General Affairs
ISRO Hopes To Launch One Rocket A Month In 2018: Chairman AS Kiran Kumar
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India plans to have at least one rocket launch every month in 2018 from its spaceport at Sriharikota in Andhra Pradesh to deploy satellites in orbit, said a top space official today. "We are planning to have at least one launch mission a month in 2018 to deploy satellites in the earth's orbit for various applications," said Indian Space Research Organisation (ISRO) Chairman AS Kiran Kumar.
"For 2018-19 and 2019-20 financial years, we are looking to receive increased budgets from the country in view of the missions," he told reporters on the sidelines of the inauguration of a Gallery on Space Technology at Visvesvaraya Industrial and Technological Museum.
ISRO was given a budget of about Rs. 9,000 crore for 2017-18.
The first of the missions ahead is likely to be the launch of Cartosat-2E remote-sensing spacecraft along with 28 nano- and micro-satellites in early January if delayed from December-end.
On Chandrayan-2 mission, Mr Kumar said the work on realising the satellite was in full swing. The launch is likely to take place by the first quarter of 2018.
The state-run ISRO is also expected to carry a 600-kg spacecraft designed by TeamIndus on its Polar Satellite Launch Vehicle (PSLV) before March 31, 2018, for the city-based firm to win the Google Lunar XPRIZE.
"There are still a lot of discussions that are going on with TeamIndus regarding the launch," the ISRO chief said.
TeamIndus is the only Indian team among the five finalists competing for the $30 million Google Lunar XPRIZE, a competition meant to challenge and inspire engineers and entrepreneurs from around the world to develop low-cost methods of robotic space exploration.
At a gathering of students at the opening of the space technology gallery, Mr Kumar said: "You're at the prime moment where India as a country is surging ahead. India has got every potential to be the number one in the world, for which each of you must put in your best efforts."
Astrosat, the country's first space observatory, was one of the best satellites in the category providing Indian scientists with access to data about the edge of the universe, he said.
"It is never too late to do anything in science and technology. We can always make a mark. When we put in our best efforts, no one can beat us," the ISRO head said.
Former ISRO Chairman and National Education Policy Committee Chairman K Kasturirangan, and National Council for Science Museums Director General AS Manekar were also present.
"For 2018-19 and 2019-20 financial years, we are looking to receive increased budgets from the country in view of the missions," he told reporters on the sidelines of the inauguration of a Gallery on Space Technology at Visvesvaraya Industrial and Technological Museum.
ISRO was given a budget of about Rs. 9,000 crore for 2017-18.
The first of the missions ahead is likely to be the launch of Cartosat-2E remote-sensing spacecraft along with 28 nano- and micro-satellites in early January if delayed from December-end.
On Chandrayan-2 mission, Mr Kumar said the work on realising the satellite was in full swing. The launch is likely to take place by the first quarter of 2018.
The state-run ISRO is also expected to carry a 600-kg spacecraft designed by TeamIndus on its Polar Satellite Launch Vehicle (PSLV) before March 31, 2018, for the city-based firm to win the Google Lunar XPRIZE.
"There are still a lot of discussions that are going on with TeamIndus regarding the launch," the ISRO chief said.
TeamIndus is the only Indian team among the five finalists competing for the $30 million Google Lunar XPRIZE, a competition meant to challenge and inspire engineers and entrepreneurs from around the world to develop low-cost methods of robotic space exploration.
At a gathering of students at the opening of the space technology gallery, Mr Kumar said: "You're at the prime moment where India as a country is surging ahead. India has got every potential to be the number one in the world, for which each of you must put in your best efforts."
Astrosat, the country's first space observatory, was one of the best satellites in the category providing Indian scientists with access to data about the edge of the universe, he said.
"It is never too late to do anything in science and technology. We can always make a mark. When we put in our best efforts, no one can beat us," the ISRO head said.
Former ISRO Chairman and National Education Policy Committee Chairman K Kasturirangan, and National Council for Science Museums Director General AS Manekar were also present.
Barack Obama To Meet PM Narendra Modi On Thursday In Delhi
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Former president Barack Obama has embarked on a three-nation tour with stops in China, India and France, during which he will meet with Chinese President Xi Jinping and Indian Prime Minister Narendra Modi, his office announced Tuesday.
The tour comes just two weeks after President Donald Trump held a summit with Xi in Beijing and days after Trump's daughter, Ivanka, a White House adviser, participated in a global economic summit in Hyderabad, India.
Obama was scheduled to open his trip Tuesday in Shanghai, where he will hold private meetings and speak at a trade summit. On Wednesday, he will participate in an education summit in Beijing and meet with Xi.
In a news release, Obama's office said the former president had "forged a close and cooperative partnership with President Xi on issues ranging from growing the global economy to combating climate change, and he looks forward to catching up with his former counterpart."
In November 2014, Obama and Xi announced a climate agreement, which was a precursor to the Paris climate accord signed by nearly all the nations in the world. Trump has announced his administration's intent to withdrawn the United States from that agreement at the earliest opportunity in 2020, a move Obama has publicly criticized.
In New Dehli on Thursday, Obama is scheduled to speak at the HT Media Leadership Summit and meet with Modi. On Friday, Obama will hold a town-hall-style event for the Obama Foundation with an estimated 280 young leaders from across India, his office said.
"The Town Hall will expand the conversation about what it means to be an active citizen and to promote positive change," Obama's office said.
In Paris on Friday and Saturday, Obama will speak at the introductory session of the Les Napoleons Summit and hold private meetings.
The tour comes just two weeks after President Donald Trump held a summit with Xi in Beijing and days after Trump's daughter, Ivanka, a White House adviser, participated in a global economic summit in Hyderabad, India.
Obama was scheduled to open his trip Tuesday in Shanghai, where he will hold private meetings and speak at a trade summit. On Wednesday, he will participate in an education summit in Beijing and meet with Xi.
In a news release, Obama's office said the former president had "forged a close and cooperative partnership with President Xi on issues ranging from growing the global economy to combating climate change, and he looks forward to catching up with his former counterpart."
