Saturday, November 30, 2019

Govt working on satellite mechanism to monitor forestation, says Javadekar

satellite-based mechanism to monitor areas under green cover and the growth of saplings planted there is being developed by the government, Union Environment Minister Prakash Javadekar said on Saturday.

The Environment minister said some states have made significant achievements in nurturing planted saplings to their full growth.


"We are also making an effort in this direction by developing a mechanism for the minute detailing of the forestation at the (given) geo-coordinates and monitoring of growth of the planted saplings, with the use of satellite.

"Twelve crore saplings were planted in last five years. Data on the growth of these saplings will be available in public domain. We are developing a mechanism of their inspection through satellite," he said.

The Compensatory Afforestation Fund Management and Planning Authority (CAMPA) funds to the tune of Rs 47,000 crore will be utilised for greening India, he said after a meeting with the forest ministers and officials of various states.

The minister said "very positive discussions" on issues like the use of CAMPA fund for forestation, water conservation, fodder augmentation and moisture management in the forests, besides the eradication of Lantana weed were held in the meeting.

"There were very positive discussions on how to utilise CAMPA fund more effectively and create more green cover with water and fodder augmentation and moisture management in forest areas so as to avoid human-animal conflict and improve the quality of forest," he said.

In August this year, the Environment minister handed over Rs 47,436 crore of CAMPA funds to various states for the promotion of afforestation and achieving green objective of the country.

In the wake of under-utilisation of money for compensatory afforestation, the Supreme Court in 2001 had ordered for coming up with CAMPA fund.

In 2009, the Supreme Court permitted release of Rs 1,000 crore every year to the states and Union territories for compensatory afforestation and other activities.

Rajnath, Jaishankar lead first India-Japan 'two-plus-two' dialogue

India and Japan on Saturday held their inaugural foreign and defence ministerial dialogue with an aim to give further momentum to their special strategic partnership, particularly in the maritime domain.

Defence Minister Rajnath Singh and External Affairs Minister S Jaishankar led the Indian delegation while the Japanese side was headed by Foreign Minister Toshimitsu Motegi and Minister of Defence Taro Kono, officials said.


The talks under the new framework are taking place following a decision taken by Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe during the 13th India-Japan annual summit last year.

The two leaders decided to institute the new mechanism for further deepening bilateral security and defence cooperation and bring greater depth to the special strategic and global partnership between the two countries.

In the talks, the two sides exchanged views on the situation in the Indo-Pacific region and resolved to work for achieving shared objective of peace, prosperity and progress in the region.

The meeting also deliberated on various key facets of Indo-Japan defence and security cooperation.

Rajya Sabha reports 89% productivity in first half of winter session


Despite protests on several issues by opposition members in Rajya Sabha, the upper house of Parliament has reported 89 per cent productivity in the first half of the ongoing winter session.

Of the total available time of more than 55 hours, the House availed more than 49 hours, the Rajya Sabha secretariat said in a statement on Saturday.


While a little more than 8 hours were lost on account of disruptions, members made up for the lost time by sitting for two and a half hours extra resulting in a net total loss of 5 hours and 51 minutes during the first half of this session, it said.

Three Bills including the Jalianwala Bagh National Memorial (Amendment) Bill were passed during the first half of the winter session.

During the second week of the winter session, Rajya Sabha passed two Bills, The Transgender (Protection of Rights) Bill and The Chit Funds (Amendment) Bill. Discussion on the Bill seeking to replace the Ordinance banning e-cigarettes remained inconclusive, the secretariat said.

"At the end of the first half of the ongoing winter session, Rajya Sabha has reported productivity of 89 per cent for the first two weeks combined," it said.

The upper house is likely to take up next week the Special Protection Group (Amendment) Bill, the Dadra and Nagar Haveli and Daman and Diu Merger Bill and the National Capital Territory of Delhi (Recognition of Property Rights of Residents in Unauthorised Colonies Bill. All these bills have been passed by the Lok Sabha.

Members of Rajya Sabha also made a record 51 zero hour submissions and 30 special mentions on various issues of public importance.

All the admitted Zero Hour and Special Mentions were made on the last working day of the week with the members complimenting Chairman M Venkaiah Naidu for the same.

During the second week of the ongoing winter session, the Rajya Sabha recorded productivity of 84 per cent.

During the second week, members of the upper house availed a total of 22 hours and 15 minutes transacting business of different kinds, the RS secretariat said.

Of the scheduled available time of 26 hours and 29 minutes, it said 5 hours and 45 minutes were lost on the first working day of the second week to disruptions in the House due to the political developments in Maharashtra. The members however, made up 1.31 hours by sitting beyond the scheduled time.

During the week, all listed 15 starred questions were orally answered twice, setting up a new record. Of the total 60 starred questions listed for four working days, a total of 43 accounting for 71.66 per cent of the total were orally answered.

The Question Hour on the first day of the second week could not be taken up as the House had to be adjourned by the Chairman with the opposition insisting on a discussion on the Maharashtra Governor's actions even as Chairman Naidu gave a detailed ruling on Rules and earlier rulings of the Chair not permitting the same.

The Question Hour was not scheduled on the second day of the week on account of a Joint Sitting of Members of both Houses to commemorate the 70th anniversary of adoption of the Constitution of India.

The House also discussed the economic situation in the country for four and a half hours, though, as per Rules only two and a half hour discussion is allowed under the instrument of Short Duration Discussion.

Keeping in view the importance of the issue and request of opposition leaders for more time, Chairman Naidu allowed more time.

In a meeting of leaders, Naidu complimented the spirited discussion and the reply by the Finance Minister even as he urged the opposition not to disturb any Minister during the reply.

The House also took up the Pegasus spyware issue under Calling Attention Notice.

With growth this bad, India will need more than rate cuts to help economy

With India's growth tumbling to 4.5% from 8.1% in little more than a year, you’d be surprised to know that Shaktikanta Das has one of the easiest jobs in central banking. He just has to keep doing what he's been doing since becoming governor of the Reserve Bank of India last December: cut interest rates.Fortunately, political will is on his side.

That’s an enviable state of affairs for a central banker these days. Just look at Federal Reserve Chairman Jerome Powell, who has become a constant target of President Donald Trump’s Twitter tirades. It’s also face-saving for Das that politics and economics are pointing in the same direction. He took up this post under a cloud of question marks about the RBI’s independence. Das’s immediate predecessor, Urjit Patel, quit abruptly almost a year ago, just as the government was ratcheting up pressure for the institution to hand over some of its reserves to free up fiscal spending.

ALSO READ: Q2FY20 investment growth at 19-quarter low despite govt's stimulus measures

The troubling state of Asia's third-largest economy makes Das's task uncomplicated. The pace of growth is slowing dramatically; government numbers Friday showed India’s expansion slipped in the third quarter to its weakest clip since 2013. Many big economies have been stalling, but it’s hard to think of another where growth has come down to earth this quickly. Expectations have diminished so radically that even a slowdown of this magnitude was in line with economists’ projections.

Falling toward earth

For Das to even contemplate taking his foot off the monetary pedal now would be a mistake. He should look past the recent uptick in inflation last month, largely attributed to vegetables such as onions, a staple of Indian cooking. Those price gains helped push the measure beyond the RBI's 4% medium-term target. More important is the slide in core inflation, which strips out volatile commodity prices. This points to a demand problem in the economy, as my Bloomberg Opinion colleague Andy Mukherjee wrote here.


Chart
Das says policymakers will keep cutting rates until growth revives. The five reductions he’s overseen haven’t given the economy back its groove; so the mission is clear going into next week’s meeting, when the central bank is expected to cut again. His global peers may have done well to adopt the same approach. It's clear from the Fed’s retreat that the hikes in 2018 went too far in the face of anemic inflation. The European Central Bank had barely curtailed quantitative easing before it had to start all over again.

Lest Das be tempted to sail through, there's the iceberg of India’s banking industry to consider, which is saddled with one of the world's most dangerous loads of bad debt. The trouble is, about 60% of the financial system is controlled by state-run banks that report to the government, so Das’s ability to influence them is constrained. At some point he may well have to challenge entrenched political interests.

ALSO READ: Oppn slams govt over slowdown, Manmohan says 'precarious state of economy'

The other hurdle is that India’s broken financial system hinders the ability of rate cuts to flow through the economy. Shadow banking, a big source of weakness, was also a major source of lending. That spigot appears to have largely dried up.

I wrote in February that Das was lucky: Economic need trumped the political circumstances surrounding his first rate cut. But luck doesn’t last forever. It wasn’t too long ago that economic aspirations for India echoed China’s. Now this young country of 1.4 billion people is looking more like Indonesia, Malaysia or the Philippines — that is, just another middling emerging market. At this rate, Das will need more than rate cuts and a good reputation to fix things.

