General Affairs
Moon Mission Is A Calculated Risk: ISRO Chairman
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ISRO's moon mission Chandrayaan 2, a 'calculated risk' undertaken in the knowledge that 50 per cent of such launches have failed, will land at a spot where no country has gone before, its chairman K Sivan said Saturday.
"Though half of lunar missions have failed, ISRO is taking a calculated risk, because calculated risk along with innovation is absolute essential if we want to be a major player in the space industry. Chandrayan 2 is also a calculated risk," he said.
He said the landing site at the Moon is above 70- degree latitude, "where no one else has gone before". He said India has not only developed launch vehicles and satellites, but also undertaken extremely challenging and inspiring missions like Chandrayaan, Mars Orbiter Mission and Astrosat.
Mr Sivan was speaking at the ninth Convocation of GITAM Deemed to be University at Rudraram in neighbouring Sangareddy district.
Mr Sivan said India will have its first demonstration flight of SSLV by mid-2019, which would be the cheapest launch vehicle in the world with the least turnaround time.
He said a lot of innovation has gone into the design to ensure that the vehicle is assembled in around 72 hours rather than 70 days required to assemble other launch vehicles.
Just six people with a laptop can assemble and launch the SSLV, a university release quoted him as saying.
The ISRO chairman said India today has the world's second largest internet user base. But the broadband speed at present ranks the nation at 76 in the world, he said.
"With high throughput satellites GSAT-11, GSAT-29 and GSAT-20 set to be launched before the end of 2019, the country can enjoy more than 100 Gbps high bandwidth connectivity, which will help bridge the digital divide," he said.
Mr Sivan said the centre has approved Rs. 10,900 crore for 30 PSLVs and 10 GSLV Mk-III launches in the next four years, in addition to more than 50spacecraft.
He said ISRO was not only interested in engaging with established industries, but would also like to see start-ups taking up the challenge.
Mr Sivan also said that ISRO has established a capacity building program office to widen the participation of academia and industry in the space sector.
"The idea is to conduct activities related to space technology research across the nation through the establishment of Space Technology incubation centers,"he said.
Three Ph.D. degrees and over 1,017 graduate and postgraduate degrees were awarded at the convocation in the faculties of technology and management, the release added.
"Though half of lunar missions have failed, ISRO is taking a calculated risk, because calculated risk along with innovation is absolute essential if we want to be a major player in the space industry. Chandrayan 2 is also a calculated risk," he said.
He said the landing site at the Moon is above 70- degree latitude, "where no one else has gone before". He said India has not only developed launch vehicles and satellites, but also undertaken extremely challenging and inspiring missions like Chandrayaan, Mars Orbiter Mission and Astrosat.
Mr Sivan was speaking at the ninth Convocation of GITAM Deemed to be University at Rudraram in neighbouring Sangareddy district.
Mr Sivan said India will have its first demonstration flight of SSLV by mid-2019, which would be the cheapest launch vehicle in the world with the least turnaround time.
He said a lot of innovation has gone into the design to ensure that the vehicle is assembled in around 72 hours rather than 70 days required to assemble other launch vehicles.
Just six people with a laptop can assemble and launch the SSLV, a university release quoted him as saying.
The ISRO chairman said India today has the world's second largest internet user base. But the broadband speed at present ranks the nation at 76 in the world, he said.
"With high throughput satellites GSAT-11, GSAT-29 and GSAT-20 set to be launched before the end of 2019, the country can enjoy more than 100 Gbps high bandwidth connectivity, which will help bridge the digital divide," he said.
Mr Sivan said the centre has approved Rs. 10,900 crore for 30 PSLVs and 10 GSLV Mk-III launches in the next four years, in addition to more than 50spacecraft.
He said ISRO was not only interested in engaging with established industries, but would also like to see start-ups taking up the challenge.
Mr Sivan also said that ISRO has established a capacity building program office to widen the participation of academia and industry in the space sector.
"The idea is to conduct activities related to space technology research across the nation through the establishment of Space Technology incubation centers,"he said.
Three Ph.D. degrees and over 1,017 graduate and postgraduate degrees were awarded at the convocation in the faculties of technology and management, the release added.
Centre Raises Charges Against Francois Hollande To Counter Rafale Claim
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The government on Saturday said it did not have any role in the selection of Reliance Defence as partner by Dassault Aviation for the Rafale deal after it came under attack over former French president Francois Hollande's reported remarks that Paris was given "no choice" on the Indian associate for the mega contract.
The defence ministry said "unnecessary controversies" are being sought to be created following media reports regarding a statement purportedly made by French president Hollande concerning the selection of Reliance Defence as the offset partner by Dassault, the manufacturers of Rafale aircraft.
"The government has stated earlier and again reiterates that it had no role in the selection of Reliance Defence as the Offset partner," the ministry said.
The statement by the ministry came a day after French publication 'Mediapart' quoted French president Hollande as saying that the Indian government proposed Reliance Defence as the partner for French aerospace giant in the Rs. 58,000 crore Rafale deal and France did not have a choice.
The Dassault Aviation has chosen Reliance Defence Ltd (RDL) as the Indian partner to fulfil offset obligations of the deal and both companies have already announced setting up of a joint venture to manufacture aerospace components.
The opposition parties have been accusing the NDA government of favouring the RDL over state-run aerospace behemoth Hindustan Aeronautics Ltd. The government has been maintaining that it has no role in selection of RDL by Dassault Aviation.
"The reported statement perhaps needs to be seen in its full context - where the French media has raised issues of conflict of interest involving persons close to the former President. His subsequent statements are also relevant in this regard," the ministry said, seen as a reference to a recent media report linking the Rafale deal with a film by French president Hollande's partner Julie Gayet.
The report had said Ambani's Reliance Entertainment had signed an agreement with Gayet to produce a film before the Rafale deal was sealed. French president Hollande, who was France's president when procurement of 36 Rafale jets was announced in April 2015, rejected the report.
"Incidentally, media reports of February, 2012 suggest that Dassault Aviation, within two weeks of being declared the lowest bidder for procurement of 126 aircraft by the previous government, had entered into a pact for partnership with Reliance Industries in defence sector," the defence ministry said.
