General Affairs
BJP Leader Who Met Rahul Gandhi Over Rafale Quits Party
-
Dissident BJP leader Ashish Deshmukh, who resigned as a member of the Maharashtra Legislative Assembly last week, a day after meeting Congress president Rahul Gandhi, has also quit the primary membership of the party. He quit from the Maharashtra Assembly citing alleged corruption in the Rafale deal as the reason.
He alleged that policies of the BJP-led state government had created a "paralysis".
Mr Deshmukh, who represented Katol Assembly constituency in Vidarbha region, sent his resignation letter to BJP president Amit Shah Thursday.
He cited the BJP-led government's "failure" to address issues such as unemployment and the plight of farmers, Dalits and minorities in Maharashtra, particularly in Vidarbha, as the reason for leaving the party.
"I have given up the primary membership of the BJP in order to attract your attention to the issues emerging out of the paralysis caused by the policies of Maharashtra government," Mr Deshmukh said in the letter.
He alleged that policies of the BJP-led state government had created a "paralysis".
Mr Deshmukh, who represented Katol Assembly constituency in Vidarbha region, sent his resignation letter to BJP president Amit Shah Thursday.
He cited the BJP-led government's "failure" to address issues such as unemployment and the plight of farmers, Dalits and minorities in Maharashtra, particularly in Vidarbha, as the reason for leaving the party.
"I have given up the primary membership of the BJP in order to attract your attention to the issues emerging out of the paralysis caused by the policies of Maharashtra government," Mr Deshmukh said in the letter.
Don't Seen Action Against Rohingya Through Prism Of Human Rights: Centre
-
Home Minister Rajnath Singh said today that action against the Rohingya and other illegal immigrants should not be viewed through the prism of human rights as India has never ill-treated foreigners.
Addressing the silver jubilee foundation day event of the National Human Rights Commission in New Delhi, Rajnath Singh said India is a secular country and that human rights are not based on any religion.
"I believe there is no place for inhuman actions in the name of strict action. But it is also my firm belief that actions taken in the national and societal interest should not be seen from the viewpoint of human rights violation," he said, in the presence of Prime Minister Narendra Modi, the chief guest at the function.
The home minister said on many occasions, some people express concern over the human rights of criminals or terrorists.
"I want to ask when such a criminal or terrorist not only violates the human rights of others but also takes away their right to live, in such a situation how we can raise the issue of human rights of such criminals," he said.
Mr Singh said action against illegal immigrants in India should not be seen from the point of view of human rights. "There was no inhuman behaviour towards them. I am happy to note that the Supreme Court's recent decision was in favour of deportation of seven Rohingya (from Assam)," he said.
The home minister said human rights should be seen in proper perspective as human rights means everyone has a right to a dignified life.
"In this direction, our government has implemented many significant schemes for the benefit of crores of people and provided them food, housing, health and education for girl children," he said.
Rajnath Singh also emphasised the importance of women's safety in India.
He said the NHRC, since its inception 25 years ago, has achieved many milestones and secured a place for itself in the institutional framework of the country.
He also said the human rights have been ingrained in the traditional ethos of India. "In our country, we pray for the welfare of all, wish good for all and desire no harm for anyone. India is the first country in the world to have considered not only human rights but also took care of animal rights".
Addressing the silver jubilee foundation day event of the National Human Rights Commission in New Delhi, Rajnath Singh said India is a secular country and that human rights are not based on any religion.
"I believe there is no place for inhuman actions in the name of strict action. But it is also my firm belief that actions taken in the national and societal interest should not be seen from the viewpoint of human rights violation," he said, in the presence of Prime Minister Narendra Modi, the chief guest at the function.
The home minister said on many occasions, some people express concern over the human rights of criminals or terrorists.
"I want to ask when such a criminal or terrorist not only violates the human rights of others but also takes away their right to live, in such a situation how we can raise the issue of human rights of such criminals," he said.
Mr Singh said action against illegal immigrants in India should not be seen from the point of view of human rights. "There was no inhuman behaviour towards them. I am happy to note that the Supreme Court's recent decision was in favour of deportation of seven Rohingya (from Assam)," he said.
The home minister said human rights should be seen in proper perspective as human rights means everyone has a right to a dignified life.
"In this direction, our government has implemented many significant schemes for the benefit of crores of people and provided them food, housing, health and education for girl children," he said.
Rajnath Singh also emphasised the importance of women's safety in India.
He said the NHRC, since its inception 25 years ago, has achieved many milestones and secured a place for itself in the institutional framework of the country.
He also said the human rights have been ingrained in the traditional ethos of India. "In our country, we pray for the welfare of all, wish good for all and desire no harm for anyone. India is the first country in the world to have considered not only human rights but also took care of animal rights".
Terror Infrastructure Constantly Testing Our Patience: Nirmala Sitharaman
-
In a clear reference to cross border terrorism from Pakistan, Defence Minister Nirmala Sitharaman has said the presence of terror infrastructure and state support to terrorists in the immediate neighbourhood are constantly testing India's patience and New Delhi was exercising great restraint in dealing with it.
In an address at the Institute of Strategic Research at Paris, France, she said concerted efforts are required to choke financing and supply of arms to terror groups besides disrupting the recruitment and mobilisation of "foreign terrorists".
She said both India and France have been victims of terrorism and that French government was playing a unique role in combating the menace.
The defence minister arrived in Paris Thursday on a three-day visit with an aim to further bolster Indo-French strategic ties.
She made special mention about the continued presence of terrorist infrastructure and state support to terrorists in the immediate neighbourhood and that they are constantly testing India's patience, according to a release issued by India's defence ministry.
Ms Sitharaman said the current international security environment can be characterised as one of rapid change and uncertainty, with swathes of sustained instability and violence posing a grave challenge.
"The persisting threat of terrorism, or what we in India as well as increasingly in Afghanistan too, more accurately refer to as cross-border terrorism, is a primary security threat," she said.
She also said that the interplay between "states and non-state actors," that are often used as proxies to foment violence, has been having severe consequences.
Ms Sitharaman said areas of continued violence and instability in the Afghanistan-Pakistan region, as well as parts of West Asia and Africa, have functioned as incubators of virulent manifestations of terrorism.
This, she said, combined with the issue of foreign terrorist fighters and uncontrolled migration; now pose a clear threat to the stability of wider Asia and Europe.