Sep quarter growth was on the expected lines, Q3 to be worse: Chidambaram


Senior Congress leader P Chidambaram on Saturday said the lower GDP growth rate of 4.5 per cent was as predicted but warned that third quarter will be worse.

India's economic growth slipped further to hit an over-six-year low of 4.5 per cent in the July-September quarter, according to official data released on Friday.


"As predicted widely, GDP growth in Q2 has come lower at 4.5 per cent. Yet the Government says 'All is well'. Q3 will not be more than 4.5 per cent and in all likelihood will be worse," Chidambaram said in a tweet posted by his family on his behalf.

The former finance minister, who is lodged in jail in cases of corruption and money laundering, also urged the people of Jharkhand, where polling is underway, to vote against the BJP to record their rejection of its policies.

"People of Jharkhand must vote against the BJP and record their rejection of BJP's policies and model of governance. They have the first opportunity to do so," he tweeted.

New twist in Singur tale, panel to soon decide on arbitration in dispute

A new chapter is set to unfold in the ten-year-old Tata Motors-Singur saga.

A three-member arbitral panel will deliver its decision on whether or not to start arbitration proceedings in the dispute surrounding the acquisition of land in Singur shortly.


At the heart of the dispute is Tata Motors' claim for compensation of the losses incurred in Singur - the location of the Nano project - from which it pulled out in 2008, following a Mamata Banerjee-led agitation by locals against the acquisition of land.

The statement of claims filed by the company has put the figure at nearly Rs 934 crore with interest.

A Tata Motors spokesperson said, "We cannot comment on this as the matter is sub judice."

Tata Motors started seeking compensation for its losses after a Supreme Court verdict that set aside the acquisition of 997 acres by the Left Front-led West Bengal government in 2006 to help it set up the Nano plant in Singur. That was August 31, 2016.

The apex court directed the state government to take possession of the land and re-distribute it to the owners.

Thereafter, Tata Motors wrote to WBIDC for reimbursement of its losses. WBIDC rejected the claim on grounds that the arbitration clause had perished with the lease deed, as the Supreme Court had struck down the land acquisition for the project.

Tata Motors had invested nearly Rs 1,800 crore in establishing the plant which was almost ready to roll out cars. However, the project relocated to Sanand in Gujarat and what the company is looking for now, is to recover is the sunk cost and interest.

After WBIDC rejected its claim, Tata Motors invoked the arbitration clause under the Arbitration and Conciliation Act, 1996. Later an application was moved in Calcutta High Court.

Between 2017 and March 2019, issues of maintainability of the arbitration clause and selection of nominees dominated the high court proceedings.

Finally, on March 28, 2019, the Calcutta High Court accepted nominations for respective arbitrators and said that the arbitrators would nominate the third arbitrator in line with the terms of the agreement.

Subsequently, Tata Motors filed a statement of claims amounting to nearly Rs 934 and interest; WBIDC filed counter claims of Rs 267 crore along with pendente lite interest on account of investment made in the land.

WBIDC has also challenged the arbitration clause before the panel under Section 16 of the Arbitration Act, which confers powers on the Arbitral Tribunal to rule on its own jurisdiction.

It is praying for declaration that the Arbitral Tribunal doesn't have the power to adjudicate claims of Tata Motors under the lease deed of 2007. The next date of hearing is on December 2, when an order on Section 16 is expected.

Clauses relating to compensation and arbitration do exist, however, in the termination clauses of the lease deed.

The lease agreement between Tata Motors and West Bengal Industrial Development Corporation (WBIDC) for the Singur land had an arbitration clause that could be invoked if a court or any other authority declared the land acquisition proceedings had not been in accordance with the provisions of the law.

The lessee would then be entitled to compensation for losses incurred, equal to the actual capital expenditure made, mentioned the agreement.

On October 3, 2008, when Tata Motors pulled the plug on manufacturing the Nano out of Bengal, the equipment had already been installed and trial production had begun; 15-20 cars were ready for roll-out.

Adjacent to the main site, 13 vendors had constructed plant buildings, 17 others were at various stages of construction and balance 24 vendors were at various stages of obtaining approvals before commencing construction.

Much water has flown since. From a pullout to a change of government to redistributing the land to land losers following the Supreme Court order, Singur has come a full circle.

The Tata group, however, has continued to expand in West Bengal and is one of the largest private sector investors in the state.

SINGUR TIMELINE

August 2016: Supreme Court sets aside land acquisition for Tata Motors project in Singur

Feb-March 2017: Tata Motors claims compensation from WBIDC; WBIDC rejects claim

April 2017: Tata Motors invokes arbitration clause and nominates A K Ganguly; WBIDC does not appoint nominee; Tata Motors files application under Section 11 of Arbitration and Conciliation Act, 1996 before Calcutta High Court

March 2019: High Court disposes of the matter after Tata Motors agrees to change its nominee from A K Ganguly to Aloke Chakraborti; WBIDC also agrees to nominate Jayanta Kumar Biswas as its nominee

May 2019: Arbitral Tribunal set up; V S Sirpurkar named presiding arbitrator

June 2019: Tata Motors files statement of claims of around Rs 934 crore + interim interest

August 2019 - WBIDC files application under section 16 before Arbitral Tribunal

September 2019: WBIDC files counter claim seeking compensation of Rs 267 crore along with pendente lite interest

Steelmakers fear iron ore supply disruption once leases expire next March

Steel producers are staring at a bleak future in iron ore supplies after the lease tenures of merchant mines lapse on March 31, 2020.

Steel manufacturers, especially those without captive leases, fear supply disruptions in ore for 24 to 36 months following the expiry of non-captive mine leases. Since they depend on merchant supplies, the expiry of the leases would shut off 66 per cent of market supplies of iron ore.


“The supply disruption in iron ore is inevitable as the transition from existing to new lessee is not going to be as easy as anticipated. Besides environment clearance (EC) and forest clearance (FC), the mines need over 20 statutory approvals to continue operations. And, the demand-supply imbalance can further jeopardise the already precarious financial health of many steel companies,” said a steel industry source.

The domestic steel industry is largely dependent on iron ore produced in Odisha, which churns out the largest quantum of the mineral. In the last fiscal, the state produced 114 million tonnes (mt), or more than half the nationwide output of 207 mt. Odisha’s iron ore is strategically important since it primarily feeds the steel and other end-user industries, unlike Karnataka and Goa, where exports have held sway.

Iron ore-rich states have already kicked off the process of online auctions of lapsing iron ore blocks. In Karnataka, four blocks put up for online auctions have elicited favourable responses. Odisha has issued Notices Inviting Tender (NIT) and model tender documents for 20 iron ore and manganese leases. It has also notified nine virgin or freehold iron ore blocks. For the first lot of 10 iron ore blocks, the state has received 176 bids from over 60 companies.

But iron ore prices and supply balance will hinge on how swiftly these mines recommence production after expiry of their lease tenures. While the government believes the change in ownership will be seamless and swift as the new leaseholders can carry on with both EC and FC, extended by two years, the steel industry has contested this claim. Steel producers believe mere extension of EC and FC is not the right remedy as mines need an array of clearances beyond EC and FC to stay operative.

Leading industry bodies such as the Indian Steel Association, Federation of Indian Chambers of Commerce & Industry (Ficci), Associated Chambers of Commerce & Industry (Assocham) and Confederation of Indian Industry (CII) are learnt to have made representation to the Prime Minister’s Office to amend the Mines and Minerals- Development & Regulation (MMDR) Act to avert supply disruptions in iron ore.

According to a report by Acuite Research & Ratings, India’s steel sector, particularly sponge iron and secondary steel producers, may face a short-term disruption in their iron ore supplies with the leases of 232 merchant iron ore mines due to expire by March 2020. The expected impact is estimated at 25-30 per cent of the aggregate domestic iron ore supply in H1 of FY21. This will push up lump ore prices, increase working capital requirements and hit the EBITDA (earnings before interest, taxes, depreciation & amortisation) margins in the steel sector which are already under pressure due to subdued domestic demand.

Maruti's milestone: 20 mn passenger vehicles sold in its 37th year

The country's largest car maker Maruti Suzuki India on Saturday said it has crossed milestone of 20 million passenger vehicle cumulative sales in the Indian market.

The company accomplished this landmark number in less than 37 years of selling its first car on December 14,1983, when it first rolled out the iconic Maruti 800, Maruti Suzuki India (MSI) said in a statement.

The company said while it crossed 10 million vehicle sales in nearly 29 years, the next 10 million passenger vehicles were sold in a record time of 8 years.

Commenting on the milestone, MSI Managing Director & CEO Kenichi Ayukawa said, "We are overwhelmed with this new record. Achieving this milestone is a great accomplishment for Maruti Suzuki, as well as our suppliers and dealer partners".

MSI said it has introduced factory fitted CNG vehicles as well as smart hybrid vehicles, in addition to eight BS6 models rolled out much ahead of the stipulated timelines.

