GENERAL UPDATES 08.05.2019

JALAN PANEL TO HOLD AT LEAST 2 MORE MEETS BEFORE FINAL REPORT ON RBI CAPITAL SIZE

A high-level panel looking into appropriate capital reserves the RBI should maintain will hold at least two more meetings before finalising the report, former Reserve Bank governor Bimal Jalan, who is heading the committee, said. The six-member Jalan panel was appointed on December 26, 2018, to review the Economic Capital Framework for the RBI. The committee was supposed to submit its report in 90 days from the first day of its meeting, which held on January 8. At the moment, it is in the process. We will have at least two more meetings, he said when asked whether the committee has finalised its report. The other key members of the committee include Rakesh Mohan, former deputy governor of RBI as vice-chairman, finance secretary Subhash Chandra Garg, RBI deputy governor NS Vishwanathan, and two RBI central board members, Bharat Doshi and Sudhir Mankad. The panel has been entrusted with the task of reviewing the best practices followed by central banks worldwide in making assessment and provisions for risks, which a central bank balance sheets are subject to. The panel will propose a suitable profit distribution policy, taking into account all the likely situations of the RBI, including the situation of holding more provisions than required.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

JALAN PANEL BATS FOR LOWERING OF RBI RESERVES

The new government that takes office post May 23 is set to be pleasantly surprised. Sources told that the Bimal Jalan panel, reviewing the economic capital framework, is likely to recommend lowering of RBI reserves The amount of reserves the central bank can keep was a contentious issue between the government and RBI, which les to the stepping down of former RBI governor Urjit Patel in December last year. The panel’s recommendations will balance the issue of growth and monetary function. It will look at the way reserves were used during the Asian Crisis of 1997 and the Lehman Crisis of 2008, sources in the know of the development said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ZEE GROUP, ANIL AMBANI FIRMS LEAD IN SHARE PLEDGES WITH LENDERS

Two companies led by Anil Ambani feature in a list of publicly traded firms with over 95 percent of their promoter shareholding pledged as of March 2019, says a report. Zee Entertainment and Dish TV, the companies from the Subhash Chandra-led Essel group, have their promoter pledging 66.2 percent and 94.6 percent of the ownership pledged, respectively and lead the chart. A report by brokerage Kotak Institutional Equities comes amid issues over pledged shareholding of promoters after the NBFC crisis that began with the defualts of IL&FS last September, where massive share price erosions have led to a slew of unprecedented actions, including the financiers being dragged to courts for taking precautionary measures. Promoters typically raise money for their other businesses by pledging a part of their holdings in listed entities as a security. The Anil Ambani-led Reliance group and Essel group have had the going tough. The promoters have pledged 98.3 percent of the holding in Reliance Infrastructure and 96.9 percent in Reliance Capital, the report said. The report, which is based on an analysis of top 500 listed firms on the BSE, said percentage of pledged promoter holdings by value has come down in the March 2019 quarter in comparison to the preceding December quarter. The percentage of pledged promoter holdings declined to 2.83 percent in March quarter from 2.98 percent in the December 2018 quarter, it said. Promoters pledged share outstanding stood at Rs 1.95 lakh crore, which is about 1.38 percent of the market capitalisation of the BSE-500 Index as of March, it said, adding of the top-500, promoters of 116 companies have pledged their shares. The Ambani group entities RInfra and Reliance Capital are among those where promoters have pledged over 95 percent of their holdings, and have the company of CG Power and Industrial and Sterlite Technologies, it said. Both the Ambani group entities also feature in the list of entities which saw a highest increase in pledged shares during the quarter, and are joined by JK Tyre, Dish TV and VA Tech Wabag for company. However, one Anil Ambani-led company, the bankrupt Reliance Communications, has seen a decline in the quantum of shares pledged by the promoters during the quarter, the report said, adding Granules India, Strides Pharma, Coffee Day Enterprises and Bajaj Consumer Care also saw a dip. From the companies that make the 50-share benchmark Nifty, Zee Entertainment leads with the highest pledge at 66.2 percent, followed by Sajjan Jindal-led JSW Steel at 46.3 percent and Gautam Adani-led Adani Ports & SEZ at 42.3 percent, says the report.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CENTRE GIVES INCENTIVES TO 10 STATES FOR SUCCESS IN POLICE REFORMS

The Centre has released Rs 7.69 crore each as incentive to 10 states which have succeeded in implementing police reforms like filling up of vacancies, use of technology in tackling crime and welfare of police personnel. A Home Ministry official also said Rs 769 crore has been given to states under the scheme of modernisation of police force in the last fiscal. For the first time, incentive funds of Rs 7.69 crore each has been released to 10 states for implementation of police reforms. Police reforms has been on the agenda of successive governments almost since Independence. However, progress in this area has been slow which led to giving incentives to the states which perform better. The 10 states which were rewarded have shown tremendous progress in fulfilling vacant posts, use of emerging mobile and IT applications, GIS based computer-aided dispatch, online complaints system, electronic record keeping among others. The other areas where the states showed progress include procurement of modern weapons, equipment, vehicles, CCTV surveillance, data centres, command and control centres. Welfare measures like provision of housing and medical facilities for police personnel, restroom facilities for women personnel in police stations have also been taken into account while deciding the incentives, another official said. Provision of adequate manpower in state police organisations is one of the pre-requisites to arrest crimes. Further, a complex internal security challenges such as Left Wing Extremism, terrorism and technology and women-related crimes require focused and undivided attention. It is critical that not only the existing vacancies are filled but a comprehensive review of the sanctioned strength of the police personnel of the state is carried out and a time-bound state specific recruitment and training programme is finalised, the official said. Meanwhile, the budget allocation for financial year 2018-19 was Rs 769 crore for sub-scheme of Assistance to States for Modernisation of Police against which Rs 768.83 crore (almost 100 per cent) has been released. The entire allocation of Rs 100 crore for Assistance to the State Government for Special Projects/ Programmes for upgrading police infrastructure has also been released by the home ministry, the official said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

SC SAYS DEADLINE FOR FINALISATION OF ASSAM NRC WILL NOT BE EXTENDED

The Supreme Court Wednesday made it clear that it will not extend the July 31 deadline for finalisation of the National Register of Citizens (NRC) in Assam. A bench comprising Chief Justice Ranjan Gogoi and Justice R F Nariman also gave a free hand to Prateek Hajela, Assam NRC coordinator dealing with claims and objections of persons against wrong exclusion or inclusion of citizens in the NRC. The direction came after Hajela informed the bench that many persons, who had objected to inclusion of certain individuals in the draft NRC are not coming forward before panels which are dealing with such complaints. The draft Assam NRC was published on July 30, 2018 in which the names of 2.89 crore of the 3.29 crore people were included. The names of 40,70,707 people did not figure in the list. Of these, 37,59,630 names have been rejected and the remaining 2,48,077 are on hold.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

