General Affairs
Fresh avalanche warning issued in Kashmir and Ladakh; 21 already dead
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Even as 21 people have already been killed in avalanches in Kashmir, the government has now issued a fresh warning this morning. An avalanche alert has been sounded for higher reaches of Kashmir and Ladakh.
As per experts after snowfall when the minimum temperature rises above freezing it can cause slip on the slopes leading to snow slides. The weather office said minimum temperature on Saturday here was 0.8 degrees Celsius. Pahalgam and Gulmarg recorded minus 0.1 and minus 6.6 degree respectively while Leh recorded minus 10.1 degrees Celsius.
The divisional administration has issued high avalanche warnings for hilly areas in Baramulla, Kupwara, Kulgam, Ganderbal, Shopian, Anantnag, Leh and Kargil districts. People living in these areas has been advised to either move to safer locations or not venture out of their homes. Twenty one people, including 15 army soldiers have been killed in these weather eventualities, including avalanches, in Jammu and Kashmir.
District magistrates have been asked to supervise all relief and rescue operations in avalanche-prone areas.
The 40-day-long period of harsh winter called the 'Chillai Kalan' that started on December 21 will end on January 30.
JAMMU SRINAGAR HIGHWAY CLOSED FOR FIFTH DAY
Thousands of trucks and other vehicles are stranded for five days on the 300-km-long Jammu Srinagar highway due to the ongoing snowfall and landslides at different points.
Fresh snowfall at Qazigund and Jawahar tunnel has put the end for hopes of opening of the highway soon. On Friday air traffic got disturbed again in Srinagar due to bad weather and low visibility.
Even as 21 people have already been killed in avalanches in Kashmir, the government has now issued a fresh warning this morning. An avalanche alert has been sounded for higher reaches of Kashmir and Ladakh.
As per experts after snowfall when the minimum temperature rises above freezing it can cause slip on the slopes leading to snow slides. The weather office said minimum temperature on Saturday here was 0.8 degrees Celsius. Pahalgam and Gulmarg recorded minus 0.1 and minus 6.6 degree respectively while Leh recorded minus 10.1 degrees Celsius.
The divisional administration has issued high avalanche warnings for hilly areas in Baramulla, Kupwara, Kulgam, Ganderbal, Shopian, Anantnag, Leh and Kargil districts. People living in these areas has been advised to either move to safer locations or not venture out of their homes. Twenty one people, including 15 army soldiers have been killed in these weather eventualities, including avalanches, in Jammu and Kashmir.
District magistrates have been asked to supervise all relief and rescue operations in avalanche-prone areas.
The 40-day-long period of harsh winter called the 'Chillai Kalan' that started on December 21 will end on January 30.
JAMMU SRINAGAR HIGHWAY CLOSED FOR FIFTH DAY
Thousands of trucks and other vehicles are stranded for five days on the 300-km-long Jammu Srinagar highway due to the ongoing snowfall and landslides at different points.
Fresh snowfall at Qazigund and Jawahar tunnel has put the end for hopes of opening of the highway soon. On Friday air traffic got disturbed again in Srinagar due to bad weather and low visibility.
Uttarakhand assembly polls: Election Commission removes Haridwar DM, SSP
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In an administrative reshuffle to ensure that the assembly polls are held in free and fair manner, the Election Commission has removed the District Magistrate and Senior Superintendent of Police of Haridwar in Uttarakhand.
Haridwar's DM Harbans Singh Chug has been replaced with SA Murugeshan while SSP Rajiv Swaroop with Krihna Raj VK.
The reshuffle has been made with immediate effect.
Haridwar district magistrate Harbans Singh Chugh has been recently in controversy over refusing to enforce a ban order by the Central Pollution Control Board (CPCB) on the banks of river Ganga.
The CPCB had ordered to ban mining activities in five-km radius from the river bed of Ganga in Haridwar directing the state government, the DM and the SSP to make sure that the ruling was enforced.
But, the DM Chug refused to comply with the orders saying that he had received no such instruction from the state government.
The CPCB order clearly said the DM and SSP shall ensure that mining ban in Railwala to Bhogpur stretch of Ganga river in Haridwar is strictly complied and that no illegal mining in that stretch should be allowed.
In an administrative reshuffle to ensure that the assembly polls are held in free and fair manner, the Election Commission has removed the District Magistrate and Senior Superintendent of Police of Haridwar in Uttarakhand.
Haridwar's DM Harbans Singh Chug has been replaced with SA Murugeshan while SSP Rajiv Swaroop with Krihna Raj VK.
The reshuffle has been made with immediate effect.
Haridwar district magistrate Harbans Singh Chugh has been recently in controversy over refusing to enforce a ban order by the Central Pollution Control Board (CPCB) on the banks of river Ganga.
The CPCB had ordered to ban mining activities in five-km radius from the river bed of Ganga in Haridwar directing the state government, the DM and the SSP to make sure that the ruling was enforced.
But, the DM Chug refused to comply with the orders saying that he had received no such instruction from the state government.
The CPCB order clearly said the DM and SSP shall ensure that mining ban in Railwala to Bhogpur stretch of Ganga river in Haridwar is strictly complied and that no illegal mining in that stretch should be allowed.
For the Bangalore Development Authority, the controversial steel flyover is national security matter
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Yes, the controversial steel flyover that the Karnataka government is insistent on going forward with is a matter of 'National Security' for the BDA! This was the response given to citizens groups and RTI activists who had recently gone to the BDA for an appeals hearing. They were shocked out of their wits with the response given to them by the authorities when they wanted information relating to whether any alternatives were considered and what sort of public consultation was done.
