General Affairs
India not seeking NSG membership as a gift but for non-proliferation record: MEA
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Ministry of External Affairs spokesperson Vikas Swarup has said that India is not seeking the Nuclear Suppliers Group membership as a gift.
He said, "India is not seeking NSG membership as a gift. We are seeking it based on our non-proliferation record."
His comments assume significance in the wake of China expressing its frustration over outgoing US President Barack Obama's thrust at bringing India into the elite nuclear club.
MEA ON NSG MEMBERSHIP CLAIM: THINGS TO KNOW
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China on Monday said that non-NPT signatories in NSG cannot be a "farewell gift" for countries to give to each other.
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India had responded saying that it was engaged with all partners and hopes to see an early decision on its application.
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China's objection came a day after the outgoing Obama administration said that China was an "outlier" in the path of making India a member of the Nuclear Suppliers Group.
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US Assistant Secretary of State for South and Central Asia in the Obama administration, Nisha Desai Biswal had said, "There is one outlier that needs to be addressed and that is China."
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Responding to the comment, Chinese Foreign Ministry spokesperson Hua Chunying had said, "Regarding India's application to the NSG, regarding non-NPT countries admission to the NSG, we have made our position clear before so I will not repeat it. I just want to point out that NSG membership shall not be some kind of farewell gift for countries to give to each other."
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China has blocked India's membership of the NSP on the grounds that it is not a signatory to the nuclear Non-proliferation Treaty (NPT).
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In his press address today, Swarup also said, "President Obama made a thank you call to PM Modi for his continued support. Both leaders have shared a warm relationship."
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Expressing government's commitment to continued cooperation with the US, Swarup said, "Our US Ambassador will be attending Donald Trump's inauguration and other official events."
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Reacting to the reports of British Parliament discussing Jammu and Kashmir, Vikas Swarup said, "There is no room for any third party role."
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India has been campaigning for entry into NSG after it signed nuclear deal with the US under UPA government.
Ministry of External Affairs spokesperson Vikas Swarup has said that India is not seeking the Nuclear Suppliers Group membership as a gift.
He said, "India is not seeking NSG membership as a gift. We are seeking it based on our non-proliferation record."
His comments assume significance in the wake of China expressing its frustration over outgoing US President Barack Obama's thrust at bringing India into the elite nuclear club.
MEA ON NSG MEMBERSHIP CLAIM: THINGS TO KNOW
- China on Monday said that non-NPT signatories in NSG cannot be a "farewell gift" for countries to give to each other.
- India had responded saying that it was engaged with all partners and hopes to see an early decision on its application.
- China's objection came a day after the outgoing Obama administration said that China was an "outlier" in the path of making India a member of the Nuclear Suppliers Group.
- US Assistant Secretary of State for South and Central Asia in the Obama administration, Nisha Desai Biswal had said, "There is one outlier that needs to be addressed and that is China."
- Responding to the comment, Chinese Foreign Ministry spokesperson Hua Chunying had said, "Regarding India's application to the NSG, regarding non-NPT countries admission to the NSG, we have made our position clear before so I will not repeat it. I just want to point out that NSG membership shall not be some kind of farewell gift for countries to give to each other."
- China has blocked India's membership of the NSP on the grounds that it is not a signatory to the nuclear Non-proliferation Treaty (NPT).
- In his press address today, Swarup also said, "President Obama made a thank you call to PM Modi for his continued support. Both leaders have shared a warm relationship."
- Expressing government's commitment to continued cooperation with the US, Swarup said, "Our US Ambassador will be attending Donald Trump's inauguration and other official events."
- Reacting to the reports of British Parliament discussing Jammu and Kashmir, Vikas Swarup said, "There is no room for any third party role."
- India has been campaigning for entry into NSG after it signed nuclear deal with the US under UPA government.
Jallikattu: May take legal route if Centre brings ordinance to conduct the sport, says PETA
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People for the Ethical Treatment of Animals (PETA) India on Thursday said it may take the legal route if the Centre brings an ordinance to enable the conduct of Jallikattu or continue its campaign to create awareness against the holding of the bull-taming sport in Tamil Nadu.
"Our campaign is against cruelty towards all animals. We will consult our lawyers and take a decision if there is an ordinance," said PETA spokesperson Manilal Valliyate.
The animal rights body also claimed that certain native breeds of bulls became extinct because of "white revolution" and "cross-breeding programmes".
"There are various other humane conservation methods to protect the indigenous breed. Jallikattu is not the only way," Valliyate said.
"The Tamil Nadu government had initiated many conservation programmes in the 1980s. Though Jallikattu was played during that time, the decline was because of the cross-breeding programme during milk revolution," he said.
On the burgeoning protests in the state and in the national capital against the Supreme Court ban on the bull-taming sport, the spokesperson said: "All the supporters are protesting based on misinterpreted information."
"I request the politicians to be compassionate about the Indian Constitution, check their facts and read the judgement of the Supreme Court before coming to a conclusion," he said.
BULLS CAUSE NO HARM
The official said bulls belong to the "prey" category and do not cause harm even if left on the roads.
"They adopt a fight or flight behaviour only when they are agitated. Agitation can only happen when they are experiencing pain, fear or injury," he said.
In Jallikattu the "cruelty is inherent" and you have to agitate the prey animal to run or react to the threatening situation.
"There is necessary and unnecessary suffering. Jallikattu is an entertainment and falls under unnecessary suffering. The court has also ruled that if there is a conflict between tradition and law, the law takes precedence. To respect the law and SC judgement, we are supporting the ban," Valliyate said.
People for the Ethical Treatment of Animals (PETA) India on Thursday said it may take the legal route if the Centre brings an ordinance to enable the conduct of Jallikattu or continue its campaign to create awareness against the holding of the bull-taming sport in Tamil Nadu.
