Sachin's comment on his absence in parliament

Sachin Tendulkar Says Medical Emergency in Family Kept Him Away From Parliament

 Sachin Tendulkar today said a medical emergency in his family kept him from Parliament, after several MPs criticised his poor attendance.

"My elder brother underwent bypass surgery and I had to be by his side. I don't disrespect any institution," said the cricket legend who has rarely attended Parliament since he became a Rajya Sabha member in 2012.

Earlier today, members in Rajya Sabha raised the absence of Sachin and actor Rekha and called it unacceptable.

"Sachin attended the house just for three days. Rekha came just seven days," CPI member P Rajeev said, citing a rule that says if a member is absent for 60 days, his seat can be declared "vacant".

Rajya Sabha Deputy Chairman PJ Kurien replied that Sachin had been absent for 40 days and Rekha even less. "Both Sachin and Rekha are yet to cross that threshold. No violation of the Constitution has occurred," he said.

Celebrity parliamentarians are notorious for their poor attendance. But Sachin Tendulkar probably has the worst record of all.

The 41-year-old master blaster, who retired in November, has not attended a single session of Parliament this year. He has also not participated in any debates in the House so far.

An embarrassed Congress, which nominated Sachin and Rekha to the Upper House, said both members have been spoken to.

"They should attend Parliament more frequently, but Sachin and Rekha have not taken a single MP privilege. Next week, Rekha is coming," Congress leader Rajeev Shukla said.

When Sachin was sworn in as a member of the Rajya Sabha in June, 2012, he had promised to champion the development of sports in India.

Poet-lyricist Javed Akhtar, a fellow Rajya Sabha member, remarked, "Membership is not a trophy that he took it and went. He has a responsibility and should come."

The Nationalist Congress Party's DP Tripathi said, "As a cricketer I admire Sachin Tendulkar and Rekhaji as an actor. But their absence in Parliament is not at all acceptable."

India, US to Renew 10-Year Defence Pact, Jointly Develop Military Hardware

New Delhi:  India and the US agreed to renew the existing 10-year defence pact today and decided to start joint development and production of military hardware. The decisions were taken during US Secretary of Defence Chuck Hagel's meeting with Indian leaders including Prime Minister Narendra Modi.

The two decisions, in effect, signify a re-vitalisation of the Indo-US strategic relationship and an arrest of the slide the relationship had witnessed during the last years of the UPA-II.

Mr Hagel's three-day visit to India follows one by US Secretary of State John Kerry last week and is part of the build-up to PM Modi's talks with President Barack Obama in Washington in September. The trip comes as India is considering a $1.4 billion deal to buy at least 22 US Apache and 15 Chinook helicopters.

The 10-year defence pact, now called the "New Framework for the United States- India Defence relationship" was signed in 2005 and is slated to end next year.

"Both sides are keen to extend the agreement well before it ends," said a spokesman of the Ministry of Defence. The pact may be re-negotiated under a new name but like the existing agreement, will continue to guide the entire gamut of Indo-US military dialogue.

The decision to jointly develop and produce military hardware in India had been taken last year after a meeting between US President Barack Obama and former Prime Minister Dr Manmohan Singh. But the UPA-II had failed to operationalise and capitalise on the agreement.

Stressing on the issue, Defence Minister Arun Jaitley said, "Development of our own indigenous capabilities is a major objective that guides our present policy. In this direction, we have taken steps to raise the FDI cap in the defence sector."

India's long shopping list for US military hardware, however, did not come up for discussion. On the contrary, the discussions, as reported by NDTV earlier, centered broad issues and means to deepen ties.

Pentagon Press Secretary Rear Admiral John Kirby said among the issues that figured prominently were Iraq, Afghanistan, the threat of terrorism in the Middle East, and "security issues in the areas comprised by the Indian and Pacific oceans." 

Gaza strike

JERUSALEM (AP) — The Israeli military says it has resumed strikes on targets "across Gaza" in response to rocket fire from the territory that was aimed at Israel.

