GENERAL UPDATES 07.05.2019

STEPS TO BOOST EXPORTS, STARTUPS PART OF COMMERCE MINISTRY'S 100-DAY PROGRAMME FOR NEW GOVERNMENT

Measures to boost exports and promote start-ups are part of the 100-day programme prepared by the commerce and industry ministry for the new government, an official said. The new government is expected to assume office by the end of this month. These proposals would be presented to the new government, the official added. The ministry has proposed to set up a separate logistics department to be headed by a secretary with a view to enhancing growth of the sector, which is fundamental to boost exports, imports and overall economy. Extensive coordination among different stakeholders of the logistics sector including roads, railways, shipping, civil aviation, and states is required. Currently, there is a separate wing of logistics, headed by a special secretary in the commerce department. It has also proposed a new World Trade Organisation (WTO)-compliant export incentive scheme for goods shipments to replace the existing MEIS. At present, exporters of goods avail incentives under the merchandise exports from India scheme (MEIS). In this, the government provides duty benefits depending on product and country. Since 2011-12, India's exports have been hovering at around $300 billion. During 2018-19, foreign shipments grew by 9 per cent to $331 billion. Promoting exports helps a country to create jobs, boost manufacturing and earn more foreign exchange. Similarly, the department for promotion of industry and internal trade has prepared a vision document to promote growth of start-ups and steps to further improve ease of doing business to attract both domestic and foreign investments. During April-December 2018-19, foreign direct investment into India dipped by 7 per cent to $33.5 billion.

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RBI PLANS MORE FOREX SWAPS, STEPS TO INJECT CASH

The Reserve Bank of India (RBI) will probably conduct at least one more swap of rupees for dollars after the general election, said three officials with direct knowledge of the plan, part of an effort to support economic growth. The central bank also plans to conduct open market operations of up to ₹50,000 crore over the next two months, one of the officials said, expanding a quantitative easing programme to spur the slowing economy. These latest moves are expected to increase cash in the financial system and help push interest rates down, potentially helping borrowers where an interest rate cut has not. We want to make sufficient liquidity available, but we cannot open the floodgates of liquidity. It has to be done in a calibrated and measured way, said one official who declined to be named because of the sensitivity of the matter. The RBI wants the real interest rate — the delta between the inflation rate and rate people pay to borrow — to ease for borrowers, a separate government official said.

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JET AIRWAYS’ EMPLOYEES' UNION WANTS COPS TO SEIZE NARESH GOYAL, BOARD OF DIRECTORS PASSPORTS

With no serious bidder stepping into forward as binding bids deadline of May 10 looms large, the All India Jet Airways’ Officers and Staff Association has demanded that Mumbai police should impound the passports of Jet Airways promoter Naresh Goyal, the Board of Directors, and senior management of the company to stop them from leaving the country. Kiran Pawaskar, met Mumbai Police Commissioner Sanjay Barve recently in connection with their demand that an FIR be lodged against Goyal and the entire top management of Jet Airways for the grounding of the full service airline. In a two-page letter submitted to Barve, Pawaskar has made the demand that to avoid a repeat of the fiasco similar to Kigfisher Airlines and Cambata Aviation where the owners of the company fled the country to avoid criminal action leaving unpaid employees in the lurch, the Mumbai Police should lodge an FIR against Jet Airways management, and seize their passports to stop them from leaving in the interest of justice. Steps be taken to impound the passport of the company chairman, board of directors and the senior management of the company as many of them are foreign nationals and working in India under work permits. Failure to take action may result in the possibility of these individuals fleeing the country, wrote Pawaskar, who has spearheaded two protest marches demanding justice for Jet Airways employees. Pawaskar-led delegations had met the management of the company twice in April, and were told that no payment was forthcoming from either the promoters or the lenders consortium. Non-payment of salary and benefit is a serious violation of law and we believe it is an act of criminal breach of trust considering employee-employer relationship and FIR should be registered under various sections, he said in his letter. Not to be left behind, the Shiv Sena lablour union Bharatiya Kamgar Sena has also written to Union finance minister Arun Jaitley and civil aviation minister Suresh Prabhu demanding a quick solution to the Jet Airways crisis and hinted at possible industrial action by employees on their own accord at the Mumbai international airport, which was the hub of Jet Airways for 26 years.

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5759 NEW CHARTERED ACCOUNTANTS GOT PLACEMENTS WITH AVG SALARY OF 7-8.5 LAKH IN LAST 3 CAMPUS PLACEMENT DRIVES: ICAI

The Institute of Chartered Accountants of India has said that 5759 New Chartered Accountants got placements in various companies with an average Salary of 7.4 to 8.5 Lakhs in the last 3 Campus Placement Drives conducted in January and March this year. Over 69 years ago, ICAI was established with about 1700 members and has grown to over 2.90 lakh members. ICAI and the profession have touched new heights and reached the unfathomed corners of the earth. Building blocks of the profession are being consolidated and empowered. Continuing with vigorous efforts towards exploring and making available ample opportunities for the members, the endeavor of ICAI has been to continually strive to serve the members to the optimum. The USP of ICAI qualification has been an internationally benchmarked curriculum and exposition to practical training making the professionals groomed to the emerging needs of the job market. ICAI is also facilitating the members by effective placement and exploring new avenues of employment by organizing campus interviews for newly qualified Chartered Accountants seeking employment through ICAI. Institute also provides sector-specific assistance in the improvement of skills of Members, consider their problems and issues pertaining to the career planning and other related matters. In that endeavour, the Institute has been providing an employment opportunity to the newly qualified Chartered Accountants through Campus placement process that began in 1995 and during the years – 2006 to 2018, nearly 30,000 Chartered Accountants secured entry in the industry.

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MATCHING VVPAT SLIPS WITH EVMS: SC REJECTS REVIEW PLEA OF 21 OPPN PARTIES

The Supreme Court on Tuesday dismissed the plea filed by 21 Opposition parties seeking a review of its April 8 order directing the Election Commission to increase random matching of VVPAT slips with EVMs to five polling booths per assembly segment. We are not inclined to modify our order, a bench headed by Chief Justice Ranjan Gogoi said. The plea was filed by opposition parties led by Andhra Pradesh Chief Minister Chandrababu Naidu. Senior advocate A M Singhvi, appearing for petitioners, told the bench that the apex court had increased the random matching of VVPAT slips with EVMs to five polling booths per assembly segment and they are now seeking that it should be increased to 25 per cent at least It will be for the satisfaction of confidence building measures, Singhvi told the bench also comprising Justices Deepak Gupta and Sanjiv Khanna. Singhvi said the present increase of random matching of VVPAT slips with EVMs to five polling booths per assembly segment amounted to a meagre two per cent and petitioners are seeking that it be raised to 25 per cent at least.

