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Nippon Life to Acquire 26% Stake in Anil’s Reliance Life
MUMBAI (ITGD Bureau): Japanese insurance firm Nippon Life Insurance Company will acquire a 26 per cent stake in Reliance Life Insurance for $680 million. “Nippon Life Insurance will invest an aggregate value of Rs 3,062 crore ($680 million) to acquire a 26 per cent strategic stake in Reliance Life Insurance,” the Anil Ambani Group firm said in a statement on Monday. The transaction pegs the total valuation of Reliance Life Insurance at approximately Rs 11,500 crore ($2.6 billion), the statement said, adding that the transaction is
subject to necessary regulatory approvals. Nippon is the 6th largest life insurer in the world and the No. 1 private life insurer in Asia and Japan.
Commenting on the development, Reliance Capital Chairman Anil Ambani said: “At this time, our thoughts are with the people of Japan, bravely facing an unprec-
edented natural catastrophe. We pray for strength to the country, its people and our new partners in the entire Nippon Life family, to overcome the trauma of the tragic loss of life and devastation caused by this calamity.” Reliance Capital currently holds a 100 per cent stake in Reliance Life. “We both share the same passion and philosophy and, together, we believe we can develop a strategic partnership to help Reliance Life Insurance become a world-class insurance company in India,” said Nippon Life Insurance President
Kunie Okamoto. Shares of Reliance Capital were up 5.46 per cent at Rs 538.75 on the Bombay Stock Exchange (BSE) at 11.16 hours. Under the current rules, a foreign entity can hold up to a 26 per cent stake in an Indian insurance firm. Reliance Capital wholly owns Reliance Life, a business it acquired from AMP Sanmar in 2005. Reliance Life is the largest insurer amongst the 22 private life insurers in India in terms of the number of individual policies sold. The company has sold over 7 million poli-
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India’s Corruption: Worse for Business
“IT HAPPENS ONLY IN INDIA”
cStay tuned every Sunday, to HIREN JOSHI from 3.30pm to 4.30pm on AM 1320 KXYZ 832-646-2116 hjoshi7@hotmail.com www.shobajoshi.com
NEW DELHI (BRICS): From the political/industry nexus which if not outside, India’s business environment checked could have a far reaching is looking increasingly riddled with impact. Of the 100 managers and heads of corruption. So too, it seems, from the inside. A majority of multinational local and multinational companies and Indian executives surveyed in surveyed in the report, 99 per cent a new report from KPMG believe agreed that the biggest impact of corruption negatively impacts their business, as well as India’s economic growth prospects. The report comes as India is poised to see another record year for mergers and acquisitions, and as dealmakers say global M&A Petty bribes “Bakshish” is not petty as it seems, will be driven by it runs to the tune of thousands of crores (in deals in India and the billions) among consumers and people in government offices China this year. Petty bribes in the days of “Licence Raj” – when corruption on their business was “its people paid to bypass the red tape tendency to skew the level playing of companies owned by the state field and attract organizations and business dynasties – have been with lesser capability to execute replaced by major scams such as the projects.” Forty per cent said “corruption recent telecoms scandal with costs to the public purse that run to tens negatively impacts the performance of billions of dollars. According to of stock markets by increasing KPMG’s Survey on Bribery and volatility”, and 32 per cent said corruption prevents institutional Corruption: Today India is faced with a investors from making long term different kind of challenge. It is investments. Just as damaging was the not about petty bribes (‘bakshish’) anymore but scams to the tune of perception that corruption has an thousands of crores that highlight a impact on investors, particularly in
mergers and acquisitions – 37 per cent surveyed said corruption may affect the valuation of a company, blurring the view of fair price. This should come as a warning to anyone hoping to take part in India’s M&A boom. Last year, deal activity reached a record $71bn, lead by resource companies, and some say this year anticipated deals could see an even greater figure. What to do? In its conclusion, the report recommends that India sign the G20 anti-corruption plan. But tackling corruption will require more than just a signed piece of paper. A good start would be to understand just how damaging corruption is, for Indian business and for the Indian people.
Nippon Life Acquires Stake in Reliance Life continued from page
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cies through its network of nearly 1,250 offices and over 2,15,000 advisors. Reliance Life managed assets of over Rs 17,000 crore ($3.7 billion) as of December 31, 2010. Commenting on the deal, Relance Capital CEO Sam Ghosh said: “As a strategic partner, Nippon Life will bring vast experience, expertise and global best practices in areas of product development, underwriting, investment management, distribution, customer relationship management and risk management.”
