General Affairs
Lightweight Anti-Tank Missile Test-Fired Successfully By DRDO
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The Defence Research and Development Organisation on Sunday successfully tested a low-weight indigenously developed man-portable anti-tank guided missile (MPATGM) at its Ahmednagar range, officials said.
It was the second MPATGM test, the DRDO said, adding that the first was tested on Saturday.
"The two flight-tests were for different ranges, including maximum range capability," a Defence Ministry statement said. "All the mission objectives have been met."
Defence Minister Nirmala Sitharaman congratulated the DRDO, Indian Army and associated industries for the success of the MPATGM weapon system.
It was the second MPATGM test, the DRDO said, adding that the first was tested on Saturday.
"The two flight-tests were for different ranges, including maximum range capability," a Defence Ministry statement said. "All the mission objectives have been met."
Defence Minister Nirmala Sitharaman congratulated the DRDO, Indian Army and associated industries for the success of the MPATGM weapon system.
With Eye On China, Air Force Plans To Make Andhra "Strategic Base"
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The Indian Air Force (IAF) has come up with major plans for Andhra Pradesh to make it a 'strategic base'. Prime among them are IAF's plans to set up a major helicopter training facility at Donakonda in Prakasam district.
The other plans put forth before the Andhra Pradesh government are establishing a drone manufacturing facility in Anantapur district, a cyber security centre in Amaravati and making Rajahmundry and Vijayawada airports asset positioning bases, top bureaucratic sources said.
"On our part, we have constituted a task team to coordinate with the IAF on these projects. A preliminary ground survey has also been done to identify suitable locations and we have asked the IAF to submit detailed project reports," a top bureaucrat involved in the process told PTI.
The IAF, as part of its strategy to strengthen vigil along the east coast, has proposed the use of existing civilian airports at Rajahmundry and Vijayawada for positioning its assets - fighter and other aircraft.
IAF currently has a base at Arakkonam near Chennai, while the Navy has INS Dega in Visakhapatnam.
"In view of the growing strategic importance of the east coast and China moving fast, the IAF intends to strengthen its presence in the region. Setting up asset positioning bases in Andhra Pradesh is part of the strategy," the bureaucrat privy to the deliberations said on condition of anonymity.
Also, IAF helicopters and other aircraft that could be used for rescue and relief operations in case of natural calamities would be positioned at these bases.
The IAF top brass has already held at least three rounds of talks with Chief Minister N Chandrababu Naidu and discussed the projects.
Last week, IAF Southern Command Chief Air Marshal B Suresh and his team held talks with the chief minister and came up with a fresh proposal to develop Air Force Enclaves at different locations in the state.
The state government initially offered 2,700 acres of land at Donakonda, along the abandoned World War-II airstrip, for the proposed helicopter training facility.
Subsequently, the IAF told the state government that it required less extent of land and, accordingly 1200 acres has been identified for the project.
"About 300 acre of this parcel of land will be given to Airports Authority of India for civilian aircraft operations and the rest to the IAF for the helicopter training facility," a senior bureaucrat in the revenue department said.
The IAF intends to set up the drone manufacturing facility in Anantapur district since it is close to the Yelahanka Air Base near Bengaluru. The project cost and other details are being worked out.
Meanwhile, the IAF has sought land at Suryalanka in Guntur district to expand the existing Air Force Station. It has also sought allotment of land in Nellore and Bhogapuram (where an international civilian airport is proposed) for the Air Force Enclaves.
The chief minister directed Infrastructure and Investments Principal Secretary Ajay Jain to coordinate with the IAF on this.
The other plans put forth before the Andhra Pradesh government are establishing a drone manufacturing facility in Anantapur district, a cyber security centre in Amaravati and making Rajahmundry and Vijayawada airports asset positioning bases, top bureaucratic sources said.
"On our part, we have constituted a task team to coordinate with the IAF on these projects. A preliminary ground survey has also been done to identify suitable locations and we have asked the IAF to submit detailed project reports," a top bureaucrat involved in the process told PTI.
The IAF, as part of its strategy to strengthen vigil along the east coast, has proposed the use of existing civilian airports at Rajahmundry and Vijayawada for positioning its assets - fighter and other aircraft.
IAF currently has a base at Arakkonam near Chennai, while the Navy has INS Dega in Visakhapatnam.
"In view of the growing strategic importance of the east coast and China moving fast, the IAF intends to strengthen its presence in the region. Setting up asset positioning bases in Andhra Pradesh is part of the strategy," the bureaucrat privy to the deliberations said on condition of anonymity.
Also, IAF helicopters and other aircraft that could be used for rescue and relief operations in case of natural calamities would be positioned at these bases.
The IAF top brass has already held at least three rounds of talks with Chief Minister N Chandrababu Naidu and discussed the projects.
Last week, IAF Southern Command Chief Air Marshal B Suresh and his team held talks with the chief minister and came up with a fresh proposal to develop Air Force Enclaves at different locations in the state.
The state government initially offered 2,700 acres of land at Donakonda, along the abandoned World War-II airstrip, for the proposed helicopter training facility.
Subsequently, the IAF told the state government that it required less extent of land and, accordingly 1200 acres has been identified for the project.
"About 300 acre of this parcel of land will be given to Airports Authority of India for civilian aircraft operations and the rest to the IAF for the helicopter training facility," a senior bureaucrat in the revenue department said.
The IAF intends to set up the drone manufacturing facility in Anantapur district since it is close to the Yelahanka Air Base near Bengaluru. The project cost and other details are being worked out.
Meanwhile, the IAF has sought land at Suryalanka in Guntur district to expand the existing Air Force Station. It has also sought allotment of land in Nellore and Bhogapuram (where an international civilian airport is proposed) for the Air Force Enclaves.
The chief minister directed Infrastructure and Investments Principal Secretary Ajay Jain to coordinate with the IAF on this.
"No Grudge Against Armymen For Going To Court On AFSPA": Defence Minister
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Defence Minister Nirmala Sitharaman has said she has no "grudge" against a group of Army officers who have approached the Supreme Court to present their views on cases relating to the Armed Forces Special Powers Act or AFSPA.
