Minimum 25% public holding must for listed firms!

Minimum 25% public holding must for listed firms!

G20 warns global recovery still fragile

FM sees no harm from Greece !-US partnership progresses after strategic dialogue.

India as a rising power good for the US: Obama

Higher public float norms could stoke volatility: Analysts

Bobby Jindal takes on White House and wins

India rebuffs rich nations' demand for further market opening

Troubled Galaxy Destroyed Dreams- Chapter 492

Palash Biswas

India as a rising power good for the US: Obama

It is claimed that

India rebuffs rich nations' demand for further market opening!

G20 warns global recovery still fragile! The Group of 20 has warned in a draft communique that the global recovery remains fragile but the document contains no agreement on whether to impose a global bank levy.

"The recent volatility in financial markets reminds us that the global economy is still fragile and international cooperation is much needed," Dow Jones Newswires quoted the draft as saying.

"We remain in the constant state of alertness; closely monitoring the economy, continuously pursuing well-coordinated economic policies and standing ready to do whatever else is necessary to ensure global financial stability."

The draft statement is to be completed by G20 finance ministers and central bankers when they meet Friday and Saturday in Busan, South Korea.

Rebuffing the demand by rich nations to take increased responsibility in the Doha trade talks, India on Thursday said it cannot open its markets beyond its obligation without reciprocal gains.

"No market access above the level of what is there (as incumbent on a developing country) can be given for free. If countries agree to give, they have to be paid for it. This is the language of WTO," India's chief negotiator at the World Trade Organisation D K Mittal said at a FICCI seminar here.

Doha round of talks, launched in 2001 under the aegis of WTO, have missed several deadlines in the past due to differences between developed and developing countries over issues like agricultural subsidies and market access.

Mittal, an additional secretary in the Commerce Ministry, said the Indian economy has gained the status of an advance developing nation more because of its domestic consumption as its exports are only 18 per cent of its GDP.

Advance countries, particularly the US, have been arguing that emerging economies like India, China and Brazil should be treated as advance developing countries and be asked to take bigger responsibilities in terms of market opening for reaching a global trade deal.

"I think the arguments that advance developing countries (like India) to pay more need to be looked at very carefully ...it should have some plausible basis," he said in the presence of WTO Deputy Director General Harsha Vardhana Singh, who is an Indian.

Mittal said while India has made progress in its economic development, it still has 300 million people who do not get two square meal a day.

"I am asked to pay more at the cost of this population which cannot have proper food twice a day," he said.

Mittal said India has already eliminated duties altogether on a large number of agricultural products to keep inflation in check, giving huge markets to the developed countries.

"We have to make a balance as India between the protection of the right of farmers and the protection of the rights of the consumers," he said.

In his speech, the WTO Deputy Director General said, "We need a balance between the concerns, namely of the exporting countries and importing countries. One side does not want the instrument (of safeguard mechanism) to be used as disguise form of protection, and the other wants to have a simple mechanism to address the concern of the vulnerable production in its agriculture," Vardhana said.

He said concluding the Doha talks would have substantial benefits for the world trade and failure of this count would be "gradually weakening the multilateral trading system".

India-US partnership progresses after strategic dialogue!After holding a strategic dialogue with Indian Foreign Minister SM Krishna on Thursday at Washington D.C.,United States of America's Secretary of State Hillary Clinton on Thursday said that U.S.'s relationship with India is at a pivotal moment.Meanwhile,Krishna said that maintaining India's relationship with the United States was a key priority in Indian foreign policy.

US President Barack Obama announced he will visit India in November this year. In a special gesture, Obama will also attend a reception to be hosted for SM Krishna in Washington DC later today.

US President Barack Obama has said he is proud to visit India as he announced his travel plans to the country in early November.

As of now his travel dates to India has been tentatively scheduled from November 7 to November 10, a senior administration official said.

"During his State Visit, the Prime Minister graciously invited me and my family to visit India this year, and I happily accepted. And as I confirmed to him when we spoke last week, I'm delighted to announce tonight that I plan to visit India in early November," he said.

Broadband bids cross $2 bln on 10th day

Enlarge Photo

Reuters

Reuters - 11:12 PM

Bids for one set of nationwide wireless broadband spectrum licences reached 95.22 billion rupees ($2.03 billion) on Friday in an ongoing auction, government data showed.

G20 summit sees Financial and Fiscal Legislation get MOMENTUM to Push for Economic Ethnic Cleansing! Minimum 25% public holding must for listed firms!Government of India Incs owns all Mines to sell OFF!Hillary Clinton pleads to get RID of FDI cap and President Barack Obama pledges Strategical Partnership with Hindutva Set Up in Washington Zionist Regime!Pitching for speeding up the reform of the powerful UNSC, Indian External Affairs Minister today said international institutions, including the UN and the IMF, should reflect the current realities of the world. "At every multilateral form we have been raising this question of reform of the UN Security Council," S M Krishna said.India and the United States today agreed to further strengthen institutional mechanisms of cooperation in the area of Science and Technology.

The festering European debt crisis, if confined to Greece and a couple of other countries, would not impact India, finance minister Pranab Mukherjee said today.

"Up to now I must say we could not have that much adverse effect because the countries which are in the vortex of this great crisis, our exposure to them is limited. So also our exports to Greece," Mukherjee told business news channel CNBC TV18 here.

He, however, added that if the recovery process in Europe as a whole and the Eurozone in particular, is retarded, then it may have adverse impacts on our economy.

"There will be an impact on our recovery because Europe still continues to be an important export destination of us," the minister said. But he quickly added that he is hopeful that the crisis would be tackled by world leaders and confine it to one or two countries only.

"Therefore, when it is confined to the current level and thereafter responding to the package of stimulus measures which have been worked out by the leaders of Europe, if this crisis is resolved, I don't think there is anything to be worried about. I think that it would be resolved and leaders would be in a position to tackle the situation and confine to one or two countries," Mukherjee said.

Meanwhile, World Bank chief economist and senior vice-president Justin Yifu Lin said the global economy is recovering better than expected, but the sustainability of the recovery remains fragile, South Korean news agency Yonhap reported.

Although coordinated policy responses helped the global economy rebound at a faster-than-expected pace, "the foundation of the sustainable recovery is still quite weak," Lin said. "The best way to get out of the crisis is growth," he was quoted as saying by the agency.

The news agency also quoted Asian Development Bank chief economist Lee Jong-wha as saying the Eurozone debt problems would not plunge the world economy into a double-dip recession.

The G-20 finance ministers are expected to deliberate on the Eurozone debt crisis at the two-day meeting starting here today.

Friday June 4, 02:55 AM

Source: Indian Express Finance

Pranab, peers to seek way out of uncertain global scenario at G-20

By fe Bureaus

Finance minister Pranab Mukherjee, along with his counterparts and central bankers from 19 other developing and industrialised nations, will try to find solutions for the uncertain global economic situation, high fiscal deficits and the high public debt in advanced economies at the finance miniter's meeting being held in Busan, South Korea.

The G-20 finance ministers' meet in Busan, South Korea, is being held ahead of the G-20 summit later this month in Toronto, Canada. The finance minister's meeting on June 4th and 5th will focus on strengthening the regulatory framework in the financial sector, India's finance ministry stated here.

Mukherjee is in Busan on a three-day visit for the meeting, together with his delegation comprising finance secretary Ashok Chawla and other senior officials. Mukherjee will also hold bilateral talks with the UK chancellor of exchequer, George Osborne and ex-finance minister of South Korea, Sakong II, who will be chairing the meet. He will also attend a meeting of the BRIC (Brazil, Russia, India and China) finance ministers before participating in the G-20 ministerial.

The meeting will review the actions taken so far to build a framework for strong, sustainable and balanced growth to correct various global imbalances. This includes the need for fiscal contraction, promoting sound fiscal and monetary policy frameworks, building a sound financial sector and the adoption of collective policy options as a common strand across all group of countries for moving towards a more balanced economy. It would also be a stock-taking exercise on the progress of regulatory reforms in financial sector which mainly include international rules on capital, leverage and liquidity, compensation reforms and OTC derivatives.

The meeting of finance ministers and central bankers of the G-20 countries, a club of developed and developing nations, would also take up issues concerning global economic recovery, the ministry release said. The meeting will also discuss a G-20 framework for a strong, sustainable and balanced growth as well as the need for reforming financial sector regulations.

On the other hand,3 suspected Maoist sympathisers were today arrested from East Godavari district of Andhra Pradesh, police said. The 13 were allegedly passing on secret information to Maoists.All of them belong to Orissa, police said.Price ranging from a modest Rs 50 to a whopping Rs 50,000, tickets for this year's Commonwealth Games went on sale today with sports enthusiasts having the option of booking them online or through call centres.

Meanwhile,Cyclone Phet, which is building up in the Arabian Sea, has intensified, but has changed course and is now heading towards the coast of Oman in the Arabian Peninsula.The annual monsoon is set to arrive in Mumbai on June 11, a day later than usual, Ajit Tyagi, director general of the India Meteorological Department said on Friday.

Higher public float norms could stoke volatility: Analysts

The new public holding norms for listed companies could spark a flurry of share sales by promoters that could increase market volatility in the short term, feel analysts. The government today made it mandatory for all listed companies to raise public holding to at least 25 per cent, a move that may give investors a chance to buy highly prices stocks at lower prices.

Experts remain cautious about the ability of the market to digest the huge supply of new issues in a volatile scenario at a time when most public offerings have generated lukewarm response from retail investors. "It will be a very challenging situation for the market in the short term as the supply will increase while demand continues to be low.

With so many PSUs entering the market, price discovery may become distorted and suck out all the liquidity from the system," Purpleline Investment Advisors director and chief executive PK Agarwal said. "Since many companies will be required to come out with new issues it will lead to a lot of pressure on liquidity.

Many PSUs which have very small public holding now will have to go for dilution that may result in their coming out with public issues at much lower prices than their current market price," SMC Wealth Management Services chairman DK Aggarwal pointed out. The mandatory offloading of at least 5 per cent stake a year by promoters to reach the threshold limit is likely to flood the market with many offers, and the public could stand to gain both at price front as well as choice of companies for investment.

"But, it will be interesting to see whether the market will be able to digest the shares released by promoters to bring down their shareholdings in the listed companies as the market is currently sailing through a turbulent time," Ostwal said. HDFC Securities head of private broking and wealth management Vinod Sharma said "for the PSUs, it will be a negative show as they have not been able to generate demand from retail investors in primary markets," Listed companies, including PSUs, would be forced to sell shares currently valued at Rs 60,000 crore by March 2011 to continue to remain listed, on account of the government''s new norms for public holding.

The government on Friday made it mandatory for listed companies to raise public shareholding to 25 per cent, with at least 5 per cent dilution a year, a move that would attract more investors and check price share manipulation.