In November 2014, Obama and Xi announced a climate agreement, which was a precursor to the Paris climate accord signed by nearly all the nations in the world. Trump has announced his administration's intent to withdrawn the United States from that agreement at the earliest opportunity in 2020, a move Obama has publicly criticized.
In New Dehli on Thursday, Obama is scheduled to speak at the HT Media Leadership Summit and meet with Modi. On Friday, Obama will hold a town-hall-style event for the Obama Foundation with an estimated 280 young leaders from across India, his office said.
"The Town Hall will expand the conversation about what it means to be an active citizen and to promote positive change," Obama's office said.
In Paris on Friday and Saturday, Obama will speak at the introductory session of the Les Napoleons Summit and hold private meetings.
Election Body Reviews Preparations For February 2018 Tripura Assembly Polls
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The Election Commission held meetings with senior Tripura officials and leaders of various political parties in Agartala on Tuesday to review preparations for the February 2018 Tripura assembly elections.
Chief Election Commissioner AK Joti earlier arrived in Agartala from Nagaland, where the Election Commission undertook similar exercises.
The five-year terms of the assemblies in Meghalaya, Nagaland and Tripura -- with 60 seats each -- will end on March 6, 13, and 14 respectively. Elections in the three states are likely to be held simultaneously in February.
A Tripura Election Department official said the CEC, Election Commissioners Om Prakash Rawat and Sunil Arora, and Deputy Election Commissioner Sudeep Jain and other EC officials held a meeting with the state's Chief Electoral Officer Sriram Taranikanti.
Another meeting was held with leaders of various political parties and senior officials, including Chief Secretary Sanjeev Ranjan.
The Election Commission officials also held another meeting with District Magistrates and Collectors and Superintendents of Police of eight Tripura districts.
Before leaving on Wednesday afternoon, the CEC will hold more meetings.
The commission has directed various departments, including power, education and public works, to inspect the roads leading to 3,170 polling stations to be set up in Tripura as well as uninterrupted electricity supply to them.
"Most political parties, including Communist Party of India-Marxist and the Congress, requested the EC to ensure polls were held in time while the Bharatiya Janata Party urged for foolproof electoral rolls before elections were held," the official said on the condition of anonymity.
The Left Front holds power in Tripura, the Congress in Meghalaya and the Naga People's Front-led Democratic Alliance of Nagaland in Nagaland. The Democratic Alliance is supported by the BJP.
A four-member EC team led by Deputy Election Commissioner Sudeep Jain visited Tripura, Nagaland and Meghalaya earlier this month.
On November 13, the Election Commission held a meeting in New Delhi with Chief Electoral Officers of the three states on poll preparations.
"The EC officials have apprised the three CEOs to ensure use of Voter Verifiable Paper Audit Trail machines at all polling stations in these states," the official said.
Chief Election Commissioner AK Joti earlier arrived in Agartala from Nagaland, where the Election Commission undertook similar exercises.
The five-year terms of the assemblies in Meghalaya, Nagaland and Tripura -- with 60 seats each -- will end on March 6, 13, and 14 respectively. Elections in the three states are likely to be held simultaneously in February.
A Tripura Election Department official said the CEC, Election Commissioners Om Prakash Rawat and Sunil Arora, and Deputy Election Commissioner Sudeep Jain and other EC officials held a meeting with the state's Chief Electoral Officer Sriram Taranikanti.
Another meeting was held with leaders of various political parties and senior officials, including Chief Secretary Sanjeev Ranjan.
The Election Commission officials also held another meeting with District Magistrates and Collectors and Superintendents of Police of eight Tripura districts.
Before leaving on Wednesday afternoon, the CEC will hold more meetings.
The commission has directed various departments, including power, education and public works, to inspect the roads leading to 3,170 polling stations to be set up in Tripura as well as uninterrupted electricity supply to them.
"Most political parties, including Communist Party of India-Marxist and the Congress, requested the EC to ensure polls were held in time while the Bharatiya Janata Party urged for foolproof electoral rolls before elections were held," the official said on the condition of anonymity.
The Left Front holds power in Tripura, the Congress in Meghalaya and the Naga People's Front-led Democratic Alliance of Nagaland in Nagaland. The Democratic Alliance is supported by the BJP.
A four-member EC team led by Deputy Election Commissioner Sudeep Jain visited Tripura, Nagaland and Meghalaya earlier this month.
On November 13, the Election Commission held a meeting in New Delhi with Chief Electoral Officers of the three states on poll preparations.
"The EC officials have apprised the three CEOs to ensure use of Voter Verifiable Paper Audit Trail machines at all polling stations in these states," the official said.
"Come Make In India, Invest In India," PM Modi Tells Global Entrepreneurs
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Prime Minister Narendra Modi today invited entrepreneurs from all over the world to "come, make in India, invest in India," to partner in India's growth story. He was speaking at the Global Entrepreneurship Summit that he inaugurated this evening in Hyderabad along with Ivanka Trump, who praised PM Modi for what he is "doing to build India as a thriving economy -- a beacon of democracy -- and a symbol of hope to the world." She also quoted her father, US President Donald Trump, to say that "India has a true friend in the White House."
Speaking at a heavily guarded conference centre, PM Modi said to young entrepreneurs in the country, "Each of you have something valuable to contribute to creating a new India by 2022. You are vehicles of change and instruments of India's transformation."
In her speech, Ivanka Trump, who is an informal adviser to her father, said to PM Modi, "What you are achieving is truly extraordinary... from your childhood selling tea to election as India's Prime Minister."
She said the Indian economy can grow by over US dollars 150 billion in the next three years if it is able to close the gender gap in the labour force by half, calling for better opportunities for women entrepreneurs battling heavy odds around the world.
PM Modi and Ms Trump held their first one-on-one meeting before the summit began. Ms Trump also held a meeting with Foreign Minister Sushma Swaraj. Tonight, the Prime Minister will host Ms Trump for dinner at Hyderabad's Falaknuma Palace.
PM Narendra Modi addresses delegates at the Global Entrepreneurship Summit
As political and economic ties expand, India has become a major market for the United States, with two-way trade of about $115 billion last year. The two countries aim to raise that to $500 billion by 2022.