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GE to Invest $200 MM in Indian Unit
NEW DELHI: GE, which is holding its Corporate Excellence Council (CEC) meeting here this week-the first time outside the US-has now turned its spotlight on India. The $150 billion global conglomerate will invest up to $200 million through its Indian subsidiary over the next five years or so-again the first time the Indian arm is getting that kind of attention. The GE chairman and CEO, Jeffrey Immelt, who appeared rather reserved about his comments on the nuclear fallout in Japan after the earthquake was, however, quite buoyant when it came to describing the potential of growth for the company in India. In an interaction with the media, he described India as the biggest growth market for the company. Giving out details of GE’s investments in India, the GE India president and CEO, John Flannery, said the new investments would be made in a phased manner and an announcement about the site would be made in the next three months. In the first phase, an investment of $50 million would be made, for which two sites are currently being examined and the scalingup would also be contingent to its ability to making locomotive components here. It would start with a facility of 4 lakh square feet and then take it to 7 lakh square feet by the time the entire proposed investments flow in. The new manufacturing capacity would lead to an additional hiring of 3,000 people in India. GE, which has been slow in committing investments in manufacturing in India so far, has a robust R&D set-up in the country at Bangalore. Immelt, for whom reverse engineering is a major element of his management thought, feels that the innovation centre in Bangalore is a prime example of how low-cost and high tech products can be
marketed successfully even in the developed markets. Immelt said GE’s proposed investments in India would be in a multi-disciplinary manufacturing capacity, which would be centered around energy, aviation and locomotives. “Our single largest focus would, however, be on energy,” he said. He was also very bullish on Indian aviation and said that India would be one of the greatest aircraft engine markets in the world. Immelt said that the new facility would also be linked to the global supply chain. Besides, he was happy with the way GE’s joint ventures-with Wipro in healthcare, with State bank of India in credit cards and with Triveni in turbines-were progressing. GE India, which is a separate profit centre with a turnover of Rs 10,000 crore, has about 14,000 people on its rolls. GE’s decision to commit to Indian manufacturing would be a shot in the arm for the government, which has come under attack both at home and abroad because of the twin issues of corruption and inflation. “Inflation is a problem across the world,” Immelt said, adding that since GE was a long-term investor in India, such short-term issues did not bother him. He also did not foresee issues with regard to acquisition of land in India as an impediment, which of late has put several companies in a spot. As for the fallout of Japan’s earthquake on Fukushima nuclear facility which houses a GE-made reactor, Immelt largely had the same things to say. He was supportive, concerned and committed to the Japanese people and its government, he said replying to questions about safety and regulatory issues. “We have committed an assistance of $5 million ... it’s too early for a profound decision on the issues.”
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India Named as the World’s Largest Weapons Importer ations, helping countries suffering from natural calamities and joining peacekeeping missions. India’s defence budget for the coming year is Rs. 1.5 trillion ($32.5 billion), a 40 per cent increase from two years before. It imports more than 70 per cent of its arms. The vast majority of those imports, 82 per cent, come from Russia, which has India entered a $1.1 Billion deal with Britain to purchase 57 Hawk advanced trainer jets. It has also entered into an agreement with long been India’s USA for $4.1 billion for 10 C-17 transport aircraft. In a deal with supplier of choice, France for $2.1 billion an upgrade deal for Mirage 2000 fighter the report said. But aircraft was signed. Between India and Russia an agreement to other countries have develop a fifth generation fighter aircraft was reached as well been pushing for a chunk of the lucraThe institute measures arms transactions tive market, with over a five-year period to take into account world leaders streaming here in recent the long time lag between orders and deliv- months, in part to push defence deals. ery of arms. During British Prime Minister David India is spending billions of dollars on Cameron’s July visit, the two countries anfighter jets and aircraft carriers to mod- nounced a nearly $1.1 billion deal for India ernise its air force and navy. With its boom- to buy 57 Hawk advanced trainer jets. During economy and growing power, India has ing President Barack Obama’s November been pushing for a greater international role, visit, a $4.1 billion sale of 10 C-17 transport including a permanent seat on the U.N. Se- aircraft was announced. curity Council. To buttress its claim, Mr. France and India moved closer to finalizBedi said, a modernised Indian military ing a $2.1 billion Mirage 2000 fighter airwould need to take part in more global oper- craft upgrade deal during President Nicolas
Sarkozy’s December visit, and a few weeks later India and Russia agreed to jointly develop a fifth generation fighter aircraft during President Dmitry Medvedev’s visit. India is awaiting delivery of a $2.3 billion rebuilt aircraft carrier from Russia — as it builds another carrier itself — and has ordered six submarines worth $4.5 billion from France. With India expected to spend $80 billion over the next decade to upgrade its military, more plums await. India is in the market to buy 126 fighter jets, a deal worth $11 billion, and about 200 helicopters worth another $4 billion. It also has plans to buy large amphibious landing ships at $300 million to $500 million each and is discussing another $10 billion submarine order, Mr. Wezeman said. “The kind of purchases that India is buying, no country in the world buys,” Mr. Bedi said. “What is in the pipeline is huge.” India last topped the list in 1992, just after its main arms supplier, the Soviet Union, collapsed. Through much of the 1990s and early 2000s, the Indian military stopped making major purchases. When the country refocused on its military in recent years, the needs were enormous, said Ajai Shukla, an Indian military analyst and former army colonel. “A lot of this buying you are seeing is this backlog of replacement that you should have seen happening in a phased and staggered manner,” he said. “It’s all happening now in a bunch.”
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NEW DELHI (Hindu): In its race to join the club of international powers, India has reached another milestone — it’s now the world’s largest weapons importer. A Swedish think tank that monitors global arms sales has said that India’s weapons imports had overtaken China’s, as the South Asian nation pushes ahead with plans to modernise its military and gain international clout. “India has ambitions to become first a continental and (then) a regional power,” said Rahul Bedi, a South Asia analyst with London-based Jane’s Defence Weekly. “To become a big boy, you need to project your power.” According to the report from the Stockholm International Peace Research Institute, India accounted for 9 per cent of all international arms imports in the period from 2006 to 2010, and it is expected to keep the top spot for the foreseeable future. “Just from what they have already ordered, we know that in the coming few years India will be the top importer,” said Siemon Wezeman, a senior fellow at the institute. Defence Ministry spokesman Sitanshu Kar declined to comment on the report before he had a chance to read it. China dropped to second place, with 6 per cent of global imports, as it continued to build up its domestic arms industry, Mr. Wezeman said. The United States was the largest arms exporter, followed by Russia and Germany, according to the report.
