16th MA RCH [FRIDAY]
ISSUE - 145
- POOJA DALAL
Amidst the expectation of the Budget to come and the settling period that the vacation season has brought by, let us not forget what’s ‘new’. So The IBS Times is yet again back and fresh with the same dedication of the non-vacation times. Hope you find the issue interesting and informative.
The Cover story of the week talks about the change agent that has instilled itself as Akhilesh Yadav in the Indian politics. To know how this simple man has not taken power for granted but has worked his way through the web of politics, just turn over a leaf.
The cover Opinion column of the week gives a detailed view of the historic UID project that our government has undertaken. The project can rightly be called ‘Ambitious’. It is because the sheer size of our country is a problem for any type of data collection. And when this problem of magnanimity is coupled with that of red tape, the future of such a project cannot be very certain. Keep reading to know what our writer opines on the issue.
The Brand Track section of this week is a splash of freshness to make you forget all about the scorching summer. It gives a detailed account of how a new concept of theme parks developed in India and how Water Kingdom became the leader of the segment and till date remains one of the most fun spots of the country. It has developed the brand by providing quality with value for customers money and safe option to have a holiday.
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Focus of the week is again the biggest thing that has happened to modern Indian politics– Akhilesh Yadav! It uncovers various other less known things about the leader that is otherwise found among high circles of the Government. And of course there are our regular sections of Fast Track, Quick Bites, M arket Watch as well to give you a very brief view of the news around the world and in our own country.
1 OPINION 2 BRAND
5 FOCUS 6 MARKET
3 QUICK BITES
THE IBS TIMES
COVER STORY– AKHILESH YADAV ‘UP’s MAN OF THE MATCH’
- AVLEEN KAUR SARNA
It is said that he embarked on the journey to prepare for the battle of UP nearly one and a half years before the elections. He extensively campaigned in UP and came across as an accessible leader amongst the masses. Apart from all that he knows the name of every district leader and every main worker in the state and is believed to be groomed well by his father and the strongman of UP politics, who is said to have used grassroot politics to cement the party. In the run up to the UP polls he took some decisions which raised eyebrows and ruffled some senior members of the party as he struck down the decision of his uncle and M ulayam’s right hand man Shivpal Yadav to bring in a BSP leader’s brother in the party and vehemently said no to the entry of the so called don of UP in the party. The message was simple – the reins were in his hand and he wanted to change the image of SP being a party of goons and film stars. He also went all out to charm the young voters. It is apparent from the youth which thronged to his rallies that he was successful in his attempt.
Quiet and disciplined they carefully stood in their allotted spaces though eager to carry out any instruction from Akhilesh Yadav, who has all together scripted the party’s spectacular victory in the assembly elections in Uttar Pradesh and is seen as its modern face who has also given the party an image makeover.
At the Samajwadi Party manifesto release function on January 20 many party veterans were confounded over the presence of several new faces on the podium along with M ulayam Singh Yadav and his son Akhilesh Yadav. Quiet and disciplined they carefully stood in their allotted spaces though eager to carry out any instruction from Akhilesh Yadav, who has all together scripted the party’s spectacular victory in the assembly elections in Uttar Pradesh and is seen as its modern face who has also given the party an image makeover. Although he has been around for more than 11 years in politics now, this is the first time that he has held the centre stage.
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Furthermore, with lawlessness booming in the state, his journey will not be an easy one. His ‘kranti rath yatra’ based on the plank of development, reaped results in his favour as people wanted a change and as it is said that incumbency ruled the state. But there are some issues which he must act on right away, firstly it is the lawlessness and local level rowdies with goons breeding in every city of the state. Secondly, the safety of women is a concern as UP has a dubious distinction of having the highest crime against women with a hostile judicial system, suspecting society and also a hostile local governance. Thirdly, it shall be on re-establishing the image of SP. Also fourthly, improving upon the corrupt bureaucracy and administration is another criteria. Lastly, it shall be about living up to the expectations as per the manifesto which would be quite tough. His main challenge here would be to establish a strong source of revenue in the state to cover up for this deficit and to enable the weaving industry to grow and have a growth rate that sets example for others.