The previous UPA government was negotiating with Dassault Aviation for procurement of 126 Rafale jets under which 18 jets were to supplied in a fly-away condition and 108 were to be manufactured in India by the French company along with HAL. However, the UPA could not seal the deal.
In its statement, the defence ministry said the joint venture between RDL and Dassault Aviation is a "purely commercial arrangement" between two private companies. The joint venture came into force in February, 2017.
It said the offset can be discharged by many means such as direct purchase of eligible products and services, FDI in joint ventures and investment towards equipment and transfer of technology. "As per Defence Offset Guidelines, the foreign Original Equipment Manufacturer (OEM) is free to select any Indian company as its offset partner."
Under India's offset policy, foreign defence entities are mandated to spend at least 30 per cent of the total contract value in India through procurement of components or setting up of research and development facilities.
The ministry also referred to a press release issued by Dassault Aviation stating that the company has signed partnership agreement with several companies and is negotiating with hundred odd other companies.
"As per the guidelines, the vendor is to provide the details of the offset partners either at the time of seeking offset credit or one year prior to discharge of offset obligation, which in this case will be due from 2020," said the ministry.
The Congress has been accusing massive irregularities in the deal, alleging that the government was procuring each aircraft at a cost of over Rs. 1,670 crore as against Rs. 526 crore finalised by the UPA government when it was negotiating procurement of 126 Rafale jets.
The defence ministry said "unnecessary controversies" are being sought to be created following media reports regarding a statement purportedly made by French president Hollande concerning the selection of Reliance Defence as the offset partner by Dassault, the manufacturers of Rafale aircraft.
"The government has stated earlier and again reiterates that it had no role in the selection of Reliance Defence as the Offset partner," the ministry said.
The statement by the ministry came a day after French publication 'Mediapart' quoted French president Hollande as saying that the Indian government proposed Reliance Defence as the partner for French aerospace giant in the Rs. 58,000 crore Rafale deal and France did not have a choice.
The Dassault Aviation has chosen Reliance Defence Ltd (RDL) as the Indian partner to fulfil offset obligations of the deal and both companies have already announced setting up of a joint venture to manufacture aerospace components.
The opposition parties have been accusing the NDA government of favouring the RDL over state-run aerospace behemoth Hindustan Aeronautics Ltd. The government has been maintaining that it has no role in selection of RDL by Dassault Aviation.
"The reported statement perhaps needs to be seen in its full context - where the French media has raised issues of conflict of interest involving persons close to the former President. His subsequent statements are also relevant in this regard," the ministry said, seen as a reference to a recent media report linking the Rafale deal with a film by French president Hollande's partner Julie Gayet.
The report had said Ambani's Reliance Entertainment had signed an agreement with Gayet to produce a film before the Rafale deal was sealed. French president Hollande, who was France's president when procurement of 36 Rafale jets was announced in April 2015, rejected the report.
"Incidentally, media reports of February, 2012 suggest that Dassault Aviation, within two weeks of being declared the lowest bidder for procurement of 126 aircraft by the previous government, had entered into a pact for partnership with Reliance Industries in defence sector," the defence ministry said.
The previous UPA government was negotiating with Dassault Aviation for procurement of 126 Rafale jets under which 18 jets were to supplied in a fly-away condition and 108 were to be manufactured in India by the French company along with HAL. However, the UPA could not seal the deal.
In its statement, the defence ministry said the joint venture between RDL and Dassault Aviation is a "purely commercial arrangement" between two private companies. The joint venture came into force in February, 2017.
It said the offset can be discharged by many means such as direct purchase of eligible products and services, FDI in joint ventures and investment towards equipment and transfer of technology. "As per Defence Offset Guidelines, the foreign Original Equipment Manufacturer (OEM) is free to select any Indian company as its offset partner."
Under India's offset policy, foreign defence entities are mandated to spend at least 30 per cent of the total contract value in India through procurement of components or setting up of research and development facilities.
The ministry also referred to a press release issued by Dassault Aviation stating that the company has signed partnership agreement with several companies and is negotiating with hundred odd other companies.
"As per the guidelines, the vendor is to provide the details of the offset partners either at the time of seeking offset credit or one year prior to discharge of offset obligation, which in this case will be due from 2020," said the ministry.
The Congress has been accusing massive irregularities in the deal, alleging that the government was procuring each aircraft at a cost of over Rs. 1,670 crore as against Rs. 526 crore finalised by the UPA government when it was negotiating procurement of 126 Rafale jets.
Customised Letter From PM Modi For Ayushman Bharat Scheme Beneficiaries
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Beneficiaries of the Centre's Ayushman Bharat insurance programme in Jharkhand, from where Narendra Modi will roll out the flagship scheme on Sunday, have been sent a two-page customised letter from the prime minister outlining the importance and benefits of the project.
The government will send similar letters to 10.74 crore beneficiary families across the country gradually. The letters will have a photograph of PM Modi, a government official said.
"Around 57 lakh families in Jharkhand are expected to receive letters by Sunday morning," the official said.
The letter mentions that the beneficiary family can avail the scheme in hospitals in their area and health facilities empanelled under the scheme across the country.
"I hope you will receive complete treatment without the need to worry about the expense and without any hassles," the letter states.
Through the Ayushman Bharat-National Health Protection Scheme, renamed Pradhan Mantri Jan Arogya Abhiyan, the government aims to provide a coverage of Rs. 5 lakh per family annually to more than 10 crore poor households.
The scheme will target poor and deprived rural families and identified occupational category of urban workers' families, 8.03 crore in rural and 2.33 crore in urban areas, as per the latest Socio-Economic Caste Census (SECC) data, and will cover around 50 crore people.
The entitlement is being decided on the basis of deprivation criteria in the SECC database. The beneficiaries are identified based on the deprivation categories (D1, D2, D3, D4, D5, and D7) identified under the SECC database for rural areas.
For urban areas, the 11 occupational criteria will determine entitlement. In addition, Rashtriya Swasthya Bima Yojna beneficiaries in states where it is active are also included.
