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Jan 12, 2015

[Ed] [Eco] Bankers’ Retreat: a good beginning

A two-day Gyan Sangam or Bankers’ Retreat was arranged by the Finance Ministry in Pune recently. Apart from top executives from public sector banks (PSBs), insurance companies and financial institutions, senior Finance Ministry officials attended the meeting. Finance Minister Arun Jaitley, Minster of State Jayant Sinha and Reserve Bank of India Governor Raghuram Rajan participated in the meeting, whose high-point was the address by the Prime Minister, in which he categorically promised bankers that there would be no government interference in the functioning of banks. The government has quickly backed the PM’s assurance by sending out letters to banks on those lines.

The interaction of ministry officials, RBI Governor and heads of PSBs in an informal setting is a novel idea that is to be welcomed. As a management tool, a meeting away from the pressures of day-to-day work is meant to unfreeze the established behaviour patterns and enable the divergent shareholders — the government, owner, regulators and the banks themselves — to open a healthy dialogue. Reports on the meet are scarce, but whatever information that is available suggests a healthy awareness on the part of bankers and government officials alike of the burning problems, which banks and policymakers alike face.

These can be summed up in three words — recapitalisation, consolidation and professionalisation of banks’ boards and their management. The government, as the majority stakeholder, has an overarching role in the functioning of PSBs, which, despite the entry of many new generation private banks since the 1990s, continue to have the largest share of commercial banking business in the country.

The crux of the problem — and this, in fact, ought to have been the underlying theme at the retreat — is for the government to draw a fine line between exercising the rights of majority shareholders for the common good and interfering in the business of banks, which is mutually ruinous. The question then arises as to whether it is possible at all for the government to stop interfering while remaining a majority shareholder.

Benefits of govt. ownership
In the broadest sense, a majority government ownership by itself is not such a bad thing. On the contrary, it confers a number of benefits to the banks. A government stake, even a minority one, lends heft to a bank whose balance sheet has been weakened by circumstances. A majority stake can be a saviour. This has been amply proved in India — in the 1990s, Indian Bank, whose balance sheet was devastated through some reckless lending, retained its depositors’ confidence mainly because it was owned by the government. The Unit Trust of India’s flagship scheme, US 64, could be wound down without facing a run because of government ownership. To big banks and institutions in the West, the State has acted as saviours during the more recent financial crisis, lending money and more importantly assuring all stakeholders of unlimited support. Not surprisingly, some of them continue to be technically government-owned till today.

The key issue before the PSBs is, therefore, to draw on the strengths of existing government stake, while simultaneously striving moving towards a more commercial orientation. Several approaches have been contemplated over the years. Outright privatisation is simply ruled out, although several trade unions, among others, see in the current reform initiatives a sinister move towards backdoor induction of private sector. Yet, banks require a humongous amount of money to stay capitalised — some Rs.2.4 lakh crore — and meet the international regulatory norms conforming to Basel III requirements. The government, which has been making budgetary allocations, will not be in a position to do so. So, the challenge is to find non-government sources, which again means demonstrating a more commercial orientation. Consolidation in the banking industry may happen but over a long period. At the recent retreat, this idea has not found many takers among PSBs. Individual banks, therefore, have to spruce up their governance to stay in the race.

Governance, the key
It is in such a context that the report of the P. J. Nayak Committee on governance in banks was discussed. The report has a number of useful suggestions relating to the composition of bank boards, appointment of chief executives and their tenure. PSBs are subject to dual regulation — from the Ministry and the RBI. By far the most discussed proposal is to have a separate holding company (Bank Investment Company or BIC) in which the government’s shares in these banks will be vested. The holding company will monitor the performance of PSBs, make suggestions to improve governance and act as a buffer between them and the government and help in raising additional capital. At the Pune retreat, PSB heads had reportedly agreed to prepare an action plan to implement some of the key proposals of the Nayak panel. The objective is to confer greater autonomy for the PSBs to enable them to function on commercial lines. Despite the good intentions, it is unlikely that some or all these recommendations will be implemented soon. Successive governments, including finance ministers, have been aware of the malaise that afflicts the public sector and have, in fact, strongly argued for removing the constraints, for instance, decision making by banks. Yet, no appreciable change has taken place over the years. It is naive to think that the Gyan Sangam will spur change anymore than what finance ministers, past and present, have been able to do. Nevertheless, it ought to be viewed as a good beginning.

