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Giant
Murugan Statue Unveiled in Malaysia
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Tens
of thousands of Hindus and onlookers gathered
near the Batu Caves temple near here to
witness the unveiling of a gigantic statue
of Hindu deity, Lord Murugan, reportedly
the tallest in the world. Flowers were showered
from helicopters on the 42.7-metre (140.09
feet) statue, crafted by Indian sculptors,
located outside the Subramaniar temple.
The statue, which cost approximately Rs.
2.4 crore, is made of 1,550 cubic metres
of concrete, 250 tonnes of steel bars and
300 litres of gold paint brought in from
neighbouring Thailand. The sculptors worked
for more than three years on the project.
Temple officials plan to seek recognition
of the Guinness Book of World Records for
the statue as the tallest Lord Murugan statue
in the world, Chairman of the temple R.
Nadarajah said. The statue has been unveiled
two weeks ahead of the `Thai Poosam' festival.
Courtesy:
The Hindu, January 30, 2006
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Another
Indian Techie Named For Key Virginia Post
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Indian
American IT professionals are going places
in the new Virginia administration. Tim
Kaine, the state's new governor, has now
appointed a second Indian techie, Vivek
Kundra, for a key post. Kundra, who has
been president of IT consultancy firm Creostar,
will be Virginia's assistant secretary for
trade and commerce. He holds a Masters degree
in management information systems from the
University of Maryland. Kaine, who took
over as governor a fortnight ago, has already
appointed Aneesh Chopra as the state's secretary
of technology. He has been entrusted with
the task of expanding the use of information
technology to serve citizens and promote
Virginia to technology companies. Another
Indian IT specialist Sanjay Puri was recently
named by Virginia's Attorney-General Bob
McDonnell as the co-chair of a policy committee
dealing with Internet fraud and identity
theft. Puri has also been a member of the
governor's transition team recommending
individuals to serve in the new administration.
The US India Political Action Committee,
a major lobbying group for the Indian community
in Washington DC, says Indian Americans
are becoming more politically active --
a trend that is reflected in the growing
number of political appointments for members
of the community. "My appointment is yet
another example of USINPAC's success in
representing the Indian American community
before Federal and State governments and
I look forward to get more Indian Americans
involved in the process," said Kundra.
Courtesy:
Hindustan Times, January 30, 2006
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Rare
Folk Arts Highlight of Literary Meet Procession
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It
seemed as if the whole town joined in the
celebrations of the 72nd Kannada Sahitya
Sammelan in Bidar on Friday. The city is
hosting the sammelan for the third time.
The sammelan was earlier held in 1965 and
1985. As many as 35 groups of folk artistes,
67 pro-Kannada organisations, school and
college children, tableaux by private and
government agencies, singers, dancers, delegates,
women and children and others participated
in the procession before the formal inauguration.
The people of Bidar were introduced to some
folk arts rare in this part of the State.
They included Nandi Kolu Kunita performed
by the Sangameshwara Kala Sangha of Kunigal,
Bhutada Kola Kunita by Tulu Nada Sangha
of Bantakallu of Udupi district, Karadi
Majalu of Sarwada of Bijapur district, Datti
Kunita by Sri Lakshmi Devi Mela of Talakatnal
in Belgaum dstrict and Drashtata by Krishna
Parijata company of Dharwad. The processionists
danced to the beats of the Jagga Halage,
drums made from bullock cartwheels. Septuagenarian
Ramappa Sangalad of the Gajanana Janapada
Kalavidara Sangha of Sulla of Dharwad district
led the Jagga Halage troupe. Kombu Kahale,
the native version of the bugle, was played
in tandem with dances of young school children.
Anjaneya Swamy Kahale Kalavidara Sangha
of Chitradurga performed on the Kombu Kahale.
