1) Wakf Boards to take e-route to management
Salman Khurshid, Minister for Minority Affairs, who is also the ex-officio Chairman of the Central Wakf Counci announced at the 55th meeting of the Central Wakf Council held on Monday announced that complete computerisation of all the 29 State Wakf Boards will be done for which the Central Government would bear the expenditure among many other measures. The idea is to imbibe e-management all over the country in the Wakf matters on the lines of e-governance. Central Data Base would be in the office of the Central Wakf Council which would enable the Council to monitor and advise the State Wakf Boards timely and effectively. The work has already been assigned to the National Informatic Centre. Presently, to determine the exact number of Wakf properties, joint survey is being conducted by the State Wakf Boards and the ASI.
Courtesy: Ministry for Minority Affairs release
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2) Napoleon proposes more mega marketing events like Shilpotsav to be held all over country
While appreciating the efforts of disabled women beneficiaries of National Handicapped Finance & Development Corporation (NHFDC) who have been identified as potential suppliers for large volume of orders, both for national and international markets, D Napoleon the Minister of State for Social Justice and Empowerment announced that more such marketing events in other regions of the country will be held so that the diverse population of those regions can also be benefited. He was speaking on the concluding day of the 11-day Shilpotsav 2009 here on Monday. The Shilpotsav was being organised by Ministry of Social Justice and Empowerment every year since 2007 and it has emerged as important marketing development assistance of the Ministry. The beneficiaries belonging to the disadvantaged group of the society, which include Scheduled Castes, Other Backward classes, Safai Karamcharies and Persons with Disabilities (PWDs), were participating in this major event.
These beneficiaries have been provided loan to set up different type of income generating activities and to earn a livelihood for dignified living and become self-reliant individuals of the society. Besides beneficiaries of apex corporations, the National Trust, Artificial Limbs Manufacturing Corporation of India (ALIMCO), National Institutes working for the disabled persons also participated in this event. More than 200 craftsperson’s and artisans from all over the country participated in this mega marketing event. This year the period of Shilpotsav also coincided with Navratra and Dussehra festivals, which is considered a good marketing period. The beneficiaries have recorded a better sales figure than the previous years.
Courtesy: Ministry of Social Justice and Empowerment release
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3) High time to take decisive action for inclusive urban development: Selja
Delivering the World Habitat Day Address on Monday, the Housing & Urban Poverty Alleviation and Tourism minister Kumari Selja said, “It is necessary to break away from past trends and practices and to take decisive action for inclusive urban development that acknowledges the presence of the poor in cities, recognises their contributions as essential to the city’s functioning and redresses the fundamental reasons for inequity that ties them down to poverty.”
“The indicator of livable cities, are good infrastructure, clean environment, good quality of life and vibrant economic base for all its citizens. Only an Inclusive city can be a sustainable city and we have to work towards an urban India where we would have addressed the developmental disparities in a comprehensive and holistic manner,” she added.
She said the Jawaharlal Nehru National Urban Renewal Mission (JNNURM), Interest Subsidy Scheme for Housing the Urban Poor (ISHUP) and the scheme for Affordable Housing in Partnership together seek to upgrade slums and create additional stock by enabling the construction of about 25 lakh houses with basic amenities for the Economically Weaker Section (EWS) and Low Income Groups (LIG) by the end of 11th Five-Year Plan.
Referring to the proposed Rajiv Awas Yojana, the minister said, it proposes to bringing existing slums within the formal system and enabling them to avail of the same amenities as the rest of the town; redressing the failures of the formal system that lie behind the creation of slum and force the poor to resort to extralegal solutions in a bid to retain their sources of livelihood and employment.
A slum-free India is an aggregate of the vision of slum-free state. The minister said the states, who need to attend and arrest the problem through a two pronged approach; by upgradation of existing slums and preventing new slums.
Listing another major initiative of the ministry, Kumari Selja said draft bill of the Model Real Estate (Regulation of Development) Act has been put on website of the Housing ministry inviting comments from public at large. She said the draft bill is essentially rooted in the need to promote planned and healthy real estate development of colonies and apartments, with a view to protection consumer interest on the one hand and to facilitate a smooth and speedy urban construction on the other. The minister also gave away awards to the winners of NHB Essay Competition, BMTPC Painting Competition for physically and mentally challenged children, Design Idea Competition and HUDCO Painting Competition for street and shelter less children on the occasion. The United Nations has designated the first Monday in October each year as the World Habitat Day (WHD). The idea is to reflect on the state of human settlements and the necessity of adequate shelter for all. It is also intended to remind the world of its collective responsibility for the future of human habitat. The theme for the WHD 2009 is ‘Planning our urban future’. The theme has been chosen in order to raise awareness for improvement of urban planning to deal with new challenges of the 21st century, as in both developed and developing countries, cities and towns are increasingly feeling the effects of climate change, resource depletion, food insecurity, population growth and economic instability.
