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Wednesday, June 25, 2008

DMK women’s conference begins

CUDDALORE: The maiden two-day State-level conference of the women’s wing of the Dravida Munnetra Kazhagam began at the Periyar complex in Perarignar Anna Nagar on Manjakuppam grounds here on Saturday.

Party president M. Karunanidhi arrived at the venue at about 10.30 a.m. and handed over the party flag to Vasanthi Ganesan, who hoisted it on the 85-foot tall mast painted in black and red, in the presence of Kanimozhi, MP, S.P. Sargunapandian, Poongothai Aladi Aruna and other women’s wing functionaries such as Noorjahan Begum, Gayathri Srinivasan and P. Rani.

Union Minister for Telecommunications A. Raja, Union Minister of State for Law K. Venkatapathi, Health Minister M.R.K. Panneerselvam, and others accompanied Mr. Karunanidhi.

A Kannagi statue, with an outstretched hand and an anklet in the other hand, had been installed in the forefront of the massive pandal.

In the evening, Mr. Karunanidhi witnessed a long stretch of women’s procession that wound its way from the Silver Beach to the venue from a specially erected podium at the Beach Road-Judge’s Bungalow Road junction.

Union Minister for Shipping and Road Transport T.R. Baalu, Finance Minister K. Anbalagan, Electricity Minister Arcot N. Veerasami, PWD Minister Durai Murugan and other Cabinet Minister also watched the procession from the dais.

All roads leading to the venue were decked with colourful arches, cutouts, banners and festoons. The traffic intersections were decorated as mini-mandaps and adorned with portraits of leaders.

Blueprint for E Coast rail link to Cuddalore readyBlueprint for E Coast rail link to Cuddalore ready

CHENNAI: Gazing at the shimmering waters of the Bay of Bengal while travelling down the east coast on a train to Puducherry — the possibility is not so distant as Southern Railway is all set to lay a new line from Chennai to Cuddalore via Mamallapuram and Puducherry.

The project is part of an ambitious plan chalked out by the railways to connect Chennai to towns along the East Coast all the way up to Kanyakumari. Though the entire line will be executed later on, the railway board has given the go ahead to build the line from Chennai to Cuddalore at a cost of Rs 523 crore.

According to the approved alignment, the 179-km line will take off from Perungudi station on the Mass Rapid Transit System (MRTS) and traverse between Old Mahabalipuram Road (OMR) and East Coast Road (ECR) before reaching Jipmer at Puducherry and Cuddalore. No timeframe has been fixed for completion of the line.

After Perungudi, the line will pass through Sholinganallur, Kovalam, Tiruporur, Mamallapuram, Kalpakkam, Kuvathur, Cheyyur, Marakanam, Kunimedu, Kuiyilappalayam, Jipmer in Puducherry, Bahour, Varakalpattu, Tirupadipuliyur and Cuddalore Fort. The line will run close to the sea at Mamallapuram.

The railway line will run on an embankment, and as most of the ECR does not have buildings on either side, travellers will be able to have a view of the sea.

Surveys to identify passenger feasibility on the route have revealed that the line will be viable as more people are travelling from Chennai to Puducherry and Cuddalore because of the recent developments along the OMR and ECR.

A Perungudi-Cuddalore line will enable passengers to board an Electric Multiple Unit (EMU) to Mamallapuram and then switch to conventional trains to Puducherry or Cuddalore. Travellers will be able to reach Puducherry in two hours, as against the five hours via the current line through Chennai Egmore-Villupuram-Puducherry.

A senior official of Southern Railway said, “A final survey is being done by the engineering division to update the cost before starting work. But, there will not be any change in the alignment.”

Though Perungudi has been fixed as a take off point, railways is also considering other options “because they want to link the line to the main network. We are considering whether the new line can be connected to some point on the Beach-Tambaram line. This will enable it to handle long distance and freight trains,” said Southern Railway Chief Public Relations Officer Neenu Ittyerah.

If the line starts from Perungudi, the operations wing has decided to operate EMUs from Chennai Beach via MRTS to Mamallapuram and conventional trains between Cuddalore and Mamallapuram via Puducherry. The board has approved the new line by including it in the supplementary budget of September 2007.

