Mumbai siege turns political
Nov 30 - The political fallout begins as Indians count the cost of a three-day siege by Islamist militants in Mumbai. Home Minister Shivraj Patil submits his letter of resignation.
Benet Allen reports.
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U.S. help as India boosts security
Nov. 29 - U.S. extends full assistance to India as security is stepped up in Agra - home of the Taj Mahal and famous tourist destination - after Mumbai attacks.
Condemning the terror attack in Mumbai, David Mulford, the United States Ambassador in India confirmed that six Americans had lost their lives.
Neena Dhaun reports.
Soundbite:David Mulford, U.S. Ambassador.
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Pakistan not behind attacks - Farooq
Nov 30 - Farooq Abdullah, former chief minister of Jammu and Kashmir, said on Saturday he believed the Pakistan government was not behind the attacks in Mumbai.
An ANI Report.
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Mumbai police declare siege over
Nov. 29 - Commandos began the last assault early Saturday to end three days of fighting that has claimed at least 195 lives and wounded approximately 295 people.
Indian police say 10 militants had arrived in Mumbai for the attacks, 9 have been killed and one is in police custody.
Indian commandos killed the last Islamist gunmen holed up at Mumbai's Taj Mahal hotel on Saturday, ending a three-day battle at landmarks across India's financial capital that killed at least 195 people.
Neena Dhaun reports.
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Mumbai pays tribute to ATS chief
Nov 29 - Huge crowds, including policemen and politicians, gathered in Mumbai on Saturday to pay tribute to Anti Terrorist Squad chief Hemant Karkare who died in the attack.
An ANI Report
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Mumbai's three-day ordeal ends
Nov 29 - Commandos killed the last Islamist gunmen holed up at Mumbai's Taj Mahal hotel on Saturday, ending a three-day battle at landmarks across India's financial capital that killed at least 155 people.
An ANI Report
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Coastal security to be tightened
Nov 29 - Maharashtra Deputy Chief Minister R R Patil said on Friday that coastal security will be tightened in the wake of the militant attacks on Mumbai.
An ANI Report
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Attacks may halt India test tour:PCB
Nov 29 - Pakistan Cricket Board chairman Ejaz Butt said on Friday the attacks in Mumbai have badly hit chances of India undertaking a test tour of Pakistan in January.
An ANI Report
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New York mourns killed rabbi
Nov. 28 - A New York-based rabbi and his wife were killed in the siege of a Jewish center in Mumbai.
The couple's 18-month old son was rescued. Fred Katayama reports.
Rabbi Moshe Kotlarsky, vice chairman, educational arm of Chabad-Lubavitch movement;
Yeshaya Spielman, nephew of Rabbi Gavriel Holtzberg who was killed in the terrorist attacks in Mumbai;
Rabbi Yehuda Krinsky, chairman, education and social services arm, Chabad-Lubavitch movement; Israeli Foreign Minister Tzipi Livni.
Fred Katayama, Reuters.
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Mumbai victims mourned in U.S.
Nov. 28 - Among those killed in the Mumbai attacks were two Americans who were on a meditation retreat with a Virginia ashram, called the Synchronicity Foundation.
The attackers have not precisely spelled out the reasons and aims for the assault. But it has raised new tension between India and its old foe Pakistan.
Jon Decker reports.
Bobbie Garvey, vice president, Synchonicity Foundation;
Shah Mehmood Qureshi, Pakistan Foreign Minister
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Hostages die at Mumbai Jewish centre
Nov. 28 - The bodies of five hostages have been found at the besieged Jewish centre in Mumbai after Indian security forces stormed the building.
Just before before dusk, commandos blew up an outer wall of the centre as they made their final assault on the building where gunmen were holding several Israeli hostages. At least 13 foreigners are among more than 120 people killed in a series of coordinated attacks on India's financial capital.Helen Long reports.
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India blames Pakistan "elements"
Nov 28 - India blamed "elements" from Pakistan on Friday for the assault on Mumbai.
