Modi government approves IPR policy; trademark registration in just a month: 7 objectives

The Policy recognises the abundance of creative and innovative energies that flow in India, and the need to tap into and channelise these energies towards a better and brighter future for all.

Announcing the approval, Finance Minister Arun Jaitley said, “IPR is an important step; till 2017 it will take only 1 month to register a trademark. That is the kind of capacity building that we are eyeing.” (Reuters)

In a major step towards enhancing ease of doing business, Prime Minister Narendra Modi-led Cabinet has approved the National Intellectual Property Rights (IPR) Policy, that will lay the future roadmap for intellectual property in India.

Announcing the approval, Finance Minister Arun Jaitley said, “IPR is an important step; till 2017 it will take only 1 month to register a trademark. That is the kind of capacity building that we are eyeing.”

“The Policy recognises the abundance of creative and innovative energies that flow in India, and the need to tap into and channelise these energies towards a better and brighter future for all,” says the government release.

“While IPRs are becoming increasingly important in the global arena, there is a need to increase awareness on IPRs in India, be it regarding the IPRs owned by oneself or respect for others’ IPRs. The importance of IPRs as a marketable financial asset and economic tool also needs to be recognised,” the release adds.
The IPR policy lays down the following seven objectives:

1) IPR Awareness: Outreach and Promotion – To create public awareness about the economic, social and cultural benefits of IPRs among all sections of society.

2) Generation of IPRs – To stimulate the generation of IPRs.

3) Legal and Legislative Framework – To have strong and effective IPR laws, which balance the interests of rights owners with larger public interest.

4) Administration and Management – To modernize and strengthen service-oriented IPR administration.

5) Commercialization of IPRs – Get value for IPRs through commercialization.

6) Enforcement and Adjudication – To strengthen the enforcement and adjudicatory mechanisms for combating IPR infringements.

7) Human Capital Development – To strengthen and expand human resources, institutions and capacities for teaching, training, research and skill building in IPRs.

M'gaon case: NIA gives clean chit to Sadhvi; dilutes charges against others

Mumbai, May 13 (PTI) In a U-turn, the NIA today dropped all charges against Sadhvi Pragya Thakur and five others in the 2008 Malegaon blast case while charges under the stringent MCOCA law have been given up against all the other 10 accused including Lt Col Prasad Shrikant Purohit.

During investigation, "sufficient evidences have not been found against" Pragya Singh Thakur and five others, the NIA said, adding it has submitted in the charge sheet "that the prosecution against them is not maintainable".

Seven people were killed in the blast when they were coming out of prayers during Ramzan on September 29, 2008.

There have been a lot of twists and turns in the probe into the Malegaon blast which was described as a handiwork of people associated with Hindu right wing groups.

The case was investigated initially by Joint Commissioner of Mumbai's ATS Hemant Karkare who was killed during the 26/11 Mumbai attack. Before the NIA took over the case in 2011, ATS had booked 16 people but filed charge sheets on January 20, 2009 and April 21, 2011 against 14 accused in a Mumbai court.

Purohit and Pragya had moved several applications before Bombay High Court and Supreme Court challenging the charge sheet and applicability of stringent Maharashtra Control of Organised Crime Act (MCOCA) in the case.

Shiv Narayan Kalsangra, Shyam Bhavarlal Sahu, Praveen Takkalki, Lokesh Sharma and Dhan Singh Choudhury are the other five accused against whom charges have been dropped besides Sadhvi.

The agency also said during investigation that it has been established that no offence is attracted in this case under MCOCA, in which any statement given before a SP-level officer is admissible as evidence.

"In furtherance of same, the confessional statements recorded under provisions of MCOCA by ATS Mumbai have not been relied upon by the NIA in submitting the present final report," the agency said in its charge sheet.

Lt Col Purohit and nine others will now be tried for charges including murder and conspiracy under the provisions of anti-terror law UAPA, IPC, Arms Act and Explosives Substance Act. .