The defence minister said the officers have chosen to go to the court as there is a "certain sense of worry" in their minds, which she can understand.
Some 700 Army officers and soldiers have approached the Supreme Court, requesting it to protect the action of soldiers under AFSPA, and voicing concerns over a reported move to dilute some provisions of the law that protects the security forces from prosecution without the centre's approval.
"Grievance redressal is a right. I will never want to say if you have a grievance, you should not voice it. I will never say that," Ms Sitharaman said.
"There are institutional mechanisms available for grievance redressal within the Army, Navy and Air Force. So it is possible for men or officers to have grievance redressal institutionalised within the forces," she said.
"But if in the case of AFSPA, they have chosen to go to the court, there is a certain sense of worry in the minds of men and officers and I can understand that," she said.
Ms Sitharaman said the AFSPA was brought "to address situations which are absolutely unique and very challenging."
"Now, if that is, from the point of view of human rights, taken to the court and the court is giving a full hearing and justice to hear everybody out, and if the officers and men felt they also would want to give their argument, I cannot grudge that," she said. "I really cannot grudge that."
Jammu and Kashmir, Manipur and a number of states in the north-east were brought under the AFSPA which gives the security forces special rights and immunity in carrying out various operations.
The Supreme Court has been hearing cases relating to alleged extra-judicial killings in Manipur.
The defence minister said the officers have chosen to go to the court as there is a "certain sense of worry" in their minds, which she can understand.
Some 700 Army officers and soldiers have approached the Supreme Court, requesting it to protect the action of soldiers under AFSPA, and voicing concerns over a reported move to dilute some provisions of the law that protects the security forces from prosecution without the centre's approval.
"Grievance redressal is a right. I will never want to say if you have a grievance, you should not voice it. I will never say that," Ms Sitharaman said.
"There are institutional mechanisms available for grievance redressal within the Army, Navy and Air Force. So it is possible for men or officers to have grievance redressal institutionalised within the forces," she said.
"But if in the case of AFSPA, they have chosen to go to the court, there is a certain sense of worry in the minds of men and officers and I can understand that," she said.
Ms Sitharaman said the AFSPA was brought "to address situations which are absolutely unique and very challenging."
"Now, if that is, from the point of view of human rights, taken to the court and the court is giving a full hearing and justice to hear everybody out, and if the officers and men felt they also would want to give their argument, I cannot grudge that," she said. "I really cannot grudge that."
Jammu and Kashmir, Manipur and a number of states in the north-east were brought under the AFSPA which gives the security forces special rights and immunity in carrying out various operations.
The Supreme Court has been hearing cases relating to alleged extra-judicial killings in Manipur.
Jammu And Kashmir Panchayat Polls In 9 Phases To Begin On November 17
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Panchayat elections in Jammu and Kashmir will be held in nine-phases beginning November 17, the state's Chief Electoral Officer Shaleen Kabra said Sunday.
"Around 58 lakh electorate will be eligible to vote in the 35,096 panch constituencies. We expect a very good participation of the people in the polls," he said.
The notification for the first phase will be issued on October 23.
"There will be a nine-phase poll for Panchayat elections which will be held on non-party basis," Mr Kabra told reporters here adding counting of votes would take place on the same day or the very next day.
Additional ballot boxes will be brought from the neighbouring states, he said adding there will be two kinds of ballot papers as sarpanches also have to be elected directly in these polls this time.
Polling will be held on November 17, 20, 24, 27 and 29 and December 1, 4, 8 and 11, the CEO said.
The poll hours would be between 8 am to 2 pm, Mr Kabra said adding the entire poll process would be completed by December 17.
The polls would be held through ballot and migrant Kashmiri Pandits can also vote through postal ballots, the CEO said.
Mr Kabra said there are a total of 4490 panchayat halqas in 316 blocks throughout the state.
The CEO said the election expenditure has been increased in these elections to Rs. 20,000 for Sarpanches and Rs. 5000 for Panches.
He said the schedule has been framed in such a way that places, which get snowfall early, have been kept in the first phase of the poll.
On security for the polls, Mr Kabra said: "One does not provide security per se to each person, it is the security environment which is to be provided. We have looked into this aspect and feel free and fair elections, in an atmosphere which is peaceful, would be possible".
Yesterday, the state's chief electoral officer announced a four-phase election to urban local bodies from October 8.
It was speculated that the polls may be deferred in the state after two main political parties - the NC and the PDP - announced staying away from the polls until the Centre gave an assurance to protect Article 35A, against which a petition has been filed in the Supreme Court.
Article 35A, incorporated in the Constitution by a 1954 Presidential Order, confers special status to the permanent residents of Jammu and Kashmir, and bars people from outside the state from acquiring any immovable property in the state.
"Around 58 lakh electorate will be eligible to vote in the 35,096 panch constituencies. We expect a very good participation of the people in the polls," he said.
The notification for the first phase will be issued on October 23.
"There will be a nine-phase poll for Panchayat elections which will be held on non-party basis," Mr Kabra told reporters here adding counting of votes would take place on the same day or the very next day.
Additional ballot boxes will be brought from the neighbouring states, he said adding there will be two kinds of ballot papers as sarpanches also have to be elected directly in these polls this time.
Polling will be held on November 17, 20, 24, 27 and 29 and December 1, 4, 8 and 11, the CEO said.
The poll hours would be between 8 am to 2 pm, Mr Kabra said adding the entire poll process would be completed by December 17.
The polls would be held through ballot and migrant Kashmiri Pandits can also vote through postal ballots, the CEO said.
Mr Kabra said there are a total of 4490 panchayat halqas in 316 blocks throughout the state.
The CEO said the election expenditure has been increased in these elections to Rs. 20,000 for Sarpanches and Rs. 5000 for Panches.
He said the schedule has been framed in such a way that places, which get snowfall early, have been kept in the first phase of the poll.
On security for the polls, Mr Kabra said: "One does not provide security per se to each person, it is the security environment which is to be provided. We have looked into this aspect and feel free and fair elections, in an atmosphere which is peaceful, would be possible".