"Preliminary evidence, prima facie evidence, indicates elements with links to Pakistan are involved," Foreign Minister Pranab Mukherjee told a news conference on Friday.An ANI Report
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Indian HOME Ministry DEDICATED to WASHINGTON! How Indira Gandhi Would have Made Us Proud as US, UK and Israeli Security Agencies RUSH to INDIA!War in the COLONY Escalates, So Escalates SUPPORT LINE of War against Terror as well as Terrorism! Innocent Indigenous Masses have to Pay DEARLY , Politically as well as ECONOMICALLY!Finance Minister Palaniappan Chidambaram will leave his job to become India's new home minister after the resignation of Shivraj Patil in the wake of the Mumbai attacks, the government said on Sunday.Widely criticised after a series of earlier bombings, Patil resigned the day after commandos ended a three-day rampage in financial capital, Mumbai, which killed nearly 200 people and triggered anger across the country.
Railway minister Lalu Prasad on Sunday said Shivraj Patil's resignation as home minister over the Mumbai terrorist attack came "very late".
The terrorists’ action has struck at the heart of a city that is the engine room of an economic boom that has made India a favourite emerging market! And Dr Manmohan Singh decides to take over the Finance Ministry himself replacing the Home Minister with the Finance Minister!Singh, who directly involved himself in tackling the impact of the global credit crisis on the Indian economy is known as the architect of reforms that transformed the Indian economy! In other words, he may be defined DISASTER MASTER who created KILLING FIELDS for the Majority Indigenous People depriving them of life, liberty and livelihood in every corner of our Mother land in his quest for AMERICANIZATION. Americanisation coupled with HINDUISATION makes an unprecedented Chemistry of DEATH and Disaster! How far he defends Corporate MNC Builder Promoter and US interests is apparent from the reactions of India INCs!Industry has welcomed Prime Minister Manmohan Singh taking charge of the Finance Ministry after P Chidambaram was appointed Home Minister!Prime Minister directly involved himself in tackling the impact of the global credit crisis on the Indian economy. Amidst pressure on the exchange rate and crash in the stock market in the wake of the developments in Wall Street, Singh had appointed a committee under his charge to find a way out of the economic challenges.Singh had gone to Washington to attend the G-20 meeting called by US President George W. Bush, where he sought increased role of the developing countries in the new financial architecture after the global downturn.
New Delhi said it was raising security to a "war level" and had proof of a Pakistani link to the attacks, which unleashed anger at home over the intelligence failure and delayed response to frenzied violence that paralysed India's financial capital.
Officials in Islamabad have warned any escalation would force it to divert troops to the Indian border and away from a U.S.-led anti-militant campaign on the Afghan frontier.
Newspaper commentaries blasted politicians for failing to prevent the attacks and for taking advantage of its fallout before voting in Delhi on Saturday and national polls due by May.
Indian Prime Minister Manmohan Singh said earlier he believed that a group based outside India was behind the killings and senior Indian politicians have said the only surviving gunman to be captured is from Pakistan.
A claim of responsibility for this week's attacks was made by a previously unknown group calling itself the Deccan Mujahideen - a reference to a mainly Muslim region of India.
According to a statement leaked to Indian newspapers, the one alleged militant captured alive, named as Azam Amir Qasab, said the Mumbai militants had received training from an Islamist group once backed by Pakistani intelligence, Lashkar-e-Toiba.
Pakistan banned the group in 2002 at US insistence.
Indian accusations of a Pakistani link to the attacks on Mumbai that killed nearly 200 people threaten to damage attempts to improve ties between the rivals.
P Chidambaram as home minister (HM) and his finance portfolio going to Prime Minister, Mr Manmohan Singh will boost investors' confidence and stock markets will take it positively, bankers, analysts, investors said on Sunday. Amid reports that Mr Chidambaram is replacing Mr Shivraj Patil, who this morning resigned as Home Minister in the wake of Mumbai terror attacks, a cross-section of bankers and market experts said that the investors' confidence should go up and financial markets should bounce back. Some others felt that shuffling would not make much difference and the markets will essentially follow the global market, which closed the week on a high.
