General Affairs
In Indonesia, PM Narendra Modi Visits Istiqlal Mosque And Arjuna Wijaya Chariot
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Prime Minister Narendra Modi today visited Indonesia's grand Istiqlal Mosque, the largest in southeast Asia, with President Joko Widodo.
"Glad to have visited the Istiqlal Mosque, one of the largest mosques in the world," PM Modi said in a tweet.
The mosque was built to mark Indonesia's independence. Istiqlal is an Arabic word for "independence". The mosque took 17 years to build and can accommodate over 120,000 worshippers.
Before visiting the mosque, PM Modi visited the Arjuna Wijaya Chariot or chariot of the victorious Arjuna. The iconic structure depicts a scene from the Mahabharata, with Arjuna and Lord Krishna on the chariot, pulled by eight horses, symbolizing the eight elements of nature - the sun, moon, stars, fire, earth, water, wind and ocean.
PM Modi arrived in Jakarta yesterday on the first leg of his three-nation tour to Indonesia, Malaysia and Singapore to boost India's Act East Policy.
"Glad to have visited the Istiqlal Mosque, one of the largest mosques in the world," PM Modi said in a tweet.
The mosque was built to mark Indonesia's independence. Istiqlal is an Arabic word for "independence". The mosque took 17 years to build and can accommodate over 120,000 worshippers.
Before visiting the mosque, PM Modi visited the Arjuna Wijaya Chariot or chariot of the victorious Arjuna. The iconic structure depicts a scene from the Mahabharata, with Arjuna and Lord Krishna on the chariot, pulled by eight horses, symbolizing the eight elements of nature - the sun, moon, stars, fire, earth, water, wind and ocean.
PM Modi arrived in Jakarta yesterday on the first leg of his three-nation tour to Indonesia, Malaysia and Singapore to boost India's Act East Policy.
Normal Monsoon With 97 Per Cent Rain Expected This Year: Met Department
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India is likely to receive a "better monsoon" than it did in 2017, with the entire country expected to see "normal rainfall" between 96 to 104 per cent from June to September, officials said on Wednesday.
In 2017, the country received 97 per cent rainfall, which is considered normal. On Wednesday, the Met updated its prediction cutting down on the error estimate, thereby counting on better monsoon rains.
"Quantitatively, the country is likely to receive 97 per cent rainfall of long period average (LPA) with error estimate of plus-minus four per cent," Met department Director General KJ Ramesh told IANS.
"We are expecting better rainfall in 2018 than 2017," Mr Ramesh added.
Projecting scope of better rains, the weather office in its second stage long range forecast on Wednesday reduced the error estimate for the rainfall from earlier "plus-minus five per cent" to present "plus-minus four per cent".
Region-wise, the rainfall is likely to be 100 per cent of LPA over northwest India, 99 per cent of LPA over central India, 95 per cent over southern peninsula and 93 per cent of LPA over northeast India, all with a model error of eight per cent.
July is likely to be more rainy with rainfall over the country as a whole expected to be around 101 per cent, while, August is likely to see 94 per cent rainfall, the weather office said.
The weather department predictions are based on different technical models, with all suggesting normal rainfall, an official said.
According to one such model, the rainfall averaged over the monsoon season is likely to be 102 per cent, with error estimate of plus-minus four per cent.
A figure between 96 to 104 per cent is considered "normal" monsoon. While the figure between 104 to 110 per cent is considered "above normal" monsoon.
The average seasonal rainfall in India between 1951 to 2000 has been recorded at 89 cm.
In 2017, the monsoon season in the country as a whole was 97 per cent of its LPA, with northwest India receiving 95 per cent, central India 106 per cent, southern peninsula 92 per cent and northeast India 89 per cent rainfall.
The Met department in October 2017 said that while 72 per cent of the total area of the country received normal rainfall, 13 per cent area got excess rainfall and 15 per cent deficient seasonal rainfall.
In 2017, the country received 97 per cent rainfall, which is considered normal. On Wednesday, the Met updated its prediction cutting down on the error estimate, thereby counting on better monsoon rains.
"Quantitatively, the country is likely to receive 97 per cent rainfall of long period average (LPA) with error estimate of plus-minus four per cent," Met department Director General KJ Ramesh told IANS.
"We are expecting better rainfall in 2018 than 2017," Mr Ramesh added.
Projecting scope of better rains, the weather office in its second stage long range forecast on Wednesday reduced the error estimate for the rainfall from earlier "plus-minus five per cent" to present "plus-minus four per cent".
Region-wise, the rainfall is likely to be 100 per cent of LPA over northwest India, 99 per cent of LPA over central India, 95 per cent over southern peninsula and 93 per cent of LPA over northeast India, all with a model error of eight per cent.
July is likely to be more rainy with rainfall over the country as a whole expected to be around 101 per cent, while, August is likely to see 94 per cent rainfall, the weather office said.
The weather department predictions are based on different technical models, with all suggesting normal rainfall, an official said.
According to one such model, the rainfall averaged over the monsoon season is likely to be 102 per cent, with error estimate of plus-minus four per cent.
A figure between 96 to 104 per cent is considered "normal" monsoon. While the figure between 104 to 110 per cent is considered "above normal" monsoon.
The average seasonal rainfall in India between 1951 to 2000 has been recorded at 89 cm.
In 2017, the monsoon season in the country as a whole was 97 per cent of its LPA, with northwest India receiving 95 per cent, central India 106 per cent, southern peninsula 92 per cent and northeast India 89 per cent rainfall.
The Met department in October 2017 said that while 72 per cent of the total area of the country received normal rainfall, 13 per cent area got excess rainfall and 15 per cent deficient seasonal rainfall.
"Election Commission Has Become The Mistress": Sena Attacks BJP Again
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In an attack on the Election Commission or EC over complaints of malfunctioning of EVMs and VVPAT machines in bypolls, the Shiv Sena today dubbed the poll panel, democracy and elections as "mistress" of those in power.
