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Dr.B.R.Ambedkar

Saturday, September 26, 2009

G8's history, G20 to call the shots now!India, 8 other countries asked to ratify CTBT!Five per cent share in IMF is a compromise figure: PM

 G8's history, G20 to call the shots now!India, 8 other countries asked to ratify CTBT!Five per cent share in IMF is a compromise figure: PM

 

Troubled Galaxy Destroyed Dreams, Chapter 385
 
Palash Biswas
 
 
 

What is the G-20

The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy. The inaugural meeting of the G-20 took place in Berlin, on December 1516, 1999, hosted by German and Canadian finance ministers.

Mandate

The G-20 is an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability. By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G-20 helps to support growth and development across the globe.

Origins

The G-20 was created as a response both to the financial crises of the late 1990s and to a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance. Prior to the G-20 creation, similar groupings to promote dialogue and analysis had been established at the initiative of the G-7. The G-22 met at Washington D.C. in April and October 1998. Its aim was to involve non-G-7 countries in the resolution of global aspects of the financial crisis then affecting emerging-market countries. Two subsequent meetings comprising a larger group of participants (G-33) held in March and April 1999 discussed reforms of the global economy and the international financial system. The proposals made by the G-22 and the G-33 to reduce the world economy's susceptibility to crises showed the potential benefits of a regular international consultative forum embracing the emerging-market countries. Such a regular dialogue with a constant set of partners was institutionalized by the creation of the G-20 in 1999.

Membership

The G-20 is made up of the finance ministers and central bank governors of 19 countries:

  • Argentina
  • Australia
  • Brazil
  • Canada
  • China
  • France
  • Germany
  • India
  • Indonesia
  • Italy
  • Japan
  • Mexico
  • Russia
  • Saudi Arabia
  • South Africa
  • South Korea
  • Turkey
  • United Kingdom
  • United States of America

The European Union, who is represented by the rotating Council presidency and the European Central Bank, is the 20th member of the G-20. To ensure global economic fora and institutions work together, the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G-20 meetings on an ex-officio basis. The G-20 thus brings together important industrial and emerging-market countries from all regions of the world. Together, member countries represent around 90 per cent of global gross national product, 80 per cent of world trade (including EU intra-trade) as well as two-thirds of the world's population. The G-20's economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system.

Achievements

The G-20 has progressed a range of issues since 1999, including agreement about policies for growth, reducing abuse of the financial system, dealing with financial crises and combating terrorist financing. The G-20 also aims to foster the adoption of internationally recognized standards through the example set by its members in areas such as the transparency of fiscal policy and combating money laundering and the financing of terrorism. In 2004, G-20 countries committed to new higher standards of transparency and exchange of information on tax matters. This aims to combat abuses of the financial system and illicit activities including tax evasion.  The G-20 also plays a signficant role in matters concerned with the reform of the international financial architecture. 

The G-20 has also aimed to develop a common view among members on issues related to further development of the global economic and financial system and held an extraordinary meeting in the margins of the 2008 IMF and World Bank annual meetings in recognition of the current economic situation. At this meeting, in accordance with the G-20s core mission to promote open and constructive exchanges between advanced and emerging-market countries on key issues related to global economic stability and growth, the Ministers and Governors discussed the present financial market crisis and its implications for the world economy. They stressed their resolve to work together to overcome the financial turmoil and to deepen cooperation to improve the regulation, supervision and the overall functioning of the worlds financial markets.

Chair

Unlike international institutions such as the Organization for Economic Co-operation and Development (OECD), IMF or World Bank, the G-20 (like the G-7) has no permanent staff of its own. The G-20 chair rotates between members, and is selected from a different regional grouping of countries each year. In 2009 the G-20 chair is the United Kingdom, and in 2010 it will be South Korea.  The chair is part of a revolving three-member management Troika of past, present and future chairs. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years.

Former G-20 Chairs

  • 1999-2001 Canada
  • 2002 India
  • 2003 Mexico
  • 2004 Germany
  • 2005 China
  • 2006 Australia
  • 2007 South Africa
  • 2008 Brazil

Meetings and activities

It is normal practice for the G-20 finance ministers and central bank governors to meet once a year. The last meeting of ministers and governors was held in São Paulo, Brazil on 8-9 November 2008.  The ministers' and governors' meeting is usually preceded by two deputies' meetings and extensive technical work. This technical work takes the form of workshops, reports and case studies on specific subjects, that aim to provide ministers and governors with contemporary analysis and insights, to better inform their consideration of policy challenges and options.

Towards the end of 2008  Leaders of the G-20 Countries meet in Washington. See the Declaration and action plan from the Washington Summit (PDF 72KB) . This meeting remitted follow up work to Finance Ministers. In addition to their November meeting in order to take forward this work in advance of the Leaders summit in London on 2nd April Finance Ministers and Central Bank Governors will also meet in March 2009.  A deputies meeting will be held in February 2009 to prepare for the Ministers meeting. 

G-20 Events

Deputies Meeting 1st February 2009

Officials Workshop Financing for Climate Change 13th & 14th February 2009

Deputies Meeting 13th March 2009

Finance Ministers and Central Bank Governors Meeting  14th March 2009

Officials Workshop on Global Economy  25th 26th May 2009

Deputies Meeting 27th & 28th June 2009

Officials Workshop on Sustainable Financing for Development July 2009

Deputies Meeting 3rd & 4th September 2009

Finance Ministers and Central Bank Governors Meeting 4th & 5th September 2009

Finance Ministers and Central Bank Governors Meeting 6th & 7th November 2009

Interaction with other international organizations

The G-20 cooperates closely with various other major international organizations and fora, as the potential to develop common positions on complex issues among G-20 members can add political momentum to decision-making in other bodies. The participation of the President of the World Bank, the Managing Director of the IMF and the chairs of the International Monetary and Financial Committee and the Development Committee in the G-20 meetings ensures that the G-20 process is well integrated with the activities of the Bretton Woods Institutions. The G-20 also works with, and encourages, other international groups and organizations, such as the Financial Stability Forum, in progressing international and domestic economic policy reforms. In addition, experts from private-sector institutions and non-government organisations are invited to G-20 meetings on an ad hoc basis in order to exploit synergies in analyzing selected topics and avoid overlap.

External communication

The country currently chairing the G-20 posts details of the group's meetings and work program on a dedicated website. Although participation in the meetings is reserved for members, the public is informed about what was discussed and agreed immediately after the meeting of ministers and governors has ended. After each meeting of ministers and governors, the G-20 publishes a communiqué which records the agreements reached and measures outlined. Material on the forward work program is also made public.

http://www.g20.org/about_what_is_g20.aspx

 
Budgets and bang for the buck

Budgets and bang for the buck

Finance departments can give a boost to broader reforms to improve performance and financial management.

Financing higher education 

The proposal to set up a National Higher Education Finance Corporation is welcome.

Debating in a knowledge vacuum 

Not a single evaluation of NREGA has been conducted that would throw light on implementation issues hobbling the programme.

 
26/09/2009

Maoists kill MP's son in Chhattisgarh

Raipur, Sep 26 (IANS) In a daring attack, suspected Maoists in Chhattisgarh Saturday shot two sons of Bharatiya Janata Party (BJP) leader and Bastar Lok Sabha MP Baliram Kashyap, killing one of them, police said.

"Maoists fired several rounds at Kashyap's sons, Dinesh and Tansen, when they were at a Mahashthami Durga Puja celebration in Bastar district," a top police official told IANS.

According to police sources, Tansen succumbed to bullet injuries at the Maharani Hospital in Jagdalpur, the district headquarters of Bastar.

Source: Indo-Asian News Service

 

26/09/2009

Recession hits hard Durga Puja business in Bengal

Kolkata: Recession has hit hard the export of Durga Puja idols. Potters are getting fewer orders from Bengalis abroad for Durga images that normally do booming business this time of the year."Last year Kumartuli sent 46 idols. This year it has dropped to 34," idol maker Babu Pal, secretary of the Kumartuli Mritshilpa Sanskriti Samity, an association of idol makers, told IANS.

Added Prodyut Paul: "I usually send six to seven idols. But for the last two years our business is suffering. This year I have sent only four idols."

Prodyut Paul's family has been in idol-making business for over 50 years. His grandfather Gorachand Paul began the tradition.

"I make 24-25 idols ever year, out of which I export one or two," Basudeb Rudra Pal told IANS.

The idols are exported to Britain, the US, Australia, Malaysia, Canada, South Africa and Indonesia.

Most bookings are done online. Many artists have their own websites. The prices for Durga idols along with accompanying images range between Rs.5,000 and Rs.150,000.

Kumortuli (also spelt Kumartuli) is a traditional potters' quarter in northern Kolkata. The artisans supply clay idols of Hindu gods and goddesses to community pujas in Kolkata and its neighbourhood and export them too.

There are around 100 artisans working in the dingy earthen houses in Banamali Sarkar Lane.

Artisans start exporting idols to foreign countries two-three months before the Durga Puja because it takes at least takes 45 days to reach the destination by ship.

Till four years back the artisans used to send earthern idols abroad but now they send fibre glass idols, which are much lighter, easy to transport and long lasting.

"This has also to some extent affected our business as these idols are long lasting our non-resident Bengali clients will not require to change idols fast," another artisan said.


Source: Indo-Asian News Service

 

25/09/2009

PM warns against premature withdrawal of stimulus package

Pittsburgh: Prime Minister Manmohan Singh Friday warned against "premature" withdrawal of the stimulus package for revival of the global economy hit by worst crisis since the Great Depression and to resist the temptation to resort to protectionist pressures.

PM warns against premature withdrawal

"First, the problem must be tackled at its root by ensuring the quickest possible return to normalcy in the global economy. This requires a commitment that we will not undertake any premature withdrawal of stimulus," he said, addressing the G-20 Summit here hosted by US President Barack Obama.

"We must certainly plan for an orderly exit when the time is right, but that time is not now. The global economy may be bottoming out, but it is not expected to reach 3 per cent growth until the end of 2010," he said.

In the address at the Summit attended by world leaders belonging to the developed countries and major emerging economies, Singh made a strong pitch for a restoring the momentum of growth in the developing world and said there was need to replace lost export demand and to expand investment.

Singh expressed confidence that despite a drought that will effect agricultural production, India expects to grow by 6.3 percent in 2009-2010 and then recover to 7 to 7.5 percent growth next year.

After growing at 9 per cent per year for four years the economy slowed down to 6.7 per cent in 2008-09.Print Print

"The prospects of convergence, which seemed bright before the crisis, have receded. We must take steps to counter these developments and restore the momentum of growth in the developing world," the Prime Minister said.

Pranab Mukherjee performs puja at his native village
26 Sep 2009, 0943 hrs IST
 

Union Finance Minister Pranab Mukherjee performs puja at Durga Mandir in his ancestral village Mirati in Birbhum district of West Bengal on Friday, Sept 25 2009. (PTI)

Away from laying down national policies on tackling the slowdown and ensuring inclusive growth, Finance Minister Pranab Mukherjee is now busy being the priest for the traditional Durga Puja celebrations at his ancestral home here.

Text: IANS

 

Air defence along LAC, LoC to be strengthened

Statesman News Service
NEW DELHI, 25 SEPT: As part of its modernisation plan, the Indian Air Force (IAF) is strengthening its air defence by putting in place a series of special mountain and light-weight radars along the Line of Actual Control (LAC) in Ladakh bordering China as also the Line of Control (LoC) with Pakistan.
"Since it is difficult to monitor the mountain terrain, the IAF has undertaken the exercise of placing different types of radars in place along the 667-km LAC with China. Don't keep getting locked up in LAC, there is also the LoC," Western Air Command (WAC) chief Air Marshal N A K Browne told reporters here ahead of the preparations for the 77th anniversary of IAF on 8 October.
"The Air Force is keenly examining the option of special type of radars, which we call the mountain radars and we are also looking at low level light weight radars (LLLWR). So there is a definite plan," Air Marshal Browne said when asked about future air defence systems.
On Chinese helicopters intruding into Ladakh, he said, "I don't know why so much attention is being given to the China issue. Enough has been said. What we need to do is to keep everyone engaged in the neighbourhood and keep our preparedness level for all contingency."
On the strength of IAF being one-third of China's as recently observed by the Chief of Air Staff, Air Marshal P V Naik, Air marshal Browne said "it is not numbers issue alone and how old or new is my equipment. Everything has to be factored into the equation. We are extremely well balanced on all fronts."
Asked whether the development of airfields near the Line of Actual Control (LAC) like Nyoma, Daulat Beg Oldi and Fukche, was being done in the wake of the recent Chinese moves along the border, he said it has "nothing to do with threat. The support is for the army and also it gives you far more options to convey men and equipment to that area."
The IAF had recently landed a fixed wing aircraft, AN-32, at Nyoma airfield which is about 25 km from the LAC. On the MMRCA trials, he said "F16 and F18 trials are over and currently the French aircraft Rafael is undergoing cold weather trials in Leh to be followed the Russian, Swedish and Eurofighter. Everything is going on track and there is no hiccup."
Asked whether IAF would be in charge of providing air cover during the Commonwealth Games in the Capital next year, Air Marshal Browne said "we have always provided foolproof air cover for January 26 and August 15 and when a request comes, we will take on the task but nothing so far." Meanwhile, preparations are in full swing for celebrating IAF's 77th anniversary on 8 October.

