General Affairs
Nitish Kumar Meets PM Modi For First Time Since Bihar Win
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NEW DELHI: After leading the 'grand alliance' to a spectacular victory in Bihar Assembly polls in a virtual one-on-one battle with Prime Minister Narendra Modi, Chief Minister Nitish Kumar today met him in Delhi.
"It was a courtesy call. There was no particular issue involved in the meeting," Mr Kumar said after meeting Mr Modi in the Prime Minister's Office in Parliament House.
Nitish Kumar-led 'grand alliance' of Janata Dal United, Rashtriya Janata Dal and the Congress had defeated the BJP-led NDA after a bitter political campaign which saw Mr Kumar and PM Modi launching a no-holds-barred attack on each other.
Mr Kumar also met President Pranab Mukherjee at the Rashtrapati Bhavan and presented a bouquet to him. President Mukherjee congratulated him on becoming Bihar Chief Minister for the fifth time and conveyed his best wishes, a state government statement said.
This was the first visit of Mr Kumar to the national capital after being sworn Chief Minister of Bihar on November 20.
Union Minister Venkaiah Naidu was the Centre's representative at the swearing in ceremony, which was attended by a galaxy of leaders from opposition parties.
On his demand for a special package for Bihar, the Chief Minister told reporters, "I am hopeful that the Centre will honour the commitment made by the PM. I am hopeful it will be implemented."
Asked whether he would play a role in other state elections after Bihar success, he said, "I am doing my work in Bihar after the elections. Other political parties are there in other states. They will discuss and decide on it."
Mr Kumar is also attending the 75th birthday celebrations of Nationalist Congress Party (NCP) chief Sharad Pawar in New Delhi.
NEW DELHI: After leading the 'grand alliance' to a spectacular victory in Bihar Assembly polls in a virtual one-on-one battle with Prime Minister Narendra Modi, Chief Minister Nitish Kumar today met him in Delhi."It was a courtesy call. There was no particular issue involved in the meeting," Mr Kumar said after meeting Mr Modi in the Prime Minister's Office in Parliament House.
Nitish Kumar-led 'grand alliance' of Janata Dal United, Rashtriya Janata Dal and the Congress had defeated the BJP-led NDA after a bitter political campaign which saw Mr Kumar and PM Modi launching a no-holds-barred attack on each other.
This was the first visit of Mr Kumar to the national capital after being sworn Chief Minister of Bihar on November 20.
Union Minister Venkaiah Naidu was the Centre's representative at the swearing in ceremony, which was attended by a galaxy of leaders from opposition parties.
On his demand for a special package for Bihar, the Chief Minister told reporters, "I am hopeful that the Centre will honour the commitment made by the PM. I am hopeful it will be implemented."
Asked whether he would play a role in other state elections after Bihar success, he said, "I am doing my work in Bihar after the elections. Other political parties are there in other states. They will discuss and decide on it."
Mr Kumar is also attending the 75th birthday celebrations of Nationalist Congress Party (NCP) chief Sharad Pawar in New Delhi.
High Court Allows Music System At Varanasi Ghat For Modi-Abe Visit
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ALLAHABAD: The Allahabad High Court today granted permission for installation of music system at Dashashwamedh Ghat in Varanasi where Prime Minister Narendra Modi, accompanied by Japanese counterpart Shinzo Abe, is scheduled to attend the "Ganga Arti" on Saturday.
A specially-constituted bench comprising Chief Justice DY Chandrachud and Justice Dilip Gupta ruled that the Varanasi Development Authority (VDA) could go ahead with erecting a pole at the Ghat for installation of the music system.
But it emphasised that care must be taken that the music should not be louder than permissible limits and that it should not be played earlier than 6 am and beyond 10 pm as that might inconvenience those residing in the vicinity.
The order came on a special application filed yesterday by the Uttar Pradesh Government through the Chief Standing Counsel (CSC), Ramesh Upadhyay.
The CSC had submitted that while hearing a matter relating to cleaning the river Ganges, the court had ruled that there must be no fresh constructions within a distance of 200 metres from the banks of the river in Varanasi.
The CSC had also submitted that in a bid to give fillip to tourism in the ancient temple town, the VDA proposed erecting similar poles and music systems at Sheetala Ghat and Rajendra Prasad Ghat for which separate application would be filed later.
On a query from the court, the CSC also submitted that the VDA had "already made necessary preparations" and the pole would be erected in time though only two days are left for the visit of the two Prime Ministers.
ALLAHABAD: The Allahabad High Court today granted permission for installation of music system at Dashashwamedh Ghat in Varanasi where Prime Minister Narendra Modi, accompanied by Japanese counterpart Shinzo Abe, is scheduled to attend the "Ganga Arti" on Saturday.A specially-constituted bench comprising Chief Justice DY Chandrachud and Justice Dilip Gupta ruled that the Varanasi Development Authority (VDA) could go ahead with erecting a pole at the Ghat for installation of the music system.
But it emphasised that care must be taken that the music should not be louder than permissible limits and that it should not be played earlier than 6 am and beyond 10 pm as that might inconvenience those residing in the vicinity.
The order came on a special application filed yesterday by the Uttar Pradesh Government through the Chief Standing Counsel (CSC), Ramesh Upadhyay.
The CSC had submitted that while hearing a matter relating to cleaning the river Ganges, the court had ruled that there must be no fresh constructions within a distance of 200 metres from the banks of the river in Varanasi.
The CSC had also submitted that in a bid to give fillip to tourism in the ancient temple town, the VDA proposed erecting similar poles and music systems at Sheetala Ghat and Rajendra Prasad Ghat for which separate application would be filed later.
On a query from the court, the CSC also submitted that the VDA had "already made necessary preparations" and the pole would be erected in time though only two days are left for the visit of the two Prime Ministers.