'We are asking where is the issue of national security here. They are trying to build a 6.7 km steel flyover with our money and then they say that information cannot be provided. Where is the transparency,' Srinivas Alavilli, a member of Citizens for Bengaluru questioned adding that this is the precise reason why citizens are up in arms.
GOVERNMENT MUST WITHDRAW FROM CASES IN NGT & HC
With the availability of trains and alternative roads to the airport, activists now question the very necessity of the steel flyover that will cost in excess of 2000 crores and lead to the cutting down of over 800 trees. The government recently signed an MoU with the Union Railway ministry to begin commuter rail service and since the railway line is next to the airport trumpet, activists want a Trumpet halt and train services from all economic hubs of the city to the airport. 'For a project the citizens do not want, why are they spending citizens money on 2 cases,' Tara Krishnaswamy another member of CfB wants to know. She further adds that the 'state government immediately withdraw the cases and do the right thing by respecting citizens demands.'A BIG WORRY FOR CITIZEN ACTIVISTS
For citizen activists fighting the government to stop this steel flyover and save over 800 trees, their biggest worry is that every crisis presents an opportunity for people in power to mint money. 'It should not be seen as thinking up large projects in a crisis where they can make money but rather as a responsibility to resolve the problem,' is what theater, film, television and media personality Prakash Belawadi has to say.
To him, the steel flyover has become an important symbol of protest and an awakening for the citizens of the city. 'We will mass in larger numbers and we will both qualitatively and quantitatively continue to fight the government and its plans to thrust this terrible and hideous flyover upon us against all logic and against public interest,' he continued. He said that to persist with this project is clearly an insult to public opinion and sentiment.
Srinivas Alavilli is confident that in the next hearing of the NGT on January 30, the government will not get the green signal. 'I can assure Bengalureans that the steel flyover is not happening on the 30th and after the 30th or ever because there are 1001 reasons why it should not be done and we will fight to the last,' he tells India Today.
Yes, the controversial steel flyover that the Karnataka government is insistent on going forward with is a matter of 'National Security' for the BDA! This was the response given to citizens groups and RTI activists who had recently gone to the BDA for an appeals hearing. They were shocked out of their wits with the response given to them by the authorities when they wanted information relating to whether any alternatives were considered and what sort of public consultation was done.
'We are asking where is the issue of national security here. They are trying to build a 6.7 km steel flyover with our money and then they say that information cannot be provided. Where is the transparency,' Srinivas Alavilli, a member of Citizens for Bengaluru questioned adding that this is the precise reason why citizens are up in arms.
GOVERNMENT MUST WITHDRAW FROM CASES IN NGT & HC
With the availability of trains and alternative roads to the airport, activists now question the very necessity of the steel flyover that will cost in excess of 2000 crores and lead to the cutting down of over 800 trees. The government recently signed an MoU with the Union Railway ministry to begin commuter rail service and since the railway line is next to the airport trumpet, activists want a Trumpet halt and train services from all economic hubs of the city to the airport. 'For a project the citizens do not want, why are they spending citizens money on 2 cases,' Tara Krishnaswamy another member of CfB wants to know. She further adds that the 'state government immediately withdraw the cases and do the right thing by respecting citizens demands.'A BIG WORRY FOR CITIZEN ACTIVISTS
For citizen activists fighting the government to stop this steel flyover and save over 800 trees, their biggest worry is that every crisis presents an opportunity for people in power to mint money. 'It should not be seen as thinking up large projects in a crisis where they can make money but rather as a responsibility to resolve the problem,' is what theater, film, television and media personality Prakash Belawadi has to say.
To him, the steel flyover has become an important symbol of protest and an awakening for the citizens of the city. 'We will mass in larger numbers and we will both qualitatively and quantitatively continue to fight the government and its plans to thrust this terrible and hideous flyover upon us against all logic and against public interest,' he continued. He said that to persist with this project is clearly an insult to public opinion and sentiment.
Srinivas Alavilli is confident that in the next hearing of the NGT on January 30, the government will not get the green signal. 'I can assure Bengalureans that the steel flyover is not happening on the 30th and after the 30th or ever because there are 1001 reasons why it should not be done and we will fight to the last,' he tells India Today.
Nobel laureate Amartya Sen: Note ban undemocratic, like an unguided missile
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Nobel laureate Amartya Sen today termed note ban as an unguided "missile" fired "unilaterally" by the government without adhering to the democratic conventions.
"Every now and then we get missiles fired by the government unilaterally. demonetisation one fine morning is of course just such a missile where there are reports coming in of hardships and suffering though it is not quite clear where the missile has landed," Sen said.
The remark was made by Sen during a talk titled 'Healthcare for all: Why and how here, was done while comparing decision-making in a democratic country like ours and the Communist China.
The Bharat Ratna awardee said decisions get taken in China based on the vision of a small group of people, while in a democracy like ours, things move only when there is a public demand for it.
"Our political decisions, however, in contrast have to involve the public," he said, comparing our situation with China and going on to mention the demonetisation exercise as an aberration from such a convention.
Drawing attention to the critical challenges faced by the healthcare sector, the professor of economics and philosophy at Harvard said, "unilateral thoughts" like demonetisation cannot be of help.
"Firing unilateral thoughts are not the way to reform healthcare in the kind of democracy that is India," Sen said.
It can be noted that the US-based Sen has been critical of the demonetisation announced by Prime Minister Narendra Modi on November 8.
Nobel laureate Amartya Sen today termed note ban as an unguided "missile" fired "unilaterally" by the government without adhering to the democratic conventions.
