General Affairs
India's Unfulfilled Potential Largest In World: Singapore Deputy PM
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NEW DELHI: Visiting Singapore Deputy Prime Minister Tharman Shanmugaratnam on Friday said India needs to show urgency to realise its unfulfilled potential which he said was the largest in the world.
He also reminded India that the pace had to be stepped up vis-a-vis the reforms agenda that still remains largely unfinished.
Delivering the first 'Transforming India' lecture, Shanmugaratnam said low exports from India is a "glaring area of shortfall".
The Singaporean Deputy Prime Minister holds degrees in Economics from the London School of Economics and Cambridge University, apart from a degree in Public Administration from Harvard University.
"But the reform agenda is still largely unfinished and pace of change has to be stepped up.
"You have to focus on exports to the world; that's a glaring area of shortfall in the Indian economy. India has 18 per cent of the world's population but only two per cent exports," Shanmugaratnam, who is of Sri Lankan Tamil ancestry, said.
"India needs to go for a deeper, strategic interaction with the global economy... India too needs urgency because there is a race against demography, and a race against intelligent machines," he said.
Shanmugaratnam said India needed to act soon to take advantage of new technology and stressed that increasing its share in global exports is necessary.
He said a growth rate of eight to 10 per cent will get India only 70 per cent of China's per capita Gross Domestic Product in 20 years.
"Eight to 10 per cent growth is not a luxury. It will nearly get India to about 70 per cent income of China in 20 years," he said.
The Singapore Deputy Prime Minister said India and China had the same per capita income in the mid-1970s, but now India had almost two and a half times lower per capita income compared with the communist country.
"India can achieve it. There is no reason India cannot erase the deficits of the past. Frankly, India has the largest unfulfilled potential for any country I know in the world and it needs urgency to achieve its potential," he said.
He welcomed the reforms and underlined that India is leading in some areas, pointing towards the Aadhaar initiative which he called the "world's first digital identification infrastructure".
He also reminded India that the pace had to be stepped up vis-a-vis the reforms agenda that still remains largely unfinished.
Delivering the first 'Transforming India' lecture, Shanmugaratnam said low exports from India is a "glaring area of shortfall".
The Singaporean Deputy Prime Minister holds degrees in Economics from the London School of Economics and Cambridge University, apart from a degree in Public Administration from Harvard University.
"You have to focus on exports to the world; that's a glaring area of shortfall in the Indian economy. India has 18 per cent of the world's population but only two per cent exports," Shanmugaratnam, who is of Sri Lankan Tamil ancestry, said.
"India needs to go for a deeper, strategic interaction with the global economy... India too needs urgency because there is a race against demography, and a race against intelligent machines," he said.
Shanmugaratnam said India needed to act soon to take advantage of new technology and stressed that increasing its share in global exports is necessary.
He said a growth rate of eight to 10 per cent will get India only 70 per cent of China's per capita Gross Domestic Product in 20 years.
"Eight to 10 per cent growth is not a luxury. It will nearly get India to about 70 per cent income of China in 20 years," he said.
The Singapore Deputy Prime Minister said India and China had the same per capita income in the mid-1970s, but now India had almost two and a half times lower per capita income compared with the communist country.
"India can achieve it. There is no reason India cannot erase the deficits of the past. Frankly, India has the largest unfulfilled potential for any country I know in the world and it needs urgency to achieve its potential," he said.
He welcomed the reforms and underlined that India is leading in some areas, pointing towards the Aadhaar initiative which he called the "world's first digital identification infrastructure".
Sena Snipes At BJP Again, Likens State Anti-Terror Law To Emergency
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MUMBAI: BJP Maharashtra ally, the Shiv Sena today took another swipe at the Fadnavis government, calling its proposed internal security law a "jolt to democracy." The Sena also accused the state government of trying to impose a 1975 Emergency like situation in Maharashtra.
"If the government, in the name of 'internal security' is trying to impose Emergency in the state, its attempt has to be opposed. This law is worse than the Emergency of 1975 which Indira Gandhi imposed," the Sena said in an editorial in its mouthpiece 'Saamna.'
The editorial goes on to say that "those in power today (the BJP) had levelled various allegations against the hen government although there were no complaints to prove that the common man faced any hardships."
The Shiv Sena is part of Chief Minister Devendra Fadnavis' coalition government. But this has not prevented it from being one of Mr Fadnavis' harshest critics. It has regularly targeted the government through its mouthpiece, the 'Saamna' and remains opposed to the chief minister's pet project, the Maharashtra Protection of Internal Security Act.
