General Affairs
PM Modi, Lankan President To Inaugurate Stadium In Jaffna Renovated By India
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NEW DELHI: A stadium in Jaffna in Sri Lanka, renovated by India, will be inaugurated tomorrow jointly by Prime Minister Narendra Modi and President Maithripala Sirisena.
While Mr Sirisena will be present in the stadium, PM Modi will join the event through video-conferencing from New Delhi, a PMO statement said.
The Duraiappah Stadium, named in honour of a former Mayor of Jaffna late Alfred Thambirajah Duraiappah, has been renovated by the government of India at a cost of over Rs. 7 crore, it said. The stadium has been in disuse since 1997.
The renovated stadium, with a seating capacity of 1850, will provide the necessary infrastructure to promote sports and recreational activities and assist the overall development of the youth of the Northern Province in Sri Lanka, it said.
On the occasion, PM Modi and Mr Sirisena will also witness the first major event at the renovated stadium, which is a celebration of the second International Day of Yoga. Over 8,000 people are expected to participate in the Yoga Demonstration, the PMO said.
While Mr Sirisena will be present in the stadium, PM Modi will join the event through video-conferencing from New Delhi, a PMO statement said.
The Duraiappah Stadium, named in honour of a former Mayor of Jaffna late Alfred Thambirajah Duraiappah, has been renovated by the government of India at a cost of over Rs. 7 crore, it said. The stadium has been in disuse since 1997.
The renovated stadium, with a seating capacity of 1850, will provide the necessary infrastructure to promote sports and recreational activities and assist the overall development of the youth of the Northern Province in Sri Lanka, it said.
On the occasion, PM Modi and Mr Sirisena will also witness the first major event at the renovated stadium, which is a celebration of the second International Day of Yoga. Over 8,000 people are expected to participate in the Yoga Demonstration, the PMO said.
Manohar Parrikar Says Security Scenario Changed In Last 2 Decades
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HYDERABAD: Defence Minister Manohar Parrikar today said the security scenario in the country is changing as even a handful number of people can pose a threat in case of a terrorist attack.
"...Last 10 to 20 years the security scenario (in the country) is changing. One or two or three people can disturb the peace. How many people came in Pathankot (to attack). How many people came in Gurudaspur. How many people came whenever there is a fight between terrorists and security forces... probably three, four, five or six. So it is not the number," Mr Parrikar said.
"It is a kind of totally asymmetric which our enemies are trying to impose on us which creates the problem," he said.
The minister today inaugurated cantonment general hospital in Secunderabad constructed with an expenditure of Rs. 5.17 crore.
He was responding to a request made by Union Labour Minister Bandaru Dattatreya and Malkajgiri lawmaker Malla Reddy on the occasion on allowing civilians to pass through some of the areas under army control in cantonment area in Secunderabad.
Mr Parrikar, however, said he would personally visit those areas where public was not allowed to pass through and discuss with officials.
Mr Dattatreya and Telangana IT Minister KT Rama Rao were among those who spoke in the meeting.
"...Last 10 to 20 years the security scenario (in the country) is changing. One or two or three people can disturb the peace. How many people came in Pathankot (to attack). How many people came in Gurudaspur. How many people came whenever there is a fight between terrorists and security forces... probably three, four, five or six. So it is not the number," Mr Parrikar said.
"It is a kind of totally asymmetric which our enemies are trying to impose on us which creates the problem," he said.
The minister today inaugurated cantonment general hospital in Secunderabad constructed with an expenditure of Rs. 5.17 crore.
He was responding to a request made by Union Labour Minister Bandaru Dattatreya and Malkajgiri lawmaker Malla Reddy on the occasion on allowing civilians to pass through some of the areas under army control in cantonment area in Secunderabad.
Mr Parrikar, however, said he would personally visit those areas where public was not allowed to pass through and discuss with officials.
Mr Dattatreya and Telangana IT Minister KT Rama Rao were among those who spoke in the meeting.
India, Thailand To Forge Close Ties In Defence And Maritime
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NEW DELHI: India and Thailand today decided to ramp up cooperation in the fields of economy, counter terrorism, cyber security and human trafficking besides forging closer ties in defence and maritime security.
The announcement was made in New Delhi after Prime Minister Narendra Modi held extensive talks with his visiting Thai counterpart General Prayut Chan-o-cha.
The leaders said early conclusion of a balanced Comprehensive Economic and Partnership Agreement is a shared priority.