As is apparent, for May- Thus what has led to the commendable performance of the Samajwadi Party is continuous footwork awati the future is shrouded and balancing of the caste equations. The anti-maya struck the chords of the voters. in darkness and for Rahul As is apparent, for Mayawati the future is shrouded in darkness and for Rahul Gandhi and the revoGandhi and the revolution- lutionary brigade, the UP elections 2012 were enough to give the congress scion a taste of dirty poliary brigade, the UP elec- tics in the state. As the adage goes only time will tell whether Akhilesh Yadav will work for the peotions 2012 were enough to ple with the same genuineness and emerge as a formidable administrator or whether he will become give the congress scion a
arrogant and autocratic and meet the same fate that M ayawati did at the altar of the masses.
taste of dirty politics in the state.
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Govt may soon lift ban on cotton exports
THE IBS TIMES
The government may soon lift the banon cotton exports in the wake of widespread resentment against the move. Party sources said an announcement on lifting the ban may be made after by -polls in states like M aharashtra are completed. M aharashtra Chief M inister Prithviraj Chavan met UPA Chairperson Sonia Gandhi and it is believed that the issue of cotton export ban too may have figured during the deliberation.
China has become India's largest trade partner in South Asia
The relations between India and China are improving fast amid growing trade ties between the two countries, a top Chinese official said. Addressing an international seminar on 'BRICS and the new World Economic Order' here today, M inister-Counsellor and DCM (Deputy Chief of M ission) Embassy of China, Deng Xijun said that the bilateral economic cooperation had witnessed a sustained growth over the past few years.
Budget 2012: Finance Committee recommends liberal tax regime for DTC
The Standing Committee on Finance has recommended a very liberal tax regime in its suggestions on the Direct Taxes Code Bill, 2010 ( DTC). The basic exemption limit as contained in DTC is recommended to be enhanced from 2 lakhs to 3 lakhs and the tax slabs are also to be expanded wherein individuals to pay tax at 10% on income between 3 lakh and 10 lakh, 20% on income between 10 and 20 lakhs and 30% on income above 20 lakh.
Indi a says trade deficit ' ballooning'
India said its trade deficit was "ballooning" after imports sharply outpaced exports last month. Imports accelerated by 21 percent to $40 billion in February from a year earlier, mainly driven by oil purchases, while merchandise exports grew by a much slower 4.3 percent to $24.6 billion, hit by weak global markets. The government raised its trade deficit forecast for the financial year to M arch 31 to $175 billion-$180 billion from $160 billion projected earlier. The trade gap totalled $104 billion last year.
Cabinet meeting on Presidential reference on 2G inconclusive
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The Union Cabinet today discussed a proposal for making a Presidential Reference on the Supreme Court order cancelling 122 2G licences and decided to call the Solicitor General for consultations. The Cabinet will meet again early next week when the Solicitor General will be called to present legalities involved in seeking such a reference, sources privy to the deliberations said. The government has already filed a review petition seeking clarifications on certain aspects of the February 2 judgement of the apex court.
â€˜Banks are far from convincedâ€™ said by SBI MD State Bank of India managing director A Krishna Kumar said the banking sector has apprehensions over the effectiveness of business correspondents and unless banks overcome this, they can't be used for channelling loans to the poorer segment in the interiors. "There is reputational risk attached to the business correspondent model and we are not quite certain about their functioning," Krishna Kumar said at a financial inclusion seminar, organized by XLRI Jamshedpur.
Extreme point rule -A technical analysis rule that looks at the highest point or the lowest point at which the
negative directional indicator (-DI) and positive directional indicator (+DI) cross for a particular financial instrument.