The proposed law would be the first such state-level law for internal security which will give unprecedented power to the police to investigate suspected terror plots. It also proposes special security zones where movement of arms, explosives and flow of unaccounted funds will be prohibited.
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"This is an attempt to kill the freedom of people and a jolt to democracy. What has suddenly happened in the state that has threatened internal security? If Emergency has to be imposed, do it in Kashmir, or in Gujarat, where journalists are being killed and atrocities taking place on Dalits," the Sena said.
According to the Sena the proposed law gives unbridled powers to the police to clamp down on persons taking part in public functions.
"Tomorrow if Amitabh Bachchan is being followed by 100 fans or if you see more than a 100 enthusiastic people outside the Sena office, will you put then all behind bars?" the Sena.
"If the government, in the name of 'internal security' is trying to impose Emergency in the state, its attempt has to be opposed. This law is worse than the Emergency of 1975 which Indira Gandhi imposed," the Sena said in an editorial in its mouthpiece 'Saamna.'
The editorial goes on to say that "those in power today (the BJP) had levelled various allegations against the hen government although there were no complaints to prove that the common man faced any hardships."
The proposed law would be the first such state-level law for internal security which will give unprecedented power to the police to investigate suspected terror plots. It also proposes special security zones where movement of arms, explosives and flow of unaccounted funds will be prohibited.
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"This is an attempt to kill the freedom of people and a jolt to democracy. What has suddenly happened in the state that has threatened internal security? If Emergency has to be imposed, do it in Kashmir, or in Gujarat, where journalists are being killed and atrocities taking place on Dalits," the Sena said.
According to the Sena the proposed law gives unbridled powers to the police to clamp down on persons taking part in public functions.
"Tomorrow if Amitabh Bachchan is being followed by 100 fans or if you see more than a 100 enthusiastic people outside the Sena office, will you put then all behind bars?" the Sena.
RSS Taunts Rahul Gandhi, 'Stop Lying And Apologise'
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NEW DELHI: The Rasthriya Swayamsewak Sangh today asked Congress vice president Rahul Gandhi to publicly clarify his comments about the organization and its involvement in the murder of Mahatma Gandhi. On Wednesday, Mr Gandhi had told the Supreme Court that he didn't believe that the RSS as an organization was involved in the conspiracy to kill Mahatma Gandhi.
"Stand by every word I said about RSS: R Gandhi. Which words, in affidavit filed in court of the 'lie' uttered in public speech?" Manmohan Vaidya of the RSS asked Mr Gandhi on Twitter. The RSS continued its attack on Facebook, where it advised "Rahul Gandhi and Congress Party should stop lying and apologise."
The RSS had sued Mr Gandhi, who later approached the apex court for relief, for alleged defamatory remarks against the organization. During a public rally, Mr Gandhi had reportedly said blamed the right-wing organization for the conspiracy to kill the Father of the Nation.
In court, on Wednesday, Mr Gandhi had drawn a distinction between the RSS as an organization and the activities of individuals associated with the RSS. He also clarified that he never implied that the RSS was involved in the murder conspiracy.
However, just a day later, facing criticism for his apparent U-turn on the issue, Mr Gandhi wrote on Twitter, "I will never stop fighting the hateful and divisive agenda of the RSS. I stand by every single word I said."
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The RSS has now asked Mr Gandhi to publicly clarify his stand. On Facebook, the RSS cited an apology tendered by The Statesman newspaper in 2003, over an editorial targeting the RSS. It asked, "Do Rahul Gandhi and the Congress have respect for truth to give such and apology in writing and guarantee that he or his party will never utter the 'lie' again in future?"
"Stand by every word I said about RSS: R Gandhi. Which words, in affidavit filed in court of the 'lie' uttered in public speech?" Manmohan Vaidya of the RSS asked Mr Gandhi on Twitter. The RSS continued its attack on Facebook, where it advised "Rahul Gandhi and Congress Party should stop lying and apologise."
The RSS had sued Mr Gandhi, who later approached the apex court for relief, for alleged defamatory remarks against the organization. During a public rally, Mr Gandhi had reportedly said blamed the right-wing organization for the conspiracy to kill the Father of the Nation.
In court, on Wednesday, Mr Gandhi had drawn a distinction between the RSS as an organization and the activities of individuals associated with the RSS. He also clarified that he never implied that the RSS was involved in the murder conspiracy.
