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Rupee will stabilise in around current range: Anand Sharma

New Delhi, June 5 (IANS) The Indian rupee, which hit a record low of 56.52 against the dollar last week, is likely to stabilise soon at around the current range, Commerce Minister Anand Sharma said Tuesday.

"This is a transition phase. The rupee will stabilise soon at around the current level," Sharma told reporters after announcing the annual supplement to the Foreign Trade Policy 2009-14 here.

Sharma said volatility in rupee was a matter of concern as it had adversely impacted India's economic growth and foreign trade. He said: "It has adverse impact on the economy."

The Indian currency hit a record low of 56.52 against the dollar at the end of last month. The partially convertible rupee has been trading in the range of 55-56 this week.
Rupee hit a low of 55.91 against the dollar Tuesday, after witnessing some strengthening the previous day.

Sharma said the government was working closely with the Reserve Bank of India to bring stability to the currency.

The minister said he had taken into account the rupee depreciation while formulating the annual supplement to the foreign trade policy.

"The weakening of the rupee will have its own implication on our annual import bill. Clearly Indian economy is passing through a difficult phase," Sharma said earlier.

He said volatility in commodity prices, especially crude oil, was adding pressure to India's import bill.

"The difficult economic situation in the Eurozone crisis poses a real risk of destabilizing the fragile recovery and sinking the world into yet another recession," he said.

Monsoon hits Kerala, IMD says delay is ok

Thiruvananthapuram/New Delhi, June 5 (IANS) The southwest monsoon, crucial for agriculture, hit Kerala Tuesday, with a senior official saying that the four-day delay was not a cause for worry.

Although moderate to heavy rains have been lashing most parts of Kerala for some days, the India Meteorological Department (IMD) made the monsoon announcement only Tuesday.

Kottayam, Alappuzha, Ernakulam and Kasargode have been lashed by rains. The sea turned rough in Alappuzha, with sea waters encroaching into land at a few places.

But the dry weather continued in the southern districts of Kollam and Thiruvananthapuram.

The monsoon accounts for 80 percent of the rainfall in India. Even a minor delay can adversely affect the economy as about half of India's farm output comes from crops sown in the June-September rainy season.
IMD director general L.S. Rathore told IANS in New Delhi that the monsoon was expected to advance rapidly into other parts of the country. Karnataka would be lashed by heavy rains within days.

Kerala gets the annual monsoon rains June 1, marking the start of weeks of showers in the Indian mainland. Last year, however, the monsoon arrived in the state May 29.

Rathore said there was nothing to panic as the four-day monsoon delay was well within the forecast limits.
From 2005, the IMD has been issuing operational forecasts for the onset of the monsoon over Kerala using an indigenously developed statistical model with a model error of (+/-) four.
The IMD has said that the 2012 southwest monsoon season (June-September) for the country as a whole was most likely to be normal.
'The deviation in arrival of monsoon rains would have no adverse impact on sowing of kharif (summer) crops like paddy and pulses,' he said.

The monsoon normally reaches Delhi by June-end. but according to IMD it is too early to say when the capital will get rains.

'We can only make date specific forecast towards the end of this month by seeing the spread of monsoon in the rest of the country,' IMD director B.P. Yadav told IANS.

Agriculture expert Devinder Sharma was, however, cautious.

'The delay in monsoon by a day or two is fine. But the most important thing is the spread of monsoon during June and July, the sowing season for kharif crops,' Sharma told IANS in Delhi.

He said that in last few years, there have been cases when monsoon arrived before time but states like Rajasthan, Gujarat and Bihar did not receive sufficient rains, leading to crop failure.

'I am more worried about the spread of monsoon as more than half of our crop production is dependent on the southwest monsoon,' he added.
IMD official K. Santhosh in Thiruvananthapuram said he was getting telephone calls demanding to know why the announcement of monsoon arrival was made when the city was yet to get rains.
Santhosh said a few indicators determine the announcement.
'We have 14 weather stations located at Lakshadweep, in Kerala and in Mangalore. We start to monitor the rains from May 10. If 60 percent of the stations or more record 2.5 mm of rain for two continuous days, then it satisfies the criterion that monsoon has arrived,' Santhosh told IANS.