Delivering her lecture on "India-France Defence Engagement in a Multipolar World", Ms Sitharaman said her Paris visit is a reaffirmation of India's commitment to the strategic partnership with France, especially in the critical areas of defence cooperation.
"Under the new framework for defence industry in India, we are hoping to meet our defence requirements within a framework of joint manufacturing and technology driven partnerships," she said.
Ms Sitharaman said India presents a major opportunity for the French defence industry and that Indian government's 'Make-In-India' initiative opens doors for third country exports.
She also talked about the growing India-France maritime cooperation, especially in the Indian Ocean region.
The defence minister said such co-operation will be crucial in order to preserve the strategic interests and in maintaining the safety of international sea lanes for unimpeded commerce and communications in accordance with the international law.
"India has been constantly supportive of recent efforts to bring about peace and stability in the Korean Peninsula through dialogue and diplomacy. Developments in the Middle East and West Asia are of great significance for India. India has key stakes in this region, which accounts for 66 per cent of our energy requirements and is home to over eight million Indians," she said.
Ms Sitharaman said conflict in this region threatens to expand beyond the internal situation in countries such as Iraq, Syria, Yemen and Libya.
Talking about Indo-France defence ties, she referred to 9,300 Indian soldiers during the world wars who laid down their lives on French soil.
In an address at the Institute of Strategic Research at Paris, France, she said concerted efforts are required to choke financing and supply of arms to terror groups besides disrupting the recruitment and mobilisation of "foreign terrorists".
She said both India and France have been victims of terrorism and that French government was playing a unique role in combating the menace.
The defence minister arrived in Paris Thursday on a three-day visit with an aim to further bolster Indo-French strategic ties.
She made special mention about the continued presence of terrorist infrastructure and state support to terrorists in the immediate neighbourhood and that they are constantly testing India's patience, according to a release issued by India's defence ministry.
Ms Sitharaman said the current international security environment can be characterised as one of rapid change and uncertainty, with swathes of sustained instability and violence posing a grave challenge.
"The persisting threat of terrorism, or what we in India as well as increasingly in Afghanistan too, more accurately refer to as cross-border terrorism, is a primary security threat," she said.
She also said that the interplay between "states and non-state actors," that are often used as proxies to foment violence, has been having severe consequences.
Ms Sitharaman said areas of continued violence and instability in the Afghanistan-Pakistan region, as well as parts of West Asia and Africa, have functioned as incubators of virulent manifestations of terrorism.
This, she said, combined with the issue of foreign terrorist fighters and uncontrolled migration; now pose a clear threat to the stability of wider Asia and Europe.
Delivering her lecture on "India-France Defence Engagement in a Multipolar World", Ms Sitharaman said her Paris visit is a reaffirmation of India's commitment to the strategic partnership with France, especially in the critical areas of defence cooperation.
"Under the new framework for defence industry in India, we are hoping to meet our defence requirements within a framework of joint manufacturing and technology driven partnerships," she said.
Ms Sitharaman said India presents a major opportunity for the French defence industry and that Indian government's 'Make-In-India' initiative opens doors for third country exports.
She also talked about the growing India-France maritime cooperation, especially in the Indian Ocean region.
The defence minister said such co-operation will be crucial in order to preserve the strategic interests and in maintaining the safety of international sea lanes for unimpeded commerce and communications in accordance with the international law.
"India has been constantly supportive of recent efforts to bring about peace and stability in the Korean Peninsula through dialogue and diplomacy. Developments in the Middle East and West Asia are of great significance for India. India has key stakes in this region, which accounts for 66 per cent of our energy requirements and is home to over eight million Indians," she said.
Ms Sitharaman said conflict in this region threatens to expand beyond the internal situation in countries such as Iraq, Syria, Yemen and Libya.
Talking about Indo-France defence ties, she referred to 9,300 Indian soldiers during the world wars who laid down their lives on French soil.
Lockheed Martin To Start Producing F-16 Wings In India In Next 2-3 Years
-
American aerospace and defence major Lockheed Martin Friday said F-16 fighter jets will start flying with made in India wings in the next three years, provided the components made by its Indian strategic industry partner are certified by a US agency.
The US agency which certifies aircraft components is DCMA. It is an agency of the United States government reporting to Under Secretary of Defence for Acquisition and Sustainment.
"In next two to three years, manufacturing of F-16 wings will be made in India by our Indian partner, provided the components which they make are certified and approved of by our defence agency," Lockheed Martin Chief Executive Phil Shaw told PTI in an interview in Bengaluru.
Tata Advanced Systems Limited is Lockheed Martin's strategic industry partner to make F-16 wings. The tie-up was announced in September this year.
Mr Shaw said defence procurement world over is a long process and India was no exception.
Lockheed Martin has said its broader proposed F-16 partnership with India to produce F-16s exclusively in India for its Air Force and export customers stands firm.
Asked where F16s would be made in India, Mr Shaw said it would be decided by the Indian government "because it is a matter of national security as well."
Replying to a query, Phil Shaw said he was not aware of the size of investments made in this project, but the company is aware of the costs and investments required as it has been working with TASL for last one decade.
Responding to another question, Mr Shaw said there were more than 70 suppliers from Tier 1 cities with whom the company is in touch who could become suppliers.
"There are a number of small and medium enterprises," he added.
The company's F-16 suppliers interacted with these companies as part of the Lockheed Martin-Tata Suppliers conference held in Bengaluru earlier this week.
The US agency which certifies aircraft components is DCMA. It is an agency of the United States government reporting to Under Secretary of Defence for Acquisition and Sustainment.
"In next two to three years, manufacturing of F-16 wings will be made in India by our Indian partner, provided the components which they make are certified and approved of by our defence agency," Lockheed Martin Chief Executive Phil Shaw told PTI in an interview in Bengaluru.
Tata Advanced Systems Limited is Lockheed Martin's strategic industry partner to make F-16 wings. The tie-up was announced in September this year.
Mr Shaw said defence procurement world over is a long process and India was no exception.
Lockheed Martin has said its broader proposed F-16 partnership with India to produce F-16s exclusively in India for its Air Force and export customers stands firm.
Asked where F16s would be made in India, Mr Shaw said it would be decided by the Indian government "because it is a matter of national security as well."
