The Indian Panorama

Month: July 2016

  • Monsoon session from July 18, government confident of GST passage

    Monsoon session from July 18, government confident of GST passage

    NEW DELHI (TIP): The government on Wednesday asserted it has “enough” support for passage of the Goods and Services Tax (GST) Bill in the monsoon session of Parliament that will commence from July 18 till August 12.

    After a meeting of the Cabinet Committee on Parliamentary Affairs chaired by home minister Rajnath Singh that recommended the schedule for the session, parliamentary affairs minister M Venkaiah Naidu told reporters that the session could also be extended or curtailed by two-three days depending on requirement.

    The session will have 20 working days for now. Naidu said, “We have a wider support and we have enough numbers for GST but we would like to have all parties on board because it will have an effect on states.”

  • For just Rs 300, leave stamp of yourself with India Post

    For just Rs 300, leave stamp of yourself with India Post

    NEW DELHI (TIP): You can now have your picture printed on a postal stamp. Be it a picture of a bride and groom or an infant on his first birthday or those of close buddies during a college reunion, the Indian postal department is ready to give a special touch to your cherished moments – a special stamp customised just for you.

    Get your picture as a stampAnd don’t worry about the cost -it is as low as Rs 300 for a pack of 12 stamps.

    “Philately is one of the core focus areas for the postal department and we have been looking at initiatives that take the postal department closer to the masses,” postal secretary SK Sinha said.

    In fact, the initiative has been in the offing for some time, but the postal department has now decided to give it a fillip.

  • Disqualify 24 Punjab MLAs for being parliamentary secretaries: AAP to EC

    Disqualify 24 Punjab MLAs for being parliamentary secretaries: AAP to EC

    New Delhi (TIP): With the sword of disqualification hanging over its 21 Delhi legislators over the issue of office of profit, the Aam Aadmi Party (AAP) has approached the Election Commission, seeking similar action against nearly 45 legislators of the BJP, Congress and Shiromani Akali Dal, holding similar posts in other states.

    In Punjab, the AAP has sought disqualification of 24 legislators for holding posts of parliamentary secretary (called ‘chief parliamentary secretary’ in the Punjab), of which five are of the BJP and the remaining 19 belong to the SAD. Its complaint said the total number of parliamentary secretaries in the state had gone up to 24 “in violation of Article 191 of the Constitution”.

  • Eid Mubarak, Happy Ramadan, Eid al-fitr

    Eid Mubarak, Happy Ramadan, Eid al-fitr

    The Word Ramadan is also pronounced Ramzan and in many other ways depending on the linguistic influence.

    The Arabic influenced languages call it Ramadan, whereas the Persian affiliated languages call it Ramzan, and with the touch of Sanskrit, it is also called Hari Raya. I am pleased to include the various names of Ramadan around the world in the list below. It is like the British and American variations in English.

    Please note the simplicity in writing is designed for people of other faiths to learn and to know, so we can relate with each other. If you like to wish a Muslim on this happy occasion, you can say Eid Mubarak, Happy Eid, Eid ki Shubh Kamnaeyien, Best wishes, Ramadan Kareem or Happy Ramadan.

    After fasting for 29 or 30 days, and based on the moon sighting, NASA calculations or other traditions, the fasting would come to an end with the celebration. It is one of the three major events for Muslims besides Bakrid and Muharram. Muslims typically gather in a large space and perform their thanksgiving prayer. Doctor Saab, add the link as a Reference previous article

    In the Hindu tradition at the end of Navaratri, Dussehra is celebrated on the 10th day; women fast for Karva Chouth, similarly in the Jain tradition; Paryushan and Daslakshan are celebrated after fasting for 7 to 9 days. The Jews observe fasting during Yom Kippur and Christians during lent through Easter Sunday. Fasting is also observed for medical reasons.

    Although Ramadan is popularly known in the West for its culinary delicacies and fancy Iftaar (ceremonial breaking of fast at sun down), the spirit and intent of Ramadan lies in a human transformation in a month long inner spiritual journey of finding oneself in tune with spirituality. God has no need for the hunger or thirst of someone who hurts others, violates their dignity or usurps their rights, said Prophet Muhammad (PBUH). The fasting of the stomach must be matched by the fasting of the limbs. The eyes, ears, tongue, hands and feet all have their respective fasts to undergo. The tongue’s temptations, for example – lies, backbiting, slander, vulgarity and senseless argumentation – must be challenged and curbed to maintain the integrity of the fast.

    Consciousness of behavior and vigilance over action are the most profound dimensions of fasting: the fasting of the heart focuses on the attachment to the divine. That is when Ramadan really becomes a source of peace and solace, just as Christmas goes beyond the rituals to bring forth kindness, charity and caring.

    True fasting is self-purification; and from this, a rich inner life that bring about values such as justice, generosity, patience, kindness, forgiveness, mercy and empathy – values that are indispensable for the success of the community.

    The purpose of fasting, i.e., abstaining from consuming food, liquids and sensual pleasures during a specified period brings self discipline, self-checking on one’s own integrity and health benefits.

    During fasting one is supposed to become honest, caring, just and a kind human being, a majority of people get that right, some don’t. It’s like the class room where the teacher teaches the same book to every student, yet one become the top scorer and one fails, while most of them pass at varying grades. Fasting is no different.