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UNEMPLOYMENT RAISES HEAD AGAIN AS MODI LOOKS TO WOO VOTERS

In what may fuel further tensions for the Modi government in the ongoing election season, the unemployment rate surged in April to 7.6 per cent after seeing a dip in the previous month at 6.71 per cent, Centre for Monitoring Indian Economy (CMIE) data showed. The joblessness is now at its highest rate since October 2016, the data also revealed. The lower unemployment rate reported in March was seen to bring in respite to the Narendra Modi-led NDA government, which is under attack for failing to create enough jobs. The lower unemployment rate in March was a blip and the latest numbers again joined the trend of previous months, Mahesh Vyas of CMIE told news agency Reuters. The unemployment numbers remained over 7 per cent in the three months preceding the month of March. The unemployment situation was grim even before demonetisation at over 8 per cent, Mahesh Vyas told. The rate of joblessness also fell to 2 per cent thereafter and now it stands at 7.6 per cent as people withdrew from jobs. The people are now not looking for jobs as they find no reason to hunt for them when they don’t exist, he added. The labour participation dropped to 42 per cent from 44 per cent post demonetisation period, Mahesh Vyas added.

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SC TO HEAR RAFALE REVIEW PLEAS, CONTEMPT CHARGES AGAINST RAHUL GANDHI ON 10 MAY

The Supreme Court on Monday adjourned to 10 May the hearing of pleas seeking review of its verdict on the Rafale fighter jet case and also the contempt petition against Rahul Gandhi for attributing the ‘chowkidar chor hai’ remark to the top court. A special bench headed by Chief Justice Ranjan Gogoi said petitions seeking review of its December verdict would come up for hearing on May 10. The bench, also comprising Justices S K Kaul and K M Joseph, expressed surprise on how the review pleas and the contempt petition against Gandhi were listed separately on different dates when it had earlier ordered that both the cases will be heard together. We are little perplexed that the two cases are listed on two different dates when the order was that these matters will be heard together, the bench said.

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PFRDA MUST INSIST ON PENSION FUNDS TO BEEF UP THEIR RISK ASSESSMENT NORMS

Ever since IL&FS defaulted on its debt obligations last year and flagged off a liquidity crisis across the NBFC sector, mutual fund managers have faced strident questioning on their troubled corporate bond exposures. Mutual funds’ open-ended nature, daily NAV disclosures and significant institutional participation has made sure that their doubtful credit calls cannot escape public scrutiny. SEBI has tweaked its regulatory framework for debt mutual funds to ensure prompt disclosure of losses, mark-to-market valuation and a side-pocketing mechanism to ensure that investor interests aren’t compromised when credit calls go awry. But there seems to be no such standard operating procedure in place for pension funds, who are significant players in the corporate bond market and manage retirement savings of retail investors. BusinessLine reports suggest that pension fund holdings in IL&FS amount to a sizeable ₹1,200 crore, with both the National Pension System (NPS) and Atal Pension Yojana featuring the paper. Indian pension fund regulators have traditionally seen no reason to ready their regulatory framework to deal with default events, because these funds are bound by mandate to be quite conservative with their corporate bond exposures. PFRDA’s investment guidelines, for instance, specify that the NPS money can only be deployed in government securities or corporate bonds rated AA and above by at least two credit rating agencies. But then, a string of recent defaults by AAA or AA-rated entities including IL&FS have shown that high investment-grade credit ratings, in the Indian context, are no guarantee that a corporate borrower will not renege on payments. Rating agencies can effect multi-notch downgrades at whim and once defaults or downgrades transpire, market liquidity for such corporate bonds completely dries up. Given that the brewing NBFC crisis may unleash more credit events, it is now imperative for PFRDA to rethink its valuation and risk management framework for NPS exposures in corporate bonds. There is even a case for barring such exposures in the Atal Pension Yojana, meant for low-income earners. The regulator must bear in mind that the NPS, unlike debt mutual funds, offers a very low management fee to AMCs, locks in investors and attracts very little public scrutiny. Therefore, there need to be clearer deterrents to NPS managers taking on undue credit risks and delaying mark-downs of downgraded bonds. NPS investors still can’t exit based on such disclosures, but they can certainly switch assets or managers to reduce risk. There has also been a clamour for Indian pension funds to increase their allocations to lower-rated bonds to aid in the development of the bond market. But experience so far suggests that relying on third party credit ratings to take such calls is fraught with risk. PFRDA should insist on pension fund managers beefing up their in-house credit assessment teams and risk controls, before considering changes in its investment norms.

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NITI AAYOG WORKING ON PROPOSAL TO APPRAISE JUDGES’ PERFORMANCE, MAKE RANKINGS PUBLIC

The annual exercise that exercises minds across corporate and government establishments may reach the country’s judicial establishment too, if a Niti Aayog proposal becomes a reality. The government think tank is working on a proposal to introduce an annual performance review system for India’s 17,000-plus judges. Not just that, the option of making the rankings of judges public — so as to incentivise performance — is also being discussed. Officials familiar with the process told that the idea is to increase efficiency in a legal system that presides over pendency of more than 28 million cases. But they also acknowledged it is likely to face stiff resistance. A senior official said the performance index for judges is being built around half-a-dozen efficiency indicators. While the indictors are yet to be finalised, probable ones include caseload per judge, duration of proceedings, cost per case, clearance rate and the court budgets, among others, the official added. All officials spoke off record. Quoting a finance ministry study, Niti Aayog has observed in its strategy document that it will take 324 years just to clear the present case backlog at the current rate of disposal. The paper then argues critical logistical and efficiency issues need to be addressed. Niti Aayog also proposes that the justice delivery system be streamlined by shifting some of the caseload from regular courts. For commercial disputes, commercial courts and commercial appellate divisions of high courts will become the major forum. And for criminal cases in metropolitan areas, criminal judicial magistrates will absorb some of the case burden. Judicial responses to the proposal were hostile. The All India Judges Association criticised the idea of assessing judges’ performance. Judges or the justice delivery system in India is not a factory where you can measure productivity, output or performance, said Justice Rajendra Prasad, president of the All India Judges Association and a former judge at the Patna High Court. Performance rating does not exist anywhere. It is a terrible idea with an objective to weaken the institution. It is a serious encroachment of the executive on the judiciary, the former chief justice of a high court said on the condition on anonymity. No high constitutional functionary should be subject to fixed parameters. Rather, they should have some discretionary powers, said Bishwajit Bhattacharyya, former additional solicitor general of India. Bhattacharyya also argued that judicial efficiency depends on better compensation for judges, much higher recruitment and better and bigger judicial infrastructure. India’s lower judiciary has 16,726 judges, its high courts, 673 judges, and the Supreme Court, 25 judges. Justice Prasad, however, agreed that just as high courts fix case disposal targets for district courts, high courts and the Supreme Court should also have case disposal targets. Even judges at the state and central level should be subject to targets and bear the consequences if targets are not met, he said.

