Railway Minister Mallikarjun Kharge presented the interim railways budget in Lok Sabha on Wednesday (12 February).Highlights of the budget Annual Rail Plan envisaged at Rs 64,305 crore with a budgetary support of Rs 30,223 crorePassenger fares left untouched.Operating ratio likely to be 90.8 per cent; Railways will end current year with surplusIndependent Rail Tariff Authority set up to advise on fixing of fares and freight, to engage all stakeholders.17 new premium trains, 38 express trains and ten passenger trains to be launchedFDI being enabled to foster creation of world-class rail infrastructure; several PPP projects in pipeline.Rail infrastructure by cost sharing with govts of Karnataka, Jharkhand, Andhra Pradesh and Haryana.Passenger rail service to Katra and Vaishnodevi to start shortly: Rail Land Development Authority has raised Rs 937 crore so farMeghalaya set to come on rail map as part of extension of network in the Northeastern states.More high-speed trains to be launchedPremium AC Spl train in Delhi-Mumbai sector with shorter advance reservation period and dynamically varying premium over tatkal fare. Railways meet from own resources total additional impact of Rs one lakh crore because of 6th Pay Commission(Agencies)
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The Bharatiya Janata Party (BJP) would, if elected, roll out a programme to boost farm efficiency that its prime ministerial candidate, Narendra Modi, has championed in his home state of Gujarat. India's main opposition party, which opinion polls show winning the most seats in a general election, is pushing a range of market reforms to differentiate it from the Congress-led government's focus on subsidies. "A market-centric policy would make the promotion of self-reliance a top priority," said one senior source in the BJP, which hopes to win the five-week election starting on April 7 after a decade in opposition. A national rollout of a policy based on Gujarat's Soil Health Card scheme could be a centrepiece of policies aimed at improving farming practices and boosting productivity in a sector that accounts for 14 per cent of economic output. While no decisions have been taken, a BJP-led government may also review the possibility of allowing genetically modified crops into the food chain. Under Modi, Gujarat has promoted the cultivation of Bt cotton, a genetically modified strain developed by Monsanto that produces its own insecticide. India has achieved self-sufficiency in grain production, with the introduction of high-yielding Mexican wheat varieties helping to bring about the Green Revolution of the late 1960s. But low productivity continues to be a major barrier to growth for farming in India, a leading producer of rice, wheat, sugar, soybeans and cotton. The source also said the party would not aggressively seek foreign investment, but rather promote so-called public-private partnerships in areas such as irrigation and the construction of storage facilities. India's monsoon-dependent economy lacks irrigation on more than half of its arable land, while warehousing shortages have resulted in huge wastage of wheat surpluses produced in recent bumper harvests. Gujarat ModelThe BJP has trumpeted Modi's record as chief minister in Gujarat, where farm output has grown on average at an annual rate of 6 per cent over the past three years - about a percentage point higher than the national average. "The new regime may replicate the successful Soil Health Card scheme of the Gujarat government on the national canvas," said Vinay Sahasrabuddhe, the head of the BJP's Good Governance Cell, a policy unit. As the chief minister of Gujarat, Modi led a drive to issue soil health cards in order to ensure that farmers use proper methods. The cards are issued after the soil is tested for properties such as productivity, mineral mix, water capacity and salinity. They also contain information on what types of pesticides, fertilisers and seeds, and how much water should be used to improve productivity, said Sudhir Panwar, president of Kishan Jagriti Manch, a farmers' lobby group. Panwar said these cards better guide a tiller to adopt new practices on the basis of soil conditions. "The soil card will promote opportunities for integrated input manufacturers to sell fertilisers, pesticides and insecticides to growers," said Y.K. Alagh, former chairman of the Institute of Rural Management. (Reuters)
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India has cut potash subsidy by nearly a fifth to Rs 9,400 per tonne for the year starting April in an effort to contain a ballooning fiscal deficit. A smaller subsidy would keep retail potash prices high despite a drop in overseas prices, dashing hopes for a recovery in demand in one of the world's top importers of the fertiliser. Global miners have been banking on Indian imports to help counter a slump in prices. Potash subsidy was cut by Rs 3.33 per kg for 2014-15 financial year on Thursday (27 March) resulting in saving of Rs 900 crore to the exchequer, but said the move would not lead to increase in retail prices. The Cabinet Committee on Economic Affairs (CCEA) approved subsidy of P&K (Phosphatic and Potassic) fertilisers for next fiscal wherein it has recommended