CBI Director asks new recruits to maintain highest levels of integrity and honesty

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Investiture Ceremony of the 18th Batch of Sub-Inspector Cadets of CBI at Ghaziabad, Uttar Pradesh on May 1, 2015
Investiture Ceremony of the 18th Batch of Sub-Inspector Cadets of CBI at Ghaziabad, Uttar Pradesh on May 1, 2015

Ghaziabad (Uttar Pradesh, India): Anil Sinha, Director Central Bureau of Investigation, India’s premier investigating agency, today urged the new recruits to maintain highest standards of integrity, professional ethics, devotion to duty and do their job professionally, without fear or favour and maintain highest levels of honesty in all walks of life.

Sinha was speaking at the Investiture Ceremony of the 18th Batch of Sub-Inspector Cadets of CBI held today at CBI Academy at Ghaziabad in Uttar Pradesh.

Addressing the Sub Inspector cadets and other officers of the CBI and staff of the Training Academy, Sinha said that the success of the CBI hinges on “quiet hard work and unimpeachable conduct of its Investigating Officers as they form the backbone of this premier investigative Agency.”

Stating that “law is your only friend, justice to the cause your only goal, and the truth the only road to achieve it”, the CBI Director said that investigation is the result of patient hard work and perseverance within the framework of the law. He added that not only the mere discovery of facts are not enough, but the facts have to be established beyond all reasonable doubt.

Sinha urged the officers to be specialists in the investigation of not only Anti-corruption offences but also in investigation of conventional crimes, economic offences, complex financial crimes and bank frauds, High-Tech cyber crimes and crimes having trans-national ramifications.

The CBI Director also announced the setting up of a new Centre for Excellence Campus within the premises of the prestigious CBI Academy, which will also see the Technology vertical giving real time support during field investigation.

At the special function to mark the Investiture ceremony, the “All Round Best” Cadet Award was given to Animesh Kumar, the newly inducted Sub Inspector.

On this occasion the CBI Director also inaugurated an exclusive MAC and Linux Forensic Lab at the CBI Academy, which is first of its kind in India. This lab is equipped with the latest work stations; forensic data recovery softwares, Forensic tools like cloning/imaging, password recovery, forensic analysis and internet artifacts recovery.

General level of activity in the Indian economy is still very low

Newsroom24x7 Desk

rbi gateMumbai: Ten months after the formation of the Narendra Modi led Central Government, the members who attended the thirty-eighth meeting of the Technical Advisory Committee (TAC) on monetary policy of Reserve Bank of India last month felt that the general level of activity in the Indian economy is still very low and except for railways and power (transmission and distribution), no significant improvement is seen in other sectors.

Members also felt that Agricultural growth may be impacted by unseasonal rains that have damaged rabi crops on the back of an already lowered estimate of foodgrain production. Unlike the new GDP, IIP data seem to be in sync with other key indicators such as credit growth and auto sales. Some Members were of the view that there were signs of recovery, with pick-up in the services sector purchasing managers’ index, capital goods production exhibiting the fastest growth in seven months, and Labour Bureau’s quarterly survey showing improvement in employment. However, Members believed that recovery in growth may gain traction only slowly and improvement in GDP during 2015-16 may not be more than 0.5 per cent over the current level as downside risks to growth are still high.
The meeting of RBI’s TAC, was chaired by Raghuram G. Rajan, the RBI Governor, as a run up to the First Bi-monthly Monetary Policy Review of 2015-16 held on April 7, 2015.

Members noted that global growth remained tepid and divergent. While high frequency indicators point to slowdown in China, growth in the US may face headwinds due to appreciation of the US dollar.

Activity in the Euro area, particularly Germany, is expected to pick-up supported by low oil prices, extension of quantitative easing and depreciation of the euro; the caveat is how Greece will manage its increasingly strained public finances.

The risks to the global outlook are the timing of normalisation of interest rates by the US Fed; larger than expected slowing down of China; concerns on secular stagnation; mounting geopolitical tensions in the middle-east region and reversal of crude oil prices if and when it occurs.

Members deliberated at great length on the GDP series revised by the Indian Central Statistics Office in January 2015 estimating real growth in 2014-15 at 7.5 per cent. Most of the Members concurred that it was a challenge to understand the growth momentum under the revised series as all other indicators being tracked by analysts do not show that promising level of activity. The methodological note on compilation of national accounts was silent on the method of connecting the current series with past data. In the absence of rebased past data they felt constrained in estimating potential level of growth, assessing the state of the business cycle, or making projections. Members said that, given the puzzles posed by the new GDP, one might have to shoot in the dark while recommending anything for monetary policy.