PM Modi said both the countries have prioritised completion of India-Myanmar-Thailand Trilateral highway and early signing of the Motor Vehicles Agreement between India, Thailand and Myanmar.
Following the delegation-level talks, in which also Army Chief General Dalbir Singh Suhag was also present, two agreements - Executive Programme of Cultural Exchange (Extension of CEP) for 2016-2019 and an MoU between Nagaland University and Chiang Mai University, Thailand - were signed.
In a bid to attract tourists from Thailand, especially to the Buddhist sites in the country, PM Modi announced that India will soon facilitate double entry e-tourist visas for Thai citizens.
Talking about the issue of terror, the prime minister said both countries were aware that rapid spread of terrorism and radical ideology pose a common challenge.
In our shared objective to combat these challenges, India is particularly grateful to Thailand for its assistance and cooperation, he said.
"Beyond terrorism, we have agreed to further deepen our security engagement in the fields of cyber security, narcotics, transnational economic offenses and human trafficking," PM Modi said while addressing the media.
Noting that India and Thailand were also maritime neighbours, he said both the countries have agreed to forge a closer partnership in the fields of defence and maritime cooperation.
"A partnership to meet our bilateral interests and to respond to our shared regional goals," he said.
On trade and commerce, PM Modi said a more "diversified commercial engagement" between both countries would not only benefit the respective economies but also enable greater regional economic prosperity.
He welcomed the first meeting of the India-Thailand Joint Business Forum to be held later today.
He said that besides trade, there are also ample avenues for greater manufacturing and investment linkages.
"We see a particular synergy between Thai strengths in infrastructure, particularly tourism infrastructure, and India's priorities in this field.
"Information Technology, pharmaceuticals, auto components and machinery are some other areas of promising collaboration. We also see early conclusion of a balanced Comprehensive Economic and Partnership Agreement as our shared priority," he said.
The Thai Prime Minister said when it comes to comprehensive economic and partnership agreement, both countries should focus on what can be done first.
PM Modi said both the leaders are fully aware that smooth flow of goods, services, capital and human resources between the economies needs a strong network of air, land and sea links.
"Connectivity is also an area of priority for India's development. Improving access to Southeast Asia from our north-eastern states benefits both our peoples," he said.
Stronger connectivity is essential not just for expanding bilateral trade ties, it also brings people closer and facilitates enhanced science, education, culture and tourism cooperation, he said.
PM Modi also announced that the Indian Constitution will soon be translated into Thai language.
A joint statement released later said that in addition to the wide range of cooperation, Thailand and India have compatible strategies of Look West and Act East respectively that has been now evolved into a comprehensive partnership.
The two prime ministers held wide-ranging discussions on bilateral, regional and multilateral issues, with a common goal to work closely towards the 70th anniversary of their diplomatic relations and beyond, it said.
Both the countries recognised the importance of bilateral trade and noted that the economic relations are deep rooted in the existing framework, including bilateral Free Trade Agreement, ASEAN India Trade in Goods Agreement and Early Harvest Scheme, the release said.
PM Modi welcomed Thai investments in India in the potential areas under the 'Make in India' initiative, especially in the manufacturing sector, infrastructure development, tourism and hospitality facilities.
He said Thai companies will invest in the development of the Buddhist Circuit and construction of five high-end hotels.
"The Prime Minister of Thailand invited Indian investments to Thailand under the cluster development policy, which is a newly initiated program aimed at enhancing investment in focused areas," a joint statement said.
The policy will help expand the investment network between the two countries in various mutually beneficial sectors, including information technology, pharmaceutical, automotive parts, chemical products, machinery and parts, bio-technology, and R&D, it said.
The announcement was made in New Delhi after Prime Minister Narendra Modi held extensive talks with his visiting Thai counterpart General Prayut Chan-o-cha.
The leaders said early conclusion of a balanced Comprehensive Economic and Partnership Agreement is a shared priority.
PM Modi said both the countries have prioritised completion of India-Myanmar-Thailand Trilateral highway and early signing of the Motor Vehicles Agreement between India, Thailand and Myanmar.
Following the delegation-level talks, in which also Army Chief General Dalbir Singh Suhag was also present, two agreements - Executive Programme of Cultural Exchange (Extension of CEP) for 2016-2019 and an MoU between Nagaland University and Chiang Mai University, Thailand - were signed.
In a bid to attract tourists from Thailand, especially to the Buddhist sites in the country, PM Modi announced that India will soon facilitate double entry e-tourist visas for Thai citizens.