We know all the story about how DR Manmohan Singh was planted as Finance Minister in Nara Simha Rao Cabinet thanks to the Crisis of Balance of Payment! Since then World Bank has made Indian ECONOMY Enslaved HOSTAGE Eterenal! We all Know how the Government of India and the Brahaminical hegemony work together on Washington Dictation! All the Key Characters of GOI DR Manamohan Singh, Pranab Mukherjee, P Chidambaram and Planning Commission Chairman Montek Singh Ramoowalia had worked on different positions for the US controlled Global Financial Institutions including World Bank, IMF, UNESCO, WTO, GATT and ADA! In between, Narasimha and Manmohan Governments four had been three governments respectively led by Atal bihari Vajpayee(two times), Devegauda and Indra Kumar Gujral. Marxists are involved in COALITION since 1977 from outside. Political dealing for the Elite Brahaminical Hegemony as well as the Three Leftist Governments in Marxist States of West Bengal, Kerala and tripura had been the key IDEOLOGY as well as Strategy for Indian Marxists all these three decades! The Political and Economic agenda had been the same all these years. Since Neoliberalism introduced LPG Policies have been implemented by the Cntre and State Governments irrespective of Political colors. Meanwhile, Bengali Elite Brahmins like De facto Prime Minister Pranab Mukherjee, Somnath Chatterjee and Buddhadeb Bhattachary captured the centre Stage of regimented hegemony Politics. But the ECONOMY always remained in Dr Manmohan singh and chidambarm`s control!
What happened now? Shiv Raj Pati has proved himself WORTHLESS since the first day he was Sworn In! but the MUMBAI ATTACK involved western countries like USA, UK, FRANCE, GDR, Australia. M ore over ISRAEL was targeted in Nariman House. US, UK and Israeli Security Agencies rush to India! Those foreign Nationals killed in the Most Aweful terrorist Attack in India, include some CIA officers also. How were they allowed, this is also a Mystery unsolved as the involvement of Army Officers in service have been said to be involved with Hindu Terrorism. Some Foreign nationals including a few from United states of america and israel have been killed in Mumbai Attack! How could the Mome ministery may be left Independent out of US Control?
Indian officials have said most, perhaps all, of the 10 attackers who held Mumbai hostage with frenzied attacks using assault rifles and grenades came from Pakistan, a Muslim nation carved out of Hindu-majority India in 1947.
An official in Islamabad said the next one to two days would be crucial for relations between the nuclear-armed neighbours. Pakistan has condemned the assaults and denied any involvement by state agencies.
After a final battle between militants and security forces inside the Taj Mahal, Mumbai's best-known hotel, a crowd of protesters outside pumped their fists and shouted "Our soldiers came and Pakistan ran away".
A senior Pakistani security official said Islamabad would divert troops to its border with India and away from fighting militants on the Afghan frontier if the tension spilled over.
"If something happens on that front, the war on terror won't be our priority," the official told reporters at a briefing.
"We'll take out everything from the western border. We won't leave anything there."
Elite Black Cat commandos killed the last of the gunmen on Saturday after three days of room-to-room battling inside the Taj Mahal, one of several landmarks struck in co-ordinated attacks on Wednesday night.
India's economy witnessed sizzling growth in the past four years, averaging nearly 9 percent, but expansion is expected to slow to around 7 percent in the current financial year to March 2009.Chidambaram, who had strongly pushed a pro-growth agenda, faced huge challenges this fiscal year as inflation soared to nearly 13 percent in early August, driven up by surging prices of commodities and oil.
A few months later, the global financial crisis hit the Indian economy and forced policymakers to slash interest rates and banks' reserve requirements to protect growth.
Israel sends defense, forensics men to Mumbai!
A representative of the Israeli Defense Ministry and a person from the Shin Bet security service are coming to India to assist with investigation of Mumbai attacks!
Israeli Foreign Ministry in Jerusalem says at least seven Israelis were killed at a Jewish centre targeted by the assailants.
Police spokesman Micky Rosenfeld says a forensics team will leave Sunday for Mumbai to help identify the bodies of the Israelis. An Israeli air force plane is to fly the team to India and return with the bodies.
On the other hand, the seven-member team of the FBI, which arrived on Sunday in a special aircraft in Mumbai in the backdrop of recent terror strikes, was detained due to miscommunication between Delhi and Mumbai airport officials.
According to official sources, the US investigation agency team had come with special forensic equipment that is prohibited. However, senior officers later rushed to the spot and resolved the matter.
Five of the FBI officers have already come out of the Mumbai airport while the remaining two will be procuring their equipment back before coming out.
The Prime Minister's Office on Sunday scotched speculation about National Security Adviser M K Narayanan quitting in the wake of terror strikes in Mumbai.Earlier, reports suggested that Narayanan on Sunday submitted his resignation to Prime Minister Manmohan Singh following the terror attacks in Mumbai, and that the PM had not decided to accept the resignation.
Tensions between India and Pakistan over the Mumbai attacks and threats to move troops to the border between the nuclear rivals are unlikely to lead to a flashpoint, analysts said on Sunday.