"Every now and then we get missiles fired by the government unilaterally. demonetisation one fine morning is of course just such a missile where there are reports coming in of hardships and suffering though it is not quite clear where the missile has landed," Sen said.
The remark was made by Sen during a talk titled 'Healthcare for all: Why and how here, was done while comparing decision-making in a democratic country like ours and the Communist China.
The Bharat Ratna awardee said decisions get taken in China based on the vision of a small group of people, while in a democracy like ours, things move only when there is a public demand for it.
"Our political decisions, however, in contrast have to involve the public," he said, comparing our situation with China and going on to mention the demonetisation exercise as an aberration from such a convention.
Drawing attention to the critical challenges faced by the healthcare sector, the professor of economics and philosophy at Harvard said, "unilateral thoughts" like demonetisation cannot be of help.
"Firing unilateral thoughts are not the way to reform healthcare in the kind of democracy that is India," Sen said.
It can be noted that the US-based Sen has been critical of the demonetisation announced by Prime Minister Narendra Modi on November 8.
BJP manifesto: Party chief Amit Shah promises sops from Ram Mandir to free WiFi in Uttar Pradesh
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BJP president Amit Shah today released the party's manifesto for the Uttar Pradesh Assembly election. The nine-part 'sankalp patra' promises a range of sops, ranging from free WiFi in colleges to steps to improve law and order.
Predicting that the BJP will form the government in Uttar Pradesh with a two-third majority, Shah targeted the Akhilesh Yadav government, saying the law and order situation in the state is the worst in the world.
Shah went on to claim that the BJP-led government at the Centre has sent Rs 1 lakh crore more to UP every year than the UPA. "Where has the money gone?" the party head questioned.
Shah also addressed the Ram Mandir issue, saying the party will make efforts to ensure that a temple is made at the contentious Ayodhya site while staying within the constitutional framework.
TOP PROMISES IN BJP'S UP MANIFESTO
- Zero percent loan to marginal farmers.
- Cane farmers to get all their dues within 120 days.
- Task forces to target land grabbing and the mining mafia to be set up.
- Steps to ensure that a FIR is lodged within 24 hours of a person filing a complaint.
- All illegal slaughter houses will be shut down.
- 24-hour electric supply to all villages in the state.
- Free WiFI in colleges and universities.
- Free laptops along with 1GB of free data for youth.
- Garib Kalyan Card for poor with free health care facilities.
- Bhama Shah Vyapar Kalyan Board to be set up for businessmen.
- Female police stations to be set up in every UP district.
- Will launch 108 ambulances, establish 25 new medical colleges and a super-speciality hospital and set up 6 AIIMS.
BJP president Amit Shah today released the party's manifesto for the Uttar Pradesh Assembly election. The nine-part 'sankalp patra' promises a range of sops, ranging from free WiFi in colleges to steps to improve law and order.
Predicting that the BJP will form the government in Uttar Pradesh with a two-third majority, Shah targeted the Akhilesh Yadav government, saying the law and order situation in the state is the worst in the world.
Shah went on to claim that the BJP-led government at the Centre has sent Rs 1 lakh crore more to UP every year than the UPA. "Where has the money gone?" the party head questioned.
Shah also addressed the Ram Mandir issue, saying the party will make efforts to ensure that a temple is made at the contentious Ayodhya site while staying within the constitutional framework.
TOP PROMISES IN BJP'S UP MANIFESTO
- Zero percent loan to marginal farmers.
- Cane farmers to get all their dues within 120 days.
- Task forces to target land grabbing and the mining mafia to be set up.
- Steps to ensure that a FIR is lodged within 24 hours of a person filing a complaint.
- All illegal slaughter houses will be shut down.
- 24-hour electric supply to all villages in the state.
- Free WiFI in colleges and universities.
- Free laptops along with 1GB of free data for youth.
- Garib Kalyan Card for poor with free health care facilities.
- Bhama Shah Vyapar Kalyan Board to be set up for businessmen.
- Female police stations to be set up in every UP district.
- Will launch 108 ambulances, establish 25 new medical colleges and a super-speciality hospital and set up 6 AIIMS.
Business Affairs
Govt's focus on infra to cut down logistics cost: Nitin Gadkari
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Government is working on boosting infrastructure, particularly ports, roads and waterways, to significantly reduce logistics cost that is "very high" in the country, Union Minister Nitin Gadkari said today.
He made a pitch for port-led development which is "crucial" for higher economic growth.
"Our logistics cost is very high. It is 18 per cent. It is easy to take any material from Mumbai to Dubai or from Mumbai to London, but it is very difficult to take material from Mumbai to Delhi as it is costly and complicated... We want to give highest priority to that on how we can reduce this cost," he said.
Speaking at the Andhra Pradesh Investors Summit, the road, transport, highways and shipping minister hoped that the target 40 km of road construction per day will be achieved by next year.
"It was 2 km per day, last year, it was 18 km per day and by the end of this March, it will be 30 km per day. But our target was 40 km per day, and I am confident that next year, we will complete that target," he said, adding that the government will complete 2 lakh km National Highway on time.
By December-end, he said the ministry has finalised contracts worth USD 80 billion.
About ports and shipping, Gadkari said contracts worth Rs 1 lakh crore have been finalised to give a push to the sector.
"Most important for our development is port led development... we have Sagarmala as a big investment project. We have already started work on Rs 1 lakh crore," he disclosed.
Last year, the three flagships -- Cochin Shipyard, Shipping Corporation of India and Dredging Corporation -- recorded profit of Rs 6,000 crore and "for this year, we are expecting profit of about Rs 7,000 crore and we are going to invest this profit".