    Piety (Taqwa) is all about- getting closer to God, or becoming God-like. What is God like? It is to be free from prejudice and to be just, fair, safe and secure.

    So what do Muslims do on the day of Eid?

    From the moment we are born to the last rites of our life and every moment in-between is loaded with rituals, though some of us may deny it. Whether we go to the gym, eat our food; go to sleep, wear clothes, drive some place, in our intimate moments, or picking that phone up, we follow rituals or a system.

    Discipline is necessary to do things on time, managing personal relationships, driving to a destination or keeping within budget to achieve the goals; the result is worth the discipline to most people. When joyous, whether we are a theist or not, we have to express that sentiment, otherwise a sense of incompleteness lingers in our hearts.

    1. Chand Raat is the evening when moon is sighted; everyone gets out and goes shopping for a variety of things to wear the next day. It is really the first day out from 29 days of fasting and everyone looks forward to it.
    2. Mehendi (henna) is applied to female hands over night – these traditions vary from region to region and nation to nation.
    3. Most Muslims wear new clothes signifying a new beginning and that tradition is prevalent in almost every faith.
    4. Zakat is due; it is tithe, like tax, and it is approximately 2.5% of your wealth that you share with your less fortunate fellow beings. It is a way to reduce your guilt that you are blessed with resources while some are not, and also to ensure the society you are not a hoarder.
    5. On the morning, usually around 8 AM -Muslims gather up near a Mosque and walk to a central place to pray together.
    6. It’s a short prayer with a sermon before and after the Namaz. We need an improvement in this area; most of the Sermons are boring and irrelevant.
    7. In the United States, if the Mosque is big enough, they all gather up at the Mosque, or rent a large hall for the congregation.
    8. In many nations people gather up near the cemetery to pray. We did that in my town Yelahanka, a suburb of Bangalore.
    9. Invariably, Muslim throughout the world visits a cemetery to honor their dead. However, the long held tradition is losing its tractions as we become more and more mobile. Memorial Day -http://centerforpluralism.com/memorial-day-and-muslims/
    10. Almost all Muslims hug each other, it is time to put aside the differences and reconnect with each other, they hug three times, each time signifying, I seek your forgiveness and lastly both seek friendship.
    11. On the day of Eid, Muslims cook the best of their foods. Usually it is an open house to friends and family members; no one eats full meal anyplace, but eats a little at each home they visit.
    12. Dessert made out of Vermicelli is the most common item across the world, most of the Desi’s be it Indians, Pakistanis, Bangladeshis and Sri Lankans enjoy Sheer Khurma -Vermicelli’s in liquid form with cashew, dried grapes, pistachio and their likes. I like the thin version that I can pour in a cup of tea and drink.
    13. As it happens on Ugadi, Baisakhi, Dussehra, Christmas and Thanksgiving, people eat more that they can consume on that day and complain that they should not have had that much food, including this writer.

    Everything you had always wanted to know about Ramadan is finally here at this website. www.RamadanNews.com. It has got everything about Ramadan – from how it is celebrated around the world (including Mayans) to what the world leaders say to fantastic TV commercials about Ramadan – The essence, politics, rituals and traditions of Ramadan and more. Plus the most read articles and the current articles about Ramadan.

    “Festivals of the World” is an educational series by Mike Ghouse since 1993 with a belief that, when we live as neighbors, we might as well learn about each other. The best way to build cohesive societies is for its members to understand each other’s sorrows and joys, and festivities and commemorations. We are updating the website www.CenterforPluralism.com , until such time, you can Google the name of Festival with my name and hopefully you will have some information about most festivals of the world.

    (The author is President of the Center for Pluralism, a think tank that offers pluralistic solutions on issues of the day, be it religious, political, social, cultural or racial. He is a motivational speaker on Pluralism, Interfaith, Islam, politics, terrorism, human rights and foreign policy. A community consultant, pluralist, social scientist, thinker, writer, activist, news maker and an Interfaith Wedding Officiant. He is committed to building cohesive societies and offers pluralistic solutions on issues of the day. Please visit www.CenterforPluralism.com and www.MikeGhouse.net)

  • SRINIKETAN FOUNDATION PAYS TRIBUTE TO INDIA’S HEROES AND SAINTS

    SRINIKETAN FOUNDATION PAYS TRIBUTE TO INDIA’S HEROES AND SAINTS

    NEW YORK (TIP): A premier Indian American foundation dedicated to preserving and promoting Indian history, culture and values organized, on Sunday, June 26, a classic cultural event to pay tribute to celebrated Indian heroes and saints.

    Sriniketan Foundation run by Mrs. Purnima Desai who has been running for three decades another well known educational institution Shikshayatan organized a musical evening to pay tribute to the celebrated Rani Lakshmibai, queen of Jhansi kingdom on her martyrdom day. Another hero of India, Maharana Pratap was remembered on his birth anniversary. Similarly, a great saint Kabir was remembered on his birth anniversary. The evening was also dedicated to Ganga. The venue was Shikshayatan-Sriniketan Center located at 149-50 Northern Boulevard. in Flushing, New York.