A BIG CHUNK OF COMPANIES IN INDIA'S GDP CALCULATION DON'T EXIST: REPORT

Six months after India’s Ministry of Statistics, along with government think tank Niti Aayog, released a back-dated series of GDP data sparking a huge outcry, India’s growth numbers have once again come under the scanner. The current system of GDP calculation, which was introduced in 2015, uses numbers from a database of Indian companies, MCA-21 - which is compiled by the Ministry of Corporate Affairs (MCA). National Sample Survey Office (NSSO), found that 15% of the companies in the database were either inactive or untraceable while another 21% were incorrectly classified The study, which was focussed on the services sector, extended from June 2016 to June 2017. The companies in question had been designated as active by the MCA. To be deemed active, a firm has to have filed tax returns at least once in the last three years. The MCA-21 database isn’t public. Hence, the existence of ghost firms or shell companies likely pushed GDP numbers during the Modi administration’s tenure upwards. The findings of the NSSO study once again call into question the accuracy of India’s GDP data. When the government released the back-dated series of GDP in November last year, the numbers raised quite a few eyebrows as it showed that growth under the previous Congress government between 2004-05 and 2013-14 was less than what the current BJP-led administration has achieved over the last four years. At the time, the government justified the move by saying the revised data took into account wider changes in the primary, secondary and tertiary sectors of the economy as well as different data sources and methods of calculation. In March 2019, 108 economists and social scientists in India and abroad signed a joint letter that decried the political interference in India’s statistical institutions like the Central Statistical Office (CSO) and NSSO. The joint statement also cited the government’s concealment of its most recent jobs report - the Periodic Labour Force Survey (PLFS) - owing to its unfavourable findings. In fact, the only non-government appointed members of the National Statistical Commission resigned from the body at the end of January owing to the shelving of data. The problem of non-response was severe in case of units chosen from MCA frame, the report says. P.C. Mohanan, former NSC member and former NSSO chief, said the MCA-21 database did not receive the scrutiny it should have. Mohanan, who resigned from NSC in December over the suppression of an NSSO jobs report, was at NSC when the 74th round results first came in. The CSO should have done some kind of critical scrutiny and validation before using the MCA-21 database in the new GDP series, either through quick surveys or by comparing with other databases, or consultations with accountants familiar with company filings, said Mohanan. That kind of critical examination was always done by CSO whenever they introduced new databases earlier, but I am not sure if MCA-21 data was examined in the same manner. This was all the more important because unlike other databases such as ASI or NSSO surveys used by CSO, this database is not publicly available. Nagaraj said the database should be made public, and that a statistical audit by independent experts was sorely needed. The then chief statistician, T.C.A. Anant, under whose watch the new GDP series was prepared, declined to comment, saying he was a member of the Union Public Service Commission now, and would not like to speak to reporters. A spokesperson for the ministry of statistics and programme implementation did not comment on the implications for the GDP series.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

RAHUL GANDHI SEEKS TIME TILL WEEKEND TO RESPOND TO EC SHOW-CAUSE

Rahul Gandhi has sought time till this weekend from the Election Commission to respond to a show-cause notice issued over his remark that the Narendra Modi government had enacted a new law which allowed tribals to be shot at. The commission is yet to take a call on the request, sources said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

RAHUL TENDERS UNCONDITIONAL APOLOGY FOR ATTRIBUTING 'CHOWKIDAR' QUOTE TO SC

Rahul Gandhi Wednesday tendered an unconditional apology in the Supreme Court for wrongfully attributing to the apex court the 'chowkidar chor hai' remark in the Rafale verdict.

He also sought closure of the criminal contempt proceedings against him on a petition filed by BJP MP Meenakshi Lekhi. In a fresh three-page affidavit, Gandhi said he holds the apex court in the highest esteem and respect and that he has never sought to do anything which interferes with the process of administration of justice. The deponent (Rahul Gandhi) unconditionally apologises for the wrongful attributions to this court. The deponent further states that any such attributions were entirely unintentional, non-wilful and inadvertent, Gandhi said in his affidavit. The deponent most respectfully prays that this court may be graciously pleased to accept the instant affidavit and close the present contempt proceedings, the affidavit stated. Gandhi also said the affidavit is made bonafide and in the interest of justice, and nothing material has been concealed therefrom At the outset the deponent herein most respectfully submits that he holds this court in the highest esteem, and respect. The deponent has never sought or intended to, directly or indirectly, commit any act that it interferes with the process of administration of justice, the Congress chief said in his affidavit. Meenakshi Lekhi, who filed the contempt petition against Gandhi, had alleged that he has attributed his personal remarks to the top court and tried to create prejudice.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

NYAY IS SURGICAL STRIKE AGAINST POVERTY: RAHUL GANDHI

Rahul Gandhi Tuesday said he does not believe in making false promises like Prime Minister Narendra Modi, and that his party's proposed minimum income guarantee scheme NYAY is akin to a surgical strike against poverty. NYAY will be implemented if the Congress is voted to power. It will help eliminate poverty from the country. NYAY is a surgical strike against poverty, he said. Five crore poor families will get Rs 72,000 annually under this project, he said. Modi failed to keep his promise of depositing Rs 15 Lakh into the bank accounts of people. I do not believe in making false promises like him, he said. Asserting that only the Congress has the potential to defeat the BJP in the elections, Gandhi urged the people to vote for his party. Modi is the chowkidar of the elite like industrialists Anil Ambani, Nirav Modi, Mehul Choksi and Vijay Mallya, and not of the common people.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

SC REFUSES TO HEAR CONG MP'S PLEA SEEKING ACTION AGAINST MODI, SHAH FOR POLL CODE VIOLATIONS

The Supreme Court Wednesday refused to hear Congress MP Sushmita Dev's plea seeking action against Prime Minister Narendra Modi and BJP president Amit Shah for alleged poll code violations. A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta, however, gave Dev the liberty to file a fresh plea against various Election Commission (EC) orders rejecting complaints of Model Code of Conduct (MCC) violations by Modi and Shah during campaigning. The apex court Monday had asked the MP from Silchar to bring on record the EC's orders giving clean chit to the BJP leaders on several complaints of MCC violations over alleged hate speeches and references to armed forces for political propaganda. Rightly or wrongly, the poll panel has decided the complaints of MCC violations and these orders warrant filing of a fresh petition, the bench said. Rakesh Dwivedi, appearing for the EC, said the persons who had given representations of MCC violations to the poll panel have not come forward to assail them. A M Singhvi, appearing for Dev, said the poll panel had given unreasoned orders in dismissing the complaints against Modi and Shah.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

