General Affairs
Ahead of civic polls, PM Modi’s gift to Mumbai: Rs 1.06 trillion worth of infra projects
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Prime Minister Narendra Modi on Saturday laid foundation stones of many key infrastructure projects, including the country’s longest sea bridge and two metro lines in the city, entailing investment of over Rs 1.06 lakh crore. “Developmental works of over Rs 1.06 trillion are getting started in a single city at a single event. This will be a big milestone in the city’s history,” Modi said at a public rally at the MMRDA grounds in suburban Bandra-Kurla Complex. He kick-started progress on the much-delayed and ambitious projects, months ahead of local elections to the nation’s richest civic body.
Projects include 22.5-km Mumbai Trans Harbour Link that will connect the city’s eastern suburbs with the mainland across the harbour, via a 16.5 km sea bridge and a viaduct. The Rs 17,843-crore project, for which multiple consortia have shown interest, will connect Sewri in central-east Mumbai with Nhava Sheva across the harbour which is close to the nation’s largest container port JNPT. To be completed by 2019, MTHL will also help increase connectivity to the proposed Navi Mumbai international airport.
Modi also laid the foundation stones of two new metro projects — the 23.5-km DN Nagar-Bandra-Mankhurd Metro-2B corridor and the 32-km Wadala-Ghatkopar-Thane-Kasarvadavli Metro-4 corridor– through a remote control at the event. The two metro lines, part of a plan to have a 200-km metro network across the Mumbai metropolitan area cutting through densely populated suburbs serving as feeders for the island city, will be built at an investment of Rs 10,986 crore and Rs 14,549 crore, respectively.
Both the metros will run 6-coach trains and is expected to carry 1,800 commuters per trip each. The Mumbai Metropolitan Region Development Authority is aiming to reduce the overcrowding in suburban local trains run through these metro projects and also reducing the vehicular traffic woes.
The Prime Minister also laid the foundation stone for multiple works to be carried out as part of the third phase of the Mumbai Urban Transport Project with an investment of Rs 52,000 crore across the megapolis. Major among these are suburban networks including two more lines between Virar-Dahanu Road, Panvel-Karjat double line suburban corridor and trespass control at 22 locations.
Modi also laid the foundation stone for flyovers to ease traffic congestion at critical spots which include two flyovers at Bandra’s Kalanagar Junction. He also laid the foundation for a Rs 3,600-crore grand memorial for Shivaji Maharaj, the 17th century warrior king, off the city coast.
Projects include 22.5-km Mumbai Trans Harbour Link that will connect the city’s eastern suburbs with the mainland across the harbour, via a 16.5 km sea bridge and a viaduct. The Rs 17,843-crore project, for which multiple consortia have shown interest, will connect Sewri in central-east Mumbai with Nhava Sheva across the harbour which is close to the nation’s largest container port JNPT. To be completed by 2019, MTHL will also help increase connectivity to the proposed Navi Mumbai international airport.
Modi also laid the foundation stones of two new metro projects — the 23.5-km DN Nagar-Bandra-Mankhurd Metro-2B corridor and the 32-km Wadala-Ghatkopar-Thane-Kasarvadavli Metro-4 corridor– through a remote control at the event. The two metro lines, part of a plan to have a 200-km metro network across the Mumbai metropolitan area cutting through densely populated suburbs serving as feeders for the island city, will be built at an investment of Rs 10,986 crore and Rs 14,549 crore, respectively.
Both the metros will run 6-coach trains and is expected to carry 1,800 commuters per trip each. The Mumbai Metropolitan Region Development Authority is aiming to reduce the overcrowding in suburban local trains run through these metro projects and also reducing the vehicular traffic woes.
The Prime Minister also laid the foundation stone for multiple works to be carried out as part of the third phase of the Mumbai Urban Transport Project with an investment of Rs 52,000 crore across the megapolis. Major among these are suburban networks including two more lines between Virar-Dahanu Road, Panvel-Karjat double line suburban corridor and trespass control at 22 locations.
Modi also laid the foundation stone for flyovers to ease traffic congestion at critical spots which include two flyovers at Bandra’s Kalanagar Junction. He also laid the foundation for a Rs 3,600-crore grand memorial for Shivaji Maharaj, the 17th century warrior king, off the city coast.
The corrupt made all efforts to defeat demonetisation: PM Modi’s top quotes from BKC speech
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Prime Minister Narendra Modi on Saturday advocated for his demonetisation policy and argued that the fight against corruption would continue until the BJP-led government wins. Addressing a gathering at the Bandra Kurla Complex in Mumbai, PM Modi said, “This fight will continue until we win it. Our battle to fight corruption has been going on since the day we assumed office. During this, we took some historic decisions, but on November 8 we launched one of the strongest attacks against black money hoarders.”
Hitting out at those who opposed his demonetisation move, PM Modi said that despite the Opposition’s best efforts to mislead and create a sense of panic, the people continued to repose their faith in the government and stood by him during the crucial time.
Following are his top quotes from the BKC event:
1. Dishonest people, you should not underestimate the mood of 125 crore people. You will have to be afraid of it. Time has come for ruin of dishonest people. This is a cleanliness campaign.
2. After 50 days (from November 8), the troubles of honest people will start to reduce and the problems of dishonest people will begin to increase
3. We took a big decision against black money and corruption on November 8 and 125 crore Indians endured pain but did not stop supporting me. I want to assure people of the country that this battle won’t end till we win it
4. Those who have consumed malai (cream) did not leave any stone unturned to foil this (demonetisation)
5. The corrupt have made all efforts to defeat the decision (demonetisation). They even thought of managing bank officials to get their black money converted into white. And that’s how many of them got caught.
6. Demonetisation has (brought about) short-term pains, but it will bring in long-term gains.
Hitting out at those who opposed his demonetisation move, PM Modi said that despite the Opposition’s best efforts to mislead and create a sense of panic, the people continued to repose their faith in the government and stood by him during the crucial time.
Following are his top quotes from the BKC event:
1. Dishonest people, you should not underestimate the mood of 125 crore people. You will have to be afraid of it. Time has come for ruin of dishonest people. This is a cleanliness campaign.