Source - The Hindu

Deficient monsoon hits rabi sowing

Main concern is the lower acreage under pulses. The area under gram is lower this year by 14.8 lakh hectares

A delayed and deficient southwest monsoon has shrunk rabi sowing from last year’s level.

If sowing was taken up on 597.15 lakh hectares of land last year, the figure this time was 566.18 lakh hectares. What is worrisome is the gap of 30.97 lakh hectares between the areas sown in the previous week and its corresponding week last year, higher than the deficit of 26.82 lakh hectares when making such a comparison for the week earlier.

The southwest monsoon was 12 per cent lower than the long period average in the country and 21 per cent in northwest India, hitting kharif crop production by 2-3 per cent. The rain deficit is affecting rabi sowing now.

A meeting in the Agriculture Ministry to review the crop and weather situation noted that wheat has been sown in 4.92 lakh hectares less this year because of lower moisture in the soil. Although the area under wheat will be made up in the next few weeks, the harvest will depend on the weather conditions.

Of particular concern is the lower acreage of pulses. The area under gram is lower this year by 14.8 lakh hectares from last year’s because of the lower minimum support price. Farmers have turned away from sowing gram as the price is low, sources said.

The area under coarse cereals is lower by 4.57 lakh hectares mainly because of reduced sowing of maize and jowar in Maharashtra, Karnataka, Andhra Pradesh and Gujarat.

Oilseeds
Likewise, the area under oilseeds is lower by 6.96 lakh hectares with rapeseed and mustard recording the largest shortfall of 4.59 per cent. Lower acreage is reported from Maharashtra, Madhya Pradesh, Telangana, Karnataka and Gujarat where the monsoon was deficient.

Rabi sowing begins in October and harvest in March.

Source - The Hindu

No norms yet to keep land acquisition to bare minimum

The recent ordinance amending the Land Acquisition Act has exempted several categories of projects from the requirements of owners’ consent and social impact assessment before acquiring land.

Officials, however, say norms are yet to be worked out to ensure that only the bare minimum of the land required is acquired.

The Act excluded private hospitals, educational institutions and hotels from the category of infrastructure projects. Under the ordinance, public-private projects in the social and commercial infrastructure category will include private hospitals and educational institutions. All these projects will now be exempt from the social impact assessment to scrutinise the social costs and benefits of projects. The assessment will have to see if the projects serve a public purpose and that the land being acquired is of the bare minimum and estimate the number of affected families.

“These could vary based on the agency monitoring a project. For example, if land is being acquired for a hospital, the Medical Council of India’s norms on the requirement of a hospital may apply, or if it is a housing project, for instance in Delhi under the Delhi Development Authority, then those may apply,” said a senior official of the Ministry of Rural Development.

Under the March 27, 2012 notification on infrastructure issued by the Department of Economic Affairs, the category of “social and commercial infrastructure” includes “three-star or higher category classified hotels located outside cities with a population of over 10 lakh” and infrastructure for special economic zones and industrial parks. Officials said that at present, there were no rules for land acquisition under these categories.

Among the other key changes, the ordinance amended Section 101 of the Act which mandated that when land acquired remained unutilised for five years, it shall be returned to the owner or the land bank of the government concerned. For the five-year period, the ordinance substitutes “a period specified for setting up any project or five years, whichever is later.” Which agencies will specify the time period for different categories of projects, or decide whether it could be extended or not, is to be decided.

Besides infrastructure and social infrastructure, industrial corridors, defence, rural infrastructure and affordable housing are in the exempt category. “On the day it issued the ordinance, the government claimed credit for bringing compensation under the 13 exempt Acts under the LARR Act on a par with the 2013 Act. But, in fact, it has expanded the list of exemptions by creating special categories,” said Nikhil Dey of the Mazdoor Kisan Shakti Sangathan.

Source - The Hindu

Voluntary castration not an offence: court

Voluntary castration is not an offence, a Delhi court has said while acquitting two persons of the charges of castrating a man who had opted for emasculation for securing ‘badhai’ rights which are available only to transgenders.

It was “ironical and hypocritical” that in India while a male gets himself castrated with the sole purpose of achieving monetary gains by acquiring the ‘badhai’ rights, suggestion of giving castration as punishment to serial rapists evokes strong sentiments, Additional Sessions Judge Kamini Lau said.

The judge said: “... The mere mention of castration (chemical or surgical) as a form of punishment for serial rapist and paedophiles, evokes strong sentiments and kicks up an intellectual storm by terming it as Talibanic and barbaric, despite its legalisation in the so-called civil world.”

