Will return to BJP, says Yeddyurappa

Shimoga: Ending months of speculation, former Karnataka Chief Minister B S Yeddyurappa on Monday said he would return to the BJP, which he had deserted to form his own outfit more than a year ago.

"I will give sweet news in the first week of New Year. I know the party which I built has suffered due to my absence.I will not only rejoin my parental party but also tour the entire state to strengthen the hands of Narendra Modi to make him the Prime Minister," Yeddyurappa said.

The talk about the homecoming of Yeddyurappa had gained more currency in recent weeks with state leaders making intensified efforts to bring him back and the former BJP strongman also giving enough indications about it.Yeddyurappa's statement to reporters at his home constituency of Shikaripura in Shimoga district comes a day after he told a Karnataka Janatha Paksha party workers meet here that "this may become the final KJP meet."He said he had spoken to BJP President Rajnath Singh and even the state leaders had been talking about the necessity of his return."I grew up in the RSS parivar. I could become the Chief Minister only because of the blessings and support of the party," he said, adding his return was 'unconditional'.He said the Congress had benefited as a result of the BJP and KJP contesting the May 8 assembly elections separately in the state.Garnering 10 per cent vote share and six seats, Yeddyurappa had damaged the prospects of the then ruling BJP but failed to make an impact as an independent entity.Yeddyurappa said he had left the BJP out of "inevitable circumstances."He said the BJP had won 19 of the 28 Lok Sabha seats in Karnataka in the last elections and his effort in the 2014 parliamentary polls would be to get more number of seats.He said after assembly polls, KJP had planned to have a tie-up with BJP but "on clearance from BJP high command" to induct him back he has decided to merge KJP with BJP.Yeddyurappa, a strongman from the majority Lingayat community, was made to quit as Chief Minister in July 2011 over findings of Lokayukta indicting him on illegal mining issue. Sidelined by BJP central leadership subsequently, Yeddyurappa had formed KJP in December last year, ending his 40-year-long association with BJP.  Bookanakere Siddalingappa Yeddyurappa’s first public stint was his appointment as secretary of the Rashtriya Swayamsevak Sangh’s Shikaripur unit in 1970. In 1980, BSY was appointed president of the Shikaripura taluk unit of the BJP. Soon he went on to become the president of BJP’s Shimoga district unit in 1985. And in 1988, he became the state president of the BJP in Karnataka.Yeddyurappa was first elected to the Karnataka assembly in 1983 and has since represented the Shikaripura constituency six times. In 1994, he became the leader of Opposition in the assembly.In 2006, H D Kumarasamy led JD(S) and BJP formed the government under an agreement that HDK would be CM for the first 20 months, after which BSY would take over. BSY was the deputy CM and finance minister. In October 2007, when Kumarasamy did not give up CM’s post, Yeddyurappa and all BJP ministers quit. Karnataka came under President’s rule till 7 November when JD(S) and BJP came together again, with BSY as CM. JD(S) refused support to BSY over disagreement on sharing of ministries which resulted in BSY resigning as CM. In 2008 election, Yeddyurappa led BJP to historic victory as he claimed the CM’s chair on 30 May 2008.In November 2010, allegations surfaced against Yeddyurappa in multiple corruption cases. Facing pressure from BJP leadership, he quit on 31 July 2011. Yeddyurappa was arrested on 15 October 2011 and granted bail on 8 November 2011 after spending 23 days in jail.In March 2012, the Karnataka HC quashed the FIR registered against him in the mining scam which prompted him to demand back chief ministership. He forced his handpicked successor Sadananda Gowda to quit. Karnataka is now ruled by Jagadish Shettar.With his demands falling on deaf ears, B S Yeddyurappa decided to quit BJP and launch his own party, which he has named Karnataka Janata Party. He leaves to make his own plans.With tears rolling down his cheeks, estranged Karnataka strongman B.S. Yedddyurappa on Friday resigned from the primary membership of the BJP, ending his 40 year old association with saffron party.

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Buzz over Vasan-Captain meeting

G. K. Vasan and Vijayakanth. File photo.

Chennai: Amid overtures from DMK and BJP for an alliance with Vijayakanth-led DM­DK for the 2014 Lok Sabha polls, senior Congress lea­der and Union minister G. K. Vasan on Tuesday eve­ning met the actor turned politician at his Salig­ram­am reside­nce adding to spe­c­ulation of electoral tie-up.

While though there is no official confirmation about the meeting which lasted nearly 40 minutes, sources from both parties said that it was only a courtesy call where Vasan met Vijay­ak­anth to extend pleasantries on New Year’s eve.

According to DMDK sou­rces, Vasan discussed the possibility of an alli­ance with Vijayakanth. Following DMK’s decision to break its alliance, the Congress has been left all alone in the state with no parties showing any interest for an alliance with it. Vasan, who enjoys a good rapport with the actor politician, favours a tie-up with the DMDK for the LS polls, sources said.

After distancing itself from the Congress and BJP, DMK president M. Karu­nanidhi said that he would be happy to have DMDK in his alliance for the ensuing Lok Sabha polls.

DMK also tried to open a channel for negotiation through an emissary Bis­hop Ezra Sargunam who pre­sided over DMDK’s Chr­istmas celebration at their party headquarters in Koyambedu on December 23.

“I will consider the suggestion made by Ezra Sar­g­unam (about two captains). I will also take into account, most certainly, his advice that I stay away from the BJP,” said Vijayakanth responding to Bishop Sarg­unam’s advice.

BJP has also been actively wooing the actor’s party to stitch up a grand alliance consisting of PMK and MDMK in the state. A senior DMDK leader said that Vijaykanth would ann­ounce any decision on the Lok Sabha polls only after the party’s conference to be held in Villupuram. 

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Bitcoin gang gets 67 new e-currencies; value grows to $13-bn

New Delhi: As regulatory glare intensifies on bitcoins due to possible money laundering, cyber security and other risks, over five dozen other virtual currencies have come under the scanner and include a desi version by name of 'laxmicoin'.

The total value of these 67 digital currencies in circulation over internet has reached nearly USD 13 billion (over Rs 80,000 crore), out of which bitcoin alone accounts for over USD nine billion, according to market estimates.

However, total value of bitcoin and other such virtual currency trades in India is estimated to be worth only a few crores as of now, although NRIs living abroad are expected to be dealing with bitcoins in a big way.

According to those dealing in bitcoins and other such currencies, RBI's caution notice and action initiated by enforcement agencies in the country has been a major dampener and could come in way of launch of Indian versions of such currencies and that of exchanges providing trading platforms.

A number of bitcoin operators in India have begun suspending their business following RBI's warning against use of such virtual currencies due to potential money laundering and cyber security risks.

Bitcoin is a virtual currency that can be generated through complex computer software systems with solutions shared on a network, although the process is complex and such 'mining' can be done only on very powerful servers.

Within four years of coming into existence, bitcoin has become the world's most expensive currency and its per unit value soared past USD 1,200 level or about Rs 63,000 recently, although the prices have now slipped below Rs 50,000 level.

There was a phenomenal surge in the exchange rate for bitcoin from little over USD 200 to well past USD 1,000 during November, but there has been an extreme volatility since then and the RBI's warning has further added to its woes in India.