Courtesy: Ministry of Housing & Urban Poverty Alleviation release
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4) Prime Minister to inaugurate 1st Conference of State Ministers of Food Processing Industries on 6 October
Manmohan Singh, Prime Minister of India will inaugurate the 1st Conference of State Ministers of Food Processing Industries on October 6, 2009. Food Processing is of paramount importance to the country as it has the potential to transform the current subsistence agriculture being practised in large parts of the country to a more remunerative and environmentally sustainable occupation.
The role of food processing industry is accelerating the growth of agriculture sector in the country becomes critical as it has the potential to drive the rural economy by bringing synergy between industry and agriculture. A developed food processing industry leads to increase in farm gate prices translating into increased rural incomes, reduction in wastages, ensures value addition, promotes crop diversification, and generates employment opportunities as apart from significantly contributing to export earnings.
Courtesy: Ministry of Food Processing Industries
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5) Status check of important reservoirs in the country
Central Water Commission (CWC) under Ministry of Water Resources is monitoring storage position of 81 important reservoirs spread all over the country, of which as many as 36 reservoirs are having significant hydro-power benefits with installed capacities of more than 60 MW each. The combined live storage in these 81 reservoirs at the beginning of monsoon i.e. 1.06.2009 was 11 % of their designed capacity and stood at 59% of the designed capacity as on 24th July 2009. The present storage is 80% of last year’s storage and 89% of last 10 years average storage during the same period.
Basin wise storage position as on 24.09.09 is as follows: The storage position in Narmada, Mahi, Sabarmati, Krishna, Cauvery and East Flowing Rivers (EFRs) and West Flowing Rivers (WFRs) of South basins are better than average of previous 10 years. Mahanadi and Neighboring East Flowing Rivers, Rivers of Kutch and Tapi basins are flowing close to normal and Ganga, Indus, Godavari, are flowing deficient. Out of 36 reservoirs with significant hydro potential, 21 reservoirs have storage build up less than the average of last 10 years capacity.
Courtesy: Ministry of Water Resources release
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6) EC announces the schedule for bye-elections to fill the casual vacancies in the house of people
There are casual vacancies in the State Legislative Assemblies of Assam, Himachal Pradesh, Kerala, Rajasthan, Chhattisgarh, Uttar Pradesh and West Bengal and in the House of People in Uttar Pradesh from 20 – Firozabad P.C, which need to be filled up early. After taking into consideration various factors like requirement of Police Forces, festivities, position of electoral rolls, etc., the Commission has decided to hold bye-elections to fill up the casual vacancies in the State Legislative . The relevant details can be accessed from EC's website.
The Model Code of Conduct shall come into force with immediate effect in the district (s) in which the whole or any part of the Assembly Constituency going for bye-election is (are) included.
Courtesy: Election Commission release
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7) Armed forces rescue over 1300 people in flood affected areas of Karnataka and Andhra Pradesh
One thousand three hundred and thirty six persons have been rescued so far by the Armed Forces in the flood-ravaged States of Karnataka and Andhra Pradesh. The Army, Air Force and the Navy are working round-the-clock to rescue the marooned people and provide the much needed food in the flood affected areas. The Army has deployed 14 columns of its men in Karnataka and Andhra Pradesh along with life jackets, boats and medical teams.
Courtesy: Ministry of Defence release
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8) Influenza update
On 4th October 2009, 47012 passengers have been screened at 22 Airports with 83 counters manned by 225 doctors and 172 paramedics in India. Total passengers screened till date is 6743012 and samples from 46442 persons have been tested for Influenza A H1N1 in Government Laboratories and a few private Laboratories across the country and 11068 (23.8%) of them have been found positive.