“The law as it stands, of now, is that emasculation/castration of a male by his own volition and consent is not an offence and it is only a forcible emasculation/ castration which is an offence,” the court said. In the custom of ‘badhai,’ transgenders or eunuchs sing, dance and confer blessings and the power to confer blessings on people on auspicious occasions like childbirth and marriage was given to them by Lord Rama, the court noted in its verdict.

Solar panels on top of canal impress U.N. chief

India taking the lead in ending energy poverty: Ban
U.N. Secretary-General Ban Ki-moon on Sunday praised India’s ingenuity and cutting-edge technology while dedicating Gujarat’s second canal-top 10-MW solar power project to the nation. The solar panels are arranged on top of the Vadodara branch of the Sardar Sarovar project canal, probably a first-of-its-kind project in the world to generate power.

In a brief address, Mr. Ban said he was honoured to inaugurate “this impressive project” and commended the vision of Prime Minister Narendra Modi.

Looking at the canal top, he said he saw “more than the glittering panels — he saw the future of India and the future of our world. This facility shows how one project can have multiple uses of conserving land and using renewables.”

He called on India to dramatically scale-up solar power and make it more than 10 per cent of energy mix by 2020.

For the February event on investment in renewable energy in New Delhi, he was sending his special envoy on climate change Michael Bloomberg.

He said access to energy was important to end energy poverty. “India is taking the lead in ending energy poverty and this project shows us how.” He praised Mr. Modi’s leadership saying this was the kind of leadership the world needed.

Action and commitment can create a safer and prosperous world, he said.

S.S. Rathore, chairperson and managing director, Sardar Sarovar Narmada Nigam Ltd, said Mr. Modi’s idea led to a one-MW pilot project being commissioned on the Sanand canal in April 2012.

The new 10-MW megawatt project is on 3.6 km of the Vadodara branch canal of the Sardar Sarovar Project which passes through the city. It saves land and also prevents evaporation losses. There are nearly 35,000 solar panels and the power generated is fed into the State grid and also to operate pumping stations on the canal.

The total cost of this project is $18.3 million and is financed by the State government. It was commissioned in November 2014. The Sardar Sarovar Narmada Nigam is likely to expand this project and even encourage private entrepreneurs.

‘Emerging economies must help combat climate change’
U.N. Secretary-General Ban Ki-moon said here on Sunday that while respecting the principle of common but differentiated responsibilities, emerging economies such as India, China, South Africa and Brazil should take necessary action to combat climate change.

Interacting with presspersons after visiting a canal-top solar power project here, he said the developed countries had caused much more impact on climate than the developing nations and they had different capacities to tackle impacts. India was taking necessary action by projects such as the canal-top power project, a creative and impressive one which all developing countries should emulate.
To questions, he said climate finance was the most important aspect to make combating climate change a success. India could play a vital role as one of the fastest growing economies.

He was catalysing funds into the Green Climate Fund, which had topped $10 billion last year. He was optimistic about arriving at a new, robust climate treaty in Paris.

Source - The Hindu

[Ed] No room for choice

The recently released draft National Health Policy 2015 highlights the "challenge" of population stabilisation in six of the 11 States.
Following massive protests over the death of 13 women who underwent the sterilisation procedure of tubectomy in Bilaspur district of Chhattisgarh last November, the Ministry of Health and Family Welfare has written to all States reminding them that every person should be counselled about the different family planning options available. The letter completely contradicts the Union government’s intent of achieving population stabilisation almost exclusively through sterilisation. In a letter sent in October 2014 to 11 high-focus States, the Ministry had noted that the 2020 family planning goals had “underlined the importance of sterilisation” surgeries in these States. Even the recently released draft National Health Policy 2015 highlights the “challenge” of population stabilisation in six of the 11 States. In order to achieve the annual targets, the government recently increased the compensation given to women/men, motivators (Accredited Social Health Activists) and doctors. If the revised incentive given to motivators is Rs.200 for tubectomy and Rs.300 for vasectomy, the amount is as high as Rs.1,000 for a “permanent limiting method” (tubectomy or vasectomy) in the case of couples after up to two children. The higher incentive earmarked for permanent limiting methods is another reason why more women will now end up on the operating table. The government recently added a new component — post-partum sterilisation done soon after or within seven days of delivery. This approach works to the government’s advantage as more women are opting for institutional delivery to avail of the cash incentive earmarked for it.

