Azad Couple Released but the Nation is Hostage to Chidamabram Regime of Genocide Economics!

Azad Couple Released but the Nation is Hostage to Chidamabram Regime of Genocide Economics!
Troubled Galaxy Destroyed Dreams, chapter - 789
Palash Biswas

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Azad Couple Released but the Nation is Hostage to Chidamabram Regime of Genocide Economics!

The Allahabad High Court today granted bail to human rights activists Seema Azad and her husband Vishwavijay who were recently awarded life imprisonment by a local court here after being charged with sedition and having links with Maoist insurgents. as  High Court questioned the justification of arrest just because of difference of Opinion. As Home Minister of India, Chidambarm intensified a monopolistic War against indigenous aborigine Humanscape countrywide.He continues the work in the best interest of Corporate India, MNCs and zionist Global Order once agin resuming his tenure as the Finance Minister of India as Dr Manmohan had been branded under achiever by Corporate Imperialism as well as corporate media. Chidmabaram is back home to push for economic ethnic cleansing.He has an expertise to brand every individual maoist whoever shows guts to protest corporate interest. Because the main thrust is not to enhance the production system, industrial or agricultural growth, monsoon crisis or inflation or any of the fundamentals of Indian economy, because it is all about indiscriminate exploitation and extraction of natural resources persecuting the excluded, excommunicated majority population of India, the insertion of Mr. Chidambaram already inflicted with corruption charges, in the helms of finance management gets momentum for market economy. he proves the point with showcasing a roadmap to boost foreign capital inflow coincidentally on the day while the branded rebel duo released.

A Division Bench comprising Justice Dharnidhar Jha and Justice Ashok Pal Singh passed the order on a bail application filed by the couple, who have been lodged in the high-security Naini Central Prison situated on the outskirts of the city.

The couple, who have been closely associated with the People's Union for Civil Liberties (PUCL), were arrested from Khuldabad police station area of the city on February 26, 2010 and were alleged to have been in possession of Maoist literature.The arrest of the couple, who also published a journal, "Dastak", devoted to the cause of the lower classes, had evoked widespread condemnation from civil rights groups across the country.However, on June 8 this year, after being tried for sedition, they were sentenced to imprisonment for life besides being slapped with a fine of approximately Rs 70,000.

Chidambarm`s road map plan circulated to media on a day while the persecuted North East specifically Manipur coming to focus thanks to magnificent Mery Kom.M C Mary Kom today created history as she assured India its fourth Olympic medal after winning her quarterfinal boxing bout against Maroua Rahali of Tunisia by 15-6 margin in the women's 51 kg category.Would it also focus on AFSPA against which another Manipur woman Irom sharmila is on hunger strike for twelve years.However, she would not earn any Olympic Gold, but Mary has a physical chance very bright. Her elegant performance should be studied in reference to the segregation of the Indigenous Humanscape Kashmir to North east under AFSPA and Central India branded as Maoist and inflicted with AFSPA provisions under various names ie Salawa Judum, Operation Godavari, Opeation Green Hunt, Operation Lalgrgh and so on.The five-time world champion and the face of women's boxing in India for the past decade has now been assured of at least a bronze medal in the inaugural edition of women's boxing in the Games. She will also be the third Indian woman after Karnam Malleswari and Saina Nehwal to win an Olympic medal.Someone who enjoys iconic status in the North-East India, the performance of the 29-year old Manipuri woman who is mother of twin boys will surely encourage many more from the region to take up the sport.It would be rather greater achievement than the Olympic Glory on part of the iron lady if he succeeds to win a little sympathy forManipur and entire segergated North East inflicted with gross  apathy of the mainstream India.

The economic growth during 2011-12 slipped to nine-year low of 6.5 percent and the expectations of the current fiscal are not promising in view of deficient monsoon, high inflation and global slowdown.ndia's once-booming economy grew just 5.3 percent between January and March -- its slowest annual quarterly expansion in nine years.

