Over the years, financial markets have grown used to expecting the unexpected. Almost any passage of time in the history of financial markets is replete with events which have taken market participants by surprise. However, it would be fair to say that 2020s have just taken this to an altogether different level. In a lighter vein, one could wonder how the first quarter of last few years has made it a habit of making a mockery of beginningof-year forecasts. While 2020 was a year which began under the looming threat of geo-political tensions between US and Iran; by the end of the first quarter, the thing that had turned the world upside down was, after all, a virus. At the start of 2022, while all eyes were on the spread of Omicron; by the end of the first quarter, the event that actually shook everyone was a geopolitical one (Russia-Ukraine war). Indeed, one would want to turn back the clock or rather, the calendar, to the beginning of this year with a hope that diplomacy and good sense prevailed and the world avoided this human tragedy, still unfolding in Ukraine. While turning time back and forth can only be wishful thinking, it certainly does happen twice a year – in some countries. Yes, indeed, I am referring to ‘daylight saving time’, which basically involves the practice of setting ahead clock by an hour at the beginning of summer and setting it back by an hour at the beginning of winter in most western countries.
Interestingly, while this idea was floated in the early twentieth century, it only took off during World War I as countries scrambled to save energy by making better use of daylight. This wasn’t the only new idea to take off in the aftermath of a war. For instance, widespread manufacturing of antibiotics, like penicillin in US, took off only during World War II. Stainless steel rose to prominence during World War I as the British military sought an alternative to other metals, which were prone to damage from heat and friction. While different forms of computers are used across all industries today, the world’s first large scale electronic computer was built during World War II. Rapid progress in radar technology during World War I paved the path for civil aviation industry to take off. This list goes on and on and includes wristwatches, synthetic rubber, pilates etc. In fact, it is not just the military conflicts that have triggered innovations.
The competitive spirit during the Cold War too led to rapid development of space technology which had a lasting impact on the world. Indeed, while wars do reflect the worst in humanity, the desperate circumstances surrounding them have historically triggered or kick-started many path-breaking innovations/ developments, arising from ingenuity of the human mind. As the war drags on in Ukraine, there are jitters being felt across all walks of life. Scourge of inflation means that Central Banks have had to tighten monetary policies, even as global growth outlook is clouded by geo-political uncertainties. However, what’s worth remembering is that if one goes by history, the world will not only find a way to tide over this crisis but would also come up with game-changing ideas along the way. Looking back at Covid and its repercussions, as things stand, next few years could actually define the course of history for a prolonged period of time.
First few months of this ongoing conflict have already shown that going forward there could be less reliance on physical warfare and more on the economic one. This, in turn, could result in formation of newer economic blocs and change the course of globalisation as we know it. Supply chains disrupted due to the pandemic have been further strained owing to the conflict and countries around the world are increasingly averse to the idea of economic dependence on countries with divergent security interests and differing ideologies. In this regard, India stands out as one of the natural alternatives to fill the void left on the front of food security, by Russia and Ukraine, and in manufacturing, by the post-pandemic China+1 tilt. Apart from the threat to food security, another major fallout from the war has been the threat to energy security. The sharp spike in energy prices has had a crippling effect on many economies. Consequently, this could compel everyone to rethink how energy is produced and consumed; and more importantly, lay emphasis on reduction of dependence on fossil fuels.
This, in turn, could accelerate tailwinds for renewable energy at a time when concern over climate change is already making the world sweat. Goes without saying that this change will not happen overnight as the immediate focus will be on energy security instead of clean energy. For instance, the recent power crisis has made India turn once again to coal. Notwithstanding the recent softening of commodity prices; years of underinvestment may keep prices structurally elevated. Higher commodity prices, energy transition, supply chain realignment, along with the political desire for higher defence spending, by almost every country, could trigger a significant capex push. In a side story of sorts, the fate of US dollar has become the cynosure of all eyes in the world of finance. Recent turn of events, coupled with the US’s declining share in global trade and changing geo-political equations have raised apprehension about dollar’s hegemony.