2. After 50 days (from November 8), the troubles of honest people will start to reduce and the problems of dishonest people will begin to increase
3. We took a big decision against black money and corruption on November 8 and 125 crore Indians endured pain but did not stop supporting me. I want to assure people of the country that this battle won’t end till we win it
4. Those who have consumed malai (cream) did not leave any stone unturned to foil this (demonetisation)
5. The corrupt have made all efforts to defeat the decision (demonetisation). They even thought of managing bank officials to get their black money converted into white. And that’s how many of them got caught.
6. Demonetisation has (brought about) short-term pains, but it will bring in long-term gains.
DRDO successfully tests Smart Anti-Airfield Weapon, capable of engaging targets up to 100 km
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The Defence and Research Development Organization (DRDO) on Friday successfully flight tested the Smart Anti-Airfield Weapon (SAAW), from an Indian Air Force (IAF) aircraft. SAAW, an indigenously designed and developed 120 kg. class smart weapon, developed by DRDO, is capable of engaging ground targets with high precision up to a range of 100 kms. The light-weight high precision guided bomb is one of the world class weapons systems.
The captive and release trials were tracked by Radar and Telemetry ground stations at ITR during the entire duration of the flight. The performance of all systems were satisfactory with all the mission objectives achieved. Secretary, Department of Defence (R&D) and Chairman, DRDO, Dr S. Christopher, congratulated DRDO and the IAF teams for the successful mission.
Scientific Advisor to RM and DG (Missile and Strategic Systems), DRDO, Dr G. Satheesh Reddy, lauded the scientific community of the DRDO for their efforts towards the design and development of this state-of-the-art smart weapon within the set time frame.
The Defence and Research Development Organization (DRDO) on Friday successfully flight tested the Smart Anti-Airfield Weapon (SAAW), from an Indian Air Force (IAF) aircraft. SAAW, an indigenously designed and developed 120 kg. class smart weapon, developed by DRDO, is capable of engaging ground targets with high precision up to a range of 100 kms. The light-weight high precision guided bomb is one of the world class weapons systems.
The captive and release trials were tracked by Radar and Telemetry ground stations at ITR during the entire duration of the flight. The performance of all systems were satisfactory with all the mission objectives achieved. Secretary, Department of Defence (R&D) and Chairman, DRDO, Dr S. Christopher, congratulated DRDO and the IAF teams for the successful mission.
Scientific Advisor to RM and DG (Missile and Strategic Systems), DRDO, Dr G. Satheesh Reddy, lauded the scientific community of the DRDO for their efforts towards the design and development of this state-of-the-art smart weapon within the set time frame.
BJP will bring back development, good governance to UP: Rajnath Singh
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Development and good governance have been ousted from Uttar Pradesh by the successive governments of BSP and SP and these will be brought back if BJP is voted to power, senior party leader and Union Home Minister Rajnath Singh said today here. Singh, while participating in the last of the party’s four ‘Parivartan Yatras’ which had started on November 5, said there were clear indications that people of the state want a change. The state is currently ruled by Samajwadi Party and the next Assembly elections are due in few months.
“Development and good governance which were exiled by the SP and BSP will be brought back through the BJP government after the coming Assembly polls in the state,” said the Lok Sabha member from Lucknow. “Parivartan yatras are ending in Lucknow..I too have got a chance to take part in public meetings during the yatras..on the basis of the information I have got from different sources, I can say that the amount of love people of UP have given to these yatras had never come BJP’s way in any of the yatras in the past,” he said.
He added, “The surging crowds in these yatras have clealy indicated that people of the state want a change.” Justifying demonetisation, Singh said Prime Minister Narendra Modi took this decision in national interest and increased its respect at the global level. Accompanied by drum beaters and slogan shouting supporters, the yatra took form of a road show in the state capital today with partymen setting up raised platforms and dais all along the route.
Besides Singh, other senior leaders including Kalraj Misra, Uma Bharti and Keshav Prasad Maurya also took part in the roadshow. They also garlanded the statues of Mahatma Gandhi, Dr. Ambedkar and other leaders as a mark of respect and took a resolve to uproot SP government and instal BJP government in
the coming elections.
Four ‘Parivaran Yatras’ were flagged off from four corners of UP — Saharanpur, Jhansi, Sonebhadra and Ballia — in which senior leaders and union ministers took part at different places and held public meetings. Prime Minister Narendra Modi addressed six public meetings during this programme.
The yatra which touched all the 403 assembly segments of the state covered a distance of more than 17,162 kms. BSP president Mayawati and Congress termed BJP yatras as ‘divert attention yatras’ from the “unfulfilled promises” of the BJP. “These yatras were organised in order to divert people’s attention from the promises made by the BJP and which have still remained unfulfilled,” Mayawati said in a statement. “Although BJP used all resources at its disposal and its top leaders including the PM Modi also participated in these yatras, there was no enthusiasm among the people,” Mayawati said.
The “ill-planned” note ban is yet another decision of the Modi government to divert attention from the failure. “The note ban decision has however become a thorn in the flesh of the BJP and people are now afraid as to what all is in store for them and this is a very unfortunate situation,” she said. Congress spokesman Ashok Kumar said there was no impact of the yatra in Lucknow today and note ban has become a big problem for the common people who have come to know the reality of the BJP.
Development and good governance have been ousted from Uttar Pradesh by the successive governments of BSP and SP and these will be brought back if BJP is voted to power, senior party leader and Union Home Minister Rajnath Singh said today here. Singh, while participating in the last of the party’s four ‘Parivartan Yatras’ which had started on November 5, said there were clear indications that people of the state want a change. The state is currently ruled by Samajwadi Party and the next Assembly elections are due in few months.
“Development and good governance which were exiled by the SP and BSP will be brought back through the BJP government after the coming Assembly polls in the state,” said the Lok Sabha member from Lucknow. “Parivartan yatras are ending in Lucknow..I too have got a chance to take part in public meetings during the yatras..on the basis of the information I have got from different sources, I can say that the amount of love people of UP have given to these yatras had never come BJP’s way in any of the yatras in the past,” he said.
