Panel report on Nuclear Liability Bill tabled in Parliament

New Delhi: A Parliamentary committee looking into the controversial Nuclear Liability Bill today tabled its report in the Lok Sabha and the Rajya Sabha amid protests from the Left parties in the Upper House, reports PTI.

The report on the Bill, crucial for operationalisation of India's civil nuclear deals with various countries, was tabled amid din in the Rajya Sabha by committee chairman T Subbirami Reddy and in the Lok Sabha by a member Pradeep Tamta.

The Rajya Sabha witnessed protests from the left parties, whose members were on their feet when Mr Reddy rose to present the report.

Following uproar, Rajya Sabha was adjourned for the day and the Lok Sabha till 1400 hours.

The report was finalised after the government agreed to accommodate most of the concerns of opposition BJP including raising the compensation cap to Rs1500 crore from Rs500 crore.



Satish Chandra

6 years ago

I am India's expert in strategic defence and the father of India's strategic program, including the Integrated Guided Missiles Development Program. I have shown in my blog titled 'Nuclear Supremacy For India Over U.S.', which can be found by a Google search with the title, that all terrorism and insurgencies in the Indian subcontinent and in much of the rest of the world is sponsored by the C.I.A. Both Pakistan's ISI and India's RAW (Research and Analysis Wing) function as branches of the C.I.A. and participate in terrorism and insurgencies throughout the Subcontinent, under direction of the C.I.A. Yes, the ISI secretly supports the Taliban but it does so under direction from the C.I.A. whose modus operandi is support for ALL sides of a conflict to control the course of the conflict in service of its own goals. The goal of the U.S. invasion and occupation of Afghanistan and partial occupation of Pakistan is eventual occupation and overt colonial rule over the Subcontinent as a whole. This will not be permitted and all those participating in this enterprise, including the U.K., will be duly punished; see my blog. The document leak currently in the news has been made in preparation for abandonment of this goal and withdrawal from Afghanistan because of steps I have already taken for the nuclear destruction of New Delhi and then the coast-to-coast destruction of the United States by India with 5,000 thermonuclear warheads and extermination of its population; see my blog. It also shows how India has been kept economically and technologically down by military means and how exterminating the United States' population will solve that problem. Indians need to realize the determining role of force even in economic relations. When insects such as Pranab Mukherjee talk of closer economic relations between India and the United States, they mean making Indians into slave labor for the American consumer as the Chinese have become so that the Americans no longer produce things, the Chinese toil to produce things for them to consume and all the Americans have to do is keep the whip over the Chinese and get the cooperation of China's ruling class by giving employment to their family members in the United States as they do to Indians. This master-slave relationship can be reversed or ended by bringing superior force to bear against the United States. Only I can provide such superior force to India and make India master, rather than slave, of the United States, exercising the power of life and death over the Americans and exterminate them to put an end to this scourge. See my article 'How India's Economy Can Grow 30% Per Year Or More' in my blog. India must get rid of 90% of its conventional forces and replace them with nuclear forces. Conventional forces are worthless for destroying the United States. Taking care of the enemy United States will take care of all other enemies. It is not just the production of consumer goods that the United States has transferred to slaves abroad. It is doing so for its fighting and invading as it has transferred its fighting and invading to Pakistan and is on the way to doing so with India. It is not just that all insurgencies and terrorism in India is C.I.A.-sponsored; so is the sea piracy around Somalia etc. which has been used to draw the Indian Navy into serving under the United States and these buggers are only too happy to resume the role they used to play for the British in Mesopotamia and elsewhere in World War I and II, etc.
RAW was split off from the Intelligence Bureau which had continued after 1947 to be loyal to the British. Later the Americans supplanted the British and RAW functions as a branch of the CIA against India. RAW's grip over India is comparable to the old KGB's grip over the Soviet Union, with the difference that whereas the KGB worked for the good of the Soviet Union, except toward the end, RAW has always worked for its imperialist paymasters. The role of politicians in governing India is insignificant compared to that of CIA-RAW but RAW has no place in the public's consciousness or in discussions of public affairs in India. It is India’s real ‘government’ -- just its joint secretaries number in the hundreds -- and politicians and civil servants largely obey its dictates. Any one, even a prime minister, whom CIA-RAW considers inconvenient is eliminated, if necessary by death, as I have shown regarding the deaths of Prime Minister Indira Gandhi and, later, Rajiv Gandhi in my blog. Examples of RAW’s multifarious activities are sabotaging of indigenous research and development to keep India dependent on other countries for defence and other equipment, its spreading heroin addiction and AIDS first in India’s Northeast then elsewhere to provide the United States with a population to use as guinea pigs for AIDS vaccine development after the CIA was assigned the task of roping in a population for this purpose and the nuclear deal in its various aspects -- replacing indigenous production of uranium and reactors with imports, the capping, rollback and elimination of India’s nuclear weapons program, media control and buying up politicians, scientists, etc. for this purpose. The nuclear destruction of New Delhi will end C.I.A. rule over India; see my blog. In a maneuver to save New Delhi from nuclear destruction, RAW arranged for the Lalu-Mulayam charge of the Congress-BJP deal of saving BJP's Modi from criminal charges in exchange for BJP's support on the nuclear deal. But this will not save New Delhi.