Essar Ports CEO and MD Rajiv Agarwal agreed, saying infrastructure development is key to growth and the sector needs "cheap finances to develop that".
"What we need is cheap finances... We should need infrastructure as something like defence because it is so important to give quality living to our people and take India to a stage of developed nation," he said, adding that there should be no roadblocks on land or environment for infrastructure development.
Agarwal put the estimate for India to develop infrastructure at trillions of dollars and "we need to remove all the roadblocks to get that money".
Government is working on boosting infrastructure, particularly ports, roads and waterways, to significantly reduce logistics cost that is "very high" in the country, Union Minister Nitin Gadkari said today.
He made a pitch for port-led development which is "crucial" for higher economic growth.
"Our logistics cost is very high. It is 18 per cent. It is easy to take any material from Mumbai to Dubai or from Mumbai to London, but it is very difficult to take material from Mumbai to Delhi as it is costly and complicated... We want to give highest priority to that on how we can reduce this cost," he said.
Speaking at the Andhra Pradesh Investors Summit, the road, transport, highways and shipping minister hoped that the target 40 km of road construction per day will be achieved by next year.
"It was 2 km per day, last year, it was 18 km per day and by the end of this March, it will be 30 km per day. But our target was 40 km per day, and I am confident that next year, we will complete that target," he said, adding that the government will complete 2 lakh km National Highway on time.
By December-end, he said the ministry has finalised contracts worth USD 80 billion.
About ports and shipping, Gadkari said contracts worth Rs 1 lakh crore have been finalised to give a push to the sector.
"Most important for our development is port led development... we have Sagarmala as a big investment project. We have already started work on Rs 1 lakh crore," he disclosed.
Last year, the three flagships -- Cochin Shipyard, Shipping Corporation of India and Dredging Corporation -- recorded profit of Rs 6,000 crore and "for this year, we are expecting profit of about Rs 7,000 crore and we are going to invest this profit".
Essar Ports CEO and MD Rajiv Agarwal agreed, saying infrastructure development is key to growth and the sector needs "cheap finances to develop that".
"What we need is cheap finances... We should need infrastructure as something like defence because it is so important to give quality living to our people and take India to a stage of developed nation," he said, adding that there should be no roadblocks on land or environment for infrastructure development.
Agarwal put the estimate for India to develop infrastructure at trillions of dollars and "we need to remove all the roadblocks to get that money".
Begged for help, not loans: Vijay Mallya
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Squarely putting the blame for collapse of Kingfisher Airlines (KFA) on the then government's policies and economic conditions, troubled liquor tycoon Vijay Mallya has said public funds were used to bail out state-owned Air India, but not the then "largest domestic airline".
Defending himself in a string of tweets, Mallya said all he sought was help related to policy change and not loans, questioning "public funds given to Air India".
"KFA collapsed with oil at $140 per barrel and state sales tax on top rupee devaluation. No FDI engine failures. Economic depression. Need more?" he asked in a tweet.
He further said: "And KFA being the largest domestic airline was the worst hit. Government bailed out Air India, but did not bail out KFA. So much for 'favours'."
Mallya said he sought policy changes that he did not get, which hurt his airlines.
He tweeted that he 'begged for help' and not for loans, but policy changes -- declared goods status for fuel, flat rate of state sales tax instead of ad valorem, FDI.
Claiming that KFA is "India's largest and finest airline", he said, "It sadly failed purely due to economic and policy situations. I am humble enough to say sorry to employees and all stakeholders every day. I really wish government helped."
Claiming that his core alcohol businesses were 'severely controlled' by the government, Mallya said he "was not allowed to even downsize KFA due (to) employment and connectivity".
Reacting to accusations of public funds lost in loans to KFA, Mr Mallya retorted, "What about public funds given to Air India? I offered a settlement."
He further said, "What diversion of funds? I invested more than (Rs) 4,500 crore into KFA."
Defending his lavish lifestyle even after sinking Rs 4,500 crore into KFA, Mallya said "if my lifestyle was lavish, it was for two decades before KFA was even born".
On the implications of the ongoing cases against him on entrepreneurship in India, the beleaguered businessman said "the existence of such criminal arms of the government and misuse for vendetta is bound to scare anyone".
Squarely putting the blame for collapse of Kingfisher Airlines (KFA) on the then government's policies and economic conditions, troubled liquor tycoon Vijay Mallya has said public funds were used to bail out state-owned Air India, but not the then "largest domestic airline".
Defending himself in a string of tweets, Mallya said all he sought was help related to policy change and not loans, questioning "public funds given to Air India".
"KFA collapsed with oil at $140 per barrel and state sales tax on top rupee devaluation. No FDI engine failures. Economic depression. Need more?" he asked in a tweet.
He further said: "And KFA being the largest domestic airline was the worst hit. Government bailed out Air India, but did not bail out KFA. So much for 'favours'."
Mallya said he sought policy changes that he did not get, which hurt his airlines.
He tweeted that he 'begged for help' and not for loans, but policy changes -- declared goods status for fuel, flat rate of state sales tax instead of ad valorem, FDI.
Claiming that KFA is "India's largest and finest airline", he said, "It sadly failed purely due to economic and policy situations. I am humble enough to say sorry to employees and all stakeholders every day. I really wish government helped."
Claiming that his core alcohol businesses were 'severely controlled' by the government, Mallya said he "was not allowed to even downsize KFA due (to) employment and connectivity".
Reacting to accusations of public funds lost in loans to KFA, Mr Mallya retorted, "What about public funds given to Air India? I offered a settlement."
He further said, "What diversion of funds? I invested more than (Rs) 4,500 crore into KFA."
