India News: December 2006

SBI hikes FCNR, NRE deposit rates from Jan 1
Sunday, December 31, 2006 | MP

State Bank of India has announced a rise in its interest rates of Foreign Currency Non Resident (FCNR) and Non-Resident External (NRE) term deposits. The revised rates will come into effect from Jan 1, 2007. The new rates are following: NRE deposits for 1 year to less than two years have been raised to 6.33 per cent from 6.24 pc, 2 to less than 3 yrs: 6.16 pc from 6 pc. 3 to less than 5yrs: 6.08 pc from 5.91 pc. For FCNR deposits in dollars: 1 to less than 2 yrs stands at 5.33 pc from 5.24 pc, for 2 years to less than 3 years to 5.16 pc from 5 pc and for 3 years to less than 4 years to 5.08 pc from 4.91 per cent. FCNR rates for Pound, Euro, Canadian dollar, Australian dollar and Japanese Yen also have been revised.

Saddam execution unfortunate: India
Sunday, December 31, 2006 | MP

India has termed Saddam's execution as unfortunate and expressed hope that it would not hinder the ongoing peace process and normalcy in Iraq. "We hope that this unfortunate event will not affect the process of reconciliation, restoration of peace and normalcy in Iraq," said India's Extenal Affairs Minister in a statement. India had earlier appealed to spare the former Iraqi President's death sentence. Meanwhile Hussein's execution has triggered protests from across various parts in the country.

Dravid blame it on top order
Sunday, December 31, 2006 | MP

Indian skipper Rahul Dravid expressed disappointment over India's top order and said that the batsmen didnt bat as well which let the team down to the 174 run defeat int he second test against South Africa in Durban. 'The bowling was good and they set up the match for us, but the batting let us down.', said Dravid. The openers failed to give a good start as India was reduced to 39 for 2 and could never recover for the loss. The next and final Test will be played in Cape Town on Jan 2nd and will be the deciding match as both teams had levelled the series with a 1-1 win.

Pawar nominated for ICC top post
Friday, December 29, 2006 | MP

Indian Cricket Board President Sharad Pawar has been nominated for the post of of International Cricket Council President. Pawar's name was agreed upon and sent for the ICC chief job after a meeting held by the Asian Cricket Council in Singapore after decision on this regard was taken by the four Test playing nations in Asia. Voting on the nominations will take place at the ICC's annual meeting in London in July, 2007.

Rupee at 10-month closing high
Wednesday, December 27, 2006 | MP

The Indian currency hitting over 10-month closing high of Rs 44.2950/3050 per dollar, up by 15 paise against the US currrency. Heavy dollar sales by banks had resulted in the rise of rupee against the dollar. Good foreign funds inflows into the stock market and decline in crude oil prices also helped the rupee gain, dealers said. In the FOREX market the Indian unit resumed steady at Rs 44.45/47 a dollar from Tuesday's close of Rs 44.45/46 and later shot up on heavy dollar sales and closed at Rs 44.2950/3050 per dollar, the lowest level since Febraury 15, 2006.

Sanctions against Iran are not the solution: India
Tuesday, December 26, 2006 | MP

India's External Affairs Minister has said thatenforcing sanctions on Iran was not the solution to deal with Iran's nuclear programme. He made it clear that such a problem could be solved only through diplomatic talks in the UN Security Council and sanctions can only be justified if the nuclear programme causes ill effects. This comes after the UN Security Counci's decision to impose sanctions on Iran targetting its controversial atomic programme after Tehran refused to halt its nuclear fuel work.

Rs 10000 compensation for flight delays
Monday, December 25, 2006 | MP

New Delhi: The State Consumer Commission has ordered that airlines operating from Delhi will have to pay a compensation of Rs 10000 to every domestic passenger who is being affected by airline delays. This is applicable if there is a delay in departure and arrival of flights by two hours or more than the scheduled time. The Commission also ordered that Rs 20000 each to be paid to passengers affected by delay of international flights. However the delays due to bad weather conditions and tyre bursts will not be considered for compensation.

PM urges Mamta to end hunger strike
Monday, December 25, 2006 | MP

Inspite of Prime Minister Manmohan Singh urging upon Mamta Banerjee to end her hunger strike, the Trinamool Congress chief continues to go on her with her protest against Tatas project in Singur. The PM who was concerned about her health had has sent a request to her asking to withdraw from the fast who on her 21st day of her indefinite fast. Meanwhile Ms Banerjee said she had respect for the PM but refused to move from her stance and said that it was not possible to end her fast since there was no specific assurance from Chief Minister Buddhadeb Bhattcharjee to return the forcibly acquired land to farmers at Singur.

Delhi: Air, rail traffic hit by heavy fog
Saturday, December 23, 2006 | MP

Air and rail services were hit by heavy fog in Delhi and premises causing much difficulty to passengers. Many fligts were either cancelled or delayed due to the inclement weather conditions. At least 10 flights were delayed and many others rescheduled due to thick foggy conditions at the Indira Gandhi International Airport. Many of the train services coming to the capital were also interrupted due to dense fog in the eastern and northern parts of the country. The minimum temperatures in the capital dipped to 8.2 degrees celsius, which is said to be normal for this period of the season.