New Jain Sites Found in Villupuram

Over the last three months, two rock art sites, two caverns with Jaina beds, and dolmens have been discovered within a radius of 25 km on the hillocks behind the Gingee fort in Tamil Nadu’s Villupuram district.

Members of the team that found the sites, said the discovery of Jaina beds confirmed the earlier view that present-day Villupuram district was once a prominent centre of Jainism. The presence of the rock art sites and dolmens showed that the area had been under continuous human occupation for 3,000 years, they added.

On June 1, K.T. Gandhirajan, an explorer who specialises in art history, T. Ramesh, a researcher in archaeology, and others found a big cavern with Jaina beds and rock art on a hillock called Pancha Pandavar Kal, near Vadagal village in Gingee taluk.

The hillock, located 15 km behind the Gingee fort, forms part of a chain of hills in the area. The team found a series of Jaina beds on the floor of the cavern and pre-historic paintings on the boulder surface opposite the beds.

“The beds are of primitive nature. They are not evolved. They are about 2,000 years old,” said Mr. Gandhirajan.

Raised “pillows” had been hewn out of the rock-floor at one end of the beds. Channels were cut to drain out rainwater from the beds or the floor was scooped out to collect rainwater.

The rock art consists of a painting of a deer done in white kaolin with outlines in red ochre.
“This is really rare,” Mr. Gandhirajan said. While this figure of a deer is about 3 feet by 3 feet in size, there are tiny drawings of deer and lizard (udu mbu in Tamil) on the adjacent rock surface, as if to contra-distinguish their size. He estimated that the paintings might belong to circa 1000 B.C.

“These paintings were done by pre-historic men — by hunter-gatherers who used to live in this cavern. Much later, the Jain monks occupied them,” Mr. Gandhirajan said.Earlier finds
Three months earlier, the team found about a dozen port-holed dolmens on a hill near Devadanampettai, on the way to Tirukovilur, about 15 km from the Gingee fort. While most of the dolmens were found disturbed, a few were intact.

About 2 km away, the team discovered a small rock art site, with drawings in white kaolin of marching men or men with raised hands.

About 25 days ago, Mr. Ramesh and Mr. Gandhirajan found 11 Jaina beds on a hill near Kanchiyur village, 28 km from Gingee.

According to T. Arun Raj, Deputy Superintending Archaeologist, Archaeological Survey of India, Chennai Circle, Jaina beds had been discovered recently at Thirunarungkondai near Ulundurpet, Paraiyanpattu and Melkudalur. There are remains of the structural Jaina temples at Tirunarungkondai, Melsithamur and Thondur near Tindivanam and Melmalayanur near Tiruvannamalai. All these places are in Villupuram district.

On the hill at Sirukadambur, there is a bas-relief of 24 Jaina tirthankaras. “Adjacent to this, we have an inscription about a Jaina monk who went on a fast-unto-death. This inscription belongs to the transitional period from Tamil-Brahmi to Vattezuthu,” he said.

There are rock art sites in the district at Sethavarai and Kizhvalavu.

“In addition to these relics of Jainism, we have now discovered these Jaina beds in two places. All this show that the present-day Villupuram district was a prominent centre of Jainism,” Mr. Arun Raj said.

Wednesday, June 18, 2008

DMK snaps ties with PMK


CHENNAI: The Dravida Munnetra Kazhagam announced on Tuesday that it was snapping its ties with the Pattali Makkal Katchi since the DMK “could not accept that … relations had to be continued with a party that denigrated” it.

A nine-page resolution, adopted at the end of over hour-long deliberations of the party’s High Level Policy Implementation Committee here, said that after a PMK leader spoke in a cheap and derogatory manner that sought to take away the DMK’s self-respect — he was not even apologetic, nor did the PMK leadership take action against him — and since it could not be accepted that the alliance had to be continued with such persons, “the committee regrets to announce that a situation had emerged where the [Democratic Progressive] alliance could not go forward along with such people [the PMK].”

The speech in question was made by J. Guru, former MLA, who spoke at a PMK meeting in a derogatory manner about the DMK leadership. He said that if any PMK functionary was arrested, Union Minister A. Raja and MLA Sivasankar would not be alive. The PMK contends that the speech was an “old issue” that “has been sorted out.” Asked about this, Mr. Karunanidhi shot back: “Will you condone a murder just because it was committed some time ago?”

