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India-Pakistan: the King of Bad Times?

India, Pakistan bond over gas and beer, offering hope to brewery struggling through prohibition
India pakistan pipeline trade
A Pakistani truck, pictured after transporting a shipment of goods, drives through the newly-constructed Integrated Checkpost (ICP) at the India-Pakistan border in Wagah on April 12,2012. The first integrated checkpost (ICP) at the Indo-Pakistani Wagah border will be inaugurated by Indian Home Minister P. Chidambaram on April 13, with aims of boosting trade ties between India and Pakistan. (NARINDER NANU/AFP/Getty Images)

Look out, Vijay Mallya!  Now that India and Pakistan are getty cosy, ,Kingfisher may be getting some new competition from the King of Bad Times.

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Fresh crisis in Nepal as constitution deadline whizzes past

Nepal's deputy prime minister resigns over yet another extension of constitution deadline
Nepal crisis deputy pm
Nepalese people gather for a mass meeting to express their social harmony and the punctual implementation of a new constitution in Kathmandu May 23, 2012. Nepal Supreme Court gave a deadline to draw up a new constitution for the Himalayan nation till Sunday May 27, 2012. (AFP/Getty Images)

Nepal's efforts to draft a new constitution hit another hurdle Thursday with the resignation of the country's deputy prime minister. 

Krishna Sitaula said he was resigning in protest over a move to extend the mandate of the provisional Constituent Assembly for another three months to finish writing the constitution. At present, the assembly has until Sunday to draft the document, or risk the legislature being disbanded.

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Singh petrol price rollback
Deja vu? Activists of Socialist Unity Center of India (Communist) shouts slogans during a rally organised in protest against the recent national petrol price increase in Kolkata on November 4, 2011. Look for similar scenes on May 31, as India's opposition parties have called for a nationwide general strike to protest Manmohan Singh's move to hike petrol prices to rein in the plunging rupee. (DIBYANGSHU SARKAR/AFP/Getty Images)

What will be the fallout from Manmohan Singh's bold move to hike petrol prices and rein in the rupee? 

The plummeting Indian currency continued to trade lower early Friday, after an apparent intervention by the central bank arrested its fall Thursday.

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India mulls risky diesel, kerosene price hike as rupee losses continue

Already facing fierce opposition for increasing petrol prices, Manmohan Singh is reportedly weighing a move that is even riskier politically
India manmohan singh 2011 12 05
India's Prime Minister Manmohan Singh speaks during the Opening Ceremony for the Delhi 2010 Commonwealth Games at Jawaharlal Nehru Stadium on Oct. 3, 2010 in New Delhi. (Ian Walton/Getty Images)

As the rupee continued to plunge Thursday despite the largest ever hike in petrol prices overnight, Prime Minister Manmohan Singh is reportedly weighing an increase in the prices for diesel and kerosene, according to the Times of India.

"A panel of ministers is due to meet on Friday to discuss diesel, LPG and kerosene prices, according to unconfirmed reports, although full deregulation is not expected," the paper said.

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Mamata banerjee petrol price hike
Bad PM, bad! Trinamool Congress leader Mamata Banerjee (shown here at a 2011 campaign rally) scolded Prime Minister Manmohan Singh for his move to hike India's petrol prices on Thursday. Economists argue the move was needed to stop the plunging rupee and get India's economy back on track. But if Banerjee withdraws support for Singh's United Progressive Alliance, India may be headed for early polls. (DIBYANGSHU SARKAR/AFP/Getty Images)

Bad PM, bad!  Trinamool Congress leader Mamata Banerjee -- a key ally for Prime Minister Manmohan Singh's United Progressive Alliance (UPA) government -- blew a gasket over a surprise hike in petrol prices on Thursday.

But so far it's all bark and no bite, as she also said she won't withdraw support for the government, FirstPost.in reports.

“It is all financial mismanagement. We don’t know what the economic situation is. They don’t discuss with us,” a visibly upset Banerjee told reporters in Kolkata, according to the website.

