ptet admission - ptetadmission.nic.in
To know more about ptet admission go to ptetadmission.nic.in
Tags: ptetadmission.nic.in, ptetadmission, www.rajasthanpatrika.com, ptetadmissions.nic.in, www.ptetadmissions.nic.in
Monday, October 6, 2008
Sixth Pay Commission: Pay panel recommendation: Govt staff threaten stir
Sixth Pay Commission: Pay panel recommendation: Govt staff threaten stir
Ahmedabad, October 05 The state Government employees are up in arms against the government over the issue of implementing the
Sixth Pay Commission recommendations to hike their salaries. To register their protest, the employees carried out a huge
rally in Ahmedabad on Sunday afternoon.
Other protest programmes such as going on a Mass Casual Leave and calling an indefinite strike are also on the cards if the
government does not pay heed to their demand. The agitating employees have also threatened that the BJP government’s delaying
the pay-hike might cost the party dear in the upcoming Lok Sabha election.
The rally was carried out by different associations and federations of the state government employees under the umbrella of
Guajrat Rajya Karmachari Sankalan Samiti (Gujarat State Employees Co-Ordination Committee) and was attended by thousands of
state government employees.
Gujarat State Panchayat Employees Federation, Gujarat State Primary Teachers’ Federation, Gujarat State Officers’ Federation
and Gujarat State Board Nigam Employees Federation are some of the notable organisations that took part in the rally.
Chairman of Gujarat State Employees Co-Ordination Committee, Vishnu Patel, told Newsline: “The state government had announced
the implementation of the Sixth Pay Commission in its manifesto, but it has been delaying it on the pretext of putting it for
review by a committee. We outrightly condemn the formation of the committee to examine the pay commission’s recommendation.
We demand pay hike at the earliest.”
Patel also said that the BJP’s good performance in the coming Lok Sabha election maybe doubtful. “The total voting heads of
the state government employees and their families come to almost a crore. If the government does not give them their right,
it may prove costly for them in the election,” he said.
Patel also announced that all state government employees would go on a Mass Casual Leave on November 5 if their demands were
not accepted by then.
Joint General Secretary of the Co-Ordination Committee Harshad Raval said, “State governments of Uttar Pradesh and Rajasthan
have already implemented the pay commission’s recommendations. So, it is high time Gujarat government heard our demands.”
President of the Gujarat State Officers’ Federation Vivek Kapadiya said: “The state government has an inclination of not
paying enough to its employees, as it believes it is already paying them enough. Apart from that, it also has a tendency to
outsource all the work. That is why it has not been recruiting people. To attain their goal, they are forcing the people to
leave their jobs.” Kapadiya added that the state Government might have served five years in the state but the cost of their
deeds might have to be borne by the central BJP leadership in the next Lok Sabha election....
Source: http://www.indianexpress.com/
Ahmedabad, October 05 The state Government employees are up in arms against the government over the issue of implementing the
Sixth Pay Commission recommendations to hike their salaries. To register their protest, the employees carried out a huge
rally in Ahmedabad on Sunday afternoon.
Other protest programmes such as going on a Mass Casual Leave and calling an indefinite strike are also on the cards if the
government does not pay heed to their demand. The agitating employees have also threatened that the BJP government’s delaying
the pay-hike might cost the party dear in the upcoming Lok Sabha election.
The rally was carried out by different associations and federations of the state government employees under the umbrella of
Guajrat Rajya Karmachari Sankalan Samiti (Gujarat State Employees Co-Ordination Committee) and was attended by thousands of
state government employees.
Gujarat State Panchayat Employees Federation, Gujarat State Primary Teachers’ Federation, Gujarat State Officers’ Federation
and Gujarat State Board Nigam Employees Federation are some of the notable organisations that took part in the rally.
Chairman of Gujarat State Employees Co-Ordination Committee, Vishnu Patel, told Newsline: “The state government had announced
the implementation of the Sixth Pay Commission in its manifesto, but it has been delaying it on the pretext of putting it for
review by a committee. We outrightly condemn the formation of the committee to examine the pay commission’s recommendation.
We demand pay hike at the earliest.”
Patel also said that the BJP’s good performance in the coming Lok Sabha election maybe doubtful. “The total voting heads of
the state government employees and their families come to almost a crore. If the government does not give them their right,
it may prove costly for them in the election,” he said.