Replying to a query, Phil Shaw said he was not aware of the size of investments made in this project, but the company is aware of the costs and investments required as it has been working with TASL for last one decade.
Responding to another question, Mr Shaw said there were more than 70 suppliers from Tier 1 cities with whom the company is in touch who could become suppliers.
"There are a number of small and medium enterprises," he added.
The company's F-16 suppliers interacted with these companies as part of the Lockheed Martin-Tata Suppliers conference held in Bengaluru earlier this week.
Over 60 Lakh Affected By Cyclone Titli, Odisha Steps Up Rescue Operations
-
The Odisha government today deployed NDRF and ODRAF personnel to speed up rescue and relief operation mainly in three districts where over 60 lakh people were affected by flood due to heavy rainfall triggered by Cyclone Titli.
The flood situation in three south Odisha districts - Ganjam, Gajapati and Rayagada is grim as the water levels in major rivers like Rushikulya and Bansadhara have crossed their danger marks, official sources said.
The districts received highest rainfall for three days under the impact of Cyclone Titli that made landfall at Palasa near Gopalpur in Ganjam on Thursday morning.
Special Relief Commissioner (SRC) BP Sethi said that the people in Balasore district were also affected by the flood.
The decision to deploy National Disaster Response Force (NDRF) and Odisha Disaster Rapid Action Force (ODRAF) as part of stepping up relief and rescue operation was taken at a high level meeting where Chief Minister Naveen Patnaik took stock of the situation in the aftermath of the very severe cyclonic storm that battered the state.
In a video conference with the district collectors of Ganjam, Gajapati and Rayagada, Mr Patnaik gave instructions for intensifying rescue and relief operation on a war footing as miseries of the people got compounded due to the twin calamities of cyclone and floods.
Mr Patnaik stressed on quick repair of breaches in several river embankments and asked the district collectors to provide cooked food to the people who were shifted to relief camps, the official said.
Mr Patnaik also constituted a three-member ministerial committee to visit the three worst-affected districts to monitor rescue and relief operation.
Two helicopters were requisitioned from the Indian Navy mainly for rescue and air dropping of relief materials in villages located in 125 gram panchayats in Ganjam district as these areas are cut off from rest of the state due to the submergence of roads with rain and flood water, Chief Secretary A P Padhi said.
Of the 22 blocks in Ganjam district, 13 were badly hit due to cyclone and floods. Blocks like Aska, Purusottampur and Sanakhemundi were inundated by rainwater as well as water from Rusikulya river gushed into the villages, a senior official said.
The Ganjam district administration has undertaken evacuation of people living near the river side and low-lying areas, he said adding that they have been housed in the multi-purpose shelters besides schools, colleges and Anganwadi centres.
The low-lying areas in Cuttack, Bhubaneswar and the pilgrim town of Puri also remained waterlogged due to rain.
"A large number of pumps have been pressed into service by the Bhubaneswar Municipal Corporation (BMC) and Cuttack Municipal Corporation (CMC) to clear water," a civic body official said.
The connectivity in Lathipada-Shergad road in Ganjam was disrupted while a bridge on Badagada Jarau river was washed away following heavy rainfall, official sources said.
The swelling Mahendratanaya river submerged vast stretches of Gajapati district cutting off road communication between Andhra Pradesh and Paralakhemundi in Odisha's Gajapati district, sources said.
Train services too were affected and at least 16 trains were cancelled and several others rescheduled by East Coast Railway (ECoR) on Friday due to submergence of railway tracks.
Water level on railway tracks in Berhampur-Palasa section is yet to recede due to continuous rains, an ECoR official said.
The water level also touched the danger mark at a bridge between Ichhapuram and Jhadpudi stations in Berhampur-Palasa railway section, he said.
Director of the metereological centre at Bhubaneswar, H R Biswas said heavy to very heavy rainfall will continue to pound parts of the state, including Balasore, Bhadrak and Dhenkanal districts, till Saturday.
Around three lakh people were evacuated from the vulnerable areas of five coastal districts of the state on Wednesday, a day before the cyclone made landfall.
The cyclone has "weakened into a deep depression" and triggered incessant rainfall in the state, SRC Sethi said.
The severe cyclonic storm packing winds of up to 150 kmph and widespread rains had hit eastern India yesterday, killing eight people in Andhra Pradesh and one in Odisha.
The flood situation in three south Odisha districts - Ganjam, Gajapati and Rayagada is grim as the water levels in major rivers like Rushikulya and Bansadhara have crossed their danger marks, official sources said.
The districts received highest rainfall for three days under the impact of Cyclone Titli that made landfall at Palasa near Gopalpur in Ganjam on Thursday morning.
Special Relief Commissioner (SRC) BP Sethi said that the people in Balasore district were also affected by the flood.
The decision to deploy National Disaster Response Force (NDRF) and Odisha Disaster Rapid Action Force (ODRAF) as part of stepping up relief and rescue operation was taken at a high level meeting where Chief Minister Naveen Patnaik took stock of the situation in the aftermath of the very severe cyclonic storm that battered the state.
In a video conference with the district collectors of Ganjam, Gajapati and Rayagada, Mr Patnaik gave instructions for intensifying rescue and relief operation on a war footing as miseries of the people got compounded due to the twin calamities of cyclone and floods.
Mr Patnaik stressed on quick repair of breaches in several river embankments and asked the district collectors to provide cooked food to the people who were shifted to relief camps, the official said.
Mr Patnaik also constituted a three-member ministerial committee to visit the three worst-affected districts to monitor rescue and relief operation.
Two helicopters were requisitioned from the Indian Navy mainly for rescue and air dropping of relief materials in villages located in 125 gram panchayats in Ganjam district as these areas are cut off from rest of the state due to the submergence of roads with rain and flood water, Chief Secretary A P Padhi said.
Of the 22 blocks in Ganjam district, 13 were badly hit due to cyclone and floods. Blocks like Aska, Purusottampur and Sanakhemundi were inundated by rainwater as well as water from Rusikulya river gushed into the villages, a senior official said.
The Ganjam district administration has undertaken evacuation of people living near the river side and low-lying areas, he said adding that they have been housed in the multi-purpose shelters besides schools, colleges and Anganwadi centres.
The low-lying areas in Cuttack, Bhubaneswar and the pilgrim town of Puri also remained waterlogged due to rain.
