New Delhi: Anil Ambani’s Adag group went on the offensive this week. It’s been publishing a series of front-page advertisements in major newspapers on its gas dispute with Mukesh Ambani’s RIL. The ads accuse Reliance Industries or RIL of wanting to make excessive profits at the expense of the country and also criticize the stance of the petroleum ministry. The dispute between the Ambani brothers is now in the Supreme Court and is going to be argued on the 1st of September.
RIL’s separate gas supply dispute with NTPC was also in the news. On Thursday a group of government ministers met to develop a consistent stance on the two gas disputes. In the past the petroleum ministry and the power ministry, which oversees NTPC have taken different positions.
The Prime Minister had tough words for Pakistan and terrorists. On Monday he told a group of chief ministers there was credible information that terrorists in Pakistan were plotting fresh attacks against India. Chief ministers from across the country met on Monday to discuss internal security.
On Wednesday Sonia Gandhi told the Congress Working Committee that elected representatives of the party and others who hold salaried public posts should contribute one fifth of their salaries over the next year for drought relief. Manmohan Singh too attended the meet and admitted that the drought situation was grim.
The BJP may call itself the party of the future, but this week it couldn’t escape the past. Its brainstorming session in Shimla, which started on Wednesday, was supposed to develop a strategy for the future, but was immediately mired in controversy about a work of history. The party expelled one of its veterans Jaswant Singh over a book he wrote praising Pakistan’s founder Mohammed Ali Jinnah. Observers say the party leadership unable to tackle internal dissentions and its future course of action following the defeat at the general elections.
A new government-sponsored report suggests poverty in India is worse than previously thought. It estimates that in 2004-05, some 42% of the rural population was living below the poverty line. The earlier estimate was 28%. The new figures have come about after experts redefined assumptions about poverty including factors such as health and education.
Opposition to the goods and services tax or GST is growing. The DMK has said the group of state finance ministers meeting on Saturday to discuss GST cannot make a decision on behalf of all the states.
Swine flu vaccinations may be in short supply, but scientists in the US have created a model of influenza transmission that they say can help develop a strategy for vaccinating a population against the H1N1 virus.
On Wednesday Glenmark Pharmaceuticals plunged 15% on the Bombay Stock Exchange after its American partner Forest Laboratories announced its lead respiratory disease molecule failed in clinical trials.
The government’s infrastructure lender IIFCL will get a 1.2 billion dollar loan from the World Bank this fiscal year.
After high expectations from it IPO, Adani Power’s shares opened modestly on Thursday. It’s shares opened at Rs100 rupees, and then swung between losses and gains before finally closing at Rs100.10.
Markets started the week on a losing streak. The Sensex plummeted 627 points on Monday, closing below the 15,000 mark. It recovered on Tuesday only to lose most of the gains on Wednesday. On Thursday markets were up again, with the Sensex closing just above 15,000.