DOES EPFO REALLY HAVE ENOUGH MONEY LEFT FOR THE YEAR AFTER IL&FS? FINMIN WANTS TO KNOW

The Finance ministry and Labour ministry are crossing swords yet again this time over a matter that has kept India hooked ever since the IL&FS story broke. FinMin wants to know whether or not the EPFO has sufficient surplus left for honouring the 8.65 per cent interest rate recommended for 2018-19. The EPFO board had in February recommended a hike in the interest rate — the first increase in last three years — to 8.65 per cent for 2018-19 from 8.55 per cent in 2017-18, which was a five-year low. The interest rate had been cut in 2016-17 to 8.65 per cent from 8.8 per cent in 2015-16. As per norm, the Finance ministry ratifies the interest rate after EPFO's board has recommended it. Post FinMin's nod, the I-T department and Labour ministry notify the rate, after which EPFO directs its field offices (currently more than 120) to credit interest amount to the accounts of its subscribers. The Finance ministry's questions include how much exposure EPFO had to IL&FS and other such risky companies, and more importantly, if any of these investments have gone sour. In the event of a default, the government will have to bear the onus of paying up the promised interest rate to over six crore active subscribers of EPFO. That is the reason why Finance Ministry wants a due diligence done on EPFO's books. The raise in the rate would yield an interest higher than most of India's small savings instruments — something that has lent added significance to the matter. Finance ministry's questionnaire, sent to the Labour Secretary last week, brought to light a peculiar anomaly in EPFO's accounts that has continued over the years. The surplus after payout of EPF interest rates is shown only in EPFO estimates, but not in the actuals. In the 2016-17 account of EPFO (the latest year for which audited data is available publicly), there is an entry on income over expenditure on a cumulative basis. That head, however, does not provide any specific detail. This curious phenomenon is precisely what FinMin's questionnaire wants explained. Quite a few rounds of discussions between the two ministries have already been held on the matter, but these have led to less than sufficient clarification, said the report. EPFO's exposure to IL&FS stands at Rs 574.73 crore, according to the estimates of the Standing Committee on Labour. The exposure of exempted companies — those who operate their employee accounts on their own — is additional to the amount mentioned in the estimates. Any losses to the subscribers in the event of an IL&FS-type exposure going bad are made good from the surplus, the Labour ministry had said in reply to a question by the Standing Committee on the matter. At an 8.65 per cent interest rate the estimated suplus would be Rs 151.67 crore, a PTI report said citing EPFO estimates made public in February. The surplus would stand at Rs 771.37 crore if EPFO were to retain the earlier rate of 8.55 per cent. If in case EPFO opted for 8.7 per cent — a higher-than-recommended interest rate — it would cause a deficit of Rs 158 crore. That is the reason it decided to keep the interest for 2018-19 at 8.65 per cent, PTI said. In comparison, EPFO had a surplus of Rs 586 crore left in 2017-18, the financial year for which it had paid a 8.55 per cent interest to its subscribers. All calculations are correct, the story quoted an EPFO official as saying, who also said the method in question has been followed for two decades. About the speculated blow from IL&FS, the official acknowledged Finance ministry's questions but said it should not be worried since nothing has happened so far.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

RBI’S REGULATORY SANDBOX: HOW UNCLEAR FRAMEWORK COULD BE SIMPLIFIED

The Reserve Bank of India (RBI) recently released a Draft Enabling Framework for [a] Regulatory Sandbox (DFRS), in a bid to foment innovation in the Indian financial sector. There is a high degree of institutional risk that comes with technological experimentation in the financial industry — namely an error could vanquish large sums of money in a flash. A regulatory sandbox alleviates that risk by providing a framework that enables private firms to pilot innovations in real-world scenarios under the supervision of the regulator. It is a regulatory strategy that has been deployed over the past few years by jurisdictions such as the UAE, Singapore, and the United Kingdom (UK) with a fair amount of success. A 2017 report released by the UK Financial Conduct Authority (FCA), the body overseeing the country’s sandbox initiative, revealed that the program enabled a decrease in the time and cost of getting innovations to market and facilitated increased access to capital for innovators. While the outcomes of the UK sandbox are inspiring, there are elements of the DFRS that raise concerns about whether it will bring about similar results. First, the DFRS states that only start-ups that have been operational for seven years are eligible. Such a stipulation precludes the entry of established entities that desire an opportunity to test innovations in a controlled environment. Though innovation is generally thought to be the dominion of newer firms, it is not beyond the realm of reason to expect meaningful inventions from larger firms or mature small and medium enterprises (SME) or even non-profit organisations working on financial inclusion. Illustratively, nearly a quarter of the firms inducted in the 2015 cohort of the FCA sandbox were SMEs and large firms. Second, the DFRS indicates that the prospective applicant must have a net-worth of at least 50 lakhs as per its latest balance sheet. Such a condition may have been included in the DFRS to ensure that either the applicant has enough capital to test its product. It is, however, unclear how the RBI arrived at such an amount as a minimum threshold, and thus, its value as an evaluative criterion is questionable. A firm’s net-worth alone is not a useful determinant of its ability to innovate and deliver products. The track record of the people running a company, its culture, its product proposition, and its plan for delivery all play an important part. The minimum net-worth requirement essentially shuns smaller firms that may want to enter the market on the back of a new idea. A more practicable solution would have been to allow firms to such partner and apply for the sandbox. For instance, a smaller firm that may not have the means to test its product may partner with a larger one that is willing to bankroll it. Notably, the FCA explicitly allows for such an arrangement. Regulatory sandboxes were originally conceptualised to create a safe space for path-breaking innovation that either fell afoul of regulation or into a regulatory grey area. At its heart, then, a regulatory sandbox centres around encouraging ideas with genuine ameliorative potential. The DFRS’ objectives include enabling regulation to evolve with innovation, greater efficiency and choice for consumers, encouraging financial inclusion – indicating that its goals broadly align with the original conception of a sandbox. It is, however, uncertain whether the current eligibility criteria listed in the Draft Framework aligns with such a notion. The current formulation is overtly rigid and fails to deliver an evaluative mechanism that tests applicants on their merits and the innovative potential of their propositions. Instead, it creates a small catchment area drawn along arbitrary lines where only a niche set of firms may apply. It would, then, behove the RBI to rethink the eligibility criteria for the DFRS and frame it in a way that, one, allows for a more diverse pool of applicants, and two, centres around testing the applicant’s idea and the applicant’s ability to deliver its conception of the idea. Such a template mirrors the eligibility criteria currently used by the FCA. The FCA tests whether an applicant’s proposition involves genuine innovation, the applicant’s readiness to test its proposition, whether there is a cognisable benefit to consumers, and if there is an actual requirement to test the proposition in a sandbox. The FCA’s requirements focus on innovation and consumers, allow for a great deal of flexibility in evaluation, and enable a wide range of firms to partake in the initiative. As such, they are more consonant with the original conception of a sandbox and the objectives listed in the DFRS than the latter’s current requisites. And the companies successfully emerging from FCA’s sandbox serve as continuing proof of the utility of its template. Remarkably, 40 percent of them received investment either during the program or after they completed it.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INDIA WOULD BECOME THE THIRD LARGEST ECONOMY IN NEXT 5 YEARS: RAJNATH SINGH