However, just a day later, facing criticism for his apparent U-turn on the issue, Mr Gandhi wrote on Twitter, "I will never stop fighting the hateful and divisive agenda of the RSS. I stand by every single word I said."
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The RSS has now asked Mr Gandhi to publicly clarify his stand. On Facebook, the RSS cited an apology tendered by The Statesman newspaper in 2003, over an editorial targeting the RSS. It asked, "Do Rahul Gandhi and the Congress have respect for truth to give such and apology in writing and guarantee that he or his party will never utter the 'lie' again in future?"
PM Narendra Modi To Chair Meeting Of Council Of Ministers
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NEW DELHI: Prime Minister Narendra Modi will meet his council of ministers on Friday evening to review progress in implementation of various government initiatives.
It will be his first such meeting since the reshuffle of the council of ministers in July this year. PM Modi is likely to be apprised by the new ministers of the work done by them since assuming charge of their portfolios.
A BJP leader told IANS that PM Modi will also review implementation of budgetary and cabinet decisions at the meeting.
BJP sources said that the meeting comes days ahead of a coordination meeting of the party's top leaders with those of Rashtriya Swayamsevak Sangh.
The BJP had last week convened a meeting of its core groups of various states which was addressed by PM Modi.
BJP has also convened a meeting of its chief ministers on Saturday which will be addressed by PM Modi as well as party chief Amit Shah.
"All these meetings are sort of stock-taking exercises before the coordination meeting with RSS on August 29 in Delhi," a BJP leader said.
It will be his first such meeting since the reshuffle of the council of ministers in July this year. PM Modi is likely to be apprised by the new ministers of the work done by them since assuming charge of their portfolios.
A BJP leader told IANS that PM Modi will also review implementation of budgetary and cabinet decisions at the meeting.
BJP sources said that the meeting comes days ahead of a coordination meeting of the party's top leaders with those of Rashtriya Swayamsevak Sangh.
The BJP had last week convened a meeting of its core groups of various states which was addressed by PM Modi.
BJP has also convened a meeting of its chief ministers on Saturday which will be addressed by PM Modi as well as party chief Amit Shah.
"All these meetings are sort of stock-taking exercises before the coordination meeting with RSS on August 29 in Delhi," a BJP leader said.
A Chief Minister For Uttar Pradesh: BJP And RSS Plan Twin Surveys
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Of all the major political parties, the BJP alone has not declared its presumptive Chief Minister for the crucial Uttar Pradesh election. Change could be in the air. Sources say that over the next few weeks, extensive surveys and field work will be carried out to determine just who the BJP should pick as its nominee for heading India's most populous state.
As always, the BJP's efforts will be in sync with its ideological parent, the Rashtriya Swayamsewak Sangh or RSS. Source say that last night, BJP president Amit Shah met with Bhaiyaji Joshi, No 2 in the RSS.
They reportedly concluded that the BJP will benefit from contesting Uttar Pradesh with a Chief Ministerial candidate, rather than wrapping the entire campaign around top leaders like Prime Minister Narendra Modi.
Next steps: the BJP and the RSS, which has a vast matrix of grassroots workers, will collect feedback, and then send it for analysis to the top leadership, who in turn, will swap notes.
"We expect that the results of the two surveys will be the same...(but) it's going to be a complicated exercise. And there still maybe a situation where the BJP will go without a (Chief Ministerial) face ," said a senior BJP leader, asking not to be named.
Chief Minister Akhilesh Yadav and the ruling Samjawadi Party will seek re-election; the Congress has picked former Delhi Chief Minister Sheila Dikshit as its nominee; and Mayawati will ask for another shot as Chief Minister on behalf of her Bahujan Samaj Party or BSP.
The Samajwadi Party's main support comes from the Yadav caste; the BSP counts on the Dalits; the Congress, by picking Mrs Dikshit, is appealing to Brahmins. The BJP's leadership says that because it has done best when combining upper castes with other backward castes, selecting a candidate is a risky venture - the choice could isolate large and important swathes of voters.
In the national election of 2014, a section of the Dalits and other backward castes pedaled over from BSP and Samajwadi Party to the BJP, but this time the party is struggling to retain their support without alienating it traditional upper caste supporters.
The BJP is also concerned about being punished by voters for the recent attacks on Dalits in BJP-governed Gujarat and in other parts by cow vigilantes, a slur that dents the effort made by the Prime Minister to highlight his party's commitment to honouring Dalit icon and founding father Dr Br Amedkar. Dalits form a significant part - nearly 21 per cent - of the population of Uttar Pradesh.
