Companies & Sectors
RIL signs JV with Chinese textile major Ruyi

Reliance Industries' latest JV promises to shake up a staid textile sector, in the first significant Indo-China industry co-operation since PM Modi's visit

 

In a statement today, Reliance Industries Limited said that it was entering into a joint venture with Shandong Ruyi Science and Technology Group Co. Ltd, China, known as Ruyi. RIL said that it would transfer its existing textile business, which is the founding business of RIL and operates under the well-known brand ‘Vimal’, into a newly incorporated company under the JV. 
 
The statement said that, “RIL will own a majority 51% in the proposed JV, with the balance 49% owned by Ruyi. The proposed transaction is subject to obtaining requisite approvals.”
 
Ruyi operates in India under the ‘Georgia Gullini’ brand in the worsted suiting segment of the market. This business operation and activities would get realigned to strengthen the JV. The statement said that Ruyi owns numerous brands that it sells worldwide.
 
Ruyi, said the statement, had revenues of around $3 billion, with a presence in America, Europe, Japan, Australia, New Zealand and China. 
 
“The JV will build on RIL’s existing textile business and wide distribution network in India as well as Ruyi’s state-of-the-art technology and its global reach. The JV will benefit from the strength of the ‘Vimal’ and ‘Georgia Gullini’ brands and plans to introduce some of the well-known global brands of Ruyi,” RIL's statement said.
 
Nikhil R. Meswani, Executive Director, Reliance Industries Ltd., was quoted by the release as saying, “Our joint venture with Ruyi Group will help Reliance reposition its textile business on a high growth path. Our partner’s deep commitment and global reach in textile business will enable this JV to harness the growth potential of the Indian market and emerge as a global textile player.”
 

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Nifty, Sensex may bounce back a little: Tuesday closing report

Nifty is likely to bounce back, but it may be a short-lived rebound

 

In Monday’s closing report, we had mentioned that NSE’s CNX Nifty will remain weak. The negative sentiments of the international markets adversely affected Indian stocks. The Nifty opened marginally higher at 8,439, compared to Monday’s close of 8,438.25. The index barely crossed the 8,440 mark in the morning session and was soon pulled down. It continued on a downward trend from there on. In the post-lunch session, Nifty fell sharply and went on to hit an intra-day low of 8,330.50 and closed at 8,340.70 a few minutes later.
 
The 30-stock S&P BSE Sensex, followed the same trend. After opening at 28,134.22, about 15 points higher than the previous day’s close, the index went on to hit a high of 28,157.53. The bearishness soon set in. The Sensex gradually declined to a low of 27,763.82 and closed at 27,797.01. Out of the 30 stocks, 28 stocks of the Sensex closed in the red.
 
Oil prices continued to fall on Tuesday, which affected international markets. Oil futures were trading at their lowest level since 2009. On the New York Mercantile Exchange, crude oil (January 2015) futures hit a daily low of $62.30 a barrel, the weakest level since July 2009. 
 
Back home, ONGC fell by nearly 5% to close at Rs352 on the BSE, after hitting its seven-month low of Rs351. Other stocks that were the worst-affected were Sesa Sterlite (-5.24%), Tata Power (-4.21%), NTPC (-3.54%) and Tata Steel (-3.43%).
 
Despite an increase in the current account deficit (CAD) in the second quarter of the current fiscal, Finance Minister Arun Jaitley, in the Rajya Sabha during Question Hour, said there is no cause for concern as forex reserves are comfortable. India's CAD narrowed down from 4.7% in FY2012-13 to 1.7% in FY2013-14 due to a lower trade deficit as a result of modest recovery in exports and a sharp fall in imports, particularly gold imports. He further mentioned that excise duty hike on November 12 and December 2 will fetch the exchequer Rs6,000 crore and Rs4,500 crore respectively in the remaining months of FY2014-15.
 
All the sectors were negatively hit. Among the sectoral indices of the NSE, the top five performers were CNX Pharma (-0.25%), CNX IT (-0.34%), CNX FMCG (-0.91%), CNX Finance (-1.05%) and CNX Service (-1.08%). The bottom five sectors were CNX Metal (-2.80%), CNX Infra (-2.78%), CNX PSU Bank (-2.56%), CNX Media (-2.32%) and CNX Commodities (-2.26%).
 