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Congress struggles to find chief minister in Uttarakhand
THE IBS TIMES
Amid intense pulls and pressures, the Congress high command tonight struggled to choose the next chief minister of Uttrakhand amid indications the leader would be an M LA, ruling out the possibility of M Ps inluding Union minister Harish Rawat. The party's central observers Ghulam Nabi Azad and Chauhdary Birender Singh, who elicited the views of the party's 32 legislators as also 2 independent M LAs in Dehradun on the leadership issue, submitted their report to party Chief Sonia Gandhi.
After poll drubbi ng, Mayawati sets sights on Delhi
BSP chief M ayawati has decided to continue with her 'sarvjan' policy (social engineering) despite drubbing in the recent elections. She also seems to have decided to move to national politics, at least till next Lok Sabha elections. This came to the fore on Wednesday at a meeting of party leaders in which M ayawati distributed responsibilities of leading the party in the state among M uslim, brahman, dalit and backward class leaders. After defeat in polls, many described that her social engineering had failed.
Sand mafia attacks cops and officials in Madhya Pradesh
Within two days of the killing of Indian Police Service officer Narendra Kumar Singh by the mining mafia in M adhya Pradesh's M orena district, there was another attack on police and government officials in the state on Saturday, this time in the Panna district, an official said. Alleged members of the sand mafia fired at the sub-divisional magistrate (SDM ) and sub-divisional officer (Police) in Panna district on Saturday afternoon.
Black money issue to figure prominently in budget session
The issue of bringing back Indian black money stashed abroad is likely to figure prominently in the Budget session of Parliament beginning with BJP leader L K Advani saying that the Opposition was eager to know how the Government had tackled the matter.
Dravi d declares retirement
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Virender Sehwag paid rich tributes to Rahul Dravid, who has announced his retirement from international, saying the Bangalore stalwart's performance would be sorely missed, as nobody could possibly match him. "I don't think a player like Rahul Dravid can come into the Indian cricket team (again). Especially his performance in overseas matches can be hardly matched by any player," Sehwag told reporters at a promotional event here.
Sachin Tendulkar rubbishes retirement speculations Cricketing legend Sachin Tendulkar on Saturday dismissed speculations that he would announce his retirement after getting his much awaited 100th international ton. A news channel reported that Tendulkar, in an SM S sent to the channel, has rubbished all speculations about his retirements. Speculation was rife that Tendulkar would hang up his boots after getting the century in the Asia Cup. .
Up-and-in barrier option -A type of barrier option in which the spot price of the underlying is set below the barrier level, and the price of the underlying must close up in order for the option to be exercised. It is named "up-andin" because the right to exercise the option appears if the price of the underlying is above the barrier.
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THE IBS TIMES
OPINION FORUM– UIDAI- NEW INDIA NEW IDENTITY ATTESTED
UIDAI embarked upon the journey of taking up the ambitious UID (Adhaar) project since September 2010. By far its voice has reached over 76 million and within four years it aims to cover around 600 million “ more”. Giving unique 12 digit identification numbers will not only eliminate fraud and duplicate identities but also help the commoners to have easy access to all the welfare programs minus the lengthy procedure of ensuring the identification of the individual that increased costs gobbled up the precious time as well as left them at the mercy of unaccountable authority. Needless to say Government’s efforts won’t be nullified so the right resources will reach the right people without any hassle or misuse of records. On the technology front UID is termed as the largest biometric system in the world. On a fair rationing it implies that UID is based on ascertaining the highest quality standards by adopting a UID system that uses ten fingerprints and two iris images for identification that doubles up the accuracy and reduces errors to approx 99.006%
That’ s what UI DAI (Unique Identification Authority of India) implies to me, the brainchild of Government implemented and executed by the same and by far the most promising project undertaken.