Given the government’s primary focus on permanent and irreversible family planning options, the question of counselling women on the different options and giving them full freedom to choose the best one, will at best remain on paper, and not in practice. Sterilisation is the most prevalent form of contraception in the country, constituting nearly 75 per cent of the total cases. The proportion of tubectomies to total sterilisations has been around 95 per cent since 2005; nearly 4.5 million tubectomies have been performed each year since 2000. With a high number of tubectomies conducted every year and in a camp-based approach, tubectomy-related deaths as a result of poor quality of care will be inevitable even when they are done in health-care facilities. Unfortunately, the camp-based approach is set to continue. The pressure to meet targets, the incentives given to motivators and doctors and the permanent nature of sterilisation would mean that the question of counselling men and women of the different options may remain on paper.

Source - The Hindu

[Ed] A moment of reprieve in Pakistan

The world might have never heard about Shafqat Hussain had Pakistan not briefly lifted its moratorium on executions. His case reflects a flagrant disregard for local and international rights and the harsh realities of Pakistan’s justice system
The night of the Pakistani Taliban massacre of schoolchildren in Peshawar, the Pakistan Army bombed Northern Waziristan. The next day, Prime Minister Nawaz Sharif lifted the moratorium on executions, which has been in place since 2008, for terrorism-related cases. Within two weeks of the massacre, Pakistan had hanged seven convicted terrorists. Six had been convicted of participating in the attempted assassination of then President Pervez Musharraf in 2003; the seventh was on the death row for his involvement in an attack on the Pakistan Army headquarters in 2009. Media reports now put the figure of those executed as between eight and 10 persons.

Last week, Chaudhry Nisar Ali Khan, the Interior Minister of Pakistan, announced at a press conference that Pakistan intends to hang about 500 prisoners convicted of terrorism-related offences within the next three weeks. Mr. Khan said that intelligence reports have predicted attempts at reprisals for the executions. “But we should not let our guard down if we want to avenge the victims of the Peshawar attack,” he said.

Pakistan has more than 8,000 people on death row. Its courts award death penalty for 27 types of offences, including murder, rape, kidnapping, drug trafficking, and blasphemy, and several terrorism-related crimes. In 2013, according to Amnesty International, Pakistan sentenced 226 people to death, compared to 80 in the United States. Yet the moratorium on death penalty had ensured that no such sentence was executed since 2008 with the exception of a soldier. (Military personnel are exempted from the moratorium.)

Hussain’s journey
The executions of five more men have been scheduled for January 14, at Karachi Central Jail. All have been convicted of sectarian murders. There was also to have been a sixth, Shafqat Hussain, until, under immense public pressure, the government stayed his execution earlier this week. Hussain has been on death row since he was convicted, a decade ago, a few months before turning 14, of killing a seven-year-old boy.

Hussain’s journey mirrors the path hundreds of thousands of rural poor in South Asia take to its energetic, growing cities in search of work. He grew up in Neelam valley in Pakistan-controlled-Kashmir. Hussain dropped out of school after his father, a farmer, had a stroke and was unable to work. His beautiful mountain valley had no work to offer. In early 2004, when he was 13 years old, he left his village with a friend and made the long journey across multiple cultures, weather systems, and 1,300 miles to the megacity of Karachi.

Photographs are a luxury for the South Asian poor. The sole picture of Hussain is a portion torn out of a group photograph taken before he moved to Karachi: a wiry boy in a white shirt and a thick black mop of hair. His long, oval face is tense; his green eyes stare self-consciously into the camera.

Karachi is a centrifugal construction site of a city. Hussain found work as a watchman for a half-built apartment complex in the North Nazimabad area. He kept an eye on the building materials and slept at the construction site at night. After the apartment block was complete, Hanif Memon, a cloth merchant, and his family were among the first tenants to move in. Memon’s wife would often leave her children with Shafqat while she ran errands.

Claims and charges
On April 10, 2004, Memon’s seven-year-old son, Umair Memon, disappeared while he was playing hide and seek. Hussain accompanied the Memons to the police station to file a missing person’s report. The Memons received four calls from a person claiming to be the kidnapper, from public phones, demanding a ransom of 500,000 Pakistani rupees. Two phone calls in mid-April directed them to leave the ransom near a spring, a few miles from their home, but the kidnapper did not show up. Two more ransom calls in late April directed them to leave the money in a wooden box under a staircase in their building. The kidnapper did not turn up again but they suspected Hussain as he lived near the building staircase.