constant subsidy rates for all the complex fertilisers, barring potash. "Cabinet has decided to reduce subsidy on potash taking into consideration the fall in international prices. Consequently, this will not put additional burden on farmers. Subsidy on potash will come down to Rs 15.50 per kg from Rs 18.83 per kg earlier," Fertiliser Secretary Shaktikanta Das told PTI. The Fertiliser Ministry had taken approval of the Election Commission to move this proposal before the Cabinet. The secretary said the total subsidy on fertilisers is likely to come down by Rs 900 crore per annum after cut in subsidy of potash. Potash is normally sold in Indian markets at around Rs 16,000 per tonne, while phosphate is available at about Rs 22,500 per tonne. MoP (Muriate of Potash) is widely used by farmers apart from urea and Di-Ammonium Phosphate (DAP). MoP is largely imported to meet domestic demand. According to industry experts, global prices of potash has fallen by about USD 60-100 per tonne to around USD 320 per tonne. Except potash, the CCEA kept the subsidy on other major complex fertiliser phosphate at last year's level as the global prices were stable. Commenting on the development, P S Gahlaut, Managing Director of Indian Potash Ltd (IPL), which imports fertiliser on behalf of the government, said: "The Decision to decrease subsidy on potash is appropriate as potash prices in the international market has come down." During the past one year, the total demand of both potash and phosphate was more than 10 million tonnes. In April 2010, the government decontrolled the P&K (non-urea) fertilisers by giving freedom to the manufacturers to fix MRP (maximum retail price). The Centre offers a fixed nutrient based subsidy (NBS) on P&K nutrients to keep domestic rates lower. However, in case of urea, the MRP is fixed at Rs 5,360 per tonne and subsidy keeps changing depending upon the production cost of domestic urea and landed cost of imported urea. India relies on overseas supplies to meet its entire potash demand. It has accounted for about a tenth of global shipments over the past five years, but its share has been slipping as local prices rise due to subsidy cuts and a weaker rupee. Reuters exclusively reported last month that India will cut the potash subsidy by nearly a fifth. Retail potash prices in India have doubled since 2011 to Rs 17,000 a tonne as India cut subsidies in the last two years - including a 21.5 percent reduction in 2013-14 - and due to a weak currency. "Since the government can't reduce subsidy for urea, it chose potash. Now fertiliser companies are not in position to pass on the drop in global prices to farmers," said an official with a private fertiliser company based in Mumbai. Nitrogenous fertiliser urea is the most used and politically sensitive fertiliser in the country. Global potash prices have fallen more than 20 percent to around $310 per tonne since Russia's Uralkali <URKA.MM>, broke away from trading venture Belarusian Potash Company (BPC) in July. Higher Indian purchases would allow potash prices to rebound, but now that seems unlikely, the fertiliser company official said. India's potash imports would remain largely steady around 3.5 million tonnes in 2014-15 due to the subsidy cut, P.S. Gahlaut, managing director of Indian Potash Limited, the country's biggest importer, said this month. Potash imports deals for 2014-15 year starting from April can be signed in a week as the government has fixed the subsidy for the next year, Gahlaut said on Friday. A team of Uralkali's sales officials is in India to finalise deals for over 1 million tonnes, a senior fertiliser industry official said. Apart from Uralkali, India buys potash from Potash Corp of Saskatchewan Inc, Mosaic Co , Agrium Inc, Arab Potash Co, Israel Chemicals and Germany's K+S AG. India has been trying secure potash at the same price China bought from global suppliers earlier this year, Gahlaut said. Uralkali, the world's top potash producer, has agreed to sell 700,000 tonnes of potash to China at a price of $305 per tonne on a cost and freight (CFR) basis in the first half of 2014. (Agencies)
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Gold prices plunged and closed below the psychologically-significant Rs 29,000 per 10 grams mark at the local bullion market today on consistent selling by stockists and speculators despite firm global sentiment. On the other hand, silver regained some lost ground on emergence of buying from jewellery and coin makers coupled with renewed industrial off-take. Standard gold (99.5 purity) dropped by Rs 230 to conclude at Rs 28,790 per 10 grams from last Saturday's closing level of Rs 29,020. Pure gold (99.9 purity) also slumped by Rs 240 to end at Rs 28,930 per 10 grams from Rs 29,170. Silver (.999 fineness), however rose by Rs 100 to finish at Rs 41,920 per kg over its last weekend level of Rs 41,820. Meanwhile, globally the shiny metal reclaimed the key $1,300 an ounce level on weak dollar as well as sliding equity markets. Spot gold was bid higher at $1,301 an ounce in early European trade.(Reuters)
