12 april GK

Japan raises nuclear crisis level to 7, as bad as Chernobyl

atomic crisis on Tuesday, the first time the ranking has been invoked since the Chernobyl disaster in 1986. The incident at the crippled Fukushima Daiichi nuclear plant was sparked by last month's earthquake and tsu nami, which killed more than 13,000 people, with around 14,500 people still missing.The re-grading to a "major accident" puts Fukushima on a par with the 1986 Chernobyl disaster, the world's worst ever-peacetime nuclear event. The meltdown at Chernobyl in the then Soviet Union spewed a large volume of toxic radiation, poisoning large areas of land and affecting thousands of lives.

Officials said it was difficult to estimate exactly how much radiation had been released in Japan's nuclear emergency. But available estimates "show levels equivalent to Level Seven," a safety agency official said.

Workers at Fukushima Daiichi are battling to control overheating reactors whose cooling systems were knocked out by last month's enormous waves.

The re-assessment from level five on the scale came as Japan was rocked by yet another powerful aftershock from the 9.0 magnitude quake that unleashed a devastating tsunami on March 11.

The 6.2 magnitude tremor hit 77 kilometres east of Tokyo on Tuesday and swayed buildings in the capital, temporarily shutting down subway services and halting bullet trains. US geologists originally put the magnitude at 6.4.

In a fresh setback, a fire broke out early Tuesday morning at a battery unit outside a building at the No. 4 reactor unit, but was quickly extinguished and did not spread to other areas, plant operator Tokyo Electric Power said.

The operator said it was not related to Tuesday's quake.

Already frayed nerves had been pushed further Monday after coastal areas were put on alert for a tsunami up to one metre (three feet) high after a 6.6 magnitude quake, which was known to have killed at least one person, Jiji Press reported.

Japan's meteorological agency withdrew the warning less than an hour later as the nation marked a month since the monster quake and towering tsunami of March 11.

Tokyo said Monday it was augmenting the evacuation area around the plant because of long-term health worries, even as the government said the danger of a large leak of radioactive materials was fading.

"The possibility that the situation at the nuclear plant will deteriorate and lead to new leakage of massive radioactive materials is becoming significantly smaller," chief government spokesman Yukio Edano told reporters.

He later told reporters the government was concerned over the effect of long-term exposure to radiation and would be ordering people to leave certain areas more than 20 kilometres (12 miles) from the plant, which are currently outside the exclusion zone.

But Edano said a uniform extension of the zone was not appropriate.

The assessment that the bulk of the danger had passed seemed to jar with Tuesday's reports that the government is boosting its assessment of the incident.

Kyodo reported that preliminary figures from Japan's Nuclear Safety Commission revealed the battered plant released 10,000 terabecquerels of radiation per hour for several hours at one point after the March 11 disasters.

According to the International Nuclear Events Scale, level seven incidents are ones with a "major release of radioactive material with widespread health and environmental effects requiring implementation of planned and extended countermeasures."

People around the country had fallen silent at 2:46 pm Monday in remembrance of the victims of Japan's worst catastrophe since World War II.

Around 150,000 people are still in emergency shelters after losing their homes or being evacuated from around the leaking Fukushima Daiichi plant.

IMF lowers India's growth forecast to 8.2 pc

International Monetary Fund (IMF) has lowered India's economic growth rate forecast to 8.2 % for 2011 and warned that boom like conditions could lead to over-heating of the economy. "The challenge for many emerging and some developing economies (is) to ensure that present boom-like conditions do not

develop into overheating over the coming year," the IMF said in its World economic Outlook report.

The multilateral lending agency had earlier projected the country's economy to grow by 8.4 % in 2011.

IMF took note of the high inflation in India, recorded at 8.31 % in February, even as RBI expects it to come down to 8 % by March-end.

"Signs of overheating are starting to materialise in a number of economies. Most of the increase in headline inflation in recent months has been due to a spike in food prices, but core inflation has also been increasing in a number of economies, most notably India," IMF said.

Further, it projected the Indian economy to grow at a moderate 7.8 % in 2012 and cautioned that rising commodity prices and disruptions to oil supply could pose new risks to economic recovery.

"Commodity prices have increased more than expected, reflecting a combination of strong demand growth and a number of supply shocks. These increases conjure the spectre of 1970s-style stagflation, but they appear unlikely to derail the recovery," the IMF said.