He added, “The surging crowds in these yatras have clealy indicated that people of the state want a change.” Justifying demonetisation, Singh said Prime Minister Narendra Modi took this decision in national interest and increased its respect at the global level. Accompanied by drum beaters and slogan shouting supporters, the yatra took form of a road show in the state capital today with partymen setting up raised platforms and dais all along the route.
Besides Singh, other senior leaders including Kalraj Misra, Uma Bharti and Keshav Prasad Maurya also took part in the roadshow. They also garlanded the statues of Mahatma Gandhi, Dr. Ambedkar and other leaders as a mark of respect and took a resolve to uproot SP government and instal BJP government in
the coming elections.
the coming elections.
Four ‘Parivaran Yatras’ were flagged off from four corners of UP — Saharanpur, Jhansi, Sonebhadra and Ballia — in which senior leaders and union ministers took part at different places and held public meetings. Prime Minister Narendra Modi addressed six public meetings during this programme.
The yatra which touched all the 403 assembly segments of the state covered a distance of more than 17,162 kms. BSP president Mayawati and Congress termed BJP yatras as ‘divert attention yatras’ from the “unfulfilled promises” of the BJP. “These yatras were organised in order to divert people’s attention from the promises made by the BJP and which have still remained unfulfilled,” Mayawati said in a statement. “Although BJP used all resources at its disposal and its top leaders including the PM Modi also participated in these yatras, there was no enthusiasm among the people,” Mayawati said.
The “ill-planned” note ban is yet another decision of the Modi government to divert attention from the failure. “The note ban decision has however become a thorn in the flesh of the BJP and people are now afraid as to what all is in store for them and this is a very unfortunate situation,” she said. Congress spokesman Ashok Kumar said there was no impact of the yatra in Lucknow today and note ban has become a big problem for the common people who have come to know the reality of the BJP.
True measure of success is the impact in villages, not in Dalal Street or Lutyens Delhi: PM Modi
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Prime Minister Narendra Modi on Saturday defended his government’s decision to demonetise high-value currency notes and vowed to continue with sound economic policies for ensuring India’s future in the long run. He was speaking at the National Institute of Securities Markets in Raigad, Maharashtra. “Demonetisation is only a short term pain for a long-term gain,” the prime minister was quoted saying by news agency ANI. He added that the government has never taken decisions for short-term political gains.
Stressing that his aim is to make India a developed country in one generation, he asked those who profit from financial markets to make a fair contribution to nation-building through taxes. Asking the regulators and taxmen to think about the contribution of market participants to the exchequer, Modi said, “The low contribution of taxes may be due to the structure of our tax laws. Low or zero tax rate is given to certain types of financial income.”
Securities transaction tax also features among the various levies in the financial markets. According to estimates, an investor pays around 15.3 per cent in taxes. The Prime Minister’s remarks assume much significance ahead of the Budget to be presented in the first week of February.
“Those who profit from the financial markets must make a fair contribution to nation-building through taxes. For
various reasons, the contribution of tax from those who make money on the markets has been low. To some extent, it may be due to illegal activities and fraud,” Modi said without mentioning about any particular tax.
“We should consider methods for increasing it in a fair, efficient and transparent way,” added the Prime Minister,
while inaugurating the new educational and training campus of the Sebi-run National Institute of Securities Markets in this industrial township near Mumbai. Modi said tax rates can go up as every investor today gets equal tax treatment.
“In the past, there was a feeling that some investors were getting an unfair deal by using certain tax treaties. As you know, those treaties have been amended by the government. Now, it is time to rethink and come up with a good design which is simple and transparent, but also fair and progressive.”
In a veiled reference at his critics, the prime minister also said that the true measure of success is the impact felt in villages, not in Dalal Street or Lutyens’ Delhi. Highlighting his government’s achievements, PM Modi said the constitutional amendments on GST which were ‘pending for years’ were passed and that ‘GST will soon become a reality’.
“We have made progress and improved ease of doing business. FDI has now reached record levels,” PM he said.
The prime minister is on a day-long visit to Maharashtra where he will lay the foundation for a memorial dedicated to Maratha warrior king Shivaji and a couple of Metro projects in Mumbai and Pune.
Stressing that his aim is to make India a developed country in one generation, he asked those who profit from financial markets to make a fair contribution to nation-building through taxes. Asking the regulators and taxmen to think about the contribution of market participants to the exchequer, Modi said, “The low contribution of taxes may be due to the structure of our tax laws. Low or zero tax rate is given to certain types of financial income.”
Securities transaction tax also features among the various levies in the financial markets. According to estimates, an investor pays around 15.3 per cent in taxes. The Prime Minister’s remarks assume much significance ahead of the Budget to be presented in the first week of February.
“Those who profit from the financial markets must make a fair contribution to nation-building through taxes. For
various reasons, the contribution of tax from those who make money on the markets has been low. To some extent, it may be due to illegal activities and fraud,” Modi said without mentioning about any particular tax.
various reasons, the contribution of tax from those who make money on the markets has been low. To some extent, it may be due to illegal activities and fraud,” Modi said without mentioning about any particular tax.
“We should consider methods for increasing it in a fair, efficient and transparent way,” added the Prime Minister,
while inaugurating the new educational and training campus of the Sebi-run National Institute of Securities Markets in this industrial township near Mumbai. Modi said tax rates can go up as every investor today gets equal tax treatment.
while inaugurating the new educational and training campus of the Sebi-run National Institute of Securities Markets in this industrial township near Mumbai. Modi said tax rates can go up as every investor today gets equal tax treatment.
“In the past, there was a feeling that some investors were getting an unfair deal by using certain tax treaties. As you know, those treaties have been amended by the government. Now, it is time to rethink and come up with a good design which is simple and transparent, but also fair and progressive.”
In a veiled reference at his critics, the prime minister also said that the true measure of success is the impact felt in villages, not in Dalal Street or Lutyens’ Delhi. Highlighting his government’s achievements, PM Modi said the constitutional amendments on GST which were ‘pending for years’ were passed and that ‘GST will soon become a reality’.
“We have made progress and improved ease of doing business. FDI has now reached record levels,” PM he said.
The prime minister is on a day-long visit to Maharashtra where he will lay the foundation for a memorial dedicated to Maratha warrior king Shivaji and a couple of Metro projects in Mumbai and Pune.
