assessment scores are favoured at the expense of those achieving poor results. The British High Commission in India through the British Foreign & Commonwealth Office’s Prosperity Fund supported the development phase of the index. ENDS Carbon, a specialist in environment, social and governance (ESG) ratings and benchmark services provider, has provided its expertise in assessing the companies with data sourced from the carbon disclosure project (CDP), a not-for-profit organisation which holds the largest and most continuous set of climate change data in the world. The top 10 constituents in BSE Carbonex are ITC Ltd having 7.11 per cent market capitalisation followed by Reliance Industries (6.48 per cent market capitalisation), ICICI Bank (5.54 per cent), HDFC Bank (5.48 per cent), HDFC Ltd (5.30 per cent), Infosys (5.27 per cent), L&T (4.21 per cent), TCS (3.49 per cent), Hindustan Unilever (2.73 per cent) and ONGC (2.68 per cent). Meanwhile, the carbon credit market worldwide is now reported to be worth about USD 188 billion, one of the only markets that continued to increase during the recent years of worldwide recession. About BSE Established in 1875, BSE Ltd. (formerly known as Bombay Stock Exchange Ltd.), is Asia’s first Stock Exchange and one of India's leading exchange groups and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder-base which includes two leading global exchanges, Deutsche Bourse and Singapore Exchange as strategic partners. BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME). BSE also provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments. It operates one of the most respected capital market educational institutes in the country (the BSE Institute Ltd.). BSE also provides depository services through its Central Depository Services Ltd. (CDSL) arm.

Houses, Household Amenities and Assets of Andhra Pradesh Figures at a Glance

     

National Investment Fund

On 27 January 2005, the Government had decided to constitute a 'National Investment Fund' (NIF) into which the realization from sale of minority shareholding of the Government in profitable CPSEs would be channelised. The Fund would be maintained outside the Consolidated Fund of India. The income from the Fund would be used for the following broad investment objectives:-

	(a)	Investment in social sector projects which promote education, health care and employment;
	(b)	Capital investment in selected profitable and revivable Public Sector Enterprises that yield adequate returns in order to enlarge their capital base to finance expansion/ diversification

Salient features of NIF:

	(i)	The proceeds from disinvestment of CPSEs will be channelised into the National Investment Fund which is to be maintained outside the Consolidated Fund of India
	(ii)	The corpus of the National Investment Fund will be of a permanent nature
	(iii)	The Fund will be professionally managed to provide sustainable returns to the Government, without depleting the corpus. Selected Public Sector Mutual Funds will be entrusted with the management of the corpus of the Fund
	(iv)	75% of the annual income of the Fund will be used to finance selected social sector schemes, which promote education, health and employment. The residual 25% of the annual income of the Fund will be used to meet the capital investment requirements of profitable and revivable CPSEs that yield adequate returns, in order to enlarge their capital base to finance expansion/ diversification

Fund Managers of NIF

The following Public Sector Mutual Funds have been appointed initially as Fund Managers to manage the funds of NIF under the ‘discretionary mode’ of the Portfolio Management Scheme which is governed by SEBI guidelines.

	i)	UTI Asset Management Company Ltd.
	ii)	SBI Funds Management Company (Pvt.) Ltd.
	iii)	LIC Mutual Fund Asset Management Company Ltd.

  
Corpus of NIF

The corpus of the Fund is Rs.1814.45 crore being the proceeds from the disinvestment in Power Grid Corporation and Rural Electrification Corporation. The pay out on NIF was Rs.84.81 crore in the year 2008-09, Rs.248.98 crore in the year 2009-10, Rs.107.32 crore in 2010-11 and Rs. 163.19 crores in 2011-12.

Use of Disinvestment Proceeds

The income from the Fund is to be used for the following broad investment objectives:

	(a)	75% to finance selected social sector schemes, which promote education, health and employment
	(b)	25% to meet the capital investment requirements of profitable and revivable CPSEs that yield adequate returns, in order to enlarge their capital base to finance expansion/diversification

However, in view of the difficult economic situation caused by the global slowdown of 2008-09 and a severe drought that was likely to adversely affect the 11th Plan growth performance, the Government, in November 2009, decided to give a one-time exemption to utilization of proceeds from disinvestment of CPSEs for a period of three years – from April 2009 to March 2012 – i.e. disinvestment proceeds during this period would be available in full for meeting the capital expenditure requirements of selected social sector programmes decided by the Planning Commission/Department of Expenditure. Now as the Country is facing very difficult economic conditions due to Continued financial/economic problems in Europe, impacting the economic growth in India, higher subsidy burden relating to petroleum, food and fertilizers, high Interest rate impacting the manufacturing sector, affecting excise collection, falling revenue collection, the exemption cited above has been extended upto March 2013.
 