There is no cap on family size and age in the scheme, ensuring that nobody is left out.
As many as 31 states and Union territories have signed MoUs with the Centre and will implement the programme over the next two months, after its launch on Sunday.
Remaining states and UTs - Telangana, Odisha, Delhi, Kerala and Punjab - have not signed, so the scheme will not be implemented in those states till they come on board.
The government will send similar letters to 10.74 crore beneficiary families across the country gradually. The letters will have a photograph of PM Modi, a government official said.
"Around 57 lakh families in Jharkhand are expected to receive letters by Sunday morning," the official said.
The letter mentions that the beneficiary family can avail the scheme in hospitals in their area and health facilities empanelled under the scheme across the country.
"I hope you will receive complete treatment without the need to worry about the expense and without any hassles," the letter states.
Through the Ayushman Bharat-National Health Protection Scheme, renamed Pradhan Mantri Jan Arogya Abhiyan, the government aims to provide a coverage of Rs. 5 lakh per family annually to more than 10 crore poor households.
The scheme will target poor and deprived rural families and identified occupational category of urban workers' families, 8.03 crore in rural and 2.33 crore in urban areas, as per the latest Socio-Economic Caste Census (SECC) data, and will cover around 50 crore people.
The entitlement is being decided on the basis of deprivation criteria in the SECC database. The beneficiaries are identified based on the deprivation categories (D1, D2, D3, D4, D5, and D7) identified under the SECC database for rural areas.
For urban areas, the 11 occupational criteria will determine entitlement. In addition, Rashtriya Swasthya Bima Yojna beneficiaries in states where it is active are also included.
There is no cap on family size and age in the scheme, ensuring that nobody is left out.
As many as 31 states and Union territories have signed MoUs with the Centre and will implement the programme over the next two months, after its launch on Sunday.
Remaining states and UTs - Telangana, Odisha, Delhi, Kerala and Punjab - have not signed, so the scheme will not be implemented in those states till they come on board.
PM Modi Presented With Jacket Made Using Banana Tree Stem In Chhattisgarh
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Two little-known self-help groups today presented to Prime Minister Narendra Modi a jacket and a shawl made from Banana tree and Lin Seed (locally known Alsi) plant respectively.
PM Modi wore the jacket while addressing a farmers rally at Janjgir, about 156 kms from the state capital Raipur.
The prime minister in his speech praised the innovative efforts by the group in making the jacket and asked the farmers present in the rally to look for similar ways to increase their income.
"The jacket is made after using stem of Banana tree and the shawl was made from the waste product of Lin Seed plant," Khema Das Mahant, senior scientist with Krishi Vigyan Kendra in the city told PTI.
Lin Seed or Alsi plant is used in making many things including oil and for medicinal use.
He said these weavers, who made the two innovative jacket and shawl, are from neighbouring Behradih and Kosmandal villages.
Revathi Yadav presented the jacket to PM Modi on behalf of her team and the shawl was offered to the prime minister by Pileswar Dewangan, Mahant said.
The team members of weavers led by Yadav, who are mostly women, and the one guided by Dewangan primarily work as farmers. These people are engaged in making these kind of products in their free time. We are looking ways to commercialise these products, Mahant said.
PM Modi wore the jacket while addressing a farmers rally at Janjgir, about 156 kms from the state capital Raipur.
The prime minister in his speech praised the innovative efforts by the group in making the jacket and asked the farmers present in the rally to look for similar ways to increase their income.
"The jacket is made after using stem of Banana tree and the shawl was made from the waste product of Lin Seed plant," Khema Das Mahant, senior scientist with Krishi Vigyan Kendra in the city told PTI.
Lin Seed or Alsi plant is used in making many things including oil and for medicinal use.
He said these weavers, who made the two innovative jacket and shawl, are from neighbouring Behradih and Kosmandal villages.
Revathi Yadav presented the jacket to PM Modi on behalf of her team and the shawl was offered to the prime minister by Pileswar Dewangan, Mahant said.
The team members of weavers led by Yadav, who are mostly women, and the one guided by Dewangan primarily work as farmers. These people are engaged in making these kind of products in their free time. We are looking ways to commercialise these products, Mahant said.
"Stern Action Needed To Avenge Pak's Barbarism": Army Chief
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Army Chief General Bipin Rawat said on Saturday stern action is needed to avenge the barbarism by terrorists and Pakistan Army against the Indian soldiers.
The comment comes after a BSF jawan was shot and his throat slit recently, followed by the brutal killings of three policemen in Jammu and Kashmir.
"We need to take stern action to avenge the kind of barbarism that terrorists and the Pakistan Army have been carrying against our soldiers. It is time to give it back to them in the same coin but not by resorting to similar kind of barbarism. I think the other side must also feel the same pain," the Army chief said at a press conference in Jaipur.
He said talks and terrorism could not go hand in hand, and Pakistan needed to curb the menace of terrorism and not allow terrorist to use their soil against India.
General Rawat insisted that action against Pakistan was needed but not in a barbaric manner.
"We have carried out similar actions against them whenever they did something against India on the border. Pakistan has suffered many casualties and we have been able to take on their defence system to a large extent but we never resorted to barbarism," he said.
"They requested for ceasefire in May and we agreed but if they continue to do this, we will need to take other action," he added.
The comment comes after a BSF jawan was shot and his throat slit recently, followed by the brutal killings of three policemen in Jammu and Kashmir.
"We need to take stern action to avenge the kind of barbarism that terrorists and the Pakistan Army have been carrying against our soldiers. It is time to give it back to them in the same coin but not by resorting to similar kind of barbarism. I think the other side must also feel the same pain," the Army chief said at a press conference in Jaipur.
He said talks and terrorism could not go hand in hand, and Pakistan needed to curb the menace of terrorism and not allow terrorist to use their soil against India.
General Rawat insisted that action against Pakistan was needed but not in a barbaric manner.
"We have carried out similar actions against them whenever they did something against India on the border. Pakistan has suffered many casualties and we have been able to take on their defence system to a large extent but we never resorted to barbarism," he said.
"They requested for ceasefire in May and we agreed but if they continue to do this, we will need to take other action," he added.