"A large number of pumps have been pressed into service by the Bhubaneswar Municipal Corporation (BMC) and Cuttack Municipal Corporation (CMC) to clear water," a civic body official said.
The connectivity in Lathipada-Shergad road in Ganjam was disrupted while a bridge on Badagada Jarau river was washed away following heavy rainfall, official sources said.
The swelling Mahendratanaya river submerged vast stretches of Gajapati district cutting off road communication between Andhra Pradesh and Paralakhemundi in Odisha's Gajapati district, sources said.
Train services too were affected and at least 16 trains were cancelled and several others rescheduled by East Coast Railway (ECoR) on Friday due to submergence of railway tracks.
Water level on railway tracks in Berhampur-Palasa section is yet to recede due to continuous rains, an ECoR official said.
The water level also touched the danger mark at a bridge between Ichhapuram and Jhadpudi stations in Berhampur-Palasa railway section, he said.
Director of the metereological centre at Bhubaneswar, H R Biswas said heavy to very heavy rainfall will continue to pound parts of the state, including Balasore, Bhadrak and Dhenkanal districts, till Saturday.
Around three lakh people were evacuated from the vulnerable areas of five coastal districts of the state on Wednesday, a day before the cyclone made landfall.
The cyclone has "weakened into a deep depression" and triggered incessant rainfall in the state, SRC Sethi said.
The severe cyclonic storm packing winds of up to 150 kmph and widespread rains had hit eastern India yesterday, killing eight people in Andhra Pradesh and one in Odisha.
Business Affairs
Hydro power may see renewed interest from private sector
-
After almost a decade of stagnancy due to issues like environmental concerns, huge costs and viability issues, hydro power generation may soon see a revival.
There will be renewed interest from the private sector to invest in hydro power if the modified hydro power policy, which suggests making hydro power more affordable and competitive, comes into effect, say experts in the sector. The government is also planning to set up a Hydro Power Development Fund (HPDF) to give capital support in the form of interest subvention as banks at the moment are reluctant to fund large hydro projects.
At present the private sector accounts for only 3,200 MW of the total installed hydropower capacity of around 45,000 MW. Of this, Sajjan Jindal-led JSW Energy alone accounts for 1,300 MW, which it had acquired from Jaiprakash Power Ventures for Rs 9,700 crore in FY16.
"We are looking to acquire stressed hydro projects, along with reviving our green-field 240-megawatt (MW) Kuther hydro power project in Himachal Pradesh which we started in 2007," says Sharad Mahendra, chief operating officer (energy business), JSW Energy.
He said the company is close to signing power purchase agreement (PPA) for the project. JSW Energy participated in the bids invited by the Haryana government for long-term PPA for 500 MW of hydro projects. So far JSW Energy has invested close to Rs 250 crore in the project, which will cost about Rs 2500 crore and can be completed in four years, said the executive.
Sources say hydropower has the advantage of offering stable power during peak hours at cheaper rates, as currently many procurers are purchasing power for peak hours at exorbitant rates. Hydropower projects can almost instantly ramp up to meet peak load requirements as these have ability to quick-start in a matter of minutes as compared to 30 minutes or more for other sources.
At present large hydropower (above 25MW) accounts for only 14 per cent of the total installed power capacity in India, which was about 46 per cent in the year 1966.
Various estimates say over 12,000 MW of hydro power is under construction, of which nearly 4200 MW is in the private sector. In the private sector, nearly 2700 MW are stranded projects. While geology, hydrology and topography issues are some of the leading reasons for slippage of hydro projects, delays in clearance, local issues and law and order problems have also resulted in significant delays in project commissioning in states like Himachal Pradesh, Uttarkhand, Jammu and Kashmir and North Eastern states.
Declaring all hydropower irrespective of size as renewable power and mandating hydropower purchase obligation within currently mandated non-solar renewable purchase obligations (RPOs) are some of the policy changes the sector expects from the government. Interest subsidy during construction with a maximum of seven years and three years post commissioning date to all hydro projects above 25 MW, creation of a Hydro Power Development Fund (HPDF), easy lending norms are some of the other major recommendations to revive the sector.
Sources say hydro power became less attractive following the focus shifted to solar and wind energy. With prices crashing for solar and wind energy, various electricity boards were reluctant to enter into power purchase agreements with hydro developers. At present on average a MW of hydro power installation costs nearly Rs 10 crore, which is less than half of that in the case of solar or wind energy.
Most hydropower projects lack adequate power evacuation infrastructure as they are usually located in remote areas and development of associated infrastructure such as roads and bridges for improving accessibility to project site increases the cost of project development, affecting the financial viability of the project.
There will be renewed interest from the private sector to invest in hydro power if the modified hydro power policy, which suggests making hydro power more affordable and competitive, comes into effect, say experts in the sector. The government is also planning to set up a Hydro Power Development Fund (HPDF) to give capital support in the form of interest subvention as banks at the moment are reluctant to fund large hydro projects.
At present the private sector accounts for only 3,200 MW of the total installed hydropower capacity of around 45,000 MW. Of this, Sajjan Jindal-led JSW Energy alone accounts for 1,300 MW, which it had acquired from Jaiprakash Power Ventures for Rs 9,700 crore in FY16.
"We are looking to acquire stressed hydro projects, along with reviving our green-field 240-megawatt (MW) Kuther hydro power project in Himachal Pradesh which we started in 2007," says Sharad Mahendra, chief operating officer (energy business), JSW Energy.
He said the company is close to signing power purchase agreement (PPA) for the project. JSW Energy participated in the bids invited by the Haryana government for long-term PPA for 500 MW of hydro projects. So far JSW Energy has invested close to Rs 250 crore in the project, which will cost about Rs 2500 crore and can be completed in four years, said the executive.
Sources say hydropower has the advantage of offering stable power during peak hours at cheaper rates, as currently many procurers are purchasing power for peak hours at exorbitant rates. Hydropower projects can almost instantly ramp up to meet peak load requirements as these have ability to quick-start in a matter of minutes as compared to 30 minutes or more for other sources.
At present large hydropower (above 25MW) accounts for only 14 per cent of the total installed power capacity in India, which was about 46 per cent in the year 1966.
