General Affairs
BJP Targets Akhilesh Yadav Government Over Mathura Violence
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NEW DELHI/MATHURA: BJP today mounted an all-out attack on the Samajwadi Party government in UP over the Mathura clash, saying it was an example of "goondaraj" prevailing in the state which was witnessing "unprecedented" number of attacks on police by criminals enjoying its "patronage".
With the firefight between encroachers and police leaving 24 dead, including two police officers, the party said there were 1,044 cases of assault on cops during the SP rule and demanded a judicial probe into the Mathura incident.
"What happened in Mathura is a living example of the image of goondaraj in Uttar Pradesh that the Samajwadi Party has built over the years.
"If the DGP and Chief Minister Akhilesh Yadav cannot protect police officers, can they be expected to protect common citizens? Should not Akhilesh Yadav take moral responsibility for what has happened," party spokesperson Sambit Patra told a press conference.
He also posed five questions to the state government, wondering if it was possible for the main accused to illegally capture the land in the city without patronage from the ruling party.
Mr Patra also asked as to how cops were allowed to go to the spot without due preparation and intelligence inputs as it has come to light that criminals were heavily armed and had taken position over trees to shoot at cops.
He cited a host of incidents, including in Azamgarh, Tunda, Bareilly and Badayun, where cops were attacked by criminals.
Party president Amit Shah sent national secretary Shrikant Sharma to take stock of the situation.
Mr Sharma said killing of policemen was "height of anarchy" and alleged that the policemen were ill-prepared to control the mob as "they were under pressure from the administration to go easy as land-grabbers had links" with the ruling party.
"The ruling party first had over 280 acres of land captured by these criminals. The main conspirator in the case has full protection of the Samajwadi Party. Policemen were sent to the spot with their hands tied and this is why two of them died. BJP seeks a judicial probe," he said.
"This state government has become a blot and people will wipe it away during the polls" for the state Assembly next year, he said.
With the firefight between encroachers and police leaving 24 dead, including two police officers, the party said there were 1,044 cases of assault on cops during the SP rule and demanded a judicial probe into the Mathura incident.
"What happened in Mathura is a living example of the image of goondaraj in Uttar Pradesh that the Samajwadi Party has built over the years.
"If the DGP and Chief Minister Akhilesh Yadav cannot protect police officers, can they be expected to protect common citizens? Should not Akhilesh Yadav take moral responsibility for what has happened," party spokesperson Sambit Patra told a press conference.
He also posed five questions to the state government, wondering if it was possible for the main accused to illegally capture the land in the city without patronage from the ruling party.
Mr Patra also asked as to how cops were allowed to go to the spot without due preparation and intelligence inputs as it has come to light that criminals were heavily armed and had taken position over trees to shoot at cops.
He cited a host of incidents, including in Azamgarh, Tunda, Bareilly and Badayun, where cops were attacked by criminals.
Party president Amit Shah sent national secretary Shrikant Sharma to take stock of the situation.
Mr Sharma said killing of policemen was "height of anarchy" and alleged that the policemen were ill-prepared to control the mob as "they were under pressure from the administration to go easy as land-grabbers had links" with the ruling party.
"The ruling party first had over 280 acres of land captured by these criminals. The main conspirator in the case has full protection of the Samajwadi Party. Policemen were sent to the spot with their hands tied and this is why two of them died. BJP seeks a judicial probe," he said.
"This state government has become a blot and people will wipe it away during the polls" for the state Assembly next year, he said.
PM Narendra Modi One Of The Top 10 World Leaders, Says Venkaiah Naidu
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CHENNAI: Tamil Nadu Chief Minister Jayalalithaa today demanded rollback of the latest hike in petrol and diesel prices, saying it would lead to increase in prices of essential commodities.
"I have pointed out many times that the Price Fixation Policy followed by the oil marketing companies is wrong. The price of petrol and diesel has now been increased based on this wrong policy," she said in a statement.
The bi-monthly determination of fuel price based on the Rupee-US Dollar excHYDERABAD: Accusing the opposition of passing "substandard" comments on prime minister's foreign visits, Union Minister Venkaiah Naidu said PM Narendra Modi has emerged as one of the top 10 leaders of the world with his voice being heard on international fora.
"India is now recognised and respected worldwide. Country after country is offering red carpet to our prime minister. He is now among top 10 world leaders. He has emerged as one among top 10 leaders with his initiatives and approach. The way he is steering the country forward is being appreciated by one and all," Mr Naidu told news agency PTI in an interview in Hyderabad.
The parliamentary affairs minister cited India getting the first chairmanship of BRICS bank and the United Nations declaring 'Yoga Day' as examples of PM Modi's suggestions being heard on the world stage.
"On matters like climate change and terrorism, his (Modi) voice is being heard. Getting first chairmanship of BRICS bank for India, making yoga international by proposing in United Nations where 196 countries have accepted to observe Yoga (Day)," he said.
Taking objection to opposition parties making "substandard comments" on PM Modi's foreign visits, Mr Naidu said the prime minister is leveraging foreign policy for domestic development.
"Manmohan Singhji also visited 75 countries. What is it we have achieved that has to be seen. Our prime minister is leveraging foreign policy for domestic development, strengthening economy and also using public diplomacy to project India's soft power," he said.