 
Nandan Nilekani, former INFOSIS Head does all the WONDER to get all Resources MOBOLISED in Corporate MNC Interest legalising DISPLACEMENT and Persecution with his damned Unique Identity Number Project, the Post Modern ASHWA Medha Yagya!
 
India's growth to be 6.3 per cent despite financial crisis and drought, Dr Manmohan singh toes Montek line! Meanwhile, the Indian Air Force is strengthening its defences on the northern and western borders with China and Pakistan by moving fighter aircraft squadrons and installing modern radars, the chief of the western air command, Air Marshal N.A.K. Browne, said in New Delhi last day.Two squadrons of the air force's most modern fighter aircraft, the Sukhoi 30mki, will be based in the western sector, possibly at Halwara in Punjab. In June, the IAF began moving a squadron of the same aircraft to Tezpur in Assam.
 

While the movements are meant to strengthen air-power capabilities against Pakistan and China, they are also replacements for squadrons of older fighter aircraft that the IAF is phasing out.

 
Indian Manusmriti Apartheid Hegemnpy and India Incs Government is ENGAGED in Nuclear Armament to sustain Genocide Culture while a conference on disarmament today pressed nine countries, including India
 
, which have not yet signed the Comprehensive Nuclear Test
Ban Treaty (CTBT) to ratify the agreement to ensure that it can come into force. On the other hand, Five per cent share in IMF is a compromise figure, PM India Complains.The decision of the G-20 members to shift five per cent share to countries like India that are under-represented at the International
Monetary Fund in terms of voting rights is a compromise figure, as New Delhi and other emerging economies had sought a seven per cent share, the Prime Minister, Manmohan Singh, revealed Friday.

"It is a compromise figure," Singh told a news conference at the conclusion of the G-20 Summit in Pittsburgh, during which the Prime Minister also said the emergency financing for the Fund has been successfully completed.

"We now have to address the issue of the Fund Quota increase by early 2011. We have agreed to shift five per cent to countries that are under-represented," Singh said.

The Prime Minister said this is a compromise figure because as of now the quota for developing countries is about 44 per cent. "The BRIC countries, the poor countries, have suggested a rebalancing to the extent of seven per cent, in which case the developing countries would have more than 50 per cent," he said.

"So this is a compromise. The demand was seven per cent, we got five per cent," Singh said.
 
Asking the G-20 nations not to withdraw the economic stimulus packages as 90 million people are likely to turn poor in developing
world, India today said its economy would grow by 6.3 per cent this fiscal despite the drought and global financial crisis.

"...we have weathered the crisis relatively well given the circumstances...In 2009, despite a drought, which will affect agricultural production, we expect to grow by around 6.3 per cent in 2009-10 and then recover to 7 to 7.5 per cent growth next year," Prime Minister Manmohan Singh said at the Plenary Session of G-20 meeting here.

He said this relatively strong performance is partly due to the strong stimulus measures introduced in the second half of 2008-09, which have been continued in this fiscal.

However, the global financial crisis has affected the developing world significantly, Singh said adding an estimated 90 million people in the developing world are likely to be pushed below the poverty line.

This may lead to social and political tensions undermining the national consensus in support of much needed structural reforms and adjustment.

He said the prospects of convergence among the nations was bright before the crisis but has now receded.

"We must take steps to counter these developments and restore the momentum of growth in the developing world," Singh said, adding the nations must take a commitment that they will not withdraw stimulus prematurely.

French Foreign Minister Bernard Kouchner, who co-chaired today's session, appealed to the nine states which have yet to ratify the pact to do so so the treaty can come into force.

"With their ratification, they will send a message of hope by strengthening the international non-proliferation regime and collective security," he said.

In a statement, the 150 countries which have ratified the CTBT said they reaffirm that the ultimate objective of the efforts of states in the disarmament process is general and complete disarmament under strict and effective international control.

"We call upon all states which have not yet done so, to sign and ratify the Treaty without delay, in particular, those States whose ratification is needed for entry into force," the statement said.

North Korea, India and Pakistan have not signed the treaty, which bans any nuclear blasts for military or civilian purposes, while six countries, the United States, Indonesia, Iran, Israel,
China and Egypt have signed but not ratified the pact.
 
UN resolution on NPT not directed against India: US
 
 The US today assured India that the UN Security Council resolution on the Nuclear Non-Proliferation treaty (NPT) issue is not
directed against it and will not affect the Indo-US nuclear deal.

"We have been assured (by the US) that this is not a resolution directed against India and that the US commitment to carry out its obligations under the civil nuclear agreement, which we have signed with the United States, remains undiluted," Singh, who interacted twice with President Barack Obama during the G-20 Summit, told reporters here.

"That (commitment on the nuclear deal) we have been assured officially by the US Government," Singh said wrapping up his two-day visit.

He was replying to a question about the UNSC resolution asking all non-NPT states, including India, to sign the NPT.

"Last night I met him (Obama) and today I was seated to his right during lunch. I discussed some important issues with him," Singh said on being asked whether he had any bilateral meetings with the US President. Singh said because of paucity of time, Obama did not have bilateral meetings with any leaders.

In New York, after a meeting between External Affairs Minister S M Krishna and Secretary of State Hillary Clinton, a senior US official said India's position on NPT and the Comprehensive Test Ban Treaty (CTBT) will not impact the nuclear deal.
 
India and US to go ahead with the nuclear deal: Clinton
The United States today said India's position on non-proliferation and CTBT will not impact the nuclear deal between the two countries
and expressed hope to move forward with the landmark agreement.

"We've said before that the resolution that was passed on Thursday unanimously by the Security Council does not have any bearing on our bilateral civil nuclear cooperation," Assistant Secretary of State for South and Central Asia Robert Blake said.

Blake was briefing journalists after a bilateral meeting between Secretary of State Hillary Clinton and External Affairs Minister S M Krishna here.

The UNSC had adopted a resolution seeking all non NPT signatories to join the treaty but India, which views it as discriminatory, refused to accept it.

The senior US official said that discussion between Krishna and Clinton also included cooperation between India and the US on higher education, referring to Indian Lok Sabha bill that will enable more foreign participation in the higher education sector.

"There are a number of American universities who are very eager to do more. So we're very excited about that as well," he said.
 
Shed mindset of using terror as state policy, PM tells Pak

 

Ahead of Indo-Pak Foreign Ministers meeting in New York, Prime Minister Manmohan Singh on Saturday said India seeks to normalise
relationship with Pakistan but it should shed its mindset of using terror as an instrument of state policy against New Delhi and take action against those involved in the Mumbai terror attacks.

He made it clear that there was no change in India's stand on Pakistan since the Sharm-el-Sheikh talks with his counterpart Yousuf Raza Gilani, a position he has made clear in Parliament.

"India's message is that India seeks to normalise its relationship with Pakistan. But the only obstacle is that it should shed its old attitude of using terror as a state policy," Singh told a press conference winding up his two-day trip to Pittsburgh where he attended the G-20 Summit.

"We have supplied our material and evidence for them to carry out investigation. Although the tragedy took place in India, the conspiracy took place in Pakistan. Pakistan has admitted to this. We want them to bring to book the culprits involved in the November 26 attacks," he said.

Singh recollected that he has already said that if Pakistan took proper action India would move the extra mile to normalise relations.

The Prime Minister's comments come as Foreign Ministers of India and Pakistan are set to meet tomorrow during which Islamabad's action against terror emanating from its soil will be discussed.

Singh said India and Pakistan are neighbours and they have an obligation to move as neighbours.

Asked how he looked forward to moving ahead with the relations with Pakistan after the Sharm-el-Sheikh episode, Singh said "If you read my statements in Parliament, I have explained the Government's position and I think there is no change on this."

Asked about a report by US General Stean McChrystal that India was doing good work in Afghanistan but it could lead to instability in the region, he said: "I think to my knowledge there US and other European powers are appreciative of the role played by India in Afghanistan.

"We have not supplied any arms, we are also helping them in construction and financing of projects in power health and education sectors. Untill today we have committed USD 1.5 billion in Afghanistan.

"Not only people of Afghanistan is appreciate but Europe and American leaders are of the same view. As far as Afghanistan is concerned, I agree that we have to sail in these difficult waters," he said.

Iran should fulfill its obligations as NPT signatory: PM

Prime Minister Manmohan Singh today said Iran should fulfill all its obligations as a signatory to the Nuclear Non-proliferation Treaty (NPT), while it also enjoys rights under that agreement.

Answering a question on US, Britain and France threatening sanctions against Iran for secretly pursuing uranium enrichment facility, Singh told a press conference here that Iran issue did not come up during the G-20 Summit.

"Our position is that Iran as a signatory to the NPT has all rights to peaceful use of atomic energy and also should carry out its obligations," he said.
 
PC pledge to crush extremism in state

Ranchi, Sept. 25: Jharkhand and Chhattisgarh have become epicentres of Left-wing extremism and the Centre is committed to end the so-called armed liberation movement, Union Home minister P. Chidambaram said here today.

He chaired a meeting to review the security situation in the state and steps being taken by the administration to counter the Naxalite menace. The meeting, held at Raj Bhavan, was attended by Governor K. Sankaranarayanan, his advisers G. Krishnan and T.P. Sinha, director-general of police V.D. Ram and other top police officers.

"The CPI(Maoist) has already been declared an outlawed organisation. We reject any form of armed rebellion against the state. The Centre will leave no stone unturned to counter and end the menace at the earliest," said the home minister who arrived in a BSF flight around 1pm.

Chidambaram, however, categorically denied any plan to involve the army in counter-insurgency operations during a possible major offensive against Naxalites but maintained that the Centre would provide adequate paramilitary forces to the states to curb the menace.

Ironically, he hailed the state administration, declaring that it had been able to contain Left-wing extremism at many places. However, he refused to declare possible dates for major strikes against Naxalites in the region, but rather chose to maintain that the fight was on and it would be turned towards a logical end.

Chidambaram seemed much impressed on the development front with the performance of the state, currently under President's rule. "I learnt that 87 per cent of beneficiaries under the National Rural Employment Guarantee Scheme (NREGS) are paid wages through bank and post office accounts. I have advised authorities to raise the level to 100 per cent," he said.

Moreover, he said that though the public distribution system was in a sorry state for two years, it had now been virtually re-invented. "Those eligible are getting rice, wheat, sugar and kerosene oil either free or at controlled prices. Suvidha shops are offering goods at cheaper prices, while disbursement of old-age pension has been regularised. Administration here has done excellent work for the poor and the needy," said Chidambaram.

Apparently forgetting that the state has been under the UPA-supported regime since 2006, Chidamabram said that people here had suffered a lot in the past and now were enjoying better facilities under the current administration.

"I must say that whichever government comes in future, it will oblige by extending the sops to the poor that were started of late," he claimed.

After a hurricane tour, the home minister left for Delhi at 5.30pm.

However, he conceded that the state was facing difficulty in laying roads in Naxalite-affected rural areas. The state is to lay over 3,500km of rural roads under the Pradhan Mantri Gram Sadak Yojana and other state and Centre-sponsored schemes.

Asked about the arrest of top-rung leaders like Kobad Ghandy in Delhi, Chidambaram said that people like Ghandy and frontal organisations take a romantic view of Left-wing extremism but it was a challenge for our democracy that many studies have proved.

http://www.telegraphindia.com/1090926/jsp/frontpage/story_11543877.jsp
 
 

Oil everywhere: It's a boom year for new finds

25 Sep 2009, 2200 hrs IST, New York Times
 
The oil industry
has been on a hot streak this year, thanks to a series of major discoveries that have rekindled a sense of excitement across the
petroleum sector, despite falling prices and a tough economy.

These discoveries, spanning five continents, are the result of hefty investments
that began earlier in the decade when oil prices rose, and of new technologies that allow explorers to drill at greater depths and break tougher rocks.

"That's the wonderful thing about price signals in a free market – it puts people in a better position to take more exploration risk," said James T Hackett, chairman and chief executive of Anadarko Petroleum.

More than 200 discoveries have been reported so far this year in dozens of countries, including northern Iraq's Kurdish region, Australia, Israel, Iran, Brazil, Norway, Ghana and Russia. They have been made by international giants, like Exxon Mobil, but also by industry minnows, like Tullow Oil.

Just this month, BP said it found a giant deep-water field that might turn out to be the biggest oil discovery ever in the Gulf of Mexico, while Anadarko announced a large find in an "exciting and highly prospective" region off Sierra Leone.

It is normal for companies to discover billions of barrels of new oil every year, but this year's pace is unusually brisk. New oil discoveries have totaled about 10 billion barrels in the first half of the year, according to IHS Cambridge Energy Research Associates. If discoveries continue at that pace through year-end, they are likely to reach the highest level since 2000.

Although recent years have seen speculation about a coming peak and subsequent decline in oil production, people in the industry say there is still plenty of oil in the ground, especially beneath the ocean floor, even if finding and extracting it is becoming harder. They say prices and the pace of technological improvement remain the principal factors governing oil production capacity.

While the industry is celebrating the recent discoveries, many executives are anxious about the immediate future, fearing that lower prices might jeopardize their exploration drive. The world economy is weak, oil prices have tumbled from last year's records, corporate profits have shrunk, and global demand for oil remains low. After falling to $34 in December, oil prices have doubled, stabilizing near $70 a barrel. But if the world economy does not pick up, some analysts believe the price could fall again.

Oil companies contend that is not a prospect they can afford. Despite reaping record profits in recent years, many executives have warned that they need prices above $60 a barrel to develop the world's more challenging reserves. In fact, some exploration activity has already slowed this year, as producers seek better terms from service companies and contractors.