Various estimates say over 12,000 MW of hydro power is under construction, of which nearly 4200 MW is in the private sector. In the private sector, nearly 2700 MW are stranded projects. While geology, hydrology and topography issues are some of the leading reasons for slippage of hydro projects, delays in clearance, local issues and law and order problems have also resulted in significant delays in project commissioning in states like Himachal Pradesh, Uttarkhand, Jammu and Kashmir and North Eastern states.
Declaring all hydropower irrespective of size as renewable power and mandating hydropower purchase obligation within currently mandated non-solar renewable purchase obligations (RPOs) are some of the policy changes the sector expects from the government. Interest subsidy during construction with a maximum of seven years and three years post commissioning date to all hydro projects above 25 MW, creation of a Hydro Power Development Fund (HPDF), easy lending norms are some of the other major recommendations to revive the sector.
Sources say hydro power became less attractive following the focus shifted to solar and wind energy. With prices crashing for solar and wind energy, various electricity boards were reluctant to enter into power purchase agreements with hydro developers. At present on average a MW of hydro power installation costs nearly Rs 10 crore, which is less than half of that in the case of solar or wind energy.
Most hydropower projects lack adequate power evacuation infrastructure as they are usually located in remote areas and development of associated infrastructure such as roads and bridges for improving accessibility to project site increases the cost of project development, affecting the financial viability of the project.
HUL Q2 results: FMCG major posts 20% hike in net profit at Rs 1,525 crore
-
Indian FMCG major Hindustan Unilever saw its net profit increase to Rs 1,525 crore in the September quarter. This amounts to a 19.5 per cent year-on-year increase in comparison to the profit of Rs 1,276 crore reported for the corresponding quarter last fiscal.
HUL's revenue during the September quarter grew by 11.1 per cent to Rs 9,234 crore. Company's EBITDA for the quarter under consideration grew by 20 per cent to Rs 2,019 crore. EBITDA margin improved to21.9 per cent, an increase of 160 bps in comparison to the Q2FY18.
Domestic Consumer Growth was 12 per cent with Underlying Volume Growth at 10 per cent, whereas profit after tax at Rs 1,522 crore grew by 23 per cent, HUL said in a regulatory filing.
"We have delivered another strong performance in the quarter and also for the half year. Our focus on strengthening the core, leading market development and driving excellence in execution has enabled us to deliver competitive and profitable growth," said Sanjeev Mehta, Chairman and Managing Director, HUL.
"In the near term, we expect demand to be stable. Our strength of agility and responsiveness gives us confidence to navigate the headwinds arising from crude inflation and currency depreciation. Our strategic agenda remains one of delivering Consistent, Competitive, Profitable and Responsible growth," he further added.
Following the financial results for the September quarter, the HUL Board of Directors also announced an interim dividend of Rs 9 per share for the year ending March 31, 2019. The record date for the interim dividend has been fixed as October 26, 2018 and the dividend will be paid to shareholders on November 1, 2018.
The HUL board also appointed Leo Puri as an Independent Director. The appointment will be effective from October 12, 2018. Puri, until recently, was the Managing Director of UTI Asset Management Company. He has also previously served as an Independent Director in companies including Max New York Life Insurance Company, Infosys, Bennett Coleman & Co.
HUL's revenue during the September quarter grew by 11.1 per cent to Rs 9,234 crore. Company's EBITDA for the quarter under consideration grew by 20 per cent to Rs 2,019 crore. EBITDA margin improved to21.9 per cent, an increase of 160 bps in comparison to the Q2FY18.
Domestic Consumer Growth was 12 per cent with Underlying Volume Growth at 10 per cent, whereas profit after tax at Rs 1,522 crore grew by 23 per cent, HUL said in a regulatory filing.
"We have delivered another strong performance in the quarter and also for the half year. Our focus on strengthening the core, leading market development and driving excellence in execution has enabled us to deliver competitive and profitable growth," said Sanjeev Mehta, Chairman and Managing Director, HUL.
"In the near term, we expect demand to be stable. Our strength of agility and responsiveness gives us confidence to navigate the headwinds arising from crude inflation and currency depreciation. Our strategic agenda remains one of delivering Consistent, Competitive, Profitable and Responsible growth," he further added.
Following the financial results for the September quarter, the HUL Board of Directors also announced an interim dividend of Rs 9 per share for the year ending March 31, 2019. The record date for the interim dividend has been fixed as October 26, 2018 and the dividend will be paid to shareholders on November 1, 2018.
The HUL board also appointed Leo Puri as an Independent Director. The appointment will be effective from October 12, 2018. Puri, until recently, was the Managing Director of UTI Asset Management Company. He has also previously served as an Independent Director in companies including Max New York Life Insurance Company, Infosys, Bennett Coleman & Co.
SEBI exempts Bandhan Bank from 1 year lock-in on promoter shares
-
Private sector lender Bandhan Bank said on Friday it has got exemption from the market regulator, SEBI, on one year lock-in period for selling shares by promoters.
Last month, the Reserve Bank of India (RBI) restrained the lender from opening new branches and also freezed remuneration of its CEO Shekhar Ghosh for not meeting the licensing conditions.
The RBI's restriction came as the bank was not able to bring down the shareholding of its non-operative financial holding company (NOFHC), Bandhan Financial Holdings (BFHL), to 40 per cent, from the current level of 82 per cent.
In a filing to exchanges Friday, it said "the Bank has received an exemption from the SEBI with respect to lock-in of one year on the equity shares held by the promoter and eligibility condition of one year from listing".
The bank came out with an IPO in March of 2018, whereby all existing shareholders, including BFHL were under lock-in for a period of one year till March 2019 as per SEBI regulations.
Micro finance institution Bandhan was given conditional approval by the RBI for setting up universal bank in April 2014. The bank became operational in 2015.
Ghosh said the bank is committed to maintain the regulatory compliance and is in talks with the apex bank on the plans to reduce the shareholding.
"The three options available to us are offer for sale (OFS), where the NOFHC dilutes, do a merger and acquisition, and depending upon business requirement, we can look at primary or secondary fund raising. We are evaluating these options," Ghosh said.
In the quarter ended September 30, 2018, the bank reported a 47.4 per cent growth in its net profit at Rs 488 crore in the quarter ended September, aided by higher growth in interest income.
It's profit after tax stood at Rs 331 crore in the same quarter last year.
Last month, the Reserve Bank of India (RBI) restrained the lender from opening new branches and also freezed remuneration of its CEO Shekhar Ghosh for not meeting the licensing conditions.