Hyderabad has rolled out the red carpet for Ms Trump, who has led a 350-member delegation to the summit. About 10,000 policemen are standing guard. Billboards with pictures of Ivanka Trump dot many parts of Hyderabad, home to major US firms such as Microsoft. Authorities have taken beggars off the streets in a clean-up drive.
Preparations for Ivanka Trump's visit have included traffic restrictions and a beefing up of the numbers of closed-circuit cameras. On standby are sniffer dogs as well as "spotters", or men trained to detect any suspicious activity or people, a senior police officer told Reuters, reflecting the trappings of a visit by a state leader.
Ms Trump landed in Hyderabad at about 3 am last night. PM Modi had invited Ivanka Trump to India during his visit to the White House in the US earlier this year.
Speaking at a heavily guarded conference centre, PM Modi said to young entrepreneurs in the country, "Each of you have something valuable to contribute to creating a new India by 2022. You are vehicles of change and instruments of India's transformation."
In her speech, Ivanka Trump, who is an informal adviser to her father, said to PM Modi, "What you are achieving is truly extraordinary... from your childhood selling tea to election as India's Prime Minister."
She said the Indian economy can grow by over US dollars 150 billion in the next three years if it is able to close the gender gap in the labour force by half, calling for better opportunities for women entrepreneurs battling heavy odds around the world.
PM Modi and Ms Trump held their first one-on-one meeting before the summit began. Ms Trump also held a meeting with Foreign Minister Sushma Swaraj. Tonight, the Prime Minister will host Ms Trump for dinner at Hyderabad's Falaknuma Palace.
PM Narendra Modi addresses delegates at the Global Entrepreneurship Summit
As political and economic ties expand, India has become a major market for the United States, with two-way trade of about $115 billion last year. The two countries aim to raise that to $500 billion by 2022.
Hyderabad has rolled out the red carpet for Ms Trump, who has led a 350-member delegation to the summit. About 10,000 policemen are standing guard. Billboards with pictures of Ivanka Trump dot many parts of Hyderabad, home to major US firms such as Microsoft. Authorities have taken beggars off the streets in a clean-up drive.
Preparations for Ivanka Trump's visit have included traffic restrictions and a beefing up of the numbers of closed-circuit cameras. On standby are sniffer dogs as well as "spotters", or men trained to detect any suspicious activity or people, a senior police officer told Reuters, reflecting the trappings of a visit by a state leader.
Ms Trump landed in Hyderabad at about 3 am last night. PM Modi had invited Ivanka Trump to India during his visit to the White House in the US earlier this year.
PM Modi Launches The Hyderabad Metro, Will Inaugurate GES Shortly
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Prime Minister Narendra Modi arrived in Hyderabad today on a day's visit during which he inaugurated the first phase of the Hyderabad Metro Rail project. Later in the day, he will address inaugurate the Global Entrepreneurship Summit (GES) along with Ivanka Trump, the advisor and daughter of US President Donald Trump.
Ivanka Trump reached the city in the early hours today to attend the GES, co-hosted by India and the US. Governor of Andhra Pradesh and Telangana E S L Narasimhan, Telangana Chief Minister K Chandrasekhar Rao, Union Minister of State for Home, Hansraj Ahir, several Telangana ministers and BJP leaders were among those who welcomed Modi at the Begumpet airport.
The prime minister also addressed a party meeting after arriving in Hyderabad this afternoon. He then left for Miyapur where he inaugurated the Metro Rail project.
The 30-km-long first phase of the metro rail project between Miyapur and Nagole, having 24 stations, would be thrown open to the public from tomorrow.
The prime minister would go to the Hyderabad International Convention Centre (HICC) for the opening of eighth edition of the three-day GES.
He would attend a dinner tonight at the Falaknuma Palace (now a luxury hotel), built during the Nizam era, before concluding his Hyderabad visit.
Ivanka Trump reached the city in the early hours today to attend the GES, co-hosted by India and the US. Governor of Andhra Pradesh and Telangana E S L Narasimhan, Telangana Chief Minister K Chandrasekhar Rao, Union Minister of State for Home, Hansraj Ahir, several Telangana ministers and BJP leaders were among those who welcomed Modi at the Begumpet airport.
The prime minister also addressed a party meeting after arriving in Hyderabad this afternoon. He then left for Miyapur where he inaugurated the Metro Rail project.
The 30-km-long first phase of the metro rail project between Miyapur and Nagole, having 24 stations, would be thrown open to the public from tomorrow.
The prime minister would go to the Hyderabad International Convention Centre (HICC) for the opening of eighth edition of the three-day GES.
He would attend a dinner tonight at the Falaknuma Palace (now a luxury hotel), built during the Nizam era, before concluding his Hyderabad visit.
Business Affairs
Arun Jaitley says no loan waiver for big capitalists
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Finance Minister Arun Jaitley on Tuesday cleared the air over the allegation of loan waiver to big NPA defaulters, indirectly attacking the previous UPA regime of relaxing norms for defaulted firms between 2008 and 2014. He said the present government had not waived off any loans of big NPA defaulters, and that "rumour mongers" should know that the previous government - rather than taking firm decision against debtors - had relaxed the loan classification norms to keep defaulters as non-NPA account holders.
In a blog post on Tuesday, Jaitley said a rumour was being propagated about the waiver of loans of capitalists by banks. "They should also be asked that when these debtors delayed repayment of their loans and interest thereon to Public Sector Banks, what decision was taken by the then government," the finance minister asked, adding that rather than taking firm decision against debtors, the then government relaxed the loan classification norms.
The finance minister also stressed the new Insolvency and Bankruptcy Code would help in addressing cases against such defaulters. "Insolvency and Bankruptcy Code was enacted, and by amending it, in respect of companies whose money was not returned to the banks, a decision was taken that the debtors concerned would not be allowed to participate in the business of such companies," he wrote. The Finance Minister said on the contrary, under the bankruptcy code, cases had been instituted for timebound recovery from 12 largest defaulters in six to nine months in NPA cases of Rs 1,75,000 crore.