Courtesy:
The Hindu, January 28, 2006
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Science
Safari on National Geographic
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The
government has decided to showcase Indian
science on the National Geographic Channel
(NGC) by launching a programme, Science
Safari. The programme will show latest developments
and innovations made by Indian scientists.
The channel would produce the programme
jointly with the Ministry of Science and
Technology, which would have ownership rights
over the content. NGC will get Rs 2 crore
for the programme. "The channel will produce
a 45-minute programme and 15 one-minute
capsules on the basis of contents provided
by the ministry. The programme, made in
the next four months, will be telecast by
National Geographic in May this year. National
Geographic Channel will telecast the programme
14 to 15 times in the next eight months
after which the ministry will telecast the
programme on Doordarshan and regional channels
so that they reach people in all the corners
of the country.
Courtesy:
Hindustan Times, January 28, 2006
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Indian
Scientist Named 'Inventor of the Year'
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An
Indian-American scientist has been named
'Inventor of the Year' for his pioneering
work in developing a new system which utilises
data to improve patient care and clinical
decisions. R Bharat Rao, senior director
of Engineering Research Development, Computer-aided
Diagnosis and Therapy Group at Siemens Medical
Solutions, is one of 12 Siemens inventors
to receive the award. Rao of Malvern, Pennsylvania
was chosen from Siemens' 57,000 research
and development employees worldwide for
his pioneering work in developing an automated
data collection and analysis tool, REMIND
(Reliable Extraction and Meaningful Inference
from Nonstructured Data). This enables care
givers to utilize disparate healthcare information
to personalise patient care plans and enhance
patient outcomes. ''Much of the data in
the healthcare system is not in a format
that can be readily accessed or applied
at the point of care,'' Rao, an IIT graduate
from Madras, said, adding ''for example,
key clinical information is stored as written
text in patient records, discharge summaries,
progress notes and radiology reports.''
Without requiring any manual entry or change
in workflow, REMIND, integrates patient
data with medical information and current
treatment guidelines. Through a sophisticated
algorithm, REMIND then analyses the data
and extracts key nuggets of information
that will help clinicians make more informed
treatment decisions. This information can
be utilised for applications such as alerts,
case management and adherence to treatment
guidelines.
Courtesy:
The Indian Express, January 20, 2006
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India
to be Among Top Nations by 2025
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India
will by 2025 emerge as one of the foremost
nations in the world politically and economically,
according to a global scenario report compiled
by leading energy company Royal Dutch Shell.
The report, titled "Shell Global scenarios
to 2025", highlights India's young population,
vibrant entrepreneurial spirit and strong
institutions as its drivers of growth. "India
has been much more efficient than China
at using capital. China has invested twice
as much as India over 10 years and yet only
achieved an average growth rate that is
about 50 percent higher than India's," it
says, according to INEP agency. However,
it also points out the need for economic
reform and infrastructure investment to
enable a structural shift to agricultural
output to higher value items, growth of
manufacturing and leadership in IT services.
Courtesy:
The Economic Times, January 20, 2006
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India
will send the Siachen heroes, 8 Jammu &
Kashmir Light Infantry, for United Nations
peacekeeping duty in civil war-hit Sudan.
This is the first time India is sending
troops there. 8 JAK LI, parent unit of Param
Vir Chakra awardee Bana Singh, was the first
to detect Pakistani intruders in the glacier.
In 1987, a special task, including Bana
Singh, stormed a seemingly impregnable Pakistani
post atop the 1,200 plus-foot high glacier
and set up an Indian post. It has been named
the Bana post. That operation led to India
occupying vantage positions on the glacier.
Since then the battalion has acquitted itself
well in counter-insurgency operations and
won several gallantry awards. The 1/5 Gorkha
Rifles will be the force reserve battalion.
India is sending three infantry battalions
along with an infantry brigade headquarters
to replace its troops serving in Congo under
the U.N. flag.