P. Chidambaram, in his first policy statement since taking over last week, said India's stuttering economy faced a string of challenges from stubborn inflation to high interest rates and a spiralling fiscal deficit.His predecessor Pranab Mukherjee, who now occupies the ceremonial role of president, annoyed foreign investors in his March budget with sweeping anti-tax evasion rules -- some of them retroactive.Chidambaram promised to review the tax measures to find "fair" solutions, adding that India wanted a "non-adversarial" tax regime.It is very significant to indicate the imminent disaster impending on ninety nine percent of the population as Indian business cheered Chidambaram's efforts to woo back foreign investment while shares jumped by 1.25 percent to 17,412.96 points -- their highest close in nearly a month -- helped by his statements.Attracting foreign investment is needed to upgrade India's dilapidated airports, roads, ports and other infrastructure in order to ease bottlenecks and spur growth.Chidambaram took over the portfolio on the same day as India suffered a massive power outage that highlighted its creaking infrastructure.The Congress party-led government, he said, would take steps to attract investment in mutual funds and insurance and bring India's fiscal consolidation process back on track.But with the threat of India's third drought in a decade looming, he said the left-leaning government would have to provide extra relief to parched farm areas and that the "fiscal correction" would have to be fairly shared.To revive growth, he appealed for the "cooperation of all political parties" in parliament, whose next session opens on Wednesday, and an end to the logjam over government moves to open up the inward-looking economy.It signals excellent floor adjustment to pass anti people financial bills, multi brand retail FDI, pension and insurrance bills and so on pending because of so called political compulsions. Mayawati, Mulayam and Mamata already tamed and anti corruption campign diverted to politics make the task a cake walk for the genocide master.

Mind you,the real estate sector faces a negative outlook in the second half of the year mainly due to sluggish demand, high construction costs and liquidity pressures, a report by Fitch Ratings said today.It is the best of corporate lobbying invoking genocide culture with a thrust of Infrastructure highways which the common man may not cross and if he crosses and is killed , it is his own risk. This is the theme of Indian growth stry dictated by World Bank, IMF, WTO, US War Economy and the Rating agencies.Moreover,reflecting the general gloom in the economy, rating agency Fitch today downgraded the outlook for the domestic retail sector to "negative" from "stable"."Outlook on the retail sector is revised to negative from stable. This is due to a sustained deterioration in discretionary spending, which is unlikely to improve over the short-term. The worsening business conditions are likely to have a negative impact on credit profiles of retailers, it added.Stating that private final consumption expenditure was the weakest in last seven years, the report said, "Private consumption is unlikely to improve despite a marginal improvement in second half, unless consumer price inflationcomes down to a great extent and consumers receive significant raise in real wages."

   In an apparent break from the recent past, he has directed a review of tax provisions that have a retrospective effect in order to find a fair and reasonable solution to pending as well as likely disputes between the tax department and assessees concerned.Making a detailed statement, Chidambaram, who took charge of the finance portfolio last week, also made an obvious reference to recent controversies over retrospective amendment to the Income Tax Act and GAAR (General Anti Avoidance Rules) provisions in the Budget of his predecessor Pranab Mukherjee, "Clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary will provide great assurance to investors. We will take corrective measures wherever necessary," he said.

"The minister's statements should help restore confidence among foreign investors," said the Associated Chambers of Commerce and Industry of India.

But "with sound policies, good governance and effective implementation, we will be able to overcome these challenges", said Chidambaram, now in his third stint as finance minister.Chidambaram said there was still "enormous goodwill" globally for India, despite anger over recent government moves seen as hostile to foreign investors, and said most people were keeping "faith with the India growth story".

"The key to restart the growth engine is to attract more investment -- both from domestic investors and foreign investors," he said.

India's once-booming economy grew just 5.3 percent between January and March -- its slowest annual quarterly expansion in nine years.

