How to make Narendra Modi PM, Web masters at work

The Congress polled about 11 crore votes to win the 2009 general election decisively. In 2014, when the country votes again, it will have more than 14 crore mobile Internet users alone.
That’s a thought for pause. And that’s the thought that Narendra Modi seized upon at a BJP office-bearers’ meeting in Delhi on April 7 to underline how the 2014 polls could be won — on the Internet. Two months later, after being named the BJP’s campaign committee chief, he told a Maharashtra core group meeting that there were 165 Lok Sabha seats where social media could be used to enhance the campaign pitch.
That thought has since then fructified into an Information and Communication sub-committee headed by Rajya Sabha MP Piyush Goyal, as part of the panels set up by the BJP on July 19 to look after various aspects of its poll campaign. The sub-committee in turn is helped by the party’s IT cell, with an alumnus of IIT-BHU, Arvind Gupta, as convenor, and a Communication (or Samvad) Cell, headed by an MBA degree holder from IIFT (Indian Institute of Foreign Trade), Anupam Trivedi.
The BJP’s IT drive includes a third arm outside the party fold: Rajesh Jain. An IIT-Bombay alumnus and one of the original IT entrepreneurs turned venture capitalists and serial entrepreneurs, he is working as a volunteer for the party.
“Rajesh, Arvind and Anupam are the three pillars of my Information and Communication sub-committee,” says Piyush Goyal.
While Gupta and his team look after digital and social media platforms, Trivedi’s men work on content development. Jain and his self-initiated team handle IT-enabled election management down to the booth level.
If anyone had doubts about how thorough this work was, Jain effectively removed these at a meeting in the Capital on August 18, according to those present. Asked to make a presentation before a gathering of BJP central office-bearers, state unit chiefs and state organisation secretaries, Jain took up former deputy chief minister of Bihar Sushil Modi as an example, used a software tool that crawls through the Election Commission’s database of electoral rolls, identified the BJP leader’s polling booth, then

India can't afford fiscal slippages: Fitch

New Delhi: Global rating agency Fitch on Thursday cautioned that fiscal slippage could have negative bearing on India's sovereign rating, which is at the lowest investment grade in view of weakening CAD and persistent inflationary pressure.

"In India and Indonesia, both BBB- (lowest investment credit rating) with stable outlook, their relatively weak starting positions with high inflation and recent rises in current account deficits (CAD) suggest that their credit profiles have limited tolerance for policy slippage that saw their current account deficits and-or inflation rates stay high or rise further," it said.

Countries experiencing the greatest pressure on their currencies and reserve levels are those where weakening current-account positions and persistent inflationary pressure have raised doubts over the credibility of policy management - India and Indonesia in particular, it said.

In a report titled 'Emerging Asia: Slowing Growth Amid Market Pressures', Fitch sees limited scope for policy slippage for either sovereign at the current rating levels of 'BBB-' with stable outlook.

The government is taking all steps to contain fiscal deficit to 4.8 percent of the GDP in the current fiscal.

The fiscal deficit during 2012-13 came down to 4.9 percent of the GDP from 5.8 percent a year earlier.

"The government will do whatever is necessary to contain the fiscal deficit to 4.8 percent of GDP this year. The most growth-friendly way to contain the deficit is to spend carefully, especially on subsidies that do not reach the poor, and we will take effective steps to that end," Prime Minister Manmohan Singh had said.

Finance Minister P Chidambaram at many occasions has reiterated that red line has been drawn for the fiscal deficit and they will not be breached.

With aim to stick to fiscal deficit target, the government had announced slew of austerity measures including reduction in non-plan expenditure, ban on holding seminars in five-star hotels and creation of new jobs.

As for the Current Account Deficit (CAD), it was expected to be less than USD 70 billion or 3.7 percent of GDP for the full fiscal.

The CAD, which is the difference between inflow and outflow of foreign funds, was at 4.9 percent of GDP in the April-June quarter.

India's service sector activity suffers worst slump in over 4 years in Sept

 
Bangalore: Activity at Indian services companies shrank at the fastest pace in more than four years last month, suggesting the slowdown in Asia's third-largest economy still has some way to run, a survey showed on Friday.

The HSBC Services Purchasing Managers' Index (PMI), compiled by Markit, slipped from 47.6 in August to 44.6 in September, its weakest since April 2009.

That marked its straight third reading below 50, the threshold between growth and contraction.

It showed firms were less optimistic about the future and were cutting staff as new business dries up.

The PMI also capped the worst quarter for the Indian services sector - which accounts for nearly 60 percent of the economy - in more than four years, stoking fears that growth in the three months to September will be weaker than April through June.

India's economy grew just 4.4 percent in the quarter to June, its weakest quarterly pace since the first three months of 2009.