The government in 2015 had conducted the asset quality review (AQR) for clean and fully provisioned balance-sheets. The AQR revealed the loans of about Rs 4,54,466 crore, which were actually fit to be NPA, were recognised after intensive scrutiny under AQR, said the finance minister. It is the same time, he said, banks were given necessary capital so that Public Sector Banks could become strong and capable of contributing to the nation's development.
"The reason for giving capital to banks is that these banks may become mazboot, i.e., strong, rather than mazboor, i.e., hard-pressed. Public Sector Banks have been provided capital in the past as well. During 2010-11 to 2013-14 too, the government provided banks an amount of Rs 44,000 crore for recapitalisation. Was that also for waiving loans of capitalists?" he said. Citing integration of the State Bank of India, Jaitley said that the government policies had not only addressed the problems earlier perceived as legacy but also boosted the strength of Public Sector Banks. He assured honest businesspersons would be able to access loans from strong and reformed banks, and the strict law and the government's clean-up policy would result in a transparent system.
The Insolvency & Bankruptcy Code is likely to play an important role in addressing the non-performing assets (NPA) of the banking sector. The banking sector is facing issues due to the bad loans on its books, which have created a risk of capital erosion. NPAs have also constrained the banks' ability to lend. Credit is an important ingredient of economic growth and the lack of credit could lead to economic contraction. It's not just public sector banks that are staring a mountain of NPAs - private sector banks are also taking a hit.
Finance Minister Arun Jaitley on Tuesday cleared the air over the allegation of loan waiver to big NPA defaulters, indirectly attacking the previous UPA regime of relaxing norms for defaulted firms between 2008 and 2014. He said the present government had not waived off any loans of big NPA defaulters, and that "rumour mongers" should know that the previous government - rather than taking firm decision against debtors - had relaxed the loan classification norms to keep defaulters as non-NPA account holders.
In a blog post on Tuesday, Jaitley said a rumour was being propagated about the waiver of loans of capitalists by banks. "They should also be asked that when these debtors delayed repayment of their loans and interest thereon to Public Sector Banks, what decision was taken by the then government," the finance minister asked, adding that rather than taking firm decision against debtors, the then government relaxed the loan classification norms.
The finance minister also stressed the new Insolvency and Bankruptcy Code would help in addressing cases against such defaulters. "Insolvency and Bankruptcy Code was enacted, and by amending it, in respect of companies whose money was not returned to the banks, a decision was taken that the debtors concerned would not be allowed to participate in the business of such companies," he wrote. The Finance Minister said on the contrary, under the bankruptcy code, cases had been instituted for timebound recovery from 12 largest defaulters in six to nine months in NPA cases of Rs 1,75,000 crore.
The government in 2015 had conducted the asset quality review (AQR) for clean and fully provisioned balance-sheets. The AQR revealed the loans of about Rs 4,54,466 crore, which were actually fit to be NPA, were recognised after intensive scrutiny under AQR, said the finance minister. It is the same time, he said, banks were given necessary capital so that Public Sector Banks could become strong and capable of contributing to the nation's development.
"The reason for giving capital to banks is that these banks may become mazboot, i.e., strong, rather than mazboor, i.e., hard-pressed. Public Sector Banks have been provided capital in the past as well. During 2010-11 to 2013-14 too, the government provided banks an amount of Rs 44,000 crore for recapitalisation. Was that also for waiving loans of capitalists?" he said. Citing integration of the State Bank of India, Jaitley said that the government policies had not only addressed the problems earlier perceived as legacy but also boosted the strength of Public Sector Banks. He assured honest businesspersons would be able to access loans from strong and reformed banks, and the strict law and the government's clean-up policy would result in a transparent system.
The Insolvency & Bankruptcy Code is likely to play an important role in addressing the non-performing assets (NPA) of the banking sector. The banking sector is facing issues due to the bad loans on its books, which have created a risk of capital erosion. NPAs have also constrained the banks' ability to lend. Credit is an important ingredient of economic growth and the lack of credit could lead to economic contraction. It's not just public sector banks that are staring a mountain of NPAs - private sector banks are also taking a hit.
Arun Jaitley launches Paytm Payments Bank, vouches for digital payments
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Finance Minister Arun Jaitley, during the inauguration of the Paytm Payments Bank on Tuesday, said the modern technology had changed the entire dynamics the way banking was done in the country. He said with the government's continuous push towards digitalisation of the economy, the notion of cash being a predominant instrument was changing and that people were switching over to modern and better ways of doing things. He said those who embrace technology would move ahead and those who would fail to accept it would feel isolated.
"We all are realising that convenience, security and even proprietary lie in switchover itself. The conventional mind will find it extremely difficult to accept this, but then the whole mass below itself will change and only isolated cases will find them as an exception," said the Finance Minister. He added: "Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies."
Jaitley said the present government's focus to formalise the economy through structural reforms and substantial use of technology had set off a chain reaction in financial inclusion. "We had almost reconciled to the fact that the economy would be substantially informal. It's only on its own strength that it will take decades or maybe, centuries to formalise itself and that no shake-up from the system was required. But several policy initiatives that the government took one after the other have set off a chain reaction that is visible in various ways," he said.
"In the last 2 years and the next three years, we would have invested Rs 18,000-20,000 crore. I don't want to talk about profitability right now because we are still in an investment phase," Paytm founder and CEO Vijay Shekhar Sharma told reporters here. Sharma said its platform processes about 250 crore transactions annually worth of Rs 80,000 crore. "We expect this to grow to Rs 1 lakh crore by the end of the fiscal. The number of merchants on our platform will also touch 60 lakh in a few months," he added.
Paytm Payments Bank CEO Renu Satti said, "Paytm Payments Bank is the country's largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses." Paytm on Tuesday officially launched its payments bank operations after a beta launch in May this year. Accounts holders of Paytm Payments Bank will get benefits like zero-fee account -- no minimum balance required -- free IMPS, NEFT, RTGS, UPI transactions and access to over 1 lakh Paytm ATM locations across India.
Besides, the company has planned an investment of $500 million in KYC (Know Your Customer) operations. It is setting up KYC centres across India to complete the KYC process for customers and making them eligible for a Payments Bank account. "Paytm Payments Bank is the country's largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy," Satti added.