Yesterday, the state's chief electoral officer announced a four-phase election to urban local bodies from October 8.
It was speculated that the polls may be deferred in the state after two main political parties - the NC and the PDP - announced staying away from the polls until the Centre gave an assurance to protect Article 35A, against which a petition has been filed in the Supreme Court.
Article 35A, incorporated in the Constitution by a 1954 Presidential Order, confers special status to the permanent residents of Jammu and Kashmir, and bars people from outside the state from acquiring any immovable property in the state.
India, France Plan Maritime Surveillance Satellites: French Agency Chief
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India and France have planned eight-10 satellites as part of a "constellation" for maritime surveillance, French space agency CNES chief Jean-Yves Le Gall has said.
This will be India's largest space cooperation with any country, officials said.
They added that the launch of eight-10 maritime surveillance satellites will focus on the Indian Ocean, a region that has been witnessing increasing Chinese presence.
France will share its expertise with the Indian Space Research Organisation (ISRO) on inter-planetary missions to Mars and Venus, the Indian space agency's two major missions, Mr Gall said.
"We started (talks) on constellation of new satellites for maritime awareness. Of course, it will take time," Mr Gall told PTI.
Asked how many satellites will be part of the project, he said, "It would be between eight-10."
The purpose of the constellation is monitoring sea traffic management, a CNES official said, adding that it would take less than five years to launch the satellites.
In March this year, India and France unveiled a joint vision for space, resolving to strengthen cooperation between ISRO and CNES.
"ISRO and CNES would work together for design and development of joint products and techniques, including those involving Automatic Identification System, to monitor and protect assets in land and sea. In particular, both sides will pursue the study of a constellation of satellites for maritime surveillance," the joint vision statement said.
Several crucial sea lanes of communications pass through the Indian Ocean, a region critical to the strategic interests of India and France.
While the Indian Ocean region is the prime focus for New Delhi, Paris has its territories spread across the Indian Ocean, the Pacific Ocean and the Atlantic Ocean, officials said.
The robust space cooperation between India and France goes back six decades.
Last week, the two countries signed an agreement to share expertise on ISRO's human mission programme Gaganyaan.
The space agencies of the two countries have also been working on climate monitoring on the joint missions Megha-Tropiques (launched in 2011) and Saral-Altika (launched in 2013).
They are also working on the Trishna satellite for land Infrared monitoring and the Oceansat3-Argos mission.
Discussing collaboration for the mission to Venus and Mars and France's expertise on the matter, Mathieu Weiss, the managing director of CNES' India liaison office, explained, "The eyes and scientific heart of Curiosity Rover (NASA) on Mars were developed by us."
"France and Russia have jointly worked for the Venus mission in the past. In both the inter-planetary missions, the French scientific community is very strong and among best in the world," Weiss told PTI.
In a media briefing at Paris on Friday, Gall said CNES is currently working with Japan Aerospace Exploration Agency (JAXA) and German space agency DLR on Hayabusa 2/ MASCOT, a mission to asteroid Ryugu.
This will be India's largest space cooperation with any country, officials said.
They added that the launch of eight-10 maritime surveillance satellites will focus on the Indian Ocean, a region that has been witnessing increasing Chinese presence.
France will share its expertise with the Indian Space Research Organisation (ISRO) on inter-planetary missions to Mars and Venus, the Indian space agency's two major missions, Mr Gall said.
"We started (talks) on constellation of new satellites for maritime awareness. Of course, it will take time," Mr Gall told PTI.
Asked how many satellites will be part of the project, he said, "It would be between eight-10."
The purpose of the constellation is monitoring sea traffic management, a CNES official said, adding that it would take less than five years to launch the satellites.
In March this year, India and France unveiled a joint vision for space, resolving to strengthen cooperation between ISRO and CNES.
"ISRO and CNES would work together for design and development of joint products and techniques, including those involving Automatic Identification System, to monitor and protect assets in land and sea. In particular, both sides will pursue the study of a constellation of satellites for maritime surveillance," the joint vision statement said.
Several crucial sea lanes of communications pass through the Indian Ocean, a region critical to the strategic interests of India and France.
While the Indian Ocean region is the prime focus for New Delhi, Paris has its territories spread across the Indian Ocean, the Pacific Ocean and the Atlantic Ocean, officials said.
The robust space cooperation between India and France goes back six decades.
Last week, the two countries signed an agreement to share expertise on ISRO's human mission programme Gaganyaan.
The space agencies of the two countries have also been working on climate monitoring on the joint missions Megha-Tropiques (launched in 2011) and Saral-Altika (launched in 2013).
They are also working on the Trishna satellite for land Infrared monitoring and the Oceansat3-Argos mission.
Discussing collaboration for the mission to Venus and Mars and France's expertise on the matter, Mathieu Weiss, the managing director of CNES' India liaison office, explained, "The eyes and scientific heart of Curiosity Rover (NASA) on Mars were developed by us."
"France and Russia have jointly worked for the Venus mission in the past. In both the inter-planetary missions, the French scientific community is very strong and among best in the world," Weiss told PTI.
In a media briefing at Paris on Friday, Gall said CNES is currently working with Japan Aerospace Exploration Agency (JAXA) and German space agency DLR on Hayabusa 2/ MASCOT, a mission to asteroid Ryugu.
Business Affairs
RBI turns down spot on high-level panel to resolve stressed power assets
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The Reserve Bank of India has refused to be part of a high-level committee headed by the Cabinet Secretary which was constituted to resolve stress in the power sector as it is not willing to relax norms to deal with bad loans, according to a source.
"The RBI has shown its unwillingness to attend the meeting of the empowered committee to resolve stress in power sector. Their representatives did not attended first and second meeting of the panel held on August 31 and September 14," the source said.
"The central bank has given its own reasons for its refusal to attend meetings of the committee. RBI has made its stand clear in courts that they would not relax the new framework to resolve bad loans. Moreover, RBI is not ready to relax norms for setting up an asset reconstruction company for warehousing stressed projects to prevent distress sale," the source added.