    Shikshayatan’s students- Sudipta started the program with a short prayer. She was accompanied by Sudeep on Tabla. Sudipta sang Sathya Sai bhajan “Prasann ho Sathya Sai Ganeshaa” followed by Saraswati Vandana, “Hey Sharde Maa”, Raag Bhairavi Chhota Khayaal “Bhavani Dayani” and Taranaa (Raag Bhupali).

    Purnima Ji sang three bhajans. The first bhajan was “Bahati Gangaa” celebrating Gangaa Dasseraa and second was “Shyamal Shyaamal hai Krishna” describing Lord Krishna’s glory. Her last bhajan was dedicated to her SADGURU GURUNATH and all Gurus of GURU MANDALA. A versatile singer that she is, she got great appreciation from the audience. She was accompanied by famous artist from Kolkata, Anirban Dasgupta on Harmonium, top class artist Shivalik Ghosh on Tabla, Suresh Ketwarpe on Guitar. All three artists are not only modest but highly talented and experts in their areas.

    Dr. Narsinha Kamath, a very popular flutist, played two film songs and one classical piece, Shivranjani Raag.

    The highlight of the program was the performance by Bollywood playback singer and Music Director Sharda Rajan Iyenger who sang for more than an hour. Shardaji sang a few extraordinary devotional songs that were composed by her. Later Shardaji sang two songs – one was her old and classic famous song “Titli Udi” and another was an old song of her favorite and renowned singer Noorjahan. She kept the audience spellbound with her energetic voice.

    Dr. Bindeshwari Aggarwal -an eminent poet sang one poem written by Subhadra Kumari Chohan on Lakshmibai “Khoob ladi mardani voh to Jhansi wali rani thi”. Dr. Aggarwal sang another small poem dedicating to Maharana Pratap.

    Mrs. Neena Wahi came from Boston and recited her own poem “Kal Kaa Sapnaa” which was appreciated by the audience. She honored Purnima Ji with a handmade greeting card with Lord Ganesha’s picture on it, with the blessings for the success of Sriniketan Foundation.

    Last but not the least was the great performance by Suresh Ketwarpe who sang some Bollywood songs, playing guitar.

    Purnima Ji thanked the audience by distributing “Hanuman Chalisa” in the form of wallet sized cards in Hindi to keep as Raksha Sutra – a unique product of Sriniketan Foundation, for their valuable time and for gracing the function.

    Purnima Ji recalled that her father’s dream was to have a center look and feel like PARADISE and all attendees not only see the center as PARADISE but also feel as if they entered in the realm of peace and tranquility. The sole purpose of Sriniketan isto give all entrants a feeling of bliss. Purnima Ji says it is happening it is happening with the grace of her Sadguru GURUNATH’s special blessings when he had visited Sriniketan Center. All attendees had Maha Prasad at the end of the program.

  • British home minister May launches bid to succeed Cameron

    British home minister May launches bid to succeed Cameron

    LONDON (TIP): Britain’s powerful home secretary Theresa May on June 30 launched her bid to succeed Prime Minister David Cameron, saying the country needs strong proven leadership to negotiate the best possible terms for the UK leaving the EU.

    “My pitch is very simple. I’m Theresa May and I think I’m the best person to be prime minister of this country,” May, who has been the UK’s longest serving home secretary, said at a press conference.

    She underlined that “Brexit means Brexit” as she announced that she will be running for party leadership contest, which is set to conclude by September 9.

    “Our country needs strong proven leadership to negotiate the best possible terms for the UK leaving the EU. Brexit means Brexit. The campaign was fought, the vote was held, turnout was high and the public has given its verdict,” the 59-year-old Conservative party leader said, adding, “We need leadership that can unite our party and our country”.

    Cameron had announced that he would be stepping down after the referendum results in favour of Britain’s exit from the European Union (EU) last week.

    May said that among her first jobs as the prime minister would be to create a new government department responsible for negotiating Britain’s exit from the EU, headed by an MP who campaigned for Britain to leave the EU.

    May, considered as the most powerful Conservative woman since Margaret Thatcher, spoke about invoking Article 50, the formal procedure for leaving the EU, which Cameron has left for his successor to do.

    “Article 50 should not be invoked before the end of the year,” she said.

    She argued that under her leadership the Conservative Party will come back together, not just for Remain or Brexit, but for the whole country.

    “I know I’m not a showy politician…I don’t go drinking in Parliament’s bars. I don’t wear my heart on my sleeve, I just get on with the job in front of me and you can judge me by my record,” May said.

    Calling for an “open contest”, she added: “Whether it’s a woman or a man it’s about the qualities of the people doing the job.”

    Seen as a tough politician for her firm stance on complex issues like immigration, May has strong support within the Conservative party.

    As the leadership contest continues to heat up before the Thursday night deadline for nominations, she is expected to go head to head with former London mayor and Leave campaigner Boris Johnson.

    Justice secretary Michael Gove, who was expected to back the leadership bid of fellow Brexit campaigner Johnson, has thrown his own hat in the ring instead.

    “I wanted to help build a team behind Boris Johnson so that a politician who argued for leaving the European Union could lead us to a better future. But I have come, reluctantly, to the conclusion that Boris cannot provide the leadership or build the team for the task ahead. I have, therefore, decided to put my name forward for the leadership,” Gove said in a statement.