But the United States could get ensnared in the row and it may prove to be a setback in the war on Islamic radicals on the Pakistan-Afghanistan border, they said.
"Relationships between the two countries will deteriorate," said Kuldip Nayar, a veteran commentator on India-Pakistan ties.
Pakistan President Asif Ali Zardari, whose wife Benazir Bhutto was assassinated by Islamist militants last year, vowed to crack down if given proof.
But security officials in Islamabad said Pakistan would move troops from its western border with Afghanistan, where forces are battling al Qaeda and Taliban fighters as part of the U.S.-led campaign against militancy, to the Indian border if tension escalated.
The gunmen who attacked Mumbai killing at least 195 people wanted to go down in history for an Indian 9/11, and were also inspired by the bombing of the Marriott hotel in Islamabad, media reports said.
They had planned every detail, knew the layout of the Taj Mahal and Trident Oberoi hotels they targeted, had commando-style training and even had snacks such as dry fruit stuffed in their backpacks.
The capture of one of the militants, a clean-shaven, fluent English-speaking 21-year-old from Pakistan according to reports, has highlighted the ambitious plans of the Islamist group.
"The entire idea was to replicate the JW Marriott at the Taj," Times Now television reported, quoting a defence official present at the interrogation of Azam Amir Kasav.
He was referring to one of Pakistan's worst bomb attacks, when a lorry packed with explosives all but destroyed the hotel in Islamabad and killed at least 55 people in September.
"They wanted to reduce the symbols of economic strength to rubble, the Taj and Trident, so they cannot be rebuilt," Times Now said. "They talked of a 9/11 to bring down the buildings."
Their methods were different but the impact was huge.
During the first hours of the attacks at landmarks across Mumbai police seemed powerless. Top officials, including the head of the city's anti-terrorist force, were gunned down.
Rs4,000 cr loss incurred during Mumbai attacks!On Thursday the Bombay Stock Exchange, National Stock Exchange and Commodity exchanges were shut and many of the corporate offices had reported skeletal staff!Combined daily turnover of the BSE, NSE and the commodity exchanges is about Rs 32,710 crore.The attack on the city, which is also the entertainment hub of the country, has greatly affected the television and movie industry with a loss of about Rs10 crore, estimated during the last three days of terrorist attacks.
“At the recent HT Leadership Summit, the Prime Minister had listed several initiatives under consideration of the government. These include fiscal measures like expenditure on infrastructure and monetary steps such as interest rates. All these relate to the Finance Ministry, which has come under his charge directly,” FICCI Secretary General Amit Mitra said.Mitra said that Singh is the only one in the government who has served as Finance Minister, RBI Governor and Chief Economic Adviser.Singh was also Secretary (Economic Affairs) and Deputy Chairman of the Planning Commission.
The local disaster control room in Mumbai said at least 195 people had been killed, the death toll rising as bodies were collected from the luxury Taj and nearby Trident-Oberoi hotels!
Bajaj Auto Chairman Rahul Bajaj said he was not worried over the Prime Minister getting burden on account of the extra charge of the Finance Ministry.
“We don’t have anybody in India who can be the Finance Minister, other than the Prime Minister,” he said.
Godrej Group Chairman and Managing Director Adi Godrej said that there are right kind of bureaucrats who can assist the Prime Minister, who need not feel the extra burden.
On his expectations from the Prime Minister holding extra portfolio of finance, Godrej said: “ Credit should be liberalised.”
He said that tax incentives should be given to industry like real estate, construction and automobile, which are been affected by the demand slowdown.
"War level" security in India after Mumbai attacks
India will increase security in the country and on its borders to a "war level" in the wake of the deadly attacks in Mumbai that killed nearly 200 people, a government minister said on Sunday.
"Our intelligence will be increased to a war level, we are asking the state governments to increase security to a war level," Sriprakash Jaiswal, India's minister of state for home affairs, told Reuters in an interview.
India said on Sunday it had proof of a Pakistani link to the Mumbai attacks, while officials in Islamabad said it would move troops to the Indian border if tensions between the nuclear-armed rivals spilled over.
"They can say what they want, but we have no doubt that the terrorists had come from Pakistan," Jaiswal said.
India has already boosted coastal security with the Indian Navy and the coast guard carrying out coordination patrols.