The Sena alleged that its ally, the BJP which it said has an "autocratic mindset", has corrupted the Electronic Voting Machines (EVMs) to serve its own purpose. It warned that people's loss of faith in the election process was "dangerous" for democracy. "Our country can no longer be called the largest democracy in the world. EVMs have spoilt the democracy. Those in power at present have made democracy their mistress with their autocratic mindset," an editorial in Sena mouthpiece 'Saamana' said.
"The BJP has corrupted EVMs, and made them into a machinery that can be used for its own purpose. Elections and the Election Commission have become the mistress," it alleged. Referring to complaints of technical snags in EVMs and VVPAT machines in Maharashtra's Bhandara-Gondia and Palghar Lok Sabha bypolls, it said while each vote counts and can be a deciding factor, thousands of people got "bored" waiting in queues and returned without voting after the machines malfunctioned.
"The present Election Commission and its machinery have become like slaves of the government. Hence, they are not ready to take complaints of distribution of alcohol and money, the autocracy of government and threatening statements," it charged.
The publication also mocked EC for blaming the hot weather for malfunctioning of EVMs. "The temperature keeps fluctuating. However, we never heard of the prime minister's flight engines having stopped working due to hot weather or computers of the BJP's social media cell malfunctioning due to hostile weather," it quipped and asked "why did EVMs stop functioning then?"
Since the last several years, EVMs were procured from (PSU) BHEL or from the Election Commission of India. This time, the machines were procured from a private company in Surat, the Sena pointed out, adding that this raises doubts. "People not trusting the election process is dangerous for democracy," it opined. There is a discontent among people against the BJP, yet the party is winning elections and instances of EVMs malfunctioning only gives an impetus to the belief that there is a "setting" of EVMs that ensures the party wins, the Marathi daily alleged.
"There was a time when the BJP opposed these machines. Now, the whole country is opposing it, the BJP is supporting it. The whole world has rejected EVMs, then why is the government supporting it?" it sought to know.
The EC yesterday announced re-poll in 73 polling stations in Uttar Pradesh's Kairana, 49 polling stations in Maharashtra's Bhandara-Gondia and one polling station in Nagaland, after the voter-verifiable paper audit trail (VVPAT) machines developed snags during the bypolls held on Monday. No re-polling was ordered in the Palghar (ST) Lok Sabha constituency.
The Sena alleged that its ally, the BJP which it said has an "autocratic mindset", has corrupted the Electronic Voting Machines (EVMs) to serve its own purpose. It warned that people's loss of faith in the election process was "dangerous" for democracy. "Our country can no longer be called the largest democracy in the world. EVMs have spoilt the democracy. Those in power at present have made democracy their mistress with their autocratic mindset," an editorial in Sena mouthpiece 'Saamana' said.
"The BJP has corrupted EVMs, and made them into a machinery that can be used for its own purpose. Elections and the Election Commission have become the mistress," it alleged. Referring to complaints of technical snags in EVMs and VVPAT machines in Maharashtra's Bhandara-Gondia and Palghar Lok Sabha bypolls, it said while each vote counts and can be a deciding factor, thousands of people got "bored" waiting in queues and returned without voting after the machines malfunctioned.
"The present Election Commission and its machinery have become like slaves of the government. Hence, they are not ready to take complaints of distribution of alcohol and money, the autocracy of government and threatening statements," it charged.
The publication also mocked EC for blaming the hot weather for malfunctioning of EVMs. "The temperature keeps fluctuating. However, we never heard of the prime minister's flight engines having stopped working due to hot weather or computers of the BJP's social media cell malfunctioning due to hostile weather," it quipped and asked "why did EVMs stop functioning then?"
Since the last several years, EVMs were procured from (PSU) BHEL or from the Election Commission of India. This time, the machines were procured from a private company in Surat, the Sena pointed out, adding that this raises doubts. "People not trusting the election process is dangerous for democracy," it opined. There is a discontent among people against the BJP, yet the party is winning elections and instances of EVMs malfunctioning only gives an impetus to the belief that there is a "setting" of EVMs that ensures the party wins, the Marathi daily alleged.
"There was a time when the BJP opposed these machines. Now, the whole country is opposing it, the BJP is supporting it. The whole world has rejected EVMs, then why is the government supporting it?" it sought to know.
The EC yesterday announced re-poll in 73 polling stations in Uttar Pradesh's Kairana, 49 polling stations in Maharashtra's Bhandara-Gondia and one polling station in Nagaland, after the voter-verifiable paper audit trail (VVPAT) machines developed snags during the bypolls held on Monday. No re-polling was ordered in the Palghar (ST) Lok Sabha constituency.
Andhra's New Capital, Inspired By Singapore, Is Mostly Dust And Farms
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It promised to be "an Indian city like no other" -- a modern, leafy metropolis modelled on Singapore, where citizens would enjoy parks and rivers and breath air unrivalled in freshness.
But Andhra Pradesh's capital Amaravati has been painfully slow to materialise and remains little more than dust and farms as its crusaders resort to crowdfunding to turn the pipe dream into reality.
A staggering $15 billion is needed to transform Amaravati from a few shiny buildings, villages and thousands of acres of agricultural land into the envisioned capital of Andhra Pradesh.
Andhra Pradesh once had another capital -- the booming tech and business powerhouse of Hyderabad, which pulses with IT know-how and a startup culture.
But the revenue-rich city was assigned as the capital of Telangana, when it was carved out of Andhra in 2014.
The two states were to share Hyderabad until Andhra chose another city as its capital. But authorities decided instead to build a grand new seat of power some 275 kilometres (170 miles) away on the banks of the river Krishna.
While India has a tradition of planned cities, including Sir Edwin Lutyens' New Delhi and Chandigarh in the north which was designed by Franco-Swiss modernist trailblazer Le Corbusier, nothing of this scale has been tackled for decades.
Amaravati was envisioned as a metropolis free of the chaos, traffic and air pollution. "It'll be an Indian city like no other," said Sreedhar Cherukuri, commissioner of Andhra's Capital Regional Development Authority.
