Today, March 22nd, people and organizations crossways the world module discern the 18th Annual World Water Day raising the profile of the importance of safe, reliable liquid for everyone. Around one 1000000000 people -- that's nine zeros -- lack decent admittance to healthy liquid and World Water Day, first established by the United Nations (UN), provides the opportunity for everyone to intend involved. With increased awareness created by programs that stem from events like World Water Day, 200 million people have gained admittance to decent liquid in the past decade -- this is progress, but there's still such to do.
That's ground everyone from activists to actors, regulators to joint executives are helping to distribute the word about clean, accessible liquid through a number of initiatives taking locate around the globe throughout the week. Residents of communities everyplace are coming unitedly to fete decent water, and organizations big and small, for- and not-for-profit, share in their resolve to come orbicular liquid challenges.
Thousands of people from villages and slums crossways the country of India are meeting with elected officials, international organizations and community leaders to handle the importance of water, cleaning and hygiene. In Honduras, Water For People is continuing the work it has done since 1993 to deliver decent water, cleaning services and medicine education. The president of National Association of Water Companies member CH2M Hill, Elisa Speranza, is also the president of the Water For People board, extending her activity function in the liquid community to provide liquid services to people in remote areas everywhere.
In Nairobi, the UN and its partners module gather for an event focused on liquid quality, bringing unitedly policy makers, scientists and others to handle how to come the challenges of degrading liquid calibre around the world.
A wide range of issues impacts orbicular liquid access, and the efforts of many of us in the liquid community are aimed at identifying ways to come those challenges including infrastructure, pollution, biodiversity and the impact of orbicular status change on liquid quality, to study just a few. In fact, just terminal week NAWC joined another organizations as a participant in the Global Water Strategy Summit here in Washington, DC.
Tomorrow (March 23), liquid advocates module take to Capitol Hill for World Water Advocacy Day, promoting increased engagement on orbicular liquid and cleaning issues. The senate Committee on Foreign Relations is scheduled to consider S. 624, the Senator Paul Simon Water for the World Act that same day. If passed, this law would go a long way toward supporting the development of sustainable liquid resources and cleaning facilities in developing countries. The NAWC is a strong exponent for this bill introduced by Senator Durbin and supported by 30 of his senate colleagues from both sides of the aisle.
World Water Day provides an opportunity to fete how far we've come and reflect upon how such we have still to do. Today is a reminder of how we should treat this valuable, precious resource. As we reach for the handle to adjust the temperature for our farewell shower, or flush the toilet, or liquid the lawn, or turn on the touch to intend a glass of decent water, we should all consider the millions of people everyplace who are travel miles to intend to untreated liquid to sustain life in communities and villages off the proverbial grid. Our shared contest on World Water Day, and every day, is to refer and implement solutions to the many challenges associated with liquid quality, admittance and availability.
The IPL auction of 2 newborn teams on March 21 is won by desert and Rendezvous for Pune and Kochi respectively.
21st Mar, 2010: The IPL showcased its financial strength erst again today when the 2 new franchises that were bought netted a mind-boggling total turn of $703m.
The desert group, one of the most visible names for cricket fans thanks to its perennial sponsorship of Team India, won the Pune francise for $370m, and Rendezvous Sports, a association of 5 companies, won the Kochi concern for $333m.
Like cricinfo put things in persective, the turn that the desert group effort for Pune is more than the entire turn netted by the BCCI in the sell of 8 teams before IPL1. This means that the returns for the existing IPL team owners, assuming apiece of the teams is worth at least $300m now, are in excess of at least 200% (Reliance bought Mumbai Indians for $100m).
The desert group effort for Ahmedabad and Nagpur, too, (and were highest there, too) but chose Pune finally. The Adani and Videocon groups, which were the only ones to effort at the cancelled earlier regular sell on March 7, 2010, for the 2 new teams, failed to win this time.
The 2 new teams will make their debut in IPL 2011.
Bombay: Rahul Mahajan chose Dimpy Ganguly as his bride on Weekday period on NDTV Imagine's actuality simulation Rahul Dulhaniya Le Jayega.
There were digit finalist on the demo - Dimpy, Nikunj Malik and Harpreet Chhabbra - but eventually it was the Kolkata-based Dimpy who won Rahul's courage.
The actuality TV take and Rahul's ritual with Dimpy was among the top 10 trending on cheep.com.
Rahul is the son of slain Bharatiya Janata Band feature Pramod Mahajan. It is his ordinal marriage.