Rajnath Singh on Tuesday claimed that in the next five years India would become the third largest economy. Our government has been able to instill belief in the minds of the people by implementing developmental works. That is the way this government functions, the senior BJP leader said. Singh claimed that in the last four years the government had provided pucca dwellings to 1.3 crore people in the country and in the next five to seven years there would not be a single family below the poverty line. He also claimed that the BJP government elevated 7.5 crore families from poverty line during its tenure. Singh said that only 12 crore gas cylinders had been provided before 2014 while in the last four years the BJP government had given the facility to 13 crore people, increased road construction work from 5/6 km road per day to 30/32 km road work per day now. Nishikant Dubey, who is seeking re-election from Godda, Singh said Dubey had raised problems related to his constituency in the Lok Sabha and his initiatives had led to several developmental schemes being taken up in the constituency. Polling for the Godda Lok Sabha seat will be held on May 12. The main fight is between Dubey and Jharkhand Vikas Morcha (Prajatantrik) candidate Pradip Yadav, backed by the opposition ‘Mahagathbandhan’

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CJI CASE: 'SHOCKED' COMPLAINANT SEEKS COPY OF PROBE REPORT

Ranjan Gogoi of sexual harassment on Tuesday asked the apex court's in-house probe committee for a copy of the report giving a clean chit to the CJI on all charges. I have a right to know how, why and on what basis have your Lordships found my complaint to have 'no substance', the complainant said, adding she was deeply shocked on the outcome of the committee's findings. Despite my detailed affidavit, ample corroborative evidence and clear, consistent statement reiterating my experience of sexual harassment and consequent victimisation, the Committee has found no substance in my complaint and affidavit, she said.

  __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

EC SHOULD COUNT ALL VVPAT SLIPS IN CASE OF DISCREPANCY DURING VERIFICATION: NAIDU AFTER SC SNUB

N Chandrababu Naidu on Tuesday said he will approach the Election Commission (EC) requesting counting of all the Voter-Verified Paper Audit Trail (VVPATs) in an Assembly segment in case any discrepancy or mismatch is found in any of the five VVPATs-EVMs are that are required to be verified. He made this comments to reporters after the Supreme Court turned down a review plea by 21 opposition parties seeking a direction to increase random physical verification of VVPATs from five to at least 50 per cent of EVMs. The review petition was filed after the Supreme Court on April 8 directed the ECI to increase physical counting of VVPAT slips to 5 random EVMs in each constituency. Our review petition has been dismissed. We are demanding transparency in the election process. We have spent Rs 9000 crore on VVPAT then why can't you count it and make it more transparent, Naidu told reporters. We are again going to EC. We demand that if any discrepancy or mismatch is found in any one of the five VVPATs-EVMs that are required to be matched in an Assembly segment then counting of all VVPATs should be done. We will ask Election Commission to revise its guidelines, said Naidu.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

GOVT TELLS EV MAKERS TO LOCALIZE MANUFACTURING TO QUALIFY FOR SUBSIDIES

Control units, chargers and AC units are among a slew of components that electric and hybrid vehicle manufacturers must build locally to qualify for subsidies under a government scheme to encourage the adoption of such vehicles. The latest draft guidelines on Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles Scheme (FAME) list components that need to be built locally, with specific deadlines. FAME, which was introduced on 1 April 2015, entered its second phase (FAME-2) in April 2019. The guidelines, issued by the department of heavy industry (DHI) which implements the scheme, cover manufacturers of electric and hybrid two-wheelers, three-wheelers, rickshaws, four-wheelers and electric buses, along with associated deadlines for indigenization. The HVAC units (heating, ventilation and air conditioning) for electric cars are also scheduled for indigenization from that date. Other key components such as electronic throttles, vehicle control unit, on board charger for all categories, and electric compressor and the DC charging inlet for electric cars and buses must be indegenized from 1 October 2020. The FAME scheme is part of the government’s effort to boost electric mobility through greater indigenization. The second phase running from fiscal 2020 to fiscal 2022 has a budget of ₹10,000 crore. Of this, ₹8,596 crore has been allocated to subsidize retail vehicle prices for consumers while ₹1,000 crore is for the charging infrastructure. The draft rules notify vehicle testing agencies which will ensure compliance and issue eligibility certificates to the manufacturers for registering under FAME-2.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

MAHARASHTRA GOVT OFFERS RS 1400 CR FOR ICONIC AIR INDIA BUILDING IN MUMBAI

Mumbai’s iconic Air India building might soon be the new address for offices of the Maharashtra secretariat. In what is perhaps the first instance of the state buying back land it had leased, the government has offered the national carrier Rs 1,400 crore to take over the property. While the state’s offer is Rs 200 crore less than the reserve price Air India had set, sources said the national carrier has decided to go ahead with it as part of its plan to monetise its real estate assets. The Centre-run Jawaharlal Nehru Port Trust (JNPT) and the Life Insurance Corporation (LIC) had quoted Rs 1,375 crore and Rs 1,200 crore, respectively, for the property. Air India, which has run into debt of Rs 50,000 crore, had first put up the sale of leasehold rights of the land and the building last December. Maharashtra had leased the sea-facing property to the carrier in 1970 for a 99-year tenure. During the first round of bidding, only the LIC submitted a quote, prompting a second round. The state government used its status as the land’s owner to invoke the first right to refusal condition before edging past JNPT. Only government entities were permitted to participate in both rounds. However, it may well be over two years before the government can use of most of the floors. After the airline’s headquarters were shifted to Delhi in 2013, nearly 5 lakh square feet of office space on 17 of the 23 floors in the Mumbai building was rented out. We have asked Air India to ensure there is no renewal of rental agreements after the expiry of the current period. Due to a paucity of space in Mantralaya, offices of the state secretariat operate from various locations currently. We’re paying high rentals and face efficiency related issues. All these offices can be accommodated in the Air India building, Madan said. According to rules, the government is entitled to recover a transfer fee (or unearned income) from the lessee for the assignment of the lease, which is equivalent to one-eighth of the market value of the property. But Air India has sought a waiver of this payment as a special case. We’re examining their request, said Madan. Officials said this fee would work out to Rs 150 crore in Air India’s case. Air India, meanwhile, has also sought time to move its art collection, situated in a 9,000-square feet space on the first floor, to the National Gallery of Modern Art (NGMA). It has been in talks with the Ministry of Culture on the matter of preservation and the upkeep of over 2,000 artefacts. With Air India keen to retain its 5,000-square feet booking office on the ground floor, the government has said it can exist on a rental basis. Air India will be allowed to display its logo on the top of the building even after the acquisition, said Madan.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