While the impending surveys are awaited, BJP leaders also point out that similar checks in recent months have pointed to cadre support for leaders like Varun Gandhi, and the findings were dismissed by the party as not conclusive.
As always, the BJP's efforts will be in sync with its ideological parent, the Rashtriya Swayamsewak Sangh or RSS. Source say that last night, BJP president Amit Shah met with Bhaiyaji Joshi, No 2 in the RSS.
Next steps: the BJP and the RSS, which has a vast matrix of grassroots workers, will collect feedback, and then send it for analysis to the top leadership, who in turn, will swap notes.
"We expect that the results of the two surveys will be the same...(but) it's going to be a complicated exercise. And there still maybe a situation where the BJP will go without a (Chief Ministerial) face ," said a senior BJP leader, asking not to be named.
Chief Minister Akhilesh Yadav and the ruling Samjawadi Party will seek re-election; the Congress has picked former Delhi Chief Minister Sheila Dikshit as its nominee; and Mayawati will ask for another shot as Chief Minister on behalf of her Bahujan Samaj Party or BSP.
The Samajwadi Party's main support comes from the Yadav caste; the BSP counts on the Dalits; the Congress, by picking Mrs Dikshit, is appealing to Brahmins. The BJP's leadership says that because it has done best when combining upper castes with other backward castes, selecting a candidate is a risky venture - the choice could isolate large and important swathes of voters.
In the national election of 2014, a section of the Dalits and other backward castes pedaled over from BSP and Samajwadi Party to the BJP, but this time the party is struggling to retain their support without alienating it traditional upper caste supporters.
The BJP is also concerned about being punished by voters for the recent attacks on Dalits in BJP-governed Gujarat and in other parts by cow vigilantes, a slur that dents the effort made by the Prime Minister to highlight his party's commitment to honouring Dalit icon and founding father Dr Br Amedkar. Dalits form a significant part - nearly 21 per cent - of the population of Uttar Pradesh.
While the impending surveys are awaited, BJP leaders also point out that similar checks in recent months have pointed to cadre support for leaders like Varun Gandhi, and the findings were dismissed by the party as not conclusive.
Business Affairs
Tata Motors Q1 net profit falls 57% at Rs 2,260 crore
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Tata Motors on Friday reported a 57 per cent decline in consolidated net profit at Rs 2,260.40 crore for the first quarter ended June 30, due to post Brexit adverse foreign exchange impacting its British arm JLR.
The company had posted a consolidated profit of Rs 5,254.23 crore in the same period last fiscal, Tata Motors said in a BSE filing.
Consolidated net sales in the first quarter were up 10 per cent at Rs 66,101.27 crore as against Rs 60,093.79 crore in the year-ago period. The company said higher volumes in both standalone as well as Jaguar Land Rover business more than offset by the adverse forex impact of Rs 2,296 crore and adverse commodity derivatives impact of Rs 167 crore in the operating profit mainly in the JLR business.
The company also cited lower local market incentive in the JLR business as compared to the corresponding quarter last year and higher depreciation and amortisation expenses as against last year as reasons for the decline in consolidated profit for the quarter. On a standalone basis, the company reported a net profit of Rs 25.75 crore for the first quarter, down 91.11 per cent from Rs 289.84 crore in the year-ago quarter. Standalone net sales were at Rs 11,311.24 crore as against Rs 10,262.76 crore in the year-ago period, up 10.21 per cent.
The sales (including exports) of commercial and passenger vehicles for the quarter ended June 30, stood at 1,26,839 units, representing a growth of 8 per cent over last year. Jaguar Land Rover posted profit after tax of 304 million pounds compared with 492 million pound, down 38.21 per cent over last year. Revenue for the first quarter stood at 5,461 million pounds compared with 5,002 million pounds.
"The operating performance in the quarter reflects the overall higher wholesales, offset by adverse forex impact of 207 pounds million, including revaluation of 84 million pounds, mainly EUR payables resulting from depreciation in the Pound following the Brexit vote," Tata Motors said. JLR wholesales (excluding China JV) for the quarter were at 1,20,776 units, adding China JV wholesales for the quarter were at 13,558 units. Shares of Tata Motors ended at Rs 514.70, up 4.24 per cent on BSE.
Tata Motors on Friday reported a 57 per cent decline in consolidated net profit at Rs 2,260.40 crore for the first quarter ended June 30, due to post Brexit adverse foreign exchange impacting its British arm JLR.