'Another indicator for the declaration is the strength of the wind,' he added. Cloud movements are another indicator.

We can fight and win on our own, Trinamool tells Congress

Kolkata, June 5 (IANS) In a strong message to ally Congress after winning elections to four of six civic bodies, West Bengal's ruling Trinamool Congress Tuesday said the victory was a strong indicator of its might in the state.

"The result is a strong indicator of the might of the party and proves that the Trinamool Congress can stand firm on its own feet in West Bengal. It has now been established that the Trinamool Congress can fight and win elections on its own," party general secretary and Railways Minister Mukul Roy told media here.

The Trinamool snatched Dhupguri municipality in Jalpaiguri district and Burdwan district's Durgapur Municipal Corporation from the Left Front, triumphed in the Nalhati municipality in Birbhum district and retained the Panskura municipality in East Midnapore district. The elections were held on Sunday.

While the Communist Party of India-Marxist (CPI-M)-led Left Front continued to hold sway over East Midnapore district's Haldia municipality, for the Congress the sole consolation was its success in retaining Cooper's Camp municipality in Nadia district.

The Trinamool and the Congress, allies in the central and state governments, fought separately in the civic polls for the first time after the assembly elections last year.

"The fight in the polls was not only against the Left (Front) but also against the Congress, the Bharatiya Janata Party (BJP) and the Maoists. The victory has vindicated our stand to go it alone," Roy said.

Describing the CPI-M as an "endangered species", Roy said the alliance was hurtling towards "extinction".

"We snatched three civic bodies from others. The LF barely managed to retain Haldia. Even there, we have consolidated our position since the last polls (2007).

"Bagging 72 of the 129 seats establishes the fact that we fight and win on our own," added Roy

Government announces sops; eyes 20 percent exports growth

New Delhi, June 5 (IANS) The government Tuesday set a target of increasing exports by 20 percent in 2012-13 and announced a series of measures including interest subsidy and market diversification programmes to boost foreign trade.

In the annual supplement to the foreign trade policy, Commerce and Industry Minister Anand Sharma announced extension of interest subsidy scheme by one year till March 31, 2013 for labour intensive sectors.

Last year, the government had created a special dispensation for labour intensive industry by extending the facility of two percent interest subvention for handlooms, handicrafts, carpets and small and medium enterprises (SMEs).

"We have now decided to extend the scheme for another year till 31st March 2013 and expand its coverage to include other labour intensive sectors namely toys, sports goods, processed agricultural products and ready-made garments," Sharma said.
Sharma, who also holds the textiles portfolio, said the government has decided to continue with most of the incentives announced last year to help exporters.
"It is our expectation that with these measures and with the tenacity of our exporting community, we shall be able to sustain an annual export growth of 20 percent this fiscal as well," the minister said.
India's exports increased by 20.94 percent to $303.71 billion in the financial year ended March 31, 2012, surpassing the government's target of $300 billion.
However, a sharp drop in exports growth in the last few months indicate that sustaining a similar growth this financial year would be difficult.

Exports grew at a sluggish rate of 3.23 percent to $24.45 billion in April, the first month of the current financial year. In fact, exports declined in March, and registered nominal growth in the previous two months.

It will be interesting to see if the government's efforts would help revive growth in exports.

In the annual supplement to foreign trade policy 2009-14, the government unveiled a seven-point strategy to boost exports. It proposes:

-- To give a focused thrust to employment intensive industry because we view exports not only in terms of their economic contribution but as a means of generating gainful employment;

-- To encourage domestic manufacturing for inputs to export industry and reduce the dependence on imports;
-- To promote technological upgradation of exports to retain a competitive edge in global markets;
-- To persist with a strong market diversification strategy to hedge the risks against global uncertainty;
-- To encourage exports from the North Eastern Region given its special place in India's economy;
-- To provide incentives for manufacturing of green goods recognising the imperative of building capacities for environmental sustainability; and

-- To endeavour to reduce transaction cost through procedural simplification and reduction of human interface.