It along with its parent, Suzuki Motor Corporation, plans to introduce a small EV for the Indian market. Currently, it is road testing 50 electric Vehicle prototypes across the country to check their real-life performance in multiple terrains and varied climatic conditions, it added.

Jharkhand Assembly elections: 46.8% voter turnout recorded till 1 pm

Around 46.83 per cent votes were cast till 1 pm on Saturday in the first phase of Jharkhand assembly elections in 13 constituencies, amid sporadic incidents of violence in some districts, officials said.

The voting commenced at 7 am and will end at 3 pm, Election Commission (EC) officials said.


A total of 37,83,055 electorate, including 18,01,356 women and five third-gender voters are eligible to exercise their franchise in the first phase across six districts.

Additional Director General of Police Murari Lal Meena said Naxalites exploded a bomb near a culvert in the forests of Gumla district, but there was no casualty or damage.

"The explosion occurred near the culvert in the forests between Banalat and Biranpur villages under Bishunpur assembly constituency of the district," Meena said.

He, however, said "peaceful" polling is underway in all the 13 constituencies.

Palamau Deputy Commissioner-cum-Returning Officer Shantanu Agrahari said a minor clash broke out between two groups near Kosiyara polling station in Daltonganj assembly constituency.

The agitators broke the window panes of a police vehicle after Congress candidate K N Tripathi allegedly tried to enter the polling booth with arms, he said, adding, the situation was quickly brought under control.

Police has seized a pistol and three cartridges, which were allegedly in Tripathi's possession, Agrahari said.

The EC officials said women and youth were among the early voters in the first of the five-phase elections to the 81-member Jharkhand assembly.

The fate of 189 candidates, including 15 women nominees, will be decided in the first phase of the polling in Chatra, Gumla, Bishunpur, Lohardaga, Manika, Latehar, Panki, Daltonganj, Bishrampur, Chhatarpur, Hussainabad, Garhwa and Bhawanathpur.

The Bhawanathpur constituency has the maximum of 28 contestants, while Chatra has the lowest with nine.

Jharkhand Chief Electoral Officer Vinay Kumar Choubey said a total of 4,892 polling stations have been set up, out of which 1,262 would have webcasting facilities.

Meena said a total of 1,097 polling stations in Naxal-affected areas were marked as hypersensitive and 461 polling stations as sensitive.

Palamau Divisional Commissioner Manoj Kumar Jha said the timing of voting has been fixed between 7 am and 3 pm as several polling stations are in remote areas, and also due to the shorter days in winter.

Key candidates in the fray are Bharatiya Janata Party (BJP) nominee and state Health Minister Ramchandra Chandravanshi from Bishrampur and state Congress president Rameshwar Oraon from the Lohardaga seat.

Oraon is taking on the former state Congress chief Sukhdeo Bhagat after the latter joined the BJP recently.

Former BJP chief whip Radhakrishna Kishore, who was denied ticket from Chhatarpur, is contesting on an All Jharkhand Students Union (AJSU) party ticket from the same seat.

The BJP, which is seeking a second straight win under the leadership of Chief Minister Raghubar Das, is contesting in 12 seats in the first phase while it is supporting Independent candidate Vinod Singh from Hussainabad.

The AJSU party is contesting on its own.

Challenging the BJP is the opposition alliance of the Jharkhand Mukti Morcha (JMM), the Congress and the Rashtriya Janata Dal.

While the Congress is contesting in six seats in the first phase, the JMM is fighting in four and the RJD in three constituencies in the first phase.

The other parties contesting the elections are Babulal Marandi's Jharkhand Vikas Morcha (Prajatantrik), Janata Dal (United) and the Left parties.

The rest of the four phases for the 81-member assembly will be held on December 7, 12, 16 and 20.

Counting is scheduled on December 23.

Black Friday sees sluggish start as more US consumers shop online


The frenzy associated with Black Friday shopping was missing this year as US retailers offered earlier discounts and more consumers shopped online, though spot checks around the country showed traffic picked up after a sluggish morning.

"It's slow now because we had a big, big rush last night," said Target electronics salesman Evan Houser, 22, in Chicago.


Black Friday remains important for holiday shopping but its relevance is fading amid early promotions, with six fewer sales days between Thanksgiving and Christmas.

That has pulled spending forward. More than half of consumers polled by the National Retail Federation (NRF) in the first week of November had begun making purchases.

"We've seen many merchants start their promotions pretty much right after the trick-or-treaters have gone to bed," said Lauren Bitar, head of retail consulting at analytics firm RetailNext.

Visits to retailers showed more shoppers after a sluggish start Friday - but frantic crowds were nowhere to be seen.

"We tend to have more deals in-store so people come in rather than go online ... the only problem today is we didn't expect how slow it would be," said Mariah Berry, 22, a trainee supervisor at a Chicago Uniqlo.

While store traffic still remains an important indicator, a lot of Black Friday shopping now happens online. Adobe Analytics, which measures transactions from 80 of the top 100 US online retailers, estimates $7.5 billion in online sales for Black Friday, up 20.5% year-over-year.

US online sales on Thanksgiving Day jumped 17% to $4.1 billion, according to Salesforce. Global online revenue rose ever faster.

Walmart Inc , Target Corp , Costco Wholesale Corp and Best Buy Co Inc have bulked up their online presence, deliveries and in-store pickups.

Some shoppers worried that tariffs on Chinese imports would make holiday shopping more expensive, though many large retailers have not raised prices to protect margins.

"There were definitely some concerns about prices due to what we see in the news about the trade war, but I haven't seen the impact yet," said Jay Smith, 28, who was shopping for clothes and toys at a Macy's in Pentagon City, Virginia.

To keep foot traffic flowing, retailers at Hudson Yards in New York are offering "doorbuster" deals, said Marie Driscoll, managing director of luxury and fashion at Coresight Research. At Tapestry's Coach, a $300 handbag was $99 until noon.

Other shoppers were skeptical about how good the deals really are.

"I will come to the mall, look at prices and go back and check them online," said Dick Doyle, 76, who was at a Modell's Sporting Goods in Virginia, while his wife was next door at Nordstrom Rack .

London knife attack suspect served prison term for terrorism charge in 2012

A man suspected of stabbing two people to death in a terror attack on London Bridge was a former prisoner convicted in 2012 for terrorism offences, police said on Saturday.

Police identified the man, who was shot dead by officers after the Friday attack, as 28-year-old Usman Khan, saying they were not actively seeking any other suspects in relation to the incident.


"This individual was known to authorities, having been convicted in 2012 for terrorism offences. He was released from prison in December 2018 on licence," Assistant Commissioner Neil Basu said in a statement.

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China brings new rules to root out fake news created with AI, bots

Deaths due to tuberculosis (TB) have reduced by 19 per cent from 5,57,000 in 2010 to 4,49,000 in 2018, Union Health Minister Harsh Vardhan informed the Lok Sabha on Friday.

The government is committed to end TB by 2025, five years ahead of the global Sustainable Development Goals (SDGs) target i.e. 80 per cent reduction in incidence and 90 per cent reduction in mortality (base line 2015), he said.


"As per the latest Global TB report, estimated deaths due to TB HIV in India have reduced by 85 per cent from 63,000 in 2010 to 9,700 in 2018," Vardhan said.

The total number of deaths due to TB, including TB HIV, have reduced by 19 per cent in India from 5,57,000 in 2010 to 4,49,000 in 2018, he said.

According to the report, the estimated number of new TB cases in India was 2.69 million.

The total number of notified TB patients increased by 18 per cent in 2018 (21,55,894) as compared to 2017 (18,27,959), it said.

In 2018, about 59 per cent of TB notified cases were from the productive age group of 15 to 44 years, Vardhan said in a written reply, citing the report.

The main causes for TB in India are poverty, under-nutrition, poorly ventilated living conditions, air pollution and tobacco smoking.

The incidence of TB has reduced from 217 per 100,000 people in 2015 to 199 per 100,000 people in 2018. The mortality has reduced from 36 per 100,000 people in 2015 to 33 per 100,000 people in 2018.

To further achieve the targets, the health ministry is implementing a National Strategic Plan (2017-25) by strengthening the existing interventions, and focusing on key initiatives which include early diagnosis of TB patients, prompt treatment with quality-assured drugs and treatment regimens along with suitable patient support system to promote adherence, the minister said.

Bengal governor says communication 'black hole' ruining higher education

In a fresh salvo at the TMC government in West Bengal, Governor Jagdeep Dhankhar has said there is a "policy paralysis" in the state's higher education system, and that he is not consulted in the affairs of universities despite being the chancellor.

Dhankhar also said that a "black hole" exists in the West Bengal's higher education ministry in terms of communication with him.


The Governor said he was "pained" at not being consulted over the recent appointment of the vice-chancellor of Sanskrit College and University in the city.