Mr. Karunanidhi said he had read about the speech in the media but had not taken it seriously.

It was on June 13 that party treasurer and Electricity Minister Arcot N. Veeraswami played a CD containing the speech for him. In any case, it was not merely one speech that upset the DMK. The PMK had been making false allegations at every opportunity, the DMK said. The resolution noted that “whatever [scheme] the DMK implemented, the PMK was making fun of it and speaking in a derisive manner, and was issuing statements and interviews against the DMK government to conjure up an unreal scenario as if the DMK government had failed in every sphere.” By trying to create an impression that the DMK government was against the people, PMK founder S. Ramadoss had made it a political routine to gain cheap publicity, the resolution said.

While criticism was common, the PMK continued with its uncharitable and derisive comments even after the issues it raised were addressed.

Asked if the DMK would convene a meeting of alliance partners on this issue, Mr. Karunanidhi said this was an insult heaped on the DMK. “We are now erasing that insult,” he said. It had nothing to do with the other allies.

DMK men were particularly miffed at Dr. Ramadoss’ evaluation of the DMK government’s performance — that Mr. Karunanidhi did not pass the test. Asked how he assessed the performance of the PMK leader, Mr. Karunanidhi retorted: “I have not even seen the answer paper.”

On the letter that he sent to the PMK leader, which Dr. Ramadoss released to the press, Mr. Karunanidhi said that if one read the letter, one would realise how civil he was in his choice of words. Dr. Ramadoss had wanted some officials and police personnel shifted and he obliged.

Asked if any other party would be invited to join the DPA, Mr. Karunanidhi said there was no compulsion that another party should come in.

Asked if he would talk to Dr. Ramadoss in the event of the PMK leader coming forward to talk to him, Mr. Karunanidhi said he would not be able to answer hypothetical questions. On the possibility of revival of the alliance in the future in the interest of secularism, he said this message should be conveyed to Dr. Ramadoss.

To another question, Mr. Karunanidhi said he had no intention of insisting that the PMK be expelled from the United Progressive Alliance government at the Centre. He had not spoken to UPA chairperson Sonia Gandhi on this issue, nor had she asked him about it.

On the PMK’s Ministers at the Centre, he said he was fond of Dr. Ramadoss’ son, Health Minister Anbumani Ramadoss (“Anbumani meedhu enakku anbu undu”) and that Minister of State for Railways R. Velu was doing a good job. The DMK had no problems with Dr. Anbumani. Mr. Karunanidhi said he had not spoken to anyone in the Congress on the problems with the PMK.

Reacting to the DMK decision, Dr. Ramadoss said his party was neither “sad nor surprised.” The PMK would continue to raise people’s issues more vigorously, he said.

The PMK has six MPs in the Lok Sabha.

Five arrested for lynching man in Tamil Nadu

Villupuram (Tamil Nadu) June 6 (IANS) Five men were arrested in a village near here Friday after they lynched a man who may have been a mental patient, the police said. The police said that victim Venkatesan, 53, was lynched as the villagers suspected his movements and thought he was a psychpath.

Dozens of residents of the village, located near this town which is 180 km south of state capital Chennai, lynched him.

The body has been sent for post-mortem examination and five of the alleged assailants were arrested, a police official said.

New Villupuram collector assumes office

VILLUPURAM: R Palanisami, the new District Collector, assumed office on Friday at a simple function held on the Collectorate premises.

His predecessor Prajendra Navneeth has been transferred to New Delhi recently. Palanisami has joined the Government service as a District Educational Officer in Kanyakumari in 1987. Palanisami was promoted as the Joint Director and worked in Department of Primary Education and School Education.

He also served as a Director of Public Library. Palanisami was posted as a sub-collector (training) at Thiruvallur district in 2007. Later, he moved to Commercial Tax (Administration) and worked in the rank of Deputy Commissioner.

DMK, PMK reach point of no return

With less than 24 hours left for the high-level Policy Implementation Committee meet of the DMK to take a decision whether to continue ties with the PMK, it seems that Dr S Ramadoss, the supremo of the Vanniyar-backed party PMK, would take a decision to walk out of the DPA alliance by then.

As an indication to this, an urgent Executive Committee meeting of the PMK was convened today at Thailapuram Gardens near Villupuram. It is expected that the top team would give powers to Ramadoss to decide on the issue.