Missing Rajasthan nurse: CBI finds place where body was disposed off

Jodhpur, Jan 4 (IANS) The Central Bureau of Investigation (CBI) Wednesday identified the location where missing nurse Bhanwari Devi's body was disposed off after she was kidnapped and burnt to ashes Sep 1, sources said.

The CBI took Omprakash Bishnoi, arrested in connection with the case, to a place near Jaloda village where the nurse's body was burnt.

'Omprakash told the agency that the remains of her body were dumped into a canal near the village,' sources told IANS.

The location of the body was the biggest mystery in the case, which the CBI has apparently solved.

Omprakash is the brother of Bishnaram Bishnoi who was held near Pune by Maharashtra police Wednesday morning. The CBI had announced a cash reward of Rs.5,00,000 on Bishnaram saying that he was involved in the disposal of the nurse's body.

A team from the Central Forensic Science Laboratory is expected to arrive in Jodhpur from New Delhi Thursday and inspect the place where the body was brunt.

Twitter embarrassed by fake Wendi Murdoch account

Twitter, the popular microblogging site, apologized on Tuesday for incorrectly verifying a false account for Wendi Deng, the wife of News Corp Chief Executive Rupert Murdoch.

The fake account with the handle @Wendi_Deng popped up on Sunday soon after a real Twitter account was started by the media mogul on New Year's eve. News Corp communications staff confirmed that the Murdoch account was genuine. Like Murdoch's own Twitter account, the Wendi account was initially verified by Twitter, featuring the well-known blue tick which shows Twitter has confirmed the account belongs to the named person.

But by early Tuesday New York time, Twitter was forced to remove its famous blue tick from the Wendi account after it said it confirmed the account did not belong to her.
"We can confirm that the @wendi_deng account was mistakenly verified for a short period of time and apologize for the confusion this caused," Twitter said in a statement.
Twitter spokesman Matt Graves declined to comment on the matter beyond the earlier statement to explain how the error was made.
Twitter, which allows anyone to create an account under any name for free, uses the blue tick verification to help its users to differentiate real accounts of well-known personalities from parody pages made by other users.

The @Wendi_Deng profile, seen by Reuters on Monday, said she was joining her husband on an "adventure" on Twitter and began tweeting regularly about Murdoch and with public messages to celebrities like Piers Morgan and British entrepreneur Alan Sugar.

Within 48 hours of opening the page and getting the Twitter stamp of approval, the @Wendi_Deng account - registered under the name Wendi Deng Murdoch - had racked up more than 10,000 followers eager for some insight into Murdoch's personal life as well as his business life. Murdoch himself had amassed nearly 95,000 followers at the time of publication.

The fake account verification by Twitter was compounded by a public relations executive at News Corp's London-based News International mistakenly confirming the @Wendi_Deng account as real to reporters.

UK paper The Guardian had to issue a correction after it published a story with the headline: "Wendi Deng flirts with Ricky Gervais after joining husband on Twitter."

The issue raises questions about Twitter's account verification process. It has nearly 17,000 verified accounts.

The person behind the 'Wendi' page, who has yet to reveal his or her identity in response to inquiries, was critical of Twitter's decision to verify the account without proper checks.
"And you have to wonder even more why Twitter verified this account for a full day. I never received any communication from them about this," the person tweeted.
Twitter has a private verification process for celebrities and other famous people who ask to be verified or complain about parody pages. The site has more than 100 million active accounts and 250 million tweets a day.
Even without the confusion around whether his wife was on Twitter, Murdoch has lit up the blogosphere with his early opinionated tweets being widely covered by both blogs and the mainstream media. His tweets included a near endorsement of Republican presidential hopeful Rick Santorum, praise for President Barack Obama and criticism of the Steve Jobs biography.
Murdoch has had a shaky history with the Internet in general and social media in particular. He famously paid $580 million for MySpace in 2005 and sold it for $35 million last year after losing out to Facebook.

Saudi Prince Al Waleed bin Talal last month took a 3 percent stake in Twitter for $300 million, valuing the company at some $8 billion. The prince holds 7 percent of News Corp B shares, the second largest voting stake after Murdoch.