DOORDARSHAN WORKERS' STRIKE ENTERS FIFTH DAY

The strike by around 140 casual workers with the Doordarshan reached its fifth day on Monday. The workers who belong to civil, video and production units among others have been seeking better pay and regularization. All of us who are on strike have been working for at least eight to ten years. There have been people who are working for the past 23 years as well. We are on strike because they have not agreed to our demand for improving our pay and regularization. We get around Rs 15,800 per month from which even TDS is cut. We work throughout the month but are paid only for seven days, said Santoshi Pawar, one of the workers who are on strike. When we raised the issue, the CEO said that they will do something about it but have not done anything so far, said Damania, former AAP leader. She added, They are given pay as per seven assignments. These are not for seven days. They work almost over 26 days of the month.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

FMCG SECTOR SLOWDOWN TO STAY AS DEMAND CONTINUES TO CRACK

The fast-moving consumer goods (FMCG) space has taken a huge beating in terms of volume in all different segments in the last few quarters. The sector is facing a sudden slowdown of volume growth due to low demand. And, the reason behind low demand in the market is low income. In urban and rural areas, people are facing non-availability of good-paying jobs which is also a brewing topic during the 2019 Lok Sabha elections. As per the Centre for Monitoring Indian Economy (CMIE) data, India's unemployment rate in April rose to 7.6 percent, the highest since October 2016. The CMIE said in a report released in January that nearly 11 million people lost their jobs in 2018 after the demonetisation and the chaotic launch of goods and services tax in 2017. Talking about FMCG companies, Hindustan Unilever and Britannia both reported volume growth of 7 percent for the March quarter. Dabur’s volume growth was only 4 percent, and the worst performance was delivered by Godrej Consumer Products, at 1 percent. However, there are various factors attached with the volume slowdown, like the liquidity crunch, poor farm income, and sluggish two-wheeler sales growth. The main reason behind this decline in volumes is household income. Consumers tend to place a limit on their purchasing power the moment there’s a discrepancy in the monthly income or availability of jobs. Every household puts a cap on their expenses which is bad for the retail and consumption industry. Moving on, stock valuations also play a huge role here. Most FMCG stock valuations are over-priced due to which market participants are disinterested. According to Bombay Stock Exchange data, Hindustan Unilever’s P/E (Price to earnings) stands at 61.12x. Dabur’s P/E is at 52.91x, Britannia Industries is 57.40x and Marico’s P/E is 41.43x. The only lowest P/E valuation has been recorded for Godrej Consumer Products, at 36.75x.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ALL PILGRIM PLACES SHOULD COME UNDER BOARD: GUJARAT HC OBSERVES

The Gujarat high court has asked the state government to respond as to why pilgrimage places of all religions are not included under the Gujarat Pavitra Yatradham Board. A bench headed by acting chief justice Anant Dave has also directed the state to place before it an all inclusive new list of pilgrimage places of all religions by June 14. The court while directing the state to file its reply made an oral observation that the government should include pilgrim places of all religions under the board. It also wanted to know why were pilgrimage sites from only one particular religion being considered for development under the board and has asked it to file an affidavit in this connection too. The court's order came in connection with a public interest litigation (PIL) that accused the state government of religious biases and promoting only Hindu temples in the state, while ignoring the shrines of other religions. The petition filed by one Mujahid Nafees through his advocate KR Koshti had said that though the state had formed the Gujarat Pavitra Yatradham Board in July 1995 to promote and develop the religious sites in the state it had only religious shrine from Hinduism and no other religion under it. It argued that the number of sacred religious shrines that was being taken care of by the board rose to 358 across the state, none of it included those from religions other than Hinduism. Calling the boards functioning a violation of rights granted under the Indian Constitution, it stated that selecting only shrines of a particular religion for its promotion was arbitrary, unconstitutional, and leads to discrimination. The PIL had argued that since the state is a secular entity it is not expected to promote religious sites of only one particular community or religion. It further argued that since it was the tax payers money that was being spent on such shrines, the spending can't be limited to one religion.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

MAHARASHTRA GETS RS 2,160 CRORE MORE FROM CENTRE FOR DROUGHT RELIEF

The Centre has released another installment of Rs 2,160 crore to the Maharashtra government for taking drought mitigation measures, Devendra Fadnavis said Tuesday. Fadnavis also thanked Prime Minister Narendra Modi for giving the funds to the state, where a number of districts are in the grip of drought, from the National Disaster Response Fund (NDRF). The total central assistance received so far is Rs 4248.59 crore, the chief minister said on the micro-blogging site.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

STATES TO SPEND RS 1.43 LAKH CRORE ON ROADS BY FY20: ICRA

Rating agency ICRA expects state level spend on roads to increase at a growth rate of 22% to Rs 1.43 lakh crore by 2020-21 from Rs 96,000 crore in the year ended March, driven by Maharashtra and Uttar Pradesh, the firm said in a note on Tuesday. In Maharashtra, the planned Nagpur-Mumbai expressway alone could see investments of Rs 35,000 crore over next three years, while there would be other road improvement programme through hybrid annuity mode. UP will see almost Rs 20,000 crore spend on Purvanchal and Ganga expressways over the next three years, of the total estimated cost of Rs 25,000 crore for the project. States with highest capital allocation to roads are-- Uttar Pradesh, Tamil Nadu, Maharashtra, Karnataka and Odisha-- which together accounted for 53% of the total spend in the sector. These states have deployed around 27% of the development capital outlay towards roads and bridges. Among non-special category states, Chhattisgarh and Jharkhand are the two top states in terms of proportion of development outlay, around 35%, deployed towards road asset creation while Telangana and Andhra Pradesh are the laggards with less than 10% of development capital allocation. Indian state highways pan across 166,000 km, accounting for about 4% of the total road network and carry 25% to 30% of the total road traffic. About 65% of these have less than the minimum desired two-lane carriageways which indicate the egregious status of this network. State highways and major district roads were majorly neglected in the past. Consequently, these roads that connect with newly expanded national highways create bottlenecks with congestion repercussions across the wider network. Many states have realised this and started taking development and improvement on priority, said Shubham Jain.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ADR FINDS DISCREPANCIES IN AFFIDAVITS OF AAP, CONG CANDIDATES

