13th October, 2011

THE HEADLINES
Government to streamline labour legislation for the welfare of workers ; Prime Minister gives away Shram Ratna, Shram Veer and Shram Devi awards. Cabinet approves overseas acquisition of raw material assets by profit making Central public sector enterprises; India Infrastructure Finance Company brought under supervision of RBI. Government announces 900 crore rupee package for exporters; Special scheme for export to markets in Latin America, Africa and CIS countries. Food inflation eases to 9.32 per cent for the week ended October 1st. Janhvi Gogoi and Krishna Thapa storm into the semifinal of the 12 th Senior Womens Boxing Championship in Bhopal. []<><><>[] The Prime Minister Dr. Manmohan Singh has said that the government is working on several fronts to streamline labour legislation for the welfare of workers. The Prime Minister asserted that the government is committed to take all possible steps to ensure good industry-labour relations. S/B of PM (Welfare) Though our Government is working on several fronts to streamline labour legislation for the welfare of workers, we are also aware that there are many areas of labour legislation that may require reform to encourage business and enterprise. We will move ahead only in those areas where a broad consensus for reform is built and will ensure that the interests of our workers are fully protected in doing so. The Prime Minister reminded that government has taken a series of steps for the benefit of unorganized sector workers.

S/B of PM (unorganized workers)

Our government has taken a series of steps for the benefit of our workers in the unorganized sector. The Rashtriya Swathya Bima Yojana is already benefiting about 25 million workers and we are in the process of covering more categories of workers under this ambitious scheme. A National Fund has been created to finance development schemes for the unorganized sector. Dr. Singh emphasised that for sustained economic growth, it is necessary to provide sufficient attention to skill development of youth across the country. S/B of PM (Youth) We are particularly alive to the fact that India has a younger population in comparison to most other countries in the world and skill development is one of the necessary conditions for making effective use of this vast demographic

dividend. Our policies of the past seven years reflect the importance we give to education and skill development Earlier, the Prime Minister gave away Shram Ratna Award to Mr. Nagaraja of Bharat Electronics Limited for the year 2008. Shram Bhusan and other awards to 189 workers from public and private sectors were also given to recognize their effort for the year 2008,2009 and 2010. []<><><>[] Cabinet today approved a new policy for acquisition of raw material assets from abroad by central Public Sector Enterprises having a three year record of profit. Information and Broadcasting Minister Ambika Soni said after the cabinet meeting that the policy will pave the way for Navratna firms to invest up to 3,000 crore rupees in such assets without government approval. The present limit is 1,000 crore rupees. She said that the policy will facilitate the acquisition of coal, iron ore and other assets abroad. S/B of Ambika Soni The approval of this policy for acquisition of raw material assets abroad by the central public sector enterprises, is expected to significantly enhance the capability of these enterprises to acquire raw material assets abroad and thus protect long term economic interest of the country. In another decision cabinet approved amendments to Laws to enable banks to effectively deal with the menace of bad loans besides encouraging them to disburse credit freely to home and corporate loan seekers. Mrs. Soni said Cabinet also gave its nod to bring Infrastructure Finance Company Limited under Regulatory Oversight of Reserve Bank of India. In another decision, the Government approved more devolution of powers to panchayats in the management of National Rural Drinking Water Programme, and carving out of a special fund to monitor quality of drinking water. []<><><<>[]

Government has announced a package of over 900 crore rupees to boost exports. It also aims at minimizing the impact of financial meltdown in US and European markets on Indian economy. Announcing a slew of measures in the annual supplement of the Foreign Trade Policy, 20092014 in New Delhi, Commerce and Industry Minister Anand Sharma said that the focus is to tap new markets. Special markets identified in Latin America, Africa and CIS Countries will remain in focus. To encourage exports for these markets, shipments will get an additional one per cent duty credit. With this the total credit on exports in these countries will go up to four percent.

The Minister also announced a scheme to provide special assistance for boosting exports in engineering, pharmaceuticals and chemical sectors. Fifty products in these sectors will get special bonus between October and March this fiscal. He also announced launching of the Niryat bandhu scheme with an aim to encourage new and young entrepreneurs in export business. Giving details of the growth in export sector, Mr. Sharma said that they are poised to reach 500

