General Affairs
NITI Aayog Council To Discuss Implementation Of Key Policies: PM Modi
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Prime Minister Narendra Modi on Saturday said that the Governing Council of the NITI Aayog will discuss the implementation of key policies relating to various sectors today.
"Looking forward to the 4th Governing Council meeting of @NITIAayog tomorrow. Implementation of key policies relating to a wide range of sectors will be discussed during the meeting," he tweeted last night.
Issues, including measures taken to double farmers' income and progress of flagship schemes, will come up for discussion, an official statement issued had said on Friday.
The development agenda for 'New India 2022' is also expected to be approved in the meeting, according to it.
The council, apex body of the NITI Aayog, includes all the chief ministers, lieutenant governors of union territories, several union ministers and senior government officials.
The Governing Council, according to the statement, is expected to take up important subjects, progress of flagship schemes such as Ayushman Bharat, National Nutrition Mission and Mission Indradhanush; development of districts; besides celebration of the 150th birth anniversary of Mahatma Gandhi.
"Looking forward to the 4th Governing Council meeting of @NITIAayog tomorrow. Implementation of key policies relating to a wide range of sectors will be discussed during the meeting," he tweeted last night.
Issues, including measures taken to double farmers' income and progress of flagship schemes, will come up for discussion, an official statement issued had said on Friday.
The development agenda for 'New India 2022' is also expected to be approved in the meeting, according to it.
The council, apex body of the NITI Aayog, includes all the chief ministers, lieutenant governors of union territories, several union ministers and senior government officials.
The Governing Council, according to the statement, is expected to take up important subjects, progress of flagship schemes such as Ayushman Bharat, National Nutrition Mission and Mission Indradhanush; development of districts; besides celebration of the 150th birth anniversary of Mahatma Gandhi.
Where Were The Chief Ministers During Delhi Chief Secretary Assault: BJP
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Criticising the decision of four non-NDA chief ministers to extend support to their Delhi counterpart Arvind Kejriwal who has been protesting at the lieutenant governor office in Delhi, the BJP on Saturday questioned why they did not object to the assault on Delhi Chief Secretary Anshu Prakash.
Senior BJP leader Vijay Goel said the four leaders "are in the national capital to attend the NITI Aayog meeting and not to do politics. It doesn't suit them".
"Where were they when Delhi Chief Secretary Anshu Prakash was assaulted at Kejriwal's residence in his presence? And what will happen if the chief secretaries of their states also come out in support of Prakash," Mr Goel said.
West Bengal Chief Minister Mamata Banerjee, Andhra Pradesh Chief Minister N Chandrababu Naidu, Karnataka Chief Minister HD Kumaraswamy and Kerala Chief Minister Pinarayi Vijayan went to Mr Kejriwal's residence after the lieutenant governor "denied" them permission to meet the AAP leader.
Mr Kejriwal has been protesting at the Raj Niwas, demanding that the "strike" by bureaucrats in the city be called off.
The bureaucrats in Delhi are not meeting Delhi ministers as part of their protest against an alleged assault on Anshu Prakash in February. They are demanding an apology from Mr Kejriwal for the incident.
Ms Banerjee, Mr Naidu, Pinarayi Vijayan and HD Kumaraswamy are in Delhi to attend a meeting of Niti Ayog today.
Senior BJP leader Vijay Goel said the four leaders "are in the national capital to attend the NITI Aayog meeting and not to do politics. It doesn't suit them".
"Where were they when Delhi Chief Secretary Anshu Prakash was assaulted at Kejriwal's residence in his presence? And what will happen if the chief secretaries of their states also come out in support of Prakash," Mr Goel said.
West Bengal Chief Minister Mamata Banerjee, Andhra Pradesh Chief Minister N Chandrababu Naidu, Karnataka Chief Minister HD Kumaraswamy and Kerala Chief Minister Pinarayi Vijayan went to Mr Kejriwal's residence after the lieutenant governor "denied" them permission to meet the AAP leader.
Mr Kejriwal has been protesting at the Raj Niwas, demanding that the "strike" by bureaucrats in the city be called off.
The bureaucrats in Delhi are not meeting Delhi ministers as part of their protest against an alleged assault on Anshu Prakash in February. They are demanding an apology from Mr Kejriwal for the incident.
Ms Banerjee, Mr Naidu, Pinarayi Vijayan and HD Kumaraswamy are in Delhi to attend a meeting of Niti Ayog today.
Mobile Internet Services Suspended In Seven Districts Of Meghalaya
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The Meghalaya government on Saturday suspended mobile internet services in seven districts in the Khasi-Jaintia Hills region after intelligence inputs raised concerns over the law and order situation in those areas.
The suspension order was issued at 3 pm Saturday, three days after it was lifted, and will remain in force for 48 hours.
The decision was taken based on Director General of Police S B Singh's report, which suggested that "serious law and order situation concerns" still remain in the seven districts of Khasi-Jaintia Hills region.