Business Affairs
PM Modi lays foundation stone for Rs 13,000 crore Talcher fertiliser project
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Prime Minister Narendra Modi Saturday laid the foundation stone for a Rs 13,000 crore-project to revive the Talcher fertiliser plant and exuded confidence that it will begin production in the stipulated 36 months.
The fertiliser plant will for the first time see coal being converted into gas for use as feedstock and for producing neem-coated urea.
"They have told me production will start in 36 months. I assure you that I will come again after 36 months here with you. I will inaugurate this project," Modi said at a function organised here to mark the commencement of work on the project.
Noting that the project will help cut import of natural gas and fertiliser and make India self-reliant, he said, "Our aim is to take India to new heights of growth."
Projects like the fertiliser plant here are central to India's growth story, the prime minister said. "This plant will use latest technology as well."
The beginning of work on the plant would fulfil the dreams that should have been fulfilled long ago, Modi said.
The project will produce 1.27 million tonnes of neem-coated urea -- a crop nutrient -- and would use coal-gasification technology to produce feedstock for the plant.
"Coal-gasification is being used for the first time in India to covert this 'black diamond' coal into gas. This would help reduce import of natural gas fertiliser," he said, adding the project would also generate employment for about 4,500 people.
The project is being executed by a consortium of PSUs, which Modi said is a shining example of how the country's 'crown jewels' can work together.
Modi was of the view that this technology of coal gasification will give new direction to development and would be replicated in other new projects for fertiliser production and other purposes.
The Talcher fertiliser project of the Fertilizer Corporation of India was shut in 2002 by the then BJP-led NDA government as frequent power restrictions as well as obsolete and mismatch of technology made the plant economically unviable.
The government in August 2011 decided to revive the plant. A new company Talcher Fertilisers Ltd was constituted with four state-run companies -- GAIL, Coal India, Rashtriya Chemicals and Fertilisers and FCIL -- as partners.
Speaking on the occasion, Oil Minister Dharmendra Pradhan said this will be India's first coal-gasification based fertiliser plant that will produce 1.27 million tonnes per annum of urea leading to greater self-reliance in crop nutrient.
It will produce 2.38 million standard cubic metres per day equivalent natural gas utilising available domestic coal in an environment-friendly manner. This would help reduce LNG import bill by Rs 1,620 crore annually.
"The Talcher fertiliser plant will usher in an uncharted path of progress and prosperity for industrial and economic growth in Odisha by providing a massive boost to fertiliser and other ancillary industries in the state. It will also create new opportunities for employment," he said.
Assuring all support for the project, Odisha Chief Minister Naveen Patnaik said 50 per cent of the production of this plant will be used in the state itself, benefitting farmers.
The fertiliser plant will for the first time see coal being converted into gas for use as feedstock and for producing neem-coated urea.
"They have told me production will start in 36 months. I assure you that I will come again after 36 months here with you. I will inaugurate this project," Modi said at a function organised here to mark the commencement of work on the project.
Noting that the project will help cut import of natural gas and fertiliser and make India self-reliant, he said, "Our aim is to take India to new heights of growth."
Projects like the fertiliser plant here are central to India's growth story, the prime minister said. "This plant will use latest technology as well."
The beginning of work on the plant would fulfil the dreams that should have been fulfilled long ago, Modi said.
The project will produce 1.27 million tonnes of neem-coated urea -- a crop nutrient -- and would use coal-gasification technology to produce feedstock for the plant.
"Coal-gasification is being used for the first time in India to covert this 'black diamond' coal into gas. This would help reduce import of natural gas fertiliser," he said, adding the project would also generate employment for about 4,500 people.
The project is being executed by a consortium of PSUs, which Modi said is a shining example of how the country's 'crown jewels' can work together.
Modi was of the view that this technology of coal gasification will give new direction to development and would be replicated in other new projects for fertiliser production and other purposes.
The Talcher fertiliser project of the Fertilizer Corporation of India was shut in 2002 by the then BJP-led NDA government as frequent power restrictions as well as obsolete and mismatch of technology made the plant economically unviable.
The government in August 2011 decided to revive the plant. A new company Talcher Fertilisers Ltd was constituted with four state-run companies -- GAIL, Coal India, Rashtriya Chemicals and Fertilisers and FCIL -- as partners.
Speaking on the occasion, Oil Minister Dharmendra Pradhan said this will be India's first coal-gasification based fertiliser plant that will produce 1.27 million tonnes per annum of urea leading to greater self-reliance in crop nutrient.
It will produce 2.38 million standard cubic metres per day equivalent natural gas utilising available domestic coal in an environment-friendly manner. This would help reduce LNG import bill by Rs 1,620 crore annually.
"The Talcher fertiliser plant will usher in an uncharted path of progress and prosperity for industrial and economic growth in Odisha by providing a massive boost to fertiliser and other ancillary industries in the state. It will also create new opportunities for employment," he said.
Assuring all support for the project, Odisha Chief Minister Naveen Patnaik said 50 per cent of the production of this plant will be used in the state itself, benefitting farmers.
Tata Steel to acquire steel biz of Usha Martin for up to Rs 4,700 crore
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Tata Steel Saturday announced that it will acquire the steel business of Usha Martin Limited (UML) for Rs 4,300-4,700 crore.
UML, in a stock exchange filing, said the sale of steel business to Tata Steel will help the company in "significant reduction" of its debt.
The deal is expected to be completed in 6-9 months, it added.
Tata Steel, in a release, said it has executed definitive agreements for acquisition of the steel business of UML through a slump sale on a going concern basis.
"It is proposed that the steel business of UML will be acquired subject to transaction closing, for a cash consideration of between Rs 4,300-4,700 crore (subject to various transaction adjustments)," the release said.
The closing of the acquisition is subject to fulfilment of various conditions under the agreements. At the closing, Tata Steel or any of its subsidiaries or affiliates may carry out this acquisition, it added.
UML's steel business comprises the specialised 1 mtpa alloy based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants, Tata Steel said.
The transaction and acquisition structure would be determined shortly, it added.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 27.5 million tonnes per annum (MTPA) as on March 31, 2018.