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Indian Contract Killer Targets ‘Dawood’s Man’ in Nepal Jail
K AT H M A N D U ( T O I ) : O n e year after Nepal's controversial cable TV tycoon Jamim Shah was killed in a public road in the capital's diplomatic area, a second controversial public figure survived a gun attack inside Nepal's most tightly guarded prison by a 42-yearold Indian hit man with at least five operations on his record. Yunus Ansari, son of former forest minister Salim Ansari, was shot from close range by Jagjit Singh, a resident of Kanpur Road in Lucknow, who police said had also killed Ram Prasad Yadav and Brijesh Singh in India in the past and targeted three more, who however survived. A manhunt has been launched for Singh's accomplices, Ramu Duvedi, 35, and Suresh Duvedi, 30, with a NRS 50,000 reward offered for their capture or further information. Additional Inspector General of Police Arjun Jung Shahi said the border exit points have been alerted. Police are also investigating if Charles Sobhraj, now doing time in the same Central Jail, for the murder of an Amertican backpacker in 1975.
Police making public Jasjeet Singh (center), who attempted to kill Yunus Ansari inside the Central Jail, at a press conference in Kathmandu on Thursday, March 10, 2011. Photo: The Online
Shahi said Singh had been visiting Sobhraj regularly for a month to keep a tab on Ansari, especially during the time he used to receive visitors. On Thursday, Singh went inside the prison wearing a jacket that had a secret pocket. A revolver, made in England, was hidden there and the constables on guard duty failed to detect it while searching him before waving him in.
A long narrow room partitioned into two by a wire mesh serves as the visitors' room where rows of prisoners stand on one side talking to visitors on the other, under the watchful eyes of guards. Ansari was in conversation with his brother and sister-in-law when Singh shot him. Though the bullet was intended for the hear from close range, a watchful guard jostled Singh's hand
and the bullet instead hit Ansari in the shoulder. He was taken to the Norvic Interational Hospital while guards overpowered Singh. This is a new twist to the saga that started in January 2010 when Ansari was arrested from his own residence in Kathmandu valley after a surveillance team caught his bodyguard Kashiram Adhikari receiving fake Indian notes worth Rs 2.5 million and almost 4 kg of heroin in a hotel from a Pakistani courier, Mohammad Sajjid. Both Ansari and Jamim Shah are alleged to have been kingpins of a fake Indian currency racket running from Pakistan through Nepal, Bangladesh and the Middle East with the reins controlled by one of the most wanted men in the world, Dawood Ibrahim. A month after Ansari's arrest and imprisonment, Shah was shot dead in his own car while going home from the gym. The motorcyclist who edged close to the car brought to a halt during rush hour traffic and the pillion rider who got down and pumped the bullets into the unsuspecting Shah, were never found or identified though a subsequent
police investigation unearthed the involvement of policemen in the meticulously planned killing. Admitting lapses, police authorities said a three-member high-level team had been formed under Additional Inspector General of Police Rabindra Pratap Shah to probe the incident. Meanwhile, Ansari's enraged parents stormed the hospital, accusing the "Indian Embassy" in Kathmandu of being behind the attempt. Salim Miyan Ansari, who is also whispered to have had mafia links, said he and his family had been receiving threats but when they asked police to ensure better security for Yunus, he was prevented from visiting the prison. There is speculation that Shah's killing was planned by India's Research and Analysis Wing. Indian don Babloo Srivastava, now behind bars in a UP jail, is believed to have been the involved in the planning. But though Nepal sent a police team to Bareilly Jail to speak with Babloo, they were not given permission by the Indian authorities.
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‘Munni...’ Enters Guinness World Record
MELBOURNE: ‘Munni Badnaam Hui’, the smash hit item number from Salman Khan starrer 'Dabangg' has created history by entering the Guinness Book of World Record here. Over 1200 people danced for three minutes on the song, led by Malaika. The event was organised by Indian Film festival 2011 director Mitu Bhowmick Lange to
promote Bollywood Down Under. The song was played at Melbourne Park in Australia on weekend with over 1200 people dancing together. Malaika received a certificate for setting the record . Lange said: "It's been amazing to see such a large crowd has come together and danced with same steps on this exciting number." The earlier record was set in Singapore when over 1008 people danced for a song. Malaika was accompanied by her Bollywood star husband Arbaaz Khan and her son. The gala evening was also attended by Vidya Balan, director of 'No one Killed Jessica' Raj Kumar Gupta, director Kabir Khan and Pakistan pop singer Ali Zafar. Hopefully there will be many more super hits making their way into the Guineess World Records.....Go Bollywood .