It is not just oil that is benefiting from the exploration boom. Repsol, Spain's biggest oil company, said this month that it had discovered what could turn out to be Venezuela's biggest natural gas field. In recent years, companies have found substantial natural gas reserves in the United States, from shale rocks once believed to be impossible to drill.

"The No 1 question that exploration teams have right now is, Where do we go next?" said Robert Fryklund, who ran the operations of ConocoPhillips in Libya and Brazil, and is a vice president in Houston at Cambridge Energy Research Associates.
 
 
  Not right time for protectionism or ending stimulus, PM tells west

26 Sep 2009, 0104 hrs IST, Chidanand Rajghatta, TNN

 

PITTSBURGH: With a blow-out over Iran's nuclear programme threatening to upstage G-20 confabulations on the world economy, it's doubtful whether any
leaders had an ear for the prescriptions from India's economist-turned-prime minister on how to ride out the economic crisis that has shaken the world.

But for what it is worth, Prime Minister Manmohan Singh listed out a series of measures that he felt would ensure the quickest possible return to normalcy in the global economy. Among them, replacing lost export demand - which has hurt India badly - by expanding investment in infrastructure, including energy, transport and other public services.

The Prime Minister asked the World Bank and other multilateral institutions to step up to fulfill this role, in effect asking richer nations to commit additional resources to fund them. And in a snarky aside to his rich colleagues who may hesitate to commit additional public resources for such recapitalization, the normally soft-spoken had this to say: We must keep in mind what is needed for these institutions is small compared
to the massive scale of public money used to stabilize the private financial system in industrialized countries.

No one said 'ouch' but you could feel it.

 

Indian Taxation News

New tax rules to hit insurance companies New tax rules to hit insurance companies

23 Sep 2009, 0047 hrs IST,MAYUR SHETTY,ET Bureau

The direct tax code, which proposes to remove tax benefits from life policies, will undo everything the industry has done towards increasing insurance penetration in the country.

'Direct tax code needs overhaul' 'Direct tax code needs overhaul'

22 Sep 2009, 0041 hrs IST,ET Bureau

A raft of tax experts and professional bodies including chambers of commerce across the country thinks virtually every line of the new direct tax code may have to be rewritten to shield domestic companies and their operations, both in India and overseas.

Govt official may find tony homes taxing under draft tax code Govt official may find tony homes taxing under draft tax code

13 Sep 2009, 0733 hrs IST,AMAN DHALL & SHANTANU NANDAN SHARMA,ET Bureau

Gurgaon and Noida may soon look lucrative for top government officials who are presently enjoying their shine and rain in Lutyen's Delhi.

New Direct Tax Code mostly profitable for India Inc New Direct Tax Code mostly profitable for India Inc

13 Aug 2009, 0453 hrs IST,ET Bureau

The Direct Tax Code proposes a substantial reduction in the rates of tax on corporate income, near-removal of the difference in the tax treatment of domestic and foreign companies and a shift in the base of MAT.

New Tax Code: Prepare for the TDS nightmare New Tax Code: Prepare for the TDS nightmare

27 Aug 2009, 1203 hrs IST,MUKESH PATEL,TNN

The respite from the TDS bite for small interest earners by submitting simple declarations will be a thing of the past under the new tax code.

Tax code is unfair to the salaried Tax code is unfair to the salaried

25 Aug 2009, 0332 hrs IST,T N PANDEY,

The tax rates proposed for the future in the Direct Taxes Code are generally being welcomed. In this hype, one tends to lose sight of the huge tax burden, hardships and inequities, to which a major section of the taxpayers namely the salary earners is going to be subjected, if the Code is enacted in the present form.

ISRO found water on moon 10 months ago

The Moon Impact Probe on Chandrayaan-I appears to have sensed water earlier than NASA's M3 but protocol did not allow ISRO to declare the discovery.

India's own probe also found water on moon: ISRO

India's own Moon Impact Probe (MIP) on board the country's maiden lunar craft had discovered water on the moon.

Chandrayaan-I mission was a complete success, says ISRO chairman

Terming the finding of water on the Lunar surface a 'historic' one, ISRO Chairman G Madhavan Nair on Friday said that the Chandrayaan-I mission was a complete success.

NASA finds ice on the moon and on Mars

International space missions have found ice on the moon and more evidence of ice on Mars -- good news for future settlements and also for scientists looking for extraterrestrial life.

Courtesy ISRO, we found water on Moon: NASA

NASA revealed Chandrayaan-I had traced water molecules on the moon's surface. It also 'thanked' ISRO for making the discovery possible.

Chandrayaan-1 finds water on moon: Report

India's first lunar mission,Chandrayaan-1, has found evidence of water on its surface. In pics: Chandrayaan finds water on moon | Hubble Space Telescope

PSLV places seven satellites including Oceansat 2 in the orbit

ISRO successfully launched seven satellites in 1,200 seconds with the help of its most trusted PSLV- C-14 from the Sriharikota spaceport in Andhra Pradesh coast.

ISRO to launch 7 satellites in 1,200 seconds today

The stage is set for the launch of the ISRO's workhorse Polar Satellite Launch Vehicle for placing into orbit the country's 16th remote sensing satellite, Oceansat-2, and six European nano satellites.

Did Chandrayaan find water on Moon's surface?

Did India's maiden Moon mission Chandrayaan-1 find water on the lunar surface before the project was aborted?

Chandrayaan-I was 'killed' by heat stroke

The reasons for early termination of the Chandrayaan-I mission are now tumbling out and they reveal that ISRO had kept the Moon orbiter's problems tightly under wraps.

Data from Chandrayaan-1 being used for second moon mission

Further research was being carried out for the Chandrayaan-2 project, based on the quality data and photographs taken by Chandrayaan-1.

Chandrayaan confirms moon was once completely molten: Scientist

Chandrayaan's moon mineralogy mapper has confirmed the magma ocean hypothesis, meaning that the moon was once completely molten, a senior scientist said Wednesday.

Chandrayaan-1 off radar, but will work for 1000 days

Though 'Chandrayaan-1' was officially 'retired' on Sunday it will continue to go around the moon for about 1,000 days more before it crashes on its surface.

Mars mission by 2013-2015, says ISRO

ISRO chairman G Madhavan Nair on Monday said India will have its mission on Mars by 2013-2015.

Did ISRO goof-up on predicting Chandrayaan-1 mission life?

Did Indian Space Research Organisation (ISRO) goof-up when it announced that Chandrayaan-1 would have a mission life of two years as none of the lunar craft launched by other nations lasted that long?

 
Durga puja celebrated in US & Europe with a bit of austerity
26 Sep 2009, 0055 hrs IST
 

Durga puja is being celebrated in the US and Europe this time with the same fervour and gaiety as any other year, but with a bit of austerity thrown in.

The global recession led to many a job loss and pay cuts, and some members cut donations by as much as 50%.

Text Courtesy: ET Bureau

 
G8's history, G20 to call the shots now
26 Sep 2009, 0250 hrs IST, T K Arun, ET Bureau
 
PITTSBURGH: The G20 summit underway here got a boost on Thursday night when, at the inaugural dinner for the leaders of the 20 leading economies and
their spouses, host President Obama said categorically that the Group of 20 has now replaced the G8 as the premier global economic forum. Rarely do changes in the global balance of economic power find such rapid reflection in the global architecture of economic co-operation as in the present instance, said Mr Obama.

This cooption of large, fast-growing economies, such as India and China, into global decision making found its resonance in the flurry of bilateral meetings held by Prime Minister Manmohan Singh with leaders of other nations. He had meetings with the prime ministers of Britain, Japan and Australia.

While the summit and the bilateral that meet on its sidelines are not yet over, as this goes to print, a meeting with the Dutch premier is in the offing. But there are no signs yet of the widely anticipated meeting of Mr Singh with South Africa's President Zuma materialising.

In his speech at the summit, Mr Singh focused on three things: the need to sustain the coordinated stimulus measures by national governments around the world for some more time, at least till the end of 2010, the developed countries' obligation to take the lead in quelling protectionist eruptions and concluding the Doha Round of trade negotiations fast and stimulating investment in the developing countries.

All these three imperatives flow, he said, from the major blow received by the developing countries from the financial crisis wrought essentially by the developed world. Developing country growth has dipped to 1.5%, they have lost $900 billion worth of non-oil exports and lower domestic revenues have deprived them of essential public investment in vital social infrastructure, hurting future growth.

The prime minister also indirectly held out a hand of friendship and cooperation to China by virtue of the prescriptions that he recommended for regaining global growth momentum.

Dr Manmohan Singh posited stepped up investment in developing countries as the way out for both developing and developed countries. And for this, it is vital, in the present context of vastly reduced developing country access to commercial capital flows, for multilateral loans such as from the World Bank to expand significantly. The PM urged developed countries to recapitalise the World
Bank, doubling its capital, so that it could undertake steeply stepped up infrastructure financing in the developing countries.

Such investment in infrastructure would compensate developing countries for lost exports and boost their capacity for future growth. Developed nations would also gain from greater infrastructure investment in developing countries — such
investment tends to be import-intensive, spreading the growth impulse further.


 
Don't leave regulation to the experts
 
24 Sep 2009, 0533 hrs IST, T K Arun, ET Bureau
 
There is such a thing as an excess of trust on expertise. The global financial crisis, whose demise is still a matter of debate, was created by
bright and talented experts who ran riot over the world markets, spewing wondrous, new triple-A rated financial products
.

These products turned — in the hands of the common variety of bankers and pension fund managers who picked them up — into toxic bombs that blew up in their starry-eyed faces. The guys who gave these delayed action toxic bombs and bomblets triple-A ratings were also experts. So were the regulators. Nothing very sophisticated, of course, about the mess they left behind.

That mess has to be cleaned up by the aam aadmi and his aam representatives. Of course, expertise is called for in designing the clean-up and in carrying out the salvage and in devising new operating procedures to ensure that such a mess is not created yet again. What the appropriate expertise is, however, cannot be left to the experts to choose. The people's representatives must supervise that process.

They can take their time doing it, consult a large enough number of experts, ask probing questions about the rationale for each proposal and come to a conclusion about what is right for the people at large. The short point is that the people's representatives should not abdicate this responsibility to professional experts. Once new regulation is put in place, its implementation should be left to the professionals, once again. The people's representatives should carry out institutionalised oversight of that regulation. There is, of course, a clear difference between oversight and meddling.

Securitisation of mortgages and engineering of assorted derivatives that had these securities as their underlying assets were key components of the crisis. Securitisation, however, should not stop it being an effective method of increasing liquidity and reduce the cost of borrowing. One reason why student loans in the US are so cheap is that they are securitised.

A Rs 10 lakh loan given to a home-buyer or a student, say, is broken up into 1,000 bonds of Rs 10,00 each, and these bonds are sold to investors. The bank that made the loan no longer has to wait for the loan to be repaid for it to lend that money again – an amount close to Rs 10 lakh has been recovered by the sale of these bonds. Of course, the bulk of interest payments on the loan will now accrue to the bondholders, and not to the bank. This is securitisation.

 
Canada says India nuclear deal imminent
 
26 Sep 2009, 1205 hrs IST, REUTERS
OTTAWA: Canada is close to signing a deal with India to sell nuclear technology and materials, Trade Minister Stockwell Day said on Friday, adding
he was confident that remaining security concerns would be resolved.

Day made similar comments in May, saying at that time that a deal was imminent.

He told reporters on a conference call that he was now ironing out a few final stumbling blocks.

"I had a telephone meeting just last week with India's national security adviser. We are down to four fine points ... He and I both agree that final agreement is possible within days, if not just a matter of a few weeks," Day told reporters on a conference call from India.

Day said he did not foresee any threat of Canadian materials being diverted to military uses elsewhere in the region because of India's commitment to allow inspections by the International Atomic Energy Agency as well as tough transparency and reporting requirements.

"These are very strong provisions," he said.

Canada halted nuclear co-operation with India after the country diverted material from Canadian-designed reactors to make a nuclear bomb in 1974. The conflict between India and Pakistan at the time led to widespread international concerns about India's nuclear intentions.

Canada and other countries lifted their moratorium on nuclear trade with India last year.

Day said one of the four items to be resolved before signing a deal was the "question of reprocessing", without providing details.

"I'll let our negotiators make progress on those and the others without unduly trying to raise pressure points publicly on them," he said.

The deal means Canadian uranium producers will be able to sell to an Indian market that is seen, along with China's, as one of the top areas of growing demand for nuclear fuel.
 

G-20 major economies

From Wikipedia, the free encyclopedia

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Group of Twenty Finance Ministers and Central Bank Governors

Areas in dark blue represent the member countries in the G-20; light blue represent members of the
EU not individually represented.
Abbreviation G-20
Formation 1999
Purpose/focus Bring together systemically important industrialized and developing economies to discuss key issues in the global economy.[1]
Membership 1.  Argentina
2.
 Australia
3.
 Brazil
4.
 Canada
5.
 China
6.
 France
7.
 Germany
8.
 India
9.
 Indonesia
10.
 Italy
11.
 Japan
12.
 Mexico
13.
 Russia
14.
 Saudi Arabia
15.
 South Africa
16.
 South Korea
17.
 Turkey
18.
 United Kingdom
19.
 United States

20.
 European Union
Staff None[2]
Website http://www.g20.org/

The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 countries, plus the European Union (EU). It has also met twice at heads-of-government level, in November 2008 and again in April 2009. The most recent meeting was the September 24-25, 2009 meeting of heads of state in Pittsburgh, Pennsylvania.