"Our campaign is against cruelty towards all animals. We will consult our lawyers and take a decision if there is an ordinance," said PETA spokesperson Manilal Valliyate.
The animal rights body also claimed that certain native breeds of bulls became extinct because of "white revolution" and "cross-breeding programmes".
"There are various other humane conservation methods to protect the indigenous breed. Jallikattu is not the only way," Valliyate said.
"The Tamil Nadu government had initiated many conservation programmes in the 1980s. Though Jallikattu was played during that time, the decline was because of the cross-breeding programme during milk revolution," he said.
On the burgeoning protests in the state and in the national capital against the Supreme Court ban on the bull-taming sport, the spokesperson said: "All the supporters are protesting based on misinterpreted information."
"I request the politicians to be compassionate about the Indian Constitution, check their facts and read the judgement of the Supreme Court before coming to a conclusion," he said.
BULLS CAUSE NO HARM
The official said bulls belong to the "prey" category and do not cause harm even if left on the roads.
"They adopt a fight or flight behaviour only when they are agitated. Agitation can only happen when they are experiencing pain, fear or injury," he said.
In Jallikattu the "cruelty is inherent" and you have to agitate the prey animal to run or react to the threatening situation.
"There is necessary and unnecessary suffering. Jallikattu is an entertainment and falls under unnecessary suffering. The court has also ruled that if there is a conflict between tradition and law, the law takes precedence. To respect the law and SC judgement, we are supporting the ban," Valliyate said.
NIA contradicts Army, says Lashkar not Jaish behind Uri terror attack
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The National Investigation Agency (NIA) today contradicted the Indian Army's claims that the terror group Jaish-e-Mohammed was behind the Uri terror attack in which 19 Indian soldiers were killed. A top official of NIA said, that the central agency's investigation had led to a Laskhar-e-Taiba link. The official added, "Army may have jumped the gun."
This is marks the first time that the NIA has officially contradicted the Army's claims. The agency drew reached its conclusion based on three pieces of evidence including data recovered from GPS devices, matrix sheets leading to LeT camps across the Line of Control and the terror group's poster claiming credit for the dastardly attack.
Japan-made ICOM wireless sets, Taiwan-made Garmin GPS navigation systems, a mobile phone with three SIMS, a special wire-cutter, maps and matrix sheets that helped the militants traverse dense forests, rivers and rocky terrain were amongst the 46 items recovered from Uri encounter site. The attack, which took place on September 18 last year, saw four militants attack an army camp in Uri, Jammu and Kashmir.
Similarly NIA has confirmed that LeT was behind the October 6, 2016 Handwara attack. Three fidayeens dressed in army fatigues were killed in the Handwara encounter after they opened fire outside the 30 Rashtriya Rifles camp at Langate. One fidayeen managed to flee.
NIA officials confirmed to India Today that the terrorists used ICOM wireless sets and Garmin GPS systems similar to those recovered from the Uri attack site. ICOM sets are synced to Android mobile phones, allowing the operator to send a text message via a mobile app without needing a SIM card. Help has been sought from both, the Japan-based ICOM set makers and the Taiwan-based Garmin manufacturers to further the investigation.
The National Investigation Agency has managed to trace the origin of one of the phones used in the attack to Pakistan; the phone could provide crucial information. According to NIA sources, the phone was a Huawei device that was shipped to a dealer in Pakistan.
Another phone, this one a Samsung device, was shipped by a company to Zambia, from where it was further transported to Mauritius before making its way into the hands of the militants involved in the Handwara encounter. The NIA has sought information from Mauritius.
The National Investigation Agency (NIA) today contradicted the Indian Army's claims that the terror group Jaish-e-Mohammed was behind the Uri terror attack in which 19 Indian soldiers were killed. A top official of NIA said, that the central agency's investigation had led to a Laskhar-e-Taiba link. The official added, "Army may have jumped the gun."
This is marks the first time that the NIA has officially contradicted the Army's claims. The agency drew reached its conclusion based on three pieces of evidence including data recovered from GPS devices, matrix sheets leading to LeT camps across the Line of Control and the terror group's poster claiming credit for the dastardly attack.
Japan-made ICOM wireless sets, Taiwan-made Garmin GPS navigation systems, a mobile phone with three SIMS, a special wire-cutter, maps and matrix sheets that helped the militants traverse dense forests, rivers and rocky terrain were amongst the 46 items recovered from Uri encounter site. The attack, which took place on September 18 last year, saw four militants attack an army camp in Uri, Jammu and Kashmir.
Similarly NIA has confirmed that LeT was behind the October 6, 2016 Handwara attack. Three fidayeens dressed in army fatigues were killed in the Handwara encounter after they opened fire outside the 30 Rashtriya Rifles camp at Langate. One fidayeen managed to flee.
NIA officials confirmed to India Today that the terrorists used ICOM wireless sets and Garmin GPS systems similar to those recovered from the Uri attack site. ICOM sets are synced to Android mobile phones, allowing the operator to send a text message via a mobile app without needing a SIM card. Help has been sought from both, the Japan-based ICOM set makers and the Taiwan-based Garmin manufacturers to further the investigation.
The National Investigation Agency has managed to trace the origin of one of the phones used in the attack to Pakistan; the phone could provide crucial information. According to NIA sources, the phone was a Huawei device that was shipped to a dealer in Pakistan.
Another phone, this one a Samsung device, was shipped by a company to Zambia, from where it was further transported to Mauritius before making its way into the hands of the militants involved in the Handwara encounter. The NIA has sought information from Mauritius.
Terror angle in Kanpur train tragedy: NIA, IB on hunt for recruiter in derailment cases
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The National Investigation Agency (NIA) and the Intelligence Bureau (IB) are looking for the suspects and their recruiter, who allegedly carried out train derailment in Kanpur last year.