The Mumbai attackers are said to have come to the city by sea from the Pakistani port of Karachi, according to security officials.
They have said they were from the Lashkar-e-Taiba a Pakistan-based group that has been blamed for previous attacks in India.
"We have evidence of their nationalities. We will reveal everything soon," Jaiswal added.
PM moots more NSG hubs, collective approach to deal with terror
In the wake of deadly terror strikes in Mumbai, Prime Minister Manmohan Singh on Sunday said the political class of the country should give a message of collective approach in dealing with the situation.
Initiating discussion at the all-party meeting convened to discuss the situation arising out of the Mumbai attacks, Singh expressed confidence that the meeting "will be able to give our collective assurance to the nation that across the political spectrum we stand together at this hour." The Prime Minister said all parties should think beyond political gains and losses and think in the interest of the nation.
The meeting was attended by leaders of all parties. Senior BJP leader L K Advani and party president Rajnath Singh did not attend the crucial meeting, with their party saying they were away campaigning in Rajasthan and could not reach here in time.
Singh called the meeting to discuss common approach to deal with the problem of terror, which may include tightening the law.
The Prime Minister has already emphasised the immediate need to set up a Federal Investigation Agency to go after terrorist crimes like the one in Mumbai and ensure that the guilty are brought to book.
The PM said that maritime, air security would be further strengthened, and anti terror forces would be streamlined.
The PM also mooted the setting up of four NSG hubs across the country to protect metro cities.
The Prime Minister had asserted that "the strongest possible measures" would be taken in the fight against terror including the use of the National Security Act (NSA).
While the NSA would be invoked to deal with situations of this kind, the existing laws would be tightened to ensure that there were no loopholes available to terrorists to escape the clutches of the law, he had said.
The meeting has come at a time when the Opposition was targeting the Congress-led coalition at the Centre for not being serious about tackling terror.
As per the GDP data, the farm sector growth rate slipped to 2.9% during the first half from 4.5% in the corresponding period last year!
The attacks were carried out by at least 10 young men armed with rifles and grenades, some of whom arrived by sea, who fanned out across Mumbai on Wednesday night to attack sites popular with tourists and business executives. Of these nine had been killed, Indian police said.
Authorities said 18 foreigners were among the dead. At least 283 people were wounded.Three Germans, five Americans, one Australian, a Briton, one Canadian, two French, an Israeli, an Italian, a Japanese, a Singaporean and a Thai, were among the dead, according to various governments.
The operation to flush out terrorists from Taj Hotel is over, signalling an end to the 62-hour siege by terrorists three of whom were killed on Saturday morning in an assault by the elite commandos of NSG!Indian commandos killed the last Islamist terrorist holed up at Mumbai’s Taj Mahal hotel on Saturday, ending a three-day battle at landmarks across India’s financial capital that killed at least 195 people.The gunmen had set parts of the hotel ablaze as they played cat and mouse with scores of India’s best-trained commandos, known as the Black Cats.
Ratan Tata, the chairman of the Tata Group of companies which owns the hotel, arrived at the premises later in the morning. He may be shocked by what he finds when he is finally let inside. It is a DOUBLE Shock for RATAN Tata who had to RELOCATE his DREAM PROJECT Nano from West Bengal due to Singur Insurrection. Thta time he balmed MS Mamat Bannerjee singling her out! Whom does he blame, let us see!Nevrtheless,The Taj Mahal was the last battleground after three days of intense fighting in various parts of the city of 18 million.
India blamed the strike on “elements” from Pakistan! TV Channells are engaged in Live Telecast round the clock to present Evidenses of Pak Involvement creating a Rare Moment of Blind Nationalism and WAR Psyhe suicidal!Pakistan said the two countries faced a common enemy and it would send a representative of its spy agency to share intelligence.But Islamabad backtracked from an earlier promise to send the chief of the Inter-Services Intelligence (ISI), a move unlikely to calm Indian tempers and raise fresh questions about who is in charge of the shadowy agency.
The arrested man has confessed to being a member of the Pakistan-based Lashkar-e-Taiba terrorist group, which has long fought Indian forces in Kashmir and was blamed for an attack on India’s parliament in December 2001, newspapers said.But Pakistan’s Foreign Minister Shah Mehmood Qureshi struck a conciliatory note and promised full cooperation.
Chettiar Gang led by P chidambaram, Finmin,RBI and Planning Commission diverted National revenue and Public Money to feed the Corporate MNC Builder Zionist Money machine bypassing Indian Parliament and Constitution to deal with global hegemony!