Collectively, the G-20 economies comprise 85%[3] of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[2]

The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.

With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009 that the group will replace the G8 as the main economic council of wealthy nations.[4]

Contents

[hide]

[edit] Organization

The G-20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs referred to as the Troika. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years.

[edit] Member countries and organizations

In 2009, there are 20 members of the G-20. These include the finance ministers and central bank governors of 19 countries:[2]

 *Also members of G-8

The 20th member is the European Union, which is represented by the rotating Council presidency and the European Central Bank.

In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:[2]

[edit] Membership

The membership of the G-20 comprises:

Membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:[1]

" In a forum such as the G-20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part. "

All 19 member nations are among the top 32 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2008.[5] Excluded from the G-20 are Taiwan (19), Switzerland (21), Norway (24), Iran (27) and Venezuela(30), even though they rank higher than some members. Spain (9), Netherlands (16), Poland (18), Belgium (20), Sweden (22), Austria (25), Greece (26) and Denmark (28) are included only as part of the EU, and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 24 in the world in 2008, according to the IMF.[6] Iran (17) and Thailand (23) are not G-20 members, while Spain (12), Netherlands (19) and Poland (20) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, Netherlands and Poland appear above any G-20 member in both lists simultaneously.[7]

It is often argued[by whom?] that the G20, although it is more representative than the G8, is not entitled to make decisions that affect the whole world, because its member states are selected arbitrarily. The G20 does not have a charter and its debates are not public, making it an "undemocratic institution."[8] Critics propose[by whom?] an alternative as an Economic Security Council within the United Nations, where members should be elected by the General Assembly based on their importance in the world economy and the contribution they are willing to provide to world economic development.[9]

[edit] History

The G-20, which superseded the G33, which had itself superseded the G22, was foreshadowed at the Cologne Summit of the G7 in June 1999, but was formally established at the G7 Finance Ministers' meeting on September 26, 1999. The inaugural meeting took place on December 15–16, 1999 in Berlin. In 2008 Spain and The Netherlands were included by French invitation for the G-20 Leaders Summit on Financial Markets and the World Economy and then were admitted as members de facto by the UK.[citation needed]

[edit] Since 2006

G20 Leaders Summit on Financial Markets and the World Economy in Washington, D.C. on November 15, 2008.

In 2006 the theme of the G-20 meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, 'reform' of the World Bank and IMF, and the impact of demographic changes due to an aging population.

Trevor A. Manuel, MP, Minister of Finance, Republic of South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega, Minister of Finance, Brazil, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. In a statement following a meeting of G7 finance ministers on October 11, 2008, US President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008. An initiative by French President Nicolas Sarkozy and British Prime Minister Gordon Brown led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy, on November 15, 2008.[10] G20 leaders met again in London on April 2, 2009.[11] Another G20 summit is scheduled to be held September 24–25, 2009 in Pittsburgh, Pennsylvania.[12]

[edit] London summit 2009

As hosts, the UK Treasury produced an extended agenda pamphlet proposing the issues to be covered at the London Summit:[13]

  1. Coordinated macro-economic actions to revive the global economy, stimulate growth and employment – review measures taken and possible further steps
  2. Reform and improve financial sector & systems – continue to deliver progress on the Washington Summit action plan
  3. Reform international financial institutions (IFIs) – International Monetary Fund (IMF), Financial Stability Forum (FSF) and World Bank

[edit] Locations of G-20 meetings

[edit] See also

[edit] Notes

  1. ^ a b FAQ #5: What are the criteria for G-20 membership? from the official G-20 website
  2. ^ a b c d G-20 Membership from the official G-20 website
  3. ^ "No Clear Accord on Stimulus by Top 20 Industrial Nations." The New York Times, page A1, March 15, 2009.
  4. ^ "Officials: G-20 to supplant G-8 as international economic council". CNN. 2009-09-25. http://www.cnn.com/2009/US/09/24/us.g.twenty.summit/index.html. Retrieved 2009-09-25. 
  5. ^ World Economic Outlook Database, April 2009. International Monetary Fund.
  6. ^ World Economic Outlook Database, April 2009. International Monetary Fund.
  7. ^ GDP (Nominal). GDP (PPP). World Economic Outlook Database, April 2009, International Monetary Fund.
  8. ^ Daniele Archibugi, The G20 ought to be increased to 6 Billion, http://www.opendemocracy.net/article/email/the-g20-ought-to-be-increased-to-6-billion
  9. ^ http://www3.qeh.ox.ac.uk/RePEc/qeh/qehwps/qehwps68.pdf
  10. ^ The G-20 Summit: What's It All About?, from the Brookings Institute
  11. ^ UK to host G20 financial summit" November 26, 2008 from the UK Prime Minister's Office.
  12. ^ http://news.bbc.co.uk/2/hi/business/8072894.stm
  13. ^ "Managing the global economy through turbulent times" (PDF). http://www.hm-treasury.gov.uk/d/managingtheglobaleconomy_081208.pdf. 
  14. ^ The G-20 Leaders Summit on Financial Markets and the World Economy from the G-20 Information Centre at the University of Toronto
  15. ^ Canada Takes Key Role In 2010's Double Summit
  16. ^ Canada to host 'transition' summit in 2010
  17. ^ "Korea to Host G20 in November". The Korea Times. 2009-09-25. http://www.koreatimes.co.kr/www/news/biz/2009/09/123_52513.html. Retrieved 2009-09-26. 

[edit] External links




 

Deemed export benefits may be scrapped next yr

26 Sep 2009, 0141 hrs IST, Gireesh Chandra Prasad, ET Bureau
NEW DELHI: The finance ministry is planning to downsize or scrap incentives to the industry that are prone to abuse. The changes may take effect in
budget 2010-11.

Schemes that may get downsized or may even be scrapped include deemed export benefits that the commerce ministry gives to exporters, with budgetary support from the finance ministry. This is one of the two duty drawback schemes through which the government compensates an exporter for the duty paid in India on products that are exported. The idea is to ensure that taxes paid here do not make the product less competitive abroad.

This benefit, called deemed export benefits or 'duty draw back and refund of terminal excise duty', is believed to be abused by exporters who make fake claims to demand excess refund of taxes paid in India, said a finance ministry official, who asked not to be named. For this scheme, the government provides funds to the commerce ministry as a budgetary allocation.

This scheme compensates exporters on claims that are not generally entertained under the other larger scheme of duty drawback scheme operated by the Central Board of Excise and Customs (CBEC), for which more documentary support is required. The larger duty draw back scheme is a statutory benefit unlike the deemed export benefit.

"We will assess the relevance of the scheme as well as the degree of abuse. If the abuse level is minor, we may tighten the scheme. If it is too high, then we may scrap it," said another official in the finance ministry, who also asked not to be named. "We will not throw the baby out with the bath water if the abuse can be checked in some way," he added.

Since deemed export benefit is an expense provided through the budget, it will be part of a review by the expenditure department in the next two months. Other export benefits that are administered by the revenue department will be reviewed by the revenue secretary by the year end.

"This year, the review of all expenditure schemes will be more rigorous considering the pressure on government finances", said the official. The finance ministry told all other ministries earlier this month to assess the continued relevance of all expenditure schemes before making demands for funds for the next fiscal. The ministry also asked all other government wings to review all schemes that can be eliminated, reduced or be merged with other schemes. The idea is to improve efficiency and reduce duplication.
 
Draft bill on realty watchdog unveiled
26 Sep 2009, 0119 hrs IST, Sanjeev Choudhary & Arindam Ghosh, ET Bureau

NEW DELHI: The government has unveiled a draft new law on the much-awaited real estate regulator that when implemented, will protect homebuyers'
interest and discipline builders and lead to a transparent and healthy real estate sector.

The draft bill makes it mandatory for builders to register their projects with the regulator before marketing them. The builders will have to submit documentary proof of ownership of land and requisite licences to the regulator for getting registered. The entire information about the project, verified by the regulator, will be put up on the regulator's website that can be accessed by all. The advertisements as well as the names of brokers will have to be sent to the regulator.

Once a project is registered, a buyer can be sure of the legality of the project as well as be certain about the project development. This will end the current practice of realty firms launching projects even without owning land or getting necessary approvals in place, resulting in buyers getting stuck in wrong or illegal projects.

The biggest relief would be that a property buyer would know exactly what he is buying. The draft bill also makes it mandatory for the builder not to accept any advance from home buyer before a sale agreement is put in place. At present, builders force buyers to pay up 20-30% of the property cost before making a sale agreement, and then allot them a flat which is completely different from what he had initially understood from the developer or his broker.

"The proposed law will protect home buyers from fraudulent builders," said Ajit Krishnan, partner (real estate) of Ernst & Young.

The builders will have to submit a bank guarantee of 5% of the total cost of the project, which will be encashed by the regulator in the event of the builder not completing the project in time or violating any other condition agreed upon at the beginning. In case of a builder not completing the project in time, an allottee can ask for full refund of the amount paid, plus an interest on it.

India to set up real estate regulator, tribunal: Govt
 
25 Sep 2009, 1701 hrs IST, REUTERS
 
NEW DELHI: India aims to set up a real estate regulator and an appellate tribunal to control and facilitate construction and development in its
largely unorganised housing sector, the government said on Friday.

The ministry of Housing and Urban Poverty Alleviation has prepared the draft of a new real estate regulation act and has sought comments from state governments and other stakeholders. The proposed authorities would act to protect public interest "in relation to the conduct and integrity" of realty firms developing housing colonies and facilitate "smooth and speedy construction and maintenance" of colonies, the government said in a statement.

 

Rains, govt checks to tame food prices now

26 Sep 2009, 0158 hrs IST, Anto Antony, ET Bureau
NEW DELHI: A late revival in monsoon rains and steps taken by the government to contain prices may have tamed the galloping food price inflation,
which is ruling at a 11-year high of 15.64%, independent economists and policy makers said.

"The days of hyper food inflation is coming to an end," said Madan Sabnavis, chief economist at NCDEX, the country's largest agri commodity exchange by volumes.

Economists expect above average monsoon rains in September to dispel fears of a summer (kharif) crop failure and end speculative activity. However, deficient rains in July and August have resulted in a 7% fall in area under the kharif crop. This, along with government's limited ability to effectively intervene in the market to manage the prices of perishable items, will keep prices of vegetable, dairy products and pulses high in short term.
"Output from crops sown during kharif will have better productivity, unsown areas in rabi season will give better output in the winter season, and reservoir levels are comfortable in August," said Planning Commission member Saumitra Chaudhari.

Dr Chaudhari, a former member of the prime minister's economic advisory council (EAC), finds the underlying dynamics of the food price inflation complex. For instance India came under the spell of high food price inflation in 2006-07 despite a good crop.

The monsoon is important for India's agriculture sector that provides livelihood to more than 60% of India's 1.2 billion population.

More than a third of India's 626 districts have been declared draught hit. But revival in rains from mid-August has replenished water levels in India's 81 key reservoirs. The summer crop, harvested in October and November, is rain dependent and accounts for 60% of agri produce and include rice, oil seeds and pulses. The winter crop is sown in November is dependent on irrigation and adequate soil moisture.

The summer crop, harvested in October and November, is rain dependent and accounts for 60% of agri produce and include rice, oil seeds and pulses. The winter crop is sown in November is dependent on ground water availability, irrigation and adequate soil moisture.

Several economists — including chief economic advisor at the finance ministry Dr Arvind Virmani former chairman of Prime Minister's EAC Dr Suresh Tendulkar — attribute high food prices to an uptick in demand, spurred by schemes such as the National Rural Employment Guarantee Scheme that have resulted in an increase in rural incomes. They also blame the lack of infrastructure in the country to store perishable commodities for high prices.

Food prices in the country did not go out of hand last year, like they did in other countries in the region such as Bangladesh, Pakistan and Sri Lanka. India had raised support prices for most of the commodities last year, which is stopping the prices from falling beyond a point, said Ashok Gulati, Asia director of International Food Policy Research Institute.
 