However, the US dollar has benefitted from the apparent lack of alternative at this point in time. The relative preference of most countries to politically align with US, instead of an alternative like China, along with relative ease of access to American capital markets and a hawkish US Fed have aided the dollar’s cause. All said and done, one may have to “reserve” one’s judgement on the world’s reserve currency for now. India’s sizeable forex reserves should help stave off significant threat to rupee stability. While India won’t remain insulated from global developments, India continues to remain better positioned as compared to other emerging markets at this point. Rapid digitalisation, strong tax buoyancy (growth in tax collections nearly double that of Nominal GDP growth for FY22), Services exports at record high (FY22), healthy balance sheets of corporates and banking sector, policy reforms, formalisation of economy and push for privatisation and capex hold India in good stead. On the flipside, key risks to watch out for happen to be the spike in commodity prices (particularly oil), impact of tightening global liquidity and increase in food and fertiliser subsidy bill.
For Indian equities, strong retail participation (63 per cent increase in demat accounts in FY22) and robust Mutual Fund flows have cushioned the downside from recent FPI selling spree. However, it’s equally noteworthy how last couple of years have been a baptism by fire for investors, as sharp gyrations in financial markets and numerous unforeseen events have kept investors on toes.
Considering rapidly evolving geo-political landscape, change in course of globalisation; and with Central Banks retreating into their role of reining in inflationary expectations instead of doing ‘whatever it takes’ to support asset markets, volatility is likely to remain elevated. Investors’ equanimity and patience will continue to be tested in the foreseeable future but don’t we know from history that the formula for wealth creation equates sound investment + time + patience. In a world where new geo-political alliances are being formed and existing ones are being tested; sound financial plan and prudent asset allocation still continue to remain the best allies for investors to counter the formidable foe of volatility in financial markets.
(The author is the MD & CEO of HDFC Asset Management Company)
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Election Commission declares 253 RUPPs as inactive, bars them from availing benefits of the Symbol Order, 1968
Additional 86 Non-existent RUPPs shall be deleted from the list and benefits under the Symbols Order (1968) withdrawnAction against these 339 (86+253) non-compliant. RUPPs takes the tally to 537 defaulting RUPPs since May 25, 2022
In continuation of the earlier action initiated on May 25, 2022 for enforcing due compliances by Registered Unrecognized Political Parties (RUPPs), the Election Commission of India led by Chief Election Commissioner, Shri Rajiv Kumar and Election Commissioner Shri Anup Chandra Pandey today further delisted 86 non-existent RUPPs and declared additional 253 as ‘Inactive RUPPs’. This action against 339 non-compliant RUPPs takes the tally to 537 defaulting RUPPs since May 25, 2022.
As per statutory requirements under section 29A of the RP Act, every political party has to communicate any change in its name, head office, office bearers, address, PAN to the Commission without delay. 86 RUPPs have been found to be non-existent either after a physical verification carried out by the respective Chief Electoral Officers of concerned States/UTs or based on report of undelivered letters/notices from Postal Authority sent to the registered address of concerned RUPP. It may be recalled that ECI had delisted 87 RUPPs and 111 RUPPs vide orders dated May 25, 2022 and June 20, 2022, thus totalling the number of delisted RUPPs to 284.
This decision against 253 non-compliant RUPPs has been taken based on reports received from Chief Electoral Officers of seven states namely Bihar, Delhi, Karnataka, Maharashtra, Tamil Nadu, Telangana & Uttar Pradesh. These 253 RUPPs have been declared inactive, as they have not responded to the letter/notice delivered to them and have not contested a single election either to the General Assembly of a State or the Parliament Election 2014 & 2019. These RUPPs have failed to comply with statutory requirements for more than 16 compliance steps since 2015 and are continuing to default.
It is also noted that of the above 253 parties, 66 RUPPs actually applied for a common symbol as per para 10B of the Symbol’s Order 1968 and did not contest the respective elections. It is pertinent to note that privilege of a common symbol is given to RUPP based upon an undertaking for putting up at least 5 percent of total candidates with regard to said legislative assembly election of a State. Possibility of such parties occupying the available pre-election political space by taking benefits of admissible entitlements without contesting elections cannot be ruled out.
Coastal clean-up campaign receives a huge response: Dr. Jitendra Singh
The 75-day long ongoing Coastal Clean Up Campaign is receiving a huge response from across the sections of society and besides others, Governors, Chief Ministers, Union Ministers, celebrities, film and sports personalities, civil society groups etc. are joining the campaign with overwhelming enthusiasm and pledging their support to the longest and largest beach cleaning campaign in the world titled “Swachh Sagar, Surakshit Sagar”, coordinated by Union Ministry of Earth Sciences with collaboration from all the other Union Ministries, departments as well as governments of the coastal States.