Courtesy:
The Hindu, 28 January 2006
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Hindu
Body in US to Discuss Religious Teaching
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The
Hindu American Foundation (HAF) will talk
to the education board of California about
changes and corrections in school textbooks
related to Hindu religion. The HAF has retained
a law firm to represent it during interactions
with the California State Board of Education
(SBE). The SBE will soon decide on a determination
by the California Curriculum Commission
that several edits and corrections regarding
Hinduism be accepted in public school textbooks.
The Vedic Foundation and the Hindu Education
Foundation had submitted extensive edits
as part of a review process by the state
education board. HAF said in a statement
that it became involved in the process when
it came to understand that the education
board and its staff failed to adequately
address a substantial number of the edits
given by Hindu bodies.
Courtesy:
Hindustan Times, January 17, 2006
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India,
US to Tackle Cyber Crime
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India
and the US have decided to enhance cooperation
among their law enforcement agencies to
deal with cyber crime in view of the rapid
growth of trade in IT-enabled services between
the two countries. At the third plenary
of the India-US cyber security forum that
concluded here Tuesday, the Confederation
of Indian Industry (CII) and its US counterpart
decided to set up an India Information Sharing
and Analysis Centre (ISAC) and an India
Anti-Bot Alliance to raise awareness about
emerging threats to cyberspace. The US National
Cyber Security Division has agreed to share
expertise in artefact analysis, network
traffic and exchange of information while
the research and development group will
concentrate on problems relating to cyber
security, forensics and anti-spam research.
India's Deputy National Security Advisor
Vijay K. Nambiar emphasised the strategic
partnership between the two countries and
said the need for serious attention to sound
information security practices was imperative
in the light of growing trade between both
sides. Michael Coulter, the US co-chair,
said the India-US cyber security forum had
progressed from a philosophy in the last
three years to a common action-oriented
agenda on securing networked information
systems. Expecting a more ambitious programme
in the coming year, Coulter hoped the forum's
agenda would help cope with new challenges
on the cyber security horizon such as mitigating
risks in the emerging sub-outsourcing environment.
A series of India-US seminars, workshops
and expert level exchanges are to be held
in the coming months.
Courtesy:
Hindustan Times, January 17, 2006
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British
Cops Tour India For Community Insight
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A
British police team from Liverpool has flown
to India to understand Indian culture and
pick up tips about building better relationships
with the Asian community in the Merseyside
region. The team, comprising sergeant Neil
Kavanagh, special sergeant Donna Greaves
and detective constable Paul Pendleton,
will spend one month in the Indian sub-continent
studying the culture of various communities
that are represented in Merseyside. Senior
officials believe that the visit will help
the police force gain a better understanding
of the Indian way of life and in turn help
deal with incidents involving the Asian
community. The team includes staff from
the Crown Prosecution Service, the youth
justice board and the health service. Before
leaving for India, Sergeant Kavanagh, a
race hate and community relations officer
in St Helens, told the media: "This is a
once-in-a-lifetime opportunity to look at
the diverse cultural aspects of life in
India and to then use this to the advantage
of Merseyside police and the work I do.
"We want to maximise the trip's value by
gaining knowledge that may assist others
with their work and help us achieve our
goal of being the best police force in the
country."
Courtesy:
Hindustan Times, January 16, 2006
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Prasoon
Joshi Chosen Young Global Leader
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Prasoon
Joshi, creative director of McCann Erickson
India, has been named a 'Young Global Leader
2006' by the Forum of Young Global Leaders,
an affiliate of the World Economic Forum.
He is one of 40 Asians chosen for the honour
and will join a global community now including
410 leaders from all regions and stakeholder
groups. The 2006 class of Young Global Leaders
includes over 60 business leaders, more
than 30 government leaders, and dozens of
scholars, media and non-governmental organisation
leaders. They come from 50 countries ranging
from Argentina to Zimbabwe. Joshi joins
a community representing 90 countries that
includes Larry Page and Sergey Brin, co-founders
of Google; Mikheil Saakashvili, President
of Georgia; Kumi Naidoo, Secretary-General
and Chief Executive Officer, Civicus: World
Alliance for Citizen Participation. The
Young Global Leaders will meet as a community
at their Annual Summit in Vancouver, Canada,
to be held from June 9-12 2006, when they
will engage together in the 2020 Initiative.