Mobile Internet and messaging services were suspended on June 1 in these districts, a day after a bus handyman was assaulted by a group of Sikh residents of the Punjabi Lane area. State capital Shillong also came in the grip of violence for five days following clashes between Sikhs and Khasis in the city's Punjabi Lane area on May 31.
Tension gripped the state capital for five days since May 31, following the clash between the Khasis and the Sikhs in the city's Punjabi Lane area.
The administration had to impose a curfew on Shillong and suspend Internet services to control the situation.
The suspension was, however, lifted on June 13 after the government was convinced that the situation has improved, 12 days after it was banned on June 1.
The suspension order was issued at 3 pm Saturday, three days after it was lifted, and will remain in force for 48 hours.
The decision was taken based on Director General of Police S B Singh's report, which suggested that "serious law and order situation concerns" still remain in the seven districts of Khasi-Jaintia Hills region.
Mobile Internet and messaging services were suspended on June 1 in these districts, a day after a bus handyman was assaulted by a group of Sikh residents of the Punjabi Lane area. State capital Shillong also came in the grip of violence for five days following clashes between Sikhs and Khasis in the city's Punjabi Lane area on May 31.
Tension gripped the state capital for five days since May 31, following the clash between the Khasis and the Sikhs in the city's Punjabi Lane area.
The administration had to impose a curfew on Shillong and suspend Internet services to control the situation.
The suspension was, however, lifted on June 13 after the government was convinced that the situation has improved, 12 days after it was banned on June 1.
UN Report On Kashmir Shows Failure Of PM Modi's Foreign Trips: Shiv Sena
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The Shiv Sena today blamed the Central government for the violence in Jammu and Kashmir and attacked Prime Minister Narendra Modi over his foreign tours, saying they have proved to be a "failure."
Citing a just-released UN report on alleged human rights violations in Jammu and Kashmir, the BJP's carping ally said it shows PM Modi's frequent foreign trips have not yielded any positive result and, in fact, his image has taken a beating.
The Uddhav Thackeray-led party slammed the NDA government over the unilateral ceasefire in Kashmir during Ramzan and the killing of senior journalist Shujaat Bukhari in Srinagar.
"Internal security of India has become a joke. A Ram Temple is yet to be constructed in Ayodhya. Lord Ram is in 'vanvaas' (exile). But the country's security is 'Ram-bharose' (in the hands of Lord Ram).
"The government has to be blamed for the violence, bloodshed and killings by terrorists (in J&K) during Ramzan," the Sena said in an editorial in party mouthpiece 'Saamana.'
Attacking the PM, the Shiv Sena said while PM Modi is busy with his foreign trips, people are being killed in Jammu and Kashmir.
"In the last four months, over 400 people have been killed in Kashmir, maximum being the jawans. Our prime minister is busy in foreign trips, while the defence minister is stuck in party affairs.
"While it was being said that the PM's foreign tours enhanced the country's prestige globally, his image lies in tatters after the UN report on Kashmir," it said.
"This (the report) means despite the PM's numerous foreign tours, nobody is willing to stand with India on the issue of Kashmir and we could not put forth our stand, as we should have, before the United Nations," the newspaper said.
The Office of the United Nations High Commissioner for Human Rights released on June 14 its first-ever report on the alleged human rights violation in Kashmir and Pakistan-occupied Kashmir and demanded an international probe into it.
India rejected the report as "fallacious, tendentious and motivated."
The Shiv Sena mouthpiece said the ruling NDA dispensation has caused more harm to the Kashmir cause than the former Prime Minister Jawaharlal Nehru or the Congress.
"Pakistan-sponsored terrorists are taking full advantage of the unilateral ceasefire being adhered to by India. Also, all voices that love India are being silenced. At such a time, all your foreign tours and policies have failed," the Sena said.
While the Indian government adhered to ceasfire during the holy month of Ramzan, bloodshed by Pakistan-sponsored terrorists did not stop during this period, it said.
"This means that while we respected the holy month of Ramzan, Pakistanis did Iftari (breaking fast) with our blood," the Sena said.
Terming the present situation in the border state as "dangerous," the Sena said 18 jawans have been killed since the beginning of Ramzan.
"On top of that, our brave jawan Aurangzeb was kidnapped and mercilessly murdered. Also, the editor of 'Rising Kashmir' Shujaat Bukhari was murdered.
"He used to write against terrorists and his writings had unmasked Pakistan," the Sena said, adding the government could not protect a nationalist.
"Terrorists are silencing all pro-Indian voices while we are upholding the piousness of Ramzan. In doing so, we are breaking the morale of our jawans posted on the border," the Sena publication said.
The Sena is part of the BJP-led governments at the Centre and also in Maharashtra. However, it routinely criticises the BJP and its leaders, including PM Modi, over the government's programmes and policies.
Citing a just-released UN report on alleged human rights violations in Jammu and Kashmir, the BJP's carping ally said it shows PM Modi's frequent foreign trips have not yielded any positive result and, in fact, his image has taken a beating.