Accordingly, from April 2009, the disinvestment proceeds are being routed through NIF to be used in full for funding capital expenditure under the social sector programmes of the Government, namely:-

	(i)	Mahatma Gandhi National Rural Employment Guarantee Scheme
	(ii)	Indira Awas Yojana
	(iii)	Rajiv Gandhi Gramin Vidyutikaran Yojana
	(iv)	Jawaharlal Nehru National Urban Renewal Mission
	(v)	Accelerated Irrigation Benefits Programme
	(vi)	Accelerated Power Development Reform Programme

Share of Small Farmers in Farm Loans Grows to 45%

The agriculture credit flow during the year 2009-10, 2010-11 and 2011-12 was Rs. 3,84,514 crore, Rs.4,68,291 crore and Rs. 5,11,029 crore respectively. During this period credit flow to small and marginal farmers was Rs. 1,22,654 crore, Rs. 1,67,739 crore and Rs. 2,27,835 crore respectively which is 32%, 36% and 45% of the total loan disbursed to the farmers during these years.

The Government has taken several measures to improve credit flow to small and marginal farmers. These measures, inter alia, includes fixation of annual targets for improving agricultural credit flow, provision of crop loans upto Rs. 3.00 lakh @ 4% per annum to such farmers who repay their loan as per the repayment schedule fixed by the banks, extention of benefit of interest subvention scheme to small & marginal farmers having Kisan Credit Card for a further period upto six months for storing their produce in warehouses against negotiable warehouse receipts, collateral free loan upto Rs. 1.00 lakh, implementation of revival package for short term cooperative credit structure in the country etc. 

MNRE Sanctions Funds to 41 Cities Under “Development of Solar Cities” Programme

The Ministry of New and Renewable Energy is implementing a Scheme on ’Development of Solar Cities’ which provides support for 60 cities to develop as Solar Cities in the country. The Ministry has given sanctions for 41 cities for developing as Solar Cities. Gandhinagar, Nagpur, Chandigarh and Mysore are being developed as Model Solar Cities. The Ministry has approved the Master Plants for the 28 Cities and the project installations have already started in few cities.

In pursuance of the programme, a one day ‘National Meet on Solar Cities’ was inaugurated by Shri Gireesh B Pradhan, Secretary, Ministry of New and Renewable Energy on 22nd November 2012, at India International Centre, New Delhi. The Secretary asked the Municipal Corporations to enhance the use of renewable energy in their area and save the fossil fuel based energy. They can amend the building bye-laws suitably to promote the solar water heaters, solar SPV rooftop systems, kitchen waste based plants in the various establishments of the city. Smt. Nisha Singh Joint Secretary, Ministry of Urban Development, emphasized the need for the concerned Ministries to work in coordination with each other.

About 150 persons actively participated in the one day event including the representatives of Municipal Corporations, Developers, Financial Institutions, International Agencies, Manufactures, Investors, Technology Providers and State Nodal Agencies, banks etc. The aim of this meet was to discuss the “Ways Forward” after Master Plan for execution of renewable energy/energy efficiency related projects in respective solar cities. The Municipal Commissioners of Thane, Mysore and Shimla actively participated in the event.  

Infant/Child Mortality Rate

The number of infant/child mortality cases is not reported at the national level. The Infant Mortality Rate has shown consistent 3 point annual decline since 2008. As per SRS report of Registrar General of India, IMR has declined from 53 per 1000 live births in 2008 to 44 per 1000 live births in 2011.

Under National Rural Health Mission (NRHM), flagship programme of the Ministry of Health and Family Welfare, Government of India, the following interventions are implemented to reduce neonatal and child mortality rates in the country:

1) Promotion of Institutional Delivery through Janani Suraksha Yojana (JSY) and Janani Shishu Suraksha Karyakram (JSSK): Promoting Institutional delivery to ensure skilled birth attendance is key to reducing both maternal and neo-natal mortality. JSY incentivizes pregnant women to opt for institutional delivery and provides for cash assistance. JSSK entitles all pregnant women to absolutely free and zero expense delivery including caesarean section operation in Government health facilities and provides for free to and fro transport, food, drugs and diagnostics. Similar entitlements have also been put in place for sick neonates.

2) Strengthening Facility based newborn care: Newborn care corners (NBCC) are being set up at all health facilities where deliveries take place to provide essential newborn care at birth to all new born babies; Special New Born Care Units (SNCUs) at District Hospitals and New Born Stabilization Units (NBSUs) at FRUs are being set up for the care of sick newborn. As on date 399 SNCUs, 1542 NBSUs and 11508 NBCCs are functional across the country.

3) Home Based Newborn Care (HBNC): Home based newborn care through ASHA has recently been initiated to improve new born care practices at the community level and for early detection and referral of sick new born babies. The schedule of home visits by ASHA consists of at least 6 visits in case of institutional deliveries, on days 3, 7, 14, 21, 28 & 42nd days and one additional visit within 24 hours of delivery in case of home deliveries. Additional visits will be made for babies who are pre-term, low birth weight or ill.

4) Capacity building of health care providers: Various trainings are being conducted under National Rural Health Mission (NRHM) to build and upgrade the skills of doctors, nurses and ANM for early diagnosis and case management of common ailments of children and care of newborn at time of birth. These trainings include Integrated Management of Neo-natal and Childhood Illness (IMINCI) and Navjaat Shishu Surakshta Karyakaram (NSSK). A total of 5.5 lakh health care workers have been trained in IMNCI in 471districts and 88,428 health workers trained in NSSK so far.