Courtesy:
Business Standard: January 13, 2006
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US
Wake up, India, China Rising: Report
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The
dramatic rise of China and India is a wake-up
call that should prompt people in the United
States and around the world to take seriously
the need for strong commitments to build
sustainable economies, according to a report
by a US-based research organisation. This
change presents one of the "gravest threats
and greatest opportunities" facing the world
today, says the Worldwatch Institute in
its 'State of the World 2006' report. And,
viewing this colossal shift in global geopolitics
as an opportunity rather than a challenge
holds the greatest prospect for ensuring
a stable and peaceful twenty-first century,
the report by the global environmental and
social policy research body, said. The report
calls for broader cooperation between China,
India, Europe, and the United States to
develop new energy and agricultural systems,
maximise resource efficiency, and continue
recent progress towards participatory decision-making
in China and India. Educational and professional
exchanges should also be stepped up, it
recommends. "China and India should urgently
be invited into key international bodies
such as the G-8 and the International Energy
Agency," the report suggests. In next few
years the choices these countries will make
will lead the world either towards a future
beset by growing ecological and political
instability or down a development path based
on efficient technologies and better stewardship
of resources, it says. The report, while
expressing concern over global resource
squeeze, commends the innovative methods
adopted by China and India in conservation
of natural resources. "Already, China's
world-leading solar industry provides water
heating for 35 million buildings, and India's
pioneering use of rainwater harvesting brings
clean water to tens of thousands of homes,"
says Worldwatch President Christopher Flavin,
one of the lead authors of the report. "China
and India are positioned to leapfrog today's
industrial powers and become world leaders
in sustainable energy and agriculture within
a decade," he says. Though their per-capita
resource consumption is still low, with
their huge populations China and India are
joining the United States and Europe as
ecological superpowers whose demands on
the world's ecosystems will vastly outstrip
those of other countries, the report says.
Other challenges facing China and India
include shortage of fresh water and increased
consumption of oil as a result of burgeoning
automobile industries in both countries.
Since China and India have the only large
coal-dominated energy systems in the world
today, both countries are central to future
efforts to slow global climate change, it
says. Such trends have a number of influential
Chinese and Indians questioning whether
their countries are on the right path, with
Sunita Narain of India's Centre for Science
and Environment saying that India, China,
and all their neighbours have no choice
but to reinvent the development trajectory.
Courtesy:
The Indian Express, January 12, 2006
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All
For a Baby, Indian Ovum in Great Demand
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"If
you are a young fertile woman, who wants
to go through IVF but cannot afford the
treatment, you can consider donating your
eggs and registering for free treatment,"
goes an advertisement of an IVF treatment
clinic. Fertility clinics in India are facing
a new crunch - egg donors. Besides a rise
in Indian childless couples going in for
artificial reproduction techniques, there
is a surge of aspiring mothers from foreign
lands visiting the country in search of
donor eggs. Patients are coming from UK,
USA, Russia, Canada and several other countries
as IVF clinics all over the world are facing
difficulties to meet the demand of egg recipients,
Indian IVF specialists say. "Infertile couples
often fly down to our clinic from the US
and UK for IVF treatment, because we are
much more cost-effective and provide high
quality medical care and excellent personalised
services. Many of them also need donor egg
treatment," says Dr Aniruddha Malpani of
the renowned Mumbai-based Malpani Infertility
Clinic. The egg demand is so high among
foreign patients that sometimes they prefer
waiting for the suitable egg donor for months,
or for over a year. As Dr Malpani says,
"Two to three foreigners visit us every
month, who are keen on a particular kind
of donor. They don't mind waiting for months
for the right kind of donors." In most of
the cases, where patients from other countries
have to wait, they fix the treatment by
emails, "so that they need to come to India
only when the donor is ready." With a higher
rate of success and a low cost of treatment,
India is turning into a hot destination
for infertile couples. An in-vitro fertilisation
cycle in the US costs around $20,000 as
opposed to $2,000 odd in India. In UK clinics,
a cycle of treatment costs up to a whopping
£3500. "Many foreigners visit Indian fertility
clinics after being totally exhausted financially,"
Dr Anoop Gupta of Delhi IVF research centre
says adding, "The cost factor plays a major
role." "If at $2,000 (in India) patients
are getting the same treatment with high
success rate, then they will obviously prefer
coming here," says Dr Gupta. To meet this
"egg donor crunch", IVF clinics in India
are coming out with various options like
egg-sharing and egg donation.