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Gold extended losses to a third straight session on Monday (19 May) as US data pointed to strong economic growth, while platinum group metals continued to add to gains on supply worries from South African labour strikes.FundamentalsSpot gold slipped 0.08 per cent to $1,292.01 an ounce by 0030 GMT, while platinum gained about half a per cent. Palladium rose 0.2 per cent.US housing starts jumped in April and building permits hit their highest in nearly six years, offering hope the troubled housing market could be stabilizing, though another report showed that consumer sentiment fell in May.Hedge funds and money managers cut their bullish bets in gold futures and options, but raised their net longs in silver, according to data from the Commodity Futures Trading Commission on Friday (16 May).SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.26 tonnes to 781.99 tonnes on Friday.Gold jewellery exports from India rose for a third consecutive month in April as raw material supplies improved after the central bank allowed more firms to import bullion.Russian precious metals and gems repository Gokhran has plans to start buying palladium from Russian producers to increase its stocks, its head Andrey Yurin told Interfax news agency on Friday, marking a shift in strategy.Platinum and palladium's gains follow their biggest weekly gains in six weeks.Impala Platinum described as "devastating" the impact on its employees of a 16-week strike at its main South African operation in Rustenburg and said it had lost more than $500 million in revenue.(Reuters)
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Less than nine months after opening the first hotel in Mumbai under its brand, Hong Kong luxury chain operator Shangri-La Asia handed the keys back to the owner.Now, US-based Starwood Hotels & Resorts Worldwide Inc is in talks with the same owner to take over management of the property under its St. Regis brand, people familiar with the matter said, part of a shake-out at the luxury segment of India's ailing hotel industry.Slowing economic growth and an oversupply of new hotels conceived during the boom years of 2006 and 2007 have led to falling room and occupancy rates in India, straining relationships between hotel owners and the global chains brought in to run them.But while some global operators are leaving, others like InterContinental Hotels Group, Hyatt Hotels Corp and Starwood are jumping in, using the now unbranded hotels to accelerate their expansion in a country they believe has long-term potential."More than half the future deals we are looking at are conversions in the four- and five-star category," said Dilip Puri, India head and regional vice president for South Asia at Starwood, which currently runs 38 hotels in India and plans to have 100 in operation or under construction by 2015.Puri declined to comment on Starwood's interest in the erstwhile Shangri-La. The hotel, now called the Palladium, is owned by mall developer Phoenix Mills Ltd and both the company and Shangri-La declined to comment on why the partnership ended.Shangri-La, however, appears to be betting big on mainland China: about half of the 27 hotels it plans to open, or are under construction, over the next two years will be in China, according to the company's website.Sleepless NightsSix years ago, a night at a luxury hotel in the Delhi region cost on average Rs 10,429 - about $259 at the time and on par with several five-star hotels in Singapore. Occupancy rates were an enviable 74 per cent, according to hospitality consultants HVS, as business travellers flocked to India, an economy that was then growing at nearly 10 per cent.Since then, economic growth has halved, reducing the flow of corporate guests who make up about 70 per cent of the business for five-star hotels in cities like Delhi and Mumbai.Average room rates in the capital region have also almost halved to around 6,850 rupees, while occupancy rates were 55 per cent, according to HVS. The declining economy, and revenues, have sparked a blame-game between hotel owners and operators, prompting the "reflagging" of several properties.Operators say the owners are demanding unrealistic returns after over-leveraging themselves, while owners say operators over-promised on performance."The relationship is breaking because somebody made a promise and the reality is far from the promise - both due to economic reasons and sometimes due to performance lapses," said Ashish Jakhanwala, chief executive of Samhi, an Indian firm that owns hotels.In It For The Long HaulGlobal players with long-term ambitions are encouraged by the prospects for India's hospitality sector, where revenues are expected to more than double to $36 billion by 2018 from $17 billion in 2008, according to research firm Technopak Advisors.Starwood is emerging as one of the more aggressive players in India. About 86 per cent of the company's pipeline of new rooms is outside the United States, mostly in Asia Pacific.India is currently Starwood's fourth-largest market by hotel numbers and by the end of next year, it will move up to third place, overtaking Canada. By building its brand domestically, Starwood also hopes to court the loyalty of Indians travelling abroad."This, we believe, is a huge opportunity for us... our growth and distribution in India therefore has a much larger strategic