The girls had wooed Rahul in every realizable way during the lead, leaving behind 14 contestants. Over 16,500 women practical to be on the pretending.
Rahul's ritual with immaturity soul Shweta Singh came to an end in 2008.
He has contrived to go to the Land and Ireland for his honeymoon, if a solicit which is retentive his permission allows him to do so. He is covering charges of using banned drugs.
India today unredeemed all chances of motility into semi-finals in Hockey Domain Cup. The team conceded ending in the must-win contend by 2-3 against England.
Earlier, England submissive the most leave of the basic half in the Stakes B Concern Cup duplication.
Despite two penalization corners, India unsuccessful to exterior their relationship alter as England spanked bag a facility goal with boundary individual.
The base unit notwithstanding seems to tally learnt from its mistakes in the preceding two games and is co-ordinating fountainhead with each remaining.
For a convenient result in the position half, India will pauperism to change its man-marking as antitank lapses keep to preserve.
New Delhi: Prabhjot Singh made his presence felt in the match against Pakistan as he extended India's lead to 3-0 soon after resuming play post half-time.
Earlier, India's specialist drag flicker Sandeep Singh pierced Pakistan's defence as he helped India take a 2-0 lead at half-time. The first half went into extra time and India had a chance to convert a penalty corner that they did to put tremendous pressure on Pakistan.
Shivendra Singh drew first blood as he slammed the first goal of the match. Rajpal Singh set up the goal with a precise pass. The home crowd erupted as the ball zoomed past the Pakistani wicketkeeper.
India are up against arch-rivals Pakistan in a high voltage hockey World Cup match without their first choice goalkeeper Adrian D' Souza.
Their eight Olympic gold notwithstanding, India have not won a major international title since their 1975 World Cup triumph in Kuala Lumpur.
After finishing a lowly 11th out of 12 teams in the last World Cup at Monchengladbach, Germany fours years ago, Indian hockey plunged to a new low in 2008 by missing out on an Olympic berth for the first time in 80 years.
After all these lows, this mega event brings with it an opportunity of a lifetime for Indian hockey to regain its lost glory in front of countrymen.
But achieving it is no mean task for the Rajpal Singh-led side and the first two matches - Pakistan and Australia - carry a lot of significance since result of these encounters would decide their fate in the tournament.
The match also gives Rajpal and his men an opportunity to avenge their 3-6 defeat at the hands of Pakistan in the semifinal of the Champions Challenge I tournament in Salta, Argentina.
The much-anticipated game carries a lot of importance for both the teams not only in the context of sporting ties between the two countries but also on the diplomatic front.
Aishwarya, who was to perform at the awards has pulled out from the event and the Bachchans have served a legal notice to the newspaper and are demanding a public apology.
The tabloid and Filmfare both belong to the same publishing group, who are organising the award ceremony.
"The lawyers notice has been delivered... seeking on a legal plane retraction and apology and we have informed Filmfare that neither will Aishwarya be performing at the event, for which all preparations had been made and neither shall any of us be attending," wrote Amitabh Bachchan on his blog.
India was one of the first countries to adopt counter-cyclical measures to combat the slowdown and this helped our economy emerge from the slowdown in the shortest possible time. Finance minister Pranab Mukherjee, in his Budget of 2010-11, is clearly following up on this success, with a Finance Bill that focuses on all-round inclusive growth without losing focus on fiscal discipline.
The Finance Bill 2010 clearly seeks to balance three compulsions—strong economic growth, lower food prices and fiscal responsibility. His support programme extends to all stakeholders. Indian industry has been able to hold its head high in these difficult times thanks to robust consumer spending. The finance Bill promises to keep this dream run intact by providing for income tax relief so that there is more money to spend.
The need to generate more revenues has led him to impose a cess of Rs 50 per tonne on coal, to raise levies on petro products and hike MAT. At the same time, he has brought down the surcharge payable by domestic companies to 7.5%.
In the power sector, we have to work out the arithmetic. He has doubled the outlay on the power sector and increased the refinancing window enjoyed by IIFCL. Overall, the host of measures rolled out for non-transport infrastructure segment would help the sector.
The Finance Bill clearly states that the aim of the policy and tax measures would be to bring down the cost of power generation and transmission and the detailed sums on the sector will be worked out soon.
The Finance Minister has also sought to balance the short-term targets with longer terms goals. In the short-term, the challenge was the goal of achieving 10% growth per annum.
The major gaps in development particularly in infrastructure and rural sector have been given due attention.