Thus, no one was more suitable to US corporate Zionist Interests in India than P chidambaram while he never proved a little bit Interactive to deal with the Indian Democracy, Demography, People, Geopolitics and Internal Security !
In fact, it is not a question of Internal security, Sovereignity, Freedom, Integrity or unity at all. It is the single question to be answered involved to INTACT US Loyality. As Washingto chose a Finance Minister in Nara simha government, in the same way, Chidambaram replaces Shiv Raj Patil! Clear?
Finance Minister P Chidambaram was on Sunday appointed Home Minister after incumbent Shivraj V Patil resigned owing moral responsibility for the Mumbai terror attacks, the worst the country had seen. 63-year-old Chidambaram, who has had a stint as Minister of Internal Security under the late Rajiv Gandhi in late 1980s, was shifted to the Home Ministry after demands for the ouster of Patil, who had come under severe attack for his handling of internal security matters.
Once again, Dr Manmohan Singh run by Italian REMOTE Sonia Gandhi, holds the FINANCE Ministery. Globalisation was never threatened before the current Melt Down which led a person like War Monger George Bush to adopt socialits ways to avoid Recession imminent! DR Singh is the Rightmost choice as he led India into the MINES Field of LPG! He is the man responsible to shift the war Zone from Middle east to Indian Ocean Region with Strategic realliance in US Lead and SIGNING Indo US Nuclear Deal!
Indo US Ruling Class coupulation and Pro AMERICANISM has made India pay so dearly! The Ruling Hegemony formally invited AL Quaeda to Strike India as Government of India made it more than SURE that India Became a COLONY of United States of America. Mumbai Attack confirms the WAR ZONE sttus of Indian Ocean. The WAR and CIVIL WAR in Indian COLONY of United States of America Escalates. escalates the War against Terrorism right into our Heart. Hence, we helpless Indian People are made to pay the Price with our BLOOD and LIFE. If not Terrorism, it is the STATE Terrorism of Open market and globalisation, privatisation, liberalisation kill us EN MASSE! Thus,Prime Minister Manmohan Singh, himself an economist of repute for PRO US Loyality and Mindset, will hold the Finance portfolio at a time when the country is suffering from the ripple effects of the global recession. Singh had held the Finance portfolio for five years under the late P.V.Narasimha Rao.
A Rashtrapati Bhawan communique announced the appointment of Chidambaram as Home Minister after acceptance of Patil's resignation. It said the Prime Minister will hold the additional charge of Finance.
Indian industry, which made a strong demand for "tougher laws" and "stronger and firmer leadership" to tackle terrorism, today hailed P Chidambaram's appointment as the Home Minister, saying he can provide the right kind of leadership to tackle the menace.Chidambaram replaces Shivraj Patil, who quit as the Home Minister. Prime Minister Manmohan Singh has retained the Finance portfolio. Chidambaram was earlier Minister of state for Internal Security in Rajiv Gandhi's government.
"Chidambaram has done extremely well as Finance Minister and we are sure he will be equally successful in improving the internal security," said Assocham Secretary General D S Rawat.
President of the Federation of Indian Export Organisations (FIEO) Ganesh K Gupta, who is "personally anguished" at the killing of "innocent people" in Mumbai attack, said Chidambaram would provide the right kind of leadership required to deal with the internal security.
FICCI President Rajeev Chandrasekhar, who had actually voiced the demand for a "stronger and firmer leadership" to tackle the threat of terrorism, felt that the country did need a dynamic leadership.
India Inc has acknowledged Chidambaram's contribution in steering the economy to a high growth trajectory and coming out with right kind of policy responses to the challenges posed by the global crisis.
Indications that Chidambaram would be given the new responsibility came when he was called as a special invitee to the Congress Working Committee (CWC) last night and he met the Prime Minister this morning to discuss the situation arising out of the Mumbai terror attacks. After recommending Patil's resignation to President Pratibha Patil, who is away in Indonesia, the Prime Minister spoke to Chidambaram formally conveying the decision to give him the new assignment.
The appointment also came hours before the start of the all-party meeting convened by the Prime Minister to discuss the Mumbai attacks and evolve a consensus on how to combat terror.