During the night of May 21, 2004, 42 days after the boy’s disappearance, police came to the apartment complex and arrested Hussain on suspicion of kidnapping and killing the boy. In Pakistan, any murder that is understood to instil fear in society is tried under anti-terrorism laws. The trial of Shafqat Hussain was held in August 2004 in an anti-terrorism court in Karachi.

The prosecutor accused Hussain of murdering Umair by “inflicting a wooden hammer blow to the skull of the minor resulting in his death.” The prosecutor claimed that he concealed the body in a plastic bag on the same night. He accused Hussain of making the calls seeking a ransom of 500,000 Pakistani rupees from Hanif Memon, and he alleged that Hussain led the police to the sewer where they found the boy’s body wrapped in a plastic bag.

Hussain replied that each of these charges was incorrect. “In fact, I was severely tortured by the police before the alleged discovery of the corpse, and I was asked by the Investigating Officer to admit whatever he wanted and to follow him to a sewer, where I would simply open the knot of certain clothes, which I did under pressure from the police,” Hussain said.

The prosecutor asked whether it was true that on the day the body was recovered he had taken the police to his apartment, where they had found the murder weapon, a wooden hammer used for grinding spices, and a pair of sandals that belonged to the boy.

“It is incorrect to suggest that. In fact at that time I was in prison. The police obtained the keys to my apartment from me and I don’t know what they did there,” Hussain said.

Finally the prosecutor asked Hussain about the confession he gave before a civil judge in Karachi, nine days after his arrest.

“I recorded my confessional statement under pressure from the police, as I was in handcuffs and the chain of handcuffs was in the hand of the police constable who was standing behind me. There, under pressure, I made that confessional statement. I was also subjected to torture,” he said.

On August 8, 2004, an anti-terror court in Karachi sentenced Hussain to death.

The Justice Project
The world might have never heard about Shafqat Hussain, had Pakistan not briefly lifted its moratorium on executions in August 2013. In the brief window before Pakistan reversed the decision, under pressure from the European Union, the names of convicts on the death row were made public. Sarah Belal and other lawyers at Justice Project Pakistan, a non-profit law firm in Lahore, took a particular interest in Hussain’s case.

Belal and her colleagues interviewed Hussain on death row. He told them that the police burned him with cigarettes and administered electric shocks to his genitals until he confessed to the murder of Umair Memon. “When I met him in prison, I saw the burn marks on his arm, which he said were there from the time the police put out lit cigarettes on him during the interrogation,” Belal told me.

The Justice Project also reviewed Hussain’s case files. They found that his state-appointed lawyer never asked that he be tried as a child offender and did not call a single witness in his defence. The anti-terrorism court ignored his statement that he had been tortured until he gave a confession and the Memon family’s statement that they did not recognise Hussain’s voice on the ransom calls. “The judge heard the calls himself and decided the voice was similar,” Ms. Belal said. The trial courts and appellate courts also disregarded Pakistan’s Juvenile Justice System Ordinance, the International Covenant on Civil and Political Rights, and the Convention on the Rights of the Child, which prohibit giving the death penalty to a person under 18 at the time of an alleged offence.

Ms. Belal also pointed out procedural problems with the police claims that Hussain had helped them recover the murder weapon and the body. Both recovery memos were supposed to have been signed by two independent witnesses. Instead, they were signed by Memon family members, “which is a sure-fire tell that recoveries were planted by the police,” Ms. Belal said.

Hussain’s case was debated in the Pakistani media for the past week, leading to growing public pressure to stay his execution. On Monday, the Interior Minister told Parliament that his government had decided to halt the execution and conduct an investigation of the case. On Wednesday, Justice Project Pakistan announced that prison authorities in Karachi had received a stay order on Hussain’s execution. “Shafqat is safe!” the Justice Project tweeted.

Others accused of crimes that fall under Pakistan’s broad definition of terrorism will be less fortunate. On Tuesday, the Pakistani Parliament approved a constitutional amendment and passed two bills to try those accused of terrorism in new military courts. On Wednesday, the country’s President, Mamnoon Hussain, signed into law the bills establishing military courts for terrorism cases.