Business Affairs
GST council meeting: Compensation Bill to see a redraft on the ‘note ban factor’
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The GST Council in its seventh meeting decided to redraft the compensation Bill to include ‘other receipts’ apart from previously agreed cess on luxury and demerit goods as the source to fund compensation, with states voicing concerns about a likely decline in their revenues this fiscal following the scrapping of high-denomination currency notes.
Even though the Council cleared most provisions of supporting draft Bills of compensation and Central GST (CGST), the Centre and the states failed to make a breakthrough over the vexed issue of division of control over tax assessees as it did not come up for discussion in the two-day long meeting.
The pending issues of dual control and draft Integrated GST (IGST) Bill will be taken up for discussion in the next meeting of the Council on January 3-4.
“Certain technical and procedural issues were cleared but the big issues are yet to be resolved. For example IGST…among other issues, many issues had to be re-brought to the GST. For example compensation…earlier formulation without demonetisation was that Rs 55,000 crore will be perhaps necessary to compensate states as per Constitutional amendment as a guarantee and that will come through cesses.
We were able to define cesses primarily on luxury, demerit goods and Centre’s environmental cess. Today, atmosphere is completely changed. Most states feel that their revenues will drastically fall in third quarter and fourth quarter, so average revenue will be significantly lower,” West Bengal’s finance minister Amit Mitra said.
He added, “Whether ruling party, Opposition party, everyone was on same page. Most states estimate at least 30-40 per cent loss of revenue in third and fourth quarter. Maybe as bad if not worse … the quantum of compensation is going to be much larger than Rs 55,000 crore. My personal estimate is that it can go easily to Rs 70,000-80,000 crore or more depending on fourth quarter results…question is where will the remaining money come from. This is an issue that has not been closed. Some thinking has to be done in this. Central government has to find the money. It will come back to GST Council with their estimates and projections. GST Council will discuss and then take a call on what can be done.”
Jammu & Kashmir’s finance minister Haseeb Drabu said, “One paragraph of compensation Bill was redrafted. States did not want the source of compensation to be limited only to cess, so we decided to phrase it as cess and other receipts, which can include borrowings also. Those other receipts will be decided by the GST Council, which it will then suggest to Parliament.”
The GST Council also made changes to the compensation mechanism to allow bi-monthly payment to states instead of quarterly payout decided earlier.
After the meeting, finance minister Arun Jaitley said, “…on the compensation law, it is cleared that the states will be compensated 100 per cent for loss which is directly attributable to GST implementation for a period of five years…that basic draft has been approved. There was one clause, in particular, with respect to source of compensation fund, which the language will be redrafted and the legally vetted language will be placed before the next meeting of the Council.”
Last month, Jaitley had said that there is a rough calculation of Rs 50,000 crore required in the first year of compensation. The Council had decided to levy a cess on luxury and demerit goods over and above the higher rate of 28 per cent under the proposed multi-tier GST rate structure to create a compensation fund to pay states for their revenue losses after GST rollout. With some issues pending, the government will find it tough to meet its initial April 1, 2017 deadline for GST rollout. However, when asked if April 1 deadline still stands, Jaitley said, “I am trying my best to do that…left to myself, I would like to do that.”
On the pending items, Jaitley said, “If you ask me what are the principal residuary items left, the main item of course is the IGST and dual empowerment issue. The second is the legally vetted language which will be placed in the next meeting on January 3-4.
Jaitley added that State GST (SGST) Bill, which is a mirror image of CGST bill, has been approved by the Council. Two issues pertaining to IGST Bill related to definition of territory of state and whether powers under IGST will be of Centre or will be shared with states will come up for discussion in the next meeting, he said.
The GST Council in its seventh meeting decided to redraft the compensation Bill to include ‘other receipts’ apart from previously agreed cess on luxury and demerit goods as the source to fund compensation, with states voicing concerns about a likely decline in their revenues this fiscal following the scrapping of high-denomination currency notes.
Even though the Council cleared most provisions of supporting draft Bills of compensation and Central GST (CGST), the Centre and the states failed to make a breakthrough over the vexed issue of division of control over tax assessees as it did not come up for discussion in the two-day long meeting.
The pending issues of dual control and draft Integrated GST (IGST) Bill will be taken up for discussion in the next meeting of the Council on January 3-4.
“Certain technical and procedural issues were cleared but the big issues are yet to be resolved. For example IGST…among other issues, many issues had to be re-brought to the GST. For example compensation…earlier formulation without demonetisation was that Rs 55,000 crore will be perhaps necessary to compensate states as per Constitutional amendment as a guarantee and that will come through cesses.
We were able to define cesses primarily on luxury, demerit goods and Centre’s environmental cess. Today, atmosphere is completely changed. Most states feel that their revenues will drastically fall in third quarter and fourth quarter, so average revenue will be significantly lower,” West Bengal’s finance minister Amit Mitra said.
He added, “Whether ruling party, Opposition party, everyone was on same page. Most states estimate at least 30-40 per cent loss of revenue in third and fourth quarter. Maybe as bad if not worse … the quantum of compensation is going to be much larger than Rs 55,000 crore. My personal estimate is that it can go easily to Rs 70,000-80,000 crore or more depending on fourth quarter results…question is where will the remaining money come from. This is an issue that has not been closed. Some thinking has to be done in this. Central government has to find the money. It will come back to GST Council with their estimates and projections. GST Council will discuss and then take a call on what can be done.”
Jammu & Kashmir’s finance minister Haseeb Drabu said, “One paragraph of compensation Bill was redrafted. States did not want the source of compensation to be limited only to cess, so we decided to phrase it as cess and other receipts, which can include borrowings also. Those other receipts will be decided by the GST Council, which it will then suggest to Parliament.”
The GST Council also made changes to the compensation mechanism to allow bi-monthly payment to states instead of quarterly payout decided earlier.
After the meeting, finance minister Arun Jaitley said, “…on the compensation law, it is cleared that the states will be compensated 100 per cent for loss which is directly attributable to GST implementation for a period of five years…that basic draft has been approved. There was one clause, in particular, with respect to source of compensation fund, which the language will be redrafted and the legally vetted language will be placed before the next meeting of the Council.”