Defending his lavish lifestyle even after sinking Rs 4,500 crore into KFA, Mallya said "if my lifestyle was lavish, it was for two decades before KFA was even born".
On the implications of the ongoing cases against him on entrepreneurship in India, the beleaguered businessman said "the existence of such criminal arms of the government and misuse for vendetta is bound to scare anyone".
L&T Q3 net up 39 per cent to Rs 972 crore, company says note ban 'a disruptor'
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Larsen & Toubro (L&T), which on Saturday reported a 38.85 per cent jump in its consolidated net profit at Rs 972 crore for the December quarter, said the government's 'cashless economy' efforts have caused 'disruption' and its impact on business is yet to be assessed.
The industrial giant had clocked a net profit of Rs 700.34 crore for October-December last fiscal.
The infrastructure conglomerate's total income from operations rose to Rs 26,286.98 crore during the quarter under review, from Rs 25,928.07 crore a year ago.
Its expenses during the quarter were slightly up at Rs 24,486.57 crore as against Rs 24,170 crore in the previous fiscal.
In its outlook, the company said the domestic growth appears to take longer time as investment momentum remains weak and the banking system is burdened by debt overhang.
On recent demonetisation, the infrastructure major said, "Government's initiatives to curb the parallel economy and make a transition to cashless economy have caused disruption whose impact on the business sentiment is yet to be conclusively assessed."
It said the challenging business conditions are expected to continue in the next few quarters until the government moves to lift growth through "infra spend and tax reforms take effect".
About global economic scenario, it said the revival hinges on the outcome of post Brexit events in the UK, change in the economic policy stance in the US, political developments in some of the major European countries and China's policy response to slowdown.
"Recovery of commodity prices and oil price uptick have provided a positive twist to the global economic revival predictions," it noted.
The company focus will be on "selective pursuit of opportunities, working capital reduction, cost optimisation through supply chain efficiencies and productivity enhancement through digitisation initiatives".
"Aided by these initiatives, the company is hopeful of a satisfactory performance, given the current business environment," it said.
The company said it has garnered fresh orders worth Rs 34,885 crore at the group level during the quarter ended December 2016 amid subdued business environment.
The international orders at Rs 11,865 crore constituted 34 per cent of the total order inflow, which on a cumulative basis, stood at Rs 95,706 crore for the nine months to December.
Major orders were secured by infrastructure and hydrocarbon Segments.
"Consolidated orderbook of the group stood healthy at Rs 2,58,585 crore as on December 31, 2016, higher by 1.4 per cent on a y-o-y basis. International orderbook constituted 29 per cent of the total orderbook," it said.
L&T said its infrastructure segment achieved customer revenue of Rs 12,467 crore for the December quarter, a y-o-y growth of 6 per cent.
"Delays in obtaining clearances and work slowdown due to abrupt liquidity constraints of customers aggravated by demonetisation impacted progress of jobs under execution, especially in buildings and factories business," it said.
It said transportation infrastructure and water and effluent treatment businesses contributed to the revenue growth during the quarter.
International revenue constituted 37 per cent of the total customer revenue of the segment.
During October-December 2016, the infrastructure segment won fresh orders of Rs 21,516 crore despite sluggish investment climate, it said.
Some of the anticipated orders did not materialise due to delay in bid process, it added.
L&T's IT and technology services (IT&TS) achieved customer revenue of Rs 2,454 crore during the quarter, registering growth of 9 per cent yoy.
Likewise, the financial services logged customer revenue of Rs 2,108 crore during the quarter, y-o-y growth of 11 per cent, driven by jump in loan assets and disbursements mainly in microfinance, housing and wholesale finance, it said.
Larsen & Toubro is an Indian MNC that is into technology, engineering, construction, manufacturing and financial services with over $16 billion in revenue. It operates in over 30 countries.
Larsen & Toubro (L&T), which on Saturday reported a 38.85 per cent jump in its consolidated net profit at Rs 972 crore for the December quarter, said the government's 'cashless economy' efforts have caused 'disruption' and its impact on business is yet to be assessed.
The industrial giant had clocked a net profit of Rs 700.34 crore for October-December last fiscal.
The infrastructure conglomerate's total income from operations rose to Rs 26,286.98 crore during the quarter under review, from Rs 25,928.07 crore a year ago.
Its expenses during the quarter were slightly up at Rs 24,486.57 crore as against Rs 24,170 crore in the previous fiscal.
In its outlook, the company said the domestic growth appears to take longer time as investment momentum remains weak and the banking system is burdened by debt overhang.
On recent demonetisation, the infrastructure major said, "Government's initiatives to curb the parallel economy and make a transition to cashless economy have caused disruption whose impact on the business sentiment is yet to be conclusively assessed."
It said the challenging business conditions are expected to continue in the next few quarters until the government moves to lift growth through "infra spend and tax reforms take effect".
About global economic scenario, it said the revival hinges on the outcome of post Brexit events in the UK, change in the economic policy stance in the US, political developments in some of the major European countries and China's policy response to slowdown.
"Recovery of commodity prices and oil price uptick have provided a positive twist to the global economic revival predictions," it noted.
The company focus will be on "selective pursuit of opportunities, working capital reduction, cost optimisation through supply chain efficiencies and productivity enhancement through digitisation initiatives".
"Aided by these initiatives, the company is hopeful of a satisfactory performance, given the current business environment," it said.
The company said it has garnered fresh orders worth Rs 34,885 crore at the group level during the quarter ended December 2016 amid subdued business environment.
The international orders at Rs 11,865 crore constituted 34 per cent of the total order inflow, which on a cumulative basis, stood at Rs 95,706 crore for the nine months to December.