According to experts and regulatory officials, different virtual currencies continue to pop up almost everyday exposing users to unintended risks and also losses arising out of scams perpetrated by cyber criminals looking to make a quick buck.

While four-year old bitcoin shot to prominence with its per unit value soaring past USD 1,200 level recently, the heavy interest in such cryptocurrencies has led emergence of namesakes like Ripple, Litecoin, Mastercoin, Nxt, Dogecoin etc.

There is laxmicoin, which its promoters term as India's very own digital currency and claim it would be launched soon. The proliferation of new currencies is being linked to the complexities involved in the way bitcoin is 'mined'.

The newer avataars are comparatively much easier to create, word-of-mouth publicity and a rush of speculators has ensured they are catching up much faster, traders said. 

While absence of information of counterparties while trading could subject users to breaches of Anti-Money laundering laws, account opening also exposes them to risk of identity theft.

Most platforms require users to upload images of government photo IDs (passport, driver's licence etc), proof of address documents (utility bill, vehicle registration etc) as well as online banking account details.

While the US has declared that all prevailing money laundering laws would apply to bitcoins, China has asked its banks and other financial institutions not to deal in bitcoins and the public has been asked to do so at their own risk.

Earlier this month, the European Banking Authority said thefts from digital wallets have exceeded USD 1 million in some cases and traders are not protected against losses.

On Christmas day, hackers digitally robbed 21 million Dogecoins that was reportedly created earlier this month to poke fun at Bitcoin.

While RBI is yet to come out with a clear regulatory framework for bitcoins, within days of its advisory entities such as buysellbitco.in, INRBTC and unocoin suspended operations, temporarily or indefinitely, while websites of a few others have gone down.

A team of Enforcement Directorate (ED) officials last week raided two offices in Ahmedabad for illegally trading of bitcoins through their websites.

"With the shutdown of these India-based exchanges, consumers will now seek other exchanges in order to purchase Bitcoin, driving business elsewhere. To be fair, RBI's actions are expected. Bitcoin is a new technology and its nature is very risky because its still in its infancy," said Jinyoung Lee Englund, Director of Public Affairs, Bitcoin Foundation.

Soon after global monetary authorities issued warnings or advisories, values of virtual currencies slumped and have become very volatile with daily swings of 5-20 per cent. Bitcoin trades at USD 740, down 25 per cent from its peak.

"The message of central banks is one of caution, reminding consumers that Bitcoin is not government sanctioned or insured and that any involvement would incur personal financial risk.

Infrastructure needs to be built and the foundation is hard at work educating regulators, lawmakers, and the public...," Lee Englund said.

A virtual currency is a form of unregulated digital money, not issued or guaranteed by a central bank, which can act as a means of payment. It is now increasingly possible to use virtual currencies as a means to pay for goods and services with retailers, restaurants and entertainment venues. Virtual currencies can be bought at an exchange platform using conventional currency.

They are then transferred to a personalised account known as a 'digital wallet'. Using this wallet, consumers can send virtual currencies online to anyone else willing to accept them, or convert them back into a conventional fiat currency. 

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Sundaram does it in his maiden assignment

Chennai: P. Sundaram has done it in his maiden assignment. After serving as an assistant to G.E. Sridharan and A. Venkatesan at nationals, the National Game and the Indian Volley League, the IOB coach got a chance to be at the helm of the Tamil Nadu volleyball team for the first time this year. Under the able guidance of Sundaram, Tamil Nadu have won the national championship at Moradabad, UP, with a splendid show.

Sundaram’s reputation as a technically proficient coach needs no reiteration because everyone in the Tamil Nadu volleyball community knows his worth. What separates him from the rest is his attention to detail. Sundaram is also an instinctive coach who isn’t averse to taking risks. If the need arises, he doesn’t hesitate to replace players without worrying about their reputation. The IOB man also loves to use technology to improve his teams.

The toughest test to Sundaram in TN’s glorious campaign in Uttar Pradesh was the semi-final against Services. Even though Tamil Nadu were on the verge of losing the plot on a few occasions, the coach didn’t panic. Sundaram embodied composure on the sidelines as he made crucial substitutions. He kept telling the players to play their natural game. As a result, Tamil Nadu not only edged out Services, they also gained a crucial psychological advantage against Uttarakhand, their opponents in the final.

The title match became a breeze for Tamil Nadu. After accomplishing the mission, Sundaram was content to leave centre stage to his players. He sent a player from the bench for a post-match interaction with DD Sports. And he came to the stage for trophy presentation only after being called by his players. Top coaches don’t seek the limelight. They know where their job is.

Sundaram was thrilled by the performance of his players. “Every member of the team was outstanding today. I never expected that we would be so good. The credit must go to the players for rising to the occasion. Even though the whole stadium was behind Uttarakhand today, we let our performance talk for us,” he said.

The astute coach knew that his squad was good enough to win the title. But he kept his optimism to himself. “I was aware of my squad’s strength, but I didn’t want to talk about our chances before the tournament. Everything fell in place against Uttarakhand,” he added.

According to Sundaram, Tamil Nadu’s purposeful serves were the decisive factor in the final.

“I had asked my players to go all out in service. It was essential to be aggressive in serving against a strong side like Uttarakhand. We didn’t want to give the likes of Subba Rao and Navjit Singh any room for short-ball attack. Our plan worked well throughout,” he said.

It wasn’t easy for Sundaram to pick out the best performers of the day as every member of Tamil Nadu gave his best on Sunday.

“We owe our triumph to team work. I was particularly delighted with the way universal Jerome Vinith performed in the final. He tore Uttarakhand into shreds with his confident kills. After being tentative in the earlier rounds, Jerome came alive in the most important match. Vaishnav was also incredible. His smashes were full of conviction,” the coach said.

National coach Sridharan doffed his hat to the work of Sundaram. “He has proved himself. Sundaram was superb throughout the championship and his hard work has paid off,” the Dronacharya awardee said.

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India to be world's 3rd largest economy by 2028 after China, US

New Delhi: India is likely to overtake Japan in 2028 to become the third largest economy in the world after China and United States, according to London-based economic consultancy Cebr.

As per Cebr's World Economic League table report for 2013, India has lost a place in the league table in 2013 to Canada and is now the 11th largest economy in the world."But demographics and economic growth will eventually drive the Indian economy up the table and the forecast for 2028 has India becoming the world's 3rd largest economy overtaking Japan," the report said. The Cebr World Economic League Table (WELT) is an annual calculation by the consultancy. The base data for 2012 is taken from the IMF World Economic Outlook and the GDP forecast draws on Cebr's Global Prospects model to forecast growth, inflation and exchange rates. The report gives an end of year report on GDP in the 30 largest economies in the world and forecasts countries that will be in the 'top thirty' after 5, 10 and 15 years.In the 2013 league table, India is at the 11th place with a GDP of USD 1.7 billion, and by 2018 the country is likely to be at the 9th place with a GDP of USD 2,481 billion, and by 2023 it would be at 4th place, with GDP size of USD 4,124 billion, and it will claim 3rd spot with GDP of USD 6,560 billion by 2028, it said.The 2013 league table shows only two changes in the list of top 20 economies. Firstly, Russia overtook recession- stricken Italy to gain 8th place and Canada overtook India as a result of the collapse of the rupee to retake its position as the second largest economy in the Commonwealth and the 10th largest economy in the world, the report said. By the year 2018, the emerging economies will be "on the move". Russia would be at the 6th place; India 9th, Mexico 12th, Korea 13th and Turkey 17th, it said.By 2023, India and Brazil would be "on the march" and are likely to claim the 4th and 5th place, respectively.By the year 2028, the league table will be reordered. China will move to the number one place, followed by the United States (2nd), India (3rd), Mexico (9th) and Canada (10th).The report further said China's GDP in dollar terms is likely to overtake the US in 2028 – much later than most previous predictions.Meanwhile, the United Kingdom would overtake Germany to become the largest Western European economy 'around 2030', it added.