In 1999 the Supreme Court of Pakistan had termed military courts unconstitutional. “The basic structure of the Constitution guarantees an independent judiciary, and military courts cannot be established in the presence of an independent judiciary,” Iftikhar Chaudhry, former Chief Justice of Pakistan, told the press last week. People tried in the military will not have recourse to appeals in civilian courts of Pakistan.

Despite concerns about civil liberties, the bill has broad political support. “The bitter pill of this new law is being swallowed for the security of Pakistan,” Opposition leader Syed Khursheed Ahmed Shah said.

Prisons in Pakistan have begun preparing for a season of hangings. “The gallows in Karachi Central Jail have been cleaned and cleared of dust,” the Express Tribune reported. A track indicating the path prisoners take to the gallows has been repainted white. “A jail officer has even bought two ropes, each of which is 25 feet long.”

(Basharat Peer is the author of Curfewed Night.)


Source - The Hindu

Time-use surveys likely, to gauge household work too

India is likely to soon begin an unusual approach to measuring employment, that may also better capture women’s contribution to employment and the economy.

Last year, the International Labour Organisation came up with what India’s Chief Statistician T.C.A. Anant describes as a “substantial change in its conceptual framework” of work and employment. Among the suggestions that followed from it was for countries to explore “time-use surveys” — a detailed breakdown of working time hour-by-hour and day-by-day.

Following this, the Ministry of Statistics and Programme Implementation began to look into the “mechanics and logistics” of adding “time-use surveys” to India’s official statistical system.

In a time-use survey, an individual or representative of a household maintains a diary or is interviewed about the time he or she spent on various activities over a given time period. An expert group set up by the Ministry has submitted a list of activities the survey could measure. While Mr. Anant could not give The Hindu a deadline for introducing time-use surveys, the process is in motion, he said. “By better covering home production of goods, for instance, time-use surveys are expected to do a better job vis-à-vis the GDP,” Mr. Anant said.

In addition, by more accurately accounting for what a woman’s time gets spent on, time-use surveys could help explain India’s unusually low female work participation rates. “If the low work participation ratio is a problem, we need to first know what time is getting spent on to formulate a policy to address the problem,” Mr. Anant said.

Women's contribution:
Time-use surveys to help capture different types of work

Some statisticians argue that India’s official employment data, captured by the National Sample Survey Office, does not fully capture the different types of work Indians do, especially when it comes to women, who may perform economically productive work in the household but may not report it.

Indira Hirway, Director and Professor of Economics at the Centre for Development Alternatives in Ahmedabad, has long argued for India to include time-use surveys in its bouquet of official statistics.

Comparing the findings of an exploratory pilot study on time use carried out during 1999-2000 with the official employment statistics for that year, Professor Hirway and her colleague showed that “a time-use survey can provide improved estimates of, and better information on, the workforce in a developing country, particularly capturing women’s participation in informal employment, including subsistence production.”

Source - The Hindu

India can lead smart growth: U.N. chief

World Bank President sees India posting a 6.4 per cent economic growth
Raising concerns over the impact of climate change, world leaders laid thrust on renewable energy and sustainable development at the Vibrant Gujarat Summit here on Sunday.

U.N. Secretary-General Ban Ki-moon urged investors to “shape and agree on the post-2015 development agenda with a set of sustainable development goals.”

He set 2030 as the target to provide universal access to energy to all seven billion people in the world, double energy efficiency and double the use of renewable energy. Praising Prime Minister Narendra Modi’s smart city initiative for encouraging the use of renewable energy and energy efficiency, Mr. Ban urged the Indian business community “to lead the transformation we need to achieve sustainable development and inclusive growth.”

“India is in a unique position to lead the move towards sustainability ,” the U.N. Secretary-General said.

The Summit saw participation by 8,500 delegates, including 2500 foreign delegates from around 120 countries and about 30 world leaders from the field of politics and business. Large conglomerates from India and abroad announced huge investment and job creation plans. While Reliance Industries chief Mukesh Ambani said his group would invest Rs. 1 lakh crore in 12-18 months across businesses, Kumar Mangalam Birla of Aditya Birla Group announced investment plans for Rs. 20,000 crore in the State.

Prime Minister Narendra Modi cited the Centre’s recent decisions to invite foreign investment in Railways, Defence and Insurance. Projecting India as a 3D investment destination, Mr. Modi said the country had “democracy, demography and demand.”

World Bank president Jim Yong Kim projected the Indian economy to grow 6.4 per cent this year.

U.S. Secretary of State John Kerry sought India’s cooperation in ensuring sustainable development.

Source - The Hindu