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India hikes petrol prices to stem rupee's crash, angering citizens

India hiked petrol prices in an attempt to stop the rupee's plunge and bring the economy back on track late Wednesday, but the move has outraged citizens and united the opposition and his Congress Party's coalition partners against Prime Minister Manmohan Singh. According to NDTV:

US defense secretary to visit India next month

Pakistan fears big defense deals amid tensions over NATO supply route, drone attacks
Us secretary of defense india 0
U.S. Secretary of Defense Leon Panetta greets troops passing through the Transit Center at Manas on March 14, 2012 near Bishkek, Kyrgyzstan. Panetta is slated to visit India next month, amid heightened tensions between the US and Pakistan. (Scott Olson/AFP/Getty Images)

Pakistan fears that India may ink some major defense deals with the US, as Secretary of Defense Leon Panetta visits New Delhi next month.

The Nation cited the Times of India as saying that New Delhi is likely to finalize the acquisition of 145 M-777 ultra-light howitzers in a government-to-government deal worth $647 million, as well as a $1.4 billion contract to buy 22 missile-armed helicopter gunships from Boeing.

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India droopee rename
Should they rename it the Droopee? India's currency hit a new all-time low on Wednesday, dropping to 54.52 rupees against the U.S. dollar. Despite the rupee's plunge of more than 20 percent over the past 12 months, analysts said India's currency won't go into freefall, as the central bank is committed to propping it up. But finance minister Pranab Mukherjee's halfhearted pledge to institute some austerity measures on Wednesday failed to spur much enthusiasm. (AFP/Getty Images)

The rupee whizzed past 55 against the dollar to hit another new low Wednesday, touching 55.95 by midday, reports the Hindustan Times.

Traders said increased dollar demand from banks and importers, especially oil refiners coupled with capital outflows from foreign funds following melting stocks mainly affected the rupee value against the dollar.

They said the plunging dollar had overshadowed the stocks market as the BSE benchmark Sensex dropped below the 16,000 mark, down 179 points in midsession trade today.

Can anybody stop the bleeding?

Clearly, Manmohan Singh's mea culpa, tempered with a lame attempt to defend his government against charges of "policy paralysis," on Tuesday has not done the trick. 

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Manmohan singh better
"I will be the first to say that we need to do better," Indian Prime Minister Manmohan Singh said late Tuesday as he presented his United Progressive Alliance government's annual report card at a function in New Delhi. Unfortunately, he was about three months late to lay claim to that title, if not three years. (PRAKASH SINGH/AFP/Getty Images)

Indian Prime Minister Manmohan Singh offered a long overdue mea culpa Tuesday. But there's little sign so far that he'll be able to follow it up with concrete actions to curtail deficit spending or stem corruption.

"I will be the first to say we need to do better," AFP quoted Singh as saying late Tuesday as he presented his United Progressive Alliance (UPA) coalition's annual report card at a function in New Delhi.

Unfortunately, he was about three months too late to lay claim to that title--if not three years.

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India guns women
An activist from the Control Arms Campaign hold a toy pistol during an anti-gun protest in New Delhi in September 2006. The gun control lobby appears to be losing out to the gun culture, however. Case in point: a growing number of well-off, educated Indian women are turning to firearms for protection, according to the UK's Guardian newspaper. (AFP/Getty Images)

India's wealthy women are increasingly buying guns to protect themselves, as reports of rapes and other violent attacks on women grow more common in the local media, reports the Guardian's Jason Burke (aka "the other Jason").

One recent enthusiast is Anita Dhiman Dass, who lives in Ludhiana, a prosperous centre of trade and farming 80 miles west of Chandigarh. Dass, 46, got her first gun three years ago, has three weapons on her licence and says a Ruger .22 pistol is her favourite. "It's so light. I put it in my bag when I go shopping, to the mall, to the market or wherever. It is very necessary. There is so much robbery these days. They just snatch chains and bangles," she said.

Like Sidhu, Dass said carrying a gun made her feel secure. Her husband, Ishwar, runs a car dealership in the town. His collection of 11 weapons includes hunting rifles and vintage shotguns. Dass said a four-year-old grandson was now "very fond of guns" and the family's new puppy has been named "Sniper".

Burke's article provides an interesting update to my GlobalPost series on India's gun culture, India: Armed and Dangerous.

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