Talking about the issue of terror, the prime minister said both countries were aware that rapid spread of terrorism and radical ideology pose a common challenge.
In our shared objective to combat these challenges, India is particularly grateful to Thailand for its assistance and cooperation, he said.
"Beyond terrorism, we have agreed to further deepen our security engagement in the fields of cyber security, narcotics, transnational economic offenses and human trafficking," PM Modi said while addressing the media.
Noting that India and Thailand were also maritime neighbours, he said both the countries have agreed to forge a closer partnership in the fields of defence and maritime cooperation.
"A partnership to meet our bilateral interests and to respond to our shared regional goals," he said.
On trade and commerce, PM Modi said a more "diversified commercial engagement" between both countries would not only benefit the respective economies but also enable greater regional economic prosperity.
He welcomed the first meeting of the India-Thailand Joint Business Forum to be held later today.
He said that besides trade, there are also ample avenues for greater manufacturing and investment linkages.
"We see a particular synergy between Thai strengths in infrastructure, particularly tourism infrastructure, and India's priorities in this field.
"Information Technology, pharmaceuticals, auto components and machinery are some other areas of promising collaboration. We also see early conclusion of a balanced Comprehensive Economic and Partnership Agreement as our shared priority," he said.
The Thai Prime Minister said when it comes to comprehensive economic and partnership agreement, both countries should focus on what can be done first.
PM Modi said both the leaders are fully aware that smooth flow of goods, services, capital and human resources between the economies needs a strong network of air, land and sea links.
"Connectivity is also an area of priority for India's development. Improving access to Southeast Asia from our north-eastern states benefits both our peoples," he said.
Stronger connectivity is essential not just for expanding bilateral trade ties, it also brings people closer and facilitates enhanced science, education, culture and tourism cooperation, he said.
PM Modi also announced that the Indian Constitution will soon be translated into Thai language.
A joint statement released later said that in addition to the wide range of cooperation, Thailand and India have compatible strategies of Look West and Act East respectively that has been now evolved into a comprehensive partnership.
The two prime ministers held wide-ranging discussions on bilateral, regional and multilateral issues, with a common goal to work closely towards the 70th anniversary of their diplomatic relations and beyond, it said.
Both the countries recognised the importance of bilateral trade and noted that the economic relations are deep rooted in the existing framework, including bilateral Free Trade Agreement, ASEAN India Trade in Goods Agreement and Early Harvest Scheme, the release said.
PM Modi welcomed Thai investments in India in the potential areas under the 'Make in India' initiative, especially in the manufacturing sector, infrastructure development, tourism and hospitality facilities.
He said Thai companies will invest in the development of the Buddhist Circuit and construction of five high-end hotels.
"The Prime Minister of Thailand invited Indian investments to Thailand under the cluster development policy, which is a newly initiated program aimed at enhancing investment in focused areas," a joint statement said.
The policy will help expand the investment network between the two countries in various mutually beneficial sectors, including information technology, pharmaceutical, automotive parts, chemical products, machinery and parts, bio-technology, and R&D, it said.
Sachin Pilot Says Raje Government Working Against Sentiments Of Public
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JAIPUR: Rajasthan Congress chief Sachin Pilot today lashed out at BJP-ruled government saying it is working against the sentiments of public and underprivileged sections of the society.
Addressing party workers at a demonstration in Baran district, he said that deaths of differently-abled children, rising crime, escape of dreaded criminal from the custody of police shows the irresponsible functioning of the Raje government which has neglected the interest of the people.
He said that farmers in large numbers in Hadauti region suffered loss due to rains and hailstorm last year but they are still waiting for the compensation.
"Nearly ten lakh farmers are awaiting relief and compensation. Beneficiaries of food security scheme are facing discrimination. Differently-abled persons demonstrating against the government with their demands but the government is careless and not looking at them," he said.
Former minister Pramod Jain Bhaya, PCC vice president Ashok Bairwa and other leaders including Pankaj Mehta, Ramgopal Bairwa were present at the demonstration.
Addressing party workers at a demonstration in Baran district, he said that deaths of differently-abled children, rising crime, escape of dreaded criminal from the custody of police shows the irresponsible functioning of the Raje government which has neglected the interest of the people.
He said that farmers in large numbers in Hadauti region suffered loss due to rains and hailstorm last year but they are still waiting for the compensation.
"Nearly ten lakh farmers are awaiting relief and compensation. Beneficiaries of food security scheme are facing discrimination. Differently-abled persons demonstrating against the government with their demands but the government is careless and not looking at them," he said.
