tv Newsweek South Asia PBS August 31, 2013 9:30am-10:01am PDT
government says no need for panic. and now for all the details. pakistan is already in the dark for harboring seminaries linked with terrorist organizations. ironically, rather than cracking the whip on these groups, islamabad is inclined to host them. recently, another popular seminary is also banned by the united states, but seminary refutes the charges. students and teachers at a pakistani islamic school designated as a terrorist training center by the united dates rebutted the charges and said they had not had a chance to defend themselves against the accusations. the u.s. treasury imposed
sanctions on the islamic school, saying it trained recruits and facilitated funding for al qaeda, the taliban, and others accused by indian intelligence of masterminding the 2008 mumbai attacks. the sanctions include a ban on u.s. citizens having anything to do with the schools. the pakistani interior ministry and the army declined to comment , but the school principal said the accusations are totally false. >> the treasury said the shake
controlled the school, which was founded as a mosque more than two decades ago -- the chic -- the sheikh controlled the school . he rejected claims against him, saying he was just a regular prayer leader in the mosque who left months ago. >> the united states accuses the school, which radicalize his children, of conducting insurgent activities and training them to become bomb manufacturers and suicide bombers. the nation's collective for the school were given to terrorist troops, such as the taliban,
which uses the money to fund the ongoing violence in afghanistan, the treasury said, but students said teachers focused on religion and not militancy. >> the brown concrete school eyes down a narrow street in the heart of pakistan's northwest city of the shower -- of pashawar, and since the announcement of the seminary's designation, some residents said they were afraid that the u.s. might mount a drone attack.
u.s. drone missiles have targeted militants in areas near the afghan border since 2004. the steep slide i's rupee has shaken investor confidence and put the indian economy in deep trouble. the government has stepped in and full throttle to ease the fall. a series of measures were announced, and the finance minister. with the rupee falling by 5.4% in five days last week, the indian finance minister said the currency is undervalued and has overshot appropriate levels. he sought to calm investors, saying there was no need for excessive and unwarranted pessimism.
after silence for most of the week, he addressed a press conference on a day when the rupee reached a 65 mark against the dollar and said there was no need to panic and that the government will continue to promote investment and growth. >> we believe that the rupee is undervalued and has overshot what is generally believed to be a reasonable and appropriate level. capital inflows will, in due course, correct the position. >> why is the rupee falling yet you demand from importers, mainly oil refiners, and some banks, wade on the rupee. the weeks are record-breaking movements. it registered the decades worst
single day fall on heightening fears. >> bringing in the role of policymaking, what measures has india taken to separate them from other markets? if we have to follow other markets, then what are we doing? >> in order to arrest the slide of the rupee, r.b.i had other measures, discussing talks of return of capital controlled regime. the currency's slide continued amid steps by the bank of india to increase availability of cash in the banking system. expectations that the u.s. federal reserve would start with buying its bond buying program next month also wait upon the currency.
>> the u.s. has been progressing for the past four quarters, and we have been going down for the past two or three quarters, and now our rupee has touched a never earlier seem low, so i think this time, the recession is more on the mental -- more fundamental, and i think it is more serious, and it could be definitely more troublesome. unfortunately, we are in for i think a more troubled time than in 2008. >> worried over a spike in interest rates, the reserve bank of india announced a slew of measures including bond buyback to ensure adequate credit flow
into industrial sectors of the economy. >> very soon, by the here and, and earliest in the next month, they may stop their purchasing of bonds. then the liquidity will dry up, as far as india is concerned, the incoming capital flow will target our trade deficit, so this is going to be a problem, and that is the reason why we have seen the following rupee as a result. >> the indian government is exploring structural measures to narrow the deficit. the finance minister said there is no plan to introduce capital control. the minister said that the rupee is undervalued and has overshot appropriate levels while asserting there is no need for excessive and unwarranted pessimism.