Usha Martin is amongst the largest wire rope manufacturers in the world and a leading speciality steel producer in India.
In May, Bamnipal Steel Ltd, a wholly-owned subsidiary of Tata Steel, completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL).
Tata Steel had won the bid to acquire debt-laden BSL in an insolvency auction.
UML, in a stock exchange filing, said the sale of steel business to Tata Steel will help the company in "significant reduction" of its debt.
The deal is expected to be completed in 6-9 months, it added.
Tata Steel, in a release, said it has executed definitive agreements for acquisition of the steel business of UML through a slump sale on a going concern basis.
"It is proposed that the steel business of UML will be acquired subject to transaction closing, for a cash consideration of between Rs 4,300-4,700 crore (subject to various transaction adjustments)," the release said.
The closing of the acquisition is subject to fulfilment of various conditions under the agreements. At the closing, Tata Steel or any of its subsidiaries or affiliates may carry out this acquisition, it added.
UML's steel business comprises the specialised 1 mtpa alloy based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants, Tata Steel said.
The transaction and acquisition structure would be determined shortly, it added.
Tata Steel Group is among the top global steel companies with an annual crude steel capacity of 27.5 million tonnes per annum (MTPA) as on March 31, 2018.
Usha Martin is amongst the largest wire rope manufacturers in the world and a leading speciality steel producer in India.
In May, Bamnipal Steel Ltd, a wholly-owned subsidiary of Tata Steel, completed the acquisition of controlling stake of 72.65 per cent in Bhushan Steel Ltd (BSL).
Tata Steel had won the bid to acquire debt-laden BSL in an insolvency auction.
Trump administration to revoke H-4 visa work permits within three months
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The Donald Trump administration has told a federal court about its plans to do away with work permits given to H-4 visa holders within three month. Curbing the Obama-era rule will have a significant impact on Indian-Americans and Indian-origin women in the United States who are its major beneficiary.
The Department of Homeland Security (DHS) told the US District Court in District of Columbia in its latest court filing that it was "making a solid and swift progress in proposing to remove from its regulations on certain H-4 spouses of H-1B non-immigrants as a class of aliens eligible for employment authorisation".
The United States Citizenship and Immigration Services (USCIS) issues H-4 visas to immediate family members of H-1B visa holders, which mean spouses and children less than 21 years of age. The latter of the two visas is the most sought among Indian IT professionals looking to work in the US. Spouses of H-1B visa holders, on the other hand, can work in the United States via the work permits under the H-4 visa. The Trump administration is also reviewing the H-1B visa policy that it thinks is being misused by companies to replace American workers.
The DHS told the US court that it will submit the new rule regarding H-4 to Office of Management of Budget (OMB), White House within three months. Till then, the department urged the court to keep in abeyance its decision on a lawsuit which claimed that US workers were driven out of their jobs due to policies like H-4 visa work permits promulgated by the Obama administration. Plaintiff Save Jobs USA, however, has sought an early decision from the court, arguing that the longer the case remains in abeyance, the greater the possible harm to the US workers.
This is for the third time that the Department of Homeland has informed the court about the delay in issue of Notice of Proposed Rulemaking (NPRM). The DHS has filed three status reports - on February 28, May 22 and August 20. The next status report is due on November 19. Explaining the reasons for delay, the US attorney said since the filing of the most recent status report, the DHS's senior leadership reviewed the proposed rule and returned it to the USCIS this month for revisions.
"Senior leadership review and the request for revisions is standard practice within the DHS. When the necessary revisions are incorporated, the USCIS will return the proposed rule to the DHS for final clearance and submission to OMB," he said.
As of December 25, 2017, the USCIS had approved 1,26,853 applications for employment authorisation for H-4 visa holders. These count all approvals since May 2015 when the rule was implemented. This number includes 90,946 initial approvals, 35,219 renewals, and 688 replacements for lost cards.
"Ninety-three per cent of approved applications for H-4 employment authorisation were issued to individuals born in India, and five per cent were issued to individuals born in China. Individuals born in all other countries combined make up the remaining two per cent of approved applications," the Congressional Research Service said in its recent report, based on information obtained from the USCIS.
The Department of Homeland Security (DHS) told the US District Court in District of Columbia in its latest court filing that it was "making a solid and swift progress in proposing to remove from its regulations on certain H-4 spouses of H-1B non-immigrants as a class of aliens eligible for employment authorisation".
The United States Citizenship and Immigration Services (USCIS) issues H-4 visas to immediate family members of H-1B visa holders, which mean spouses and children less than 21 years of age. The latter of the two visas is the most sought among Indian IT professionals looking to work in the US. Spouses of H-1B visa holders, on the other hand, can work in the United States via the work permits under the H-4 visa. The Trump administration is also reviewing the H-1B visa policy that it thinks is being misused by companies to replace American workers.
The DHS told the US court that it will submit the new rule regarding H-4 to Office of Management of Budget (OMB), White House within three months. Till then, the department urged the court to keep in abeyance its decision on a lawsuit which claimed that US workers were driven out of their jobs due to policies like H-4 visa work permits promulgated by the Obama administration. Plaintiff Save Jobs USA, however, has sought an early decision from the court, arguing that the longer the case remains in abeyance, the greater the possible harm to the US workers.
This is for the third time that the Department of Homeland has informed the court about the delay in issue of Notice of Proposed Rulemaking (NPRM). The DHS has filed three status reports - on February 28, May 22 and August 20. The next status report is due on November 19. Explaining the reasons for delay, the US attorney said since the filing of the most recent status report, the DHS's senior leadership reviewed the proposed rule and returned it to the USCIS this month for revisions.
"Senior leadership review and the request for revisions is standard practice within the DHS. When the necessary revisions are incorporated, the USCIS will return the proposed rule to the DHS for final clearance and submission to OMB," he said.
As of December 25, 2017, the USCIS had approved 1,26,853 applications for employment authorisation for H-4 visa holders. These count all approvals since May 2015 when the rule was implemented. This number includes 90,946 initial approvals, 35,219 renewals, and 688 replacements for lost cards.
