India is planning to train 400 million skilled people in the next few years under the ambitious ‘Skill India’ initiative to meet its requirement of skilled labour, India’s High Commissioner to the UK Navtej Singh Sarna said according to the PTI report.
Sarna, who was the chief guest at a function organised by the Bharatiya Vidya Bhavan here to celebrate India’s Independence Day, said “70 years ago, there were many who questioned India’s chances of survival, but it had proved them wrong because of values such as inclusivity, simplicity and truth, it followed.”
Noting that 50 per cent of India’s population is under the age of 25, a huge amount of energy waiting to propel us forward, he said “in the next 7 to 8 years, we are expecting to achieve 99 per cent literacy.
“We are planning to train 400 million skilled people in the next few years under the’Skill India’ initiative to meet our requirement of skilled labour.
“We have set in motion an economic direction with very clear programmes of development answering these particular challenges, he said.
Similarly, ‘Digital India’ is the programme for a new age, and several other programmes that are aimed to harness India’s huge potential.
“India is fortunate to have the Constitution that it has. The men and women who gave us a Constitution displayed unparalleled imagination that kept a huge population of incredible diversity together,” Sarna said.
The Constitution is not a dead letter but one that kept pace with the changing times. It has been amended nearly a hundred times but has kept its basic structure, to ensure that the vision of India that existed in 1947 remains to this day.
He said today we have to thank all those faceless people who made India thebeacon for the world. Despite all that has been achieved and all that remains to be achieved, India is today a leading example.
In all of human history, a democratic experiment of this level has never been done or succeeded. The economic success and prospects of India are now well recognised by most international organisations like the IMF, the World Bank.
“We have huge challenges of poverty, education and disease, but if we can’t face them with our resources, and our survival instincts, not many can,” he said.
Noting thatIndia’s culture and tradition are priceless, the Chairman of the Bhavan Joginder Sangar said that is what it stands for.
Keith Vaz, the longest serving Asian origin MP in the House of Commons described Joginder Sangar as an”unofficial Ambassador between India and the UK.
Referring to Britain’s vote to leave European Union, he said: now we have to look to India as main trading partner.
Barry Gardiner the MP said Britain should now forge new relations with Commonwealth Countries, particularly India.
Further, rise in supply from the major cardamom producing belts in the country also exerted downward pressure on domestic cardamom prices.
At the MCX, Cardamom futures for August 2016 contract is trading at Rs 887.60 per kg, down by 0.48 per cent, after opening at Rs 889, against a previous close of Rs 891.90. It touched the intra-day low of Rs 883.20 (At 10:23 hours).
U.S. stocks climbed and European equities ended mostly higher following the BOE decision, dulling investment interest in gold.
At the MCX, Gold futures for August 2016 contract closed at Rs 30966, per 10 gram, down by 0.98 per cent after opening at Rs 31,150, against the previous closing price of Rs 31,274. It touched the intra-day low of Rs 30,726.
Traders said the fall in silver prices at the futures trade was largely in step with a weak trend in precious metals in global markets.
At the MCX, Silver futures for September 2016 contract closed at Rs 47,527, per 10 gram, down by 0.63 per cent after opening at Rs 47,649, against the previous closing price of Rs 47,830. It touched the intra-day low of Rs 48,013.
Oil was also helped higher on Thursday as the dollar weakened on the pound’s rally after the Bank of England’s surprise decision not to cut rates.
A weaker dollar tends to make greenback-denominated oil more attractive to holders of other currencies.
At the MCX, Crude oil futures for July 2016 contract closed at Rs. 3,054 per barrel, up by 1.56 per cent, after opening at Rs. 3,019, against the previous closing price of Rs. 3,007. It touched the intra-day high of Rs. 3063.
However, the losses in the fuel were curbed by better-than-expected Chinese Q2 economic growth of 6.7 per cent, year on year, and data showing that China, the world’s second largest consumer of oil, processed a record amount of crude on a daily basis in the first half of 2016.
At the MCX, Crude oil futures for July 2016 contract is trading at Rs 3,041 per barrel, down by 0.16 per cent, after opening at Rs 3,042, against a previous close of Rs 3,046. It touched the intra-day low of Rs 3,038. (At 11:04 AM).
At the MCX, Aluminium futures for July 2016 contract is trading at Rs 112.05 per kg, down by 0.04 per cent, after opening at Rs 112.30, against a previous close of Rs 112.10. It touched the intra-day low of Rs 111.95 (At 10:23 hours).
Further, decline in silver prices at the futures trade was largely inline with a weak trend in precious metals in global markets.
At the MCX, Silver futures for September 2016 contract is trading at Rs 47,450 per 10 grams, down by 0.12 per cent, after opening at Rs 47,416, against a previous close of Rs 47,509. It touched the intra-day low of Rs 47,375 (At 10:23 hours).
Traders trimmed their bets at the domestic spot market tracking weak cues from global markets, influenced downtrend in Gold futures.
At the MCX, gold futures for August 2016 contract is trading at Rs 30,888 per 10 grams, down by 0.20 per cent, after opening at Rs 30,900, against a previous close of Rs 30,950. It touched the intra-day low of Rs 30,837 (At 10:23 hours).
It will further file for overseas listing by April 2017.
The exchange, which has been pitching hard for either self-listing or direct supervision by Sebi and not by a rival exchange, said in a statement that its board of directors “has expressed desire to file the draft red herring prospectus latest by January 2017, after addressing restructuring needs and regulatory requirements for listing”.
“The board also advised the NSE management to file for overseas listing by April 2017,” the exchange said.
“Further, to accelerate the listing procedures, the board has re-constituted the current listing committee as an empowered sub-committee of the board,” NSE said.
“The said committee will take decisions within a stipulated timeline.”
The decisions related to listing were taken during the last meeting of the board of directors on June 23, 2016.
NSE has been facing intense pressure from its shareholders to go public and had formed a listing committee to expedite the listing process and seek support for self-listing. The exchange has reportedly approached the government and Sebi to bring in norms for self-listing.
Regulations of the Securities and Exchange Board of India (Sebi) do not provide for self-listing of a stock exchange and the market watchdog has so far said no to considering the matter.
Meanwhile, NSE is also looking into restructuring its business wherein it plans to create a separate entity for non-regulated portfolio.
The exchange’s closest competitor, BSE, has already begun its IPO process and is likely to file papers with Sebi soon.