"Service sector activity contracted further in September ... as tighter financial conditions and heightened macroeconomic uncertainty weighed on growth," said Leif Eskesen, chief economist for India at survey sponsor HSBC.

The PMI's new business index fell to 45.0 in September from 46.6 in August, the weakest reading since February 2009 and the third month running that demand has declined.

Such weak demand augurs poorly for coming months, too.

An HSBC Markit manufacturing survey released on Tuesday showed factory activity shrank for a second month in September.

Adding to economic woes, a ballooning current account deficit has driven funds out of the country, hurting the Indian rupee and pushing the Reserve Bank of India (RBI) to adopt measures which effectively drained cash from the market.

Those moves raised funding costs for banks and companies, creating a ripple effect that has crimped investment.

The weaker currency also pushed wholesale inflation to a six-month high in August, prompting RBI Governor Raghuram Rajan's surprise repo rate hike of 25 basis points to 7.50 percent on September 20.

"Despite the weak growth backdrop, inflation readings held broadly steady. This, in turn, supports RBI's stepped up efforts to better anchor inflation expectations," said Eskesen.

However, economists in a Reuters poll taken last week were split over whether Rajan will hike rates again at the central bank's next policy review on October 29.

Rupee advances to 7-week high at 61.45 against dollar

Selling of the US currency by banks and exporters triggered by its weakness overseas helped the Indian rupee advance by 28 paise to a seven-week high of 61.45 against the dollar in late morning deals on Friday.

Good foreign capital inflows into equity market also boosted the rupee value against the dollar, a forex dealer said.

The rupee resumed lower at 61.85 per dollar as against the Thursday's closing level of 61.73 at the Interbank Foreign Exchange (Forex) Market on mild dollar demand from some banks.

However, it recovered immediately to 61.34 before quoting 61.45 per dollar at 1045 hours, on fresh selling by banks and exporters.

It may be recalled that the dollar was quoted at 61.32 on August 16, 2013.

The domestic currency hovered in a range of 61.34 and 61.95 per dollar during the morning deals.

In New York market, the dollar hit an eight-month low against the euro on Thursday as investors grew more concerned about the economic effects of a prolonged shutdown and debt-ceiling debate.

Meanwhile, the benchmark BSE index Sensex moved down by 29.66 points or 0.15 per cent to 19,872.41 at 1125hours, after earlier touching the 20K level.

BSE Sensex up in morning trade on sustained buying, Jet Airways shares gain

 
The BSE benchmark Sensex continued its rising sreak and was trading over 100 points in morning trade on Friday on sustained buying by funds as well as retail investors, ignoring a weak trend on the other Asian boures.

At 10.38 am, Sensex was up 93.11 points at 19995.18. Similarly, Nifty was up 33.95 points at 5943.65 during the same time.

The 30-share index gained 60.89 points, or 0.31 per cent, to trade at 19,962.96 points in early trade with auto, consumer durables, IT and realty sector stocks leading the rise. It had rallied over 522 points in the past two sessions.

On the similar lines, the wide-based National Stock Exchange index Nifty moved up 12.00 points, or 0.20 per cent, to 5,921.70.

Brokers said sustained buying by funds as well as retail investors took place as the partial US government shutdown eased fears about the Federal Reserve tapering its monetary stimulus programme soon.

Stocks of Jet Airways turned buyers' fancy and shot up by 3.60 per cent to Rs 400.50 after the Union Cabinet on Thursday night cleared its proposed sale of 24 per cent equity to Abu Dhabi-based Etihad.

In the Asian region, the Japan's Nikkei fell 0.90 per cent, while Hong Kong's Hang Seng shed 0.72 per cent in early trade.

The US Dow Jones Industrial Average ended 0.90 per cent lower in Thursday's trade.

Cabinet okays Telangana. Hyderabad to be joint capital for 10 years

The Centre Thursday took the first significant step towards creation of Telangana from southern Indian state Andhra Pradesh and decided that Hyderabad will be the joint capital of the two states for 10 years.

Over two months after the Congress Working Committee put its seal of approval, the Union Cabinet approved the proposal of the Home Ministry for creation of the 29th state and decided to set up a Group of Ministers (GoM) to work out modalities.

"The Cabinet has given its approval for the creation of a new state of Telangana," Home Minister Sushilkumar Shinde told reporters after the meeting that lasted more than two hours.

He said it was decided that Hyderabad will be the common capital of the two bifucated states for 10 years.

After the creation of the new state, the security and guarantees including fundamental rights of the people of coastal Andhra, Rayalaseema and Telangana will be ensured, he said.

