1400 HRS

03rd April, 2013

THE HEADLINES:

• Criminal Amendment Bill 2013 providing stringent punishment for crimes against women becomes Law with the President giving assent to it.

• The Government committed to removing domestic constraints and putting the country back on a higher economic growth rate of eight per cent, says Prime Minister.

• The President asks Private Sector to actively participate in rejuvenation process of micro, small and medium enterprises.

• Enforcement Directorate begins probe into money laundering case in connection with multi-crore drug haul in Punjab.

• Israel launches air strikes on Gaza Strip.

• Rupee loses 14 paise to 54 rupees 40 paise.

• Kolkata Knight Riders to clash with Delhi Daredevils in the opening match in Kolkata.

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The country today got a new law ensuring a stringent punishment for crimes against women with the President giving his assent to the Criminal Law Amendment Bill-2013. The Bill was passed by the Parliament in the current Budget Session. The bill encompasses features that will provide stringent punishment for crimes against women such as rape, acid attacks, voyeurism and stalking. The punishments range from life term to death penalty for the repeated offenders. The Bill brought out after the Delhi gangrape of the Para-medical student on 16 December 2012, also fixed the age of consensual sex at 18 years.

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The Government is committed to take decisive action to remove domestic constraints and put the country back on the higher economic growth rate of eight per cent. Addressing the National Conference and AGM of the Confederation of Indian Industries in New Delhi today, Prime Minister Manmohan Singh said, the government is also undertaking a comprehensive review of the FDI policy to see what more can be done. He said, the government will take all steps to ensure that foreign fund flows remain strong and restore the macro-economic balance.

"We must welcome foreign investors coming to India, and using India as a part of their global supply chain. We are reviewing the FDI policy comprehensively to see what more can be done in the coming months."

Urging industry leaders to partner with government efforts to reverse the impact of economic slowdown and achieve higher economic growth Dr. Singh termed 5 per cent GDP expansion as clearly disappointing. He said, the country can overcome undue pessimism and problems like corruption, bureaucratic inertia, constrains of coalition politics and get back to the higher growth trajectory. Terming high fiscal deficit as unacceptable, he said, the government is determined to do everything possible to achieve the fiscal deficit target to bring it down to 3 per cent by 2016-17. On the Current Account Deficit, Dr. Singh hoped it would moderate in the current financial year from a high of 5 per cent recorded in 2012-13.

"Fiscal expansion has led to an expansion in the current account deficit, which is expected to be around 5 per cent of GDP. This is more than twice the traditional comfort level of say 2.5 percent. We can expect some reduction from this level in 2013-14."

The Prime minister said, the Cabinet Committee on Investment (CCI), set up to fast track regulatory clearances for industry and infrastructure has made significant progress in clearing large projects which were held up for long. He said, in the petroleum sector, clearances have been given to 5 Oil blocks and issues relating to another 31 blocks are expected to be resolved within the next two weeks.

"Investments worth $20 billion for exploration and production activities in 40 oil blocks had been held up for many years because of lack of security clearances. The CCI has made a difference. Clearances have been given for five blocks."

In power sector, Dr. Singh said, issues relating to the NTPC's proposed 2000 MW project in North Karanpura area of Jharkhand has been resolved. He said the CCI has also streamlined the process of granting environment, forest clearances for Mega projects and clearances of twelve coal mining projects have been fast tracked. He also asked the industry to work closely with the government in promoting skill development and to reap a demographic dividend of a young nation. Speaking on the occassion, Commerce and Industry Minister Anand Sharma asked banks to make available credit at affordable rates to boost investments. Mr. Sharma said a forward looking and pragmatic foreign trade policy will be announced on the 18th of this month.

"Given the difficult situation we are in, the banks must make available credit at affordable rates to give a boost to investment, This is, today, the real need to make ourselves globally competitive."

We spoke to Dilip Chenoy, Business Expert.

"PM in his speech conveyed to industry that the reform process was on track and said it was now time to shed the understanding of gloom in the economy and look at the positive side. He also said that industry and government should work together. It was a very positive statement from the PM and hopefully it should lead to a change in mood and attitude of business in going forward."

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President Pranab Mukherjee today urged the private sector to actively participate in the rejuvenation process of the Micro, Small and Medium Enterprises, MSME. Giving away MSME national awards in New Delhi, Mr Mukherjee called for technological development in the sector. He said this will enhance capabilities of the workforce and increase competitiveness. Mr Mukherjee pitched for greater access to capital and the market to ensure growth in the sector. He said micro enterprises are largely employing people belonging to the unorganized sector and, therefore, need the maximum support for growth.

The Minister of MSME, Mr. K.H Muniyappa said that his ministry had allocated over eight thousand crore rupees in the 12th plan to set up 3.39 lakh enterprises in the country. He said this will generate over 27 lakh employment opportunities. The awards are given every year to promote entrepreneurship and recognise the achievements of successful entrepreneurs in MSME, khadi and coir sectors.