Addressing a press conference today, three days ahead of “International Coastal Clean-up Day” on 17th September, Union Minister of State (Independent Charge) Science & Technology, Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said, he will join the campaign at Juhu beach in Mumbai on 17th September and informed that Governor Maharashtra Bhagat Singh Koshiyari, Deputy Chief Minister of Maharashtra Devendra Fadnavis, BJP MP Poonam Mahajan and several personalities as well as NGOs will also join at Juhu.
The Minister also thanked Prime Minister Narendra Modi for his support through social media. The PM has stressed on keeping India’s coasts clean as he praised efforts of volunteers to remove garbage from the Juhu beach in Mumbai. Responding to a video posted by Union Minister Dr Jitendra Singh about the clean-up at the beach, Modi tweeted, “Commendable… I appreciate all those involved in this effort. India is blessed with a long and beautiful coastline and it is important we focus on keeping our coasts clean”. The Minister said, “A cleanathon was organised at Juhu Beach in Mumbai, saw participation in large numbers especially by youngsters and Civil Society.
Dr Jitendra Singh informed that Union Education Minister Dharmendra Pradhan will take a lead in the clean-up campaign at world famous Puri beach, while Pratap Chandra Sarangi, former union minister will be at Chandipur. BJP MP from Hooghly, West Bengal Ms Locket Chatterjee will be at Digha on D-Day. R.K.Mission head will lead the campaign at Bakkhali in southern Bengal.
Chief Minister of Gujarat Bhupendrabhai Patel will be at Porbandar (Madhavpur), while Union Minister of Fisheries, Animal Husbandry and Dairying Parshottam Khodabhai Rupala will join the clean-up operation at Jafrabad, Amreli.
Governor of Goa P. S. Sreedharan Pillai and Chief Minister Pramod Sawant will take part in beach cleaning campaign in South and North Goa beaches on 17th September.
Similarly, Kerala Governor Arif Mohammad Khan will be at Kochi, while MoS External Affairs V. Muraleedharan will be at Kovalam beach at Thiruvananthapuram.
Governor of Karnataka Thawar Chand Gehlot will join the campaign at Panambur beach in Mangalore, while the Governor of Telangana, Dr. Tamilisai Soundararajan will lend her helping hand at Puducherry beach.
Governor of Mizoram Dr. K. Hari Babu will take part in Vizag beach while L. Murugan, Union MoS, Information and Broadcasting will join the event at Chennai
Dr Jitendra Singh informed that the campaign has entered the mode of whole of Government approach plus whole of nation participation.
Dr Jitendra Singh said, apart from active cooperation of Ministries of Environment, Forest and Climate Change, Jal Shakti, Health and Family Welfare, Fisheries, Animal Husbandry and Dairying, External Affairs, Information and Broadcasting, organisations and associations like National Service Scheme (NSS), Indian Coast Guard, National Disaster Management Authority (NDMA), Seema Jagran Manch, SFD, Paryavaran Sanrakshan Gatividhi (PSG), along with other social organizations and educational institutions are participating in the clean-up campaign.
The MPs of coastal states have also pledged full support to the first-of-its-kind and longest running coastal clean-up campaign in the world and they also advised the Ministry of Earth Sciences to undertake a variety of activities by involving local NGOs.
DASHBOARD TO BE SET UP SOON TO SHARE THE BEST TECH PRACTICES AMONG THE CENTRE & THE STATES: UNION MINISTER JITENDRA SINGH
Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh today announced setting up of a Dashboard to share the best technology practices among the Centre and the States.
Presiding over the concluding session of the two-day “Centre-State Science Conclave” at Science City in Ahmedabad, Dr Jitendra Singh informed that a high level mechanism will be developed by the Department of Science and Technology to monitor and coordinate the follow up action of the conclave. The Minister also asked the States to appoint a Nodal officer in each of the States to coordinate and cooperate with the Special Committee for knowing and sharing the best practices.
Giving the example of heli-borne technology launched from Jodhpur, Rajasthan in October, 2021, Dr Jitendra Singh said, to start with, the States of Rajasthan, Gujarat, Punjab and Haryana were taken up for this latest heli-borne survey.