So, it is the case, India's new pro-market finance minister on Monday pledged to takes steps to restore foreign investors' faith in Asia's third-largest economy and "restart the growth engine". In a bid to boost investment and lift the sagging economy, new Finance Minister P Chidambaram on Monday promised fine-tuning of policies, corrective measures to put in place a stable and non-adversarial tax regime and a possible cut in interest rates.He has also directed a review of tax provisions that have a retrospective effect in order to find a fair and reasonable solution to pending as well as likely disputes between the tax department and assessees concerned.Mind you, it is nothing about fiscal policies which may address the fundamental issues faced by the exclusive economy. The finance minister is just replicating the discarded ex finance minister resting in Raisina Hills. The road map begins from and ends to Reserve bank of India just for a virtual stimulus to the capitalist class already previlleged with Tax forgone for six decades for which the nation is submerged in foreign debt never to be paid.The interest mounts heavily on the economy which is the base of the deficit mystery, not subsidy burden.



Meanwhile, the biggest black out recently opened floodgates for indiscriminate land transfer. Dr Manmohan singh contradicting policy paralysis has signalled green free transfer of govt. land acquisition which involves prime assets of public sector units like railway, port, forest, revenue and infrastructure to boost realty sector. All pending projects wanting environment clearance have been cleared without ensuring conversion.Electricity tariffs have to be revised. Coal India already tamed.Disinvestment drive afresh to be launched very soon. Labour reforms waited.Auction of Two G Spectrum under Chidambaram regime would be an interesting deal while he heads most of the empowered ministerial groups headed by Pranab.Thus, Sushil Kumar Shinde  has to be in subordination to comply with corporate lobbying endorsed by finance ministry and the extra constitutional elements . On the other way round , it would be joint attack against the indigenous aborigine humanscape by Finance and Home ministry with rapid fire Military State full bloom and the democratic space always abegging.

However,unveiling a broad roadmap to regain the confidence of investors, the Minister, who took charge of finance portfolio last week, made a detailed statement in which he said that government will work with the RBI to moderate inflation in the medium term.

Noting that current interest rates are high, he said, "sometimes it is necessary to take carefully calibrated risks in order to stimulate investment and to ease the burden on consumers. We will take appropriate steps in this regard."

Making it clear that his uppermost duty was to regain the confidence of all stake holders, he said, "obviously, wherever necessary, our policies have to be modified or fine-tuned to meet the expectations of different stakeholders."

GAAR team already disbanded. The Finance Minister elevated to the post of First Citizen. principal economic adviser kaushik Basu retired and finance secretary Gujral sidelined, it is time to ensure free recycling of Black money in Indian open market. Hence,in an apparent reference to the recent controversies over retrospective amendment to the Income Tax Act and GAAR (General Anti Avoidance Rules) provisions in the Budget of his predecessor Pranab Mukherjee, Chidambaram said, "clarity in tax laws, a stable tax regime, a non-adversarial tax administration, a fair mechanism for dispute resolution and an independent judiciary will provide great assurance to investors. We will take corrective measures wherever necessary."

Referring to the appointment of two committees to examine the GAAR legal provisions and guidelines and the other to review taxation of IT sector and Development Centres, Chidambaram said, "I have also directed a review of tax provisions that have retrospective effect in order to find fair and reasonable solution to pending as well as likely dispute between the tax department and the assessees concerned."

The statement of new Finance Minister on the tax regime and the problems of investors appear to be aimed at assuaging global and domestic investors who have been critical of the 2012-13 budgetary measures that had evoked sharp all round criticism after Vodafone and other cases were sought to be reopened. With these and other measures, Chidambaram hoped to take in the short term the intention to raise the level of investment to 30 percent of the GDP that was achieved in 2007-08.

"It is true that the economy is challenged by a number of factors, but it is also true that with sound policies, good governance and effective implementation we would be able to overcome these challenges," the Minister stressed.

On fiscal consolidation, Chidambaram said that he has asked noted experts Vijay Kelkar, Indira Rajaraman and Sanjiv Misra to assist, "the Government in formulating the path of fiscal consolidation and we expect that the work will be completed in a few weeks."

The Government would soon unveil the path, he said, adding, "...The burden of fiscal correction must be shared, fairly and equitable, by different classes of stakeholders... adjustments must be made both on the revenue side and the expenditure side".

The government, it may be mentioned, has not been able to either decontrol or raise the price of diesel resulting in under-recoveries for the state-owned oil companies.