Budget after March 9, dates not finalised: Pranab

New Delhi, Jan 4 (IANS) The union budget for 2012-13 would be presented after March 9 following the state assembly elections but no dates have been finalised, Finance Minister Pranab Mukherjee said Wednesday.

'We are working out the dates. We will present the budget after assembly election is over. (The model) code of conduct will be operational until March 9,' Mukherjee told reporters here.

The general budget is usually presented on the last day of February every year.

The union budget is set to be delayed at least by a fortnight due to assembly elections in five states.

As March 10-11 is a weekend, the budget session is likely to begin from March 12.

The general budget is preceded by the railway budget and the economic survey. So the general budget could be presented only after March 15.

Assembly polls in five states -- Uttar Pradesh, Uttarakhand, Punjab, Goa and Manipur -- are scheduled to take place between Jan 28 and March 3. Counting will take place March 4 and the code of conduct will end March 9.

Bajaj Auto launches ultra-low-cost car RE 60

NEW DELHI (Reuters) - Bajaj Auto Ltd launched its first-ever four-wheeled vehicle on Tuesday, saying the RE60 would target commercial users and three-wheeled vehicle owners in India, and that production could involve Nissan and Renault.

The unveiling of the four-seater RE60 ended months of rumours that have buzzed around India's auto industry on the nature of the vehicle, which promises low carbon emissions and fuel efficiency, the company said in a much-anticipated launch.

The vehicle resembles an over-sized hatchback with an elevated roof .

Bajaj is India's second-largest two-wheeled vehicle maker, and is the world's leader in the three-wheeled vehicle segment, which includes the popular rickshaw taxis used across Asia's third-largest economy.

France's Renault SA and Japan's Nissan Motor Co, who worked with Bajaj on developing what was slated to be an ultra low-cost minicar, will decide on co-operation on the RE60 in the next few days, Bajaj Managing Director Rajiv Bajaj told reporters.

"At no point we intended to be contract manufacturers for Renault-Nissan... With small or big modification, we can supply to Renault-Nissan if they wish," Bajaj said.

"They have not seen the product... If Renault-Nissan were to walk away, that is also fine with us."

Renault-Nissan will view the vehicle for the first time at this year's India Auto Expo, Bajaj added.

The event, held once every two years, begins in New Delhi on Thursday.

The RE60 will be manufacturered in Bajaj's plant in Aurangabad in western India, and will be made available to customers in the next few months, Bajaj said.

Shares in the automaker, which opened strongly in anticipation of the RE60 launch, were up 0.3 percent at 1480 rupees in early afternoon trading. The overall market was up about 2 percent.

Gold plated dosa in Bangalore a huge hit

Bangalore, Jan 4 (ANI): A restaurant in Bangalore is witnessing large footfalls, since the debut of their latest delicacy, a gold-plated dosa, which is priced at a whooping Rs. 1,011.

One of the restaurateurs chanced upon the idea of creating these unusual delicacies, when he was surfing on the Internet for strategies to make his eatery stand out among other city's food outlets.

"I wanted to do something in restaurant business, so I thought why can't we do something different, so when I once saw in a television channel that they are using gold foils for pizzas and ice creams, which cost 1000 dollars, thought why can't we get this to Bangalore and use it on something else?" said Chandan Lokesh, owner of the restaurant.

Priced at an exorbitant rate, the dish is roasted crisp with a hint of olive oil and has a filling of mashed potatoes, in addition to the gold foil for the finishing touch.

The restaurant also serves a dosa covered with a silver foil, at an affordable price of Rs. 151.
According to media reports, the marketing strategy by owners has made the gold dosa a huge success.

"I got to know about this through my friends that they sell gold dosa over here and I wanted to try it. After I tried it, I liked it so much that I am eating it for the fourth time and I want others also to come and try here and this is ISO certified dosa, it's really good for the health," said Nagashree, a resident.

The Big Question: Trade with China to suffer?

Relations between India and China have been strained, to say the least. An Indian diplomat based in Shanghai fainted in court after being denied his diabetes medication, and had to be rushed to the hospital. Two Indians were tortured and detained by local traders for alleged non-payment of dues in the business hub of Yiwu. In reaction to these incidents, the Indian embassy in Beijing put out a strongly worded advisory on Tuesday cautioning Indians “not to do business with Yiwu.”