5) Management of Malnutrition: Emphasis is being laid on reduction of malnutrition which is an important underlying cause of child mortality. 647 Nutritional Rehabilitation Centres have been established for management of Severe Acute Malnutrition (SAM). Iron and Folic Acid is also provided to children for prevention of anaemia. Recently, weekly Iron and Folic Acid is proposed to be initiated for adolescent population. As breastfeeding reduces infant mortality, exclusive breastfeeding for first six months and appropriate infant and young child feeding practices are being promoted in convergence with Ministry of Woman and Child Development.

6) Village Health and Nutrition Days (VHNDs) are also being organized for imparting nutritional counseling to mothers and to improve child care practices.

7) Universal Immunization Program (UIP): Vaccination against seven diseases is provided to all children under UIP. Government of India supports the vaccine program by supply of vaccines and syringes, cold chain equipments and provision of operational costs. UIP targets to immunize 2.7 crore infants against seven vaccine preventable diseases every year. 21 states with more than 80% coverage have incorporated second dose of Measles in their immunization program. Pentavalent vaccine has been introduced in two states of Kerala and Tamil Nadu and proposed to be scaled up in six more states. Year 2012-13 has been declared as ‘Year of intensification of Routine Immunization’. India has achieved a historic milestone by remaining polio free for one full year now. WHO has taken India off the list of polio endemic countries.

8) Mother and Child Tracking System: A name based Mother and Child Tracking System has been put in place which is web based to enable tracking of all pregnant women and newborns so as to monitor and ensure that complete services are provided to them. States are encouraged to send SMS alerts to beneficiaries reminding them of the dates on which services are due and generate beneficiary-wise due list of services with due dates for ANMs on a weekly basis.  

Foreign National to Open Banks in India

As per the “Draft Guidelines for Licencing of New Banks in Private Sector” issued by the Reserve Bank of India (RBI) on 29.08.2011, only entities/groups in the private sector that are owned and controlled by residents shall be eligible to promote banks.

RBI has formulated the Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT) guidelines to be followed by banks, so as to prevent banks from being used, intentionally or unintentionally, by criminal elements for money-laundering or terrorist financing activities. KYC procedures also enables banks to know/understand their customers and their financial dealings better, which in-turn help them manage their risk prudently. Accordingly, all banks, including foreign banks, functioning in India have been advised to follow certain customer identification procedures for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority, i.e. Financial Intelligence Unit-India (FIU-IND). The banks are also required to ensure that a proper Board approved policy framework on KYC/AML/CFT is formulated and implemented by them in accordance with the extant legal and regulatory framework. 

India seen 2nd-most competitive economy in the world

India is likely to emerge as the second most competitive economy in the world after China in terms of manufacturing in the next five years, says a report.

According to the 2013 Global Manufacturing Competitiveness Index compiled by Deloitte Touche Tohmatsu and the US Council on Competitiveness, five years from now, emerging economies would surge to occupy the top three spots.

China would retain the top spot, while, India and Brazil moving up to claim second and third rankings respectively, the report said.

"India's focused and comprehensive national manufacturing strategy, democratic governance and infrastructure development over the next five years may unlock the potential for CEOs around the world to see this rising star," the report said.

The five developed economy nations that were ranked in the top 10 today include -- Germany (2nd), the US (3rd), South Korea (fifth), Canada (seventh) and Japan (tenth), while five emerging economy nations were also ranked in the top 10 today:

China (first), India (fourth), Taiwan (sixth), Brazil (eighth), and Singapore (ninth).

Meanwhile, in the next five years developed economy nations are likely to slip lower in the executive rankings with Germany moving from second to fourth, the US from third to fifth, South Korea from fifth to sixth, Canada from seventh to eighth and Japan falls out of the top 10 moving from tenth to twelfth.

Brazil's jump from eighth to third is the largest jump expected over the next five years. And, Vietnam moves into the top 10 as the tenth most competitive nation.

According to the report talent-driven innovation is deemed the most critical driver of a nation's competitiveness, while, second most important driver position is the economic, trade, financial and tax system of a nation.

This study, gathers data from more than 550 CEOs and senior manufacturing leaders and rank the 38 countries in terms of their manufacturing competitiveness at present and in the next five years.

Ghulam Nabi Azad Chairs the Opening Session of International Conference on Population and Development at Dhaka

Partners in Population and Development (PPD) is an intergovernmental initiative created specifically for the purpose of expanding and improving South-to-South collaboration in the fields of reproductive health, population, and development.

PPD was launched at the 1994 International Conference on Population and Development (ICPD), when ten developing countries from Asia, Africa and Latin America formed an intergovernmental alliance to help implement the Cairo Program of Action (POA).

