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Brushing aside the resistance of Delhi University Vice Chancellor Dinesh Singh who enacted a resignation drama, the UGC today hardened its stand and directed scrapping of the controversial four-year undergraduate programme (FYUP) and implementation of the old three-year course.An overwhelming majority of the DU colleges, including the prestigious ones, has accepted the UGC's direction, the Commission said in a press release in the night.The UGC's reiteration of the order came on a day of high drama when DU's media coordinator Malay Neerav circulated a message that the "VC has resigned", which his supporters later denied.After the VC and the DU media coordinator remained inaccessible for most part of the day, Neerav came up with a late night SMS to the media that the "VC hasn't put in his papers"."The Pro VC Shri Sudheesh Pachauri has already clarified in his press briefing that faculty members of the university met the VC and made an honest request to the VC that he must not resign," his statement said.A day after the DU colleges' principals association decided to defer admissions, the UGC today said 57 of the 64 colleges under the DU, including prestegious ones, have said that they are complying with its directive to start admissions for the three-year programme.The release also listed the colleges which have agreed to implement the three-year programme that inclue the Hindu College, Jesus and Mary, St Stephens, Miranda House, Sri Venkateswara, Lady Sri Ram College and Sri Ram College of Commerce."Today, the UGC sent another communication to the University of Delhi directing it to immediately issue a letter to the Delhi Colleges for admitting students to the three-year undergraduatge programme, the UGC said in a press release after six hours of deliberations with HRD Minsistry officials.Victory celebrations broke out among students and teachers opposed to the FYUP but the VC's supporters claimed he has not resigned. In today's statement, the UGC assured all the students that none of them will be put to any inconvenience and their "interest will be protected".B.Tech students of DU, who had staged a protest in front of the UGC office here, said they met senior UGC officials who have assured them of keeping their interest in mind while deciding on how to seamlessly migrate to the three-year programme.The deadline set by it about implementing the three-year programme expired yesterday but the DU failed to send its compliance report to the UGC.It had sent another communication yesterday evening but the DU failed to send a compliance report today.The Commission has already constituted a standing committee, headed by its its vice chairman, to advice the DU for migration from FYUP to the three-year undergraduate programme.Yesterday, the Principals' Association of the DU had decided to defer the admission process that was to start today covering over 2.70 lakh applicants vying for over 54,000 seats in 64 colleges.(Agencies)
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The crisis in Delhi University over continuing the Four-Year Undergraduate Programme deepened on Tuesday (24 June) after reports of the resignation of Vice Chancellor Dinesh Singh which remained unconfirmed.In the midst of a battle with the University Grants Commission, which had asked the university to roll-back the four-year course and revert to three-year structure, DU's media coordinator Malay Neerav sent an SMS to mediapersons in the afternoon that said "VC has resigned".When contacted, Malay said "I have been given only this much to reveal. I do not have any more details." But he remained inaccessible after reports emerged that the VC has not resigned indeed.When news of resignation spread, celebrations broke out in the university campus with students and teachers opposed to the FYUP dancing to beat of drums and distributing sweets among themselves.The HRD Ministry, whose senior officials maintained that no resignation has been received by them, went into discussion with UGC officials to work out a solution for the impasse following the Commission's ultimatum to the DU to wind up the four-year course.The deadline expired on Monday (23 June) but the DU failed to send its compliance report to the UGC on restoring the three-year course. Yesterday, the Principals' Association of the DU decided to defer the admission process that was to start today covering over 2.70 lakh applicants clamouring for over 54,000 seats in 64 colleges.Meanwhile, the supporters of the besieged Vice Chancellor met him and claimed that he has not resigned.Madhu Kishwar, journalist-activist and supporter of the VC, claimed after a meeting with him that he has authorised her to tell the media that he has not resigned.Pro VC Sudhish Pachauri, who was also against the VC quitting the post, said he has not resigned, a stand that was also echoed by the VC's lawyer.The lawyer said they would challenge the UGC's directive in the court because it does not have the power to "control" a University. Lawyer Suraj Singh said the autonomy of DU has to be preserved as UGC's