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Daggubati couple may join BJP, says Venkaiah Naidu

Hyderabad: Significantly, there were speculations over an unnamed Union minister from the state who, according to veteran BJP leader M. Venkaiah Naidu, was willing to join the BJP.

The name of Union minister D. Purandeswari topped the guess list, given her husband Daggubati Venkateswara Rao’s brief stint in the party and continued relationship with the RSS.

“We thought it could be Purandeswari,” a senior BJP leader said, adding that the BJP was working hard to win the Visakhapatnam Lok Sabha seat because of its pan-India electorate which, according to the party, is swayed by the Modi wave.

The BJP, sources said, will press for the Guntur Lok Sabha seat in case the alliance with the Telugu Desam comes through. Noted industrialist Prabhakar Chowdary of Nuzividu Seeds is already tipped to be the party candidate from Guntur. He made elaborate arrangements in Guntur recently for the BJP-sponsored ‘Run for Unity’.

“It is doubtful if the TD will concede both the Guntur and Narasaraopet seats from where Sambasiva Rao is hoping to try his luck,” said a senior TD leader.

Rajagopal set his eyes on Eluru as the TD categorically made it clear that it will not forgo Vijayawada from where he has won twice.

Nani of Kesineni Private Travels is the strong contender for the Vijayawada Lok Sabha seat.

Rajahmundry Congress MP Vundavilli Arun Kumar may not hav a vacancy in the BJP because the TD will not lose the seat to the alliance. Actor Murali Mohan who narrowly lost to Arun Kumar is keen on winning this time.

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Ramesh Chennithala joins Oommen Chandy cabinet

Thiruvananthapuram: Kerala Pradesh Congress Committee president Ramesh Chennithala today joined the UDF ministry headed by Oommen Chandy as part of a move to boost prospects of the coalition in the coming Lok Sabha polls by setting factional and equations correct.

In a limited cabinet expansion, Governor Nikhil Kumar administered oath of office and secrecy to 57-year-old Chennithala. He is tipped to get the Home portfolio in the ministry, replacing his party colleague Thiruvanchur Radhakrishnan, who has been retained in the cabinet.

Chief Minister Chandy, his cabinet colleagues, senior party functionaries, leaders of the UDF partners and deputy leader of opposition in the assembly Kodiyeri Balakrishnan were present at the function. A thinking has been strong in Congress in Kerala that induction of Chennithala will help Congress firm up its support base among the majority community in general and the Nair community in particular to which he belongs to.

Influential Nair outfit NSS had in the past had come down heavily on UDF alleging that the coalition leadership breached its poll-eve promise of giving Chennithala a "key position" in the cabinet, in which nominees from Christian and Muslim communities outnumber those from various Hindu sections.

The idea to rope in Chennithala, mooted by the party high command, was endorsed by the state unit yesterday after senior leader and Defence Minister A K Antony conveyed it at a leadership meeting attended by Chandy, Chennithala and others. Chennithala will continue as the KPCC chief till the organisational and a ministerial shuffle after the budget session of the state assembly, beginning on January 3, is concluded.

One of the longest serving KPCC Presidents reputed for organisational skills, Chennithala is becoming a Minister after a gap of nearly 27 years.

His first brief ministerial stint was in 1986 when his one-time mentor K Karunakaran made him Rural Development Minister bypassing many a senior, which became a turning point in his career. Since then, he rose to become national president of the Youth Congress being handpicked by late Rajiv Gandhi, which helped him to strike strong bonds with the high command on account of his unflinching loyalty to the Gandhi-Nehru family.

In 1989, Chennithala resigned from the assembly to contest the Lok Sabha polls from Mavelikkara, which he won with a comfortable margin. After that he has a victory spree getting re-elected to the Lok Sabha in 1991, 1996 and 1999 and also served as AICC Secretary. He returned to the home state to head the party nine years ago and steered the UDF to victory. 

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Bling in the New Year!

Models Parto and Natasha dressed for a party in this file photograph. The season demands that everyone look their best in vivid colours and shimmer

It’s that one night in the year, when merry-making is on everyone’s mind and with that comes dressing to the nines in the finest couture. But looking chic doesn’t come easy for the fashionistas, what with the slight nip in the air. We scout around town to find out best ways to look glamourous, as you make heads turn this New Year’s Eve. 

Model Nisha is planning to keep it elegant. She says, “I will be wearing a shimmery white shirt from Forever New, with stone work and a lace skirt. A lot of my friends have shopped for party dresses in shimmer from Avirate.”

Quirky quotient
Fashion designer, Sanchita Ajjampur, suggests taking a shift from a traditional to a design-driven aesthetic. “Try quirky graphic prints, futuristic silhouettes and colour-drenched bliss. Coat dresses in gauzy wool and satin inserts work well. So do sarouel pants and glamorous jumpsuits. Complete the look with faux-fur and embellished shrugs and accessories. Leather leggings also go a long way in keeping warm; they combine punk-bondage and luxury. For men, I suggest a perfect suit. Invest in a classic one or two-button tuxedo with peak or notch lapels.”

Sparkling with shimmer and style
Another fashion designer, Reshma Kunhi, who has designed outfits for many Sandalwood celebs, shares style tips. “Going short on your LBDs is fine, but don’t go out revealing too much. Avoid going OTT (over the top) and focus on one body part, like shoulders, back or legs and keep the rest of the body covered appropriately. You can wear a nice off shouldered dress or a one-side off-shouldered dress, or even a short dress —  decollates look quite trendy. For those who are tall, you can wear a long dress with a long slit on the side. Shimmer is in this season and cutout dresses are in vogue. Go for colours like emerald green, metallics and midnight blues in silhouettes that make you look attractive. Guys can go classy with an elegant shirt and a pair of branded jeans with a blazer and very importantly a classic pair of shoes. If you’re going to a night club, you can wear a leather jacket instead of a formal one.”

Bright is right
Style tips never fall short, when you’re dressing for the big night. Sounak Sen Barat, a fashion designer of repute insists men try well-fitted suits for the NY eve. “It’s the season to dress up — with nice snug fits, trousers cropped at just below the ankle. Try Jacquard fabric for your suits with self designs in deep colour tones of navy, black, plum, aubergine, with silk black shawl collars. You could also wear black trousers with a contrast colour velvet blazer. Use printed pocket squares in the same colour tone of your jacket. Girls must invest in a graceful feminine outer wear. Get Peplum jackets sheeted embroidered jackets and trenches in interesting styles.”