PM Modi made more official visits to countries compared to summit-oriented visits by Mr Singh, he claimed.
"NDA under Modi has restored purpose and direction to India's foreign policy which was missing during UPA," Mr Naidu added.
"I have pointed out many times that the Price Fixation Policy followed by the oil marketing companies is wrong. The price of petrol and diesel has now been increased based on this wrong policy," she said in a statement.
The bi-monthly determination of fuel price based on the Rupee-US Dollar excHYDERABAD: Accusing the opposition of passing "substandard" comments on prime minister's foreign visits, Union Minister Venkaiah Naidu said PM Narendra Modi has emerged as one of the top 10 leaders of the world with his voice being heard on international fora.
"India is now recognised and respected worldwide. Country after country is offering red carpet to our prime minister. He is now among top 10 world leaders. He has emerged as one among top 10 leaders with his initiatives and approach. The way he is steering the country forward is being appreciated by one and all," Mr Naidu told news agency PTI in an interview in Hyderabad.
The parliamentary affairs minister cited India getting the first chairmanship of BRICS bank and the United Nations declaring 'Yoga Day' as examples of PM Modi's suggestions being heard on the world stage.
"On matters like climate change and terrorism, his (Modi) voice is being heard. Getting first chairmanship of BRICS bank for India, making yoga international by proposing in United Nations where 196 countries have accepted to observe Yoga (Day)," he said.
Taking objection to opposition parties making "substandard comments" on PM Modi's foreign visits, Mr Naidu said the prime minister is leveraging foreign policy for domestic development.
"Manmohan Singhji also visited 75 countries. What is it we have achieved that has to be seen. Our prime minister is leveraging foreign policy for domestic development, strengthening economy and also using public diplomacy to project India's soft power," he said.
PM Modi made more official visits to countries compared to summit-oriented visits by Mr Singh, he claimed.
"NDA under Modi has restored purpose and direction to India's foreign policy which was missing during UPA," Mr Naidu added.
End Protectionism To Remove Hurdles In Indo-US Trade, Says Rajnath Singh
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HYDERABAD: Ahead of Prime Minister Narendra Modi's US visit, starting on June 7, India today said "protectionism" was creating hurdles and called for a shift from the conservative mindset to boost the Indo-American trade relations.
Union Home Minister Rajnath Singh said this while addressing a programme organised by the Indo-American Chamber of Commerce in Hyderabad.
"There should not be protectionism. Protectionism is one the biggest hurdles between India and US trade relations. There is a need to keep away from it, because the whole world has now become a global village. In order to keep the free flow of trade globally, we should give up our conservative mindset and have an open mindset," Mr Singh said.
"On outsourcing policy, I expect USA's approach to be more rational," he said after releasing a report titled 'India-US trade- a formidable economic force' by KPMG.
Mr Singh also said that as a part of ease of doing business, the Home Ministry is thinking of replacing the existing 10-year security clearance for foreign investors with one-time clearance.
The minister hoped bilateral trade between India and the US to touch $500 billion in future as both nations have huge potential.
Of late, the industry has been accusing the US and other developed nations of implementing some rules that have become an impediment for Indian traders. The industry has alleged that some of the recent rules by the US including hike in VISA fee and restriction on job visas are part of the "protectionism" being observed by the North American country.
Mr Singh said the US can take the advantage of Indian pharma industry's success in reducing its health-care bills.
"USA is one the biggest markets for Indian generic medicines. If US allows Indian generic drugs without much restrictions in their market, then definitely the cost of health-care will go down in that country," he felt.
He said there has been a lot of upsurge in Indo-US relations during the past 14 years. The bilateral trade was $90 billion in 2009, which has now crossed $100 billion.
"It is a fact the China-US bilateral trade crossed USD 500 billion in 2013 itself. We also hope that the Indo-US trade would reach USD 500 billion. Now India is considered as one of the fastest growing economies due to its strong leadership with a vision," he said.
Union Home Minister Rajnath Singh said this while addressing a programme organised by the Indo-American Chamber of Commerce in Hyderabad.
"There should not be protectionism. Protectionism is one the biggest hurdles between India and US trade relations. There is a need to keep away from it, because the whole world has now become a global village. In order to keep the free flow of trade globally, we should give up our conservative mindset and have an open mindset," Mr Singh said.
"On outsourcing policy, I expect USA's approach to be more rational," he said after releasing a report titled 'India-US trade- a formidable economic force' by KPMG.
Mr Singh also said that as a part of ease of doing business, the Home Ministry is thinking of replacing the existing 10-year security clearance for foreign investors with one-time clearance.
The minister hoped bilateral trade between India and the US to touch $500 billion in future as both nations have huge potential.
Of late, the industry has been accusing the US and other developed nations of implementing some rules that have become an impediment for Indian traders. The industry has alleged that some of the recent rules by the US including hike in VISA fee and restriction on job visas are part of the "protectionism" being observed by the North American country.
Mr Singh said the US can take the advantage of Indian pharma industry's success in reducing its health-care bills.
"USA is one the biggest markets for Indian generic medicines. If US allows Indian generic drugs without much restrictions in their market, then definitely the cost of health-care will go down in that country," he felt.