Creation of West Bengal

; Subrata Mukherjee
Pranab Mukherjee's statement that even Shyama Prasad Mukherjee supported Partition is an oversimplification of a complex phase in Indian history, whose roots date back to 1937. Shyama Prasad (1901-53) entered the political arena in 1939 at the age of 38. That initiation was performed by Savarkar who was trying to mobilise public opinion for safeguarding the interests of Hindus.
Among the prominent leaders of the Hindu Mahasabha were Ashutosh Lahiri and Nirmal Chandra Chatterjee, father of the former Speaker, Somnath Chatterjee. Another influence on Shyama Prasad was Swami Pranabananda, the founder of the Bharat Sevashram Sangh. After the Congress came to power in several states following the election of 1937, Shyama Prasad was disenchanted with its policy on Hindu-Muslim relations. Prior to joining the Hindu Mahasabha, he believed in the Congress philosophy and was elected to the Bengal Assembly as a Congress candidate.
In the 1930s, the British took two decisions which greatly dissatisfied the Hindu leadership of Bengal: (a) the communal award of 1932; and (b) the Government of India Act of 1935. As Nirad C Chaudhuri wrote in his autobiography, after these promulgations, Hindus would not be able to come to power unless the Muslims make a charity.
Power-sharing
IN such a situation, the Hindu leadership ought to have reached a power-sharing arrangement with the Muslim leadership on the basis of a loose parity. Such an opportunity arose for the Hindu leadership of the Congress, one that it squandered. In the election of 1937, the contenders for power in Bengal were the Hindu-backed Congress, whose leader was Sarat Chandra Bose, the elder brother of Subhas. A Muslim League supported by the landed aristocracy and the zamindars, led by Khwaja Najimuddin, and a mass party supported by the Muslim farmers, the Krishak Praja Party led by the legendary leader, Fazlul Haq. The result demonstrated that there was no clear winner and it was a hung assembly in a House of 250, in which the Congress had 60, Muslim League 40, KPP 35, Independent Muslims 41, a Scheduled Caste grouping 23 and Europeans 25. The independent Muslims either joined the Muslim League or the KPP, their individual tally being 60 and 58 respectively.
Fazlul Haq disliked the Muslim League because of its class character and wanted to form a coalition with the Congress. This proposal was turned down both by the central Congress leadership led by Gandhi and the provincial Congress, headed by Sarat Chandra Bose. In consequence, a liberal and secular Fazlul Haq had to tie up with the Muslim League. This rigid decision of the Congress defied any political logic and paved the way for the mass killings of the Hindus in East Pakistan. Had the Congress aligned with Fazlul Haq and formed the coalition government in 1937, the history of the subcontinent in general and that of Bengal in particular would have been quite different.
Amidst this confusing political scenario, Shyama Prasad entered the political scene. Fazlul Haq's coalition arrangement with the Muslim League was hobbled by mutual suspicion. Though Haq moved the Pakistan resolution in the Lahore session of the Muslim League in 1940, the gesture wasn't effective enough to sustain the coalition in Bengal. Haq walked out of the alliance with the Muslim League and announced a new coalition arrangement with the Congress along with the young Shyama Prasad, whom he had inducted in his council of ministers. Many of his close associates had serious reservations about Shyama Prasad joining the cabinet but Haq assured them that though he belonged to the Hindu Mahasabha, he was a liberal and a well-wisher of Muslims and whose replacement was impossible by any other Hindu leader of the Congress. Both Haq and Sarat Bose, still in detention, hailed it as glorious examples of Hindu-Muslim unity. But as Rajmohan Gandhi writes: "Though apparently successful, the bud was four years too late. Hindu and Muslim legislators should have been combined in 1937. The opportune moment was missed by Bose and others in the Congress. The November 1941 exercise did not bring Hindus and Muslims together. Haq's exercise was seen by Bengal's Muslims as a Hindu manoeuvre. Elections were held in 1944-45 and the province's Muslim votes went solidly in the League's favour".
The Governor of Bengal, Sir John Herbert, was not happy over the exit of the Muslim League from the governing coalition. Sarat Chandra Bose was supposed to be the second in command after Haq as the deputy Prime Minister. But before he could take the oath of office he was arrested and the Haq ministry took charge without Bose. Shyama Prasad was the second man in the cabinet. The Muslim League was a continuous source of friction and the new coalition was shortlived. 
Governor Herbert suggested an all-party government which could be possible only if Haq resigned. The latter agreed and submitted his resignation confidentially. As it turned out, the Governor had other plans and on 24 April 1943, Khwaja Najimuddin became the Prime Minister, leading a Muslim League- led government. Shyama Prasad, as the opposition leader in the midst of the Bengal famine of 1943, exposed the government's inaction and corruption, and emerged as a forceful Hindu leader.
The next phase of Shyama Prasad's political life centres around Suhrawardy in the context of the great Calcutta killing on 16 August 1946. There never was a stronger condemnation of the massacre. Calcutta witnessed a communal riot; Noakali the massacre of Hindus. Shyama Prasad spoke against forced conversions to Islam and favoured the process of re-conversion.
Sovereign Bengal
HIS most important achievement was the creation of West Bengal. Ironically enough, a proposal for an independent sovereign Bengal was mooted by Suhrawardy in the aftermath of the riots. It was backed by the provincial Congress leaders, notably Sarat Chandra Bose and Kiran Shankar Roy. It was supported as well by the Governor, Jinnah and Liaquat Ali. But it wasn't endorsed by the central Congress leadership. The objectives of the Muslim League leadership were clear: there would be no parity in the provincial transitional committee as it would consist of 16 Muslim and 14 Hindus.
Shyama Prasad was totally opposed to this plan. He convinced the Hindus of West Bengal that such a plan would be suicidal. Partition was the only plausible way to safeguard the interests of the Bengali Hindus. The dream of a United Bengal would never have succeeded as Suhrawardy's intentions were not sincere. His ultimate plan was to include sovereign Bengal in Pakistan.
Shyama Prasad has often been blamed for having endorsed Partition. His stand ought to be examined in the historical context. It was plainly a consequence of the blunders committed by the central and provincial leaderships of the Congress in 1937 and subsequently by its provincial leadership, championing a sovereign Bengal.
In the Lok Sabha, Nehru once accused Shyama Prasad of supporting the division of the country. To which the latter retorted: "You have divided India, I have divided Pakistan".
The reply is self-explanatory. As Jinnah's supreme achievement was the creation of a nation, Shyama Prasad's glorious contribution was the creation of West Bengal, which was the only feasible solution in 1947. He ought to be remembered for achieving the best possible arrangement at that point of time.

The writer is a retired Professor of Political Science, University of Delhi
http://www.thestatesman.net/page.news.php?clid=3&theme=&usrsess=1&id=269581

India at global high table
G20 replaces rich club as economic forum

Pittsburgh, Sept. 25: After tip-toeing on the fringes of big power status for almost a decade, India was last night formally inducted into a seat at the global high table when the White House announced that the Group of 20 (G20) will replace the Group of Eight (G8) as "the premier forum for international economic cooperation".

A White House statement late last night said an agreement tantamount to burying the G8 had been endorsed by world leaders gathered in Pittsburgh "to reform global economic institutions to meet the needs of an interconnected global economy".

Within hours of the White House announcement, prime minister Manmohan Singh outlined the rationale for the decision acknowledging a new status in the international economic order for India and some other emerging economies.

"India too has been affected" by the economic crisis, Singh said at the plenary session of the G20 today, "but, in common with other Asian countries, we have weathered the crisis relatively well given the circumstances".

The Prime Minister told his fellow global leaders here that "after growing at nine per cent a year for four years, our economy slowed down to 6.7 per cent in 2008-09".

Explaining what he called a "relatively strong performance", Singh said that "despite a drought, which will affect agricultural production, we expect to grow by around 6.3 per cent in 2009-10 and then recover to seven to 7.5 per cent growth next year".

Arguing strongly for a redistribution of economic power in the world order, Singh pointed out that developing countries "were in no way responsible for the (current global economic) crisis, but in many ways, they are the hardest hit".

Their GDP had grown at an annual average of 6.5 per cent for seven years, but this year such growth had fallen to 1.5 per cent, "implying a fall in real per capita income".

The White House announcement replacing G-8 by G20, belatedly acknowledged that "dramatic changes in the world economy have not always been reflected in the global architecture for economic cooperation. This all started to change today".

The statement described the change as "historic", pointing out that in addition to industrialised countries that formed G8 — originally as G6 in 1975 — India, China, Brazil and other similarly emerging G-20 economies will now be "at the centre of efforts to work together to build a durable recovery while avoiding the financial fragilities that led to the (current global economic) crisis".

The Obama administration said "this decision brings to the table the countries needed to build a stronger, more balanced global economy, reform the financial system, and lift the lives of the poorest".

The White House announcement made it clear that US president Barack Obama, French President Nicolas Sarkozy and other Western leaders had not come to the decision in any hurry. Nearly a decade ago, India was first invited to the fringes of a G8 summit.

In April, at the London summit of G20 leaders, it was decided to expand the Financial Stability Board (FSB) to include India and other G-20 partners in an effort to develop and implement sweeping reforms to transform the system of global regulation.The FSB is the successor to the Financial Stability Forum, created in 1999 by what was then the Group of Seven Finance Ministers and Central Bank Governors.

It was also decided this year to add all the G20 members to the Global Forum on Transparency and Exchange of Information, which serves as the primary vehicle in the world economy to promote greater tax transparency.

Last night's announcement was a logical progression to this process.

Although world leaders meeting here may have acknowledged the need to include emerging economies in the process of global financial decision-making, it is unlikely that they will immediately wind up G8 altogether.

Howsoever anachronistic the G8 may have become in the light of changing realities of the world order, the rich countries will not easily give up their cosy club, which is also often used to keep in line India and others on strategic issues like non-proliferation and disarmament.

The dominant view here is that industrialised states have merely made a tactical concession to emerging economies in view of their need to seek the support of China, India and Brazil in order to tackle pressing issues thrown up by the present global financial crisis.

Alert to this possibility, the prime minister called today for following up decisions made in Pittsburgh by doubling the capital of the International Bank for Reconstruction and Development (IBRD) so that it can lend more to middle-income and creditworthy poorer countries.

http://www.telegraphindia.com/1090926/jsp/frontpage/story_11544577.jsp
BEAUTY OF COMPROMISE
- An excess of secularism may be as problematic as bigotry

In September 2004, the French government formally banned the wearing of headscarves by Muslim girls in schools and colleges run by the State. The decision was opposed by most French Muslims, but supported by an overwhelming majority of the citizens as a whole. The tradition of French republicanism is robustly secular; against King and Church in equal measure. Any sign of religious affiliation in public institutions is frowned upon.

The French authorities imposed the ban for two main reasons. The first argument they made was on the basis of gender justice. They claimed that the headscarf was a sign of women's subordination within the home and the family. The second argument rested on the case for assimilation. The headscarf marked the wearer out as Muslim, and hence something foreign and alien to the culture of the French nation.

The ban on the headscarf was issued as part of a general edict forbidding all religious signs and symbols in State-run schools. So Sikh boys were barred from wearing the turban, Jewish boys from wearing the skull cap, and Christian children from wearing the crucifix. But it was evident all along that the particular target of the ban was Muslims. There had, in recent decades, been substantial immigration of Muslims from North Africa. The new migrants tended to live in separate neighbourhoods, limiting their interactions with the host population to the workplace. This ghettoization was deemed bad for them, and bad for French culture as a whole. The ban on the headscarf was very clearly an attempt to hasten them into the mainstream.

Reading of the controversy in France, I felt at the time that a ban could be counter-productive, encouraging parents to withdraw girls from State-run schools and send them to religious schools instead (or educate them at home). In any case, I thought, it was an odd form of nationalism (or secularism) which insisted that all citizens must, apart from speaking the same language and swearing allegiance to the same flag, also dress exactly alike. So long as an artefact of clothing is not offensive (which a headscarf or turban clearly isn't) and can be worn alongside a regular school uniform (as a headscarf and a turban clearly can) there seemed to be no real reason to forbid a student from wearing it.

The question of whether or not to allow the headscarf in schools and colleges is also hotly debated in some other countries, such as Turkey (as discussed in Orhan Pamuk's memorable novel, Snow). In France itself, after imposing the ban in schools, the authorities appear to have — with or without the pretext of the law — extended it to other spheres as well. An essay in The Guardian reports that women wearing headscarves in France have been forbidden to vote, not allowed to open bank accounts, and in some cases, even barred from their own wedding ceremonies! A French businesswoman of Muslim origin, wearing a scarf along with her suit, went for a holiday with her family, only to be turned away by the apartment into which they had been booked on the grounds that she was sporting "an instrument of women's submission and oppression". A human rights activist observes of these cases that "this is clear discrimination by people who wrongly use the school law to claim that France is a secular state that doesn't allow headscarves in public places". A history professor involved in the 'French Collective against Islamophobia' remarked (in terms that would be very recognizable to Indians) that "what people have to understand is that the concept of French secularism is not anti-religion per se, it is supposed to be about respecting all religions".

In January 2005, some months after the French imposed their ban, I was speaking at the University of Calicut. The university is located in the district of Mallapuram, which is one of the handful of Muslim majority districts in India outside the Kashmir Valley (the others lie along the West Bengal-Bangladesh border). The Kerala Muslims, known locally as Mapillas, were converted not by the sword but by trade and commerce. They date to at least the eighth century AD, and have (in all senses) a substantial presence in the state, with particular influence in business and politics. Where Muslims in some other southern states claim Urdu as their mother tongue, the Mapillas have a deep identification with the language of Kerala, Malayalam. (Arguably the greatest Malayalam novelist was a Mapilla, Vaikom Muhammad Bashir).

My talk at the University of Calicut was held in a gloomy auditorium, but the composition of the audience lit up the event for me. For, of those who attended the lecture at least half were women. This was not in itself surprising, since rates of female literacy in Kerala are close to 100 per cent. What was especially notable was that most of these women (or young girls) were Muslim, their faith marked out for me by the black headscarf they wore, the self-same headscarf that had just been forbidden in schools in France. In that old Western democracy, the scarf was seen by the State as oppressive, and hence banned in public. In this new Eastern nation, the scarf was actually liberating. It permitted these girls to acquire a university education denied to their mothers and grandmothers. For the scarf denoted a certain propriety and modesty; by wearing it, these girls could reassure their parents that they were going to college to study rather than to socialize with members of the other sex.