PPD has presently 25 members countries committed to the implementation of the ICPD Programme of Action, willing to provide political, technical and financial support to South-South Cooperation. While there were only 10 developing countries at the time of formation of the Organization in 1994, over the years PPD’s membership has increased to 25 developing countries across Asia, Middle East and North Africa, Sub-Saharan Africa and Latin America covering more than 57% of total world population. The PPD member countries are: Bangladesh, China, India, Indonesia, Pakistan, Thailand, Viet Nam, Colombia, Mexico, Egypt, Morocco, Tunisia, Yemen, Jordan, Ethiopia, The Gambia, Ghana, Kenya, Mali, Uganda, Benin, Senegal, Zimbabwe, South Africa and Nigeria.

PPD is currently chaired by Shri Ghulam Nabi Azad, Minister of Health and Family Welfare, Government of India, who has been unanimously elected to the post in the 16^th Annual Board Meeting of PPD held in Pretoria, South Africa in 2011.

Shri Ghulam Nabi Azad, Minister of Health and Family Welfare, Government of India, who is currently on an official tour to Bangladesh capital Dhaka, today participated in the opening session of the two-day International Conference on “Evidence for Action: South-South Collaboration for ICPD beyond 2014”, organized jointly by Partners in Population and Development (PPD) and the Government of People’s Republic of Bangladesh. 

South African Government Rolled Out Nelson Mandela Bank Notes

The South African Reserve Bank on 6 November 2012 rolled out new bank notes bearing the face of the country’s first black President Nelson Mandela marking it as a tribute to him.

The Note issued by the South African Reserve Bank, displayed the 94-year-old anti-apartheid icon’s smiling face.

Also, the earlier images of one of the five big animals featured on the old bank notes – lion, leopard, rhino, buffalo and elephant – will be retained on the reverse of the note.

Nelson Mandela is currently living out his retirement in his childhood rural village of Qunu in the Eastern Cape Province.

Nelson Mandela held office between 1994 and 1999 and he is the first black face to appear on South African money.

Government Schemes in India

  Pradhan Mantri Gram Sadak Yojana(PMGSY):

ü  Pradhan Mantri Gram Sadak Yojana (PMGSY) was launched on 25^th December 2000.

ü  It is a nationwide plan in India to provide good all-weather road connectivity to unconnected villages of more than 500 persons in the rural areas (250 persons in the hilly and desert areas).

ü  It is a 100% Centrally Sponsored Scheme.

ü  Allocations under Pradhan Mantri Gram Sadak Yojana (PMGSY) increased by 59 per to Rs.12,000 crore in the Union Budget 2009-10.

   Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY):

ü  It was launched on 4^th April 2005 for attaining the National Common Minimum Programme (NCMP) goal of providing access to electricity to all households in the country in five years by merging “Accelerated Electrification of one lakh Villages and one crore Households” and the “Minimum Needs Programme (MNP)”.

ü  Under the programme, 90% grant is provided by Govt. of India and 10% as loan by Rural Electrification Corporation (REC) to the State Governments.

ü  Rural Electrification Corporation (REC) is the nodal agency for the programme.

ü  The scheme aims at electrification of over 1 lakh un-electrified villages and providing electricity connections to 2.34 crore rural households. The estimated cost of the scheme is approximately Rs. 51,000 crore.

ü  All the BPL families are eligible for free connections under the scheme.

ü  Allocation under Rajiv Gandhi Grameen Vidyutikaran Yojana (RGGVY) increased by 27% to Rs.7000cr in the Union Budget 2009-10.

   Indira Awaas Yojana(IAY):

ü  Indira Awaas Yojana (IAY) was launched during 1985-86 as a sub-scheme of Rural Landless Employment Guarantee Programme (RLEGP) and continued as a sub-scheme of Jawahar Rozgar Yojana (JRY) since its launching from April, 1989.

ü  It has been delinked from the JRY and has been made an independent scheme with effect from January 1, 1996.

ü  The objective of IAY is primarily to provide grant for construction of houses to members of Scheduled Castes/Scheduled Tribes, freed bonded labourers and also to non-SC/ST rural people living below poverty line.

ü  Funding of IAY is shared between the Centre & State in the ratio of 75:25.

ü  The financial assistance provided for new construction under IAY is Rs.35,000/- per unit for the plain areas & Rs.38,500/- for the hilly/difficult areas.

ü  Allocation under Indira Awaas Yojana (IAY) increased by 63% to 8,800 cr in the Union Budget 2009-10.

 Bharat Nirman:

ü  Bharat Nirman, a programme to build rural infrastructure, was launched by the Government of India in 2005.

ü  Phase I of the programme was implemented in the period 2005-06 to 2008-09. Phase II is being implemented from 2009-10 to 2011-12.

ü  Bharat Nirman comprises of six components:

 i)Irrigation

 ii)Rural Roads

 iii)Rural Housing

 iv)Rural Drinking Water Supply

 v)Rural Electrification

 vi)Telephone Connectivity.

ü  Pradhan Mantri Gram Sadak Yojana(PMGSY) for Rural Roads , Rajiv Gandhi Vidyutikaran Yojana(RGVY) for Rural Electrification & Indira Awas Yojana(IWY) for Rural Housing come under Bharat Nirman.