In keeping with the Budgetary promise, the Finance Ministry amended the relevant regulations to the effect that "the minimum threshold level of public holding will be 25 per cent for all listed companies."

No 'free' market access: India to US

4 Jun 2010, 0318 hrs IST,ET Bureau

NEW DELHI: India has strongly rebutted the US demand for enhanced market access at the ongoing global trade talks, saying that enhanced market access cannot be given for free. The US has demanded greater market opening commitments from countries including India, China and Brazil. "If countries agree to give more, they need to be paid. And it has to be acceptable to all member countries," said DK Mittal, India's chief negotiator at the World Trade Organization, the multilateral trade forum.

Speaking at a seminar on WTO Doha round negotiations, organised by Ficci, Mr Mittal said that when negotiations reached a crucial stage in July 2008, a fine balance was reached in many areas. "If you want to disturb that, there is an issue." The new US ambassador to the WTO Michael Punke, who was appointed after the post lay vacant for a long time under the Obama administration, had recently said that the progress of the Doha round depended on advanced developing countries including India, Brazil and China and called for greater market access commitments from them.

The US wants lower tariffs on a large number of goods which goes beyond what WTO members tentatively agreed to in Geneva two years back when the talks collapsed. The Doha round, launched in November 2001, broke down over disagreement over issues such as level of protection to be given to farmers against import surges and dismantling of cotton subsidies.

Indicating that additional market access cannot be sought from just a handful of countries, Mr Mittal said it has to be acceptable to all countries of the WTO, whether they are developed or developing. He said what needed to be examined was whether there was a limitation on raising ambition of the WTO at this moment. While India had progressed economically, it still had 300 million people living in poverty.

"I am asked to pay more at the cost of this population which cannot have proper food twice a day," he said adding that the WTO does not distinguish between advanced developing countries and less advanced developing countries. The chief negotiator pointed out that India has already eliminated duties on a large number of agricultural products to keep inflation in check, giving huge markets to the developed countries.

"We have to make a balance as India between the protection of the right of farmers and the protection of the rights of the consumers," he said.

WTO deputy director general Harsh Vardhana Singh pointed out that it was important for members to conclude the round as there was only a small part of the road to cover and its completion would give a positive signal to negotiations in other forums like climate, finance and food. "The Doha round is a litmus test of whether countries can work together to address larger common concerns," he said.

Leading policymakers were unusually candid on Friday in voicing fears that the euro zone's financial and banking woes could derail the global economic recovery.

The troubles of Greece and other heavily indebted European governments dominated conversations ahead of a meeting of finance ministers and central bankers of the Group of 20 of the world's top developed and emerging economies, Canadian Finance Minister Jim Flaherty said.

"It is essential to ensure continued recovery that Europe fix its banks. It is essential that certain vulnerable European nations follow through with major fiscal consolidation, and get the job done," Flaherty told reporters in Busan, South Korea. Gatherings such as the G20 are typically an opportunity for officials to radiate confidence, especially when financial markets are in a nervous state, as they are now. But Flaherty was not alone in his warnings.

"We can't afford to be complacent," South Korean Finance Minister Yoon Jeung-hyun told the opening session. "Without further and ongoing action from us, the recovery may not remain on track and we may not be able to achieve strong, sustainable and balanced growth," he said. South African Planning Minister Trevor Manuel said he could not think of a more challenging time than the present for the Group of 20. Decisions needed taking, he said, to banish the spectre of a double-dip recession.

"It's important that we all understand just how fragile the recovery is," Manuel, himself a former finance minister, said. As ministers got down to work, police boats patrolled near the beach hotel where they are meeting. Authorities have steeped up security in the southern port city in the face of war-like rhetoric on the divided peninsula after the South accused North Korea of sinking one of its warships.

ALL EYES ON EURO ZONE

The 16-nation euro zone is bailing Greece to the tune of 110 billion euros after Athens lost the confidence of bond markets and was unable to roll over its vast debts. The euro zone, working with the International Monetary Fund, is also putting together a 750 billion euro ($910 billion) safety net for other member countries with big debts in case they too fail to find buyers for their bonds.

A forced debt restructuring would inflict heavy losses on euro zone banks. Investors first responded enthusiastically to the May rescue package, but the euro has since slumped on doubts about the capacity of southern European states to plug holes in their budgets. World stock markets have shuddered at the prospect that Europe's woes could derail a recovery from the deepest financial crisis since the 1930s.

"Just when we thought we had turned the corner there are clouds on the horizon," World Bank Managing Director Ngozi Okonjo-Iweala told Reuters. But U.S. Treasury Secretary Timothy Geithner sounded a more optimistic note. "The world economy came into this period of concern about Europe with stronger underlying momentum and growth than many people expected, and we're in a much stronger position to get through this," Geithner told CNBC television en route to Busan.

BANKING STALEMATE

Turning to the other main item on the Busan agenda, Geithner said the G20 shared a commitment on the need for common standards across global financial markets that will constrain some of the risk-taking that helped fuel the 2007/08 financial meltdown.

Rich-country taxpayers had to fork out trillions of of dollars to rescue banks felled by the crisis, but fierce opposition from Canada, among others, has torpedoed the idea of a global bank levy to pay for any future bailout. Instead, finance ministers will work on a menu of options for their political leaders to endorse at a summit in Toronto at the end of the month with a view to making more specific commitments at a follow-up summit in Seoul in November. "Different countries' banking sectors are in different situations.

So there won't be a a one-size-fits-all policy," Sakong Il, chairman of the presidential committee for the G20, told reporters. G20 leaders agreed last September that banks must hold far more capital and liquidity by the end of 2012 so they are less likely to need more taxpayer handouts in the next crisis.

Banks are lobbying hard to have the new rules phased in over a longer period and tough new capital rules on bank trading books due in January already appear set to be delayed.

"Not only the UNSC, I think, multilateral institutions like the International Monetary Fund and various other organisations need to reflect the contemporary realities of today''s world," he told mediapersons here in response to a question. Krishna, who is in Washington as head of the Indian delegation at the first Indo-US Strategic Dialogue, said a charter that was drafted in 1945 "certainly would be so hopelessly out of the date of the current realities of the global situation.

" "Then there were 50-60 countries, and today there are 190 countries," he argued. He said "the kind of world that we are dealing with today is totally different that the founding fathers of the United Nations charter dealt with in 1945".

Noting that there is overwhelming support in the UN General Assembly, he said at one point of time, more than 130 countries had subscribed to India, Brazil, South Africa initiative for expanding and reorganising the UN. "I hope that we have reached a stage, which is beyond the stage discussion. So I am looking forward to some more movement on this issue in September when the General Assembly convenes," the Minister said.

Krishna said India''s Ambassador to the UN in New York has been conducting text based negotiations with other like minded countries and hoped that it will be a fruitful effort.

Accordingly, all listed entities would have to dilute at least 5 per cent additional equity annually till they reach the threshold limit of 25 per cent. And fulfilment of this condition would be must to remain listed.

The new rules were announced shortly after close of stock market today. Among the listed companies, there are 29 PSU companies and 179 other companies that have public shareholding below 25 per cent, according to CRISIL. There are over 4,500 listed companies in India. Some large companies that have to increase public shareholding include Wipro, NHPC, DLF, Power Grid and NMDC.

For a company seeking listing, it would have to dilute 25 per cent in one go in case the issue size is just up to Rs 4,000 crore. However, those already in the process of going public and have filed draft prospectus could disinvest stipulated 10 per cent and later meet the condition notified on Friday.

• The government has made it mandatory for listed companies to raise public shareholding to 25%
• All listed entities would have to dilute at least 5% additional equity till they reach the 25% limit.
• Fulfillment of this condition would be must to remain listed.
• At present many companies dilute only 10% stake and their shares tend to trade at a premium

The decision on mandatory increase in public exposure of a company to 25 per cent had been hanging fire for more than a year due to differences the market regulator Sebi had with the Finance Ministry. While Sebi's contention was that such broad-basing would require huge funds, which some estimates pegged at over Rs two lakh crore, the government was firm on enforcing the decision announced in the 2009-10 Budget as an effective means to check price manipulation by promoters.

A top government adviser on financial sector and HDFC Chairman Deepak Parekh said last week that the increased public exposure was one of the effective ways to tackle the problem of over-pricing of public issues.

"This step is a positive move. The good quality issues will attract a lot of FII flow. And higher public shareholding will force promoters to be more accountable to the investor community. This will also give a clear roadmap for disinvestment of PSUs," said Prateek Agarwal, head of equities at Bharti AXA Investment Managers.

The Finance Ministry had come out with a discussion paper in February 2008 and was to complete the discussion in May that year, but the same could not happen on account of divergence of views. Thereafter, Finance Minister Pranab Mukherjee came out with the proposal while presenting the 2009-10 Budget in July 2009.

The argument was that larger the number of shares and the number of shareholders, the less is the scope for price manipulation. At present, most companies dilute just 10 per cent stake and the shares tend to trade at a premium.

The announcement further said that all listed companies will be required to maintain at least 25 per cent public shareholding for all times to come. "If the public shareholding in a listed company falls below 25 per cent at any time, such companies shall bring the public shareholding to 25 per cent within a maximum period of 12 months from the date of such fall", it added.

Giving the rationale for the decision, the Finance Ministry said, "A disperse shareholding structure is essential for the sustenance of a continuous market for listed securities to provide liquidity to the investors and to discover fair prices."

The decision, which was notified today, would see large number of companies hitting the capital market within a year.

The move is in line with practices followed in developed economies globally. While the London Stock Exchange requires 25 per cent minimum public holding, the Singapore and Hong Kong Stock Exchanges also stipulate public share holding between 12 per cent and 25 per cent.

The requirement to offload equity by large number of listed companies may have implications for the disinvestment programme of the government. The government proposed to raise Rs 40,000 crore during the current fiscal by selling equity of state-owned companies.

Read more at: http://beta.profit.ndtv.com/news/show/minimum-25-public-holding-must-for-listed-firms-70616?u=2033&cp

Bobby Jindal takes on White House and wins

Midway through a news conference to lambaste the Obama administration for dragging its heels on approving a plan to fight a massive oil spill on Wednesday, Louisiana Gov. Bobby Jindal chalked up a political victory.

Standing at a podium in Venice, Louisiana, an aide handed Jindal a piece of paper informing him that the White House had approved a plan requiring BP Plc to spend $350 million to build five barrier islands. The sand islands hopefully will shield the state's fragile coastline from an onslaught of oil.

Over the past few weeks, the barrier islands have become a flash point between the White House and Jindal, the 38-year-old son of Indian immigrants with national political ambitions.

With criticism of President Barack Obama mounting, Jindal has buffed his political credentials by vilifying both London-based BP and the Obama administration, political analysts said.