State-owned oil firms including Indian Oil, Hindustan Oil and Bharat Petroleum sell the fuel at a loss of about Rs 13.65 a litre while they lose Rs 231 on sale of every 14.2-kg LPG cylinder for domestic consumption. Besides, they are losing Rs 29.97 per litre on kerosene.

Without a price hike, a staggering Rs 1,60,000 crore of losses on these fuel sales would have to be met by the government this fiscal. Besides, high food and fertiliser bill is also putting pressure on government finances.

Admitting that inflation, particularly the rate of rise in food prices, is high, Chidambaram said, "We will take steps to remove constraints on supply side. We will also use our stocks of foodgrains to moderate prices. Where necessary, we will enhance the import of items in short supply."

The headline or Wholesale Price Index-based inflation in June was 7.25 percent, while at the retail level it was at an alarming 10.02 percent.

The Minister said the efforts would be made to bring down inflation in the medium term. "Fiscal policy and monetary policy must point in the same direction and must move in tandem."

The government, he added, would work with RBI to ensure that inflation is moderated in the medium term.

India Inc today expressed confidence that Finance Minister P Chidambaram's initiative to restore investor confidence and tackle high interest rates would revive business sentiment.


"At present, the country needs some good news and the statement of the Finance Minister would be a major business sentiment boosting measure", CII President Adi Godrej said. He said the General Anti-Avoidance Rules (GAAR) should be deferred as economic conditions in India and the world are not conducive for any changes in the taxation policy.

"The domestic real estate sector continues to be negative for H2 of 2012, due to persistent sluggish demand, high construction costs and liquidity pressures," Fitch Ratings said in its report.

The agency observed that RBI's caution on interest rate cuts and high EMIs will continue to be a deterrent for potential home buyers.

"This, together with high property prices and elevated inflation, will keep demand sluggish," it said, adding however, the y-o-y growth of home loans by banks, which had been slowing since the past 12 months till April, picked up markedly in May and June 2012 and if continued, may help spur the sector.

It further opined that the general slowdown and subdued job growth in the IT sector, which was at its lowest quarterly level so far, will hold back demand for commercial and retail properties.

Fitch also said real estate companies will continue to face margin compression from high construction costs for both building materials and labour.

"From last December to this April, the price of steel rose 13% while cement by 12%. Notwithstanding the trend of deleveraging since the third quarter of 2011, slowing demand, high costs and thus declining profits will keep leverage high for most realty companies," it said.

Reliance of real estate companies on operating cash flow will assume significance in the near-term as available funding options remain limited, the rating agency said.

Growth of bank lending to the commercial real estate sector was low at 1.5% y-o-y in the June quarter, it pointed out and said, "Except for some pick-up in private equity, other funding options are restricted. As a result, companies that derive significant revenue from lease rentals will have a more stable credit profile compared to their counterparts, whose business model is based on outright sale."

Obviously,the industry is hoping to see in the next few days some measures for economic revival, he added. Hailing Chidambaram's roadmap for fixing problems relating to retrospective and controversial taxation issues, Assocham said foreign investors would find themselves reassured and the country should see improvement in fund flow from abroad.

On efforts to moderate inflation in the medium-term, it said dialogue between the Finance Ministry and the Reserve Bank is a step forward. "Chidambaram has emphasised on containing the run-away fiscal deficit so that conditions could be created to bring down interest rates", the chamber added.

Ficci shared the views. "We hope that the Finance Minister will take necessary steps to boost investor confidence and revive the economic growth," its Secretary General Rajiv Kumar said. The Finance Minister has directed a review of tax provisions that have retrospective effect in order to find a fair and reasonable solution to disputes between the tax department and assesses.

The industry has been clamouring for cut in interest rates and removal of policy bottlenecks holding up investment in big projects. The economic growth during 2011-12 slipped to nine-year low of 6.5% with prospects for the current fiscal worsening in the first quarter.

The stock market also gave a thumbs up to theannouncement by the Finance Minister.The Sensex went up by 215.03 points or 1.25% to end at 17,412.96, its highest closing in four weeks.