The company had posted a consolidated profit of Rs 5,254.23 crore in the same period last fiscal, Tata Motors said in a BSE filing.
Consolidated net sales in the first quarter were up 10 per cent at Rs 66,101.27 crore as against Rs 60,093.79 crore in the year-ago period. The company said higher volumes in both standalone as well as Jaguar Land Rover business more than offset by the adverse forex impact of Rs 2,296 crore and adverse commodity derivatives impact of Rs 167 crore in the operating profit mainly in the JLR business.
The company also cited lower local market incentive in the JLR business as compared to the corresponding quarter last year and higher depreciation and amortisation expenses as against last year as reasons for the decline in consolidated profit for the quarter. On a standalone basis, the company reported a net profit of Rs 25.75 crore for the first quarter, down 91.11 per cent from Rs 289.84 crore in the year-ago quarter. Standalone net sales were at Rs 11,311.24 crore as against Rs 10,262.76 crore in the year-ago period, up 10.21 per cent.
The sales (including exports) of commercial and passenger vehicles for the quarter ended June 30, stood at 1,26,839 units, representing a growth of 8 per cent over last year. Jaguar Land Rover posted profit after tax of 304 million pounds compared with 492 million pound, down 38.21 per cent over last year. Revenue for the first quarter stood at 5,461 million pounds compared with 5,002 million pounds.
"The operating performance in the quarter reflects the overall higher wholesales, offset by adverse forex impact of 207 pounds million, including revaluation of 84 million pounds, mainly EUR payables resulting from depreciation in the Pound following the Brexit vote," Tata Motors said. JLR wholesales (excluding China JV) for the quarter were at 1,20,776 units, adding China JV wholesales for the quarter were at 13,558 units. Shares of Tata Motors ended at Rs 514.70, up 4.24 per cent on BSE.
RCom-Aircel expected to sign merger deal by Sept 1st week
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Telecom operators Reliance Communications and Aircel are expected to sign agreement for merger of their businesses by the first week of September.
"Term sheet between the two companies (RCom, Aircel) have been finalised. Definitive agreement for merger between the two companies is expected to be signed in a week or 10 days," an industry source close to the development said.
RCom and Aircel talks, if successful, would lead to formation of third largest telecom operator in the country with subscriber base of over 196 million.
"At present no regulatory approvals are required. The process for regulatory approval will begin after RCom and Aircel sign definitive agreement. It should take around 4-6 month time to complete merger and the combined entity will be rebranded," the source said.
The new entity, which is in the works, will hold spectrum across all allocated bands-800 Mhz, 900 Mhz, 1800 Mhz, 2100 Mhz and 2300 MHz-for 2G, 3G and 4G services. On the other hand, RCom and Sistema (MTS) are in process of merger. Sistema will hold 10 per cent stake in the new entity that will formed post its merger with RCom.
In December last, the two firms announced entering into 90-day 'exclusivity period' for the merger deal that will exclude RCom's tower and optical fibre assets for which a separate sale process is ongoing.
The talks were later extended twice.
The merged entity is expected to have Rs 25,000 crore business from the first day of its operation and is estimated have EBIDTA (cash flow) Rs 7,000 crore and finance cost about Rs 3,000 crore.
"RCom and Aircel have had nil free cash flow since long time but the resultant entity is being structured in a manner to have Rs 4,000 crore free cash flow which it can use for investments in network," the source said.
RCom's net debt at the end of 2015-16 was Rs 41,362.1 crore. Debt of Aircel could not be ascertain. At the end of last fiscal, RCom's consolidated revenue stood at around Rs 22,000 crore.
Telecom operators Reliance Communications and Aircel are expected to sign agreement for merger of their businesses by the first week of September.
"Term sheet between the two companies (RCom, Aircel) have been finalised. Definitive agreement for merger between the two companies is expected to be signed in a week or 10 days," an industry source close to the development said.
RCom and Aircel talks, if successful, would lead to formation of third largest telecom operator in the country with subscriber base of over 196 million.
"At present no regulatory approvals are required. The process for regulatory approval will begin after RCom and Aircel sign definitive agreement. It should take around 4-6 month time to complete merger and the combined entity will be rebranded," the source said.
The new entity, which is in the works, will hold spectrum across all allocated bands-800 Mhz, 900 Mhz, 1800 Mhz, 2100 Mhz and 2300 MHz-for 2G, 3G and 4G services. On the other hand, RCom and Sistema (MTS) are in process of merger. Sistema will hold 10 per cent stake in the new entity that will formed post its merger with RCom.