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"Our federal government does not need to be making excuses for BP," Jindal said during the news conference, only moments before he received word that the White House had approved his request. "Every day they make us wait, we're losing our battle to protect our coast."

After Hurricane Gustav hit Louisiana in 2008, the Oxford-educated Republican governor proved his mettle as a savvy crisis manager who could reel off detailed information on the number of ice bags and power generators on hand.

Now the oil spill has allowed Jindal to display his grasp of fine details while portraying both BP and Obama as ineffectual, said Bernie Pinsonat of Southern Media and Opinion, a Baton Rouge polling firm.

"Jindal has clearly run circles around (Obama) in being out in front on the issue," Pinsonat said. "You can see the tread marks all over Obama, up and down his back."

THE POLITICS OF DISASTER

Hurricanes and other natural disasters have been the downfall of more than one U.S. politician. A fumbling response to Hurricane Katrina in 2005 has been cited as the political undoing of Jindal's Democratic predecessor, Kathleen Blanco. Former President George W. Bush also was roundly criticized for reacting too slowly to Katrina.

"I guess the only one who wasn't paying attention to that episode was Obama," Pinsonat said.

Political analysts mention Jindal as a possible presidential candidate in coming years and see him as the Republicans' answer to Obama: a smart politician who can appeal to younger voters.

But as he seeks to work with Washington now, critics are reminding him of a March 2009 address in which he said: "There has never been a challenge that the American people, with as little interference as possible by the federal government, cannot handle."

Jindal's political career has not always been smooth sailing, although recent polls showed his support buoyant at over 60 percent. In 2009, Jindal's high-profile response to Obama's first State of the Union speech was panned as off-mark.

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The ticketing website -- www.tickets.cwgdelhi2010.org and a call center facility 1800-200-1294 to book the tickets -- were launched at a function here by Delhi Lt Governor Tejender Khanna, Organising Committee Chairman Suresh Kalmadi and city Mayor Prithiviraj Sahni. Ticket prices for the sporting events range from Rs 50 to Rs 1,000 while prices for the Opening and Closing Ceremony range from Rs 1,000 to Rs 50,000 and Rs 750 to Rs 50,000 respectively.

Four events will have free entry for fans -- the Marathon, the Walk, Cycling Road Race and Cycling Time Trial. Almost 40 per cent of the competition venue tickets have been put at Rs 200 or below, the Organising Committee said.

"Tickets is one of the four revenue streams for the Organising Committee, the others being Broadcast Rights, Sponsorship and Merchandise. I am sure ticketing will raise the budgeted revenues for us," Kalmadi said.

"Tickets have been reasonably priced to make it affordable for all. There will no entertainment tax on the tickets so that one can get full value of his money. We have put in place multiple sales channel to ensure wider distribution," Kalmadi added.

The sale of the tickets will start with immediate effect through the Central Bank of India and Hero Honda stores, CWG ticketing call center (1800-200-1294) as well as through the official website.

Indian Rail Catering and Tour Company (IRCTC) has been appointed the official ticketing agency along with Broad Vision Systems and TicketPro. IRCTC will sell tickets via the Internet, call center, a network of retail outlets and at different sporting venues during the Games.

There will be around 17 lakh tickets available for sale. The ticket sales will be done in three phases. During phase-I (June 1 to July 31), spectators buying the tickets will be provided with a confirmation voucher which will be exchanged for actual tickets beginning August 1, also marking the start of phase-II.

During the second phase (August 1 to September 31), the spectators will have actual tickets against every purchase. Phase-III, which will begin just before the Games (October 1), will see venue sales outlets also added to the sales channel.

Ticket sales in international markets began in November 2009 while sales to sponsors began last month. Each ticket holder can travel free of charge by Delhi Metro trains and DTC buses to reach and return from the venue on the day of the event for which they hold a ticket.

In witty and often rousing remarks at a Thursday reception hosted by Secretary of State Hillary Clinton for her Indian counterpart S M Krishna at the State Department, US President Barack Obama reiterated how central and important India was to the US.

"It's rising power and a responsible global power. That's why I firmly believe that the relationship between the United States and India will be a defining partnership in the 21st century," Obama said.

Obama described the India-United States relationship as fundamentally unique" because of their common interests and ommon values,

Washington, he said valued the partnership "not because of where India is on a map, but because of what we share and where we can go together."

"India is indispensable to the future that we seek - a future of security and prosperity for all nations," Obama said.

The President was in a particularly jocular vein with Secretary of State Hillary Clinton, subtly challenging her hold on the India portfolio and trumping her Mark Twain quote rhapsodizing about India with a Max Mueller observation he dug up about the glory of India.

"So when it comes to the sphere of our work-building a future of greater prosperity, opportunity and security for our people, there is no doubt: I have to go to India. But even more, I am proud to go to India," Obama said.

Obama, when he makes the trip, will be the sixth American President to visit India after Dwight Eisenhower, Richard Nixon, Jimmy Carter, Bill Clinton, and George Bush (43).

Mayawati favouring only her own caste : Paswan

Lok Janshakti Party leader Ram Vilas Paswan today accused Uttar Pradesh Chief Minister Mayawati of discriminating among Dalits, saying she favoured only her own caste while the rest suffered. "The Dalit ki beti is favouring only members of her caste while the condition of other castes such as Balmiki, Khatik and Pasi among others has deteriorated," Paswan who was here to attend a function told newspersons.

Noting that Dalit ideologue Bhim Rao Ambedkar had never discriminated among the castes, he said, "All her claims of working for the Dalits are an eyewash." The maximum number of cases of atrocities against Dalits have been reported from UP, he said.

To a question on the assets declared by the BSP chief while filing nomination for the Vidhan Parishad, Paswan said, "She needs to tell as to how she acquired these assets." The LJP leader said after the completion of Bihar Assembly elections, he would concentrate on Uttar Pradesh and strengthen the party for contesting the next assembly elections in the state in 2012 in alliance with the RJD and possibly Samajwadi Party.

To a question on the new-found friendship between the Samajwadi Party and Congress, he said he was not aware of it. To fight casteism, Paswan suggested encouraging inter caste marriages and giving some facility in the form of reservation for it.

3 Sensex firms need to meet 25% holding

Press Trust of India, June 4, 2010 (Mumbai)

Among the 30 blue-chip companies comprising the benchmark Sensex, just three – DLF, NTPC and Wipro – need to reduce their current promoter holdings to meet the new government norm of having at least 25 per cent public stake in all listed companies.

The government today made it mandatory for all listed companies to raise public shareholding to a minimum of 25 per cent, with at least 5 per cent dilution a year, a move that may give investors a chance to buy stocks of large firms like IOC and Wipro at lower prices.

As per the shareholding pattern for the quarter ended March 2010 available on the BSE, the promoters of realty major DLF hold 78.64 per cent and hence will have to dilute around 3.64 per cent stake to bring down the stakeholding to the mandated level.

Similarly, the promoters of the IT firm Wipro hold 79.52 per cent in the company, while the government holds 84.5 per cent stake in NTPC.

The promoters of Wipro would have to reduce their stake by 4.52 per cent while NTPC will have it float 9.5 per cent more shares in the market.

Meanwhile, the rest of the 27 Sensex companies are already having a minimum threshold level of public holding of 25 per cent. Some of leading private sector firm which have public holding as per norms include --Reliance Industries, Infosys Technologies, TCS and Hindalco Industries. From the PSU lot, State Bank of India also has well below the threshold level of public flotation.

Other top companies that are expected to offload promoters' stake include state-owned NMDC, SAIL, NALCO, Neyveli Lignite, OIL and private sector Reliance Power.

All listed entities, with public holding less than 25 per cent, would have to dilute at least 5 per cent additional equity annually till they reach the threshold limit of 25 per cent.

Read more at: http://beta.profit.ndtv.com/news/show/3-sensex-firms-need-to-meet-25-holding-70971?cp

US stocks tumble after dismal jobs data

Associated Press, June 4, 2010 (London)

US stocks fell sharply at the early trade on Friday after the government figures showed lower-than-anticipated jobs creation in May.

The Dow Jones industrial average slumped 184.55 points, or 1.8 per cent, at 10,070.83 soon after the open, while the broader Standard & Poor's 500 index dropped 19.71 points, or 1.8 per cent to 1,083.12.

Those levels marked a big reversal from earlier, when sentiment was fairly buoyant as a run of strong US economic data had stoked hopes about the monthly US jobs data. In addition, payroll figures often set the tone for markets for the next week or two.

The US jobs report proved much softer than expected and investors worried about the pace of the US economic recovery. Although the Labor Department reported that the number of nonfarm payrolls created in May was a ten-year high of 431,000, investors expected at least 510,000 new jobs, especially since May's figure was inflated by the hiring of 411,000 workers for the census.

That means job creation remains fairly tepid in the US even though the recession officially ended last year.

"This is a good reality check for where the economy really is; conditions are improving, but the recovery is still not catching fire," said Paul Ashworth, senior US economist at Capital Economics.

Friday's jobs disappointment comes at the end of a week when stocks have enjoyed some of their biggest gains this year, as trading was steered by something other than the European debt crisis.

The US jobs data also affected currency markets — at times of risk aversion, the dollar often gets supported in its presumed status as a safe haven currency.

By mid-afternoon London time, the euro was down 0.9 per cent at $1.2056, just above its earlier low of $1.2019. The euro has not been below $1.20 since March 2006.

The jobs data also had a negative impact on oil prices as traders factored in a slower than anticipated US economic recovery — benchmark crude for July delivery was down $1.78 at $72.83 a barrel in electronic trading on the New York Mercantile Exchange.

Figures showing that the economy of the 16 countries that use the euro grew by 0.2 per cent during the first quarter of the year from the previous three month period, despite a further big drop in output in debt-laden Greece, had little market impact as they were unrevised from the previous prediction.

Elsewhere, investors are keeping a close eye on the meeting of the Group of 20 finance ministers and central bankers in South Korea, for any indications that splits have emerged about economic policy now that the global recession has ended.

Gareth Berry, an analyst at UBS, said fiscal consolidation and economic growth are likely to be the key subjects for the G-20 but that "talk of financial regulation could dampen any burgeoning risk sentiment for now."

Earlier in Asia, Japan's Nikkei 225 stock average fell 13 points, or 0.1 per cent, to 9,901.19 amid news that Finance Minister Naoto Kan had been elected prime minister, replacing the deeply unpopular Yukio Hatoyama ahead of upper house elections in July.

In Hong Kong, the Hang Seng index shed 6.64, or less than 0.1 per cent, to 19,780.07 while Australia's benchmark retreated 0.8 per cent to 4,449.40. South Korea's Kospi advanced 0.1 per cent to 1,664.13 and markets in Singapore, Thailand and the Philippines also gained.