Last month, Jaitley had said that there is a rough calculation of Rs 50,000 crore required in the first year of compensation. The Council had decided to levy a cess on luxury and demerit goods over and above the higher rate of 28 per cent under the proposed multi-tier GST rate structure to create a compensation fund to pay states for their revenue losses after GST rollout. With some issues pending, the government will find it tough to meet its initial April 1, 2017 deadline for GST rollout. However, when asked if April 1 deadline still stands, Jaitley said, “I am trying my best to do that…left to myself, I would like to do that.”
On the pending items, Jaitley said, “If you ask me what are the principal residuary items left, the main item of course is the IGST and dual empowerment issue. The second is the legally vetted language which will be placed in the next meeting on January 3-4.
Jaitley added that State GST (SGST) Bill, which is a mirror image of CGST bill, has been approved by the Council. Two issues pertaining to IGST Bill related to definition of territory of state and whether powers under IGST will be of Centre or will be shared with states will come up for discussion in the next meeting, he said.
ONGC to buy 80 per cent stake of GSPC
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The Oil and Natural Gas Corporation Ltd. (ONGC) and the Gujarat State Petroleum Corporation Ltd. (GSPC) have been engaged in discussions on a potential transaction for purchase by ONGC of GSPC’s stake and operatorship in NELP-III Block KG-OSN-2001/3 (“Block”) in Krishna Godavari (KG) Basin offshore. The ONGC Board on Friday considered the proposal and approved acquisition of the entire 80 percent Participating Interest (PI) of GSPC along with operatorship rights, at a purchase consideration of USD 995.26 million for Deen Dayal West Field in the Block.
The GSPC has already built significant production facilities like well head platforms, process cum living quarter platform, onshore gas terminal, export pipeline for transporting treated well fluid from process platform to onshore terminal etc.
ONGC shall also pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval their Field Development Plans by DGH / Management Committee of the Block.
The transaction would be documented by signing a Farm-in Agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of Production Sharing Contract of the Block.
The acquisition of PI and operatorship rights in the Block fits well with the strategy of ONGC to enhance natural gas production from domestic fields on a faster pace, more so with a goal to reduce import dependency of hydrocarbons by the 10 percent by year 2021-22. The trial gas production from Deen Dayal West Field has already begun. Upon successful completion of the transaction, ONGC shall endeavour to bring the field on commercial production along with the existing partners in the Block.
Through a successful exploration efforts by ONGC, an HP-HT corridor of oil and gas is emerging in KG Basin. The Deen Dayal Field will act as a pivot in developing nearby HP-HT discoveries in Yanam and Godavari PML areas of ONGC, simultaneously. ONGC also finds opportunity to bring the Cluster-I gas discoveries of KG-DWN-98/2 NELP Block and adjacent nomination blocks on a fast track development through utilization of infrastructure of Deen Dayal West Field.
The engagement between ONGC and GSPC has set a pioneering example of synergy of strategies of Government owned companies in upstream sector of oil & gas industry.
ONGC is the largest producer of crude oil and natural gas in India, contributing around 70 per cent of Indian domestic production. ONGC’s market capitalization as on 23rd December, 2016, was INR 2477 billion (USD 36.47 billion). During the financial year ended 31st March 2016, ONGC Group had produced 57.38 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.15 mmboe per day); the Consolidated Gross Turnover was INR 1,429.27 billion (USD 21.83 billion), Consolidated Net Profit was INR 141.24 billion (USD 2.16 billion) for the year 2015-16 and total oil and gas reserves were 2,022 mmtoe as on 31st March 2016.
The GSPC has already built significant production facilities like well head platforms, process cum living quarter platform, onshore gas terminal, export pipeline for transporting treated well fluid from process platform to onshore terminal etc.
ONGC shall also pay part consideration of USD 200 million to GSPC towards future consideration for six discoveries other than Deen Dayal West Field, which will be adjusted upon valuation of the these discoveries subsequent to approval their Field Development Plans by DGH / Management Committee of the Block.
The transaction would be documented by signing a Farm-in Agreement with GSPC. Requisite approval from the Government will be sought by GSPC in accordance with provisions of Production Sharing Contract of the Block.
The acquisition of PI and operatorship rights in the Block fits well with the strategy of ONGC to enhance natural gas production from domestic fields on a faster pace, more so with a goal to reduce import dependency of hydrocarbons by the 10 percent by year 2021-22. The trial gas production from Deen Dayal West Field has already begun. Upon successful completion of the transaction, ONGC shall endeavour to bring the field on commercial production along with the existing partners in the Block.
Through a successful exploration efforts by ONGC, an HP-HT corridor of oil and gas is emerging in KG Basin. The Deen Dayal Field will act as a pivot in developing nearby HP-HT discoveries in Yanam and Godavari PML areas of ONGC, simultaneously. ONGC also finds opportunity to bring the Cluster-I gas discoveries of KG-DWN-98/2 NELP Block and adjacent nomination blocks on a fast track development through utilization of infrastructure of Deen Dayal West Field.
The engagement between ONGC and GSPC has set a pioneering example of synergy of strategies of Government owned companies in upstream sector of oil & gas industry.
ONGC is the largest producer of crude oil and natural gas in India, contributing around 70 per cent of Indian domestic production. ONGC’s market capitalization as on 23rd December, 2016, was INR 2477 billion (USD 36.47 billion). During the financial year ended 31st March 2016, ONGC Group had produced 57.38 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.15 mmboe per day); the Consolidated Gross Turnover was INR 1,429.27 billion (USD 21.83 billion), Consolidated Net Profit was INR 141.24 billion (USD 2.16 billion) for the year 2015-16 and total oil and gas reserves were 2,022 mmtoe as on 31st March 2016.
Govt invites bids: Study to ascertain reach of counterfeit electronic goods in domestic market
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The government has sought bids from agencies to conduct a study about the availability of fake, duplicate and counterfeit electronic goods in the domestic market and the impact of the Compulsory Registration Order, through which the sale of these products is restricted in the absence of a registration with the Bureau of Indian Standards (BIS).