Courtesy: Ministry of Health and Family Welfare release
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9) Part A: NGRBA to ensure that by 2020 no untreated municipal sewage and industrial effluents flow into Ganga
The first meeting of the National Ganga River Basin Authority (NGRBA) was held on Monday under the Chairmanship of the Prime Minister. The meeting was attended by the Chief Ministers of Uttarakhand and Bihar, Union Ministers of Urban Development, Water Resources, Science & Technology and Environment and Forests, besides the Deputy Chairman Planning Commission. In the meeting the following decisions were taken. (i) Approval for Mission Clean Ganga: No untreated municipal sewage and industrial effluent to enter Ganga by 2020 -- The Authority decided that under Mission Clean Ganga it will be ensured that by 2020 no untreated municipal sewage and industrial effluents flow into Ganga. Currently there is a sewage treatment capacity of only about 1000 mld against 3000 mld sewage being generated in the towns along Ganga. An estimated investment of Rs 15,000 crores over next 10 years will be required to create the necessary treatment and sewerage infrastructure. (ii) While comprehensive river basin management plan will be ready by December, 2010, on-going sewage treatment projects to be put on fast-track and states to formulate DPRs for new such projects in critical pollution hotspots and major towns on Ganga and major tributaries by November 30, 2009. (iii) Union Ministry of Environment and Forests to work with states to prepare specific action plans for dealing with problem of industrial pollution in Ganga Basin by January 31, 2010. (iv) The issue of hydro electric projects In the upper reaches of Bhagirathi (Loharinag Pala , Pala Maneri and Bhairon Ghati) to be studied by Union Ministry of Environment and Forests and Power and report submitted to NGRBA in 60 days time. (v) A Standing Committee of NGRBA to be constituted headed by Union Finance Minister to meet more frequently and review implementation.
Part B: NGRBA was set up on 20th February, 2009 under the Environment (Protection) Act as an empowered Authority to adopt a new holistic river basin approach to the cleaning of the river Ganga and address the issue of minimum ecological flows, besides pollution abatement works. The following actions have been taken since the setting up of the Authority in February, 2009:-
• EOIs were invited for preparing a comprehensive Ganga river basin management plan. RFPs have been issued to 10 shortlisted firms. Work will be awarded by Dec 15.
• Rs 250 crore have been allocated in the Union Budget for 2009-10 for NGRBA. Rs 500 crore per year allocation in the remaining 2 years of 11th Plan has been agreed to by the Planning Commission.
• World Bank has been engaged for long term support of Authority’s work programme. Assistance of $1 billion is indicated for first phase. Proposal of $3 million project preparation facility was forwarded to World Bank and has been approved.
• Empowered State River Conservation Authorities have been notified for West Bengal, Jharkhand and Uttar Pradesh.
• A Model Tripartite Memorandum of Agreement between Centre, States & ULBs has been prepared by National Institute of Urban Affairs. It has been circulated to States for comments. The MOA will link flow of funds to achievement of milestones and measurable improvement in water quality.
• A Proposal has been submitted to 13th Finance Commission for one time allocation of Rs 1320 crore for meeting O&M needs of STPs for 5 years;
• Pilot projects of Sankat Mochan Foundation at Varanasi (pond based treatment) and National Botanical Research Institute (plant based wastewater management) at Hardwar have been approved, in order to encourage innovative approaches to river cleaning.
• Work on GIS based mapping of Ganga basin has been entrusted to NIC. This will be completed by June 2010. It will be a useful decision making tool.
• Consultations with States, Urban Local Bodies and experts have been held for identifying river conservation projects to be implemented in PPP mode through special purpose vehicles.
• Action has been initiated for third party evaluation of schemes. Independent institutions will be appointed by Dec 2009 for this purpose.
• Improved water quality monitoring system is being put in place. Work on online data transmission from monitoring organisations and public access to WQM data is expected to be completed by Dec 2009.
• A Proposal has been finalized for awarding consultancy by January 2010 for creation of a state-of-the-art knowledge centre on Ganga.
• A Compendium of sewage treatment technologies has been prepared by IIT-Kanpur for guidance of implementing agencies/ULBs. • A Status paper on Ganga has been prepared by Alternate Hydro Energy Centre, IIT Roorkee providing an overview of Ganga Basin.