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E-COMM POLICY, DATA LOCALISATION FIGURE IN INDO-US MEET; GSP NOT DISCUSSED

Issues like India's draft e-commerce policy, data localisation, high import duties imposed by America on steel and aluminium figured during the meeting between visiting US Commerce Secretary Wilbur Ross and Commerce Minister Suresh Prabhu said. The other matters which were discussed between the leaders include the US concerns on medical devices, personal data protection bill of India, RBI's public credit registry, data localisation for payment companies, visa issue, airport ground handling operations by US Airlines, IPR and airline passenger safety system/data, they added. However, the countries did not take up the issue of proposed withdrawal of export incentives by the US to Indian exporters under Generalized System of Preference (GSP), one of the source said. Although India has said the withdrawal of GSP benefits by the US will not impact domestic exporters, local industry has demanded for continuation of the incentives. Further, the US companies have raised concerns over India's draft e-commerce policy and issues related with mandatory data localisation requirements. The issue assumes significance amid apprehensions that the draft e-commerce policy favours domestic players and does not provide level-playing field for US firms such as Amazon and Walmart. India, on the other hand raised the issue of high import duties imposed by the US on certain steel and aluminium products. Besides, India also wants the US to relax the provisions of visa regime for Indian IT professionals and companies. Meanwhile, an official statement issued by the commerce ministry said that India and the US have agreed to engage regularly at various level to resolve outstanding trade issues by exploring mutually beneficial suitable solutions. Both sides agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs, it said.

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‘NO GUARANTEE THAT BANK PRIVATISATION WILL BE A PANACEA’

The banking system is overburdened with non-performing loans Much of the problem lies in public sector banks, but private sector banks like ICICI and Axis Bank have not been immune. Some of the malaise comes from a general need to improve governance, transparency and incentives in the system. However, the difficulties in even some private banks suggest that ‘simple’ solutions like privatising all public sector banks may be no panacea. At any rate, banking reforms should tackle four broad areas:

1. Clean up banks by reviving projects that can be revived after restructuring debt.

2. Improve governance and management at public sector banks.

3. De-risk banking by encouraging risk transfers to non-banks and the market.

4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.

Is privatisation of public sector banks the answer? Much of the discussion on privatisation seems to make assumptions based on ideological positions. Certainly, if public sector banks are freed from some of the constraints they operate under (such as paying above the private sector for low-skilled jobs and paying below the private sector for senior management positions, having to respond to government diktats on strategy or mandates, or operating under the threat of CVC/CBI scrutiny), they might perform far better. However, such freedom typically requires distance from the government. So long as they are majority-owned by the government, they may not get that distance. At the same time, there is no guarantee that privatisation will be a panacea. Some private banks have been poorly governed. Instead, we need to recognise that ownership is just one contributor to governance, and look at pragmatic ways to improve governance across the board. There certainly is a case to experiment by privatising one or two mid-sized public sector banks and reducing the government stake below 50% for a couple of others, while working on governance reforms for the rest. Rather than continuing a never-ending theoretical debate, we will then actually have some evidence to go on. Some political compromises will be needed to allow the process to go through, but so long as the newly privatised banks are not totally hamstrung in their operational flexibility as a result of these compromises, this will be an experiment worth undertaking. An alternative proposal to improve governance is to merge poorly managed banks with good banks. It is uncertain whether this will improve collective performance – after all, mergers are difficult in the best of situations because of differences in culture. When combined with differences in management capabilities, much will depend on whether the good bank’s management is strong enough to impose its will without alienating the employees of the poorly managed bank. We now have two experiments under way: State Bank has taken over its regional affiliates, and Bank of Baroda, Vijaya Bank and Dena Bank have been merged. The performance of the latter merger will be more informative. Thus far, market responses suggest scepticism that it will play out well. Time will tell. Risk also returns through the back door. Banks will have to complement financial markets rather than see them as competition. The use of financial technology will be especially helpful to them in this endeavour.

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DESPITE BIG 5G PLANS, DEBT-LADEN AIRTEL WOBBLING IN WAR WITH AMBANI'S JIO

In a war for the control of India’s billion-plus mobile-services market, tycoon Sunil Mittal seems to be floundering in the face of a juggernaut unleashed by Mukesh Ambani. For at least a fourth quarter in a row, Mittal’s Bharti Airtel Ltd. shored up its profits with one-time gains, masking headwinds posed by upstart Reliance Jio Infocomm Ltd. Jio’s roll-out, after its 2016 debut, has knocked Airtel from its perch in a consolidation that shrank the industry to three players from about a dozen four years ago. Airtel is struggling to add subscribers in a saturated market after Jio managed to lure more than 300 million users over the past three years -- a quarter of the world’s second-largest market. The aggressive expansion of Jio with free calls and cheaper data, backed by the deep pockets of Asia’s richest man, was bad news for highly indebted incumbents engaged in a tariff war that had pushed call rates to less than a cent. Shriveling earnings portend further trouble for Airtel. Already saddled with more than $17 billion of debt -- the highest among Asian peers -- it is also preparing to spend billions more on 5G airwaves at a government auction in coming months. Adding to its woes, Moody’s Investors Service cut its rating to junk earlier this year. The New Delhi-based company is counting on some asset sales, a rights issue and an initial public offering in London of its Africa unit to bolster its finances. Airtel said in an exchange filing Monday that a one-time net gain of Rs 20.2 billion ($291 million) on account of a credit related to re-assessment of levies boosted its net income to Rs 1.1 billion for the quarter through March. Analysts had predicted a loss of Rs 9.66 billion. Although revenue rose 6 per cent to Rs 206 billion in the period, data provided by the Telecom Regulatory Authority of India show Airtel added a net 53,493 subscribers in the first two months of the year, compared with Jio’s 17.1 million. While Airtel didn’t provide user addition data for the quarter, Jio reported an increase of 26.6 million.