Kat, Priyanka, Deepika Clash for Dhoom 3 MUMBAI (HT) :One of the hottest franchise of Bollywood, Dhoom 3, has become even hotter after Aamir Khan joined the board as the lead villain. And guess what? Katrina, Priyanka and Deepika are trying to bag the glamorous role. A source informed Mumbai Mirror, “With Aamir Khan coming on board to play the villain in the film, all the leading ladies are even more enticed to be a part of Dhoom 3. The ladies in contention are Priyanka Chopra, Deepika Padukone and Katrina Kaif. Although, none of the three actresses have ever worked with Aamir, they are Aditya Chopra’s favourites.” But who has the maximum chances of getting the role. While Piggy Chops obliged YRF by starring opposite Chopra scion Uday Chopra in Pyaar Impossible, Deepika has aso worked with
the production house in a couple of movies. But if sources are to be believed, Katrina Kaif is top on Aditya Chopra’s priority list. Another source informed the tabloid, “Katrina seems to be winning the race followed by Priyanka and then Deepika. The leading lady of Dhoom 3 needs to don a bikini and be at her sexiest best. All three actresses have expressed their desire to be a part of the film. Adi is taking keen interest to cast the right girl, along with the writer-director Vijay Krishna Acharya.” A YRF spokesperson told the tabloid, “This is mere conjecture. As mentioned in more than one clarification, we haven’t begun casting beyond those announced Aamir Khan, Abhishek Bachchan and Uday Chopra. You will need to wait for our announcement.”
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highway in Uttar Pradesh Offers Solution to Land Fights By Jim yardley JIKARPUR (NYT): When the state of Uttar Pradesh announced plans to confiscate farmland for a toll road to the Taj Mahal, a grimly predictable plotline ensued. Protesting farmers, angry over low compensation, blocked road work. Frustration boiled into fatal clashes with the police. Then opposition politicians arrived to pillory the state government and pose for photos with farmers. Next, though, came something less predictable. Rather than the usual standoff, the state’s chief minister increased payments to farmers and offered them annuities for the next three decades. The new policy also gave farmers stakes in residential developments being built alongside the toll road, known as the Yamuna Expressway, and promised jobs connected to the project. Today, the Yamuna Expressway is again under construction, and if some farmers are still not satisfied, the project is now regarded as a tentative sign of progress in India’s wrenching fights over land, one of the most serious yet seemingly intractable challenges facing the country. Angry confrontations between farmers and business interests occur in every corner of India, yet India’s coalition national government is deadlocked on reforming land acquisition laws written in 1894 during the British Raj. The political paralysis has only deepened public cynicism about the ability of Indian politicians to get
Last August, farmers held a protest at the Yamuna Expressway site near the village of Tappal, India. Earlier that month, three people died in clashes. Photo: Daniel Etter for The New York Times
things done on critical national issues. But the Yamuna Expressway may point to a more promising trend. Even as the national government is stalled, some of India’s poorest states, facing rising public pressure to deliver good governance and economic growth, are making progress. “Several of the state governments that normally you would think of as incompetent and ungovernable are the ones taking new initiatives,” said Himanshu, a social scientist at Jawaharlal Nehru University in New Delhi, who studies regional politics. He said the key to Uttar Pradesh’s new land policy was recognizing that farmers needed a future livelihood,
not just a one-time payoff. “Land is not just an asset you can dispose of,” he said. “It is an income stream for them.” Politically, any improvement in governing by India’s poorest states would have a significant national impact and help reduce the grinding inequity that exists beneath India’s economic rise. Already, economic growth in the impoverished state of Bihar has risen sharply after its reform-minded chief minister, Nitish Kumar, improved services and cracked down on lawbreaking. Uttar Pradesh, with nearly 200 million people, is one of the poorest places in the world and has long been awash in corruption allegations under the chief minister, Mayawati, who has spent millions Cuisine of dollars in public funds building statOver 30 years of Culinary Expertise ues of herself. But facing a re-election Serving Houston, Sugar Land and The Woodlands campaign next year, Ms. Mayawati has appeared to pivot, focusing on development projects, like ambitious highway plans. Many analysts say voters are beginning to compare the performance of their state government with those in neighboring states — and to demand Indo-Chinese results. Officials Grilled Sizzlers in Uttar Pradesh, who were initially Seafood Specials criticized for their handling of the YaTandoori Specials muna Expressway Vegetarian Specials project, now boast that their land policy is unmatched in • Excellent professional service, India. “This is the most • Dine-in Reasonably Priced, Catering, To-Go liberal policy in the • No compromises on the quality of food! country,” said Vijay Shankar Pandey, a spokesman for the Call Das • 281-492-1688 • 832-350-9424 Uttar Pradesh government. “This is 1029 N. Highway 6 suite #200 not giving compenHouston,Texas - 77079 sation alone but also