Courtesy:
Hindustan Times, January 10, 2006
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Indian
Tech Faculty, a Force to Reckon With
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It's
the final frontier for uber techies. And
Indians too are making their presence felt
around Cambridge on the different campus
locations of Massachusetts Institute of
Technology (MIT). Today, the India connection
is not just limited to senior MIT music
lecturer and sarod player George Ruckert
using his winter break to visit India and
do concerts at IIT campuses. Or for that
matter to the almost legendary Dr Amar G
Bose, founder & chairman of Bose Corporation,
who spun out the company from his research
at his alma mater: MIT. He is also a professor
emeritus there. Take the Brain & Cognitive
Sciences department, for instance. It has
two very strong Indian connections. First,
the new 411,000-square-foot complex, the
largest neuroscience centre in the world,
had top Indian architect Charles Correa,
an MIT ex-student himself as lead designer.
Besides, the head of the department, Dr
Mriganka Sur, is an Indian and an ex-student
of IIT-Kanpur. Though one of the most high-profile
Indians on MIT campus today, Dr Sur is not
the only one. Other Indians in top faculty
slots include another IIT Kanpur alumni
Dr Arvind, professor of computer science
and engineering who holds the Johnson Chair
and heads the computation structures group;
Professor Subra Suresh, head of department
of materials science and engineering, Dr
Abhijit V Banerjee, Ford Foundation professor
of economics and director of the poverty
action lab; Bish Sanyal, Ford International
professor of urban development and planning
and director, special programme in urban
and regional studies (SPURS); S P Kothari,
Gordon Y Billard Professor of Management
and Accounting at the Sloan School of Management
and Rahul Sarpeshkar, a young assistant
professor at MIT's electrical engineering
and computer science department.
Courtesy:
The Economic Times: January 09, 2006
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Americans
to Learn Hindi For 'Security'
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The
world is truly becoming a global village
as Indian and all things Indian continue
to rule. Awed by India's growing prowess,
the US administration has identified Hindi
as one of the "critical need" foreign languages
that Americans should learn to further strengthen
national security and prosperity in the
21st century. While launching the National
Security Language Initiative programme (NSLI),
US President George W Bush is expected to
request $114 million in funding for 2007.
"The NSLI will dramatically increase the
number of Americans learning critical need
foreign languages such as Hindi, Arabic,
Chinese, Russian, Farsi and others through
new and expanded programmes from kindergarten
through university and into the workforce,"
the US State Department said in a fact sheet.