significance," said Starwood's Puri.Other operators are also expanding.Hilton, controlled by private equity giant Blackstone Group, exited a handful of properties in India last year while opening three new hotels. This month, it also announced plans to open its first Conrad hotel next year.Rival Hyatt, which runs 17 hotels in India and has 40 under development, is in advanced talks to manage a 228-room Delhi property that until the end of 2013 was a Hilton, according to people familiar with the matter.Dhruva Rathore, Hyatt's South Asia vice president of development, declined to comment on his company's interest in the former Hyatt, but said India was a key market."We actively seek conversion opportunities that fit within our brand portfolio and enhance our presence in key markets," he added.London-based InterContinental, which runs 18 hotels in India and aims to have 57 over the next four to five years, is also seeking to take over two hotels that were run by Hilton in New Delhi. Douglas Martell, InterContinental's vice president for operations in southwest Asia, said he was approached by the hotels' owner, Eros Group. Hilton declined to comment about the properties and Eros did not respond to requests for comment."They felt that the properties were not being maximised, their performance was not being maximised and would we be happy to take a look at them," said Martell, adding that reflagging will be a growth driver for the company in India."At the end of the day some people are going to feel that they just do not have the right brand on their hotel."(Reuters)
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The Reserve Bank of India was spotted buying dollars via state-run banks starting around 58.47, which was the rupee's strongest level in 11 months, three traders said.The rupee was trading at 58.52/53 per dollar by 9.29 a.m., off its session high of 58.47, its highest since June 18. The currency closed at 58.79/80 on Friday (16 May).The rupee had gained at open on expectations of continued robust foreign buying in domestic shares and debt after the Bharatiya Janata Party swept the country's elections.A trader with a brokerage expects the rupee to be in a 58.50 to 58.70 range during the session.(Reuters)
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After the landslide victory in Lok Sabha polls, Narendra Modi arrived in the national capital on Saturday (16 May) to a rousing welcome by thousands of enthusiastic BJP workers and supporters to whom he gave credit for the historic achievement. About a year ago Narendra Modi had sat down with some of India's best and brightest to mount what one election strategist called a "shock and awe" campaign. From an unmarked office in Gandhinagar, the young men and women, some on sabbaticals from firms like JP Morgan and Deutsche Bank, worked on turning a fragmented parliamentary election involving 543 seats into a presidential-style referendum on candidate Modi.In doing so, Modi cut loose from the traditional Delhi-based structure of his Bharatiya Janata Party (BJP) and its apparatchiks and adopted the language of a youthful country eager for change, using everything from holograms to WhatsApp. The modern approach worked: just an hour into the counting of votes on Friday, it was clear that the 63-year-old Modi was heading for a stunning victory with the strongest mandate any Indian government has enjoyed for 30 years. Read Also: Modi Storms To Historic WinRead Also: The Challenge For ModiOn Saturday, the Prime Minister-elect waved victory sign to the cheering crowds of supporters wearing saffron caps and showing BJP flags as he undertook a roadshow from Indira Gandhi International Airport to the party headquarters at Ashoka Road, a distance of about 16 kms. He was received at the airport by a number of senior BJP leaders, including party chief Rajnath Singh.Escorted by elite commandos, Modi was greeted by supporters at various places along the route from the airport to the party headquarters at Ashoka Road. BJP workers on motorcycles waving party flags were part of the roadshow.India's Credit RatingThe fiscal and economic reforms taken by India's new government in the next two to three months will have "significant implications" on India's sovereign credit rating, Standard & Poor's Ratings Services said on Friday.S&P added the next government would need to regain "fiscal prudence in a sustainable way," such as by implementing a goods and services tax to help stabilise government revenues."What the next government says and does in the coming months is crucial to boosting confidence in the policy settings and the economy," S&P credit analyst Takahira Ogawa was quoted as saying in the statement."If confidence rises, investment and consumption in India could strengthen, after being held back by the uncertainty surrounding the election." S&P is the only of the three major credit agencies to have India with a "negative outlook" for its "BBB-minus" rating, meaning any downgrade would send the country to below investment grade.Mody Thanks SupportersOn reaching the BJP headquarters, he briefly addressed the supporters, saying he was thankful to them for rekindling "new hope" through their hard work."As a person, Modi requests all of