The BSE reported a turnover of Rs3,040 crore with 3,038 scrips traded, while the NSE reported a turnover of Rs16,148 crore. Of the stocks traded on the BSE, as many as 2,045 stocks declined while 897 stocks gained.
 
The rupee depreciated further to Rs61.9025/$ down 0.11% from the previous day’s close of Rs61.8375/$. India’s 10-year benchmark bond yield closed lower at 7.90% from 7.92% yesterday. Gold prices in the international market climbed above the $1,200-level, as investors began selling-off their equity holdings.
 
Most of the major world indices either closed down or were trading in the red. China’s Shanghai Composite closed 5.31% down at 2,859, its biggest one-day loss since August 2009, amid economic concerns in the country. China’s 2015 GDP growth forecast is expected to be lowered to 7% and liquidity fears regarding new corporate bond market restrictions have been erupting. Australia’s S&P ASX 200, which closed earlier, was down 1.68%. UK’s FTSE was trading 1% down at 6,593. 
 
In Atlanta, Federal Reserve Bank President, Dennis Lockhart said on Monday, that he saw no rush to alter the central bank's policy statement, that there remains a "considerable time" before the first interest rate increase. US Futures were in the red during early trade on Tuesday. European markets were trading deeply in the red and premarket futures in the US were lower.
 

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What is Wrong with Science in India?

What’s wrong with Indian Science? From an iron grip of a cartel to plagiarism Dr Hegde sketches out the reasons as to why Science in India is stuck where it is

 

“Only two things are infinite, the universe and human stupidity, and I’m not sure about the former.” - Albert Einstein

 

Most of what we do as science in India is a replica of western research. The government of India had commissioned Indian-born American Scientist, who also taught at Penn State University, the late Professor Rustum Roy, to assess Indian laboratories for their academic work standards. If my memory serves, I remember him telling me that most of the laboratories and their bosses needed to be rejuvenated. I have asked his wife, Professor Della Roy, a great scientist in her own right at the Penn State University, to fish out any copy of that report. I got the impression from him that his report was not acted upon by the then government.
 
It was a pleasant surprise for me to see an extensive article on Indian science in the Indian Express a week ago. It spoke of the stranglehold on the scientific culture, by an oligarchy of about 10 people, who have been ruling the science world in India for the last couple of decades. 
 
Each one is trying to pat the other on the back and getting all the benefits distributed among themselves, with some breadcrumbs thrown at some of their cronies. What makes the article a little dicey is that the author himself was a “Sarkari” scientist for a long time. Does it not make him one of the beneficiaries of the “oligarchy”? 
 
At the same time, he is best qualified to write on the inner workings of Indian science, having been a part of it for so long. Of course, he could not have voiced his disagreements when he was a government servant. We should congratulate him for his article even though it came a bit too late in the day. 
 
The “oligarchy” wants to keep its clan small and exclusive so as to get all the benefits. If you keep yourself in a closed society, you will become more powerful. This group has been advising both the Prime Minister and the Parliament (two separate groups), over the last 10-odd years. They keep the science academy membership and Presidentship tightly under their thumb. 
 
India is probably the only country that has three science academies! This cartel gets all the top jobs like national professorships, awards and lifelong jobs with pay and comfortable bungalows in metros. Some of them were even nominated to be members of the upper house of Parliament. A few even get regular pensions in addition to their other perks. 
 
What is science research today? Success in getting large grants from government and other sources, ability to get their papers planted in so called “respectable journals”, fattening their CVs, being on government committees, especially if the committee has any foreign trips scheduled, pontificating on the greatness of science in the media, delivering convocation addresses to motivate budding scientists in Universities etc. 
 