April CPI rises to 5.39%; March IIP drops to 0.1%

Food inflation picked up to 6.32% in April ; annual industrial growth slows down to 2.4 % in 2015-16 from 2.8 % in previous year

Retail inflation, as measured by the consumer price index (CPI) for April accelerated to 5.39% as compared to 4.83% in March, while the industrial output, measured by index of industrial production (IIP) for March, decreased sharply to 0.1% versus 2% in February.

Food inflation picked up to 6.32% in April from 5.21% in the previous month.

It was the first pickup in retail inflation since January, thus reducing the odds of further interest rate cuts next month by the Reserve Bank of India. RBI chief Raghuram Rajan aims to cap retail inflation at 5% by March 2017.

The pace of price gains in April was driven mainly by higher food costs. An early summer heat wave led to an increase of 3.8% in month-on-month prices for staple vegetables.

The Index of Industrial Production (IIP) rose at a subdued pace in March, as manufacturing growth, which constitutes roughly three-fourths of the index contracted by 1.2% as against 0.7% in February, government data showed on Thursday. It cumulatively grew by 2% in the 2015-16 financial year, down from 2.3% in the previous year.

In March, the IIP was boosted solely by electricity generation, which rose by 11% from the 9.6% rise seen in the previous month. Annual growth in electricity generation however moderated to 5.6% from the 8.4% growth seen in the previous year.

On the other hand, mining output contracted by 0.1% in March, a sharp fall considering the 5% witnessed in February. Mining growth increased by 2.2% in the last financial year as compared to by a 1.4% rise in 2014-15.

Among product categories, radio, TV and communication equipment registered the highest growth at 36.5%, followed by Tobacco products at 19.8%. Electrical machinery & apparatus on the other hand, continued to fall by the largest margin at 36.2%.

Cable, Rubber Insulated, continued its long streak in contributing the most to the contraction in the index. On the other hand, electricity, commercial vehicles and telephone instruments were the highest positive contributors to growth.

On the use based classification, capital goods, considered a proxy of investment demand, continued to contract sharply, going down by 15.4% after a 9.8% slide in the preceding month. Annually, it went down by 2.9% after a 6.3% rise in the previous financial year. This contraction has consistently acted as the big drag on the performance of the IIP Index.

On the demand side, decline in consumer non durables accelerated to 4.4% from the 4.2% fall in the previous month. The IMD's forecast of an above-normal monsoon has boosted the outlook for rural demand, which should help arrest the sustained contraction in consumer non-durables over the coming months.

Growth in consumer durables however increased by 8.7% after growing by 9.7% in February.

In March, 13 out of the top 25 products within manufacturing showed growth, down from 19 last month.

Big Boost to Ease of Doing Business- Passing of Bankruptcy Code

Code is a comprehensive and systemic reform, which will give a quantum leap to the functioning of the credit market and would take India from among relatively weak insolvency regimes to becoming one of the world's best insolvency regimes; Vision of the new law is to encourage entrepreneurship and innovation. 

History was created on 11th May, 2016 when the Rajya Sabha passed the major Economic Reform Bill moved by the Government i.e. ‘Insolvency and Bankruptcy Code,2016’. With the passing of this Bill, India has crossed an important milestone in becoming a world class economy. The Lok Sabha had already passed the Bill on 5th May, 2016. 

Hitherto India was lacking the legal and institutional machinery for dealing with debt defaults as per the global standards. The recovery proceedings by creditors, either through the Contract Act or through special laws such as the Recovery of Debts due to Banks and Financial Institutions Act, 1993 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has not had desired outcomes. Similarly, action through the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and the winding up provisions of the Companies Act, 1956 have neither been able to aid recovery for lenders nor restructuring of firms. Laws dealing with individual insolvency, the Presidency Towns Insolvency Act, 1909 and the Provincial Insolvency Act, 1920, were almost a century old. This has hampered the confidence of the lender and development of the credit markets in India. Resultantly, credit by banks is the largest component of the credit market in India and corporate bond market has not yet developed to the desired level. 