Finance Minister Arun Jaitley, during the inauguration of the Paytm Payments Bank on Tuesday, said the modern technology had changed the entire dynamics the way banking was done in the country. He said with the government's continuous push towards digitalisation of the economy, the notion of cash being a predominant instrument was changing and that people were switching over to modern and better ways of doing things. He said those who embrace technology would move ahead and those who would fail to accept it would feel isolated.
"We all are realising that convenience, security and even proprietary lie in switchover itself. The conventional mind will find it extremely difficult to accept this, but then the whole mass below itself will change and only isolated cases will find them as an exception," said the Finance Minister. He added: "Earlier, we perceived banks to be brick and mortar branches. In fact, my fraternity in politics is still reasonably behind times. I still get representations during Parliament session from my colleagues who only insist on brick and mortar branches to be opened in their constituencies."
Jaitley said the present government's focus to formalise the economy through structural reforms and substantial use of technology had set off a chain reaction in financial inclusion. "We had almost reconciled to the fact that the economy would be substantially informal. It's only on its own strength that it will take decades or maybe, centuries to formalise itself and that no shake-up from the system was required. But several policy initiatives that the government took one after the other have set off a chain reaction that is visible in various ways," he said.
"In the last 2 years and the next three years, we would have invested Rs 18,000-20,000 crore. I don't want to talk about profitability right now because we are still in an investment phase," Paytm founder and CEO Vijay Shekhar Sharma told reporters here. Sharma said its platform processes about 250 crore transactions annually worth of Rs 80,000 crore. "We expect this to grow to Rs 1 lakh crore by the end of the fiscal. The number of merchants on our platform will also touch 60 lakh in a few months," he added.
Paytm Payments Bank CEO Renu Satti said, "Paytm Payments Bank is the country's largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy. We are committed to offering the most transparent, safe and trusted banking to masses." Paytm on Tuesday officially launched its payments bank operations after a beta launch in May this year. Accounts holders of Paytm Payments Bank will get benefits like zero-fee account -- no minimum balance required -- free IMPS, NEFT, RTGS, UPI transactions and access to over 1 lakh Paytm ATM locations across India.
Besides, the company has planned an investment of $500 million in KYC (Know Your Customer) operations. It is setting up KYC centres across India to complete the KYC process for customers and making them eligible for a Payments Bank account. "Paytm Payments Bank is the country's largest mobile-first, technology-led bank. By virtue of reaching every nook and corner of the country, we will be able to bring the large un-served and under-served population to the mainstream economy," Satti added.
Bharat 22 ETF lists on BSE, NSE: A sneak peek into top five firms and their financials
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Gone are the days of the government selling its stake in companies directly, at least the listing of Bharat 22 ETF on the stock exchanges seems to suggest the same. Three years after the CPSE ETF was launched, the Narendra Modi government took to selling its stake in India's top firms (all large caps) via the Bharat 22 ETF which made its debut on the BSE and NSE today. The ETF saw huge interest from anchor investors with portion reserved for them getting subscribed six times to the tune of Rs 12,000 crore on the opening day.
As much as 25 per cent of the total issue size, or Rs 2,000 crore, was reserved for anchor investors.
The government succeeded in raising Rs 14,500 crore through the fund which received bids worth a staggering Rs 32,000 crore, the highest ever for a mutual fund. The government had launched the Bharat-22 ETF comprising stocks of blue-chip public sector companies in August with plans to raise Rs 8,000 crore. However it had kept its option open to retain over-subscribed bids.
Today, the open-ended exchange traded fund listed on the BSE at 36.30 per unit, a 0.91 per cent premium over its issue price of Rs 35.97 per unit.
While some investors might have reaped gains from their short-term investment, there are chances others would have been left out of the race. Today, we are starting a series of stories divided into four parts which will cover profile and financials of these Bharat 22 ETF firms (in descending order of market capitalisation).
ITC: A multi-business enterprise engaged in FMCG, hotels, paperboards & specialty papers, packaging, agri-business, and information technology. The company has significant presence across all the three sectors of the Indian economy, namely, agriculture, manufacturing and services. In agriculture, the company has created rural assets that have raised farm incomes and improved the quality of life of the rural population. The company has made substantial investments in R&D in the manufacturing and created world-class FMCG brands in the branded packaged foods, personal care, education and stationery, lifestyle retailing, agarbattis and safety matches. In services sector, ITC is acknowledged for its iconic properties, hospitality and service excellence.
SBI: The state-run lender is the oldest commercial bank in India with a legacy of over 200 years. Headquartered in Mumbai, SBI is the largest commercial bank in terms of assets, deposits, branches, number of customers and employees.
The bank has a customer base of more than 33.75 crore with business verticals in personal banking, corporate banking and investment banking. With workforce of over 2 lakh, the bank has 23.07% and 21.16% share in deposits and advances, respectively. The bank has a total branch network of 17,170 as of March 2017 of which 64% are in rural and semi-urban areas. The lender witnessed a major consolidation in April 2017 after the merger with its associate Banks and Bharatiya Mahila Bank.
Oil & Natural Gas Corporation: With contribution of nearly 70% to the Indian domestic production, ONGC is the largest producer of crude oil and natural gas in India. Conferred Maharatna status in Nov 2010, the company has in-house service capabilities in all areas of exploration and production of oil and gas and related oil-field services. It has a work force of more than 33,900 employees. In FY17, the company made 23 oil and gas discoveries and drilled more than 500 wells. Its wholly owned subsidiary ONGC Videsh Limited is the biggest Indian multinational in the energy space, participating in 36 oil and gas properties in 17 countries.
Indian Oil Corporation: The company has presence in almost streams of oil, gas, petrochemicals and alternative energy sources and owns and operates 11 of India's 23 refineries.
It distributes petroleum fuels to every nook and corner of the country through its network of over 46,500 customer touch-points. It has over 26,000 fuel stations, including over 7,000 Kisan Seva Kendra (KSK) outlets in rural markets. Its Indane LPG gas distibution network reaches to the doorsteps of 11 crore households in over 6,250 markets through a network of over 9,550 distributors. Indian Oil's Aviation Service commands a 59.3% market share in aviation fuel, serving national and international flag carriers, private airlines and the Indian defence services with equal efficiency.