Sonali Swami, a Zumba trainer adds, “Always make sure you know your body type and likewise decide on the shape of the party dress you pick up. I will wear a bright coloured short dress from Avirate and pair it with stockings, scarf and my favourite pair of boots. Layering is another trend that can keep you warm on the New Year’s Eve.” 

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India Inc to feel pinch of costly land

New Delhi: With the new Land Acquisition Act coming into force on Wednesday, the government has sought to allay apprehensions of the industry, saying there is no bar whatsoever on purchase of private land.

“You want land? Go buy the land,” rural development minister Jairam Ramesh said when asked about his message to private industry on a day the new law came into force.

Investors had expressed apprehension that the new law, which replaced over a century old act, would make land acquisition more expensive for industrial and infrastructure development.

Ramesh said that the new act applies only to the land acquired by Central and state authorities for any public purpose. He, however, said that there is no bar whatsoever, on purchase of private land.
According to him, industry must look beyond land acquisition by the government and explore land purchase opportunities.

“From January 1, 2014, onwards, no land can be acquired under 1894 Act. All land will be acquired (by governments) under the new Act,” the minister said, asserting that the new law was enacted to address “widespread and historical injustices” done to tribals and farmers who were subjected to forceful displacement while acquiring land using the old Act and land acquisition more transparent.
Mr Ramesh said from today, the government will not acquire any land for private investors for their private projects.

“A private builder building condominium cannot expect government to acquire the land. Why should government buy land to a private builder to build country homes for the well-offs,” he said.
The Act to provide just and fair compensation to farmers was passed by both Houses of Parliament last year with overwhelming majority during its Monsoon Session.

Mr Ramesh said if a private project is fulfilling a public purpose, 80 per cent consent is required. “If it is a PPP project, 70 per cent consent is required,” he said, adding that no land acquisition can take place without provisions for Rehabilitation and Resettlement.

He said the rural development ministry is now taking steps to ensure preparation of rules that are intended to bring clarity to certain key processes defined in the law.

He said that the retrospective clause in Act will apply in three circumstances. According to him the clause will apply where Land Acquisition proceedings under the old Act has started and the award has not been announced.

The clause will also apply in a circumstance whre the award has been ann-ounced for the acquired land five years ago but its physical possession has not taken place. It will also apply in case land acquisition has started five years ago under the old Act but a majority of the farmers have not got the compensation.  

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RBI says economy is taper-ready; pegs CAD under 3 pc

Mumbai: Painting an optimistic picture on the external front, the Reserve Bank has said the country is ready for the US Federal Reserve's tapering, and has pegged the current account deficit at below 3 per cent for this fiscal in its eighth Financial Stability Report.

"External sector risks have been considerably reduced and the effect of the tapering on the economy is expected to be limited and short-lived," the report released today said.

Delay in the tapering of the USD 85 billion-a-month bond buyback programme by the US Fed (tapering will start from January 1) gave the country time to replenish the forex reserves and rein in the high current account gap.

In the third week of December, the US Fed announced that it would cut back bond buying by USD 10 billion a month to USD 75 billion from January on the back of improvement in the world's biggest economy.

"The CAD is expected to be less than 3 per cent of the GDP during the current financial year," the RBI said in the half-yearly report. "On balance, the country's external position appears to be manageable and reserves seem adequate."

CAD shot up to an all-time high of 4.8 pc last year on account of a heavy trade deficit and higher gold imports. The high CAD, along with fears of tapering, was one of the reasons for the rupee touching a lifetime low of 68.85 against the dollar on August 28 this year. The rupee improved since then, but is still 14 per cent lower year-to-date.

The authorities acted on multiple fronts, curbing gold imports, opening currency swap windows to get fresh dollar flows, and increasing money market rates to reduce speculation.

All of these resulted in the CAD coming down to 1.2 per cent of GDP in Q2 and the exchange reserves rallying for six weeks till mid December at over USD 295 billion as of last week.

Exactly six days after Raghuram Rajan took charge as the RBI governor, the rupee on September 10 traded off the day’s high at 63.84 gaining 2.14 pc against Sept 6 close at 65.24 per dollar. While the BSE Sensex closed up 727 points, the Nifty gained 3.69 pc, biggest single-day gain since May 2009. Among many reasons for Re recovery in the past one week, Rajan's agenda for growth could be one. In fact, Raghuram Rajan struck the right chord on his first day in office on September 4, 2013. His advocacy for transparency and stability left a positive mark on not just markets, but India as a whole. The rupee and Sensex gained in the wake of his plans for growth. DC Online lists out his agenda. The RBI will encourage qualifying foreign banks to move to a wholly owned subsidiary structure, where they will enjoy near national treatment on a reciprocal basis. To make payments anywhere anytime a reality, national giro-based Indian Bill Payment System will be implemented such that households will be able to use bank accounts to pay school fees utilities, medical bills, and make person to person transfers electronically. Plans are on to set up a Technical Committee to examine the feasibility of using encrypted SMS-based funds transfer using an application that can run on any type of handset. Cooperation will be sought from banks and mobile companies in rolling out mobile payments. The RBI will completely free bank branching for domestic scheduled commercial banks in every part of the country. No longer will a well-run scheduled domestic commercial bank have to approach the RBI for permission to open a branch. Rajan will facilitate mini ATMs by non-bank entities to cover the country so as to improve access to financial services in rural and remote areas. Households will be protected against CPI inflation and RBI will issue Inflation Indexed Savings Certificates linked to the CPI New Index to retail investors by end- November 2013. Currently holders of pre-paid instruments issued by non-bank entities are not allowed to withdraw cash from the outstanding balances in their pre-paid cards or electronic wallets. Plans to enable cash payments using Aadhaar like identification. Small and medium firms to get Electronic Bill Factoring Exchanges, whereby MSME bills against large companies can be accepted electronically and auctioned so that MSMEs are paid promptly. RBI has proposed to collect credit data and examine large common exposures across banks. This will enable the creation of a central repository on large credits, which can be shared with the banks. This will enable banks themselves to be aware of building leverage and common exposures.A committee headed by former RBI governor Bimal Jalan to look into the RBI issuing new bank licences with highest standards of transparency and diligence. Licences likely to be announced in January 2014.To allow exporters to re-book cancelled forward currency contracts up to 50 pc of the value of cancelled contracts and up to 25 pc for importers. The RBI to help banks bring in safe money to fund current account deficit. To offer special window for swapping foreign currency non-resident deposits with a minimum tenor of three years and more, at a fixed rate of 3.5 pc per year. Plans on to raise overseas borrowing limit of 50 pc of unimpaired Tier I capital to 100 pc for banks. Borrowings mobilized under this provision can be swapped with RBI at a concessional rate of 100 basis points below the ongoing swap rate prevailing in the market.As access to finance is still hard for the poor, and for rural and small and medium industries, RBI plans faster, broad based, inclusive growth leading to a rapid fall in poverty.Indian public to benefit from more competition between banks, and banks would benefit from more freedom in decision making. To check out the possibility of converting large urban co-operative banks into commercial banks.Presently, exporters are permitted to re-book cancelled forward exchange contracts to the extent of 25 per cent of the value of cancelled contracts. To enable exporters/importers greater flexibility the RBI will enhance the limit available to exporters to 50 per cent and allow a similar facility to importers to the extent of 25 per cent.