directive is illegal.Earlier reports said that Singh, a professor of maths, who has been Vice Chancellor for less than four years, had quit his in an apparent move to establish the university's autonomy.The reported resignation came after the HRD ministry washed its hands off asking the DU and the UGC to resolve the issue amicably.Delhi University Teachers' Association President and member of UGC's standing committee Nandita Narain welcomed the Vice Chancellor's decision saying he had no choice at all."He had lost his moral authority to be in the seat altogether because his position became completely untenable," she said.Rejecting arguments that he stood for autonomy, Narain said it was the power of the UGC to decide whether a degree is recognised or not and no VC can challenge that.However, A N Mishra, DU's Executive Council member, who is a strong supporter of the VC and the FYUP, said Singh's resignation was unfortunate."The VC was forced to take such a decision for defending the University's autonomy. This is the beginning of the fall of the University. This is unfortunate that somebody has to resign to protect the autonomy of the university," he said.Mishra said that their fight to protect the academic freedom of the university will continue.Support for the Vice Chancellor also came from Kishwar who said the HRD Ministry was putting pressure on Singh to resign his post.Kishwar, a self-confessed admirer of Narendra Modi, said the developments in the university will be the biggest blot on the new government which has been self-inflicted.Welcoming the resignation, Delhi University Students Union President Aman Awana said the VC had made FYUP a personal issue and adopted a stubborn attitude. He should have instead accepted the demand for a three-year course.(Agencies)
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Prime Minister Narendra Modi on Friday (15 AUgust) invited the global business community to set up manufacturing facilities in India giving the slogan 'come, make in India'.In his maiden independence day address, he exhorted the youth to become entrepreneurs and manufacture 'zero-defect' goods with a view to make the country a global export hub."From ramparts of the Red Fort, I would like to call people of the world to 'come, make in India'. Come here and manufacture in India. Sell the products anywhere in the world but manufacture here...we have the power, come I am inviting you," he said.He said global businesses can invest in a wide range of areas including electrical, electronics, chemicals, pharmaceuticals, satellite and submarine.India's young population have skill and talent which will help India in making the country a export hub of the world, he said, asserting that focus on manufacturing sector would help in creating employment for people besides maintaining balance in exports and imports."I would like to tell the youth that our dream should be taking the 'Made in India' brand at every nook and corner of the world," Modi said.He also asked the young people of the country to enter manufacturing sector by setting up small units."They should do research to identify at least one product which they can manufacture and help in reducing the country's import bill. Not only this, but they should look at exporting those items as well. If every youth of this country would start manufacturing at least one product, our country will become an export hub," he added.However, he said that people should not compromise on two main things - "zero defect and zero effect"."Our manufacturing should have zero defect so that our products should not be rejected in the global market. Besides, we should also keep in mind that manufacturing should not have any negative impact on our environment," he said.(PTI)
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India plans to sell a 10 per cent stake in state-owned Coal India Ltd, Power and Coal Minister Piyush Goyal said on Thursday. This will make it one of the many divestments proposed by the new government to bolster its stressed finances.The government owns 89.65 per cent of the world's largest coal producer and the stake sale should raise more than $3.6 billion on current equity value. Goyal did not give a timeline for the stake sale.The new government's first stake sale would be a 5 per cent divestment in Steel Authority of India Ltd this fiscal year ending March 31, the finance ministry said last month.Domestic roadshows for the SAIL sale would begin in the last week of this month while two teams will visit Hong Kong, Singapore, London, New York and Boston in the first week of September for its international marketing, a senior steel ministry official said. He dclined to be named.(Reuters)
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The rupee rebounded by 17 paise to 61.04 against the dollar in early trade today at the Interbank Foreign Exchange market on increased selling of the American currency by exporters and banks.Besides, the dollar's weakness against other currencies overseas and a higher opening in the domestic equity market also supported the rupee, forex dealers said.The rupee had fell 13 paise to end at 61.21 against the American currency in yesterday's trade following fresh dollar demand from importers, amid uptick in retail inflation and slowing industrial production growth.Meanwhile, the benchmark BSE Sensex rose by 56.03 points, or 0.22 per cent, to 25,974.98 in early trade today.(PTI)
