1400 HRS. 
9th July, 2013

THE HEADLINES:

• Prime Minister holds a high-level meeting to discuss ways to revive manufacturing activity.

• Sebi tightens exposure norms for currency derivatives to control fall in rupee value; Rupee gains 48 paise to 60.13 against the dollar; Sensex climbs over 120 points in afternoon trade.

• Supreme Court asks Centre to frame stricter laws to curb sale of acid to prevent acid attacks.

• Apex Court restrains a Jharkhand court from delivering judgement in fodder case involving former Bihar CM Lalu Prasad Yadav.

• Former Madhya Pradesh Minister Raghavji arrested on sodomy charges.

• India take on Sri Lanka in a must-win ODI of the tri-nation series at Port of Spain this evening.

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Prime Minister Dr. Manmohan Singh today chaired a high-level meeting in New Delhi to discuss ways and means to revive the manufacturing activity. Nine key central ministries took part in the meeting seeking measures to boost manufacturing especially in the sectors of steel, textile, alternative fuel-based transport and aircraft manufacturing. Our correspondent reports, the meeting took place in the backdrop of industrial growth recording a 2.3 per cent growth in April, while for 2012-13, it stood at 1.1 per cent. The manufacturing sector, which has over a 75 per cent share in total industrial output, had performed slightly better with 2.8 per cent growth in April, while for the entire year, it was at 1.2 per cent.

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The Securities and Exchange Board of India, Sebi has tightened the exposure norms for currency derivatives to check large scale speculation in the market. This will help the government efforts to stem fall in rupee value. The decision was taken late last night in the consultations between banking regulator RBI and Sebi, which regulates the entire gamut of capital markets, including trading in currency derivatives. Sebi said in a circular that it is reducing the exposure that brokers and their clients can take on currency derivatives and also doubled their margins on the dollar-rupee contracts. Currency derivative trading allows traders and investors to take forward views on various currency pairs, including rupee-dollar. The Indian currency fell to a record below the 61 level against the US greenback yesterday. The exposure to all currency contracts for a broker has been capped at 15 per cent of their overall exposure or 50 million dollars, whichever is lower. For clients, this cap would be 6 per cent, or 10 million dollars, whichever is lower. The new norms would be applicable with effect from July 11.

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The rupee gained a hefty 48 paise to 60 rupees 13 paise against the dollar in early trade today. The rise was attributed to increased selling of the US currency by banks, amid hopes that the Reserve Bank will take more steps to stem the fall. The domestic currency had lost 39 paise to close at 60 rupees 61 paise yesterday.

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The Sensex at the Bombay Stock Exchange stood 126 points, or 0.7 percent in positive territory, at 19,451 in afternoon trade, a short while ago. Earlier in the morning, the Sensex had opened with a gain of 122 points, or 0.6 per cent, at 19,446, on fresh buying by funds, triggered by a recovery in the rupee, and a firm trend on the other Asian bourses. Stock markets in Japan, China, Hong Kong, Singapore, South Korea and Taiwan had gained between 0.3 percent and 2.6 percent, today. The US Dow Jones Industrial Average had ended 0.6 per cent higher in yesterday's trade.

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The Ministry of Commerce and Industries has decided to include 158 products under the Focus Product Scheme. The products under the scheme will be eligible for incentive at 2 per cent of the Freight On Board value of exports. Items from Engineering, Electronics, Chemical and Pharma sector have been covered under this list. Such benefits will be admissible for exports made with effect from 15th August this year. This list is being notified separately by Director General of Foreign Trade.

The decision came after recieving reports from the Special Task Force and analysing suggestions from the Chambers of Commerce and Industry and Export Promotion Councils.

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NEWS JUST IN,

Bhopal police today arrested former Madhya Pradesh finance minister Raghavji in sodomy case. Confirming arrest of Raghav ji, CSP Bhopal South Anshuman Singh told AIR that he was arrested from Kohe- Fiza area of Bhopal. Raghav ji had gone underground since yesterday. He has also filed an application for anticipatory bail in Bhopal court.