The Government decided to embark on a fundamental and systemic reform which would address this problem, both commercially and judicially. The idea was to come up with a comprehensive solution, which would encompass borrowing by firms and by individuals. In recognition of the fact that major sub-components of lending are done by non-banks, in particular the corporate bond market which serve infrastructure projects, bankruptcy reforms needed to have a consistent treatment of default. While the systems of well-functioning advanced economies were studied, the design that was implemented for India reflects a careful judgment about what would work under India conditions. 

The new law aims to consolidate the laws relating to insolvency of companies and limited liability entities (including limited liability partnerships and other entities with limited liability), unlimited liability partnerships and individuals, presently contained in a number of legislations, into a single legislation and provide for their reorganization and resolution in a time bound manner for maximization of value of their assets. Such consolidation will provide for a greater clarity in law and facilitate the application of consistent and coherent provisions to different stakeholders affected by business failure or inability to pay debt. This law will thus promote entrepreneurship, availability of credit and balance the interest of all stakeholders. 

The vision of the new law is to encourage entrepreneurship and innovation. It is true that some business ventures will always fail, but such failures will be handled rapidly and swiftly. Entrepreneurs and lenders will be able to move on, instead of being bogged down with decisions taken in the past. The Code empowers the operational creditors (workmen, suppliers etc.) also to initiate the insolvency resolution process upon non-payment of dues. In order to develop the credit market in India, in case of liquidation, financial debts owed to unsecured creditors have been kept above the Government’s dues in the list of priorities (waterfall). 

Facilitating early resolution and exit is as important as facilitating investment. The essential idea of the new law is that when a corporate entity defaults on its debt, control shifts from the shareholders/promoters to a committee of creditors, who have 180 days (extendable by 90 days in deserving cases) to evaluate proposals from various players about resuscitating the company or taking it into liquidation. When decisions are taken in a time-bound manner, there is a greater chance that the corporate entity can be saved as a going concern, and the productive resources of the economy (labour and capital) can be put to the best use. This is in complete departure from SICA regime where there were delays leading to destruction of the value of the firm. 

The Code separates commercial aspects of the insolvency proceedings from judicial aspects. While Insolvency Professionals (IPs) will deal with commercial aspects such as management of the affairs of the corporate debtor, facilitating formation of committee of creditors, organising their meetings, examination of the resolution plan, etc., judicial issues will be handled by proposed Adjudicating Authorities (National Company Law Tribunal / Debt Recovery Tribunal). One more important institution created under the Code is the ‘Information Utility’ which would store financial information and data and terms of lending in electronic databases. This would eliminate delays and disputes about facts when default does take place. 

The Code also provides a fast track insolvency resolution process for corporates and LLPs. This will be an enabler for start-ups and small and medium enterprises (SMEs) to complete the resolution process in 90 days (extendable to 45 days in deserving cases). 

The Code also addresses the important issue relating to cross border insolvency by providing the enabling mechanism on the subject. The Government, at an appropriate time, will come out with a detailed framework for cross border insolvency. 

The Insolvency and Bankruptcy Code is thus a comprehensive and systemic reform, which will give a quantum leap to the functioning of the credit market. It would take India from among relatively weak insolvency regimes to becoming one of the world's best insolvency regimes. It lays the foundations for the development of the corporate bond market, which would finance the infrastructure projects of the future. The passing of this Code and implementation of the same will give a big boost to ease of doing business in India. 

Manohar elected unopposed as ICC's chairman

Dubai, May 12 (PTI) Veteran cricket administrator Shashank Manohar was today elected unopposed as ICC's first independent Chairman, two days after he stepped down from the post of BCCI President.

The 58-year-old was elected to the post after the ICC Full Council's approval of constitutional amendments proposed by the Board following its April meeting.

Manohar, who on Tuesday resigned as the President of the Board of Control for Cricket in India, is the first elected independent Chairman of the game's governing body and will commence his two-year term with immediate effect.

