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The Supreme Court on Monday (21 APril) agreed to hear the bail plea of Tehelka founder Tarun Tejpal, an accused in a rape case, and issued notice to the Goa Police.A bench headed by Chief Justice P Sathasivam asked the Goa Police to file its reply within four weeks. During the brief arguments, senior advocate Harish Salve, appearing for Tejpal, pleaded for interim bail and said that the apex court can impose the condition on him not to leave Goa and come to Delhi during the pendency of the trial, which would be acceptable to him.50-year-old Tejpal approached the apex court challenging the March 14 verdict of the Goa bench of the Bombay High Court which had rejected his bail plea.Tejpal has been chargesheeted for allegedly raping, sexually harassing and outraging the modesty of a junior colleague during an event held at a hotel in Goa in November last year. Tejpal was arrested on November 30, 2013.He has been accused of sexually assaulting the victim on November 7 and repeating the offence the next day. He is currently in judicial custody and lodged at Sada sub-jail in Goa's Vasco town.Tejpal, in his bail petition, stated there were 152 prosecution witnesses who have to be cross-examined by the court, due to which the trial is likely to get prolonged further.Tejpal has been chargesheeted under sections 354, 354-A (sexual harassment), 341 and 342 (wrongful restrain), 376 (rape), 376(2)(f) (being a person in a position of trust or authority towards the woman and rapes her) and 376 (2)(k) (being in a position of control or dominance over a woman and rapes her) of the IPC.The Goa Police has claimed in the chargesheet that there was sufficient evidence available in the form of documents and statements on record to show that Tejpal had been evading police after commission of the alleged crime.(PTI)
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Hitting out at critics of United Progressive Alliance's (UPA) management of economy, Indian Finance Minister P Chidambaram on Tuesday (17 February) said the government has "pulled back" the economy from a difficult situation and put it back on a high growth path.Rejecting description of his interim Budget as populist, he said over the last couple of years the government was trying to do a "rescue act" like every other government in the world was doing."To put it plainly, over the last couple of years we are trying to do a rescue act like every other government in the world is doing. I am at pains to emphasise that we are not alone."Every Finance Minister says that he is engaged in a rescue act. Therefore what I did in 2013 Budget and what I have proposed in the 2014 interim Budget must be seen as part of getting back growth when the economy in the world is fragile and I think we have succeeded in a fair measure," Chidambaram told PTI in an exclusive interview here.He said the economy has "clawed back" to 4.4 per cent in Q1, 4.8 per cent in Q2 and going by the CSO's estimate a minimum of 5.2 per cent in Q3 and Q4 taken together for the half year is likely."Very few countries have been able to do this over the last 18 months. Therefore while I am not entirely pleased with what we have been able to achieve, I must emphasise that we have achieved our goals in fair measure and going forward if the governments follow the 10-point agenda that I have laid down towards the end of my speech, we will get back to the high growth path," he said when asked how he would define his Budget.When told that his critics would say the problems in India are not only due to international situation, he said, "I did not say that either. But the problems in India and the problems in every country of the world are largely due to the international situation."He acknowledged that in the past some mistakes had been made. Asked what they were, Chidambaram referred to economist T N Srinivasan who had written a monograph which said the first stimulus package was perhaps necessary, but deeper analysis may have shown that the second and third stimulus packages were not necessary."But that is a judgement he makes in hindsight.Given the circumstances then, given the data available then, a decision was taken to have three stimulus packages in succession."There were clearly benefits out of the 3 packages. The growth rate was above 8 per cent. But the downside was that the fiscal deficit limits were breached and inflation went almost out of control. In hindsight some things are clear. But what human beings don't have is luxury of hindsight," he said.Asked what in hindsight went wrong, he said, "In hindsight I would have said despite the slowdown, despite the threat of a slowdown perhaps we should have stuck to the fiscal consolidation path with only some minor or temporary relaxation. That is in hindsight."Asked what his successor would inherit, he said, "he will inherit an improved economy, a more stable economy and an economy that is growing. He will also inherit a world that is turbulent."Reacting to reactions to his vote on account budget, he said, "a vote on account is usually expected to be a non-event. But the reactions to the Budget mean that we must have done something to catch the imagination of both our supports as well as our critics. The points we have made in the Budget have gone home."He said the points made in the Budget have not gone unnoticed. "I am pleased with the fact that the points that