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rehabilitation. In some cases people lose all their land, so they have to be provided some alternative kind of living.” Anyone handicapping India’s chances of becoming one of the world’s most important economies inevitably points to infrastructure as a glaring weakness. New highways, new ports and new rail links are all needed — yet progress is halting at best. Less than two years ago, India’s roads minister, Kamal Nath, pledged to pave an average of 12 miles of new highway every day. Instead, Mr. Nath was transferred to another ministry last month amid questions about corruption and mismanagement; in 2010, Mr. Nath’s ministry managed to pave less than four miles of highway a day. The Yamuna Expressway is intended to connect the national capital, New Delhi, with Agra and the country’s most famous tourist attraction, the Taj Mahal, a distance of 126 miles. The existing highway offers a kidney-rattling experience that can take four to nine hours, depending on traffic. The Yamuna Expressway promises to reduce the drive to roughly two hours, while developers are also planning six residential and commercial developments along the route. But problems erupted last August after farmers in Jikarpur blocked work, complaining that their land compensation was far lower than that paid to farmers on the outskirts of New Delhi. Moreover, farmers were doubly outraged when they found that prices for apartment space in the proposed residential developments were substantially higher than what they got for their land. The anger exploded when farmers clashed with the police, leaving three people dead, including one officer. The controversy exposed the potential for abuse in what has become India’s template for infrastructure
projects — as governments use their powers of eminent domain to acquire land for private developers. In this case, Jaypee Infratech, a private company, agreed to build the $2.1 billion toll road in exchange for 6,000 acres of roadside property, tax breaks and other benefits. Farmers could not sell their land to Jaypee on the open market, but were expected to accept “market” compensation levels set by the state government. And these rates were set before the land was rezoned from agricultural to commercial use. “Any agricultural piece of land, when it is turned into industrial or commercial land — that act itself raises the value of the land by a factor of 10 to 100,” said Ashutosh Varshney, a scholar at Brown University who has studied India’s land policies. “So
the offer of a ‘market’ price is actually meaningless.” For Ms. Mayawati, who is India’s most famous politician from the Dalit caste, or untouchables, the scandal created the impression of the state’s using its unfettered powers to push farmers off the land to help a private partner reap huge profits. Under fire from opponents, she announced her new land policy and also later rezoned all the land along the project as commercial, instantly increasing its value. Now, farmers along the project site have mixed feelings. A small group of farmers, still protesting for higher compensation at a village called Bhatta Pasrol, clashed with the police this week. In Jikarpur, most farmers have already sold their land for the project, though some are still holding out and even contemplating future protests. But others are optimistic. Ganga Charan Singh, 65, who joined the initial protests, is now adding a second floor to his brick home. He recently received a payment of 450,000 rupees, or about $10,000, for a small piece of land lost to the road and expects to qualify for the promised annuity. “We are supposed to get a plot in the project, too,” he said. “We’ll see. Many farmers thought that if they are now giving us money every year, it is not a bad deal. Slowly, people realized there is not much harm. They also realized there is no way out.”
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The Kiwi Way to Better health
(TOI) :You either love its tangy flavour or loathe it, but there is more to the juicy, bright green kiwi fruit, also popular as kiwi, outside of being a fancy topping for tarts and fruit cakes. Here’s good news for kiwi lovers; apart from looking great atop pastries and cakes, the fruit is an abundant source of healthy minerals and vitamins. Chef DC Bhatt of the Cabannas, Tivoli Grand Hotel, sheds more light on the benefits of this citrus fruit and why he loves to experiment with it in his desserts and salads. He shares, “Kiwi fruits contain a remarkable amount of Vitamin A, C and E. Vitamin C is a water-soluble antioxidant that protects our body from free radicals, cardiovascular diseases, cancer and obesity among others.Vi-
tamin E has similar effects, but is fat-soluble and thus is complimentary to Vitamin C in its function. Kiwi fruits contain both these vitamins in high amounts, which help protect our body against free radicals from all fronts.” The dietary fibre in kiwi helps cure maladies such as diabetes, by controlling sugar levels, and colon cancer, by binding the fibre to toxic compounds in the colon. “I love to use kiwis on my cheese cakes and my clients appreciate it too. Though, I have to admit it is a bit of an acquired taste. The high fibre content in kiwis help reduce cholesterol levels, and compensates for the high calories in the cheese cake,” he states its advantages. Doctors recommend patients with a heart condition to take kiwis daily, as it lowers the chances of a second heart attack. We list some benefits of eating kiwis Prevents asthma, Prevents wheezing and coughing, especially in children, Protects our DNA from mutations, Provides a healthy amount of antioxidants and vitamins to the body,Prevents colon cancer owing to its high fibre content.
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Indo American News • Friday, March 18, 2011
sports
Pak Looking Ahead to Australia Clash
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Quick Pace and Power Give Aussies a Formidable Mix