"In the ministry of higher education, there is a black hole in terms of communication with the chancellor. There is a policy paralysis and I am worried about it. I am doing everything under the sun to see that the education scenario in the universities improves," Dhankhar told PTI in an interview.

Dhankhar has been at loggerheads with the state government on a number of issues since assuming charge in July.

Jharkhand assembly polls witnesses a battle of turncoats in phase 1

At least 18 political leaders with significant clout in their respective constituencies have switched parties after being denied Assembly poll tickets in Jharkhand - a record in the state's 19-year history.

Putting behind their political ideologies, several leaders including three former state Congress chiefs have switched over to rival camps in the run-up to the polls.


While Pradeep Kumar Balmachu joined the AJSU Party, which nominated him from Ghatshila seat, Sukhdeo Bhagat moved to the BJP and secured a ticket from Lohardaga. Another ex- Congress chief, Sarfaraz Ahmad, is contesting the polls from Gandey segment on a JMM ticket.

Former BJP chief whip Radhakrishna Kishore took everyone by surprise when he joined the AJSU Party to contest the polls from Chhatarpur, which he had won in 2014.

Terming the crossovers as "politics of selfishness", state Congress spokesperson Alok Kumar Dubey said, "These leaders have betrayed common people. They are worse than chameleons. No morality, no principles, no ethics... Their only objective is to get tickets to satisfy their lust for power."

His BJP counterpart Pratul Shahdeo said the saffron party maintained "checks and balances" before taking any leader in its fold and allotting tickets.

"Our agenda is nationalism and development. And not all leaders have been given tickets. Former ministers Samresh Singh (who had his own party-Jharkhand Vananchal Congress) and Girinath Singh (ex-RJD member) joined the BJP, but were not given tickets.

"Just coming to the party does not guarantee a ticket," Shahdeo emphasised.

Among others who deserted their parties are ex-RJD MLA Janardhan Paswan, who secured the saffron party's nomination from Chatra seat, and JMM MLA Jai Prakash Bhai Patel, who is in the fray from Mandu on a BJP ticket.

Former health minister and Independent MLA Bhanu Pratap Sahi has also joined the BJP to contest the polls on the party's ticket from his sitting constituency Bhawanathpur.

JMM General Secretary Suprio Bhattacharya said the "defectors lacked discipline and ideology".

"What matters to them is personal aspiration and not political ideology. The parties they have joined should think twice before nominating them for assembly polls," he said.

Those that quit the saffron party, include former minister Baidnath Ram, who pocketed the JMM ticket from Latehar, and sitting MLAs Tala Marandi and Phoolchand Mandal.

Marandi quit the saffron party a few days ago to join the AJSU party, which promptly gave him its ticket to contest from the Borio seat, while Mandal secured his JMM nomination from Sindri constituency.

Kushwaha Shiv Pujan Mehta, who won the Hussainabad segment as a BSP candidate in 2014, is fighting from the seat on an AJSU Party ticket.

Deosharan Bhagat, the chief spokesperson of AJSU Party, said leaders often gave in to pressure from their "support base" and switch sides.

"This (switching parties) is against the country's democratic ideals. However, some of them take the plunge owing to pressure from their support base. It remains to be seen if will be able to enjoy the same clout having switched parties," he added.

Meanwhile, around 11.02 per cent polling was recorded till 9 am on Saturday in the first of the five-phase elections that began in 13 Jharkhand assembly constituencies.

The voting commenced at 7 am and will end at 3 pm, Election Commission officials said.

PM urges voters to turn out in large numbers in Jharkhand assembly polls

Prime Minister Narendra Modi on Saturday urged people of Jharkhand to turn out in large numbers and cast their vote in assembly polls to "enrich" democracy.

Polling is underway in the first of the five-phase assembly elections in Jharkhand.


A total of 37,83,055 voters will decide the fate of 189 candidates in 13 constituencies spread over six districts.

"Phase 1 of the Jharkhand elections is in progress. I urge those whose constituencies go to the polls today to vote in large numbers and enrich the festival of democracy," Modi tweeted.

It is usual for the prime minister to take to social media on voting days to urge people to exercise their democratic right.

Govt endangering Gandhi family life by withdrawing SPG cover: Shiv Sena

Expressing concern over the withdrawal of SPG cover given to Congress president Sonia Gandhi and her children Rahul and Priyanka, the Shiv Sena on Saturday said political differences should be kept aside in such matters and one should not play with anybody's life.

The Shiv Sena, which joined hands with the Congress and the NCP to form government in Maharashtra this week, asked who in the Union Home Ministry felt that the threat perception of the Gandhi family has reduced.


The party also urged Prime Minister Narendra Modi, who is now the only person being protected by the elite SPG commandos, to look into the issue.

The Centre withdrew the Special Protection Group (SPG) cover of the Gandhi family earlier this month and replaced it with the 'Z-plus' security cover by the CRPF.

Earlier this week, the Lok Sabha passed the Special Protection Group (Amendment) Bill, 2019, as per which the SPG will now protect the prime minister and members of his immediate family residing with him at his official residence.

"Be it Delhi or Maharashtra, the atmosphere should be fear-free. It is the responsibility of the rulers to create such an atmosphere that those in public life can work fearlessly. There is no objection to withdrawing the security cover when such atmosphere prevails," the Sena said in an editorial in its mouthpiece 'Saamana'.

"But the prime minister, the home minister, ministers and other ruling party leaders are not ready to give up their protection cages. The importance of bulletproof vehicles is also not reduced. This means there is some basis for the question being raised about the security of the Gandhi family.

"The news reports about old vehicles being deployed in the motorcade of Gandhis are also worrying. The prime minister should look into the issue if the alarm bells are ringing," the Sena said.

Referring to the "overnight" lifting of President's rule in Maharashtra last Saturday, the Shiv Sena said the Amit Shah-headed ministry had also felt that BJP's Devendra Fadnavis had majority in the state, but "the truth was different".

Fadnavis had formed government in Maharashtra with NCP's Ajit Pawar last Saturday. But the government could last for only 80 hours for want of numbers after Pawar quit citing "personal reasons".

"Hence, the doubt remains there (about the perception that threat to Gandhis is lesser)," the Sena said.

The saffron party also recalled the assassinations of late prime ministers from the Gandhi family, Indira and her son Rajiv, in 1984 and 1991 respectively, following which the SPG cover was provided to the Gandhis.

The party said late Shiv Sena founder Bal Thackeray had talked about the threat to the life of Rajiv Gandhi when Indo-Sri Lanka peace accord was signed in 1987.

"The government may feel everything is fine now, but bomb explosions were carried out at a Colombo hotel some months ago," it said to drive home its point.

The Union Home Ministry withdrew the cover after it felt the threat to the Gandhis has waned, the Uddhav Thackeray-led party said, and asked exactly who in the ministry felt so.

"There can be political differences with the Congress or the Gandhi family. The tussle with the Nehru family has turned intense over the last five-odd years (since BJP came to power at the Centre). But one should not play with somebody's life," the Sena said.

It said it would have expressed the same view even if there was somebody else in place of the Gandhis.

Amit Shah meets North-East CMs to discuss the outline of Citizenship Bill

Home Minister Amit Shah on Saturday held discussions with leaders of political parties, students bodies and civil society groups of Assam, Arunachal Pradesh and Meghalaya on the contours of the proposed Citizenship Amendment Bill (CAB), sources said.

The meetings were attended by chief ministers of Assam, Arunachal Pradesh and Meghalaya Sarbananda Sonowal, Pema Khandu and Conrad Sangma respectively, Union minister Kiren Rijiju and several MPs among others.


Assam minister Himanta Biswa Sarma on Saturday said Shah met political parties and civil society members of Tripura and Mizoram for four hours on Friday night and things were moving in the right direction.

"Union Home Minister Sri @AmitShah on Friday consulted political parties and civil society organisations of Tripura & Mizoram for over 4 hrs on proposed #CAB. Today he will discuss it with delegations from Assam, Meghalaya & Arunachal Pradesh. Things are moving in right direction," Sarma tweeted.

The bill seeks to amend the Citizenship Act, 1955, in order to grant Indian nationality to Hindus, Sikhs, Buddhists, Jains, Parsis and Christians, who come to India due to religious persecution in Bangladesh, Pakistan and Afghanistan even if they don't possess proper documents.

The home minister is holding the series of meetings on Friday, Saturday and on December 3 in the wake of strong protests in the Northeast against the CAB.

Unable to repay loan, a 40-year-old farmer commits suicide in UP's Mahoba

A 40-year-old farmer has committed suicide in neighbouring Mahoba district, police said on Saturday.

Rakesh Sahu was found hanging from a ceiling fan in his house in Subhash Nagar locality under Panvadi township on Friday, police said.


The deceased's wife Budhia said her husband who owned two bighas of land had taken Rs 1.40 lakh loan under the Kisan Credit card in 2013 which had risen to Rs 2.11 lakhs because of non-payment of installments.