The Minister pointed out that if the same technology is uploaded on Dashboard, other States may join and share this CSIR technology from source finding to water treatment and thus benefit millions of people across the country.
Dr Jitendra Singh said, it will also positively contribute to Prime Minister Narendra Modi’s “Har Ghar Nal Se Jal” as well as “doubling farmer’s income” goals. He said, the latest state-of-the-art technology is being employed by Council of Scientific & Industrial Research (CSIR) for mapping groundwater sources in arid regions and thus help utilise groundwater for drinking purposes.
The 2-day ‘Centre-State Science Conclave’ was formally inaugurated by Prime Minister Narendra Modi at Science City, Ahmedabad, yesterday. Dr Jitendra Singh expressed satisfaction that important plenary sessions with State S&T Ministers discussed in detail on issues like Agriculture, Innovation for producing portable drinking water including application of technologies like Desalination, Heli borne methods developed by DST, Clean Energy for All including S&T role in Hydrogen mission, Deep Sea Mission of MoES and its relevance for Coastal States/UT, Digital healthcare for All and Synergizing Science with National Education Policy.
A special session with the CEOs of over 100 Start-Ups and industry at the Centre-State Science Conclave’ in Ahmedabad came up with scientific solutions in the field of agriculture, drone, artificial intelligence, biotechnological solutions, single-use plastic alternates, irrigation and digital health amongst others.
Many of the State governments have shown keen interest in some of the technologies and agreed to partner with some of the startups for State-specific technological solutions.
Floods, economic crisis and political bickerings: A saga of Pakistan’s mismanagement & insensitivity
The worst floods in several decades have wreaked havoc in Pakistan, one of the most populous countries of South Asia. The floods have touched the country’s 220 million people’s lives directly or indirectly. More than 1,300 people have died with 81 out of 160 districts directly affected by the floods, leaving at least 33 million people homeless.
The heat waves followed by rains and glacial melting has been a global trend this year bringing out the stark reality that despite all talks and conventions, the world community has failed to contain and reverse climatic change. But Pakistan’s case is unique.
Beyond the human losses, the country’s economic managers have the most challenging task ahead as floods ravaged the country’s road and communication network, damaged an incalculable number of houses, and destroyed millions of hectares of crops.
Niaz Murtaza, a political economist, describes present crisis as “a triple whammy”, putting together economic, political and natural. “The poor had been suffering the first two months because of inflation, job loss and political paralysis. Now the floods have pushed millions into ruin,” he said.
Despite this, the political masters are not only busy in bickering and allegations against each other, but have also triggered a blame game on social media as usual, pointing fingers on India for the flood havoc. The bombardment of propaganda, nevertheless, cannot change the reality that Pakistan government and its institutions have utterly failed in fulfilling their duties towards its citizens.
Ludicrous as it is, it cannot absolve the leadership of Pakistan that has failed people in terms of economic mismanagement, entrenched corruption and naked cronyism in the system. Added to these are the wrong policies and priorities of Islamabad which have been instrumental in bringing economic crisis and political instability. The floods have only abetted it.
The natural disaster has struck Pakistan while economy is passing through the difficult phase of multiple challenges including Balance of Payment (BoP) crisis, heavy debt burden and solvency-related issues. The protracted economic crisis is likely to deepen further despite conclusion of talks with the IMF for release of Extended Fund Facility credit.
While Finance Minister Miftah Ismail estimates that the country has incurred a total loss of “at least $10 billion”, independent analysts, including Uzar Younus, Director of the Pakistan Initiative at the Atlantic Council’s South Asia centre and economist Ammar Habib Khan, put the figure between $15-20 billion, and expect it to rise further as information is coming with a great lag.
Existing infrastructure is collapsing with the flooding submerging one-third of the country, pushing 37 per cent of population into poverty. Pakistan is literally and figuratively under deep water, writes Nasir Jamal. It may take a few more months before the damages can be assessed. Even before the flooding, 60 per cent of the population was suffering from hunger, malnutrition and related diseases and the figures are bound to shoot up now.
In view of the mammoth loss, the IMF’s $1.2 billion credit now seems to be a peanut. Pakistan was earlier wounded and now it is bleeding. Floods will exacerbate the economic crisis that had shown initial signs of abating with the IMF deal. Twin deficits, growth prospects and inflationary expectations will be worsening, inflicting misery on the poor. Despite increasing gravity of the situation, saving people’s life and livelihood have not still become the priorities among the political class who are revealing in an ugly slugfest.