Though PMK sources claimed that the meet was not an emergency one, party circles said that it was organised with a sole motive to discuss on the future course action of the party, as Chief Minister and DMK supremo M Karunanidhi on Friday made known the mood in the DMK camp about the PMK.

It is said that those who spoke in the PMK meet came down heavily on the ‘big brother attitude’ of the ruling DMK. They also reportedly alleged that the DMK government was not ready to constitute a welfare board for Vanniyars, even after it set up one for the gypsies.

Stating that attempts were being made by the DMK to portray PMK as one that always stood for violence, one of the senior leaders of the party reportedly said, ‘they are just unable to respond politically to issues and arguments made by the PMK in people’s fora. And they are also unable to stomach the popularity of the PMK among the public.’

Meanwhile, journalists were not kept off the Executive Committee meeting. When asked, PMK office- bearers said, ‘there will be no important decision today. If any, we will inform you without fail.’

Expectations are on a high in the DMK circles that the PMK would be shown the exit door at the High-level Policy Implementation Committee meet of the party in Chennai tomorrow.

According to sources in the party, ‘Our leader, who is always known for patience and maintaining smooth relationship with allies, is irked by the attitude of the PMK. Hence, they will be made to walk out of the alliance.’

Monday, June 16, 2008

DMK women’s meet calls for Sethu project implementation



CUDDALORE: The State-level conference of the women’s wing of the Dravida Munnetra Kazhgam that began here on Saturday laid equal stress on the implementation of the Sethusamudhram project and protecting the rights of women.
Vasanthi Ganesan, a party functionary, who hoisted the party flag, called upon the women to unite themselves to make the Sethusamudhram project a reality. It was the bounden duty of women who upheld the ideals of the Dravidian movement to join hands to get the project implemented.
Ms. Ganesan said the DMK president and Chief Minister M. Karunanidhi who had been espousing the cause of women, was hoping to enhance the economic status of Tamil Nadu through the Sethusamudhram project.
She noted that only the Dravidian movement was holding women in high esteem and therefore, propagated the self-respect marriages.
Another functionary Noorjahan Begum termed the women’s rally a “historic” occasion. She expressed her gratitude to Mr. Karunanidhi for giving her an opportunity to inaugurate the rally.
She said the self-help group started in 1989 at Dharmapuri by Mr. Karunanidhi had grown from strength to strength and now Tamil Nadu could boast of lakhs of SHGs.
Sankari Narayanan, MLA, said that by securing share in property for women, Mr. Karunanidhi had restored their self-respect.
S.P. Sargunapandian thanked the Chief Minister for having sat through over four-and-half hours to witness the rally.
Finance Minister K.Anbalagan, Electricity Minister Arcot N.Veeraswami, PWD Minister Durai Murugan, and Kanimozhi, MP, participated.

Women will be in forefront for Sethu canal project: Kanimozhi


CUDDALORE: After organising an impressive rally that lasted over five hours on Saturday, the DMK women’s wing switched gears to debate on issues that affected the everyday lives of people on Sunday.

Rajya Sabha MP Kanimozhi, the daughter of Chief Minister M. Karunanidhi, launched a frontal attack on parties that criticised the policies of the Dravida Munnetra Kazhgam government and asserted that women in the DMK would be in the forefront of the fight to complete the Sethusamudram project.

Placing Chief Minister M. Karunanidhi’s plea that the Sethusamudram project should go ahead even if it meant a change of name to Ramsethu to placate the believers of Lord Rama, Ms. Kanimozhi said that even Periyar had said that he would smear vermillion on his forehead if it was of some help to the common man.

Dismissing the criticism of the Chief Minister’s stand on the change of name, she said that it would be better if leaders spoke on issues after verifying the historical facts and reading up history.

Ms. Kanimozhi pointedly referred to the distant past when religion held sway and caste was supreme to draw lessons for the present. Touching upon Manusmrithi, she said people, especially women, outside the varna system were denied the right to wealth because this was the first step to subjugate people. It was a DMK government that first gave equal rights in property to women, she said.

Ms.Kanimozhi referred to portions in the Bhagavad Gita, which, she said, was quoted by many to justify the violence in Narendra Modi’s Gujarat.