Probe into a murder case in Bihar has pointed towards a terror angle in Kanpur train tragedy, in which more than 140 were killed.
The NIA and IB officials are combing areas near Varanasi, where the suspects were allegedly trained for these operations.
MURDER CASE PROBE TO KANPUR TRAGEDY: THINGS TO KNOW
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Two arrests made by Bihar Police in connection with a murder case have pointed to the sabotage and a possible terror angle behind Kanpur train derailment incident last November.
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Investigation by Bihar Police shows that the suspects were trained and paid by their recruiters to fracture tracks near Kanpur station.
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An important link in the case could be a man from Jaunpur in UP who made similar revelations to Maharashtra ATS and Railway Protection Force (RPF). He admitted that he was trained to dismantle the railway tracks to engineer derailment of trains.
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Investigations in Bihar and Maharashtra show that the recruits were paid Rs 70,000 for this act.
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Subhash Gupta, a railway activist said, "He had developed conscience, hence he approached us and we guided him to agencies but nobody took him seriously. He later told me that he is regretting after these revelations because his life is now in danger."
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"After returning to his native place he was in touch with us for a while but now we have lost contact with him and hoping for his well being," Subhash Gupta said.
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According to the agencies, the person identified as Suresh from Patna gave the money and trained the recruits in a remote area in Varanasi. The agencies are also looking for more sleeper cells, which may have been imparted similar training.
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In his statement, a witness has claimed that Suresh had 34 pairs of hammers and other tools, which are used to break the joints in the railway tracks.
The National Investigation Agency (NIA) and the Intelligence Bureau (IB) are looking for the suspects and their recruiter, who allegedly carried out train derailment in Kanpur last year.
Probe into a murder case in Bihar has pointed towards a terror angle in Kanpur train tragedy, in which more than 140 were killed.
The NIA and IB officials are combing areas near Varanasi, where the suspects were allegedly trained for these operations.
MURDER CASE PROBE TO KANPUR TRAGEDY: THINGS TO KNOW
- Two arrests made by Bihar Police in connection with a murder case have pointed to the sabotage and a possible terror angle behind Kanpur train derailment incident last November.
- Investigation by Bihar Police shows that the suspects were trained and paid by their recruiters to fracture tracks near Kanpur station.
- An important link in the case could be a man from Jaunpur in UP who made similar revelations to Maharashtra ATS and Railway Protection Force (RPF). He admitted that he was trained to dismantle the railway tracks to engineer derailment of trains.
- Investigations in Bihar and Maharashtra show that the recruits were paid Rs 70,000 for this act.
- Subhash Gupta, a railway activist said, "He had developed conscience, hence he approached us and we guided him to agencies but nobody took him seriously. He later told me that he is regretting after these revelations because his life is now in danger."
- "After returning to his native place he was in touch with us for a while but now we have lost contact with him and hoping for his well being," Subhash Gupta said.
- According to the agencies, the person identified as Suresh from Patna gave the money and trained the recruits in a remote area in Varanasi. The agencies are also looking for more sleeper cells, which may have been imparted similar training.
- In his statement, a witness has claimed that Suresh had 34 pairs of hammers and other tools, which are used to break the joints in the railway tracks.
Uttar Pradesh: 14, including 13 schoolchildren, killed as bus, truck collide in Etah
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At least 14 people, including 13 schoolchildren, were killed and several others injured when a bus collided with a truck in Uttar Pradesh's Etah today. The driver of the bus was also killed in the accident. Eyewitnesses said the accident took place due to poor visibility in the area.
According to reports, the bus was carrying nearly 50 students of JS Vidya School when it collided with a truck in Aliganj area of Etah district.The truck was being driven at a high speed when the two vehicles collided head-on.
The bus was so badly damaged in the accident that rescuers had to use gas cutters to pull out the bodies and injured kids. Total 66 people were travelling in the 42-seater bus. Some of the bodies could only be recognised using the school identity cards.
Expressing pain over the accident and loss of young lives, Prime Minister Narendra Modi said," Anguished by the tragic accident in UP's Etah district. I share the pain of the bereaved families and condole passing away of young children."
"I pray that those injured in the accident in Etah recover at the earliest," he said.
Anguished by the tragic accident in UP’s Etah district. I share the pain of the bereaved families & condole passing away of young children.
— Narendra Modi (@narendramodi) January 19, 2017
In a separate incident, at least 20 people were injured and the driver of a bus was killed in an accident in Sitapur.
The bus, which was on its way from Dewaria to Delhi, fell into a gorge as the driver failed to negotiate a curve due to thick fog in the area.
COLD WAVE, FOG GRIP UTTAR PRADESH
Entire Uttar Pradesh is reeling under intense cold wave conditions which has killed at least 28 people so far.
After reopening briefly for two days following an extended winter break, schools in state capital Lucknow have been closed again due to the cold wave.
District Magistrate Satyendra Singh said the decision was taken after a sudden drop in the temperature and it will be reviewed again after two days.
Icy winds prevailed in the city and also in some parts of eastern Uttar Pradesh.
The minimum temperature in the past 24-hours was 7.7 degrees Celsius while the maximum was 20.7 degrees Celsius.
The weather office attributed the sudden change in temperature to heavy snowfall in the states of Uttarakhand, Himachal Pradesh and Jammu and Kashmir.
At least 14 people, including 13 schoolchildren, were killed and several others injured when a bus collided with a truck in Uttar Pradesh's Etah today. The driver of the bus was also killed in the accident. Eyewitnesses said the accident took place due to poor visibility in the area.
According to reports, the bus was carrying nearly 50 students of JS Vidya School when it collided with a truck in Aliganj area of Etah district.The truck was being driven at a high speed when the two vehicles collided head-on.