The RBI's restriction came as the bank was not able to bring down the shareholding of its non-operative financial holding company (NOFHC), Bandhan Financial Holdings (BFHL), to 40 per cent, from the current level of 82 per cent.
In a filing to exchanges Friday, it said "the Bank has received an exemption from the SEBI with respect to lock-in of one year on the equity shares held by the promoter and eligibility condition of one year from listing".
The bank came out with an IPO in March of 2018, whereby all existing shareholders, including BFHL were under lock-in for a period of one year till March 2019 as per SEBI regulations.
Micro finance institution Bandhan was given conditional approval by the RBI for setting up universal bank in April 2014. The bank became operational in 2015.
Ghosh said the bank is committed to maintain the regulatory compliance and is in talks with the apex bank on the plans to reduce the shareholding.
"The three options available to us are offer for sale (OFS), where the NOFHC dilutes, do a merger and acquisition, and depending upon business requirement, we can look at primary or secondary fund raising. We are evaluating these options," Ghosh said.
In the quarter ended September 30, 2018, the bank reported a 47.4 per cent growth in its net profit at Rs 488 crore in the quarter ended September, aided by higher growth in interest income.
It's profit after tax stood at Rs 331 crore in the same quarter last year.
Sensex logs biggest single-day gain in 19 months, Nifty tops 10,450 level
-
The Sensex posted its biggest single-day gain in 19 months, soaring over 700 points, as global markets rebounded after two straight sessions of losses. A fall in brent crude prices and the recovery in rupee also improved setiment for equities, brokers said. The rupee strengthened 53 paise to 73.59 (intra-day) against the US dollar in the forex market.
Crude oil prices fell to $80.24 per barrel in international markets, making imports cheaper for India which meets 81 percent of its oil needs via imports. The economy is the third-largest importer of crude after US and China.
Both Sensex and Nifty ended the week higher for the first time in six weeks. During the period, the Sensex climbed 366.59 points and Nifty rose 156.05 points. While the Sensex closed 732.43 points or 2.15 per cent higher at 34,733.58, the Nifty gained 2.32% or 237 points to 10,472 level.
The Sensex posted its biggest single-day gain since March 2017. "Markets continue to be hanging around with a downward bias. There are corrections, but not a change in direction...
Doesn't look like local factors have an impact now, next week will depend on global action and results," said Jayant Manglik, president-retail distribution at Religare Broking.
Top Sensex gainers were Maruti (5.89%), M&M (5.29%) and Kotak Bank (4.87%). Top Sensex losers was TCS (3.10%). Of 30 Sensex stocks, 29 closed higher. Market breadth was positive with 2043 stocks closing higher against 628 stocks falling on the BSE.
BSE midcap and small cap indices rose 2.42% and 2.60% to 14,286 and 14,159 level. Auto and banking stocks led the gains with BSE auto index rising 4.01% or 787 points to 20,419 level. The BSE bankex too gained 2.44% to 28,429 level. The BSE IT index closed 114 points lower after rupee rose to 73 level and erased losses for this week.
Bear operators, who had been creating short-positions in the past several sessions, were seen covering up positions, brokers said. "The whiplash in equities this week continued as market rallied strongly, driven by a good start to earnings season by IT bellwether TCS, a drop in crude oil prices, a drop in gilt bond yields and a strengthening currency,"
said Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management.
"Market has been deeply oversold, and investors were additionally buoyed by news that inflows into equity... Foreign investor (FI) selling was offset by domestic buyers," he added.
Shares of oil marketing companies such as HPCL, BPCL and IOC remained strong, rising up to 5.36 per cent on falling global crude oil prices. Aviation stocks including InterGlobe, Jet Airways and SpiceJet also rose up to 6.03 per cent, supported by easing crude prices.
Besides positive factors such as falling crude oil prices and recovery in the rupee, rebound in other Asian markets and European bourses after two sessions of heavy losses, also boosted trading sentiment here, they said.
Global markets
France's CAC 40 was up 0.6 percent to 5,139 while the DAX in Germany added 0.5 percent to 11,602. Britain's FTSE 100 was 0.8 percent higher at 7,063.
Japan's Nikkei 225 index gained 0.5 percent to 22,694.66 after sinking early in the day and following a nearly 4 percent loss on Thursday. Australia's S&P ASX 200 rose 0.2 percent to 5,895.70. Hong Kong's Hang Seng surged 2.1 percent to 25,801.49. The Shanghai Composite index advanced 0.9 percent to 2,606.91. Shares recovered in Taiwan and rose throughout Southeast Asia.
Crude oil prices fell to $80.24 per barrel in international markets, making imports cheaper for India which meets 81 percent of its oil needs via imports. The economy is the third-largest importer of crude after US and China.
Both Sensex and Nifty ended the week higher for the first time in six weeks. During the period, the Sensex climbed 366.59 points and Nifty rose 156.05 points. While the Sensex closed 732.43 points or 2.15 per cent higher at 34,733.58, the Nifty gained 2.32% or 237 points to 10,472 level.
The Sensex posted its biggest single-day gain since March 2017. "Markets continue to be hanging around with a downward bias. There are corrections, but not a change in direction...
Doesn't look like local factors have an impact now, next week will depend on global action and results," said Jayant Manglik, president-retail distribution at Religare Broking.
Top Sensex gainers were Maruti (5.89%), M&M (5.29%) and Kotak Bank (4.87%). Top Sensex losers was TCS (3.10%). Of 30 Sensex stocks, 29 closed higher. Market breadth was positive with 2043 stocks closing higher against 628 stocks falling on the BSE.
BSE midcap and small cap indices rose 2.42% and 2.60% to 14,286 and 14,159 level. Auto and banking stocks led the gains with BSE auto index rising 4.01% or 787 points to 20,419 level. The BSE bankex too gained 2.44% to 28,429 level. The BSE IT index closed 114 points lower after rupee rose to 73 level and erased losses for this week.
Bear operators, who had been creating short-positions in the past several sessions, were seen covering up positions, brokers said. "The whiplash in equities this week continued as market rallied strongly, driven by a good start to earnings season by IT bellwether TCS, a drop in crude oil prices, a drop in gilt bond yields and a strengthening currency,"
said Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management.