  • Brexit campaign leader Boris Johnson won’t run for leadership of UK’s Conservative Party

    Brexit campaign leader Boris Johnson won’t run for leadership of UK’s Conservative Party

    LONDON (TIP): The race to become Britain’s next prime minister took a dramatic last-minute turn with former London mayor Boris Johnson —considered a frontrunner — ruling himself out of the race after the defection of a key ally on Thursday.

    Johnson, a prominent campaigner for British withdrawal from the European Union, told a news conference that the next Conservative Party leader would have needs to ensure Britain’s standing in the world.

    “Having consulted colleagues and in view of the circumstances in Parliament, I have concluded that person cannot be me,” he said.

    Johnson dropped out after justice secretary Michael Gove, Johnson’s ally in the EU “leave” campaign, astonished the political world by announcing that he was running to succeed Prime Minister David Cameron. Home secretary Theresa May and work and pensions secretary Stephen Crabb are also in the race.

    The winner of the contest, to be announced September 9, will become prime minister and play a vital role shaping the nature of Britain’s relationship with the European Union after last week’s Brexit vote ended the career of Cameron, whose bid to keep Britain in the EU block failed.

    The bookies’ early favorite is May, who is seen by many in the party as a safe pair of hands as the country struggles to disentangle itself from the EU.

    “This is not a normal leadership held under normal circumstances,” May said in a speech Thursday in London. “The result means we face a period of uncertainty we need to address head on.” Although May had offered a tepid endorsement of Britain’s place in the European Union during the referendum campaign, she was clear that the vote would be respected.

  • Palestinian kills teenage girl in Israeli settlement

    Palestinian kills teenage girl in Israeli settlement

    JERUSALEM (TIP): A Palestinian fatally stabbed a 13-year-old girl inside her home in a Jewish settlement in the occupied West Bank on June 30, before guards shot him dead, the military and hospital officials said.

    A member of the response team that killed the assailant was also wounded in the incident, said an official from the Kiryat Arba settlement, near the city of Hebron.

    Over the past eight months, Palestinians have killed 33 Israelis and two visiting US citizens in a wave of street attacks, mostly stabbings. Israeli forces have shot dead at least 198 Palestinians, 134 of whom Israel has said were assailants. Others were killed in clashes and protests.

    An Israeli military spokesman said the girl was attacked in her bedroom. Hospital officials in Jerusalem said she died of her wounds, giving her age as 13. Israeli media reports identified the suspected attacker as a 17-year-old Palestinian from a village near Kiryat Arba.

    Malachi Levinger, chairman of Kiryat Arba’s government council, said on Army Radio that a Palestinian climbed a security fence and entered a family home where he attacked the girl. “Two members of a response team exchanged fire with him. One of them was wounded and the terrorist was killed,” Levinger said.

  • China’s president talks tough ahead of tribunal ruling

    China’s president talks tough ahead of tribunal ruling

    BEIJING (TIP): China will never compromise on sovereignty, President Xi Jinping said on July 1 ahead of an international tribunal ruling over Beijing’s maritime claims, as he marked the Communist Party’s 95th anniversary.

    “No foreign country… should expect us to swallow the bitter pill of harm to our national sovereignty, security or development interests,” Xi told an audience of top officials, to rapturous applause.

    “We are not afraid of trouble,” he said in Beijing’s cavernous Great Hall of the People, stressing a strong army and a wider role for China on the world stage.

    His remarks come as regional tensions rise over Beijing’s claims to nearly all of the South China Sea, with the US sending naval patrols close to artificial islands Beijing has built in the disputed waters.

    Xi took an apparent stab at the US, saying: “We will not show up at other people’s front doors to flex our muscles. That does not show strength or scare anyone.”

    An international tribunal in The Hague will rule on July 12 in a case brought by the Philippines challenging China’s claims in the strategic waterway.

    Beijing insists that the Permanent Court of Arbitration has no jurisdiction over the issue and has boycotted the proceedings.

    In his speech, Xi heaped praise on the ruling party and vowed to maintain the country’s centralised political system.

    “All party comrades must remember what we are constructing is socialism with Chinese characteristics, and not any other ideology,” he said.

    Since assuming the party’s top post in 2012, Xi has rapidly consolidated power while overseeing a more assertive foreign policy and a tighter authoritarian stance at home.

    He has won popularity with a much-publicised anti-corruption campaign that has claimed the scalps of several former top-ranked officials.

  • POUND, EURO MAINTAIN CLIMB IN POST-BREXIT MARKET PAUSE

    POUND, EURO MAINTAIN CLIMB IN POST-BREXIT MARKET PAUSE

    NEW YORK (TIP): The pound and the euro extended gains on Wednesday but remained far below their levels before Britain voted last week to quit the European Union.

    Financial markets that had reeled after last Thursday’s EU exit vote rebounded for a second straight day as fears about Brexit’s impact on the global economy receded.

    “The pause in the selling in nearly all risk assets following the UK’s historic move to leave the European Union appears to be more of a period of market consolidation rather than any meaningful improvement in underlying conditions,” Omer Esiner of Commonwealth Foreign Exchange said.

    The dollar, which had surged earlier in the week as investors sought a haven, broadly eased back.

    The euro rose to $1.1124 around 2100 GMT from $1.1065 at the same time Tuesday. The pound rose 0.9% against the dollar to $1.3455. It gained 0.3%against the euro at 82.67 pence.