Largely deserted
Amaravati's anticipated 3.5 million inhabitants would enjoy efficient public transport including a monorail and metro network, while trees would shroud half the city with a green zone akin to New York's Central Park, the official told AFP.
Consultants from Amsterdam provided advice about an extensive canal system and expert opinion was sought from Singapore and Japan, among others.
"Everything has been planned to the last detail. We've taken the best ideas from around two dozen global cities but this perhaps comes closest to Singapore in its inspiration," he said.
However, nearly three years after Prime Minister Narendra Modi laid the foundation stone, Amaravati is largely deserted.
An island of modern office buildings in the middle of fields hosts Andhra's chief minister and state government, which relocated there after Telangana claimed Hyderabad.
Yet there is scant evidence of the promised utopia.
Half-finished settlements dot farmlands, most not connected by proper roads. Plans for the promised riverfront, housing and public transport have been marred by delays.
"We came here because it really has the plans and potential to become a global city," said a university official at a huge but largely empty campus in the planned city.
"The on-ground infrastructure development, particularly the roads, has been slow," he said, asking not to be named.
K. Nageshwar, an independent legislator in Telangana, said: "Nothing much has happened on the ground in Amaravati. It is still more dream than reality."
'Extravagance' criticised
Chief Minister N Chandrababu Naidu ambitiously suggested in 2014 that the project -- unlike anything ever seen in India -- could be completed within five years.
But since then officials have been reluctant to offer a timetable for its completion.
Mr Naidu, who today governs Andhra from a high-tech office in Amaravati, insists a magnificent city will one day rise from the plains.
"I am not changing any plans for Amaravati. I only have to work harder to make it a reality," the brainchild of the nascent capital told AFP recently.
Mr Cherukuri, the official overseeing Amaravati's development, said contracts worth $5 billion have already been issued, spurring the first phase of development.
It was hoped the project would also attract foreign investment, he added. But funds are running low.
Mr Naidu blames the centre for reneging on promises made during the Telangana split that would have conferred a special status and ensured a stream of financial aid and incentives to bankroll the dream city.
The dispute soured ties with New Delhi, culminating with Mr Naidu going on a hunger strike in April and severing ties with PM Modi's ruling party, the BJP.
"This is a prestigious project for the nation and if government of India had supported it, we could have showcased it to the world," Mr Naidu said.
Finance Minister Arun Jaitley has rejected assertions Andhra was double crossed, saying it got all it was promised.
Mr Naidu remains broadly popular in Andhra Pradesh but has been accused of pursuing the eye-wateringly extravagant project for personal prestige.
"Naidu very clearly projected Amaravati more as an instrument of electioneering," said K. Nageshwar, the independent legislator.
Unflagging in optimism, the chief minister declared last month that his new city would be among the happiest in the world, promising a dedicated commission to gauge the wellbeing of its future citizens.
"This is all optics and not substantial," said Nageshwar.
"He can't disown the capital now. I won't be surprised if he's still talking about it in 2019 and 2024 elections."
But Andhra Pradesh's capital Amaravati has been painfully slow to materialise and remains little more than dust and farms as its crusaders resort to crowdfunding to turn the pipe dream into reality.
A staggering $15 billion is needed to transform Amaravati from a few shiny buildings, villages and thousands of acres of agricultural land into the envisioned capital of Andhra Pradesh.
Andhra Pradesh once had another capital -- the booming tech and business powerhouse of Hyderabad, which pulses with IT know-how and a startup culture.
But the revenue-rich city was assigned as the capital of Telangana, when it was carved out of Andhra in 2014.
The two states were to share Hyderabad until Andhra chose another city as its capital. But authorities decided instead to build a grand new seat of power some 275 kilometres (170 miles) away on the banks of the river Krishna.
While India has a tradition of planned cities, including Sir Edwin Lutyens' New Delhi and Chandigarh in the north which was designed by Franco-Swiss modernist trailblazer Le Corbusier, nothing of this scale has been tackled for decades.
Amaravati was envisioned as a metropolis free of the chaos, traffic and air pollution. "It'll be an Indian city like no other," said Sreedhar Cherukuri, commissioner of Andhra's Capital Regional Development Authority.
Largely deserted
Amaravati's anticipated 3.5 million inhabitants would enjoy efficient public transport including a monorail and metro network, while trees would shroud half the city with a green zone akin to New York's Central Park, the official told AFP.
Consultants from Amsterdam provided advice about an extensive canal system and expert opinion was sought from Singapore and Japan, among others.
"Everything has been planned to the last detail. We've taken the best ideas from around two dozen global cities but this perhaps comes closest to Singapore in its inspiration," he said.
However, nearly three years after Prime Minister Narendra Modi laid the foundation stone, Amaravati is largely deserted.
An island of modern office buildings in the middle of fields hosts Andhra's chief minister and state government, which relocated there after Telangana claimed Hyderabad.
Yet there is scant evidence of the promised utopia.
Half-finished settlements dot farmlands, most not connected by proper roads. Plans for the promised riverfront, housing and public transport have been marred by delays.
"We came here because it really has the plans and potential to become a global city," said a university official at a huge but largely empty campus in the planned city.
"The on-ground infrastructure development, particularly the roads, has been slow," he said, asking not to be named.
K. Nageshwar, an independent legislator in Telangana, said: "Nothing much has happened on the ground in Amaravati. It is still more dream than reality."
'Extravagance' criticised
Chief Minister N Chandrababu Naidu ambitiously suggested in 2014 that the project -- unlike anything ever seen in India -- could be completed within five years.
But since then officials have been reluctant to offer a timetable for its completion.
Mr Naidu, who today governs Andhra from a high-tech office in Amaravati, insists a magnificent city will one day rise from the plains.
"I am not changing any plans for Amaravati. I only have to work harder to make it a reality," the brainchild of the nascent capital told AFP recently.
Mr Cherukuri, the official overseeing Amaravati's development, said contracts worth $5 billion have already been issued, spurring the first phase of development.