Courtesy: Ministry of Environment and Forests
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10) Deora directs OMCs to maintain un-interrupted supplies of Petroleum products in flood affected areas of South India
The Minister of Petroleum & Natural Gas Shri Murli Deora has directed the Oil Marketing Companies (OMCs) to maintain the supply of petroleum products specially the cooking and transportation fuels viz. LPG, kerosene and petrol & diesel in the flood affected parts of Karnataka, Andhra Pradesh and Maharashtra. In a review meeting on Monday, Deora emphasised that the OMCs should put in extra efforts in order that un-interrupted supplies reach the relief camps set up in the areas. OMCs should also mobilise fuel supply to the rescue parties and vehicles in the area, he added.
Courtesy: Ministry of Petroleum & Natural Gas
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11) 5-9 October to be celebrated as National Archives week
Ministry of Culture has dedicated this year’s Archives Week Celebrations to School children. The Week to be held from 5-9 October 2009, is being organised in collaboration with the Delhi International Arts Festival a leading NGO in the field. During the Archives Week, special arrangements are being made to enable school children to visit the Archives Museum and go round the National Archives on a conducted tour and understand its various activities connected with preserving our heritage. A host of activities like quiz programmes, audio-visual slides about our freedom struggle, interactive session with staff of NAI, workshop on preservation etc. are being organized to make their visit meaningful and constructive.
The National Archives of India which is the custodian of the permanent records of the Govt. of India has in its custody over 40 lakh files in addition to Manuscripts, Maps, Private papers of eminent Indians, Oriental records in different language/scripts, which in totality constitute an invaluable source material for the study of Indian history. Beginning in a regular series from 1748 (though there are records of much earlier period) the holdings of the Deptt. Depict the story of India’s evolution from a British colony to a free nation. One can find here copious references about the Mutiny of 1857, rise of British power, our freedom struggle, the deeds of revolutionaries, the Gandhian era, the tragic days of partition and much more information which no student or lover of history can ignore.
Courtesy: Ministry of Culture release
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12) Combined Defence Services Examination (I) to be held on February14, 2010
The Union Public Service Commission will hold the Combined Defence Services Examination (I), 2010 on February14, 2010 for admission to Indian Military Academy, Naval Academy and Air Force Academy for the Courses commencing in January 2011 and Officers Training Academy, Chennai for the Courses (Men and Women) commencing in April 2011.
For details regarding the eligibility conditions, syllabus and scheme of the examination, centers of examination, guidelines for filling up application form etc. aspirants must consult the detailed notice of the examination published in the Employment News/Rozgar Samachar dated September 26, 2009. Details are also available on UPSC website i.e.http://www.upsc.gov.in
Courtesy: Ministry of Personnel, Public Grievances & Pensions
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13) Centre extends all possible assistance to Andhra Pradesh and Karnataka
The Centre is providing all possible assistance to Andhra Pradesh and Karnataka where incessant rains have caused severe floods in some areas. Union Home Secretary, Secretary (Border Management) and senior officers of the National Disaster Management Authority (NDMA) are in constant touch with the State Authorities and other agencies. The situation is being monitored on round the clock basis by the Control Room of the Ministry of Home Affairs. NDRF personnel are engaged in large scale rescue and evacuation operations and distribution of food, drinking water and other relief items to the affected people. Army, Navy and Air Force are also assisting in relief and rescue operations. Keeping in view the severity of the situation caused by heavy rains/floods, MHA has rushed NDRF personnel along with boats to the affected areas from Bhatinda, NOIDA, Pune, Arakkonam(Tamil Nadu) and Mundali (Orissa). In ANDHRA PRADESH, 714 water rescue trained personnel of National Disaster Response Force alongwith 235 inflatable motorized boats, 310 lifebuoys and 225 life jackets have been deployed in the districts of Kurnool (142 personnel + 89 boats+100 lifebuoys and 30 life jackets), Krishna(182 personnel + 66 boats+90 lifebuoys and 120 life jackets), Mehboob Nagar (136 personnel + 38 boats, 35 lifebuoys and 15 life jackets) and Nandhiyal (254 personnel + 42 boats + 85 lifebuoys and 60 life jackets) for rescue and relief operations. In KARNATAKA, 249 water rescue trained personnel of National Disaster Response Force alongwith 73 inflatable motorized boats, 352 lifebuoys and 60 life jackets deployed in the districts of Bagalkote (76 personnel + 19 boats + 88 lifebuoys + 15 life jackets), Raichur (71 personnel + 22 boats + 88 lifebuoys + 15 life jackets), Gadag (36 personnel + 13 boats + 88 lifebuoys + 15 life jackets ) and Bijapur (66 personnel + 19 boats + 352 lifebuoys + 60 life jackets) for rescue and relief
Courtesy: Ministry of Home Affairs release
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14) JAGO MUMBAI- Community Radio Station to start at Mumbai
Ministry of Information & Broadcasting, Government of India has signed a Grant of Permission Agreement for establishing, maintaining and operating a Community Radio Station at Union Park Residents Association, Khar Bandra, Mumbai. Letter of Intent had been issued to the Institute after recommendations of Inter Ministerial Committee and seeking requisite clearances from various Ministries. The Community Radio Station is expected to be operational within three months as per the agreement. With this, the number of CRS will increase to 57 in the country.“JAGO MUMBAI” as the Community Radio Station will generate awareness for demo centers for composting and vermiculture, rainwater harvesting and solar power. The vision is to empower the community Radio Station, awareness and motivation to understand and carry out their civic responsibilities and to proactively participate in their all round development and as well as protection of environment. The proposed Community Radio Station will create awareness and motivate the surrounding community Radio Station cleanliness, health and sanitation, environment, waste management, conservation of water and electricity. It’s intended to empower, unearth and showcase community Radio Station provide a network for social interface resulting in self - development. .