    Stephen Innes, senior trader at OANDA Asia Pacific, warned: “This relative calm is unnerving, given how fragile investor sentiment is, and the likelihood of renewed (pound) volatility.

    “As a result, FX markets should remain a hot spot for the foreseeable future. Liquidity is gradually improving and appears to have weathered the initial Brexit sell-off.”

    Global stocks gain as Brexit nerves settle

    European and Asian stock markets built on a recovery from the shattering aftermath of last week’s Brexit vote on Wednesday as investors wagered central banks would ultimately ride to the rescue with more stimulus.

    UK and European banks, a center of concern since Britain shocked global financial markets on Friday by voting to leave the European Union, were broadly higher, extending a recovery from two days of trading which knocked almost 40 per cent off Barclays and RBS.

    Sterling and the euro, the other big victims on Friday and Monday, gained around 0.4 per cent respectively against the dollar. That put the pound 2 cents off Monday’s 31-year lows after falling some 18 cents from Thursday night. Stock markets in Frankfurt, Paris and London all gained more than 1.5 per cent in early deals while the pan-European index of major banks was up 3 per cent.

    Traders say the better mood was part the result of a swing in expectations towards easier monetary policy over the next six months, and part hopes that Britain will remain closely integrated with Europe whatever deal is done.

    “Expect lots of mood swings ahead as the prevailing mood changes but there was definitely an air that full Brexit wasn’t necessarily a done deal yesterday,” Deutsche Bank analyst Jim Reid said in a morning note.

    MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.0 per cent to recoup around one-third of Friday’s stinging loss. Japan’s Nikkei climbed 1.6 per cent, while Australian stocks added 0.8 per cent. Britain’s 27 partners meet without on Wednesday the UK to discuss how to respond to a Brexit and are expected to launch a period of reflection, culminating in a set of EU reform proposals to be unveiled by March of next year.

    Yet Britain’s course out of the EU remains unknown, leaving the future of the entire bloc and its currency an open question.

    “The only certainty in Europe is uncertainty,” analysts at ANZ said in a note. “European leaders appear to want to move forward with Brexit plans as quickly as possible, but political turmoil within Britain suggests a quick turnaround is unlikely,” they wrote.

    Sterling, down as much as 9 per cent in trade-weighted terms on Monday compared to before the vote results, stood at $1.3397, compared to the 31-year low of $1.3122. The euro rose to $1.1064, while the dollar steadied at 102.33 yen.

    The first Federal Reserve policymaker to comment since the vote, governor Jerome Powell, said it had shifted global risks “to the downside”. That only reinforced market expectations the Fed will no longer be able to hike US rates this year, and could even be forced to cut if the domestic economy falters.

  • Pfizer to invest $350 million in China biotech hub, first in Asia

    Pfizer to invest $350 million in China biotech hub, first in Asia

    Pfizer Inc will invest $350 million to build a biotech center in China, the latest in a series of moves by pharma industry giants to set up shop in the world’s no. 2 drugs market with the aim of securing faster approvals for their products.

    The facility in eastern Hangzhou region – Pfizer’s first biotech center in Asia – is expected to be completed by 2018, the firm said in a statement on Tuesday.

    Global “Big Pharma” is increasingly looking for smart ways to tap China’s healthcare market, estimated by consultancy IMS Health to be worth around $185 billion by 2018. From investing in China facilities to acquisitions, licensing deals and joint ventures, the aim is to seek an edge in dealings with domestic regulators and government.

    John Young, group president for Pfizer’s essential health division, said in the statement that the Hangzhou facility should “help support China’s aim to increase the complexity and value of its manufacturing sector by 2025”.

    Pfizer said it would “work closely” with local regulators to bring the drugs “to market as soon as possible”. The center will mostly on biologic drugs – made from living micro-organisms rather than chemically synthesized – and lower-cost ‘biosimilars’, of generic versions of biologics.

    Pharmaceutical executives have long complained about the slow process of getting drugs to market in China, while others have run up against regulatory roadblocks. Pfizer had to close its vaccine business in the country last year after a license for its top-selling vaccine Prevenar was not renewed.

    China’s overall healthcare spending is set to hit $1.3 trillion by 2020, but drug market growth has slowed to a low single-digit percentage pace from over 20 percent just four years ago as branded generics have lost their shine and Beijing has looked to drive down prices to keep a lid on costs.

  • INDIA EMERGES SAFE HAVEN AFTER BREXIT: SUBRAMANIAN

    INDIA EMERGES SAFE HAVEN AFTER BREXIT: SUBRAMANIAN

    HYDERABAD (TIP): Brexit may have caused a lot of uncertainty in the global economy but the development has made India a `safe haven’ for investors in the past few days, Chief Economic Advisor (CEA) Arvind Subramanian said.

    “There has not been much of a pullout from India at all, if you look at where the money has gone out from the stock market in India. Among all the major economies, India may be the third or fourth least affected. Similarly, our currency has been affected much less compared to other currencies. In some ways if we look at the data, India seem to be like a haven where money came in rather than left as the economy is relatively sound and growth prospects are good,” Subramanian said. He was delivering a talk at the C R Rao Advanced Institute of Mathematics, Statistics and Computer Science at the University of Hyderabad.

