No hidden treasure in Unnao, ASI stops excavation: Report

The Archaeological Survey of India has stopped digging for gold treasure at the fort of Raja Rao Ram Bux Singh in Unnao.

According to ASI officials, excavations have confirmed that there was no gold at the fort, Times Now reported.

Some pottery pieces from Buddhist era have been found from the site.

The excavation had begun on October 18 after a seer, Shobhan Sarkar, saw in his dreams that 1,000 tonnes of gold was supposed to be buried under the ruins of the 19th century fort.

More: http://timesofindia.indiatimes.com/india/No-hidden-treasure-in-Unnao-ASI-stops-excavation-Report/articleshow/24868620.cms

Tendulkar will have to earn every run: Richie Richardson

West Indies players felt privileged to have been invited for Sachin Tendulkar's farewell series but they would not give any inch to the veteran batsman and he will have to earn his runs, former Windies player and now team's operation manager Richie Richardson said on Tuesday.

"First of all we want to express our gratitude for inviting us to play a marquee Test series against India. The entire Caribbean team are elated to play the farewell series of Sachin," Richardson said, a day after their arrival here.

"Having said that, we want to make it clear that we have come here with a mission to win the series. We will try our best to stop him from scoring runs. We will not let him an inch. He has to earn every run," he added.


West Indies players felt privileged to have been invited for the series but they would not give any inch to the veteran batsman, said the former player.

"Winning a series in the sub-continent is a big challenge for every team. It's a big opportunity for the youngsters."

The former captain said the visiting team will give a fitting tribute to Tendulkar after his swansong Test in Mumbai.

"We all have thought about giving a fitting tribute to Tendulkar after his last Test at Wankhede. We don't want to reveal our plans. It will be a big surprise for him," he said.

Richardson recollected the 1992 World Cup in Australia where he had the first glimpse of Tendulkar.

"He seemed to be a new kid on the block and who could be compared with the greatness of Brian Lara," he said.

But he refused to compare Tendulkar and Lara, saying "We don't want to compare between the two players. Both are great."

Richardson said former Indian captain Sunil Gavaskar had left a huge impact on the Caribbean.

"People back in the Caribbean worship Sunil Gavaskar for his fearless cricket. He's always been on top of people's mind. Despite the greatness of Gavaskar, Tendulkar has been able to create a place for himself. That's the biggest achievement of Tendulkar."

West Indies begin the month long tour with a three-day practice game against Uttar Pradesh at Jadavpur University campus ground from Thursday ahead of the opening Test at Eden Gardens from November 6-10.

More: http://ibnlive.in.com/news/cricketnext/tendulkar-will-have-to-earn-every-run-richie-richardson/431247-78.html

India Inc slams Raghuram Rajan-led RBI repo rate hike, says will hit investments, growth

Hike in the key interest rate by RBI today will hit the already weak investment momentum and impact India's economic growth, India Inc said.

"This has disappointed the industry especially as the investment climate continues to be weak and growth outlook remains muted as a high interest rate regime deters consumption and investment demand," CII Director General Chandrajit Banerjee said.

The Reserve Bank hiked the short-term lending (repo) rate by 0.25 per cent as part of efforts to tame inflation - a step that will make corporate and consumer loans more expensive.

In the first full policy unveiled by him, RBI Governor Raghuram Rajan increased the repo rate to 7.75 per cent, but cut the cost of short-term funds for banks by slashing the marginal standing facility (MSF) rate by a similar quantum to 8.75 per cent.

CII said RBI could have refrained from affecting the hike as the industry is reeling under pressures of high cost of capital and low availability in a tight liquidity situation.

Ficci Secretary General A Didar Singh said: "Given the slowdown in economic growth, weakening pace of investment activity and downswing in consumption, we were hoping that the RBI would steer focus towards supporting growth that is so essential for employment generation in the economy."

Industry is certainly disappointed over the increase in repo rate, he added.

"The kind of inflation we are witnessing in India is more of a supply-side phenomenon. While raising interest rates would have little impact on such inflation, it will certainly penalise Indian industry that is already in the midst of a slowdown," Singh said.

High food prices, especially of onions and some other vegetables, pushed up Wholesale Price Index (WPI) inflation to a seven-month high of 6.46 per cent in September.

The industry is apprehensive that the rate may be raised again if inflationary pressure continues.

Assocham President Rana Kapoor said the hint is rather clear from Rajan's statement which reads: "On inflation, both wholesale and consumer price inflation is likely to remain elevated in the months ahead, warranting an appropriate policy response."

Assocham said although the repo rate hike by 25 basis points was expected by the markets, the worrying part for the industry is the outlook and the hints in the policy that in the wake of elevated inflation, the interest rates may be revised again.