Strictly Adhere To Supreme Court Guidelines On Noise Pollution: Green Tribunal
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NEW DELHI: The National Green Tribunal today directed authorities in Delhi to ensure strict adherence to guidelines on noise pollution, saying noise is more than just a nuisance as it can produce serious psychological stress.
The green panel also noted that burning of dried cow dung cakes was a serious problem as right to clean and decent environment would include protection against air and noise pollution.
"The administrative, executive and police authorities shall ensure that there are no recurrences of burning of 'upale' (dried cow dung cakes) or of generating noise pollution from using instruments, DJ sets, music systems, etc. above prescribed decibels.
"Furthermore, the fixed hours for playing such music etc. should be strictly adhered to not only by the SDM and SHO concerned in Palam, but even in the entire NCR," a bench headed by NGT Chairperson Justice Swatanter Kumar said.
Supreme Court, in 2005, had banned playing of music on loudspeakers after 10 pm.
The tribunal warned that "if in future such pollution of air by burning of 'upale' or other material in open or by noise, is brought to the notice it would be compelled to take appropriate action in accordance with law against defaulting officers and the offending parties".
The tribunal's judgement came on a plea by Nidhi, a resident of Palam Colony, which said that two private persons, claiming to be priests, were running temples in the plots for exorcising of ghosts and were using loudspeakers and other musical instruments causing noise pollution.
NEW DELHI: The National Green Tribunal today directed authorities in Delhi to ensure strict adherence to guidelines on noise pollution, saying noise is more than just a nuisance as it can produce serious psychological stress.The green panel also noted that burning of dried cow dung cakes was a serious problem as right to clean and decent environment would include protection against air and noise pollution.
"The administrative, executive and police authorities shall ensure that there are no recurrences of burning of 'upale' (dried cow dung cakes) or of generating noise pollution from using instruments, DJ sets, music systems, etc. above prescribed decibels.
Supreme Court, in 2005, had banned playing of music on loudspeakers after 10 pm.
The tribunal warned that "if in future such pollution of air by burning of 'upale' or other material in open or by noise, is brought to the notice it would be compelled to take appropriate action in accordance with law against defaulting officers and the offending parties".
The tribunal's judgement came on a plea by Nidhi, a resident of Palam Colony, which said that two private persons, claiming to be priests, were running temples in the plots for exorcising of ghosts and were using loudspeakers and other musical instruments causing noise pollution.
'No One Is Above The Law', Arun Jaitley Takes On Congress In Facebook Post
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NEW DELHI: Finance Minister Arun Jaitley has taken on the Congress and its top leaders in a Facebook post for disrupting Parliament in the last few days over the National Herald case, in which Sonia Gandhi and Rahul have been summoned by a trial court to appear before it next week.
"There is equality before the law. No one is above the law. India has never accepted the dictat that the queen is not answerable to the law," the top minister and senior lawyer writes attacking the Congress for disrupting Parliament. "The government cannot help them in the matter, nor can the Parliament. Why then disturb the Parliament and prevent the legislative activity from continuing?"
"Its Goebbelsian propaganda is that the party's leadership is a victim of political vendetta," Mr Jaitley writes in his post 'Why the Congress is Wrong.'
The Congress leaders are caught in a quagmire of their own making, the Finance Minister writes. "They have to find their own exit route out of the 'Chakravyuh'...They have acquired properties worth a huge amount without spending anything. They have used tax exempted income for a non-exempted purpose. They have transferred the income of a political party to a real estate company," he says.
The company that published the National Herald "got allocation of prime land in several parts of the country. The land was meant to be used for the newspaper business. Today, there is no newspaper. There is only land and built up structures which are being commercially exploited," Mr Jaitley writes.
The Congress chief and her son together own 76 per cent shares in Young Indian, the company that now owns the real estate that once belonged to the National Herald.
"Since 2012, as a private citizen, Dr. Subramaniam Swamy, alleges a breach of trust...Any citizen can set the process of criminal law into motion," Mr Jaitley writes. Congress leaders including Mr Gandhi have alleged political vendetta on part of the BJP. Mr Swamy joined the BJP in 2013.
"There is equality before the law. No one is above the law. India has never accepted the dictat that the queen is not answerable to the law," the top minister and senior lawyer writes attacking the Congress for disrupting Parliament. "The government cannot help them in the matter, nor can the Parliament. Why then disturb the Parliament and prevent the legislative activity from continuing?"
"Its Goebbelsian propaganda is that the party's leadership is a victim of political vendetta," Mr Jaitley writes in his post 'Why the Congress is Wrong.'
The Congress leaders are caught in a quagmire of their own making, the Finance Minister writes. "They have to find their own exit route out of the 'Chakravyuh'...They have acquired properties worth a huge amount without spending anything. They have used tax exempted income for a non-exempted purpose. They have transferred the income of a political party to a real estate company," he says.
The company that published the National Herald "got allocation of prime land in several parts of the country. The land was meant to be used for the newspaper business. Today, there is no newspaper. There is only land and built up structures which are being commercially exploited," Mr Jaitley writes.
The Congress chief and her son together own 76 per cent shares in Young Indian, the company that now owns the real estate that once belonged to the National Herald.
"Since 2012, as a private citizen, Dr. Subramaniam Swamy, alleges a breach of trust...Any citizen can set the process of criminal law into motion," Mr Jaitley writes. Congress leaders including Mr Gandhi have alleged political vendetta on part of the BJP. Mr Swamy joined the BJP in 2013.
Donald Trump Call To 'Ban Muslims' Sparks Anger In Asia
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DHAKA: Religious leaders in Asia on Thursday condemned Donald Trump's inflammatory comments on Muslims, warning that the US presidential hopeful was helping the ISIS's cause and diminishing America's global stature.
In Bangladesh, Indonesia and Pakistan, together home to more than a third of the world's 1.5 billion followers of Islam, anger at the bouffant billionaire's incendiary proposal to ban Muslims from entering the United States ran high.