“While the order applies equally to domestic and overseas produced products for sale into Indian markets, it is understood that Indian markets are also being fed with fake/duplicate/counterfeit electronic products either by misuse of the registration mark or by not complying to the order at all,” the Ministry of Electronics and Information Technology said in its Expression of Interest.
It added that the study to evaluate the availability of fake electronic products in the country would be conducted in eighteen state capitals and eighteen Tier-2/3 cities of other states.
“Survey may be scattered to cosmopolitan cities, rural areas & direct Sellers. However, samples be taken for products from a spectrum of MNCs, domestic manufacturers in large scale, MSME traders and market,” the bid document said.
Under the Electronics and Information Technology Goods (Requirement for Compulsory Registration) Order, 50 product categories such as mobile phones, laptops, microwaves, point-of-sale terminals, LED lamps, smart-card readers, inverters, power adapters, etc are included for which a self-declaration about compliance with the relevant standards is compulsory. As per the order, the sale of the notified electronic goods is restricted by the regulation to only safe goods duly registered by the BIS and displaying a standard mark to that effect.
The Expression of Interest document, which was floated earlier this week, has called for parameters such as missing BIS awarded registration number, standard mark, mobile phones without IMEI number, products without bills & traceability of supplier, missing model or serial number, significant difference in prices, etc to be considered while conducting the research.
In the study, for each of 50 product categories, three models or brands are to be included for each of the 36 locations, and the agency conducting the survey will submit its report to the IT ministry within 45 days of getting the tender.
The government has sought bids from agencies to conduct a study about the availability of fake, duplicate and counterfeit electronic goods in the domestic market and the impact of the Compulsory Registration Order, through which the sale of these products is restricted in the absence of a registration with the Bureau of Indian Standards (BIS).
“While the order applies equally to domestic and overseas produced products for sale into Indian markets, it is understood that Indian markets are also being fed with fake/duplicate/counterfeit electronic products either by misuse of the registration mark or by not complying to the order at all,” the Ministry of Electronics and Information Technology said in its Expression of Interest.
It added that the study to evaluate the availability of fake electronic products in the country would be conducted in eighteen state capitals and eighteen Tier-2/3 cities of other states.
“Survey may be scattered to cosmopolitan cities, rural areas & direct Sellers. However, samples be taken for products from a spectrum of MNCs, domestic manufacturers in large scale, MSME traders and market,” the bid document said.
Under the Electronics and Information Technology Goods (Requirement for Compulsory Registration) Order, 50 product categories such as mobile phones, laptops, microwaves, point-of-sale terminals, LED lamps, smart-card readers, inverters, power adapters, etc are included for which a self-declaration about compliance with the relevant standards is compulsory. As per the order, the sale of the notified electronic goods is restricted by the regulation to only safe goods duly registered by the BIS and displaying a standard mark to that effect.
The Expression of Interest document, which was floated earlier this week, has called for parameters such as missing BIS awarded registration number, standard mark, mobile phones without IMEI number, products without bills & traceability of supplier, missing model or serial number, significant difference in prices, etc to be considered while conducting the research.
In the study, for each of 50 product categories, three models or brands are to be included for each of the 36 locations, and the agency conducting the survey will submit its report to the IT ministry within 45 days of getting the tender.
Tata Steel to acquire pellet maker BRPL for Rs 900 crore
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Tata Steel on Friday said it has signed an agreement to acquire Odisha-based iron ore pellet manufacturer BRPL for Rs 900 crore in cash. Brahmani River Pellets Ltd (BRPL), which had a turnover of Rs 452 crore in 2015-16, owns a 4 million tons per annum capacity pellet plant in Jajpur and a 4.7 million tons iron ore beneficiation plat in Bardil, Odisha. A 220-km slurry pipeline connects the pellet plant with the beneficiation plant.
It manufacturers iron ore pellets for iron and steel industry.
“The acquisition provides an upstream integration opportunity to Tata Steel to meet its metallic requirements and improving the feed mix for its Kalinganagar steel plant and Jamshedpur steel plant,” the company said in a statement.
The deal, which is subject to regulatory approvals, is expected to close in four months. It also needs approval from RBI and other regulatory bodies to restructure BRPL’s balance sheet, including shareholders loan and advances.
“The acquisition of the company is being made at an enterprise value of Rs 900 crore plus closing adjustment,” it said.
BRPL was incorporated on August 24, 2006 and is engaged in the business of acquisition and beneficiation of iron ore and the manufacture and sale of iron ore pellets. Pellets are used as agglomerates in the iron making process.
The company was originally established by the Moorgate Industries Group (MIG), which continues to hold a significant stake in BRPL through its shareholding in AMTC.
MIG was formed on demerger from the Stemcor Group of Companies as part of a UK court-approved restructuring in 2015.
“Tata Steel Ltd announces that it has executed definitive agreements to acquire 100 per cent equity shares of BRPL from Arya Mining and Trading Corp Pvt Ltd (AMTC) and other companies in the MIG,” the statement said.
The acquisition will be funded from internal cash flows of Tata Steel.
Koushik Chatterjeee, Group Executive Director (Finance & Corporate) and member of the Tata Steel board said: “The location of the BRPL assets makes this very strategic to Tata Steel especially to our Kalinganagar operations and has significant operating synergies to make our Kalinganagar plant even more competitive for the future.”
The iron ore from Tata Steel’s captive mine in the Joda and Khondbond region will be transferred in future through slurry pipeline to reduce freight costs significantly. Also, the pellet plant and other infrastructure will enhance the operating efficiency and reduce costs of blast furnace and operations in Kalinganagar.
“To build a similar facility would have taken significant time and costs and therefore, this acquisition is very timely as we are looking to ramp up the capacity of the Phase-1 Kalinganagar. This is also a demonstration of our commitment to the state and people of Odisha,” he said.
Tata Steel currently has an aggregate capacity to produce 28 million tons of crude steel and had a turnover of USd 17.69 billion in FY16.