The RBI has maintained its stand in various courts, including the Supreme Court, and the matter is still sub-judice.
Ahead of the first meeting of the empowered committee on August 31, 2018, Power Minster R K Singh had told media persons that the RBI was invited to attend the meeting of the high-level panel.
However, no RBI representative turned up. Similarly, no RBI representative was present in the second meeting of the committee held on September 14, 2018.
The panel was constituted by the government, with representatives from the ministries of railways, finance, power and coal, as well as the lenders having major exposure to the power sector on July 29, 2018 to resolve the stress and revive such assets.
Earlier, the Reserve Bank had turned down the Power Ministry's request to give certain concessions for setting up of an Asset Reconstruction Company (ARC) for warehousing stressed assets to prevent distress sale of these plants.
The government wanted RBI to relax the norm of making upfront payment of 15 per cent of the value of an asset to lenders by the ARC and upfront valuation of the asset.
The issue of stressed assets in the power sector became more vicious after the Allahabad High Court did not give any reprieve to these plants from RBI's new framework for resolving bad loans, issued on February 12, 2018.
The RBI framework provided for strict timeline for resolution of these bad loans where debt is Rs 2,000 crore or more. It mandates starting insolvency proceedings in case no resolution plan is provided by the lenders within 180 days of default.
Setting up an ARC is a legal option available to avoid insolvency proceedings for these stressed power assets.
A Parliamentary panel had earlier recommended new framework for resolution of stressed assets in the power sector, saying RBI's framework "addresses only financial issues, ignoring the whole range of vital issues of electricity sector".
"The RBI has shown its unwillingness to attend the meeting of the empowered committee to resolve stress in power sector. Their representatives did not attended first and second meeting of the panel held on August 31 and September 14," the source said.
"The central bank has given its own reasons for its refusal to attend meetings of the committee. RBI has made its stand clear in courts that they would not relax the new framework to resolve bad loans. Moreover, RBI is not ready to relax norms for setting up an asset reconstruction company for warehousing stressed projects to prevent distress sale," the source added.
The RBI has maintained its stand in various courts, including the Supreme Court, and the matter is still sub-judice.
Ahead of the first meeting of the empowered committee on August 31, 2018, Power Minster R K Singh had told media persons that the RBI was invited to attend the meeting of the high-level panel.
However, no RBI representative turned up. Similarly, no RBI representative was present in the second meeting of the committee held on September 14, 2018.
The panel was constituted by the government, with representatives from the ministries of railways, finance, power and coal, as well as the lenders having major exposure to the power sector on July 29, 2018 to resolve the stress and revive such assets.
Earlier, the Reserve Bank had turned down the Power Ministry's request to give certain concessions for setting up of an Asset Reconstruction Company (ARC) for warehousing stressed assets to prevent distress sale of these plants.
The government wanted RBI to relax the norm of making upfront payment of 15 per cent of the value of an asset to lenders by the ARC and upfront valuation of the asset.
The issue of stressed assets in the power sector became more vicious after the Allahabad High Court did not give any reprieve to these plants from RBI's new framework for resolving bad loans, issued on February 12, 2018.
The RBI framework provided for strict timeline for resolution of these bad loans where debt is Rs 2,000 crore or more. It mandates starting insolvency proceedings in case no resolution plan is provided by the lenders within 180 days of default.
Setting up an ARC is a legal option available to avoid insolvency proceedings for these stressed power assets.
A Parliamentary panel had earlier recommended new framework for resolution of stressed assets in the power sector, saying RBI's framework "addresses only financial issues, ignoring the whole range of vital issues of electricity sector".
Govt to initiate strategic sale of four Air India subsidiaries soon
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The government plans to soon initiate the strategic sale process for at least four subsidiaries of loss-making Air India, including Airline Allied Services Ltd (AASL) and Hotel Corporation of India (HCI), according to officials.
Besides, plans are on the anvil for selling the headquarter building of Air India in the national capital as well as various other land assets and buildings of the airline in different parts of the country.
The government has prepared a list of the airline's assets that could be hived off as part of the strategic sale plan for Air India and its subsidiaries, officials said.
According to them, the disinvestment process is likely to be initiated soon for four Air India subsidiaries -- AASL, HCI, Air India Air Transport Service Ltd (AIATSL) and Air India Engineering Service Ltd (AIESL).
While AASL, under the name Alliance Air, provides regional air connectivity, HCI owns and operates two hotels in Delhi and Srinagar, among others.
AIATSL provides ground handling and cargo handling services. AIESL is mainly into maintenance, repair and overhaul of engines.
Apart from the headquarters building, other assets proposed to be sold include Air India properties in Mumbai and Delhi.
Officials said the government also plans to sell various art works and artefacts.
In June, a ministerial panel chaired by Finance Minister Arun Jaitley deferred the strategic sale of the government's 76 per cent stake in Air India. Instead, it was decided that the government would look at sale of assets and subsidiaries of the national carrier to reduce the debt burden.
Air India, which has been in the red for long, had a debt burden of Rs 48,000 crore at the end of March 2017.
The government had originally proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players. However, the offer failed to attract any bidder when the deadline for initial bids closed on May 31.
The national airline is staying afloat on a bailout package extended by the previous UPA regime in 2012 and the government is also looking at ways to infuse more funds into the carrier.
For the current fiscal, the government expects to raise Rs 80,000 crore from strategic as well as minority stake sales in public sector enterprises.
So far this fiscal, the government has raised over Rs 9,220 crore by divesting stakes in state-owned companies.
Last year, the government had mopped up over Rs 1.03 lakh crore from PSU disinvestment. This was aided by country's oldest gas producer ONGC's Rs 36,915 crore acquisition of government-owned fuel retailer Hindustan Petroleum.
Besides, plans are on the anvil for selling the headquarter building of Air India in the national capital as well as various other land assets and buildings of the airline in different parts of the country.
The government has prepared a list of the airline's assets that could be hived off as part of the strategic sale plan for Air India and its subsidiaries, officials said.