The real cost of the natural calamity is being borne by millions of poor kids, pregnant women, elderly and sick persons crowded under the open sky or tents, prone to hunger, diseases and insecurity as they wait for aid. It will be weeks before many can even return to their villages as the land drains and dries. It will take months, even years, to recover from the loss of housing, animals, crops and cultivable land.
Covid-19 had only disrupted economic exchange without damaging the economic base. But the flood has destroyed crops, land, animals, bridges, etc. negatively impacting deeper on the poor and the economy. And the insensitive political class in Pakistan is still deeply engrossed in political maneuver and cunning tricks against each other rather than presenting a united face at the time of calamity. That is the character of Pakistan’s politics.
In view of the contribution of agriculture to the extent of one fourth of the GDP, the country would have to face major revenue loss due to crop losses. As per the UN Food and Agriculture Organization’s August 29 report, almost 80 per cent of crops in Sindh, which produces roughly 30% of Pakistan’s cotton output, were destroyed.
Close to 70 per cent of Pakistan’s textile industry, an important source of employment and foreign exchange, uses the cotton produced in the country. Floods are likely to cause severe shortage of cotton, said Abdul Rahim Nasir, Chairman of the All Pakistan Textile Mills Association. He added that instead of earlier average import of cotton estimated at about 4 million bales, Pakistan would now need to import just the double of that figure, at a potential cost of $3 billion.
Shahrukh Wani, an Oxford economist, says the flood will make it terribly difficult for the government to reduce the trade deficit because while the country will need to import food to “compensate” for lost crops, the textile sector will find itself struggling due to “potential shortage” of cotton crop.
The biting inflation which rose to 25% in the month of July from a year earlier, the highest since May 1975, is taking its own toll on the living conditions of masses. The flooding would further push up the inflation and accentuate the scarcity of even essentials.
Amreen Soorani, Head of Research at JS Global Capital Ltd, said that “the main concern from the floods is the impact on inflation”. Even the IMF warned that the runaway inflation could trigger protests and instability.
Islamabad secured funds from the IMF for immediate bailout of the economy from the saturating forex crisis. However, the problems would be far from over for Islamabad. As the advanced countries are focused more on the impact of Ukraine-Russia war and trying to cope with recessionary pressures while some of the development partners including Middle Eastern countries and China are down with donor fatigue, Islamabad has scant probability to get any major international relief.
For now, the immediate challenge that government will face is to fulfil the conditions of raising taxes and applying austerity measures as part of its agreement with the IMF for its bailout package. This might turn out a politically unpopular move and could flare up the political bickering. The condition is rife for mass protests in view of increasing cost of living for many months now, which opposition could take advantage of. Anger is rising across Pakistan over the slow pace of government relief efforts.
The catastrophic floods have put a downward pressure on growth prospectus. Initial estimates suggest that the economic growth rate may slow down to just 2 per cent. Prime Minister Shehbaz Sharif has said that the recent floods caused more damage than the 2010 calamity wherein the economic losses had been estimated at $9.7 billion. The floods have already caused supply chain-related issues.
Even during natural calamity, politicians are concerned about their political agenda rather than allowing international aid agencies to import essential food items from the neighbouring country. Cases after cases of corruption are cropping up, “you reveal mine, I will reveal yours”, an unending slugfest continues.
Instead of fighting the fallout of the devastating natural calamity united, they are engrossed in manoeuvre and cunning tricks and a regressive thought process whether or not to allow aid flow from India. Some of the government top officials have suggested importing essential commodities such as food and medicine from India, while others are still the victim of the old rigidities and anti-India mindset.
India is an undoable reality of being the most potent vehicle of South Asia’s growth vision as it is a responsible regional power and the fastest growing economy of the world, which offers a big market for exports and sourcing imports. Islamabad needs to understand that cooperation with neighbours does not reduce the stature of a calamity hit country.
Separated in 1947, Sikh brother meets sister reunite
The Kartarpur Corridor has once again reunited another family after a man who separated from his parents when he was only a few months old in 1947, finally met his sister in Pakistan.
Amarjit Singh was left out in India along with his sister while his Muslim parents came to Pakistan. All eyes went teary as they saw the emotional scenes of the brother-sister reunion in Gurdwara Darbar Sahib Kartarpur, Geo News reported.