Leading Bangladeshi cleric Fariduddin Masud told AFP the remarks fed ISIS propaganda that sought to depict a grand war between Islam and the West.
"By uttering such a hate-spreading statement, Donald Trump has committed a crime by indirectly helping the cause of so-called global Islamist militants such as Islamic State," the chairman of the Jamiatul Ulama Bangladesh, an Islamic scholars council, told AFP.
The Republican frontrunner's remarks came after an apparently radicalised Muslim couple shot dead 14 people at a workplace party in the Californian town of San Bernardino this month.
Trump's demand for a moratorium on Muslims entering the United States until politicians "can figure out what was going on" was roundly condemned, although fellow Republican contender Ted Cruz and some conservative commentators praised the call.
In Indonesia, the world's most populous Muslim nation, Zuhairi Misrawi, an Islamic scholar from Muslim organisation Nahdlatul Ulama, said the call was "a step backwards for American democracy".
"We previously regarded America as a role model for democracy, equality, peace and justice," he said.
The controversial candidate's latest outburst came two weeks after he proposed creating a database system in the United States to track Muslims.
Amid fears his comments would fuel extremist violence, the leader of a Pakistani seminary attended by Taliban militants decried the comments as emblematic of Western "aggression" towards Islam.
"Trump's statement is part of a strong hatred and grudge against Muslims," Maulana Sami-ul-Haq, who was nominated by the Pakistani Taliban as a negotiator in government peace talks last year, told AFP.
In India, top separatist leader Syed Ali Geelani described Trump's call as indicative of an "imperialistic and sick mindset".
"We strongly condemn the California massacre but the whole Muslim community can't be held responsible for the actions of an individual," he said in a statement.
'Hitler was elected'
Trump's presidential bid has met with widespread ridicule, with the mainstream media struggling to take the former reality TV star seriously and doubting whether he could succeed at the ballot box, despite his popularity in the polls.
In India, home to nearly 200 million Muslims, an opinion piece in a newspaper on Thursday invoked a warning not to underestimate the businessman, pointing out that Adolf Hitler was an elected leader.
It also called for New Delhi to refuse Trump entry to the country.
While reaction on the streets remained muted, outrage at his comments continued to reverberate among Asian Muslims on Facebook and Twitter.
Pakistani Facebook user Sanaullah Abro expressed faith in the American voters, writing: "I don't think American people are so stupid to elect him".
Yet others voiced fears that even unelected, the comments from a high-profile presidential hopeful would fuel a rise in aggression.
"His hate speech will spread violence not only in the United States but also across the globe," a post by Bangladeshi Facebook user Sameer Hassan read.
DHAKA: Religious leaders in Asia on Thursday condemned Donald Trump's inflammatory comments on Muslims, warning that the US presidential hopeful was helping the ISIS's cause and diminishing America's global stature.In Bangladesh, Indonesia and Pakistan, together home to more than a third of the world's 1.5 billion followers of Islam, anger at the bouffant billionaire's incendiary proposal to ban Muslims from entering the United States ran high.
Leading Bangladeshi cleric Fariduddin Masud told AFP the remarks fed ISIS propaganda that sought to depict a grand war between Islam and the West.
The Republican frontrunner's remarks came after an apparently radicalised Muslim couple shot dead 14 people at a workplace party in the Californian town of San Bernardino this month.
Trump's demand for a moratorium on Muslims entering the United States until politicians "can figure out what was going on" was roundly condemned, although fellow Republican contender Ted Cruz and some conservative commentators praised the call.
In Indonesia, the world's most populous Muslim nation, Zuhairi Misrawi, an Islamic scholar from Muslim organisation Nahdlatul Ulama, said the call was "a step backwards for American democracy".
"We previously regarded America as a role model for democracy, equality, peace and justice," he said.
The controversial candidate's latest outburst came two weeks after he proposed creating a database system in the United States to track Muslims.
Amid fears his comments would fuel extremist violence, the leader of a Pakistani seminary attended by Taliban militants decried the comments as emblematic of Western "aggression" towards Islam.
"Trump's statement is part of a strong hatred and grudge against Muslims," Maulana Sami-ul-Haq, who was nominated by the Pakistani Taliban as a negotiator in government peace talks last year, told AFP.
In India, top separatist leader Syed Ali Geelani described Trump's call as indicative of an "imperialistic and sick mindset".
"We strongly condemn the California massacre but the whole Muslim community can't be held responsible for the actions of an individual," he said in a statement.
'Hitler was elected'
Trump's presidential bid has met with widespread ridicule, with the mainstream media struggling to take the former reality TV star seriously and doubting whether he could succeed at the ballot box, despite his popularity in the polls.
In India, home to nearly 200 million Muslims, an opinion piece in a newspaper on Thursday invoked a warning not to underestimate the businessman, pointing out that Adolf Hitler was an elected leader.
It also called for New Delhi to refuse Trump entry to the country.
While reaction on the streets remained muted, outrage at his comments continued to reverberate among Asian Muslims on Facebook and Twitter.
Pakistani Facebook user Sanaullah Abro expressed faith in the American voters, writing: "I don't think American people are so stupid to elect him".
Yet others voiced fears that even unelected, the comments from a high-profile presidential hopeful would fuel a rise in aggression.
"His hate speech will spread violence not only in the United States but also across the globe," a post by Bangladeshi Facebook user Sameer Hassan read.
Business Affairs
Sensex ends 216 points up, Nifty at 7,683 on value buying; RIL top gainer
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Snapping the six-day long losing streak, the S&P BSE Sensex ended 216 points higher, while broader CNX Nifty settled above its key support level of 7,650.
Domestic markets bucked the muted trend seen in Asian markets as investors bought into beaten down shares such as Reliance Industries even as sentiment remained cautious ahead of the US Federal Reserve's December policy meet.