In the medium term, the finance minister has brought down fiscal deficit as a step to fiscal consolidation. In doing so, he has largely depended on rolling back excise duties by 2%.
The government will borrow Rs 3.45 lakh crore next year. The FM gave the assurance that this borrowing would not impact efforts of the private sector to raise funds. Nonetheless, since private sector will have to invest much more in future, there may be some pressure on interest rates and this aspect should be watched.
I am optimistic that the recovery will be sustained and a considered withdrawal of the stimulus package will be his chosen...
Ease of Doing Business: Incremental Steps But Right Intent
The major concern surrounding private investment in India has been the ease of doing business. The budget addresses some of these concerns, albeit through incremental measures. Clarification of the capital gains treatment on the conversion to LLPs will ease compliance requirements for private businesses that convert. The easing of tax audit limits, some rationalization in the limits for TDS and the increased time limit for payment of Tax Deduction at Source will also ease compliance, especially for small businesses. That the rollout of the Direct Tax Code was not delayed beyond 1 April 2011 is also a signal in the right direction towards a simplified tax regime. Granting additional banking licenses should aid the flow of industrial credit. However, these have only been incremental steps and measures towards higher FDI limits and a simplified corporate law would aid this further.
--Sidharth J. Negandhi
Giving the Bottom of the Pyramid its Due
The budget has laid down a roadmap towards inclusive growth with clear measures to promote growth at the bottom of the pyramid. The rollout of the nutrient-based subsidy augurs well for agricultural productivity. Seeking private participation in food grain storage capacity and allowing external commercial borrowing to be raised for food processing is a step forward in creating a robust food supply chain that benefits producers though more concrete measures such as tax holidays may have acted as additional stimulants. Also, a mere moratorium for payment of farm loans as opposed to a waiver signals that the onus of performance lies with the farmers. Setting up a national social security fund and the interest subvention for low cost housing create a rounded structure for development at the bottom of the pyramid.
--Sidharth J Negandhi
A New, Definite Direction Towards a Direct Tax Code
Budget 2010 is a turning point in the move from the current tax regime to the Direct Tax Code. The extent of the measures may be argued in light of sufficiency, but the direction and intentions are very clear. The reshuffling of the tax slabs upwards is a step towards what the DTC regime proposes. Increase in the 80C (includes provident fund, life insurance premium, pension plans, mutual fund investments, infrastructure bonds and national savings certificate) exemption limit. especially targeting the infrastructure sector is also a key reform. The increase in the limit for tax audit, reduction of surcharge for companies, allowing business activities up to Rs. 10 lakhs, introduction of the Saral II form for individuals, change in provisions for deductibility vis-à-vis late deposit of Tax Deducted at Source are all steps towards rationalizing the tax regime into one that is more tax-payer friendly and transparent.
--Manas Mody
No More Holiday for the Tech Sector
Disappointing the IT & ITES sector, the finance ministry decided not to extend the tax holiday beyond its expiry on March 31, 2010. In addition, the Minimum Alternative Tax has been increased to 18% from 15%. As a result, the IT & ITES sector will be adversely affected. The sector contributes about 25% of India's export revenues and about 5% to GDP. This sector employs about 10 million people directly and indirectly. Clearly, sustenance and growth of the IT & ITES sector is essential if India's economy is to achieve double digit growth. Also, given the macro-economic environment and the need of the IT & ITES companies (especially the small and medium-sized ones) for fiscal support, it would have been most prudent to extend the tax holiday for a few more years. Unfortunately, the budget turned out to be unfavorable.
--Mahesh Yellai
Positive Though Slow Move Towards Fiscal Consolidation
The budget has retained Service Tax at 10%. The base excise duty rate on major non-petroleum products have been hiked to 10% from 8% as a roll back of the stimulus measure taken last year. These moves outline a positive movement towards fiscal consolidation. The fine print says that the proposal for common rates for a wide variety of products and services go beyond just intent and actually pave the way for a smoother implementation of Goods and Services Tax code by the new proposed deadline of 1st April, 2011. However, considering that the current year is a non election year, the measures could have been more drastic especially given that the Direct Tax Code has also been pushed to a later implementation date. The budget also does not make any amendments to Central Sales Tax rates which were proposed to be phased out gradually prior to the commencement of GST.