Amarjit Singh arrived in Pakistan via the Wagah border with a visa to meet his Muslim sister and to remain as her guest.
His sister, 65-year-old Kulsoom Akhtar, could not control her emotions after seeing Amarjit.
Both hugged each other and kept crying. She had travelled from her hometown in Faisalabad along with her son Shahzad Ahmed and other family members to meet her brother.
Kulsoom said that her parents came to Pakistan from the suburbs of the Jalandhar region of India in 1947, leaving behind her younger brother and a sister, Express Tribune reported.
Kulsoom said she was born in Pakistan and used to hear about her lost brother and a sister from her mother. She said that her mother used to cry every time whenever she remembered her missing children. Kulsoom said that she did not expect that she would ever be able to meet her brother and sister. However, a few years ago, a friend of her father Sardar Dara Singh came to Pakistan from India.
Kulsoom’s mother told Singh about her son and daughter she left behind in India. She also told him the name of their village and the location of their house in the neighbouring country.
Amarjit then visited her house in Padawan village of Jalandhar and informed her that her son was alive but her daughter was dead. Her son was named Amarjit Singh who was adopted by a Sikh family back then in 1947, The Express Tribune reported.
After getting the brother’s information, Amarjit and Kulsoom Akhtar contacted on WhatsApp and using the Kartarpur Corridor and the meeting between the two siblings became a reality.
Now an elderly man, Sardar Amarjit Singh came to Gurdwara Sahib in a wheelchair. Kulsoom Akhtar also could not travel due to back pain, but she showed courage and reached Kartarpur from Faisalabad along with her son. Both the siblings kept crying while embracing each other and remembering their parents.
Amarjit said that when he first learned that his real parents were in Pakistan and were Muslims, it was a shock to him. However, he comforted his heart that many families were separated from each other in addition to his own family.
Many Muslim children became Sikhs and many Sikh children became Muslims, Express Tribune reported.
He said that he always wanted to meet his real sister and brothers. He said that he is happy to know that three of his brothers are alive. However, one brother who was in Germany has passed away.
He said he will now come to Pakistan via the Wagah border with a visa and spend time with his family. He also said that he will take his family to India as well so that they could meet their Sikh family. Both the siblings had brought many gifts for each other.
Shahzad Ahmad, son of Kulsoom, said that he used to hear about his uncle from his grandmother and mother. He said that all of the siblings were very young at the time of Partition and no name was given to Amarjit or perhaps, after so many years, the name had slipped out of mind.
“I understand that since my uncle was brought up by a Sikh family, he happens to be a Sikh, and my family and I have no problem with this,” he added.
Shahzad said that he is happy that even after 75 years his mother has found her lost brother.
22 officers of different cadres to serve in J&K
The Centre has relaxed Department of Personnel and Training (DoPT) deputation rules to encourage IAS and other all-India service officers as well as those of the Central Services get posted in Jammu & Kashmir, in a bid to address the shortage of officers in the Union Territory.
Union Minister of State for Personnel Jitendra Singh said that due to relaxation of DoPT rules, 22 officers belonging to various services and different cadres have been posted in Jammu & Kashmir at various levels at a crucial time.
He said that DoPT has played a major role in facilitating induction of Jammu & Kashmir Administrative Services officers into the IAS by coordinating with UT administration, the Ministry of Home Affairs and the UPSC.
As a result, recently 16 officers from JKAS have been inducted into IAS and another 8 such vacancies will be filled up shortly giving opportunities to the JKAS officers to become part of prestigious IAS service after a long gap of 12 years.
The Minister added that mid-career training of JKAS officers of various seniority was carried out in collaboration with the LBSNAA and this has provided a new level of exposure to the JKAS Officers and more than 200 offices. Some other initiatives by the Ministry include special concessions or incentives to the Central government employees working in the Kashmir Valley in attached and subordinate offices or PSUs falling under control of the Central government.
They have been extended special concessions for a period of 3 years with effect from August 1, 2021 and the incentives include an additional house rent allowance, composite transfer grant, per diem allowance, incentive for period of temporary duty, messing allowance, and facility to draw pension at place of settlement in relaxation of relevant provisions.
Besides, facilities for retention of general pool accommodation available to officers who have served in the Central government has also been extended to officers posted in Jammu & Kashmir on the pattern of northeastern states.
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