Justice K G Balakrishnan new CJI
Friday, December 22, 2006 | MP

Justice K G Balakrishnan has been selected as the new Chief Justice of India. He will be replacing Chief Justice Y K Sabharwal who is retiring on January 14, 2007. Balakrishnan is the senior most judge of the Sc and will be the first Dalit to takeover the prestigious post. He will be appointed the 37th Chief Justice and will have a tenure of three years and four months, till May 12, 2010, the day he retires.

Govt to exit from Maruti
Thursday, December 21, 2006 | MP

The government today announced its decision to exit Maruti Udyog by sale of its 10.27 per cent residual stake. The sale of these government's shares is valued at Rs 2,700 crore at current market price. The Cabinet Committee on Economic Affairs(CCEA) has approved the govt's proposal to completely exit Maruti. However Finance Minister refused to disclose when the shares would actually be sold.Japanese car major Suzuki holds a majority 54.2 percent stake in the company.

Jessica Lall case: Life term for key accused
Wednesday, December 20, 2006 | MP

The Delhi high Court has sentenced life imprisonment to Manu Sharma, the key accused who has been convicted in the murder of model Jessica Lall. The sentence was pronounced by Delhi HC today. "We feel that justice will be satisfied under the law if the convict will be sentenced to life imprisonment," said the Court Bench. Meanwhile the victim's relatives expressed happiness over the court order and hoped the judgment would remain upheld.

Hero Honda to hike prices from Jan1
Tuesday, December 19, 2006 | MP

India's leading two wheeler manufacturer Hero Honda has announced its decison to hike the prices of its various motor bikes from January 1st. The price hike is seen as a move to offset higher costs of input materials. Though the exact hike in prices is not yet announced the rise in prices could go up to Rs 1000. The company had last raised its prices in August 2006. Recently Bajaj Auto has also unveiled its plans to revise its prices on various models from the next year onwards.

Lalu given clean chit
Monday, December 18, 2006 | MP

The Patna court today had acquitted Union Minister Lalu Prasad Yadav and wife Rabri Devi of the disproportionate assets case registered against them by the CBI. The court's verdict has come as major relief to Lalu and his supporters. "We have got justice from court. We have full faith in the judiciary. The verdict has reinforced our faith in the judiciary," said the Minister responding to the verdict. Meanwhile, CBI has plans to appeal against the verdict.

Test 1: India puts a target of 402
Sunday, December 17, 2006 | MP

India scoring 236 runs in their second innings has put a total target of 402 against South Africa at the Ist Test match played at Johannesburg. South Africa at the close of day 3 on Sunday were 163 at the lose of 5 wickets. At the stumps are Boucher 23 and A Prince 54 batting.India's paceman who took a 5 wicket haul in the first innings spearheaded the bowling attack taking 3 wickets for 47.

AIIMS medicos strike over Quota Bill
Saturday, December 16, 2006 | MP

Following the passage of quota bill in the Lok Sabha that enables 27pc of seats in central educational institutions to Other Backward Classes, AIIMs medicos had started a hunger strike protesting against the Bill. The indefinite hunger strike which started on Friday night is now being joined by more resident doctors participating in the strike. "The Bill did not take into account the Veerappa Moily Committee report that had suggested implementation of reservation in a phased manner," claims AIIMS Resident Doctors association. However the services at AIIMS will not be hindered as doctors continue to attend to work.

Indian economy on a high: FM
Friday, December 15, 2006 | MP

Finance Minister Chidambaram has said that the country's economy was on a high growth which indeed had resulted in a rise in inflation. "High growth will naturally entail inflation," he said. He alsoo assured that his government would take further fiscal measures to contain the inflation if needed. "We have to contain inflation. Inflation will be moderated by monetary steps, fiscal steps and steps from the supply side ",he added.

India-Japan Friendship Year 2007 launched
Thursday, December 14, 2006 | MP

India-Japan Friendship Year 2007 was jointly launched by the Prime Ministers of the two countries in Tokyo to mark the 50th anniversary of the cultural agreement between the two nations. This is aimed to promote bilateral exchanges in various fields like culture, arts, intellectual-scientific exchanges, tourism, education, sports, etc and to encourage mutual understanding and strengthen friendship between India and Japan. An Indian festival is also being organised by the Indian Council of Cultural Relations showcasing India's culture and vibrant civilisation.

Asiad: Paes-Bhupati pair wins gold for India
Wednesday, December 13, 2006 | MP

India's top seeded pair Leander Paes and Mahesh Bhupathi has won gold in the tennis men's doubles final at the Asian Games in Doha. The duo had beaten Sonchat and Sanchai Ratiwatane 5-7 7-6 (9-7) 6-3 in the final today. In the women's singles Indian star Sania Mirza had to settle for silver as she lost to Jie Zheng for 6-4 1-6 6-1. Sania and Paes will be playing against Satoshi Iwabuchi and Akiko Morigami of Japan in the mixed doubles title clash.