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Centre clears Tesco’s retail plan

New Delhi: The Foreign Investment Promotion Board on Monday approved UK-based Tesco Plc’s proposal to enter the Indian multi-brand retail segment in joint venture with Tata Group company with an initial investment of $110 million (about Rs 680 crore).

Tesco proposal entailing investment of $110 million has been cleared, sources said after the FIPB meeting held here.

After the approval, Tesco will pick up a 50 per cent stake in Trent Hypermarket Ltd, a wholly-owned subsidiary of Trent Ltd, a Tata group company. Tesco is the first global retailer to apply for multi- brand retailing after the government allowed 51 per cent FDI in the segment in September last year.

Trent Hypermarket runs 16 outlets in the southern and western regions with support from Tesco. The UK retailer plans to sell 14 categories of products, official sources said.

The items to be sold at its stores include tea, coffee, vegetables, fruits, meat, fish, dairy products, wine, liquor, textiles, footwear, furniture, electronics and jewellery.

The FIPB, headed by economic affairs secr-etary Arvind Mayaram, considered 12 items including Tesco’s FDI proposal. India allows FDI in most of the sectors through automatic route, government approval is required in certain sectors sensitive for the economy.

Reacting to the FIPB nod to the $110-million proposal in the Indian multi-brand retail segment  that will allow Tesco to work on practicalities of setting up a joint venture with Tata group firm Trent, UK-based Tesco said:“Tesco is pleased that the FIPB has agreed to our proposal. This will now allow us to work on the practicalities of setting up the joint venture with Trent. Any such announcement will be made in the usual way."

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Congress biggies eye BJP route back to Lok Sabha

Hyderabad: Some rebel Congress MPs including Vijayawada MP Lagadapati Rajagopal are said to be in touch with the BJP leadership and are exploring the possibility of switching over.

The MPs, who had pinned their hopes on Chief Minister N. Kiran Kumar Reddy floating a political outfit, are making alternative plans if he backs out.

Sources told Deccan Chronicle that Rajagopal was planning to seek re-election to the Lok Sabha from Eluru, and Rayapati Sambasiva Rao, will seek a BJP?ticket from Narasaraopet.

Sources said the two MPs also held discussions with some leaders of the Telugu Desam, which in all probability will go to the polls in alliance with the BJP.

These TD leaders have gained traction in the party, thanks to their proximity to Nara Lokesh, an emerging power centre.

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Congress sets up 105-member executive committee for Kerala

New Delhi: Congress veteran K Karunakaran's son and daughter K Muraleedharan and Padmaja Venugopal figure along with senior leaders A K Antony, Vayalar Ravi, Chief Minister Oomen Chandy and PCC chief Ramesh Chennithala in the 105-member list of Kerala Pradesh Executive Committee.

The list also includes party MP Peethampara Kurup, who was in controversy recently over molestation charges by actress Shweta Menon, which were later withdrawn by her.

The jumbo committee announced by Congress chief Sonia Gandhi today, an exercise aimed at making the party fighting fit for next Lok Sabha polls, has tried to accommodate all factions of Kerala Congress giving representation to MPs and MLAs with an emphasis on youth.

Union Ministers Shashi Tharoor, K C Venugopal, Mullapally Ramachandran and K V Thomas are other prominent members in the committee with Deputy Chairman of Rajya Sabha P J Kurien, party MP and spokesperson P C Chacko, Kodikunnil Suresh, M I Shanavas, K Sudhakaran and K P Dhanapalan.

P P Thankachan, the convener of United Democratic Front as well as former PCC chief Thennala G Balakrishna Pillai also find a place in the committee. Rahul Gandhi's pick and former AICC secretary Shanimol Usman is among the 12 women leaders in the list. 

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C K Birla steps down as chairman of Hindustan Motors

Kolkata: Two days after the company's AGM for the extended 18-month financial year, C K Birla on Monday stepped down as chairman of the ailing automobile company Hindustan Motors (HM) Ltd.

While Birla did not reply to reporters' queries after the company's AGM (annual general meeting), the company's Managing Director and CEO Uttam Bose said that it was becoming very difficult for the company to manage daily operations due to poor cash flow.

Monday's decision reflected Birla's thinking that his stepping down would pave the way for the entry of strategic investors and allow for greater flexibility during discussions, the company said in a statement.

Bose had said the company needed to restructure the business by demerging the Chennai and Uttarpara operations for which HM was seeking strategic investors for both the units.

During the 18-month period under review beginning April, 2012 and ending September 2013, HM incurred a loss of Rs 71.20 crore as compared to a loss of Rs 29.96 crore in FY2011-12.

The company's accumulated losses have exceeded its net worth at the completion of the extended financial year ended September 30, 2013.

Birla was appointed as chairman of HM in November 1997. Birla had also relinquished the post of directorship in the company. 

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Investors pull out of mutual funds

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Mumbai: The domestic mutual fund industry signed off 2013 with massive outflow from equity schemes as high bouts of volatility in the secondary market forced many investors to exit the market.

According to the data available with the Association of Mutual Funds of India (AMFI) till November 2013, the industry witnessed a total outflow of Rs 9,767 crore from equity schemes, its second consecutive year of outflows. In 2012, equity schemes had seen an outflow of Rs 14,148 crore.

“Individuals who had invested between 2005 and 2007 exited the market either by cutting losses or by booking small profits as the net asset value of many mutual fund schemes were trading below their par value,” commented Jaideep Bhattacharya, managing director, Baroda Pioneer AMC.

Bhattacharya however pointed out that the redemption money largely remained within the system as investors migrated towards money markets and fixed income schemes offered by fund houses after cutting their exposure in equities.

In 2013, equity schemes saw outflows for seven out of 11 months with October witnessing the highest amount of redemption worth Rs 3,225 crore. The proportion of equity assets in the total assets under management (AUM) of the industry have fallen 5 per cent to 17 per cent as on end November, 2013 from 22 per cent as reported in December 2012. Additionally, the industry has also seen closure of equity folios numbering 37.38 lakh in 2013.

“Though the Sensex and Nifty have scaled  new highs, the broader markets haven’t moved much. While these are the best times to build a portfolio by investing through systematic investment plans (SIP), the risk appetite of investors have taken a hit because of adverse secondary market conditions,” said, Deepak Chatterjee, former managing director, SBI MF.

On an optimistic note, Bhattacharya said that 2014 would see the re-emergence of the equity investors. “While there would be continued interest in the debt market mutual fund schemes, we are also expecting fresh investment coming into equity schemes,” he said.

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Inflation limiting RBI's ability to boost growth: Raghuram Rajan

New Delhi: Reserve Bank of India Governor Raghuram Rajan said the challenge of containing inflation is limiting the central bank's ability to boost economic growth, while urging the government to continue with fiscal consolidation to support the economy.

The comments were included in the foreword of the central bank's financial stability report published on Monday, which comes after the RBI surprised investors by keeping interest rates unchanged this month after raising them by a total of 50 basis points in September and in October.