Mr. Modi, she said, was accorded a red-carpet welcome in this State when Jayalalithaa was Chief Minister. “Tamil Nadu will become a Gujarat if you give space to such elements,” she said.

Recalling PMK founder Ramadoss statement that Mr. Karunanidhi had “failed” in his ranking, Ms. Kanimozhi said that Mr.Karunanidhi had been ranked very high by Periyar.

“Thanthai Periyar hadgiven him a certificate [of competence]; he does not require it from anyone else,” she said.

Sunday, June 15, 2008

DMK's First Women's Conference held at Cuddalore

DMK's first women's conference was held at Cuddalore on 14th and 15th of this month. Arrangements for the conference were started about two months earlier. Since then, there were visit, after visit, after visit at ministers cadre to check the progress of the work. Elaborate stage arrangements were made at Manjakuppam maidanam - the venue of the meeting. Since there there was an extensive coverage of this function by media at state level, I stop with this. I have posted below the 'Street Photos', to give you a feel of how it has been.







Wednesday, June 04, 2008

Engg admissions made easier

CHENNAI: The state government has reduced the minimum eligibility marks to be scored in plus two for admission to BE/B Tech courses. The move will help self-financing engineering colleges to fill more seats from the coming academic year.

In future, students belonging to the most backward community (MBC) with an aggregate score of 45% in higher secondary board examinations will be eligible to join engineering colleges as against the 50% marks required earlier. Likewise, BC students need an aggregate score of just 50%, instead of the prevailing 55%. Students competing in the open category have to score 55% instead of 60%. Students belonging to the SC/ST community can join BE/B Tech programmes with a mere pass in plus two, as is the existing norm, higher education minister K Ponmudy announced in the assembly on Tuesday.

The minister pointed out 14,721 seats had fallen vacant last year in self-financing engineering colleges in the state. “Reducing the eligibility marks will provide access to engineering education to more students and also help colleges fill up seats,” he said.

For a few years now, managements of unaided engineering colleges have been demanding that students who have passed plus two must be allowed to join engineering colleges.

In a related move, the government has decided to establish five government engineering colleges through the respective Anna Universities in Tindivanam, Villupuram, Panruti, Nagapattinam and Ramanathapuram creating 1200 BE/B Tech seats. Also, the Anna University (Chennai) will increase its students' intake by 360 from the coming academic year and the existing government engineering colleges will cumulatively add 600 seats, Ponmudy said.

The government has also enhanced the quota in engineering colleges for children of ex-servicemen from 81 to 150 seats and the sports quota has been increased to 100 seats from the existing 42 (See Box). The Tamil Nadu State Council for Technical Education would be established.

Finishing school

Meanwhile, the ministry has decided to launch a Finishing School for students of government engineering and polytechnic colleges. Engineering graduates, polytechnic diploma holders and final year students can enroll in the school to learn industry-specific job skills. The school would seek to bridge the gap between the academia and industry by equipping students with IT and software skills for a minimal fee.

Ponmudy said from 2008-09, the shift system of education, which has been successfully implemented in state-run arts and science colleges, would be extended to government polytechnic colleges. This would provide an opportunity for more rural and economically-weaker students.

Undergraduate students of arts and science colleges can now simultaneously enroll for a diploma course or ITI certification course from the coming academic year. This will enhance their employability, the minister said.

To enable 91% of the state's labour force which is unskilled, the government has decided to offer them certificate courses through the Tamil Nadu Open University. The courses will be imparted in polytechnic colleges in each district, which shall function on Saturdays, Sundays and national holidays. Labourers who are literate can join the programme and appear for the examination at their workplace itself.

Petrol up by Rs 5; diesel up by Rs 3; LPG up by Rs 50

Petrol prices have been hiked by Rs 5 per litre, diesel by Rs 3 per litre and LPG price hiked by Rs 50 per cylinder.

PV Bhide, Revenue Secretary at the announcement of the oil price decision said, "We have been requested by the Ministry of Petroleum and Natural Gas for a reduction in customs duty and excise duty on crude oil and petroleum products. This was to enhance the realisation of the oil marketing companies. While there are tremendous demands on the revenue especially for programmes and schemes in the social sector, it has been decided to make certain duty changes in customs and excise.