The Cabinet approved a GoM that will go into the issue of a special financial disbursement that may be required from the central government for the residuary state of Andhra Pradesh, for building its capital and to cater to special needs of backward regions.
The new state will have a geographical area of 10 of the 23 districts of undivided Andhra Pradesh.

Thursday's decision brings to fruition the announcement made by the then Home Minister P Chidambaram on December 9, 2009 for creation of Telangana.

Joy & anger in Andhra Pradesh over Centre's nod for Telangana

Telangana Rashtra Samithi (TRS) President K Chandrasekhar Rao and other statehood supporters hailed the Union Cabinet's approval of separate Telangana while Seemandhra leaders and people expressed anguish and anger over the decision.

The pro-united Andhra employees of the state government, who are in the forefront of the agitation against division of southern India state Andhra Pradesh, called a 48-hour shutdown in Seemandhra (coastal Andhra and Rayalaseema regions) from 6 AM tomorrow.

The TRS President hailed the decision but asked Telangana supporters to be "alert till the Bill for formation of the separate state is passed in both houses of Parliament".

Welcoming the decision, Andhra Pradesh Information Minister D K Aruna, who hails from Telangana, thanked ruling United Progressive Alliance (UPA) Chairperson Sonia Gandhi, Prime Minister Manmohan Singh and Congress Vice-President Rahul Gandhi for formation of the separate state comprising ten districts.

Several other Congress leaders from the region expressed happiness over the Cabinet's decision which comes over two months after the Congress Working Committee gave its nod to bifurcate Andhra Pradesh.

Telangana supporters set off crackers and celebrated the occasion at the TRS office here and elsewhere in Hyderabad, which was the epicentre of the long-drawn statehood stir.

On the other hand, the pro-united Andhra employees of the state government, who are in the forefront of the agitation against division of AP, called a 48-hour shutdown in Seemandhra (coastal Andhra and Rayalaseema regions) from 6 AM tomorrow.

Centre asks Andhra government to remain on high alert

The Home Ministry Thursday asked the government of southern Indian Andhra Pradesh to remain on high alert in view of the Union Cabinet's approval to create Telangana and deploy adequate forces, especially in Seemandhra region, to maintain peace.

Apprehending protests, particularly from those opposing bifurcation of Andhra Pradesh, the Centre has already sent around 2,500 paramilitary personnel to assist the local police to deal with the law and order situation there.

Police barricade 7 RCR against the anti-Telangana activists.

The Home Ministry told the state government to remain on high alert and deploy forces in all sensitive locations in Hyderabad, coastal and Rayalaseema regions to deal with any situation arising out of the Cabinet's decision, official sources said.

People in the Seemandhra region have been protesting for the past two months against the bifurcation of Andhra Pradesh and the agitation is expected to be intensified in the coming days following today's decision.

The Cabinet took the first significant step towards creation of a separate Telangana state and decided that Hyderabad will be the joint capital of the two states for 10 years.

Over two months after the Congress Working Committee put its seal of approval, the Cabinet approved the Home Ministry's proposal for creation of the 29th state and decided to set up a Group of Ministers (GoM) to work out modalities.

Read more at: http://indiatoday.intoday.in/story/cabinet-note-on-telangana-recommends-hyderabad-as-capital-of-new-state/1/312859.html

Read more at: http://indiatoday.intoday.in/story/cabinet-note-on-telangana-recommends-hyderabad-as-capital-of-new-state/1/312859.html

Raghuram Rajan meets Chidambaram; discusses economic situation

Rajan discusses economic situation with Chidambaram

Ahead of the RBI's central board meet, the central bank chief Raghuram Rajan on Thursday met Finance Minister P Chidambaram and is understood to have discussed economic issues. "Our meeting was part of regular interaction that takes place between RBI and Finance Ministry," Rajan said after his hour long meeting with the Minister and Economic Affairs Secretary Arvind Mayaram. The Central Board of Reserve Bank will meet in Raipur on Friday to discuss key economic and financial developments. The RBI board meets at least once every quarter. The meeting would be chaired by Rajan. The four deputy governors are the official directors on the board, while Mayaram and Financial Services Secretary Rajiv Takru are the government nominees. There are also 11 non-official directors on RBI board. The meeting assumes significance in the wake of economic growth falling to a four year low of 4.4 per cent and current account deficit (CAD) at an elevated level of 4.9 per cent in the April-June quarter. While the government has been emphasising on measures for incentivising growth, the RBI in its policy review last month had hiked interest rates by 0.25 per cent. The RBI is scheduled to announce its second quarter policy review on October 29. Although Prime Minister Manmohan Singh and other government functionaries are expecting the growth to improve in the second half of this fiscal, Asian Development Bank in its recent report lowered India's growth projection for 2013-14 to 4.7 per cent. The economic growth rate slipped to a decade's low level of 5 per cent in 2012-13.