ü  Bharat Nirman programme of six schemes for the development of rural infrastructure is being stepped up by 45% in Union Budget 2009-10.

  Pradhan Mantri Adarsh Gram Yojana(PMAGY):

ü  It is a new scheme launched in the Union Budget 2009-10 by the Union Government on a pilot basis for integrated development 0f 1,000 villages, each having more than 50% SC population.

ü  There are about 44,000 villages in which the population of scheduled castes is above 50 per cent. 

ü  If the pilot scheme is successful the scheme will be expanded to remaining villages.

ü  An amount of Rs.100 crore has been allocated for this Scheme in the Union Budget 2009-10.

  National Rural Health Mission (NRHM):

ü  The National Rural Health Mission (NRHM), launched in 2006 as the central government flagship project that would dramatically change the healthcare system in rural India.

ü  The objective of National Rural Health Mission (NRHM) is to provide accessible, affordable, accountable, effective and reliable health care, especially to the poor and the vulnerable sections of the population in rural areas. 

ü  The NRHM covers the entire country, with special focus on 18 States where the challenge of strengthening poor public health systems and thereby improving key health indicators is the greatest.

ü  Allocation under National Rural Health Mission (NRHM) increased by Rs.2,057 crore amounting to 14,064 crore in the Union Budget 2009-10.

   Accredited Social Health Activist (ASHA):

ü  One of the key components of the National Rural Health Mission is to provide every village in the country with a trained female community health activist – ‘ASHA’ or Accredited Social Health Activist for every village with a population of 1000.

ü  ASHA will take steps to create awareness and she will counsel women on birth preparedness, importance of safe delivery, breastfeeding and complementary feeding, immunization, contraception and prevention of common infections including Reproductive Tract infection/Sexually Transmitted Infection (RTIs/STIs) and care of the young child. 

ü  The ASHA will be trained to work as an interface between the community and the public health system.

ü  ASHA must primarily be a woman resident of the village – married/ widowed/ divorced, preferably in the age group of 25 to 45 years.

  National Rural Employment Guarantee Act(NREGA):

ü  The National Rural Employment Guarantee Act or NREGA is an Indian job guarantee scheme, enacted by legislation on August 25, 2005.

ü  This act was introduced with an aim of improving the purchasing power of the rural people, primarily semi or un-skilled work to people living in rural India, whether or not they are below the poverty line.

ü  The scheme provides a legal guarantee for one hundred days of employment in every financial year to adult members of any rural household willing to do public work-related unskilled manual work at the statutory minimum wage of Rs.100 per day.

ü  The NREGA achieves twin objectives of rural development and employment.

ü  Around one-third of the stipulated work force must be women.

ü  The scheme started from February 2, 2006 in 200 districts, was expanded to cover another 130 districts in 2007-2008 and eventually covered all 593 districts in India in 2008. 

ü  It has been renamed as Mahatma Gandhi Rural Employment Guarantee Act on 2nd October, 2009.

ü  Allocation under NREGS increased by 144% to 39,100 cr in the Union Budget 2009-10.

  Sarva Siksha Abhiyan(SSA):

ü  The scheme of SSA was launched in 2001. 

ü  It is a flagship programme of the Government of India pioneered by Atal Bihari Vajpayee for achievement of universalization of elementary education in a time bound manner.

ü  The Abhiyan is to provide useful and relevant elementary education for children in the 6-14 age group by 2010. 

ü  The assistance under the programme of Sarva Shiksha Abhiyan was on a 85:15 sharing arrangement during the Ninth Plan, 75:25 sharing arrangement during the Tenth Plan, and 50:50 sharing thereafter between the Central Government and the State Government except for 8 NE states.

ü  The programme covers the entire country with special focus on educational needs of girls, SCs/STs and other children in difficult circumstances.

ü  The programme seeks to open new schools in those places which do not have schooling facilities and strengthen existing school infrastructure through provision of additional class rooms, toilets, drinking water, maintenance grant and school improvement grant. 

  Rashtriya Madhyamik Shiksha Abhiyan(RMSA):

ü  Rashtriya Madhyamik Shiksha Abhiyan (RMSA) which is the most recent initiative of Government of India to achieve the goal of universalisation of secondary education (USE) - classes VIII to X.

ü  The Sarva Shiksha Abhiyaan program set up by the government to bring elementary education to millions of children has been successful to a large extent, and has thus created a need for strengthening secondary education infrastructure across the country. 

ü  In Jan 2009 CCEA (Cabinet Committee on Economic Affairs) approved the implementation.

ü  It is announced in 2007 and it is proposed to implement during 11^th Five Year plan

ü  Rs.20,120 crore has been allocated for the Scheme during the 11th Five Year Plan.

NSE 4th largest in number of listed funds

NSE has emerged as the world's fourth largest stock exchange in terms of the number of listed investment funds on its platform, but the Indian bourse ranks low when it comes to the trading turnover of such funds.