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BJP President Rajnath Singh and senior leaders, Arun Jaitley and Ravishankar Prasad, visited Bodh Gaya today. Multiple blasts had rocked the temple town on Sunday morning. After visiting the spot, Mr. Rajnath Singh demanded a special security arrangement from the central government at the world famous Buddhist temple at Bodh Gaya.

I , on the behalf of Bhartiya Janata Party, strongly condemn the incident. I demand a probe into this whole incident. At the same time, I also expect from the Centre that it will make special arrangements to protect this international Buddhist centre.

Normalcy has returned to the area, as a good number of tourists and pilgrims visited the temple today.Meanwhile, travel agents in Sri Lanka have announced that they will not issue air tickets for Sri Lankans to visit Bodh Gaya for the next few days. The decision was taken in view of the travel advisory issued by the Sri Lankan High Commission in India.

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Jharkhand Mukti Morcha leader, Hemant Soren is scheduled to meet the State Governor, Dr. Syed Ahemed at Ranchi to stake a claim for forming a new government. Briefing the media today Jharkhand State Congress President, Sukhdev Bhagat has said that Raj Bhawan has given them time at 5.30 in the evening.

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The Supreme Court today asked the Centre to frame stricter laws to curb the sale of acid in local market in order to prevent the rising cases of acid attack. The apex court, while hearing a petition seeking its direction to the Centre to frame laws controlling the sale of acid, said many innocent people are dying every day because of acid attacks but the central government was not worried about it. The Supreme Court asked the Centre to come out with stricter laws otherwise the court would pass an order on curbing easy-availability of acid in the market.

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The Supreme Court today restrained a Jharkhand court from delivering the judgement in the fodder scam case involving the Former Bihar Chief Minister Lalu Prasad Yadav. The direction comes after after the Jharkhand High Court on the 1st of this month dismissed a petition filed by the RJD chief seeking transfer of a fodder scam case from a CBI court. The verdict in the case was to be pronounced on the 15th of July.

The Rashtriya Janata Dal Chief had filed the petition requesting transfer of case to another special CBI court, saying that he did not expect justice from the present special CBI judge Pravas Kumar Singh following his alleged relationship with two Bihar-based JD U leaders, who are political opponents.

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The National Security Advisor, Mr Shivshankar Menon met Sri Lankan President Mahinda Rajapaksa at his residence this morning. Speaking to All India Radio, Mr Menon said that all aspects of bilateral relations were discussed at the meeting. Mr Menon conveyed to the President that India would like to see much more forward movement in the political reconciliation process in the country. This meeting will be followed by meetings with leader of the opposition, Ranil Wickeramasinghe and the Economic Development Minister Basil Rajapaksa.

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Petroleum Minister Veerappa Moily has said that efforts are on to ensure that the four-nation TAPI or the Turkmenistan, Afghanistan, Pakistan, India gas pipeline project is completed by 2017. Before leaving for Turkmenistan capital Asgabat for delegation level talks on the project today, he told AIR in Dubai that India is actively engaged in TAPI project. The four nations will finalize a consortium, TAPI Limited to arrange the financial support for the 10 billion dollars project. Turkmenistan will export up to 33 billion cubic metres of natural gas per year through the 2,000 kilometer long gas pipeline that will start from Turkmenistan and reach India after passing through Afghanistan and Pakistan.

Under the original project plan, India and Pakistan will get 1.365 billion cubic feet of gas per day, while Afghanistan will get 0.5 billion cubic feet of gas per day from Turkmenistan. The Minister said once completed, the pipeline will ensure natural gas supplies to India, Pakistan and Afghanistan from Turkmenistan and meet the growing energy needs of the people in the region.