The new round of fighting came after a three-day truce expired on Friday morning and Israel-Hamas talks that have been underway in Cairo on a new border deal for blockaded Gaza hit a deadlock.

After the end of the temporary, 72-hour cease-fire, Gaza militants fired at least 17 rockets at Israel. Gaza's police say that Israel then resumed tank fire on northern Gaza and launched an airstrike that hit a farm south of Gaza City.

The Israeli military said that following renewed rocket fire, it targeted sites linked to militant groups "across Gaza."

Role of Stock exchanges

Stock Exchange

It is an organized market for the sale and purchase of securities such as shares, stocks and bonds.

Stock exchanges are like markets where buyers and sellers of shares, stocks and bond meet.

These are known as secondary market.

Once shares are issued by companies, these can again be bought or sold through a Stock exchange.

Role of Stock exchanges

Stock exchanges have multiple roles in the economy, this may include the following:

Raising capital for businesses

The Stock Exchange provides companies with the facility to raise capital for expansion through selling shares to the investing public.

Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in a stronger economic growth and higher productivity levels and firms.

Facilitating company growth

Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion.

Redistribution of wealth

Stocks exchanges do not exist to redistribute wealth. However, both casual and professional stock investors, through dividends and stock price increases that may result in capital gains, will share in the wealth of profitable businesses.

Corporate governance

By having a wide and varied scope of owners, companies generally tend to improve on their management standards and efficiency in order to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government.

Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors.

Government capital-raising for development projects

Governments at various levels may decide to borrow money in order to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government.

Barometer of the economy

At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the stock indexes can be an indicator of the general trend in the economy.

Vizinjam harbor

Vizhinjam is a coastal Town in Thiruvananthapuram (Trivandrum) District of Kerala state, South India.Vizhinjam, ‘Port of the Future’ is located at 8021’N and 770 0’ E on the west coast of India and has a number of inherent strength as a port. The Port is merely a 10 NM diversion from international east-west shipping route and is also close to national/regional road and rail network.  The sea is 23 to 27 metres deep at the proposed site. This would facilitate berthing of large container ships. As India now did not have ports that deep, goods were being transported on smaller ships to India. The port is supposed to be 150 metres in width.

About 250-275 hectares (600 to 700 acres) would be made available through reclamation of the sea. The port would have two breakwaters of 1.5 km and 6 km with harbour basin and wharfs. There would be about 30 berths, most of which would be capable of handling Mother Vessels. There was high potential for a new port as India needs additional capacity in the coming years. Thus Vizhinjam port has very high importance from this point of view. The port handling capacity is envisaged to be 4.1 million TEU/annum at the completion of the Project and would cater to 12000 TEU vessels

Gods Own Country - Tourism   Kerala 'Gods Own Country' Nestled lovingly within the lap of nature, bedecked by the Western Ghats and more essentially by the backwaters and crisscrossing rivers that make the lifeblood of its history, culture and heritage. A long shoreline, with internationally renowned beaches, historic monuments, backwater stretches and a rich cultural heritage make this district a much sought after tourist destination. Trivandrum, the capital of the Kerala and the headquarters of the district, is well connected by air, rail and road. Sree Padmanabha Swami Temple, the Kanakakkunnu Palace, the Observatory, the Science and Technology Museum, the Government Secretariat, the Kowdiar Palace, St. Joseph’s Cathedral, the Tagore Centenary theatre the museum , Kovalam beach, Vizhinjam harbor and zoo are some of the tourist attractions in the city. Sree Chitra Art Gallery with its rich collection of exquisite paintings, is another attraction. Kerala is one of the Ten Paradises of the World "National Geographic Traveller".

Factors affecting individual expenditure

Level of income/wealth

An individual with high income will usually spend more than a person whose income is less.

Family size and commitments

An individual with a large family will end up spending more from his income.

Rates of interest

When interest rates are high people usually spend less as saving are a more attractive option.