"Market has been deeply oversold, and investors were additionally buoyed by news that inflows into equity... Foreign investor (FI) selling was offset by domestic buyers," he added.
Shares of oil marketing companies such as HPCL, BPCL and IOC remained strong, rising up to 5.36 per cent on falling global crude oil prices. Aviation stocks including InterGlobe, Jet Airways and SpiceJet also rose up to 6.03 per cent, supported by easing crude prices.
Besides positive factors such as falling crude oil prices and recovery in the rupee, rebound in other Asian markets and European bourses after two sessions of heavy losses, also boosted trading sentiment here, they said.
Global markets
France's CAC 40 was up 0.6 percent to 5,139 while the DAX in Germany added 0.5 percent to 11,602. Britain's FTSE 100 was 0.8 percent higher at 7,063.
Japan's Nikkei 225 index gained 0.5 percent to 22,694.66 after sinking early in the day and following a nearly 4 percent loss on Thursday. Australia's S&P ASX 200 rose 0.2 percent to 5,895.70. Hong Kong's Hang Seng surged 2.1 percent to 25,801.49. The Shanghai Composite index advanced 0.9 percent to 2,606.91. Shares recovered in Taiwan and rose throughout Southeast Asia.
Dassault CEO says Reliance will meet 10% of offset obligations for Rafale deal
-
Highlighting that Anil Ambani-led Reliance Group is one of the 100 Indian companies chosen for partnership as part of offset investments under the Rafale deal, Dassault Aviation CEO Eric Trappier said the joint venture with Reliance represents around 10 per cent of the total offset investments.
In an interview to AFP, Trappier said, "We are in negotiations with about a hundred Indian companies and partnerships have already been concluded with about thirty of them."
When asked why Dassault chose Reliance over HAL, Trappier said, "Dassault Aviation decided to establish a long-term presence in India through DRAL, a joint enterprise in which governance is provided by an Indian Chief Executive Officer and a French Chief Operating Officer. Dassault Aviation therefore exercises technical and industrial control over the operations, applying its standards and its flexibility. This JV will produce parts for the Falcon 2000 and Rafale. The choice of the Nagpur site, in central India, was dictated by the availability of land with direct access to an airport runway."
Responding to the reports in French media that claimed Dassault's joint venture with its Anil Ambani-led Reliance Group was a 'counterpart' to win the contract for 36 fighter jets, Trappier said, "To clarify matters, what is called 'offset' in English is usually translated into French as 'compensation' or 'contrepartie'."
"Signing an offset contract is a requirement of Indian law (Defence Procurement Procedure). The implementation of offsets is an obligation and, under the Indian regulation, the choice of the partners belongs to us," he added.
Defence Minister Nirmala Sitharaman, who is currently in Paris, also claimed that the government had no idea that Dassault Aviation would team up with Reliance Group.
Dassault Aviation had earlier said that it has freely chosen to make a partnership with India's Reliance Group as part of offsets in India. The aircraft-maker said partnerships have also been signed with other companies such as BTSL, DEFSYS, Kinetic, Mahindra, Maini, SAMTEL and negotiations are still going on with a hundred-odd other potential partners.
Dassault Aviation has committed to offsets in India worth 50 per cent of the value of the purchase of Rafale jets.
Dassault Reliance Aerospace Ltd (DRAL), a joint venture of Anil Ambani-led Reliance and Dassault, was created February 10, 2017. DRAL plant in Nagpur will manufacture parts for Falcon 2000 business jets and, in a second step, parts for Rafale aircraft. The first Falcon 2000 parts will be delivered by end 2018.
In an interview to AFP, Trappier said, "We are in negotiations with about a hundred Indian companies and partnerships have already been concluded with about thirty of them."
When asked why Dassault chose Reliance over HAL, Trappier said, "Dassault Aviation decided to establish a long-term presence in India through DRAL, a joint enterprise in which governance is provided by an Indian Chief Executive Officer and a French Chief Operating Officer. Dassault Aviation therefore exercises technical and industrial control over the operations, applying its standards and its flexibility. This JV will produce parts for the Falcon 2000 and Rafale. The choice of the Nagpur site, in central India, was dictated by the availability of land with direct access to an airport runway."
Responding to the reports in French media that claimed Dassault's joint venture with its Anil Ambani-led Reliance Group was a 'counterpart' to win the contract for 36 fighter jets, Trappier said, "To clarify matters, what is called 'offset' in English is usually translated into French as 'compensation' or 'contrepartie'."
"Signing an offset contract is a requirement of Indian law (Defence Procurement Procedure). The implementation of offsets is an obligation and, under the Indian regulation, the choice of the partners belongs to us," he added.
Defence Minister Nirmala Sitharaman, who is currently in Paris, also claimed that the government had no idea that Dassault Aviation would team up with Reliance Group.
Dassault Aviation had earlier said that it has freely chosen to make a partnership with India's Reliance Group as part of offsets in India. The aircraft-maker said partnerships have also been signed with other companies such as BTSL, DEFSYS, Kinetic, Mahindra, Maini, SAMTEL and negotiations are still going on with a hundred-odd other potential partners.
Dassault Aviation has committed to offsets in India worth 50 per cent of the value of the purchase of Rafale jets.
Dassault Reliance Aerospace Ltd (DRAL), a joint venture of Anil Ambani-led Reliance and Dassault, was created February 10, 2017. DRAL plant in Nagpur will manufacture parts for Falcon 2000 business jets and, in a second step, parts for Rafale aircraft. The first Falcon 2000 parts will be delivered by end 2018.
General Awareness
Global Hunger Index
-
What to study?
For Prelims: GHI- key facts, Performance of India and other countries.
For Mains: GHI- findings on India, concerns and challenges, remedies.
Context: The 2018 Global Hunger Index report has been released. The report is a peer-reviewed publication released annually by Welthungerhilfe and Concern Worldwide.
The GHI scores are based on a formula that captures three dimensions of hunger—insufficient caloric intake, child undernutrition, and child mortality—using four component indicators:
UNDERNOURISHMENT: the share of the population that is under-nourished, reflecting insufficient caloric intake
CHILD WASTING: the share of children under the age of five who are wasted (low weight-for-height), reflecting acute undernutrition.
CHILD STUNTING: the share of children under the age of five who are stunted (low height-for-age), reflecting chronic undernutrition.