Former minister Pramod Jain Bhaya, PCC vice president Ashok Bairwa and other leaders including Pankaj Mehta, Ramgopal Bairwa were present at the demonstration.
Mayawati Alleges BJP And SP Trying To Create Communal Hatred In Uttar Pradesh
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LUCKNOW: The yatras planned by BJP and SP on Kairana smacks of an "understanding" between the two parties to somehow vitiate the communal atmosphere for reaping political benefits by instigating riots, BSP chief Mayawati today said.
"The 'Nirbhay Yatra' planned by BJP and 'Sadbhavna Yatra' planned by Samajwadi Party smacks of an understanding...competitive yatras will have a very serious impact," she said in a statement in Lucknow.
"The main aim of these yatras is to somehow vitiate the communal atmosphere in the state, instigate Hindu-Muslim riots and reap political and electoral benefits...this needs to be condemned by all," said the former UP chief minister.
Demanding "stern action" from the state government on such a "sensitive issue" and slapping of charges under the National Security Act (NSA) on the offenders, she warned that the state could once again witness communal frenzy and the SP government would be fully responsible for it.
Alleging that BJP is making "all-out efforts" to give a "communal colour" to the migration issue to gain "political mileage", the BSP chief regretted that the SP government has forgotten its "sarkari dharma" (principles of a government) and was surprisingly not taking any action against anti-social elements and those fomenting communalism.
She also attacked the state government for suspending Gorakhpur SSP Anant Dev saying the only fault of the police officer was that his force had tried to check "goondagardi and high-handedness" of an SP leader.
"This goes on to prove how the SP government too, like the BJP government at the Centre, is out to punish officials showing courage to work impartially and as per law...can the law-and-order situation ever improve under such circumstances," she said.
"This also proves that officials are not able to act against anti-socials, criminals, mafia and communal elements and SP will have to bear its brunt in the coming Assembly polls," she said.
"The 'Nirbhay Yatra' planned by BJP and 'Sadbhavna Yatra' planned by Samajwadi Party smacks of an understanding...competitive yatras will have a very serious impact," she said in a statement in Lucknow.
"The main aim of these yatras is to somehow vitiate the communal atmosphere in the state, instigate Hindu-Muslim riots and reap political and electoral benefits...this needs to be condemned by all," said the former UP chief minister.
Demanding "stern action" from the state government on such a "sensitive issue" and slapping of charges under the National Security Act (NSA) on the offenders, she warned that the state could once again witness communal frenzy and the SP government would be fully responsible for it.
Alleging that BJP is making "all-out efforts" to give a "communal colour" to the migration issue to gain "political mileage", the BSP chief regretted that the SP government has forgotten its "sarkari dharma" (principles of a government) and was surprisingly not taking any action against anti-social elements and those fomenting communalism.
She also attacked the state government for suspending Gorakhpur SSP Anant Dev saying the only fault of the police officer was that his force had tried to check "goondagardi and high-handedness" of an SP leader.
"This goes on to prove how the SP government too, like the BJP government at the Centre, is out to punish officials showing courage to work impartially and as per law...can the law-and-order situation ever improve under such circumstances," she said.
"This also proves that officials are not able to act against anti-socials, criminals, mafia and communal elements and SP will have to bear its brunt in the coming Assembly polls," she said.
Business Affairs
Sensex gains 100 points, Nifty ends above 8,150 on positive global cues
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Snapping previous session's losses, the S&P BSE Sensex on Friday settled the day 100 points higher, while the broader Nifty50 jumped above its key 8,150-mark.
The headline indices rallied tracking positive trend seen in Asian markets after the killing of a pro-EU lawmaker was seen swaying sentiment toward the "Remain" camp on EU referendum.
The 30-share index ended the day at 26,625, up 100.45 points, while broad-based 50-share index quoted 8,170, up 29.45 points at close.
Meanwhile in Britain, a British member of parliament, Jo Cox, was shot and fatally wounded on Thursday, following which campaigning for Thursday's referendum, which overshadowed this week's US and Japanese central bank meetings, was temporarily halted.
"If the exit (Brexit) happens, I think at least in the short to medium term, there is going to be lot of liquidation, not only in equity markets globally. Also, there is going to be a lot of volatility in the currency market," said Gaurang Shah, vice president, Geojit BNP Paribas Financial Services.
He said should Britain leave the EU, the Indian auto, IT and pharma sectors will get hit primarily.