"Ninety-three per cent of approved applications for H-4 employment authorisation were issued to individuals born in India, and five per cent were issued to individuals born in China. Individuals born in all other countries combined make up the remaining two per cent of approved applications," the Congressional Research Service said in its recent report, based on information obtained from the USCIS.
IL&FS financial arm's CEO Ramesh Bawa quits as company defaults on LC payments
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The week ended on a troubling note for the crisis-stricken Infrastructure Leasing and Financial Services. Ramesh C Bawa, chief executive and managing director of IL&FS Financial Services', resigned with immediate effect on Friday. This happened on the same day that the company defaulted on payment obligations on IDBI Bank Letter of Credit due by Friday.
Along with Bawa, five directors have also decided to jump ship. Four independent directors, namely Renu Challu, Shhubhalakshmi Panse, Uday Ved and SS Kohli, and non-executive director Vibhav Kapoor have stepped down from the board of IL&FS Financial Services (IFIN). Now only Hari Sankaran and Arun K Saha remain on a board that has eight seats.
Now IFIN Executive Director Kaushik Modak is reportedly being considering for the position of CEO. He co-founded Swakarma Finance before starting his stint with IL&FS in June. Before that, he has worked as the CEO and country head of Rabobank India. Incidentally, IFIN was put up for sale three weeks ago, but no entity has stepped forth with an offer yet.
After the consecutive defaults by IL&FS, IFIN has been locked out of the commercial paper market till March 18, 2019 in accordance with Reserve Bank Commercial Paper (CP) Directions. Notably, the company could not honour commercial papers which were due on September 14, and later defaulted on repayments due on September 18. This, along with the declining IFIN of the subsidiary company, seems to have put off prospective buyers for the financial services company.
Along with the C-suite upheavals, financial troubles have also come for debt-laden IL&FS. The company has defaulted on payment obligations against a Letter of Credit by IDBI Bank which were supposed to be honoured by this Friday. The payment was originally supposed to made on September 20, but the deadline was shifted to September 21 since Thursday was a non-banking day. The company has defaulted on at least two payments to its bondholders since August. On September 4, it came to light that IL&FS defaulted on a short-term loan of Rs 1,000 crore from SIDBI, while a subsidiary has also defaulted Rs 500 crore dues to the development finance institution.
Earlier this week, Delhi High Court passed interim orders barring the company's road construction arm, IL&FS Transportaion Networks, from selling its assets in light of an arbitration application filed by Aditya Birla Finance Limited. The company is seeking legal advice to defend the court order.
"We hereby inform that the Aditya Birla Finance Limited, one of the creditors of the two project special purpose vehicles has filed an arbitration application under section 9 of the Indian Arbitration and Conciliation Act, 1996 before the Hon'ble High Court of Delhi. Pending constitution of the arbitral tribunal, the Delhi High Court has passed interim orders dated 18.09.2018, a copy of which was received today, inter alia, injuncting the Company from transferring or creating third party interest in their unencumbered assets till the next date of hearing fixed on 07.12.2018," IL&FS Transportation Networks said in a regulatory filing.
IL&FS has been sitting on a debt pile of around Rs 91,000 crore and had been downgraded to junk status by rating agencies following the default. Of this, Rs 57,000 crore are bank loans alone, most of which are from state-run lenders. While IL&FS has nearly Rs 35,000 crore consolidated debt, IL&FS Financial Services has Rs 17,000 crore of debt, which sits as standard asset for most of the lenders, according to a Nomura India report.
Along with Bawa, five directors have also decided to jump ship. Four independent directors, namely Renu Challu, Shhubhalakshmi Panse, Uday Ved and SS Kohli, and non-executive director Vibhav Kapoor have stepped down from the board of IL&FS Financial Services (IFIN). Now only Hari Sankaran and Arun K Saha remain on a board that has eight seats.
Now IFIN Executive Director Kaushik Modak is reportedly being considering for the position of CEO. He co-founded Swakarma Finance before starting his stint with IL&FS in June. Before that, he has worked as the CEO and country head of Rabobank India. Incidentally, IFIN was put up for sale three weeks ago, but no entity has stepped forth with an offer yet.
After the consecutive defaults by IL&FS, IFIN has been locked out of the commercial paper market till March 18, 2019 in accordance with Reserve Bank Commercial Paper (CP) Directions. Notably, the company could not honour commercial papers which were due on September 14, and later defaulted on repayments due on September 18. This, along with the declining IFIN of the subsidiary company, seems to have put off prospective buyers for the financial services company.
Along with the C-suite upheavals, financial troubles have also come for debt-laden IL&FS. The company has defaulted on payment obligations against a Letter of Credit by IDBI Bank which were supposed to be honoured by this Friday. The payment was originally supposed to made on September 20, but the deadline was shifted to September 21 since Thursday was a non-banking day. The company has defaulted on at least two payments to its bondholders since August. On September 4, it came to light that IL&FS defaulted on a short-term loan of Rs 1,000 crore from SIDBI, while a subsidiary has also defaulted Rs 500 crore dues to the development finance institution.
Earlier this week, Delhi High Court passed interim orders barring the company's road construction arm, IL&FS Transportaion Networks, from selling its assets in light of an arbitration application filed by Aditya Birla Finance Limited. The company is seeking legal advice to defend the court order.
"We hereby inform that the Aditya Birla Finance Limited, one of the creditors of the two project special purpose vehicles has filed an arbitration application under section 9 of the Indian Arbitration and Conciliation Act, 1996 before the Hon'ble High Court of Delhi. Pending constitution of the arbitral tribunal, the Delhi High Court has passed interim orders dated 18.09.2018, a copy of which was received today, inter alia, injuncting the Company from transferring or creating third party interest in their unencumbered assets till the next date of hearing fixed on 07.12.2018," IL&FS Transportation Networks said in a regulatory filing.
IL&FS has been sitting on a debt pile of around Rs 91,000 crore and had been downgraded to junk status by rating agencies following the default. Of this, Rs 57,000 crore are bank loans alone, most of which are from state-run lenders. While IL&FS has nearly Rs 35,000 crore consolidated debt, IL&FS Financial Services has Rs 17,000 crore of debt, which sits as standard asset for most of the lenders, according to a Nomura India report.