The Uddhav Thackeray-led party slammed the NDA government over the unilateral ceasefire in Kashmir during Ramzan and the killing of senior journalist Shujaat Bukhari in Srinagar.
"Internal security of India has become a joke. A Ram Temple is yet to be constructed in Ayodhya. Lord Ram is in 'vanvaas' (exile). But the country's security is 'Ram-bharose' (in the hands of Lord Ram).
"The government has to be blamed for the violence, bloodshed and killings by terrorists (in J&K) during Ramzan," the Sena said in an editorial in party mouthpiece 'Saamana.'
Attacking the PM, the Shiv Sena said while PM Modi is busy with his foreign trips, people are being killed in Jammu and Kashmir.
"In the last four months, over 400 people have been killed in Kashmir, maximum being the jawans. Our prime minister is busy in foreign trips, while the defence minister is stuck in party affairs.
"While it was being said that the PM's foreign tours enhanced the country's prestige globally, his image lies in tatters after the UN report on Kashmir," it said.
"This (the report) means despite the PM's numerous foreign tours, nobody is willing to stand with India on the issue of Kashmir and we could not put forth our stand, as we should have, before the United Nations," the newspaper said.
The Office of the United Nations High Commissioner for Human Rights released on June 14 its first-ever report on the alleged human rights violation in Kashmir and Pakistan-occupied Kashmir and demanded an international probe into it.
India rejected the report as "fallacious, tendentious and motivated."
The Shiv Sena mouthpiece said the ruling NDA dispensation has caused more harm to the Kashmir cause than the former Prime Minister Jawaharlal Nehru or the Congress.
"Pakistan-sponsored terrorists are taking full advantage of the unilateral ceasefire being adhered to by India. Also, all voices that love India are being silenced. At such a time, all your foreign tours and policies have failed," the Sena said.
While the Indian government adhered to ceasfire during the holy month of Ramzan, bloodshed by Pakistan-sponsored terrorists did not stop during this period, it said.
"This means that while we respected the holy month of Ramzan, Pakistanis did Iftari (breaking fast) with our blood," the Sena said.
Terming the present situation in the border state as "dangerous," the Sena said 18 jawans have been killed since the beginning of Ramzan.
"On top of that, our brave jawan Aurangzeb was kidnapped and mercilessly murdered. Also, the editor of 'Rising Kashmir' Shujaat Bukhari was murdered.
"He used to write against terrorists and his writings had unmasked Pakistan," the Sena said, adding the government could not protect a nationalist.
"Terrorists are silencing all pro-Indian voices while we are upholding the piousness of Ramzan. In doing so, we are breaking the morale of our jawans posted on the border," the Sena publication said.
The Sena is part of the BJP-led governments at the Centre and also in Maharashtra. However, it routinely criticises the BJP and its leaders, including PM Modi, over the government's programmes and policies.
First Batch Of Kailash Mansarovar Yatra Flagged Off In Sikkim
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The first batch of 33 pilgrims, on their way to Kailash Mansarovar via Nathu La pass in Sikkim, was flagged off from today.
Additional Chief Secretary S C Gupta flagged off a Sikkim Nationalised Transport (SNT) bus carrying the pilgrims for their onward journey.
There are two routes for the yatra - through Lipulekh pass (Uttarakhand) and Natu La pass (Sikkim).
The route via Sikkim was stopped by China in the aftermath of the military face-off with India last year at Doklam.
The yatra, which holds religious value and cultural significance, is undertaken by hundreds of people every year.
A welcome and briefing session was held at a local hotel a day after the pilgrims arrived here from Delhi. The batch also has two Liaison officers.
This is the fourth year of the pilgrimage from Sikkim.
Mr Gupta apprised the pilgrims about the rules and regulations and urged them to cooperate with each other as well as the supporting staff.
The Tourism and Civil Aviation Secretary C P Dhakal, ITBP DIG K.D Dwivedi, ITBP Deputy Commandant Ganesh Rohtela, Sikkim Mountaineering Association president Kunzang Gyatso also interacted with the pilgrims.
The pilgrims will stay two days at 15th mile and another two days at Sherathang for acclimatization. There will be a final medical check at Nathu La on June 20 before they cross over to China.
Additional Chief Secretary S C Gupta flagged off a Sikkim Nationalised Transport (SNT) bus carrying the pilgrims for their onward journey.
There are two routes for the yatra - through Lipulekh pass (Uttarakhand) and Natu La pass (Sikkim).
The route via Sikkim was stopped by China in the aftermath of the military face-off with India last year at Doklam.
The yatra, which holds religious value and cultural significance, is undertaken by hundreds of people every year.
A welcome and briefing session was held at a local hotel a day after the pilgrims arrived here from Delhi. The batch also has two Liaison officers.
This is the fourth year of the pilgrimage from Sikkim.