Housing Development Finance Corp was the top NSE index mover after unit HDFC Standard Life Insurance said it had agreed with Max Financial Services and subsidiary Max Life Insurance to open exclusive merger talks. Max Financial Services rose as much as 20 per cent to a record high of 514.50 rupees.
Coal India rose as much as 2.16 per cent after the country's coal secretary called on power-generating companies to stop importing coal and source it from Coal India instead, according to a government statement.
Among losers, Bharti Infratel fell as much as 4.02 per cent after Goldman Sachs downgraded the stock to "sell" from "neutral" on Thursday.
Snapping previous session's losses, the S&P BSE Sensex on Friday settled the day 100 points higher, while the broader Nifty50 jumped above its key 8,150-mark.
The headline indices rallied tracking positive trend seen in Asian markets after the killing of a pro-EU lawmaker was seen swaying sentiment toward the "Remain" camp on EU referendum.
The 30-share index ended the day at 26,625, up 100.45 points, while broad-based 50-share index quoted 8,170, up 29.45 points at close.
Meanwhile in Britain, a British member of parliament, Jo Cox, was shot and fatally wounded on Thursday, following which campaigning for Thursday's referendum, which overshadowed this week's US and Japanese central bank meetings, was temporarily halted.
"If the exit (Brexit) happens, I think at least in the short to medium term, there is going to be lot of liquidation, not only in equity markets globally. Also, there is going to be a lot of volatility in the currency market," said Gaurang Shah, vice president, Geojit BNP Paribas Financial Services.
He said should Britain leave the EU, the Indian auto, IT and pharma sectors will get hit primarily.
Housing Development Finance Corp was the top NSE index mover after unit HDFC Standard Life Insurance said it had agreed with Max Financial Services and subsidiary Max Life Insurance to open exclusive merger talks. Max Financial Services rose as much as 20 per cent to a record high of 514.50 rupees.
Coal India rose as much as 2.16 per cent after the country's coal secretary called on power-generating companies to stop importing coal and source it from Coal India instead, according to a government statement.
Among losers, Bharti Infratel fell as much as 4.02 per cent after Goldman Sachs downgraded the stock to "sell" from "neutral" on Thursday.
Amid red flags on GDP numbers and green shoots pointing to uptick in economic growth, the debate over government data rages on.
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Of late, every estimate of India's economic growth in terms of gross domestic product (GDP) has resulted in heated debates and discussions. The latest figure released on May 31 by the Central Statistics Office (CSO) was no different. It said the country's GDP for 2015/16 grew 7.6 per cent over 2014/15 to touch Rs 113.5 lakh crore, with 2011/12 as the base year for computing the economic growth rate. Though the growth figure was in line with the Centre's expectations, it was received with much scepticism by many, both within the economist fraternity and outside.
Sceptics have been correlating GDP growth with other parameters, such as sluggish job growth, weak private investments, muted bank credit uptake and agrarian distress in large parts of India, to cast doubts over the growth numbers. Quality of the data and the methodology that India follows to calculate its GDP have also been questioned by them. Those defending the government numbers find the complaints too harsh and unfair and, hence, the debate.
It, however, would be incorrect to say that the naysayers are completely wrong because everything is not perfect with India's statistical system. At the same time, it would be grossly inaccurate to hatch a conspiracy theory. India's statistics department is not cooking up numbers, and perhaps is doing its best within the given limitations.
There are many gaps in our data collection system. While experts say our production data is okay, there is near-unanimous agreement on the fact that the quality of expenditure data lags behind. In other words, while theoretically the money you earned and the money you spent and invested should be the same, the data does not reflect the same level of accuracy. In fact, experts say, statistical discrepancy in the economic growth calculations has become a norm with most developing countries with thriving informal markets - more of a developing-country phenomenon, than an India-specific problem.
At the same time, one cannot find fault with the methodology that India follows. Over the past one year, it has started following an internationally agreed system of national accounts, or SNA, to calculate its economic growth. Further, this is not the first time we are hearing the term "jobless growth". It was often heard during the previous UPA regime. To be fair to India's statistical system, job growth and GDP have mostly not been in sync over the years.
The bulk of confusion regarding India's growth numbers happened after the country changed the base year for GDP calculations to 2011/12 from 2004/05 last year. Backcasting the new series GDP beyond the last two years to provide a uniform set of numbers for statistical comparison is what the government needs to do now. And, it is already on the job, but has been missing deadlines. Once the exercise is over, the debates over GDP growth numbers should settle down.