Luckily, no one ever tries to audit what they do or where they publish. I shall give the reader a taste of what these “respectable journals” do in the words of a 2013 Nobel Laureate in medicine, Randy Schekman, Berkeley University professor of cell biology:
 
“Writing in the Guardian, Randy Schekman raises serious concerns over the journals' practices and calls on others in the scientific community to take action. I have published in the big brands, including papers that won me a Nobel Prize. But no longer," he writes. "Just as Wall Street needs to break the hold of bonus culture, so science must break the tyranny of the luxury journals." 
 
In an op-ed to The Guardian on Monday 13th December 2013, Schekman said his lab will no longer be sending papers to “luxury” journals — particularly Nature, Cell and Science — that he claims are creating incentives that negatively impact research. 
 
Amita Gorur, a graduate student at Randy’s laboratory at Berkeley, said “I think it’s time to make a change, everybody has to change their way of thinking — it’s the quality of work that matters and not where you publish.”
 
India's top scientists know that it is the politician who controls research money at the end of the day. They know how to keep the powers that be under their control. Most politicians think “science” is sacrosanct and needs to be patronised. They swoon at the very mention of science.
 
The next is the area of fraud in science research. “The incidence of retractions due to fraud is increasing, a trend that should be concerning to scientists and non-scientists alike,” wrote Dr Arturo Casadevall, chair and professor of microbiology and immunology at Albert Einstein College of Medicine.  
 
An American researcher thought that his country had the highest fraud rate in the world.  Dr Abinandanan from Indian Institute of Science did a study about Indian fraud rates and found that we probably have the highest rate in the world. He goes on to say that “First, plagiarism is overwhelmingly the primary mode of misconduct in India. Of the 69 retracted papers, the retraction of 45 could be traced to some form of scientific misconduct -- plagiarism (of both text and data) and self-plagiarism accounted for 26 and 18, respectively. Only one paper was retracted due to what might amount to falsification. Second, at 44 per 100,000 papers, India’s misconduct-related retraction rate is far higher than the world average for all retractions (due to misconduct as well as genuine errors) of about 17. And, third, this rate could be said to have accelerated during the decade -- while it was 34 during the first half, it rose to 48 in the second half.” Greed and competition must be at the root of it all.
 
After going through the above audit, I get a feeling that Indian science is better than many others as only ONE paper was retracted for falsification of data, whereas many in the west fall into that category. 
 
On the question of plagiarism, I have a feeling that many of our young scientists have not been properly educated about the illegality and ethical problems of plagiarism. I don’t think they do it deliberately. Many of the scientists I talk to, think that it is not a sin. Their mentors should take pains to tell them how to quote another scientist's work. 
 
Self-plagiarism is a different cup of tea. Although it is one’s own writing one must take similar precautions but we cannot club that as such a bad sin as stealing ideas from others. There is another group of Indian scientists who really do wish to do good work but cannot survive in the current environment. They suffer in silence or the more enterprising ones migrate abroad. If we can clean our scientific stables they might be encouraged to work better.
 
We have to demystify science for the benefit of the common man and the funding agencies headed by politicians. “The personality of science is neither that of a chivalrous knight nor that of a pitiless juggernaut” wrote Harry Collins and Trevor Pinch, physicists from the Universities of Bath and Cornell, respectively in their book, The Golem. It is the scientist that is good or bad depending on the way s/he does science and for what purpose? For the common man who wants to know about science all of it looks controversial. 
 
Karl Popper, a great thinker and professor of Philosophy of Science at the London School of Economics in the 1950s, had rightly pointed out that “knowledge advances NOT by repeating known facts, but by REFUTING false dogmas.” If one were to measure Indian science with that yardstick, it has hardly taken knowledge forwards in any area. 
 
May be we have been able to innovate in some technologies, like in rocket science. We have brilliant young minds that need to be motivated by the examples of our elders. The new government should think deeply about the usefulness of the oligarchy that has not been a great motivator thus far.
 