An election watchdog has pointed out discrepancies in the income tax details submitted by the Aam Aadmi Party (AAP) and Congress candidates in their nominations for the Panaji Assembly bypoll in Goa. In a release issued on Tuesday, the Association of Democratic Reforms (ADR) said the affidavits filed by AAP nominee Valmiki Naik for the 2017 state Assembly elections and the upcoming bypoll show a difference of over Rs 1 lakh in his I-T returns for the financial year 2015-16. In his affidavit for the Panaji bypoll, Naik has shown his I-T returns as Rs 3,91,341 for 2015-16, while in his 2017 submission, he mentioned a figure of Rs 2,89,810 for the same period, the ADR said. It also pointed out that Congress candidate Atanasio Monserratte in his affidavit for the upcoming bypoll has mentioned his I-T returns for 2015-16 as Rs 24,50,076, which is Rs 34,746 less than the Rs 24,84,822 figure submitted by him in his 2017 Assembly election affidavit. While comparing his 2017 and 2019 affidavits, though Monserratte's net worth went down by about Rs 9 crore in last two years, he declared Rs 1,69,84,756 as his I-T returns for 2017-18 and Rs 33,33,822 cash in hand each (self and spouse) on the date of filing nomination on April 29, the ADR said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

AGENCIES GET PROOF LINKING VIJAY MALLYA WITH DEEPAK TALWAR

Investigative agencies have uncovered messages allegedly exchanged between fugitive businessman Vijay Mallya and lobbyist Deepak Talwar establishing close links between the two, said people with knowledge of the matter. Talwar, who’s been detained in a corruption case, had lobbied for Mallya and the two were very close, said one of persons. These messages include attempts to dissuade the Bihar government from implementing a liquor ban, expressions of concern over probable inclusion of Airbus in the Kingfisher loan scandal probe by the Central Bureau of Investigation (CBI) and the release of a statement to the media after Mallya left for London in 2016, said the people cited above. The messages took the form of emails and SMSes between Mallya and Talwar as well as their associates, they said. Messages on the liquor ban in Bihar involved executives of United Spirits, then owned by Mallya, and Talwar’s company Deepak Talwar Associates (DTA). The Enforcement Directorate (ED) has charged Talwar, extradited from Dubai this year, with receiving kickbacks of Rs 272 crore while acting as a middleman to illegally secure favourable air traffic rights for foreign airlines in 2008-09 at the cost of national carrier Air India by liaising with several government functionaries. One of Talwar’s associates sought data from United Spirits about the human cost of the proposed ban in a December 4, 2015, email with the title Presentation for interaction with Bihar government. Subsequent emails discuss lining up meetings with the state chief minister and chief secretary to lobby against prohibition, which the state eventually implemented. The CBI would probe whether the bank sent money directly to Airbus as part of the carrier’s deal with the aircraft manufacturer and whether some of this was diverted to Mallya’s intermediary to be siphoned off to tax havens. Mallya is said to have shared another newspaper article with Talwar on October 26, 2015, headlined IDBI officials failed to alert on Kingfisher airlines loan: CBI. Mallya even forwarded a letter to be sent to a CBI official to Talwar on December 2, 2015. Mallya rued the fact that despite several attempts he had been unable to fax the letter to one Suman Kumar at the CBI. The email underscored the urgency of handing over a signed copy of the letter to the official at the earliest.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CANCELLATION OF NOMINATION: SC ASKS EC TO LOOK INTO GRIEVANCES OF SACKED JAWAN

The Supreme Court Wednesday asked the Election Commission to examine grievances raised by sacked BSF jawan Tej Bahadur Yadav, whose nomination against Prime Minister Narendra Modi in Varansai, was cancelled. A bench headed by Chief Justice Ranjan Gogoi asked the counsel for EC to seek instructions and apprise it by tomorrow. Advocate Prashant Bhushan, appearing for Yadav, referred to an earlier verdict to the court and said election petitions can be filed during the enforcement of the Model Code of Conduct. Yadav, who was dismissed in 2017 after he posted a video online complaining about the food served to troops, was fielded by the Samajwadi Party as its candidate from the Varanasi seat. Yadav, in his plea, termed the decision of the poll panel discriminatory and unreasonable and said it should be set aside. The SP had initially fielded Shalini Yadav as its candidate to contest against Modi and later nominated the sacked BSF jawan.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ELEVATION TO SUPREME COURT: GOVT 'DISAGREES' WITH COLLEGIUM ON TWO JUDGES

The Centre is learnt to have disagreed with the Supreme Court Collegium's recommendation to confirm the elevation of Jharkhand High Court chief justice Aniruddha Bose and Gauhati High Court chief justice A.S. Bopanna as judges of the apex court, sources said. The sources, however, are not clear about the exact reason for the decision to send back the recommendations, although, it is learnt that the principle of seniority was not applied and that regional representation formed the basis for the decision. A source familiar with the elevation process said Justice Bose stood at serial number 12 and Justice Bopanna at 36 in the combined seniority of High Court judges on all-India basis. Justice Bose is from Calcutta High Court and Justice Bopanna from the Karnataka High Court. As per record, there is only one judge, Justice Indira Banerjee in the Supreme Court who has moved from the Calcutta High Court. But there are two judges from the Karnataka HC, Justices Mohan M. Shantanagoudar and S. Abdul Nazeer, in the top court. The five-judge Collegium headed by the CJI had recommended the elevation of these two judges. The five-judge Collegium, besides the CJI, also comprises Justices S.A. Bobde, N.V. Ramana, Arun Mishra and R.F. Nariman, had thought over various factors including the seniority and merit along with the integrity of the candidate. Justice Bose was appointed as a judge of the Calcutta High Court on January 19, 2004. Justice Bose was elevated as Chief Justice of Jharkhand High Court on August 11, 2018. Justice Bopanna, on the other hand, was appointed as a judge of the Karnataka High Court.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