Major orders were secured by infrastructure and hydrocarbon Segments.
"Consolidated orderbook of the group stood healthy at Rs 2,58,585 crore as on December 31, 2016, higher by 1.4 per cent on a y-o-y basis. International orderbook constituted 29 per cent of the total orderbook," it said.
L&T said its infrastructure segment achieved customer revenue of Rs 12,467 crore for the December quarter, a y-o-y growth of 6 per cent.
"Delays in obtaining clearances and work slowdown due to abrupt liquidity constraints of customers aggravated by demonetisation impacted progress of jobs under execution, especially in buildings and factories business," it said.
It said transportation infrastructure and water and effluent treatment businesses contributed to the revenue growth during the quarter.
International revenue constituted 37 per cent of the total customer revenue of the segment.
During October-December 2016, the infrastructure segment won fresh orders of Rs 21,516 crore despite sluggish investment climate, it said.
Some of the anticipated orders did not materialise due to delay in bid process, it added.
L&T's IT and technology services (IT&TS) achieved customer revenue of Rs 2,454 crore during the quarter, registering growth of 9 per cent yoy.
Likewise, the financial services logged customer revenue of Rs 2,108 crore during the quarter, y-o-y growth of 11 per cent, driven by jump in loan assets and disbursements mainly in microfinance, housing and wholesale finance, it said.
Larsen & Toubro is an Indian MNC that is into technology, engineering, construction, manufacturing and financial services with over $16 billion in revenue. It operates in over 30 countries.
Budget'17: Push digital transactions via standard deduction
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Nearly a decade after it was abolished in Budget 2007, there is a clamour to re-introduce 'Standard Deduction' to incentivise the salaried class by leaving a significant annual disposal income in their hands so that they can kick-start domestic consumption.
For the salaried, Standard deduction (SD) is equivalent of business-related expenses that businessmen deduct before arriving at their taxable income.
In its previous avatar, SD was capped at Rs 20,000 for salaried employees earning above Rs 5 lakh a year. For employees with annual income of between Rs 75,000 and Rs 5 lakh, SD of Rs 30,000 or 40 per cent of income--whichever was lower--was allowed.
If the FM is inclined to re-introduce SD, he should tie it to the extent of digital transactions the assessee makes during the year. Up to a cap of, say, Rs 30,000 or even Rs 50,000 (in case the FM doesn't intend to raise the minimum taxable income from Rs 2.50 lakh to Rs 3 lakh), SD should be claimed proportionate to the digital transactions conducted by the assessee during the financial year.
The government needs to keep the definition of digital transactions as wide as possible. For instance, it must include all utility bill payments done digitally, all online bank transactions, including transfers via NEFT, IMPS, all credit and debit card transactions (excluding cash withdrawals/deposits); all wallet payments, etc.
Ideally, every Rs 2 transacted digitally should earn Rs 1 worth of standard deduction. This ensures that the higher income group conducts at least Rs 1 lakh worth of transactions digitally every year to claim Rs 50,000 worth of SD. Nothing stops the government from raising the SD cap from year to year.
Just like housing loan interest certificates, banks/payment banks, credit card companies, wallet should auto-generate Digital Transactions certificates and mail them to their customers. The IT tax assessee can collect all its digital transactions certificates and submit them to the I-T authorities along with annual IT returns to claim SD.
But none of this is going to be feasible if transactions charges remain as high as they are today. Credit cards have no cap on transaction charges; debit card charges were capped at 0.75 pc in 2012. Even these are capricious.
Most payments banks and wallet companies have suspended transaction charges for the moment in their race to beat each other at acquiring customers. However, they will begin charging when they are in a position to arm-twist the customer.
Andhra chief minister Chandrababu Naidu, who heads the state Chief Ministers' Committee on Digital Payments, has recommended abolishing all transaction charges in its report to the government.
Instead, Naidu recommends that digital infrastructure companies such as credit cards firms and banks be given minimal compensation by the government for aiding digital transactions. Clearly, the tyranny of digital transactions needs to be abolished if the government expects the SD-digital money objective to deliver the desired result.
Nearly a decade after it was abolished in Budget 2007, there is a clamour to re-introduce 'Standard Deduction' to incentivise the salaried class by leaving a significant annual disposal income in their hands so that they can kick-start domestic consumption.
For the salaried, Standard deduction (SD) is equivalent of business-related expenses that businessmen deduct before arriving at their taxable income.
In its previous avatar, SD was capped at Rs 20,000 for salaried employees earning above Rs 5 lakh a year. For employees with annual income of between Rs 75,000 and Rs 5 lakh, SD of Rs 30,000 or 40 per cent of income--whichever was lower--was allowed.
If the FM is inclined to re-introduce SD, he should tie it to the extent of digital transactions the assessee makes during the year. Up to a cap of, say, Rs 30,000 or even Rs 50,000 (in case the FM doesn't intend to raise the minimum taxable income from Rs 2.50 lakh to Rs 3 lakh), SD should be claimed proportionate to the digital transactions conducted by the assessee during the financial year.
The government needs to keep the definition of digital transactions as wide as possible. For instance, it must include all utility bill payments done digitally, all online bank transactions, including transfers via NEFT, IMPS, all credit and debit card transactions (excluding cash withdrawals/deposits); all wallet payments, etc.
Ideally, every Rs 2 transacted digitally should earn Rs 1 worth of standard deduction. This ensures that the higher income group conducts at least Rs 1 lakh worth of transactions digitally every year to claim Rs 50,000 worth of SD. Nothing stops the government from raising the SD cap from year to year.