He said there has been a lot of upsurge in Indo-US relations during the past 14 years. The bilateral trade was $90 billion in 2009, which has now crossed $100 billion.
"It is a fact the China-US bilateral trade crossed USD 500 billion in 2013 itself. We also hope that the Indo-US trade would reach USD 500 billion. Now India is considered as one of the fastest growing economies due to its strong leadership with a vision," he said.
Congress Steps Up Pressure For Eknath Khadse's Dismissal In Maharashtra
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NEW DELHI/PUNE: As the fate of Maharashtra Minister Eknath Khadse who is facing graft allegations hangs in balance, the Congress today piled pressure on the BJP for his dismissal to prove Prime Minister Narendra Modi's claim of "zero tolerance" to corruption.
But the BJP's Maharashtra unit president Raosaheb Danve ruled out any "party action" against the minister till the charges against him are proved.
The hunger strike of activist and former Aam Aadmi Party (AAP) leader Anjali Damania demanding probe into corruption charges against Mr Khadse, meanwhile, entered its second day.
"Take action against Khadse, dismiss him forthwith from his ministry, register a case against him for misuse of office and take decisive action", party's chief spokesman Randeep Surjewala told reporters in Delhi.
Mr Surjewala attacked the prime minister for maintaining a "deafening silence" in the last 24 months on the issue of action against corruption where BJP leaders or their own governments are involved.
"People of Maharashtra and India demand that Prime Minister breaks his studied silence and takes decisive action on all these issues including Khadse", he added.
Maintaining that Mr Khadse, a revenue minister, would face action if the allegations against him are proved in a court of law, Mr Danve claimed there was "no pressure from the party high command" to remove him from the state Cabinet.
Terming allegations against Mr Khadse as "political" in nature, Mr Danve told reporters in Pune that the party has adopted a "cautious approach towards them", adding "we believe that there is no substance in them."
Asked about Chief Minister Devendra Fadnavis's meeting with party president Amit Shah and Prime Minister Narendra Modi yesterday over the Khadse issue, Mr Danve said, "The chief minister submitted his report to Shah. But that does not necessarily mean that the report was against Khadse. It could be in his favour also."
Mr Khadse, who is in his home town Jalgaon in North Maharashtra amid political heat, has denied all allegations against him and said he would abide by the party decision in his case.
Mr Khadse, a senior BJP leader, has come under cloud over allegations including irregularities in a land deal in Pune and calls allegedly received from fugitive don Dawood Ibrahim's residence in Karachi on his mobile phone.
He is in a spot over the purchase of 3-acre Maharashtra Industrial Development Corporation land in Bhosari allegedly at a low price of around Rs. 3.75 crore from its original owner in the name of his wife and son-in-law. The market value of the land is reportedly Rs. 40 crores.
But the BJP's Maharashtra unit president Raosaheb Danve ruled out any "party action" against the minister till the charges against him are proved.
The hunger strike of activist and former Aam Aadmi Party (AAP) leader Anjali Damania demanding probe into corruption charges against Mr Khadse, meanwhile, entered its second day.
"Take action against Khadse, dismiss him forthwith from his ministry, register a case against him for misuse of office and take decisive action", party's chief spokesman Randeep Surjewala told reporters in Delhi.
Mr Surjewala attacked the prime minister for maintaining a "deafening silence" in the last 24 months on the issue of action against corruption where BJP leaders or their own governments are involved.
"People of Maharashtra and India demand that Prime Minister breaks his studied silence and takes decisive action on all these issues including Khadse", he added.
Maintaining that Mr Khadse, a revenue minister, would face action if the allegations against him are proved in a court of law, Mr Danve claimed there was "no pressure from the party high command" to remove him from the state Cabinet.
Terming allegations against Mr Khadse as "political" in nature, Mr Danve told reporters in Pune that the party has adopted a "cautious approach towards them", adding "we believe that there is no substance in them."
Asked about Chief Minister Devendra Fadnavis's meeting with party president Amit Shah and Prime Minister Narendra Modi yesterday over the Khadse issue, Mr Danve said, "The chief minister submitted his report to Shah. But that does not necessarily mean that the report was against Khadse. It could be in his favour also."
Mr Khadse, who is in his home town Jalgaon in North Maharashtra amid political heat, has denied all allegations against him and said he would abide by the party decision in his case.
Mr Khadse, a senior BJP leader, has come under cloud over allegations including irregularities in a land deal in Pune and calls allegedly received from fugitive don Dawood Ibrahim's residence in Karachi on his mobile phone.
He is in a spot over the purchase of 3-acre Maharashtra Industrial Development Corporation land in Bhosari allegedly at a low price of around Rs. 3.75 crore from its original owner in the name of his wife and son-in-law. The market value of the land is reportedly Rs. 40 crores.
Delhi High Court Dismisses Plea For SFIO Probe Of National Herald Case
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NEW DELHI: Delhi High Court today refused to entertain a PIL which sought a probe by the Serious Fraud Investigation Office (SFIO) into allegations made by BJP leader Subramanian Swamy against Congress president Sonia Gandhi, her son Rahul Gandhi and others in the National Herald case.