Patel also announced that all state government employees would go on a Mass Casual Leave on November 5 if their demands were
not accepted by then.
Joint General Secretary of the Co-Ordination Committee Harshad Raval said, “State governments of Uttar Pradesh and Rajasthan
have already implemented the pay commission’s recommendations. So, it is high time Gujarat government heard our demands.”
President of the Gujarat State Officers’ Federation Vivek Kapadiya said: “The state government has an inclination of not
paying enough to its employees, as it believes it is already paying them enough. Apart from that, it also has a tendency to
outsource all the work. That is why it has not been recruiting people. To attain their goal, they are forcing the people to
leave their jobs.” Kapadiya added that the state Government might have served five years in the state but the cost of their
deeds might have to be borne by the central BJP leadership in the next Lok Sabha election....
Source: http://www.indianexpress.com/
Sixth Pay Commission: The grim scenario of Rupee
Sixth Pay Commission: The grim scenario of Rupee
When the rupee was appreciating last year, it was widely believed that the upturn was here to stay. Foreign investments came
rushing to India, lured by its strong economic growth and low inflation. Even Indian corporates went overseas like never
before, borrowing heavily to fund acquisitions, as well as various expansion projects.
So, when the tide turned, it was a rude awakening for India Inc. Today, India is more integrated with the global economy
compared to a decade ago and the rupeedollar exchange rate has a huge bearing on India Inc’s growth prospects.
India continues to be a net importer of goods, especially capital goods and key industrial inputs. A costlier rupee raises
project costs and affects the rate of investment, which impacts economic growth. Besides, depreciation in the rupee reduces
the financial returns of foreign investors, reducing the relative attractiveness of India as an investment destination.
Given this, if we want to have a view on India’s growth story, it becomes necessary to understand the moves being made by the
rupee.
Why the rupee depreciated suddenly is an interesting question. The most obvious reason is the global financial crisis and the
ensuing massive unwinding of foreign portfolio investors to fund their domestic liquidity requirements. However , there have
been subtle changes in the economy over the past few months that have been hinting at a weak rupee.
India’s inflation spurted to double digits in June ’08 — higher than the rate of economic growth — on the back of high crude
oil and commodity prices. At the same time, the government’s decisions to raise subsidies rather than pass on the high global
prices of crude oil and fertilisers have dramatically increased the fiscal deficit.
Besides, the government has to make provisions for waiving agricultural loans, handing out the Sixth Pay Commission awards
and other welfare schemes launched in the recent past.
According to various estimates, these measures are expected to push India’s fiscal deficit to nearly 8% of the gross domestic
product (GDP) — the highest ever in nearly a decade. A bigger fiscal deficit translates into an equally huge trade deficit,
which puts downward pressure on the rupee. Till such a time these worries are addressed extensively, the downward pressure on
the rupee is likely to continue.
US AND THEM
It is not just the rupee, which has taken a thrashing from the sudden exit of foreign capital. Other emerging markets such as
Brazil and Russia have also witnessed a depreciation in their currencies — sharper than India’s — over the past few weeks.
While the rupee lost around 7.5% of its value from the beginning of July ’08, Brazilian real lost 20.6%, Russian rouble fell
10.3% and South Korean won depreciated by 16.9%. China is the only country whose currency has appreciated against the dollar
over a period of time.
THE SLIPPERY ZONE
While the outflow of the so-called ‘hot money’ has hit the rupee hard, the continuing liquidity problems overseas are adding
fuel to it. The foreign branches of Indian banks are suddenly finding it difficult to roll over short-term loans taken from
local banks.
In such cases, they are left with no other option, but to raise the necessary foreign exchange (forex) in the domestic market
by selling rupees, which adds to depreciation in the rupee.
LIQUIDITY WOES
The Reserve Bank of India (RBI), which overseas the domestic money supply, also monitors the supply of forex in India, so as
to smoothen out the erratic movements by keeping the markets wellsupplied and liquid.
However, RBI’s ability to intervene in the market is limited. The level of RBI’s forex reserves, which were on a secular
uptrend till May ’08 to reach $315 billion, have been waning since then.