"The Allahabad Bank had recently given a notice for auctioning the land and Sahu committed suicide out of fear that he would be rendered landless," Budhia said.

The local lekhpal has been sent to the area to probe into the reasons leading to suicide and investigations are on, Tehsildar Subodhmani Tripathi said.

Over 256 kg of drugs seized, 12 people arrested across India over 2 weeks

NCB sleuths have seized over 256 kg narcotics and arrested a dozen people in connection with drug trafficking cases across the country over the last fortnight, officials said Saturday.

They said the federal anti-narcotics agency has stepped up action against traffickers and drug cartels and these figures are a result of its concerted efforts, apart from undertaking joint action with other enforcement and security agencies.


"During the last fortnight, the Narcotics Control Bureau seized atotal of 248.03 kg of ganja, 5.93 kg of heroin, 2.20 kg of methamphetamine tablets and 98 grams cocaine."

"Twelve persons were arrested by the agency for their involvement in drug trafficking during the same period," the agency said.

Further, opium poppy and cannabis, which were being illicitly cultivated on 5,049 acres of land, were destroyed, it said.

Friday, November 29, 2019

Facebook corrects user's post after Singapore invokes fake news law

Facebook said on Saturday it had issued a correction notice on a user's post at the request of the Singapore government, but urged for a measured approach to the implementation of a new "fake news" law to protect freedom of speech.

"Facebook is legally required to tell you that the Singapore government says this post has false information," the notice, which could be seen by some users in Singapore, said.

The correction notice was embedded at the bottom of the original post without any alterations to the text, but it could not be seen by other users inside and outside the country.

The Singapore government said on Friday it had instructed Facebook to publish a correction notice on a Nov. 23 post.
"As required by Singapore law, Facebook applied a label to these posts, which were determined by the Singapore Government to contain false information," a spokesperson for Facebook said in an emailed statement.

"As it is early days of the law coming into effect, we hope the Singapore Government's assurances that it will not impact free expression will lead to a measured and transparent approach to implementation."

India announces $450 mn line of credit for infra development in Sri Lanka

India announced a $400-million line of credit for infrastructure development in Sri Lanka within hours of the arrival of President Gotabhaya Rajapaksa amid domestic upheavals in the island nation over the past one year.

Cooperation in fighting terrorism was the highlight of the official meeting between Prime Minister Narendra Modi and Sri Lankan President Gotabaya Rajapaksa who also met National Security Advisor Ajit Doval.

India announced a special line of credit of $50 million for strengthening Sri Lanka's abilities to counter terror threats and another $400 million line of credit for infrastructure development in the island nation.

“In Sri Lanka, terrorists targeted the collective human heritage and diversity,” said Prime Minister Modi, recalling the April 21 Easter bombings in the neighbouring country to which he had referred during the campaign for general elections in India and on his trips abroad.

Rajapaksa discussed his government's willingness to cooperate with India in countering international terrorism. He thanked India for inviting him soon after being elected to the office of President. External Affairs Minister S Jaishankar had flown to Colombo to congratulate the newly elected leader on November 19. This is Rajapaksa's first foreign visit after he became president.

Modi pointed out that India had been building housing units in the northern and eastern parts of Sri Lanka to assist those displaced in 2009 war. India had built 46,000 houses for the internally displaced people in the Tamil areas.

Rajapaksa's visit to India is being viewed as a significant step, especially since Sri Lanka intends to boost investment in the infrastructure sector in the coming days.

Right now, the country is facing straitened financial circumstances. Rajapaksa’s first initiative as president was to announce a slash in VAT rates, almost by 50 per cent, possibly in anticipation of the parliamentary elections that are due later this year but will likely be advanced. The elections are expected to usher in Rajapaksa's party, the Sri Lanka Podujana Peramuna (SLPP) to power in parliament as well. If that happens, former president and his elder brother, Mahinda Rajapaksa will almost certainly become prime minister.

In 2015, when the presidential election was last held in which the Rakjapaksa family lost power, Mahinda Rajapaksa had publicly blamed India for his defeat. This time, India has been proactive in keeping itself out of the election scenario, avoiding becoming a factor in domestic politics.

However, there has been some concern about the extent to which the Sinhala-Buddhist constituency has been nurtured and nourished politically by the Rajapaksas: Ranging from overt appeals to the Viharas (Buddhist temples) and their Thero (head monks) to veiled criticism of Tamils.

When the results came out, Gotabaya Rajapaksa said bluntly that although the northern and eastern provinces (dominated by Tamils and Muslims) had not voted for him he would strive to be president for all Sri Lanka’s people.

Buoyed by the victory, it seems the Sinhala Buddhist majority felt its prospects were boosted: Just before the visit, several Tamil language signboards in Colombo were defaced, prompting Mahinda Rajapaksa to hit out at the vandalism, vowing tough action against those who ‘did not want the President’s India trip to be a success’. There has been no evidence of any sort of outcry in Tamil Nadu about the extent to which New Delhi and Colombo have vowed to cooperate.

On the fishermen issue, Modi said both sides agreed to continue talks and deal with the issue with a constructive and humane approach.

On his part, Gotabaya, terming the talks as “very cordial and reassuring”, said security was an area of major focus and Sri Lanka was looking forward to India’s continued support in intelligence sharing.

Deaths due to TB down 19% between 2010-2018: Govt tells Lok Sabha

Deaths due to tuberculosis (TB) have reduced by 19 per cent from 5,57,000 in 2010 to 4,49,000 in 2018, Union Health Minister Harsh Vardhan informed the Lok Sabha on Friday.

The government is committed to end TB by 2025, five years ahead of the global Sustainable Development Goals (SDGs) target i.e. 80 per cent reduction in incidence and 90 per cent reduction in mortality (base line 2015), he said.

"As per the latest Global TB report, estimated deaths due to TB HIV in India have reduced by 85 per cent from 63,000 in 2010 to 9,700 in 2018," Vardhan said.

The total number of deaths due to TB, including TB HIV, have reduced by 19 per cent in India from 5,57,000 in 2010 to 4,49,000 in 2018, he said.

According to the report, the estimated number of new TB cases in India was 2.69 million.

The total number of notified TB patients increased by 18 per cent in 2018 (21,55,894) as compared to 2017 (18,27,959), it said.

In 2018, about 59 per cent of TB notified cases were from the productive age group of 15 to 44 years, Vardhan said in a written reply, citing the report.

The main causes for TB in India are poverty, under-nutrition, poorly ventilated living conditions, air pollution and tobacco smoking.

The incidence of TB has reduced from 217 per 100,000 people in 2015 to 199 per 100,000 people in 2018. The mortality has reduced from 36 per 100,000 people in 2015 to 33 per 100,000 people in 2018.

To further achieve the targets, the health ministry is implementing a National Strategic Plan (2017-25) by strengthening the existing interventions, and focusing on key initiatives which include early diagnosis of TB patients, prompt treatment with quality-assured drugs and treatment regimens along with suitable patient support system to promote adherence, the minister said.

In a first, RBI moves NCLT seeking insolvency proceeding against DHFL

The Reserve Bank of India (RBI) on Friday said it had initiated insolvency proceedings against troubled mortgage lender Dewan Housing Finance (DHFL) and filed an application in the bankruptcy tribunal for the resolution of its liabilities to the tune of Rs 83,873 crore.

DHFL is the first financial services firm that has been referred to the National Company Law Tribunal (NCLT) after the Union government notified the financial services insolvency rules on November 15.

An interim moratorium on the assets of the beleaguered company has also commenced following the RBI’s application, and will continue till it is accepted or rejected by the NCLT. This means all the cases that have been filed by the bond holders against DHFL for the recovery of their dues will stop.

Unlike other insolvency cases where an interim resolution professional is appointed by the court on the recommendation of financial creditors, in this case, the administrator appointed by the banking regulator will perform the duties of a resolution professional and run the company with the help of an advisory committee.

The RBI superseded the board of DHFL on November 20 and appointed R Subramaniakumar, ex-MD and CEO of Indian Overseas Bank, the administrator of the mortgage lender. The RBI also appointed a three-member advisory committee to assist the administrator. They are Rajiv Lall, non-executive chairman at IDFC First Bank, and N S Kannan, managing director at ICICI Prudential Life Insurance. The third member is N S Venkatesh, chief executive, Association of Mutual Funds in India.

chart
The firm had an outstanding debt of Rs 88,873 crore as of July and the loan book at the end of July was to the tune of Rs 96,615 crore. Trouble started for the housing finance company after IL&FS defaulted on its debt obligations last year. In Q3FY19, DHFL virtually stopped disbursing new loans. It defaulted on its debt obligations in June 2019, after which rating agencies downgraded its commercial papers.

Lenders and the management had tried a resolution for the company wherein an inter-creditor agreement was signed by the lenders to the company in accordance with the provisions of the June 7 circular by the RBI. However, all bondholders were not on board and did not sign the ICA.