Innovation doesn’t necessarily come with a commitment tag of “ I do”. Its failure is as unpredictable as its genesis but this persistent game changer has forced even our inflexible stereotypical Government to bow down in front of its high definition graphic of “ Shining India”. Well now that’s what UIDAI (Unique Identification Authority of India) implies to me, the brainchild of Government implemented and executed by the same and by far the most promising project undertaken. T he reason why I am so overly optimistic about the outcome is because of the assured interest and presence of the once driving force of Infosys Mr. Nandan Nilekani. Hence my loyalty is definitely unquestionable.
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Now let’s look at the assessment card of Adhaar. Well its BHAG (Big Hairy Audacious Goals) possesses bold propositions such as providing identity proofs to 1.2 billion people who are devoid of any document whatsoever, use biometrics as the basis for identification when 70% of population is involved in manual labor and offer a congenial business environment merely within 12-18 months and enroll 600M in 4 years that too under a democratic parliament where no single party holds majority. However its achievements are spectacular and it did attain biometric quality and accuracy within record speed and time. As Shri.Nandan Nilekani, Chairman, UIDAI himself puts it: “The UIDAI biometric system is processing over 100 trillion biometric person matches with a high degree of accuracy each day capable of issuing 10 lakh (one million) Aadhaars’ daily. This makes it not only one of the most accurate but soon to be the largest biometric system in the world.”
“The UIDAI biometric system is processing over 100 trillion biometric person matches with a high degree of accuracy each day capable of issuing 10 lakh (one million) Aadhaars daily. This makes it not only one of the most accurate but soon to be the largest biometric system in the world.”
However India’s taste of success is incomplete without its necessary spices and by this I mean opposition. The tussle between the Planning Commission and the Home Ministry regarding the authenticity of data or the rejection by the Parliamentary Standing Committee on Finance headed by Mr. Yashwant Sinha on grounds of immaterial groundwork or ambiguity has redefined UIDAI to bring out the best in it. The legal sanctity will finally be given to UIDAI in the next Monsoon session of the Parliament which would ensure the inclusive development and emerge to be a safe and fruitful long term investment as well. UIDAI is not only a savior of the poor and other commoners but it is the change agent employed by the Government of India to finally announce the arrival of “ Shinning India.” Well my trust on Adhaar is already attested what about you?
Flexible Exchange option (FLEX)- An option contract instrument offered by market clearing houses that allows the investor to customize key terms. These contract terms include the exercise style, strike price, and expiration dates. Flexible exchange options grant investors a wider variety of choices to fit specific investment goals.
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THE IBS TIMES
BRAND TRACK—TO THE KINGDOM THIS SUMMER!!!
Pan India Paryatan Pvt. Ltd. (PIPPL) is the company holding Water Kingdom – Asia’s Largest Theme Water Park and EsselWorld – India’s Largest Amusement Park. Headed by Mr. Ashok Goel’s never ending zest and attitude that says- ‘He will accept nothing but-PERFECT’, Water Kingdom has become generic to the pleasure and outdoor fun industry. To put it in the words of Director Mr. Ashok Goel, “The Group’s mission is to redefine the traditional means of entertainment and retailing and above all meet the fast changing consumer needs for active entertainment. With technology setting new boundaries and growing competition and sophistication, PIPPL, is responding to these challenges and we will continue to find new ways of doing so.” And indeed the mission has been carried out successfully as the average annual footfall nears 1.8 million with a daily footfall of 2,500 on weekdays and 4,000 plus on weekends. This includes people from various age groups and states (i.e. people from other than Mumbai metropolis too visit).
From its inception in 1999, Water Kingdom has been synonymous with ‘theme parks’ in India. And the brand still enjoys this reputation in spite of many small competitors that have mushroomed over the last decade.
Think summers and you flinch at the heat to come and all the sweat and uneasiness it brings with itself. But think water sprayers and cool riders, all the fun gets back into the summer. And precisely to provide this comfort of getting away from the summer on a bright summer day is what Water Kingdom aims at. Sprawle d over 64 acres on the coastal Gorai village in northwest Mumbai, this heaven of wavy water and exciting rides is a perfect getaway for adventure seekers and fun lovers alike. From its inception in 1999, Water Kingdom has been synonymous with ‘theme parks’ in India. And the brand still enjoys this reputation in spite of many small competitors that have mushroomed over the last decade.