These duty changes will result in an estimated loss of revenue of about Rs 22,660 crore for the 10-month period remaining this year. The composition of these changes are - customs duty on crude will be made nil from 5%. Customs duty on HSD and petrol will be reduced from 7.5% to 2.5%. Customs duty on other petroleum products will be reduced from 10% to 5%. Finally, excise duty on HSD and petrol will be reduced by Re 1 per litre each. So, Re 1 on petrol and Re 1 on diesel.

The total effect of all this is, Rs 15,500 crore is the customs duty reduction on crude; Rs 500 crore customs duty results in the reduction on petroleum products. The excise cuts will cause us a loss of Rs 6,660 crore."

The price hike will be effective from midnight today.

The Secretary, Petroleum and Natural Gas, Shri MS Srinivasan elaborated on the duties and taxes:

"We are coming to duty and taxes portion. We have requested the Ministry of Finance to give thought to some duty and price cuts with a view to partly mitigating the adverse impact on oil companies as a result of huge under recoveries. Although there is tremendous demand on the revenue especially for programmes in the social sector, the Finance Ministry has agreed and decided to make certain duty changes in customs and excise. These duty changes will result to an estimated loss of revenue of Rs 22,660 crore for the remaining 10 months of this current fiscal.

Following are the duty changes:

1) Reduction in customs duty on crude from the present 5% to zero

2) Reductions in the customs duty on diesel and petrol from the present 7.5% to 2.5%.

3) Reductions in customs duty on all other petroleum products from including ATF from 10% to 5%.

What it really means is that it is an accost of 5% reduction in customs duty on crude and products and reduction in excise duty on petrol and diesel by Rs 1/ litre. The total annual reduction in under recovery as a result of this would be Rs 21,000 crore of for the public sector oil marketing companies and it is Rs 22,660 crore for the Ministry of Finance for the whole oil sector.

As the result of the duty changes that is excise duty and customs duty reductions by Ministry of Finance the under recoveries for the oil marketing companies will come down by roughly Rs 22,000 cr this year."

Meanwhil Oil Minister, Murli Deora spoke exclusively to CNBC-TV18 saying that a roll back of the fuel price hike is not on the cards. He added that the price hike was unavoidable. He also said that the he would ask for a SLR status for oil bonds but the RBI disagreed with the proposition.

“We have been requested by the Ministry of Petroleum and Natural Gas for a reduction in customs duty and excise duty on crude oil and petroleum products. This was to enhance the realisation of oil marketing companies. While there are tremendous demands on the revenue, especially for programmes and schemes in the social sector, it has been decided to make certain duty changes in customs and excise. These duty changes will result in an estimated loss of revenue of about Rs 22,660 crore for the 10-month period remaining this year," said PV Bhide, Revenue Secretary, Ministry of Finance.


"Customs duty on crude will be made nil from 5%. Customs duty on HSD and petrol will be reduced from 7.5% to 2.5%. Customs duty on other petroleum products will be reduced from 10% to 5%. Excise duty on HSD and petrol will be reduced by Re 1 per litre each. The excise cuts will cause us a loss of Rs 6,660 crore," he added.


Murli Deora and MS Srinivasan at the press conference:


Q: Do you think there is likely to be a rollback because the Left has not come on Board, you have admitted that you have spoken with Prakash Karat and he is opposed to this kind of a hike, they have opposed to all kinds of hike.


Deora: No, it doesn’t matter, they will come when they will realize; first of all I must say they have not supported this. But sooner or later they'll realize that is the only solution available; there is no other alternative. We explained them how much losses they are making, what will happen to the oil companies, what will happen to the refineries, which are coming in Paradip (Orissa), in Bina in Bhatinda (Punjab) the three big refineries are supported by the three oil companies. So if they lose money there is no money too.


Q: What the Left is saying? They are planning a nationwide agitation and this is what you have said, they have come out very strongly at this kind of a hike?

Deora: We will explain to them and they will get out of the demonstration. Everything will be taken care of.


Q: The Prime Minister said that he is likely to be giving the reason for this hike?

Deora: Yes, he is addressing the nation today at 8 pm.


Q: There are other allies on Board; how have you convinced them that this is a requirement?

Deora: Most of the people may not say that they support. But in their heart they are supporting because there is no other solution, there is no other alternative available.