In a draft resolution plan, the company’s management had proposed that 2.3 per cent exposure to various categories of lenders — banks, bond holders, National Housing Bank, external borrowing, perpetual debt, commercial paper, subordinate debt — be converted into equity at Rs 54 a share, following which creditors would have a collective 51 per cent stake. The lenders did not agree and the RBI decided to step in.

Recently, the mortgage lender deferred its Q2 results. In the first quarter, the company reported a net loss of Rs 242.5 crore, as against a net profit of Rs 431.7 crore in the same period a year ago

Banks gave about Rs 72,136 crore to NBFCs from April to October 2019

• Banks gave about Rs 72,136 crore to non-banking financial companies (NBFCs) from April to October 2019, as against Rs 66,222 crore in same period last year

• Banks are supporting finance companies also by buying the high retail loan pools (home, consumer loan) and SME


• After IL&FS default in Q2FY19 banks have turned cautious in taking additional exposure

• Giving money mostly to NBFCs which extend retail and SME loans. The wholesale lenders are struggling to get extra funds

• Lenders have stepped up scrutiny of loan profile of finance firms. They are charging higher interest rate and higher collateral cover for exposures.

Slowdown blues: Services sector only bright spot for GVA growth rate

While the services and construction sectors grew at a much slower pace in the July-September quarter of this fiscal year (Q2FY20) compared to the same period last year, these were the only bright spots for the gross value added (GVA) growth rate.

GVA for the “public administration, defence and other services” sector, at 2011-12 base year, grew by a staggering 11.6 per cent in Q2FY20 as compared to a growth rate of 8.6 per cent for the same period last year.

“The key indicator of this sector — Union government revenue expenditure net of interest payments excluding subsidies — grew by 33.9 per cent as compared to 22.2 per cent for the same period last year,” said an official statement.

graph
“Excluding defence, public administration and other services, the GVA growth would have been merely 2.8 per cent. Beneath the headline numbers, the divergence between GDP (gross domestic product) and GVA reflects stark realities,” said Soumya Kanti Ghosh, chief economic advisor with State Bank of India.

For the construction sector, quarterly GVA at basic prices for Q2 grew by 3.3 per cent as compared to a growth of 8.5 per cent for the same period last year. For ‘trade, hotels, transport, communication and broadcasting services’, GVA grew by 4.8 per cent as compared to a growth of 6.9 per cent in Q2FY19.

For the ‘electricity, gas, water supply and other utility services’ sector, GVA grew by 3.6 per cent against 8.7 per cent. For ‘financial, real estate and professional services’, GVA saw a 5.8 per cent rise compared to 7 per cent for the same period last year.

Swiss firm Zurich Airport outbids Adani, DIAL to win Jewar airport project

Zurich Airport International, which operates eight airports across the world including one in Zurich, has won the bid to build Jewar airport. Set to become the largest airport of the country, it will be located some 80 km away from Delhi’s Indira Gandhi International Airport (IGIA).

Zurich Airport offered to pay Rs 400.97 per passenger, beating two of India’s top infrastructure firms Adani Enterprises and GMR Infra, which bid Rs 360 and Rs 351 per passenger, respectively. The other participant — Prem Watsa-owned Fairfax—bid Rs 205. The revenue has to be paid to the Yamuna Expressway Industrial Development Authority (YEIDA) — the nodal agency building the airport.

“India is a focus market for the company. The new airport will be fundamental to accommodate the expected flight traffic growth in the National Capital Region (NCR),’’ said a spokesperson of Flughafen Zurich, confirming the outcome of the bid. With this award, the company will participate in the expected growth of India’s aviation market and will implement best practices developed in Switzerland while maintaining Indian values, the spokesperson added.

This is not the first time that Zurich Airport is entering India. A consortium in which Zurich held a 17 per cent stake had won the bid to build and maintain Bangalore Airport in 2008. About 10 years later, it made a complete exit from the project. It had also tied up with Essel Infraprojects to bid for the second airport at Goa and with the Hiranandani Group to bid for Navi Mumbai airport.

Jewar airport at its full capacity is projected to cater for over 70 million passengers per annum with six runways and will be a competitor to GMR- owned Delhi International Airport (DIAL).

Swiss firm Zurich Airport outbids Adani, DIAL to win Jewar airport project
By virtue of operating Delhi Airport, GMR had a first right of refusal for Jewar Airport, according to the agreement signed between the Airport Authority of India (AAI) and GMR Infra while privatising Delhi Airport in 2006. The GMR Group has the right of first refusal (RoFR) for any airport that is built within 150 km of the existing airport in Delhi. But according to the norms, GMR would have been asked to match the highest bid only if its bid was equal to or less than 10 per cent of the bid offered by the highest bidder.

Zurich’s bid at Rs 400.97 was the highest and Rs 10 higher after factoring in the 10 per cent of the GMR bid. ‘’Hence, the RoFR cannot be exercised,” said Shailendra Bhatia, officer on special duty, YEIDA. Jagannarayan Padmanabhan, director, CRISIL Infrastructure Advisory, said an international developer winning the project was a positive development for the sector. But it’s important to clear the hurdles at the earliest and give an unencumbered site for development, he said.

The concession agreement allows the bidder a moratorium over the payment for six years since the start of the operations, according to an industry source. “This, along with the potential that it may become Delhi’s primary airport in the long run, must have helped Zurich Airport decide on the bid. They are also paying a premium to enter the market,” he said.

The airport has been pending for long. In 2001, Rajnath Singh, then UP chief minister, first proposed an airport at Jewar. Mayawati, too, pursued the project after she became chief minister in 2007, but failed to make any headway.

A study by the Ministry of Civil Aviation that the existing airport in Delhi will get saturated in the next decade prompted the authorities to work towards an airport in Jewar.

The airport in Delhi, catering to 66 million passengers as of 2018-19, is the seventh largest in Asia. ‘’It will see a significant growth when its fourth runway and fourth terminal are commissioned in three to four years,” said a forecast report prepared by the Ministry of Civil Aviation.

Reliance Industries highest bidder for Reliance Infra tower & fibre assets

Reliance Industries (RIL) has offered to buy out Reliance Infratel for Rs 3,600 crore, payable in 60 days — the highest bid of upfront cash for the company, said sources. Bharti Airtel, said sources involved in the process, has bid much lower at around Rs 1,800 crore.

Reliance Infratel, which controls towers and fibre assets, is one of the three companies that are on offer as part of the process under the Insolvency and Bankruptcy Code (IBC). The other two are Reliance Communications (RCom) and Reliance Telecom, which house the spectrum assets. RCom has real estate assets and enterprise businesses also.

In a meeting of the committee of creditors held on Friday, SBI Caps, which is undertaking a detailed evaluation of the bids, asked for more time to evaluate other competing bids, many of which are based on conditions including staggered payment rather than an upfront offer.

According to a top source, the process could take one to two weeks before a final announcement is made.

Sources in the know said Bharti Airtel had bid for the spectrum assets of RCom and Reliance Telecom but not for the real estate assets. That apart, it has offered to make only a staggered payout for the spectrum. It means the company will fork out the money based on the schedule of deferred payment.

According to sources, the Bharti bid has to be evaluated in detail before the deal is wrapped by the deadline of the first week of January, which is given by the National Company Law Tribunal (NCLT).

Similarly, the offers by Varde Partners and Delhi-based UV Asset Reconstruction Company have conditions including investing in the company, turning it around, selling the assets, and paying back the lenders rather than making an upfront offer. Emails to Bharti Airtel and Reliance Jio on the Reliance Infratel offer did not elicit any response.

For RIL the offer to buy the infrastructure assets fits in with its overall strategy. Last year, Jio had signed an agreement to buy the 43,000 towers of Reliance Infratel. It was the only tenant after RCom stopped mobile services. It also was using the 178,000 kilometre of fibre to roll out fibre to the home, as well as backend connectivity to its towers, unlike competitors who use microwave links, which are not as efficient to deliver high data speeds to consumers.

At that time RIL was offering Rs 25,000 crore, which included payment for the use of the spectrum. But the deal did not materialise because the Department of Telecommunications insisted that the promoters of Jio or RCom give an undertaking that they would be responsible for paying past dues. Jio refused to give an undertaking. Even the creditors could not come to a consensus on whether to clear the asset sale. Consequently, RCom went to the NCLT.

Jio has been using 58 MHz of RCom spectrum in the 800 MHz band across 21 circles through a spectrum-sharing agreement signed. However, sources say that it decided not to bid for the spectrum, especially with complications arising from the Supreme court judgment, under which RCom has to fork out Rs 21,000 crore as adjusted gross revenue and spectrum user charges.

This spectrum is crucial for 4G services and the licence ends in 2021. RCom has over 122 MHz of spectrum.