The Petroleum Minster termed his Iraq visit as very successful and said the two countries have decide to expand co-operation in energy security, bilateral trade and commerce, infrastructure development among others. Iraq will supply more crude oil to India to meet its growing energy needs.

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India has expressed full support to Nepal for its forthcoming elections. External Affairs Minister Salman Khurshid conveyed this to the Chairman of the Interim Election Council Khil Raj Regmi during his call at Prime Minister’s office in Kathmandu today. Our correspondent reports that the External Affairs Minister, who is accompanied by a nine member delegation, arrived in Kathmandu this morning, for a day-long visit.

During his visit, the External Affairs Minister, Salman Khurshid has expressed full solidarity to the election process that should lead to the consolidation of democracy. India is also to provide 764 vehicles to the government of Nepal for the Election Commission and the Home Ministry . He also met with his counterpart Madhav Prasad Ghimie and the reviewed the entire gamut of bilateral relations. This is the first high level visit from India since the Interim Election Government led by Khil Raj Regmi has been formed in March.Jane Namchu/AIR News/Kathmandu.

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In Egypt, the interim President Adly Mansor has issued a constitutional declaration regarding the political roadmap of the country, Under the declaration, parliamentary elections will be held and the 2012 constitution will be amended and ratified within six months from now. It will be followed by Presidential elections next year. More from our West Asia Correspondent:

Giving a push to the political process, the Egyptian interim President has set up a transition period of six months from now. President and Cabinet will hold legislative powers during this period including the approval of policies, budget and emergency powers. A committee will be formed to draft the amendments in the 2012 constitution within a month. The committee will then refer the draft of amended constitution to a 50-member body. It will submit the final draft of the constitution within 60 days which will be put up for public debate and referendum for approval. Upcoming Parliament and Presidential elections will be held under the new electoral laws framed by the amended constitution. ATUL K TIWARY/AIR NEWS/DUBAI.

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In China, rainstorm-triggered floods have affected about 17000 people in Ya'an City in southwest China's Sichuan Province. Local authorities said, heavy rain started to batter Ya'an since yesterday causing the river water levels to rise. More than 5000 local residents and tourists have been relocated. Direct economic losses of 125 million dollars have been estimated.

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BACK HOME,

The flood condition in Upper Assam has considerably improved. The water level has receded in flood affected villages. Official sources said that more than 100 villages have been affected in the current wave of flood in Dhemaji, Lakhimpur and Chirang districts along with Majuli Island in Jorhat district. Relief camps have been set up and relief materials are being provided. The MeT department has predicted heavy to very heavy rains in next 24 hours in West Assam.Meanwhile, the low lying areas of the Kaziranga National park have been inundated. More from our correspondent:

Kaziranga national park has received normal water so far which is very much required to nurture aquatic plants.Park authority has intensified vigil in and around the park. Fifty additional forest personnel are being deployed. Seventy new boats will press into service during high flood, if necessitated Meanwhile,necessary medical care are being given in Dhemaji by the health department and National Rural Health Mission. Six health camps have been organized at Jonai and Dhemaji. Mobile Medical Units have also been pressed into service. Health department has also undertaken awareness drive to prevent water borne diseases. Manas Pratim Sarma/AIR NEWS/Guwahati.

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India will clash with Sri Lanka in the must-win final group match of the tri-nation cricket series at the Queen's Park Oval in Port of Spain today. All India Radio will broadcast live commentary on the match. It can be heard on Rajdhani and FM Gold Channels from 6.30 PM onwards.

India will have to beat Sri Lanka with a reasonable margin to make it to the final, which is slated to take place on Thursday.

Sri Lanka defeated the West Indies by 39 runs in the rain-marred match last night, to storm into the finals. Put in to bat in the 41-overs aside match, Sri Lanka posted 219 for 8, with Kumara Sangakkara top scoring with an unbeaten 90. In reply, the Windies managed to make just 190 in 41 overs, losing 9 wickets.