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INDIA WARNS WTO ABOUT EU’S PROPOSAL FOR E-COMMERCE RULES

India has expressed apprehensions about the European Union’s (EU’s) proposal on Friday to create new e-commerce rules on grounds that the high standards being proposed could decimate both the goods and services tariff rules under the World Trade Organisation (WTO), impacting its domestic industry and job creation. J.S. Deepak said most developing countries including India are not ready for binding rules in e-commerce. We fear the impact of some of the e-commerce rules being proposed under the Joint Initiative on e-commerce, on existing trade rules, particularly the General Agreement on Tariffs and Trade (GATT) tariffs, which protect our industry, and General Agreement on Trade in Services (GATS) schedules that provide us useful flexibilities. Both the GATT and GATS could wither away due to the onslaught of the so-called ‘high standard’ e-commerce elements, he added. While the GATT rules regulate goods trade among WTO members, rules of GATS govern the trade in services among member countries. The EU, US, Japan and China are among 76 members of the WTO that launched negotiations to set future rules and obligations in electronic commerce in January at the sidelines of the World Economic Forum in Davos. India has opposed any such move to set e-commerce rules outside the ambit of WTO and has insisted that the current multilateral programme on e-commerce under WTO should be taken to its logical conclusion. In our view, going against this exploratory mandate and starting negotiations on e-commerce, strikes at the very roots of the multilateral system, Deepak said. The EU on Friday made public the text of its initial negotiating proposals for e-commerce that include tackling barriers that prevent cross-border sales today; addressing forced data localization requirements, while ensuring protection of personal data; prohibiting mandatory source code disclosure requirements; and permanently banning customs duties on electronic transmissions, among others. India is currently drafting a national e-commerce policy, which seeks to use India’s data for its own development rather than allow its value to be appropriated by others. It also proposes to preserve our flexibility of imposing customs duty on electronic transmissions to protect domestic industry and leverage technology for creating jobs and wealth, by ensuring competition and a level playing field. We are also keen to assess the extent of sacrifice of revenue involved, and the distribution of this loss among Members, when new technologies like additive manufacturing will result in electronic transmissions cascading and many dutiable goods being manufactured by digital printing, Deepak said in his statement. While the EU’s e-commerce proposal will be discussed along with proposals from other participating countries on 13-15 May at Geneva, India has decided to hold an informal WTO ministerial meeting of select developing countries on 13-14 May in New Delhi to finalize a Delhi Declaration on development and WTO reforms including on e-commerce. Moreover, preserving special and differential treatment for all developing countries and LDCs (Least Developed Countries) which is a core principle of the WTO as well as addressing the asymmetries in Uruguay Round Agreements should be an overriding priority, he added.

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SECOND TERM FOR NDA WILL RESOLVE NBFCS' LIQUIDITY WOES: IIFL'S NIRMAL JAI

Leading financial services player IIFL Monday said if the BJP-led National Democratic Alliance (NDA) gets a second term it will provide liquidity support to non-banking financial companies (NBFCs) that are facing cash crunch for a year now. If the present government gets a second term, it will ensure better liquidity for NBFCs. There were informal discussions to this end already and they said after the elections, RBI and government will sit down and make sure the liquidity problem is resolved, Nirmal Jain told. Notably, BJP general secretary Ram Madhav has reportedly said the party may require more allies to form the next government, in a first official indication of the BJP falling short of a clear majority in the ongoing polls. Liquidity constraints of NBFCs has affected their growth and some are facing rating downgrades due to cash issues. Recently, two arms of the Anil Ambani-led Reliance Capital --Reliance Home Finance and Reliance Commercial Finance--were junked by Care Ratings. Post-IL&FS crisis, the Reserve Bank has been infusing liquidity through more open market operations purchases and lately through dollar auctions but has not helped NBFCs much. Jain said there is no problem of solvency but an issue of liquidity and government is committed is resolving it. Ruling out any bailout, he said, while bailout is for people who have gone bust, liquidity is for people who are solvent but need some more cash. He, however, does not see any systemic risk currently due to the liquidity crisis in NBFC sector. Jain said IILF has comfortable liquidity, cost of borrowing has gone up by around 40-50 basis points since the last six months. We are comfortably placed. Liquidity is not a concern for us but our cost of funds is high at 9 per cent.

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DISCOM DEBT TO SWING BACK TO PRE-UDAY LEVEL OF ₹2.6 LAKH CRORE IN FY20: CRISIL

The external debt of state-owned electricity distribution companies (discoms) is set to increase to pre-UDAY levels of ₹2.6 lakh crore by the end of this fiscal, a note by credit ratings agency Crisil said today. With most states having limited fiscal headroom, continuous financial support to their discoms may be difficult, which forces these discoms to become commercially viable through prudent tariff hikes and a significant reduction in technical and commercial (AT&C) losses. UDAY or Ujwal Discom Assurance Yojana, which was approved by the Union Cabinet in November 2015, sought to financially stabilize discoms by allowing them to convert their debt into state government bonds, subject to certain conditions. Crisil’s report is based on an analysis of discoms in 15 states that account for 85% of the aggregate losses. After UDAY had been implemented, aggregate discom debt had fallen from ₹2.7 lakh crore in September 2015 to ₹1.9 lakh crore in FY16 and ₹1.5 lakh crore in FY17. This downward trajectory is now expected to reverse, moving up to ₹2.28 lakh crore in FY19 and ₹2.64 lakh crore in FY20. As per the memoranda of understanding that states had signed under UDAY in 2015-16, their discoms were to initiate structural reforms by reducing AT&C losses by 900 basis points (bps) to about 15% in 2018-19, and also implement regular tariff hikes of 5-6% per annum. In lieu, state governments took over three-fourths of discom debts, thus reducing the interest burden. However, Crisil’s report found that while discoms enjoyed the benefit of debt reduction, structural reforms have been slow to come by. For instance, AT&C losses reduced by only 400 bps by December 2018 from pre-UDAY levels and average tariff increases were a paltry 3% per annum. Further improvement in operations may face challenges because the focus on new rural connections without adequate tariff hikes can increase losses, said Subodh Rai, said in the note. Add to that the funding needs for budgeted capital expenditure, and the external debt of discoms would balloon to roughly ₹2.6 lakh crore by the end of FY20. That arithmetic is based on the assumption of average tariff increase of 2%, and partial funding of losses through state government grants, in line with the commitments made under UDAY.

