Akshaya Tritiya 2018: Top Offers,Discounts on Gold and Diamond Jewelry. Provisional credit issue a hurdle to simplifying GST; Council to take call. Modi in Sweden: Firms commit to invest $1.1 bn in India; top developments. Rajiv Kochhar's Avista Advisory earned Rs 3 billion in the last four years. Banks are unable to meet the demand for cash, says ATM industry. Demonetisation 2.0? Opposition gives political currency to cash crunch.
Just as she was the first to criticise the Centre after its shock move to invalidate 86 per cent of the currency in circulation in November 2016, West Bengal Chief Minister Mamata Banerjee on Tuesday flagged the cash crunch in automated teller machines (ATMs) asking if a ‘financial emergency’ had been imposed in the country.
Other Opposition leaders, including Congress President Rahul Gandhi, too demanded answers from the Narendra Modi government on currency notes drying up in ATMs in several parts of India. In his Lok Sabha constituency Amethi, Gandhi said the “terror of note ban” has again gripped the country and accused the Prime Minister of destroying the banking system. On Twitter, Gandhi alleged Modi had “snatched” the Rs 500/Rs 1,000 currency notes from the pockets of every Indian and “given” it to Nirav Modi, but was neither speaking a word nor facing Parliament. Senior Congress leader P Chidambaram also did not mince words, saying cash supply had been ‘arbitrarily reduced’. Essar Steel resolution may take time; deadline could extend beyond 270 days.
SC red flags threat of Aadhaar data misuse, fears poll manipulation. The Cambridge Analytica data leak controversy on Tuesday found mention in the Supreme Court, which red flagged the threat of probable misuse of citizens' information by entities which were getting Aadhaar details authenticated by the UIDAI.
A five-judge constitution bench headed by Chief Justice Dipak Misra, hearing clutch of petitions challenging Aadhaar and enabling 2016 law, referred to the Cambridge Analytica controversy and said these are not "imaginary apprehensions" and, in the absence of robust data protection law, the issue of misuse of information becomes relevant.
"The real apprehension is that elections are swayed using data analytics. These problems are symptomatic of the world we live in," the bench, also comprising Justices A K Sikri, A M Khanwilkar, D Y Chandrachud and Ashok Bhushan, said. With different ceiling rates, 7,670 MW solar projects on offer across India. A batch of solar power projects with a total capacity of 7,670 megawatts (MW) is set to be put out to tender in the next two months where the benchmark tariff will vary according to location.
Also, there will be no viability gap funding for bidders, like earlier auctions, to quote lower than the market rate. For a 3,000 MW project cluster (250MWx12), the maximum tariff payable is set at Rs 2.93 a unit for 25 years. Bidders will have to quote below the benchmark rate. Location of the projects and sale of power will be managed by Solar Energy Corporation of India (SECI), the nodal agency for tendering solar projects. Another tender for a batch of 2,000 MW solar projects (250x8) as well as the Kadapa Solar Park (750 MW) in Andhra Pradesh and the Pavgada Solar Park (200 MW) in Karnataka will also be offered at the same rate, according to tender documents seen by Business Standard.
Domestic factors, rather than US watchlist inclusion, concern for rupee. The inclusion of India on the monitoring list of US Treasury is not something to worry much about, and does not mean the domestic currency will come under pressure on that count alone, say currency dealers.
Even as the Reserve Bank of India (RBI) intervenes in the currency market sporadically, it is not to target any exchange rate, but to iron out volatility. India also ran a current account deficit (CAD) of 1.5 per cent of gross domestic product (GDP) in 2017. The deficit is expected to widen to 2 per cent of GDP in the medium term, according to the International Monetary Fund (IMF).
Walmart, eBay fresh round of talks likely for $12 bn deal with Flipkart. As Flipkart waits to close its $12 billion stake sale to Walmart, a fresh round of talks might happen between the US-based retail giant and global e-commerce giant eBay to figure out issues related to merchants.