It was hoped the project would also attract foreign investment, he added. But funds are running low.
Mr Naidu blames the centre for reneging on promises made during the Telangana split that would have conferred a special status and ensured a stream of financial aid and incentives to bankroll the dream city.
The dispute soured ties with New Delhi, culminating with Mr Naidu going on a hunger strike in April and severing ties with PM Modi's ruling party, the BJP.
"This is a prestigious project for the nation and if government of India had supported it, we could have showcased it to the world," Mr Naidu said.
Finance Minister Arun Jaitley has rejected assertions Andhra was double crossed, saying it got all it was promised.
Mr Naidu remains broadly popular in Andhra Pradesh but has been accused of pursuing the eye-wateringly extravagant project for personal prestige.
"Naidu very clearly projected Amaravati more as an instrument of electioneering," said K. Nageshwar, the independent legislator.
Unflagging in optimism, the chief minister declared last month that his new city would be among the happiest in the world, promising a dedicated commission to gauge the wellbeing of its future citizens.
"This is all optics and not substantial," said Nageshwar.
"He can't disown the capital now. I won't be surprised if he's still talking about it in 2019 and 2024 elections."
In 70 Years Of Peacekeeping, India Lost Highest Number Of Personnel: UN
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India has lost the highest number of its peacekeepers in various UN peacekeeping operations in the last 70 years, with 163 military, police and civilian personnel from the country laying down their lives in the line of duty. According to the UN, of the 3,737 peacekeepers who have died since 1948, 163 have been from India, the highest total from any troop contributing country.
India is currently the third largest contributor of military and police personnel to UN peacekeeping, with 6,693 now deployed in Abyei, Cyprus, Congo, Haiti, Lebanon, the Middle East, South Sudan and Western Sahara. However, the UN owes India USD 92 million for troops, formed police units and contingent-owned equipment as at April 30, 2018.
The UN commemorated the International Day of United Nations Peacekeepers yesterday, paying tribute to the service and sacrifice of peacekeepers around the world. Currently, more than 96,000 uniformed personnel from 124 troop and police-contributing countries serve under the blue flag, alongside more than 15,000 international and national civilian staff and nearly 1,600 United Nations Volunteers.
This year marks the 70th anniversary of the establishment of United Nations peacekeeping, the flagship enterprise of the Organization described by Secretary-General Antonio Guterres as "a proven investment in global peace, security and prosperity".
"We express our gratitude to the more than one million men and women who have served under the UN flag, saving countless lives. We honour the more than 3,700 Blue Helmets who have paid the ultimate price. And we pay tribute to the 14 peacekeeping missions working around the clock to protect people and advance the cause of peace," Mr Guterres said in Mali to mark the International Day of UN Peacekeepers.
The north-west African country is the most dangerous place in the world to be a UN ''blue helmet'' and last year 21 troops serving with the UN Stabilisation Mission in Mali (MINUSMA) lost their lives, together with seven civilians.
Upon his return from Mali, the Secretary-General will preside over the observance of the day on June 1. He will lay a wreath to honour those who lost their lives while in the service of peace and will also officiate at a ceremony to posthumously present the Dag Hammarskjold Medal to 132 military, police and civilian personnel from 37 countries who lost their lives in peacekeeping operations during 2017.
India is currently the third largest contributor of military and police personnel to UN peacekeeping, with 6,693 now deployed in Abyei, Cyprus, Congo, Haiti, Lebanon, the Middle East, South Sudan and Western Sahara. However, the UN owes India USD 92 million for troops, formed police units and contingent-owned equipment as at April 30, 2018.
The UN commemorated the International Day of United Nations Peacekeepers yesterday, paying tribute to the service and sacrifice of peacekeepers around the world. Currently, more than 96,000 uniformed personnel from 124 troop and police-contributing countries serve under the blue flag, alongside more than 15,000 international and national civilian staff and nearly 1,600 United Nations Volunteers.
This year marks the 70th anniversary of the establishment of United Nations peacekeeping, the flagship enterprise of the Organization described by Secretary-General Antonio Guterres as "a proven investment in global peace, security and prosperity".
"We express our gratitude to the more than one million men and women who have served under the UN flag, saving countless lives. We honour the more than 3,700 Blue Helmets who have paid the ultimate price. And we pay tribute to the 14 peacekeeping missions working around the clock to protect people and advance the cause of peace," Mr Guterres said in Mali to mark the International Day of UN Peacekeepers.
The north-west African country is the most dangerous place in the world to be a UN ''blue helmet'' and last year 21 troops serving with the UN Stabilisation Mission in Mali (MINUSMA) lost their lives, together with seven civilians.
Upon his return from Mali, the Secretary-General will preside over the observance of the day on June 1. He will lay a wreath to honour those who lost their lives while in the service of peace and will also officiate at a ceremony to posthumously present the Dag Hammarskjold Medal to 132 military, police and civilian personnel from 37 countries who lost their lives in peacekeeping operations during 2017.
Business Affairs
Air India stake sale: Govt expects good response on last day of bidding
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Challenging the odds against Air India stake sale, the government, which is yet to receive any formal bid for debt-laden national carrier, said it hoped of getting a good response on the last day of the bidding process tomorrow.
Responding to the lukewarm interest in disinvestment of state-run Air India, the Civil Aviation Secretary R N Choubey said, "We expect good response before bid closes tomorrow." He added that bids are expected to "pour in at the last hour."
Though the government had earlier extended the deadline for submission of Expression of Interest (EoI) from May 14 to May 31, the last date will not be moved further this time, the aviation secretary said.
Earlier this year, the government had floated Express of Interest (EoI) document asking potential buyers of Air India to submit their bids. The EoI document talks about selling 76 per cent stake in Air India, 100 per cent stake in Air India Express (AIXL) and 50 per cent stake in AISATS (ground handling subsidiary of AI).