display of bowling to rip the fight out of the North Americans, who lost their last eight wickets for 61 runs. Brett Lee was the wrecker-inchief as he grabbed four wickets, while Tait finished with two and Johnson and Watson got one wicket apiece. For Canada, only a whirlwind start by Patel (54 in 45 balls) and a steady knocks by captain Ashish Bagai (39) and Zubin Surkari (34) helped them post a decent 211. “Things went not too bad. They caught us on the hop a little bit with the way they started. I Australia’s Shane Watson hits a six during thought their top their ICC Cricket World Cup group A match four or five batted against Canada in Bangalore March 16, 2011. really well,” PonPhoto: Vivek Prakash ting said. After teaching them how to cy with a seven-wicket drubbing of an admittedly weak Canadian bowl, the Aussies then gave the side, sending a strong message to North Americans a lesson in how to pace the innings while chasing Pakistan who they face next Brett Lee, Shaun Tait and Mitch- down a score. Watson and Brad Haddin started ell Johnson first ripped out the Canadian middle and lower order off slowly as they negotiated the before batsmen Shane Watson early swing in the ball and then (94) and Brad Haddin (88) chased stepped up when they took the down the majority of the 212 runs powerplay in the 21st over. They were 94 at that stage, when required to win in double quick Watson and Haddin made full use time. After a tepid bowling display on of the long handle on a placid track Sunday where the same bowlers and 14 overs later, the match was on the same pitch failed to take over. Overall he was reasonably satis10 Kenyan wickets, the speedsters shifted up a gear by grabbing eight fied with the performance against a team which were not really in Canadian wickets. Despite getting taken to the the same class as the world No cleaners by 19-year-old Hiral Patel 1 side, who are now unbeaten in early on, the pace quartet showed 34 World Cup matches stretching their resilience with a fearsome back to 1999. Australia’s pace battery will have much, much tougher tests ahead if they are to claim a fourth World Cup running but on the evidence of Wednesday’s win over Canada they are peaking at just the right time. With their batsmen also in fine nick, Australia gave other title contenders a glimpse of their efficien-
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COLOMBO (Cricinfo): Pakistan may have qualified for the knockout stages of the World Cup for the first time since 1999 but their coach Waqar Younis is not prepared to look beyond their final group game against Australia just yet. Pakistan slipped to second place in Group A after a seven-wicket win over Zimbabwe in Pallekele on Monday, but could still finish in any of the top four positions depending on what happens against Australia, and in other games. Waqar said he wasn’t thinking about whom his side might play in the quarter-finals. “Right now we are thinking of only Australia,” Waqar said. “If you win that game, then your morale will be such that you won’t worry about any team you play.” Barring a shock loss to Canada, Australia will Abdul Razzaq had Brendan Taylor caught behind, Pakistan v Zimbabwe, go into Saturday’s game World Cup, Pallekele. on a 34-match unbeaten streak in the World Cup, hammad Hafeez already in the XI, don’t forget he is a youngster, he stretching back to the 1999 tourna- they are pretty well stocked. is only 21 and brand new in this ment. Their last loss, in fact, came “The strategy will be very simi- arena. It’s not easy sometimes. In against Pakistan, at Headingley. lar,” Waqar said. “Try to play 50 the heat of the moment you play Ricky Ponting’s team is the only overs first, pile up a big total, that’s silly shots and that’s how you unbeaten side in this tournament. the key. And then, when you look learn cricket. He’s probably learnt “You have an option [whereby] at bowling sides around the world, a big lesson today that when the you could play the No. 4 team I think we have a fairly good bowl- team needs you at the wicket, you [from the other group] whose mo- ing side. If we can put a handsome should stay.” rale will be down,” Waqar said. total, we stand a good chance of The more cutting observation “But momentum is very important winning that match. Or if we bowl was for Umar, who was for the and necessary. Australia are such them out cheaply, we have a good second time in his short career, a big team, world champions, and chance of chasing it.” the subject of speculation about they haven’t lost for ages. That is There remained, Waqar insisted, faking an injury to support his elan opportunity. If you beat them, further room for improvement der brother Kamran. Umar didn’t you leave a mark. You can look at within the side and part of his con- play against Zimbabwe and when the next matches and teams will cern was directed specifically at Waqar was asked about the reathink twice about playing against two young batsmen, Ahmed She- sons behind it, he smiled, waited you. The bigger thing is the mo- hzad and Umar Akmal. Shehzad and said, “He has two or three mentum of beating the world failed for the fifth match running, problems.” He pulled back immechampions and the confidence it stumped trying to slog Ray Price. diately, clarifying that there was a gives you. That game is impor- He now has 44 runs in the tourna- finger injury as well as an ankle tant.” ment and is a prime candidate for injury picked up during a football As Sri Lanka did against Austra- the axe. session, but the comment will only lia in a game that was eventually “We’re thinking of building an fuel talk that the team management washed out in Colombo, Pakistan opening partnership, that is the is not happy with Umar’s attitude. might consider playing a spin- first point,” Waqar said. “It was a Osman Samiuddin is Pakistan heavy attack, though with Shahid rash shot from Shehzad. It wasn’t editor of ESPNcricinfo Afridi, Abdur Rehman and Mo- really required at the time. But
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Indo American News • Friday, March 18, 2011