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GOVT CANNOT ENSURE CHEAPER OIL TO INDIA, SAYS US COMMERCE SECRETARY

The US government will not ensure sale of its oil to India at cheaper rates as the commodity is controlled by private companies, Ross said on Monday. The latest US sanctions against Iran has barred Asian buyers, including India, from importing oil from Tehran. Iran was shipping oil to India at discounted rates u.. Oil is owned by private people so the government cannot force people to make concessionary prices, Ross said, when asked if the United States is considering selling oil to India at a concessional rates to make for loss of Iranian barrels.

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INDIA NEEDS MINISTER FOR INVESTMENT TO DEAL WITH STRESSED INVESTMENTS AND GET RICH

ndia needs a minister for investment. Whoever wins the May 23 election count, the next government must find somebody who will boldly open the doors to American and Japanese capital. Another statist intervention in a country that labors under an excess of bureaucracy might not look like much of a solution to anything. But for India to break free from the lower-middle-income trap will require officials to marshal and allocate every scrap of funds prudently, and correct mistakes swiftly. Just having a minister of finance isn’t enough, as India’s own experience has shown. From power and airlines to telecommunications and lending, large Indian businesses are failing at an alarming rate. But providers of capital — whether banks or capital-market investors — haven’t a clue about how to recover anything. It’s time for a technocrat to step in to deal with stressed investments, with the finance minister’s portfolio truncated to broader macroeconomic and fiscal policy. Financial services, including banking, insurance, pensions and capital markets, are currently a department within the ministry. Since September, the department’s website has featured nothing but personnel moves under its What’s new section, of the director XYZ appointed to/removed from state-run institution ABC type. Meanwhile, consider all the turmoil in India since September. The IL&FS Group, a vaunted infrastructure operator-financier, has gone bust with $12.8 billion in debt, casting a pall over wholesale funding markets. Jet Airways India Ltd., the country’s oldest private-sector carrier, has $1 billion in net borrowings and has stopped flying, while tycoon Anil Ambani has given up trying to repay $7 billion to creditors of his telecommunications firm by cutting deals outside of bankruptcy courts. Now Ambani is beset by a new problem: a liquidity crunch and ratings downgrades at Reliance Capital Ltd., another of his main businesses. Reliance Home Finance Ltd., a unit, recently missed some debt payments. The trouble brewing in India’s shadow-banking world is the most scary of the country’s problems because it threatens to boomerang on both the ultimate users of funds (the construction industry, in particular) and their original providers (banks and mutual funds). If nothing else, the new minister will have to intervene in the shadow-banking crisis to ensure half-completed buildings get finished and sold. India’s bankruptcy law is unable to do this. The outsiders trying to liquidate IL&FS at the state’s behest aren’t having much luck either. The government has to be in the driver’s seat, though not to write checks with taxpayers’ money. A former central bank governor’s effort to push through a much-needed bankruptcy resolution process was abruptly curbed by the courts last month. A minister of investment could outline a novel solution, and the bureaucracy would have to find a law — among the dozens it oversees — to lend it legitimacy. Finding the missing legal space to act is the government’s job.

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WOMEN PROTEST AGAINST CLEAN CHIT TO CJI RANJAN GOGOI, SECTION 144 IMPOSED OUTSIDE SC

Many women lawyers and activists were among protesters outside the Supreme Court on Tuesday as they questioned the clean chit given to Chief Justice Ranjan Gogoi in a sexual harassment case a day ago. As it is not allowed to gather outside the apex court for any kind of demonstration, the Delhi Police detained the protesters and imposed CrPC Section 144 in the area to prevent further escalation. This comes after the three-judge top court panel headed by Justice S.A. Bobde found no substance on Monday in the sexual harassment allegations levelled by a former apex court employee against Chief Justice Gogoi. The protesters came out openly in favour of the complainant, who on April 30, had accused the CJI of sexually harassing her, and had said that she would no longer appear before the in-house panel set up by the apex court to probe her charges as she felt that she was not likely to get justice. The former employee of the Supreme Court said she felt quite intimidated and nervous in the presence of the three Supreme Court judges. In a statement to the media, she had expressed serious reservations over the functioning of the panel, saying it was an in-house committee of sitting judges junior to the CJI and not an external committee as I had requested. The woman said that during the panel's hearing on April 26, the judges told her that it was neither an in-house committee proceeding nor a proceeding under the Vishakha Guidelines and that it was an informal proceeding. I was asked to narrate my account, which I did to the best of my ability even though I felt quite intimidated and nervous in the presence of three Hon'ble Judges of the Supreme Court and without having a lawyer or support person with me, she said. She said she was not even given the opportunity to go through her recorded statement.

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CJI CASE: SECTION 144 OUTSIDE SC AFTER PROTESTS AGAINST CLEAN CHIT TO GOGOI

Dozens of protesters gathered outside India's Supreme Court on Tuesday, a day after a panel of judges dismissed a sexual harassment complaint against the chief justice, carrying placards demanding a new and impartial investigation. A former court assistant accused chief justice Ranjan Gogoi of having made unwanted sexual advances last year, the most high-profile case in a wave of sexual harassment accusations after a #metoo movement swept the country. Gogoi has denied the charges and an internal panel of judges cleared him of wrongdoing, a court statement said on Monday. But protesters gathered on a street in Delhi said they were not satisfied with the decision. Transparent and fair due process is a must, read one of the placards, while another read, Supreme injustice. Security was strengthened outside the court, with dozens of paramilitary police and trucks carrying water cannons deployed in the area.Delhi police imposed CrPC Section 144 in the area to prevent further escalation. Police quickly dispersed the crowd and most protesters were taken away in police vans soon after they gathered. We were not allowed to protest even for five minutes! lawyer Amritananda Chakravorty said in a Twitter message. A journalist, Gaurav Sarkar, added that he had been chucked into a police van for covering the protest. Police at the site said it was illegal to hold demonstrations at the Supreme Court.