Visa fee increase could impact Indian cos: US

Washington: Amid mounting concerns over the move to hike the H-1B and L1 visa fee, the US has said it could have an adverse impact on Indian companies and efforts were underway to mitigate it reports PTI.

However, Washington exuded confidence that the long-term economic partnership with India would continue to deepen and strengthen.

"We understand the government of India's concerns. We realise it could impact Indian companies that invest in the US and we also understand the potential impact on Indians who work in the US as well as some American businesses," State Department deputy spokesman Mark Toner said.

But, he added, that the US was confident that its long-term economic partnership with India would continue to deepen and provide benefits for both societies.

The proposed increase in visa application fee by at least $2,000 for next five years would raise nearly $550 million out of $650 million that have been allocated for increasing the security of the US-Mexico border.

These fee increases would apply only to companies with more than 50 employees and for whom the majority of their workforce is visa-holding foreign workers.

A summary of a Senate version of the bill named Indian firms Wipro, Tata, Infosys and Satyam, which use hundreds of these visas for their employees coming to the United States to work at their clients' locations as technicians and engineers.

Nasscom estimates that Indian companies, mostly IT, apply for 50,000 visas every year, including H-1B and L1 visas, besides renewal of old visas.

When asked about New Delhi's plans to take the US to the World Trade Organisation (WTO) on the visa fee hike issue, Mr Toner said, "It is within India's purview to do that."

"I think we remain cognisant of the effect that this legislation may have on India, and we're going to try to work with them to mitigate it. But beyond that, I don't have a reaction. I mean, we have got a robust economic partnership with India," Mr Toner said.

The steep increase in visa fee of certain categories of H-1B and L1 visas was part of the $600 million border security bill signed by the US president Barack Obama to strengthen security along the US-Mexico border.

"This is a grave mistake during a time of economic weakness for the nation. Congress should deregulate visas, not burden their users with more regulations and fees," said Alex Nowrasteh, a policy analyst at Washington-based Competitive Enterprise Institute, said in The Boston Globe. He said that protectionist aspects of the legislation were worrying.

Mr Nowrasteh said: "Many foreign technology companies—including Indian giants Wipro, Infosys Technologies, and Tata—outsource thousands of technology workers to the US. They will bear the brunt of these new fees, which will discourage investment in the US and could lead to further protectionist measures worldwide".

"Highly skilled foreign workers were also a boon to public finances. Non-immigrant Indian H1B workers contribute over $1 billion a year in Social Security payments that they don't receive back in benefits," he said.

He argued that instead of raising fees and expanding regulatory costs, lawmakers should do away with workplace inspections, fees, quotas, and other restrictions.

"The economic case for the free movement of labour is as compelling as that for goods and services. In a faltering economy, it is more important than ever," he argued.



Shadi Katyal

6 years ago

Every time I read such articles I wonder if anyone knows what business is ? What does a additional cost of say 2000-3000 Dollars per person for the life of visa will do. If the companies are skating on such thin ice than they should be left out.One forgets that it is not only for India but we as wounded nation take it everything personally.
Sorry irf my words sound irritating to some of the readers but fact is that we have yet to show any maturity when it comes to business deals.why because GOI with her PSU and many regulations have left us blank. We look for any nook and cranny to get some shield.
Indian govt herself by having Mi9nisters with no knowledge or understanding is another big handicap for business to flourish. Negative thinking is not because of visa free but inner hate love relationship with USA.
The writer should first think that whoa re we to dictate USA or any even smallest nation what they should do or should we read this as begging?