Infosys in elite Nasdaq club
Tuesday, December 12, 2006 | MP

IT major, Infosys technologies has been listed in the elite Nasdaq 100 index which has the largest non-financial stocks on the exchange. Infy's inclusion also makes it the first Indian company to be listed in the prestigious club like Google, Yahoo and Oracle. "The move is important as it will make us a global brand improving our profile," said Infosys CEO. The infy Chief also expressed hope that the company would close financial year 2006-07 with revenues exceeding 3 billion dollars.

Tourist arrivals to rise over the coming years
Monday, December 11, 2006 | MP

The Indian government is expecting a 12-15% rise in its tourist arrivals every year. And this would continue over the coming years till 2010 coinciding with New Delhi hosting its maiden Commonwealth Games. To meet with the increasing tourist demands, Tourism Ministry has also come up with strategies to accomodate more tourists and visitors visitng the country. Govt is even promoting the concept of budget hotels and idea of residents offering lodging to guests under the Incredible India Bed and Breakfast scheme.

Indian American on Discovery space mission
Sunday, December 10, 2006 | MP

With NASA's space shuttle Discovery's launch, Indian American Sunita Williams becomes the second woman to venture on the space mission after Kalpana Chawla. The 41 year old Sunita is the flight engineer on the mission and will remain in space on repair mission to the International Space Station (ISS) for a 6 month period. The shuttle which had a delayed launch took off to space from NASA's Kennedy Space Center at 7.17 AM IST today.

Shooting Event: Rana wins gold for India
Friday, December 8, 2006 | MP

Delhi shooter Jaspal Rana has won gold medal for India in the men's 25m standard pistol event in Doha at the 15th Asian Games. With this Rana has also equalled the world record in the men's 25m centre fire pistol event by aggregating 590 points. India till Thursday had gained four silver and four bronze medals in the shooting event. And Rana came up with a commendable show to set the first gold from the Indian shooting team.

Taj finalists among New 7 wonders of World
Thursday, December 7, 2006 | MP

India's Taj Mahal has been shortlisted among the top nominations for the New 7 wonders of the world prepared by a Switzerland-based trust. The panel has invited people from around the world to cast their votes for their favourite monuments and Taj is said to be higly favoured by the voters. The final list will be announced July 7, 2007 at Lisbon, Portugal. The Statue of Liberty, Stonehenge, Eiffel Tower, the Pyramids of Gaza , the Sydney Opera House and Kiyomizu Temple are the other among the top finalists.

Govt not to allow middlemen in defence deals
Wednesday, December 6, 2006 | MP

Defence Minister A.K. Antony has maintained that the government would not allow any middlemen in defence deals. While stating that the govt plans to keep the deals transparent he said that the defence procurement details would be made available in the Defence Ministry's website. He also said the new procedures on defence procurement were adopted after consultations with Comptroller and Auditor General, Central Vigilance Commission and Parliamentary Standing Committees.

Air Sahara announce Steal-a-seat offer
Tuesday, December 5, 2006 | MP

Service carrier Air Sahara has announced a new scheme called 'Steal-a-seat' offer to its customers where tickets can be purchased a month advance and fares will be availableon special discounts upto 91% less than the full fares. The special fares are valid in 2 slabs of G and M class in addition to the Solar Fares and normal full fares. The special fares will be valid for travel between January 1 and April 30 2007 and will be available in eight popular sectors across its network.

TCS wins US $100mn China deal
Monday, December 4, 2006 | MP

In a landmark deal, IT major Tata Consultancy Services(TCS) has bagged US $100 million from the Bank of China. As a part of the deal, TCS would offer banking solutions to the BOC. The pact is seen as a major breakthrough for IT related deals signed by a Chinese bank ahead of the opening up of the country's banking sector to foreign competition under Beijing's commitment to WTO.

Indian shooters bag medals at Doha Asiad
Sunday, December 3, 2006 | MP

The Indian shooters had picked up the country's first medals at the opening day on the 15th Asian games held at Doha by winning two bronze medals at the 10m air rifle events. The men's team of Gagan Narang, P T Raghunath and Navnath Faratade bagged the bronze missing the siver by one pointw. The women's team of Avneet Kaur Singh, Tejaswini Sawant and Suma Shirur won the bronze medals missing the second spot by 2 points.

Sidhu quits LS
Saturday, December 2, 2006 | MP

Former Indian cricketer and BJP MP Navjot Sidhu has resigned from the Lok Sabha following his conviction in a case of death in a road rage involving him 18 years ago. The 43-year-old Amritsar MP submitted his resignation to Lok Sabha Speaker soon after the Punjab and Haryana court found him guilty. Siddhu in his letter said he was resigning on moral grounds. "For me no office is bigger than idealism or truth", he stated.

Nilekani named Forbes Businessman of the Year
Friday, December 1, 2006 | MP

Software major Infosys Technologies chief, Nandan Nilekani has been named the Forbes Asian 'Businessman of the Year 2006' award. Nilkeni, also the cofounder of Infosys is the CEO of the firm since 2002 and under his tenure Infosys has achieved sustained profitability over the years. He has been chosen for the award for his excellent leadership in keeping the firm ahead of of its peers in the global outsourcing phenomenon, said Forbes Asia.