Analysts say the RBI could resume tightening monetary policy by early next year should inflation remain high, even as the economy is growing below the decade low of 5 percent posted in the fiscal year ending in March.

The report also reiterated the RBI's previously stated concerns about the level of bad assets in the banking sector, while noting a corporate "failure" could trigger contagion in the interlinked banking system.

"The outlook for the economy has improved, with export growth regaining momentum, but growth is still weak," Rajan wrote.

"The challenges of containing inflationary pressures limit what monetary policy can do."

The RBI report also called the "fall in domestic savings and relatively high fiscal deficit" as other key concerns for the Indian economy.

The government is expected to slash spending to meet a fiscal deficit target of 4.8 percent of gross domestic product for the year ending in March.

Rajan urged the government to continue to push through policy reforms and fiscal consolidation, while noting the prospect of a divided verdict in general elections due by May was creating investor uncertainty.

"Policy certainty is something investors look for in the current environment," Rajan wrote in his foreword.

"A stable new government would be positive for the economy," he added.

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Kiran Reddy’s bouncer, min shunted

Hyderabad: Andhra Pradesh Chief Minister N. Kiran Kumar Reddy stirred a hornet’s nest on New Year’s Eve by stripping minister and Telangana loyalist D. Sridhar Babu of the legislative affairs portfolio and allocating it to staunch integrationist Dr S. Sailajanath.

In a late night development on Tuesday, the Chief Minister recommended the change of portfolios to Governor E.S.L. Narasimhan. The CM’s decision comes just before the state Assembly is be reconvened to “resume” debate on the AP Reorganisation Bill 2013, from January 3.

The ministry is very crucial at this juncture because the minister plays a decisive role in the running of the session.

Apparently to keep Sridhar Babu happy, the CM allocated commercial taxes in addition to civil supplies, which Sridhar Babu is handling. 

The commercial taxes portfolio, the bread earner for the government, has been with successive Chief Ministers since 2009.

The CM created a new portfolio, “Language” (development), and allotted it to tourism minister Vatti Vasanth Kumar. Sources said this was done to make it appear that the changes were routine.

Once a trusted lieutenant of Kiran, Sridhar parted ways with him soon after the Congress Working Committee decided in favour of the T state. Lately, the two were at loggerheads over proroguing the Assembly and differences reached a peak in the just-concluded Assembly Session wherein Mr Sridhar announced that the Assembly had initiated the debate on the T Bill in contrast to the CM’s claims that the debate was yet to begin.

Kiran’s decision not democratic

Sources close to the Chief Minister said that he was upset with Sridhar Babu over the Assembly secretariat circulating a two-page “report on the decisions of the Business Advisory Committee” taken on December 17 to all MLAs. The report was issued in the name of the Chief Minister who, at a media conference, had feigned ignorance.

The Chief Minister’s decision is expected to evoke sharp criticism from within the Congress and outside and the Telangana ministers were already up in arms against the decision.

Senior Congress leader D. Srinivas described the Chief Minister’s decision as undemocratic and a timid act while Telangana Rashtra Samiti chief K. Chandrasekhar Rao refused to attach any significance to it stating that proceedings in the Assembly were irrelevant to the state’s division as per the Constitution.

After keeping mum for sometime, Andhra Pradesh chief minister Kiran Kumar Reddy has once again raised voice against the bifurcation of Andhra Pradesh to form a separate Telangana. He cautioned millions of farmers in Seemandhra and Telangana regions of the serious consequences of division of the state. According to him, the bifurcation was done without addressing key issues of water, power and infrastructure, which could lead to deficit and bigger problems. He fears the lapses in water distribution would erupt.In Andhra Pradesh, the dams located in one region serve the needs of other region. For example, Srisailam dam is located in Rayalaseema, but it serves the irrigation needs of Rayalaseema, Telangana and Andhra regions. So, Kiran is worried as how can that waters be shared. Telangana comprises 68 pc of the catchment area of the Krishna river and 79 pc catchment area of Godavari river. Utilising these resources for the development of the region will be a big challenge for the state.Andhra Pradesh's major rivers include Godavari, Krishna and Pennar. According to the Krishna tribunal award, Maharashtra gets 560 tmc feet of water, Karnataka 700 TMC and Andhra Pradesh 811 TMC. The Srisailam and Nagarjunasagar dams are central to the Krishna river in Andhra Pradesh. (1 TMC equals 28.3 billion litres).The Nagarjunasagar dam is right on the border of Andhra Pradesh and Telangana and caters to the irrigation needs of Andhra and Telangana. Kiran feels the new state would badly hit irrigation projects.Godavari is less exploited as compared with Krishna and most of the water flows into the Bay of Bengal. The Godavari Waters Disputes Tribunal in 1975 awarded 1,480 TMC to Andhra Pradesh, but proponents of separate Telangana are demanding more than 60 pc of that water share.As for agriculture is concerned, Seemandhra regions are better irrigated and account for 60 pc of total crops cultivated in Andhra Pradesh. Telangana has over 65 pc agriculture pumpsets. But with Telangana expected to face at least 40-50 pc power shortage, the irrigation projects will be affected.Currently in Andhra Pradesh, the power generation is only 57 million units per day against a demand of 115 MU. Though Telangana boasts of major coal deposits, Seemandhra has more gas-based stations with higher installed capacity of power. The Ramagundam thermal power station is in Telangana but is controlled by the Centre.Kiran accused TRS chief K. Chandrasekhar Rao of misleading farmers with a promise to bring 10,000 MW from Chhattisgarh since the installed capacity of the neighbouring state was only 6300 MW.Before bifurcating the state, the Centre, Kiran feels, must have clarity on the status of Hyderabad, which several people from Seemandhra made their home after the formation of AP decades ago.Even as APNGO members are protesting against shifting of the secretariat employees to Seemandhra, Kiran rejected the TRS statistics and said out of 18,856 employees identified as non-locals under GO 610, 9,174 were repatriated and 4,062 were exempted as per the rules.As the capital of united AP for nearly 60 years, Hyderabad city has witnessed enormous growth and transformed into a large metropolis. In the process, many other regions of the State have been neglected. People from Andhra and Rayalaseema are heavily dependent on Hyderabad for health facilities, education and employment opportunities.

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Element essential for life found in supernova remains

New York: Scientists have for the first time discovered phosphorous, one of the essential elements for life in the cosmic leftovers from a supernova explosion.

Researchers found that phosphorus is 100 times more abundant in the remains of a supernova than elsewhere in the galaxy, confirming that massive exploding stars are the crucibles in which the element is created.

While astronomers have measured the abundance of carbon, nitrogen, oxygen and sulphur in supernovae remnants before, supernova remnant Cassiopeia A revealed the first measurement of the relatively scarce phosphorus.

"These five elements are essential to life and can only be created in massive stars," said Dae-Sik Moon, a University of Toronto astronomer and co-author of the paper on the discovery to be published in the journal Science.

"They are scattered throughout our galaxy when the star explodes, and they become part of other stars, planets and ultimately, humans," Moon added. Scientists estimate that Cassiopeia A supernova remnant exploded 300 years ago.

The new observations of the object were made with a spectrograph mounted on a 5-meter telescope at Palomar Observatory at the California Institute of Technology, 'LiveScience' reported.