According to the international multilateral organisation, the inflationary pressure is likely to increase further as high food and energy prices would require an increase in wages.

On global growth trends, IMF said, Asia would outpace other regions on the back of strong export performance,buoyant private domestic demand, besides rapid credit growth.

It said the financial conditions continued to improve after the global crisis, although they remained unusually fragile.

"In many emerging market economies, demand is robust and overheating is a growing policy concern. Developing economies, particularly in sub-Saharan Africa, have also resumed fast and sustainable growth," IMF said.

It added, "Given the improvement in financial markets, buoyant activity in many emerging and developing economies, and growing confidence in advanced economies, economic prospects for 2011–12 are good."

However, it retained its projection for global economic growth at 4.5 % in 2011 and 2012, which is lower than 5 % growth it projected for 2010.

MF lowers India's growth forecast to 8.2 pc

International Monetary Fund (IMF) has lowered India's economic growth rate forecast to 8.2 % for 2011 and warned that boom like conditions could lead to over-heating of the economy.

BRICS should coordinate in key areas of development: PM

Cautioning that the traditional sources of economic growth are under stress coupled with fresh uncertainties around the globe, Prime Minister Manmohan Singh today said that it would be to the advantage of five-nation BRICS grouping to coordinate in key areas of development.

Govt steps likely to bring down inflation: Pranab

Finance minister Pranab Mukherjee today said that while food inflation has come down, it still remained a matter of grave concern and steps are being taken to bring it down.

Chorus to raise rates as inflation hits world economy

It’s not India alone, where authorities are battling to keep growth on track while reining in price. HT reports. Growing concern

·                         Breathe easy: Your EMIs aren’t likely to go up soon

India still 2nd best FDI spot, recent dip temporary: Nomura

Nomura India has said despite recent massive slump in FDI inflows, the country remains the hottest investment destination in the world after China and that inflows will return to the pre-crisis peak by early 2012.

Govt confident of achieving fiscal deficit target

The Indian government will meet the fiscal deficit target during the current fiscal and not exceed its borrowing limit, top finance ministry officials said on Saturday.

Corruption hits the poor harder, says Pranab

The food security bill which the government is working on, and the implementation of the Direct Tax Code and unified Goods and Services Tax would go a long way towards bringing about inclusive growth, finance minister Pranab Mukherjee said here on Friday. HT reports.

The other side of corruption

So you thought corruption was only for babus and netas? While abuse of office in the government or public sector by politicians or bureaucrats is commonly called political corruption, the role that the private sector plays in influencing it is often not in public focus.Gaurav Choudhury reports. Graft League

Fuel price hike coming after assembly polls?

Spiralling global crude oil prices - currently hovering at $121 a barrel - would have burnt a big hole in the pockets of consumers by now were it not for the assembly elections in five states. Anupama Airy reports. Crude punch

Expedite taxation deal, Pranab urges the Swiss

Finance minister Pranab Mukherjee today urged Switzerland to immediately ratify the Double Taxation Avoidance Agreement (DTAA) that was signed between the two countries last August.

Effects of recession to echo in 2012 says WTO

World trade will carry the scars of the financial crisis into 2012, the World Trade Organization said today, predicting 6.5% growth for this year, a rate much more modest than last.

Food inflation down to 9.18 pc for week ended March 26

Food inflation fell to 9.18% for the week ended March 26, the lowest level in almost four months, on the back of a decline in the prices of pulses.

‘Chinese economy to slow down to 9.6% this year’

Chinese economy is expected to slowdown to grow around 9.6% this year from 10.3% last year, due to inflation pressures and tightening of monetary policy, according to a report released by the Asian Development Bank (ADB) on Wednesday.

ADM faces govt probe on investment norm violation

The US-based agro products giant ADM (Archer Daniels Midland) is facing investigations in India on charges of manipulating the investment norms laid out by Foreign Investment Promotion Board (FIPB) of the ministry of finance.Vivek Sinha reports.

NTPC to add 30,000 mw capacity, 15 new thermal plants

Domestic power major, NTPC Ltd on Wednesday said that it plans to set up 15 new thermal power projects in the next 5-7 years, over and above the plants the company is currently executing, with a total capacity of about