China's Shanghai Composite Index closed flat at 2,553.59 amid concerns that rapid economic growth might slow if Europe's debt troubles hurt demand for exports.

Read more at: http://beta.profit.ndtv.com/news/show/us-stocks-tumble-after-dismal-jobs-data-70963?cp

RBI nod to SBI, State Bank of Indore merger

Press Trust of India, June 4, 2010 (Mumbai)

Clearing the deck for the merger of State Bank of India and its associate, State Bank of Indore, the Reserve Bank is understood to have approved the amalgamation proposal.

The central bank has given approval for the merger, sources said.

However, official confirmation could not be immediately obtained from State Bank of India.

Last year, the central board of the bank gave approval for the merger. Following this, the Centre also gave in- principle approval for the proposal. SBI holds a 98 per cent stake in State Bank of Indore.

SBI has already announced a share swap ratio of 34:100 for the merger. It has agreed to give 34 shares of SBI for every 100 shares of State Bank of Indore held by minority shareholders.

For this purpose, SBI would issue up to over 1.16 lakh shares of face value of Rs 10 each to minority shareholders of State Bank of Indore.

SBI had also said that the issued capital of SBI would increase from Rs 634.96 crore up to a maximum of Rs 635.08 crore, subject to approval of the scheme of acquisition of State Bank of Indore by the government.

This will be the second such merger between SBI and its associate banks. In August, 2008, the bank had merged State Bank of Saurashtra with itself.

Following the merger, SBI will be left with five associate banks -- State Bank of Bikaner and Jaipur, State Bank of Travancore, State Bank of Patiala, State Bank of Mysore and State Bank of Hyderabad. Among these, the State Banks of Bikaner and Jaipur, Mysore and Travancore are listed on the stock exchanges.

Read more at: http://beta.profit.ndtv.com/news/show/rbi-nod-to-sbi-state-bank-of-indore-merger-70959?cp

No need for RBI intervention to stabilise rupee: Sharma

Press Trust of India, June 3, 2010 (Mumbai)

The Reserve Bank is keeping an eye on the rupee fluctuation and there is no need for its intervention at this stage, commerce and industry minister Anand Sharma said on Thursday.

"Currency fluctuations are a reality. Depreciation is there and it is an impact of what is happening in the world," Sharma said on the sidelines of an interactive session with South African president Jacob Zuma in Mumbai.

The rupee has depreciated by 4.4 per cent in the past one month alone as foreign investors pulled out a hefty $2 billion from the domestic stock markets which has seen increased volatility due to the uncertainty in the Eurozone economies.

Sharma said the Reserve Bank is keeping a watch on the developments in the currency market but added that he does not see any need for its interventions at this stage. "I don't see a stage has come for intervention by the RBI," he said.

Read more at: http://beta.profit.ndtv.com/news/show/no-need-for-rbi-intervention-to-stabilise-rupee-sharma-69355?cp

M&M, Ruia Group among qualified bidders for Ssangyong‎

NDTV Correspondent, June 4, 2010 (New Delhi)

The race for South Korean SUV maker Ssangyong Motor Company is getting into the next lap as the cash strapped SUV specialist has shortlisted six international and domestic companies.

The list includes India's largest utility vehicle maker M&M as well as the Ruia group for an acquisition bid worth up to $500 million.

"We have been shortlisted for the Ssangyong bid and we are undertaking all the required steps to bid for the company," said Pawan Ruia, chairman of Ruia Group.

But M&M, which is already a market leader in the Indian SUV space, is now aiming for the global turf even if it means going after a bankrupt company.

That's because Ssangyong brings with it a strong R&D set up, an increased SUV product portfolio and reasonably good global presence.

And while the company's liability is a whopping $1.1 billion, it is still valued at over $400 million with assets worth $1.2 billion.

"We can synergise in terms of manufacturing process. We can use their R&D expertise and its global presence also gives us a new platform to tap into," said Pawan Goenka, President (Automotive Sector) at M&M.

And this, analysts feel, could be a perfect synergy though it comes with some issues.

"There can be lot of synergies in SUV space but the financials of Ssanyong has to be closely watched," said Vaishali Jajoo, analyst at Angel Broking.

Already due diligence by all the companies have begun before submitting their binding bids by July 20, but the race is still wide open as the preferred bidder will only be known by August.

Read more at: http://beta.profit.ndtv.com/news/show/m-m-ruia-group-among-qualified-bidders-for-ssangyong-70972?cp

Govt to ask miners to share profit to quell unrest

Published on Fri, Jun 04, 2010 at 18:52   |  Updated at Fri, Jun 04, 2010 at 19:08  |  Source : Reuters

he government plans to force foreign and domestic mining firms to share a quarter of their net profit with local communities, seeking to undercut a sense of alienation among its rural poor opposed to giving up land for industry.

In a country where two-thirds of the population lives on farming, the government has struggled to provide land to industry, fuelling a growing Maoist insurgency and a wider resentment that foreign firms are being allowed to displace poor people and cart away natural resources.

"The idea is to create a win-win situation by enabling miners to mine and local people to genuinely benefit," S Vijay Kumar, special secretary in the mines ministry, told Reuters.

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"But that win-win has to come out from the parting of a greater share of profits (by mining companies), so that local people do not see mining as a threat to their way of life but as an opportunity for progress and development."

The new mining bill has to be passed by parliament. It was not clear yet whether the profit to be shared would be from a company's overall operations in India or a particular mine.

Years of protests, sometimes violent with backing from the Maoists, have delayed many projects, including India-focused miner Vedanta Resources Plc's bauxite mines and POSCO's proposed steel plant in Orissa.

It has now led to a growing realisation in the ruling Congress-led coalition as well as state governments that economic progress must include local stakeholders and industry must secure "social licence" to overcome hostility and speed up projects.

The proposed law is being seen in the context of the government's expanding social programmes that seek to keep poor voters, its core support base, happy and away from the Maoists while also balancing modernisation with traditional ways of life.

This could impact local mining companies including listed companies such as Sesa Goa, Sterlite, Tata and the Steel Authority of India, besides global giants such as Rio Tinto and BHP Billiton.

Land acquisition for large projects, often forcible, and poverty have boosted the appeal of Maoist rebels in eastern and southern states, home to many deprived tribal communities.

Prime Minister Manmohan Singh has described the Maoists as India's biggest internal security challenge, an insurgency that has appeared to be spinning out of control with 400 people already killed this year.

The rebellion, present in mineral-rich rural pockets of 20 of India's 28 states, may not yet be a threat to its trillion-dollar economy, but mining firms have long felt the heat.

The world's leading steelmaker Arcelor Mittal's plans for two plants in eastern India have already faced a two-year lag.

Frequent rebel strikes have hit production and shipment at firms such as India's largest miner of iron ore, NMDC Ltd's and state-run National Aluminium Co Ltd.

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SEBI VS IRDA: SEBI PROPOSES TO IRDA FOR A JT WORKING MODEL TO REGULATE ULIPS: SOURCES

• Article

IRDA's draft norms for selling insurance on phone

Press Trust of India, June 4, 2010 (New Delhi)

Insurance regulator IRDA on Friday came out with a draft guideline for selling insurance products through telecallers, e-mails and other distance marketing modes.

While soliciting the clients, the telecallers will not cause any "inconvenience, nuisance or harm to the clinets... and shall comply with all requirements of confidentiality, privacy and non-disclosure," said the guidelines on which the Insurance Regulatory and Development Authority (IRDA) has invited comments from stakeholders till June 20.

The proposed norms have also specified that insurers would monitor all the ULIPs sold through distance marketing mode. Currently, market watchdog Securities and Exchange Board of India (SEBI) and IRDA are locked in a legal battle over control of ULIPs.

The draft guidelines further said that telemarketers should comply with the TRAI guidelines on unsolicited commercial communications.

Read more at: http://beta.profit.ndtv.com/news/show/irdas-draft-norms-for-selling-insurance-on-phone-70969?cp

Dow falls briefly below 10,000

4 Jun 2010, 2231 hrs IST,AGENCIES

Topics: US stocks Dow Debt crisis US markets

NEW YORK: Investors went back to selling stocks sharply lower on Friday after the Labor Department's disappointing news that hiring remains weak. Interest rates fell sharply as investors moved their money into the safety of Treasury bonds and notes. The Dow Jones industrial average dropped nearly 260 points and fell below 10,000. All the major indexes were down more than 2 percent. Losses were exacerbated by new concerns about Europe's debt problems. Retailers were among the hardest hit stocks as investors bet that a weak job market would discourage consumers from spending. Financial stocks also fell sharply on concerns that borrowers would continue having problems paying their bills. Banks were further hurt by worries about their vulnerability to Europe's increasing troubles. The government's May jobs report was an unpleasant surprise for the market. The Labor Department said private employers hired just 41,000 jobs in May, down dramatically from 218,000 in April and the lowest number since January. The news made it clear that the economic recovery isn't picking up the momentum that investors have been looking for. Also Read  → Why global stocks are poised to rebound  → Census hiring in US to boost May payrolls  → Global markets slip before US payrolls report  → G20 policymakers go public with economy fears  → Asia stocks mixed before jobs report; Europe gains The government also said 431,000 jobs overall were created last month, but most of those jobs, 411,000, came from the government's hiring of temporary census workers. The overall number also fell short of expectations. Economists polled by Thomson Reuters had forecast employers would add 513,000 jobs. ``People are looking for one turning point,'' Daniel Penrod, senior industry analyst for the California Credit Union League, said of the monthly jobs report. ``That's not realistic. This growth will be much slower and more gradual than in the past.'' The unemployment rate fell to 9.7 percent from 9.9 percent in April. That was slightly better than the 9.8 percent unemployment rate economists had forecast. The jobs report was the latest in a series of reports this week that show the economy isn't as robust as hoped. But investors had become a little more optimistic in the past few days and had sent stocks higher as they bet on stronger job growth in May. The reality of the report erased that optimism. ``It's almost as if the worst fears of the market were realized, at least in this one report,'' said Richard Sparks, senior equities analyst at Schaeffer's Investment Research. The jobs report and a string of other economic numbers that were unimpressive have made investors more tentative about the economy, Sparks said. Investors were worried that employers' reluctance to hire would further hurt consumers. Investors were already nervous about consumer spending after retailers reported Thursday that their sales were sluggish during May. Clothing retailer stocks were among the big losers after the jobs report Friday as investors bet that shoppers would stick to buying only necessities. Credit card companies and regional banks also fell sharply. In late morning trading, the Dow fell 259.22, or 2.5 percent, to 9,996.14. The Standard & Poor's 500 index fell 27.21, or 2.5 percent, to 1,075.62, while the Nasdaq composite index futures dropped 52.47, or 2.3 percent, to 2,250.56. About six stocks fell for every one that rose on the New York Stock Exchange, where volume came to 509.3 million shares.