Mr Gupta apprised the pilgrims about the rules and regulations and urged them to cooperate with each other as well as the supporting staff.
The Tourism and Civil Aviation Secretary C P Dhakal, ITBP DIG K.D Dwivedi, ITBP Deputy Commandant Ganesh Rohtela, Sikkim Mountaineering Association president Kunzang Gyatso also interacted with the pilgrims.
The pilgrims will stay two days at 15th mile and another two days at Sherathang for acclimatization. There will be a final medical check at Nathu La on June 20 before they cross over to China.
Business Affairs
Hike in oil prices, GST likely to boost revenue of states by Rs 37,400 crore in FY 19
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Rising oil prices and better tax collection under GST are likely to help states gain an additional Rs 37,426 crore in revenue in the current fiscal. According to a report by SBI Research, as many as 16 of the 24 states have seen their revenue increasing over and above the 14 per cent baseline - a mutually accepted minimum tax growth rate between the Centre and the states post-GST rollout below which the states have to be compensated.
"We have found that on an aggregate lever, the states have gained by Rs 18,698 crore in additional revenue in FY18. If we combine this figure with the gains that the states have made due to increase in crude prices, the overall figure will be Rs 37,426 crore," the report said.
The amount will be sufficient to neutralize the Rs 34,627 crore of revenue forgone if the states impose VAT only on base the price of crude. The new taxation system was rolled out last year in July. Post-GST implementation, the tax revenue of the states has gone due to increased tax compliance and broader tax base.
While Gujarat, Haryana, Maharashtra, Chhattisgarh, Jharkhand and Punjab have gained the maximum from GST, Karnataka, Bengal, Uttar Pradesh, Madhya Pradesh and Assam have reported a decline in tax collection post-GST.
These states were impacted due to the changes in the nature of taxation as GST subsumed indirect taxes such as service tax, VAT, excise duty, entry tax, entertainment tax into one, including the taxes under the Centre and the states which contribute to an aggregate of over 55 per cent of tax revenue of these states.
"We expect that while there is a need to optimise tax revenue, for funding social security programmes, there is also a need to insulate consumers from adverse price shocks," the report said.
"We have found that on an aggregate lever, the states have gained by Rs 18,698 crore in additional revenue in FY18. If we combine this figure with the gains that the states have made due to increase in crude prices, the overall figure will be Rs 37,426 crore," the report said.
The amount will be sufficient to neutralize the Rs 34,627 crore of revenue forgone if the states impose VAT only on base the price of crude. The new taxation system was rolled out last year in July. Post-GST implementation, the tax revenue of the states has gone due to increased tax compliance and broader tax base.
While Gujarat, Haryana, Maharashtra, Chhattisgarh, Jharkhand and Punjab have gained the maximum from GST, Karnataka, Bengal, Uttar Pradesh, Madhya Pradesh and Assam have reported a decline in tax collection post-GST.
These states were impacted due to the changes in the nature of taxation as GST subsumed indirect taxes such as service tax, VAT, excise duty, entry tax, entertainment tax into one, including the taxes under the Centre and the states which contribute to an aggregate of over 55 per cent of tax revenue of these states.
"We expect that while there is a need to optimise tax revenue, for funding social security programmes, there is also a need to insulate consumers from adverse price shocks," the report said.
India to raise duties on 30 US products against Donald Trump's import tariffs
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As the Trump administration faces flak for slapping tariff hikes on steel and aluminium imports, India has decided to retaliate by increasing import duties on 30 products from the United States. The list of items that will see an increase in import duties included motorcycles, almonds, apples among others. Importing motorcycles with engines bigger than 800 cc will attract 50 per cent of import duty, and apples will see duty charged at 25 per cent, according to a report by The Economic Times. The import duty will be 20 per cent in case of almonds and walnuts, the report added.
India has already informed the World Trade Organisation (WTO) of the decision to suspend concessions to the US earlier this week. The collection from the decision is expected to be in the neighbourhood of $238.09 million. This will reportedly be the first time that India has imposed retaliatory import duties. The higher revised import duties will be put into effect from June 21.
As the US goes ahead with its plan to increase duties on certain steel and aluminium products, it is put a burden on $241 million on India. The raise in tariffs proposed by New Delhi is likely to cancel out the implications of the US tariff hike.
"The US would be collecting USD 241 million worth of duties by hiking tariffs on certain steel and aluminium items from India, we also proposed to withdraw concessions of similar amount from these 30 products imported by India from the US," a source said.
India has also dragged the US to the World Trade Organisations dispute settlement mechanism over the imposition of import duties on steel and aluminium.
India's exports of steel and aluminium products to America stood at about USD 1.5 billion every year. Its exports to the US in 2016-17 stood at USD 42.21 billion, while imports were USD 22.3 billion.
India has already informed the World Trade Organisation (WTO) of the decision to suspend concessions to the US earlier this week. The collection from the decision is expected to be in the neighbourhood of $238.09 million. This will reportedly be the first time that India has imposed retaliatory import duties. The higher revised import duties will be put into effect from June 21.