Availability of/knowledge about savings schemes

Availabiliy and knoweledge of saving schemes will result in individuals spending less and saving more.

Confidence in banking system 

A strong banking system will attract more savings and hence less spending.

Personal needs/lifestyle

Lifestyle of an individual is a major determinent of how much is spent. Individuals following lavish lifestyles will end up saving less and spending more.

Health care

Individuals having health issues or paying heavy health insurance premium is ought to have more expenditure as compared to a person having less or no health issues or no health insurance premium liabilties.

Education

People usually with higher education will end up spending more compared to a less educated person. The prime reason being an educated person will have varied interests.

Future expectations

Individuals who feel more insecured about their future will save more for the 'rainy days' and hence have will spend less.

Labour market - IGCSE-GCE O' LEVEL ECONOMICS.

How to wage rate is determined?

The wage rate in a particular industry is determined by the market forces i.e. demand and supply.

The point at which the demand and supply of labour will intersect will determine the wage rate for that particular industry.

A rise in the demand for labour will lead to a rise in the equilibrium wage rate.

A fall in the supply of labour will result in a rise in the equilibrium wage rate.

Download handout 'labour market graphs'

Why work for low Wages? 

There may be times when a worker would be prepared to work for very low wages?

The reasons might be

• The worker might not be able to get another job and has to contend with low wages till he finds a better paying job.
• Low skilled jobs usually have low wages. The worker might not be trained to do skilled job and thus get low wages.
• The worker might choose to work part-time and does not mind low pay. For example, a student working doing a part time job to earn his pocket money may not negotiate too much for higher wages.
• In the same way, a worker might view the job as a temporary measure until a better job is available and may not negotiate for better wages.
• Lack of information is also an important factor. Workers who do not know of alternative jobs usually land up getting lower wages.
• Age may be a factor which limits the worker to get higher wages.

Why workers change jobs at same wages?

There are many times when a worker decides to move to another job at the same rate of pay

The reasons might be:

• Sometimes workers move from one job to another at the same rate of pay because their working conditions are not good or acceptable to them and they prefer to change job even though they are not paid more.
• There may be times when the worker may find problems due to extreme weather conditions or geographical factors.
• Workers also change jobs in expectation of better prospects of promotion or professional development, though they are not getting higher wages.
• Many workers might find the journey to work very tiring and would prefer to work close to their homes.
• Some workers might relocate to a location which they personally like even though they might get the same wages.
• Working in large company is considered as a status symbol by many workers and they might change job to work in a large company.
• Many businesses don’t pay high wages but care for their employees by providing Fringe benefits such as subsidised meals, health scheme, leisure activities. This may also influence a worker to move to these businesses.

Why wages differ?

Reasons for differences in remuneration:

• Skills/training: Jobs requiring higher level of skills and training usually fetch higher remuneration
• Education/qualifications: Again jobs requiring higher level of education/qualification are paid higher remunerations.
• Experience: People with vast experience will get higher remuneration as compared to a person with lesser experience.
• Level of responsibility: Jobs with greater responsibilities are usually paid more.
• Geographical area: Jobs located in urban areas are usually carrying higher remunerations because of higher living costs in cities. People working in trecherous geographical areas may get extra remuneration in the form of additional allowances.
• Trade union membership: Trade Union members might end up negotiating better remunerations then non-trade union members.
• Demand factors: Firms producing goods and services which are high in demand usually pay better remunerations to their workers.
• Supply factors: Industries where there is a shortage of workers will usually pay higher remuneration to attract workers

Factors affecting individual's choice of job

An individual might be influenced by many factors while choosing a job. These factors are divided into wage factors and non wage factors.

Non-wage factors

Here are some of the non-wage factors which might influence an individual's choice.

• length/number of holidays
•  working conditions/environment
• hours of work
• promotion/career prospects
• travelling distance
• size of company
• social/canteen facilities
• provision of insurance scheme
• company car.f