According to the election process, ICC directors were each allowed to nominate one candidate, who had to be either a present or past ICC director. Nominees with the support of two or more Full Member directors would have been eligible to contest the election, which was scheduled to have been concluded by May 23.

However, given that Manohar was the sole nominee for the position and the Board has now unanimously supported his appointment, the independent Audit Committee Chairman, Adnan Zaidi, who has been overseeing the election process, has declared the process complete, and Manohar the successful candidate,' the ICC said in a release.

Manohar is a prominent Indian lawyer who served his first stint as the BCCI President from 2008-2011. Following the passing of Jagmohan Dalmiya, Manohar was re-elected as the BCCI President in October 2015 and, by virtue of that position, has held the role of ICC Chairman since then.

Commenting on his election, Manohar said: "It is an honour to be elected as the Chairman of the International Cricket Council and for that I am thankful to all the ICC directors who have put their faith and trust in my abilities.

I also take this opportunity to thank all my colleagues in the BCCI who have supported me during my recent time as the BCCI's President.

"These are exciting times for international cricket as we are presently carrying out a comprehensive review of the 2014 constitutional amendments which is aimed at not only improving governance structures, but cricket structures as well. The ultimate objective is to grow our sport and engage a whole new generation of fans and I look forward to working with all stakeholders to shape the future of cricket, which has a proud history and rich tradition."

In order to accommodate the new position of an "independent" ICC Chairman, on Monday the Full Council unanimously approved various amendments to the ICC's constitution. The amendments also included the abolishment of the President's post with effect from the 2016 ICC Annual Conference in Edinburgh, which has become redundant.

Rawat chairs first cabinet meeting after revocation of Prez rule

Dehradun, May 12 (PTI) Harish Rawat today held the first meeting of his cabinet after being reinstated as Uttarakhand Chief Minister and decided to quickly implement decisions taken by his government in the past and expedite execution of Government Orders (GOs) issued earlier.

The cabinet meeting was held a day after President's Rule was revoked in Uttarakhand.

During the cabinet meeting at the secretariat this morning, it was decided to expedite implementation of the old decisions of the Cabinet and Gos, a brief communication from the information department said.

The press briefing, which was to be held after the Cabinet meeting at 12:30, was cancelled.

Rawat had regretted the heavy loss suffered by Uttarakhand due to prolonged political uncertainty in the state yesterday and promised to work hard to make up for the loss.

Rawat was yesterday restored as Chief Minister of Uttarakhand, 46 days after he was ousted by the Centre in a political battle that ended in a setback to Narendra Modi government as the Supreme Court put its stamp of approval on the floor test in the Assembly.

Shortly after the court's directions, the Union Cabinet recommended to the President lifting of President's rule to enable restoration of the Rawat government.

Putin certain Russia can break any blockade, not only energy one

Putin has no doubt Russia will manage to break any blockade, should somebody decide to coach it

© Alexei Druzhinin/Russian Presidential Press and Information Office/TASS

SOCHI, May 11. /TASS/. Russian President Vladimir Putin has voiced the certainty that Russia will be able to break any blockade, not only energy one, should somebody decide to put its strength to test.

"Within tight deadlines the energy blockade of Crimea has been broken. In fact, I have no doubt we will manage to break any other blockade, should somebody decide to coach us," Putin said in a live video linkup devoted to Crimea’s energy supply.

Putin thanked all those who contributed to the construction of the energy lifeline that connected the Crimean Peninsula with mainland Russia.

"The energy link crossing the Kerch Strait is a complex technical project. The newest technologies were used here and the construction proceeded at shockwork speed," Putin said. He addressed the engineers, workers and all those who participated in the project with words of thanks for self-sacrificing effort and diligent attitude to their job.

"The Crimean Peninsula will have a robust infrastructure potential for economic development, for new industries and for strengthening the social sphere and the housing and utilities sector," Putin said. "I’m asking the Energy Ministry to keep the implementation of all these projects and development programs under permanent control."