On May 23, Choubey had said the highest bidder for the airline would be known by August-end. But, the highest bidder might not be the successful bidder, he said, adding the government intends to complete the disinvestment by year-end.
Significantly, he had said the government could decide against selling state-run Air India if it does not get "adequate" price for it.
"The government has the right to sell or not to sell Air India if the bid price is found to be inadequate," Choubey had told reporters.
"Though the transaction advisor (EY) will assess the enterprise value, the right price for the airline will be decided by us," he said. Asked about AI employees' union protests against the proposed sale, he said they were conscious of the fact that airlines would do well after privatisation.
The government had on March 28 unveiled plans to sell up to a 76 per cent stake in the loss-making carrier, and transfer the management control to private players.
The profitable Air India Express and the joint venture AISATS -- an equal joint venture between the national carrier and the Singapore-based SATS Ltd -- will also be a part of the disinvestment process.
The ailing airline's total debt stood at Rs 48,781 crore at the end of March 2017.
Challenging the odds against Air India stake sale, the government, which is yet to receive any formal bid for debt-laden national carrier, said it hoped of getting a good response on the last day of the bidding process tomorrow. Responding to the lukewarm interest in disinvestment of state-run Air India, the Civil Aviation Secretary R N Choubey said, "We expect good response before bid closes tomorrow." He added that bids are expected to "pour in at the last hour."
Though the government had earlier extended the deadline for submission of Expression of Interest (EoI) from May 14 to May 31, the last date will not be moved further this time, the aviation secretary said.
Earlier this year, the government had floated Express of Interest (EoI) document asking potential buyers of Air India to submit their bids. The EoI document talks about selling 76 per cent stake in Air India, 100 per cent stake in Air India Express (AIXL) and 50 per cent stake in AISATS (ground handling subsidiary of AI).
On May 23, Choubey had said the highest bidder for the airline would be known by August-end. But, the highest bidder might not be the successful bidder, he said, adding the government intends to complete the disinvestment by year-end.
Significantly, he had said the government could decide against selling state-run Air India if it does not get "adequate" price for it.
"The government has the right to sell or not to sell Air India if the bid price is found to be inadequate," Choubey had told reporters.
"Though the transaction advisor (EY) will assess the enterprise value, the right price for the airline will be decided by us," he said. Asked about AI employees' union protests against the proposed sale, he said they were conscious of the fact that airlines would do well after privatisation.
The government had on March 28 unveiled plans to sell up to a 76 per cent stake in the loss-making carrier, and transfer the management control to private players.
The profitable Air India Express and the joint venture AISATS -- an equal joint venture between the national carrier and the Singapore-based SATS Ltd -- will also be a part of the disinvestment process.
The ailing airline's total debt stood at Rs 48,781 crore at the end of March 2017.
NCLAT halts bankruptcy proceedings against RCom; directs it to pay Rs 550 cr to Ericsson in 120 days
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The National Company Law Appellate Tribunal on Wednesday granted a "conditional stay" on insolvency proceedings against RCom and its subsidiaries -- Reliance Infratel and Reliance Telecom -- after the company informed it had reached at an "amicable settlement" with Swedish networking provider Ericsson.
Anil Ambani's beleaguered telecom company on Tuesday came out with a fresh offer of Rs 500-crore upfront payment to Ericsson to settle the matter. While hearing the matter on Wednesday, the tribunal asked RCom and its subsidiaries to pay Rs 550 crore as part of the settlement with Ericsson within the next 120 days (by September end) from June 1, failing which the insolvency proceedings would be started against the company.
A two-member bench, headed by Chairman Justice SJ Mitttal, also directed the RCom MD to file an undertaking about the settlement amount. Ericsson India would also file an undertaking before the NCLAT over the acceptance offer.
The appellate tribunal's decision comes as a relief to Anil Ambani's companies. The National Company Law Tribunal on May 15 had triggered the insolvency process against the debt-ridden company after Ericsson registered three separate applications against these companies over the non-payment of dues worth Rs 978 crore, which now total around Rs 1,600 crore.
The appellate tribunal had on Tuesday suggested the matter to be solved between the parties. RCom and Reliance Infratel Limited and Reliance Telecom Limited had entered into a seven-year agreement with Ericsson in 2013, under which Ericsson provided all the operational services, including mobile towers, broadband, fixed line, wireless voice, and data, to the three companies but these companies failed to pay its dues.
Earlier, RCom's financial creditors including State Bank of India and China Development Bank had also not backed the decision of Ericsson to move the NCLT to initiate insolvency proceedings against the telecom operator.
The company has a total debt of over Rs 46,000 crore. To pare debt, RCom has planned to monetise assets worth Rs 25,000 crore from their sale to Reliance Jio. It had signed a deal to sell its wireless assets to Reliance Jio Infocomm for over Rs 25,000 crore in December 2017.
Anil Ambani's beleaguered telecom company on Tuesday came out with a fresh offer of Rs 500-crore upfront payment to Ericsson to settle the matter. While hearing the matter on Wednesday, the tribunal asked RCom and its subsidiaries to pay Rs 550 crore as part of the settlement with Ericsson within the next 120 days (by September end) from June 1, failing which the insolvency proceedings would be started against the company.
A two-member bench, headed by Chairman Justice SJ Mitttal, also directed the RCom MD to file an undertaking about the settlement amount. Ericsson India would also file an undertaking before the NCLAT over the acceptance offer.
The appellate tribunal's decision comes as a relief to Anil Ambani's companies. The National Company Law Tribunal on May 15 had triggered the insolvency process against the debt-ridden company after Ericsson registered three separate applications against these companies over the non-payment of dues worth Rs 978 crore, which now total around Rs 1,600 crore.
The appellate tribunal had on Tuesday suggested the matter to be solved between the parties. RCom and Reliance Infratel Limited and Reliance Telecom Limited had entered into a seven-year agreement with Ericsson in 2013, under which Ericsson provided all the operational services, including mobile towers, broadband, fixed line, wireless voice, and data, to the three companies but these companies failed to pay its dues.