Larsen & Toubro: L&T is a conglomerate with business verticals in technology, engineering, construction, manufacturing and financial services. The key sectors that L&T addresses are hydrocarbon, infrastructure, power, process industries and defence. The company's manufacturing vertical extends across eight countries in addition to India. Its businesses are supported by a wide marketing and distribution network, and have established a reputation for strong customer support. 55% of the workforce of the company is below the age of 30.
Gone are the days of the government selling its stake in companies directly, at least the listing of Bharat 22 ETF on the stock exchanges seems to suggest the same. Three years after the CPSE ETF was launched, the Narendra Modi government took to selling its stake in India's top firms (all large caps) via the Bharat 22 ETF which made its debut on the BSE and NSE today. The ETF saw huge interest from anchor investors with portion reserved for them getting subscribed six times to the tune of Rs 12,000 crore on the opening day.
As much as 25 per cent of the total issue size, or Rs 2,000 crore, was reserved for anchor investors.
The government succeeded in raising Rs 14,500 crore through the fund which received bids worth a staggering Rs 32,000 crore, the highest ever for a mutual fund. The government had launched the Bharat-22 ETF comprising stocks of blue-chip public sector companies in August with plans to raise Rs 8,000 crore. However it had kept its option open to retain over-subscribed bids.
Today, the open-ended exchange traded fund listed on the BSE at 36.30 per unit, a 0.91 per cent premium over its issue price of Rs 35.97 per unit.
While some investors might have reaped gains from their short-term investment, there are chances others would have been left out of the race. Today, we are starting a series of stories divided into four parts which will cover profile and financials of these Bharat 22 ETF firms (in descending order of market capitalisation).
ITC: A multi-business enterprise engaged in FMCG, hotels, paperboards & specialty papers, packaging, agri-business, and information technology. The company has significant presence across all the three sectors of the Indian economy, namely, agriculture, manufacturing and services. In agriculture, the company has created rural assets that have raised farm incomes and improved the quality of life of the rural population. The company has made substantial investments in R&D in the manufacturing and created world-class FMCG brands in the branded packaged foods, personal care, education and stationery, lifestyle retailing, agarbattis and safety matches. In services sector, ITC is acknowledged for its iconic properties, hospitality and service excellence.
SBI: The state-run lender is the oldest commercial bank in India with a legacy of over 200 years. Headquartered in Mumbai, SBI is the largest commercial bank in terms of assets, deposits, branches, number of customers and employees.
The bank has a customer base of more than 33.75 crore with business verticals in personal banking, corporate banking and investment banking. With workforce of over 2 lakh, the bank has 23.07% and 21.16% share in deposits and advances, respectively. The bank has a total branch network of 17,170 as of March 2017 of which 64% are in rural and semi-urban areas. The lender witnessed a major consolidation in April 2017 after the merger with its associate Banks and Bharatiya Mahila Bank.
Oil & Natural Gas Corporation: With contribution of nearly 70% to the Indian domestic production, ONGC is the largest producer of crude oil and natural gas in India. Conferred Maharatna status in Nov 2010, the company has in-house service capabilities in all areas of exploration and production of oil and gas and related oil-field services. It has a work force of more than 33,900 employees. In FY17, the company made 23 oil and gas discoveries and drilled more than 500 wells. Its wholly owned subsidiary ONGC Videsh Limited is the biggest Indian multinational in the energy space, participating in 36 oil and gas properties in 17 countries.
Indian Oil Corporation: The company has presence in almost streams of oil, gas, petrochemicals and alternative energy sources and owns and operates 11 of India's 23 refineries.
It distributes petroleum fuels to every nook and corner of the country through its network of over 46,500 customer touch-points. It has over 26,000 fuel stations, including over 7,000 Kisan Seva Kendra (KSK) outlets in rural markets. Its Indane LPG gas distibution network reaches to the doorsteps of 11 crore households in over 6,250 markets through a network of over 9,550 distributors. Indian Oil's Aviation Service commands a 59.3% market share in aviation fuel, serving national and international flag carriers, private airlines and the Indian defence services with equal efficiency.
Larsen & Toubro: L&T is a conglomerate with business verticals in technology, engineering, construction, manufacturing and financial services. The key sectors that L&T addresses are hydrocarbon, infrastructure, power, process industries and defence. The company's manufacturing vertical extends across eight countries in addition to India. Its businesses are supported by a wide marketing and distribution network, and have established a reputation for strong customer support. 55% of the workforce of the company is below the age of 30.
Glenmark Pharmaceuticals stock falls over 3% on USFDA's observations over Baddi unit
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The Glenmark Pharmaceuticals stock fell on Tuesday after the firm said the US health regulator has made seven observations after an audit at its Baddi manufacturing unit.
Glenmark said its Baddi unit contributes approximately 10 per cent of the revenue of the US sales.
At 2:43 pm, the stock was trading over 3 percent or 18 points lower at 573.30 on the BSE.
The stock is down 35.45 percent on year to date basis. On an yearly basis, the stock fell 36.32 percent.
The stock closed 3.28 percent or 19 points lower at 571 level on the BSE.
"The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA (US Food and Drug Administration) audit from November 6 -11, 2017. The USFDA issued seven observations through the form 483," Glenmark Pharmaceuticals said.
"We are in the midst of providing a comprehensive response to the observations and would be replying to the FDA shortly on the observations," it added. The company, however, did not elaborate on the nature of observations.
The Glenmark Pharmaceuticals stock fell on Tuesday after the firm said the US health regulator has made seven observations after an audit at its Baddi manufacturing unit.
Glenmark said its Baddi unit contributes approximately 10 per cent of the revenue of the US sales.
At 2:43 pm, the stock was trading over 3 percent or 18 points lower at 573.30 on the BSE.
The stock is down 35.45 percent on year to date basis. On an yearly basis, the stock fell 36.32 percent.
The stock closed 3.28 percent or 19 points lower at 571 level on the BSE.
"The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA (US Food and Drug Administration) audit from November 6 -11, 2017. The USFDA issued seven observations through the form 483," Glenmark Pharmaceuticals said.