This news comes at a time when Chinese manufacturers are flooding markets around the world with counterfeit Indian products. Fake Dabur and ITC products with 'Made-in-India' tags are causing damage to brand image, and revenue losses to the tune of $5 billion.

But China is also India’s largest trade partner, with bilateral trade exceeding $60 billion in 2010 alone. While these disputes create an atmosphere of mistrust, India must maintain relations with China for her own economic survival.

2 Indians say they're being held hostage in China

NEW DELHI (AP) — Two Indian traders working in China say they are being held hostage by local businessmen in an eastern city because of a dispute with their boss over money.

Deepak Raheja told the Times Now news channel in a telephone interview Wednesday that he and another Indian were beaten and have not been allowed to leave their hotel in Yiwu city.

News reports said local Chinese businessmen have demanded $1 million for the traders' release.

The case has triggered widespread media coverage in India. On Wednesday, about 50 activists from a Hindu nationalist group burned the Chinese flag and chanted anti-China slogans in New Delhi.

News reports also said that an Indian diplomat collapsed in a courtroom in Yiwu while trying to secure the two men's release. They said consular official P. Balachandran, who suffers from diabetes, was not allowed to eat or take his medication while in the room.

The reports said the traders were working for a Yemeni businessmen, but that could not be confirmed.
India's foreign ministry has not commented on the matter, but its embassy in Beijing warned Indians against working in Yiwu, saying there was no guarantee of legal protection in the city.
China's Foreign Ministry said the incident was an individual case involving an economic dispute and police are ensuring the Indian men's safety.

"China always attaches great importance to maintaining the rights and interests of foreign businessmen in China," ministry spokesman Hong Lei told a regular news briefing Wednesday.

He said the two Indians were in a hotel and not in detention, and that police had taken measures to ensure their security. He also said police were investigating five Chinese suspected of illegally detaining the pair, but gave no other details.

Hong denied mistreatment of the Indian official.

"Reports saying the Indian consular official was forbidden to take food and medicine and was besieged during his stay in Yiwu are not true," he said.

India secures release of its traders trapped in China

New Delhi: India secured the release of two Indian traders tortured and taken captive by locals in a trading hub in China. The two were escorted safely to the consulate in Shanghai, External Affairs Minister S.M. Krishna said after talks with the Chinese envoy here.

Krishna met Chinese Ambassador Zhang Yan here Wednesday afternoon and was assured that Beijing was paying "serious attention" to the safety of Indian traders, Deepak Raheja and Shyam Sunder Agarwal.

Following the meeting, Krishna said the incident should not be blown out of proportion.

The two Indians were trapped in a hotel in Yiwu city, a trading hub near Shanghai, after some locals alleged that the firm they worked with and whose owner is absconding owed them millions of dollars.

Zhang met Krishna at his residence here and assured the minister that the safety of Indians in China was a "priority".

"The traders have been released and they are on their way to Shanghai under consular officers security. Raheja and Agarwal are out of Yiwu. Let's not blow this incident out of proportion," Krishna told reporters after the meeting.

The minister said the two countries agreed that the safety of the two Indians "involved in a civil litigation in Yiwu is of utmost importance".

Asked about the return of the traders to India, Krishna said: “Our consular officers have met them. They will perhaps work out the details, but let us not forget that there is a civil litigation against them and we will have to take that into consideration."

Ambassador Zhang said the Chinese authorities were "working hard to resolve the issue".

"I think it will be settled according to legal procedure and according to the rule of law," the envoy told reporters.

In telephonic interviews to Indian TV channels earlier when they were held captive in a hotel, the Indian traders alleged that their lives were at risk because an angry crowd was waiting for them.

Pleading for help from the Indian government, the Indian traders also alleged in TV interviews that they were beaten up and tortured by some people.

Chinese officials in Beijing have said they would initiate criminal proceedings against five locals who held the traders hostage.

In a press statement, spokesperson for the Chinese foreign ministry Hong Lei said the Chinese judicial authority was "dealing with this case according to law".