The bus was so badly damaged in the accident that rescuers had to use gas cutters to pull out the bodies and injured kids. Total 66 people were travelling in the 42-seater bus. Some of the bodies could only be recognised using the school identity cards.
Expressing pain over the accident and loss of young lives, Prime Minister Narendra Modi said," Anguished by the tragic accident in UP's Etah district. I share the pain of the bereaved families and condole passing away of young children."
"I pray that those injured in the accident in Etah recover at the earliest," he said.
Anguished by the tragic accident in UP’s Etah district. I share the pain of the bereaved families & condole passing away of young children.— Narendra Modi (@narendramodi) January 19, 2017
In a separate incident, at least 20 people were injured and the driver of a bus was killed in an accident in Sitapur.
The bus, which was on its way from Dewaria to Delhi, fell into a gorge as the driver failed to negotiate a curve due to thick fog in the area.
COLD WAVE, FOG GRIP UTTAR PRADESH
Entire Uttar Pradesh is reeling under intense cold wave conditions which has killed at least 28 people so far.
After reopening briefly for two days following an extended winter break, schools in state capital Lucknow have been closed again due to the cold wave.
District Magistrate Satyendra Singh said the decision was taken after a sudden drop in the temperature and it will be reviewed again after two days.
Icy winds prevailed in the city and also in some parts of eastern Uttar Pradesh.
The minimum temperature in the past 24-hours was 7.7 degrees Celsius while the maximum was 20.7 degrees Celsius.
The weather office attributed the sudden change in temperature to heavy snowfall in the states of Uttarakhand, Himachal Pradesh and Jammu and Kashmir.
Business Affairs
Bids for 190 routes received under UDAN scheme: Govt
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Bids have been received for as many as 190 routes under the regional air connectivity scheme UDAN, where fares would be capped at Rs 2,500 for one-hour flights.
The government's ambitious UDAN (Ude Desh Ke Aam Naagrik) scheme aims at boosting air connectivity to and from unserved and under-served airports and making flying more affordable.
Minister of State for Civil Aviation Jayant Sinha today said the government hopes to have the first flight under UDAN in February as several airports like in Jaisalmer (Rajasthan) and Cooch Behar (West Bengal) are "ready to go".
Terming UDAN as a game changer and a "step change" in Indian aviation, Sinha said AAI has received 43 initial proposals from 11 bidders for 190 routes under the scheme.
"We have 75 operational airports currently in the country. Through the bids that we have received for UDAN, it appears that we will now have 43 new airports that will be joining our aviation network. So now 118 airports are going to be operational once UDAN gets implemented next month or so," Sinha said.
The bids for the routes would be finalised by February 3, he said at a press conference after the bidding started for routes under UDAN scheme.
Soon, 118 airports would see regular flights. This includes 75 operational aerodromes and 43 that would be connected under UDAN, he said.
While the deadline for submitting initial proposals ended on January 16, the counter bids for them can be submitted till February 1. After that, the routes would be awarded to bidders who quote the lowest Viability Gap Funding (VGF) requirement against the routes.
Under UDAN, the participating airlines would be extended VGF -- that would be jointly funded by the Centre and the state government concerned.
Towards VGF, the government has started charging Rs 8,500 levy per departure of flights on major routes.
UDAN, which would be in place for 10 years, was launched in October 2016 and seeks to provide connectivity to unserved and under-served regions through revival of existing air strips and airports.
Bids have been received for as many as 190 routes under the regional air connectivity scheme UDAN, where fares would be capped at Rs 2,500 for one-hour flights.
The government's ambitious UDAN (Ude Desh Ke Aam Naagrik) scheme aims at boosting air connectivity to and from unserved and under-served airports and making flying more affordable.
Minister of State for Civil Aviation Jayant Sinha today said the government hopes to have the first flight under UDAN in February as several airports like in Jaisalmer (Rajasthan) and Cooch Behar (West Bengal) are "ready to go".
Terming UDAN as a game changer and a "step change" in Indian aviation, Sinha said AAI has received 43 initial proposals from 11 bidders for 190 routes under the scheme.
"We have 75 operational airports currently in the country. Through the bids that we have received for UDAN, it appears that we will now have 43 new airports that will be joining our aviation network. So now 118 airports are going to be operational once UDAN gets implemented next month or so," Sinha said.
The bids for the routes would be finalised by February 3, he said at a press conference after the bidding started for routes under UDAN scheme.
Soon, 118 airports would see regular flights. This includes 75 operational aerodromes and 43 that would be connected under UDAN, he said.
While the deadline for submitting initial proposals ended on January 16, the counter bids for them can be submitted till February 1. After that, the routes would be awarded to bidders who quote the lowest Viability Gap Funding (VGF) requirement against the routes.
Under UDAN, the participating airlines would be extended VGF -- that would be jointly funded by the Centre and the state government concerned.
Towards VGF, the government has started charging Rs 8,500 levy per departure of flights on major routes.
UDAN, which would be in place for 10 years, was launched in October 2016 and seeks to provide connectivity to unserved and under-served regions through revival of existing air strips and airports.
Eight events which can push Sensex, Nifty higher in 2017
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If one talks to equity fund managers on the street, most of the them are trying to remain positive but aren't ready to stick there neck out to say with certainty that the index will end positive at the end of December 2017.
According to Kotak AMC, the game has become more stock specific and what can push Sensex, Nifty up in CY2017 is a mix of global and domestic events. Here is a list of events which can push the markets higher in 2017.
Global Events:
1. US Fed Rate: Can go up by 25 to 50 basis points but not 75 basis points, what the US Fed has indicated.
2. Crude has to be in the range of $40 to $60 per barrel.
3. Chinese currency: Can't afford the Renminbi to depreciate to a huge extent. Concerns are over China Credit Bubble. "One can't create growth by leveraging. On $4 of debt the GDP is growing by $1. If this bubble bust it could be lot of pain across the globe and India will not be different," says Nilesh Shah, MD & CEO at Kotak AMC.