Courtesy: Ministry of Information & Broadcasting
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15) MANUFACTURING EXPORTS TO TOUCH US $ 300 MILLION BY 2015
Anand Sharma, Union Minister of Commerce and Industry, while inaugurating a national seminar on Industrial Productivity for Inclusive Growth on Monday said that the Government is committed to building infrastructure which would support robust industrial growth and reduce costs. He added that the investment in infrastructure has risen from 4.9% of GDP in 2002-03 to 6% of GDP last year.
Sharma emphasised the Government is committed for ensuring balanced regional development of the entire country so that while India grows all parts of the country should grow equally. It shall remain the endeavour of our Government to ensure that the industrially backward areas of our country receive priority attention in terms of attracting investments and in generating gainful employment for the people.
According to projections, India has a competitive advantage in skill intensive industry and if we capitalise on this trend, manufacturing exports could jump to 300 million dollars by 2015.
The Seminar was attended by, N C Vasudevan, Director General, National Productivity Council and Isher Judge Ahluwalia, Chairperson, ICRIER.
Courtesy: Ministry of Commerce & Industry release
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16) Part A: Export of marine products from India reached an all time high of Rs.8608 crore during the year 2008-09.
Leena Nair, Chairperson, Marine Products Export Development Authority (MPEDA) informed that the export of marine products from India reached an all time high of Rs.8608 crore during the year 2008-09. During this period 602,835 MTs of seafood products were exported. There has been an increase of 11.29% in terms of quantity and a 12.95% increase in rupee earning compared to the exports during the previous year.
“This was a creditable achievement for the Indian Seafood Industry considering the great recession which has shaken even the strongest economies in the world. Right policies and interventions by Government of India / MPEDA and the pro-active role played by the industry helped in achieving the positive growth in exports for the fifth consecutive year in the most trying circumstances,” Nair reiterated.
Courtesy: Ministry of Commerce & Industry
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Part B: MPEDA and SYSCO signs Agreement to promote Indian Black Tiger Shrimps
The Marine Products Export Development Authority (MPEDA) has signed an Agreement for Promotion of Indian Black Tiger Shrimp including the Co-Branding Agreement with SYSCO (USA). The Agreement was signed by Leena Nair, Chairperson, MPEDA and James Butch Vidrine, Vice President, SYSCO (USA) here today. Earlier, SYSCO submitted a detailed proposal for promotion of Indian Black Tiger Shrimp through its network by branding it as MPEDA PORTICO shrimps. The proposal contains three phases of brand promotion. The total estimated expenditure for the entire promotion programme is US$2,308,450, of which 50% will be borne by SYSCO.
During the signing ceremony, Leena Nair said that once the Indian Black Tiger brand is established, export of other products will also get a major boost because of better brand image of seafood exported from India. During 2008-09, Frozen Shrimp continued to be the major export item accounting for 44% of the total export earnings. Fish, the principal export item in quantity terms and the second largest export item in value, accounted for a share of about 40% in quantity and 20% in export earnings. Frozen fish recorded an export growth of about 8% in quantity, 32% in rupee value and 15% in dollar earnings. Frozen cuttlefish contributed 8% in quantity and about 9% in value terms to the export basket. Export of frozen squid grew very remarkably registering a growth of 67% in quantity, 55% in rupee terms and 41% in US dollar terms respectively. All other items also recorded a growth in exports during 2008-09. While Shrimp constitutes about 44% of the total exports from India with a value of US$839 million yet it has been showing a downward trend over the last few years - from its all time high of US $ 394 million in 2002-03 it came down to US $ 152 million in 2008-09. Apart from declining production, the other major reason for this has been the lack of a brand image for the Indian Tiger Shrimp in the international market, especially in USA.