For the Asia Pacific region, the National Stock Exchange (NSE) ranks on the top in terms of total number of investment funds, as per the latest data from World Federation of Exchanges (WFE) as on September 30, 2012.
NSE has managed a high rank despite a continuous decline in the number of listed investment funds to 1,060 at the end of September, the data shows.
The number of funds listed at NSE stood at 1,223 in January and came down to 1,060 in August this year.
The exchanges ranked on the top three positions included Luxembourg SE with 6,385 investment funds, followed by BME Spanish Exchanges and Deutsche Borse with 3,034 and 2,832 funds respectively.
Other exchanges that figure in the top 10 are Mexican Exchange (5th), NYSE Euronext (US) (6th), MICEX / RTS (7th), NASDAQ OMX Nordic Exchange (8th), Shenzhen SE (9th) and Santiago SE (10th).
However, NSE has scored among lowest globally in terms of turnover from the investment funds in September.
The turnover from investment funds were a mere USD 64,000 in the month.
Comparatively, NASDAQ OMX recorded the highest turnover from investment funds at USD 7,457 million followed by Shenzhen SE at USD 5,292 million.
Investment funds include UCITS (Undertakings for Collective Investment in Transferable Securities), listed unit trusts, closed-end funds and investment trusts, WFE said.
These are collective funds managed by an investment trust company (a company established with the purpose of investing in other companies) or a management team.
UCITS, listed unit trusts, closed-end funds and investment trusts are all different forms of collective investment, depending on a country's legislation.