Current forex reserves of $292 billion indicate a 7.3% drawdown from the peak, but they are still at very high levels,
considering India’s history of having reserves equivalent to around 12 months of imports.
But forex reserves have to be used carefully because they play a key role in maintaining the general confidence in the
currency. The structure of India’s foreign capital inflows has changed dramatically in the past few years.
While India’s total capital inflows have increased at a compounded annual growth rate (CAGR) of 58.4% over the past five
years, the hot money inflow — capital coming in through portfolio investments and short-term credit — has grown at 89%.
Hazy Future
During FY08 alone, nearly $46.8 billion of hot money flowed into India, representing 43.3% of India’s net capital inflows of
$108 billion. Since hot money can be easily pulled out at short notice, its large presence in the economy is a potential
danger. The boom in the economy and the stock market in earlier years led to its rising influence. But with things not so
smooth any more, it increases the risk of a sudden exodus of foreign capital.
Similarly, at times, RBI’s ability to intervene in the forex market gets restricted due to liquidity problems. When the rupee
is being sold off and losing value, RBI needs to sell dollars to support the rupee. This reduces liquidity in the banking
system.
So, it needs to be careful that its forex market operations do not leave the domestic financial system dry. Non-food credit
growth has reached 25% despite high interest rates due to heavy borrowings by oil and fertiliser companies.
RBI has taken steps to address liquidity problems. It started a second daily liquidity adjustment facility for banks and also
allowed them to dip below the mandated 25% statutory liquidity ratio requirement by one percentage point. In a bid to attract
more foreign currency, RBI has hiked interest rates on foreign currency deposits by 50 bps.
MACRO MIX-UPS :
The Indian economy is not in good shape. Growth in IIP has slowed, while inflation has soared. During the first five months
of FY09, fiscal deficit has already crossed 87% of India’s full-year forecast. The spurt in global crude prices has
single-handedly increased India’s trade deficit.
Crude prices jumped to an average of $120 in the first half of FY09 from $70 in the corresponding period of previous year.
So, India’s oil import bill swelled 77% in August ’08 to $11 billion and by 60% to $46 billion during April-August ’08. In
view of this, India’s export growth is falling short of the growth in imports. The resultant trade deficit is likely to touch
$125 billion for the whole of FY09.
There appears some light at the end of the tunnel on this count. Crude prices have retraced nearly one-third from their peaks
to fall below $100 per barrel and are expected to remain range-bound . In the medium term, domestic availability of natural
gas and crude oil is expected to increase substantially as RIL’s oil fields in Krishna Godavari basin and Cairn’s Rajasthan
fields begin production. Both these factors will ease India’s crude import bill and reduce the fiscal deficit. A simultaneous
meltdown in the commodity market will also alleviate inflation.
NO CLEAR VIEW, YET:
The recent fall in the rupee, led by withdrawal of foreign portfolio investors from India, may not be rectified till
stability returns. The global scenario is uncertain.
India also needs to fight its own woes — high inflation, widening current account and fiscal deficits and slowing economic
growth — besides absorbing repercussions of the global turmoil. The Indian economy’s ability to re-emerge as an attractive
investment destination will determine the rupee’s upward movement. Till then, the rupee is likely to remain under pressure.
(Inputs by Pallavi Mulay and Shakti Shankar Patra)
Source: http://economictimes.indiatimes.com/
When the rupee was appreciating last year, it was widely believed that the upturn was here to stay. Foreign investments came
rushing to India, lured by its strong economic growth and low inflation. Even Indian corporates went overseas like never
before, borrowing heavily to fund acquisitions, as well as various expansion projects.
So, when the tide turned, it was a rude awakening for India Inc. Today, India is more integrated with the global economy
compared to a decade ago and the rupeedollar exchange rate has a huge bearing on India Inc’s growth prospects.
India continues to be a net importer of goods, especially capital goods and key industrial inputs. A costlier rupee raises
project costs and affects the rate of investment, which impacts economic growth. Besides, depreciation in the rupee reduces
the financial returns of foreign investors, reducing the relative attractiveness of India as an investment destination.
Given this, if we want to have a view on India’s growth story, it becomes necessary to understand the moves being made by the
rupee.
Why the rupee depreciated suddenly is an interesting question. The most obvious reason is the global financial crisis and the
ensuing massive unwinding of foreign portfolio investors to fund their domestic liquidity requirements. However , there have
been subtle changes in the economy over the past few months that have been hinting at a weak rupee.