Courtesy:
The Economic Times, January 06, 2006
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Mathemagic:
Andamans Best
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Last
winter, the Andaman Islands were in the
news for the tsunami. This winter, they
are in news for a different reason. A German
tour operator-turned-author, Wim De Ruiter,
has named the areas containing the world's
10 best beaches. In his list, which was
carried in The Independent, De Ruiter gave
the Andaman Islands the top rank. The first
four areas on the list - others are Laccadive
Islands, the Maldives and the Seychelles
- are in the Indian Ocean. De Ruiter used
maths to arrive at his top 10. Measurable
factors like quality of sand and colour,
luminosity and depth of water and angle
of the sun were rated on a scale of 1 to
5. Explaining his formula, he said: "White
sand is only made by the erosion of coral
reefs. Coral can only be found in waters
where the temperature never drops below
21C. This is why the best beaches are only
to be found in the tropics, between 27 degrees
north and 27 degrees south of the Equator."
The Independent seemed to agree: "Others
may quibble with his top 10 destinations,
but there is no question that the Andamans
and Laccadives are heavenly spots which
have earned the reputation of tropical paradise."
Kuldip Gangar, director, tourism and publicity,
Andaman and Nicobar administration, told
HT: "We always knew that the Andamans had
world-class beaches. But we were not aware
that they were the best until the BBC called
up to inform us about it. The tsunami, fortunately,
did not take away the natural beauty of
the islands."
Courtesy:
Hindustan Times, January 05, 2006
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Now,
Healthcare to go Global With Brand India
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After
IT, tourism and apparel, it's now the turn
of the Indian healthcare industry to market
Brand India globally. Healthcare providers
in India are now working in collaboration
with the government to launch a comprehensive
programme to promote medical tourism. These
include putting in place an accreditation
system for domestic hospitals and healthcare
providers, drawing up a price band for superspeciality
services offered by Indian hospitals, adoption
of country-specific marketing strategies,
opening of overseas facilitation centres
and tie-ups with overseas insurance companies.
Till now, only a few big private healthcare
providers such as Apollo, Fortis, Wockhardt
and Max were creating their individual brand
awareness in overseas markets through tie-ups
with insurance companies and patient facilitation
centres. "However, with the growing need
to establish the Indian healthcare brand
synonymous with safety, trust and excellence,
industry-wide measures are being undertaken,"
says an industry insider associated with
the new initiative. The National Accreditation
Board for Hospitals and Healthcare Providers
(NABH) set up by the health ministry under
the aegis of Quality Council of India, is
currently busy finalising the guidelines
for accreditation of hospitals and other
healthcare service providers.
Courtesy:
The Economic Times, January 03, 2006
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NRI
Doctor to be Honoured
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Prominent
Indian-American physician, activist and
philanthropist Sudhir Parikh has been selected
to receive the prestigious Pravasi Bharatiya
Samman for 2006, the highest civilian honour
bestowed by India on non-resident Indians
(NRIs). President APJ Abdul Kalam will present
the award to Parikh on the occasion of the
Pravasi Bharatiya Divas in Hyderabad. In
the last three years since its inception,
India has so far given the award to 37 people
of Indian origin, including UN Under-Secretary-General
Shashi Tharoor. Parikh, who was bestowed
the prestigious Ellis Island Medal of Honour
earlier this year for his lifetime of community
service, currently heads the Federation
of Indian Associations (FIA), the umbrella
organisation of Indian organisations in
the Tri-State area of New York, New Jersey
and Connecticut. "I'm honoured to be selected
for this award that seeks to honour people
of Indian origin who have made a difference
to global well-being. I want to dedicate
this award to the thousands of Indians living
outside their homeland whose efforts have
reiterated time and again that East or West,
Indians are the Best," said Parikh. A long-time
votary of strong Indo-US relations, the
doctor received international acclaim in
the treatment of Allergy, Asthma, and Immunology.
Courtesy:
Hindustan Times, January 03, 2006
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Old
Indian Saris Splash Colour in Western Homes
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Old
Benarasi and other Indian saris, reincarnated
as curtains, bedspreads, quilts and what
not, are adding a dash of colour to homes
in the West in contrast to the traditionally
minimalist décor there. At Bloomingdales,
the Christmas sale comprised saris made
into spectacular pairs of organza tissue
and silk curtains/drapes in shimmering shades
of maroon, ruby reds, sage greens, purple
and lavender with exquisite swirling hand
embroidered motifs in silver and soft gold
and elephant motifs hand woven on the border.