Chanda Kochhar takes ICICI Bank to Bombay HC; hearing on December 2

Chanda Kochhar, ICICI Bank’s former managing director and chief executive officer, has moved the Bombay High Court, challenging the decision of the bank’s board earlier this year to terminate her employment and claw back the bonuses and stock options she received between April 2009 and March 2018.

A division Bench of the high court comprising Justice Ranjit More and Justice Makarand Karnik will hear Kochhar’s plea on December 2. With this, the stage is set for an intense legal battle between the bank and its former CEO.

Last year, after media reports raised questions over Kochhar’s dealings with the Videocon group, the bank’s board had initially defended her and rejected any external enquiry, but later changed its stance after the Central Bureau of Investigation (CBI) started its probe into the matter. On June 6, 2018, the bank appointed retired Supreme Court judge B N Srikrishna to enquire into all the allegations.
Chanda Kochhar takes ICICI Bank to Bombay HC; hearing on December 2
In a meeting held on January 30, 2019, the ICICI Bank board announced that it would treat the separation of Kochhar as a ‘termination for cause’ in accordance with the bank’s internal policies and code of conduct. The termination revoked all her entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested but unexercised stock options, and medical benefits, apart from the clawback of all bonuses paid between April 2009 and March 2018.

The board’s decision to remove Kochhar came after the detailed investigation report from Justice Srikrishna, who investigated the allegation that Videocon Industries was granted loans by ICICI Bank and, in quid pro quo, Videocon invested in Chanda Kochhar’s husband Deepak Kochhar’s company, Nupower Renewables. Nupower, Videocon, and Kochhar have denied these allegations.

An email sent to ICICI Bank did not elicit any reply. Kochhar did not reply to text messages.

The allegations against Kochhar were first made by whistle-blower Arvind Gupta, who wrote to the Prime Minister’s Office in 2016 alleging irregularities in ICICI Bank's loan disbursements to corporates under Kochhar’s watch.

The scandal exploded when in March 2018, the media reported that the CBI had filed a preliminary enquiry against Kochhar. In January 2019, the CBI filed an FIR against the Kochhars and Videocon. The Enforcement Directorate is also investigating Videocon and the Kochhars.

Videocon is now facing bankruptcy proceedings after defaulting on bank loans worth Rs 40,000 crore. ICICI Bank has made a claim of Rs 3,318 crore against Videocon in the ongoing insolvency proceedings.

The allegations against Kochhar were first made by whistle-blower Arvind Gupta, who wrote to the Prime Minister’s Office in 2016 alleging irregularities in ICICI Bank's loan disbursements to corporates under Kochhar’s watch. The scandal exploded when in March 2018, the media reported that the CBI had filed a preliminary enquiry against Kochhar. In January 2019, the CBI filed an FIR against the Kochhars and Videocon. The Enforcement Directorate is also investigating Videocon and the Kochhars.Chanda Kochhar, ICICI Bank’s former managing director and chief executive officer, has moved the Bombay High Court, challenging the decision of the bank’s board earlier this year to terminate her employment and claw back the bonuses and stock options she received between April 2009 and March 2018.

A division Bench of the high court comprising Justice Ranjit More and Justice Makarand Karnik will hear Kochhar’s plea on December 2. With this, the stage is set for an intense legal battle between the bank and its former CEO.

Last year, after media reports raised questions over Kochhar’s dealings with the Videocon group, the bank’s board had initially defended her and rejected any external enquiry, but later changed its stance after the Central Bureau of Investigation (CBI) started its probe into the matter. On June 6, 2018, the bank appointed retired Supreme Court judge B N Srikrishna to enquire into all the allegations.
Chanda Kochhar takes ICICI Bank to Bombay HC; hearing on December 2
In a meeting held on January 30, 2019, the ICICI Bank board announced that it would treat the separation of Kochhar as a ‘termination for cause’ in accordance with the bank’s internal policies and code of conduct. The termination revoked all her entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested but unexercised stock options, and medical benefits, apart from the clawback of all bonuses paid between April 2009 and March 2018.

The board’s decision to remove Kochhar came after the detailed investigation report from Justice Srikrishna, who investigated the allegation that Videocon Industries was granted loans by ICICI Bank and, in quid pro quo, Videocon invested in Chanda Kochhar’s husband Deepak Kochhar’s company, Nupower Renewables. Nupower, Videocon, and Kochhar have denied these allegations.

An email sent to ICICI Bank did not elicit any reply. Kochhar did not reply to text messages.

The allegations against Kochhar were first made by whistle-blower Arvind Gupta, who wrote to the Prime Minister’s Office in 2016 alleging irregularities in ICICI Bank's loan disbursements to corporates under Kochhar’s watch.

The scandal exploded when in March 2018, the media reported that the CBI had filed a preliminary enquiry against Kochhar. In January 2019, the CBI filed an FIR against the Kochhars and Videocon. The Enforcement Directorate is also investigating Videocon and the Kochhars.

Videocon is now facing bankruptcy proceedings after defaulting on bank loans worth Rs 40,000 crore. ICICI Bank has made a claim of Rs 3,318 crore against Videocon in the ongoing insolvency proceedings.

The allegations against Kochhar were first made by whistle-blower Arvind Gupta, who wrote to the Prime Minister’s Office in 2016 alleging irregularities in ICICI Bank's loan disbursements to corporates under Kochhar’s watch. The scandal exploded when in March 2018, the media reported that the CBI had filed a preliminary enquiry against Kochhar. In January 2019, the CBI filed an FIR against the Kochhars and Videocon. The Enforcement Directorate is also investigating Videocon and the Kochhars.

Apple digging deep into map policies after calling Crimea part of Russia

Apple Inc is "taking a deeper look at how we handle disputed borders" after it referred to the Russian-annexed Crimean Peninsula as part of Russia in its Maps and Weather apps for Russian users, a company spokeswoman told Reuters on Friday.

Apple spokeswoman Trudy Muller told Reuters that Apple has not made any changes to its maps outside of Russia and made the change for Russian users because of a new law that went into effect in that country.

"We review international law as well as relevant US and other domestic laws before making a determination in labelling on our Maps and make changes if required by law. We are taking a deeper look at how we handle disputed borders in our services and may make changes in the future as a result," Muller told Reuters.

Russia and Ukraine have both been highly sensitive to the way global companies identify Crimea, since Russian troops seized the territory and Moscow annexed it in March 2014 after a referendum that Kiev and its Western allies say was illegal.

Russian and Ukrainian embassies in the United States did not immediately return requests for comment on Friday.

Apple appeared to have changed the way it displays locations in Crimea in its software, in a nod to Russian politicians who have demanded the peninsula be referred to as part of Russia.

Reuters reporters in Moscow who typed the name of the Crimean provincial capital Simferopol into Apple's Maps and Weather apps on Wednesday saw it displayed as Simferopol, Crimea, Russia. Users elsewhere” including in Ukraine's capital Kiev and in Crimea itself” see locations in Crimea displayed without specifying which country they belong to.

Ukraine's foreign minister, Vadym Prystaiko, wrote on Twitter on Wednesday that Apple did not give a damn about the country's pain.

The EU and United States do not recognise Crimea as Russian and have imposed sanctions against the peninsula and individuals they accuse of violating Ukraine's territorial integrity.

Liquidity pressures faced by NBFCs, HFCs, to continue: Fitch Ratings

Liquidity pressures faced by the non-banking financial sector following the IL&FS failure are likely to continue though funding costs have come off the peak, Fitch Ratings said on Friday.

"We view wholesale and housing finance companies (HFCs) as more vulnerable -- given their higher leverage, weaker asset-and-liability maturity (ALM) profiles and higher concentration risks. Large retail finance companies with well-managed ALM profiles should continue to access bank and capital markets funding. Further, funding diversification in the offshore markets by larger issuers would benefit their funding profiles," it said in its outlook for emerging market finance and leasing companies.

Indian finance and leasing companies are likely to grow at a slower pace in 2020 than in prior years, amid weaker economic growth and liquidity constraints, it said.

Fitch said its 2020 sector outlook is underpinned by challenging operating environments, lower growth prospects, and rising funding pressure. "Liquidity pressures faced by the sector following the IL&FS failure are likely to continue, though funding costs have come off the peak."

Increasing competition to offset lower growth may weigh on profitability and test risk appetite.

"This is likely to have an impact on loan growth, including business loans and commercial vehicle (CV) loans. The slowdown in automotive sales has had a particular impact on auto-loan growth and is likely to continue, while the acute slowdown in real estate may have a prolonged impact on construction financing as new disbursements have halted," it said.

Companies focused on small-ticket consumer loans continue to grow above the industry rate, owing to the lower credit penetration and higher exposure to rural sectors where credit competition with banks is lower.

Certain asset classes (new CV loans, metro and tier-I housing loans, and large-ticket loans against property) could see weakening margins due to rising competition from banks, while funding costs are likely to stay high as market rates should remain volatile -- given the liquidity strain, Fitch said.