Just like housing loan interest certificates, banks/payment banks, credit card companies, wallet should auto-generate Digital Transactions certificates and mail them to their customers. The IT tax assessee can collect all its digital transactions certificates and submit them to the I-T authorities along with annual IT returns to claim SD.
But none of this is going to be feasible if transactions charges remain as high as they are today. Credit cards have no cap on transaction charges; debit card charges were capped at 0.75 pc in 2012. Even these are capricious.
Most payments banks and wallet companies have suspended transaction charges for the moment in their race to beat each other at acquiring customers. However, they will begin charging when they are in a position to arm-twist the customer.
Andhra chief minister Chandrababu Naidu, who heads the state Chief Ministers' Committee on Digital Payments, has recommended abolishing all transaction charges in its report to the government.
Instead, Naidu recommends that digital infrastructure companies such as credit cards firms and banks be given minimal compensation by the government for aiding digital transactions. Clearly, the tyranny of digital transactions needs to be abolished if the government expects the SD-digital money objective to deliver the desired result.
Hero Cycles invests 2 million pounds to start a Global Design Centre in UK
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Hero Cycles, one of the world's biggest manufacturers of bicycles, started operating its 'Global Design Center' in Manchester to create global product for developed markets using the next generation of bike design and technology.
The company led by its CMD Pankaj Munjal has invested 2 million British pounds into the project will be its second major international project, after it acquired an bicycle company in Sri Lanka. It has a global manufacturing capacity of 7.5 million bicycles per year, and also operates manufacturing units out of Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad in UP.
Pankaj Munjal said that the new operations will increase its global focus. "We will harness global talent and for the design center that is located closer to some of our targeted markets. With major expansion plans in Europe, this Design Centre will help us produce technology and design to cater to differentiated products to suit the needs of different European markets. Our two-fold strategy is to develop British brands in the UK, and export them across the Europe, Africa and India and secondly also value add to our existing India based brands." Munjal added.
Its design centre currently employs 25 engineers and technocrats to develop high-tech products across segments including mountain bikes, road bikes, ladies and kids, as well as cutting edge electric bikes.
Munjal said that they choose Manchester on its 'strong affinity with cycling culture' over other Eurpoean options like Amsterdam, Copenhagen or Berlin. "As well as full time staff, the centre will have space for university students and will also take on apprentices under the British government's Apprenticeship Scheme."
The bikes designed at the GDC will be manufactured at Hero's plant in Sri Lanka and exported to Europe, Africa and India.
Hero Cycles, one of the world's biggest manufacturers of bicycles, started operating its 'Global Design Center' in Manchester to create global product for developed markets using the next generation of bike design and technology.
The company led by its CMD Pankaj Munjal has invested 2 million British pounds into the project will be its second major international project, after it acquired an bicycle company in Sri Lanka. It has a global manufacturing capacity of 7.5 million bicycles per year, and also operates manufacturing units out of Ludhiana (Punjab), Bihta (Bihar) and Ghaziabad in UP.
Pankaj Munjal said that the new operations will increase its global focus. "We will harness global talent and for the design center that is located closer to some of our targeted markets. With major expansion plans in Europe, this Design Centre will help us produce technology and design to cater to differentiated products to suit the needs of different European markets. Our two-fold strategy is to develop British brands in the UK, and export them across the Europe, Africa and India and secondly also value add to our existing India based brands." Munjal added.
Its design centre currently employs 25 engineers and technocrats to develop high-tech products across segments including mountain bikes, road bikes, ladies and kids, as well as cutting edge electric bikes.
Munjal said that they choose Manchester on its 'strong affinity with cycling culture' over other Eurpoean options like Amsterdam, Copenhagen or Berlin. "As well as full time staff, the centre will have space for university students and will also take on apprentices under the British government's Apprenticeship Scheme."
The bikes designed at the GDC will be manufactured at Hero's plant in Sri Lanka and exported to Europe, Africa and India.
The bikes designed at the GDC will be manufactured at Hero's plant in Sri Lanka and exported to Europe, Africa and India.
General Awareness
List of Jeevan Raksha Padak Series of Awards 2016
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The President of India approved the conferment of Jeevan Raksha Padak Series of Awards 2016 on 36 persons on January 25, 2017.
- The Jeevan Raksha Padak includes 5 Sarvottam Jeevan Raksha Padak, 8 Uttam Jeevan Raksha Padak and 23 Jeevan Raksha Padak to 23 persons. Out of these 7 awards are posthumous.
About the award
Jeevan Raksha Padak series of awards are conferred for meritorious act of humane nature in saving the life of a person.
- The award is given in three categories: Sarvottam Jeevan Raksha Padak, Uttam Jeevan Raksha Padak and Jeevan Raksha Padak.
- The award comprising of medal, certificate signed by the Home Minister and demand draft for lump sum monetary allowance is presented to the awardee in due course by the respective State Government to which the awardee belongs.