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Guided by Mr. Goel’s vision, the park has always strived to be of ‘International Standard’ in all they do. As a prerequisite to develop such a reputation, they have built in amenities that are International in their standard as well as quality. As EsselWorld (the predisor in leisure industry from the same company) was a market creator (first brand to be the pleasure destination), it strived to inculcate the idea of outdoor fun parks as a leisure activity option to the Indians, who prior to it would either hit the road or take a quite vacation in nearby camping spots. Thus EsselWorld invested huge amounts on advertising the concept of a theme park and thereby creating a new segment of market altogether. A few years later, the idea of Water Kingdom too lured the seekers of ‘active entertainment’. Thus success of Water Kingdom heavily depended on the one achieved by EsselWorld. And thus for Water Kingdom, it was simple brand extension that worked wonders. Water Kingdom has progressed and evolved over the past decade. Initially it started with simple rides which were then extended to a huge botanical garden, many exciting rides, and fun food places. The Kingdom comprises of four main regions- the Missphisly hill, Adventure Amazonia, Wetlandic and Brat zone. Every region has its own specie of rides that have one thing in common. Each is as nerve wracking as the other. It even has many festive time offers and ‘events’. On festivals, there are special performances at the park and New Year is a big event at the Water Kingdom. For getting at all these events, one can even make arrangements prior to visiting, by availing any of the season offers, a year round pass or simply by booking online through the website for the specific event. And for the precationist, the website even shows ‘today’s weather’ to make a decision about their outing.
The Kingdom comprises of four main regions- the Missphisly hill, Adventure Amazonia, Wetlandic and Brat zone. Every region has its own specie of rides that have one thing in common. The Water Kingdom is used not only by guests that come there to get entertained, its also a favourite Each is as nerve wracking with the Advertisers. It is a commonly used spot for shooting and still photography. One of the main as the other. reasons for shooting here is the completely controlled environment that is available at few other destinations. So if you want to get ‘cool’ this summer, you know the right place!
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THE IBS TIMES
QUICK BITES- NEWS THAT CAN’T BE MISSED !
The Wall, Rahul Dravid retires from international cricket on Friday, 9th Feb. After Kingfisher airlines, Jet Airways get taxman’s notice. Chief Ministers for UP, Uttarakhand, Manipur, Punjab, and Goa re-elected. Greece secures debt deal - which saves around $138 billion off Greece's $487 billion debt load.
4G iPad made viral by Apple fans. Facebook is introducing interest lists to be a personalized newspaper. Shares of Larsen and Toubro today surged by over 5 per cent. Essar Oil signed an agreement with Indraprastha Gas to set up CNG outlets in NCR. Google developers insisted to use Google wallet, else get kicked out.
Exports growth slows to 4.3% in Feb. Imports during the period grew at a faster pace of 29.4 per cent to $434.2 billion, widening the trade deficit to $166.8 billion Nifty gains over 100 pts; BSE Bankex up 3.5%. RBI cuts cash reserve ratio by 75 bps.
- ANKITA AGNIHOTRI
The Captains of the Ships..
CEO and MD of L & T-K Venkataraman Chief Minister of Goa-Manohar Parrikar Chief Minister of Punjab-Parkash Singh Badal Chief Minister of Uttar Pradesh-Akhilesh Yadav
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THE IBS TIMES
FOCUS OF THE WEEKâ€“ AKHILESH YADAV
Today, the man born July 1, 1973 is set to be the youngest chief minister of India's most politically crucial state. Following a near rout in the 2007 assembly polls, when Mayawati romped back with a 203-member majority, Mulayam Singh handed over the party reigns to his son Akhilesh in 2009. The environmental engineer from Sydney University was appointed the state president of SP. Until then, Akhilesh was content being in the backseat and enjoying life like any other young man. Movies and football were his favourite past times and he loved riding on a specially made bicycle to be fit. By 2010, political acumen began to set in and Akhilesh Yadav started asserting himself in party matters and began infusing young blood into the party structure.