you, don't give credit for this victory to Modi. It is a result of hard work of lakhs of workers. This victory belongs to those four-five generations who have toiled hard since 1952," he said."The first right of credit for this victory goes to 125 crore Indians and second to those martyred since 1952. In the last 25 years, thousands of our workers were killed in states like Kerala and those who gave up their lives in Tamil Nadu," Modi said. A sea of supporters wearing saffron scarfs and Modi face masks gathered at the IGI airport to greet their leader and became ecstatic as the Prime Minister-elect stepped out of Terminal 3.It also brought the movement of other air passengers at a virtual halt as supporters thronged Modi's car while the sleuths huddled around it. As the leader left for the BJP headquarters at Ashoka road, he was felicitated at several points where the supporters had gathered in large numbers.Local BJP leaders including seven BJP MPs from Delhi were also present at the airport to receive Modi.For 18-year-old Dilip Kumar, a janitor by profession working at the airport, it was dream come true to see Modi at such a close distance."I voted for him in the election and I was very happy to have seen him from such a close distance," he said."We were are here to celebrate the victory of the BJP and Narendra Modi who registered a spectacular win," said artist R Narayan Swamy, who had gathered at the BJP office with his music band.Modi's Mammoth TaskModi, a Hindu nationalist, has long faced allegations that he looked the other way when Hindu mobs went on a rampage of revenge against Muslims in Gujarat after a train carrying Hindu pilgrims was torched in 2002.He has denied the allegations and a Supreme Court ordered inquiry absolved him of responsibility.Modi has refused calls for remorse for the lives lost, most of them from the sizeable Muslim minority of more than 150 million people. Instead he has donned the mantle of an economic moderniser, building on Gujarat's mercantile traditions."Development is the only agenda that can save the country," Modi said in a victory speech in Gujarat during which he also called for an end to divisive politics."Development is the solution to all problems, development is the cure for all diseases," he told thousands gathered there.India's GuangdongIn recent years, the state Modi has governed since 2001 has been compared with Guangdong province, the spearhead of China’s economic revival.Since Modi took control, Gujarat has led the nation in GDP growth. It accounts for 16 percent of industrial output and 22 percent of exports, despite having 5 percent of its population.Under his stewardship, farmers and industry have been assured uninterrupted power, albeit at high rates, and bureaucratic controls slashed.A central government-ordered study last month said it had the best land acquisition policies in place, among all of India's 29 states in terms of ease of doing business.Land, by far, has been the single biggest hurdle around the country, holding up 90 percent of infrastructure projects.Gujarat's highways are India's fastest, a far cry from the potholed roads in the northern belt, and its ports are among the busiest.But repeating that success nationally presents significant challenges in a country with a complex federal structure, a bureaucracy more wedded to socialist controls than reform and a growing gap between rich and poor among its 1.2 billion people.India must create 10 million jobs a year, four times the pace of the last 5 years, to absorb youth into the workforce.And unlike China, India is not centralised. Modi will have a fight on his hands to gain full cooperation from many state governments, which he needs to implement his agenda nationwide.Some have said the pace of development in Gujarat has caused environmental damage and threatened small communities, and that crony capitalism flourished under Modi's unquestioned rule.Critics also say it lags behind other states in social indicators such as mortality rates.But the criticisms have failed to stick."Modi has led from the front. None of this would have been possible, but for him," said Rajnath Singh, the president of the BJP and a close associate.(Agencies)
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US President Barack Obama congratulated new Indian leader Narendra Modi on his election victory on Friday (16 May) and invited him to the White House, even though he was barred from the country less than 10 years ago over massacres of Muslims.Modi's Bharatiya Janata Party and its allies swept India's elections, putting him in position to be prime minister, and ousted the ruling Nehru-Gandhi dynasty in a seismic political shift that gives the Hindu nationalist and his party a mandate for sweeping economic reform.Obama told Modi by telephone that he looked forward to working closely with him to "fulfill the extraordinary promise of the U.S.