In Calicut, the headscarf is acceptable, but a few hundred miles up the west coast of India, it apparently is not. Thus, in recent months, some colleges in the district of Mangalore have forbidden its use. Mangalore is a stronghold of Hindutva organizations, which have been emboldened by the coming to power in Karnataka of the Bharatiya Janata Party. Earlier in the year, they attacked girls for going to pubs; now, they seek to prevent girls who wear headscarves from attending college. In the first case, they protested against an alleged scantiness of clothing; in the second case, against an alleged excess of clothing. Any stick is apparently good enough, so long as it can be used to intimidate the minorities.

It is necessary to make some distinctions here. The burqa, or full veil, is oppressive and demeaning: by hiding a woman's face and eyes, it marks her out as subordinate to (and under the control of) men. But to cover only one's head is another matter. In India, at any rate, the practice is not restricted to Muslim women. Hindu women often cover their heads with their saris, whether to keep out the sun, enter a temple, or convey respect to elders. Sikh men and boys are obliged by their faith to wear a turban, while many Hindu and Muslim peasants voluntarily wear one. Had their students appeared before them in a burqa, some teachers in Calicut University might have been embarrassed or offended; clad as they were, no one in the university, whether teacher, student or staff, could in any way have seen it as other than normal and wholly acceptable.

For me, the ubiquity of the headscarf in Calicut University is a perfect illustration of what Mahatma Gandhi liked to call "the beauty of compromise". The pragmatism of the Malayali stands in salutary contrast both to the thoroughgoing secularism of the French and to the narrow bigotry of the Hindutva-wadis.

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Between the covers

Amandeep Sandhu lives life with a big regret. Given a chance, the author of Sepia Leaves would withdraw his book from the market — but only to add a paragraph on how as a boy he held up his mother's undergarments to his body to feel like a woman. "This is something I omitted from the book, and regret," says Sandhu.

Sandhu's 2008 book — which opens with the line, 'Mama and Baba never touched each other' — is an exploration of sexual intimacies. "From peeping into Ritu Aunty's cupboard and finding a bagful of napkins to watching his father pining for his mother, the book traces the boy protagonist's sexual discoveries," says Sandhu.

The book's first print is sold out — but it's not the only tome that's gone to town with explicit sex. In fact, when Sandhu's book was released, few batted an eyelid. "No one came to me and said 'Oh my God'," says the Delhi-based author who is now writing a book on sexuality in a boys' boarding school.

Sex writing in English is coming out of the closet in India. Tranquebar Publishers released a book of erotica called Electric Feather with a performance by belly dancers in the capital on Thursday. Twelve south Asians — all writing erotica for the first time — have contributed to the book edited by writer Ruchir Joshi. "There is a dearth of erotic writing in English. To fill the gap, we decided to challenge a few writers," says Joshi.

Of course, sex writing was always around in India — right from the time of the Kamasutra. Regional languages had writers such as Ismat Chughtai and Saadat Hasan Manto whose works related to sex. But only a few writers in English wrote about sex, and fewer still did it explicitly. Only once in a while would a writer like Sasthi Brata, author of My God Died Young and Confessions of an Indian Woman Eater, explore sexuality in India.

"These were one-off books," says Sandhya Mulchandani, who has written extensively on sex in ancient Indian literature and a series on the Kamasutra. "In general, Indian writers in English failed to deal with the sexuality of their characters," she adds.

In more recent times, there have been some heroic efforts by Khushwant Singh and Shobhaa Dé. But while smutty sex books and railway platform pornography have always been around, contemporary Indian writing in English has generally been devoid of juice.

Suddenly, however, sex is not something to be ashamed of. "In India's new writing, sex is an integral part of a character's life," explains Mulchandani, whose Kama Sutra for Women was published in 2006. Books across genres — from thrillers to romances and chick-lit — come with a touch of sex, she adds.

There is good reason for that. Sex is on the Internet, on cable television, and even in magazines and journals that earlier overdosed on politics. "It's all around us — from the botoxed beauties of Bollywood to TV shows and the Internet. The significance of sexuality has shot up," says sociologist Shiv Vishwanathan.

Sex in Indian writings, experts stress, is merely a reflection of the present. "Sex is not there for its own sake in contemporary writing. Authors are just telling their tales, and sex, like any other human activity, happens," says Debbie Smith, agent in India for literary agency Red Ink.

As old social norms break, bookshelves in India are exploding with outpourings of erotica. Delhi-based publishing house Zubaan is currently putting together a book on erotic stories by women writers from India, Pakistan and Bangladesh. "There has been a lot of prudishness around sex writing in India. The more it is written about, the less will it be associated with shame," says Anita Roy, commissioning editor, Zubaan Publishing.

The eternal favourite Kamasutra is being rediscovered as a book that's not just about impossible postures. Diplomat Pavan K. Varma's The Art of Making Love to a Woman looks at how the ancient sex manual explains the female sex psyche. "The book is a contemporary take on the Kamasutra," says the author, India's ambassador in Bhutan. Varma says the first edition of his book, which was published last year, is already sold out.

Art curator Alka Pande's The New Age Kama Sutra for Women also explores the book's feminine side. "When I began writing on Indian erotica, people thought I was a sexologist," she recalls.

Curiously, the authors are not people who specialise in sex writing. Psychoanalyst Sudhir Kakar, for instance, has written a fictionalised biography of Vatsyayana, The Ascetic of Desire. Among the contributors to Electric Feather is Sonia Jabbar, who has so far been known for her writings on the Kashmir conflict, and filmmaker Paromita Vohra.

Book Extract

'That very night, Eunice and Deb, eager to progress with their passion, went to Sathyam Cinemas for a late film — one of those Hollywood romantic comedies. Eunice had been so excited at the prospect of being out on a date that she didn't even bother with popcorn or chips. She waited in the dark for Deb's arm to find its way across her shoulder, which it did.'

From The Delicate Predicament of Eunice de Silva by Tishani Doshi (Electric Feather: The Tranquebar Book of Erotic Stories)

Journalist Jabbar's story The Advocate is about the sex lives of people in a small Uttar Pradesh town. "It was a big release getting into the head of a middle-class man and exploring sexual mores and attitudes," says Jabbar. Vohra's Tourist is about a young woman and a Bollywood star who time travel and land on a deserted island. "Initially I had issues like what my mother would think if she read the story. But I got over it," says Vohra.

As Indian erotic writing takes a literary turn — these are not books that need a brown paper cover — Tranquebar pins big hopes on the new volume. "Sex sells. We are looking forward to huge sales for the book," says Renuka Chatterjee, chief editor, Tranquebar Publishers.

When Chatterjee started her career in publishing, the four-letter synonym for sex was frowned upon. "It was either deleted or marked with asterisks," she remembers. That's all in the past. "In the last five years, writers have become very comfortable with erotic writing. Most manuscripts we get have sex as a natural part of the story," says Chatterjee. Next week, Tranquebar releases Ghalib At Dusk and Other Stories, a book by Nighat Gandhi that deals with middle class Muslim families and has an underlying sexuality in every story. Another of its books — Urmilla Deshpande's A Pack of Lies — is all about sex, drugs and music.

Sex books don't make up a separate section in book stores any more — it's become a part of every storyline. In October, the Delhi-based Tara Press will publish a collection of thriller stories by five writers which have it all — sex, rape, mystery and investigation. "There is always a sexual angle behind every human story," reasons Anuj Bahari, owner of the publishing house.

In 2005, Tara Press published Kusum Sawhney's Ayala on incest. "Incest was never a conversation piece in India. But once the book was out, I was taken aback by the number of people who told me tales of sexual encounters within the family," recalls Sawhney. She is now writing a book that deals with the life — including sex life — of a middle class, married woman.

Journalist Aniruddha Bahal, whose novel Bunker 13 won the Bad Sex in Fiction Award in 2003, says it is high time Indian authors began treating sex as a part of life and writing. Critics might have disapproved of Bahal's comparison of a woman's sex drive to a revving Bugatti, but he is proud he put it in. "Bunker 13 has as much sex as there is in one's life. Indian authors are now returning to normal, and giving sex the time and attention it deserves," he says.

Sexologist Prakash Kothari has seen the demand for sex shoot up in urban India. "A number of women tell me that they plan on leaving their husband because he doesn't have a satisfying sex drive. This was unheard of a few years ago," he says. Also, as the marriage age goes up, promiscuity increases. "Since there is more sex happening, there is more requirement of knowledge on sex," explains Kothari.

The turn towards sex in Indian writing is evidently a part of an overall cultural change. "As the young generation becomes blasé about sex, it gets reflected in the writing," says Tranquebar's Chatterjee.

A growing publishing market in India has also broadened the writing base. In money terms, the English book publishing market in India is valued at Rs 6,000 crore. It's growing by a tenth every year. "As the market booms, books of every genre — from self-help to erotic fiction — are finding ready publishers," says Zubaan's Roy.

Till a decade ago, Indian writing in English was like putting up a sari shop for the westerner, says author Sandhu. "Back then, authors wrote about arranged marriages, joint families, chappals and cuisine, to attract the white man's attention. But the new generation is writing for the Indian reader. So they write about normal, ordinary happenings like conversation, college life, every day angst and sex," he says.

For Indians, sex, clearly, is no longer only in the bedroom. It's also reaching every bedside reading table.

http://www.telegraphindia.com/1090920/jsp/7days/story_11518890.jsp

Iran defiant amid new nuclear row

President Ahmadinejad: "We have no secrecy, we work within the framework''

Iran's newly-revealed nuclear facility is open for inspection by UN experts, the country's president has said.

Mahmoud Ahmadinejad insisted that the plant, thought to be under construction near the holy city of Qom, was being built in line with UN regulations.

Leaders of the US, UK and France have accused Iran of building a new plant to enrich uranium, in breach of UN rules.

They raised the prospect of new, tough sanctions against Iran if it does not fully co-operate with global powers.

However, at a news conference in New York, where he has been attending the United Nations General Assembly, Mr Ahmadinejad firmly rebutted the Western criticism.

Those leaders who had complained about the plant had made a big mistake and would regret the move, he said.

"We don't have any problems with inspections of the facility. We have no fears," he said, referring to calls for immediate access to the site by inspectors from the International Atomic Energy Agency (IAEA), the UN watchdog.

Mr Obama is not a nuclear expert. We have to leave it to the IAEA to carry out its duties
Mahmoud Ahmadinejad
Iranian president

 

He justified Iran's apparent concealment of the plant by saying there were no international requirements to declare any nuclear facility until 180 days before fissile material was introduced into it.

But the BBC's Paul Reynolds says there is a dispute about the amount of notice that Iran is required to give the IAEA before a new nuclear facility becomes operational.

In 2003, Iran agreed on what is called a Subsidiary Arrangement, under which it is required to tell the IAEA at the preliminary design stage. Iran later announced that it had repudiated this agreement, but the IAEA says that no such unilateral repudiation is allowed.

Mr Ahmadinejad also flatly denied claims - by US President Barack Obama, French President Nicolas Sarkozy and UK Prime Minister Gordon Brown - that the plant was a secret facility.

"If it was, why would we have informed the IAEA about it a year ahead of time?" Mr Ahmadinejad was reported as saying.

He reiterated Tehran's position that Iran was not interested in developing nuclear weapons, describing them as "against humanity".

'Serial deception'

Mr Ahmadinejad spoke out hours after Mr Obama, Mr Sarkozy and Mr Brown took to the stage in Pittsburgh - site of a G20 summit - to condemn the building of the new plant.

Iran's decision to build a secret facility represented a "direct challenge to the basic compact" of the global non-proliferation regime, Mr Obama said.

ANALYSIS
Paul Reynolds
BBC World Affairs correspondent Paul Reynolds

Iranian ambitions for this site are not known. It could be that they wanted a back-up in case their main plant at Natanz was attacked. But another fear is that they intended to enrich uranium more highly at the secret plant, to a level suitable for a nuclear explosion.

The discovery will strengthen the demands by the US and its allies for further sanctions to be imposed on Iran unless it suspends all enrichment, as required by the Security Council.

Despite Iran's assertions that the facility was for peaceful purposes, the new plant was "not consistent" with that goal, the US president said.

Speaking after Mr Obama, Mr Brown accused the Iranians of "serial deception" and said: "Iran must abandon any military ambitions for its nuclear programme."

Mr Sarkozy described the situation as a challenge to the entire international community.

Russian President Dmitry Medvedev said he was "seriously concerned", and China urged Iran to work within the IAEA framework.

UN Secretary General Ban Ki-moon expressed "grave concern" over Tehran's continued uranium enrichment activities, and said: "The burden of proof is on Iran".

Talks due

The existence of Iran's first enrichment plant, at Natanz, was only confirmed after intelligence emerged from Iranian exile groups several years ago.

Western governments are said to have known of the existence of the new enrichment plant for some time.

In Washington, US officials said the Western nations decided to reveal their intelligence assessments when the Iranians realised the plant's secrecy was compromised.

IRAN'S NUCLEAR SITES
Map showing Iranian nuclear sites
Iran insists that all its nuclear facilities are for energy, not military purposes
Bushehr: Nuclear power plant
Isfahan: Uranium conversion plant
Natanz: Uranium enrichment plant, 4,592 working centrifuges, with 3,716 more installed
Second enrichment plant: Existence revealed to IAEA in Sept 2009. Separate reports say it is near Qom, and not yet operational
Arak: Heavy water plant

 

The new facility is said to be underground at a mountain on the site of a former missile site belonging to the Iranian Revolutionary Guards, north-east of the holy city of Qom.

Construction on the facility - believed by the US to be large enough to contain 3,000 centrifuges, not large enough for commercial work - started in earnest in mid-2006, diplomatic sources said.