Of late, every estimate of India's economic growth in terms of gross domestic product (GDP) has resulted in heated debates and discussions. The latest figure released on May 31 by the Central Statistics Office (CSO) was no different. It said the country's GDP for 2015/16 grew 7.6 per cent over 2014/15 to touch Rs 113.5 lakh crore, with 2011/12 as the base year for computing the economic growth rate. Though the growth figure was in line with the Centre's expectations, it was received with much scepticism by many, both within the economist fraternity and outside.
It, however, would be incorrect to say that the naysayers are completely wrong because everything is not perfect with India's statistical system. At the same time, it would be grossly inaccurate to hatch a conspiracy theory. India's statistics department is not cooking up numbers, and perhaps is doing its best within the given limitations.
There are many gaps in our data collection system. While experts say our production data is okay, there is near-unanimous agreement on the fact that the quality of expenditure data lags behind. In other words, while theoretically the money you earned and the money you spent and invested should be the same, the data does not reflect the same level of accuracy. In fact, experts say, statistical discrepancy in the economic growth calculations has become a norm with most developing countries with thriving informal markets - more of a developing-country phenomenon, than an India-specific problem.
At the same time, one cannot find fault with the methodology that India follows. Over the past one year, it has started following an internationally agreed system of national accounts, or SNA, to calculate its economic growth. Further, this is not the first time we are hearing the term "jobless growth". It was often heard during the previous UPA regime. To be fair to India's statistical system, job growth and GDP have mostly not been in sync over the years.
The bulk of confusion regarding India's growth numbers happened after the country changed the base year for GDP calculations to 2011/12 from 2004/05 last year. Backcasting the new series GDP beyond the last two years to provide a uniform set of numbers for statistical comparison is what the government needs to do now. And, it is already on the job, but has been missing deadlines. Once the exercise is over, the debates over GDP growth numbers should settle down.
Moody's outlook for oil sector remains unchanged
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With international oil prices climbing back towards $50 a barrel after touching a 12-year low in January, Moody's Investor Service said on Friday that amid continuing challenges for energy companies, its medium-term outlook for the sector remains unchanged.
"Amid continuing challenges for energy industry companies and oil exporting countries, Moody's Investor Service said its medium-term outlook for the sector remains unchanged, reinforcing the view that oil market participants' credit metrics will continue to remain under pressure, despite the recent uptick in oil prices," Moody's said in a report.
"Moody's notes that adjusting to structurally lower oil prices will remain a medium-term fiscal and economic policy challenge for most oil-exporting sovereigns," the American rating agency said in a report titled "Challenging conditions for oil-related entities remain unchanged despite near-term price rebound."
"Moody's assumes a medium-term oil price band of $40 to $60 per barrel (bbl) for both WTI (West Texas Intermediate) and Brent crude and upwardly revised its shorter-term oil price estimates for these crudes to $40/bbl in 2016, $45/bbl in 2017 and $50/bbl in 2018," it added.
The Indian basket of crude composed of 73 per cent sour grade Dubai and Oman crudes and the rest of sweet grade UK Brent closed trade on Thursday at $45.22 per barrel, after having risen to $49.35 last week.
In this regard, Minister of State for Finance Jayant Sinha said last week that the government's fiscal and inflation calculations will not be impacted if oil prices stay below the $60 mark.
He said the ministry's analysis is based on assumption that oil prices would remain in the $40-60 a barrel range.
On Thursday, on the sidelines of an event in New Delhi, Sinha said he was concerned about the turmoil in the Middle East and its implications on crude oil prices.
With international oil prices climbing back towards $50 a barrel after touching a 12-year low in January, Moody's Investor Service said on Friday that amid continuing challenges for energy companies, its medium-term outlook for the sector remains unchanged.
"Amid continuing challenges for energy industry companies and oil exporting countries, Moody's Investor Service said its medium-term outlook for the sector remains unchanged, reinforcing the view that oil market participants' credit metrics will continue to remain under pressure, despite the recent uptick in oil prices," Moody's said in a report.
"Moody's notes that adjusting to structurally lower oil prices will remain a medium-term fiscal and economic policy challenge for most oil-exporting sovereigns," the American rating agency said in a report titled "Challenging conditions for oil-related entities remain unchanged despite near-term price rebound."
"Moody's assumes a medium-term oil price band of $40 to $60 per barrel (bbl) for both WTI (West Texas Intermediate) and Brent crude and upwardly revised its shorter-term oil price estimates for these crudes to $40/bbl in 2016, $45/bbl in 2017 and $50/bbl in 2018," it added.