List of Awardees
Sarvottam Jeevan Raksha Padak
No. Name State 1 Ms. Roluahpuii (Posthumous) Mizoram 2 Shri Shishir Kumar Yadavannavr (Posthumous) Karnataka 3 Shri Vadmitra Choudhary, (Posthumous) Uttar Pradesh 4 Shri Rakesh Kumar CN (Posthumous) Karnataka 5 Shri Suresh NB (Posthumous) Kerala
Uttam Jeevan Raksha Padak
No. Name State 1 Shri Mrigesh Narayan Barua Assam 2 Dr. C. Gopakumar (Posthumous) Kerala 3 Shri Govind Laxman Tupe Maharashtra 4 Shri Churchill Mizoram 5 Smt. Roluahpuii Mizoram 6 Shri Bir Bajrangbali Pandey West Bengal 7 Master Maurice Yengkhom Manipur 8 Master Shivansh Singh (Posthumous) Uttar Pradesh
Jeevan Raksha Padak
No. Name State 1 Shri Yashwant Kumar Pisda Chhattisgarh 2 Shri Dara Singh Haryana 3 Shri Dinesh Kumar Himachal Pradesh 4 Shri Ratheeshan Nambolan Kerala 5 Master Anandhakrishnan A Kerala 6 Master Akhil K. Shibu Kerala 7 Shri Tejesh Brijlal Sonawane Maharashtra 8 Shri Manoj Sudhakarrao Barahate Maharashtra 9 Shri Isac Lalrinchhana Mizoram 10 Shri Lalmohan Mohanta Odisha 11 Kum. Nazia Uttar Pradesh 12 Shri Pankaj Kumar Pandey Tamil Nadu 13 Shri Anoop Mishra Uttar Pradesh 14 Shri Kapil Kumar Shishodia Uttar Pradesh 15 Shri Neelkant Ramesh Harikantra Maharashtra 16 Shri Manohar Mahato West Bengal 17 Shri Balen Rajbongshi West Bengal 18 Shri Dharmendra Kumar Yadav West Bengal 19 Master Kamlesh Pradhan Chhattisgarh 20 Kum. Angelica Tynsong Meghalaya 21 Master Sai Krishna Akhil Kilambi Telangana 22 Shri Tshewana Thinlay Lachungpa Sikkim 23 Shri Altaf Ahmed Khan Jammu & Kashmir
The President of India approved the conferment of Jeevan Raksha Padak Series of Awards 2016 on 36 persons on January 25, 2017.
- The Jeevan Raksha Padak includes 5 Sarvottam Jeevan Raksha Padak, 8 Uttam Jeevan Raksha Padak and 23 Jeevan Raksha Padak to 23 persons. Out of these 7 awards are posthumous.
About the award
Jeevan Raksha Padak series of awards are conferred for meritorious act of humane nature in saving the life of a person.
- The award is given in three categories: Sarvottam Jeevan Raksha Padak, Uttam Jeevan Raksha Padak and Jeevan Raksha Padak.
- The award comprising of medal, certificate signed by the Home Minister and demand draft for lump sum monetary allowance is presented to the awardee in due course by the respective State Government to which the awardee belongs.
List of Awardees
Sarvottam Jeevan Raksha Padak
| |||||||
| No. | Name | State | |||||
| 1 | Ms. Roluahpuii (Posthumous) | Mizoram | |||||
| 2 | Shri Shishir Kumar Yadavannavr (Posthumous) | Karnataka | |||||
| 3 | Shri Vadmitra Choudhary, (Posthumous) | Uttar Pradesh | |||||
| 4 | Shri Rakesh Kumar CN (Posthumous) | Karnataka | |||||
| 5 | Shri Suresh NB (Posthumous) | Kerala | |||||
Uttam Jeevan Raksha Padak
| |||||||
| No. | Name | State | |||||
| 1 | Shri Mrigesh Narayan Barua | Assam | |||||
| 2 | Dr. C. Gopakumar (Posthumous) | Kerala | |||||
| 3 | Shri Govind Laxman Tupe | Maharashtra | |||||
| 4 | Shri Churchill | Mizoram | |||||
| 5 | Smt. Roluahpuii | Mizoram | |||||
| 6 | Shri Bir Bajrangbali Pandey | West Bengal | |||||
| 7 | Master Maurice Yengkhom | Manipur | |||||
| 8 | Master Shivansh Singh (Posthumous) | Uttar Pradesh | |||||
Jeevan Raksha Padak
| |||||||
| No. | Name | State | |||||
| 1 | Shri Yashwant Kumar Pisda | Chhattisgarh | |||||
| 2 | Shri Dara Singh | Haryana | |||||
| 3 | Shri Dinesh Kumar | Himachal Pradesh | |||||
| 4 | Shri Ratheeshan Nambolan | Kerala | |||||
| 5 | Master Anandhakrishnan A | Kerala | |||||
| 6 | Master Akhil K. Shibu | Kerala | |||||
| 7 | Shri Tejesh Brijlal Sonawane | Maharashtra | |||||
| 8 | Shri Manoj Sudhakarrao Barahate | Maharashtra | |||||
| 9 | Shri Isac Lalrinchhana | Mizoram | |||||
| 10 | Shri Lalmohan Mohanta | Odisha | |||||
| 11 | Kum. Nazia | Uttar Pradesh | |||||
| 12 | Shri Pankaj Kumar Pandey | Tamil Nadu | |||||
| 13 | Shri Anoop Mishra | Uttar Pradesh | |||||
| 14 | Shri Kapil Kumar Shishodia | Uttar Pradesh | |||||
| 15 | Shri Neelkant Ramesh Harikantra | Maharashtra | |||||
| 16 | Shri Manohar Mahato | West Bengal | |||||
| 17 | Shri Balen Rajbongshi | West Bengal | |||||
| 18 | Shri Dharmendra Kumar Yadav | West Bengal | |||||
| 19 | Master Kamlesh Pradhan | Chhattisgarh | |||||
| 20 | Kum. Angelica Tynsong | Meghalaya | |||||
| 21 | Master Sai Krishna Akhil Kilambi | Telangana | |||||
| 22 | Shri Tshewana Thinlay Lachungpa | Sikkim | |||||
| 23 | Shri Altaf Ahmed Khan | Jammu & Kashmir | |||||
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