Nation
Jaitley involved in DDCA corruption: AAP
Finance Minister Arun Jaitley is involved in corruption in the Delhi and District Cricket Association (DDCA), Delhi's ruling Aam Aadmi Party (AAP) said on Thursday.
 
"Arun Jaitley is involved in the corruption in DDCA," AAP's Kumar Vishwas told the media here.
 
Raghav Chadha, an AAP spokesperson, said Jaitley had been running the DDCA like a private club.
 
The AAP leaders levelled a string of charges against Jaitley, who for years was the DDCA chairman.
 
Among these, they said a budget of Rs.24 crore was approved to construct a cricket stadium but Rs.114 crore was spent.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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For Goa, Railway Minister Suresh Prabhu is a real 'prabhu'!
Suresh Prabhu may well be India's railways minister, but for Goa, in Chief Minister Laxmikant Parsekar's words, he is nothing short of a 'prabhu' (lord) himself, especially vis-a-vis the quantum of projects sanctioned by him for India's smallest state over the last one year.
 
Prabhu, a son-in-law of Goa, who has made 10 official trips to the state since assuming office in November 2014, has launched a batch of new trains, started a new railway training institute and announced doubling of railway tracks - all of which, according to Parsekar, has been a godsend bonanza of sorts for Goa, which has historically been at the tail-end of railway ministry largesse.
 
"Suresh Prabhu has given a lot to Goa over the last few months. We just say, 'Hay Prabhu (O lord) please bless us with these things'. And Prabhu immediately obliges. For Goans, Suresh Prabhu is a real prabhu," Parsekar told IANS.
 
Barely a month after taking over, Prabhu, on his first visit to Goa, announced a holiday special from Mumbai for the popular Christmas and New Year Season. The train started within a week.
 
A month later, Prabhu was at it again, launching the concept of a Deccan Odyssey-styled luxury train along the Konkan region with a touch of Goa to its interiors. The train is expected to start rolling out some time next year.
 
On a request from Parsekar in May, the minister allotted to Goa its first diesel electric motor unit (DEMU) a couple of months back. Last month saw the launch of the Goa-New Delhi Rajdhani express, while the country's first double decker air-conditioned Shatabdi train was also flagged off by Prabhu from the Margao railway station earlier this month.
 
A new train to Tirupathi in Andhra Pradesh from Margao would be started next year.
 
The doubling of the Konkan Railway was an old proposal that never moved forward in view of the lack of government will, high costs and an environmentally fragile region.
 
The cost of doubling the 736-km track from Roha in Maharashtra, through Goa to Mangalore in Karnataka for around Rs. 10,500 crore (over $2 billion) was cleared by the railway ministry with Prabhu at the helm, while complete electrification of the line for Rs.750 crore is also under way.
 
In October, the Konkan Railway started the George Fernandes Institute of Tunnel Technology in Margao, which, in partnership with Goa University, will promote education and research in tunnelling technology, which the country desperately needs for creating connectivity to its remotest regions.
 
For his part, Prabhu, whose wife Uma hails from the village of Ribander on the outskirts of Panaji, believes that the potential of Goa, which receives nearly three million visitors annually, as a tourist destination can be furthered by increasing connectivity with the rest of India through the railway network.
 
"Goa has its own identity and created a niche for it in the tourism world. It is difficult to say no to Goa," Prabhu has said, making a case for pushing for the series of state-related projects.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

Jyoti Dua

1 year ago

Excellent. A Institute of Tunnel Technology is a great idea.

E NASSER

1 year ago

all ministers - whether from congress or BJP do all tricks to please their voters without looking into the economic feasibility of the railway line sanctioned or projects awarded

Anand Vaidya

1 year ago

Are you insinuating that Suresh Prabhu is doing all these because he has married a Goan?