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Related Stories Why global stocks are poised to rebound 25% public exposure must for listed entities: Govt Closing Bell: Sensex ends above 17100 on positive global cues Markets can go up 20-25% by FY11 end: Vikash Pershad, Veda Investment Positive on Indian utilities and services sector: Alex Wong, Ample Finance Group

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Nasscom rules out threat from US bill on Indian BPOs

4 Jun 2010, 2306 hrs IST,ET Bureau

Topics: US Nasscom Capitol Hill IT and BPO companies Anti outsourcing bills

Latest buzz in IT industry Top acquisitions in BPO space Net users grow Key facts on India's IT industry NEW DELHI: India's apex association representing IT and BPO companies, Nasscom, does not see an impact of a proposed bill to tax outbound BPO calls from US going offshore on the $12.4-billion Indian BPO industry. In a bid to restrict call centre jobs going outside the US, senator Charles Schumer from New York State said on Sunday that he plans to introduce a bill that will levy a 25 cents tax on each outbound call originating from US but going overseas. Business from US forms almost 61% of revenues for the export oriented Indian BPO industry. From banks and retail stores to telecom and aviation companies to PC troubleshooting, a large number of customer service calls are handled for US clients from centres in Gurgaon, Noida, Mumbai or Bangalore. Nasscom however does not see it as a threat to the BPOs in India , which employ about 800,000 people. Also Read  → New laws to make outsourcing tough for US cos  → Infosys prefers small cos to bigger foreign buys  → BPOs embrace 'onshore' outsourcing to boost business  → NASSCOM to shy away from terms like outsourcing, offshoring  → Europe to remain major market, crisis will fade away: Nasscom "Inbound BPO industry forms just $1.8 billion of the $60 billion Indian ITBPO industry. We do not see it impacting the India market in anyway, as its just a proposed legislation. Nevertheless, we are monitoring the situation very closely," said Ameet Nivsarakar, vice president at Nasscom. Large financial giants like Wachovia, Citibank, Bank of America, GE, Morgan Stanley, retail stores like Tesco and telecom companies like Verizon and AT&T and computer makers like HP and Dell have back office support from India based BPOs. Large healthcare majors like UnitedHealth Group and Pfizer also outsource work. Many media companies also outsource work to centres in Bangalore. Senator Charles Schumer said that his (proposed) bill will not only serve to maintain call centre jobs currently in the United States, but also provide a reason for companies that have already outsourced jobs to bring them back. Unemployment rate in the United States has buckled to 9.5% in April from 10.5% in January, according to the US Bureau of Labour Statistics. But some US states like California have unemployment rates of up to 12. 5%, encouraging senators to take a protectionist stance. According to Technology Marketing Corp, a Connecticut-based company specialising in call centres and telemarketing, the US lost 250,000 call centre jobs to India and the Philippines from 2001 to 2003. The bill proposes no excise tax for a domestic call centre keeping the call inside US. The bill would entail companies to report their total customer service calls received and the number relayed overseas on a quarterly basis. Mr Schumer also wants a clause that might inform the caller, if the call is being exported overseas. "For American consumers, it would guarantee they know where their personal information is being kept, whether it's a bank account number, credit background or medical history," he said. This is not the first time that US senators have taken an anti-outsourcing stance, especially in an economy which is seeing slow recovery without creation of a large number of jobs. In 2003 US Senator and Presidential candidate John Kerry had introduced a bill that would require call centre employees to disclose their location at the commencement of each call. The bill did not become law. In 2009, senators Dick Durbin and Chuck Grassley had jointly introduced a bill to restrict the number of work visas. The proposal was shot down.

http://economictimes.indiatimes.com/infotech/ites/Nasscom-rules-out-threat-from-US-bill-on-Indian-BPOs/articleshow/6010355.cms

Oil falls below $73 after U.S. jobs data
ri, Jun 4 07:47 PM Enlarge Photo An oil facility is seen at Venezuela's western Maracaibo lake November 5, 2007. REUTERS/Isaac Urrutia/Files

Oil slid below $73 a barrel on Friday after U.S. employment data fell short of expectations, tempering optimism over the strength of economic recovery in the world's largest energy consumer.

U.S. non-farm payrolls rose 431,000 in May, less than analysts expected, while the growth was buoyed by government hiring for the decennial census. Private employment, a barometer of labour market strength, slowed sharply.

"We were expecting bigger growth in private employment and the figure looks relatively weak," said Christophe Barret, oil analyst at Credit Agricole.

"We are going through a period of relatively slow growth in the U.S. and that explains why oil prices have fallen."

U.S. crude for July was down $1.66 to $72.95 a barrel by 1347 GMT, slumping off an earlier high of $75.42. ICE Brent was down $1.26 to $74.15.

U.S. crude jumped 2.4 percent in the previous session to close at $74.61, the highest settlement for a front-month contract since May 12, supported by statistics showing crude inventories fell last week by more than forecast.

Stock markets both sides of the Atlantic fell sharply after the release of the jobs data, while the dollar rose as fears of a slower-than-expected global economy recovery dampened risk appetite.

Fears about tougher funding conditions in Europe and the impact of tighter fiscal policy on growth has also been keeping a heavy lid on buying of riskier assets.

Speaking on Friday ahead of talks in South Korea between the world's top 20 developed and emerging economies, policymakers expressed concerns about the health of the global economy, fuelling uncertainty over future energy demand.

The start of the Atlantic hurricane season this week was being carefully monitored after the top U.S. government weather agency said it could be the most intense since 2005.

That year, hurricanes Katrina and Rita severely disrupted U.S. oil production, refining and consumption by crashing through Gulf of Mexico energy facilities.

BP was making promising strides in its latest bid to capture some of the oil spewing from its ruptured deep-sea well in the Gulf of Mexico, while President Barack Obama called off an overseas trip and prepared for another visit on Friday to the spill-stricken U.S. Gulf Coast.

(Editing by Sue Thomas and Keiron Henderson)

3G: What does it mean to us?

If there is one term that is least understood but still continues to generate a lot of buzz, it has to be 3G. I'll demystify this jargon and find out exactly what it is and how we can benefit from it. 3G will also unleash an amazing number of new gadgets that will redefine the way we look at entertainment, education and communication.

3G stands for third generation, a wireless technology that helps to simultaneously transfer voice (telephone calls) and data (broadband Internet). 3G is an evolution of the existing 2G technologies that has limited capabilities, both on the device side and on the network side. The mobile connectivity we currently use runs on 2G network and its plagued on two accounts. One is the limited network bandwidth which explains why our calls can't go through because of network congestion. The second is extremely lean data bandwidth, which explains why surfing on the mobile phone or the GPRS data card is so pathetically slow.

3G could be our solution. 3G offers a huge bandwidth which means that we no longer have to suffer from congestion. We can now benefit from superior voice quality, higher call connections and lower consumption of battery power.

Networks supporting 3G would have data transfer speeds up to 3 Mbps. This is a huge improvement over the extremely limited 144 Kbps we are used to so far. For example, if you chose to download a Tamil song over the existing setup, it would take you upwards of 10 minutes.

But with a 3G connection, you will be done in under 15 seconds. One can take advantage of higher mega pixel cameras that come with the latest phones and upload both photos and videos online or even stream live. Higher bandwidth means easier way to listen to music, watch videos, do social networking and play advanced games.

3G makes video streaming applications such as Live TV, movie downloads, high speed data download possible on mobile phones. Higher bandwidth opens up many possibilities and thereby enables a common user to experience a host of advanced data services like mobile banking and micro finance. Now with such widespread mobile penetration, imagine the wide reach of banking.

A business user using 3G-enabled hand-held devices will be able to download large-sized files quickly; his email capabilities and Internet experience will increase considerably due to higher network speeds, thereby making laptops redundant.

3G has immense potential in India. We are nearing 600 million mobile phone users in India and it is expected to double by 2012. Every month, we add over 20 million new users. We continue to be the fastest growing country in the world when it comes to mobile adoption. The good news is that in India, there are at least 40 million 3G-enabled phones, which means India already has 5 times Singapore's population as a potential 3G market.

However, due to the government bureaucracy, red tapism and the haggling over the prices, the licenses for 3G have taken far longer than it should. The auction has been completed and the good news is that the private players will join in the fray very soon. When private players like Airtel, Reliance and Idea get into the fray, their marketing blitzkrieg will push adoption levels higher. But that's in the near future. Add to this the government player's long arm of reaching 700 cities, 3G is definite to take off.

For the present, only government players like BSNL and MTNL have been given licenses but their sales has been very disappointing so far. Analysts say that the big players have not marketed the services well.

Countries like Japan and Korea have made 3G a national agenda and have waived the huge license fees. This has drastically increased the adoption levels and the benefits of economy are for everyone to see. Its just a matter of time that India takes that path.

The writer is CEO of Business Blogging, a social media consultancy and can be reached at Kiruba@Kiruba.com

Business News

Broadband bids cross $2 bln on 10th day

Enlarge Photo

Reuters

Reuters - 11:12 PM

Bids for one set of nationwide wireless broadband spectrum licences reached 95.22 billion rupees ($2.03 billion) on Friday in an ongoing auction, government data showed.

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General

• India, US to further strengthen cooperation in Science & TechPTI - 10:05 PM

  Lalit K Jha Washington, June 4 (PTI) India and the United States today agreed to further strengthen institutional mechanisms of cooperation in the area of Science and Technology.

• IRDA comes out with draft norms for selling insurance on phonePTI - 09:49 PM

  New Delhi, June 4 (PTI) Insurance regulator IRDA today came out with a draft guideline for selling insurance products through telecallers, e-mails and other distance marketing modes.

• SAIL to spend Rs 3,000 cr on environment management effortsPTI - 09:38 PM

  New Delhi, June 4 (PTI) State-run Steel Authority of India (SAIL) today said it will spend Rs 3,000 crore on environment management efforts under its modernisation and expansion plans.

• 3 Sensex cos need to meet 25pc public holding normsPTI - 09:36 PM

  Mumbai, June 4 (PTI) Among the 30 blue-chip companies comprising the benchmark Sensex, just three --DLF, NTPC and Wipro--need to reduce their current promoter holdings to meet the new government norm of having at least 25 per cent public stake in all listed companies.

• Parkway appoints Morgan Stanley as adviser on Khazanah''s offerPTI - 09:32 PM

  Singapore, June 4 (PTI) Parkway Holdings today appointed Morgan Stanley Asia (Singapore) to advise its independent directors on the USD 843-million offer for a controlling stake from Malaysian Khazanah Nasional Berhad.

India

• - 10:58 PM

  New Delhi, June 4 (IANS) Delhi Chief Minister Sheila Dikshit Friday said it was up to the power regulator, the Delhi Electricity Regulatory Commission (DERC), to decide on new power tariff at a time when the state government is accused of being sympathetic to the capital's power companies.