In December last, the two firms announced entering into 90-day 'exclusivity period' for the merger deal that will exclude RCom's tower and optical fibre assets for which a separate sale process is ongoing.
The talks were later extended twice.
The merged entity is expected to have Rs 25,000 crore business from the first day of its operation and is estimated have EBIDTA (cash flow) Rs 7,000 crore and finance cost about Rs 3,000 crore.
"RCom and Aircel have had nil free cash flow since long time but the resultant entity is being structured in a manner to have Rs 4,000 crore free cash flow which it can use for investments in network," the source said.
RCom's net debt at the end of 2015-16 was Rs 41,362.1 crore. Debt of Aircel could not be ascertain. At the end of last fiscal, RCom's consolidated revenue stood at around Rs 22,000 crore.
Govt invites public comments on changing financial year from Jan to Dec
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Keen on a wider debate on changing the financial year, government has sought public comments on the desirability of replacing the existing period in a bid to improve budgetary process and cash management.
The government as well as most corporates in India follow April 1 to March 31 as the financial year.
A post on mygov site said: "There are many arguments for and against the change in financial year which revolve around issues of budget and cash management by government, seasonality of government revenues and expenditure, impact of monsoon on budget forecasting, working season, timelines involved in the legislative cycle of passage of budget by the Parliament..."
It also flagged issues concerning international comparability of fiscal statistics, aligning government's financial year with year for tax assessment and corporate accounting purposes.
Some arguments are less on the intrinsic merit or demerit of the change and more on the timing of the change, such as when it coincides with other developments impacting businesses, said the write-up, inviting public comments by September 30.
To examine the feasibility of having a new financial year, the government has already set up a committee headed by former CEA Shankar Acharya.
The committee, which will submit its report by December, will have to provide reasoning for the suitability of the financial year from the point of view of correct estimation of receipts and expenditure of central and state governments.
Besides Acharya, the members of the committee are former Cabinet Secretary K M Chandrasekhar, former Finance Secretary Tamil Nadu P V Rajaraman and Centre for Policy Research Senior Fellow Rajiv Kumar.
It also has to state its effect on the different agricultural crop periods and the relationship of financial year to the working season.
Besides, the committee will also have to analyse its impact on businesses, taxation systems and procedures, statistics and data collection and the convenience of the legislatures for transacting budget work.
The issue of change of financial year was last examined by the L K Jha Committee in 1985, whose recommendation to move to a financial year of January 1-December 31 (for Central and State Governments) was not accepted by the then government, it said.
Keen on a wider debate on changing the financial year, government has sought public comments on the desirability of replacing the existing period in a bid to improve budgetary process and cash management.
The government as well as most corporates in India follow April 1 to March 31 as the financial year.
A post on mygov site said: "There are many arguments for and against the change in financial year which revolve around issues of budget and cash management by government, seasonality of government revenues and expenditure, impact of monsoon on budget forecasting, working season, timelines involved in the legislative cycle of passage of budget by the Parliament..."
It also flagged issues concerning international comparability of fiscal statistics, aligning government's financial year with year for tax assessment and corporate accounting purposes.
Some arguments are less on the intrinsic merit or demerit of the change and more on the timing of the change, such as when it coincides with other developments impacting businesses, said the write-up, inviting public comments by September 30.
To examine the feasibility of having a new financial year, the government has already set up a committee headed by former CEA Shankar Acharya.
The committee, which will submit its report by December, will have to provide reasoning for the suitability of the financial year from the point of view of correct estimation of receipts and expenditure of central and state governments.
Besides Acharya, the members of the committee are former Cabinet Secretary K M Chandrasekhar, former Finance Secretary Tamil Nadu P V Rajaraman and Centre for Policy Research Senior Fellow Rajiv Kumar.
It also has to state its effect on the different agricultural crop periods and the relationship of financial year to the working season.
Besides, the committee will also have to analyse its impact on businesses, taxation systems and procedures, statistics and data collection and the convenience of the legislatures for transacting budget work.
The issue of change of financial year was last examined by the L K Jha Committee in 1985, whose recommendation to move to a financial year of January 1-December 31 (for Central and State Governments) was not accepted by the then government, it said.
Now, Patanjali enters home worship space with Astha
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After maintaining a strong foothold in food and beverages space, Baba Ramdev's next target is to capture the fast growing sacred space i.e. home worship products.