I have made have gone home. They have not gone unnoticed. The worst thing that can happen to either a politician or to an event is that it goes unnoticed." To a question on criticism of the money spent on subsidies, the Minister said it was a matter of political philosophy and one can debate why should there be subsidies."But a vast majority of the people of the country want food prices to be lower, want kerosene prices to be lower. And a political government is after all a government of the people and one has to respond to the demands of the people."Answering a query on the raising of the cap on supply of subsidised cooking gas (LPG) and whether it was guided by the demand raised by Congress vice president Rahul Gandhi, Chidambaram said there were demands from every section of Parliament."You saw the clamour from every section of Parliament.You saw the clamour at AICC session. How do you simply brush aside or reject the demand of the people. After all they are the ones who elect you. No government descends from heaven and says I dont care for the wishes of the people," he said.When told that Gandhi made the demand in AICC, he said, "The demand came from the floor."The government, he said, had raised the quota of subsidised cylinders from 6 to 9 in January last year without any AICC session because there were demands."Because the government is a government of representatives of the people, represent what that people want and No government can say I will not pay heed to the demands of the people," he said.Asked about criticism that the excise duty relief had come in too late for the struggling sectors, the Minister said last year the principal challenge was winning investor confidence and reassuring analysts and rating agencies that "we are going to put the economy back on more stable foundations." So, the Minister said, there was no room for any kind of tax concessions last year.However, recent data, specially of last 5 months "clearly points to a decline in manufacturing, capital goods and consumer durables. Once the data is available, we take action.I firmly believe, one must have data before one takes decisions," he said.When told that critics say that he has left a "headache" for his successor, he said in a lighter vein "who knows, I may be my own successor."But he went on to add, "These are all the usual criticisms. Every government can conveniently blame the predecessor government."The fact remains that this government has delivered growth rate above the trend growth rate of the last 33 years.The fact remains that this government has delivered policies that will endure for 10-20 years."The fact is that this government has recognised that the world is going through a turbulent period and has a done a lot to put the economy on more stable foundations through the years of turbulence."Asked if it was his farewell budget, he said interim budget of any government is a farewell budget. "Well the press wrote our obituary even in... The press, in fact, described the outgoing BJP government in 2004 as simply a government that is going back to stitch new clothes and buy new shoes and coming back to power. In 2009, the media described our government as the outgoing government. In both the occasions, the media was wrong."On containing fiscal deficit and CAD at the cost of expenditure, Chidambaram said the total spending cut is Rs 75,000 crore out of the total expenditure of Rs 15,90,434 crore which does not have the impact that many imagine would have on the economy.Also, revenue collection is lower than what is projected in the Budget estimates. "That money remains with the people and people are spending it. Whether the people spend money or whether the government spends money, the impact will be the same." Asked how he saw the reaction to his Budget that it is populist, Chidambaram shot back why should I react to the reaction in media."This is a free country. Opinion is free but facts are sacred. The fact is we have pulled back the country, pulled back the economy from a very difficult situation to where it is now more stable."Nobody talks of a downgrade anymore. Everybody has agreed that we are back on the path of fiscal consolidation.The facts show that there is an uptick in growth from Q1 to Q2, to Q3 and Q4. These are facts. As long as these facts are not buried I have no fear of criticism or any adverse opinion," he added.(PTI)
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Election commission has lifted a ban on a top aide of Hindu nationalist opposition leader Narendra Modi that had threatened to hobble his efforts to win votes in the country's most populous state.Amit Shah, Modi's campaign manager in the battleground state of Uttar Pradesh, was banned from election rallies and meetings this month after making speeches deemed to have stirred tensions with minority Muslims.The Bharatiya Janata Party (BJP), which has named Modi as its candidate to become prime minister, is forecast to emerge as the clear leader after India's five-week general election that ends on 12 May. Results are due on 16 May.A series of opinion polls this year has forecast that the BJP and its allies will win the biggest chunk of the 543 parliamentary seats up for grabs but fall short of a majority. One large poll this week predicted they would scrape a majority."The commission ... has decided to modify its order dated 11th April, 2014, to the effect that permission may be granted for