World
China stocks nosedive
The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points, China.org reported
 
Chinese shares nosedived on Monday, in the biggest single-day fall in over eight years.
 
The benchmark Shanghai Composite Index plunged 8.48 percent to close at 3,725.56 points, China.org reported.
 
The fall was the biggest single-day loss since February 2007.
 
The smaller Shenzhen Component Index fell 7.59 percent to close at 12,493.05 points.
 
The ChiNext Index, tracking China's Nasdaq-style board of growth enterprises, lost 7.4 percent to end at 2,683.45 points.
 
The National Bureau of Statistics said that profits at major Chinese industrial firms dropped 0.3 percent year on year in June, down from 0.6 percent growth posted in May.
 
The flash Caixin China Manufacturing Purchasing Managers' Index (PMI) released on Friday retreated from 49.4 in June to 48.2 in July, the lowest since April in 2014.

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COMMENTS

Mahesh S Bhatt

1 year ago

How long gas shall last it good exhalation shall be grounding well.

Road transport ministry: Continues UPA's work, contradicts own data
These are some of the claims made by the Ministry of road transport in its performance report card, issued a year after Prime Minister Narendra Modi’s first year in office
 
As many as 36,000 km of rural roads built; highway building increased to 12 km/day from 2 km/day, cashless treatment for accident victims on national highways. These are some of the claims made by the Ministry of road transport in its performance report card, issued a year after Prime Minister Narendra Modi’s first year in office.
 
However, a look at the figures projected as key achievements shows that the claims are biased or incorrect - and the schemes projected as fresh initiatives have been in existence for years. Here is what Fact Checker found:
 
1. “Significant” increase in rural road: Yes, but lesser than some past years
 
Claim: Roads constructed under the Pradhan Mantri Gram Sadak Yojana (PMGSY - Prime Minister’s Rural Road Development Programme) have “significantly” increased from 25,262 km in 2013-14 to 36,883 km in 2014-15.
 
Reality: More roads were constructed under PMGSY during 2014-15, compared to 2013-14. However, far greater lengths have been constructed: 60,117 km in 2009-10 and 45,109 km in 2010-11.
 
2. Highways built at 12 km/day instead of UPA’s 2 km/day: Wrong, says government’s own data
 
Claim: Only 2 km per day constructed between 2009 and 2014. The current government has increased it to 12 km/day.
 
Reality: More than 12 km/day was being constructed during 2009-14, with a high of more than 15 km/day during 2012-13, the government’s own data says.
 
3. More highway contracts than previous year. Yes, but lesser than years before that
 
Claim: 7,980 km of projects awarded during 2014-15, compared to 3,621 km during 2013-14.
 
Reality: That is true, but 9,791 km and 9,500 km, respectively, were awarded during 2011-12 and 2012-13.
 
4. Electronic tolls on national highways: That started in 2012
 
Claim: Rolling out electronic tolls on all national highways.
 
Reality: Pilot studies began in 2010 on National Highway 22, extended to six toll plazas in 2013.
 
5. Wayside amenities along national highways: Process began in 2009
 
Claim: User-friendly amenities on national highways.
 
Reality: Setting up of wayside amenities on national highways was first proposed in 2009, and eight sites were awarded for development that year. By next year, 56 new sites were identified for development of amenities.
 
6. “Key achievement”, integrated vehicle-registration and driving-licence system: Started 2010
 
Claim: Integrated vehicle registration and driving licence system developed; a “key achievement” of 2014-15.
 
Reality: The system has been in development since 2010. Called Vahan (Registration Certificate) and Sarathi (Driving Licence) project, these systems crossed 100 million users in November 2012. By 2013, 45 million driving licences and more than 115 million registration certificates were digitised and put on centrally connected platforms across the states.
 
7. Cashless treatment for road accident victims: Started in 2013.
 
Claim: Cashless treatment for road accident victims.
 
Reality: Not a new initiative. The pilot project for cashless treatment was first proposed in 2012 and was launched on NH-8 in July 2013. Two more pilots on NH-8 and NH-33 have been implemented, according to government data submitted to parliament.
 
8. Women’s Safety: GPS-based Tracking of public transport vehicles: Started by previous government
 
Claim: 32 cities to be covered under unified system for GPS-based location tracking of public transport.
 
Reality: This scheme was also initiated by the previous government under the Nirbhaya Fund. The scheme will be implemented by May 2016 in the first phase targeting 32 cities, according to answers in the Lok Sabha and Rajya Sabha.

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COMMENTS

Narendra Doshi

1 year ago

Kudos for the research.
Will the Minister-in-charge & Cabinet Minister Nitin Gadkariji please start giving a continuous CORRECT updates, say evry 6 months?
Similar activity should also cover all other branches of the government - Central & States.

Anil Agashe

1 year ago

Should we be surprised with this? This seems to be the trend in all ministries. BS has been doing a series on this. And Aravind Panagaria says this government has done much more than what the last government did in 10 year!Is he for real? Such irresponsible statements will hurt the government. Modi needs to crack the whip and quickly.

Kirloskar Brothers probes breach of trust
Pune-based Kirloskar Brothers Ltd on Monday said it closed the first quarter with a profit of Rs.7.32 crore and has started a probe on breach of trust.
 
In a regulatory filing in BSE, the company said it had posted a net income of Rs.368.98 crore and a net profit of Rs.7.32 crore for the quarter ended June 30.
 
For the corresponding quarter of the previous year, the company had posted a net income of Rs.329.55 crore and a net loss of Rs.19.85 crore.
 
According to the company, during the quarter under review it noticed deviations from standard operating procedures. This may involve cases of breach of trust, dereliction of duty or irresponsibility in discharging duties.
 
A pointed and thorough investigation is under progress and the company has taken and will take stern action after ascertaining the full facts, the filing said.
 

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COMMENTS

Anil Agashe

1 year ago

I heard they have sacked some high ranking official already.

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