"This is an individual case triggered by economic disputes. China hopes India can treat this case with objectivity and fairness, and actively educate Indian merchants in China to behave according to the Chinese law, behave honestly and operate legitimately," Hong said.

In Delhi, Zhang also met Joint Secretary (East Asia) Gautam Bambawale.

Indian diplomat S. Balachandran, a diabetic, posted in China was allegedly ill-treated when he accompanied the two in a court proceedings Dec 31. This triggered a strong protest from New Delhi.

The court did not allow Balachandran to have food or medicine and prevented him from leaving the courtroom despite repeated requests that he suspected rapid fluctuation in his blood sugar levels.

The 46-year-old diplomat had to be admitted to hospital after his condition deteriorated.

The Chinese authorities have denied Balachandran was ill-treated.

Asked about this, Krishna said: "Balachandran is not in the picture now. He is relaxing in Shanghai. Our concern now is the safety of these two Indians."

Terry plans legal action over Indian anti-smoking picture

NEW DELHI (Reuters) - England captain John Terry's representatives plan to take legal action after a blurred picture resembling the player was used in India's anti-smoking campaign, a local newspaper reported on Tuesday.

"We have reviewed this matter with our client and have today instructed solicitors to take appropriate action," Keith Cousins of Elite Management was quoted as saying in the Indian Express after the picture of a bare-chested man appeared on cigarette packets above the slogan 'Smoking kills'.

An advertising agency official denied the picture was of the Chelsea central defender.

"The health ministry of the government has already issued a clarification on the issue, saying it has got nothing to do with John Terry," the official from the Directorate of Audio and Visual Publicity, who asked to remain anonymous, said by telephone.

"It was purely a piece of artistic imagination and I don't know why an issue is being created."

Terry, 31, is due to appear in a British court on February 1 to face a charge of racially abusing Queens Park Rangers defender Anton Ferdinand in a Premier League match in October. He denies the charge.

Who will win Bigg Boss 5 - Juhi, Mahek, Sky, Sid or Amar? Read more at: http://indiatoday.intoday.in/story/bigg-boss-5-winner/1/167182.html

The ongoing fifth season of TV reality show Bigg Boss is into its final week. After the eviction of Sunny Leone from the show, there are five finalists left in the house fighting for the top spot. Now the question plaguing the show watchers' mind is who would win Bigg Boss-5.
The five finalists who remain in the house of boss are Juhi Parmar, Siddharth Bharadwaj, Akashdeep Saigal, Mahek Chahal and Amar Upadhyay. Headlines Today takes a look at what are the positives and negatives of each contestant.
Akashdeep SaighalAkashdeep aka Sky Walker is seen as an aggressive, dominating person who genuinely believes that he is always right. On the flip side, he does have an extremely fun light side to his personality which has made him adorable to some, including Pooja Bedi, Sunny and Juhi, being his smitten kittens.
Whether he wins the show is yet to be seen, but host Sanjay Dutt and his co-host and friend Salman Khan sure would not want to see that!
Amar UpadhyayAmar's boy next door image certainly would have got a beating with Bigg Boss as he is seen as a spineless wimp who can just think about his own cause. However, his huge bahu-beti fan base might make him sail through.
Siddharth BharadwajAn annoying Siddharth is perceived as being immature and childish, an accusation he vehemently denies. But in terms of behaviour, he continues to annoy and amuse people alike.
However, his plus point is that this youngest member of the Bigg Boss house is seen as a youth icon and people just might find his antics amusing.
Mahek ChahalMahek's killer dance moves and venomous tongue have got this item girl her share of fans and haters alike. Her wild card entry after her ouster from the house sure got the tongues wagging.
However, Salman continues to stand by her even in her darkest hour. That just might make her click.
Juhi ParmarThe ideal bahu of Indian television -- Juhi -- is the only contestant who has survived in the house from day one and has somewhat managed to catch the attention and acceptance of the Indian audience. Her "I'm too good to be true" act just might get her the maximum votes.
However, who would finally win this dirty game in reality is a question that continues to plague people.

Read more at: http://indiatoday.intoday.in/story/bigg-boss-5-winner/1/167182.html