Chinese army chief meets Indian chiefs of armed forces

     New Delhi: Chinese army chief General Liang Guanglie met the chiefs of India's armed forces today in a visit aimed at boosting border cooperation and military ties between the giant Asian neighbours. He is expected to have worked out enhanced flag meetings and military-to- military exchanges in terms of training and technical expertise. Laing's visit, analysts say, takes forward Chinese Premier Wen Jiaboa's landmark New Delhi tour, which saw the two nations agree on a set of guiding principles to settle a four-decades old dispute over their 3,500 km Himalayan border. The contentious boundary has been at heart of a brief but bitter war between the nations in 1962. Liang will later also meet India's defence minister Pranab Mukherjee.

Seven US soldiers killed in two separate bomb attacks in Iraq (Go To Top)

     Baghdad: At least seven US soldiers have been killed in two separate bomb attacks in Iraq. According to the BBC, in the first incident three members of the 3rd Infantry Division died as a car bomb exploded in central Baghdad as their patrol passed along the road. Shortly afterwards it was announced that four members of II Marine Expeditionary Force were killed in an attack in Haswa, 50km south of Baghdad. More than 100 Iraqis have also been killed or injured in wave of bombings since Monday morning. Details of the anti-US attacks are still coming in and the dead soldiers have not been identified as next of kin are being informed. Earlier on Tuesday car bomb exploded in central Baghdad with reports saying at least five Iraqis were killed. The blast happened in the Alwiya area at about 1030, damaging least three cars and several buildings were also damaged. Residents had told police officers about a suspicious car and as a bomb disposal team was approaching it exploded, a police spokesman was quoted as saying.

Kalam meets Vladimir Putin (Go To Top)

     Moscow: President A P J Abdul Kalam on Tuesday met his Russian counterpart Vladimir Putin here and discussed steps to enhance Indo-Russian cooperation in the fields of science and technology and energy. Kalam, who was accorded a ceremonial welcome when he arrived at the Kremlin, was also of the view that the two countries should now broaden their cooperation in outer space. Recalling that New Delhi and Moscow had signed an agreement in December last year on cooperation in outer space, Kalam said more satellites could be launched and both countries could take advantage of them, according to official sources. According to the sources, during the hour-long meeting, the Indian leader also suggested launching of a `world youth satellite` which would be beneficial to millions of young people across the globe. Describing the visit of Kalam as a major event, Putin said he was satisfied with the progress in bilateral cooperation. "Together we can do more," he remarked.

World Bank praises Indian pension reforms (Go To Top)

     Washington: A World Bank study on "Old Age Income Support in the 21st Century" has praised the recent reforms undertaken by the Indian Government especially in pension sector. Praising the reforms the report said, "Regardless of the speed of the transition, the Indian reform represents a fundamental policy shift in the long run, with a noncontributory unfunded defined- benefit scheme being replaced by a fully funded defined- contribution scheme." It said that the new policy introduced by the Government applies only to new entrants, but the possibility that those already covered by the old defined benefit scheme may be given the choice to switch is being discussed. It can bring a fundamental policy shift in the long run. The World Bank report notes that from January 1, 2004, all new federal government hires contribute 10 per cent of their salary to a defined contribution scheme, with a matching contribution from the government as employer. Several state governments, including Andhra Pradesh, Karnataka and Tamil Nadu, have also showed their eagerness to implement the new reform policy and other states seem likely to follow. The Bill to amend the Insurance Regulatory and Development Authority Act for raising the ceiling of foreign direct investment (FDI) to 49% from the present 26% tops the list.

     Meanwhile, the Prime Minister Manmohan Singh at his government's first anniversary function on Sunday emphasised the need for courageous reforms to sustain economic growth and make a dent on poverty. The Government introduced banking and pension reforms in the last session of Parliament. Between now and the beginning of the monsoon session, the standing committee on finance will take up crucial Bills for discussion. The Pension Regulatory and Development Authority Bill provides the legal backing for the New Pension Scheme (NPS) envisaging a basket of pension fund choices for employees and entry of private and foreign managers. The Bill to amend Banking Regulation Act, on the other hand, proposes several reforms including doing away with the 10% cap on voting rights, thereby seeking to attract more FDI into the banking sector in the country. While many details of the design have yet to be spelled out, for example, the process of selecting asset managers and the central record keeper, structure of charges and so forth, the reform stands out because it does not retain an unfunded defined-benefit scheme in the long run.

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