Earlier, RCom's financial creditors including State Bank of India and China Development Bank had also not backed the decision of Ericsson to move the NCLT to initiate insolvency proceedings against the telecom operator.
The company has a total debt of over Rs 46,000 crore. To pare debt, RCom has planned to monetise assets worth Rs 25,000 crore from their sale to Reliance Jio. It had signed a deal to sell its wireless assets to Reliance Jio Infocomm for over Rs 25,000 crore in December 2017.
About 85% of companies in India plan to increase workforce, says HireRight report
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Some 85 per cent of organisations in India were looking to expand their workforce - that's a higher figure than other countries in APAC, at an average 77%.
The results are a part of the India Employment Screening Benchmark Report by background verification firm HireRight. Nearly 6,000 human resource professionals were surveyed globally this year.
Almost 50% of the companies are expecting their workforce to grow by 6% or more this year. Despite the buzz around flexi-staffing, companies are reducing their dependence on contingent workers compared to last year's findings - almost half (43%) of companies had less than 10% of their workforce made up of non-employees. This suggests that planned recruitment drives in 2018 may focus on permanent positions.
Also, even though companies plan to step up hiring, they are also working on several strategies to reduce employee attrition. Almost 47% of businesses surveyed confirmed they were investing in strategies to improve staff retention. This is more than double (22%) over 2017.
There is also an increase in HR initiatives across all areas. Developing effective employee training programs is a major focus area for 53% of organisations - up from 24% in 2017. Overall, raising the efficiency of HR processes topped the list of most important initiatives (57%), followed by creating a positive corporate culture (54%) and maximising employee engagement (53%).
However, with aggressive growth comes with its own set of challenges. According to the 2018 Report, 80% of India employers have uncovered instances of false information being given out by a few job candidates through background screening that would have otherwise gone unnoticed. This represents an increase of 3 percentage points over last year. The three most common discrepancies were in previous employment records, educational credentials and criminal histories.
The results are a part of the India Employment Screening Benchmark Report by background verification firm HireRight. Nearly 6,000 human resource professionals were surveyed globally this year.
Almost 50% of the companies are expecting their workforce to grow by 6% or more this year. Despite the buzz around flexi-staffing, companies are reducing their dependence on contingent workers compared to last year's findings - almost half (43%) of companies had less than 10% of their workforce made up of non-employees. This suggests that planned recruitment drives in 2018 may focus on permanent positions.
Also, even though companies plan to step up hiring, they are also working on several strategies to reduce employee attrition. Almost 47% of businesses surveyed confirmed they were investing in strategies to improve staff retention. This is more than double (22%) over 2017.
There is also an increase in HR initiatives across all areas. Developing effective employee training programs is a major focus area for 53% of organisations - up from 24% in 2017. Overall, raising the efficiency of HR processes topped the list of most important initiatives (57%), followed by creating a positive corporate culture (54%) and maximising employee engagement (53%).
However, with aggressive growth comes with its own set of challenges. According to the 2018 Report, 80% of India employers have uncovered instances of false information being given out by a few job candidates through background screening that would have otherwise gone unnoticed. This represents an increase of 3 percentage points over last year. The three most common discrepancies were in previous employment records, educational credentials and criminal histories.
Mutual funds owning Manpasand Beverages hit by stock slide
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The Manpasand Beverages stock crash has left several mutual funds poorer by more than Rs 165 crore during the last two sessions.
The stock of fruit juice manufacturer is down nearly 50% since Friday's closing of Rs 430.20 on BSE after the resignation of its auditing firm Deloitte with effect from May 26, 2018. Today, the stock price is down 9.99% stuck at the lower circuit limit of 10% after exchanges revised the lower circuit limit of 20%. The stock price fell 20% each on Monday and Tuesday on the news of resignation of auditor.
Seven mutual funds held 1.283 crore shares of Manpasand Beverages to the tune of Rs 535.23 crore at the end of April 2018.
BNP Paribas Mutual Fund, BOI AXA Mutual fund, Baroda Pioneer Mid-cap Fund - Growth, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual fund, Motilal Oswal Mutual Fund and SBI Mutual Fund are the MFs which hold stakes in Manpasand Beverages.
Motilal Oswal which held shares worth Rs 256.61 crore in April 2018 was the biggest loser among the mutual funds after the share price crashed after nearly 50% since Monday.
SBI Mutual fund which held shares worth Rs 202.92 crore is the second biggest loser after the stock price crash.
On Sunday, May 27, the company informed the exchanges that its statutory auditor Deloitte Haskins & Sells resigned ahead of a board meeting scheduled on May 30 for consideration of financial results. Due to sudden resignation of existing auditors, the business to be transacted at board meeting scheduled on May 30 has been cancelled, it added.
In a letter addressed to company's board, Manpasand Beverages Managing Director Dhirendra Singh, Deloitte Haskins & Sells said that significant information" requested by us from the company at various points of time for the purposes of audit of the financial results have not yet been provided to us".
"We observe that there has been no further progress with respect to the pending information, evidences and explanations. Therefore, as informed to you, we would be unable to complete the statutory audit of the financial statements of the company for the year ended March 31, 2018 by May 30, 2018," it added.
"Under the circumstances, and as per our discussions with you, we are submitting our resignation as statutory auditors of the company with immediate effect," the letter said. According to a report in The Economic Times, Deloitte's sudden move was the result of not sharing of key crucial data related to capital expenditure and revenue which had been sought for at least a month. Deloitte has informed the ministry of corporate affairs about the resignation and the reasons for the same.
In third quarter of last fiscal, the firm logged 65.7% rise in net profit to Rs 12 crore.The firm reported 39.7% yoy growth in revenue to Rs 143.1crore higher than estimates. Manpasand Beverages is engaged in the business of manufacturing of fruit juices in the beverages segment. The company is engaged in the business of manufacturing of fruit drink products with a primary focus on mango fruit. The company offers mango-based fruit drink under the Mango Sip brand. It also offers its products in other brands, including Fruits Up, Manpasand Oral Rehydrating Salts, Pure Sip and Coco Sip.