• India, South Africa can aid Africa's growth: ZumaIANS - 09:19 PM

  New Delhi, June 4 (IANS) Africa can be developed as the next economic powerhouse with assistance by both South Africa and India, South African President Jacob Zuma said here Friday, even as he urged both countries to further ramp up economic ties.

• Delhi airport's terminal 3 to be ready by JulyIANS - 09:19 PM

  New Delhi, June 4 (IANS) The integrated passenger terminal at Delhi's Indira Gandhi International (IGI) airport, which will serve both domestic as well as international passengers, will be completed by the first week of July, officials said Friday.

• India, South Africa ink 3 accords, to spur UN reformsIANS - 08:59 PM

  New Delhi, June 4 (IANS) India and South Africa Friday inked three accords, agreed to work jointly to promote Africa as a global investment destination, and decided to spur the reforms of the United Nations.

• Over Rs.7 crore paid to Mangalore crash victims' kinIANS - 08:59 PM

  Mumbai, June 4 (IANS) Air India has, till Friday, disbursed Rs.7.56 crore to 84 families as part of the interim relief to survivors and relatives of victims of the Air India Express IX-812 crash in Mangalore May 22, an airline official said.

International

• BP calls for changes in oil exploration methodsIANS - 09:50 PM

  London, June 4 (DPA) BP called for a change in oil exploration methods and said the besieged company would be at the movement's forefront during a conference call Friday with worried investors.

• Virgin sacks 20 staff members for swapping pornIANS - 09:50 PM

  Melbourne, June 4 (IANS) More than 20 staff, including those at managerial level, of Virgin Blue airline have been sacked for repeatedly using office computers to view and swap pornographic materials.

• McDonald's recalls 'Shrek' glassesIANS - 08:50 PM

  Washington, June 4 (IANS) US fast-food giant McDonald's is recalling its 12 million glasses, sold as part of a promotional tie-up with the 'Shrek' movie, because they contain toxic metal.

• US jobless rate down, private sector weakIANS - 08:05 PM

  Washington, June 4 (DPA) The US jobless rate fell to 9.7 percent as the economy added 431,000 jobs in May, but the vast majority were temporary government hires and the private sector remains extremely weak, according to Labour Department figures released Friday.

• Google WiFi privacy row: CEO Schmidt admits screwing up in UKANI - 06:35 PM

  London, June 4 (ANI): Search engine Google "screwed up" after its Street Cars wrongly mapped every wireless network in Britain to use the information for commercial purposes, Eric Schmidt, its chief executive, has admitted. he Telegraph reports that the company is currently embroiled in an international row over its controversial street car service.

Personal-Finance

• Sensex up 95 points amid uncertain outlookIANS - 07:27 PM

  Mumbai, June 4 (IANS) A benchmark index for Indian equities Friday ended 95 points higher than its previous close in volatile trade, while reports of a slower-than-estimated American job growth and worsening European debt crisis stoked fresh concern about world economic recovery.

• Sensex ends 1.6 percent higherIANS - Thu, Jun 3

  Mumbai, June 3 (IANS) A benchmark index for Indian equities Thursday ended 1.6 percent higher than its previous close, tracking positive global markets.

• Mutual fund assets up Rs 34,500 crHT - Thu, Jun 3

  Even as investor sentiment remained weak in May, the mutual fund industry saw a rise in its average assets under management (AUM) by Rs 34,500 crore at Rs 805,239 crore. The surge was backed by institutional money.

• Sensex moves 1 percent higher backed by RCom gainsIANS - Wed, Jun 2

  Mumbai, June 2 (IANS) A benchmark index for Indian equities Wednesday closed a percent higher in a late surge, led by Reliance Communications (RCom) which gained 11 percent.

• Sensex plunges 396 pointsIANS - Tue, Jun 1

  Mumbai, June 1 (IANS) A benchmark index for Indian equities Tuesday fell 396 points from its previous close amid heavy selling on weak global cues.

Markets

• 
  U.S. STOCKS - Indexes fall 1 pct after jobs dataReuters - 07:13 PM

  U.S. stocks tumbled more than 1 percent at the open on Friday as lower-than-expected jobs growth in May dented hopes for the employment outlook.

• 
  U.S. STOCKS - Markets to open sharply lower after payrolls dataReuters - 07:01 PM

  U.S. stock index futures were sharply lower on Friday, with the S&P 500 and Nasdaq set to drop more than 2 percent at the open, after the May payrolls report showed private hiring slowed sharply.

• 
  Rupee weakens as euro stays pressuredReuters - 06:19 PM

  The rupee weakened on Friday as the euro's weakness triggered a bout of dollar buying by importers, but a stronger closing for the stock markets limited the local currency's losses.

• 
  Global stocks, euro tumble on banks, debt fearsReuters - 06:09 PM

  Fresh fears over European banks and talk of a "Greek-style" debt crisis in Hungary pushed stock markets into the red on Friday while the euro hit a new four-year low to the dollar and a record low versus Swiss franc.

• 
  Listed firms must have 25 pct public float - govtReuters - 06:03 PM

  The government said on Friday all listed companies are required to maintain a minimum public float of 25 percent, which could boost an already long pipeline for share sales by state-run as well as private firms.

Business News

Yes Bank surges 0.66 pct to 1-year high

FE - 11:04 AM

Yes Bank surged 0.66 per cent to a year-high of Rs 297.45 on the BSE, amid a media report that its Dutch investor Rabobank International Holding is planning to sell its stake in the Indian bank.

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• Oil holds above $74 per barrel FE - 11:04 AM

  Oil slipped on Friday from its highest closing price in three weeks as investors remained sceptical that rising US demand and falling stockpiles would prevail over concerns Europe's debt crisis would worsen.

• Sensex flip-flops; HUL surges FE - 11:04 AM

  The benchmark Sensex flip-flopped early on Friday in the absence of clear direction from other Asian markets.

• RComm shares shed over 3 per cent FE - 11:04 AM

  Shares in Reliance Communications dropped more than 3 per cent on Friday, after South Africa's MTN Group said it was not in talks with RComm about a tie-up.

• Road contracts to be delivery based FE - 02:15 AM

  To accelerate national highway (NH) projects, the government is mulling a shift to a new delivery-based criterion for awarding contracts from the current lowest-bidder norm.

• Developing nations can trigger recovery: WB FE - 11:04 AM

  Giving developing countries a bigger say in global economic governance could help the world economy recover more quickly from the crisis, the World Bank said on Friday.

• MTN denies talks with Reliance Comm FE - 11:04 AM

  South Africa's MTN Group said it was not in talks with India's Reliance Communications, following a newspaper report on Thursday that Reliance was mulling a merger with MTN. Shares in Reliance Comm, India's No.

• ArcelorMittal signs MoU for 6-mn-tonne steel plant FE - 11:04 AM

  ArcelorMittal, the world's largest steel maker, has formally signed an initial agreement to spend Rs 300 billion ($6.4 billion) to build a 6-million-tonne-a-year steel plant in Karnataka.

• Cadila launches maiden indigenous H1N1 vaccine FE - 02:15 AM

  The day when the World Health Organisation refrained from dowgrading H1N1 flu from its current pandemic status, India unveiled its first indigenous H1N1 vaccine.

• Indian chip market to grow 35% in 2010 FE - 02:15 AM

  The Indian semiconductor industry is expected to make a strong recovery, growing 34.7% in 2010 to $7 billion, market research firm Gartner has said.

• IBM signs 10-yr multi-million dollar deal with ElectraCard FE - 02:15 AM

  IBM has signed a 10-year, multi-million dollar agreement with ElectraCard Services (ECS), a software solutions provider for electronic payment systems, for providing business continuity services.

• HMSI targets 18% sales growth FE - 02:15 AM

  Honda Motorcycle & Scooter India Private Ltd (HMSI) is aiming for 18% sales growth this year.

• Cement prices to recover in 2011-12: Crisil FE - 02:15 AM

  Cement prices are expected to recover by 5%-6% in the next financial year (2011-12) thanks to slowing capacity addition and sustained demand growth.

• Storage crunch to dominate state food secretaries' meet FE - 02:15 AM

  As the foodgrain storage situation becomes acute across the country—in last count around 20 million tonne of foodgrain are lying in the open for want of adequate storage space—a meeting of state food secretaries called by the central government next month is expected to prominently discuss the issue ahead of kharif procurement season that starts in October.

• July round with Japan likely to solve Cepa row FE - 02:15 AM

  Fresh rounds of talks between India and Japan will kick off in July in New Delhi to iron out differences on Comprehensive Economic Partnership Agreement (Cepa).

• Damodaran panel to review bank services FE - 02:15 AM

  The Reserve Bank of India (RBI) has constituted a committee under the chairmanship M Damodaran, former chairman of Securities & Exchange Board of India, to look into banking services rendered to retail and small customers, including pensioners.

• Quick View FE - 02:15 AM

  Max Bupa ties up with Karvy Insurance Max Bupa Health Insurance Company has tied up with Karvy Insurance Broking for distribution of its health insurance products in the country.

• Higher retirement age, variable pay for public sector bank employees on cards FE - 02:15 AM

  Employees of public sector banks (PSBs) could soon get incentives like their private sector counterparts to perform better and acquire new skill sets.

• K'taka gets Rs 4 L-cr investment this year FE - 02:15 AM

  Karnataka has reconfirmed its status of being one of the premier investment destinations in the country by sewing up investments totalling over Rs 4 lakh crore this year.

• I-T dept to help tackle rush in return filing FE - 02:15 AM

  The Income Tax Department is making special arrangements for tax payers to tackle the last moment rush for filing returns for the current financial year.

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Business News

Fortis to add 1,500 beds; boost capacity by 50 pc

HT - 12:40 PM

Fortis Healthcare, Asia?s largest private healthcare provider, is planning to increase its bed capacity by around 50 per cent in the current financial year. The Healthcare major, which currently has a network of 68 hospitals and 3,400 beds, is aiming to add around 1,500 beds and six new hospitals by the end of March 2011.

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• Rs 23,500-cr chest to aid overseas acquisitions HT - Thu, Jun 3

  With cash reserves of $5 billion (Rs 23,500 crore) behind it, the next big acquisition by Mukesh Ambani-led Reliance Industries Ltd (RIL) is expected to be that of coal mines and minerals abroad.

• Mutual fund assets up Rs 34,500 cr HT - Thu, Jun 3

  Even as investor sentiment remained weak in May, the mutual fund industry saw a rise in its average assets under management (AUM) by Rs 34,500 crore at Rs 805,239 crore. The surge was backed by institutional money.