    Citing the example of trading in government securities (G-secs), the former IMF economist said after the first two days of Brexit, the yield on G-Secs went down, which meant that more people were buying government bonds in India. Bond yields and prices are inversely related, thus when bond prices go up, yields fall. “Essentially if you look at what happened to yields in G-secs, normally you would think that when there is a crisis, people will go out of G-secs. But in fact, people not buying (government bonds) and that is in contradiction to several emerging countries like South Africa, where G-sec rates went up (because people sold these bonds),” he said.

    Subramanian said the current account deficit is expected to be within 1 per cent of the GDP this fiscal due to low oil prices. On food inflation, he said high prices of pulses is a major concern as two successive years of drought has hit production in the country.

  • FIIS STAY PUT, BUT INFLOWS AT 5-YEAR LOW

    FIIS STAY PUT, BUT INFLOWS AT 5-YEAR LOW

    CHENNAI (TIP): Foreign institutional investors (FIIs) have not logged out of equity markets in a big way after ‘Brexit’. But their investments in the stock markets stands at only around $3 billion (19,238 crore) so far in 2016 (till June 28) on a net basis, the lowest for a six-month period in five years.

    Net investments by FIIs in the Indian markets has plunged about 51% on a year-on-year basis during the period. FIIs are exiting stocks of healthcare companies, a defensive bet and a traditional favorite, in a big way. They are also showing little interest in financial services firms, which include banks, following the increase in stressed assets and tepid growth.

    The benchmark Sensex and the broad-based Nifty have advanced by only 1.6% and 2.3% respectively so far in 2016 as both overseas and domestic investors are not showing much appetite for equities. “There is a lot of uncertainty. FIIs are sitting on the sidelines as the expected uptick in corporate earnings did not happen and there is no clarity on Fed rate hikes,” says G Chokkalingam, founder and managing director, Equinomics Research and Advisory.

    “Most of the money is coming through ETFs (exchange traded funds that are passive investment vehicles),” says Deven R Choksey, MD, KR Choskey Shares and Securities. “The churn in the portfolio has also been quite high,” he says.

    After investing nearly $3 billion in healthcare companies in 2015, overseas investors turned negative on the sector selling stocks to the tune of $392 million till the end of May. Healthcare firms accounted for substantial chunk of net FII inflows into stock markets in 2015 with their investments in the sector jumping nearly ten-fold in value terms during the year.

    Despite fears over possible flight of capital, overseas investors have pulled out a mere 418 crore after the Brexit announcement from the Indian stock markets. The markets have also not taken a hit after the initial plunge.

    Experts believe that the markets would now take cues from the progress of the monsoon. “Brexit and Rexit are not risks. Only the exit of the monsoon is a risk,” Chokkalingam quips.

    After betting big on the Indian markets in the first half of 2015, FIIs exited stocks in the latter half with their net investments coming at just 17,808 crore for the entire year. Overseas investors turned bullish on Indian markets only from March this year.

  • One-armed Chechen warlord Akhmed Chataev reportedly behind Ataturk massacre

    One-armed Chechen warlord Akhmed Chataev reportedly behind Ataturk massacre

    ISTANBUL (TIP): Turkish media have named a one-armed Chechen warlord as the mastermind behind the Istanbul Ataturk Airport massacre. The shocking triple suicide bombing on Tuesday, 28th June, claimed the lives of 43 people – 19 of them foreigners – and injuring more than 300.

    The Turkish authorities have pointed the finger at Sunni terrorist group Islamic State (Isis). The attackers have been identified as being Russian, Uzbek and Kyrgyz nationals.

    No terror group claimed responsibility for the attack so far, as pictures emerged of the bombers wheeling baggage into the airport before they began shooting innocent civilians. Some reports have named one of the men as Osman Vadinov, and he is said to have crossed into Turkey from Syria last year.

    Following the deadly attack, police carried out raids on 16 separate locations in Istanbul and rounded up 13 people suspected of having links to IS (Daesh). According to reports, the manhunt spanned three neighborhoods on the city’s Asian and European sides.

    Turkish police are hoping to track down Akhmed Chataev, an IS commander with at least 130 militants at his disposal as a matter of priority, according to the BBC. Chataev, who is also known by his nom de guerre “Akhmed the one-armed”, is accused by security sources of creating terror cells that can be sent into Russia.

    Istanbul Airport attack
    Istanbul Airport attack

    Chataev, who claims that his right arm was chopped off in prison, is thought to target young men who hold European Union passports for jihad. The Chechen is believed to have fled Russia 12 years ago, and was granted refugee status in Austria.

    He is accused of sending military equipment to the Northern Caucuses for terrorists to use and in 2008, he was arrested in Sweden and spent a year in jail for illegal possession of Kalashnikov guns, explosives and bullets, which were found in his car, the Daily Mail reported. Chataev insisted that he was trapped in a sting operation.

    After relocating again to Ukraine he is then said to have narrowly avoided deportation to Russia because of his Austrian citizenship. A year later he was injured in a battle in the Lopota mountain valley, in Georgia.

  • A New Grocery Store and Farmers Market Opens in Hicksville

    A New Grocery Store and Farmers Market Opens in Hicksville

    Maharaja comes to Hicksville. Yes, it is the new grocery store and farmers market. The grand opening on Thursday, June 30, saw a large number of customers and owners’ friends and relations. Mr. Gurdip Singh Narula offered prayers (Ardas) for the owners. Mr. Dilip Chauhan, Director with Nassau County Comptroller’s Office, presented a citation to Amandeep Singh Toni, on behalf of the Nassau County.