The stock of fruit juice manufacturer is down nearly 50% since Friday's closing of Rs 430.20 on BSE after the resignation of its auditing firm Deloitte with effect from May 26, 2018. Today, the stock price is down 9.99% stuck at the lower circuit limit of 10% after exchanges revised the lower circuit limit of 20%. The stock price fell 20% each on Monday and Tuesday on the news of resignation of auditor.
Seven mutual funds held 1.283 crore shares of Manpasand Beverages to the tune of Rs 535.23 crore at the end of April 2018.
BNP Paribas Mutual Fund, BOI AXA Mutual fund, Baroda Pioneer Mid-cap Fund - Growth, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual fund, Motilal Oswal Mutual Fund and SBI Mutual Fund are the MFs which hold stakes in Manpasand Beverages.
Motilal Oswal which held shares worth Rs 256.61 crore in April 2018 was the biggest loser among the mutual funds after the share price crashed after nearly 50% since Monday.
SBI Mutual fund which held shares worth Rs 202.92 crore is the second biggest loser after the stock price crash.
On Sunday, May 27, the company informed the exchanges that its statutory auditor Deloitte Haskins & Sells resigned ahead of a board meeting scheduled on May 30 for consideration of financial results. Due to sudden resignation of existing auditors, the business to be transacted at board meeting scheduled on May 30 has been cancelled, it added.
In a letter addressed to company's board, Manpasand Beverages Managing Director Dhirendra Singh, Deloitte Haskins & Sells said that significant information" requested by us from the company at various points of time for the purposes of audit of the financial results have not yet been provided to us".
"We observe that there has been no further progress with respect to the pending information, evidences and explanations. Therefore, as informed to you, we would be unable to complete the statutory audit of the financial statements of the company for the year ended March 31, 2018 by May 30, 2018," it added.
"Under the circumstances, and as per our discussions with you, we are submitting our resignation as statutory auditors of the company with immediate effect," the letter said. According to a report in The Economic Times, Deloitte's sudden move was the result of not sharing of key crucial data related to capital expenditure and revenue which had been sought for at least a month. Deloitte has informed the ministry of corporate affairs about the resignation and the reasons for the same.
In third quarter of last fiscal, the firm logged 65.7% rise in net profit to Rs 12 crore.The firm reported 39.7% yoy growth in revenue to Rs 143.1crore higher than estimates. Manpasand Beverages is engaged in the business of manufacturing of fruit juices in the beverages segment. The company is engaged in the business of manufacturing of fruit drink products with a primary focus on mango fruit. The company offers mango-based fruit drink under the Mango Sip brand. It also offers its products in other brands, including Fruits Up, Manpasand Oral Rehydrating Salts, Pure Sip and Coco Sip.
SBI hikes fixed deposit rates by up to 25 bps
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The State Bank of India has hiked the interest rates on fixed term deposits by up to 25 basis points. The new rate, which is effective from May 28, is applicable on retail deposits below Rs 1 crore. Under the revised rate structure, the deposits for 1 year to 2 years will now accrue 6.65 per cent as against 6.40 per cent earlier. For the senior citizens, the new rate is 7.15 per cent from 6.90 per cent earlier. For the investments from 2 years to 3 years, the interest rate is revised to 6.65 per cent from 6.60 per cent.
There is no change in interest rate for deposits less than one year. Currently, the banks gives 5.75 per cent for deposits under 7 days to 45 days scheme. For 46 days to 179 days, the interest rate is 6.25 per cent with no change. For investment under 211 days to less than year, the rate is fixed at 6.40 per cent. In all these schemes, senior citizens get 50 basis points higher than their non-senior citizen customers.
This is the second time in just three months the largest lender has raised the rates for term deposits. Earlier in February, the SBI had hiked interest rates on its retail deposits - those below Rs 1 crore - by 10-50 basis points. But before that in November last year, the bank had slashed rates by 25 basis points.
There is an inverse relation between credit off-take and fixed deposit rates. When there is little demand for credit, banks reduce deposit rates because they don't need funds and in case the demand is high, banks turn to customers to get more funds to facilitate credit. The SBI's rate hike has come days after the state-run lender reported a record standalone net loss of Rs 7,718 crore in the Jan-March quarter.
The SBI's move may inspire other banks to follow suit on rate hike. Just last month, the largest private sector bank HDFC raised the interest rate for one year deposits from 6.75 per cent to 6.85 per cent. For investments between 2 years to 5 years, the bank hiked rates from 6 per cent 7 per cent.
There is no change in interest rate for deposits less than one year. Currently, the banks gives 5.75 per cent for deposits under 7 days to 45 days scheme. For 46 days to 179 days, the interest rate is 6.25 per cent with no change. For investment under 211 days to less than year, the rate is fixed at 6.40 per cent. In all these schemes, senior citizens get 50 basis points higher than their non-senior citizen customers.
This is the second time in just three months the largest lender has raised the rates for term deposits. Earlier in February, the SBI had hiked interest rates on its retail deposits - those below Rs 1 crore - by 10-50 basis points. But before that in November last year, the bank had slashed rates by 25 basis points.
There is an inverse relation between credit off-take and fixed deposit rates. When there is little demand for credit, banks reduce deposit rates because they don't need funds and in case the demand is high, banks turn to customers to get more funds to facilitate credit. The SBI's rate hike has come days after the state-run lender reported a record standalone net loss of Rs 7,718 crore in the Jan-March quarter.
The SBI's move may inspire other banks to follow suit on rate hike. Just last month, the largest private sector bank HDFC raised the interest rate for one year deposits from 6.75 per cent to 6.85 per cent. For investments between 2 years to 5 years, the bank hiked rates from 6 per cent 7 per cent.
General Awareness
TRAI proposes use of blockchain technology
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Context: Telecom regulator Trai has issued new draft norms to curb pesky calls and SMSes by using blockchain technology. When implemented, Trai will become first organisation to implement this kind of regulation.