Astronomers believe the original star was between 15 and 25 times the mass of the Sun. When a star of such mass runs out of the hydrogen that it burns to produce energy, the core of the star goes through a sequence of collapses, synthesising heavier elements with each collapse. 

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Investment resolutions for New Year

A New Year is always welcomed in anticipation of good in one’s life. As financial matters are the most important factor for our happiness and peace of mind, let’s make five key resolutions to make ourselves financially secure in the New Year.

The New Year brings with it new beginnings and optimism. People like to usher in the New Year with resolutions that they eventually end up breaking. Many of these resolutions revolve around personal finance since financial well-being is an important aspect of life. Many people usually fail to maintain such New Year financial resolutions because they over-complicate their resolutions which makes it hard to keep them.

Before making your resolutions for 2014, the most important thing you should do is to review your financial status. Here is a quick check for making a simple and achievable New Year resolution for anyone irrespective of earnings and expenditure. Apart from improving the overall financial health, this can help you take smarter financial decisions in the long term.

Review investment portfolio
Reviewing one's investment portfolio by the end of the year is one of the best steps for taking a good investment related resolution. While reviewing the overall investment portfolio, one must ask some basic questions as to how risky the investment portfolio is and explore the adjustments where required.

If you are single and have started working only recently, you can afford a riskier portfolio compared to married people with families. One thing that is common while evaluating your personal investment portfolio for the year is to always maintain a balance between long term goals and any emergency requirements for a rainy day.

Pay off Debt
Paying off old debt is one of the best ways to usher in the New Year. Budgeting and paying off old debt might not be as difficult as it may appear and only requ-ire a principled approach. One can set up acco-unts to automatically ded-uct monthly ex-penses. Get out of the old debt trap to increase the chances of improving your financial health in the coming year.
The best approach is to start by paying off the debt with higher interest rates like credit card des and personal loans. If you have some surplus cash, you may also consider paying off loans as pre-payment instead of paying EMIs. The best way to resolve pending debts is to keep a lookout for better interest options in the market to reduce the total term of the home loan thereby saving on the interest cost.  You can use the additional pay outs you received this year like bonus, incentives, LTA etc for paying off unwanted debts.

Invest in an Emergency Fund
In this age of increasing inflation, sudden job loss or a sudden illness of any family members can damage your finances. Therefore, it is imperative to consider investing in an emergen-cy fund. Most financial ex-perts are of the view that such emerge-ncy funds which also known as contingency fund must hold finances that can sustain the dependant members of the family for a minimum period of six months.

If you have not given due though to have an active emergency fund, make plans to start it this New Year. Make regular investments in your emergency fund which can gradually help you a build a corpus that is liquid with the ability to earn handsome returns.

Protect family’s Financial Future:
Protecting your family’s financial future is an essential step that needs to be a part of each financial resolution. A lot of people explore life insurance but totally ignore medical insurance for dependants and immediate family members. If you are one of those who have neglected medical insurance of your dependants, plan for a good package by this New Year.
For people seeking life insurance as an investment, one needs to und-erstand that life insurance helps your dependants in case you are not around. Considering insurance purely as an investment vehicle is a bad financial decision that must be changed.

Improve Credit Scores
Another great New Year resolution is to improve your overall credit score (CIBIL). Many people are stuck with bad credit score due to their own financial mismanagement. Take a call before this New Year to cut out on unwanted credit cards and loans so that you do not end up spoiling your credit score in the coming year.

(The writer is CEO of BankBazaar.com)

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Hyundai sales up 2.58 pc in December

New Delhi: Hyundai Motor India Ltd today reported a 2.58 per cent increase in its total sales in December 2013 at 49,069 units as against 47,833 units in the same month of previous year. The company's domestic sales were up 6.24 per cent at 28,345 units during the month from 26,697 units in December 2012, Hyundai Motor India Ltd (HMIL) said in a statement.

Exports during the month were down 1.94 per cent to 20,724 units from 21,136 units in the same month previous year, it added. Commenting on the sales performance, HMIL Senior Vice-President, Sales and Marketing, Rakesh Srivastava, said: "Year 2013 was very challenging and rewarding...Manufacturing operated at 99 per cent capacity utilisation and had the fastest five million roll-out in India."

In 2014, Hyundai will launch many new products and new initiatives to build further on this positive momentum, he added. 

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A step back to the source of being

Clockwise from left: Priyadarshini Govind, a performance by Parashah on Day 1 and Prashanth Shah

Priyadarshini Govind, the current director of Kalakshetra, is also the convenor of the annual, six-day Natya Kala Conference, which, this year, is centered around the topic, ‘Rhythm and Vibes’.

The annual event, organised in the city during the Margazhi season, sees a confluence of some of the greatest minds from the performing arts scenario who offer their time and ideas for discussion. While last year’s theme -— Samahit — when Parallels Meet — dealt with influences from external factors affecting creation, practice and performance in art, this year’s conference discusses Laya or rhythm as a source of all being.

Within the prism of dance, the conference tries to draw parallels between one rhythmic source and its many vibrations across the arts. Priyadarshini Govind says, “Rhythm is an invaluable part of all art forms, not just dance and music. All artists need to understand rhythm both internally and externally. We create a forum for discussion at such a conference for artists from all the varied art forms, including theatre, music and art,  among others.”

With the birth of creative form arising between the beginning and end of a particular rhythmic cycle, the theme of the conference deals with how the end itself becomes the beginning of another creation. The topics will explore the various points of view on rhythm as artists investigate its presence in rituals, devotional practice and daily life, besides folk rhythms and more.

Prashanth Shah, a senior Kathak dancer-choreographer, a  disciple of Kumudini Lakhia’s and also a recipient of the Ustad Bismillah Khan Yuva Puraskar, who is attending the conference this year, says, “Rhythm and Vibes — it’s one of the most integral part of any artistic creation. These are the two poles which are interrelated in any dance form. To me, they are complementary to each other. Both the aspects are interwoven in a piece, depending upon the aesthetics of the form and the demand of the subject line. Rhythm is like water and Vibes like air. For instance, both water and air are the most essential elements for survival. So too, any creative artiste has to learn and absorb elements of ‘Rhythm’ and ‘Vibes’ in their final product.”

Prashanth is collaborating with Bharatanatyam dancer Rukmini Vijayakumar to explore some of these aspects through a performance at the conference. The Ahmedabad- and New York-based dancer points out that a conference of this nature “is not just a platform for dance and music performances. It is also an opportunity for an in-depth analysis of dance and music with respect to the sensitivity and sensibility involved in its creation by both leading and upcoming artistes from different genres.”

Curating such an event, says Priyadarshini, has been most ‘fulfilling’, attributing its scope and bandwidth to the support of her team, “especially to Prabhu anna and Akila Krishnamurthy who worked so hard to make such a conference happen”.

Priyadarshini, who took over the post of director of Kalakshetra in August 2013, says she has been completely absorbed by her responsibilities and the forthcoming 61st edition of the Kalakshetra Festival. “It is too soon to be talking about my experience as the director, but I realise that it is as much about upholding a legendary vision as it is about making any changes. My day starts early, reaching Kalakshetra for the morning prayers, with most of day spent in work.”