According to a recent article in Recode, Walmart might have to negotiate with eBay if it wants to do business over the next few years. eBay has invested $500 million in Flipkart and holds a 5 per cent stake in the company. Under the deal, Flipkart is allowed to sell merchandise from certain merchants at eBay for four years. Walmart, which has competing merchants in the same category, will have to either wait for four years or negotiate with eBay. Sources said the talks might happen over the next few days. The top brass from Walmart, eBay, Tiger Global, and SoftBank Group have had discussions on valuation and ironing out kinks in the deal. Electrosteel Steels goes to Vedanta, first of 12 IBC cases resolved.
The Kolkata Bench of the National Company Law Tribunal (NCLT) has approved Vedanta's resolution plan for Electrosteel Steels, paving the way for the debt resolution of the first of 12 cases mandated by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code (IBC).
The resolution plan, which was approved by a 100 per cent vote by the committee of creditors (CoC), will come into force with immediate effect, according to the NCLT order. The stipulated 270-day period, by when debt resolution for Electrosteel Steels was to be approved, ended on Tuesday. Vedanta Resources Chairman Anil Agarwal told Business Standard, “We look forward to working with the existing workforce at Electrosteel Steels. Though the business is not doing well, the team is good. We don’t plan any job cuts.” Printing of cash to be ramped up; shortage is short-term: Sanjeev Sanyal.
As the Centre deals with the fallout of cash shortage in certain parts of the country, Principal Economic Advisor in the finance ministry, SANJEEV SANYAL tells Arup Roychoudhury that the demand for cash has seen a spike of late.
Sanyal said there is no erosion of public confidence in the banking system and that there will be ‘no knee-jerk’ reaction to the problem at hand. Edited excerpts: The government says that the demand for cash has been growing in the last three months. Business Standard. IMF maintains India's FY19 growth at 7.4%; cautions govt on fiscal deficit. The International Monetary Fund (IMF) has maintained its forecast for India’s economic growth at 7.4% in 2018-19, which will again make the country the fastest-growing large economy after losing this tag to China by a close margin in 2017-18.
For 2019-20, the IMF has projected India to grow at 7.8%. By comparison, the Chinese economy is expected to slow down to 6.4% in 2019, down from 6.6% in 2018. India is likely to have grown 6.7% in 2017-18, the IMF said. In fact, the IMF projection for 2017-18 is a tad higher than 6.6%, pegged by the second Advance Estimates by the Central Statistics Office.
Why the monsoon is so crucial for PM Modi, inflation & the RBI policy. India's monsoon rains are likely to be 97 per cent of their long-term average in 2018, its meteorological department said on Monday, reassuring farmers ahead of summer planting in a country where only half of the farmland is irrigated.
What are the categories of monsoon? A normal, or average, monsoon means rainfall between 96 per cent and 104 per cent of a 50-year average of 89 cm (35 inches) in total during the four-month monsoon season from June, according to the India Meteorological Department's (IMD) classification. Rainfall below 90 per cent of the average would be classified as a drought. During Prime Minister Narendra Modi's first two years in office, in 2014 and 2015, there were consecutive droughts that led to some criticism due to the government's handling of the issue. Rainfall above 110 per cent of the average would mean an excessive monsoon, which would not be as damaging as a drought but could be potentially harmful for the yields of certain crops.
Fortis Healthcare board to decide on investment offers in April 19 meeting. Road sector revival: Projects being awarded at lower than reserve prices. Why Maharashtra farmers walked 170 km and how their strike played out. In the hilly terrain at the northern tip of Western Ghats, bordering Maharashtra and Gujarat, lies Surgana, an erstwhile princely state ruled by tribal chieftains of the Mahadev Koli tribe.
Surgana joined the instrument of accession to be part of the Indian Union in March 1948. Seventy years later, in March 2018, it was the birthplace of the uniquely successful protest by the tribal folk and farmers of Maharashtra. Minal Pawar, 32, and a graduate in commerce is the sarpanch (head) of the gram panchayat at Khobla village, 20 km from Surgana town in the northern district of Nashik in Maharashtra.
As she pulls her daughter, a toddler, to pacify her, she recalls how she led one group among the 25 that left from Nashik city on March 6. She took up the responsibility of leading farmers from six padas (hamlets) surrounding her village. “When Gavit saheb informed us about the march, we spread the word to nearby villages in two days,” she reveals. Build up. Infosys to hold analyst meet on April 23, expected to unveil new strategy. Arun Jaitley to take oath today for fresh six-year term in Rajya Sabha.