ARUN JAITLEY CALLS CONGRESS PARTY 'CRY BABY', SAYS MCC CANNOT ENCROACH RIGHT TO FREE SPEECH

Arun Jaitley Tuesday said the model code of conduct cannot encroach the right to free speech. He said that political parties have developed a new tendency to excessively allege violation of the model code of conduct (MCC) by their opponents. Those complaining to the Election Commission about violation of model election code must keep in mind that right to free speech has not been diluted by the MCC in any way, Jaitley noted. The MCC cannot encroach the right to free speech. The two have to exist harmoniously, Jaitley wrote. Any power exercised by the Election Commission under Article 324 cannot relate to areas which are covered by the legislation or regulation but will be confined to areas where legislation does not occupy any space, he said. Article 324 of the Constitution gives to the Election Commission the power to take all necessary steps in order to ensure the conduct of free and fair elections. Of late, a tendency has developed amongst the political parties to excessively allege violation of the MCC by their opponents. The Congress Party as the 'Cry Baby' of this election, is leading the pack, Jaitley said. He said that while submitting memorandums on violation of the MCC with regard to political speech, the parties must bear in mind that the MCC cannot dilute the Right to Free Speech. Referring to Prime Minister Narendra Modi's appeal to first time voters that they should keep in mind the sacrifice of martyrs while casting vote, Jaitley said no party or candidate was mentioned. Modi, during an election rally in Maharashtra on April 9, had said, Can your first vote be dedicated to those who carried out the air strike. I want to tell the first-time voters: can your first vote be dedicated to the veer jawans (valiant soldiers) who carried out the air strike in Pakistan. Can your first vote be dedicated to the veer shaheed (brave martyrs) of Pulwama (terror attack). Jaitley said the Prime Minister only commented on the demographic composition of the constituency. If such speeches are considered by anyone as violative of the MCC, that may actually run the danger of the MCC's constitutionality in relation to free speech being called into question. To avoid such a situation, the memorialist must keep in mind that the Right to Free Speech has not been diluted by the MCC in any way, he said. Another illustration of Congress approaching Election Commission, Jaitley said, relates to the Gandhi family principle of restrictive free speech. They can call even an honest Prime Minister a 'Chor'. Others don't possess that right, he said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

BJP HAS UNNECESSARILY BROUGHT RAJIV GANDHI INTO PICTURE: SAM PITRODA

Bharatiya Janata Party (BJP) has unnecessarily brought Rajiv Gandhi into the picture and the people like me who have worked with him are very upset, said Indian Overseas Congress (IOC) chief Sam Pitroda. Prime Minister Narendra Modi-led BJP government has unnecessarily brought in Rajiv Gandhi into the picture. People like me, who have worked with Rajiv Gandhi, are very upset, Pitroda told. Rajiv Gandhi, who served as the 6th Prime Minister of India from 1984 to 1989, was assassinated on May 21, 1991, at Sriperumbudur in Tamil Nadu, where he had gone to address a public meeting. In this election, there are two main issues. One is the idea of India. We believe the BJP government has attacked democracy, freedom, diversity. It has constantly lied about Rahul Gandhi's degree, court cases or citizenship, he said. If you go back to 2014 and see the promises Prime Minister Modi made to the people of India, none of those big promises has been addressed at all, added Pitroda. It is worth mentioning the Election Commission of India on Tuesday gave clean chit to Prime Minister Modi for his 'Bhrashtachari No 1' remark against Rajiv Gandhi, which the Congress party had termed as the violation of the Model Code of Conduct (MCC). Talking about Punjab, Pitroda said: We are confident of doing very well under the leadership of Chief Minister Captain Amarinder Singh. He has been a strong leader and worked very hard. Out of 13 seats in Punjab, we will probably win a lot of it.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

PM MODI THE MODERN-DAY AURANGZEB, DESTROYED HUNDREDS OF TEMPLES IN VARANASI: SANJAY NIRUPAM

Sanjay Nirupam said Prime Minister Narendra Modi is the modern-day Aurangzeb who has destroyed hundreds of temples in Varanasi. After coming to Varanasi I saw that hundreds of temples have been destroyed in the city. There is also a newly-imposed Rs 550 fee for the darshan of Lord Vishwanath. I feel that Prime Minister Modi is a modern-day Aurangzeb. He has succeeded in destroying those temples which the people of Banaras defended even during the peak of Aurangzeb's cruel regime, Nirupam told. I condemn the modern day Aurangzeb who has imposed a jizya (tax) on the devotees for visiting their lord. The irony is Narendra Modi talks about protecting Hindu beliefs and rights and breaks temples. I condemn his acts, he added. Nirupam also defended Congress' claims on surgical strikes, adding that under his party's government, the Army had divided Pakistan into two countries. BJP has now come on the back foot because we revealed the truth that surgical strikes took place even under Congress rule. The power of Indian Army during our rule was so much that we were able to split Pakistan into two, he claimed. Nirupam also targeted BJP for dragging late Prime Minister Rajiv Gandhi in the elections and accepted Modi's challenge to fight elections in North Delhi on his name. He also said that the day the former Prime Minister's name was taken, BJP leader Smriti Irani's loss from Amethi was ascertained. We are ready to fight elections in the name of the former Prime Minister Rajiv Gandhi. The day he (PM Modi) took Rajivji's name, he ensured Smriti Irani will lose Amethi by at least two and a half lakh votes, he said. I am challenging the Congress from this dais that when polling takes place in the remaining phases in Punjab, Delhi, and Bhopal, let it fight the elections in the name of Rajiv Gandhi. I am hopeful that the Congress will accept this challenge, Modi had earlier said at a rally held in Jharkhand.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

DISCUSSED NATIONAL POLITICS, ROLE OF REGIONAL PARTIES WITH KCR, NOT THE PM CANDIDATE: PINARAYI VIJAYAN

Against the backdrop of his meeting with Telangana counterpart K Chandrasekhar Rao, Pinarayi Vijayan said on Tuesday that regional parties will play a prominent role at the Centre after the Lok Sabha elections. Vijayan, however, said there was no discussion between them about the prime ministerial candidate. We discussed the national political scenario. According to Rao, both the fronts may not get a majority. So, the regional parties will play a prominent role. There were no discussions about the PM candidate, said Pinarayi Vijayan. The TRS had been pitching the idea of a non-Congress, non-BJP federal front of regional parties for several months now. Pinarayi Vijayan, heading the CPI-M-led LDF government, in Thiruvananthapuram, as part of his outreach to opposition parties. Kumar had accompanied him. The meeting between the two leaders took place at the official residence of Kerala chief minister. K Chandrasekhar Rao, said on Tuesday that no appointment is yet fixed between her father and DMK president MK Stalin. She made the comments after reports came that Stalin was busy in campaigning for Assembly elections and may not be meeting Rao. Reports said that the two leaders were to meet on May 13. B Vinod Kumar, sitting Lok Sabha member from Karimnagar and a confidant of KCR, claimed that regional parties would win more seats than BJP-led NDA or Congress-anchored UPA.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CENTRE STEPS UP RELIEF WORK TO RESTORE POWER AND TELECOMMUNICATIONS IN CYCLONE AFFECTED ODISHA