With his own young staff advising him on day to day issues, Akhilesh Yadav "churned the party mindset" and began breaking the traditional style of party functioning. Soon Blackberrys and smart phones rolled into the party office. He would move around the state, an i-Pad in tow, with an exhaustive database of the state and the assembly constituencies being flipped over and deliberated upon. A pass out of Dholpur Military School, Rajasthan, Akhilesh was soon on his own and was networking with ground level workers of the party and making a serious effort to woo the young voter.
Samajwadi Part y chief Mulayam Singh Yadav, shedding light on this little known fact, told IANS that when Akhilesh was elected in a by-election from Kannauj, a seat vacated by his father, it was then Lok Sabha speaker Somnath Chatterjee who saw "the spark in Akhilesh".
When Akhilesh Yadav was Saturday chosen to be the next Uttar Pradesh chief minister, few knew that the formative steps of this 38-years-old political career were guided by a Communist. Samajwadi Party chief Mulayam Singh Yadav, shedding light on this little known fact, told IANS that when Akhilesh was elected in a by-election from Kannauj, a seat vacated by his father, it was then Lok Sabha speaker Somnath Chatterjee who saw "the spark in Akhilesh". The former CPI-M leader had suggested that Akhilesh be "allowed to be on his own". Mulayam seemingly took the advice seriously and allowed 'Tipu', as Akhilesh Yadav is fondly called in the family, to have a free run in scripting his political career.
His political career hit a trough when Dimple, his wife of 10 years, was made the party candidate for the Firozabad Lok Sabha seat. She lost to one time party leader and now Congress candidate Raj Babbar. It was then that the party decided to get rid of close Mulayam Singh aide Amar Singh and the Yadav clan, led by Rajya Sabha member Ram Gopal Yadav, decided to throw in their towel. The demand was simple - back to basics, the family and expulsion of Amar Singh. Akhilesh joined the chorus to "ease Amar Uncle" out, and started to drive the political fortunes of his party in the state. Mulayam Singh, by now shadowed by ailments, began to guide Akhilesh from the sidelines of his role in national politics.
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Akhilesh's assertion on probity in public life and safe distancing from known dons, hitherto the party favourites, raised many an eyebrow. But the Yadav chieftain allowed him to work in his own way. In 2011, when the polls were announced for the 403 assembly seats in Uttar Pradesh, Akhilesh took charge and picked the party candidates. With a cut here and there, it was largely his choice, party insiders say. By the time campaigning ended in the seven-phased polls, Akhilesh had travelled more than 300 constituencies in a specially re-modelled bus, the Kranti Rath.
He would move around the state, an i-Pad in tow, with an exhaustive database of the state and the assembly constit uencies b eing flipped over and deliberated upon.
He scripted a historic win for the SP, which bagged 224 seats in the 403-member assembly. Akhilesh is set to wear the Uttar Pradesh crown March 15 - a decision that triggered celebrations at the 19, Vikramaditya Marg office of the Samajwadi Party (SP) here Saturday. In doing so, however, the doting father may have disappointed his three kids Aditi, Tina and Arjun a wee bit - because all this while the youngest of the Yadav clan were rooting for their 'dadu' or granddad Mulayam Singh as chief minister.
Franchised monopoly- Is a government-granted monopoly. The most important reason for the government granting a monopoly is in the case of the product or service being a natural monopoly, i.e. unable to sustain more than one producer.