The 30-share index ended at 25,252.32, up 216.27 points, while the broad-based 50-share index settled at 7,683.30, up 70.80 points.
Market breadth remained fairly positive with 19 of the 30 Sensex components ending the day in green zone.
"People are waiting, they are not creating huge positions. You have FIIs selling in the cash market and no positive domestic factors," said Alex Mathews head of research at Geojit BNP Paribas.
Gains were led by beaten down blue-chip stocks such as Reliance Industries and Housing Development Finance Corp , which gained 3.71 per cent and 2.30 per cent, respectively.
Havells India shares jumped 8.05 per cent after its board approved the sale of its Malta subsidiary.
Realty stocks were also in focus and those under S&P BSE Realty index rose up to 4 per cent, while those outside index surged up to 15 per cent after the Union Cabinet on Wednesday approved various amendments to the contentious Real Estate Bill.
The S&P BSE Realty index surged settled 1.63 per cent higher, with Prestige Estates (4.43%) being the top gainer. Shares of Ajmera Realty gained a whopping 16.47 per cent among realty stocks that are not part of Realty index.
Among Asian markets, China's Shanghai Composite settled with a downtick of 0.49 per cent, while Hong Kong's Hang Seng index was down 0.37 per cent. However, Japan's Nikkei fell to a five-week low to settle the day 1.32 per cent lower.
Overnight, US stocks closed lower in a choppy session as oil prices resumed its decline. The Dow Jones fell 75.7 points, or 0.43 per cent, the S&P 500 lost 15.97 points, or 0.77 per cent, and the Nasdaq Composite dropped 75.38 points, or 1.48 per cent.
Lowdown on the markets today
12:00 pm
Sensex at 25108.56, up 72 points
Nifty at 7634.25, up 22 points
11:05 am
Sensex at 25068.87, up 32 points
Nifty at 7621.00, up 8.50 points
9:21 am
Sensex at 25,139.55, up 103.50 points
Nifty at 7,643.55, up 31.05 points
Snapping the six-day long losing streak, the S&P BSE Sensex ended 216 points higher, while broader CNX Nifty settled above its key support level of 7,650.
Domestic markets bucked the muted trend seen in Asian markets as investors bought into beaten down shares such as Reliance Industries even as sentiment remained cautious ahead of the US Federal Reserve's December policy meet.
The 30-share index ended at 25,252.32, up 216.27 points, while the broad-based 50-share index settled at 7,683.30, up 70.80 points.
Market breadth remained fairly positive with 19 of the 30 Sensex components ending the day in green zone.
"People are waiting, they are not creating huge positions. You have FIIs selling in the cash market and no positive domestic factors," said Alex Mathews head of research at Geojit BNP Paribas.
Gains were led by beaten down blue-chip stocks such as Reliance Industries and Housing Development Finance Corp , which gained 3.71 per cent and 2.30 per cent, respectively.
Havells India shares jumped 8.05 per cent after its board approved the sale of its Malta subsidiary.
Realty stocks were also in focus and those under S&P BSE Realty index rose up to 4 per cent, while those outside index surged up to 15 per cent after the Union Cabinet on Wednesday approved various amendments to the contentious Real Estate Bill.
The S&P BSE Realty index surged settled 1.63 per cent higher, with Prestige Estates (4.43%) being the top gainer. Shares of Ajmera Realty gained a whopping 16.47 per cent among realty stocks that are not part of Realty index.
Among Asian markets, China's Shanghai Composite settled with a downtick of 0.49 per cent, while Hong Kong's Hang Seng index was down 0.37 per cent. However, Japan's Nikkei fell to a five-week low to settle the day 1.32 per cent lower.
Overnight, US stocks closed lower in a choppy session as oil prices resumed its decline. The Dow Jones fell 75.7 points, or 0.43 per cent, the S&P 500 lost 15.97 points, or 0.77 per cent, and the Nasdaq Composite dropped 75.38 points, or 1.48 per cent.
Lowdown on the markets today
12:00 pm
Sensex at 25108.56, up 72 points
Nifty at 7634.25, up 22 points
11:05 am
Sensex at 25068.87, up 32 points
Nifty at 7621.00, up 8.50 points
9:21 am
Sensex at 25,139.55, up 103.50 points
Nifty at 7,643.55, up 31.05 points
Asian Development Bank to lend $1 billion to Power Grid Corp
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Multilateral lending agency Asian Development Bank will provide $1 billion loan to central transmission utility Power Grid Corp for renewable energy transmission and grid expansion in India.
"ADB is to provide a $500 million government-backed loan and a further US 500 million in nonsovereign lending to Indias national transmission company, Power Grid Corporation of India Limited," ADB said in a statement in New Delhi.
The funds will be used to build and upgrade high voltage transmission lines and substations in Rajasthan and Punjab, as part of government's Green Energy Corridor initiative.
"To increase energy delivery from Indias west to southern region, the project will also include new high-voltage direct current terminals in Chhattisgarh, Tamil Nadu, and Kerala states, boosting interconnectivity between the regions from about 10 gigawatts (GW) to India is promoting the increased use of clean and renewable energy to meet growing power demand, provide universal electricity access, and increase energy self-sufficiency," ADB said.
Earlier this year, India announced ambitious plans to achieve a national renewable energy target of 175 GW by 2022.
About 90 per cent of this is expected to be generated from solar and wind sources which are concentrated in a few Indian states. Investment in efficient, inter-state transmission infrastructure that can address the intermittency and timing differences of renewable energy is therefore critical in supporting expansion and optimal use of renewable energy in India.
"The new transmission lines connecting renewable energy- rich areas to the national grid will enhance connectivity between the regions by bringing clean energy to more people, making the overall Indian power system more efficient, and improving Indias overall energy security,' said Hun Kim, Director General of ADBs South Asia Department in the statement.