Members derived comfort from the recent broad-based decline in inflation. They assessed that the CPI headline inflation may average 5.5 per cent in 2015-16. Although the near term outlook for inflation remained benign, deriving comfort from soft crude oil prices, monsoon uncertainties may create an upside risk to the inflation path. A Member felt that the level of inflation expectations in the economy is still high.

Members noted that the current account deficit remained below 2 per cent of GDP for six consecutive quarters on account of a low trade deficit and expected that it may fall further with a pick-up in services exports following the US recovery. They expressed concerns about the near-term external outlook as merchandise export growth had been declining for three months in a row and vulnerability in the medium-term was arising from swings in capital inflows in both debt and equity markets. Members felt that though stability of the rupee may be beneficial, the present level of the exchange rate is not attractive and the rupee should be allowed to depreciate. Since the rupee has appreciated significantly against the euro, India’s share of exports in the Euro area may have fallen relative to South Asian countries where currencies have remained fairly stable.

On policy action, four Members recommended reduction in the policy repo rate. Of them, two Members suggested a 50 basis points cut along with forward guidance of no further decline. According to these two Members, the current monetary policy stance was tight, causing deceleration in real private consumption demand. Indicators such as weak IIP growth, low capacity utilisation and stressed profitability of the corporate sector indicate that high interest rates are choking demand in interest-sensitive sectors such as automobiles, housing, retail and real estate, while the real appreciation of the rupee is adversely affecting globally connected corporates. They were of the view that a decrease in interest rates would stimulate the interest-sensitive sectors of the economy and enable depreciation of the exchange rate, thereby helping the globally connected sectors. The two Members who recommended a decrease in the policy repo rate by 25 basis points felt that the inflation excluding food and fuel has declined. Moreover, there has been a substantial drop in inflation expectations, and the current food induced inflation is temporary, warranting a policy rate reduction. However, given the uncertainties regarding the path of the fiscal deficit, the monsoon, and the way the US Fed will announce increases in its policy rate, the policy rate reduction ought to be by 25 basis points and not 50 basis points. They were of the opinion that front-loading of policy rate cuts would remove some of the expected asset appreciation that is driving in large debt flows.

Three Members recommended no change in the policy repo rate. They were of the view that until the two 25 basis points cuts in the repo rate, in January and March 2015 are transmitted into lending rates, no further cut is desirable. They emphasised that simultaneous monetary and fiscal easing was a major risk and found the desire of some Members to frontload cuts rather puzzling. The third cut in the interest rate may wait at least till August after the monsoon impact is known. They wanted that the centrality of inflation in a flexible inflation targeting framework be recognised in the Reserve Bank’s forward guidance. The current level of the repo rate at 7.5 per cent is near neutral (assuming neutral real rate of 2 per cent and likely inflation of about 5.5 per cent), leaving little room for easing. As growth picks up, the neutral rate may increase, which would provide less space for a rate cut unless inflation declines further. One Member stated that to the extent aggregate demand is assessed to be weak, it would be more effective, at present, to ensure a modest real depreciation of the rupee, which would both improve the external trade balance and increase aggregate demand. One of the Members who recommended no change in the policy repo rate suggested that the statutory liquidity ratio (SLR) be reduced by 50 basis points.

Besides Dr. Raghuram G. Rajan, the TAC meeting was attended by Internal members Urjit R. Patel (Vice-Chairman), Harun R. Khan, R. Gandhi, and S.S. Mundra, Deputy Governors; and external Members Y.H. Malegam, Shankar Acharya, Arvind Virmani, Indira Rajaraman, Errol D’Souza, Ashima Goyal, and Chetan Ghate. Officials of the Reserve Bank present at the meeting were Michael D. Patra, B.K. Bhoi and Himanshu Joshi.

GoI postings and transfers this week

Newsroom24x7 Desk

north block New Delhi: During this week, April 29 – May 1, Government of India has issued posting and transfer orders for 31 senior all-India service officers. Among the officers who have got new postings or have been given additional charge, 22 belong to the IAS, while two are from the IPS, and 1 each from Indian ordnance Factory Service, Indian Railway Service of Mechanical Engineers, Indian Revenue Service (IT), Central Secretariat Service, Indian railway Accounts Service, Indian Railway Service of Electrical engineers, and Indian Forest Service

The list of officers and their transfer posting details are as follows:

 

S.No.