A bench of Chief Justice G Rohini and Justice Jayant Nath said the relief sought by the petitioner amounts to staying the proceedings before the Chief Metropolitan Magistrate (CMM) which cannot be granted.
It also said there was no public interest in the matter and dismissed the plea moved by the spokesperson of Karnataka Pradesh Congress Committee A Alam Pasha.
Central government standing counsel Anurag Ahluwalia opposed the maintainability of the petition saying it was "frivolous" and "politically motivated".
The petitioner had also sought that the SFIO after carrying out the probe should give a report to the high court.
He was of the view that SFIO's probe would be of "invaluable assistance" to the CMM as well.
He had also said in his plea that he had moved the petition as the state Congress committee of Karnataka "wants to know the truth about their most trusted leaders like Sonia Gandhi and others".
He has said the matter can be probed by SFIO before whom both sides can put forth their stand.
Apart from Ms Gandhi and her son Rahul Gandhi party leaders Motilal Vora, Oscar Fernandes, Suman Dubey, Sam Pitroda and Young Indian Pvt Ltd (YI) are accused in the National Herald case filed by Mr Swamy.
Mr Swamy has accused them of allegedly conspiring to cheat and misappropriate funds by just paying Rs. 50 lakh by which YI obtained the right to recover Rs. 90.25 crore which Associated Journals Ltd (AJL), publisher of National Herald, owed to the Congress party.
All the accused have denied the allegations levelled against them by Mr Swamy.
The trial court had on December 19 last year granted bail to Ms Gandhi, Mr Gandhi, Mr Vora, Mr Fernandes and Mr Dubey, who had appeared before it in pursuance to the summons issued earlier. Mr Pitroda, another accused, was granted bail later.
A bench of Chief Justice G Rohini and Justice Jayant Nath said the relief sought by the petitioner amounts to staying the proceedings before the Chief Metropolitan Magistrate (CMM) which cannot be granted.
It also said there was no public interest in the matter and dismissed the plea moved by the spokesperson of Karnataka Pradesh Congress Committee A Alam Pasha.
Central government standing counsel Anurag Ahluwalia opposed the maintainability of the petition saying it was "frivolous" and "politically motivated".
The petitioner had also sought that the SFIO after carrying out the probe should give a report to the high court.
He was of the view that SFIO's probe would be of "invaluable assistance" to the CMM as well.
He had also said in his plea that he had moved the petition as the state Congress committee of Karnataka "wants to know the truth about their most trusted leaders like Sonia Gandhi and others".
He has said the matter can be probed by SFIO before whom both sides can put forth their stand.
Apart from Ms Gandhi and her son Rahul Gandhi party leaders Motilal Vora, Oscar Fernandes, Suman Dubey, Sam Pitroda and Young Indian Pvt Ltd (YI) are accused in the National Herald case filed by Mr Swamy.
Mr Swamy has accused them of allegedly conspiring to cheat and misappropriate funds by just paying Rs. 50 lakh by which YI obtained the right to recover Rs. 90.25 crore which Associated Journals Ltd (AJL), publisher of National Herald, owed to the Congress party.
All the accused have denied the allegations levelled against them by Mr Swamy.
The trial court had on December 19 last year granted bail to Ms Gandhi, Mr Gandhi, Mr Vora, Mr Fernandes and Mr Dubey, who had appeared before it in pursuance to the summons issued earlier. Mr Pitroda, another accused, was granted bail later.
Business Affairs
The Rs 88,000-crore Opportunity
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India is going dry, literally so. The per capita availability of water has dropped from 5,177 cubic metres in 1951 to 1,545 cu m in 2011, which is below the 'stress level' of 1,700 cu m. But awareness of the problem also provides a chance to set things right. Companies engaged in extending municipal water supply or building wastewater treatment plants are not only fulfilling a social need but also earning hefty revenues. According to water management consultancy Earth Water Group, out of India's Rs 88,000-crore water market that includes transportation, distribution, water reservoir management and irrigation, the water treatment market - pegged at Rs 17,907 crore - is growing at 17-18 per cent per annum.
So too companies providing packaged drinking water or manufacturing domestic water purification systems are not only reducing water borne disease in the country, but also seeing extraordinary growth. Bottled water demand has risen from two million cases annually in the 1990s to 164 million in the last decade. Separately, in agriculture, drip irrigation systems - which enable farmers to cut water use by 40-50 per cent - are not just fulfilling the country's crying need to save water, but also earning a bonanza for their manufacturers.
Finally, water shortage is being compounded by the unscrupulous, who continue to tap ground and fresh water illegally in a variety of ways. Business Today takes a look at the myriad opportunities India's water crisis has thrown up.
India is going dry, literally so. The per capita availability of water has dropped from 5,177 cubic metres in 1951 to 1,545 cu m in 2011, which is below the 'stress level' of 1,700 cu m. But awareness of the problem also provides a chance to set things right. Companies engaged in extending municipal water supply or building wastewater treatment plants are not only fulfilling a social need but also earning hefty revenues. According to water management consultancy Earth Water Group, out of India's Rs 88,000-crore water market that includes transportation, distribution, water reservoir management and irrigation, the water treatment market - pegged at Rs 17,907 crore - is growing at 17-18 per cent per annum.