    Speaking with The Indian Panorama Mr. Toni said that Maharaja was a little different kind of store as it offered much more than the existing Indian stores did. He named bakery as an attraction as also availability of meats as another. He said the store supplied Kosher and organic food. In fact, there was a great variety available at the store which is centrally located at Delco Plaza on Broadway.

    Mr. Johri quoted Sant Rajinder Singh ji “Honesty begins when ego ends” to emphasize the importance of humility and praised Tony for being humble and gentle. Mr. Dilip Chauhan said additionof a super store indicated the growing enterprise of Indians. He said it made him happy to see Hicksville and Nassau County attracting entrepreneurs. He wished Toni all luck and assured of the County’s help for all small businesses. Mr. Zinda Singh was much impressed with the large store with a rich variety of stuff. He said addition of another store was good for consumers who will benefit from competition among the businesses.

  • Polls Indicate Clinton Leads over Trump in Battleground States

    Polls Indicate Clinton Leads over Trump in Battleground States

    NEW YORK (TIP): As of June 30, major polls have indicated Clinton is leading over Trump in battleground States.

    According to Ballotpedia’s battleground poll, Clinton leads Trump across the board in battleground states. Ballotpedia finds Clinton leading Trump 51% to 37% in Florida; 45% to 41% in Iowa; 50% to 33% in Michigan; 48% to 38% in North Carolina; 46% to 37% in Ohio; 49% to 35% in Pennsylvania, and 45% to 38% in Virginia.

    Each of the seven States surveyed is seen as a swing state where either party is normally seen as relatively competitive in presidential elections, though Michigan has gone Democratic in most recent presidential elections.

    Ballotpedia surveyed roughly 600 voters in each of the States between June 10-22 for the poll and each survey has a margin of error of plus or minus 4 percentage points.

    Separate polling in three battleground States, conducted by Quinnipiac University, found a much tighter race: Clinton up 8 points in Florida, but only 1 point in Pennsylvania and a tie in Ohio.

    A Quinnipiac University national poll released Wednesday, June 29 shows Hillary Clinton leading Trump by just two points, 42%to 40%, a much closer race than other recent surveys have shown. With third-party candidates included, Clinton leads 39% to 37%, with Libertarian Party nominee Gary Johnson at 8% and Green Party candidate Jill Stein at 4%.

    This Quinnipiac poll is quite different from other recent surveys on the presidential race, showing a much tighter contest than others. Its field period overlaps with those of the Washington Post/ABC News and NBC News /Wall Street Journal polls released Sunday, June 26, both of which found Clinton significantly ahead of Trump.

    Hillary Clinton leads Donald Trump by six points, 44% to 38%, in a Fox News poll of registered voters released Wednesday, June 29, marking an uptick from similar polls released in May and June.

    The Fox News results follow a rough patch for the Trump campaign: In May, the presumptive Republican nominee enjoyed a three-point lead in the same survey. But by early June, those numbers had flipped, with Clinton jumping out to a 42% to 39% advantage.

    CNN’s Poll of Polls — an average of results for the five most recent publicly released national polls that meet CNN’s standards for publication — has Clinton leading Trump 46% to 40%.

    Her lead among women in this latest round –51% to 32% — outpaces Trump’s with men, where his edge has dwindled to 10 points, 46%to 36%.

    The state of the race remains essentially unchanged when Libertarian Gary Johnson is thrown into the mix.

    Johnson wins 10% of the vote in a three-way competition, taking about equally from Trump and Clinton, whose lead scales down to 41% to 36%.

    Despite having seen off his last primary rival nearly eight weeks ago, Trump also lags behind Clinton on the party unity front.

    His lead among Republicans is down to 74%from 82% in May. And only 52% of registered GOP voters who had previously supported one of his opponents picked the billionaire businessman over Clinton.

    On the Democratic side, Bernie Sanders voters appear more willing to shed their primary loyalties and back the party’s likely nominee.

    Two-thirds of the Sanders backers surveyed said they would vote for Clinton over Trump. Overall, 83% of Democrats plan to support Clinton in November.

  • President Obama, Hillary Clinton to campaign together, with first stop in NC on July 5: Staff

    President Obama, Hillary Clinton to campaign together, with first stop in NC on July 5: Staff

    WASHINGTON (TIP): US President Barack Obama will hit the campaign trail for the first time with presumptive Democratic White House nominee Hillary Clinton next Tuesday, July 5, in North Carolina, her staff announced.

    “In Charlotte, President Obama and Hillary Clinton will discuss building on the progress we’ve made and their vision for an America that is stronger together,” Clinton’s campaign said in a statement. Their debut joint campaign appearance for the 2016 election had been scheduled for June 15 in the state of Wisconsin, but was postponed due to the massacre in Orlando, Florida — the worst mass shooting in US history.

    Obama came out and endorsed Clinton on June 9 after months of assiduously avoiding tipping the scales of the Democratic presidential primaries.

    “I don’t think there’s ever been someone so qualified to hold this office,” Obama said in a video message that day as he offered his full-throated endorsement of the former secretary of state, senator and first lady.