4. No major banking crisis in the Euro-zone.
Domestic Events:
5. Reserve Bank of India (RBI) to keep ample liquidity in the system and cut rates by 25 to 75 bps in CY2017. "We see RBI in its February policy to cut policy rate by 25 bps," Shah says.
6. Innovative Budget which will keep money in the hands of people for increasing consumption but keeping in mind the commitment on fiscal deficit at 3 per cent in FY2018.
7. State election result, especially UP election.
8. A good roll out of GST and adhering to its new date of July 2017.
If one talks to equity fund managers on the street, most of the them are trying to remain positive but aren't ready to stick there neck out to say with certainty that the index will end positive at the end of December 2017.
According to Kotak AMC, the game has become more stock specific and what can push Sensex, Nifty up in CY2017 is a mix of global and domestic events. Here is a list of events which can push the markets higher in 2017.
Global Events:
Global Events:
1. US Fed Rate: Can go up by 25 to 50 basis points but not 75 basis points, what the US Fed has indicated.
2. Crude has to be in the range of $40 to $60 per barrel.
3. Chinese currency: Can't afford the Renminbi to depreciate to a huge extent. Concerns are over China Credit Bubble. "One can't create growth by leveraging. On $4 of debt the GDP is growing by $1. If this bubble bust it could be lot of pain across the globe and India will not be different," says Nilesh Shah, MD & CEO at Kotak AMC.
4. No major banking crisis in the Euro-zone.
Domestic Events:
Domestic Events:
5. Reserve Bank of India (RBI) to keep ample liquidity in the system and cut rates by 25 to 75 bps in CY2017. "We see RBI in its February policy to cut policy rate by 25 bps," Shah says.
6. Innovative Budget which will keep money in the hands of people for increasing consumption but keeping in mind the commitment on fiscal deficit at 3 per cent in FY2018.
7. State election result, especially UP election.
8. A good roll out of GST and adhering to its new date of July 2017.
Axis Bank Q3 net profit plunges 73% to Rs 580 crore
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Private lender Axis Bank today reported a whopping 73 per cent decline in net profit at Rs 580 crore for the October-December quarter on account of rise in bad loans.
Net profit for the same quarter in the last fiscal stood at Rs 2,175 crore.
However, total income of the bank rose to Rs 14,501 crore, from Rs 12,531 crore in the year-ago period.
Other income (comprising fee, trading profit and miscellaneous income) rose to Rs 3,400 crore as against Rs 2,338 crore during the same period last year.
Axis Bank's portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 5.22 per cent of gross advances as against 1.68 per cent in the same quarter of the previous fiscal.
Its net non-performing assets also jumped to 2.18 per cent, from the earlier 0.75 per cent.
For the first nine months of 2016-17, the bank's net profit also declined by 60 per cent to Rs 2,454 crore as against Rs 6,069 crore a year earlier.
Private lender Axis Bank today reported a whopping 73 per cent decline in net profit at Rs 580 crore for the October-December quarter on account of rise in bad loans.
Net profit for the same quarter in the last fiscal stood at Rs 2,175 crore.
However, total income of the bank rose to Rs 14,501 crore, from Rs 12,531 crore in the year-ago period.
Other income (comprising fee, trading profit and miscellaneous income) rose to Rs 3,400 crore as against Rs 2,338 crore during the same period last year.
Axis Bank's portfolio quality deteriorated, with gross non-performing assets (NPAs) rising to 5.22 per cent of gross advances as against 1.68 per cent in the same quarter of the previous fiscal.
Its net non-performing assets also jumped to 2.18 per cent, from the earlier 0.75 per cent.
For the first nine months of 2016-17, the bank's net profit also declined by 60 per cent to Rs 2,454 crore as against Rs 6,069 crore a year earlier.
Apple gets a taste of bureaucratic India as officials pose hurdles
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Some Indian officials have baulked at Apple's demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi's campaign to lure foreign investors.
The country is still keen for the U.S. tech giant to produce its signature smartphones there, and Information Technology Minister Ravi Shankar Prasad said on Wednesday that India would keep an "open mind" in negotiations.
"We will very much like Apple to come and have a base in India," he said.
But Apple Inc's long list of demands, including tax concessions and several other policy exceptions, still faces resistance from officials who consider it excessive and unfair on foreign companies already operating in India.
Their caution underlines how Modi's ambition to make India a global manufacturing hub, in order to drive the economy and create jobs for millions of people entering the workforce each year, will not be easy.
"We have not done this for anyone," said a senior government official whose department is one of several involved in evaluating the Apple proposal. "If we do this, we must see a lot of value addition."
Another official involved in the review said the government should make policies for the industry, not individual companies.
"Apple is coming here because it sees a lucrative market, this is not a favour being done to India."
Competitors such as South Korea's Samsung Electronics and China's Xiaomi have already set up manufacturing in the country.
Apple did not respond to a request for comment.
LETTER SPELLS OUT DEMANDS
Modi met Apple CEO Tim Cook last May and discussed iPhone production in India.
Where any plant would be located and how many people it might employ have yet to be finalised, although it would likely involve thousands of jobs.
Attracting such a household name would be a valuable advertisement for a country shaking off a reputation for stifling bureaucracy, but officials are wary of tailoring rules to individual investors.
"What Apple is trying to do, if it happens, I think it will be available to everybody in the industry. I don't see the government of India making discriminatory policies," said Arvind Vohra, chief executive at Gionee India, part of Chinese smartphone maker Gionee.
It is setting up a local manufacturing plant under India's existing rules.