PowerGrid's funding needs for the interstate Green Energy Corridor exceed $3.4 billion, while enhanced overall interregional connectivity critical not just for renewable energy but for large power transfers and power sector optimization will require a further $10 billion.
In order to fund significant expansion plans and maintain affordability for consumers, companies like Power Grid need to access all available and competitive sources, including multilaterals, international banks and capital markets.
"The combination of ADBs sovereign-backed and private sector loans is an innovative financing solution that provides PowerGrid with a large, competitive and efficient source of funding," said Todd Freeland, Director General of ADBs Private Sector Operations Department in the statement.
Multilateral lending agency Asian Development Bank will provide $1 billion loan to central transmission utility Power Grid Corp for renewable energy transmission and grid expansion in India.
"ADB is to provide a $500 million government-backed loan and a further US 500 million in nonsovereign lending to Indias national transmission company, Power Grid Corporation of India Limited," ADB said in a statement in New Delhi.
The funds will be used to build and upgrade high voltage transmission lines and substations in Rajasthan and Punjab, as part of government's Green Energy Corridor initiative.
"To increase energy delivery from Indias west to southern region, the project will also include new high-voltage direct current terminals in Chhattisgarh, Tamil Nadu, and Kerala states, boosting interconnectivity between the regions from about 10 gigawatts (GW) to India is promoting the increased use of clean and renewable energy to meet growing power demand, provide universal electricity access, and increase energy self-sufficiency," ADB said.
Earlier this year, India announced ambitious plans to achieve a national renewable energy target of 175 GW by 2022.
About 90 per cent of this is expected to be generated from solar and wind sources which are concentrated in a few Indian states. Investment in efficient, inter-state transmission infrastructure that can address the intermittency and timing differences of renewable energy is therefore critical in supporting expansion and optimal use of renewable energy in India.
"The new transmission lines connecting renewable energy- rich areas to the national grid will enhance connectivity between the regions by bringing clean energy to more people, making the overall Indian power system more efficient, and improving Indias overall energy security,' said Hun Kim, Director General of ADBs South Asia Department in the statement.
PowerGrid's funding needs for the interstate Green Energy Corridor exceed $3.4 billion, while enhanced overall interregional connectivity critical not just for renewable energy but for large power transfers and power sector optimization will require a further $10 billion.
In order to fund significant expansion plans and maintain affordability for consumers, companies like Power Grid need to access all available and competitive sources, including multilaterals, international banks and capital markets.
"The combination of ADBs sovereign-backed and private sector loans is an innovative financing solution that provides PowerGrid with a large, competitive and efficient source of funding," said Todd Freeland, Director General of ADBs Private Sector Operations Department in the statement.
Investors hover as e-tailers boost demand for Indian warehouses
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Overseas firms including Dutch pension fund manager APG and US buyout group Warburg Pincus are looking to invest in India's warehouses, hoping to cash in on demand for modern and efficient storage space from booming online retailers.
With more Indian consumers shopping online, the country's $110 billion logistics and warehousing sector is stretched.
Existing spaces, known as "godowns" - low-rise sheds with poor ventilation and only a shutter to ward off heat and dust - are too old and cramped for firms like retail giant Amazon.com and Indian rival Flipkart.
Goods frequently get soiled, or spoil.
By contrast, e-tailers need to move goods around swiftly with minimal damage. They demand fire sprinkler systems, climate control, levelled loading bays and paved roads to warehouses.
Simply adding this in can lift rents by up to 20 percent, according to real estate firm JLL.
"We have got enough people running around with bags of money, and not that many assets," said Ben Salmon, head of Singapore-based Assetz Property Group that has raised $50 million from Asian investors to buy warehouses in India.
Rekindled demand is good news for India's property developers, many of whom are saddled with high debt and struggling with sluggish residential sales. Office leasing is slower than during the peak years between 2009 and 2011.
E-commerce in India, meanwhile, is booming: the market is expected to grow to $220 billion in terms of value of goods sold by 2025, up from an expected $11 billion this year, according to Bank of America Merrill Lynch.
To satisfy that, supply of modern warehouses in India is set to more than double by 2020 to 200 million square feet, JLL estimates, fuelled by online retailers. They took up over 20 per cent of the space added in the first half of 2015.
As demand pushes up rents, which are as low as Rs 156 ($2.34) a square foot a year in some city outskirts, investors can earn total annual returns of 15-20 per cent, analysts estimate.
By comparison, average annual returns on industrial assets in the UK are expected to be 9 per cent over the next five years, a report from real estate firm Colliers International shows.
ROOM TO MOVE
In the dusty wastelands south of New Delhi, large, steel-framed, modern warehouses with ventilation and 24-hour security are mushrooming on what was once farmland, as logistics firms and retailers line up to serve the capital.
Amazon is among them, its large, modern, red and white warehouse many times the size of a cluster of nearby godowns, ranging in size from a family garage to a basketball court.
Amazon India has leased 20 fulfilment centres - warehouses where it stores goods and packs and sorts orders - in the last 18 months from multiple landlords. Still, it needs bigger, modern spaces closer to customers; the average size it leases today is 200,000 square feet.
The sector has attracted more than $1.5 billion in private equity funds since 2011, according to data tracker Venture Intelligence, and more is afoot.
Warburg and developer Embassy Group plan to jointly invest $250 million to build, lease and operate a portfolio of up to 20 million square feet of warehouses over the next 5-7 years, said Anshul Singhal, CEO of the joint venture, Embassy Industrial Parks.
APG is also looking for a local partner it can invest with to build logistics parks in India, said Sachin Doshi, the head of its private real estate investments in Asia Pacific.
Of course, there are basic challenges, investors say; for one, acquiring land where ownership cannot be disputed.
To sidestep this and cash in quickly, developers like Assetz are betting on buying larger existing warehouses and refitting them, rather than building from scratch.