As the US goes ahead with its plan to increase duties on certain steel and aluminium products, it is put a burden on $241 million on India. The raise in tariffs proposed by New Delhi is likely to cancel out the implications of the US tariff hike.
"The US would be collecting USD 241 million worth of duties by hiking tariffs on certain steel and aluminium items from India, we also proposed to withdraw concessions of similar amount from these 30 products imported by India from the US," a source said.
India has also dragged the US to the World Trade Organisations dispute settlement mechanism over the imposition of import duties on steel and aluminium.
India's exports of steel and aluminium products to America stood at about USD 1.5 billion every year. Its exports to the US in 2016-17 stood at USD 42.21 billion, while imports were USD 22.3 billion.
Ayushman Bharat: Pay us at least the CGHS rates, say private hospitals
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Treat the poor poorly seems to be the message emanating from the pricing strategy formulated by the government under the Ayushman Bharat scheme, says a private sector hospital senior official without wanting to be named. The head honchos of some of the leading hospitals seem willing to work with the government, but are seeking rates that are "at least in line with what is being offered under the CGHS". What is offered instead, they feel, is about 20 per cent less than that under CGHS, and is not viable for many of them.
"We are willing to work with the government and want to cooperate but only hope the government will give us some incentives," says Suneeta Reddy, managing director, Apollo Hospitals.
"All of us have agreed and we want to do the scheme, but the rates should be based on a scientific study that should be undertaken based on the costing for all the hospitals - primary, secondary and tertiary - and based on that the rates could then be fixed. Till such time, the government should offer at least the CGHS rates, it is still low but we will accept it till the study is done," says Dr Devi Prasad Shetty, chairman and chief executive, Narayana Health.
Ideally, Dr Devi Shetty says, the rates offered "should be little bit more than CGHS" but the numbers should come from the study. At the moment, those in the sector say that the CGHS rates are about 30 per cent less than what tertiary care hospitals, with their high costs, can afford. On the issue of rates being high in Karnataka, those there, do not seem to agree. "The new revised rates in Karnataka are less than what it used to cost in the past and they are significantly lower than the CGHS," says Dr Devi Shetty.
Dr B S Ajaikumar, chairman and CEO, HealthCare Global, focussed on cancer care with is chain of hospitals, says the government is offering a rate that is below their own. The rates should be based on the costing for all hospitals taking into account their cost of real estate, HR cost, maintenance cost and technology cost and will vary from hospital , its location, the technology deployed and the procedure involved. He says, when compared to a tertiary hospital in a Tier 1 city, the rates would be higher than the CGHS rates, and while it would vary, based on the various parameters, it could be 20 to 25 per cent more as opposed to 20 per cent less they are being offered.
"We are willing to work with the government and want to cooperate but only hope the government will give us some incentives," says Suneeta Reddy, managing director, Apollo Hospitals.
"All of us have agreed and we want to do the scheme, but the rates should be based on a scientific study that should be undertaken based on the costing for all the hospitals - primary, secondary and tertiary - and based on that the rates could then be fixed. Till such time, the government should offer at least the CGHS rates, it is still low but we will accept it till the study is done," says Dr Devi Prasad Shetty, chairman and chief executive, Narayana Health.
Ideally, Dr Devi Shetty says, the rates offered "should be little bit more than CGHS" but the numbers should come from the study. At the moment, those in the sector say that the CGHS rates are about 30 per cent less than what tertiary care hospitals, with their high costs, can afford. On the issue of rates being high in Karnataka, those there, do not seem to agree. "The new revised rates in Karnataka are less than what it used to cost in the past and they are significantly lower than the CGHS," says Dr Devi Shetty.
Dr B S Ajaikumar, chairman and CEO, HealthCare Global, focussed on cancer care with is chain of hospitals, says the government is offering a rate that is below their own. The rates should be based on the costing for all hospitals taking into account their cost of real estate, HR cost, maintenance cost and technology cost and will vary from hospital , its location, the technology deployed and the procedure involved. He says, when compared to a tertiary hospital in a Tier 1 city, the rates would be higher than the CGHS rates, and while it would vary, based on the various parameters, it could be 20 to 25 per cent more as opposed to 20 per cent less they are being offered.
Reliance Jio takes on competition again as price war intensifies
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The Mukesh Ambani-controlled Reliance Jio is showing no signs of cooling off. The war waged by Jio, starting September 2016, continues to intensify. In a recent salvo, Jio has sweetened the deal with its cheapest data. The "Double Dhamaka" plan offers 252 gigabits (GBs) of data (3GBs per day), unlimited voice calls and SMSes at Rs 399 for 84 days. The telco has tied up with Flipkart-owned PhonePe where it's offering Rs 100 cash back on this recharge plan. The plan is valid for recharges in June.