According to them, the disinvestment process is likely to be initiated soon for four Air India subsidiaries -- AASL, HCI, Air India Air Transport Service Ltd (AIATSL) and Air India Engineering Service Ltd (AIESL).
While AASL, under the name Alliance Air, provides regional air connectivity, HCI owns and operates two hotels in Delhi and Srinagar, among others.
AIATSL provides ground handling and cargo handling services. AIESL is mainly into maintenance, repair and overhaul of engines.
Apart from the headquarters building, other assets proposed to be sold include Air India properties in Mumbai and Delhi.
Officials said the government also plans to sell various art works and artefacts.
In June, a ministerial panel chaired by Finance Minister Arun Jaitley deferred the strategic sale of the government's 76 per cent stake in Air India. Instead, it was decided that the government would look at sale of assets and subsidiaries of the national carrier to reduce the debt burden.
Air India, which has been in the red for long, had a debt burden of Rs 48,000 crore at the end of March 2017.
The government had originally proposed to offload 76 per cent equity share capital of the national carrier as well as transfer the management control to private players. However, the offer failed to attract any bidder when the deadline for initial bids closed on May 31.
The national airline is staying afloat on a bailout package extended by the previous UPA regime in 2012 and the government is also looking at ways to infuse more funds into the carrier.
For the current fiscal, the government expects to raise Rs 80,000 crore from strategic as well as minority stake sales in public sector enterprises.
So far this fiscal, the government has raised over Rs 9,220 crore by divesting stakes in state-owned companies.
Last year, the government had mopped up over Rs 1.03 lakh crore from PSU disinvestment. This was aided by country's oldest gas producer ONGC's Rs 36,915 crore acquisition of government-owned fuel retailer Hindustan Petroleum.
CBI charge sheet against Vijay Mallya likely in a month, bank officials may be named
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Many senior bank officials who had dealt with loans given to liquor baron Vijay Mallya's Kingfisher Airlines may be named as accused in a CBI charge sheet which is likely to be filed within a month, sources said.
This would be first charge sheet in the case pertaining to loans of over Rs 6,000 crore given to Kingfisher by a consortium of 17 banks led by State Bank of India which alone had an exposure of Rs 1,600 crore.
The agency has already filed a charge sheet against Mallya last year in connection with a separate case related to Rs 900 crore pending loan given by IDBI bank in which senior officials of the bank were allegedly involved.
The CBI had registered two cases against Mallya related to the IDBI loans in 2015 and consortium loan in 2016.
Refusing to give names of the officials, the sources said the first phase of probe into loans given by a consortium of banks is almost complete and the charge sheet may be filed within a month while keeping the investigation open.
Both serving and retired senior officials of the banks including the State Bank of India who had handled Kingfisher Airlines loans may be named as accused in the charge sheet as the agency has gathered enough evidence against them on misuse of official position, they said.
The top brass of erstwhile Kingfisher airlines including Mallya, its CFO A Raghunathan and other former senior executives will also be named as accused in the case, they said.
They said the agency is also looking into the role of Finance Ministry officials who could have influenced the decision of the bankers but their role is still be evaluated.
During the probe, the agency has gathered enough evidence to show that Mallya allegedly diverted the loan funds from the purpose for which they were given, they said.
The agency in its FIR has alleged that State Bank of India and its consortium banks had advanced various credit facilities to Kingfisher Airlines Limited during the period between 2005 and 2010, they said.
During 2009-10, the company failed to meet its repayment commitments to the bank from which it had availed the credit facilities and Kingfisher Airlines did not keep its account with the consortium banks regular which became NPA, the FIR states.
The consortium banks, therefore, recalled the credit facilities and also invoked corporate guarantee of UBHL and personal guarantee of Mallya, it alleged.
Mallya deliberately did not repay the amount, outstanding dues payable by Kingfisher Airlines to consortium of banks, the sources said.
It is alleged that there was a conspiracy among group companies promoter and unknown others to cheat the lenders, they said.
SBI has an exposure of Rs 1,600 crore to the airline. Out of this, the bankers, which recalled the loan in February 2013, could recover only around Rs 1,100 crore after selling pledged shares of UB Group companies.
Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).
This would be first charge sheet in the case pertaining to loans of over Rs 6,000 crore given to Kingfisher by a consortium of 17 banks led by State Bank of India which alone had an exposure of Rs 1,600 crore.
The agency has already filed a charge sheet against Mallya last year in connection with a separate case related to Rs 900 crore pending loan given by IDBI bank in which senior officials of the bank were allegedly involved.
The CBI had registered two cases against Mallya related to the IDBI loans in 2015 and consortium loan in 2016.
Refusing to give names of the officials, the sources said the first phase of probe into loans given by a consortium of banks is almost complete and the charge sheet may be filed within a month while keeping the investigation open.
Both serving and retired senior officials of the banks including the State Bank of India who had handled Kingfisher Airlines loans may be named as accused in the charge sheet as the agency has gathered enough evidence against them on misuse of official position, they said.
The top brass of erstwhile Kingfisher airlines including Mallya, its CFO A Raghunathan and other former senior executives will also be named as accused in the case, they said.
They said the agency is also looking into the role of Finance Ministry officials who could have influenced the decision of the bankers but their role is still be evaluated.
During the probe, the agency has gathered enough evidence to show that Mallya allegedly diverted the loan funds from the purpose for which they were given, they said.
The agency in its FIR has alleged that State Bank of India and its consortium banks had advanced various credit facilities to Kingfisher Airlines Limited during the period between 2005 and 2010, they said.
During 2009-10, the company failed to meet its repayment commitments to the bank from which it had availed the credit facilities and Kingfisher Airlines did not keep its account with the consortium banks regular which became NPA, the FIR states.
The consortium banks, therefore, recalled the credit facilities and also invoked corporate guarantee of UBHL and personal guarantee of Mallya, it alleged.
Mallya deliberately did not repay the amount, outstanding dues payable by Kingfisher Airlines to consortium of banks, the sources said.
It is alleged that there was a conspiracy among group companies promoter and unknown others to cheat the lenders, they said.