From Apple's point of view, the ambitious timeline agreed by Modi and Cook reflected its need to capture more of the fast-growing Indian market, where it has only about 2 percent share as iPhone sales in the United State and China have slowed.
In a letter sent to the prime minister's office on Oct. 13 and seen by Reuters, it called on the government to "make the environment attractive" for it to make phones for the Indian market as well as for export.
On the matter of duties, it said high import taxes on smartphones could lead to retaliation from trading blocs.
"This would increase the cost of India manufactured smartphones and in turn limit India's ambition of becoming a smartphone hub for the rest of the world."
Despite the reluctance of some officials, Modi could intervene to get the Apple project back on schedule.
In June, the government relaxed local sourcing rules for foreign retailers like Apple barely a month after the finance ministry turned down the company's request for a waiver.
The company and its partners have reportedly won significant concessions before in other markets.
MEETING NEXT WEEK
On Jan. 25, the departments of industry, information technology and electronics, and finance will meet Apple executives to consider the conditions set out by the firm in India, government officials said.
In May, Modi and Cook agreed to work towards a "package" of four projects: assembling iPhones, opening Apple stores, importing certified pre-owned iPhones and refurbishing them in India, according to the letter.
Apple said its initial focus was to set up manufacturing of iPhones in India over two phases, the first of which was to be introduced by spring this year.
But after conducting due diligence on what it would take to get the project going, it determined its entry was "dependent on government support on a number of pre-requisites."
The Cupertino, Calif.-based company listed a set of seven demands. Among them, it sought duty exemption on raw materials for manufacturing, components and capital equipment for 15 years for both domestic and export markets.
Apple also sought a change in rules that would govern how it could import defective iPhones to repair and export them again, a move it said was crucial for it to keep supporting and repairing older models of the iPhone.
Currently, Indian rules restrict such imports to phones that are no older than three years.
Apple asked for the government's help in quickly processing a request for a ruling from Indian tax authorities on transfer pricing agreements between its affiliates.
It also identified India's customs procedures as a hurdle to manufacturing and asked the government to make them less onerous. "For trusted traders inspections need to be less intrusive - this means less boxes opened," Apple wrote. "The complete process should not require more than thirty minutes."
Some Indian officials have baulked at Apple's demands for concessions before it assembles iPhones there, raising doubts about a spring deadline to launch a key project in Prime Minister Narendra Modi's campaign to lure foreign investors.
The country is still keen for the U.S. tech giant to produce its signature smartphones there, and Information Technology Minister Ravi Shankar Prasad said on Wednesday that India would keep an "open mind" in negotiations.
"We will very much like Apple to come and have a base in India," he said.
But Apple Inc's long list of demands, including tax concessions and several other policy exceptions, still faces resistance from officials who consider it excessive and unfair on foreign companies already operating in India.
Their caution underlines how Modi's ambition to make India a global manufacturing hub, in order to drive the economy and create jobs for millions of people entering the workforce each year, will not be easy.
"We have not done this for anyone," said a senior government official whose department is one of several involved in evaluating the Apple proposal. "If we do this, we must see a lot of value addition."
Another official involved in the review said the government should make policies for the industry, not individual companies.
"Apple is coming here because it sees a lucrative market, this is not a favour being done to India."
Competitors such as South Korea's Samsung Electronics and China's Xiaomi have already set up manufacturing in the country.
Apple did not respond to a request for comment.
LETTER SPELLS OUT DEMANDS
Modi met Apple CEO Tim Cook last May and discussed iPhone production in India.
Where any plant would be located and how many people it might employ have yet to be finalised, although it would likely involve thousands of jobs.
Attracting such a household name would be a valuable advertisement for a country shaking off a reputation for stifling bureaucracy, but officials are wary of tailoring rules to individual investors.
"What Apple is trying to do, if it happens, I think it will be available to everybody in the industry. I don't see the government of India making discriminatory policies," said Arvind Vohra, chief executive at Gionee India, part of Chinese smartphone maker Gionee.
It is setting up a local manufacturing plant under India's existing rules.
From Apple's point of view, the ambitious timeline agreed by Modi and Cook reflected its need to capture more of the fast-growing Indian market, where it has only about 2 percent share as iPhone sales in the United State and China have slowed.
In a letter sent to the prime minister's office on Oct. 13 and seen by Reuters, it called on the government to "make the environment attractive" for it to make phones for the Indian market as well as for export.
On the matter of duties, it said high import taxes on smartphones could lead to retaliation from trading blocs.
"This would increase the cost of India manufactured smartphones and in turn limit India's ambition of becoming a smartphone hub for the rest of the world."
Despite the reluctance of some officials, Modi could intervene to get the Apple project back on schedule.
In June, the government relaxed local sourcing rules for foreign retailers like Apple barely a month after the finance ministry turned down the company's request for a waiver.
The company and its partners have reportedly won significant concessions before in other markets.
MEETING NEXT WEEK
On Jan. 25, the departments of industry, information technology and electronics, and finance will meet Apple executives to consider the conditions set out by the firm in India, government officials said.
In May, Modi and Cook agreed to work towards a "package" of four projects: assembling iPhones, opening Apple stores, importing certified pre-owned iPhones and refurbishing them in India, according to the letter.
Apple said its initial focus was to set up manufacturing of iPhones in India over two phases, the first of which was to be introduced by spring this year.
But after conducting due diligence on what it would take to get the project going, it determined its entry was "dependent on government support on a number of pre-requisites."
The Cupertino, Calif.-based company listed a set of seven demands. Among them, it sought duty exemption on raw materials for manufacturing, components and capital equipment for 15 years for both domestic and export markets.
Apple also sought a change in rules that would govern how it could import defective iPhones to repair and export them again, a move it said was crucial for it to keep supporting and repairing older models of the iPhone.