P. K. Sinha further reviewed the rescue and relief measures in the cyclone FANI affected areas of Odisha with the senior officials of State Government and Central Ministries/Agencies concerned. Ministry of Home Affairs has released a further assistance of Rs 1,000 Crores to Odisha, as announced by the Prime Minister yesterday. Earlier Rs 341 crores had been provided to the State as an advance to its SDRF. Stressing on early restoration of Power infrastructure, Odisha Government reported that following deployment of additional manpower and materials from Central PSUs and neighbouring states, power supply has been restored partially in Bhubaneswar, while a lot of ground still needed to be covered in Puri. Power supply to maintain essential services such as water, health and banking etc. is being provided through Diesel Generator sets. It was reported that land line connectivity has been restored in Puri though mobile services still remain skeletal. Department of Telecommunications is coordinating with the State Government to implement a priority plan for restoration of mobile and internet services in the affected areas. Mobile service providers have allowed free SMS and intra circle roaming in these areas. Banking services have started and efforts are being made to operationalize all ATMs. Centre has also decided to extend the Registration dates of the JEE Advanced examinations by 5 more days up to May 14th in the State. Those students who are unable to get internet connectivity, can approach IIT Bhubaneshwar for registration. Reviewing the relief measures, Cabinet Secretary stressed that Power and Telecommunications in Puri and Bhubaneswar need to be restored on priority basis and directed the concerned State and Central officials to work in close coordination. He further directed that adequate number of gen-sets and mobile cellular towers be arranged and provided for the restoration efforts.

  __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

INDIA'S COTTON IMPORTS COULD SURGE TO RECORD HIGH AS OUTPUT PLUNGES: CAI

India's 2018/19 cotton imports are likely to double from a year ago to a record 3.1 million bales as the drop in production to the lowest level in nine years forces textile manufactures to ramp up overseas purchases, a senior industry official said. Higher imports by the world's biggest cotton producer could support global prices which are trading near their lowest in two months. The drop in Indian supplies could help rivals such as the United States, Brazil and Australia increase cargoes to key Asian buyers such as China, Bangladesh and Pakistan. The country's exports in the year could drop to 4.7 million bales, down 33.3 percent from a year ago, he said.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

GOVERNMENT CONSIDERS NEW SOLAR TENDER WITH FOCUS ON FACTORIES

India is considering a new tender to develop solar power equipment manufacturing that doesn’t include a requirement to also generate electricity a move aimed at sparking investor interest, according to people with knowledge of the plan. In addition to separating manufacturing of solar cells and modules from generation, the government may also offer some form of financial aid said the people, asking not to be identified as the information isn’t public. There has been little interest from solar equipment makers in the previous manufacturing tenders, a hurdle to Prime Minister Narendra Modi’s ambitious plans of building 100 gigawatts of solar power capacity by 2022. India has been struggling to spur its nascent domestic manufacturing industry, which the government estimates can currently only meet just 15% of the country’s annual needs. The South Asian nation has been seeking to boost its capabilities through both manufacturing tenders as well as a safeguard duty on cheaper Chinese imports.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

STAR INDIA SIGNS UP 35 ADVERTISERS FOR ICC WORLD CUP, TARGETS OVER RS 1,000 CRORE IN AD SALES

With less than a month to go for the ICC Cricket World Cup 2019, media rights holder Star India has signed 35 advertisers and sold almost 60% of the total ad inventory already. Sources in Star India told that the company is hopeful of selling 90% of the overall inventory by mid of this month and rest of it will be kept for last minute spot buyers. The momentum into World Cup is very positive and the market feedback is very good. One month in advance, we have 35 clients. This is going to be our biggest World Cup, said a senior Star India executive, who did not wish to be named. They feel the broadcaster will be able to earn about Rs 1,000 crore in ad revenues from the tournament. Also, the fact that the tournament will have 50% more India matches, compared with the ICC Cricket World Cup 2015, has helped generate greater interest.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CYCLONE FANI: ICICI BANK CONTRIBUTES RS 10 CRORE TOWARDS RELIEF IN ODISHA

ICICI Bank has contributed Rs10 crore to aid the state government and the local authorities in their efforts to provide relief and assistance in the areas affected by the cyclone, Fani, in Odisha. The major part of this contribution has been extended to the Chief Minister’s Relief Fund. The Bank also contributed at the district level for relief work. The Bank will waive off penalties on late payment of equated monthly instalments (EMI) in May for retail loans—home, car and personal—for its customers who are affected by the cyclone. Also, there will be no penalty for late payment of credit card dues as well as no cheque bouncing charges for the Bank’s customers this month.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CYCLONE FANI: ADANI GROUP COMMITS RS 25 CRORE TO ODISHA CHIEF MINISTER’S RELIEF FUND

The Adani Group has committed Rs 25 crore to the Odisha Chief Minister’s Relief Fund, to support the people affected by the cyclone ‘Fani’ that wreaked havoc in the coastal state. Adani Group said it will extend full support to the government’s rehabilitation efforts towards the affected areas of Odisha. The Adani Group stands united with the state administration and the people of Odisha in this hour of despair. For immediate relief, we commit to contribute Rs 25 crore to the Chief Minister's Relief Fund. Going forward, we also plan to provide key resources for the massive rehabilitation work underway. We want to reassure the people of Odisha that the Adani Group will work shoulder to shoulder to rebuild this beautiful state, Karan Adani, said in a statement.

 __ _ _ _ _ _ _ _ _ _ _ _ _ _  _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

CYCLONE FANI IMPACT: ODISHA SEEKS $14 BN FOR RECONSTRUCTION

The eastern Indian state of Odisha, battered by one of the strongest cyclones in two decades, needs at least Rs 1,00,000 crore ($14 billion) to rebuild damaged houses and public infrastructure, a government official said on Monday. About 5,00,000 people have lost their houses and would need reconstruction, said Bishnupada Sethi, Special Relief Commissioner with the Odisha government. Almost 14 million people were affected by the storm last week, while 35 lost their lives, he said. The state government had evacuated about 1.39 million people to temporary shelters. The monsoon season is approaching and that is a matter of concern, Sethi said. We will give them temporary shelters as the reconstruction will continue for quite some time. Cyclone Fani, which reached the eastern coast on Friday with a top wind speed of 205 kilometers an hour, was one of the most severe cyclones to hit the region the Super Cyclone of 1999 that killed almost 10,000 people. Odisha, home to aluminium plants, power utilities, coal mines and an oil refinery, faces cyclonic storms almost every year. The state has set up more than 15,000 free kitchen camps to serve as many as 2.6 million affected people.

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




Thanks & Regards,
CS Meetesh Shiroya