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SC SAYS WILL HEAR IN DUE COURSE PLEA SEEKING PROBE INTO 'CONSPIRACY' TO 'FIX' CJI

The Supreme Court Monday agreed to hear a plea seeking direction to the CBI to lodge an FIR into the alleged conspiracy to fix Chief Justice of India Ranjan Gogoi but said there was no urgency and the case would come up for hearing in the due course. The matter was mentioned for urgent listing before a bench comprising Justices S A Bobde and S A Nazeer by advocate M L Sharma, who has claimed in his petition that there was a conspiracy to malign the CJI in a concocted, false sexual harassment case. Sharma urged the bench to list his plea for hearing on May 8. What is the urgency? You have filed it and it will come up for hearing, the bench said. It will be listed in due course, it added. Sharma told the bench later that he was not seeking urgent listing of the matter. He said his plea be listed for hearing before the same bench which has dealt with a matter in which a lawyer has filed an affidavit claiming larger conspiracy to frame the CJI. We do not know. It (petition) will be listed in due course. We will see when it will be listed and before whom, Justice Bobde told Sharma.

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COMPLAINANT SAYS ‘DEJECTED’, ‘DISAPPOINTED’ BY IN-HOUSE PANEL’S CLEAN CHIT TO CJI

The former lady staff of the Supreme Court, who had accused CJI Ranjan Gogoi of victimising her after she allegedly resisted his sexual harassment on Monday expressed her disappointment over the clean chit handed out by the court’s in-house panel to him. She said that she was scared and terrified that the panel headed by next in line to be CJI, Justice S.A. Bobde, had not given her any justice or protection despite she presenting enough evidence to this effect. She said that the committee had said nothing about her mala fide dismissals and suspensions and indignities and humiliation heaped on her and her family. I and my family members remain vulnerable to the ongoing reprisals and attack, she said in a statement released to the press. I am alarmed at the conclusions arrived at by the in-house committee as my accusation of sexual harassment at the workplace and consequent relentless victimisation and reprisals against me and my family are substantiated by documents and are verifiable. She said that she had from the very beginning when she joined the probe expressed serious concerns and reservations that the manner in which the proceedings were being conducted would not mitigate the stark asymmetry of power between her and the CJI. Today my worst fears have come true, and all hope of justice and redress from the highest court of the land have been shattered. In fact, the committee has announced that that I will not even be provided with a copy of the report, and so I have no way of comprehending the reasons and the basis for the summary dismissal of my complaint of sexual harassment and victimisation. She said that she would consult her lawyers and decide on the next steps. Today I am at the verge of losing faith in the idea of justice.

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MOST SC JUDGES RALLY BEHIND CJI GOGOI, QUESTION JUSTICE CHANDRACHUD’S LETTER TO INQUIRY PANEL

After a three-judge inquiry panel dismissed a sexual harassment complaint against Chief Justice Ranjan Gogoi, an overwhelming majority of Supreme Court judges on Monday expressed solidarity with the CJI and questioned the propriety of Justice D Y Chandrachud’s letter to the panel suggesting alteration of the inquiry procedure. Contrary to reports in a section of media that views shared by Justice Chandrachud in his May 2 letter to the in-house panel headed by Justice S A Bobde had the support of 17 of 22 judges, SC sources said an overwhelming number of judges met the CJI on Monday before lunch and expressed solidarity with the head of the institution while questioning the propriety behind the letter. Justice Chandrachud wrote to the inquiry panel which was set up by Justice Bobde and ratified by a full court of which Justice Chandrachud was a part. He suggested that the panel should not proceed ex-parte since the woman complainant had opted out of the inquiry. Justice Chandrachud’s letter did not go down well with most SC judges, who met the CJI on Monday and voiced their disagreement with the unprecedented step taken by a fellow judge. While expressing reservations against Justice Chandrachud’s letter, they questioned how a sitting SC judge could appear to influence the course of an in-house panel’s inquiry process. The judges wondered whether this could open the floodgates for retired judges, colleague judges, lawyers, litigants and others to write to the judges to follow a certain procedure while hearing a case, sources said. The complainant had withdrawn from the inquiry after two days of proceedings. She had earlier objected to Justice N V Ramana’s presence on the panel and sought his recusal on the ground that he was close to CJI Gogoi. Justice Ramana refuted her charge but recused nevertheless. The reconstituted panel, which included Justices Indu Malhotra and Indira Banerjee, had told the complainant that they would proceed exparte if she withdrew midway.

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SEXUAL HARASSMENT CHARGES AGAINST CJI HAVE ‘NO SUBSTANCE’: SUPREME COURT PANEL

Ranjan Gogoi Monday got a clean chit from the Supreme Court’s In-House Inquiry Committee which has found no substance in the allegations of sexual harassment levelled against him by a former woman employee of the apex court. A notice by the office of Supreme Court Secretary General said the report of the Committee, headed by Justice S A Bobde, is not liable to be made public. The committee, also comprising two woman judges of the apex court — Justices Indu Malhotra and Indira Banerjee — gave the report ex-parte as the woman had opted out of the inquiry on April 30 after participating for three days. An official source said that though Justice N V Ramana was the judge next in seniority after Justice Bobde, the report was not submitted to him as he was originally the member of the panel but had to recuse himself after the woman had expressed some reservations over his presence in the panel. The source said Justice Arun Mishra, who is number four in seniority, is competent to receive the report.