Tata Steel on Friday said it has signed an agreement to acquire Odisha-based iron ore pellet manufacturer BRPL for Rs 900 crore in cash. Brahmani River Pellets Ltd (BRPL), which had a turnover of Rs 452 crore in 2015-16, owns a 4 million tons per annum capacity pellet plant in Jajpur and a 4.7 million tons iron ore beneficiation plat in Bardil, Odisha. A 220-km slurry pipeline connects the pellet plant with the beneficiation plant.
It manufacturers iron ore pellets for iron and steel industry.
“The acquisition provides an upstream integration opportunity to Tata Steel to meet its metallic requirements and improving the feed mix for its Kalinganagar steel plant and Jamshedpur steel plant,” the company said in a statement.
The deal, which is subject to regulatory approvals, is expected to close in four months. It also needs approval from RBI and other regulatory bodies to restructure BRPL’s balance sheet, including shareholders loan and advances.
“The acquisition of the company is being made at an enterprise value of Rs 900 crore plus closing adjustment,” it said.
BRPL was incorporated on August 24, 2006 and is engaged in the business of acquisition and beneficiation of iron ore and the manufacture and sale of iron ore pellets. Pellets are used as agglomerates in the iron making process.
The company was originally established by the Moorgate Industries Group (MIG), which continues to hold a significant stake in BRPL through its shareholding in AMTC.
MIG was formed on demerger from the Stemcor Group of Companies as part of a UK court-approved restructuring in 2015.
“Tata Steel Ltd announces that it has executed definitive agreements to acquire 100 per cent equity shares of BRPL from Arya Mining and Trading Corp Pvt Ltd (AMTC) and other companies in the MIG,” the statement said.
The acquisition will be funded from internal cash flows of Tata Steel.
Koushik Chatterjeee, Group Executive Director (Finance & Corporate) and member of the Tata Steel board said: “The location of the BRPL assets makes this very strategic to Tata Steel especially to our Kalinganagar operations and has significant operating synergies to make our Kalinganagar plant even more competitive for the future.”
The iron ore from Tata Steel’s captive mine in the Joda and Khondbond region will be transferred in future through slurry pipeline to reduce freight costs significantly. Also, the pellet plant and other infrastructure will enhance the operating efficiency and reduce costs of blast furnace and operations in Kalinganagar.
“To build a similar facility would have taken significant time and costs and therefore, this acquisition is very timely as we are looking to ramp up the capacity of the Phase-1 Kalinganagar. This is also a demonstration of our commitment to the state and people of Odisha,” he said.
Tata Steel currently has an aggregate capacity to produce 28 million tons of crude steel and had a turnover of USd 17.69 billion in FY16.
India’s growth to stay unchanged at 7.1% in 2017: Japanese Agency
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India’s growth is expected to largely remain unchanged at 7.1 per cent in the coming year and will rise sharply to 7.7 per cent in 2018, says a report. According to the Japanese brokerage firm, Nomura, though some of the reform initiatives taken by the government will hurt growth in the near term, they are laying the ground for a faster growth rebound in 2018.
“We expect growth to be largely unchanged at 7.1 per cent in 2017, but to rise sharply to 7.7 per cent in 2018,” Nomura said in a research note.
Some of the reforms that might hurt growth in the near term but are positive for the economy in the medium to long run include — the recent demonetisation and implementation of the goods and services tax (GST) – along with a reversal of the terms-of-trade gains.
“We remain positive on India’s fundamentals as macro policies have remained prudent, avoiding the boom-bust cycles of the past, and the government has persevered with reforms that we believe are laying solid foundations for the future,” Nomura Executive Director & India Economist Sonal Varma said.
Demonetisation will hurt growth in the short-term due to cash restrictions. Moreover, the unorganised sector depends largely on cash like agriculture, trade, real estate, renting & business services, hotels & restaurants, construction and transport & storage -– which together account for around 55 per cent of GDP.
“Given their weightings and the disruption to activity for roughly three to four months, we estimate GDP growth will be hit by 1.00-1.25 pp in Q4 2016 and Q1 2017,” Nomura said.
According to the report demand is likely to be adversely impacted in the run up to the GST.
Bearing these factors in mind, we expect GDP growth to slow from 7.3 per cent in the third quarter to 6.0 per cent in the fourth quarter and stay weak at 6.9 per cent in the first quarter of 2017, the report said.
India’s growth is expected to largely remain unchanged at 7.1 per cent in the coming year and will rise sharply to 7.7 per cent in 2018, says a report. According to the Japanese brokerage firm, Nomura, though some of the reform initiatives taken by the government will hurt growth in the near term, they are laying the ground for a faster growth rebound in 2018.
“We expect growth to be largely unchanged at 7.1 per cent in 2017, but to rise sharply to 7.7 per cent in 2018,” Nomura said in a research note.
Some of the reforms that might hurt growth in the near term but are positive for the economy in the medium to long run include — the recent demonetisation and implementation of the goods and services tax (GST) – along with a reversal of the terms-of-trade gains.
“We remain positive on India’s fundamentals as macro policies have remained prudent, avoiding the boom-bust cycles of the past, and the government has persevered with reforms that we believe are laying solid foundations for the future,” Nomura Executive Director & India Economist Sonal Varma said.
Demonetisation will hurt growth in the short-term due to cash restrictions. Moreover, the unorganised sector depends largely on cash like agriculture, trade, real estate, renting & business services, hotels & restaurants, construction and transport & storage -– which together account for around 55 per cent of GDP.
“Given their weightings and the disruption to activity for roughly three to four months, we estimate GDP growth will be hit by 1.00-1.25 pp in Q4 2016 and Q1 2017,” Nomura said.
According to the report demand is likely to be adversely impacted in the run up to the GST.
Bearing these factors in mind, we expect GDP growth to slow from 7.3 per cent in the third quarter to 6.0 per cent in the fourth quarter and stay weak at 6.9 per cent in the first quarter of 2017, the report said.
General Awareness
Jerry Pinto, Nasira Sharma and Vannadhasan among 2016 Sahitya Akademi Award winners
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Mumbai-based writer Jerry Pinto, Tamil author Vannadhasan, Hindi writer Nasira Sharma are among 24 writers named for the prestigious Sahitya Akademi Awards 2016.
- The awards have been given out to books first published between January 2010 and December 2014. All winners will be given a casket containing a cheque of Rs 1 lakh, a shawl and an engraved copper plaque at a special ceremony on February 22, 2017.