Currently, Indian rules restrict such imports to phones that are no older than three years.
Apple asked for the government's help in quickly processing a request for a ruling from Indian tax authorities on transfer pricing agreements between its affiliates.
It also identified India's customs procedures as a hurdle to manufacturing and asked the government to make them less onerous. "For trusted traders inspections need to be less intrusive - this means less boxes opened," Apple wrote. "The complete process should not require more than thirty minutes."
RIL writes down nearly 40,000 cr on change in accounting policy
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Reliance Industries Ltd has written down Rs 39,570 crore in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy.
RIL has restated its reserves following a change in accounting standards from April 1, 2016. It has moved from the Full-Cost Method (Indian GAAP) to the Successful-Efforts Method under IND AS.
This has led to devaluation of its oil and gas assets by Rs 39,570 crore as on March 31, 2016, according to RIL's third quarter earning statement.
The write down investments reflects plummeting oil and gas prices.
"The impact on account of change in accounting policy from FCM to SEM is recognised in the Opening Reserves on the date of transition and consequential impact of depletion and write offs is recognised in the Profit and Loss Account," RIL said.
Major differences impacting such change of accounting policy are in the areas of expenditure on surrendered blocks, unproved wells, abandoned wells, seismic and expired leases and licenses, it said.
Transiting from one accounting method to another requires going back to the time when that asset was acquired and calculating its present book value if successful completion had been followed since then.
RIL has taken a Rs 20,114 crore write-down on its KG-D6 block in the Bay of Bengal.
In the October-December quarter, the company reported a pre-tax loss of Rs 295 crore from its oil and gas business mainly because of "continuing decline in domestic production and weak price realisations".
Gas price for KG-D6 reduced to USD 2.5 per million British thermal unit from USD 3.06 per mmBtu earlier.
Its US shale performance improved q-o-q with higher realisations despite lower production. US shale production in 3Q FY17 was down 9 per cent at 37.5 billion cubic feet but price realisation was up 12 per cent at USD 2.85 per thousand cubic feet.
KG-D6 production stood at 7.5 million standard cubic meters per day and 3,329 barrels per day of oil.
A company spokesperson said: "RIL and its subsidiaries have adopted Ind AS with effect from April 1, 2016 pursuant to the notification issued by Ministry of Corporate Affairs (MCA)."
He said the impact of Rs 39,570 crore is entirely on account of change in accounting policy from Full Cost Method (FCM) to Successful Efforts Method (SEM).
"This was disclosed by the Company in July 2016 while announcing its 1Q FY17 results. The break-up between Domestic and US shale is almost equal (51:49)," he added.
Reliance Industries Ltd has written down Rs 39,570 crore in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy.
RIL has restated its reserves following a change in accounting standards from April 1, 2016. It has moved from the Full-Cost Method (Indian GAAP) to the Successful-Efforts Method under IND AS.
This has led to devaluation of its oil and gas assets by Rs 39,570 crore as on March 31, 2016, according to RIL's third quarter earning statement.
The write down investments reflects plummeting oil and gas prices.
"The impact on account of change in accounting policy from FCM to SEM is recognised in the Opening Reserves on the date of transition and consequential impact of depletion and write offs is recognised in the Profit and Loss Account," RIL said.
Major differences impacting such change of accounting policy are in the areas of expenditure on surrendered blocks, unproved wells, abandoned wells, seismic and expired leases and licenses, it said.
Transiting from one accounting method to another requires going back to the time when that asset was acquired and calculating its present book value if successful completion had been followed since then.
RIL has taken a Rs 20,114 crore write-down on its KG-D6 block in the Bay of Bengal.
In the October-December quarter, the company reported a pre-tax loss of Rs 295 crore from its oil and gas business mainly because of "continuing decline in domestic production and weak price realisations".
Gas price for KG-D6 reduced to USD 2.5 per million British thermal unit from USD 3.06 per mmBtu earlier.
Its US shale performance improved q-o-q with higher realisations despite lower production. US shale production in 3Q FY17 was down 9 per cent at 37.5 billion cubic feet but price realisation was up 12 per cent at USD 2.85 per thousand cubic feet.
KG-D6 production stood at 7.5 million standard cubic meters per day and 3,329 barrels per day of oil.
A company spokesperson said: "RIL and its subsidiaries have adopted Ind AS with effect from April 1, 2016 pursuant to the notification issued by Ministry of Corporate Affairs (MCA)."
He said the impact of Rs 39,570 crore is entirely on account of change in accounting policy from Full Cost Method (FCM) to Successful Efforts Method (SEM).
"This was disclosed by the Company in July 2016 while announcing its 1Q FY17 results. The break-up between Domestic and US shale is almost equal (51:49)," he added.
General Awareness
PM Modi Inaugurates Second Raisina Dialogue in New Delhi
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Prime Minister Shri Narendra Modi inaugurated the second edition of Raisina Dialogue in New Delhi on January 17, 2017. The conference has been organized by the Ministry of External Affairs and Delhi based prestigious think tank Observer Research Foundation.
- The theme of the three day conference is “The New Normal: Multilateralism in a multipolar world”.
- More than 250 participants from 65 countries attended the flagship geo-political conference.
Important Highlights of the Dialogue
PM Modi highlighted that India’s economic development is deeply impacted by the developments in the world and vice-versa. World needs India’s sustained rise as much as India needs world’s rise. India’s economic and political rise represents a regional and global opportunity of great significance.
- India’s strategic intent is shaped by civilization ethos of Realism, Co-existence, Cooperation and Partnership.
- Indian government focuses on rebuilding connectivity, restoring bridges and rejoining India with immediate and extended geographies.
- PM laid stress on building development partnerships extending from Indian Ocean and Pacific Ocean to the islands of the Caribbean and from the great continent of Africa to the vibrant nations of Americas.