-India strategic partnership," the White House said."The president invited Narendra Modi to visit Washington at a mutually agreeable time to further strengthen our bilateral relationship."A US visit could come as soon as the UN General Assembly in New York in September, when Modi could also visit Washington.The administration of President George W. Bush denied Modi a visa in 2005 under a 1998 U.S. law barring entry to foreigners who have committed "particularly severe violations of religious freedom."In 2002, when Modi had just become Gujarat's chief minister, more than 1,000 people, mostly Muslims, were killed in sectarian riots in the state.Modi denied any wrongdoing. India's Supreme Court ruled in 2010 he had no case to answer.The anti-Modi lobby in the United States has dwindled. In March, a congressional report said Modi would qualify for a visa if he became leader.Washington sees its relationship with India as critical, partly to counterbalance China's rising power. Obama has called it "one of the defining partnerships of the 21st century."A Modi government could boost investor confidence though residual bad feeling over the visa issue will need to dissipate.The US-India relationship hit its lowest ebb in a decade last year after a junior Indian diplomat, Devyani Khobragade, was arrested and strip-searched in New York. The U.S. ambassador to India resigned after the incident and has yet to be replaced.Businessmen attending an election result lunch at the Indian ambassador's residence in Washington on Friday expressed optimism about a more investor-friendly environment under Modi.However, some privately expressed concern about a possible revival in communal violence.Last month, Nisha Biswal, the top U.S. diplomat for South Asia, said the United States wants bilateral trade of $500 billion a year, up from about $100 billion currently.One concern for Western businesses is the BJP's welcoming of foreign direct investment in all sectors that create local jobs excluding supermarkets, a setback to retailers such as Wal-Mart Stores Inc and Carrefour.Drug patents are another sore point. The government has been considering allowing the generic manufacture of a number of patented drugs to give India's 1.2 billion people access to affordable medicines, putting it at odds with Western pharmaceutical companies. (Reuters)
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Bidding adieu to the nation as Prime Minister, Manmohan Singh on Saturday (17 May) said he had tried to do his best in serving the country and his tenure of 10 years was an "open book".Making his farewell televised address to the nation, he said the judgement delivered by the people in the elections should be respected by all and wished the incoming government every success.Looking back at his tenure, he said India saw many successes and achievements "that we should be proud of" and the country has become far stronger in last one decade. But it still has vast latent development potential."I address you today for the last time as Prime Minister of India. Ten years ago, when I was entrusted with this responsibility, I entered upon it with diligence as my tool, truth as my beacon and a prayer that I might always do the right thing," Singh said in his brief address."Today, as I prepare to lay down office, I am aware that well before the final judgment that we all await from the Almighty, there is judgment in the court of public opinion that all elected officials and governments are required to submit themselves to."Fellow citizens, each one of us should respect the judgement that you have delivered. The just concluded elections have deepened the foundations of our democratic polity," he said.Singh, an economist who had achieved the distinction of serving two continuous tenures as Prime Minister only one to do so after the first PM Jawaharlal Nehru's 17 years in office, chose the occasion to refer to his humble origin as "an underprivileged child of Partition"."...This great land of ours where I, an underprivileged child of Partition, was empowered enough to rise and occupy high office. It is both a debt that I will never be able to repay and a decoration that I will always wear with pride..."As I leave office, my abiding memory will be the love and kindness that I have always received from you," he said.Singh, whose second tenure between 2009 and 2014 saw the government battling various corruption scandals, insisted, "As I have said on many occasions, my life and tenure in public office are an open book. I have always tried to do my best in serving this great nation of ours."He addeed "In the last ten years, we as a country have seen many successes and achievements that we should be proud of. Today, India is a far stronger country in every respect than it was a decade ago. I give credit for these successes to all of you. However, there is still vast latent development potential in our country and we must collectively work hard to realize it."Asserting that he is confident about the future of India, Singh said, "I firmly believe that the emergence of India as a major powerhouse of the evolving global economy is an idea whose time has come. Blending tradition with modernity and unity with diversity, this nation of ours can show the way forward to the world."Noting that serving this nation has been his privilege and there is nothing more that he could ask for, he said, " "I wish the incoming government every success as it embarks on its task and pray for even greater successes for our nation."(PTI)
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