SBI has an exposure of Rs 1,600 crore to the airline. Out of this, the bankers, which recalled the loan in February 2013, could recover only around Rs 1,100 crore after selling pledged shares of UB Group companies.
Other banks that have exposure to the airline include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).
SEBI mulls over introducing common application form for FPIs
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Markets regulator SEBI is likely to consider a proposal to introduce a common application form for foreign investors to enter into the domestic capital market, a move expected to improve ease of doing business, senior officials said.
Besides, SEBI is expected to deliberate on a proposal on doing away with the requirement of one per cent security deposits for public issuance of debt securities.
Further, it is likely to discuss on the procedure of transmission of securities in physical mode and the regulator may take up the issue of consistency in respect of payment of fees for seeking certain exemptions from the compliance with SEBI norms.
The board of Securities and Exchange Board of India (SEBI) may discuss these issues in its meeting scheduled this week, they added.
Currently, FPIs have to file a separate form to register themselves with the markets regulator. Besides, they have to approach bank for opening bank account, income tax department for PAN (Permanent Account Number) and market intermediaries for Demat account.
The move is expected to greatly enhance operational flexibility and ease of access to Indian capital markets.
Last month, the government had introduced a single application form for such investors.
Finance Minister Arun Jaitley in his 2017-18 Budget Speech had said a common application form for FPIs would be devised with a view to enhancing operational flexibility and ease of access to Indian capital markets.
With regard to one per cent security deposits for public issuance of debt securities, it has been proposed that this requirement should be done away in order to ease the cost and compliance burden on the issuer of securities.
Under the proposal for transmission of securities in physical mode, wherein the value of such securities is up to Rs 2 lakh per issuer company, it has been suggested that no-objection certificate from all legal heirs should not be required if they are in possession of succession certificate or probate of will or will.
Besides, it has been proposed to file application forms with SEBI giving details and the grounds on which relaxation has been sought for complying with certain provisions under Listing regulations along with a non-refundable fee of Rs 1 lakh.
Besides, SEBI is expected to deliberate on a proposal on doing away with the requirement of one per cent security deposits for public issuance of debt securities.
Further, it is likely to discuss on the procedure of transmission of securities in physical mode and the regulator may take up the issue of consistency in respect of payment of fees for seeking certain exemptions from the compliance with SEBI norms.
The board of Securities and Exchange Board of India (SEBI) may discuss these issues in its meeting scheduled this week, they added.
Currently, FPIs have to file a separate form to register themselves with the markets regulator. Besides, they have to approach bank for opening bank account, income tax department for PAN (Permanent Account Number) and market intermediaries for Demat account.
The move is expected to greatly enhance operational flexibility and ease of access to Indian capital markets.
Last month, the government had introduced a single application form for such investors.
Finance Minister Arun Jaitley in his 2017-18 Budget Speech had said a common application form for FPIs would be devised with a view to enhancing operational flexibility and ease of access to Indian capital markets.
With regard to one per cent security deposits for public issuance of debt securities, it has been proposed that this requirement should be done away in order to ease the cost and compliance burden on the issuer of securities.
Under the proposal for transmission of securities in physical mode, wherein the value of such securities is up to Rs 2 lakh per issuer company, it has been suggested that no-objection certificate from all legal heirs should not be required if they are in possession of succession certificate or probate of will or will.
Besides, it has been proposed to file application forms with SEBI giving details and the grounds on which relaxation has been sought for complying with certain provisions under Listing regulations along with a non-refundable fee of Rs 1 lakh.
PM Modi economic review meet: No fuel tax cuts in sight; govt resolute on fiscal deficit target
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The government is determined to keep fiscal deficit at 3.3 per cent of GDP on the back of buoyant tax revenues and expectations of surpassing the disinvestment target, Finance Minister Arun Jaitley said Saturday but remained non-committal on cutting tax on petrol and diesel.
A day after steps to contain the widening current account deficit (CAD) and check fall of the rupee were announced, Prime Minister Narendra Modi on Saturday continued his two-day review of the economy as he took stock of tax collections and macro-economic indicators in analysing performance of different wings of the finance ministry.
After the meeting, Jaitley exuded confidence of surpassing the 7-7.5 per cent GDP growth target projected in the last Budget presented on February 1, meeting capital expenditure targets, surpassing tax collections projections and exceeding the record Rs 1 lakh crore target of revenue mobilisation from government stake sale in PSUs.
He, however, did not say if the meeting discussed the recent spike in fuel prices that has led petrol touching a record high of Rs 81.63 per litre and diesel to Rs 73.54 a litre.
There were expectations that the government may cut excise duty on the two fuels to ease burden on the consumers but it seems it didn't want to take chance as it stands to lose Rs 14,000 crore in revenue from a Re 1 per litre cut in excise.
It feels that the country cannot afford to have a twin deficit problem -- a depreciating rupee and high crude import bill putting pressure on the country's current account deficit (CAD), and a fiscal slippage.
"The government is confident and will strictly maintain the 3.3 per cent fiscal deficit target," Jaitley told reporters after the over three-hour long meeting.
With 44 per cent of the budgeted capital expenditure estimate for the current fiscal year ending March 31, 2019 already spent by August 31, the government "will end the year without any cut," he said, adding that it was extremely necessary to maintain 100 per cent capital expenditure for high growth rate.
"The government is confident that we will have a growth rate higher than what we had projected earlier this year in the Budget," he said. "The inflation is broadly under control".
On revenue collections, he said the impact of anti-black money measures, demonetisation and GST are now visible with "phenomenal" increase in tax base.
"The CBDT is very clear that this year they will be able to collect in excess of budgeted target," he said.
On indirect tax side, he said the Goods and Services Tax (GST) is settling down and a pick up in consumption will boost collections in coming months.
"We are confident that between direct and indirect tax collections, the government will comfortably meet the target if not surpass it," he said, adding the Rs 1 lakh crore disinvestment target will be surpassed.
"And on basis of all these analyses, we are optimistic about our growth rate, our tax collection and certainly as far as fiscal deficit is concerned will strictly meet the 3.3 per cent target," he said.