Courtesy: Ministry of Commerce & Industry
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Part C: European Union largest market for Indian seafood
In 2008-09, European Union (EU) remained the largest market for Indian seafood accounting for 151590 MT (25%) in quantity, Rs.2800 crore (32.5%) in rupee terms and US $ 623 million (33%) in US dollar terms. Share of European Market has come down from 35% to 32.6% in US dollar terms during the year. A very important feature of the export trend is the increase in exports to China. China got into the second place from the third position held in last year with a share of 15% in US dollar terms. Japan was relegated to third position with an overall export of 57271 MT having a value of US $ 278.61 million. Share of export to Japan has also gone down to 14.34% from 16% during the previous year. Exports to USA have fallen further to US $ 227.29 million (-10.18%) relegating it to fourth position. But exports to USA have shown slight increase in quantity and rupee value. Exports to South East Asia registered a remarkable growth with 39% increase in quantity, 52% increase in rupee terms and 33% increase in US $ term. The share of South East Asia has increased to 10% from 7.5% in US $ terms during the year. Exports to Middle East also registered growth with 5.5% increase in quantity, 20.8% increase in rupee value and 7.3% increase in US $ terms. Share of all other countries put together is 10.6%.
Courtesy: Ministry of Commerce & Industry
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17) India to contribute to South-South Experience Exchange Facility: Pranab
Pranab Mukherjee, Union Minister of Finance, Government of India, speaking at a function on Innovative Development: South South Opportunity in Istanbul late last night announced that India would be an active partner in South-South Experience Exchange Facility and would soon be making a contribution to this facility. Stating that it is a creative and important initiative, the Finance Minister expressed his happiness that the World Bank has taken it on. He encouraged the developing country partners to take advantage of this Facility and learn from each other. Mukherjee said that the South-South learning is indeed a new opportunity in development. Many developing countries may not have enough financial resources, but many have very rich development knowledge. He said that all of us working together can seize the South-South opportunity to promote common development. The Finance Minister said that India’s experience in poverty alleviation, education, cooperatives, women’s thrift and credit groups and large scale wage employment programmes like National Rural Employment Guarantee Programme could provide valuable lessons to other developing countries, especially African countries. The Indian experience in implementing economic reforms, in the development of IT sector, building of infrastructure through the PPP model, setting up of centers of excellence in engineering and management education, could help other developing countries to face and overcome similar developmental challenges. “On other hand, we would be keen to know how conditional cash transfer programmes have worked successfully to ensure targeted subsidy provision to the poor in many countries, or how some countries have mainstreamed environmental concerns in their national development plans”, he added.
Courtesy: Ministry of Finance release
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18) Shift 6 percent voting power to DTCs to bring parity in Governance of World Bank: FM
Pranab Mukherjee, Union Minister of Finance, Government of India at the meeting of the Development Committee of the World Bank in Istanbul has suggested that we should carry forward the decision taken at Pittsburgh and aim at a 6 percent shift in voting power to Developing and Transition Countries (DTCs). Such a significant shift in voice power alone would bring parity in the Governance of the World Bank.
Mukherjee emphasised that economic weight must be the primary criteria in any methodology for realignment. Instead of any linkage with IMF, there should be a bank specific formula. GDP at Purchasing Power Parity (PPP) should be the most relevant measure. He contended that developing countries expect an ambitious outcome from the Voice Reform Process. Voice of DTCs need to be enhanced in an effective way and not by some mechanical exercise, he added. Mukherjee also conveyed his strong support for a Capital Increase for both the World Bank and the IFC. He applauded Bank’s response to the crisis and warned against complacency given the uncertain trajectory of recovery. Developing countries need a reliable lender who can provide adequate financial resources at a stable and cheaper rate. He said that this is what the World Bank is mandated for and hence to fulfil its mandate we should work for increase in World Bank’s Capital resources.
Courtesy: Ministry of Finance release
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