Iran's letter to the UN watchdog, the IAEA, on Monday informed it that "a new pilot fuel enrichment plant is under construction".

Iran told the agency that no nuclear material had been introduced into the plant, and enrichment levels would only be high enough to make nuclear fuel, not a bomb.

In response, the IAEA requested Iran to "provide specific information and access to the facility as soon as possible".

The disclosure of the new plant comes one day after world leaders stressed the need for greater co-operation against nuclear proliferation and shortly before Iran is due to resume talks with international powers on the issue.

Earlier this month, Tehran agreed to "comprehensive" discussions on a range of security issues - but made no mention of its own nuclear programme.

The talks are due to be held in Geneva on 1 October with Tehran and the five permanent UN Security Council members - US, UK, Russia, China and France - plus Germany.

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FROM OTHER NEWS SITES
Irish Times Obama demands Iran come clean on nuclear programme - 1 hr ago
Reuters India Obama demands Iran come clean - 3 hrs ago
France24 NUCLEAR: Obama declines to rule out military option against Iran - 3 hrs ago
Miami Herald Disclosure of nuclear site turns up heat on Iran - 9 hrs ago

 

 
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Page last updated at 09:47 GMT, Saturday, 26 September 2009 10:47 UK


Scene in Peshawar after the bombing 26.9.09
At least 16 people die in two suicide car bomb attacks in north-west Pakistan, raising fears of a new Taliban offensive.

India's inaugural Moon mission is hailed as a "grand success" by the head of India's space agency and Indian media.

India's home minister says the government is prepared to provide "every support" to states battling Maoist rebels.

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Obama hails 'tough regulations'

President Barack Obama: ''We have agreed to a strong set of reforms''

The world's leading nations have agreed "tough new regulations" to prevent another global financial crisis, US President Barack Obama has said.

These relate to the amount of money banks have to hold in reserve and to excessive pay for bankers.

Speaking at the end of a two-day G20 summit, Mr Obama also outlined plans to give emerging economies a greater say in the global economy.

The G20 will effectively replace the G8 group of developed economies.

Global leaders also announced a deal to shift the balance of voting in the International Monetary Fund (IMF) towards growing nations such as China at the summit the US city if Pittsburgh.

'Reckless few'

"We have taken bold and concerted action to forge a new framework for strong, sustainable and balanced growth," said US President Barack Obama.

"We have agreed tough new financial regulations to ensure that the reckless few can no longer be allowed to put the global financial system at risk."

WHAT IS THE G20?
Set up after the Asian financial crisis in 1999 as a forum for finance ministers and central bankers
First G20 leaders summit in 2008 to discuss response to economic crisis
Members are: Argentina, Australia, Brazil, Canada, China, EU, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, UK, USA
Joined by Spain, Netherlands, International Monetary Fund and World Trade Organisation

 

He said that leading nations would now be allowed to assess each others' economic policies.

Mr Obama added that the leaders had agreed rules to ensure that executive pay would be linked to long term financial performance.

Many have criticised excessive bonuses as encouraging the kind of short term risk-taking that contributed to the financial crisis.

Despite Mr Obama's declaration, the G20 fell short of agreeing specific rules on the capital reserves that banks need to hold.

"We commit to developing by end-2010 internationally agreed rules to improve both the quantity and quality of bank capital and to discourage excessive [borrowing]," a statement from the G20 leaders said following the summit.

It added that the rules will be phased in once financial conditions improve and recovery is "assured".

The leaders also fell short of agreeing a cap on bonuses, agreeing instead that bonus payments should not be guaranteed for many years, should be deferred in part, and should not exceed a percentage of the bank's revenue.

'Fudging it'

"We designated the G20 to be the premier forum for our international economic co-operation," the statement said.

G20 ANALYSIS
Stephanie Flanders

 
The lesson of Pittsburgh is that the old world still can't bring itself to follow through on its inclusive rhetoric.

 
Robert Peston

 
It is endeavouring to patch up the failed framework of banking regulation rather than going for more fundamental and radical change

 
Mark Mardell

 
The US had until now appeared to want to leave this politically tricky proposal [on bonuses] on the back burner

 

 

 

It added that the global leaders would shift "at least 5%" of the quota of votes within the IMF from "over-represented countries to under-represented countries".

It described under-represented countries as "dynamic emerging markets and developing countries".

Emerging economies will also get a greater say at the World Bank.

The leaders also pledged to continue pumping money into their economies until "a durable recovery is secured".

But there will be no formal announcement that the G20 will replace the G8 until 2011, said the BBC's economics editor Stephanie Flanders.

"The leaders would have liked formally to announce the handover today in Pittsburgh, but the Canadians - who are chairing the G8 next year - kicked up such a fuss that they had to fudge it," she said.

There will now be a G20 meeting on the sidelines of Canada's G8 Summit next June, where most of the economic business of the day will be discussed.

But, formally at least, the economic side of the G8 will live on another year.

'Distrust'

The IMF has 186 member-states. It lends money to countries that are facing problems, but in return economic changes have to be made by those countries.

Currently, China wields 3.7% of IMF votes compared with France's 4.9%, although the Chinese economy is now 50% larger than that of France.

The IMF has been criticised in the past as being a group of developed countries trying to lay down the law to struggling countries, which is why the decision to give growing nations more votes is important.

"If you talk to the Chinese or talk to anyone from emerging markets they say the IMF doesn't have legitimacy and... we don't trust the IMF to come and rescue us in a crisis," Simon Johnson, former chief economist at the IMF, told the BBC.

"They don't trust it because it's US and West Europe-dominated. That's not fair... and the IMF doesn't function properly as a result."

Nobel prize-winning economist Amartya Sen welcomed the change in voting rights, but said that, "on their own, they won't be able to achieve much... It's not just a question of voting rights, but also a question of broadening the dialogue".


Economy

Page last updated at 05:46 GMT, Saturday, 26 September 2009 06:46 UK

President Barack Obama
World leaders at the G20 summit have agreed tough financial rules to avert another global crisis, US President Barack Obama says.

The pound is hurt by fears that interest rates will remain low and that policymakers are at ease with a weak currency.

Stephan Wilcke, a former private equity executive, is appointed to oversee its insurance scheme for banks' toxic assets.


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G8

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Group of Eight
Map of G8 member nations and the European Union
 Canada Prime Minister Stephen Harper  France President Nicolas Sarkozy  Germany Chancellor Angela Merkel  Italy Prime Minister Silvio Berlusconi
President of the G8 for 2009  Japan Prime Minister Yukio Hatoyama  Russia President Dmitry Medvedev  United Kingdom Prime Minister Gordon Brown  United States President Barack Obama

Also represented

 European Union[1] Commission President José Manuel Barroso Council President Fredrik Reinfeldt

The Group of Eight (G8, and formerly the G6 or Group of Six and also the G7 or Group of Seven) is a forum, created by France in 1975, for governments of the seven richest countries in the world: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States plus Russia as the eighth member. In addition, the European Union is represented within the G8, but cannot host or chair.[1] "G8" can refer to the member states or to the annual summit meeting of the G8 heads of government. The former term, G6, is now frequently applied to the six most populous countries within the European Union (see G6 (EU)). G8 ministers also meet throughout the year, such as the G7/8 finance ministers (who meet four times a year), G8 foreign ministers, or G8 environment ministers.

Each calendar year, the responsibility of hosting the G8 rotates through the member states in the following order: France, United States, United Kingdom, Russia, Germany, Japan, Italy, and Canada. The holder of the presidency sets the agenda, hosts the summit for that year, and determines which ministerial meetings will take place. Lately, both France and the United Kingdom have expressed a desire to expand the group to include five developing countries, referred to as the Outreach Five (O5) or the Plus Five: Brazil, China, India, Mexico, and South Africa. These countries have participated as guests in previous meetings, which are sometimes called G8+5.

With the G-20 growing in stature since the 2008 Washington summit, world leaders from the group announced at their Pittsburgh summit on September 25, 2009, that the group will replace the G8 as the main economic council of wealthy nations. [2] [3]

Contents

[hide]

[edit] History

At the 34th G8 Summit at Toyako, Hokkaido, formal photo during Tanabata matsuri event for world leaders -- Silvio Berlusconi (Italy), Dmitry Medvedev (Russia), Angela Merkel (Germany), Gordon Brown (UK), Yasuo Fukuda (Japan), George Bush (U.S.), Stephen Harper (Canada), Nicolas Sarkozy (France), José Barroso (EU) -- July 7, 2008.

The concept of a forum for the world's major industrialized democracies emerged following the 1973 oil crisis and subsequent global recession. In 1974 the United States created the Library Group, an informal gathering of senior financial officials from the United States, the United Kingdom, West Germany, Japan and France. In 1975, French President Valéry Giscard d'Estaing invited the heads of government from West Germany, Italy, Japan, the United Kingdom and the United States to a summit in Rambouillet. The six leaders agreed to an annual meeting organized under a rotating presidency, forming the Group of Six (G6). The following year, Canada joined the group at the behest of Germany's Chancellor Helmut Schmidt and U.S. President Gerald Ford[4] and the group became the 'Group of Seven' -or G7. The European Union is represented by the President of the European Commission and the leader of the country that holds the Presidency of the Council of the European Union. The President of the European Commission has attended all meetings since it was first invited by the United Kingdom in 1977[5] and the Council President now also regularly attends.

Following 1994's G7 summit in Naples, Russian officials held separate meetings with leaders of the G7 after the group's summits. This informal arrangement was dubbed the Political 8 (P8) - or, colloquially, the G7+1. At the invitation of United Kingdom Prime Minister Tony Blair and U.S. President Bill Clinton[6], Russia formally joined the group in 1997, resulting in the Group of Eight, or G8.

[edit] Structure and activities

Leaders of the G8 on 7 June 2007, in Heiligendamm, Germany

The G8 is intended to be an informal forum, and it therefore lacks an administrative structure like those for international organizations, such as the United Nations or the World Bank. The group does not have a permanent secretariat, or offices for its members. In 2008, the president of the European Union Commission participated as an equal in all summit events.

The presidency of the group rotates annually among the member countries, with each new term beginning on 1 January of the year. The country holding the presidency is responsible for planning and hosting a series of ministerial-level meetings, leading up to a mid-year summit attended by the heads of government. Japan held the G8 presidency in 2008, Italy is the 2009 president, and Canada will be president in 2010.

The ministerial meetings bring together ministers responsible for various portfolios to discuss issues of mutual or global concern. The range of topics include health, law enforcement, labor, economic and social development, energy, environment, foreign affairs, justice and interior, terrorism, and trade. There are also a separate set of meetings known as the G8+5, created during the 2005 Gleneagles, Scotland summit, that is attended by finance and energy ministers from all eight member countries in addition to the five "Outreach Countries": Brazil, China, India, Mexico, and South Africa.

In June 2005, justice ministers and interior ministers from the G8 countries agreed to launch an international database on pedophiles.[7] The G8 officials also agreed to pool data on terrorism, subject to restrictions by privacy and security laws in individual countries.[8]

[edit] Global energy

G8 leaders confer together during the 2009 summit in L'Aquila (Abruzzo, Italy).

At the Heiligendamm Summit in 2007, the G8 acknowledged a proposal from the EU for a worldwide initiative on energy efficiency. They agreed to explore, along with the International Energy Agency, the most effective means to promote energy efficiency internationally. A year later, on 8 June 2008, the G8 along with China, India, South Korea and the European Community established the International Partnership for Energy Efficiency Cooperation, at the Energy Ministerial meeting hosted by Japan holding 2008 G8 Presidency, in Aomori. [9]

G8 Finance Ministers, whilst in preparation for the 34th Summit of the G8 Heads of State and Government in Toyako, Hokkaido, met on the 13 and 14 June 2008, in Osaka, Japan. They agreed to the "G8 Action Plan for Climate Change to Enhance the Engagement of Private and Public Financial Institutions." In closing, Ministers supported the launch of new Climate Investment Funds (CIFs) by the World Bank, which will help existing efforts until a new framework under the UNFCCC is implemented after 2012. [10]

[edit] The Annual Summit

The annual G8 leaders summit is attended by eight of the world's most powerful heads of government. However, as noted by commentators the G-8 summit is not the place to flesh out the details of any difficult or controversial policy issue in the context of a three-day event. Rather, the meeting is to bring a range of complex and sometimes inter-related issues. The G8 summit brings leaders together not so they can dream up quick fixes, but to talk and think about them together.[11]

The G8 summit is an international event which is observed and reported by news media, but the G8's relevance is unclear.[12] The member country holding the G8 presidency is responsible for organising and hosting the year's summit, held for three days in mid-year; and for this reason, Tony Blair and the United Kingdom accumulated the lion's share of the credit for what went right (and wrong) at Gleneagles in 2005. Similarly, Yasuo Fukuda and Japan hope to garner the greater part of the credit for what went well (and what did not) at the Hokkaido Summit in 2008.

Each of the 35 G8 summit meetings could have been called a success if the events had been re-framed as venues to generate additional momentum for solving problems at the other multilateral conferences that meet throughout the year. The G8 summit sets the stage for what needs to be done and establishes an idea of how to do it, even if that idea is, at best, rough and patchy.[11]

The summits have also been the site of numerous, large-scale anti-globalization protests.