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STING OPERATION IMPORTANT PART OF SOCIETY, DEFAMATION LAW CAN'T BE USED TO GAG MEDIA: DELHI HIGH COURT

Sting operations are an important part of society as they help uncover misdeeds and defamation law cannot be used to gag, suppress and silence the press and the media, the Delhi High Court has said. The court said it cannot be forgotten that the law of defamation has potential to be an unreasonable restriction on the freedom of speech and expression guaranteed by the Constitution and the courts owe a duty to ensure that the defamation law is not exploited. Justice Rajiv Sahai Endlaw's observations came while dismissing a defamation suit filed by Indian Potash Ltd (IPL), a central government undertaking, seeking Rs 11 crore damages from the owner and editor of a news channel. A programme was aired on the news channel on April 27-28, 2007 featuring a sting operation that showed that the company was allegedly selling adulterated or synthetic milk in western Uttar Pradesh. The court said the company has not proved to have suffered any defamation or consequence thereof and it was not inclined to return a finding of defamation or even award nominal damages to the plaintiff against the media house. Sting operations, possible in the recent past, are an outcome of advancement in technology which permits video and audio recording, without the target person coming to know. Such sting operations occupy a place of their own and are today an important part of the society. Misdeeds are always clandestine, shrouded in secrecy and rarely proved owing to complexity of all involved therein, and with hardly any evidence. None indulging in such misdeeds, admits thereto, least to journalists and media persons. The true picture is presented, by laying a trap, it said. The court added that in this telecast also, the media persons portrayed themselves to be engaged in the business of milk and interested in availing services by adulterators or wanting tips. It observed that adulteration of milk, a vital food product which is widely valued in our society as an essential ingredient especially for children, has always been a subject of public interest and concern since it affects health and well being. The court said the only way to bring the same in the public glare is through such sting operations which may not result in punishing the guilty but at least has the effect of stopping or suspending the misdeeds, even if for a short time. It said the press and the media are not exempt or always protected from the general law relating to defamation but it is to be kept in mind that defamation law is not to be used to gag, silence, suppress and subjugate press and the media. We are today living in an era of 'Right to Information' with matters hitherto before inaccessible to the public becoming accessible to the public and ultimately leading to good governance, the court said. It also referred to recent judgement in Rafale matter and said the Supreme Court has gone to the extent of holding that the right to information prevails even over the Official Secrets Act and it has to be read harmoniously with.

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EC’S CLEAN CHIT TO PM CAME AMID DISSENT

Senior Election Commissioner Ashok Lavasa has given dissenting opinions regarding four of Prime Minister Narendra Modi’s speeches and one of BJP national president Amit Shah. The full Commission did not find any violation of the Model Code of Conduct in the speeches by a majority of 2:1. Mr. Lavasa, when contacted on Sunday, refused to comment on the issue. It is learnt that his dissenting opinions have been recorded in the files. As reported, Mr. Lavasa had earlier written to Chief Election Commissioner Sunil Arora asking why his observations were not recorded in the order passed against BJP leader Gulab Chand Kataria censuring him on April 24. He is said to have recommended a more stringent action of registering an FIR and imposing a 72-hour bar on the politician from campaigning activities. The Commission has so far cleared six speeches of Mr. Modi, apart from his interview to a TV news channel in Varanasi on April 26, observing that they did not violate the code and its advisories. The Supreme Court has given the Commission time till May 6 to decide on all the complaints lodged by the Opposition Congress against alleged hate speeches and misuse of the armed forces as political propaganda by the Prime Minister and Mr. Shah. Explaining the legal position on the decision-making process, a former Chief Election Commissioner told that as provided in the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act, any decision had to be taken unanimously, as far as possible. The same provision also states that if the Chief Election Commissioner and other Election Commissioners differ on any matter, such matter shall be decided according to the opinion of the majority.

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JIM ROGERS SAYS MODI MUST DO SOME BIG THINGS IF HE GETS A SECOND TERM

Investment guru Jim Rogers is not invested in India currently, as the market trends upward. He believes it is about time India opened up all its markets – including currency and agriculture. I invested in India before Mr Modi was elected. I owned the Indian shares, but then after few weeks seeing that he did not do much, I sold Indian shares. I have had no position in India since, Rogers, said. Rogers said that he has no investment in the Indian market right now, as he likes to buy stocks when they are going down, and not when they are headed higher. Modi has done some nice things. He has done a few small things. He has not done any big good thing as far as I can think, he said. I am not a big fan of Mr Modi. He gets great, great, great publicity all over the world and he is very well liked all over the world. But as far as the real policy (is concerned), I have not seen much dramatic change yet, he said. He, however, believes the stock market would prefer current Prime Minister Modi to regain power at the Centre, when the world’s largest democracy announces their general election results on May 23. I just wish you would open up all the markets, especially agriculture, agro-investments and currencies. I would love India much more if you did that, he said. It is not 1990, it is 2019, he said. Rogers is in the camp which believes no government data is trustworthy around polls across the globe. I do not pay much attention to economic data, especially around elections. You probably know all governments fudge their numbers all the time, especially during elections. So, I do not trust government numbers most of the time, and certainly not during election time, he said. So I have no idea if these numbers (Indian economic data) are real or not. I do not trust anybody’s numbers, especially those of US, he said.

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15TH FINANCE COMMISSION TO HOLD MEETINGS WITH RBI AND BANKS & FINANCIAL INSTITUTIONS AND EMINENT ECONOMISTS

The 15th Finance Commission has scheduled a two-days visit to Mumbai to hold meetings with the Reserve Bank of India (RBI) and with the Banks and Financial Institutions on 8th and 9th May, 2019. The Commission will be headed by its Chairman, Shri N.K. Singh and include all its Members and senior officials. In the meeting with the RBI, headed by Governor Shri Shaktikanta Das, the Commission is likely to discuss the following issues:-

·       Views on key macro-economic assumptions for the Fifteenth Finance Commission (FCXV), keeping in view the key parameters central to macro-financial stability.

·       Views on the cost of borrowings of the Centre and the States during the award period of the FCXV.

·       Modalities for ensuring that the borrowing cost becomes increasingly market-driven.

·       Issues in quantifying contingent liabilities of States and off-budget transactions of States, and other issues of public financial management.

·       Views on possible debt trajectories of States and State-specific consolidation road map.

·       Requirements of recapitalisation of banks and their impact on the cost of borrowings of governments.

·       Possible scenarios of the Bimal Jalan Committee Report on surplus capital available with the RBI for transfer to the Government of India.

·       RBI’s own assessment of the dividends and surpluses that can be transferred to the Government of India during the award period of FCXV.

·       In the meeting with the Banks and Financial Institutions the following issues are likely to be raised:-

·       Cost of borrowings of the Centre and the States during the award period of the FCXV.

·       Modalities for ensuring that the borrowing cost becomes increasingly market-driven.

·       Recapitalization of banks and their impact on the cost of borrowings of governments.