holding any public meetings, public processions, public rallies, road shows, etc," India's election authorities stated in an order addressed to Shah on Thursday (17 April).Speaking earlier this month in Uttar Pradesh, Shah was recorded telling voters to reject parties with Muslim candidates. He also said Muslims in the area had raped, killed and humiliated Hindus.The commission stated that it was lifting the ban partly because Shah had lodged an appeal in which he vowed not to use "abusive or derogatory language" and that it would monitor his campaigning using video tracking.Uttar Pradesh is home to 134 million registered voters, more than the entire population of Japan. One in every six Indian voters lives in the state, which accounts for around a seventh of parliamentary seats.Hindu-Muslim relations have been a tense campaign issue in the election, with critics accusing Modi, the chief minister of the western state of Gujarat, of not doing enough during religious riots there in 2002. More than 1,000 people, mostly Muslims, died in the violence.Modi has always denied the accusations and a Supreme Court inquiry did not find enough evidence to prosecute him.In an interview with ANI television news agency this week, Modi said he did not have personal aides and referred to Shah as a hard worker and a self-made man.The election commission this month also banned Azam Khan, a senior member of the Samajwadi Party, a state party that governs Uttar Pradesh, for speeches that stirred "disharmony between different religious communities".Muslims account for about 13 per cent of India's population and are a significant vote bank in Uttar Pradesh. (Reuters)
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In a fresh war of words, P Chidambaram on Thursday (17 April) hit out at Narendra Modi, dubbing him a "compulsive liar" and an "encounter Chief Minister". Modi, who has been referring to Chidamabaram as "recounting minister" in his election rallies, also sharpened his attack on the Finance Minister, demanding a probe by Election Commission, alleging that wrist watches with photos of the Finance Minister were being distributed to voters. In Chennai, Chidambaram said, "Mr Modi is a compulsive liar. There was no re-count in Sivaganga. He knows that. Yet he lies and continues to make this false statement, one of the many false statements made by him. If he insists on calling me Recounting Minister, I can call him Encounter Chief Minister," he told reporters who sought his reaction on Modi repeatedly calling him "recounting minister". The minister was obviously referring to the spate of alleged fake encounters that occurred in Gujarat under Modi rule. Chidambaram won the 2009 Lok Sabha election from Sivaganga constituency in Tamil Nadu by a margin of about 3,500 votes and the counting process was mired in controversy. Addressing an election rally in Ramanathapuram, bordering Chidambaram's native Sivaganga district, Modi accused the senior Congress leader of running away from elections. After Chidambaram opted out of the April 24 Lok Sabha polls, his son Karti Chidambaram has been given the Sivaganga seat by Congress. "In Tamil Nadu, there is a Congress leader--recounting Minister-- he is so afraid that he ran away from elections," Modi, who is on a two-day trip to Tamil Nadu to canvass for NDA candidates, said without taking Chidambaram's name. "Some people on this dais showed me a watch. It has the recounting minister's photo and his symbol. I was told that these watches are being given to every household. EC should take it very seriously. There should be a probe against the recounting minister and Congress," Modi said. Continuing his tirade against Rahul Gandhi, whom he once again described as 'Shehzada', Modi questioned the Congress leader's notion of poverty, saying he was "born with a golden spoon". He said BJP-led NDA in Tamil Nadu had emerged as an "able, reliable front" to DMK and AIADMK, which he alleged were keen only on settling personal scores. With an eye on the large Muslim population in this coastal district, Modi said Congress Government's 15-Point Programme that promises employment to Muslim youth among others has not achieved the desired result. Congress was only trying to 'hoodwink' Muslims, he said, adding the Central government could achieve only 56 per cent of its goal between 2006-12 in this regard. Heaping praise on former President Abdul Kalam, who was born in this town, Modi described him as a "great son of India" and lauded his contribution to space science. Earier, addressing a rally in Erode, he took a dig at former Union Environment Minister Jayanthi Natarajan and without naming her, said a woman Congress leader from the state was responsible for delaying many infrastructural projects in the country including in Tamil Nadu. (PTI)