ARIES Mar 21 - Apr 20: The reflective phase is over and you will be taken in by more down-to-earth concerns. Your socialising has been full of joy and you feel invested with more power. You feel the priority now is the security of your family members and you will want to fulfil their desires. Your expenses could overshoot your budget as you go out of your way to help others. You will now feel the need to divert your attention towards building up family properties and your own personal wealth. Be a little more frugal in your spending and you will reach your goals as per your targets. TAURUS Apr 21 - May 21: The whole load of accountability of last week will still weigh down upon your shoulders. You will have the ability of accepting things as they are and also the ability to live in the present. You work and play with equal zest, and keeping your orthodox nature aside for the time being, you indulge in your pass-times for a change. Some of you Bulls are likely to live out of the box, trying to go back to the fundamentals and living an inflexible life. You will swing between extremes ? living a life full of material desires and that of a saint. GEMINI May 22 - Jun 21: You are bursting with fresh ideas and rar raring to execute them to such a measure here to unseen. You have a big heart and you prove it both at work and at home. But since you may be exerting your yourself to the limit, you will have to be very cautious about your health. Social service also draws your attention. You manage to keep people of differ different hues in good humour. Alongside, you will be able to achieve all your goals without help and without hurting anybody. It is a good time, both at the relationships and professional levels. CANCER Jun 22 - Jul 23: Communication and contacts are the two themes of the week. Be ready for a spurt of activities like travel and trips as well as e-mails and SMSs. You maintain your contacts very well and will have many projects coming your way. Some matters could put you in a tight spot, but you’ll manage to come out unscathed with some skilful moves. You meet up with loved ones in parties and social dos. Risky projects and flimsy work could dent your domestic budget, which could in turn lead to problems at home. Make plans in advance A fitness regimen is also recommended. LEO July 24 - Aug 23: EnorEnor mous obstacles come your way this
week, and you find it difficult to stay focussed. You will keep worrying about the times to come. Besides, domestic and health issues may upset you. There may be some mishap in the family that can be most unsettling. You would do well to remember that obstacles are a part and parcel of life. Don’t get bogged down by negative thoughts. Take a break to unwind, and meditate so that all the negative ener energies can flow out. Then, when you come back with a fresh mind, you will be better equipped to face life. VIRGO Aug 24 - Sep 23: You become more single-pointed in this phase as far as your ambitions for initiating action to start new projects are concerned. Not that you will neglect the domestic affairs, but you will focus more on making money and in the process explore many areas of work. You cannot be called the cold and crafty types, but as you proceed on your mission, you will examine the options with a clever mind. You will not stand for being pushed around any more. All this aggression, however, could affect your health, and you would be better off taking a break to go relax in some peaceful place.ay put as there are better times ahead. LIBRA Sep 24 - Oct 23: You find some certainty in life and progress intently to make up for the time wasted earlier. On the professional front, there will be appreciation and stability. Your mindset is more steady now, and you will gain the consequent rewards for it. You will achieve the much-wanted profits in playing the markets and also manage to find the time to have fun with the family. There will be fun times and excursions, which you will enjoy with children. Gatherings with elders of the family will bring back old and happy memories. Things will work your way now. SCORPIO Oct 24 - Nov 22: Known as one of the most strong signs of the Zodiac, theScorpiodoesnot get bogged down by the setbacks of life, bouncing back on track rather easily. And this is exactly what you prove now. Your presence is required at both home and office with domestic matters taking up a larger chunk of your time. Your stars indicate health problems for a family member or a pet. You handle all of these with equal ease. Also, being overburdened with work, your own health may suffer too, take all the necessary precautions. However, since your attitude and approach are beyond reproach, you sail through.
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www.GaneshaSpeaks.com SAGITTARIUS Nov 23 - Dec 22: You will feel motivated to make a few changes in your workplace and also pay a great deal of attention to organising your work. Your vision will broaden, leading to increased travel activity and widening of your communication network. It will also lead to intellectual growth, and you will welcome it. You will submerge yourself in work and, with hectic pace, will want to make up for all the lost time. You will work so hard much more than you have done in the last few weeks that you could exhaust yourself. But you have responsibilities to comply with, and you can’t dilly-dally for long. CAPRICORN Dec 23 - Jan 20: Everyone wants to be an achiever in life. You will want to organize all your activities and look up to others for help, which is a good thing as people like to help those who seek it. Many of the people who offer to help now may later, when you succeed, want to be compensated in some form or the other. Once you are on your own feet, you will, however, discard all other dependencies. With increasing self-belief, your relationships get revitalised. You will feel more stable and even on the domestic front there will be peace. You will have sustained progress. AQUARIUS Jan 21 - Feb 19: You are quick on your feet, resolving pending issues and doing the groundwork for new developments. Your hard work will be rewarded. There will be advancement in terms of profession, but you are not one to get carried away by it. You know the importance of money, you know that it can buy all the good things of life, but it does not find a warm place in your heart. You know that money is not the be-all and end-all of life. You will spend an equal amount of time on implementing your ideas and fulfilling your dreams. PISCES Feb 20 - Mar 20: There are many professional challenges that need your attention to the minutest detail. It is a phase in which you make steady and cautious advancement. You are very thrifty and will make some wise investments. There is lots of trade on the cards. You will reap rewards from speculation. There is no time to relax. However, there will be some entertainment in the mixed bag. Though good otherwise, this is a loveless phase and you lead a unidimensional life, concentrating fully on work and profits which is not such a bad thing sometimes. So go right ahead without any qualms.