Apparel Export Promotion Council (AEPC) said the industry is facing the high cost of finance, increasing the repo rate increase the lending interest rate.

"We have already requested for separate chapter for pre/post packing credit rate of 7.5 per cent. The RBI should consider this once again so that momentum of garment export growth is not lost," AEPC Chairman A Sakthivel said.

CII said, however, the reduction in MSF rate would help banks to reduce short-term interest rates and enhance their lending operations during the busy season, especially at a time when there is a significant reduction in the flow of funds to productive sectors of the economy.

More: http://www.indianexpress.com/news/india-inc-slams-raghuram-rajanled-rbi-repo-rate-hike-says-will-hit-investments-growth/1188685/0

Your Red Fort dream will remain a dream: Nitish to Modi

Bihar chief minister Nitish Kumar accused his Gujarat counterpart Narendra Modi of bluffing and peddling false statements for effect to score political points, hitting back two days after being ridiculed by the BJP’s prime ministerial nominee.

“A man who aspires to the high post should have patience and not be excitable,” Nitish said at the Janata Dal (United) convention in Rajgir on Tuesday and went on to give a point-by-point rebuttal of Narendra Modi’s attack on him at the Bharatiya Janata Party’s rally in Patna on Sunday. “His Red Fort dream will remain a dream.”

Nitish said the biggest challenge before the country was not merely communalism but that of fascism, which is rearing its head under divisive forces.

The BJP leader had urged people to “uproot the backstabbers”, a reference to the acrimonious split between the saffron party and the JD-U. “This is not how democracy functions. This is the language of Hitler, of a person who brooks no opposition,” he said while asking people to maintain harmony.

The JD-U leader even took a dig at the name of BJP’s mega rally, “BJP's hunkar (battle cry) rally reflects their arrogance. These are all fascist characteristics. Hitler's associate, Goebbels had said if you tell a lie many times, it appears to be the truth. This is what they do.”

The Bihar chief minister said Modi’s statements were a figment of his imagination. “We were not seated at the same table at any lunch hosted by Prime Minister Manmohan Singh. That tale is a lie just as the party saying that wind’s blowing in Modi’s favour,” he said.

Nitish was referring to Modi’s statement that the Bihar CM was a hypocrite for refusing to eat while sitting on the same table with him because he was possibly afraid of being photographed.

The JD-U leader also slammed Modi for saying he had abandoned Loknayak Jayaprakash Narayan, popularly known as JP. “Who left JP? Why was it said? Just for rhyming JP and BJP.”

On Sunday, referring to Nitish, Modi had said, “People in Bihar are not opportunistic, except a few.”

“If the BJP was so hurt, why did the party fight 2010 elections in alliance with the JD-U? Because they could not do without our party. So, tell me, who is opportunistic? It was the BJP that betrayed us and weakened the anti-Congress forces.”

Nitish was instrumental in getting the JD-U to sever a 17-year-old alliance with the BJP in June following Modi’s elevation — first as the saffron party’s campaign committee chief for the 2014 Lok Sabha elections and then as its PM face.

Modi had said at the Sunday rally that he sold tea on a railway platform and understood how poor lived. “I may not have sold tea on a platform but I am also a common man. I come from a family of small farmers and my father was a freedom fighter. You don’t have to be backward to understand people’s pain, you have to work for their upliftment.”

Modi had never referred to Nitish by name at his Patna rally and the Bihar CM paid back in the same coin.

Nitish also punched holes in “historic claims” made by the Gujarat CM during his rally. “The man (Modi) has an amazing grasp of history. He should know Chandragupta was of Maurya dynasty, not of Gupta dynasty. Neither is Takshashila in Bihar, as Modi said, it is situated in Pakistan.” Nitish said Modi may believe that Alexander was defeated by Biharis but history says the Greek king never reached Bihar.

He took pot-shots at the BJP’s propensity to invoke Lord Ram’s name at his rallies. “Ram is not an acting member of your party. The BJP should remember that Lord Ram and Krishna united the country and didn’t belong to any caste or party.”

Nitish refuted claims that the Hunkar rally was the biggest show of strength seen at Patna’s Gandhi Maidan till date. “Nobody can beat our rally in Patna last year, which was for Biharis and not for an individual.”

He said he was saddened by the blasts which took place on the day of the rally. “My former friends in the BJP accuse me of failing to provide adequate security for BJP Patna rally. I had told all agencies in the state to provide the best possible security.”

About the party’s plans for the approaching general elections, the Bihar CM said the party is asking for special status for Bihar. “Special status for Bihar will be JD-U's main issue in 2014 polls. Bihar isn't begging for special status. It's our right.”

More: http://www.hindustantimes.com/india-news/your-red-fort-dream-will-remain-a-dream-nitish-to-modi/article1-1144804.aspx