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In the Interim Budget, Finance Minister P Chidambaram has tried to lift the mood of the consuming class by reducing the prices of aspirational products. He has reduced the taxes on cars, mobiles and other such products that would make a happy consumer vote for his party. But this must be a cruel joke to the half a million or so young Indians who joined the ranks of unemployed in the last two years. Many millions are underemployed and working just to earn a living. Their talent and skill wasted since jobs that justify their education are shrinking. Mr Chidambaram and the ruling United Progressive Alliance (UPA) coalition are offering sops to a shrinking consuming class whose purchasing power has diminished. Under the watch of the UPA, middle class was terrified into spending less. The poor got a few sops through a leaking system and the rich saw sharp erosion in their ability to create wealth and value. According to government-run National Sample Survey Organisation, joblessness among the young has grown in the last few years. The figures for 2013 and 2014 threaten to be worse. This rise in unemployment affects the wealthy, the middle class and the poor equally. Job creation is arguable the single most important indicator of growth for a populous market economy. In the interim budget of 2014 and the many budget announcements in previous years, Mr Chidambaram has been unable to offer any strategy of creating employment. How does he expect the consuming class to be happy with a small discount on a few products, when they are not sure whether their salaries and incomes will rise or fall? Most are saving and not spending. Reduction of excise duty will not create a burst of spending by these classes. The deep fall in sales of the automobile sector was not a result of high duties. It was a result of consumers being unable to afford cars. Their incomes were stagnant, but car prices rose. They could have borrowed, but the interest rates were prohibitive. Consequently, cautious Indian consumers, preferred to defer their purchases. Even at a macro level, this has been a sensible development for the economy. If millions of consumers had bought automobiles and real estate at unaffordable rates, India would have seen a credit bubble burst. Mr Chidambaram was ideally placed to drive growth in the economy as he has in charge of the finance ministry for most of the time in the two terms of UPA government. In the first term, he blamed the communist allies who were part of the coalition. In the second term, UPA found an easy scapegoat in the global crisis. But the real issue for the economy was the slow pace of decision making and terrible record of implementation. India’s economic problems were created by internal issues not external. The Aam Aadmi Party (AAP) on the other hand is promising to tackle governance issues. On a day when a dismal interim budget was presented, AAP’s chief Mr Arvind Kejriwal ranked governance higher than economic reforms. He welcomed private sector but criticized crony capitalism. Most industry leaders would agree that good governance ensures better economic activity. Offering price discounts to the unemployed can’t be a growth policy. There is nothing to buy in this interim budget. Pranjal Sharma is a senior business writer. He can be contacted at pranjalx@gmail.com. You can also tweet @pranjalsharma)
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The rupee recovered in late trade on Thursday (17 April), boosted by gains in the domestic sharemarket while some dealers also cited dollar selling by large state-run banks which could be on behalf of the central bank. The unit, however, dropped on the week, posting its third straight weekly fall, as investors pared positions amid the ongoing national elections. Foreign funds sold Indian shares worth 446.9 million rupees ($7.4 million) on Wednesday, provisional exchange data showed, marking the third consecutive session of outflows. "There was good buying from oil firms during the day today. In late trade there was good selling seen from state-run banks," said Vikas Babu Chittiprolu, a senior foreign exchange dealer with the state-run Andhra Bank. "There are absolutely no triggers to watch out for so the range of 60.00 to 60.60 should continue to hold next week," he added. The partially convertible rupee closed at 60.29/30 per dollar compared with 60.37/38 on Wednesday. On the week, the rupee fell 0.2 per cent, in its third straight weekly drop. Earlier in the day, the rupee fell to a session low of 60.50 as importers, particularly oil firms rushed to buy dollars in a holiday-shortened week. Shares rose 1.6 percent, to snap a three-day losing streak as lenders such as ICICI Bank <ICBK.NS> surged on value buying, earnings expectations and hopes of gains in bond portfolios after the RBI's biggest debt auction. Most emerging Asian currencies too edged up on Thursday as the dollar eased broadly after U.S. Federal Reserve Chair Janet Yellen's dovish comments on monetary policy, while trading was subdued ahead of a holiday in some markets. In the offshore non-deliverable forwards, the one-month contract was at 60.76 while the three-month was at 61.53. (Reuters)
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The move to reduce the excise duty from 12 per cent to 10 per cent to stimulate growth in the consumer durable sector doesn’t seem to have created a lot of excitement for the companies or the consumers. Last two quarters have been difficult for the consumer durables sector which has struggled due to the overall slowdown in the economy and a reduced disposable income. While companies like Panasonic, Whirlpool and LG are welcoming the government’s positive step towards improving the market conditions; skepticism about the “interim” nature of the decision continues to hamper the move. “The benefit will only kick in when actual manufacturing activity takes place and this decision is only valid for a quarter,” says Shantanu Dasgupta, Vice President - Corporate Affairs & Strategy at Whirlpool of India Limited. According to Dasgupta, most companies already have inventory lined up for the summer season. However Dasgupta believes, “it is a welcome move as there is some acknowledgment from the government that the sector has struggled to perform in some time now.” But Dasgupta does not see the excise cut to impact consumer interest. “Consumers only buy when there is disposable income, just a reduction on excise will not change their buying decision,” he adds. On the contrary, Soon Kwon Managing Director, LG India expects the excise cut to “generate a positive consumer sentiment and encourage new buyers in the consumer durable sector.” “It is a positive step to improve the market conditions and will boost the manufacturing sector as well.” However, the company is still reviewing the impact on pricing of goods. Experts believe there will be marginal or no price benefit for the consumers. “This 2 percentage point cut in excise is a welcome change even though it is likely to have diminutive impact on prices,” says Manish Sharma – Managing Director, Panasonic India. While companies are unsure about how much of this benefit can be passed on to the consumer, they believe this will give them breathing room if there are further currency fluctuations. “This will reduce the pressure from companies to take up the prices any further,” says Dasgupta. Sharma too agrees, “The depreciation of the rupee and the rise in price of raw material has put immense pressure on companies’ margins.” “This move will help stabilize and provide growth opportunities to the industry which has been witnessing a slump for some time now.” Restructuring Of Excise Duty On Mobile HandsetsSeparately, the Finance Minister also announced the restructuring of excise duties on mobile handsets. "To encourage domestic production of mobile handsets (which has declined) and reduce the dependence on imports (which have increased), I propose to restructure the excise duties for all categories of mobile handsets," Finance Minister P Chidambaram said while presenting the Interim Budget 2014-15. While, this has given a positive signal in favour of the domestic manufacturing of mobile phones; it is not expected to impact the prices in anyway. According to Indian Cellular Association National President Pankaj Mohindroo, “the clubbing of the two slabs, as existing earlier, i.e. under Rs 2, 000 MRP and above Rs 2, 000 MRP is a good rationalization because this will prevent under invoicing.” He further added that there will be a marginal increase in price of phones under Rs 2,000 (MRP). For example a phone with MRP of Rs 1000 will see a price rise of around Rs 30. Electronic component manufacturer association ELCINA said the announcement does not look promising for domestic firms. "At first glance, I think it is not going to be a disincentive to trading. One per cent credit without CENVAT credit is too less," ELCINA Secretary General Rajoo Goel said. As part of last year's budget, the government had raised the excise duty to six per cent on handsets priced above Rs 2,000.
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Essar Oil has reduced its gasoline output due to a technical problem at a continuous catalytic reformer (CCR), a company spokesman said. "Yes, there is a technical problem with our CCR. It will take about a fortnight to fix it," he said. "Because of this, our gasoline production will be impacted."The problem at the reformer would not affect the crude runs at the plant, the spokesman said. Essar operates a 900,000 tonne-per-year CCR at its 400,000 barrels-per-day Vadinar plant in Western India. A CCR converts naphtha into superior grade gasoline.Operations at the CCR were hit earlier this week and Essar would have to shut the reformer completely in the next few days for maintenance, said two trade sources. The refiner has deferred shipment of a 55,000-60,000 tonne 95-octane gasoline cargo that has been sold to BP by "weeks", the sources said.(Reuters)
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Many are hailing the Interim Budget announced on Monday (17 February) by P Chidambaram, as the best possible in the given circumstances. But in reality it does little for the heavy industry sector, except perhaps steel due to the impetus for the auto sector. It is important to remember it is an interim budget – valid for barely two months, no impact in the real sense. As Amol Kotwal, Associate Director, Energy and Power Systems Practice, Frost & Sullivan says, “the overall impact for the energy and power sector is neutral”. Unfortunately the points mentioned by the finance minster are achievements of previous years combined, whether it be regarding the coal supply commitments for 78,000 mw of power, addition of 29,350 megawatts of power capacity or the restructuring of ailing DISCOMS. The footnote of today’s speech should be that the coming government has got its work already charted out. In a few months the new powers that be will need to figure out how to actually end fuel security concerns, enhance coal production, revive the state electricity boards and ease investment in the sector. Renewable Energy: Sunny-side-upThe sector has suffered greatly over the last 18 month with no respite in sight and today’s speech does little to help. But a few while cautioning against a pessimist view on the initial recovery phase of renewable energy sector say the announcement of four