CHILD MORTALITY: the mortality rate of children under the age of five.
Performance of India:
India has been ranked at 103 out of 119 countries in the Global Hunger Index 2018, with hunger levels in the country categorized as “serious”.
At least one in five Indian children under the age of five is wasted. The only country with a higher prevalence of child wasting is the war-torn nation of South Sudan.
India’s ranking has dropped three places from last year, although the Index says its results are not accurately comparable from year to year and instead provides a few reference years for comparable data.
India has shown improvement in three of the indicators over the comparable reference years. The percentage of undernourished people in the population has dropped from 18.2% in 2000 to 14.8% in 2018. The child mortality rate has halved from 9.2% to 4.3%, while child stunting has dropped from 54.2% to 38.4% over the same period.
Concerns:
The report terms hunger and forced migration for the severity worldwide.
Globally, the level of hunger still falls into the “serious” category, despite improvement over the last two decades.
The Index projects that at the current rate of progress, 50 countries will fail to reach the “low” hunger category by 2030.
This puts the UN’s Sustainable Development Goal 2, which aims to end hunger by 2030, in jeopardy.
Way ahead:
Child wasting is high across South Asia, constituting a “critical public health emergency”. Wasting rates are highest for infants aged 0 to 5 months. Therefore, attention to birth outcomes and breastfeeding is important. Also, child wasting in the region is associated with a low maternal body mass index. Hence, there is need for a focus on the nutritional status of the mother during pregnancy.
Factors that could reduce child stunting in South Asia include increased consumption of non-staple foods, access to sanitation, women’s education, access to safe water, gender equality, and national food availability.
What to study?
For Prelims: GHI- key facts, Performance of India and other countries.
For Mains: GHI- findings on India, concerns and challenges, remedies.
Context: The 2018 Global Hunger Index report has been released. The report is a peer-reviewed publication released annually by Welthungerhilfe and Concern Worldwide.
The GHI scores are based on a formula that captures three dimensions of hunger—insufficient caloric intake, child undernutrition, and child mortality—using four component indicators:
UNDERNOURISHMENT: the share of the population that is under-nourished, reflecting insufficient caloric intake
CHILD WASTING: the share of children under the age of five who are wasted (low weight-for-height), reflecting acute undernutrition.
CHILD STUNTING: the share of children under the age of five who are stunted (low height-for-age), reflecting chronic undernutrition.
CHILD MORTALITY: the mortality rate of children under the age of five.
Performance of India:
India has been ranked at 103 out of 119 countries in the Global Hunger Index 2018, with hunger levels in the country categorized as “serious”.
At least one in five Indian children under the age of five is wasted. The only country with a higher prevalence of child wasting is the war-torn nation of South Sudan.
India’s ranking has dropped three places from last year, although the Index says its results are not accurately comparable from year to year and instead provides a few reference years for comparable data.
India has shown improvement in three of the indicators over the comparable reference years. The percentage of undernourished people in the population has dropped from 18.2% in 2000 to 14.8% in 2018. The child mortality rate has halved from 9.2% to 4.3%, while child stunting has dropped from 54.2% to 38.4% over the same period.
Concerns:
The report terms hunger and forced migration for the severity worldwide.
Globally, the level of hunger still falls into the “serious” category, despite improvement over the last two decades.
The Index projects that at the current rate of progress, 50 countries will fail to reach the “low” hunger category by 2030.
This puts the UN’s Sustainable Development Goal 2, which aims to end hunger by 2030, in jeopardy.
Way ahead:
Child wasting is high across South Asia, constituting a “critical public health emergency”. Wasting rates are highest for infants aged 0 to 5 months. Therefore, attention to birth outcomes and breastfeeding is important. Also, child wasting in the region is associated with a low maternal body mass index. Hence, there is need for a focus on the nutritional status of the mother during pregnancy.
Factors that could reduce child stunting in South Asia include increased consumption of non-staple foods, access to sanitation, women’s education, access to safe water, gender equality, and national food availability.
For Prelims: GHI- key facts, Performance of India and other countries.
For Mains: GHI- findings on India, concerns and challenges, remedies.
Context: The 2018 Global Hunger Index report has been released. The report is a peer-reviewed publication released annually by Welthungerhilfe and Concern Worldwide.
The GHI scores are based on a formula that captures three dimensions of hunger—insufficient caloric intake, child undernutrition, and child mortality—using four component indicators:
UNDERNOURISHMENT: the share of the population that is under-nourished, reflecting insufficient caloric intake
CHILD WASTING: the share of children under the age of five who are wasted (low weight-for-height), reflecting acute undernutrition.
CHILD STUNTING: the share of children under the age of five who are stunted (low height-for-age), reflecting chronic undernutrition.
CHILD MORTALITY: the mortality rate of children under the age of five.
Performance of India:
India has been ranked at 103 out of 119 countries in the Global Hunger Index 2018, with hunger levels in the country categorized as “serious”.
At least one in five Indian children under the age of five is wasted. The only country with a higher prevalence of child wasting is the war-torn nation of South Sudan.
India’s ranking has dropped three places from last year, although the Index says its results are not accurately comparable from year to year and instead provides a few reference years for comparable data.
India has shown improvement in three of the indicators over the comparable reference years. The percentage of undernourished people in the population has dropped from 18.2% in 2000 to 14.8% in 2018. The child mortality rate has halved from 9.2% to 4.3%, while child stunting has dropped from 54.2% to 38.4% over the same period.
Concerns:
The report terms hunger and forced migration for the severity worldwide.
Globally, the level of hunger still falls into the “serious” category, despite improvement over the last two decades.
The Index projects that at the current rate of progress, 50 countries will fail to reach the “low” hunger category by 2030.
This puts the UN’s Sustainable Development Goal 2, which aims to end hunger by 2030, in jeopardy.
Way ahead:
Child wasting is high across South Asia, constituting a “critical public health emergency”. Wasting rates are highest for infants aged 0 to 5 months. Therefore, attention to birth outcomes and breastfeeding is important. Also, child wasting in the region is associated with a low maternal body mass index. Hence, there is need for a focus on the nutritional status of the mother during pregnancy.
Factors that could reduce child stunting in South Asia include increased consumption of non-staple foods, access to sanitation, women’s education, access to safe water, gender equality, and national food availability.
No comments:
Post a Comment