So too companies providing packaged drinking water or manufacturing domestic water purification systems are not only reducing water borne disease in the country, but also seeing extraordinary growth. Bottled water demand has risen from two million cases annually in the 1990s to 164 million in the last decade. Separately, in agriculture, drip irrigation systems - which enable farmers to cut water use by 40-50 per cent - are not just fulfilling the country's crying need to save water, but also earning a bonanza for their manufacturers.
Finally, water shortage is being compounded by the unscrupulous, who continue to tap ground and fresh water illegally in a variety of ways. Business Today takes a look at the myriad opportunities India's water crisis has thrown up.
Global oil giants seek inroads into retail fuel market: Govt
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Global oil majors including Saudi Aramco and Total plan to tap the retail fuel market in India, its oil minister said on Friday, reflecting the expanding role of the world's fastest-growing large economy on the global crude landscape.
The country's fuel markets could be a lucrative prize for the world's oil majors as they seek outlets for their gasoline and diesel.
India posted the fastest oil demand growth in the world in the first quarter of 2016 and is replacing China as the driver of growth globally, the International Energy Agency said in its latest report.
"Saudi Aramco is eager to enter in Indian market, we are finding ways to help them," Oil Minister Dharmendra Pradhan said in Hindi in a live telecast on a government website.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser told Reuters in an interview in May.
Fuel marketing in India has turned profitable after the government ended decades-old control over the retail prices of gasoline and diesel.
Pradhan said local private oil refiners Reliance Industries and Essar Oil have started opening their mothballed fuel stations and are adding new ones to expand business.
French major Total and European major Royal Dutch Shell that have a limited presence in India are also keen to strengthen their presence in the fuel retailing business, Pradhan said.
"Shell officials recently met me and informed about their plan to expand the retail network in a big way in southern India," he said.
He said his ministry has agreed to grant a licence to BP to market jet fuel in India. "There is a possibility they (BP) may expand into the Indian retail sector," he said in Hindi.
Essar Oil is still working to complete a deal to a sell a 49 per cent stake in its 400,000 barrel per day Vadinar refinery in Gujarat to Russian giant Rosneft.
"Rosneft, rich with oil and gas wants to join Indian markets," Pradhan said.
Global oil majors including Saudi Aramco and Total plan to tap the retail fuel market in India, its oil minister said on Friday, reflecting the expanding role of the world's fastest-growing large economy on the global crude landscape.
The country's fuel markets could be a lucrative prize for the world's oil majors as they seek outlets for their gasoline and diesel.
India posted the fastest oil demand growth in the world in the first quarter of 2016 and is replacing China as the driver of growth globally, the International Energy Agency said in its latest report.
"Saudi Aramco is eager to enter in Indian market, we are finding ways to help them," Oil Minister Dharmendra Pradhan said in Hindi in a live telecast on a government website.
India, the world's fourth-biggest oil consumer, recently offered Saudi Aramco a stake in refineries and petrochemical projects.
Saudi Aramco wants to expand globally and is looking at potential joint ventures in several countries, including Indonesia, India, the United States, Vietnam and China, chief executive Amin Nasser told Reuters in an interview in May.
Fuel marketing in India has turned profitable after the government ended decades-old control over the retail prices of gasoline and diesel.
Pradhan said local private oil refiners Reliance Industries and Essar Oil have started opening their mothballed fuel stations and are adding new ones to expand business.
French major Total and European major Royal Dutch Shell that have a limited presence in India are also keen to strengthen their presence in the fuel retailing business, Pradhan said.
"Shell officials recently met me and informed about their plan to expand the retail network in a big way in southern India," he said.
He said his ministry has agreed to grant a licence to BP to market jet fuel in India. "There is a possibility they (BP) may expand into the Indian retail sector," he said in Hindi.
Essar Oil is still working to complete a deal to a sell a 49 per cent stake in its 400,000 barrel per day Vadinar refinery in Gujarat to Russian giant Rosneft.
"Rosneft, rich with oil and gas wants to join Indian markets," Pradhan said.
HDFC ERGO to acquire L&T General Insurance for Rs 551 crore
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HDFC ERGO, non-life insurance arm of housing finance major HDFC, on Friday said it will acquire L&T General Insurance for Rs 551 crore in an all-cash deal.
"Considering the importance of scale in the insurance business, consolidation within the industry is inevitable.
This transaction marks the beginning of this consolidation phase," HDFC Chairman Deepak Parekh said in a statement.
The combined size and expertise will result in improved cost efficiencies in the merged entity and benefit policy holders and other stakeholders, he said.
The transaction has been valued at Rs 551 crore and the acquisition would help HDFC ERGO improve its market position, the statement said.
HDFC ERGO, which operates through 108 offices, had gross premium of Rs 3,467 crore and made a profit after tax of Rs 151 crore.
L&T General Insurance, a wholly-owned subsidiary of engineering conglomerate Larsen and Toubro, wrote gross premium of Rs 483 crore registering a growth of 40 per cent over previous financial year. The company operates through 28 offices with 800 employees.
HDFC ERGO, a 51:49 joint venture between HDFC and ERGO International, is the fourth largest private sector general insurance company.