Juggling various administrative duties as director, she says she has let her own performances take a back seat. But that was part of the plan, she says. “The moment I took up the directorship, I wanted all my attention and focus to be centered around Kalakshetra. I feel it is important to commit both physically and mentally to fulfill the grand vision of Rukmini Devi and I’m very happy to be performing the duties I’ve been entrusted with.”

The Natya Kala Conference 2013 will be on between December 26 and 31. 

Anil Srinivasan, Pianist

Pianist Anil Srinivasan, who presented his version on the topic of Rhythm, talked about how playing the piano too requires rhythm in equal measure. Making an interesting point, he elaborates, “Even though we feel that rhythm pertains to dance more, one needs to understand that it can be extended to all forms and instruments in music and not just the percussion. People generally think of the piano as a just melody instrument. But I propose to discuss its possibility of being a percussion instrument as well. A pianist too requires a sense of rhythm and a conference such as this is ideal to discuss many thoughts about the art form and the artist.   

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Inflation limiting RBI's ability to boost growth: Raghuram Rajan

New Delhi: Reserve Bank of India Governor Raghuram Rajan said the challenge of containing inflation is limiting the central bank's ability to boost economic growth, while urging the government to continue with fiscal consolidation to support the economy.

The comments were included in the foreword of the central bank's financial stability report published on Monday, which comes after the RBI surprised investors by keeping interest rates unchanged this month after raising them by a total of 50 basis points in September and in October.

Analysts say the RBI could resume tightening monetary policy by early next year should inflation remain high, even as the economy is growing below the decade low of 5 percent posted in the fiscal year ending in March.

The report also reiterated the RBI's previously stated concerns about the level of bad assets in the banking sector, while noting a corporate "failure" could trigger contagion in the interlinked banking system.

"The outlook for the economy has improved, with export growth regaining momentum, but growth is still weak," Rajan wrote.

"The challenges of containing inflationary pressures limit what monetary policy can do."

The RBI report also called the "fall in domestic savings and relatively high fiscal deficit" as other key concerns for the Indian economy.

The government is expected to slash spending to meet a fiscal deficit target of 4.8 percent of gross domestic product for the year ending in March.

Rajan urged the government to continue to push through policy reforms and fiscal consolidation, while noting the prospect of a divided verdict in general elections due by May was creating investor uncertainty.

"Policy certainty is something investors look for in the current environment," Rajan wrote in his foreword.

"A stable new government would be positive for the economy," he added.

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In the skies of 2014

Meteor showers, annular solar eclipses, conjunction of planets and more — Find out what the skies hold for the coming year of 2014. Here is a list of astronomical predictions compiled for us by the B.M. Birla Science Centre:

January 1: The year begins with a New Moon
January 2 and 3: Will witness the Quadrantic meteor showers.
January 5: Jupiter is at opposition. This means that the bright planet Jupiter will rise in the East just as the Sun sets in the West.
March 20: This is the day of the Vernal Equinox when spring officially begins. On this day, the Sun rises exactly at the East point and sets exactly at the West point.
April 8: The planet Mars is at opposition, which means that on this day, Mars rises in the East exactly as the Sun sets in the West.
April 15: There will be a total Lunar Eclipse.
April 22 and 23: There will be the Lyrid Meteor showers — some meteors which seem to originate from Lyra or Veena mandal.
April 29: There will be an Annular Solar eclipse. For many parts of the world, it will be a partial Solar eclipse.
May 5 and 6: There will be an Eta-Aquarid meteor shower
May 10: Saturn is at opposition. The planet rises in the East exactly as the Sun sets in the West.
June 7: Conjunction of the Moon and Mars, as the two come very close to each other. On this day, the Moon will appear more than half (Gibbous).
June 21:  Summer Solstice— It will also be the longest day of the year and the shortest night for the Northern hemisphere.
July 28 and 29: Delta Aquarid meteor shower
August 12 and 13: Perseid meteor shower
August 18: Conjunction of the planets Venus and Jupiter. On this day, the two come very close to each other.
September 23: This is the Autumnal Equinox. The Sun rises exactly at the East point and sets exactly at the West point.
October 8: Total lunar Eclipse.
October 8 and 9: Draconid meteor shower
October 22 and 23: Orionid meteor shower
October 23: Partial Solar eclipse
November 5 and 6: The Taurid meteor shower
November 17 and 18: T Leonid Meteor Shower
December 13 and 14: The Geminid meteor shower
December 21: Winter Solstice — It is the shortest day and longest night of the year for the Northern hemisphere.
December 22 and 23: The ursid meteor Shower. 

“Rare astronomical events are difficult to predict. Though the angular eclipse takes place once in five or 10 years, this year we will have a new moon on January 1 and 30. So that makes it a month of two new moons. But if there was a full moon on January 30, it would have become a blue moon month, which is rare." — Dr B.G. Sidharth, Director, B.M. Birla Science Centre.

In this photo released by Hot Air Balloon Cairns, Hank Harper, right, of Los Angeles watches the solar eclipse from a hot air balloon near Cairns, Australia. - AP In this photo released by Tourism Queensland, people prepare to view a total solar eclipse while on a tour boat at Michelmas Cay on the Great Barrier Reef in Queensland state, Australia. - APIn this photo released by Tourism Queensland, people gather on a beach at Palm Cove in Queensland state, Australia, to watch and photograph a total solar eclipse. - APIn this photo provided by Tourism Queensland, a hot air balloon floats in the air as a solar eclipse is observed near Cairns, in Queensland state, Australia - APTwo women wear special glasses to view the solar eclipse from the beach at Palm Cove in Australia's Tropical North Queensland - AFPThe Diamond Ring effect is shown following totality of the solar eclipse at Palm Cove in Australia's Tropical North Queensland - AFPA man prepares equipment to view the solar eclipse from the beach at Palm Cove in Australia's Tropical North Queensland - AFPPhotographers prepare their equipment as they wait for the sun to appear from behind clouds during the solar eclipse at Palm Cove in Australia's Tropical North Queensland - AFP

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Now, gen-next furniture that assembles on its own

Picture for representational purpose only.

Washington:A Dutch designer has developed gen-next flat-pack furniture which snaps together in minutes without the need for tools.

Dubbed Magnetic Assisted Geometry (MAG), Benjamin Vermeulen's furniture, which consists of a chair, a table, and a cabinet, could be the future of flat-pack or ready-to-assemble furniture.

Flat-pack furniture is popular among consumers that wish to save money on their furniture purchases by assembling the product on their own.

However, it still requires use of tools such as drills and screws. The new furniture is easily put together by magnets that snap the pieces shut, so no tools are necessary.

"Shipping furniture unassembled is more economical and more environmentally friendly, but flat-packed furniture is often made from low-grade material and its assembly is far from straightforward," said Vermeulen.

The new furniture, made from steel and wood, can be assembled and disassembled without losing its initial structural integrity, 'Dezeen' reported. This means you can take it apart if you are moving or selling it on.

And replacing parts is easy since they come right off and reattach with the same ease, Vermeulen said. Vermeulen designed the collection for his graduation from the Design Academy Eindhoven and presented it during Dutch Design Week in October. 

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