the reserve bank says it has adequate foreign exchange reserves to deal with the declining rupee. >> growth slowed down to five percent in 2012-20 13, and we expect that the growth trend will remain flattish in the first quarter. even so, we are in better health than many other countries of the world. therefore, there's no reason for excessive or unwarranted pessimism. we expect that growth will pick up in the second through fourth quarters. >> barclays cut its forecast of india's fiscal year 2013-2014 account deficit and said the country may be able to almost fully fund the c.e.d.
the rupee has declined by nearly 22% against the u.s. dollar since may, but on the last trading day of the week, the r.b.i intervened strongly to help appreciated by more than two percent. meanwhile, the firefight continues. there are no avenues for employment for the majority of youth. government service, which used to be the most stable option of employment, is now being undermined with government servants who are not paid their salary in time.
>> economic hardship is being extended to a large number of students. admission is being terminated from private and government schools because their parents are unable to bear the expenses of paying school fees. parents blame the government of pakistan and the administration for not ensuring a right to education for the children in circumstances where the administration is a principal defaulter.
>> angry over the termination of the children from school admissions, parents sat in protest outside their offices demanding the rightful dues from the administration in pakistan- occupied kashmir for salaries unpaid, which have stretched many months now. >> the last 18 months has resulted in assurances from the administration that no action will result in actual payment of salaries. there is today a looming threat of acute destitution of government employees and the resulting impoverishment of their families.
>> most government departments and authorities in pakistan, whether it be health, water, or electricity, are under deep unnatural crisis, and patience is running out from striking workers, who are staging protests at all possible executive and judicial been used. however, despite his additions to the pakistan government and administration of pakistan-
>> when there is a situation where government servants of the administration of pakistan- occupied kashmir are unable to pay their fees because of the behavior of the government for more than a year now and there is lack of alternative employment, it is only indicative of what an uncertain future the burgeoning use of pakistan-occupied kashmir face today. >> time now for a quick right, but do stay tuned because coming up after the break, afghanistan and pakistan settle scores on a soccer around. and clint roddy of boll -- gliterati of bollywood showcase
designs at fashion week. welcome back. you are watching "news week south asia." moving on now, a look at a soccer match up between two hostile neighbors who are trying to mend the fences on their borders. recently, a soccer match was laid between pakistan and afghanistan. here is a look. with the relationship between afghanistan and pakistan difficult, it took a soccer match in kabul to bring these south asian neighbors together, build as an indication of the countries' gradual return to normalcy after decades of war and violence. the 6000-seat stadium was filled up, and fans cheered at every pass, erupting in a frenzy when the game ended 3-02 afghanistan.
they have a history of strained relations that sometimes lead to clashes and harsh accusations. not only did they not see eye to eye on their border, there have been several cross-border shelling incidents in recent years, but pakistan's role in the 12 year war in afghanistan has been ambiguous. other reminders of the past were also present. the match was played just a kilometer away from a stadium that was used for public executions and mutilations of people who had transgressed the strict laws during the brief rule of the taliban. a return match between the two nations is scheduled for december.
week is doing a show at that scale, a show before the fashion week actually starts, so tonight show is a landmark show in that see. it is the first time. >> with festive season in mind, the designer used right colors such as mint green, burgundy, as well as mirror work, popular choices of indian bride. as for the fabric, there was a wide range. a bollywood filmmaker said he
was azed at the constant new designs created by his friend. >> an array of celebrities were present. the fashion week that commissions on august 23 will last until august 27. >> and with that, we come to the end of this edition of "news week south asia." we'll be back next week with more news and analysis.
www.vitac.com [ music playing ] hello and welcome to nhk "newsline." i'm keikich hanada with the latest news for this hour. people in syria are growing increasingly concerned after a u.n. inspection team completed a survey into alleged chemical weapons use and left the country. the people are worried about a possible u.s.-led military strike. the u.n. experts were in syria for the past two weeks. they carried a