"We are in the midst of providing a comprehensive response to the observations and would be replying to the FDA shortly on the observations," it added. The company, however, did not elaborate on the nature of observations.
Tough time for Anil Ambani as Chinese lender drags RCom to NCLT
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As the news about China Development Bank (CBD) filling an insolvency petition against Reliance Communications with National Company Law Tribunal spread, the shares of beleaguered billionaire Anil Ambani's company fell by around 9 per cent and tanked to Rs 12.20 (BSE) and Rs 12.1 (NSE) on Tuesday. The telecom operator owes Rs 11,460 crore ($1.78 billion) to the CDB, which accounts for around 37 per cent of the company's Rs 45,000 crore debt.
However, a PTI report quoted RCom spokesman saying the company had not been served any notice by China Development Bank. BSE also sought clarification from RCom after market hours on Monday but the company, reported PTI, junked the insolvency petition reports, saying "the company is engaged through the JLF (joint lenders forum) with all its lenders for a successful resolution of the SDR process. The China Development Bank has also been actively participating in the JLF."
With the filling of the insolvency proceedings, all hopes of an out-of-court settlement for the company seem to be dashed. The latest blow to RCom also kills the debt structuring plan proposed by the company to its lenders. The current insolvency petition also poses the biggest challenge to RCom to even secure a minority stake in RCom. Reliance Communication had earlier offered pay Rs 27,000 crore of the total debt through asset monetisation, Rs 7,000 crore through a 'non-loan write-off' plan to lenders to convert it into equity, and Rs 6,000 by carrying forward it to new business.
The recent development comes a month after the company's a merger deal with Aircel fell off. Swedish telecom equipment maker Ericsson, Manipal Technologies, and Tech Mahindra had also approached the bankruptcy court, though Tech Mahindra and RCom later decided to settle the dispute out of the court. In its application before NCLT, reported the Economic Times, the Chinese bank nominated Abhilash Lal as an independent resolution professional, with an understanding that Alvarez & Marshal (A&M) will be his advisors to take over the company. "Within a month it is expected that A&M will be in charge and then propose a resolution plan," the ET quoted a source.
On November 27, Business Today had reported that telecom giant Bharti Airtel was likely to buy select spectrum and some equipment from RCom. A loss-making entity with Rs 45,000 debt to pay, RCom had earlier announced to close 2G and 3G operations from November 30. The company on November 11 confirmed a quarterly loss of over $27.09 billion as compared to 620 million of profit a year earlier.
In the absence of potential buyers for its businesses - wireless telecom, DTH, optic fibre - RCom had scaled down operations in the recent past. By doing so, it was trying to save on costs, and make it attractive to buyers. The company claimed by shutting down the 2G business, it would cut back on losses of about Rs 80 per subscriber per month, aggregating to some Rs 3,840 crore annually. RCom brags about its pan-India spectrum in 800/850 MHz and 1,800 MHz bands. But half of this spectrum expires in 2021.
As part of its asset monetisation plans, RCom had been working on finding investors or buyers for prime real estate assets, including at Dhirubhai Ambani Knowledge City, Navi Mumbai, measuring nearly 125 acres with development rights of potentially over 17 million sq ft and prime property of 4 acre near Connaught Place, New Delhi. The company is in a standstill period (for interest and principal repayments) till December 2018 and expects to complete the SDR process as per the RBI guidelines.
As the news about China Development Bank (CBD) filling an insolvency petition against Reliance Communications with National Company Law Tribunal spread, the shares of beleaguered billionaire Anil Ambani's company fell by around 9 per cent and tanked to Rs 12.20 (BSE) and Rs 12.1 (NSE) on Tuesday. The telecom operator owes Rs 11,460 crore ($1.78 billion) to the CDB, which accounts for around 37 per cent of the company's Rs 45,000 crore debt.
However, a PTI report quoted RCom spokesman saying the company had not been served any notice by China Development Bank. BSE also sought clarification from RCom after market hours on Monday but the company, reported PTI, junked the insolvency petition reports, saying "the company is engaged through the JLF (joint lenders forum) with all its lenders for a successful resolution of the SDR process. The China Development Bank has also been actively participating in the JLF."
With the filling of the insolvency proceedings, all hopes of an out-of-court settlement for the company seem to be dashed. The latest blow to RCom also kills the debt structuring plan proposed by the company to its lenders. The current insolvency petition also poses the biggest challenge to RCom to even secure a minority stake in RCom. Reliance Communication had earlier offered pay Rs 27,000 crore of the total debt through asset monetisation, Rs 7,000 crore through a 'non-loan write-off' plan to lenders to convert it into equity, and Rs 6,000 by carrying forward it to new business.
The recent development comes a month after the company's a merger deal with Aircel fell off. Swedish telecom equipment maker Ericsson, Manipal Technologies, and Tech Mahindra had also approached the bankruptcy court, though Tech Mahindra and RCom later decided to settle the dispute out of the court. In its application before NCLT, reported the Economic Times, the Chinese bank nominated Abhilash Lal as an independent resolution professional, with an understanding that Alvarez & Marshal (A&M) will be his advisors to take over the company. "Within a month it is expected that A&M will be in charge and then propose a resolution plan," the ET quoted a source.
On November 27, Business Today had reported that telecom giant Bharti Airtel was likely to buy select spectrum and some equipment from RCom. A loss-making entity with Rs 45,000 debt to pay, RCom had earlier announced to close 2G and 3G operations from November 30. The company on November 11 confirmed a quarterly loss of over $27.09 billion as compared to 620 million of profit a year earlier.
In the absence of potential buyers for its businesses - wireless telecom, DTH, optic fibre - RCom had scaled down operations in the recent past. By doing so, it was trying to save on costs, and make it attractive to buyers. The company claimed by shutting down the 2G business, it would cut back on losses of about Rs 80 per subscriber per month, aggregating to some Rs 3,840 crore annually. RCom brags about its pan-India spectrum in 800/850 MHz and 1,800 MHz bands. But half of this spectrum expires in 2021.
