Archive for January 14th, 2010

India on the Verge of Getting a Non-Permanent UNSC Seat

India on the verge of getting a non-permanent UNSC seat

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With its sole competitor from Asia, Kazakhstan, backing out of the crucial race, India inched closer to getting a non-permanent seat on the 15-member UNSC.

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“We have done very well.  The kind of support that India commands is very substantial,” a senior diplomat said, with New Delhi enjoying extensive backing among UN member-states 10 months ahead of voting in the General Assembly.

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Even before Kazakhstan dropped out, diplomats here estimate that 122 votes were in the bag but now that it is the sole runner from Asia, more votes are expected.

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However, it is said that the kind of support that India commands is very substantial whereas to win, India needs two-thirds of the General Assembly vote.

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That adds up to about 128 member states supporting it while the voting for the term starting in 2011 will take place in October 2010.

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Meanwhile, Kazakhstan is a member of the Organization of Islamic Conference (OIC), an association of 56-Islamic states.

Being a member there, it was viewed by Indian as a serious competitor since it stood a good chance of getting the votes of a hefty number of Arab and Muslim nations in the General Assembly.

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On the other hand, there is no guarantee that all nations that promise to vote, will end up voting while a late entry in the coming months can also split the votes.

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The Security Council is made up of 15 statesfive permanent members who have the veto power and 15 non-permanent seats elected for a two-year term.

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The last time India had a seat at the Council was in 1992.

In 1996, Japan won with India trailing behind with approximately 40 votes.

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NABARD Favours Increasing Credit Flow by Rs. 10,000 cr. in 2010-11

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the country.

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NABARD favours increasing credit flow by Rs. 10,000 cr. in 2010-11

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NABARD favours increasing Credit Flow by Rs. 10,000 cr. in 2010-11

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Chairman of the National Bank for Agriculture and Rural Development (NABARD),Umesh Chandra Sarangi on Wednesday stressed the need for enhancing the credit potential in the State by at least by Rs. 10,000 crore in 2010-11 over the previous year’s Rs. 27,543 crore.

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NABARD’s regional office has estimated a credit flow potential at Rs. 31,254.74 crore for 2010-11.

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Crop loans of farmers affected by floods would be rescheduled.

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These credit estimates provided the basis for preparation of district credit plans by lead banks in each district, he said.

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In Other major Commodities Updates we have news of Agri Commodities turning bearish since the beginning of the new year and downward revision of reserve price of wheat by the Centre.

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Agri commodities FALL on global cues

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Barring wheat and sugar, all other agri commodities have turned bearish since the beginning of the new year, providing much needed relief to consumers and policy makers.

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Prices of agricultural commodities have declined by up to 11 per cent since January 1 which analysts attribute to a downward turn in the global markets.

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Also, fresh arrivals, including pulses, have provided relief to the government.

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New pulses crop arrivals have started in Maharashtra which, for sometime, will keep prices under pressure.

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Delay in government tenders coupled with higher quotes kept wheat prices firm while unavailability of cane for crushing pushed prices of sugar up.

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Lower price of wheat cheers roller flour mills:

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The roller flour mills in Punjab, Haryana and Chandigarh got a new beginning in the new year with the downward revision of reserve price of wheat by the Centre for bulk buyers.

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The price cut of Rs 200 per quintal under the open market sales scheme(OMSS) from Rs 1,440 per quintal to Rs 1,240 per quintal has helped over 80 roller flour mil is in the region to streamline their operations.

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Under OMSS the states are given a specific quantity of wheat.

Punjab got 140,000 tonnes and Chandigarh got about 14,000 tonnes.

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The roller flour mills and big chakkis get an allocation of about 1,000 tonne per month at the price quoted in the tender.

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The price at which the millers buy wheat under OMSS is slightly higher than the reserved price but substantially lower than the price offered by private players.

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