The comparative plans of Airtel and Vodafone seem to be less attractive. For instance, Airtel is giving 114.8 GBs of data (1.4 GB per day), unlimited voice calls and SMSes at Rs 448 for 82 days. Vodafone India is offering 117.6 (1.4 GB per day), unlimited voice calls and SMSes at Rs 458 for 84 days.
In a country where consumers are obsessed with discounts and cashbacks, there's no guarantee that the existing customers of Vodafone India and Airtel will stick to their operators. On the back of its highly-competitive plans, Jio has garnered a subscriber market share of 15.76 per cent in March 2018. Its subscriber base stood at 18.65 crore as compared to market leader Airtel's 30.41 crore and Vodafone India's 22.26 crore. Jio's net customer addition was highest in March at 9.4 million.
Jio has been continuously lowering its tariffs in both prepaid and postpaid segments since its launch, testing the strength of its bigger rivals. For instance, Jio launched Rs 199 postpaid plan last month that offers unlimited voice calls and 25 GBs of data for a month. This plan is targeted towards poaching high-value subscribers of rivals.
However, keeping tariffs at low levels will surely put pressure on the financial performance of the company. In 2017/18, Jio posted Rs 722.96 crore net profits on revenues of Rs 20,158.34 crore. Jio posted net losses of Rs 31.37 crore in the fiscal before that.
Jio has already sunk in an investment of about $31 billion with plans to pump in more money to expand the network. In March, its board approved raising up to Rs 20,000 crore by issuance of debentures, and in the following month, the telco raised some Rs 3,250 crore samurai loans - which bear lower interest rates than borrowing rates in India - from Japanese banks.
When offerings don't match on the tariffs front, the biggest differentiator for incumbents could be the network strength and coverage but even there, experts argue, Jio has an advantage of having a relatively newer network, particularly active infrastructure, as compared to its rivals. But as it acquires the wireless business of Reliance Communications, a significant part of its network will require upgrading.
The comparative plans of Airtel and Vodafone seem to be less attractive. For instance, Airtel is giving 114.8 GBs of data (1.4 GB per day), unlimited voice calls and SMSes at Rs 448 for 82 days. Vodafone India is offering 117.6 (1.4 GB per day), unlimited voice calls and SMSes at Rs 458 for 84 days.
In a country where consumers are obsessed with discounts and cashbacks, there's no guarantee that the existing customers of Vodafone India and Airtel will stick to their operators. On the back of its highly-competitive plans, Jio has garnered a subscriber market share of 15.76 per cent in March 2018. Its subscriber base stood at 18.65 crore as compared to market leader Airtel's 30.41 crore and Vodafone India's 22.26 crore. Jio's net customer addition was highest in March at 9.4 million.
Jio has been continuously lowering its tariffs in both prepaid and postpaid segments since its launch, testing the strength of its bigger rivals. For instance, Jio launched Rs 199 postpaid plan last month that offers unlimited voice calls and 25 GBs of data for a month. This plan is targeted towards poaching high-value subscribers of rivals.
However, keeping tariffs at low levels will surely put pressure on the financial performance of the company. In 2017/18, Jio posted Rs 722.96 crore net profits on revenues of Rs 20,158.34 crore. Jio posted net losses of Rs 31.37 crore in the fiscal before that.
Jio has already sunk in an investment of about $31 billion with plans to pump in more money to expand the network. In March, its board approved raising up to Rs 20,000 crore by issuance of debentures, and in the following month, the telco raised some Rs 3,250 crore samurai loans - which bear lower interest rates than borrowing rates in India - from Japanese banks.
When offerings don't match on the tariffs front, the biggest differentiator for incumbents could be the network strength and coverage but even there, experts argue, Jio has an advantage of having a relatively newer network, particularly active infrastructure, as compared to its rivals. But as it acquires the wireless business of Reliance Communications, a significant part of its network will require upgrading.
UK court orders Vijay Mallya to pay 200,000 pounds as legal costs to Indian banks
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The UK High Court has ordered embattled liquor tycoon Vijay Mallya to pay a minimum of 200,000 pounds towards the costs incurred by 13 Indian banks in their legal battle to recover alleged dues.
Last month, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds.
As part of the judgment, the court has also ordered Mallya, 62, to pay costs towards registration of the worldwide freezing order and of the Debt Recovery Tribunal (DRT) of Karnataka's judgment in Britain.
"The court ordered that Mallya pay the banks' costs. The standard order is that the court will assess those costs unless the parties can otherwise agree a figure for what should be paid," said a legal expert familiar with the case.
The court's assessment of costs is a separate process, which ends with another court hearing before a specialist costs judge in the UK. But in the meantime, Mallya must pay 200,000 pounds towards this legal costs liability.
In a high court ruling dated May 8, Judge Henshaw had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks -- State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd -- were entitled to recover funds amounting to nearly 1.145 billion pounds.
The legal costs owed to the banks emerged in a subsequent court order by the same judge.