Walmart India opens 22nd Cash and Carry store in India
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Walmart India, the wholly-owned subsidiary of Walmart Inc, Saturday announced the opening of its 22nd business-to-business Cash and Carry store in the country, making it the second Best Price Modern Wholesale store in Ludhiana and the sixth in Punjab.
The new store simultaneously got integrated with the B2B e-commerce platform, making it the 22nd Best Price store to go online, a release said here.
"I am very excited about opening the 22nd Cash and Carry store in India. It reiterates our commitment to India and our growth plans. Setting up a second store in Ludhiana and sixth one in Punjab reinforces our belief in the ease of doing business here in the state," Walmart India President and CEO Krish Iyer said.
The Best Price Modern Wholesale Store stocks over 5,000 items, including a wide range of fresh, frozen and chilled foods, fruits and vegetables, dry groceries, personal and home care items, hotel and restaurant supplies, apparel, office supplies, electronic goods and other general merchandise items.
Punjab is an important sourcing destination for Walmart India and the company sources food items such as fresh vegetables, agri-commodities, staples, meat, and beverages and non-food items including plastic-ware, glassware, decor items, brooms, mattresses, among others.
The new store simultaneously got integrated with the B2B e-commerce platform, making it the 22nd Best Price store to go online, a release said here.
"I am very excited about opening the 22nd Cash and Carry store in India. It reiterates our commitment to India and our growth plans. Setting up a second store in Ludhiana and sixth one in Punjab reinforces our belief in the ease of doing business here in the state," Walmart India President and CEO Krish Iyer said.
The Best Price Modern Wholesale Store stocks over 5,000 items, including a wide range of fresh, frozen and chilled foods, fruits and vegetables, dry groceries, personal and home care items, hotel and restaurant supplies, apparel, office supplies, electronic goods and other general merchandise items.
Punjab is an important sourcing destination for Walmart India and the company sources food items such as fresh vegetables, agri-commodities, staples, meat, and beverages and non-food items including plastic-ware, glassware, decor items, brooms, mattresses, among others.
General Awareness
Multidimensional Poverty Index 2018
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What to study?
For Prelims: MPI- key facts, India’s performance.
For Mains: Key findings of the report, multidimensional poverty- global and country level challenges, concerns and ways to address them.
Context: The United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) have released the 2018 Multidimensional Poverty Index (MPI).
About Multidimensional Poverty Index (MPI):
The MPI provides the most comprehensive view of the various ways in which 1.3 billion people worldwide experience poverty in their daily life.
The MPI looks at the multifaceted nature of poverty. It identifies people’s deprivations across three key dimensions – health, education and living standards, lacking amenities such clean water, sanitation, adequate nutrition or primary education. Those who are left behind in at least a third of the MPI’s components are defined as multidimensionally poor.
How is the global MPI2018 aligned with the Sustainable Development Goals?
Rather than viewing challenges one by one, in silos, the MPI shows how deprivations related to SDGs 1,2,3,4,6,7, and 11 are concretely interlinked in poor people’s lives. Rather than providing only national headlines, the global MPI is disaggregated by subnational region, area, ethnicity, or age cohort. The indicators underlying the global MPI 2018 have been revised to better align with the SDGs.
Performance of India:
India has made giant strides in reducing multidimensional poverty, bringing down its poverty rate from 55% to 28% in ten years.
Between 2005-06 and 2015-16, more than 271 million people have come out of the clutches of poverty in India. However, India still has the largest number of people living in multidimensional poverty in the world- around 364 million people. 156 million out of 364 million people who are MPI poor in 2015/2016 are children.
India’s scale of poverty reduction has parallels with the phenomenal level of poverty reduction achieved in China a decade or so earlier. India’s scale of multidimensional poverty reduction over the decade from 2005/6 to 2015/16 – from 635 million poor persons to 364 million– can be compared to the speedy pace of China’s poverty reduction, which occurred over more than 20 years.
Across nearly every state, poor nutrition is the largest contributor to multidimensional poverty. Not having a household member with at least six years of education is the second largest contributor. Insufficient access to clean water and child mortality contribute least.
State- wise data:
Among states, Jharkhand had the greatest improvement, with Arunachal Pradesh, Bihar, Chhattisgarh, and Nagaland only slightly behind. However, Bihar is still the poorest state in 2015/16, with more than half of its population in poverty.
In 2015/16, the four poorest states – Bihar, Jharkhand, Uttar Pradesh, and Madhya Pradesh – were still home to 196 million MPI poor people – over half of all the MPI poor people in India. Delhi, Kerala and Goa have the lowest incidence of multidimensional poverty.
India’s relative performance:
Among the South Asian countries, only Maldives boasts lower MPI of 0.007 than India (0.121). Nepal, Bangladesh, Pakistan, Bhutan and Afghanistan all boast higher incidences of multidimensional poverty.
After India (364 million people), the countries with the largest number of people living in multi-dimensional poverty are Nigeria (97 million), Ethiopia (86 million), Pakistan (85 million), and Bangladesh (67 million).
Global performance:
The global MPI covers 105 countries in total, home to 75% of the world’s population, or 5.7 billion people. Of this proportion, 1.3 billion are identified as multidimensionally poor, and half of them are younger than 18 years old.
83% of the world’s poor live in South Asia and Africa. The latest data further reveals the vast majority of the multidimensional poor – 1.1 billion people – live in rural areas around the world, where poverty rates are four times higher than among those living in urban areas.
What to study?
For Prelims: MPI- key facts, India’s performance.
For Mains: Key findings of the report, multidimensional poverty- global and country level challenges, concerns and ways to address them.
Context: The United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) have released the 2018 Multidimensional Poverty Index (MPI).
About Multidimensional Poverty Index (MPI):
The MPI provides the most comprehensive view of the various ways in which 1.3 billion people worldwide experience poverty in their daily life.
The MPI looks at the multifaceted nature of poverty. It identifies people’s deprivations across three key dimensions – health, education and living standards, lacking amenities such clean water, sanitation, adequate nutrition or primary education. Those who are left behind in at least a third of the MPI’s components are defined as multidimensionally poor.