Finance Minister Arun Jaitley, who is undergoing treatment for kidney ailment, will take oath on Sunday for his new six years term in the Rajya Sabha. The ceremony will take place in the chambers of Rajya Sabha Chairman M Venkaiah Naidu. The 65-year old Jaitley was elected recently from Uttar Pradesh and will take oath at a special ceremony due to his health condition. “The Union Minister of Finance & Corporate Affairs, Shri @arunjaitley will take oath as Member of Rajya Sabha tomorrow,15th April,2018. The Vice President & Chairman, Rajya Sabha, Shri @MVenkaiahNaidu will administer the oath to Shri Jaitley in his Chamber in Parliament House,” the Finance Ministry said in a tweet.
CWG 2018: Saina Nehwal clinches women's singles gold beating P V Sindhu. Saina Nehwal's aggression and intensity quite literally wilted P V Sindhu as she picked up the women's singles Commonwealth Games gold medal with exhilarating triumph in the final at Gold Coast on Sunday. Saina, who led the head-to-head count 3-1 before Sunday's match, won 21-18 23-21 in the high-pressure match that lasted an hour. US adds India to currency watch list, demands reforms to address surpluses. The US Treasury added India to its watch list of countries with potentially questionable foreign exchange policies, joining China and four others, according to a report issued on Saturday.
The Treasury said the "monitoring list" includes those "major trading partners that merit close attention to their currency practices. " In addition to India, the semi-annual report to Congress names five countries that continue on the list from October: China, Germany, Japan, Korea and Switzerland. In top gear! Two-wheeler exports highest since FY12 at 2.8 million units. Russia rues its declining role as arms supplier to India. For years, Russian equipment and defence firms were the highlight of Indian Defexpo and Aero India shows. India needs to reawaken to the principle of equality.
The economic liberalisation that I was associated with in 1991-1996 and 2004-2014 was, above all, a process of opening up new opportunities for people born without social and economic privilege. This was for me the guiding vision behind our economic reforms. Reclassification helps govt rein in fiscal deficit to 3.4% of GDP in FY18. The Narendra Modi government has had to depend on some smart accounting and expenditure rationalisation to rein in the 2017-18 fiscal deficit at 3.4 per cent of gross domestic product (GDP), lower than the Revised Estimates (RE) of 3.5 per cent. Rs 6.21-billion fraud: CBI books former UCO Bank CMD Arun Kaul, others. Battle for Taj Mansingh: Saraf turns brand owner, may bid for iconic hotel.
Whistleblower's heat on Infosys board, questions U-turn on Panaya. A whistleblower on Saturday wrote to regulators in the US and India seeking accountability of the Infosys board that in 2015 approved the decision to buy Panaya and Skava, two subsidiaries, which the information technology giant put on the block on Friday. These acquisitions have been described as “value-less”. China holds biggest ever military drill in SCS amid Xi's presence. GST isn't unfixable, I wouldn't give up hope at this point: Raghuram Rajan. Industrial output expands at 7.1%; March retail inflation eases to 4.28% The macroeconomic scenario for the country looks favourable for now, with industrial output continuing its healthy expansion, albeit at a slightly lower pace, and retail inflation moderating further. How Air India disinvestment is unfolding: Four foreign carriers may bid. The government is optimistic on the sale of Air India despite prospective Indian airline bidders apparently withdrawing one after the other from the race.
It appears that at least four international carriers — British Airways, Lufthansa, Etihad and Singapore Airlines (SIA) — are interested in the stake sale. Despite mega announcements, Made in India mobile handsets still a promise. The Make in India line-up is long and impressive, led by the big boys in the international mobile devices industry. 80% and counting: Hotel occupancy gain strength in Delhi, Mumbai. Etihad sends feelers to Anil Ambani to buy 76% stake in Air India. Fresh fund infusion by Munjals and Burmans may alter Fortis sale plans. Business Standard. India, China join ranks to negotiate with oil producers for better bargain.