Key facts:
The new technology aims to ensure that telemarketing messages are sent only to those who have subscribed to them, and that too by authorized entities. The draft proposes to check misuse of repeated unsolicited calls being made even to those subscribers who have given consent.
The new technology based norms will record all communication between subscribers and entities, capturing customer consent for information and authorised telemarketing agencies.
A subscriber may have given consent for a service but that consent is liable to be misused. Under the proposed regulation. The subscriber will be able to revoke consent given to entities whenever he or she desires through Trai app and other mechanism that will be provided under the regulation.
What is Blockchain?
Blockchain is the digital and decentralized ledger that records transactions without the need for a financial intermediary, which in most cases is a bank. A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.
How it works?
Blockchain enables two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then ‘chained’ to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so. If everyone in the process is pre-selected, the ledger is termed ‘permissioned’. If the process is open to the whole world, the ledger is called unpermissioned.
Benefits of blockchain technology:
A blockchain is anonymous, protecting the identities of the users. This makes blockchain a more secure way to carry out transactions. The algorithm used in blockchain reduces the dependence on people to verify the transactions.
Concerns associated:
Blockchain is still a (relatively) new technology and is not without its problems. For a start, there are ongoing concerns about privacy in the settlement and storage of securities – blockchain providers are working hard to address.
Banks are also at threat with blockchain, since more and more firms (using their IT service providers from India and elsewhere) will build systems that can create and exchange ‘blocks’ with one another completely legally, without ever having to use the banks as a financial intermediary.
Way ahead:
Blockchain is not a panacea for all issues facing the banking system today. However, blockchain is an ideal technology to ensure proof of integrity to the data and reduce incidents of fraud.
What’s important?
For Prelims: Blockchain- how it works.
For Mains: Prevention of fraud, use of technology in this regard.
Context: Telecom regulator Trai has issued new draft norms to curb pesky calls and SMSes by using blockchain technology. When implemented, Trai will become first organisation to implement this kind of regulation.
Key facts:
The new technology aims to ensure that telemarketing messages are sent only to those who have subscribed to them, and that too by authorized entities. The draft proposes to check misuse of repeated unsolicited calls being made even to those subscribers who have given consent.
The new technology based norms will record all communication between subscribers and entities, capturing customer consent for information and authorised telemarketing agencies.
A subscriber may have given consent for a service but that consent is liable to be misused. Under the proposed regulation. The subscriber will be able to revoke consent given to entities whenever he or she desires through Trai app and other mechanism that will be provided under the regulation.
What is Blockchain?
Blockchain is the digital and decentralized ledger that records transactions without the need for a financial intermediary, which in most cases is a bank. A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.
How it works?
Blockchain enables two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then ‘chained’ to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so. If everyone in the process is pre-selected, the ledger is termed ‘permissioned’. If the process is open to the whole world, the ledger is called unpermissioned.
Benefits of blockchain technology:
A blockchain is anonymous, protecting the identities of the users. This makes blockchain a more secure way to carry out transactions. The algorithm used in blockchain reduces the dependence on people to verify the transactions.
Concerns associated:
Blockchain is still a (relatively) new technology and is not without its problems. For a start, there are ongoing concerns about privacy in the settlement and storage of securities – blockchain providers are working hard to address.
Banks are also at threat with blockchain, since more and more firms (using their IT service providers from India and elsewhere) will build systems that can create and exchange ‘blocks’ with one another completely legally, without ever having to use the banks as a financial intermediary.
Way ahead:
Blockchain is not a panacea for all issues facing the banking system today. However, blockchain is an ideal technology to ensure proof of integrity to the data and reduce incidents of fraud.
What’s important?
For Prelims: Blockchain- how it works.
For Mains: Prevention of fraud, use of technology in this regard.
Key facts:
The new technology aims to ensure that telemarketing messages are sent only to those who have subscribed to them, and that too by authorized entities. The draft proposes to check misuse of repeated unsolicited calls being made even to those subscribers who have given consent.
The new technology based norms will record all communication between subscribers and entities, capturing customer consent for information and authorised telemarketing agencies.
A subscriber may have given consent for a service but that consent is liable to be misused. Under the proposed regulation. The subscriber will be able to revoke consent given to entities whenever he or she desires through Trai app and other mechanism that will be provided under the regulation.
What is Blockchain?
Blockchain is the digital and decentralized ledger that records transactions without the need for a financial intermediary, which in most cases is a bank. A blockchain is an anonymous online ledger that uses data structure to simplify the way we transact. Blockchain allows users to manipulate the ledger in a secure way without the help of a third party.
How it works?
Blockchain enables two entities that do not know each other to agree that something is true without the need of a third party. As opposed to writing entries into a single sheet of paper, a blockchain is a distributed database that takes a number of inputs and places them into a block. Each block is then ‘chained’ to the next block using a cryptographic signature. This allows blockchains to be used as a ledger which is accessible by anyone with permission to do so. If everyone in the process is pre-selected, the ledger is termed ‘permissioned’. If the process is open to the whole world, the ledger is called unpermissioned.
Benefits of blockchain technology:
A blockchain is anonymous, protecting the identities of the users. This makes blockchain a more secure way to carry out transactions. The algorithm used in blockchain reduces the dependence on people to verify the transactions.
Concerns associated:
Blockchain is still a (relatively) new technology and is not without its problems. For a start, there are ongoing concerns about privacy in the settlement and storage of securities – blockchain providers are working hard to address.
Banks are also at threat with blockchain, since more and more firms (using their IT service providers from India and elsewhere) will build systems that can create and exchange ‘blocks’ with one another completely legally, without ever having to use the banks as a financial intermediary.
Way ahead:
Blockchain is not a panacea for all issues facing the banking system today. However, blockchain is an ideal technology to ensure proof of integrity to the data and reduce incidents of fraud.
What’s important?
For Prelims: Blockchain- how it works.
For Mains: Prevention of fraud, use of technology in this regard.