Date Host country Host leader Location held Website Notes
1st November 15–17, 1975  France Valéry Giscard d'Estaing Rambouillet G6 Summit
2nd June 27–28, 1976  United States Gerald R. Ford Dorado, Puerto Rico Canada joins the group, forming the G7
3rd May 7–8, 1977  United Kingdom James Callaghan London President of the European Commission is invited to join the annual G-7 summits
4th July 16–17, 1978  West Germany Helmut Schmidt Bonn, North Rhine-Westphalia
5th June 28–29, 1979  Japan Masayoshi Ōhira Tokyo
6th June 22–23, 1980  Italy Francesco Cossiga Venice
7th July 20–21, 1981  Canada Pierre E. Trudeau Montebello, Quebec
8th June 4–6, 1982  France François Mitterrand Versailles
9th May 28–30, 1983  United States Ronald Reagan Williamsburg, Virginia
10th June 7–9, 1984  United Kingdom Margaret Thatcher London
11th May 2–4, 1985  West Germany Helmut Kohl Bonn, North Rhine-Westphalia
12th May 4–6, 1986  Japan Yasuhiro Nakasone Tokyo
13th June 8–10, 1987  Italy Amintore Fanfani Venice
14th June 19–21, 1988  Canada Brian Mulroney Toronto
15th July 14–16, 1989  France François Mitterrand Paris
16th July 9–11, 1990  United States George H. W. Bush Houston, Texas
17th July 15–17, 1991  United Kingdom John Major London
18th July 6–8, 1992  Germany Helmut Kohl Munich, Bavaria
19th July 7–9, 1993  Japan Kiichi Miyazawa Tokyo
20th July 8–10, 1994  Italy Silvio Berlusconi Naples
21st June 15–17, 1995  Canada Jean Chrétien Halifax, Nova Scotia
22nd June 27–29, 1996  France Jacques Chirac Lyon International organizations' debut to G8 Summits periodically. The invited ones here were: United Nations, World Bank, International Monetary Fund and the World Trade Organization.[13]
23rd June 20–22, 1997  United States Bill Clinton Denver, Colorado [1] Russia joins the group, forming G8
24th May 15–17, 1998  United Kingdom Tony Blair Birmingham, England [2]
25th June 18–20, 1999  Germany Gerhard Schröder Cologne, North Rhine-Westphalia First Summit of the G-20 major economies at Berlin
26th July 21–23, 2000  Japan Yoshiro Mori Nago, Okinawa [3] Formation of the G8+5 starts, when South Africa was invited. Since then, it has been invited to the Summit annually without interruption. Also, with permission from a G8 leader, other nations were invited to the Summit on a periodical basis for the first time. Nigeria, Algeria and Senegal accepted their invitations here. The World Health Organization was also invited for the first time, too.[13]
27th July 20–22, 2001  Italy Silvio Berlusconi Genoa Leaders from Bangladesh, Mali and El Salvador accepted their invitations here.[13] Demonstrator Carlo Giuliani is accidently shot and killed by police during a violent demonstration.
28th June 26–27, 2002  Canada Jean Chrétien Kananaskis, Alberta [4] Russia gains permission to officially host a G8 Summit.
29th June 2–3, 2003  France Jacques Chirac Évian-les-Bains [5] The G8+5 was unofficially made, when China, India, Brazil, and Mexico were invited to this Summit for the first time. South Africa has joined the G8 Summit since 2000. Other first-time nations that were invited by the French president included: Egypt, Morocco, Saudi Arabia, Malaysia and Switzerland.[13]
30th June 8–10, 2004  United States George W. Bush Sea Island, Georgia [6] A record number of leaders from 12 different nations accepted their invitations here. Amongst a couple of veteran nations, the others were: Ghana, Afghanistan, Bahrain, Iraq, Jordan, Turkey, Yemen and Uganda.[13]
31st July 6–8, 2005  United Kingdom Tony Blair Gleneagles, Scotland [7] The G8+5 was officially formed. On the second day of the meeting, suicide bombers killed over 50 people on the London Underground and a bus. Nations that were invited for the first time were Ethiopia and Tanzania. The African Union and the International Energy Agency made their debut here.[13]
32nd July 15–17, 2006  Russia Vladimir Putin Strelna, St. Petersburg [8] First G8 Summit on Russian soil. Also, the International Atomic Energy Agency and UNESCO made their debut here.[13]
33rd June 6–8, 2007  Germany Angela Merkel Heiligendamm, Mecklenburg-Vorpommern [9] Seven different international organizations accepted their invitations to this Summit. The Organisation for Economic Co-operation and Development and the Commonwealth of Independent States made their debut here.[13]
34th July 7–9, 2008  Japan Yasuo Fukuda Toyako (Lake Toya), Hokkaido [10] Nations that accepted their G8 Summit invitations for the first time are: Australia, Indonesia and South Korea.[13]
35th July 8-10, 2009  Italy Silvio Berlusconi L'Aquila [11] This G8 Summit was originally planned to be in La Maddalena (Sardinia), but was moved to L'Aquila as a way of showing Prime Minister Berlusconi's desire to help the region in and around L'Aquila after the earthquake that hit the area on the April 6th, 2009. Nations that accepted their invitations for the first time were: Angola, Denmark, Netherlands and Spain.[14] A record of TEN (10) international organizations were represented in this G8 Summit. For the first time, the Food and Agriculture Organization, the International Fund for Agricultural Development, the World Food Programme, and the International Labour Organization accepted their invitations.[15]
36th June 25-27, 2010[16]  Canada Huntsville, Ontario [12] Possible final G8 Summit to be held, as the Muskoka District Municipality area (which includes the town of Huntsville) has been chosen to host a G20 Summit at the same time.[17][18]
37th 2011  France TBD

[edit] G8 member facts

All eight of the ten (10) top-ranked leading export countries are in the G8.[19] The UK, the USA, Canada, France, and Germany have nominal per capita GDP over US$40,000 dollars.[20] Some of the world's twenty (20) largest stock exchanges by market value are in G8 countries[21] (U.S., Japan, UK, France, Canada, Germany). The G8 countries represent 7 of the 9 largest economies by nominal GDP[22] (Russia isn't one of the 9 largest economies by nominal GDP but has the 7th largest real GDP; Canada was 8th in 2006 but in 2007 it lost 8th place to Spain, as it did in 2003,[22] prompting the previous government headed by José María Aznar to request Spain's entrance in the G8). In an article by the Guardian, supported by dubious sources, it was mentioned that there was talk of Italy being removed and replaced with Spain. This fact was not reported by any other media outlet and was seen as unlikely.[23] As a matter of fact, Spain is not even a member of the G20.

The 2nd and 3rd largest oil producers (USA and Russia) and the country with the 2nd largest reserves (Canada) are in the G8.[24] Seven of the nine largest nuclear energy producers are in the G8[25] (USA, France, Japan, Russia, Germany, Canada, UK). The 7 largest donors to the UN budget for the 2009 annual fiscal year are in the G8[26] (U.S., Japan, Germany, UK, France, Italy, Canada). Of course, the G8 and the G8+5 make up some of the 14-nation "trillion dollar club of nations."

[edit] Cumulative influence of member nations

Together the eight countries making up the G8 represent about 14% of the world population, but they represent about 60% of the Gross World Product[27] as measured by gross domestic product, all 8 nations being within the top 12 countries according to the CIA World Factbook. (see the CIA World Factbook column in List of countries by GDP (nominal)), the majority of global military power (seven are in the top 8 nations for military expenditure[28]), and almost all of the world's active nuclear weapons.[29]. In 2007, the combined G8 military spending was US$850 billion. This is 72% of the world's total military expenditures. (see List of countries and federations by military expenditures) Four of the G8 members, the United Kingdom, United States of America, France and Russia, together account for 96-99% of the world's nuclear weapons[citation needed]. (see List of states with nuclear weapons)

[edit] Criticism and demonstrations

Protesters try to stop members of the G8 from attending the summit during the 27th G8 summit in Genoa, Italy by burning vehicles on the main route to the summit

As the annual summits are extremely high profile, they are subject to extensive lobbying by advocacy groups and street demonstrations by activists.

The best-known criticisms centre on the assertion that members of G8 are responsible for global issues such as poverty in Africa and developing countries due to debt and trading policy, global warming due to carbon dioxide emission, the AIDS problem due to strict medicine patent policy and other issues related to globalization. During the 31st G8 summit in Scotland, 225,000 people took to the streets of Edinburgh as part of the Make Poverty History campaign calling for Trade Justice, Debt Relief and Better Aid. Numerous other demonstrations also took place challenging the legitimacy of the G8.[30]

Of the anti-globalization movement protests, one of the largest and most violent occurred for the 27th G8 summit [13]. Since that G8 Summit and the subsequent September 11, 2001 attacks on the United States occurred months apart in the same year, the G8 have gathered at some forms of remote locations every year since then. The 7 July 2005 London bombings were timed to coincide with the 31st G8 summit in Scotland.

The group has also been criticized for its membership, which critics argue has now become unrepresentative of the world's most powerful economies. In particular, China has now a larger economy than Canada and Russia and has in recent years surpassed every economy except the United States and Japan. Canada has been in recent years overtaken by Brazil and Spain by nominal GDP. Russia now has a nominal GDP in the top eight (8) in the world by the International Monetary Fund and the CIA World Factbook for 2008 [Ninth (9th), according to the World Bank].

[edit] See also

[edit] Notes, links, and references

[edit] External links

[edit] Footnotes

  1. ^ a b The EU has the privileges and obligations of membership but does not host/chair summits. It is represented by the Commission and Council Presidents. 967. "EU and the G8". European Commission. http://www.deljpn.ec.europa.eu/union/showpage_en_union.external.g8.php. Retrieved 2007-09-25. 
  2. ^ "Officials: G-20 to supplant G-8 as international economic council". CNN. 2009-09-25. http://www.cnn.com/2009/US/09/24/us.g.twenty.summit/index.html. Retrieved 2009-09-25. 
  3. ^ "G20 to replace the G8". SBS. 2009-09-26. http://www.sbs.com.au/news/article/1099172/G20-to-replace-the-G8. Retrieved 2009-09-26. 
  4. ^ G8: The Most Exclusive Club in the World, Thomas S. Axworthy, The Canadian Encyclopedia, Historica Foundation of Canada, Toronto, Undated.Accessed07-12-2008.
  5. ^ "EU and the G8". European Union. http://www.deljpn.ec.europa.eu/union/showpage_en_union.Harry.g8.php. Retrieved 2006-07-17. 
  6. ^ "Russia — Odd Man Out in the G-8", Mark Medish, The Globalist, 02-24-2006.Accessed: 07-12-2008
  7. ^ G8 to launch international pedophile database David Batty June 18, 2005 The Guardian
  8. ^ G8 to pool data on terrorism Martin Wainwright June 18, 2005 The Guardian
  9. ^ The International Partnership for Energy Efficiency Cooperation (IPEEC). June 8, 2008.
  10. ^ CLIMATE-L.ORG: G8 Finance Ministers Support Climate Investment Funds
  11. ^ a b Feldman, Adam. "What's Wrong With The G-8," Forbes (New York). July 7, 2008.
  12. ^ Lee, Don. "On eve of summit, G-8's relevance is unclear," Los Angeles Times. July 6, 2008
  13. ^ a b c d e f g h i Kirton, John. [http://www.g8.utoronto.ca/scholar/kirton-performance-080717.pdf "A Summit of Substantial Success: The Performance of the 2008 G8"; page 88 and 89] G8 Information Centre — University of Toronto July 17, 2008.
  14. ^ http://www.g8italia2009.it/G8/Home/Summit/Partecipanti/G8-G8_Layout_locale-1199882116809_AltriPaesi.htm
  15. ^ http://www.g8italia2009.it/G8/Home/Summit/Partecipanti/G8-G8_Layout_locale-1199882116809_OrganizzazioniInternazionali.htm
  16. ^ http://www.g8.utoronto.ca/evaluations/2010muskoka/2010plans/2010-g8plans-090818.pdf
  17. ^ Canada to Host G8 and G20 in 2010
  18. ^ Transition to G20 Will Broaden 2010 Summit in Canada
  19. ^ "exports". cia factbook. https://www.cia.gov/library/publications/the-world-factbook/rankorder/2078rank.html. 
  20. ^ "nominal GDP per capita". cia factbook. http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)_per_capita. 
  21. ^ "stock exchange". securities exchange commission. http://en.wikipedia.org/wiki/List_of_stock_exchanges. 
  22. ^ a b "nominal gdp". imf, world bank, cia factbook. http://en.wikipedia.org/wiki/List_of_countries_by_past_GDP_(nominal). 
  23. ^ http://www.guardian.co.uk/world/2009/jul/06/g8-considers-expelling-italy
  24. ^ "oil reserves". U.S. energy information administration. http://en.wikipedia.org/wiki/Oil_reserves#Proved_reserves. 
  25. ^ "nuclear power". world nuclear power reactors 2007-08 and uranium requirements. http://en.wikipedia.org/wiki/Nuclear_power_by_country. 
  26. ^ "united nations". report of the committee on contributions. http://en.wikipedia.org/wiki/United_Nations#Funding. 
  27. ^ United Nations Development Programme
  28. ^ "World Wide Military Expenditures". GlobalSecurity.org. http://www.globalsecurity.org/military/world/spending.htm. Retrieved 2007-12-10. 
  29. ^ "The G8 and the Nuclear Industry". The Campaign for Nuclear Phaseout. June 2002. http://www.cnp.ca/resources/g8-and-nuclear.html. Retrieved 2007-11-28. 
  30. ^ David Miller "Spinning the G8", Zednet, May 13th 2005.

 


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