Public banks and misplaced priorities

State-owned banks simply do not allocate capital to the most efficient and profitable enterprises

Fannie Mae and Freddie Mac are United States government-sponsored mortgage firms. Often seen as the originators of the subprime mortgage crisis in the US, these two quasi-governmental organisations need more money. They have requested an additional $1.8 billion from the US government, which brings the total to $148.3 billion since the financial crisis began.
How did a staid, quiet, boring government-related financial institution get into this mess? The answer is simple. Government banks simply don't work. The economic purpose of banks in a market economy is to help investors or depositors allocate capital to the most efficient and profitable enterprises. In a recession, their job is to eliminate as quickly as possible inefficient or failed businesses for the least amount of loss.
State-owned banks and other state financial institutions simply cannot do this. It is bad enough that politicians allow public funds to follow political power. It is far worse that politicians force banks to allocate depositor money to the politically connected rather than the financially successful.

The problem is not just in the US. It is everywhere. There is hardly a country where a state-owned bank either has or will create a financial crisis. It is not a question of culture or the ability of a legal system to regulate the financial industry.

Politicians are the legal system. They make the laws. They create the regulations. They control the regulators. If they want public or depositor money to go to a particular segment of the economy, it goes to that segment regardless of its economic potential.

Fannie and Freddie were able to bend the rules because of their close relationship with Congress. The extent of their interrelationships was exposed as far back as 2007 when they were fined a record $3.8 million for using corporate resources to support the campaigns of 85 members of Congress. The fine did not even slow their path to ruin and political clout insured no supervision.

One would think that the tidy Germans could manage to sustain strong banks, but the system of Landesbanken, independent state banks jointly owned by the state governments and the savings banks, have been a constant sore. As far back as 1987 they set up a 'bad bank' to deal with troubled loans. They went through major restructuring in 2002 and 2005 attempting to get rid of billions of euros in bad loans. Protected by state guarantees they happily gobbled up subprime mortgage products and created off-balance sheet vehicles. Of course two of the Landesbanken were among the few banks to fail the recent European stress tests and others refused to disclose details.

It is not just the developed countries. In Brazil, the country's state-owned development bank, BNDES, has been called "the best bank in the world". The reality is quite different. Like China, Brazil's government used the public banks to pump money into the Brazilian economy. In 2009 private bank lending grew only 10% while loans from public banks rose by 50% and most of that was from BNDES. Like China the loans from BNDES do not go to efficient smaller enterprises, who hire the most people. Instead they go to the largest and
best-connected firms. Four-fifths of its loans go to large companies. Often these are state-owned firms like Brazil's oil giant Petrobras. BNDES is subsidised, which makes it difficult for private banks to compete. Considering the amount of new lending and the potential for political interference, there is no doubt that bad debts will mount.

Finally the worst of the worst is China. We discovered recently that Wall Street is not the only place that specialises in off-balance sheet securitised loans. Last year Chinese state-owned banks lent an incredible 9.6 trillion yuan ($1.4 trillion). The Chinese are trying to slow the lending down. Their target for 2010 is 'only' 7.5 trillion ($1.1 trillion). The estimate of lending in the first half of the year is $4.6 trillion yuan ($680 billion).

Under the regulations lending by Chinese banks is limited to their capital ratios. But the banks found a way around the regulations. Like banks on Wall Street, Chinese banks securitised the loans and sold them to Chinese trust companies and so removed the loans from their books and from the credit ratios. The result is that the level of Chinese loans for 2010 is 1.3 trillion yuan ($192 billion) higher than realised.

The extra money not only exacerbated the real-estate bubble and inflation, but will no doubt lead to a massive amount of new bad loans. Worse, in order to avoid inflation, the Chinese authorities may have to try harder to tighten an out-of-control money supply. Whatever the reaction, the result will not be pretty. Also like Wall Street, China's financial problems will not stay at home.

(The writer is president of Emerging Market Strategies and can be contacted at [email protected] or [email protected]).



Narendra Doshi

6 years ago

How about your giving Moneylife readers similar facts from India, in the not too distant future??

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)