The Indian basket of crude composed of 73 per cent sour grade Dubai and Oman crudes and the rest of sweet grade UK Brent closed trade on Thursday at $45.22 per barrel, after having risen to $49.35 last week.
In this regard, Minister of State for Finance Jayant Sinha said last week that the government's fiscal and inflation calculations will not be impacted if oil prices stay below the $60 mark.
He said the ministry's analysis is based on assumption that oil prices would remain in the $40-60 a barrel range.
On Thursday, on the sidelines of an event in New Delhi, Sinha said he was concerned about the turmoil in the Middle East and its implications on crude oil prices.
US court releases JSW Steel from further liability to MM Steel
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JSW Steel said on Friday a US district court has released its subsidiary JSW Steel USA INC from any further liability to MM Steel in return for a payment of $54.8 million (around Rs 368 crore).
"On June 16, 2016, the district court entered an order releasing JSW Steel USA INC from any further liability to MM Steel under the judgment in return for a payment of $5,48,52,478.24," JSW Steel said in a BSE filing. It further said: "This payment has been made and JSWUSA intends to seek review of the Fifth Circuit's decision by filing a petition for writ of certiorari in the United States Supreme Court, which if successful, could result in the refund of part or all of the funds paid to satisfy the judgment."
In December 2015, a district court in the US had asked a JSW Steel subsidiary to pay a $156 million (Rs 1,040 crore) fine, as it confirmed an earlier ruling by a jury in an antitrust case filed by a local steel distributor.
MM Steel had sued its competing distributors and steel manufacturers, including JSW Steel, in 2012, claiming that its rivals had conspired to deprive it of supplies and that the manufacturers had knowingly joined the plot, the court document showed. MM pulled the shutters down on its business in 2013.
JSW Steel said on Friday a US district court has released its subsidiary JSW Steel USA INC from any further liability to MM Steel in return for a payment of $54.8 million (around Rs 368 crore).
"On June 16, 2016, the district court entered an order releasing JSW Steel USA INC from any further liability to MM Steel under the judgment in return for a payment of $5,48,52,478.24," JSW Steel said in a BSE filing. It further said: "This payment has been made and JSWUSA intends to seek review of the Fifth Circuit's decision by filing a petition for writ of certiorari in the United States Supreme Court, which if successful, could result in the refund of part or all of the funds paid to satisfy the judgment."
In December 2015, a district court in the US had asked a JSW Steel subsidiary to pay a $156 million (Rs 1,040 crore) fine, as it confirmed an earlier ruling by a jury in an antitrust case filed by a local steel distributor.
MM Steel had sued its competing distributors and steel manufacturers, including JSW Steel, in 2012, claiming that its rivals had conspired to deprive it of supplies and that the manufacturers had knowingly joined the plot, the court document showed. MM pulled the shutters down on its business in 2013.
HDFC Bank to seek shareholders' nod to raise Rs 50,000 crore
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Private sector lender HDFC Bank will seek shareholders' nod to raise Rs 50,000 crore for affordable housing and infrastructure development.
"The Board of Directors has approved to seek the consent of the shareholders for borrowing/raising funds in Indian currency by issue of perpetual debt instruments, tier-II capital bonds and senior long-term infrastructure bonds in the domestic market on a private placement basis... "...and/or for making offers/invitations...for a period of one year from the date thereof, in one or more tranches of an amount not exceeding Rs 50,000 crore," it said in a BSE filing. The bank also disclosed the businesses agenda for its Annual General Meeting to be held on July 21. The funds will be used for affordable housing finance, HDFC Bank said.
In July, 2015, RBI had issued guidelines for banks on 'Issue of long-term bonds by banks-financing of infrastructure and affordable housing' to ensure availability of funding to such sectors.
These guidelines enable banks to raise long term funds from the market, HDFC Bank said. Besides, the AGM agenda includes appointment of a director. "To appoint a director in place of Keki Mistry, who retires by rotation and being eligible, offers himself for re-appointment," it added.
The bank will declare dividend on equity shares for year ended March 2016. Shares of the bank closed 0.59 per cent higher at Rs 1,169.20 on BSE.
Private sector lender HDFC Bank will seek shareholders' nod to raise Rs 50,000 crore for affordable housing and infrastructure development.