After investing the first tranche, Assetz plans to raise another $100 million next year, giving it enough money to buy 10 million square feet of warehouses, said Salmon.
Overseas firms including Dutch pension fund manager APG and US buyout group Warburg Pincus are looking to invest in India's warehouses, hoping to cash in on demand for modern and efficient storage space from booming online retailers.
With more Indian consumers shopping online, the country's $110 billion logistics and warehousing sector is stretched.
Existing spaces, known as "godowns" - low-rise sheds with poor ventilation and only a shutter to ward off heat and dust - are too old and cramped for firms like retail giant Amazon.com and Indian rival Flipkart.
Goods frequently get soiled, or spoil.
By contrast, e-tailers need to move goods around swiftly with minimal damage. They demand fire sprinkler systems, climate control, levelled loading bays and paved roads to warehouses.
Simply adding this in can lift rents by up to 20 percent, according to real estate firm JLL.
"We have got enough people running around with bags of money, and not that many assets," said Ben Salmon, head of Singapore-based Assetz Property Group that has raised $50 million from Asian investors to buy warehouses in India.
Rekindled demand is good news for India's property developers, many of whom are saddled with high debt and struggling with sluggish residential sales. Office leasing is slower than during the peak years between 2009 and 2011.
E-commerce in India, meanwhile, is booming: the market is expected to grow to $220 billion in terms of value of goods sold by 2025, up from an expected $11 billion this year, according to Bank of America Merrill Lynch.
To satisfy that, supply of modern warehouses in India is set to more than double by 2020 to 200 million square feet, JLL estimates, fuelled by online retailers. They took up over 20 per cent of the space added in the first half of 2015.
As demand pushes up rents, which are as low as Rs 156 ($2.34) a square foot a year in some city outskirts, investors can earn total annual returns of 15-20 per cent, analysts estimate.
By comparison, average annual returns on industrial assets in the UK are expected to be 9 per cent over the next five years, a report from real estate firm Colliers International shows.
ROOM TO MOVE
In the dusty wastelands south of New Delhi, large, steel-framed, modern warehouses with ventilation and 24-hour security are mushrooming on what was once farmland, as logistics firms and retailers line up to serve the capital.
Amazon is among them, its large, modern, red and white warehouse many times the size of a cluster of nearby godowns, ranging in size from a family garage to a basketball court.
Amazon India has leased 20 fulfilment centres - warehouses where it stores goods and packs and sorts orders - in the last 18 months from multiple landlords. Still, it needs bigger, modern spaces closer to customers; the average size it leases today is 200,000 square feet.
The sector has attracted more than $1.5 billion in private equity funds since 2011, according to data tracker Venture Intelligence, and more is afoot.
Warburg and developer Embassy Group plan to jointly invest $250 million to build, lease and operate a portfolio of up to 20 million square feet of warehouses over the next 5-7 years, said Anshul Singhal, CEO of the joint venture, Embassy Industrial Parks.
APG is also looking for a local partner it can invest with to build logistics parks in India, said Sachin Doshi, the head of its private real estate investments in Asia Pacific.
Of course, there are basic challenges, investors say; for one, acquiring land where ownership cannot be disputed.
To sidestep this and cash in quickly, developers like Assetz are betting on buying larger existing warehouses and refitting them, rather than building from scratch.
After investing the first tranche, Assetz plans to raise another $100 million next year, giving it enough money to buy 10 million square feet of warehouses, said Salmon.
Retail inflation seen above 5 per cent in November, says Reuters poll
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The retail inflation rate likely rose above the Reserve Bank of India's medium-term 5 per cent target in November as food prices climbed, leaving little room for more interest rate cuts, a Reuters poll found.
Consumer prices rose 5.4 per cent last month, according to the survey of 21 economists, which would mark an acceleration from 5.0 per cent in October. The data will be released on December 14.
Falling commodity prices have fueled a global disinflationary trend and pushed Indian inflation down, giving the RBI room to ease monetary policy four times this year, but rate cuts could now be less forthcoming.
Indeed, the latest Reuters poll on the RBI found there would be just one cut in the repo rate next year - to 6.5 per cent - sometime in the April-June quarter.
"At this point in time, given the inflation expectation, we really do not see any space for a RBI rate cut," said Kunal Kumar Kundu, economist at Societe Generale.
Looser policy from the central bank helped economic growth outpace China's last quarter, and data due on Friday should show it entered the current quarter in good health.
The industrial output was forecast to rise 7.8 per cent annually in October, its strongest pace in more than three years and much faster than the 3.6 per cent seen in September. The data will be released on Friday.
"It is probably bolstered by the low statistical base but also by the fact that we've seen capital goods doing well month-on-month and consumer goods have taken off since September given the festival season," said Madan Sabnavis, chief economist at CARE Ratings.
October infrastructure output, which contributes nearly 38 per cent to the industrial output index, was up 3.2 per cent annually.
The retail inflation rate likely rose above the Reserve Bank of India's medium-term 5 per cent target in November as food prices climbed, leaving little room for more interest rate cuts, a Reuters poll found.
Consumer prices rose 5.4 per cent last month, according to the survey of 21 economists, which would mark an acceleration from 5.0 per cent in October. The data will be released on December 14.
Falling commodity prices have fueled a global disinflationary trend and pushed Indian inflation down, giving the RBI room to ease monetary policy four times this year, but rate cuts could now be less forthcoming.
Indeed, the latest Reuters poll on the RBI found there would be just one cut in the repo rate next year - to 6.5 per cent - sometime in the April-June quarter.
"At this point in time, given the inflation expectation, we really do not see any space for a RBI rate cut," said Kunal Kumar Kundu, economist at Societe Generale.
Looser policy from the central bank helped economic growth outpace China's last quarter, and data due on Friday should show it entered the current quarter in good health.