HFCs with thinner margins are more vulnerable to losses if asset-quality pressures increase due to rising real estate delinquencies. The economic slowdown, coupled with deterioration in corporate and SME (small and medium enterprise) earnings, will affect asset quality for CV loans and loan against properties.

"The weaker growth outlook should ease pressure on capitalisation. However, weakening asset quality for companies exposed to the construction sector may pressure capitalisation. Access to new capital is likely to be challenging as the market appetite for equity investments in these companies remains subdued," it said.

Indian finance and leasing companies cater to a diversified retail market, including consumers and SME segments, which may have a moderate impact on asset quality. However, granular portfolios, high-yield profiles and matched asset tenors provide an adequate buffer against system-wide liquidity and asset-quality shocks, it added.

FM's remarks on economy disappointing, crisis entirely home grown: Sinha

Former Union minister Yashwant Sinha on Friday termed Finance Minister Nirmala Sitharaman's remarks on the state of economy as "disappointing in the extreme" and said the main cause of the current crisis is "death of demand".

He said that even now, the government is largely in denial and one cannot solve a problem if "you are in denial of its existence".

Replying to a short-duration discussion on the state of the economy in the Rajya Sabha on Wednesday, Sitharaman has launched a spirited defence of her handling of the economy, comparing macroeconomic indicators with past Congress rules and said the growth may have slowed down but the economy will never slip into recession.

"We have heard what the finance minister said in the Rajya Sabha...and it was disappointing in the extreme," he said here at the National Economy Conclave.

Sinha said the root cause of the current economic crisis is "death of demand" in the country.

He alleged that the government ignored the agriculture distress in the country.

"The current economic crisis that we are seeing today did not come suddenly. It is not a train accident that happened suddenly. It was building up over the time," he said.

Sinha also raised questions over the data for calculating gross domestic product (GDP) numbers.

Further, he added that companies after companies are facing bankruptcy and the government has stated that it would have to close Air India if it would not find buyer.

This would lead to unemployment of thousands of people and those "employees will be left to beg," he said.

He said the government's performance in the past five years was dismal.

"What is the state of government finances. They are in a bigger mess... This year, the situation is going to be much worse despite the government robbing the RBI (Reserve Bank of India)," he said adding that the government is starved of funds and this year's fiscal deficit will be much worse.

He alleged that the government is misleading people and the economic crisis that the country is witnessing is "entirely home grown".

A section of economists also said the economic crisis is there in the country and the government is not doing anything.

Economist Arun Kumar said the government is taking into consideration the data of the organised sector only to calculate the GDP rate and not the data of the unorganised sector.

"There is a decline in the growth rate and recession in the economy," Kumar said adding that every sector is down including core sector, Index of Industrial Production, fast-moving consumer goods and automobiles.

He also said that as many as seven controversies were created around GDP calculation and these controversies will continue.

He suggested that the GST needs a major reform because it has structural issues.

Sharing similar views, Jayati Ghosh from Jawaharlal Nehru University said that the economy is in serious crisis and the government is trying to suppress the data.

GST is "terrible" tax policy and it should be "killed" as it is not working, she said.

Speaking at the event, T K S Elangovan of DMK party said foreign investors will not come as the country is facing economic problem.

"Jobs are going down. Educated people are not getting jobs," he said.

Former Rajya Sabha MP D Raja also alleged that there is an economic and job crisis in the country and it is "haunting all of us".

Swiss firm Zurich Airport beats Adani, DIAL bids to build Jewar airport

The Zurich Airport International AG was on Friday selected as the concessionaire for developing the Jewar airport, billed to be the biggest airport in India upon completion, officials said.

The Switzerland-headquartered company made the highest per passenger bid for the airport, outbidding competitors like Delhi International Airport Limited, Adani Enterprises, and Anchorage Infrastructure Investments Holdings Limited, the officials said.

Jewar Airport or the Noida International Greenfield Airport will come up in 5,000 hectare area when fully constructed and is estimated to cost Rs 29,560 crore, Nodal Officer for the Project, Shailendra Bhatia said.

"Zurich Airport International AG has made the highest bid for developing the Jewar airport and has been selected as the concessionaire for the airport," Bhatia said.

A global tender was floated to hire a developer for the proposed airport on May 30 by the NIAL, an agency floated by the Uttar Pradesh government for managing the mega project in Gautam Buddh Nagar district.

The airport, the third in the national capital region after Delhi's Indira Gandhi International airport and Ghaziabad's Hindon airport, is touted to have six to eight runways, the most in India, when fully built, according to officials.

The first phase of the airport would be spread over 1,334 hectare and cost Rs 4,588 crore as it is expected to be completed by 2023, the officials said.

This AI system may help doctors treat patients with traumatic brain injury

Researchers, including one of Indian-origin, have developed an artificial intelligence (AI) based system to help doctors treat patients with traumatic brain injury (TBI) -- a significant global cause of deaths, especially in low-and-middle income countries.

TBI patients are unconscious, making it challenging for doctors to accurately monitor their condition during intensive care, the researchers, including those from the University of Helsinki in Finland, said.


The study, published in the journal Scientific Reports, noted that many tens of variables are continuously monitored in the ICU such as pressure within the skull, mean pressure exerted on the blood vessels, and the force driving oxygen flow into the brain.

According to the researchers, these parameters indirectly give information regarding the condition of the patient, with intracranial pressure alone yielding hundreds of thousands of data points per day.

Since, there are millions of daily collected data points from the ICU for a patient, the researchers develop an artificial intelligence (AI) based algorithm to predict the outcome of individual patients, and give objective data regarding their condition and prognosis over the course of treatment.

"A dynamic prognostic model like this has not been presented before. Although this is a proof-of-concept and it will still take some time before we can implement algorithms like this into daily clinical practice, our study reflects how and into what direction modern intensive care is evolving," said study co-author Rahul Raj from the University of Helsinki.

The study noted that the new AI system can predict the probability of the patient dying within 30-days with accuracy of 80-85 per cent.

The scientists created two algorithms -- the first algorithm, a simpler one based only on objective monitor data, and the second a slightly more complex system that includes data on the level of a patient's consciousness, the study said.

"As expected, the accuracy of the more complex algorithm is slightly better than for the simpler algorithm. Still, the accuracy of both algorithms is surprisingly good, considering that the simpler model is based upon only three main variables and the more complex upon five main variables," said Eetu Pursiainen, study co-author from the University of Helsinki.

The researchers hope to validate the algorithms using national and international external datase

Bank recapitalisation should be done through cash, not bonds: Rangarajan

Former RBI governor C Rangarajan on Friday suggested that recapitalisation of banks should be done through by infusing cash rather than issuing Bonds, as he cautioned that Boards of public sector undertakings, including banks, should maintain "arms length" from the Government.

Rangarajan comments assume significance as Finance minister Nirmala Sitharaman, in August, announced upfront capital infusion of Rs 70,000 crore into public sector banks, a move aimed at boosting lending and improving liquidity situation.

At the inaugural session of the seminar 'Non-Performing Assets (NPA) and its Resolution in Indian Banks' at ICFAI Foundation for Higher Education,he, however, said the centre has infused Rs two lakh crore as capital into various banks during the past three years and it would be difficult for any dispensation to pump in so much as capital in cash form.

"I also have a point that one of the answers to the problems faced by the banking system is to ensure that the capitalisation of the banks is done properly."

According to him, the mode of recapitalisation that is being done now is through the issue of bonds.

"What the banks really gain is only the interest income through the bonds. This also needs a relook...I plead guilty because we initiated thisin the early 1990s. But that was a different situation.

The fiscal was undergoing a great deal of problems as part of the reforms (then). But should we continue with this system?" he said.

The economist said though the majority of the stakes in banks is owned by the government, it is necessary to ensure that the lenders run business in the national interest and it is not necessary for the government to interfere with commercial decisions of banks.

"The credit decisions must be left to the Boards (of directors of banks). There is a large literature on the relationship between the government not only banks but also other public sector units.

And the people talk about the arms length between the board and the government..There is still much that needs to be done in terms of appropriate mechanism for appointing the Boards, for appointing the chief executives of the banks," he said.

Later talking to reporters, he said though there is decline in the country's growth numbers the situation does not amount to "recession."

"There is a slowdown..there is no doubt about the fact that there is slowdown, but the slowdown is in growth rate," Rangarajan said.
Hoping that the growth may pick up next year onwards, the former Chairman of the Prime Minister's Economic Advisory Council said it would take another eight years for India to become $5 trillion economy as opposed to Prime Minister Narendra Modi's target of 2025, due to the muted growth now.

"The growth may pick up next year. Growth may not be substantial, but it may pick up next year..it takes 2-3 years to get back the growth of higher than 7 per cent," he said.

Advising that bankers should neither be "lazy bankers" nor "hasty bankers", Rangarajan said recent history shows that the appraisal systems for credit and working capital should be improved.