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INDIA
March 02, 2012
Indian Railways May Charge Modernization ‘Tax’
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The Sam Pitroda committee has recommended to add a surcharge to passengers based on a per kilometer basis which would help Indian Railways to recoup their modernization charges that will benefit travelers all over India. Possibility of privatization has been ruled out for now. NEW DELHI (IE): Seeking Trivedi last September to suggest only.” The committee has recommended to raise an investment of close m o d e r n i z a t i o n , h a s a s k e d to Rs 6 lakh crore for railway the Railways to mobilize total for exploring new revenue models modernization, a high-level investment requirements of Rs including commercialization of rail committee today suggested levying 5,60,396 crore for the proposed land and stations to generate funds for modernisation of railway’s core a surcharge in this regard from modernization initiatives. At the same time the committee assets. passengers and disinvestment of Giving major stress on pubicrailway PSUs among other options has also sought a gross budgetary support (GBS) of Rs 2.5 lakh private participation (PPP) model, to generate funds. The Sam Pitroda-led committee crore for the next five years and the committee has suggested raising has recommended that the raising Rs 2.01 lakh crore through close to Rs 2.30 lakh crore through modernisation surcharge from internal generation for funding PPP projects. While it has sought dividend passengers be based on per the modernisation initiatives that passenger km basis which would include complete overhaul of rebate of Rs 24,000 crore which railways owes to the government help Railways generating the railway infrastructure. Trivedi who received the report on account of GBS and has pegged required fund. It further suggested setting of a railway tariff regulatory today, however, ruled out any Rs 1.01 lakh crore which Railways possibility of railway privatization could generate through leasing and authority. The committee appointed saying “Railways will remain borrowings. Subscribe 713-789-NEWS by Railway Minister Dinesh 200 per cent with the government
Millions of Union Workers Strike Across India
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NEW DELHI (TOI): Millions of workers of all political hues went on strike across the country on Tuesday to express their anger at soaring prices and to back demands for improved rights for employees, trade unions and political activists said. The strike, included workers from state-run phone companies, bus drivers and postal workers, is a new headache for Prime Minister Manmohan Singh’s government as it grapples with weakening economic growth and faces elections in several states. Workers linked to the ruling Congress party joined the protest and have promised further action if their demands are not met. The protests are not expected to significantly affect banks and financial markets in Asia’s thirdlargest economy, but traders said there could be some volatility in the bond market if volumes are lower than normal. “Volumes could be lower, but settlement should happen,” said a senior dealer at a state-run bank. The strikers had a long list of demands. Among them, they want the government to take measures to
contain inflation, provide universal social security cover for workers in the vast unorganised labor sector, and to stop selling stakes in staterun companies. “We will have to think about our future course of action if the government does not come forward with proposals on how it will react to our demands,” G. Sanjeeva Reddy, president of the Indian National Trade Union Congress, the ruling party’s trade union, Singh had appealed to Reddy to call off the strike, but was ignored, according to a report in the Hindu newspaper. Hit by high interest rates, stubborn inflation and a stuttering reform
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agenda, the economy is expected to grow by about 7 percent in the fiscal year ending March, compared with earlier expectations of about 9 percent growth. Singh’s government, which is also beset by multi-billion dollar corruption scandals, has faced a slew of protests since winning a second term in 2009, denting the Congress party’s image as a defender of the poor. The party is currently fighting five state elections, including one in Uttar Pradesh, the country’s most populous state. Tuesday’s strike was the 14th general strike since India opened up its economy with major reforms in 1991.