Panel on 2G spectrum submits report; names some officials

Commenting on the report, telecom minister Kapil Sibal said that he would study the report while the government will decide on the future course of action

New Delhi: The one-man panel that went into the procedures for awarding second generation (2G) licences between 2001 and 2009 today submitted its report and is understood to have held some officials responsible for improper spectrum allotment, reports PTI.

The Justice Shivraj Patil committee was set up by telecom minister Kapil Sibal to look into the policies and procedures followed during 2001-2009, a period that includes the NDA regime, and ascertain if they were followed in a transparent manner.

"Some officials have been named and some procedures have been commented upon... What the future course of action should be for the grant of spectrum has been commented upon," Sibal said after receiving the report.

The committee was constituted to look at the internal departmental procedures adopted by the Department of Telecommunications (DoT) during 2001-09 with the issuance of telecom, access service licences and allocation of spectrum to all telecom access service licencees during this period.

This was done in view of government auditor Comptroller and Auditor General (CAG) quantifying the revenue loss to the exchequer on account of the sale of 2G licences and spectrum in 2008 by former telecom minister A Raja, who insists that he only followed the policies of his predecessors, at up to Rs1.76 lakh crore.

Justice Patil has submitted a 150-page report with annexures running into 1300 pages.

Mr Sibal did not divulge details of the findings, but said he would soon look into the report.

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Govt revises 2009-10 GDP growth figure upward to 8%

The GDP growth rate has been revised on the back of improved performance of the manufacturing and services sectors. Besides, the GDP growth estimate for FY2008-09 has been revised marginally upward to 6.8% from the previous estimate of 6.7%

New Delhi: The government today revised the gross domestic product (GDP) growth rate for the fiscal 2009-10 upward to 8% from the earlier estimate of 7.4% on the back of improved performance of the manufacturing and services sectors, reports PTI.

"The growth rate of 8% in the GDP during 2009-10 has been achieved due to high growth in manufacturing (8.8%), financing, insurance, real estate & business services (9.2%), transport, storage and communication (15%) and community, social and personal services (11.8%)," the official data showed.

In addition, the GDP growth estimate for FY2008-09 has been revised marginally upward to 6.8% from the previous estimate of 6.7%.

Agriculture sector growth recorded 0.4% growth in FY2009-10 after witnessing a 0.1% decline in FY2008-09, the data showed.

In addition, the mining and quarrying sectors registered 6.9% growth in FY'10, as against 1.3% expansion in the previous fiscal. Furthermore, electricity, gas and water production recorded 6.4% growth in FY'10, compared to 4.9% expansion in FY' 09.

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FII stock, bond investments at Rs79,000 crore in 2011 so far

FIIs, whose investments are often called 'hot money' because they can be pulled out at anytime, have purchased stocks and debt securities worth Rs79,420 crore during the course of the 19 trading sessions conducted in 2011

Mumbai: Foreign investors have purchased stocks and bonds worth over Rs79,000 crore from the Indian capital market in January, 2011, so far, as per data from the Securities and Exchange Board of India (SEBI), reports PTI.

Foreign institutional investors (FIIs), whose investments are often called 'hot money' because they can be pulled out at anytime, have purchased stocks and debt securities worth Rs79,420 crore during the course of the 19 trading sessions conducted in 2011 so far, according to the latest SEBI data.

At the same time, FIIs sold shares and bonds worth Rs72,910 crore, translating into a net investment of Rs6,509.60 crore. In dollar terms, FIIs have invested $1.44 billion on the purchase of Indian stocks and bonds in January, 2011, so far.

Overseas investors have been gross sellers of equities worth Rs4,220.80 crore so far in 2011, but were bullish about the debt market, making a net investment of Rs10,730.40 crore.

"This year, FIIs have started with a billion dollar mark, inflow has been reduced. They are definitely profit-booking because of factors like high food inflation, rate hike and the negative political scenario in the country," SMC Capital's strategist and head of research Jagannadham Thunuguntla said.

Echoing a similar view, Geojit BNP Paribas research head Alex Mathew said, "Short-term investors are exiting India as they turn negative on macroeconomic conditions, while long-term investors are also cautious over the country.

Another reason is that European countries are showing some sign of recovery."

In 2010, foreign investors bought stocks and bonds valued at nearly Rs10 lakh crore, a record for a single year. At the same time, FIIs sold shares and bonds worth Rs7,80,000 crore during the year-which implied a record net investment of over Rs1.75 lakh crore for the year.

In dollar terms, net FII inflows stood at about $39 billion in 2010. In 2009, they had infused Rs83,423 crore in the stock market.

Significantly, the secondary market barometer, the Bombay Stock Exchange's Sensex, has fallen by 2,113.12 points, or 10.3%, in January so far and currently lies below the psychological 19,000 points level.

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