- The books that have won the award includes eight books of poetry, seven of short stories, five novels, two books of criticism, one book of essays and one of play. The books were chosen on the basis of recommendations made by a jury of three in the languages concerned.
Winners for Novels
- Nasira Sharma: Hindi novel Paarijat
- Jerry Pinto: English novel Em and the Big Hoom
- Gita Upadhyay: Nepali novel Janmabhumi Mero Swadesh
- Boluwaru Mohammad Kunhi: Kannada novel Swatantryada Ota
- Edwin JF D’souza: Konkani novel “Kale Bhangar”.
Winners for Poetry
Jnan Pujari (Assamese), Anju (Bodo), Kamal Vora (Gujarati), Prabha Varma (Malayalam), Sitanath Acharya (Sanskrit), Gobinda Chandra Majhi (Santali), Nand Javeri (Sindhi) and Papini Svasankar (Telugu).
Winners for Short Stories
Chhatrapal (Dongri language), Shyam Darihare (Maithili), Moirangthem Rajen (Manipuri), Asaram Lomate (Marathi), Paramamita Satpathy (Odia), Bulaki Sharma (Rajasthani) and Vannadhasan (Tamil).
Winners for Books on Criticism: Aziz Hajini (Kashmiri) and Nizam Siddiqui (Urdu)
Winner for Essay: Nrisinghaprasad Bhaduri (Bengali)
Winner for Play: Swarajbir (Punjabi)
About Jerry Pinto
Jerry Pinto (born 1966) is a Mumbai-based Indian writer of poetry, prose and children’s fiction in English language, as well as a journalist.
- His work, Helen: The Life and Times of an H-Bomb (2006) won the Best Book on Cinema Award at the 54th National Film Awards. His first novel Em and The Big Hoom was published in 2012. Pinto won the Windham-Campbell prize in 2016 for his fiction.
About Vannadasan
Vannadasan aka Kalyanji is a Tamil writer from India born in 1946. He writes short stories and non-fiction articles under the pseudonym of Vannadhasan and poems under Kalyanji.
- He won Sahitya Akademi Award (2016) for Tamil for his short story collection Oru Siru Isai. He is a retired bank employee.
About Nasira Sharma
Nasira Sharma a Hindi Writer born and brought up in Allahabad. She has written many verses and stories in the Hindi language.
- She has written the female writing marks ‘Khshitijpar’. She has written many books such as Bookthan, Patthar gali.
About The Sahitya Akademi Award
The Sahitya Akademi, India’s National Academy of Letters, is an organisation dedicated to the promotion of literature in the languages of India.
- Founded on 12 March 1954, it is supported by, though independent of, the Indian government and situated at Rabindra Bhavan near Mandi House in Delhi.
- Sahitya Akademi Award is a literary honor in India which Sahitya Akademi annually confers on writers of outstanding works in one of the twenty-four major Indian languages.
Mumbai-based writer Jerry Pinto, Tamil author Vannadhasan, Hindi writer Nasira Sharma are among 24 writers named for the prestigious Sahitya Akademi Awards 2016.
- The awards have been given out to books first published between January 2010 and December 2014. All winners will be given a casket containing a cheque of Rs 1 lakh, a shawl and an engraved copper plaque at a special ceremony on February 22, 2017.
- The books that have won the award includes eight books of poetry, seven of short stories, five novels, two books of criticism, one book of essays and one of play. The books were chosen on the basis of recommendations made by a jury of three in the languages concerned.
Winners for Novels
- Nasira Sharma: Hindi novel Paarijat
- Jerry Pinto: English novel Em and the Big Hoom
- Gita Upadhyay: Nepali novel Janmabhumi Mero Swadesh
- Boluwaru Mohammad Kunhi: Kannada novel Swatantryada Ota
- Edwin JF D’souza: Konkani novel “Kale Bhangar”.
Winners for Poetry
Jnan Pujari (Assamese), Anju (Bodo), Kamal Vora (Gujarati), Prabha Varma (Malayalam), Sitanath Acharya (Sanskrit), Gobinda Chandra Majhi (Santali), Nand Javeri (Sindhi) and Papini Svasankar (Telugu).
Winners for Short Stories
Chhatrapal (Dongri language), Shyam Darihare (Maithili), Moirangthem Rajen (Manipuri), Asaram Lomate (Marathi), Paramamita Satpathy (Odia), Bulaki Sharma (Rajasthani) and Vannadhasan (Tamil).
Winners for Books on Criticism: Aziz Hajini (Kashmiri) and Nizam Siddiqui (Urdu)
Winner for Essay: Nrisinghaprasad Bhaduri (Bengali)
Winner for Play: Swarajbir (Punjabi)
About Jerry Pinto
Jerry Pinto (born 1966) is a Mumbai-based Indian writer of poetry, prose and children’s fiction in English language, as well as a journalist.
- His work, Helen: The Life and Times of an H-Bomb (2006) won the Best Book on Cinema Award at the 54th National Film Awards. His first novel Em and The Big Hoom was published in 2012. Pinto won the Windham-Campbell prize in 2016 for his fiction.
About Vannadasan
Vannadasan aka Kalyanji is a Tamil writer from India born in 1946. He writes short stories and non-fiction articles under the pseudonym of Vannadhasan and poems under Kalyanji.
- He won Sahitya Akademi Award (2016) for Tamil for his short story collection Oru Siru Isai. He is a retired bank employee.
About Nasira Sharma
Nasira Sharma a Hindi Writer born and brought up in Allahabad. She has written many verses and stories in the Hindi language.
- She has written the female writing marks ‘Khshitijpar’. She has written many books such as Bookthan, Patthar gali.
About The Sahitya Akademi Award
The Sahitya Akademi, India’s National Academy of Letters, is an organisation dedicated to the promotion of literature in the languages of India.
- Founded on 12 March 1954, it is supported by, though independent of, the Indian government and situated at Rabindra Bhavan near Mandi House in Delhi.
- Sahitya Akademi Award is a literary honor in India which Sahitya Akademi annually confers on writers of outstanding works in one of the twenty-four major Indian languages.
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