‘Cheat’ funds looted investors for Rs 40000 Cr

‘Cheat’ funds looted investors for Rs 40000 Cr

Estimates say that small investors across the country lost over Rs. 40000 Crore of their hard earned money in various financial scams during the year 2013. 10,000 registered chit funds in the country do a business of around Rs 30,000 crore in a year and unregistered ones could be three times bigger. Saradha Chit Fund scam was unearthed in April and National Stock Exchange ltd. (NSEL) scam followed it. In both cases investors were lured into Ponzi schemes by promising huge returns. In another study, All India Bank Employees Association (AIBEA) said that combined default by 50 prominent corporate in the country totaled to Rs 40,528 crore of bank loans and total NPAs of public sector banks stood at Rs 1,64,461 crore.

Rupee touches lowest value ever, speculation hits hard

Rupee touches lowest value ever, speculation hits hard

Indian rupee was among the worst performing currencies this year, hitting a record low of 68.85 against the dollar due to the weak domestic economy and speculation over scaling back of stimulus by the US. Rupee lost 27 percent of its value between June and August. Foreign institutional investors (FIIs) pulled out of money after the US Federal Reserve said it will consider reducing its $85 billion monthly bond-buying program, introduced after the 2008 global economic crisis to pump prime the economy. The rupee hit a record low of 68.85 against a dollar Aug 28, just over three months after the US Federal Reserve's May 17 announcement of scaling down on the stimulus program. Rupee and stock markets recovered only after the RBI intervention.

Inflation continued to rise

Inflation continued to rise

Skyrocketing onion and vegetable prices and costlier staples pushed India’s wholesale inflation to a 14 month high in November to 7.52%, while retail inflation quickened 11.24% during the month as rising cost of living, flat income growth and shrinking job opportunities was making getting by get harder for millions of Indians throughout the year. Partial deregulation of diesel prices and the government's nod for doubling natural gas prices from April 2014 added to the woos of common man. The year began with a major decision of state-run oil marketing companies to hike diesel prices from time to time. The cumulative hike in diesel prices has been over 10 rupees in some parts of the country. This fueled the inflation along with other factors.

Indian Economy registered slowest growth in the decade

Indian Economy registered slowest growth in the decade

The $1.8-trillion Indian economy suffered its worst slowdown in over a decade with growth below 5 percent for four straight quarters, amid threats of a ratings downgrade, even as policymakers and analysts now feel the worst may be over and the country will steadily move towards a higher rate of expansion. First three quarters of the year registered gross domestic product (GDP) growth at the rate of 4.8 percent, 4.4 percent and 4.8 percent respectively. It had grown by 4.7 percent in October-December 2012 quarter. Thus, the average growth for first three quarters of 2013 stands at 4.6 percent, slowest since 2002. RBI got Raghuram Rajan, a distinguished economist with global experience, as its new Governor in September.


Vivid manifestations of Hindutva thought were seen in 2013: Bhaiyyaji Joshi

Abhijit Mulye
Nashik, December 30 : 

undefinedThe passing year put before us vivid manifestations and acceptability of the Hindutva thought amongst the intelligentsia of our society, SarKaryavah (General Secretary) of Rashtriya Swayamsevak Sangha (RSS) Shri. Suresh (Bhaiyaji) Joshi told NewsBharati here today.  

Vivekananda 150th birth anniversary:growing acceptance of Hindutva  

Vivekananda Saardhashati (150th birth anniversary) celebrations started on 12th January 2013 got overwhelming response from all cross sections of the society. Through various symposia, lectures, seminars and other similar kind of events, efforts were made to reach out to the thought leaders of the society. These efforts were received very well and we could see a broader, brighter manifestation of the Hindutva thought through such interactions. We realized that the thought leaders of the society have a much more acceptance to Hindutva than what was perceived earlier, Joshi elaborated.

Rise of AAP is a clear signal to all political parties

In a special interview for the ‘Recap 2013’ section of NewsBharati, Shri. Joshi elaborated on various topics that made news in 2013. When asked about the much talked of success of Aam Aadami Party in Delhi assembly elections and the discussions regarding the new political culture that followed it, Joshi said that this is a clear signal for all the political parties that they should be more careful in choosing candidates.

Dignity of women: Not by law alone: it is a social responsibility

While speaking about the crime against women in our society, Joshi said that, these crimes are an outcome of ill, degraded minds. We, as a society, need to look into the ‘Samsakara’ factor or the values that are inculcated through our societal institutions like family, educational institutions, and media. We will have to ensure that right values are inculcated into the society and this won’t be possible merely by passing some legislation. He said, “Legislation is not an alternative to value system.” Joshi also expressed concern over the demands to nullify recent Supreme Court verdict regarding article 377. He said, homosexuality does not have social sanction in India and does not have any standing in Indian culture. Hence, any attempts to get legal status for that “would not be acceptable”.

Safety and security of Hindus all over the world is responsibility of Bharat 

When asked about the attacks on Hindus in Bangladesh and Pakistan, Joshi said that, it has always been our demand that Indian government should ensure safety and security of Hindus world over. Indian government should convey its concern over such cases to the respective country.

Weak and meek foreign policy towards neighbors

While speaking about the Chinese and Pakistani aggression on the borders along India during the year, Joshi said, such incidences are not new to us, in the sense that they are obvious side effects of the weak external affairs policy which our government has adopted. If we feel that such incidences should not repeat in future, we will have to have our foreign policy corrected. “Any lapse in internal or external security is always a danger. India should take all such actions by Pakistan and China very seriously. India should not bow to any kind of pressure from any international forces or groups. And our external policy needs to have correction in this regard”, he said.Joshi appreciated Indian government’s tough stand in the Devyani Khobragade case and said, this might be an effort to weaken and demoralize India. Government should ensure that nobody dares any such attempt in future.

Government machinery should be more trained to handle natural disasters

Joshi expressed deep condolences towards the lives lost in the natural calamity that hit the state of Uttarakhand earlier this year and said, “We need to ensure that the development plans are made after a due consideration to the geological and geographical factors and are implemented flawlessly”. He praised Indian military forces for their efforts during the calamity and also commended the way in which the voluntary organizations across the nation started relief and rehabilitation operations in the region. He expressed displeasure over the response of the government machinery and said government machinery should ensure proper and complete training in disaster management.