Considering the amount of work he has done (even for long neglected NE India), this is very unfair remark

REPLY

dvn

In Reply to Anand Vaidya 1 year ago

Anand I agree with you

Insurance saw major boost for regulation, foreign equity
Experts said from a regulatory standpoint, 2015 would count as a turning point for Indian insurance
 
The passage of the insurance bill to give more power to the watchdog and permit 49 percent foreign equity was 2015's highlight for the $60-billion industry in India that can help in expanding the reach of this crucial social security beyond the current 3.8 percent.
 
"I would look at 2015 as a year of change and optimism," said G. Srinivasan, chairman-cum-managing director, New India Assurance Company.
 
"The passage of the Insurance Laws (Amendment) Act has brought in a lot of changes like the FDI (foreign direct investment) cap going up, foreign re-insurers being allowed to set up branches and a number of regulatory changes being ushered in," Srinivasan told IANS.
 
"It has also been a busy year for the industry. There have been several regulatory changes that will have a lasting impact on how the industry develops from here on," added Anup Rau, chief executive and executive director, Reliance Life Insurance Company.
 
Experts also said from a regulatory standpoint, 2015 would count as a turning point for Indian insurance -- which is expected to quadruple in size from $60 billion now over the next 10 years, with a $160-billion market for the life segment.
 
"There have been quite a few regulatory changes either already brought in after amending the insurance law or likely to be introduced shortly," said Srinivasan, pointing towards areas such as changes in the norms for expense management, solvency, investment and reinsurance.
 
The insurance industry, and more particularly the life insurance sector, expects the corporate agency regulations to allow banks to work with multiple insurers to provide access and choice to the majority of the population.
 
Though the amended insurance law allows FDI of up to 49 percent, announcements on stake hikes by foreign partners have been coming in slowly. In the life insurance sector, there have been a couple of announcements while in the non-life sector not much is being heard on the topic.
 
Nippon Life has already signed definitive documents to increase its stake in Reliance Life to 49 percent; so have Tokio Marine, Axa, AIA Life, Aegon and Sun Life in their respective joint ventures.
 
In the non-life side, Bupa has announced its decision to hike its stake to 49 percent in its Indian health insurance joint venture.
 
"There are several modalities that need to be worked out before any stake increase discussion can be concluded. The situation cannot be generalised to say that the foreign partners are not keen to increase their holdings," Rau said.
 
Yet, Srinivasan expects many foreign partners to hike their stakes in their Indian ventures over the next few months as the issues on Indian management and control and valuation of the companies are fairly settled now.
 
Speaking about the market trend, New India's Srinivasan said the commercial segment has grown lower while retail has continued to drive the sector's growth. This trend is the same for the industry.
 
According to Rau, for the life insurers, unit linked insurance policy (ULIP) is the flavour of the year. The private life insurers are logging around 16 percent growth this fiscal, primarily driven by growth of bank promoted insurers and ULIP sales.
 
Rau said evaluating the distributor remuneration is one the major areas to be looked into by the regulator. The were some misses as well. Rau cited as the major one the inability to get the individual agency back to the growth path.
 
The insurance law, post amendment, also allowed for appeal against the regulator's orders.
 
Now as the insurance business rides on the growth path, the next sector that is expected to get the industry's attention is the pension sector. This industry, too, is seeing some action. The foreign equity norms for the insurance industry also, by default, applies to this sector.
 
All states, barring Tripura and West Bengal, have all notified their National Pension System, with registered subscribers.
 
Highlights of the year:
 
* FDI limits raised to 49 percent in insurance and pension sectors
 
* Insurance companies to be under Indian management and control
 
* Life insurance claims cannot be repudiated three years after inception
 
* Nuclear insurance pool with a corpus of Rs.1,500 crore ($224 million) set up to cover the risk of public liability
 
* Securities Appellate Tribunal (SAT) for appeals against insurance regulator's orders
 
* SBI Life Insurance Company is first insurance company to approach SAT against insurance regulator's order to refund Rs.275 crore to its policyholders
 
* Host of companies in life insurance line up to hike stakes in Indian ventures.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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