“The market should bounce back. The Prime Minister (who according to reports is expected to keep the Finance) has a proven track record of being a good finance minister and with the UPA top guy Mr Chidambaram taking over the home ministry, the investors' confidence will improve,” Taurus Mutual Fund Managing Director, Mr R K Gupta said.
Terrorists will not have the last word and the financial capital of India will continue to be the “centre of commerce and prosperity,” Bush said at the South Lawn of the White House upon his return from Camp David here today.
“We pledge the full support of the United States as India investigates these attacks, brings the guilty to justice and sustains its democratic way of life,” he said.
Asserting that terrorists will not have the last word, Bush said Indians can count on the support of the US as they recover from the crisis.
“The killers struck this week in a brutal and violent manner, but terror will not have the final word. People of India are resilient and strong. They have built a vibrant, multi-ethnic democracy and can withstand this trial. Their financial capital Mumbai would continue to be the centre of commerce and prosperity,” he said.
“As the people of the world’s largest democracy recover from these attacks, they can count on the world’s oldest democracy to stand by their side,” he added.
Bush, who had spoken to Indian Prime Minister Manmohan Singh on Thursday, said the leaders of India can know that the nations around the world support them “in the face of this assault on human dignity”.
“The first half growth rate at 7.8% is a satisfactory and healthy growth rate with regard to the global slowdown”, he said while commenting on the economic data released by the government earlier in the day.
The Minister, however, admitted that manufacturing sector remains a problem area. The manufacturing sector output nearly halved to 5.3% from 10.1% during the first half of the previous fiscal.
The other problem areas include electricity, gas and water supply group which too witnessed a deceleration of growth to 3.1% in the first half of 2008-09 compared with 7.4% during the first half of the last fiscal.
He said that the government will also look into the issues of certain sectors like textiles, gems and jewellery, marine products, hotel, financing and real estate.
Asked about the farm sector, Chidambaram said: “The agriculture and allied sector is expected to do well during the second half of the fiscal.”
As per the GDP data, the farm sector growth rate slipped to 2.9% during the first half from 4.5% in the corresponding period last year.
The GDP data released by the government earlier revealed that GDP during the first half slipped to 7.8% from 9.3%, while growth rate in the second quarter worked out to be 7.6%, down from 9.3% during the same period last year.
“Let me assure you that inflation is coming down and in recessionary circumstances, industry will automatically soften prices,” Planning Commission Deputy Chairman Montek Singh Ahluwalia said.
Inflation, measured by movement in wholesale prices, after a gap of five months came to a single digit of 8.98% for the week ending 1 November.
Pointing out that prices rise significantly when demand is very strong, he said: “I don’t expect prices to be a problem in the next six months.”
Finance Minister P. Chidambaram yesterday asked automobile manufacturers, realty firms and airlines to cut prices to deal with the slowdown.
“Hotels must cut tariffs, airlines, car makers and two-wheeler makers must cut prices and real estate (realtors) must cut rates of apartments and homes they sell,” Chidambaram had said.
However, the finance minister’s request did not evoke a very positive response from companies with Rahul Bajaj, chairman Bajaj Auto, saying that the two-wheeler industry has a margin of about 4-5% only and in the near future they do not see any price cuts.
Realtors were also not far behind in saying no to price cuts. Realty leader DLF’s complained: “There are no takers for housing. Ideally, the interest rate should be around 7%.”
Although industry leaders were cautious, industry chambers backed the views of Chidambaram for price cuts.
CII President K.V. Kamath had said: “I am sure you will find a newer set of prices in most product categories,” while Assocham Secretary General D S Rawat opined Industry leaders will positively respond to the call given by the Finance Minister.
Sunday, November 30, 2008 4:05 PM (New Delhi)
Age: 63 years (born September 16, 1945).
UK 'must learn lessons of Mumbai'
Indian relations with Pakistan are fragile after accusations of links
Home Secretary Jacqui Smith has told the BBC that anti-terror strategy in the UK will be reviewed as a result of the deadly attacks in Mumbai.
Minister "quits" over Mumbai attacks
India directs anger at politicians after Mumbai attacks
Sun Nov 30, 2008 2:25pm IST Email | Print | Share| Single Page[-] Text [+]
1 of 1Full SizeBy Raju Gopalakrishnan
Agitation against Dow to intensify: Prakash
YAVATMAL: The ongoing agitation against multinational Dow Chemical company's proposed plant near Pune will be intensified if the Maharashtra government fails to drive them out, an RPI-BMS leader said.