• Tough choices HT - Wed, Jun 2

  Planning to buy a new car here are few options for you, go for it. I am planning to buy a new car within a Rs 6.5 lakh-budget and I have shortlisted the Ford Figo diesel and the Maruti Swift VDi. Which makes a better buy in terms of space and performance? I drive around 1,300 km every month. S Kandan The Ford Figo diesel is the best diesel in its class today.

• Sensex falls 626 intra-day HT - Wed, Jun 2

  A punching error on India?s most valued company, Reliance Industries Ltd (RIL), at the Bombay Stock Exchange (BSE) created a fright on Tuesday, as the BSE Sensex fell by over 400 points in a second to an intra-day loss of 626 points before recovering to close the day at 16,572, down 372 points.

• Michelin eyes India foray to beat global slowdown HT - Wed, Jun 2

  French tyre maker Michelin is building capacities in the new regions of China, Brazil and eastern Europe to expand its global footprint, even as its India plans for a manufacturing site is gathering steam.

• FM to meet bank chiefs in Patna HT - Wed, Jun 2

  Finance Minister Pranab Mukherjee will meet bank chiefs in Patna later this month as the government steps up efforts to spread banking services across remote districts of the country.

• Apollo Tyres enters Europe, eyes $2-bn turnover by 2012 HT - Wed, Jun 2

  A year after it acquired Dutch tyre maker Vredestein, domestic tyre major Apollo Tyres on Tuesday launched its own range of products in Europe. The company, which aims to be be among the world?s top 10 tyre makers, is only the third Indian major automotive company after Tata Motors and Reva Electric to enter Europe.

• Sixth in a row: exports grow 36.2% in April HT - Wed, Jun 2

  The country?s exports grew 36.2 per cent in April to $16.9 billion, recording a positive growth for the sixth successive month and triggering hopes that the worst might be over for embattled traders.

• Gold hits high at rs 19,000 for 10 gms HT - Wed, Jun 2

  Though Asian markets plunged into a sea of red, the yellow metal continued to surge, touching a new high of Rs 19,050 per 10 grams on Tuesday. Experts say that since financial anxiety around Europe will continue in the short term, gold will continue to remain volatile with an upward bias.

• Euro-wary FIIs turn net sellers, flock to US bonds for safety HT - Tue, Jun 1

  As the European crisis showed little signs of easing, foreign institutional investors (FIIs) turned wary on investments in equities, resulting in a net outflow of Rs 9,436 crore during the month. This was the biggest selling in a month since October 2008, when FIIs withdrew Rs 15,347 crore.

• Fledgling airlines set to spread wings over Gujarat HT - Tue, Jun 1

  Low-cost, start-up airlines are eyeing the increasing air-traveller base in the expanding industrial towns of Gujarat.

• ONGC to develop KG fields alone if talks fail HT - Mon, May 31

  The Oil and Natural Gas Corporation (ONGC) may explore the Krishna-Godavari (KG) offshore petroleum fields completely on its own if talks for a strategic partnership with multinational companies fail.

• Back to highs? All eyes on release of GDP data today HT - Mon, May 31

  The government will announce the gross domestic product (GDP) growth estimates for 2009-10 on Monday as hopes of a sustained recovery in the Indian economy have sprung anew with a slew of recent numbers showing robust growth in most sectors, although prices remain a key concern.

• Canara in big push for north HT - Mon, May 31

  Canara Bank is all set to strengthen its presence in North India. The Bank, which enjoys a client base of over 37 million and has a strong presence in South India, plans to open most of its 200 new branches this financial year in the north. The bank also plans to add around 1,650 employees in the fiscal year.

• StanChart IDR hit by timing: experts HT - Mon, May 31

  While the first ever Indian depository receipts (IDR) issue from Standard Chartered managed an overall subscription of 2.2 times, thanks to help from qualified institutional buyers (QIBs), retail investors played shy despite the special five per cent discount offered to them. Overall, the retail portion of the IDR received barely 25 per cent interest.

• ONGC Q4 net zooms 71 per cent on better prices HT - Sat, May 29

  State-owned Oil and Natural Gas Corporation (ONGC) on Friday reported a 71 per cent increase in its net profit for the fourth quarter ended March 31 at Rs 3,776 crore, as against Rs 2,207 crore in the same period last year.

• Domestic market hoists SAIL profit by 40 per cent HT - Sat, May 29

  Steel Authority of India Ltd (SAIL) on Friday reported an over 40 per cent jump in its net profit for the fourth quarter ended March 31 at Rs 2,085 crore, as against Rs 1,485 crore in the corresponding quarter of the previous year.

• IOC Q4 net dips 16 per cent on oil bond vagaries HT - Sat, May 29

  Indian Oil Corp?s (IOC?s) fourth-quarter net profit tumbled 16 per cent to Rs 5,557 crore from Rs 6,623 crore in the corresponding period of the previous year. However, the company?s profit for the fiscal year 2009-10 recorded a 246 per cent jump to Rs 10,220 crore.

• RIL strikes 'significant' oil in Gujarat block HT - Sat, May 29

  Reliance Industries Ltd (RIL) has announced an oil discovery, the fifth in a row, in its Cambay basin block in Gujarat. However, RIL did not give reserve estimates other than calling the discovery as ?significant.?

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Business News

Sugar curbs on big users to lift?

IE - 05:35 PM

India, the world's top sugar consumer, could decide before August to allow large consumers to keep bigger stocks of the sweetener as prices keep dropping and supplies are likely to rise, officials said on Friday.

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• IMI nominated at Meffys Mobile Entertainment awards IE - 05:35 PM

  Informate Mobile Intelligence has been nominated for the 2010 Meffys Mobile Entertainment Awards organized by the Mobile Entertainment Forum (MEF).

• Insurer to pay Rs 8 lakh to vehicle owner IE - 05:35 PM

  The Delhi State Consumer Commission has directed an insurance company to pay Rs eight lakh to the owner of a vehicle whose truck was stolen from a parking space.

• Cut down ULIPs commissions: Parekh IE - 05:35 PM

  HDFC Chairman Deepak Parekh has sought lowering of agents' commission in unit-linked insurance products (ULIPs), saying these payouts should not be the same as those in the traditional life insurance policies.

• Worlds' top 10 night clubs IE - 05:35 PM

  What every travelling person, well all right, men only, would want in his little black book. Life's a party, and website Askmen.com has come up with a list of the top 10 night clubs around the world to drink and dance the night away.

• India, SA ink three pacts, discuss ways to improve ties IE - 05:35 PM

  India and South Africa today inked three pacts, including one on air services, as the leaders of the two countries discussed ways to provide fresh impetus to bilateral ties and agreed to extend support to each other for the UNSC non-permanent seat for 2011-2012 term.

• China should learn from 'guru' India IE - 05:35 PM

  As the world's largest growing economy that has set its eyes on catching up with the US and Japan, has China got a lesson or two to learn from its Asian neighbour and old-time 'guru' India in building a modern economy? A new book written by a veteran Chinese entrepreneur, who has spent years on job in Indian cities, says it might be the case.

• Report complaints or be fined: NCDEX IE - 05:35 PM

  The National Commodity and Derivatives Exchange (NCDEX) has imposed a penalty of Rs 5,000 on commodity brokers who fail to furnish information on client complaints to the exchange within 30 days.

• Tata, Sasol JV to invest $10 bn in India IE - 05:35 PM

  A joint venture between India's Tata Group and South Africa's Sasol plans to invest $10 billion in a coal-to-liquid project in the eastern Indian state of Orissa by 2018, Sasol's India president said.

• Daily life filled with toxins: Book IE - 05:35 PM

  Cosmetics, detergents, soaps shampoos, toys and deodorants - hidden all around an ordinary household are a "killer cocktail" of hazardous chemicals which may be injurious to health in the long run, says a new book.

• Mgmt Tip of the Day: Missing unspoken rules IE - 05:35 PM

  They exist, even if they are not mentioned anywhere on paper! The Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (http:www.hbr.org).

• A bigger bang for your buck? IE - 05:35 PM

  Bank deposit rates in India are expected to rise, bringing some relief to citizens who have been reeling under inflation and low returns on their savings, said the research arm of global rating agency Moody's.

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UNSC, IMF must reflect realities of present world: Krishna

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Mining in India

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The Darya-i-Noor diamond from the Iranian Crown Jewels, originally from the mines of Golconda, Andhra Pradesh.

Mining in India is an important economic activity which contributes significantly to the economy of India.^[1] The mining sector underwent modernization following the independence of India although minerals have been mined in the region since antiquity.^[1] The country exports a variety of minerals—found in abundance its geographically diverse regions—while it imports others not found in sufficient quantities within its geographical boundaries.^[1] Several techniques for mining are employed in the country and a significant part of the country lies unexplored for mineral wealth.^[1]

Contents [hide] 1 Overview 2 History 3 Geographical distribution 4 Minerals 4.1 Production 4.2 Exports 5 Issues 6 Footnotes 7 Bibliography 8 External links

[edit] Overview

The tradition of mining in the region is ancient and underwent modernization alongside the rest of the world as India gained independence in 1947.^[2] The economic reforms of 1991 and the 1993 National Mining Policy further helped the growth of the mining sector.^[2] India's minerals range from both metallic and non-metallic types.^[3] The metallic minerals comprise of ferrous and non-ferrous minerals while the non metallic minerals comprise of mineral fuels, precious stones, among others.^[3]

D.R. Khullar holds that mining in India depends on over 3100 mines, out of which over 550 are fuel mines, over 560 are mines for metals, and over 1970 are mines for extraction of nonmetals.^[2] The figure given by S.N. Padhi is: 'about 600 coal mines, 35 oil projects and 6000 metalliferous mines of different sizes employing over one million persons on a daily average basis.'^[4] Both open cast mining and underground mining operations are carried out and drilling/pumping is undertaken for extracting liquid or gaseous fuels.^[2] The country produces and works with roughly 100 minerals, which are an important source for earning foreign exchange as well as satisfying domestic needs.^[2] India also exports iron ore, titanium, manganese, bauxite, granite, and imports cobalt, mercury, graphite etc.^[2]

Unless controlled by other departments of the Government of India mineral resources of the country are surveyed by the Indian Ministry of Mines, which also regulates the manner in which these resources are used.^[5] The ministry oversees the various aspects of industrial mining in the country.^[5] Both the Geological Survey of India and the Indian Bureau of Mines are also controlled by the ministry.^[5] Natural gas, petroleum and atomic minerals are exempt from the various activities of the Indian Ministry of Mines.^[5]

[edit] History

Indian coal production is the 3rd highest in the world according to the 2008 Indian Ministry of Mines estimates.^[6] Shown above is a coal mine in Jharkhand.