--Somesh Satnalika
A Lack of Political Will in Education
It is a watershed year for the education sector in India with the Right to Education Act becoming operational from April 1, 2010. The budget has increased the allocation for education to 31,036 crore rupees from 26,900 crore rupees. The states will have access to a further 3675 crores through the Finance Commission. While this is a higher allocation, this still constitutes only about 4.5% of expected GDP, much lower than a number of other developing nations. The Finance Minister has followed the old adage of throwing more money in to build more schools and hard infrastructure, and there is no clarity on proposals for improving the quality of instruction and teachers. Year after year, we find that the Sarva Shiksha Abhiyaan has unspent amounts, and increasing inefficiencies in the delivery of quality education. The budget has stopped short of any firm commitment for the implementation of the Right to Education Act or providing the right incentives for state and private players to contribute to this mission. Overall, a plaid budget for the education sector, displaying a lack of political will to implement the Right to Education Act and making quality education a reality for all the children.
--Vignesh Nandakumar
More Money in Consumers' Pockets
The Finance Minister's promise of making the budget for the common man's benefit was fulfilled at least in terms of direct taxes. From the point of view of the individual tax payer the increase in slab limits, with the maximum slab over Rs 8 lakhs to be taxed at 30% aims to provide relief to over 60% of tax payers.
For Indian companies too there is a strong promise with the introduction of the new direct tax code from April 1, 2011. However, the Minimum Alternate Tax increase from 15% to 18% is a bit of a blow. The budget aims to earn a net gain from direct taxes of approx Rs 20,500 crores which will put more money in the hands of the consumer and in turn boost consumer spending.
--Salome Shah
Positive Budget for New and Existing Sources of Power
This is a remarkable budget for the energy sector, particularly given the visible and strong steps taken towards renewable power. The allocation of Rs 1000 cores towards the Jawaharlal Nehru National Solar Mission and the establishment of a Clean Energy Fund are very positive stimulus for further investment by the private sector and towards making India a significant renewable energy player. The budget has kept all supply options open by providing an allocation for micro-hydel plants, particularly in parts of the country where it makes more sense, e.g. Ladakh.
The budgetary allocation for addition of power capacity has been doubled from last year – particularly focused on introducing critical technology into the sector. This, coupled with the change in the Mega Power Policy, is likely to bring down the cost of power. The introduction of new technologies will also hopefully increase the efficiency of our power plants and transmission and distribution.
The establishment of a Coal Regulatory Authority for competitive bidding of the coal reserves is a step in the right direction to encourage more players to enter the field, thereby allowing for more efficient usage of limited resources, and will serve to break the entrenched monopoly in the coal sector.
In all, a very positive budget for the power sector, for both the existing and new sources of power. This could genuinely translate into more innovative technologies transforming the sector and a significant increase in output to meet current demand.
-Vignesh Nandakumar
Markets Cheer Budget 2010
With uncertain signals emanating from North Block, the expectations for Budget 2010 from were extremely low. Markets were thus pleasantly surprised by a balanced budget that may be best described as one that signaled the continued commitment to the reforms process, managing the fiscal deficit and spurring economic growth. The attempts to spell out implementation timelines for programs such as the Goods and Services Tax and the Direct Tax Code, as well as take action on items such as fuel prices was clearly appreciated. While consumption is linked more to credit, markets cheered the message from the minister that he will put more money in the hands of consumers through changes in the personal tax structure. While questions remain on issues such as whether an extension of debt repayment would indeed improve banks' non-performing assets, and how firm the plans are to make the famed GST and DTC operational in April 2011, the overall feel good nature and the lack of unpleasant surprises buoyed market sentiment. [As of about 2:20, the Sensex was up 281.75 points, at 16,535.95.]
--Prashant Krishnan
More Licenses to NBFC and Private Players, a Welcome Move
Overall, the Budget announcements spell good news for the financial sector. However, the implementation and regulations to follow will determine the efficacy and benefits to be derived from the changes made.
Given that the lion's share of the populous banks are the Public Sector Unit banks, the Rs. 16,500 crore allocated to PSUs could help them revamp their operations and bring in greater efficiency and raise the standards of services offered. It would also serve to help them expand operations and mobilize savings in rural areas and small towns.
The icing on the cake is more licenses to Non Banking Financial Companies and private players, something they have been eagerly waiting for and which comes to them in small numbers. For this reason, they are traditionally concentrated in bigger towns and have not managed to extend their reach. Their presence in Tier-2 cities would not only give consumers more opportunities to borrow and invest but it will also raise standards of public sector offerings in the same area. Regulation though will continue to have to be watched in this space.
Hopefully, this will provide a stimulus for the economy to move towards greater freedom to multinational banks and financial institutions.