"The First Defendant's (Mallya) application for permission to appeal is refused. Any further application for permission to appeal should be made to the Court of Appeal to be dealt with by a judge of that court, the judgment notes.
Mallya, who is separately also fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crores, has since filed an appeal notice at the Court of Appeal, which includes an application for permission to appeal.
Permission will only be granted if the court considers that the appeal would have a real prospect of success or there is some other compelling reason for the appeal to be heard.
Meanwhile, Mallya is due back at Westminster Magistrates' Court in London next month for one of the final hearings in his extradition case.
A hearing for closing arguments to be presented by his defence team and the Crown Prosecution Service (CPS), on behalf of the Indian authorities, was scheduled for July 11 but is now likely to take place on July 31.
The former Kingfisher Airlines boss remains on bail since his arrest on an extradition warrant in April last year. The CPS believes it has successfully established a prima facie case of fraud against the businessman and that there are no bars to his extradition to face the courts in India.
Mallya's lawyers have claimed the criminal charges against their client are without substance and politically motivated . They have also challenged the case on human rights grounds, questioning the conditions at Arthur Road Jail in Mumbai, where the businessman is to be held post-extradition.
Last month, Judge Andrew Henshaw had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks led by State Bank of India (SBI) were entitled to recover funds amounting to nearly 1.145 billion pounds.
As part of the judgment, the court has also ordered Mallya, 62, to pay costs towards registration of the worldwide freezing order and of the Debt Recovery Tribunal (DRT) of Karnataka's judgment in Britain.
"The court ordered that Mallya pay the banks' costs. The standard order is that the court will assess those costs unless the parties can otherwise agree a figure for what should be paid," said a legal expert familiar with the case.
The court's assessment of costs is a separate process, which ends with another court hearing before a specialist costs judge in the UK. But in the meantime, Mallya must pay 200,000 pounds towards this legal costs liability.
In a high court ruling dated May 8, Judge Henshaw had refused to overturn a worldwide order freezing Mallya's assets and upheld an Indian court's ruling that the consortium of 13 Indian banks -- State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu and Kashmir Bank, Punjab and Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd -- were entitled to recover funds amounting to nearly 1.145 billion pounds.
The legal costs owed to the banks emerged in a subsequent court order by the same judge.
"The First Defendant's (Mallya) application for permission to appeal is refused. Any further application for permission to appeal should be made to the Court of Appeal to be dealt with by a judge of that court, the judgment notes.
Mallya, who is separately also fighting extradition to India on fraud and money laundering charges worth an estimated Rs 9,000 crores, has since filed an appeal notice at the Court of Appeal, which includes an application for permission to appeal.
Permission will only be granted if the court considers that the appeal would have a real prospect of success or there is some other compelling reason for the appeal to be heard.
Meanwhile, Mallya is due back at Westminster Magistrates' Court in London next month for one of the final hearings in his extradition case.
A hearing for closing arguments to be presented by his defence team and the Crown Prosecution Service (CPS), on behalf of the Indian authorities, was scheduled for July 11 but is now likely to take place on July 31.
The former Kingfisher Airlines boss remains on bail since his arrest on an extradition warrant in April last year. The CPS believes it has successfully established a prima facie case of fraud against the businessman and that there are no bars to his extradition to face the courts in India.
Mallya's lawyers have claimed the criminal charges against their client are without substance and politically motivated . They have also challenged the case on human rights grounds, questioning the conditions at Arthur Road Jail in Mumbai, where the businessman is to be held post-extradition.
General Awareness
Composite Water Management Index (CWMI)
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Context: NITI Aayog has released its report on Composite Water Management Index (CWMI).
About CWMI:
The Composite Water Management Index report is a step in a direction that aims to create awareness among people and governments about the realities of water crisis in the country.
CWMI aims to enable effective water management in Indian states in the face of this growing crisis.
The index would provide useful information for the states and concerned Central ministries and departments enabling them to formulate and implement suitable strategies for better management of water resources.
NITI Aayog has ranked all states in the index on the composite water management, comprising 9 broad sectors with 28 different indicators covering various aspects of ground water, restoration of water bodies, irrigation, farm practices, drinking water, policy and governance.
Best and worst performers:
The report ranks Gujarat at the top in managing its water resources in the reference year (2016-17) followed by Madhya Pradesh, Andhra Pradesh, Karnataka and Maharashtra.
The worst states include Jharkhand, Haryana, Uttar Pradesh and Bihar.
Among North Eastern and Himalayan states, Tripura has been adjudged number one in 2016-17 followed by Himachal Pradesh, Sikkim and Assam.
In terms of incremental change in the index (over 2015-16 level), Rajasthan holds number one position in general states and Tripura ranks at first position amongst Northeastern and Himalayan states.
Concerns:
India is suffering from the worst water crisis in its history and millions of lives and livelihoods are under threat. Currently, 600 million Indians face high to extreme water stress and about 200,000 thousand people die every year due to inadequate access to safe water.