The meeting of a ministerial panel, headed by Finance Minister P Chidambaram, to discuss new schedule for spectrum auction has been postponed to Tuesday.


The Empowered Group of Ministers meeting was scheduled for Monday but was deferred due to the delay of Telecom Minister Kapil Sibal's flight from Chandigarh where he went to lay the foundation stone of incubation centre for Software Technology Parks of India, sources said.

"The meet has been deferred to Tuesday morning," a senior government official told PTI. The panel was to discuss new time-line for auction of airwaves that was to be prepared in consultation with the auctioneer-agency selected to operate auction process.

The Department of Telecommunications (DoT) is learnt to have finalised Gurgaon-based Times Internet as auctioneer to conduct auction of around 13.75 Mhz of spectrum in 1800 Mhz band and 3.75 Mhz in 800 Mhz band.

The Cabinet has finalised Rs 14,000 crore for 5 Mhz spectrum in 1800 Mhz band and Rs 18,200 crore for 5 Mhz spectrum in 800 Mhz band as minimum price. The next step for the DoT will be to issue Information Memorandum (IM) which is final document that will carry complete details on auction of spectrum.

As per the last schedule, the DoT had plans to issue IM on August 27, just four days before August 31 deadline set by the Supreme Court to complete the process. The government will thus have only four days to complete 13 processes before actual bidding for airwaves starts, assuming that August 31 remains the final date.

The steps include responding to queries of potential bidders, inviting applications and giving time to companies for submissions, finalising eligible bidders, public information sessions and mock auction.

Following is the text of Finance Minister P Chidambaram on economy:

"I assumed the office of Finance Minister on Wednesday, August 1, 2012. It is a position of great honour, it is also a position of great responsibility.

"In the last few days, I have been briefed by senior officials of the Ministry of Finance on the state of the economy. It is true that the economy is challenged by a number of factors, but it is also true that with sound policies, good governance and effective implementation, we would be able to overcome these challenges.

"Uppermost in my mind is the duty to re-gain the confidence of all stakeholders. Obviously, where necessary, our policies have to be modified or fine-tuned in order to meet the expectations of different stakeholders.

"We intend to unveil, shortly, a path of fiscal consolidation. I would like to make it clear that the burden of fiscal correction must be shared, fairly and equitably, by different classes of stakeholders.

"The poor must be protected and others must bear their fair share of the burden. Obviously, adjustments must be made both on the revenue side and on the expenditure side. We have asked Vijay Kelkar, Indira Rajaraman and Sanjiv Misra to assist the Government in formulating the path of fiscal consolidation and we expect that the work will be completed in a few weeks.

"Price stability is an important objective. In fact, it is more important for the poor. There has been pressure on prices, and inflation - especially food inflation - is high. The causes are well known: some are beyond our control, such as prices of crude oil and imported commodities, but some others can be addressed by determined action.

"We will take steps to remove the constraints on the supply side. We will also use our stocks of foodgrain to moderate prices. Where necessary, we will enhance the import of items in short supply.

"Non-food inflation is already declining. We are confident that inflation can be moderated in the medium term. Fiscal policy and monetary policy must point to the same direction and must move in tandem.

"Government will work with the Reserve Bank of India to ensure that inflation is moderated in the medium-term.

"We are conscious that current interest rates are high. High interest rates inhibit the investor and are a burden on every class of borrowers, be it a manufacturer of goods or a purchaser of a home or a two wheeler or a student who takes an education loan.

"Sometimes it is necessary to take carefully calibrated risks in order to stimulate investment and to ease the burden on consumers. We will take appropriate steps in this regard.

"The key to restart the growth engine is to attract more investment, both from domestic investors and foreign investors. Since investment is an act of faith, we must remove any apprehension or distrust in the minds of investors.

"We will improve communication of our policies to potential investors. The aim will be to remove the perceived difficulties in "doing business in India", including fears about undue regulatory burden or regulatory over-reach.

"Indian companies, especially public sector enterprises, which have large cash balances will be encouraged to restart investment. Proposals pending with the Foreign Investment Promotion Board will be processed and decisions taken expeditiously.

