Ahead of his fast, Narendra Modi condemns 'communal frenzy & casteism'

Friday, September 16, 2011

On the eve of his three-day fast, Gujarat chief minister Narendra Modi expressed "gratitude" to those who pointed out his mistakes in the last 10 years and said the state has realised that communal frenzy and casteism never helped anybody grow in the country.

"Constitution of India is supreme for us. As a chief minister of the state, pain of anybody in the state is my pain. (Delivering) Justice to everyone is the duty of the state," Modi said on the eve of his three-day fast.

Modi's remarks are being interpreted as his first ever expression of regret over the post-Godhra communal riots in which more than 1,200 people, mostly Muslims, were killed. He has been severely criticised for not expressing any remorse over the killings since 2002.

The chief minister is going on a three-day fast from tomorrow -- his 62nd birthday -- for "peace, unity and harmony" in the state. 






Full text of Narendra Modi's second letter : 

My dear Brothers and Sisters!

Sadar Pranam,

Today, I begin my three-day fast of Sadbhavna Mission with your blessings and good wishes. This Mission is totally dedicated to the society and the Nation. It aims at Unity, Harmony and Brotherhood among all.

Twenty first century did not begin well for Gujarat. In 2001, the devastating earthquake on our Republic day, took a very heavy toll. In the subsequent year, Gujarat became the victim of communal violence. We lost innocent lives, suffered devastation of property and endured lot of pain. One can visualise what all we have gone through.

Those were very difficult and trying days. However, Gujarat has come out of these difficulties and leapfrogged on the path of development. Today, Gujarat is progressing fast. The atmosphere of peace, unity, social harmony and brotherhood has given further impetus to the process of development.

The Indian history is a witness that casteism and communalism have never done any good to society. This is also my own firm conviction. Gujarat has understood this and having overcome these evils, it has adopted the path of Inclusive Development. We are committed to work for a developed Gujarat for a developed India.

My dear Brothers and Sisters, no State, society or individual can claim to be perfect. I am grateful to all those who pointed out my genuine mistakes during last 10 years. I seek your blessings to serve the people with devotion free from all human shortcomings. As Chief Minister of the State, the pain of each and every citizen is my own pain. Ensuring Justice to all is the duty of the State.

The six crore people of Gujarat are working together for their own development and that of the State. The poorest of the poor is a partner in this process and is confident that he will get the fruits of development. Everyone has inculcated the State's ethos of 'Development of all with Cooperation of all' (Sabka Saath - Sabka Vikaas).

During my fast, I will continue to pray to the Almighty to give me strength so that I do not develop or retain any ill-feeling or bitterness towards those who defamed Gujarat or me by making false allegations.

Our country is a shining example of Unity in Diversity. I am confident that with your blessings, this Sadbhavna Mission will further strengthen our social fabric.

I will also pray to God to give the requisite strength to all of us to take this Sadbhavna Mission forward.

Vande Mataram!

Always yours,
Narendra Modi

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Ind vs Eng: India set 305-run target for England in 5th ODI

Virat Kohli (107) and Rahul Dravid (69) added an impressive 170-run stand to lead India to 304/6 against England in the fifth and final one-day international at Sophia Gardens on Friday.

At the end, skipper MS Dhoni (50 not out) and Suresh Raina (15 off 15 balls) played some lofty shots to cash on the good platform to take the visitors past 300 runs. Dhoni raced to his fifty in just 26 balls as he hit two huge sixes and five boundaries in his quick-fire knock.

As usual Dravid was overshadowed by his batting partner even in his swan song one-day match. Kohli scored his sixth one-day hundred to garner all the limelight as Dravid got out in the very next ball by Graeme Swann.

All the players on the field rushed toward Dravid to shake hands as the legend leave the field after his well crafted final one-day essay.

Kohli got himself out with a rare hit-wicket after his back-foot brushed the wickets while trying to steer a Graeme Swann delivery. Kohli played a gem of an innings as he hit nine boundaries and a six in his 93-ball knock.