The crisis is going to get worse and by 2030, the country’s water demand is projected to be twice the available supply, implying severe water scarcity for hundreds of millions of people and an eventual 6% loss in the country’s GDP.
Way ahead:
Water scarcity is one of the biggest problems the country is facing today and that more than the scarcity of water, it is an issue of management of water resources.
Water management is often currently viewed as a zero-sum game by states due to limited frameworks for inter-state and national management. However, Centre-state and inter-state cooperation can help address the issue.
There is a need to reward those states which are doing well in managing their water resources and also to bring in the public domain the names of those states which are not managing their resources properly.
What’s important?
For Prelims: CWMI- key features, best and worst performing states.
For Mains: Water crisis- concerns, challenges and solutions.
Context: NITI Aayog has released its report on Composite Water Management Index (CWMI).
About CWMI:
The Composite Water Management Index report is a step in a direction that aims to create awareness among people and governments about the realities of water crisis in the country.
CWMI aims to enable effective water management in Indian states in the face of this growing crisis.
The index would provide useful information for the states and concerned Central ministries and departments enabling them to formulate and implement suitable strategies for better management of water resources.
NITI Aayog has ranked all states in the index on the composite water management, comprising 9 broad sectors with 28 different indicators covering various aspects of ground water, restoration of water bodies, irrigation, farm practices, drinking water, policy and governance.
Best and worst performers:
The report ranks Gujarat at the top in managing its water resources in the reference year (2016-17) followed by Madhya Pradesh, Andhra Pradesh, Karnataka and Maharashtra.
The worst states include Jharkhand, Haryana, Uttar Pradesh and Bihar.
Among North Eastern and Himalayan states, Tripura has been adjudged number one in 2016-17 followed by Himachal Pradesh, Sikkim and Assam.
In terms of incremental change in the index (over 2015-16 level), Rajasthan holds number one position in general states and Tripura ranks at first position amongst Northeastern and Himalayan states.
Concerns:
India is suffering from the worst water crisis in its history and millions of lives and livelihoods are under threat. Currently, 600 million Indians face high to extreme water stress and about 200,000 thousand people die every year due to inadequate access to safe water.
The crisis is going to get worse and by 2030, the country’s water demand is projected to be twice the available supply, implying severe water scarcity for hundreds of millions of people and an eventual 6% loss in the country’s GDP.
Way ahead:
Water scarcity is one of the biggest problems the country is facing today and that more than the scarcity of water, it is an issue of management of water resources.
Water management is often currently viewed as a zero-sum game by states due to limited frameworks for inter-state and national management. However, Centre-state and inter-state cooperation can help address the issue.
There is a need to reward those states which are doing well in managing their water resources and also to bring in the public domain the names of those states which are not managing their resources properly.
What’s important?
For Prelims: CWMI- key features, best and worst performing states.
For Mains: Water crisis- concerns, challenges and solutions.
About CWMI:
The Composite Water Management Index report is a step in a direction that aims to create awareness among people and governments about the realities of water crisis in the country.
CWMI aims to enable effective water management in Indian states in the face of this growing crisis.
The index would provide useful information for the states and concerned Central ministries and departments enabling them to formulate and implement suitable strategies for better management of water resources.
NITI Aayog has ranked all states in the index on the composite water management, comprising 9 broad sectors with 28 different indicators covering various aspects of ground water, restoration of water bodies, irrigation, farm practices, drinking water, policy and governance.
Best and worst performers:
The report ranks Gujarat at the top in managing its water resources in the reference year (2016-17) followed by Madhya Pradesh, Andhra Pradesh, Karnataka and Maharashtra.
The worst states include Jharkhand, Haryana, Uttar Pradesh and Bihar.
Among North Eastern and Himalayan states, Tripura has been adjudged number one in 2016-17 followed by Himachal Pradesh, Sikkim and Assam.
In terms of incremental change in the index (over 2015-16 level), Rajasthan holds number one position in general states and Tripura ranks at first position amongst Northeastern and Himalayan states.
Concerns:
India is suffering from the worst water crisis in its history and millions of lives and livelihoods are under threat. Currently, 600 million Indians face high to extreme water stress and about 200,000 thousand people die every year due to inadequate access to safe water.
The crisis is going to get worse and by 2030, the country’s water demand is projected to be twice the available supply, implying severe water scarcity for hundreds of millions of people and an eventual 6% loss in the country’s GDP.
Way ahead:
Water scarcity is one of the biggest problems the country is facing today and that more than the scarcity of water, it is an issue of management of water resources.
Water management is often currently viewed as a zero-sum game by states due to limited frameworks for inter-state and national management. However, Centre-state and inter-state cooperation can help address the issue.
There is a need to reward those states which are doing well in managing their water resources and also to bring in the public domain the names of those states which are not managing their resources properly.
What’s important?
For Prelims: CWMI- key features, best and worst performing states.
For Mains: Water crisis- concerns, challenges and solutions.
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