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Indian Oil Corp will cut the retail price of petrol by about 3 per cent, or Rs 2.18 per/litre in New Delhi, from Friday (14 August) as global prices of the fuel have eased since the last revision, the company said in a statement late on Wednesday.India's three state-run fuel retailers - IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd - tend to move their prices together.Following are prices as charged by IOC in Delhi. Gasoline, diesel and kerosene prices are in rupees per litre, while liquefied petroleum gas (LPG) prices are per 14.2 kg cylinder.(1 US dollar = 61.05 rupees)(Reuters)
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Mukund Mohan, Director, Microsoft Venture, talks to BW|Businessworld's Sapna Bhardwaj on the expectations of accelartors from the first budget of the Modi government. Microsoft Ventures is a strategic partner for promising startups around the world focused on business growth & development, industrial strength technology and beautiful usable products. It owns and operates seven accelerators and three offices across the world today.What is your expectation from the forthcoming Union Budget 2014 of NDA?There is a delicate balance between growth, supporting infrastructure and improving the structural finances of the country. I dont think there is any silver bullet yet, but I expect there will be more emphasis towards market growth - I would like to see a lot more public sector disinvestment. I would also think there will be full deregulation of diesel and LPG prices to reduce our debt. On the investment side, I expect an increase in transportation spending - roads, railways and airports. I think we are spending enough on education, but getting the returns, so I expect optimization, but not a significant investment. In specific areas I would like to see more done for safety and security of women.What is your expectation with regards to your sector?If we can get a tax neutral position on angel investments that would be the best win. Right now, there is a disincentive to invest in early stage startups. The other major piece of legislation is to streamline the shutting down of companies and a speedier way to get new companies started. FDI in retail e-commerce will be debated and I dont think there will be any action.What is your view on inclusive growth?When people say inclusive growth I am hoping they dont mean subsidies for one segment of the population. If there are targeted incentives towards certain industries and as much market reform as possible we will likely see more growth that is inclusive. Free market and a supply side bias will help more inclusive growth than just providing sops or schemes that benefit little work for little pay that dont build new growth avenues.How is infrastructure development possible without compromising environment?I think we tend to use "tried and tested" mechanisms for growing infrastructure instead of thinking harder of ways to use our creative energy to make better choices. There are a lot of really smart people in India, who can come up with a more effective and innovative way to build our metros, roads, plants and buildings which have a lesser footprint on our environment. The challenge for them has always been they are not given either the time or the hearing. Instead we should encourage people responsible to build the national assets to reach out, actively engage and work with these creative folks.
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Oil and Natural Gas Corp (ONGC) posted a 19 per cent jump in first-quarter profit, but fell short of expectations, hurt by higher exploration related write-offs and an increased subsidy payment.The company's margins have been squeezed by a heavy burden of government-imposed discounts on its crude sales to state-run refiners as part of Indian regulations to keep fuel prices in check for consumers.India regulates prices of liquefied petroleum gas, kerosene and diesel, with producers such as ONGC sharing the cost of subsidising state refiners. ONGC's cost of helping subsidise fuel rose 4.6 percent to 132 billion rupees in the quarter ended June 30.However, monthly increases in the price of diesel, the most widely consumed fuel in the country, helped improve the company's net realisation - earnings per barrel of crude - to $47.15 per barrel from $40.17 a year earlier.India's largest oil and gas exploration company posted a net profit of Rs 4782 crore ($781.2 million) for the first quarter, up from Rs 4016 crore last year.Sales rose 13.5 per cent to Rs 21,813 crore.Analysts on average expected ONGC to earn Rs 5,849 crore, according to Thomson Reuters data.Exploration-related write-offs during the quarter, on account of dry wells, more-than-doubled to Rs 3,828 crore, ONGC said in a release to the exchange.The company, which produces most of its output from aging fields in western India, has been acquiring assets overseas and trying to boost domestic capital spending in recent years to maintain output. It is aiming to produce gas from its east coast blocks by 2016/17.The company is also set to benefit from an impending rise in the price of domestically produced natural gas, which is expected to significantly add to revenue and boost investments in exploration and production activities.Shares of ONGC, the country's second-biggest company by market value, closed down 1 per cent at Rs 402 on Wednesday.(AGencies)
