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Stronger rules for motorists are fine, but what about extortion on the roads?
While driving from Delhi to Bharatpur a few days ago, I was again struck by how the sight of a police check-post on highways spells fear and in the hearts of commercial motorists and of those driving out-of-state cars. This 200km drive involves going through four states: Delhi, Haryana, Uttar Pradesh and Rajasthan. Apart from the extortionist tolls, there is the frequency of ‘check-posts’ along the way and not just at state ‘borders’. The aim is to establish bonafides, for security purposes, or catch vehicles for not complying with motor vehicle laws.
Local vehicles, though, go about flouting every law in the book; some of these experiences are enough to put one off road trips for a very long time. My vehicles are always in more than ‘street-legal’ condition, to the extent that even though they are private vehicles and I carry a private driving licence, I always have a fire-extinguisher, an above-average first-aid kit, as well as all documents required under the law. In addition, I also carry a full set of attested photocopies of the registration certificate and driving licence and you will soon appreciate why.
I was driving my seven-year-old diesel Swift, with my wife and another older lady in the car. I also happened to be wearing a white shirt from my Navy days, which has two pockets and shoulder flaps, something like what pilots and commercial drivers also wear.
I choose to wear these shirts because of the two huge pockets which have button-down flaps. At the Haryana-UP ‘border’, policemen waved us down at a check-post and asked me to disembark and show all the papers. I showed them the attested photocopies. “Give us the originals,” they said, which I refused. Then they took a closer look at the licence and realised that maybe I wasn’t a commercial driver, so now they moved on to the other documents, which were also in order, and could find nothing wrong.
“Where is the first-aid kit?” They finally asked and, as luck would have it, the kit was not in the car, because I had prepared the other Swift for the trip but took this one instead. So I told them that I don’t have it.
The cops then said that they would have to issue a judicial challan, for which I would have to appear in court after two days or more because a long weekend was coming up, and maybe the car would also have to be seized. That’s when I finally told them to go do their worst. But I assured them that my lawyers would come and contest this, and then take it all the way up the bureaucratic chain. I pulled out my camera as well as dash-cam and said I would record them, with the ladies as witness. All this was happening on the busy Delhi-Agra highway in the middle of the day.
To cut a long story short, the cops said I could leave, but the larger question is: What if it was in the night? What if the driver had been a commercial licence-holder? What if the driver did not have the wherewithal to challenge this atrocious behaviour? Bringing in stronger rules for motorists on the road is fine, but who is going to do anything to protect us from those who are supposed to be implementing these rules?
Towing is fine but what about public transport?
The latest news in Delhi is that wrongly parked cars will now be towed away under the Swachh Bharat Abhiyaan. Hopefully, this will improve the traffic situation in the capital. To give readers an idea—it took about two hours to drive 150km from Bharatpur to outer Faridabad and then about three and a half hours to drive from outer Faridabad to south Delhi. Even within residential colonies, there are parking wars going on, as people buy more, and bigger, cars. Rather than towing wrongly parked cars, providing better public transport should be the order of the day; NOT buying and selling more cars.
Nifty has the potential to rally for a few more days, as long as it stays above 7869
In line with what we had written yesterday, the indices recorded more gains today. They opened higher and moved ahead with an upward bias. However, soon the moves turned range-bound, before moving lower and giving up all the intra-day gains. Those were the only few minutes when the indices traded in the negative and hit their intra-day lows.
The benchmarks did made a smart recovery from the day’s low and inched up to the intra-day high which the indices had hit in the initial hours of the morning session.
S&P BSE Sensex opened at 26,552, while CNX Nifty opened at 7,906. Both the benchmarks hit a seven day high (including today) at 26,615 and 7,937. Sensex managed to recover from the low of 26,407 and closing at 26,576 (up 146 points or 0.55%), while Nifty hit a low of 7,874 and closed at 7,928 (up 48 points or 0.61%) making it the third consecutive day of gains on both the benchmarks. NSE recorded a volume of 71.52 crore shares. India VIX fell 6.06% to close at 13.3300.
Except for Pharma (0.28%) and Energy (0.01%) all the other indices on the NSE closed in the green. The top five gainers were Realty (2.66%), Metal (1.87%), Infra (1.80%), MNC (1.69%) and Bank Nifty (1.30%).
Of the 50 stocks on the Nifty, 38 ended in the green. The top five gainers were Jindal Steel (7.34%), DLF (4.91%), BHEL (4.80%), GAIL (4.78%) and Sesa Sterlite (4.19%). The top five losers were PNB (2.89%), ONGC (2.60%), M&M (2.53%), Ultratech Cement (2.05%) and Coal India (1.73%).
Of the 1,572 companies on the NSE, 809 companies closed in the green, 688 companies closed in the red, while 75 companies closed flat.
The government's decision to remove price controls on diesel and to raise natural gas prices, signals fiscal discipline and is a "credit positive" step, although the overall impact could be limited, Moody's Investors Service said on Tuesday.
Ashima Goyal, a member of the Reserve Bank of India's (RBI) technical advisory committee reportedly said yesterday on 20 October 2014, that the Reserve Bank of India may consider easing monetary policy as early as March, after global crude prices fell to a four-year low this month.
The government has decided to merge National Spot Exchange Ltd with its holding group Financial Technologies. Issuing a draft order for the proposed merger, the government said today that the move has been decided upon in "public interest".
The Narendra Modi government, on Monday, announced that it will auction 74 coal-mining licenses to private companies in the next three to four months. The Supreme Court had cancelled 214 coal licenses last month, these were issued to private and public companies since 1993. The licenses will be auctioned to private-sector companies only for captive use. Finance Minister Arun Jaitley said that state-run, coal-consuming companies that want to mine for their own use, won't have to compete against private sector companies for coal licenses, especially in key industries such as power. The government will allocate government companies licenses without an auction.
This move is likely to help power, cement and steel sectors which will get more fuel supply. Jindal Steel (7.46%), which was the top loser among the ‘A’ group on the BSE and had hit its 52-week low yesterday, was among the top two gainers in the group. Sesa Sterlite (4.42%) was among the top two gainers in the Sensex 30 pack.
Suzlon Energy (4.97%) was the top loser in the ‘A’ group on the BSE.
ONGC was in news, following the report that, the government is likely to divest 5% stake in the company, in the first week of November. This may fetch about Rs 18,000 crore. The stock was the top loser (2.57%) among Sensex 30 stocks.
US indices closed in the positive on Monday.
Asian indices showed mixed performance. NZSE 50 (0.68%) and Straits Times (0.68%) both were top gainers while Nikkei 225 (2.03%) was the top loser.
China's economy in the third quarter grew at its slowest pace in five years as it battles a slumping real-estate market and weak domestic demand and industrial production. China posted a 7.3% year-over-year quarterly growth rate, according to the National Bureau of Statistics on Tuesday. This marked the lowest level since the first quarter of 2009, in the midst of the global financial crisis, when growth fell to 6.6%. The 7.3% third-quarterly growth rate was down from 7.5% in the second quarter.
Value-added industrial output in China rose by a larger-than-expected 8% in September, from a year earlier, accelerating from a 6.9% year-over-year increase in August, the statistics bureau said. Industrial production also increased 0.91% in September from August, when it rose 0.2% from the preceding month, it said.
European indices were trading in the green. US Futures too were trading higher.