    “I’m with her, I am fired up, and I cannot wait to get out there and campaign for Hillary,” added Obama, who won a brutal, months-long Democratic primary battle against Clinton in 2008.

    Their joint appearance comes with US Senator Bernie Sanders refusing to bow out of the race for the Democratic nomination, despite rival Clinton amassing the necessary number of delegates to clinch it outright at next month’s party convention.

    Clinton, aiming to make history as the nation’s first female commander in chief, is expected to square off against Republican billionaire businessman Donald Trump in November’s general election.

  • India’s own light combat aircraft Tejas joins Indian Air Force

    India’s own light combat aircraft Tejas joins Indian Air Force

    NEW DELHI (TIP): Three decades after the Tejas Light Combat Aircraft went into development, there is a grudging acceptance that the fighter which has been officially inducted into the Air Force, Friday, July 1, in Bengaluru is, in many ways, world-class.

    While the delay in delivery cannot be justified, there have been fierce debates on why that happened. State-run Hindustan Aeronautics or HAL, which is the lead player in the Tejas project, says the air force kept shifting the goal post on what exactly it wanted from the jet. The manufacturer also says it was hit by sanctions imposed by the US after the Pokhran nuclear test in 1998, which placed crucial technology out of reach.

    The Air Force, for its part, has insisted there are better options available in the world market, jets built by manufacturers who have been in the business of military aviation for decades. The Tejas, they have argued in the past, will be obsolete by the time it enters Air Force squadron service.Except it isn’t. Not in the least.

    Equipped with a modern Israeli multi-mode radar, the Elta 2032, state-of-the-art Derby air-to-air missiles to attack enemy jets, and modern laser designator and targeting pods to hit ground targets, the Tejas is, in many ways, as capable as the French-built Mirage 2000, the aircraft used by HAL as its bench mark. Every pilot that has tested the jet has sworn by the Tejas’s flight control system and the ease with which it maneuvers. Not a single Tejas fighter has been lost to an accident during flight tests during 3,000 sorties.

    Confronted by these facts, critics of the jet say the Tejas is not indigenous at all. They point out that the engine is American, its radar and weapons Israeli, its ejection seat British -al that in addition to several other imported systems and subsystems. HAL counters that leading Western designs like the French Rafael and the Swedish Gripen also have imported systems because it’s simply too expensive and too time-consuming to develop components that have been perfected and are available for purchase.

    So has the Tejas program added to India’s engineering and scientific knowledge? It has. The fly-by-wire system gives computer-controlled inputs to charter the flight of the aircraft – and it’s completely Indian. To deal with enemy jets, the Mission Computer which processes data provided by sensors like the radar is Indian. In fact, the hardware and the software of the Mission Computer has been designed around an open architecture framework which means that it can be upgraded in the future. The jet itself is constructed using Indian-made carbon fiber composites which are light-weight and ultra-strong alternatives to metal. A host of general systems dealing with everything from fuel management to steering of the nose-wheel are all made in India. A key sensor, the Tarang Radar Warning Radar, which lets the pilot know of enemy aircraft or surface-to-air missiles in the vicinity of the Tejas, is also Indian.

    Modern fighter aircraft, including the air force’s top gun, the Sukhoi – 30, are notoriously unreliable and maintenance-heavy. Less than 60 per cent of Sukhoi fleet is available at any one time to conduct missions, a huge concern for the air force. HAL says the Tejas will be available more than 70 per cent of the time when called in for missions and are targeting a minimum of 80 per cent, far in excess of what the IAF is presently able to achieve with most of its other jets.

    When the Indian Air Force’s 45 squadron, the “Flying Daggers”, took ownership of their first fighters, the Tejas program turned over to an all-new page. As a light fighter based on requirements that were last updated more than a decade ago, the Tejas will never be among the best fighters in the world. It will, however, provide the Indian Air Force far more than what they had initially wanted – a MiG-21 replacement.

  • At least 18 killed by a roadside bomb in Somalia

    At least 18 killed by a roadside bomb in Somalia

    MOGADISHU (TIP): At least 18 civilians were killed when a roadside bomb went off on June 30 in Somalia’s Lafole town, southwest of the capital, blowing up a packed mini-bus that was passing by, police said.

    There was no immediate claim of responsibility. The al Shabaab militants have frequently launched attacks against security forces and civilians around the country in the past. The group wants to topple the Western-backed government.

    “All the 18 people on board the mini-bus are dead and burnt. A remotely controlled bomb along the road exploded,” said Abidkadir Mohamed, a police officer at the scene. Nur Ahmed, who was driving along the same road, said the mini-bus was being escorted by a vehicle carrying troops.

    A government truck full of soldiers followed by the minibus overtook him at high speed before he heard a loud explosion, Ahmed said.

  • Volume 10 Issue 25 | New York | Jul 01

    Volume 10 Issue 25 | New York | Jul 01

    10 years
    Celebrating 10 Years of The Indian Panorama

    Print Edition

    Reimagined for the Web 

    Volume 10 Issue 25 ~ NY ~ Jul 01

     

    VOL 10 ISSUE 25 ● NEW YORK ● JULY 01 - JULY 07, 2016
    VOL 10 ISSUE 25 ● NEW YORK ● JULY 01 – JULY 07, 2016

     

     

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