List of Government Programs & Schemes of India

1. 1952: Community Development Programme (CDP)overall development of rural areas and people’s participation.
2. 1960-61: Intensive Agriculture Development program (IADP)To provide loan for seeds and fertilizers to farmers
3. 1964-65: Intensive Agriculture Area programme (IAAP)To develop special harvest in agriculture area.
4. 1965 : Credit Authorization Scheme (CAS)Involved qualitative credit control of reserve bank of India
5. 1966-67: High yielding variety programme (HYVP)To increase the productivity of food grains by adopting latest varieties of inputs of crops.
6. 1966-67: Green Revolution:To Increase productivity. Confined to wheat production.
7. 1969: Rural Electrification CorporationTo provide electricity in rural areas
8. 1972 : Scheme of Discriminatory Interest RateTo provide loan to the weaker sections of society at a concessional interest rate of 4%
9. 1972-73 : Accelerated Rural water Supply Programme (ARWSP)
   Providing drinking water in villages
10. 1973: Drought Prone Area Programme:
    Protection from drought by achieving environement balace and by developing ground water
11. 1973: Crash Scheme for Rural Employment CSRE
    For rural employment
12. 1973-74 : Marginal Farmer and Agriculture Labor Agency (MFALA)
    Technical & financial assistance to marginal farmers
13. 1974-75: Small Farmer Development Scheme SFDS
    Technical & financial assistance to small farmers
14. 1975: Command Area Development Programme: (CADP)
    Better utilization of irrigational capacities
15. 1975: Twenty Point Programme (TPP)
    Poverty eradication and an overall objective of raising the level living
16. 1977: National Institution of Rural Development
    Training, investigation and advisory for rural development
17. 1977-78 : Desert Development Programme: (DDP)
    To control the desert expansion by maintaining environment balance
18. 1977-78: Food For Work Programme:providing food grains to labor
19. 1977-78 : Antyodaya Yojna :
    Scheme of Rajasthan, providing economic assistance to poorest families
20. 1979 : Training Rural Youth for Self Employment TRYSEM (launched on 15th August)
    educational and vocational training
21. 1980 : Integrated Rural Development Programme :IRDP (launched on October 2, 1980)overall development of rural poor
22. 1980 : National Rural Development programme NREP
    employment for rural manforce
23. 1982 : Development of Women & Children in Rural Areas (DWCRA)
    sustainable opportunities of self employment to the women belonging to the rural families who are living below the poverty line.
24. 1983 : Rural Landless Employment Guarantee Programme (RLEGP) (Launched on August 15)employment to landless farmers and laborers
25. 1983-84: Farmers Agriculture Service Centers FASCs
    Tell the people use of improved instruments of agriculture
26. 1984 : National Fund for Rural Development : To grant 100% tax rebate to donors and also to provide financial assistance for rural development projects
27. 1985: Comprehensive Crop Insurance Scheme:
    Crop Insurance
28. 1986: Council of Advancement of People’s Action & Rural Technology (CAPART)
    Assistance to rural people
29. 1986: Self Employment Programme for the Poor SEPUP
    Self employment through credit and subsidy
30. 1986: National Drinking Water Mission:
    For rural drinking water renamed and upgraded to Rajiv Gandhi National Drinking Water Mission in 1991.
31. 1988: Service Area Account
    Rural Credit
32. 1989: Jawahar Rozgar Yojna : JRY
    Employment to rural unemployed
33. 1989: Nehru Rozgar Yojna NRY
    Employment to Urban unemployed
34. 1990: Agriculture & Rural Debt Relief Scheme: ARDRS
    Exempt Bank loans up to Rs. 10000 for rural artisans and weavers
35. 1990: Scheme for Urban Micro Enterprises SUME
    Assist urban small entrepreneurs
36. 1990: Scheme of Urban wage Employment SUWEScheme for urban poor’s
37. 1990: Scheme of Housing and Shelter Upgradation (SHASU)
    Providing employment by shelter Upgradation
38. 1991: National Housing Bank Voluntary Deposit Scheme
    Using black money by constructing low cost housing for the poor.
39. 1992: National Renewal Fund
    This scheme was for the employees of the public sector
40. 1993: Employment Assurance Scheme (EAS) (Launched on October, 2)Employment of at least 100 days in a year in villages
41. 1993: Members of parliament Local Area Development Scheme MPLADS (December 23, 1993)
    Sanctioned 1 crore per year for development works
42. 1994: Scheme for Infrastructural Development in Mega Cities : SIDMC
    Water supply, sewage, drainage, urban transportation, land development and improvement slums projects in metro cities
43. 1993: District Rural Development Agency DRDA
    Financial assistance to rural people by district level authority
44. 1993 : Mahila Samridhi Yojna (October 2, 1993)
    Encourage rural women to deposit in Post office schems
45. 1994 : Child labor Eradication Scheme
    Shift child labour from hazardous industries to schools
46. 1995: prime Minister Integrated Urban Poverty Eradication programme PMIUPEP
    To eradicate urban poverty
47. 1995 : Mid day Meal Scheme:
    Nutrition to students in primary schools to improve enrolment, retention and attendence
48. 1996: Group Life Insurance Scheme for Rural Areas
    Insurance in rural area for low premium
49. 1995: national Social Assistance programme:
    Assist BPL people.
50. 1997-98; Ganga Kalyan Yojna
    Provide financial assistance to farmers for exploring ground water resources
51. 1997 Kastoorba Gandhi Education Scheme: (15 August 1997)
    Establish girls schools in low female literacy areas (district level)
52. 1997: Swaran Jayanto Shahari Rojgar Yojna:Urban employment
53. 1998: Bhagya Shree Bal Kalyan Policy
    Upliftment of female childs
54. March 1999 : Annapurna Yojna10 kgs food grains to elderly people
55. April 1999: Swaran Jayanto Gram Swarojgar YojnaSelf employment in rural areas
56. April 1999: Jawahar Gram Samriddhi YojnaVillage infrastructure
57. August 2000 : Jan Shree Bima YojnaInsurance for BPL people
58. 2000 : Pradhan Mantri Gramodaya YojnaBasic needs of rural people
59. December 25, 2000 : Antyodaya Anna YojnaTo provide food security to poor
60. December 25, 2000 : Pradhan Mantri Gram Sadak Yojna:Connect all villages with nearest pukka road.
61. September 2001: Sampoorna Grameen Rozgar YojnaEmployment and food security to rural people
62. December 2001: Valmiki Ambedkar Awas Yojna VAMBAYSlum houses in urban areas
63. 2003: Universal health Insurance Scheme:Health insurance for Rural people
64. 2004: Vande mataram Scheme VMSInitiative of public Private partnership during pregnecy check up.
65. 2004: National Food for Work programmeSupplementary wage as foodgrains for work
66. 2004: Kastoorba Gandhi Balika VidyalayaSetting up residential schools at upper primary levels for girls belonging to predominantly OBC, SC & ST
67. 2005: Janani Suraksha YojnaProviding care to pregnant women
68. 2005, Dec. 16 : Bharat NirmanDevelopment of India through irrigation, Water supply, Housing, Road, Telephone and electricity
69. 2005: National Rural Health Mission:
    Accessible, affordable, accountable, quality health survices to the porest of the poor on remotest areas of the country.
70. 2005: Rajeev Gandhi Grameen Vidyuti Karan Yojna:
    Extending electrification of all villages and habitations and ensuring electricity to every household.
71. 2005: Jawahar Lal Nehru national Urban Renewal Mission: (JNNURM)
    Click here to read more
72. 2006: February 2 : National Rural Employment Guarantee Scheme NREGS100 days wage employment for development works in rural areas.
73. 2007: Rastriya Swasthya Bima Yojna :
    Health insurance to all workers in unorganized area below poverty line.
74. 2007: Aam Aadmi Bima Yojna
    Insurance cover to the head of the family of rural landless households in the country.
75. 2009: Rajiv Awas Yojna
    To make India slum free in 5 years

Schemes merged:

1. National Food for Work program was merged with NREGA
2. Sampoorna Grameen Rojgar Yojna merged with NREGA
3. Intesified Jawhar Rozgar Yojna 1993 was merged with Employment Assurance Scheme 1996 which was later merged with Sampoorna grameen Rozgar Yojna 2001.
4. IRDP , TRYSEM, DWCRA, Million Wells Scheme, SITRA & Ganga kalian Yojna merged with Swaran jayanti Gram Swarojgar Yojna.
5. Rural Landless Employment Guarantee programme merged with Jawahar Rojgar Yojna which was replaced by Jawahar Gram Samridhi Yojna (1999) and Jawahar Gram Samridhi Yojna was merged with Sampoorna grameen Rojgar Yojna (2001)

India set to join talks for world’s largest trade bloc

India is set to join talks for creating the world's largest trade bloc, the Regional Comprehensive Economic Partnership or RCEP, comprising Asean members and three manufacturing giants — China , Japan and South Korea — after a committee headed by Prime Minister Manmohan Singh endorsed the move.

