Top Stories
Sahara Chief Gets Another 15 Days to Sell Iconic Hotels From Jail
Selling trophy assets at fancy prices takes time and the right image, both of which business tycoon Subrata Roy does not have at the moment. Lodged in South Asia’s largest jail for the past 5 months, he needs to raise Rs. 10,000 crore ($1.6 billion) to get bail. He has now reportedly signed a preliminary accord for selling his three luxury hotels – including the Grosvenor House in London and the New York Plaza. read more
India and US to Boost Military Ties
Joint production of military hardware and increasing arms sales are the key areas being discussed in the ongoing visit to New Delhi by U.S. Defense Secretary Chuck Hagel. India and the U.S. have rapidly expanded military and business ties in recent years, despite disagreements over issues such as intellectual property rights and market access.
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Reform 01: Cabinet Decides to Raise FDI in Defence and Railways, But Reforms Face Political Resistance
The cabinet has approved a plan to raise the amount of foreign direct investment (FDI) allowed in India’s defence and railways industries. This is the first key reform in Prime Minister Narendra Modi’s efforts to attract more FDI and revive the sluggish economy that is growing at its slowest rate in over two decades. Yet the government’s gradual pace of reforms is already attracting resistance from both the left and the right of the Indian political spectrum. read more
Banking Regulators Caught Napping With Arrest of Syndicate Bank CMD
The shock arrest of Sudhir Kumar Jain, the chairman and managing director of Syndicate Bank, by the Central Bureau of Investigation (CBI) has exposed the rot in public sector banks. The number of bad loans at Syndicate Bank had quadrupled in the five years since 2008-09, yet regulatory authorities took no notice. It is only with Jain’s arrest on bribery charges that the spotlight has finally turned to a CMD's wide-ranging power to sanction loans. read more
WTO, NSA Snooping Overshadow Kerry Visit
Both India and the U.S. are keen on boosting business and defence ties, but trade and spying tensions overshadowed the visit of U.S. Secretary of State John Kerry to New Delhi this week. The occasion was the annual India-US Strategic Dialogue - the first high-level interaction between the Modi administration and the U.S. read more
Natwar’s Revelations Dent Sonia’s ‘Inner Voice’ Halo
It may well be that the defining moment of Sonia Gandhi’s leadership of the Congress party – her refusal to accept the prime minister’s position after the UPA’s 2004 election victory – was not due to any moral ‘inner voice’, as she had claimed at the time, but rather a prosaic ultimatum by her son Rahul. An autobiography by estranged Gandhi family confidant Kunwar Natwar Singh has several revelations that will make uncomfortable reading for the previous UPA administration. read more
TV Sting Exposes Corruption in Healthcare
The Health Ministry has ordered an investigation into doctors and laboratories allegedly offering commissions to doctors for referring patients for medical tests. This follows a sting operation by a Hindi news channel News Nation TV. read more
Armed Forces (Special Powers) Act: Time for a Review
The Modi administration has made it clear that it will not modify the infamous Armed Forces (Special Powers) Act. Yet a decade after the alleged rape and murder of Thangjam Manorama Devi in Manipur by the Assam Rifles, no one has been convicted for a crime that shocked the nation. On the 10th anniversary of her death, the time has come for a review of the law that gives blanket immunity from prosecution to paramilitary forces for all crimes, including rape. read more
Coal Stocks Hit Rock Bottom
Coal is used to generate more than half of India’s electricity, yet the country's largest power producer NTPC has warned that six coal-fired power plants have just enough stocks to last up to two days. India is struggling to provide enough power to meet rising demand, with millions going without power and blackouts common. read more
Analysing a Million Premature Deaths in India
A medical study has been investigating one million deaths in India since 1998 to get a better understanding of the reasons for premature mortality in the country. The Million Death Study estimates that the four most significant causes of death for Indians aged 30-69 years are cardiovascular disease, chronic respiratory disease, tuberculosis and cancer. Its findings are being used by health officials to take action against preventable deaths. read more
Delhi is World’s Second Most Populous City, Mumbai is Sixth
A recent UN report has ranked Delhi as the second most populous city in the world after Tokyo, with the capital’s population doubling since 1990 to 25 million. The 2014 revision of the World Urbanisation Prospects said Mumbai, which currently ranks sixth with 21 million inhabitants, is projected to climb to fourth position by 2030 with 28 million. read more
No ‘Big-Bang’ Budget, But FM Takes First Steps to Reviving Growth and Reducing Deficit
All eyes were on Finance Minister Arun Jaitley as he unveiled the Modi administration’s first budget on Thursday. There were high expectations that he would take radical steps to jumpstart the sluggish Indian economy that is seeing its slowest growth in two decades. Though no bold reforms were announced, Jaitley did propose plans to boost capital spending and to further open up the defence and insurance sectors to foreign investment. read more
Govt Looks to Free Labour Laws
The Modi administration has reportedly begun the process of revamping India’s archaic labour laws. Observers hold these laws responsible for restricting businesses from ramping up employment. If the government succeeds in freeing India’s labour market it would boost manufacturing and create millions of jobs. read more
Desperate Congress-NCP Resort to Reservation Quotas as Maharashtra Election Nears
With the Maharashtra assembly election scheduled later this year, the Congress-NCP state administration has announced 16% reservation for backward Marathas and 5 per cent for Muslims in education and government jobs. This is being seen as a cynical attempt at winning votes from these two communities. Except that this measure may not help the incumbent alliance as Indian voters are increasingly politically aware. read more
Partial Rollback in Train Fare Hike Shows Challenges in Reducing Subsidy Bill
The Modi administration may have stood its ground in the face of protests by opposition parties against its hike in train fares, but was forced to partially roll back its massive hike in suburban commuter fares after regional ally Shiv Sena warned it could affect public support in a state election later this year. The partial rollback highlights the political realities facing the Modi administration as it tries to cut subsidies that had ballooned under the previous administration. read more
Modi Rejuvenates Bureaucracy With Tough Work Ethos
Prime Minister Narendra Modi has jolted India’s bureaucrats into action to implement his pledge of 'Minimum Government, Maximum Governance'. With investment projects worth $230 billion awaiting permits, the new administration has sought to expedite decision-making. India’s bureaucracy has long been ranked the worst among 12 Asian countries, but under Modi bureaucrats are now even showing up for work on weekends. read more