billion US dollars by 2014. We spoke to senior Business Journalist Joyanto Roy Chaudhery on these measures.
Byte of Jayantu Roy The government today announced a package of sopes for exporters which would cost about 900 crores. It is also given interest subsidy to certain sector like Handicraft, Handlooms, small and medium enterprises. This is basically being given with through as our exports can go on. There is recession in the western markets which have been the main buyer 60% of the our exports go to the western countries USA, Europe, Japan and Gulf and these are the places which are hit by recessionary tendency. India is trying to boost export to non traditional markets. []<><><>[] Food inflation declined marginally, to 9.32 per cent for the week ended October 1st. Food inflation, as measured on the basis of the Wholesale Price Index had, stood at 9.41 per cent in the previous week. The rate of price rise in food items had stood at 17.14 per cent in the corresponding week of 2010. The fall in food inflation could be attributed to a moderation in the rate of price rise for some of the items on a week-on-week basis, even though they remained higher on an annual basis. The fall could also be attributed to the high inflation rate of 17 per cent in the corresponding year-ago period, a phenomenon dubbed as the 'high base effect' in economic parlance. []<><><>[] India will ask the G20 member countries to impress upon concerned nations, especially tax havens to facilitate uninterrupted exchange of information on black money and terror financing. The Union Finance Minister Pranab Mukherjee is expected to raise these issues at the two-day G-20 meeting of finance ministers and Central bank governors beginning in Paris tomorrow. New Delhi will also pitch for ensuring strong and balanced economic growth across regions, reforms of the international Monetary System and call for short and long term economic measures to restore market confidence. []<><><>[] NEWS FROM THE BUSINESS WORLD: Erasing its early gains, the Sensex at the Bombay Stock Exchange declined 74 points, or 0.4 percent, to 16,884, on profit-booking, and amid weak European markets, today. The Nifty shed 22 points, or 0.4 percent, to 5,078. But stock markets in Japan, China, Hong Kong, and South Korea gained between 0.8 percent and 2.3 percent. The rupee depreciated 17 paise, to 49.13 against the dollar. Snapping a three-day rally, gold fell 180 rupees, to 27,010 rupees per ten grams in Delhi. Silver lost 500 rupees, to 54,100 rupees per kilo. And U.S. crude oil futures fell 1.34 dollars, to 84.23 dollars a barrel, while Brent crude stood above 110 dollars a barrel. Pradeep Kumar, AIR News []<><><>[]

Intensifying economic, energy and strategic cooperation will be the focus of discussions between the Prime Minister Dr. Manmohan Singh and the visiting President of Myanmar U. Thein Sein in New Delhi tomorrow. The Myanmar President, who is on a four-day state visit to India, will also discuss security and defence cooperation besides counter terrorism measures. Myanmar has assured India that it will not allow its territory to be used by insurgents against India. New Delhi will help Myanmar in capacity building in its armed forces. []<><><>[] India and Germany have signed a comprehensive social security agreement. The agreement will relieve their workers from double taxation. It will also provide for cooperation in areas of labour market expansion and orderly migration. The pact was signed in Berlin by Overseas Indian Affairs Minister Vayalar Ravi and Germany's Federal Minister of Labour and Social Affairs Ursula von der Leyen. []<><><>[] On the occasion of the Royal Wedding in Bhutan, the President Mrs. Pratibha Devisingh Patil, the Prime Minister Dr. Manmohan Singh and the Foreign Secretary Mr. Ranjan Mathai have conveyed their heartiest felicitations to Jigme Khesar Namgyel Wangchuk, King of Bhutan, and Ashi Jetsun Pema, Queen of Bhutan. In his letter, the Prime Minister said that the Government and people of India wish them every happiness and greater peace and prosperity as Bhutan enters a new era in its history. []<><><>[] The Supreme Court has slashed the amount of compensations to Uphaar theatre fire tragedy victims awarded by the Delhi High Court. A bench headed by Justice R V Raveendran reduced the amount of compensation from 18 to 10 lakh rupees to the families of deceased above 20 years of age and for the victims below 20 years, it was reduced to 7.5 lakh from 15 lakh rupees. The bench also drastically reduced the punitive damages to be paid by Uphaar Cinema owners, Ansal brothers to the Centre from 2.5 crore rupees to 25 lakh rupees. []<><><>[] Delhi Police today said that a big terror strike's attempt in the National Capital was foiled following the recovery of an explosive-laden car in Ambala. Talking to reporters in New Delhi, Deputy Commissioner of Police (Special Cell), Arun Kampani claimed that Lashker-eTaiba, LeT and Babbar Khalsa International had joined hands to plot a terror strike in Delhi ahead of Festival season. He said the seizure of the car in Ambala last evening came following a trail of inputs provided by central intelligence agencies. Mr. Kampani said, inputs about the plan of terror strike in Delhi by an LeT module active in Jammu and Kashmir were recieved. He said that the explosives were meant for Babbar Khalsa and to be used in Delhi. []<><><>[] Minister of State in Prime Minister's Office V Narayansamy appealed the protestors at the Koondankolam Nuclear Plant should not block the entry of scientists and workers at the site. Talking to reporters in New Delhi, Mr. Narayansamy said that every one has right to protest

but blocking the movement of people is not a gandhian way of protest. He said that the Prime Minister has already assured that the government will not compromise with the safety and livelihood of the people in the region. []<><><>[] In Bihar amidst tight security arrangements by-polls to Daraunda assembly seat passed off peacefully. Counting of votes will be on the 17th of this month. In Puducherry, an estimated 84 percent of the voters exercised their franchise in the by election to the Indira Nagar Assembly constituency. In Andhra Pradesh, the polling for the by-election held for Banswada Assembly seat passed off peacefully amidst massive security arrangements. Returning officer and the Nizamabad district collector Varaprasad said about 77.6 percent polling was recorded. In Haryana, the Hisar by-poll concluded peacefully amid tight security today. The voting machines are being carried to the strong rooms with escorts for counting. []<><><>[] Now sports news, Janhvi Gogoi of Railways Sports Promotion Board and Krishna Thapa of host Madhya Pradesh stormed into the semifinal round of the 12th Senior Women Boxing Championships being played in Bhopal. Janhvi Gogoi defeated Hema Yogesh of Kerala 25-4. Krishna Thapa beat Rebecca of Mizoram 19-15. Twenty bouts will be played in five different categories today while twenty bouts will be played tomorrow.