Baba Ramdev's brand Patanjali has already taken over the toothpaste, biscuits and noodles segment, giving tough competition to established players.
Now, Patanjali Ayurveda is planning to launch an array of products in the organised home worship category which is growing at a rapid pace. The industry is estimated to be worth Rs 8,000-crore. Patanjali Ayurveda will launch the products under the brand name Patanjali Astha.
The products, which include agarbatti, dhoop, samagri, brass diyas etc, will be rolled out in the next two months. ITC group entered the segment two years back when it launched Mangaldeep brand of agarbatti.
"We are creating the new brand - Astha. Research has shown that a lot of established players use chemicals in worship products like incense sticks and dhoop which end up harming consumers. There is a need for natural products in this space," Patanjali's managing director Acharya Balkrishna told ET.
"We will definitely be in stores well before the festive quarter," Balkrishna added.
The Patanjali Astha products will be exclusively distributed by Pittie Group under Shubhkart , an online marketplace exclusively sells religious and spiritual products.
After maintaining a strong foothold in food and beverages space, Baba Ramdev's next target is to capture the fast growing sacred space i.e. home worship products.
Baba Ramdev's brand Patanjali has already taken over the toothpaste, biscuits and noodles segment, giving tough competition to established players.
Now, Patanjali Ayurveda is planning to launch an array of products in the organised home worship category which is growing at a rapid pace. The industry is estimated to be worth Rs 8,000-crore. Patanjali Ayurveda will launch the products under the brand name Patanjali Astha.
The products, which include agarbatti, dhoop, samagri, brass diyas etc, will be rolled out in the next two months. ITC group entered the segment two years back when it launched Mangaldeep brand of agarbatti.
"We are creating the new brand - Astha. Research has shown that a lot of established players use chemicals in worship products like incense sticks and dhoop which end up harming consumers. There is a need for natural products in this space," Patanjali's managing director Acharya Balkrishna told ET.
"We will definitely be in stores well before the festive quarter," Balkrishna added.
The Patanjali Astha products will be exclusively distributed by Pittie Group under Shubhkart , an online marketplace exclusively sells religious and spiritual products.
Masala bonds to ease capital constraints for banks: Fitch
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RBI's move to allow banks to issue masala bonds will remove obstacles for lenders in accessing additional tier I (AT1) and tier II bond capital and also widen the investors pool, says Fitch.
"This measure would ease a key constraint for banks in accessing new AT1 and tier 2 capital, given the limited size of the domestic investor pool relative to the scale of the capital needed," Fitch said in a note today.
It said masala bonds market remains in its infancy, however, with RBI's initial regulatory framework put in place in September 2015 - and the first issues, by corporates HDFC and NTPC, only completed in July and August, respectively, this year.
Fitch estimates a capital shortfall of USD 90 billion over next several years as basel III regulatory requirements build from the financial year 2017 to 2019.
The ratings agency has long maintained that the country's banks would find it challenging to raise sufficient AT1 capital through the domestic markets.
This is the case even as most of the capital needed will be required to be denominated in rupee owing to the currency structure of most banks' balance sheets, it said.
"As such, enabling banks to issue masala bonds opens a window to a much larger investment pool while simultaneously addressing the problem of currency mismatches which had existed with previous international bond issues," the global agency said.
It, however, said the extent to which banks will be able to use the masala bonds channel to raise capital remains to be seen, and will depend to a large extent on foreign-investor risk appetite and pricing.
RBI's move to allow banks to issue masala bonds will remove obstacles for lenders in accessing additional tier I (AT1) and tier II bond capital and also widen the investors pool, says Fitch.
"This measure would ease a key constraint for banks in accessing new AT1 and tier 2 capital, given the limited size of the domestic investor pool relative to the scale of the capital needed," Fitch said in a note today.
It said masala bonds market remains in its infancy, however, with RBI's initial regulatory framework put in place in September 2015 - and the first issues, by corporates HDFC and NTPC, only completed in July and August, respectively, this year.
Fitch estimates a capital shortfall of USD 90 billion over next several years as basel III regulatory requirements build from the financial year 2017 to 2019.
The ratings agency has long maintained that the country's banks would find it challenging to raise sufficient AT1 capital through the domestic markets.
This is the case even as most of the capital needed will be required to be denominated in rupee owing to the currency structure of most banks' balance sheets, it said.
"As such, enabling banks to issue masala bonds opens a window to a much larger investment pool while simultaneously addressing the problem of currency mismatches which had existed with previous international bond issues," the global agency said.