The industrial output was forecast to rise 7.8 per cent annually in October, its strongest pace in more than three years and much faster than the 3.6 per cent seen in September. The data will be released on Friday.
"It is probably bolstered by the low statistical base but also by the fact that we've seen capital goods doing well month-on-month and consumer goods have taken off since September given the festival season," said Madan Sabnavis, chief economist at CARE Ratings.
October infrastructure output, which contributes nearly 38 per cent to the industrial output index, was up 3.2 per cent annually.
Banks need $140 billion to comply with Basel III norms by FY19, says Fitch
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Banks in India will need about $140 billion to ensure full compliance with the Basel III norms by 2018-19, Fitch Ratings said on Thursday.
It also said that they are unlikely to see a significant improvement in the credit growth unless capital and bad loans related issues are resolved.
The government's expected capital injection of around $11 billion into its banks is critical but may be insufficient to support sustainable lending growth to achieve Basel III requirements and cushion against balance-sheet stress, all at the same time, Fitch said.
In the '2016 Outlook: Indian Banks', it said: "State-owned banks, which carry a disproportionate share of the stressed assets, have little choice but to look at strengthening balance sheets if they are to revive profitability, internal capital generation and equity valuations.
"Fitch estimates that the banks would require around $140 billion in total capital to ensure full Basel III implementation by FY19," it said.
Banks' stressed assets ratio should improve marginally in the current fiscal (FY16) from 11.1 per cent in the previous fiscal, it added.
"Although there is still some time before a reversal in absolute NPLs (non-performing loans). New NPL growth has started to slow down across many banks, but resolution of the existing large stock will be a slow and protracted process," it said.
"Therefore, credit costs are likely to remain high and will continue to be an overhang on earnings growth for a longer period-unless macroeconomic recovery and speedier reforms aid faster asset resolution or banks conduct greater capital-raising to push growth, or both."
Fitch expects credit growth to be moderately higher than 9.7 per cent in financial year 2015 (FY15, to end-March 2015).
It said the assumption for growth in advances is based on the expectation of an improvement in real GDP growth outlook which is likely to be at 7.5 per cent in FY16 and 8 per cent in FY17, coupled with government reforms will be able to rejuvenate investment confidence and stimulate demand.
However, risk-aversion and high corporate leverage are issues, while state banks are also constrained due to weak capital buffers and balance-sheet stress, it said.
"Any sharp recovery in credit fundamentals appears unlikely with capital and asset quality-related challenges acting as impediments to growth," it said.
The report said the large private banks are distinctly superior to their state-owned counterparts due to stronger capitalisation, high internal capital generation and robust pre-provision profitability.
Fitch said speedier resolution of stalled projects is essential for any meaningful revival in private-capital investment and credit growth.
Banks in India will need about $140 billion to ensure full compliance with the Basel III norms by 2018-19, Fitch Ratings said on Thursday.
It also said that they are unlikely to see a significant improvement in the credit growth unless capital and bad loans related issues are resolved.
The government's expected capital injection of around $11 billion into its banks is critical but may be insufficient to support sustainable lending growth to achieve Basel III requirements and cushion against balance-sheet stress, all at the same time, Fitch said.
In the '2016 Outlook: Indian Banks', it said: "State-owned banks, which carry a disproportionate share of the stressed assets, have little choice but to look at strengthening balance sheets if they are to revive profitability, internal capital generation and equity valuations.
"Fitch estimates that the banks would require around $140 billion in total capital to ensure full Basel III implementation by FY19," it said.
Banks' stressed assets ratio should improve marginally in the current fiscal (FY16) from 11.1 per cent in the previous fiscal, it added.
"Although there is still some time before a reversal in absolute NPLs (non-performing loans). New NPL growth has started to slow down across many banks, but resolution of the existing large stock will be a slow and protracted process," it said.
"Therefore, credit costs are likely to remain high and will continue to be an overhang on earnings growth for a longer period-unless macroeconomic recovery and speedier reforms aid faster asset resolution or banks conduct greater capital-raising to push growth, or both."
Fitch expects credit growth to be moderately higher than 9.7 per cent in financial year 2015 (FY15, to end-March 2015).
It said the assumption for growth in advances is based on the expectation of an improvement in real GDP growth outlook which is likely to be at 7.5 per cent in FY16 and 8 per cent in FY17, coupled with government reforms will be able to rejuvenate investment confidence and stimulate demand.
However, risk-aversion and high corporate leverage are issues, while state banks are also constrained due to weak capital buffers and balance-sheet stress, it said.
"Any sharp recovery in credit fundamentals appears unlikely with capital and asset quality-related challenges acting as impediments to growth," it said.
The report said the large private banks are distinctly superior to their state-owned counterparts due to stronger capitalisation, high internal capital generation and robust pre-provision profitability.
Fitch said speedier resolution of stalled projects is essential for any meaningful revival in private-capital investment and credit growth.