Why Facebook CEO Mark Zuckerberg is winning the US Senate hearings. Jack Ma's Ant Financial plans $9 billion round of fresh funding: Report. Gender diversity rises to 50% among doctoral research applicants at IIMs. E-commerce major Flipkart to do a Google with knowledge graph. BJP richest political party with Rs 10.03 billion income in FY17: ADR. No bias against states in finance commission's terms of reference: Jaitley. Business Standard. Commonwealth Games 2018 Day 5 medal tally: Australia wins 39 gold and India 10; top highlights. Battleground Karnataka: What is Congress' 'Karnataka model of development' Nirmala to 'open' Defexpo on Wednesday, Modi to 'inaugurate' on Thursday. RBI plans to collect information on loan to Videocon from ICICI Bank. India prepared to grant 50% stake to Aramco in west coast refinery: Sources. MARKETS LIVE: Indices range-bound, Nifty slips below 10,400; PSU banks fall. Adani Group may now look at projects under toll-operate-transfer model.
Chanda Kochhar's good and bad times at ICICI Bank as its MD & CEO. I-T officers restive over collection process. FinMin raises questions on interest rate of 8.55% proposed by EPFO. Manipal sweetens offer for Fortis hospitals, proposes Rs 40-bn rights issue. Business Standard. BCCI media rights: STAR India's big gamble may turn into a goldmine. After IndiGo, Jet Airways not to participate in bid for stake in Air India. Videocon loan row: LIC, govt nominee seek meeting with ICICI Bank brass.
Shikha Sharma's eventful nine years at Axis Bank: Highlights of her stint. Axis Bank board cuts short CEO's tenure, Shikha Sharma to stay on till Dec. Mayhem on bourses: Global trade war fears battering all equity markets. IPL 2018: Knight Riders beat RCB by 4 wickets; Narine, Karthik shine. Indian Air Force seeks commitment from fighter vendors. Flipkart-Amazon too big to sail? Deal could come under CCI scanner. CBI, Indian Revenue Services officers at loggerheads over fraud tax refunds. Discoms likely to consider PPAs as short-term power rates rise. CBI grills Chanda Kochhar's brother-in-law Rajiv, NuPower directors.
United Opposition will defeat BJP, Narendra Modi in 2019: Rahul Gandhi. New ITR form seeks salary break-up, more disclosures from taxpayers. Foreign bond investors get access to $16 bn of additional debt in India. Centre may ease expression of interest deadline for 76% stake in Air India. Deepak Kochhar's journey from the pinnacle to faltering trust. Q4 preview: March quarter estimates show earnings growth losing steam. Fake news row: Govt rolls back rules after Modi steps in for damage-control. Grofers revenues jump 136% to Rs 339 million even though losses widen. STAR India, Sony Pictures, Reliance Jio in race for BCCI media rights. Jet Airways finalises deal for 75 Boeing 737 Max planes worth $8.7 bn. Business Standard. Uproar over Dalit rights: SC sticks to SC/ST Atrocities Act judgement. Govt shifts to new formula: To show highway construction in better light. Despite Rs 130-bn scam, PNB 's domestic business crosses Rs 10 trn in FY18.
Videocon loan case: Income tax department issues notice to Deepak Kochhar. Supreme Court declines to keep in abeyance March 20 SC/ST verdict. ICICI Bank stock posts biggest single-day drop in nearly three years. Three-way race for Essar Steel: ArcelorMittal, Numetal-JSW, Vedanta in fray. H-1B visa application process begins Apr 2; zero tolerance for minor errors. Day 1 sees no major glitch for e-way bill, says GSTN chief executive. Govt may have to stop export subsidies within the next nine months. Tatas in race to be lndia's largest steelmaker, to overtake JSW and SAIL. Capital goods, construction firms see 69% jump in new orders in FY18. ED initiates enquiry in ICICI-Videocon loan, asks Sebi for documents.
Business Standard. 5 factors that may have a bearing on markets in the coming months. Justice Jasti Chelameswar seeks full court discussion on govt interference. Impeachment motion against Chief Justice: Dipak Misra controversy explained.