In a separate statement, HDFC said it today concluded the transfer of 12.33 crore shares at price of Rs 90.973 per equity, aggregating to a consideration of Rs 1,122 crore.
As HDFC ERGO is an unlisted entity, the capital gains tax on the sale of shares is Rs 197 crore, resulting in a post tax profit of Rs 725 crore.
As a result of the sale of shares, HDFC's holding in HDFC ERGO now stands at 50.73 per cent, while ERGO's share is 48.74 per cent, it said.
"In accordance with past practice and with the objective of further strengthening the Corporation's balance sheet, the Corporation believes that it would be prudent to utilise the one-off pre tax gains to shore up the Provision for Contingencies Account and thereby build an additional buffer against any unexpected risk in the future," it said.
Accordingly, it said HDFC proposes to make an additional special provision of Rs 275 crore being 30 per cent of the pre-tax gains on this transaction towards standard assets and other contingencies.
"It may be noted that the special provision is being done voluntarily and is not on account of any regulatory requirement. Further, the provision is in respect of standard assets," it added.
HDFC ERGO, non-life insurance arm of housing finance major HDFC, on Friday said it will acquire L&T General Insurance for Rs 551 crore in an all-cash deal.
"Considering the importance of scale in the insurance business, consolidation within the industry is inevitable.
This transaction marks the beginning of this consolidation phase," HDFC Chairman Deepak Parekh said in a statement.
The combined size and expertise will result in improved cost efficiencies in the merged entity and benefit policy holders and other stakeholders, he said.
The transaction has been valued at Rs 551 crore and the acquisition would help HDFC ERGO improve its market position, the statement said.
HDFC ERGO, which operates through 108 offices, had gross premium of Rs 3,467 crore and made a profit after tax of Rs 151 crore.
L&T General Insurance, a wholly-owned subsidiary of engineering conglomerate Larsen and Toubro, wrote gross premium of Rs 483 crore registering a growth of 40 per cent over previous financial year. The company operates through 28 offices with 800 employees.
HDFC ERGO, a 51:49 joint venture between HDFC and ERGO International, is the fourth largest private sector general insurance company.
In a separate statement, HDFC said it today concluded the transfer of 12.33 crore shares at price of Rs 90.973 per equity, aggregating to a consideration of Rs 1,122 crore.
As HDFC ERGO is an unlisted entity, the capital gains tax on the sale of shares is Rs 197 crore, resulting in a post tax profit of Rs 725 crore.
As a result of the sale of shares, HDFC's holding in HDFC ERGO now stands at 50.73 per cent, while ERGO's share is 48.74 per cent, it said.
"In accordance with past practice and with the objective of further strengthening the Corporation's balance sheet, the Corporation believes that it would be prudent to utilise the one-off pre tax gains to shore up the Provision for Contingencies Account and thereby build an additional buffer against any unexpected risk in the future," it said.
Accordingly, it said HDFC proposes to make an additional special provision of Rs 275 crore being 30 per cent of the pre-tax gains on this transaction towards standard assets and other contingencies.
"It may be noted that the special provision is being done voluntarily and is not on account of any regulatory requirement. Further, the provision is in respect of standard assets," it added.
India likely to generate 52 lakh MT of e-waste by 2020: Study
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India, the fifth largest producer of e-waste, is likely to generate 52 lakh metric tonnes of electronic waste by 2020 from the current level of 18 lakh metric tonnes, according to a study.
India's e-waste is growing at 30 per cent per annum, an Assocham-cKinetics study said.
The global volume of e-waste generated is expected to reach 130 million tonnes (MT) in 2018 from 93.5 MT in 2016 at a compound annual growth rate of 17.6 per cent from 2016 to 2018, it said.
"As Indians become richer and spend more on electronic items and appliances, computer equipment accounts for almost 70 per cent of e-waste material followed by telecommunication equipment (12per cent), electrical equipment (8per cent) and medical equipment (7 per cent)," the study said.
Other equipment, including household e-waste account for the remaining 4 per cent, it added.
It noted that only 1.5 per cent of country's total e-waste gets recycled due to poor infrastructure, legislation and framework.
"Over 95 per cent of e-waste generated is managed by the unorganised sector and scrap dealers in this market," the study said.
E-waste typically includes discarded computer monitors, motherboards, cathode ray tubes (CRT), printed circuit board (PCB), mobile phones and chargers, compact discs, headphones, white goods such as liquid crystal displays/plasma televisions, air conditioners, refrigerators and so on.
It observed that computers, televisions and mobile phones are most dangerous because they have high levels of lead, mercury and cadmium and are discarded more since they have short life-spans.
The study revealed that the main sources of electronic waste in India are the government, public and private (industrial) sectors, which account for almost 75 per cent of total waste generation.
The contribution of individual households is relatively small at about 16 per cent, the rest being contributed by manufacturers.
Though individual households are not large contributors to waste generated by computers, they consume large quantities of consumer durables and are, therefore, potential creators of waste, it said.
"E-waste accounts for approximately 40 per cent of the lead and 70 per cent of heavy metals found in landfills. These pollutants lead to ground water and air pollution and soil acidification."