As part of its asset monetisation plans, RCom had been working on finding investors or buyers for prime real estate assets, including at Dhirubhai Ambani Knowledge City, Navi Mumbai, measuring nearly 125 acres with development rights of potentially over 17 million sq ft and prime property of 4 acre near Connaught Place, New Delhi. The company is in a standstill period (for interest and principal repayments) till December 2018 and expects to complete the SDR process as per the RBI guidelines.
General Awareness
Rajnath Singh chairs 12th meeting of Standing Committee of Inter-State Council (ISC) held in Delhi
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On 26th November 2017, the Union Home Minister Rajnath Singh chaired the 12th meeting of the Standing Committee of Inter-State Council (ISC), in Delhi.
12th meeting of Standing Committee of Inter-State Council (ISC):
Rajnath Singh said that, Volumes-I & II were discussed during the eleventh meeting of the Standing Committee in April 2017 and Volumes-VI and VII will be discussed during the next meeting of the Standing Committee. He said that the recommendations of the Standing Committee on Punchhi Commissions report will then be placed before the Inter-State Council.
Rajnath Singh chairs 12th meeting of Standing Committee of Inter-State Council (ISC) held in DelhiThe subjects discussed at the meeting included:
Matters related to financial transfers from the Centre to the States
Goods and Services Tax
Structure and devolution of functions to local bodies
District Planning
Special provisions for Fifth and Sixth Scheduled Areas
Maintenance of communal harmony
Deployment of Central Forces
Migration issues
Police reforms
Criminal justice system and other internal security issues
The Standing Committee considered 118 recommendations contained in Volumes-III, IV and V and finalised its recommendations.
The members who attended the meeting are:
Union Ministers of:
Finance and Corporate Affairs – Arun Jaitley
Social Justice and Empowerment – Thaawar Chand Gehlot
Chief Ministers of:
Chhattisgarh – Dr Raman Singh
Odisha – Naveen Patnaik
Rajasthan – Vasundhara Raje Scindia
Tripura – Manik Sarkar
Special invitees who attended the meeting are:
Union Minister for law and Justice – Ravi Shankar Prasad,
Union Minister of State for Housing and Urban Development – Hardeep S Puri
States of Uttar Pradesh, Punjab and Andhra Pradesh were represented by their ministers. Representatives of 30 Union Ministries and 7 State Governments were also present to assist the Committee in its deliberations.
About Inter-State Council (ISC):
Purpose – discussing or investigating policies, subjects of common interest, and disputes, among states
Chairman – Prime Minister Narendra Modi
On 26th November 2017, the Union Home Minister Rajnath Singh chaired the 12th meeting of the Standing Committee of Inter-State Council (ISC), in Delhi.
12th meeting of Standing Committee of Inter-State Council (ISC):
Rajnath Singh said that, Volumes-I & II were discussed during the eleventh meeting of the Standing Committee in April 2017 and Volumes-VI and VII will be discussed during the next meeting of the Standing Committee. He said that the recommendations of the Standing Committee on Punchhi Commissions report will then be placed before the Inter-State Council.
Rajnath Singh chairs 12th meeting of Standing Committee of Inter-State Council (ISC) held in DelhiThe subjects discussed at the meeting included:
Matters related to financial transfers from the Centre to the States
Goods and Services Tax
Structure and devolution of functions to local bodies
District Planning
Special provisions for Fifth and Sixth Scheduled Areas
Maintenance of communal harmony
Deployment of Central Forces
Migration issues
Police reforms
Criminal justice system and other internal security issues
The Standing Committee considered 118 recommendations contained in Volumes-III, IV and V and finalised its recommendations.
The members who attended the meeting are:
Union Ministers of:
Finance and Corporate Affairs – Arun Jaitley
Social Justice and Empowerment – Thaawar Chand Gehlot
Chief Ministers of:
Chhattisgarh – Dr Raman Singh
Odisha – Naveen Patnaik
Rajasthan – Vasundhara Raje Scindia
Tripura – Manik Sarkar
Special invitees who attended the meeting are:
Union Minister for law and Justice – Ravi Shankar Prasad,
Union Minister of State for Housing and Urban Development – Hardeep S Puri
States of Uttar Pradesh, Punjab and Andhra Pradesh were represented by their ministers. Representatives of 30 Union Ministries and 7 State Governments were also present to assist the Committee in its deliberations.
About Inter-State Council (ISC):
Purpose – discussing or investigating policies, subjects of common interest, and disputes, among states
Chairman – Prime Minister Narendra Modi
12th meeting of Standing Committee of Inter-State Council (ISC):
Rajnath Singh said that, Volumes-I & II were discussed during the eleventh meeting of the Standing Committee in April 2017 and Volumes-VI and VII will be discussed during the next meeting of the Standing Committee. He said that the recommendations of the Standing Committee on Punchhi Commissions report will then be placed before the Inter-State Council.
Rajnath Singh chairs 12th meeting of Standing Committee of Inter-State Council (ISC) held in DelhiThe subjects discussed at the meeting included:
Matters related to financial transfers from the Centre to the States
Goods and Services Tax
Structure and devolution of functions to local bodies
District Planning
Special provisions for Fifth and Sixth Scheduled Areas
Maintenance of communal harmony
Deployment of Central Forces
Migration issues
Police reforms
Criminal justice system and other internal security issues
The Standing Committee considered 118 recommendations contained in Volumes-III, IV and V and finalised its recommendations.
The members who attended the meeting are:
Union Ministers of:
Finance and Corporate Affairs – Arun Jaitley
Social Justice and Empowerment – Thaawar Chand Gehlot
Chief Ministers of:
Chhattisgarh – Dr Raman Singh
Odisha – Naveen Patnaik
Rajasthan – Vasundhara Raje Scindia
Tripura – Manik Sarkar
Special invitees who attended the meeting are:
Union Minister for law and Justice – Ravi Shankar Prasad,
Union Minister of State for Housing and Urban Development – Hardeep S Puri
States of Uttar Pradesh, Punjab and Andhra Pradesh were represented by their ministers. Representatives of 30 Union Ministries and 7 State Governments were also present to assist the Committee in its deliberations.
About Inter-State Council (ISC):
Purpose – discussing or investigating policies, subjects of common interest, and disputes, among states
Chairman – Prime Minister Narendra Modi
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