- He said that Asia has shown a great deal of progress but steady increase in military power, resources and wealth in the Asia-Pacific has raised the awareness for its security. Therefore the security architecture in the region must be open, transparent, balanced and inclusive.
- PM Modi highlighted the influence of maritime sector. He said that India’s initiavtive of SAGAR – Security and Growth for All in the Region not only aims to safe-guard India’s mainland and islands but also defines efforts to deepen economic and security cooperation in maritime relationships.
- He said that India’s relation has deepened with Afghanistan, despite distance and difficulties in transit. The completion of Afghanistan’s Parliament building and the India-Afghanistan Friendship Dam are the evidence that proves the developmental partnership.
- PM Modi also highlighted the relation with countries such as Bangladesh, Nepal, Sri Lanka, Bhutan and Maldives
- But Modi said that he has a vision to develop peaceful and harmonious ties with entire South Asia including Pakistan. Modi said that Pakistan must walk away from terror to have any dialogue with India.
- He also mentioned India’s redefining relation with Gulf and West Asia such as Saudi Arabia, UAE, Qatar and Iran despite uncertainty and conflict
- India’s partnership with ASEAN and its member countries has enhanced commerce, technology, investment, development, and security partnerships.
- Speaking about the relation between India and China, Modi said that it provides a development opportunity to both the countries and for the whole world.
- PM stated that the engagement with countries like United States, Russia, Japan and other major global powers are very compatible with India’s economic priorities of capital and capacities, commerce and technology, industry and infrastructure, skills and development, and defence and security.
- PM said that one’s success must lead to growth of many which is possible through constructive and collaborative partnerships with global world.
About Raisina Dialogue
- The Raisina Dialogue is an annual conference on geopolitics and geo-economics held in New Delhi jointly by Ministry of External Affairs, India and the Observer Research Foundation (ORF) an independent think tank based in India.
- The conference is participated by multi-stakeholder, cross-sectorial conclave, involving policy and decision makers, including cabinet ministers from various Governments, high-level Government officials and policy practitioners, leading personalities from business and industry, and members of the strategic community, media and academia.
- The first edition of the conference was held from March 1 to March 3, 2016 in New Delhi. The theme was “Connecting Asia”.
- The conference is named after Raisina Hill of New Delhi, which is the location of both the Government of India as well as the presidential palace of India, Rashtrapati Bhavan, which inspired the design of the conference symbol.
- The theme of the three day conference is “The New Normal: Multilateralism in a multipolar world”.
- More than 250 participants from 65 countries attended the flagship geo-political conference.
- India’s strategic intent is shaped by civilization ethos of Realism, Co-existence, Cooperation and Partnership.
- Indian government focuses on rebuilding connectivity, restoring bridges and rejoining India with immediate and extended geographies.
- PM laid stress on building development partnerships extending from Indian Ocean and Pacific Ocean to the islands of the Caribbean and from the great continent of Africa to the vibrant nations of Americas.
- He said that Asia has shown a great deal of progress but steady increase in military power, resources and wealth in the Asia-Pacific has raised the awareness for its security. Therefore the security architecture in the region must be open, transparent, balanced and inclusive.
- PM Modi highlighted the influence of maritime sector. He said that India’s initiavtive of SAGAR – Security and Growth for All in the Region not only aims to safe-guard India’s mainland and islands but also defines efforts to deepen economic and security cooperation in maritime relationships.
- He said that India’s relation has deepened with Afghanistan, despite distance and difficulties in transit. The completion of Afghanistan’s Parliament building and the India-Afghanistan Friendship Dam are the evidence that proves the developmental partnership.
- PM Modi also highlighted the relation with countries such as Bangladesh, Nepal, Sri Lanka, Bhutan and Maldives
- But Modi said that he has a vision to develop peaceful and harmonious ties with entire South Asia including Pakistan. Modi said that Pakistan must walk away from terror to have any dialogue with India.
- He also mentioned India’s redefining relation with Gulf and West Asia such as Saudi Arabia, UAE, Qatar and Iran despite uncertainty and conflict
- India’s partnership with ASEAN and its member countries has enhanced commerce, technology, investment, development, and security partnerships.
- Speaking about the relation between India and China, Modi said that it provides a development opportunity to both the countries and for the whole world.
- PM stated that the engagement with countries like United States, Russia, Japan and other major global powers are very compatible with India’s economic priorities of capital and capacities, commerce and technology, industry and infrastructure, skills and development, and defence and security.
- PM said that one’s success must lead to growth of many which is possible through constructive and collaborative partnerships with global world.
- The Raisina Dialogue is an annual conference on geopolitics and geo-economics held in New Delhi jointly by Ministry of External Affairs, India and the Observer Research Foundation (ORF) an independent think tank based in India.
- The conference is participated by multi-stakeholder, cross-sectorial conclave, involving policy and decision makers, including cabinet ministers from various Governments, high-level Government officials and policy practitioners, leading personalities from business and industry, and members of the strategic community, media and academia.
- The first edition of the conference was held from March 1 to March 3, 2016 in New Delhi. The theme was “Connecting Asia”.
- The conference is named after Raisina Hill of New Delhi, which is the location of both the Government of India as well as the presidential palace of India, Rashtrapati Bhavan, which inspired the design of the conference symbol.
Prime Minister Shri Narendra Modi inaugurated the second edition of Raisina Dialogue in New Delhi on January 17, 2017. The conference has been organized by the Ministry of External Affairs and Delhi based prestigious think tank Observer Research Foundation.
Important Highlights of the Dialogue
PM Modi highlighted that India’s economic development is deeply impacted by the developments in the world and vice-versa. World needs India’s sustained rise as much as India needs world’s rise. India’s economic and political rise represents a regional and global opportunity of great significance.
About Raisina Dialogue
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