Flint was known and exploited by the inhabitants of the Indus Valley Civilization by the 3rd millennium BCE.^[7] P. Biagi and M. Cremaschi of Milan University discovered a number of Harappan quarries in archaeological excavations dating between 1985-1986.^[8] Biagi (2008) describes the quarries: 'From the surface the quarries consisted of almost circular empty areas, representing the quarry–pits, filled with aeolian sand, blown from the Thar Desert dunes, and heaps of limestone block, deriving from the prehistoric mining activity. All around these structures flint workshops were noticed, represented by scatters of flint flakes and blades among which were typical Harappan-elongated blade cores and characteristic bullet cores with very narrow bladelet detachments.'^[9] Between 1995 and 1998, Accelerator mass spectrometry radiocarbon dating dating of Zyzyphus cf. nummularia charcoal found in the quarries has yielded evidence that the activity continued into 1870-1800 BCE.^[10]

Minerals subsequently found mention in Indian literature. George Robert Rapp—on the subject of minerals mentioned in India's literature—holds that:

Sanskrit texts mention the use of bitumen, rock salt, yellow orpiment, chalk, alum, bismuth, calamine, realgar, stibnite, saltpeter, cinnabar, arsenic, sulphur, yellow and red ochre, black sand, and red clay in prescriptions. Among the metals used were gold, silver, copper, mercury, iron, iron ores, pyrite, tin, and brass. Mercury appeared to have been the most frequently used, and is called by several names in the texts. No source for mercury or its ores has been located. leading to the suggestion that it may have been imported.^[11]

[edit] Geographical distribution

The distribution of minerals in the country is uneven and mineral density varies from region to region.^[2] D.R. Khullar identifies five mineral 'belts' in the country: The North Eastern Peninsular Belt, Central Belt, Southern Belt, South Western Belt, and the North Western Belt. The details of the various geographical 'belts' are given in the table below:^[12]

Mineral Belt	Location	Minerals found
North Eastern Peninsular Belt	Chota Nagpur plateau and the Orissa plateau covering the states of Jharkhand, West Bengal and Orissa.	Coal, iron ore, manganese, mica, bauxite, copper, kyanite, chromite, beryl, apatite etc. Khullar calls this region the mineral heartland of India and further cites studies to state that: 'this region possesses India's 100 percent Kyanite, 93 percent iron ore, 84 percent coal, 70 percent chromite, 70 percent mica, 50 percent fire clay, 45 percent asbestos, 45 percent china clay, 20 percent limestone and 10 percent manganese.'
Central Belt	Chattisgarh, Andhra Pradesh, Madhya Pradesh and Maharastra.	Manganese, bauxite, limestione, marble, coal, gems, mica, graphite etc. exist in large quantities and the net extent of the minerals of the region is yet to be assessed. This is the second largest belt of minerals in the country.
Southern Belt	Karnataka plateau and Tamil Nadu.	Ferrous minerals and bauxite. Low diversity.
South Western Belt	Karnataka and Goa.	Iron ore, garnet and clay.
North Western Belt	Rajasthan and Gujarat along the Aravali Range.	Non-ferrous minerals, uranium, mica, beryllium, aquamarine, petroleum, gypsum and emerald.

India has yet to fully explore the mineral wealth within its marine territory, mountain ranges, and a few states eg. Assam.^[12]

[edit] Minerals

The distribution of minerals in India according to the United States Geological Survey.

Along with 48.83% arable land, India has significant sources of coal (fourth-largest reserves in the world), bauxite, titanium ore, chromite, natural gas, diamonds, petroleum, and limestone.^[13] According to the 2008 Ministry of Mines estimates: 'India has stepped up its production to reach the second rank among the chromite producers of the world. Besides, India ranks 3rd in production of coal & lignite, 2nd in barites, 4th in iron ore, 5th in bauxite and crude steel, 7th in manganese ore and 8th in aluminium.'^[6]

India accounts for 12% of the world's known and economically available thorium.^[14] It is the world's largest producer and exporter of mica, accounting for almost 60 percent of the net mica production in the world, which it exports to the United Kingdom, Japan, United States of America etc.^[15] As one of the largest producers and exporters of iron ore in the world, its majority exports go to Japan, Korea, Europe and the Middle East.^[16] Japan accounts for nearly 3/4th of India's total iron ore exports.^[16] It also has one of the largest deposits of manganese in the world, and is a leading producer as well as exporter of manganese ore, which it exports to Japan, Europe (Sweden, Belgium, Norway, among other countries), and to a lesser extent, the United States of America.^[17]

[edit] Production

The net production of selected minerals in 2005-06 as per the Production of Selected Minerals Ministry of Mines, Government of India is given in the table below:

Mineral	Quantity	Unit	Mineral type
Coal	403	Million tonnes	Fuel
Lignite	29	Million tonnes	Fuel
Natural Gas	31,007	Million cubic metres	Fuel
Crude Petroleum	32	Million tonnes	Fuel
Bauxite	11,278	Thousand tonnes	Metallic Mineral
Copper	125	Thousand tonnes	Metallic Mineral
Gold	3,048	Thousand grammes	Metallic Mineral
Iron Ore	140,131	Thousand tonnes	Metallic Mineral
Lead	93	Thousand tonnes	Metallic Mineral
Manganese Ore	1,963	Thousand tonnes	Metallic Mineral
Zinc	862	Thousand tonnes	Metallic Mineral
Diamond	60,155	Carats	Non Metallic Mineral
Gypsum	3,651	Thousand tonnes	Non Metallic Mineral
Limestone	170	Thousand tonnes	Non Metallic Mineral
Phosphorite	1,383	Thousand tonnes	Non Metallic Mineral

[edit] Exports

Mine shaft at Kolar Gold Fields.

The net exports selected of minerals in 2004-05 as per the Exports of Ores and Minerals Ministry of Mines, Government of India is given in the table below:

Mineral	Quantity	Unit
Alumina	896,518	tonnes
Bauxite	1,131,472	tonnes
Coal	1,374	tonnes
Copper	18,990	tonnes
Gypsum & plaster	103,003	tonnes
Iron ore	83,165	tonnes
Lead	81,157	tonnes
Limestone	343,814	tonnes
Manganese ore	317,787	tonnes
Marble	234,455	tonnes
Mica	97,842	tonnes
Natural gas	29,523	tonnes
Sulphur	2,465	tonnes
Zinc	180,704	tonnes

[edit] Issues

One of the most challenging issues in India's mining sector is the lack of assessment of India's natural resources.^[12] A number of areas remain unexplored and the mineral resources in these areas are yet to be assessed.^[12] The distribution of minerals in the areas known is uneven and varies drastically from one region to another.^[2] India is also looking to follow the example set by England, Japan and Italy to recycle and use scrap iron for ferrous industry.^[18]

Under the British Raj a committee of experts formed in 1894 formulated regulations for mining safety and ensured regulated mining in India.^[4] The committee also passed the 1st Mines act of 1901 which led to a substantial drop in mining related accidents.^[4] The accidents in mining are caused both by man-made and natural phenomenon, for example explosions and flooding.^[19] The main causes for incidents resulting in serious injury or death are roof fall, vehicular accidents, falling/slipping and hauling related incidents.^[20]

[edit] Footnotes

1. ^ ^{a b c d} Khullar, 631-633
2. ^ ^{a b c d e f g h} Khullar, 631
3. ^ ^{a b} Khullar, 632-633
4. ^ ^{a b c} Padhi, 1019
5. ^ ^{a b c d} Annual Report (2007-2008), Ministry of Mines, chapter 4, page 4
6. ^ ^{a b} India's Contribution to the World's mineral Production (2008), Ministry of Mines, Government of India. National Informatics Centre.
7. ^ Biagi, page 1856
8. ^ Biagi, 1857
9. ^ Biagi, 1858
10. ^ Biagi, 1860
11. ^ Rapp, 11
12. ^ ^{a b c d} Khullar, 632
13. ^ "CIA Factbook: India". CIA Factbook. https://www.cia.gov/library/publications/the-world-factbook/geos/in.html. 
14. ^ "Information and Issue Briefs - Thorium". World Nuclear Association. http://www.world-nuclear.org/info/inf62.htm. 
15. ^ Khullar, 650-651
16. ^ ^{a b} Khullar, 638
17. ^ Khullar, 638-640
18. ^ Khullar, 659
19. ^ Padhi, 1020
20. ^ Padhi, 1021

[edit] Bibliography

• Annual Report (2007-2008), Ministry of Mines, Government of India, National Informatics Centre.
• Biagi, Paolo (2008), "Quarries in Harappa", Encyclopaedia of the History of Science, Technology, and Medicine in Non-Western Cultures (2nd edition) edited by Helaine Selin, pp. 1856-1863, Springer, ISBN 978-1-4020-4559-2.
• Padhi, S.N. (2003), "Mines Safety in India-Control of Accidents and Disasters in 21st Century", Mining in the 21st Century: Quo Vadis? edited by A.K. Ghose etc., Taylor & Francis, ISBN 90-5809-274-7.
• Rapp, George Robert (2002), Archaeomineralogy, Springer, ISBN 3-540-42579-9.
• Khullar, D.R. (2006), "Mineral Resources", India: A Comprehensive Geography, pp. 630-659, Kalyani Publishers, ISBN 81-272-2636-X.

[edit] External links

• Lyday, T. Q. (1996), The Mineral Industry of India, United States Geological Survey.
• Indian Mining Industry - News and Analysis.

[show] v • d • e Mining in Asia Sovereign states Afghanistan · Armenia1 · Azerbaijan1 · Bahrain · Bangladesh · Bhutan · Brunei · Burma2 · Cambodia · People's Republic of China · Cyprus1 · East Timor3 · Egypt4 · Georgia4 · India · Indonesia · Iran · Iraq · Israel · Japan · Jordan · Kazakhstan4 · North Korea · South Korea · Kuwait · Kyrgyzstan · Laos · Lebanon · Malaysia · Maldives · Mongolia · Nepal · Oman · Pakistan · Philippines · Qatar · Russia4 · Saudi Arabia · Singapore · Sri Lanka · Syria · Tajikistan · Republic of China5 · Thailand · Turkey4 · Turkmenistan · United Arab Emirates · Uzbekistan · Vietnam · Yemen States with limited recognition Abkhazia1 · Nagorno-Karabakh · Northern Cyprus · Palestine · South Ossetia1 Dependencies, autonomies, other territories Aceh · Adjara1 · Akrotiri and Dhekelia · Altai · British Indian Ocean Territory · Buryatia · Christmas Island · Cocos (Keeling) Islands · Guangxi · Hong Kong · Inner Mongolia · Iraqi Kurdistan · Khakassia · Macau · Nakhchivan · Ningxia · Papua · Sakha Republic · Tibet · Tuva · West Papua · Xinjiang 1 Sometimes included in Europe, depending on the border definitions.  2 Officially known as Myanmar.  3 Sometimes included in Oceania, and also known as Timor-Leste.  4 Transcontinental country.  5 Commonly known as Taiwan.

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