New Delhi – The Indian economy has grown at a rate above expectations and may touch an annualised 9 percent in the current fiscal year, an economic advisor to the prime minister said on Sunday.

The gross domestic product growth rate was above an earlier projection of 8.5 per cent and already close to 9 per cent, C Rangarajan, chairman of Prime Minister Manmohan Singh’s economic advisory council was quoted as saying by PTI news agency.

The first half of the fiscal year, which runs through to March, has already recorded 8.9 per cent growth, Rangarajan said.

The Indian economy slowed to a 6.7-percent growth in the 2008-09 year due to the global financial crisis, after three consecutive years of 9-per-cent expansion.

Singh has repeatedly said that India has to aim for double-digit growth in order to eliminate poverty and provide jobs for its growing population of young people. – Sapa-dpa

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The US Senate has approved almost $4.6-billion (about R32 1-billion) to settle long-standing claims brought by American Indians and black farmers against the government.

The money has been held up for months in the Senate as Democrats and Republicans squabbled over how to pay for it. The two class action lawsuits were filed over a decade ago.

The settlements include almost $1.2-billion for black farmers who say they suffered discrimination at the hands of the Agriculture Department. Also, $3.4-billion would go to Indian landowners who claim they were swindled out of royalties by the Interior Department. The legislation was approved in the Senate by voice vote Friday and sent to the House.

President Barack Obama in a statement praised the Senate for passing the bill and urged the House to move forward on it. He said his administration is also working to resolve separate lawsuits filed against USDA by Hispanic and women farmers.

“While these legislative achievements reflect important progress, they also serve to remind us that much work remains to be done,” he said.

Elouise Cobell, a member of the Blackfeet Tribe from Browning, Montana and the lead plaintiff in the Indian case, said Friday that it took her breath away when she found out the Senate had passed the bill. She said was feeling despondent after the chamber had tried and failed to pass the legislation many times. Two people who would have been beneficiaries had died on her reservation this week.

“It’s 17 below and the Blackfeet nation is feeling warm,” she said. “I don’t know if people understand or believe the agony you go through when one of the beneficiaries passes away without justice.”

John Boyd, head of the National Black Farmers Association, said the passage of the black farmers’ money is also long overdue. “Twenty-six years justice is in sight for our nation’s black farmers,” he said.

Lawmakers from both parties have said they support resolving the long-standing claims of discrimination and mistreatment by federal agencies. But the funding has been caught up in a fight over spending and deficits. Republicans repeatedly objected to the settlements when they were added on to larger pieces of legislation. But Senate Majority Leader Harry Reid satisfied conservative complaints by finding spending offsets to cover the cost.

In the Indian case, at least 300 000 Native Americans claim they were swindled out of royalties overseen by the Interior Department since 1887 for things like oil, gas, grazing and timber. The plaintiffs would share the settlement.

The Cobell lawsuit has dragged on for almost 15 years, with one judge in 2008 comparing it to the Charles Dickens’ “Bleak House,” which chronicles a never-ending legal suit. Using passages from that novel, US District Judge James Robertson noted that the “suit has, in course of time, become so complicated” that “no two lawyers can talk about it for five minutes without coming to a total disagreement as to all the premises.”

The Indian plaintiffs originally said they were owed $100-

billion, but signaled they were willing to settle for less as the trial wore on. After more than 3 600 court filings and 80 court decisions, the two sides finally reached a settlement in December.

“Personally I still think we’re owed a hundred billion dollars, but how long do you drag this thing out?” Cobell said Friday. “Do you drag it out until every beneficiary is dead? You just can’t do that.”

Cobell said she feels confident about passage in the House, where the two settlements already have passed twice as part of larger pieces of legislation.

For the black farmers, it is the second round of funding from a class-action lawsuit originally settled in 1999 over allegations of widespread discrimination by local Agriculture Department offices in awarding loans and other aid. It is known as the Pigford case, named after Timothy Pigford, a black farmer from North Carolina who was an original plaintiff.

The government already has paid out more than $1-billion to about 16 000 farmers, with most getting payments of about $50 000. The new money is intended for people – some estimates say 70 000 or 80 000 – who were denied earlier payments because they missed deadlines for filing. The amount of money each would get depends on how many claims are successfully filed.

The bill passed Friday would be partially paid for by diverting dollars from a surplus in nutrition programs for women and children and by extending customs user fees.

Interior Secretary Ken Salazar said with the passage of the Cobell settlement: “This is a day that will be etched in our memories and our history books.”

The Obama administration has aggressively moved to resolve the discrimination cases after most of them have lingered a decade or more in the courts. Last month, the Agriculture Department offered American Indian farmers who say they were denied farm loans a $680-

million settlement.

Agriculture Secretary Tom Vilsack said passage “marks a major milestone in USDA’s efforts to turn the page on a sad chapter in our history.” –

Sapa-AP

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Washiington, D.C., United States (AHN) – The United States has briefed Pakistan on President Barack Obama’s decision to endorse Indian aspirations to join U.N. Security Council with a permanent seat and is leaving it to Islamabad to deal with the facts, according to the State Department.

Answering questions on Friday, PJ Crowley, the State Department spokesman told journalists, “We have briefed the government of Pakistan on the President’s announcement. I’m not aware that there was any particular concern expressed.”