The currency extended two weeks of losses after data from the capital market regulator, Securities and Exchange Board of India (Sebi), showed overseas investors extended record sales of local equities.
Eight of the 10 most active currencies in Asia outside Japan fell on Monday as Asian stock indices dropped on speculation that demand for the region’s assets and exports is falling amid a deepening global economic slump.
“The rupee will face some more uncertainty and volatility in the short term,” said K.V. Mallik, treasurer at state-owned UCO Bank Ltd, in Kolkata. “Outflows from the equity market and import-related payments will keep some pressure on the rupee.”
The rupee weakened 0.1% to 50.10 a dollar as of the 5pm close in Mumbai, according to data compiled by Bloomberg. It had touched an all-time low of 50.59 in intra-day trading on 20 November. The currency has lost 21.3% this year, the most since 1991.
Implied volatility on one-month dollar-rupee options rose on Monday to 26%, near the highest this month. Traders quote implied volatility, a gauge of expected swings in exchange rates, as part of pricing options.
The Bombay Stock Exchange’s benchmark index, the Sensex, lost 0.1% on Monday. The MSCI Asia-Pacific Index declined 0.6%.
Investors based abroad pulled a record $4.27 billion (nearly Rs21,400 crore today) out of India’s equity and debt markets last month as the credit crisis escalated following the collapse of Lehman Brothers Holdings Inc. in September. They sold $13.4 billion of shares this year, data provided by Sebi shows.
The rupee’s losses were curbed by speculation that the Reserve Bank of India (RBI) seeks to limit declines that may stoke inflation. RBI’s foreign exchange reserves have fallen by almost $65 billion from a record $316.2 billion reached in May, indicating it has been selling dollars.
India’s inflation eased to 8.9%, the slowest in five months, in the first week of this month, the government had said on 20 November. Currency losses increase the cost of imported goods.
Offshore forward contracts showed bets for how far the rupee will weaken in the next month, were little changed.
Non-deliverable contracts showed an implied rate of Rs50.95 to the dollar, versus Rs51.05 on 21 November.
Forwards are agreements in which assets are bought and sold at current prices for future delivery. Indian rupee forwards traded overseas?are non-deliverable, meaning they are settled in dollars rather than the local currency.
Pakistan says no troop build-up at India border
Islamabad, (ANTARA News) - Pakistan`s military said Sunday the country`s ceasefire with India was holding and there was no military build-up at the border in the wake of the Mumbai attacks.
Mumbai attack: Kashmir govt employee detained
Pakistan has blundered once again
Terror on our doorsteps
Times of India -
Terrible things, we think, always happen to other people. That's why victims of terror - the working-class blokes blown to pieces on a ramshackle city bus; the middle-class folks reduced to pulp on a suburban train; and the ragpicker killed by a bomb ...
Trained in Pak, terrorists just wanted to kill
Unpacking The Pixel
Taj Hotels mourns death of its employees
New York Times
Business Standard -
PTI / Mumbai November 30, 2008, 18:26 IST Tatas-controlled Taj Hotels today condoled the death of 10 of its employees during the terrorist attacks on the hotel and said that adequate compensation would be provided to their families.
Full restoration of Taj may take a year
Post-action, they came to see Taj but it looked different
NEWSMAKER-Ex-finance chief to lead India's war on militants
By Surojit Gupta NEW DELHI, Nov 30 (Reuters) - Former finance minister Palaniappan Chidambaram, who led efforts to fend off the global financial crisis, now faces an even stiffer test -- rescuing India's government from the wreckage of the Mumbai ...
Chidambaram, a bold reformer
UPDATE 1-India's finmin to be new home minister
Sensex Up By 117.51 Pts; Nifty Gains 61.65 Pts
The Sensex opened the week on a bearish note after JP Morgan slashed its profit outlook for the fiscal year ending March 2010 for HDFC Bank, ICICI and Axis Bank by between 10% to 30%.
Equities end with gains despite terror attack
4 out of 6 times after attacks, Sensex has opened low
A portal to help airlines monetise unsold inventory
Chennai: Meet Mr Ananth Narasimhan, CEO, Atyourprice.in, who is happy that several of his online customers get tickets which are cheaper than the market price by 40 to 50 per cent.
Airlines cut down flights to and from Mumbai
Flight ops in Mumbai hit
Press Trust of India -
BBC News -