India’s inflation spurted to double digits in June ’08 — higher than the rate of economic growth — on the back of high crude
oil and commodity prices. At the same time, the government’s decisions to raise subsidies rather than pass on the high global
prices of crude oil and fertilisers have dramatically increased the fiscal deficit.
Besides, the government has to make provisions for waiving agricultural loans, handing out the Sixth Pay Commission awards
and other welfare schemes launched in the recent past.
According to various estimates, these measures are expected to push India’s fiscal deficit to nearly 8% of the gross domestic
product (GDP) — the highest ever in nearly a decade. A bigger fiscal deficit translates into an equally huge trade deficit,
which puts downward pressure on the rupee. Till such a time these worries are addressed extensively, the downward pressure on
the rupee is likely to continue.
US AND THEM
It is not just the rupee, which has taken a thrashing from the sudden exit of foreign capital. Other emerging markets such as
Brazil and Russia have also witnessed a depreciation in their currencies — sharper than India’s — over the past few weeks.
While the rupee lost around 7.5% of its value from the beginning of July ’08, Brazilian real lost 20.6%, Russian rouble fell
10.3% and South Korean won depreciated by 16.9%. China is the only country whose currency has appreciated against the dollar
over a period of time.
THE SLIPPERY ZONE
While the outflow of the so-called ‘hot money’ has hit the rupee hard, the continuing liquidity problems overseas are adding
fuel to it. The foreign branches of Indian banks are suddenly finding it difficult to roll over short-term loans taken from
local banks.
In such cases, they are left with no other option, but to raise the necessary foreign exchange (forex) in the domestic market
by selling rupees, which adds to depreciation in the rupee.
LIQUIDITY WOES
The Reserve Bank of India (RBI), which overseas the domestic money supply, also monitors the supply of forex in India, so as
to smoothen out the erratic movements by keeping the markets wellsupplied and liquid.
However, RBI’s ability to intervene in the market is limited. The level of RBI’s forex reserves, which were on a secular
uptrend till May ’08 to reach $315 billion, have been waning since then.
Current forex reserves of $292 billion indicate a 7.3% drawdown from the peak, but they are still at very high levels,
considering India’s history of having reserves equivalent to around 12 months of imports.
But forex reserves have to be used carefully because they play a key role in maintaining the general confidence in the
currency. The structure of India’s foreign capital inflows has changed dramatically in the past few years.
While India’s total capital inflows have increased at a compounded annual growth rate (CAGR) of 58.4% over the past five
years, the hot money inflow — capital coming in through portfolio investments and short-term credit — has grown at 89%.
Hazy Future
During FY08 alone, nearly $46.8 billion of hot money flowed into India, representing 43.3% of India’s net capital inflows of
$108 billion. Since hot money can be easily pulled out at short notice, its large presence in the economy is a potential
danger. The boom in the economy and the stock market in earlier years led to its rising influence. But with things not so
smooth any more, it increases the risk of a sudden exodus of foreign capital.
Similarly, at times, RBI’s ability to intervene in the forex market gets restricted due to liquidity problems. When the rupee
is being sold off and losing value, RBI needs to sell dollars to support the rupee. This reduces liquidity in the banking
system.
So, it needs to be careful that its forex market operations do not leave the domestic financial system dry. Non-food credit
growth has reached 25% despite high interest rates due to heavy borrowings by oil and fertiliser companies.
RBI has taken steps to address liquidity problems. It started a second daily liquidity adjustment facility for banks and also
allowed them to dip below the mandated 25% statutory liquidity ratio requirement by one percentage point. In a bid to attract
more foreign currency, RBI has hiked interest rates on foreign currency deposits by 50 bps.
MACRO MIX-UPS :
The Indian economy is not in good shape. Growth in IIP has slowed, while inflation has soared. During the first five months
of FY09, fiscal deficit has already crossed 87% of India’s full-year forecast. The spurt in global crude prices has
single-handedly increased India’s trade deficit.
Crude prices jumped to an average of $120 in the first half of FY09 from $70 in the corresponding period of previous year.