The 16 members who will launch talks in Phnom Penh later this month account for over a quarter of the world economy.

Trade & Economic Relations Committee (TERC) signals the government's intent to drive down import duties further in the coming years, a proposal that may not get too much support from the domestic industry.

In return, the government is hoping to get a sweeter deal for Indian nurses, teachers and auditors who want to work in any of the 16 initial members of the proposed RCEP, which will also have Australia and New Zealand. Of course, this will come with the promise of allowing overseas companies easier access by giving them more flexibility in FDI rules.

The biggest concern, however , is the China factor as the Indian government has so far hesitated in entering into any sort of a trade arrangement with Beijing, fearing that the market would be flooded with cheap imports and make the trade deficit look even grimmer . But TERC is learnt to have taken the view that it would be imprudent to ignore RCEP as India was taking a 'Look East' view of the world.

Besides, it is seen as the trading region of the future, with trade expanding rapidly. The fear in government circles is that entering the bloc late would entail higher commitments , including a steeper reduction in import tariffs.

RCEP is seen as a counter to the Trans-Pacific Partnership, which had Asean members such as Singapore and Malaysia apart from New Zealand as a founding member, but the agenda is now largely driven by the US, backed by Canada and Mexico.

Gujarat No. 1 in investment proposals

Gujarat has emerged as one of the top investment destinations in the country attracting proposals of more than Rs 14.8 lakh crore as on June 2012, an industry body study has said. "Clocking a share of 10.6 per cent in total investments of over Rs 140 lakh crore across the country (till June 2012), Gujarat has emerged as the most lucrative investment destination attracting highest number of proposals, worth over Rs 14.8 lakh crore," Assocham said in its study. Of the total outstanding investments in Gujarat worth over Rs 14.8 lakh crore, investments in private sector accounts for over Rs 10.3 lakh crore and public sector registered proposals worth Rs 4.5 lakh crore, it added.
The investments were attracted in sectors like finance, manufacturing, real estate and irrigation, the survey said. "The flow of private investments is decided by the attractiveness of investment opportunities as they are mostly driven by profitability considerations," Assocham General Secretary D S Rawat said. Besides, bureaucratic efficiency, infrastructure facilities and ease of land acquisition influence the flow of these investments, he added. The survey added that of the Rs 140 lakh crore total outstanding investments, private sector accounts for over 59 per cent at Rs 82.9 lakh crore till June 2012.
After Gujarat, Maharashtra stood second in attracting investment proposals worth Rs 14.3 lakh crore followed by Andhra Pradesh (Rs 12.3 lakh crore), Odisha (Rs 11.8 lakh crore) and Karnataka (Rs 10.4 lakh crore), it said.

Indian government debt jumped 3.6%

The government's debt in the July-September period in this financial year grew by 3.6 per cent to Rs 39,00,386 crore from Rs 37,63,264 crore in the previous quarter.
The total public debt (excluding liabilities that are not classified under public debt) of the Government had grown by 5.2 per cent in April-June quarter. "This represented a Quarter-on-Quarter (QoQ) increase of 3.6 per cent (provisional) compared with an increase of 5.2 per cent in the previous quarter (Q1 of FY13)," the Quarterly Report on Debt Management released by the Finance Ministry said. Internal debt in July-September quarter constituted 90.4 per cent of public debt, compared with 89.6 per cent at the end of June. The internal debt at Rs 35,27,405 crore constituted 34.7 per cent of GDP. It was 33.2 per cent at end-June 2012.
During the second quarter of the fiscal, liquidity conditions in the economy remained generally tight, though the deficit was within the Reserve Bank's stated comfort zone of about one per cent of Net Demand and Time Liabilities (NDTL) of scheduled commercial banks.
The net amount provided under Liquidity Adjustment Facility (LAF) operations, the report added, witnessed some oscillations during the quarter. It further said that the cash position of the government during the second quarter was generally comfortable and remained in positive territory for a major part of the period
under review. Gross tax collections during the April-August at 26.4 per cent of budget estimates were higher than 25.8 per cent a year ago.
In the direct taxes, collections from corporation tax and personal income tax at Rs 64,900 crore and Rs 58,249 crore, respectively, showed healthy growth rates of 25.8 per cent and 30.3 per cent against 13.9 per cent growth rate budgeted for each during FY13. Among the major indirect taxes, growth in collections
from customs and excise duties decelerated to 3.4 per cent and 10.8 per cent, respectively, against budgeted growth rates of 22.0 per cent and 29.1 per cent. However, service tax collections increased by 33.5 per
cent during April-August 2012-13 as against BE growth rate of 30.5 per cent.