India lost Dravid soon after Kohli slammed a quick century off 87 balls in the previous ball. Swann clean bowled Dravid to put an end to a great one-day career. Dravid hit four boundaries in his 79 balls knock.

Sent in to bat, India lost Parthiv Patel (19) and Ajinkya Rahane (26) in quick succession after a watchfully start.

Swann dismissed Patel soon after India lost Rahane. Patel played a watchful inning off 39 balls without scoring a boundary.

Rahane struck three boundaries in his steady 47-ball inning before Jade Dernbach gave England the first breakthrough. The right-handed opener added 52 runs for the opening wicket with Patel.
Earlier, England captain Alastair Cook won the toss and elected to field in the final ODI against India. Rain delayed the start of the match as it started 30 minutes late from the allotted time. 

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SIDBI working with NSE to set up separate exchange for SMEs

The Small Industries Development Bank of India (SIDBI) is working in close tandem with the National Stock Exchange (NSE) to establish a separate exchange for small and medium enterprises (SMEs), which will be unveil shortly.

S Muhnot, Chairman and Managing Director of SIDBI, said, “It will be a separate exchange within the NSE. It is likely to be operational in this financial year, may be another two months or three. The international venture funds, which are not coming to the MSME (Micro, Small and Medium Enterprises) sector today, will also come in the sector.” The SMEs would have the potential to secure equity from the market via the exchange and also develop their business.

Mr Muhnot has stated that SIDBI has been working to get the firms into the exchange. SIDBI has stated that it will unveil Nominated Investors Liquidity Fund, which will be helping these market makers.

Mr Muhnot has also stated that the Nominated Investors Liquidity Fund of nearly Rs 60 crore will be unveiled this year. The second fund will be India Opportunities Fund worth Rs 500 crore. Discussion for the third fund is taking place and it is expected to be worth Rs 300 crore.

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RBI surges key interest rates by 25 bps

The Reserve Bank of India (RBI) has surged the key interest rates by 25 basis points (bps), its 12th such surge since March 2010 since it is concerned about the high inflation. This move will make auto, home and other loans more expensive.

After the surge, the short-term lending (repo) rate was at 8.25% and the short-term borrowing rate (reverse repo) stood at 7.25%.
The RBI while making the announcement its mid-term review of the monetary policy has maintained all the other rates and ratios unchanged.

According to a statement from RBI, “The monetary tightening effected so far by the Reserve Bank has helped in containing inflation and anchoring inflationary expectations, though both remain at levels beyond the Reserve Bank's comfort zone.”

Although, RBI has revised the key rates many times since March 2010, but inflation has still risen from 9.2% during July to 9.8% during August this year.

RBI has stated that the monetary stance will get influenced by the inclinations of the downward movement in the inflation trajectory.

Moreover, the Gross Domestic Product (GDP) growth in the first quarter (April-June) of the 2011-12 financial year has moderated to 7.7% from 8.8% in the corresponding period year ago, after witnessing slowdown in the industrial output growth in July to 3.3%, which is the lowest level in 21-months time.

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Centre may announce new exports sop scheme to replace DEPB

Centre is expected to introduce today a new scheme with the aim to replace the popular tax refund Duty Entitlement Pass Book (DEPB) for the exporters, which is scheduled to end on September 30.

Centre has been spending annually almost Rs 8,500 crore for reimbursing the exporters on the taxes paid on import equivalent to the content of export products, under the Duty Entitlement Pass Book (DEPB) scheme. The main beneficiaries are sectors such as engineering, automobile and chemicals.

It is quite popular among the Indian exporters due to its lucrative rates and also flexibility which are not available in the other refund mechanism - Duty Drawback. The exporters have been creating pressure that they should be permitted similar kind of benefits even if the nomenclature of the DEPB is altered.

The Union Finance Ministry has worked out a compromise between the DEPB and also Duty Drawback. The details of the scheme would be declared by Finance Secretary RS Gujral and the senior officials of the Central Board of Excise and Customs (CBEC).

Although exports have witnessed significant performance, surging by 54.2% between April-August 2011 to $134.5 billion, there are still concerns that the momentum won't be sustained due to the surging economic problems in US and also in Europe.

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