Asked if fuel prices and duty cuts were discussed, he said the meeting today was internal review meeting.
Almost half of the retail selling price of petrol and diesel is made up of central and state taxes. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT).
"The primary focus of yesterday's discussions was with regard to current account deficit and how to narrow it down and possible steps with that regard. Today of course was an internal meeting in which the Prime Minister took the review of various departments of finance," Jaitley said.
After yesterday's review meeting, the government announced easing in overseas borrowing norms for manufacturing companies; removed restrictions on foreign portfolio investors (FPI) investment in corporate bonds and provided tax benefits on Masala bonds.
At Saturday's meeting detailed presentations were made by Departments of Economic Affairs, Revenue, Expenditure and Disinvestment.
"After those detailed presentations, Prime Minister expressed his satisfaction with regard to the broad parameters in relation to economy and macroeconomic data which is so far emerging this year.
"The department of revenue made a detailed presentation where the direct tax collections we are already ahead of the schedule...we can now see the impact of all the anti-black money measures which we had taken, the demonetisation and the GST. There is phenomenal increase in the assessee base...in the quantum of advance tax which has been paid," he said.
The government had in Budget projected direct tax collection of Rs 11.5 lakh crore for 2018-19 fiscal.
On GST, he said the new indirect tax regime is settling down and "with the kind of pick up in consumption which has taken place, obviously will have an impact on GST collections in the future months".
"As far as non-tax revenues are concerned the entire programme of divestment and strategic sale for this was also considered. Just the way we exceeded the target last year, we are confident of not only maintaining the disinvestment target this year but may perhaps be in excess," Jaitley said.
A day after steps to contain the widening current account deficit (CAD) and check fall of the rupee were announced, Prime Minister Narendra Modi on Saturday continued his two-day review of the economy as he took stock of tax collections and macro-economic indicators in analysing performance of different wings of the finance ministry.
After the meeting, Jaitley exuded confidence of surpassing the 7-7.5 per cent GDP growth target projected in the last Budget presented on February 1, meeting capital expenditure targets, surpassing tax collections projections and exceeding the record Rs 1 lakh crore target of revenue mobilisation from government stake sale in PSUs.
He, however, did not say if the meeting discussed the recent spike in fuel prices that has led petrol touching a record high of Rs 81.63 per litre and diesel to Rs 73.54 a litre.
There were expectations that the government may cut excise duty on the two fuels to ease burden on the consumers but it seems it didn't want to take chance as it stands to lose Rs 14,000 crore in revenue from a Re 1 per litre cut in excise.
It feels that the country cannot afford to have a twin deficit problem -- a depreciating rupee and high crude import bill putting pressure on the country's current account deficit (CAD), and a fiscal slippage.
"The government is confident and will strictly maintain the 3.3 per cent fiscal deficit target," Jaitley told reporters after the over three-hour long meeting.
With 44 per cent of the budgeted capital expenditure estimate for the current fiscal year ending March 31, 2019 already spent by August 31, the government "will end the year without any cut," he said, adding that it was extremely necessary to maintain 100 per cent capital expenditure for high growth rate.
"The government is confident that we will have a growth rate higher than what we had projected earlier this year in the Budget," he said. "The inflation is broadly under control".
On revenue collections, he said the impact of anti-black money measures, demonetisation and GST are now visible with "phenomenal" increase in tax base.
"The CBDT is very clear that this year they will be able to collect in excess of budgeted target," he said.
On indirect tax side, he said the Goods and Services Tax (GST) is settling down and a pick up in consumption will boost collections in coming months.
"We are confident that between direct and indirect tax collections, the government will comfortably meet the target if not surpass it," he said, adding the Rs 1 lakh crore disinvestment target will be surpassed.
"And on basis of all these analyses, we are optimistic about our growth rate, our tax collection and certainly as far as fiscal deficit is concerned will strictly meet the 3.3 per cent target," he said.
Asked if fuel prices and duty cuts were discussed, he said the meeting today was internal review meeting.
Almost half of the retail selling price of petrol and diesel is made up of central and state taxes. The Centre currently levies a total of Rs 19.48 per litre of excise duty on petrol and Rs 15.33 per litre on diesel. On top of this, states levy Value Added Tax (VAT).
"The primary focus of yesterday's discussions was with regard to current account deficit and how to narrow it down and possible steps with that regard. Today of course was an internal meeting in which the Prime Minister took the review of various departments of finance," Jaitley said.
After yesterday's review meeting, the government announced easing in overseas borrowing norms for manufacturing companies; removed restrictions on foreign portfolio investors (FPI) investment in corporate bonds and provided tax benefits on Masala bonds.
At Saturday's meeting detailed presentations were made by Departments of Economic Affairs, Revenue, Expenditure and Disinvestment.
"After those detailed presentations, Prime Minister expressed his satisfaction with regard to the broad parameters in relation to economy and macroeconomic data which is so far emerging this year.
"The department of revenue made a detailed presentation where the direct tax collections we are already ahead of the schedule...we can now see the impact of all the anti-black money measures which we had taken, the demonetisation and the GST. There is phenomenal increase in the assessee base...in the quantum of advance tax which has been paid," he said.
The government had in Budget projected direct tax collection of Rs 11.5 lakh crore for 2018-19 fiscal.
On GST, he said the new indirect tax regime is settling down and "with the kind of pick up in consumption which has taken place, obviously will have an impact on GST collections in the future months".
"As far as non-tax revenues are concerned the entire programme of divestment and strategic sale for this was also considered. Just the way we exceeded the target last year, we are confident of not only maintaining the disinvestment target this year but may perhaps be in excess," Jaitley said.
General Awareness
Pradhan Mantri Matru Vandana Yojana (PMMVY)
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What to study?
For Prelims: Key features of PMMVY.
For Mains: Significance of the mission and the need for it.
Context: Pradhan Mantri Matru Vandana Yojana (PMMVY) recently marked the anniversary of the launch of scheme as Matru Vandana Saptah.