Order No. & Date

Concerned Officer(s) Details

View

1.
36/1/2015-EO(SM.I)
01/05/2015
Lalit K. Panwar, Indian Administrative Service, RJ , 1979                            

2.
6/56/2013-EO(SM-I)
01/05/2015
Surender Singh, Indian Police Service, WB , 1980                            

3.
24/1/2015-EO(MM.I)
01/05/2015
Birendra Pratap, Indian Ordnance Factory Service, 2002                            

4.
36/1/2015-EO(SM.I)(1)
01/05/2015
Kapil Dev Tripathi, Indian Administrative Service, AM, 1980                            

5.
36/01/2015-EO(SM-I)
30/04/2015
Sanjay Kumar Srivastava, Indian Administrative Service, UT, 1980
Shyam S. Agarwal, Indian Administrative Service, RJ, 1980
Kapil Dev Tripathi, Indian Administrative Service, AM, 1980
Narendra Kumar Sinha, Indian Administrative Service, BH, 1980
Anoop Kumar Srivastava, Indian Administrative Service, AM, 1981
Arun Jha, Indian Administrative Service, BH, 1981                  

6.
18/4/2015-EO(MM-I)
30/04/2015
Bandana Preyashi, Indian Administrative Service, BH, 2003                            

7.
36/01/2015-EO(SM-I)(1)
30/04/2015
Lov Verma, Indian Administrative Service, UP, 1978                            

8.
33/6/2015-EO(SM-I)
29/04/2015
Sanjay Chadha, Indian Railway Service of Mechanical Engineers , 1985
Anita Praveen, Indian Administrative Service, TN, 1989
Ashok Dongre, Indian Administrative Service, TN, 1987
Mukesh Mittal, Indian Revenue Service (IT), 1987                      

9.
33/6/2015-EO(SM-I)
29/04/2015
Niharika Barik, Indian Administrative Service, CG, 1997
Dinesh Singh Bist, Indian Police Service, BH, 1987
J P Agarwal, Central Secretariat Service (CSS), 1998
Tanuja Pande, Indian Railway Accounts Service, 1987
Sudeep Jain, Indian Administrative Service, TN, 1994
Sanjeev Sood, Indian Railway Service of Electrical Engineers, 1984
Shri Maneesh Garg, Indian Administrative Service, HP , 1996
Santosh Kumar Mall, Indian Administrative Service, BH , 1997
Devesh Chaturvedi, Indian Administrative Service, UP , 1989
R.K. Agrawal, Indian Administrative Service , KL , 1997
Alok Kumar, Indian Administrative Service, UP, 1988
V. Venu, Indian Administrative Service, KL , 1990
Rajesh K Chaudhary, Indian Forest Service, PB, 1987
Ravneet Kaur, Indian Administrative Service, PB, 1988
Rakhee Gupta Bhandari, Indian Administrative Service, PB, 1997

Two Major Highway Projects in the North East 

Newsroom24x7 Desk
PaperArtist_2015-05-01_15-05-20Shillong: Union Minister of Road Transport and Highways Shri Nitin Gadkari today dedicated to the nation two major Highway projects in the North East at a function near Shillong.
These projects will considerably ease the travel from Guwahati towards Shillong and other parts of the North East. These include Shillong Bypass and four laning of Jorabat-Barapani Section of NH-40.The Shillong Bypass connects NH 40 and NH 44 (New NH 6) and will decongest the traffic in the city of Shillong from trucks and heavy vehicles coming from or moving towards North Eastern parts of Assam and other states-Mizoram and Tripura. The 48.76 Km Bypass which begins from NH 40 at Umiam in Ri-Bhoi District and ends on NH 44 (new NH 6) at Mawryngkneng in East Khasi Hills District provides a pleasant and a safe driving experience. The bypass was constructed by NHAI on BOT (Annuity) mode.

Four laning of Jorabat-Barapani provides robust road connectivity between Guwahati and Shillong. The NHAI had awarded this 61.80 km project on Design Build Finance Operate & Transfer Mode on Annuity basis. The project stretch traverses mostly through the hilly terrain skirting the major urban areas like Byrnihat and Nongpoh. The project work consists of 4-laning of the existing road including the construction of 1 Grade Separator, 1 Major Bridge, 13 Minor Bridges and more than 360 Cross Drainage Structures.