It, however, said the extent to which banks will be able to use the masala bonds channel to raise capital remains to be seen, and will depend to a large extent on foreign-investor risk appetite and pricing.
General Awareness
World Risk Index – 2016, India at 77th, Pakistan at 72nd and Bangladesh at 5th
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The World Risk Report 2016, published by the UNU Institute for Environment and Human Security (UNU-EHS) and Bundnis Entwicklung Hilft, analyses the role that infrastructure plays in shaping a country’s disaster risk. India has been ranked 77th on the World Risk Index, topped by Island state of Vanuatu.
World Risk Index :-
This is a list of countries by natural disaster risk, as measured in the World Risk Index, calculated by the United Nations University for Environment and Human Security (UNU-EHS) and featured in the 2013 World Risk Report (WRR 2013) published by the Alliance Development Works/Bündnis Entwicklung Hilft (BEH).
- The report systematically considers a country’s vulnerability, and its exposure to natural hazards to determine a ranking of countries around the world based on their disaster risk.
- The WRI developed by UNU-EHS and BEH the main feature of the WRR, determines the risk of becoming a victim of a disaster as a result of vulnerability and natural hazards such as earthquakes, storms, floods, droughts and sea level rise for 173 countries worldwide.
- The WRI is based on 28 indicators and research data which are globally freely available and results in a global risk ranking and maps which allow for comparison between countries. Risk is at its highest where a high level of exposure to natural hazards coincides with very vulnerable societies
Measures of Risk Index :-
- The index assessed the risk of disaster in 171 countries through the combined analysis of natural hazards and societal vulnerabilities.
- The Index, calculated by the University of Stuttgart, ranks 171 countries according to their risk of becoming a victim of a disaster as a result of natural hazards such as floods, cyclones, or earthquakes.
- The Island state of Vanuatu has been ranked no 1 on the index. Pakistan ranks 72th while Sri Lanka and Bangladesh at 63rd and 5th position respectively. China and Nepal are in a better position than Indian on 85th and 108th position.
- The international community must invest more in the establishment and development of critical infrastructure even before disasters occur.
- Crumbling transport routes, unreliable electricity grids, and dilapidated buildings not only hinder humanitarian aid from overseas, but also delay crucial aid for those affected in the event of a disaster.
- Inadequate infrastructure and weak logistic chains substantially increase the risk that anextreme natural event will become a disaster.
- The World Risk Report 2016, published by the UNU Institute for Environment and Human Security (UNU-EHS) and Bundnis Entwicklung Hilft, analyses the role that infrastructure plays in shaping a country’s disaster risk. India has been ranked 77th on the World Risk Index, topped by Island state of Vanuatu.
World Risk Index :-This is a list of countries by natural disaster risk, as measured in the World Risk Index, calculated by the United Nations University for Environment and Human Security (UNU-EHS) and featured in the 2013 World Risk Report (WRR 2013) published by the Alliance Development Works/Bündnis Entwicklung Hilft (BEH).- The report systematically considers a country’s vulnerability, and its exposure to natural hazards to determine a ranking of countries around the world based on their disaster risk.
- The WRI developed by UNU-EHS and BEH the main feature of the WRR, determines the risk of becoming a victim of a disaster as a result of vulnerability and natural hazards such as earthquakes, storms, floods, droughts and sea level rise for 173 countries worldwide.
- The WRI is based on 28 indicators and research data which are globally freely available and results in a global risk ranking and maps which allow for comparison between countries. Risk is at its highest where a high level of exposure to natural hazards coincides with very vulnerable societies
Measures of Risk Index :-- The index assessed the risk of disaster in 171 countries through the combined analysis of natural hazards and societal vulnerabilities.
- The Index, calculated by the University of Stuttgart, ranks 171 countries according to their risk of becoming a victim of a disaster as a result of natural hazards such as floods, cyclones, or earthquakes.
- The Island state of Vanuatu has been ranked no 1 on the index. Pakistan ranks 72th while Sri Lanka and Bangladesh at 63rd and 5th position respectively. China and Nepal are in a better position than Indian on 85th and 108th position.
- The international community must invest more in the establishment and development of critical infrastructure even before disasters occur.
- Crumbling transport routes, unreliable electricity grids, and dilapidated buildings not only hinder humanitarian aid from overseas, but also delay crucial aid for those affected in the event of a disaster.
- Inadequate infrastructure and weak logistic chains substantially increase the risk that anextreme natural event will become a disaster.
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