Putin recalled that two power plants were being built in Simferopol and Sevastopol.

"An entire range of works on modernization of the energy system of the peninsula is still to be done, it is necessary to create a new, modern generating capacities, as well as to renew the energy sector there in general. More than 50 billion rubles on modernization and new construction are envisaged until 2020."

According to the President, taking into account own power generating capacity of Crimea the peninsula has a capacity of 1270 MW, while the expected peak of consumption level in summer will be 1,100-2,015 MW.

The Russian leader also said that considering the reserve capacities it is possible to ensure 1,800 MW to Crimea.

"In September 2017 one power generating unit will go operational at each of them. Their combined capacity will reach 470 megawatts," Putin said. "And in 2018 the power plants will add another 470 megawatts."

"In total more than 800 MW of electricity will be supplied via the energy bridge to the Crimea. Considering its own power generation capacity it is sufficient for normal operation and even a little bit more than is required for operation in regular mode. It's must ensure an uninterrupted power supply to industrial, infrastructure and social facilities and withstand the load with a margin during the summer holiday season when millions of tourists come to the peninsula," he said.

Exclusive: Trump surges in support, almost even with Clinton in national U.S. poll

NEW YORK  :Donald Trump's support has surged and he is now running nearly even with Democrat Hillary Clinton among likely U.S. voters, a dramatic turnaround since he became the Republican party's presumptive presidential nominee, according to a Reuters/Ipsos poll released on Wednesday.

The results could signal a close fight between the two likely White House rivals as Americans make up their minds ahead of the Nov. 8 election to succeed Democratic President Barack Obama. As recently as last week, Clinton led Trump by around 13 points in the poll.

In the most recent survey, 41 percent of likely voters supported Clinton, the Democratic front-runner, and 40 percent backed Trump, with 19 percent not decided on either yet, according to the online poll of 1,289 people conducted from Friday to Tuesday. The poll had a credibility interval of about 3 percentage points.

The results reflect a big increase in support for Trump since he knocked out U.S. Senator Ted Cruz of Texas and Ohio Governor John Kasich last week to become the last Republican in the White House race.

There was no immediate comment from the Clinton or Trump campaigns.

RBI to get rates panel in policy shift

A view of the Indian parliament building is seen in New Delhi July 21, 2008.

The Rajya Sabha on Wednesday approved a bill that sets up a panel to decide interest rates, bringing the Reserve Bank of India's policymaking process in line with that of its major global counterparts.

The measure was part of a broader finance bill approved by the Lok Sabha last week, meaning it now becomes a law.

Currently, Reserve Bank of India (RBI) Governor Raghuram Rajan is the sole authority for monetary policy decisions, with assistance from a panel that is purely advisory.

Under the new law - and from a date that has yet to be set - a six-member monetary policy council will set interest rates by majority, with a casting vote for Rajan in the event of a tie.

Three members will be representatives from the government, and three from the RBI.

The bill also requires the RBI to review its inflation target every five years. There is currently no set timeframe for such reviews.

The reform is a big boost for Rajan, who since taking office in 2013 has been trying to align the manner in which India sets monetary policy with that of central banks in developed economies.

Lawmakers in the Rajya Sabha are also expected to pass a new bankruptcy code later on Wednesday designed to help debt-laden Indian banks dent a $120 billion pile of troubled loans that is hobbling a broader economic recovery.
(Reporting by Manoj Kumar; Editing by Malini Menon and John Stonestreet)

Rawat set to return as CM following SC's nod

Harish Rawat is set to be reinstated at the CM of Uttarakhand after he was ousted by the Centre. PTI Photo.

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  New Delhi/Dehradun: Congress leader Harish Rawat is all set to be reinstated as Chief Minister of Uttarakhand, over six weeks after he was ousted by the Centre, with the Supreme Court today putting its stamp of approval on the floor test in the Assembly yesterday.16:17 HRS IST