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Two Indian-origin academicians have won prestigious global prizes in the field of mathematics with one of them being awarded the Fields Medal -- known as the "Nobel Prize of mathematics".Manjul Bhargava won the Fields Medal while Subhash Khot won the Rolf Nevanlinna Prize, awarded by the International Mathematical Union (IMU), at the International Congress of Mathematicians 2014 held in Seoul.Bhargava, a professor of mathematics at Princeton University, was among the four winners who have been awarded the Fields Medal, given out every four years.Iranian-born mathematician and Stanford University professor Maryam Mirzakhani became the first woman to win the Fields Medal this year.Bhargava was awarded the Fields Medal for "developing powerful new methods in the geometry of numbers, which he applied to count rings of small rank and to?bound the average rank of elliptic curves."According to the award citation, Bhargava's work is "based both on a deep understanding of the representations of arithmetic groups and a unique blend of?algebraic and analytic expertise."Khot was awarded the Nevanlinna Prize for his "prescient definition of the 'Unique Games' problem, and leading the effort to understand its complexity and its?pivotal role in the study of efficient approximation of optimisation problems."His work has led to breakthroughs in algorithmic design and approximation hardness and?to new exciting interactions between computational complexity, analysis and geometry.Khot is a professor in the Computer Science Department at New York University's Courant Institute of Mathematical Sciences. He has a PhD from Princeton.Born in 1974 in Canada, Bhargava grew up in the US and also spent much time in India. He received his PhD in 2001 from Princeton University and became a professor there in 2003.Bhargava's honours include the Merten Hasse Prize of the Mathematical Association of America (2003), the SASTRA Ramanujan Prize (2005), the Cole Prize in Number Theory of the American Mathematical Society (2008) and the Infosys Prize (2012).He was elected to the US National Academy of Sciences in 2013.The Fields Medals were started in 1936 and the Nevanlinna Prize in 1982.The Fields Medal is awarded on the occasion of the International Congress of Mathematicians to recognise outstanding mathematical achievement for existing work and for the promise of future achievement.The candidates in fray for the medal must be below the age of 40.The Rolf Nevanlinna Prize is awarded once every four years at the International Congress of Mathematicians, for outstanding contributions in Mathematical Aspects of Information Sciences including all mathematical aspects of computer science, including complexity theory, logic of programming languages, analysis of algorithms, cryptography, computer vision, pattern recognition, information processing and modelling of intelligence as well as scientific computing and numerical analysis.(PTI)
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Federal Reserve Chair Janet Yellen said policymakers have the necessary tools to raise interest rates at the appropriate time and the central bank will continue to hold a large balance sheet “for some time”. Discussions on exiting from record monetary accommodation now under way “are in no way intended to signal any imminent change” in policy, Yellen said at a press conference in Washington following the central bank’s policy meeting. The Federal Reserve “will continue to have a very large balance sheet for some time”, she said. The Fed is testing new tools that would allow it to keep a large balance sheet even after it raises short-term interest rates, a step policymakers anticipate taking next year. Meanwhile, the Federal Open Market Committee has cut another $10 billion from its easy money easing programme, bringing the Fed’s monthly bond purchases to $35 billion.Fruity FightThe US Supreme Court has ruled that drink producer POM Wonderful can sue Coca-Cola over allegations that it misled consumers over its marketing of Minute Maid pomegranate blueberry juice. POM had filed a lawsuit against Coca-Cola saying it had misled customers by selling a pomegranate blueberry juice even though it had 0.5 per cent of the two juices. POM, which makes a drink that is 100 per cent pomegranate, said the label would hurt sales of its own product. Although, the case pitted two businesses against each other, POM hailed the ruling as a