Economy
OROP to cost Rs.7,500 crore a year, arrears Rs.10,900 crore
New Delhi : The annual expenditure on the 'One Rank One Pension' (OROP) scheme has been estimated at around Rs.7,500 crore, the defence ministry said on Wednesday.
 
The arrears from July 1, 2014 -- the date of implementation as announced by the government -- till December 31, 2015, will be approximately Rs.10,900 crore, the ministry said in a statement.
 
This is set to push the defence budget for pensions, which is estimated to go up from Rs.54,000 crore as per Budget estimates of 2015-16 to around Rs.65,000 crore, the proposed Budget estimate for 2016-17.
 
This is an increase of about 20 percent of the defence pension outlay.
 
The statement said 86 percent of the total expenditure on account of OROP will benefit Junior Commissioned Officers (JCOs) and other ranks.
 
"The government of India had taken the historic decision to implement OROP in November 2015. This fulfilled the long standing demand of the defence forces personnel after 42 years benefited over 18 lakh ex-servicemen and war widows," the statement said.
 
Payment of arrears and revision of pension under OROP is to be made by the Pension Disbursing Authorities in four instalments, except for family pensioners and pensioners in receipt of gallantry awards who will be paid arrears in one instalment.
 
Asked about the development, Indian Ex-Servicemen Movement spokesperson Col. Anil Kaul (retd) said it "seemed ok", but they would be studying it and come out with a detailed reaction later.
 
"We are still studying it. It seems ok... so far it seems to be almost there, except that they are paying out from July (2014) not April," Col. Kaul told IANS.
 
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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Hunt for suspects who assaulted Tanzanian woman in Bengaluru
Bengaluru : Police have launched a manhunt for suspects who allegedly attacked and molested a Tanzanian woman in Bengaluru following a road accident, a top police official said.
 
"We have registered a case of riot and arson against the accused on victim's statement in which she reported of being assaulted in a mistaken identity by a mob on the outskirts of the city," city police commissioner N.S. Megharik told reporters here on Wednesday.
 
Denying reports in a section of media that the victim was also molested, Megharik said the African woman had admitted being only assaulted by a frenzied mob after her three male friends deserted her at Soladevanahalli where the car in which they were travelling was burnt.
 
"The incident occurred because the mob mistook the victim's car being involved in a road mishap on same night (January 31) when a 20-year-old drunken Sudanese national (Mohammed Ahad Ismai) ran over a woman fatally. We arrested him after he was rescued from a raging mob," Megharik said.
 
Police did not register a case soon after the road mishap and the mob attack, as the victim was not in the city for two days since Sunday.
 
"We have formed special teams to trap the culprits and render justice to the victim who declined to file complaint against the accused fearing attack again.
 
The victim's friends told police that on Sunday the furious mob had pulled them out of their car, assaulted them and molested her in which her clothes were torn.
 
Meanwhile, the city-based Tanzanian youth association decided to seek its embassy's help in registering an assault case and booking the culprits.
 
Earlier in the day, External Affairs Minister Sushma Swaraj described the attack as "shameful" and expressed deep pain over the Sunday incident on microblogging site Twitter.
 
"We are deeply pained over the shameful incident with a Tanzanian girl in Bengaluru. I spoke to the chief minister Karnataka. He informed me that a criminal case has been registered and four accused have been arrested," Sushma Swaraj tweeted.
 
The minister sought a report from the Karnataka government and asked Chief Minister Siddaramaiah to ensure safety of foreign students.
 
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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Nifty, Sensex under pressure – Wednesday closing report
Nifty has to close above 7,420 for the downtrend to end
 
We had mentioned in Tuesday’s closing report that Nifty uptrend has broken and that a close below 7,400 would push benchmark lower. Major indices in the Indian stock markets suffered a sharp correction again on Wednesday with losses, at close, in the range of 1.26%-1.55% over Tuesday’s close. 
 
 
Aluminium producer National Aluminium Company Ltd (Nalco) on Wednesday said it has developed a new corporate plan under a new business model to withstand market onslaughts and keep the company afloat with profitability. "Given the tough going in the market, Nalco, a leading foreign exchange earner of the country amongst the central public sector undertakings, has developed a new corporate plan that will withstand market onslaughts and keep it afloat with profitability," Nalco CMD Tapan Kumar Chand said in a statement. He said the new business model will insulate Nalco from the vagaries of the market. It will also strengthen the company's aluminium business by reducing the cost and increasing production through modernisation and brownfield expansion and upstream and downstream integration, he added. Besides, the model envisages diversification into green power, nuclear power, rare metal like titanium, recovery of iron from red mud waste and merchant mining that are immune to downturns in the metal market. 
 
The union cabinet on Wednesday gave its approval to allow the Railways Ministry to form joint venture (JV) companies with the state governments to mobilise resources for undertaking various rail infrastructure projects in states, an official statement said. “The joint venture companies would be formed with equity participation of Ministry of Railways and state governments concerned. Each joint venture would have an initial paid up capital of Rs.100 crore based on the quantum of projects to be undertaken,” the statement said. The union cabinet meeting was held under the chairmanship of Prime Minister Narendra Modi. “The Ministry of Railways’ initial paid-up capital will be limited to Rs.50 crore for each state. Further infusion of fund or equity for the purpose of the projects shall be done after approval of the project and its funding at the level of appropriate competent authority,” it said. The JV can also form project-specific special purpose vehicle with equity holding by other shareholders like banks, ports, public sector undertakings and mining companies. The statement said the JV exercise would ensure greater participation of state governments in implementation of railway projects both in terms of financial participation as well as decision making process.  “This will also facilitate in faster statutory approvals and land acquisition. Besides travelling people, various cement, steel, power plants etc. would get the necessary rail link for transportation of their raw material and finished products,” it added.
 
Reliance Group chairman Anil Ambani on Wednesday announced an aerospace centre for research, development and innovation in the field, promising some 1,500 highly skilled jobs. "We've invested nearly Rs.5,000 crore in Karnataka across a wide array of sectors from telecom to energy to entertainment to financial services and now defence and created nearly 5,000 jobs," Ambani told the inaugural event of the "Invest Karnataka Summit". "But we are ready for much more. And I am here today to make a big commitment in that direction by announcing the Dhirubhai Ambani Centre for Innovation and Research in Aerospace," Ambani added. According to him the new initiative, to come up under the Reliance Defence banner, will be a knowledge-driven technology venture to symbolise the "Bengaluru spirit" of innovation. It is slated to come up at Whitefield on the outskirts of this tech-driven city. Last year, the group had announced the Dhirubhai Ambani Aerospace Park, spread over 400 acres at the multi-modal international cargo hub and airport at Nagpur, to create an ecosystem for the indigenous manufacture of aerospace components.  It intends to form a cluster of manufacturers for major aircraft components, spares and avionics requirements of the aerospace industry. Reliance Infrastructure shares closed at Rs435.30, down 3.12% on the BSE.
 
Global software major Wipro Ltd. will hire 25,000 more techies in Karnataka, especially Bengaluru, its chairman Azim Premji said on Wednesday. "We will add 25,000 more IT jobs in Karnataka where we already employ over 55,000 people and are expanding each of our businesses," Premji said at the state's global investors meet (GIM) in Karnataka. The city-headquartered Wipro group has global IT services, consumer care and lighting, aerospace and healthcare systems business with the US-based GE, among others. Wipro shares closed at Rs556.50, down 1.77% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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