"The Board of Directors has approved to seek the consent of the shareholders for borrowing/raising funds in Indian currency by issue of perpetual debt instruments, tier-II capital bonds and senior long-term infrastructure bonds in the domestic market on a private placement basis... "...and/or for making offers/invitations...for a period of one year from the date thereof, in one or more tranches of an amount not exceeding Rs 50,000 crore," it said in a BSE filing. The bank also disclosed the businesses agenda for its Annual General Meeting to be held on July 21. The funds will be used for affordable housing finance, HDFC Bank said.
In July, 2015, RBI had issued guidelines for banks on 'Issue of long-term bonds by banks-financing of infrastructure and affordable housing' to ensure availability of funding to such sectors.
These guidelines enable banks to raise long term funds from the market, HDFC Bank said. Besides, the AGM agenda includes appointment of a director. "To appoint a director in place of Keki Mistry, who retires by rotation and being eligible, offers himself for re-appointment," it added.
The bank will declare dividend on equity shares for year ended March 2016. Shares of the bank closed 0.59 per cent higher at Rs 1,169.20 on BSE.
General Awareness
Union HRD Minister Smriti Zubin Irani launched a new initiative ‘Vidyanjali’ to involve volunteers into co-scholastic activities of schools
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Union Minister of Human Resource Development Smriti Zubin Irani initiated a step to inculcate reading habits among children vide a scheme “VIDYANJALI”
Inspiration from: Prime Minister
Venue: New Delhi
Focus:
- To cultivate reading habits among children
- Create a reading culture at School and Community level
Dignitaries:
- Ram Shankar Katheria – Minister of State, Ministry of Human Resource Development
- Subash Chandra Khuntia – Secretary, Department of School Education & Literacy
- Henriette Ahrens, UNICEF Deputy Representative for Programmes
- Onno Ruhl, Country Director, World Bank
- Daljit Singh Cheema, Minister for Education, Punjab
- Naeem Akhtar, Minister for Education, J&K
- Rina Ray, Additional Secretary, Department of School Education & Literacy
About the Programme:
- Creating an environment to imbibe knowledge and enhancing learning output
- Encouraged sense of participation and willingness to contribute
- Inspire enthusiasm in school children to take up reading and encourage the teaching – learning process at schools
- Extending the support to improve the learning skills and reduce the no. of school drop outs
- To make involvement volunteers to strengthen the co-scholastic activities in Government schools
Evolution of Scheme:
The Scheme is being framed under Sarva Shiksha Abhiyan to encourage the society involvement in Government run schools and engage children in various skills like reading, creative writing, public speaking, play acting and preparing story books.
MyGov.in:
- Minister requested MyGov team to create a module in the name of Vidyanjali wherein Non Resident Indian society can contribute by extending teaching and learning aids like books and other resources
- Any interested volunteers can register for free and to design their activities in consultation with the school
Test Mode:
- Initially it will be implemented across 21 states in pilot basis
- Many of the eminent personalities extended their support to the initiative and encourage people to participate in the programme
- Union Minister of Human Resource Development Smriti Zubin Irani initiated a step to inculcate reading habits among children vide a scheme “VIDYANJALI”
Inspiration from: Prime MinisterVenue: New Delhi
Focus:- To cultivate reading habits among children
- Create a reading culture at School and Community level
Dignitaries:- Ram Shankar Katheria – Minister of State, Ministry of Human Resource Development
- Subash Chandra Khuntia – Secretary, Department of School Education & Literacy
- Henriette Ahrens, UNICEF Deputy Representative for Programmes
- Onno Ruhl, Country Director, World Bank
- Daljit Singh Cheema, Minister for Education, Punjab
- Naeem Akhtar, Minister for Education, J&K
- Rina Ray, Additional Secretary, Department of School Education & Literacy
About the Programme:- Creating an environment to imbibe knowledge and enhancing learning output
- Encouraged sense of participation and willingness to contribute
- Inspire enthusiasm in school children to take up reading and encourage the teaching – learning process at schools
- Extending the support to improve the learning skills and reduce the no. of school drop outs
- To make involvement volunteers to strengthen the co-scholastic activities in Government schools
Evolution of Scheme:The Scheme is being framed under Sarva Shiksha Abhiyan to encourage the society involvement in Government run schools and engage children in various skills like reading, creative writing, public speaking, play acting and preparing story books.MyGov.in:- Minister requested MyGov team to create a module in the name of Vidyanjali wherein Non Resident Indian society can contribute by extending teaching and learning aids like books and other resources
- Any interested volunteers can register for free and to design their activities in consultation with the school
Test Mode:- Initially it will be implemented across 21 states in pilot basis
- Many of the eminent personalities extended their support to the initiative and encourage people to participate in the programme
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