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Indo American News • Friday, March 18, 2011
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India
When I’m Sixty- four
Indo American News • Friday, March 18, 2011
By Chaitanya Kalbag NEW YORK (Business Today) Average life expectancy at birth for Indians in 2010 was 64.4 years, which means the Beatles song could be an elegy. We fared more poorly than our neighbours Bangladesh (66.9), Sri Lanka (74.4) and Pakistan (67.2). Independent India is going to be 64 this year, and the census-takers are filling their forms and seeking answers from more than 1.2 billion of us, a seething subcontinent of noise, tumult, hard work and yes, corruption too. Somehow the government’s annual budget is seen as the multivitamin that will put the bounce back in our steps. Pranab Mukherjee’s third budget for UPA-II was workmanlike and plodding, with only an occasional spring in its step. Elixir it was not. It seemed as if the Finance Minister was sinking back in the cushions of an economy growing at the “Hindu rate of reform”, about 9 per cent. He protested that his budget was not populist, and blamed the absence of dramatic reform with the same lament: crucial financial-sector legislation would move forward “if I had A report says children in India got only 4.4 mean years of schooling in 2010, lower than in Bangladesh, Sri Lanka and Pakistan 272 (MPs) in the Lok Sabha and 124 in the Rajya Sabha”. So there is quite a bit of sleight Pranab Mukherjee’s of hand in the 13,800-word budget speech that eclipsed cricket and sent third budget for the stock markets into a brief tizzy. UPA-II was workThe individual tax-payer will get a manlike and plodsmidgen more of spending money, but it will be quickly snatched away ding, with only an by service tax on more items, and the occasional spring in ominous inevitability of high inflaits step. It seemed tion - something that Mukherjee’s Chief Financial Adviser Kaushik as if Mukherjee Basu does not think is too alarming. was sinking back in In a strange new global economy, tagflation - stagnation in some parts the cushions of an of the world, inflation in others. Mon- economy growing at ey flows to the magnets, and India is the “Hindu rate of a magnet, like it or not. But Mukherjee can see the ghosts. “The huge reform” The fragile global recovery could Rs 1.44 trillion in 2011-12, up from differences between wholesale and cause a “reversal of capital flows and a budgeted Rs 1.16 trillion in 2010-11 retail prices and between markets in is ploughing. slowdown in exports”. The current (the actual subsidies bill will total Rs different parts of the country are just Is the harvest going to be bounti- account deficit is too high - it rose to 1.64 trillion). Mukherjee did not take not acceptable,” he said in his budget ful? The signs are not propitious. 3.7 per cent of GDP in the first half speech. “These are at the expense of Corporate profit margins are getting of 2010-11 from 2.2 per cent a year remunerative prices for farmers and squeezed. Industrial production has earlier. Mukherjee admits he would competitive prices for consumers.” dropped. Manufacturing is not grow- have preferred a level around 2.5 per The budget is therefore a khichdi of ing fast enough. cent. The Survey says periodic surges cold chains, mega food parks, “pulses Mukherjee wants to see manufac- in capital flows need to be absorbed villages”, “vegetable clusters”, more turing rise to 25 per cent of India’s more efficiently. It also warns that the pigs, goats and fish on the dining GDP, from the current 16 per cent. bulk of capital inflows consisted of table, and cheaper pistachios and The Economic Survey for 2010-11 foreign institutional investor, or FII, diapers. The Finance Minister has notes that Indian manufacturing is funds. The World Bank separately some fun too. Many of the steps he less than 1.4 per cent of world manu- cautions that renewed shocks to the lists to attack food-price inflation all facturing. global financial system could trigger involve paltry outlays of Rs 300 crore There is a fair bit of philosophising, a “flight to safety” by investors. The each and will glance off that mon- too, in the Survey: “Many a noble Economic Survey notes that FDI in ster’s tough hide. “Hon’ble Members plan to reach out to the poor and April-November 2010 totalled $19 may be curious as to why all these increase the welfare of our citizens billion, nearly the same level as a year new initiatives are being launched has fallen on hard times because of earlier, while portfolio investment with an allocation of Rs 300 crore. the policymakers’ propensity to as- including FII inflows rose sharply to Well, the number 3 happens to be sume that the policies are delivered by $32.8 billion in the eightmonth period my lucky number!” Mukherjee said. flawlessly moral agents or perfectly- from $22.2 billion a year earlier. Nobody laughed. As we predicted programmed robots.” Mukherjee announced sops de(BT, February 20 2011, http://bit.ly/ The budget fiddles around the edg- signed to attract more investment electionstupid) quite a bit of spending es of corruption and poor governance. inflows. Foreigners can now invest will take place in states going to the Yes, there is definite movement to- directly in Indian mutual funds. FIIs elections this year. This, plus a 17 per wards direct transfers of subsidies can buy a total of up to $40 billion cent increase in social sector spend- to the poor for kerosene, cooking in corporate bonds, and invest in uning to Rs 160,887 crore - 36.4 per gas and fertiliser, but much is left to listed bonds with a minimum threecent of total plan allocation - is proof committees and panels. What are the year lock-in. enough of the safe furrow Mukherjee main concerns? Subsidies of every hue will total
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any bold steps to slash subsidies. The fiscal deficit in 2011-12 is projected at 4.6 per cent of GDP, down from 5.1 per cent in 2010-11. Disinvestment may bring in the targeted Rs 40,000 crore (the same as 2010-11, when only Rs 22,144 crore was raised), but there is no windfall on the cards like this fiscal year’s 3G auctions, and Mukherjee does not explain where the extra money is going tocome from. At bottom, this government will enter its third year in power without a BHAG (big, hairy, audacious goal) beyond the rather weary “sustainable and inclusive growth”. Will populism lift India into a high-income, skilled labour bracket? We will need all the enterprise, innovation and success we can marshal. Noting that 70 per cent of Indians will be of working age by 2025, Mukherjee announced a sharp 24 per cent rise in outlays on education to Rs 52,057 crore, and a 40 per cent rise in expenditure on the Sarva Shiksha Abhiyan programme, which seeks to universalise primary education, to Rs 21,000 crore. The UNDP’s Human Development Report says Indians enjoyed only 4.4 mean years of schooling in 2010, lower again than our three immediate neighbours. The 2010 Annual Status of Education Report, or ASER, by Pratham, an NGO, makes for depressing reading. Although 96.5 per cent of children in the 6-14 age group were enrolled in school, it says, only 53.4 per cent of fifth-grade children could read a second-grade level text. The Economic Survey quotes ASER 2010 as saying that the proportion of first-grade children who could recognize numbers from 1 to 9 declined from 69.3 per cent in 2009 to 65.8 per cent in 2010. The proportion of third-grade children who could solve two-digit subtraction problems dropped from 39 per cent in 2009 to 36.5 per cent in 2010. Do not be in any doubt - the mountain is high, and the climb is steep. Our ascent is perilous. It has not got easier.
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