National level achievement of the scheme post an year’s implementation on grounds is 48.11 Lakhs of women enrollment under the scheme till September 13, 2018, out of which 37.30 Lakhs have been paid the maternity benefit which accounts to a total fund disbursement of Rs1168.63 Crores.
About PMMVY:
Pradhan Mantri Matritva Vandana Yojana (PMMVY) is a maternity benefit rechristened from erstwhile Indira Gandhi Matritva Sahyog Yojana (IGMSY). The IGMSY was launched in 2010.
The scheme is a conditional cash transfer scheme for pregnant and lactating women of 19 years of age or above for first live birth.
It provides a partial wage compensation to women for wage-loss during childbirth and childcare and to provide conditions for safe delivery and good nutrition and feeding practices.
Exceptions: The maternity benefits under Pradhan Mantri Matru Vandana Yojana (PMMVY) are available to all Pregnant Women & Lactating Mothers (PW&LM) except those in regular employment with the Central Government or State Government or Public Sector Undertaking or those who are in receipt of similar benefits under any law for the time being in force.
Funding: The scheme is a Centrally Sponsored Scheme under which cost sharing ratio between the Centre and the States & UTs with Legislature is 60:40 while for North-Eastern States & three Himalayan States; it is 90:10. It is 100% Central assistance for Union Territories without Legislature.
Need for special attention:
Under-nutrition continues to adversely affect majority of women in India. In India, every third woman is undernourished and every second woman is anaemic. An undernourished mother almost inevitably gives birth to a low birth weight baby. When poor nutrition starts in-utero, it extends throughout the life cycle since the changes are largely irreversible.
Owing to economic and social distress many women continue to work to earn a living for their family right up to the last days of their pregnancy. Furthermore, they resume working soon after childbirth, even though their bodies might not permit it, thus preventing their bodies from fully recovering on one hand, and also impeding their ability to exclusively breastfeed their young infant in the first six months.
What to study?
For Prelims: Key features of PMMVY.
For Mains: Significance of the mission and the need for it.
Context: Pradhan Mantri Matru Vandana Yojana (PMMVY) recently marked the anniversary of the launch of scheme as Matru Vandana Saptah.
National level achievement of the scheme post an year’s implementation on grounds is 48.11 Lakhs of women enrollment under the scheme till September 13, 2018, out of which 37.30 Lakhs have been paid the maternity benefit which accounts to a total fund disbursement of Rs1168.63 Crores.
About PMMVY:
Pradhan Mantri Matritva Vandana Yojana (PMMVY) is a maternity benefit rechristened from erstwhile Indira Gandhi Matritva Sahyog Yojana (IGMSY). The IGMSY was launched in 2010.
The scheme is a conditional cash transfer scheme for pregnant and lactating women of 19 years of age or above for first live birth.
It provides a partial wage compensation to women for wage-loss during childbirth and childcare and to provide conditions for safe delivery and good nutrition and feeding practices.
Exceptions: The maternity benefits under Pradhan Mantri Matru Vandana Yojana (PMMVY) are available to all Pregnant Women & Lactating Mothers (PW&LM) except those in regular employment with the Central Government or State Government or Public Sector Undertaking or those who are in receipt of similar benefits under any law for the time being in force.
Funding: The scheme is a Centrally Sponsored Scheme under which cost sharing ratio between the Centre and the States & UTs with Legislature is 60:40 while for North-Eastern States & three Himalayan States; it is 90:10. It is 100% Central assistance for Union Territories without Legislature.
Need for special attention:
Under-nutrition continues to adversely affect majority of women in India. In India, every third woman is undernourished and every second woman is anaemic. An undernourished mother almost inevitably gives birth to a low birth weight baby. When poor nutrition starts in-utero, it extends throughout the life cycle since the changes are largely irreversible.
Owing to economic and social distress many women continue to work to earn a living for their family right up to the last days of their pregnancy. Furthermore, they resume working soon after childbirth, even though their bodies might not permit it, thus preventing their bodies from fully recovering on one hand, and also impeding their ability to exclusively breastfeed their young infant in the first six months.
For Prelims: Key features of PMMVY.
For Mains: Significance of the mission and the need for it.
Context: Pradhan Mantri Matru Vandana Yojana (PMMVY) recently marked the anniversary of the launch of scheme as Matru Vandana Saptah.
National level achievement of the scheme post an year’s implementation on grounds is 48.11 Lakhs of women enrollment under the scheme till September 13, 2018, out of which 37.30 Lakhs have been paid the maternity benefit which accounts to a total fund disbursement of Rs1168.63 Crores.
About PMMVY:
Pradhan Mantri Matritva Vandana Yojana (PMMVY) is a maternity benefit rechristened from erstwhile Indira Gandhi Matritva Sahyog Yojana (IGMSY). The IGMSY was launched in 2010.
The scheme is a conditional cash transfer scheme for pregnant and lactating women of 19 years of age or above for first live birth.
It provides a partial wage compensation to women for wage-loss during childbirth and childcare and to provide conditions for safe delivery and good nutrition and feeding practices.
Exceptions: The maternity benefits under Pradhan Mantri Matru Vandana Yojana (PMMVY) are available to all Pregnant Women & Lactating Mothers (PW&LM) except those in regular employment with the Central Government or State Government or Public Sector Undertaking or those who are in receipt of similar benefits under any law for the time being in force.
Funding: The scheme is a Centrally Sponsored Scheme under which cost sharing ratio between the Centre and the States & UTs with Legislature is 60:40 while for North-Eastern States & three Himalayan States; it is 90:10. It is 100% Central assistance for Union Territories without Legislature.
Need for special attention:
Under-nutrition continues to adversely affect majority of women in India. In India, every third woman is undernourished and every second woman is anaemic. An undernourished mother almost inevitably gives birth to a low birth weight baby. When poor nutrition starts in-utero, it extends throughout the life cycle since the changes are largely irreversible.
Owing to economic and social distress many women continue to work to earn a living for their family right up to the last days of their pregnancy. Furthermore, they resume working soon after childbirth, even though their bodies might not permit it, thus preventing their bodies from fully recovering on one hand, and also impeding their ability to exclusively breastfeed their young infant in the first six months.
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