Nation
Rajya Sabha also prorogued to end parliament budget session
New Delhi : The Rajya Sabha has been prorogued by President Pranab Mukherjee, officially ending parliament's budget session since the Lok Sabha too was prorogued earlier.
 
The move will enable the government to bring in an ordinance to facilitate government expenditure from the Consolidated Fund of India for Uttarakhand which was placed under President's Rule on Sunday.
 
An ordinance cannot be promulgated while parliament is in session.
 
The Rajya Sabha was prorogued on Wednesday night, an official of the upper house's secretariat said on Thursday. The Lok Sabha was prorogued on Tuesday.
 
There was a break on March 16 in parliament's budget session and it was set to meet again on April 25 and continue till May 13.
 
Sources said a final call on when the house will meet next will be taken soon.
 
The Cabinet Committee on Political Affairs on Tuesday recommended proroguing the session. 
 
The cabinet also approved the re-promulgation of an ordinance to amend the nearly 50-year-old Enemy Property Act to guard against claims of succession or transfer of properties left by people who migrated to Pakistan and China.
 
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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Look beyond money to develop Indian ports: Study
New Delhi : India must look beyond money to develop its ports sector for which it has estimated a whopping investment of Rs.2.98 lakh crore (nearly $45 billion) for handling 3.13 billion tonnes of cargo annually, according to a research study released here on Thursday.
 
The study, conducted by the Bureau of Research on Industry and Economic Fundamentals (Brief) with the support of the British High Commission here, recommends a comprehensive, holistic and port-wise plan of action to enhance maritime trade and ease the business environment.
 
The recommendations focus on key areas of reform requiring investment as well as restructuring of port policies to support India's development agenda in the area. The study says for an emerging economy, such initiatives are key to capitalising on trade opportunities and promoting growth.
 
The study comes at a time when Shipping Minister Nitin Gadkari has said the government has drawn up projects with an investment potential of Rs.120,000 crores ($18 billion), including 27 port-based clusters, coastal shipping and inland waterways, which can create 4-6 million new jobs.
 
India currently handles around 1 billion tonnes of cargo from over 200 ports.
 
“It’s not all about investments," said Mohammed Saqib, chief executive of Brief, after looking at some key ports such as Jawaharlal Nehru Port, Mumbai Port, Paradip Port, Haldia Docks, Cochin Port, Chidambaranar Port, Adani Port, Attari and Petrapole Land Customs Stations for the study. 
 
"While technology and international experience are necessary pre-requisites for port development, they must also be complemented with efficient coordination and communication between authorities and the stakeholders in the country," Saqib said.
 
"The recommendations made in the report have been designed to aid overall development of the Indian Ports Sector, which in turn will have positive effects on the Indian economy.”
 
The study was conducted from April 2015 to March 2016 and focussed on identifying infrastructural gaps and policy reforms that needed to be addressed to capitalise on the trade opportunities in the country. 
 
Issues highlighted by it include inadequate mechanisation, low draft, lack of coordination among authorities, poor rail and road connectivity, frequent breakdown of ports and customs softwares, flaws in risk management systems, high tariffs and uncompetitive costs.
 
Brief is an economic research organization focusing on primary survey-based research in a host of socio-economic areas. It has undertaken studies for clients like The World Bank, Germany's GIZ, Ficci, Sidbi, Dun and Bradstreet and the British High Commission.
 
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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'Cameroon likely to raise Tata Steel issue with Modi'
London : The sudden announcement by Tata Steel that it could sell its UK units has left the British government worried with speculation that Prime Minister David Cameron may take up the issue with Indian Prime Minister Narendra Modi when they meet in Washington, D.C..
 
Both leaders will be in the US capital for the Nuclear Security Summit later on Friday.
 
Earlier, Cameron flew back here for emergency talks with ministers to tackle the crisis engulfing Tata Steel’s British operations, amid warnings that the firm has just weeks for a rescue deal on which up to 40,000 jobs could depend, The Guardian reported.
 
The daily also quoted an unnamed source as saying that Tata Steel was losing one million pounds per day, with the government’s failure to back the calls in Europe for higher tariffs against cheap Chinese imports being the “last straw” to prompt the company's decision.
 
The Labour Party has termed it a national crisis wanting the steel industry to be nationalised.
 
But British Business Secretary Sajid Javid has rejected the idea as it could carry a price tag of 1.5 billion pounds per annum. “I don’t think that nationalisation is going to be the solution,” The Guardian quoted Javid as saying.
 
The paper said Cameron was expected to raise the issue with Modi.
 
Tatas have written off 2 billion pounds from the value of the group's UK assets, rendering the investment effectively worthless. The Guardian quoted Tata Steel finance director Koushik Chatterjee as saying that the UK operations were "quite a burden" and one which the company couldn't sustain.
 
Having suffered nearly $3 billion in losses on the UK operations, Tata Steel on Wednesday said it will explore options to put its entire portfolio there up for sale, some 10 years after it forayed into Europe by acquiring Anglo-Dutch Corus for over $8.1 billion.
 
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

Gururaj Rao

8 months ago

Looking at the title, I wondered what the country of Cameroon had to to with Tata Steel!

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