The Commission will also hold a detailed meeting with eminent economists to discuss the various Terms of Reference of the 15th Finance Commission.

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CENTRE ANNOUNCES FURTHER ASSISTANCE OF ONE THOUSAND CRORE RUPEES FOR CYCLONE AFFECTED ODISHA

Continuing the coordination efforts and restoration measures in the areas of Odisha affected by cyclone FANI, the National Crisis Management Committee (NCMC) under the Cabinet Secretary Sh. P. K. Sinha met again for the seventh time in succession. As announced by Prime Minister after his aerial survey and review of relief efforts with the Odisha Government, Ministry of Home Affairs has announced a further release of Rs 1,000 Crore for assistance to the State. Odisha informed that restoration of Power and Telecommunication infrastructure continue to remain the major priority in the Cyclone affected areas of the State. Around 50% power restoration has been reported while more works need to be done in Bhubaneswar and Puri. The NEET examination, which was postponed, will now be held on 20th May. Medicines dispatched by the Centre have been received and all measures were being taken to prevent any outbreak of diseases. Reviewing the relief measures, Cabinet Secretary stressed that power connectivity need to be restored on priority basis as drinking water supply, telephone connectivity and banking operations need electricity. The option of deploying vehicle-mounted mobile towers, as requested by Odisha, is being explored to provide connectivity in Puri and Khurda. More than 2,500 gang men are working in Odisha to restore power lines, substations and Steel Ministry has dispatched about 5,500 steel electric poles and another 15,000 will be supplied by 14th May. Cabinet Secretary directed that more manpower should be mobilized to restore power. He also suggested that mobile service operators need to operationalize their towers in coordination with the State Government. Ministry of Petroleum informed that majority of petrol and diesel retail outlets are functional and sufficient stocks of diesel and other fuels are available in Odisha. Three mobile dispensers of Diesel of 6000 liters capacity each are being pressed into service. Finance Ministry has directed Insurance companies to settle insurance claims expeditiously. The State Level Banking Committee has been asked to convene to coordinate all banking issues, including functioning of ATMs. Railways have resumed train services on all the lines. The yard at Puri, which was extensively damaged will be restored fully by 12th May.

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SC DISMISSES PLEA CHALLENGING J-K ORDER RESTRICTING CIVILIAN TRAFFIC ON NATIONAL HIGHWAY

The Supreme Court on Monday dismissed a plea challenging the Jammu and Kashmir government’s order restricting civilian traffic for a day in a week on a stretch of the national highway from Udhampur to Baramulla for the movement of security forces. Counsel for the State government told a Bench, comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta, that the order restricting traffic on the national highway was taken due to the ongoing election and will remain in force till May 31. The bench, after hearing the submissions, said, We are not inclined to keep this petition pending. The State government had issued an order on April 3, saying that there would be no civilian traffic movement will be allowed on the NH stretch from 4 AM to 5 PM once a week. This was done keeping in view the Pulwama terror attack, another car bomb attack on security forces’ convoy at Banihal and movement of forces during the Lok Sabha elections, the order had said. The order had also added that there would be one dedicated day every week for movement of security forces’ convoy when there would be no civilian traffic on the national highway from Baramulla to Udhampur from 4 AM to 5 PM. The regulation of the vehicular movement on the NH would remain in force till May 31, it had said. The plea said: It is further submitted that the illogical, vindictive and notorious order would result in offices, schools, colleges, banks, airports, railway stations shut for a day a week. It had further said that the order will have a direct impact on the General Election of 2019 as it will disrupt the campaigning and constrict the ability of political parties and candidates to mobilise workers, set up public meetings and meet workers.

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GUJARAT: PEPSICO INDIA WITHDRAWS LAWSUIT AGAINST TWO DEESA FARMERS

Nearly a month after PepsiCo India had slapped commercial civil suits on two farmers at a Deesa court, the US-based MNC’s Indian subsidiary withdrew the lawsuit without any conditions on Monday. The Plaintiff wishes to withdraw the captioned matter relying on its discussions with the government to find a long-term and an amicable solution of issues around its seed protection. In view of the same, this Honb’le court may be pleased to pass an order to allow the plaintiff to withdraw the captioned matter. Kailash Gehlot, said, The lawsuit slapped had sought Rs 20 lakh in damages. With this withdrawal application, all other orders now stand null and void, including HC’s order for appointing two court commissioners to investigate the premises as well as the cold storages at Banaskantha and Sabarkantha.

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RS 3,600 CRORE PROPOSAL TO BUY RUSSIA’S KAMOV-31 AEW HELICOPTERS CLEARED

Nirmala Sitharaman has recently approved the Rs 3,600 crore proposal to buy 10 Kamov-31 AEW Helicopters from Russia for the Indian Navy. It is a single vendor purchase to be made from Russia for the Indian Navy, these helicopters will be on board the Indigenous Aircraft Carrier-1 (IAC). The Ka-31 helicopter is a variant of the older Russian Ka-29 maritime helicopter and is specifically meant for the airborne early warning (AEW) role. It has a rotating radar system that is stowed below its fuselage when not in use. It uses the ‘Oko’ radar system which has the capability of detecting aerial targets up to a distance of 200 kilometres away. This Oko radar is also capable of scanning for targets on the surface of the sea or on land. These helicopters are critical for the Indian Navy as they will help in increasing the radar coverage and will act as an extra set of eyes. The radars onboard the ships have a limited ‘horizon’, which are not able to track low-flying targets, in particular, anti-ship missiles. For the first time, the Indian Navy had ordered the Ka-31 AEW helicopters in 1999 and these were deployed on board the INS Viraat aircraft carrier and other ships. There have been follow-on orders and so far there are around 14 Ka-31 helicopters in service of the Indian Navy.

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SURESH PRABHU APPEALS TO INDUSTRY CHAMBERS TO ORGANISE RELIEF OPERATIONS IN FANI AFFECTED AREAS

Suresh Prabhu Saturday appealed to industry chambers to organise relief operations for helping people affected by Cyclone Fani. Appealing all in commerce & industry organise relief for the unfortunate affected by #FaniCyclone. We will organise best possible way to ensure the help reaches those who needs it most. All Chambers must immediately respond to this calamity, Prabhu tweeted.

#For Source of Information copy and paste the heading in google.




Thanks & Regards,
CS Meetesh Shiroya