"Clarity in tax laws, a stable tax regime, a non- adversarial tax administration, a fair mechanism for dispute resolution, and an independent judiciary will provide great assurance to investors.

"We will take corrective measures wherever necessary. We have recently appointed two Committees, one to examine GAAR legal provisions and guidelines and the other to review taxation of the IT sector and Development Centres.

"I have also directed a review of tax provisions that have a retrospective effect in order to find fair and reasonable solutions to pending as well as likely disputes between the Tax Departments and the Assessees concerned.

"With these measures, and some other measures that we hope to take in the short term, it is our intention to raise the level of investment to 38 percent of the GDP that was achieved in 2007-08.

"I believe that, around the world, there is enormous goodwill for India and most people continue to keep faith with the India growth story. It is natural that they look closely at certain economic indicators, one of them being the exchange rate.

"Volatility of the exchange rate has reduced in recent weeks. A reassurance on the investment climate, continued inflow of remittances, and a rise in capital flows - both FDI and FII - will bring further stability to the exchange rate. We intend to fine tune policies and procedures that will facilitate capital flows into India.

"A high level of savings is a pre-condition to a high level of investment. In 2007-08, savings touched 36 percent of GDP. It is now down to 32 percent of GDP. One of the reasons may be a perceived lack of attractive investment opportunities and instruments.

"Hence the attraction of gold, but gold is not a productive asset and the demand for gold worsens the current account deficit. Both the mutual fund industry and the insurance sector have turned sluggish.

"In the next few weeks, we will announce a number of decisions to attract more people to invest in mutual funds, insurance policies and other well-designed instruments."

"Manufacturing and exports are two key drivers of the economy. Both have registered low or negative growth in recent months. It is imperative that we reverse this trend.

"Supply side constraints upon manufacturing and exports must be removed in double quick time. We intend to work with manufacturers and exporters and implement appropriate short term and medium term measures.

"While greenfield investments are important, it is equally important that we implement the projects that are under construction. We need to focus more closely on large projects as well as infrastructure projects. An Investment Tracking System for projects with an outlay of Rs 1,000 crore or more has been put in place.

"The Prime Minister has set specific targets for key infrastructure sectors. We will review the progress of each of these projects, periodically, in the Cabinet Committee on Economic Affairs and remove the bottlenecks to quicker implementation of the projects.

"Some sectors are under stress, for example, petroleum, electricity and textiles. We intend to find practical solutions to the problems that impede higher production or output in the coal, mining, petroleum, power, road transport, railway and port sectors.

"The Cabinet Committee on Economic Affairs will examine the issues affecting each sector and take decisions that will lead to quantitative growth in these sectors.

"Unfortunately, the south west monsoon has been below expectations. Drought-like conditions have been reported from several States. It is the duty of the Government to provide relief to the people living in drought affected districts, protect wage employment and save agricultural production to the extent possible. MGNREGA and other schemes will be converged to meet the challenge of drought. Contingency plans are in place to supply drinking water and fodder and to help farmers replant alternative crops. We must seize the opportunity to build durable assets that will provide employment to the poor as well as help in drought-proofing agriculture in the affected districts.

"As I said at the outset, the Indian economy faces many challenges. We are challenged by the global economy. We are challenged by the crisis that has afflicted several leading banks of the world. We are challenged by natural calamities such as floods in one part of the country and drought in other parts of the country. Above all, we are challenged by our own record of fiscal consolidation, high growth, moderate inflation and rise in human development indicators that we achieved during 2004-08.

"Let us remember that we had faced similar challenges in 1991, 1997 and 2008 and we overcame them. It is widely acknowledged that, today, the Indian economy is stronger and better prepared to face the challenges. Moderate growth in two out of eight years should not dent our confidence.

"Several legislative proposals have gone through the full deliberative process and are ripe for debate and passing in Parliament. I seek the cooperation of all political parties represented in Parliament to pass these Bills. With the cooperation of political parties, civil society, farmers and workers, service providers, producers and consumers, and scientists and technologists, I am confident that we will prevail and we will return to the path of high growth, inclusive development, and economic and social justice for all."