“It is a fraud of the system to call the sciences human invention; it is only the application of them (technology) that is human. Every science has for its basis a system of principles as fixed and unalterable as those by which the universe is regulated and governed. Man cannot make principles—he can only discover them.” - Thomas Paine
 
(Professor Dr BM Hegde, a Padma Bhushan awardee in 2010, is an MD, PhD, FRCP (London, Edinburgh, Glasgow & Dublin), FACC and FAMS. He is also Editor-in-Chief of the Journal of the Science of Healing Outcomes, chairman of the State Health Society's Expert Committee, Govt of Bihar, Patna. He is former Vice Chancellor of Manipal University at Mangalore and former professor for Cardiology of the Middlesex Hospital Medical School, University of London.)

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COMMENTS

Pushkala Ramani

2 years ago

Research work is being bogged down by compulsions and paid publications.
Pushkala

sohan modak

2 years ago

BM Hegde, Oh, didn't I read this name before when he was promoting chelation therapy? That makes it unfortunately lacking credibility. All that said, it is true that Indian scientists, especially younger ones are prone to plagiarism for num ber of reasons, namely, (1) lack of proper training in writing in English language, (2) easy 'copy and paste' scenario offerred by on-line texts, (3) poor teaching particularly very very poor training in la laboratory techniques and handling analytical/preparative instruments, (4) most Indian students taking UG and PG science coures copy their laboratory/practical session protocols and results from others to ensure that they get good marks; in fact most write the results of the experiment collectively often without conducting the experiment. Yes, i do agree that there is very little done in terms of teaching about ills and lack of ethical conduct in plagiarism. I feel that Abinandan's number 44 out of 100,000 is a vast underestimate.

REPLY

Jagannath Chatterjee

In Reply to sohan modak 2 years ago

You seem to have mastered the deceptive art of protecting bad science Dr Modak. Rule 1 is shoot the messenger and vilify him before you even begin. Unfortunately the masses are waking up to the fact that science today is about commerce, little else.

sohan modak

In Reply to Jagannath Chatterjee 2 years ago

Chaterjee sahib, Hegde's support of chelation therapy is the ultimate proff for bad science. May be you like chelation and have scientific proof for its validity? Concerning my own position, I have made it amply clear during past several decades in India and abroad with scientists, students and people alike. Take it or leave it...

SuchindranathAiyerS

2 years ago

Hegde says it well But the root problem in India is that the very notion of freedom of thought and expression are crucified, subtly, by a Constitution that gives a hundred freedoms to take back ninety nine. Within the Labrynth of India's Constitution and laws, lies the Minotaur. A beast called "Social Engineering" that makes a mockery of the very notion of a Nation by enshrining exceptions to the the rule of law and by turning "Democracy" into a myth by enshrining inequality under law. This has the effect of entombing all effort, exploration, merit, competence and integrity to celebrate sleaze and human exploitation in a feudal nightmare. Not exactly the culture or atmosphere in which the "scientific" temper can flourish. My daughter, with 99% marks, was refused admission in Indian Medical College. She now teaches Robotics in Germany. My cousin created India's first heart valve and made several break throughs in Material Science (Titanium)for this. Somebody else grabbed the credits and the rewards. Tis is India. Evolving, over 68 years, into a design purely for those those who can garner and abuse power.

REPLY

Ralph Rau

In Reply to SuchindranathAiyerS 2 years ago

Hi AiyarS

Stealing others ideas and research is a global phenomenon as PhDs abroad will attest. The scientific advances in India are despite the absence of a meritocracy. Just hope that 50% reservation in education and jobs does not reach 99%.

vishal

In Reply to Ralph Rau 2 years ago

Reservation is bogus in the name of religion. There is no merit in it except duplicity. We never have any thing innovative or original because of this. This is a political conspiracy and will not allow our country to develop scientifically.

SRIDHAR V

2 years ago

Please share link to the Indian Express article cited above.

REPLY

Salvadesswaran Srinivasan

In Reply to SRIDHAR V 2 years ago

http://www.newindianexpress.com/columns/...

Ralph Rau

2 years ago

INDIA SHINING is possible again if we pursue Vedic Sciences and Astrology.

Dr Paresh Vaidya

2 years ago

Wish that the article in the Indian Express quoted above was also available as link - or the author's name given for us to track it in their e-paper.

Abhijit Gosavi

2 years ago

ditto ditto ditto

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