Indian markets need not be so sensitive to US data: Chidambaram

August 16, 2013
New Delhi, Aug 16: Attributing the 4 per cent plunge of the BSE Sensex to global factors, Finance Minister P Chidambaram today said the market should not be "so sensitive" to data flowing from the US but reflect Indian conditions.

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"I have no doubt in mind, when calm is restored in the market, people will begin to understand India market indicators must basically reflect Indian market conditions. They should not be so sensitive to data coming out of the US," he said on sidelines of an event here.

The BSE 30-stock index, Sensex, fell nearly 770 points or 4 per cent and the rupee breached the 62 level against the US dollar on concerns among large investors of capital curbs. The gold prices too shot up by Rs 1,310 per 10 gram to Rs 31,010.

Worried over the developments, Chidambaram said: "I think this is time for calm; this is time for reflection and let's see what happens next week."

Observing that nothing has happened in the Indian economy between Wednesday and Friday morning, the minister said, "nevertheless the markets have taken a hit and that is reflected in the rupee also. We have taken a number of measures...a number of measures are being taken. Let's wait to see what the first quarter growth rates are."

Chidambaram said markets all over the world have taken a hit in reaction to job reduction data that came out of the US.

"A fewer people are waiting for jobs in US or a few more people are waiting for jobs in US, how does it affect the fundamentals of Indian economy. It does not. I thought that is elementary...if they have come down or they go up has really no relevance or impact on Indian economy.

"Nevertheless markets react to these signals that have come out of US. They reacted in the same way on May 22 when (US Federal Reserve chief) Ben Bernanke made a statement. They reacted in the same way to jobless claims numbers in the US. Sometimes I am surprised why they reacted," he said.

In case of India, Chidambaram said, as yesterday was a holiday, "Indian market has observed two days of hit in one day which is why it appears to be severe hit".

Earlier, while launching the National Skill Certification and Monetary Reward Scheme, he underlined the need for enhancing skills of workforce to ensure that they are gainfully employed.

The Minister said money will not be a constrain as far as funding of skill development programmes are concerned.

As many as 20 million jobs have been created between 2004-5 and 2009-10 and unemployment rate has declined in the country, he said.

Speaking on the occasion, Planning Commission Deputy Chairman Montek Singh Ahluwalia said the programme would benefit people in all walks of life.

The National Skilling Mission envisages adding 500 million skilled Indians by the year 2022. While 150 million are expected to be trained by the private sector working under National Skill Development Corporation, 350 million will be by 18-odd ministries at the Centre.

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News Network
July 26,2020

New Delhi, Jul 26: Union Home Minister Amit Shah on Sunday saluted the valour and grit of the Indian soldiers on the occasion of 21st anniversary of the 'Kargil Vijay Diwas'.

Shah took to Twitter and said that 'Kargil Vijay Diwas' is a symbol of India's proud, valour and steadfast leadership.

"Kargil Vijay Diwas is a symbol of India's proud, valor and steadfast leadership. I bow to the soldiers who, with their indomitable courage, drove the enemy from the inaccessible hills of Kargil and waved the tricolor there again. The country is proud of the heroes of India, who are dedicated to protecting the motherland," Shah tweeted (translated from Hindi)
The country is celebrating the anniversary of the 'Kargil Vijay Diwas'.

The Indian armed forces had defeated Pakistan on July 26, 1999. Since then, the day is celebrated as 'Kargil Vijay Diwas' to rekindle the pride and valour of the soldiers who took part in Operation Vijay.

The day marks the victory of Indian soldiers in recapturing the mountain heights that were occupied by the Pakistani Army on July 26, 1999, known as the Kargil War. 

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Agencies
July 30,2020

New Delhi, Jul 30: Preparing for a long haul in the Eastern Ladakh sector in extreme winters, the Indian Army has an edge over the Chinese as it has deployed 35,000 troops there who have already done tenures in high altitude and cold conditions.

The Indian troops deployed there are mentally prepared for tackling the weather and terrain.
In contrast, the Chinese troops deployed along the Line of Actual Control (LAC) are not used to these conditions as they have been brought from mainland China and are not accustomed to high altitude extreme cold weather conditions.

"We are preparing to provide extreme cold weather portable cabins for around 35,000 troops that have been deployed in the Eastern Ladakh sector," government sources said.

"Our soldiers deployed there have already done a tenure or two in Siachen, Eastern Ladakh or Northeast and they are physically and mentally prepared for a longer deployment there," they said.

The Chinese soldiers deployed on the Indian front include mainly conscripts who join the PLA for a period of 2-3 years and then return to their normal lives, sources said.

Indian and Chinese troops are engaged in a standoff situation all along the LAC in Eastern Ladakh from sub-sector north with both sides having deployed around 40,000 troops against each other over there.

The two sides have disengaged at three friction points including Patrolling Point 14, PP-15 and PP-17 and PP-17A.

At PP-17 and 17A, the Chinese have now maintained a small element of close to 50 troops and the remaining elements have gone back into their permanent locations.

The sources said the Army is also not much bothered about the Chinese build-up along the LAC as it has got more than two additional divisions from outside Ladakh sector.

India Army has more troops than what the Chinese have brought there, they said.

For the winter deployment, the Army already has a sizeable stock of clothes and habitat for troops as the Indian army deploys troops at the world's highest battlefield Siachen glacier and is prepared.

For additional requirements, the force is in the process of placing orders for additional tents and shelters from indigenous as well as foreign vendors.

The time for summer stocking is on and we are going to get the additional cabins and tents by that time, the sources.

Months of June, July, and August are considered to be the best time for stocking winter rations and ammunition. The snowfall is expected to start soon in the Eastern Ladakh area where the temperature is already low.

Prime Minister Narendra Modi's government has given financial powers of Rs 500 crore per procurement to the defence forces to address any type of shortages of weapons, ammunition, and habitat.

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News Network
January 19,2020

Shirdi, Jan 19: Shirdi in Maharashtra will remain closed for an indefinite period from today in the wake of state Chief Minister Uddhav Thackeray's decision to develop Pathri town in Parbhani district as Sai Baba's birthplace.

However, Deepak Madukar Muglikar, Chief Executive Officer of Shri Saibaba Sansthan Trust, has said that Sai Baba Temple in Shirdi will remain open today and will not be impacted by the closure of the city.

"There are some reports in media that Sai Temple in Shirdi will remain closed on January 19. I want to clarify that it is just a rumor. Temple will remain open on January 19," Mr Muglikar said.

A call has been given for indefinite closure of Shirdi after Mr Thackeray's reported comment terming Pathri in Parbhani as Sai Baba's birthplace.

"Devotees will not face any difficulty if they come to Shirdi," said B Wakchaure, member of Saibaba Sansthan Trust.

Uddhav Thackeray has recently announced that Pathri will be developed as the birthplace of Sai Baba for religious tourism and also took a review meeting of the development plans in the Parbhani district.

One of the most popular religious destinations in the country, Saibaba Temple in Shirdi witnesses lakh of devotees visiting the holy site every year.

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