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Information and Broadcasting Minister Manish Tewari has called for justice for the slain student leader of the Students' Federation of India who allegedly died in police custody in West Bengal. Mr Tewari tweeted that he was sad and angry at the death of Sudipt Gupta requesting the State government to overcome partisan politics and ensure justice in the case.

The West Bengal Chief Minister Ms. Mamta Banerjee visited that SSKM hospital in the city where Sudipto breathed his last and described the incident as unfortunate and gave an assurance of all help to his family.

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The Enforcement Directorate (ED) has started investigations in the money laundering case in connection with the multi-crore drug haul case in Punjab which was unearthed by the Fatehgarh Sahib Police in early March. The case was registered yesterday. The Fatehgarh Sahib Police Chief told our Jalandhar correspondent that till now 15 persons have been arrested in this case.

"Since the case involves NRIs, Punjab Police Intelligence Wing is also contacting the concerned embassies through the Ministry of External Affairs to nab those living in various countries. Till now 15 persons have been arrested in this case. This include 2 Canadian and 1 UK citizen. More than 25 other persons who have been figured in this case are absconding. Investigations are on". Rajesh Bali/AIR News/Jalandhar.

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Israel launched air strikes on the Gaza Strip for the first time since the eight day war in November against the Palestinian group, Hamas ruling Gaza. The Hamas interior ministry said in a statement, that occupation planes bombarded an open area in northern Gaza. The Israeli military said that two extensive terror sites in the Northern Gaza Strip were targeted in response to rockets fired from the Palestinian enclave at Israel. Two of the three landed in Gaza while the other one hit an open area in southern Israel. No damage or casualty has been reported. Meanwhile , an Al Qaeda-linked group, Magles Shoura al-Mujahedeen has claimed responsibility for the rocket attacks inside Israel. The airstrikes threaten to end an Egyptian-mediated ceasefire between Israel and Hamas since November, when around 170 Palestinians and six Israelis were killed in the eight day long cross-border war.

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Iran goes for yet another round of talks over its nuclear program with the group of P5+1 nationals consisting of US,UK,France , Russia,China plus Germany in the Kazakh city of Almaty on Friday. The two sides have held four rounds of talks last year and one round this year but have not been able to reach a breakthrough.

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In Sri Lanka, unidentified miscreants attacked the office of Uthayan newspaper in Kilinochchi this morning. The newspaper is owned by Tamil National Alliance MP of the Jaffna, Mr Saravanabavan. The attack took place at around 5 am this morning. Police say the extent of the damage has not yet been determined but they confirm that two of the injured employees of the newspaper have been admitted to the Kilinochchi Hospital.

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Malaysian Prime Minister Najib Razak has dissolved parliament ahead of a general election. Mr Najib made the announcement in a televised address, whose National Front coalition has been in power for over 50 years. He will face opposition leader Anwar Ibrahim in what is expected to be a tightly contested race. The National Front lost its two-third majority for the first time in the 2008 elections. Election officials will meet in coming days to fix a polling date. Mr Najib was constitutionally obliged to call a general election in April, when the National Front's five-year mandate ran out.

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Nepal is to host the third meeting of the SAARC Ministers on Poverty Alleviation on the 5th of this month. This will be preceded by the fifth meeting of SAARC secretaries on Poverty Alleviation in Kathmandu tomorrow. Addressing a press conference in Kathmandu today Director of SAARC Secretariat Mr. Dhan Bahadur Oli said all SAARC member states are expected to participate in the meetings in which issues concerning the achievements of SAARC development goals, regional poverty profile , regional and sub regional investment projects will be discussed.

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The rupee lost 14 paise to 54 rupees 40 paise against the dollar in early trade today, due to strengthening of the US currency overseas. The local currency had gained three paise to close at 54 rupees 26 paise yesterday.

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The Sensex at the Bombay Stock Exchange fell 66 points, or 0.3 per cent, to 18,975 in early trade, today, on profit-booking by funds and speculators, after recent gains. Later, the Sensex remained weak, to stand 62 points, or 0.3 percent in the red, at 18,979 in afternoon trade, a short while ago.

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Oil prices were down in Asia today as a pipeline closure in the United States led to fears that inventories could rise and investors waited for the release of US payroll data. New York's main contract, West Texas Intermediate light sweet crude for delivery in May shed 57 cents to 96.62 dollar a barrel and Brent North Sea crude for May delivery dropped 45 cents to 110.24 dollar.

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In the sixth edition of the Indian Premier League Twenty-20 cricket tournament today, Kolkata Knight Riders will clash with Delhi Daredevils in the opening fixture at the Eden Gardens in Kolkata. While defending champions Kolkata will be led by Gautam Gambhir, Delhi will be captained by Sri Lanka's former Skipper Mahela Jayawardene. The tournament kicked off last evening, with a glittering opening ceremony at the Salt Lake Stadium in Kolkata. A total of 9 teams are taking part in the competition.