High and prolonged exposure to these chemicals or pollutants emitted during unsafe e-waste recycling leads to damage of nervous systems, blood systems, kidneys and brain development, respiratory disorders, skin disorders, lung cancer, bronchitis, heart, liver, and spleen damage, it said.
It noted that about two-thirds of e-waste workers in India are suffering from respiratory ailments like breathing difficulties, irritation, coughing and choking.
India, the fifth largest producer of e-waste, is likely to generate 52 lakh metric tonnes of electronic waste by 2020 from the current level of 18 lakh metric tonnes, according to a study.
India's e-waste is growing at 30 per cent per annum, an Assocham-cKinetics study said.
The global volume of e-waste generated is expected to reach 130 million tonnes (MT) in 2018 from 93.5 MT in 2016 at a compound annual growth rate of 17.6 per cent from 2016 to 2018, it said.
"As Indians become richer and spend more on electronic items and appliances, computer equipment accounts for almost 70 per cent of e-waste material followed by telecommunication equipment (12per cent), electrical equipment (8per cent) and medical equipment (7 per cent)," the study said.
Other equipment, including household e-waste account for the remaining 4 per cent, it added.
It noted that only 1.5 per cent of country's total e-waste gets recycled due to poor infrastructure, legislation and framework.
"Over 95 per cent of e-waste generated is managed by the unorganised sector and scrap dealers in this market," the study said.
E-waste typically includes discarded computer monitors, motherboards, cathode ray tubes (CRT), printed circuit board (PCB), mobile phones and chargers, compact discs, headphones, white goods such as liquid crystal displays/plasma televisions, air conditioners, refrigerators and so on.
It observed that computers, televisions and mobile phones are most dangerous because they have high levels of lead, mercury and cadmium and are discarded more since they have short life-spans.
The study revealed that the main sources of electronic waste in India are the government, public and private (industrial) sectors, which account for almost 75 per cent of total waste generation.
The contribution of individual households is relatively small at about 16 per cent, the rest being contributed by manufacturers.
Though individual households are not large contributors to waste generated by computers, they consume large quantities of consumer durables and are, therefore, potential creators of waste, it said.
"E-waste accounts for approximately 40 per cent of the lead and 70 per cent of heavy metals found in landfills. These pollutants lead to ground water and air pollution and soil acidification."
High and prolonged exposure to these chemicals or pollutants emitted during unsafe e-waste recycling leads to damage of nervous systems, blood systems, kidneys and brain development, respiratory disorders, skin disorders, lung cancer, bronchitis, heart, liver, and spleen damage, it said.
It noted that about two-thirds of e-waste workers in India are suffering from respiratory ailments like breathing difficulties, irritation, coughing and choking.
Telcos cry foul over Trai call drops test
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Telecom companies on Thursday questioned Trai's test results showing that the call drop situation has taken a turn for the worse on the ground that the issue is limited to an area where there are problems in installing towers.
"While the area of Delhi NCR is 46,208 square kilometers, these results are limited to a route covering 600 km only," Cellular Operators Association of India (COAI) said in a statement.
"Hence the quality of service (QoS) results from the Drive Test are not strictly comparable with the standard QoS for Dropped Calls regularly published by TRAI for the entire service area," the statement said. COAI represents GSM telecom majors, such as Bharti Airtel, Vodafone, Idea Cellular and Aircel.
The drive test and its results do not cover all the cell sites but only a limited amount of the telecom circle, it said. Trai had published its report on drive tests of mobile service quality on Thursday which stated that all 3G networks; 2G networks of Airtel and MTNL and CDMA network of RCom have shown degradation in performance compared to the previous drive test.
However, COAI claimed that "when we look at the QoS for the entire local service area (LSA) of Delhi we notice that all the operators are in compliance with the benchmark set by TRAI of 2 per cent."
It is also interesting to note that the big headlines regarding masking of call drops using the RLT (Radio Link Timeout) parameter proved misleading as TRAI's own published results in the Drive Tests show only one operator out of parameter, COAI said. The Trai report shows majority of the call drops happening in the four areas of Central Delhi, Dwarka & IGI Airport, Gurgaon & Manesar and Noida & Mayur Vihar.
COAI has said that the Delhi IGI Airport has large areas of defence property and only recently Minister of Communication and IT Ravi Shankar Prasad opened up defence land for setting up of telecom infrastructure.
Another area where call drops were seen as out of parameter is Central Delhi. Here again, this is a known problem area and the industry is involved in ongoing deliberations with NDMC for Central Delhi and with MCD for other parts of Delhi, for installation of towers, COAI said.
The industry body also contested the measurement practices used by Trai's vendor Phistream Consulting. It said that parameters used by TRAI for conducting the drive test vary from those adopted by the operators. Members pointed out these anomalies to TRAI and these still remain unresolved, COAI said. It said that without explaining the difference between a selective drive result of called drops over known problem areas and compared to service quality benchmark set for call drops at circle level, misleads the public. It added that the telecom industry has invested over Rs 8.5 lakh crores till date. Moreover, the industry has put up over 2 lakh cell sites nationally in the past 15 months.
Telecom companies on Thursday questioned Trai's test results showing that the call drop situation has taken a turn for the worse on the ground that the issue is limited to an area where there are problems in installing towers.