victory for consumers.True TakeoverUS medical device maker Medtronic has agreed to buy Covidien for $42.9 billion in cash and stock, and move its executive base to Ireland, which will help lower its corporate tax burden. While the deal will allow Medtronic to reduce its overall global tax burden, the Minneapolis-based company said it was driven by a complementary strategy with Covidien on medical technology rather than tax considerations. “The real purpose of this, in the end, is strategic, both in the intermediate term and the long term,” said Medtronic chief executive Omar Ishrak.Filling UpOil major BP will sign a deal worth around $20 billion to supply China National Offshore Oil Corporation (CNOOC) with liquefied natural gas, BP chief executive Bob Dudley said. The agreement between the two companies will be signed in London, as British Prime Minister David Cameron is due to announce a series of trade deals to coincide with the arrival of the Chinese Premier Li Keqiang. BP already supplies CNOOC with LNG from Indonesia.Weaving A WebAlibaba’s purchase of the rest of UCWeb will help China’s largest e-commerce firm boost its mobile-search business, as it prepares for an initial public offering. UCWeb is valued at more than double the $1.9 billion paid by Baidu, last year, for 91 Wireless Websoft, according to Yu Yongfu, president of Alibaba UCWeb Mobile Business Group. Meanwhile, the e-commerce firm has unveiled its first direct-to-consumer online shop in the US, looking to take on Amazon.com and eBay on their home turf. The website, 11main.com, which is currently in beta, will feature a wide range of products, including “one-of-a-kind items, not available at mass merchants and other large e-commerce sites,” Alibaba said.Tough TalkUkraine has rejected a Russian proposal that will reduce the price it pays Moscow for natural gas by more than 20 per cent, and ruled out paying its gas debts, until a pricing deal is reached. Remarks by the prime minister and energy minister have made clear that Kiev is not changing its stance at talks with Moscow, despite the threat of Russia cutting supplies to Ukraine, if no deal is reached — a scenario that could disrupt deliveries to Europe. The dispute is at the heart of a crisis between Moscow and Kiev, and failing to resolve it will set back peace moves after weeks of violence in eastern Ukraine, where separatists are demanding unification with Russia.Bidding WarSiemens and Mitsubishi Heavy Industries are trying to beat a bid by US conglomerate General Electric for Alstom with an offer that would focus on alliances with the French engineering group, sources said. The German and Japanese groups said they were discussing a joint offer for Alstom’s energy assets that would compete with GE’s $17 billion proposal, and would be worth around $9.8 billion. The plan would not be a direct buyout of Alstom’s power assets, but would rather set up one or several joint holdings in power. Siemens was still ready to give Alstom its train business as part of the deal, although the French group has so far not shown much interest in such an asset swap, according to sources.Under ScannerEuropean officials are investigating whether Apple and Starbucks are dodging taxes under arrangements with the Irish and Dutch governments. A unit of automaker Fiat, and its tax affairs in Luxembourg, are also covered by the in-depth probe announced by the European Commission (EC). Based on a preliminary analysis, the EC is concerned that transfer pricing arrangements in each case could underestimate taxable profits, potentially giving an unfair and illegal advantage to the companies.Offloading SharesRoyal Dutch Shell said it will sell the majority of its stake in Australia’s largest independent oil and natural gas producer Woodside Petroleum in a deal worth about $5 billion after taxes. Shell is selling an 18.6 per cent stake in Woodside, shrinking its holding to 4.5 per cent from 23.1 per cent. The Anglo-Dutch company aims to sell about $15 billion in assets globally by the end of next year, and has already raised $2.6 billion from the sale of an Australian refinery and network of filling stations. So far, the company has sold around $12 billion of assets in Australia, Europe, Nigeria and North America.Losing GameIntel lost its fight against a record $1.4 billion antitrust fine in a ruling that may embolden European Union regulators in other monopoly investigations. The EU’s Court rejected Intel’s attempt to overturn the penalty for giving rebates to computer makers that favoured its chips and shunned the products of its main competitor, Advanced Micro Devices. “None of the arguments raised by Intel supports the conclusion that the fine imposed is disproportionate,” the court said. The size of the EU penalty “is at the lower end of the scale” for possible fines, it said. Intel’s defeat is a timely boost to the Brussels-based European Commission, which is embroiled in investigations over abuses of market power across the continent.(This story was published in BW | Businessworld Issue Dated 14-07-2014)
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