It said Made in India, and for size 90L"
X 41W", was priced at $182 from its original
price of $354. "We have a lot of queries
about these, and the old saris in their
new incarnations are a rage here," says
interior designer Rachel Adams, who sources
a whole host of them for what she calls
the "vintage collection". "Lots of stores
in the West are stocking these ethnic creations
made from old saris because they add a hint
of exotica with our pale colours and minimalist
furniture," Rachel said. "In the West people
are tired of plain pastels and soft sombre
shadings. They want something to liven up
things a little and ethnic fashion is quite
a revolution. That is why furnishings get
an extra edge of winsome vintage when the
old Benarasi sari gets reincarnated." For
the West, India is the land of glorious
flamboyance. It integrates influences from
various cultures into eclectic decorative
styles. The awesome breadth of designs,
colours and textures provide a seductive
visual treat. Sari borders are also finding
buyers because they are used on belts, jackets
and other apparel. "Sari borders make decorative
embellishments on apparel," Rachel says.
"They add an extra panache and just change
the whole theme. They are very popular at
Washington DC as well as at Los Angeles
and New York upmarket stores."
Courtesy:
Hindustan Times, January 03, 2006
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NRI
Math Whiz Co-Wins King Faisal Award
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An
Indian mathematician has been named the
co-winner of the King Faisal International
Prize for 2006, in recognition of his path-breaking
research which has strengthened links between
mathematics and physics. India's M S Narasimhan,
an honorary fellow at the Tata Institute
of Fundamental Research in Mumbai, shares
the prize with UK's Simon Kirwan Donaldson,
President of the Institute of Mathematical
Sciences and Professor of Mathematics at
Imperial College, London for seminal contributions
to math which also helped provide a foundation
for physical theories. Prince Khaled al-Faisal,
Director General of the King Faisal Foundation,
said the prizes would be distributed to
the winners on February 18. The two mathematicians'
work has helped establish strong ties with
the formulation of quantum chromodynamics
for which the King Faisal prize in physics
was given last year, the foundation said.
Each of the five prize categories consist
of a certificate, hand-written in Arabic
calligraphy, summarizing the laureate's
work; a commemorative 24 carat, 200-gram
gold medal, uniquely cast for each prize;
and cash award of 200,000 us dollars.
Courtesy:
www.financialexpress.com, January 01, 2006
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NRI
Scripts Success Story in Illinois
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An
Indian American who migrated to the US from
Chandigarh has scripted a success story
by turning his firm in four years into the
fastest growing Indian owned mortgage brokerage
in Illinois state. Mr Anil Loomba set up
his company, Home Mortgage Solutions Inc,
in 2001. Fuelled by Indian American home
purchases, his company recorded a dramatic
expansion in 2003 when mortgage rates were
at historically low levels. Most of Mr Loomba's
clients are South Asians, a majority of
them Indian Americans. An excellent financial
standing makes South Asians ideal clients,
said Mr Loomba. "The average South Asian
has a high credit score. Most of them are
also well placed professionals and it is
easy to deal with them," said Mr Loomba,
a chartered accountant who completed his
MBA here. A good credit history ensures
the client gets good interest rates. "But
we have also helped recent immigrants with
no credit history get home loans." Most
Indian Americans are eager to buy homes
as quickly as possible, the more affluent
choosing expensive suburbs. "We have got
our clients homes for a monthly mortgage
which is almost equal to the rent they were
paying. Home ownership gives them a better
lifestyle," Mr Loomba said. The average
size of a residential loan is about $250,000.
"But about 10 per cent of Indian Americans
come for loans of a million dollars or more,"
said Mr Loomba.
Courtesy:
The Asian Age, January 01, 2006
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