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THE IBS TIMES MARKET WATCH
- SWATI VERMA
The Movers & Shakers of the Week
The week saw some really high voltage o f volatility due to the three key ev ents that the country faced. Markets see-sawed on the repercussions of key events like the clear sweep of the Samajwadi Party in the election results and Greece rescu e plan that culminated during the week. Further, in an unexpect ed move, at least in terms of quantum, the Reserve Bank Of India (RBI) cut the Cash Reserve Ratio (CRR) by 75 bps on Friday. The move will inject Rs 480 bn into the system. Unexpected rate cut is expected to drive the markets next week as well. Further, with the Union Budget scheduled to be announced on March 16 next week's session is expected to be equally volatile. Terming the RBI action to infuse liqidity "appropriate", Prime Minister's economic advisory pan el chief C Rangaraj an on Sunday said policy rate cuts by the central bank would depend on in flation movement. Becoming the first Indian exchang e to get listed, the country's largest commodity bourse MCX on Friday made a smart debut in the stock market and began trading with a significant premium of over 34% at the BSE. After a record-b reaking investor demand for shares in its Initial Public Offer (IPO) late last month, Multi-Commodity Exchange (MCX) saw robust buying interest in its debut trade on the stock market this morning and saw its price soaring past Rs 1,400 level within minutes of listing. The rupee gained 34 paise to Rs 49.94 against the American currency on the Interbank Foreign Exchange market in early trade on Friday on increased foreign fund inflows amid firm equity markets. The rupee had close at 50.28/29 against the dollar in the previous session on Wednesday amid reports of Reserve Bank's intervention in the forex market.
GUJARAT NRE COKE
CESC LT D
MAX (I) LT D
CONT AINER CORP
ST ERLING BIOTECH
Tata Steel and Steel Authority of India (SAIL) have increased prices o f steel products. Tata Steel has increased prices o f its long products by about Rs 1,000 per metric tonne. SAIL on the other hand has increased prices of long products by Rs 500-1,000 a tonne. This is the second such hike in maximum recommended ret ail price (MRRP) in the past three month. Public sector lender IDBI Bank is planning to raise an amount of up to Rs 52.9 bn. This would be done through various means, including share sale to government and Life Insurance Corporati on of India (LIC). The Tier 1 bonds held by the Government of Indi a in the bank will be converted into preferential equity shares. In order to ensure adequ ate domestic supplies to the textile industry the government banned cotton exports during the week. The ban came after exporters shipped 9 m bales over the last six months, well ahead of the government fo recast. Fearing that increasing exports would result in shortage in domestic markets government imposed a ban. However, agricultural minister, Sharad Pawar has recommend ed lifting the ban as production is well above estimates and continuing with the ban would hurt the cotton producers.
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The world stock markets with the exception of Japan closed the week on a negative note. The US stock markets were down 0.4% during the week. Worries that successful completion of Greece bond swap would trigger insurance payments by banks and financial institutions that sold credit default swaps (CDS) overweighed markets. However, the employment data showed signs of job creation and economic recovery in the US. Overall 227,000 jobs were added in the month of February with the unemployment rate being 8.3%. Apart from this, France was down 0.4% while Hong Kong was down 2.2% during the week.
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THE IBS TIMES 5 MARCH 2012 17,362.87
6 MARCH 2012 17,173.29
7 MARCH 2012 17,145.52
INR v/s USD
INR v/s EURO
8 MARCH 2012 -
9 MARCH 2012 17,503.24 5,333.55
- FIGURES NOT AVAILABLE Taylor Rule-A rule that suggests appropriate adjustments to interest rates, based on various economic factors such as inflation and employment rate. The rule indicates that if inflation or employment rates are higher than desired, interest rates should be increased in response to these conditions, and the opposite action should be taken under the opposite conditions. This rule was developed by John Taylor, a 20th century economist. BUSINESS JARGONS BY– SUHANI GUPTA
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ANKIT SHARMA, ANKITA AGNIHOTRI, ATREYEE SENGUPTA, AVLEEN KAUR SARNA, KRITIKA SETHI, POOJA DALAL, SUHANI GUPTA, SWATI VERMA
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