Q: Is there likely to be a rollback, should we expect some kind of a relief?

Deora: Forget there were rollbacks.

Q: When will the price hike be effective from?

Srinivasan: From midnight tonight.

Q: How much will other recoveries come down by?

Srinivasan: Rs 2,45,305 crore from that due to Finance Ministry's steps under recoveries will come down by about Rs 22,000 crore and with the price revision now announced, to take effect from midnight tonight the under recoveries will come down by an additional Rs 21,123 crore this year.

Taking into account the upstream contribution as against Rs 26,000 crore last year, this year we are proposing that upstream sharing of the subsidiary burden be hiked to Rs 45,000 crore as against Rs 26,000 crore last year.

As against absorption of Rs 16,000 crore by the three oil marketing companies last year, this year we are proposing that they absorb Rs 20,000 crore and this leaves a balance of Rs 1,35,000 core. Suitable provisions will be made by the Ministry of Finance as agreed in today’s meeting for oil bonds on a QoQ basis.

Q: On percentage of bonds?

Srinivasan: The bond requirement now stands at after adjusting all Rs 2,55,000 crore minus Rs 22,000 crore by way of Finance Ministry minus an additional Rs 21,123 crore by way of price revision, minus another Rs 40,000 crore by way of upstream sharing minus an additional Rs 20,000 crore to be absorbed. It stands at roughly Rs 1.35 lakh crore. It has been decided that bonds to the extent required will be provided for.

Q: On addressing liquidity problem?

Srinivasan: We are dealing in two specific oil companies functioning here, one is the liquidity position or cost crunch and the other is the profitability. The chairman of IOC was referring to the companies that were running out of cash and hence they may have to limit their imports of crude oil which will automatically lead to lesser availability of finished products.


Now with a view to addressing to the liquidity problem effectively, RBI and oil companies have entered into an arrangement yesterday, as per which the bonds will be disposed off by the oil companies in favour of the RBI and RBI will place adequate or required number of dollars in the hands of the oil companies subject to a maximum of Rs 1,000 crore a day, so that imports will continue as per the requirement of oil companies.

This will also solve the problem of rupee depreciation, which normally occurs whenever oil companies go and purchase dollars in the open market for meeting the crude oil requirements. Here RBI takes the advance, gives them the dollars then RBI enters the secondary market and engages in open market operations. So this way the operation is smoother now and liquidity problem is overcome.

Q: On oil bonds and statutory liquidity ratio (SLR) status?

Srinivasan: The main purpose of all this arrangement is that they get liquidity. The main objective of SLR is grand liquidity, so as long as liquidity is obtained I think that's all that matters really.

Q: On inflation?

Srinivasan: If under recoveries are covered in full, the inflation impact is assessed debt around 4.7%. Here the price hike proposed is only Rs 22,000 crore which is the direct payment which the consumer has to make. So one could work out the percentage it will be 0.5 – 0.6%.

Q: On long-term strategy?

Srinivasan: The long-term strategy to keep examining the possibility of reflecting market prices locally so that the economy doesn’t come to a halt and this has to be done stage wise. We will be revisiting the issue after 4-5 months.

Six electrocuted in Gingee temple fest

VILLUPURAM: Six devotees were electrocuted and 31 others injured when an electric wire from a pole snapped and fell onto an iron grill at Sri AngalammanTemple at Melmalayanur, near Gingee, on Tuesday night.

According to sources, a large number of devotees from various parts of the state congregated at the temple to witness Oonjal utsavam (swing festival) on New Moon Day.

According to police, a devotee had tried to jump over the wall to have a closer look at the proceedings near the oonjal utsavam that forms an important part of the monthly festivities.

In the process, he tripped and while falling to the ground, grabbed at the overhead electric wire strung to electric poles put up to illuminate the event.

The snapped wire fell on the iron grill around the shrine and electrocuted the six devotees.

Murugan (24), Ravi (28) of Uthiramerur, Pachaiyammal (35) of Velur and Ravi of Ambattur and two other unidentified persons a 60-year-old woman and a 50-year-old man were killed in the incident.

Among the injured, three devotees, Kuppan (42) of Kasimedu, Vasanthi (48) of Vriddachalam and Kannan (16) of Ambattur were admitted to JIPMER in Puducherry.
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