"While the area of Delhi NCR is 46,208 square kilometers, these results are limited to a route covering 600 km only," Cellular Operators Association of India (COAI) said in a statement.
"Hence the quality of service (QoS) results from the Drive Test are not strictly comparable with the standard QoS for Dropped Calls regularly published by TRAI for the entire service area," the statement said. COAI represents GSM telecom majors, such as Bharti Airtel, Vodafone, Idea Cellular and Aircel.
The drive test and its results do not cover all the cell sites but only a limited amount of the telecom circle, it said. Trai had published its report on drive tests of mobile service quality on Thursday which stated that all 3G networks; 2G networks of Airtel and MTNL and CDMA network of RCom have shown degradation in performance compared to the previous drive test.
However, COAI claimed that "when we look at the QoS for the entire local service area (LSA) of Delhi we notice that all the operators are in compliance with the benchmark set by TRAI of 2 per cent."
It is also interesting to note that the big headlines regarding masking of call drops using the RLT (Radio Link Timeout) parameter proved misleading as TRAI's own published results in the Drive Tests show only one operator out of parameter, COAI said. The Trai report shows majority of the call drops happening in the four areas of Central Delhi, Dwarka & IGI Airport, Gurgaon & Manesar and Noida & Mayur Vihar.
COAI has said that the Delhi IGI Airport has large areas of defence property and only recently Minister of Communication and IT Ravi Shankar Prasad opened up defence land for setting up of telecom infrastructure.
Another area where call drops were seen as out of parameter is Central Delhi. Here again, this is a known problem area and the industry is involved in ongoing deliberations with NDMC for Central Delhi and with MCD for other parts of Delhi, for installation of towers, COAI said.
The industry body also contested the measurement practices used by Trai's vendor Phistream Consulting. It said that parameters used by TRAI for conducting the drive test vary from those adopted by the operators. Members pointed out these anomalies to TRAI and these still remain unresolved, COAI said. It said that without explaining the difference between a selective drive result of called drops over known problem areas and compared to service quality benchmark set for call drops at circle level, misleads the public. It added that the telecom industry has invested over Rs 8.5 lakh crores till date. Moreover, the industry has put up over 2 lakh cell sites nationally in the past 15 months.
General Awareness
BRICS bank to issue first Yuan denominated bonds
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Shanghai Based New Development Bank of the BRICS countries is set to issue its first Yuan denominated bonds with plans to release more bonds in local currencies including in Indian Rupee
Delegate: Paolu Nogueira Batista, the banks vice president for economic research, strategy and partnerships and chief risk officer.
Involving nations: Brazil, Russia, India, China and South Africa (BRICS)
Head: Indian banker M V Kamath
Focus: To finance sustainable development projects in the emerging markets and developing countries
Green Bonds:
- New Development Bank maiden five-year Yuan-denominated bonds
- Will be issued after receiving a rating from international ratings agencies and getting authorities approval.
Future Plans:
- More bonds denominated in local currencies of the BRICS countries, including the rupees in India, will be circulated if the banks board and local authorities accepts the project plans
- Stated during the closing ceremony of the Shanghai Forum, an annual meeting of officials, academics, business chiefs and world opinion leaders.
About New Development Bank:
- Initial capital of USD 50 billion
- Total paid-in capital of USD 10 billion
- The founding members of the NDB have brought in capital of USD one billion as initial contribution.
First Batch of Loans on April 2016:
- USD 300 million to Brazil
- USD 81 million to China
- USD 250 million to India
- USD 180 million to South Africa
China-backed Asian Infrastructure Investment Bank (AIIB) tied up with the NDB was expected to contribute to infrastructure development in the Asian region along with IMF, World Bank and Asian Development Bank.
Studies have reported that the Asian region required over USD 1 trillion investment in infrastructure development.
- Shanghai Based New Development Bank of the BRICS countries is set to issue its first Yuan denominated bonds with plans to release more bonds in local currencies including in Indian Rupee
Delegate: Paolu Nogueira Batista, the banks vice president for economic research, strategy and partnerships and chief risk officer.
Involving nations: Brazil, Russia, India, China and South Africa (BRICS)Head: Indian banker M V Kamath
Focus: To finance sustainable development projects in the emerging markets and developing countriesGreen Bonds:- New Development Bank maiden five-year Yuan-denominated bonds
- Will be issued after receiving a rating from international ratings agencies and getting authorities approval.
Future Plans:- More bonds denominated in local currencies of the BRICS countries, including the rupees in India, will be circulated if the banks board and local authorities accepts the project plans
- Stated during the closing ceremony of the Shanghai Forum, an annual meeting of officials, academics, business chiefs and world opinion leaders.
About New Development Bank:- Initial capital of USD 50 billion
- Total paid-in capital of USD 10 billion
- The founding members of the NDB have brought in capital of USD one billion as initial contribution.
First Batch of Loans on April 2016:- USD 300 million to Brazil
- USD 81 million to China
- USD 250 million to India
- USD 180 million to South Africa
China-backed Asian Infrastructure Investment Bank (AIIB) tied up with the NDB was expected to contribute to infrastructure development in the Asian region along with IMF, World Bank and Asian Development Bank.Studies have reported that the Asian region required over USD 1 trillion investment in infrastructure development.
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