solar Ultra Mega Power Plants (UMPP)of 500MW each and excise duty cut for capital goods industry till 30th June’2014 could pep the sector. The solar-based UMPP’s have been planned with the core objective of reducing the price of solar energy, and rapidly scaling up solar based capacity in India (in-line with the growth targets of the Jawaharlal Nehru National Solar Mission – JNNSM), says Amol Kotwal, Associate Director, Energy and Power Systems Practice, Frost & Sullivan. Coupled with recent announcement of the second phase commitments of the national mission this will build confidence say industry experts. It might help accelerate solar installations and drive demand for solar cells, modules, and other equipment. Steel, Coal And Mining: Silent Omission Or A New HopeAt the interim budget announcement surprisingly the finance minister refrained from any mention on the scams and the plunge in mining operations across India. While steel production, coal production have both taken a hit due to the CAG report and ongoing investigations P. Chidambaram chose to highlight achievements of the sector over the last 10 years. What awaits the mining and metals sector remains a big question – perhaps to be answered by the new government to be elected in a couple of months. It a sad state of affairs when an allegedly coal surplus country spends million on importing coal – and the finance minister believes the increase of less than 200 million tone of capacity in ten years is something to boast about. However, those looking for hope in the gloomy economic scenario say all is not lost. According to them the excise duty cut of 2 per cent on capital goods will have a marginally positive impact in the short term. Power plant development and generation company, Power T&D Utility (Transco’s and DISCOM’s) perspective, this move reduces the procurement cost of large capital equipment (boiler, turbine, generator, wind turbine, transformer etc.). Given the typical equipment ordering process and schedule (tender-bid submission-placing order) for large capital equipment's would take anytime between 3 to 18 months’ time frame, equipment orders (domestic sourcing) placed between now and June 2014 would benefit from a minor cost reduction, explains Amol Kotwal, Associate Director, Energy and Power Systems Practice, Frost & Sullivan. And from an equipment supplier’s perspective, the excise duty reduction would drive cost competitiveness for bids. According to SAIL Chairman CS Verma “The Interim Budget is positive for us owing to its thrust on growth which is good for the steel industry. The lowering of duties on capital goods & automobiles will help strengthening the demand for steel. This continued thrust on development of infrastructure and manufacturing will help industrial growth in the long term”.
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A few months ago, some banks in India had begun naming and shaming defaulters of educational loans on social media, leading to a huge outrage. For students caught in a Catch 22 situation of not getting admission in goverment educational institutes, and having to avail huge educational loans to join private universities, Finance Minister P Chidambaram’s announcement of a moratorium for educational loans comes as a big relief. At the same time, banks that were getting resigned to student loans becoming NPAs have got some relief. In the vote on account presented on Monday (17 February), the Finance Minister said that the government would take over the liability of outstanding interest on loans availed before March 31, 2009 and still outstanding as on December 31, 2013. The borrower would have to pay interest for after 1 Jan 2014, he said. According to Chidambaram, nearly 9 lakh student borrowers will benefit to the tune of approximately Rs 2,600 crore. Chidambaram said that a sum of Rs 2,600 crore will be transferred to the Canara Bank for this purpose. For banks, borrowers defaulting on educational loans has become a big nightmare and several banks had in recent months begun declining students. This had a spiral impact on admissions. Not surprisingly, private institutions are cheering as much as students. Dr H Chaturvedi, Director, BIMTECH, said, “This decision of the Government about moratorium on interest outstanding on education loan is certainly a big relief for students who have to face difficulties due to poor job availability and low salaries as an outcome of economic recession of post-2008.” He added, “BIMTECH believes that the easy accessibility of educational loans on an interest rate of about 5 per cent will provide the much needed push to the educational aspirations of the lakhs of youngsters in the country. “ Availability of educational loans on easy rates of interest, the industry believes will give the much needed stimulus to the private higher education sector. AS KR Sekar, Partner in consulting firm, Deloitte Haskins & Sells, said, “The public expenditure on the education sector has no doubt increased in the recent years however a lot needs to be done to bridge the ever increasing demand-supply gap of quality education in the country.” He added, “This announcement hopefully should encourage our students to fulfill their academic ambitions by utilizing educational loans and in the process enabling the country in improving its GER (Gross Enrollment Ratio) in higher education.”
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