General Awareness
List of Indian Banks & Private Banks and their Heads
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Central Bank
RBI (Governor) – Raghuram Rajan
RBI (Dy. Governor) – H. R. Khan, Urjit R. Patel, R. Gandhi & S.S. Mundra
Nationalized Banks
Allahabad Bank (Chairman and MD) – Rakesh Sethi
Andhra Bank (MD and CEO) – Suresh N. Patel
Bank of Baroda (MD and CEO) – P.S. Jayakumar
Bank of India (MD and CEO) – Melwyn Rego
Bank of Maharashtra (Chairman and MD) – Sushil Muhnot
Bhartiya Mahila Bank (Chairman and MD) –
Canara Bank (MD and CEO) – Rakesh Sharma
Central Bank of India (Chairman and MD) – Rajiv Rishi
Corporation Bank (Chairman and MD) – S.R. Bansal
Dena Bank (Chairman and MD) – Ashwani Kumar
IDBI (MD and CEO) – K.P. Kharat
Indian Bank (Chairman and MD) – M.K. Jain
Indian Overseas Bank (MD and CEO) – R. Koteeswaran
Oriental Bank of Commerce (MD and CEO) – Animesh Chauhan
Punjab National Bank (MD and CEO) – Usha Ananthasubramanian
Punjab and Sind Bank (Chairman and MD) – J.B. Singh
Syndicate Bank (MD and CEO) – Arun Srivastava
UCO Bank (Chairman and MD) – Ravi Kishan Takkar
Union Bank of India (Chairman and MD) – Aurn Tiwari
United Bank of India (MD and CEO) – P. Srinivas
Vijaya Bank (MD and CEO) – Kishore Kumar Sansi
State Bank Group
State Bank of India (Chairman) – Arundhati Bhattacharya
State Bank of Bikaner and Jaipur (MD) – Jyoti Ghosh
State Bank of Hyderabad (MD) – Santanu Mukherjee
State Bank of Mysore (MD) – Sharad Sharma
State Bank of Patiala (MD) – S.A. Ramesh Rangan
State Bank of Travancore (MD) – Jeevan Das Narayan
Private Bank
Axis Bank (MD and CEO) – Shikha Sharma
Catholic Syrian Bank (MD and CEO) – Anand Krishnamurthy
City Union Bank (MD and CEO) – N. Kamakodi
Development Credit Bank (MD and CEO) – Murali M. Natrajan
Dhanalakshmi Bank (MD and CEO) – P.G. Jayakumar
Federal Bank (MD and CEO) – Shyam Shrinivasan
HDFC Bank (MD) – Aditya Puri
ICICI Bank (MD and CEO) – Chanda D. Kochhar
Indusind Bank (MD) – Romesh Sobti
J and K Bank (Chairman and CEO) Mushtaq Ahmad
Karnataka Bank (MD and CEO) – P. Jayarama Bhat
Karur Vyasa Bank (MD and CEO) – K. Venkataraman
Kotak Mahindra Bank (MD) – Uday S. Kotak
Lakshmi Vilas Bank (MD and CEO) –
Nainital Bank (Chairman and CEO) – S.K. Gupta
Ratnakar Bank (MD and CEO) – Vishwavir Ahuja
South Indian Bank (MD and CEO) – V.G. Mathew
Tamil Nad Mercantile Bank (MD and CEO) – K.B. Nagendra Murthy
Yes Bank (MD and CEO) – Rana Kapoor
- Central Bank
RBI (Governor) – Raghuram Rajan
RBI (Dy. Governor) – H. R. Khan, Urjit R. Patel, R. Gandhi & S.S. Mundra
Nationalized Banks
Allahabad Bank (Chairman and MD) – Rakesh Sethi
Andhra Bank (MD and CEO) – Suresh N. Patel
Bank of Baroda (MD and CEO) – P.S. Jayakumar
Bank of India (MD and CEO) – Melwyn Rego
Bank of Maharashtra (Chairman and MD) – Sushil Muhnot
Bhartiya Mahila Bank (Chairman and MD) –
Canara Bank (MD and CEO) – Rakesh Sharma
Central Bank of India (Chairman and MD) – Rajiv Rishi
Corporation Bank (Chairman and MD) – S.R. Bansal
Dena Bank (Chairman and MD) – Ashwani Kumar
IDBI (MD and CEO) – K.P. Kharat
Indian Bank (Chairman and MD) – M.K. Jain
Indian Overseas Bank (MD and CEO) – R. Koteeswaran
Oriental Bank of Commerce (MD and CEO) – Animesh Chauhan
Punjab National Bank (MD and CEO) – Usha Ananthasubramanian
Punjab and Sind Bank (Chairman and MD) – J.B. Singh
Syndicate Bank (MD and CEO) – Arun Srivastava
UCO Bank (Chairman and MD) – Ravi Kishan Takkar
Union Bank of India (Chairman and MD) – Aurn Tiwari
United Bank of India (MD and CEO) – P. Srinivas
Vijaya Bank (MD and CEO) – Kishore Kumar Sansi
State Bank Group
State Bank of India (Chairman) – Arundhati Bhattacharya
State Bank of Bikaner and Jaipur (MD) – Jyoti Ghosh
State Bank of Hyderabad (MD) – Santanu Mukherjee
State Bank of Mysore (MD) – Sharad Sharma
State Bank of Patiala (MD) – S.A. Ramesh Rangan
State Bank of Travancore (MD) – Jeevan Das Narayan
Private Bank
Axis Bank (MD and CEO) – Shikha Sharma
Catholic Syrian Bank (MD and CEO) – Anand Krishnamurthy
City Union Bank (MD and CEO) – N. Kamakodi
Development Credit Bank (MD and CEO) – Murali M. Natrajan
Dhanalakshmi Bank (MD and CEO) – P.G. Jayakumar
Federal Bank (MD and CEO) – Shyam Shrinivasan
HDFC Bank (MD) – Aditya Puri
ICICI Bank (MD and CEO) – Chanda D. Kochhar
Indusind Bank (MD) – Romesh Sobti
J and K Bank (Chairman and CEO) Mushtaq Ahmad
Karnataka Bank (MD and CEO) – P. Jayarama Bhat
Karur Vyasa Bank (MD and CEO) – K. Venkataraman
Kotak Mahindra Bank (MD) – Uday S. Kotak
Lakshmi Vilas Bank (MD and CEO) –
Nainital Bank (Chairman and CEO) – S.K. Gupta
Ratnakar Bank (MD and CEO) – Vishwavir Ahuja
South Indian Bank (MD and CEO) – V.G. Mathew
Tamil Nad Mercantile Bank (MD and CEO) – K.B. Nagendra Murthy
Yes Bank (MD and CEO) – Rana Kapoor
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