So, India’s oil import bill swelled 77% in August ’08 to $11 billion and by 60% to $46 billion during April-August ’08. In
view of this, India’s export growth is falling short of the growth in imports. The resultant trade deficit is likely to touch
$125 billion for the whole of FY09.
There appears some light at the end of the tunnel on this count. Crude prices have retraced nearly one-third from their peaks
to fall below $100 per barrel and are expected to remain range-bound . In the medium term, domestic availability of natural
gas and crude oil is expected to increase substantially as RIL’s oil fields in Krishna Godavari basin and Cairn’s Rajasthan
fields begin production. Both these factors will ease India’s crude import bill and reduce the fiscal deficit. A simultaneous
meltdown in the commodity market will also alleviate inflation.
NO CLEAR VIEW, YET:
The recent fall in the rupee, led by withdrawal of foreign portfolio investors from India, may not be rectified till
stability returns. The global scenario is uncertain.
India also needs to fight its own woes — high inflation, widening current account and fiscal deficits and slowing economic
growth — besides absorbing repercussions of the global turmoil. The Indian economy’s ability to re-emerge as an attractive
investment destination will determine the rupee’s upward movement. Till then, the rupee is likely to remain under pressure.
(Inputs by Pallavi Mulay and Shakti Shankar Patra)
Source: http://economictimes.indiatimes.com/
Sixth Pay Commission: Antony pitches for two key pay demands of Services, pulls up Navy chief again
Sixth Pay Commission: Antony pitches for two key pay demands of Services, pulls up Navy chief again
New Delhi, October 5 Navy chief Admiral Sureesh Mehta, who sent out an unclassified signal on September 24 to all naval
officers and ranks on withholding implementation of the Sixth Pay Commission salary recommendations, is learnt to have been
pulled up again by Defence Minister A K Antony for the manner in which he, as Chairman of Chiefs of Staff Committee, led the
other two chiefs — General Deepak Kapoor and Air Chief Marshal Homi Major — in virtually attacking the establishment.
This is the third time Admiral Mehta has been pulled up by Antony in recent months — earlier, he was pulled up for his
remarks over the build-up of Chinese submarines.
It is learnt that while Antony has agreed to look into grievances, even push in Parliament the “demands” of the armed forces
over pay, he is upset by the way Admiral Mehta dealt with the matter. After being almost nudged by Admiral Mehta to “refuse”
implementation of the pay panel report, the armed forces did not submit their revised salary slips to the Ministry’s accounts
office.
Antony is part of a three-member panel — the others are Pranab Mukherjee, the panel head, and P Chidambaram — tasked to look
into the pay anomalies. On September 26, he had an uncharacteristic tough talk with the three chiefs. He is now said to have
conveyed to Mukherjee that the Government has agreed in principle to the Services’ demand for restoring 70 per cent “extant
pensionary weightage” to jawans on the basis of their last drawn pay.
Source: http://www.indianexpress.com/
New Delhi, October 5 Navy chief Admiral Sureesh Mehta, who sent out an unclassified signal on September 24 to all naval
officers and ranks on withholding implementation of the Sixth Pay Commission salary recommendations, is learnt to have been
pulled up again by Defence Minister A K Antony for the manner in which he, as Chairman of Chiefs of Staff Committee, led the
other two chiefs — General Deepak Kapoor and Air Chief Marshal Homi Major — in virtually attacking the establishment.
This is the third time Admiral Mehta has been pulled up by Antony in recent months — earlier, he was pulled up for his
remarks over the build-up of Chinese submarines.
It is learnt that while Antony has agreed to look into grievances, even push in Parliament the “demands” of the armed forces
over pay, he is upset by the way Admiral Mehta dealt with the matter. After being almost nudged by Admiral Mehta to “refuse”
implementation of the pay panel report, the armed forces did not submit their revised salary slips to the Ministry’s accounts
office.
Antony is part of a three-member panel — the others are Pranab Mukherjee, the panel head, and P Chidambaram — tasked to look
into the pay anomalies. On September 26, he had an uncharacteristic tough talk with the three chiefs. He is now said to have
conveyed to Mukherjee that the Government has agreed in principle to the Services’ demand for restoring 70 per cent “extant
pensionary weightage” to jawans on the basis of their last drawn pay.
Source: http://www.indianexpress.com/
Subscribe to:
Posts (Atom)
Posts