It was disappointing to not hear of any increased Foreign Direct Investment limits in banks/insurance companies/stock exchanges which would help develop the financial sector further.
--Husna Ilyas Ghouse
Exemption on Long-term Infra Bonds, the Only Silver Lining for Infrastructure
The proposals for infrastructure in the Union Budget 2010 were disappointing to say the least. No mention of the subsidy roll-back, in line with the Parekh committee recommendations, means that the government will have to foot an unserviceable and rising subsidy bill for yet another year. The 1 rupee hike in central excise duty seems a half-hearted measure of controlling the subsidy bill. What was more disheartening was the opposition outburst and walk-out on this announcement, which indicates that it might be passed on to citizens.
[India broker] Reuters
A broker reacts while trading during the presentation of India's federal budget, at a stock brokerage in Mumbai February 26, 2010.
On the taxation front, the repeated postponement of the Goods and Services Tax by another year to April 2011 was again disappointing. While the centre-state revenue sharing arrangements still need to be resolved, yet another year is a long time and the country will lose out on the immediate efficiency improvement s that the GST will bring on the infrastructure and logistics front. In addition, what's to say that the government will stand by its promise of implementing the GST next year as well – just another case of bureaucratic lethargy?
The silver lining is the exemption of 20,000 rupees on personal income for long-term infrastructure bonds, which should stimulate retail investment in infrastructure.
--Kartik Rajendran
Is Simply Pushing the Nutrient Fertilizer Subsidy Program Enough?
While it was heartening to hear the finance minister announce the introduction of nutrient-based fertilizer subsidy program from 1 April 2010, this might not be enough to alleviate sector concerns.
Rather than the fertilizer subsidy regime, the inputs going into the subsidy calculations – global raw material prices, energy consumption contirbute more to cost build-up.
Though the new regime will compensate fertilizer companies for the costs they incur, it will help little in optimization of the costs themselves. The finance minister has failed to lay out a management framework that would insulate against volatile commodity prices, energy consumption inconsistencies and ensure overall operational efficiency. The mere implementation of the new nutrient based regime will more likely pass on the burden to the tax payer.
CNBC-TV18 scans the top gainers and losers and finds out what might have led to the trend in Tuesday’s market
Aqua Logistics (11% up)
The Aqua Logistics Ltd share ended with 11% gains on its debut. The company said it was well on course to achieve a turnover of Rs300 crore in the current fiscal and that earnings per share would easily top the Rs12-13 mark. On a closing basis, the stock is trading at 20 times earnings.
Maruti Suzuki (3.6% down)
Shares of Maruti Suzuki India Ltd ended 3.6% lower following news that the company is recalling 100,000 units of its A Star model due to problems with the fuel pump gasket. When contacted, the company said it is in the process of solving this problem with no cost to customers. The markets expect the company to take a hit in its numbers on this.
Fame India (5% up)
Fame India Ltd hit another upper circuit of 5% even as the dates for Reliance MediaWorks’ open offer were announced. The stock has rallied one way from Rs44 per share to Rs92 per share and is now ruling even above the aggressive open offer made by the R-Adag firm.
AP Paper Mills (10.7% down)
Andhra Pradesh Paper Mills Ltd’s shares fell 10.7% as the stock went ex-rights on Tuesday. The company has offered rights shares in the ratio of 3:11 priced at Rs50 each.
Dhampur Sugar (8% down)
The shares of Dhampur Sugar Mills Ltd fell 8% in line with other sugar stocks as analysts raised concerns over the sugar cycle peaking. Sugar prices have fallen around 10% after hitting an all-time high in January.
Atul Ltd (16% up)
Atul Ltd shares rallied 16% with high volumes. The market is attributing the cause of this rally to its 6% holding in pharma company WyethIndia. Wyeth has been acquired globally by Pfizer and Atul’s stake in the company is likely to fetch it around Rs100 crore.
MUMBAI -- Wipro Ltd., India's third-largest software exporter by revenue, said Wednesday it detected in December a financial fraud of about $4 million by one of its employees and that it is taking corrective measures.
The company is conducting a probe into the matter, Suresh Senapaty, executive director and chief financial officer, said in an emailed statement. He didn't identify the employee.
A Wipro spokeswoman said the company has recovered about half the money.
The employee was working with Wipro for the past three years in the controllership division within the finance department.
The division was responsible for keeping the NYSE-listed company's financial books and had powers to authorize payments whenever needed.
The company disbanded the division after detecting the fraud, the spokeswoman said.
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