“This (Obama’s support) is a reflection of the growing importance of the region to the rest of the world, and Pakistan should not see this as something that comes at their expense. It does not,” he said at his daily press briefing.

“I think they (Islamabad) understand what we told them, and beyond that, I’ll leave it to the government of Pakistan to describe its own reaction,” Crowley replied when asked about Islamabad’s strong reaction about President Obama’s endorsement of India for the Security Council bid.

Earlier on Monday addressing the joint session of Indian Parliament during his visit, Obama said, “I can say today, in the years ahead, I look forward to a reformed United Nations Security Council that includes India as a permanent member.”

“No one should see this in zero-sum terms. And first of all, understand that there is a process. It involves the Security Council and many countries that will have a say in the possible reform of the UN Security Council,” Crowley added.

Crowley noted that the U.S. had briefed Islamabad Obama’s decision, assuring its ally that his support to the bid is not at its expense.

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Washington, D.C., United States (AHN) – Indian Railways with their expansion program is in the midst of offering thousands of jobs in the United States if all goes according to expectations during U.S. President Barack Obama’s upcoming November visit to India, according to a visiting top-ranking Indian business visionary.

Moreover, the initial orders are expected to cross a combined value of $4.5 billion from Indian Railways in the next 10 years, of which a substantial share is set to go to involved American firm, added Amit Mitra, chairman of an experts committee set up by Mamta Banerjee, the Indian railway minister.

Among all the offers on the plate, one is a definite win-win situation for the U.S. businesses as only two companies Elector-Motive Diesel (EMD) and General Electric (GE), both from the U.S. are bidding for the project of manufacturing of diesel locomotives worth millions of dollars, noted Mitra.

Mitra, who is also the Secretary General of the Federation of Indian Chambers of Commerce and Industry (FICCI) is looking at the role of Public Private Partnerships (PPP) and innovative financing for the development of Indian railways.

American company GE also features among four bidders for a multi-million dollar electrical engine components unit in Dankuni, also in West Bengal.

Mitra noted that the corresponding jobs in the U.S. would be created either in Erie, Pennsylvania or in LaGrange, Illinois.

In the coming month, there is an invitation to receive financial bids in the pipeline from six short-listed companies, including one from the U.S., for building a coach factory in Kanchrapara in West Bengal.

During his trip to Washington, D.C., Mitra disclosed he was here working to finalize business agenda for the November presidential visit to Mumbai, Amritsar and New Delhi.

Mitra noted that with the generation of jobs both in the U.S. and India, the upcoming Obama visit is set to cement the economic ties between the two democracies.

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There are times come to our life when we need money for fulfil the desires of ours and our family. These desires can be visiting to a dream holiday vacation. purchasing an electronic appliance for our family, wedding of daughter etc. In the country like India, for the banks and other financial organisations, money can not be the barrier for fulfilling these desires. Indian Banks do provide loans for personal expenses at an affordable rate of interest and flexible terms and conditions.

Personal loans are provided to both salaried and self-employed individuals. Though there are special loans that being provide by the banks to the self employed professionals such as engineers, architects, doctors, chartered accountants, company secretaries and ICWAI graduates. Under the category of personal loan one can get a minimum amount of Rs. 20,000 and the loan amount can be extended up to Rs. 20 lakhs. The amount totally depends on some factors such as the financial standing of the borrower, repayment capacity of the borrower, past record of loan repayment and so on. The repayment option varies from bank to bank. Usually banks provide the repayment tenure period of one year to five years.

The personal loans are absolutely hassle-free loans. For getting the advantage of this kind of loan one does not have to keep anything as security or guarantor to the loan provider. The borrower will get the option to pay the loan amount by with easy Equated Monthly Instalments.

There are various Indian and foreign banks there which provides personal loans against a very moderate rate of interest and flexible terms and conditions. Among all the banks some of the best personal loan providers are State Bank of India – Loan For Personal Expenses, ICICI Bank – Available Loan For Personal Use, HDFC Bank – HDFC Bank Personal Finance, Bank of India – Star Personal Scheme, IDBI Bank – IDBI Personal Expense Finance, Bank of Baroda – Baroda Personal Financial Offer, Standard Chartered – EMI Refund Program Scheme, HSBC Bank – Smooth Personal Loan Repayment, Development Credit Bank – DCB Personal Vantage Plan and United Bank of India – United Personal Schemes. With a very affordable interest rate these banks offer customers highly flexible terms of repayment.

From these banks one can avail specialised best personal loans for under the category of Consumer Durable Loans, Festival Loans, Marriage Loans, Pension Loans and personal Computer Loans.

If we have a close look at the personal loan market in a developing country like India, we will be amazed to know that India has broken her long-standing shackles to emerge as one of the most promising names in the world of economic development, courtesy the loan market. Studies have revealed that the major constituent of the loan borrowers belongs to the middle and low economic classes. These economic classes have made the “right” use of these loans to strengthen their economic prosperity besides fulfilling their basic as well as luxurious needs with the help of these loans. It has also been seen that most of the leading financial institutions in the country are now focusing on customer appealing and budget-friendly loan deals to grab the attention of the masses. These changes have been greatly admired by the masses and this is clearly evident from the fact that a major part of the Indian working class use the personal loans as definitive measures to meet their needs.