How is the global MPI2018 aligned with the Sustainable Development Goals?
Rather than viewing challenges one by one, in silos, the MPI shows how deprivations related to SDGs 1,2,3,4,6,7, and 11 are concretely interlinked in poor people’s lives. Rather than providing only national headlines, the global MPI is disaggregated by subnational region, area, ethnicity, or age cohort. The indicators underlying the global MPI 2018 have been revised to better align with the SDGs.
Performance of India:
India has made giant strides in reducing multidimensional poverty, bringing down its poverty rate from 55% to 28% in ten years.
Between 2005-06 and 2015-16, more than 271 million people have come out of the clutches of poverty in India. However, India still has the largest number of people living in multidimensional poverty in the world- around 364 million people. 156 million out of 364 million people who are MPI poor in 2015/2016 are children.
India’s scale of poverty reduction has parallels with the phenomenal level of poverty reduction achieved in China a decade or so earlier. India’s scale of multidimensional poverty reduction over the decade from 2005/6 to 2015/16 – from 635 million poor persons to 364 million– can be compared to the speedy pace of China’s poverty reduction, which occurred over more than 20 years.
Across nearly every state, poor nutrition is the largest contributor to multidimensional poverty. Not having a household member with at least six years of education is the second largest contributor. Insufficient access to clean water and child mortality contribute least.
State- wise data:
Among states, Jharkhand had the greatest improvement, with Arunachal Pradesh, Bihar, Chhattisgarh, and Nagaland only slightly behind. However, Bihar is still the poorest state in 2015/16, with more than half of its population in poverty.
In 2015/16, the four poorest states – Bihar, Jharkhand, Uttar Pradesh, and Madhya Pradesh – were still home to 196 million MPI poor people – over half of all the MPI poor people in India. Delhi, Kerala and Goa have the lowest incidence of multidimensional poverty.
India’s relative performance:
Among the South Asian countries, only Maldives boasts lower MPI of 0.007 than India (0.121). Nepal, Bangladesh, Pakistan, Bhutan and Afghanistan all boast higher incidences of multidimensional poverty.
After India (364 million people), the countries with the largest number of people living in multi-dimensional poverty are Nigeria (97 million), Ethiopia (86 million), Pakistan (85 million), and Bangladesh (67 million).
Global performance:
The global MPI covers 105 countries in total, home to 75% of the world’s population, or 5.7 billion people. Of this proportion, 1.3 billion are identified as multidimensionally poor, and half of them are younger than 18 years old.
83% of the world’s poor live in South Asia and Africa. The latest data further reveals the vast majority of the multidimensional poor – 1.1 billion people – live in rural areas around the world, where poverty rates are four times higher than among those living in urban areas.
For Prelims: MPI- key facts, India’s performance.
For Mains: Key findings of the report, multidimensional poverty- global and country level challenges, concerns and ways to address them.
Context: The United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) have released the 2018 Multidimensional Poverty Index (MPI).
About Multidimensional Poverty Index (MPI):
The MPI provides the most comprehensive view of the various ways in which 1.3 billion people worldwide experience poverty in their daily life.
The MPI looks at the multifaceted nature of poverty. It identifies people’s deprivations across three key dimensions – health, education and living standards, lacking amenities such clean water, sanitation, adequate nutrition or primary education. Those who are left behind in at least a third of the MPI’s components are defined as multidimensionally poor.
How is the global MPI2018 aligned with the Sustainable Development Goals?
Rather than viewing challenges one by one, in silos, the MPI shows how deprivations related to SDGs 1,2,3,4,6,7, and 11 are concretely interlinked in poor people’s lives. Rather than providing only national headlines, the global MPI is disaggregated by subnational region, area, ethnicity, or age cohort. The indicators underlying the global MPI 2018 have been revised to better align with the SDGs.
Performance of India:
India has made giant strides in reducing multidimensional poverty, bringing down its poverty rate from 55% to 28% in ten years.
Between 2005-06 and 2015-16, more than 271 million people have come out of the clutches of poverty in India. However, India still has the largest number of people living in multidimensional poverty in the world- around 364 million people. 156 million out of 364 million people who are MPI poor in 2015/2016 are children.
India’s scale of poverty reduction has parallels with the phenomenal level of poverty reduction achieved in China a decade or so earlier. India’s scale of multidimensional poverty reduction over the decade from 2005/6 to 2015/16 – from 635 million poor persons to 364 million– can be compared to the speedy pace of China’s poverty reduction, which occurred over more than 20 years.
Across nearly every state, poor nutrition is the largest contributor to multidimensional poverty. Not having a household member with at least six years of education is the second largest contributor. Insufficient access to clean water and child mortality contribute least.
State- wise data:
Among states, Jharkhand had the greatest improvement, with Arunachal Pradesh, Bihar, Chhattisgarh, and Nagaland only slightly behind. However, Bihar is still the poorest state in 2015/16, with more than half of its population in poverty.
In 2015/16, the four poorest states – Bihar, Jharkhand, Uttar Pradesh, and Madhya Pradesh – were still home to 196 million MPI poor people – over half of all the MPI poor people in India. Delhi, Kerala and Goa have the lowest incidence of multidimensional poverty.
India’s relative performance:
Among the South Asian countries, only Maldives boasts lower MPI of 0.007 than India (0.121). Nepal, Bangladesh, Pakistan, Bhutan and Afghanistan all boast higher incidences of multidimensional poverty.
After India (364 million people), the countries with the largest number of people living in multi-dimensional poverty are Nigeria (97 million), Ethiopia (86 million), Pakistan (85 million), and Bangladesh (67 million).
Global performance:
The global MPI covers 105 countries in total, home to 75% of the world’s population, or 5.7 billion people. Of this proportion, 1.3 billion are identified as multidimensionally poor, and half of them are younger than 18 years old.
83% of the world’s poor live in South Asia and Africa. The latest data further reveals the vast majority of the multidimensional poor – 1.1 billion people – live in rural areas around the world, where poverty rates are four times higher than among those living in urban areas.
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