S
S
S
283
mint primer
QUICK EDIT
Of stock markets, The right
brokerages and chord
the trade in trust Till recently, friction seemed to
mark WhatsApp’s relationship
with the government. Not only
BY NEIL BORATE did their views diverge on the
encryption and traceability of
India’s financial sector seems to be hurtling from crisis to crisis. The
latest one involves Karvy Stock Broking, which allegedly diverted messages, the Facebook-owned
clients’ money. This could snowball into a bigger crisis as several social media firm was glared at
banks and NBFCs have exposure to Karvy. Mint takes a look. by New Delhi over the Pegasus
spyware scandal. On Monday,
Red flags WhatsApp sprang a surprise. It
A high or rising number of complaints about a broker could be a warning announced a bonanza of
sign for investors. $250,000 for Indian startups
Top five brokers in terms of number of complaints with the NSE aimed at aiding a government
No of complaints received % of active clients scheme, Startup India. What-
sApp says it will provide $500
Guiness Securities 1,401 22.55 worth of Facebook ad credits
each to 500 new businesses
Zerodha Broking 296 0.03 approved by the Centre. These
credits would help these firms
Karvy Stock Broking 253 0.10 attract prospective customers.
WhatsApp’s move could also
Angel Broking 242 0.06 help it kick-off an ad generation
campaign within the country.
Motilal Oswal
Financial Services 213 Data for FY19
Source: NSE
0.07 This isn’t exactly philanthropy,
in that sense, though it spells
SARVESH KUMAR SHARMA/MINT
good news for startups in need
What happened with So how safe is a of online publicity. For all the
1 Karvy Stock Broking?
On 22 November, the Securities
2 brokerage account?
Money that sits in a brokerage
novel ideas that Indian entre-
preneurs have, a large number
and Exchange Board of India (Sebi) account does not have a formal have trouble getting their word
passed an interim order against guarantee. An investor can, out. Startup India offers gov-
Karvy based on an NSE report that however, recover the money from ernmental assistance. The app
found the firm had transferred the broker by filing a complaint will offer new businesses not
client securities to itself, besides with the stock exchange. If the just internet reach, but presum-
pledging them to borrow money. broker is declared a defaulter, the
ably also the benefit of its back-
The report found that Karvy had investor can file claims with the
transferred ₹1,096 crore to a group Investor Protection Fund of the end algorithms that work out
company, Karvy Realty. The exchange. In India, shares what message is best aimed at
regulator directed Karvy to refrain purchased through a broker are whom. But will complaints
from taking on new clients. It also held in the name of the investor in against it go down? Maybe not.
asked the depositories (NSDL and a dematerialized (demat) account,
CDSL) to not honour instructions which is meant to hold securities.
from Karvy Stock Broking acting Stock brokers, however, routinely
on the basis of power of attorney take power of attorney for such
given by its clients in order to
prevent further misuse of clients’
demat accounts to execute trades.
This power can sometimes be
MINT METRIC
securities. misused. by Bibek Debroy
m MINT SHORT
H
ong Kong’s pro-democracy which is now in its sixth month. The dis-
opposition won a stunning land- trict councils have little power, but the
slide victory in weekend local vote became a referendum on public
elections in a clear rebuke to city leader support for the protests.
Carrie Lam over her handling of violent Wu Chi-wai, leader of the biggest pro- “It’s nothing short of a revolution,”
protests that have divided the semi-au- democracy party, said the bloc swept said Willy Lam, a political expert at the
tonomous Chinese territory. nearly 90% of 452 district council seats. Chinese University of Hong Kong. “It’s
Wu Chi-wai, leader of the city’s big- a sound repudiation of the Carrie Lam
gest pro-democracy party, said on Mon- help it take unprecedented control of 17 administration and shows the silent
day that the bloc swept nearly 90% of out of 18 district councils. The results majority are behind the demands of the
452 district council seats, which will were based on official tallies announced protesters.”
FLIP SIDE PRADEEP GAUR/MINT
U
ber Technologies Inc. was stripped of its The more than 22,000 “cabbies” are required to memo-
licence to carry paying passengers in London rize the thousands of streets and landmarks within a six-
on Monday for the second time in just over two mile radius of central London and pass a legendary test
years, pending an appeal, over a “pattern of known as “The Knowledge” in order to be licensed to pick
failures” on safety and security. up passengers on the street.
Unauthorized drivers were able to upload their photos A requirement since 1865, the process can be costly and
to others’ accounts so that, on over 14,000 trips, a driver takes on average three to four years to complete. Drivers
other than the advertised one picked up passengers, the for Uber and smaller rivals such as Kapten and Bolt, helped
regulator Transport for London (TfL) said. nowadays by satellite navigation apps, face no such stipula-
The ride-hailing firm immediately said it would appeal. tion.
The process is likely to include court action and could drag Uber and TfL have been at odds since the authority
on for months, allowing Uber’s roughly 45,000 drivers in rejected a renewal request in 2017, faulting Uber’s
London, one of its most important markets, to keep taking approach to reporting serious criminal offences and driver
rides despite its licence expiring on Monday. background checks, before a judge granted a probationary
TfL said it had “identified a pattern of failures by the 15-month licence in 2018.
company including several breaches that placed passen- The roughly $50-billion firm, which went public in May
gers and their safety at risk”, and that some journeys had but is not yet profitable, has implemented a series of
been uninsured. changes including 24x7 telephone support and the proact-
“TfL does not have confidence that similar issues will not ive reporting of serious incidents to London police to
reoccur in the future, which has led it to assuage concerns.
conclude that the company is not fit and Uber said it would In September, TfL granted a two-
proper at this time.” month extension, far short of the maxi-
Uber, whose app-based ordering and appeal. The process mum five years, and imposed further con-
demand-sensitive pricing have disrupted will allow Uber to ditions.
operators in many cities worldwide Ahead of the latest decision, Uber said
including drivers of London’s “black keep taking rides till it would improve drivers’ safety training
cabs”, said its systems were robust and the final decision and provide a direct connection to emer-
that it would also introduce a new facial gency services.
matching process. Monday’s decision comes around two weeks before a
“We understand we’re held to a high bar, as we should national election and less than six months before Lon-
be. But this TfL decision is just wrong” chief executive offi- doners decide whether to re-elect mayor Sadiq Khan, who
cer Dara Khosrowshahi tweeted. “Over the last 2 years we is also chairman of TfL and a member of the opposition
have fundamentally changed how we operate in Lon- Labour party.
don,”tweeted Khosrowshahi, who took over weeks before “I know this decision may be unpopular with Uber users,
Uber first lost its London licence in 2017. “We have come but their safety is the paramount concern,” he said on Mon-
very far—and we will keep going, for the millions of drivers day.
and riders who rely on us.” Uber was first licensed in London in 2012, when the cur-
The denial in a lucrative European market is a big set- rent prime minister, the Conservative Boris Johnson, was
back for Uber as it struggles to turn a profit. The company mayor.
posted a $1.16 billion loss in the latest quarter and Khosrow- Shaun Bailey, the Conservative seeking to replace Khan,
shahi forecast this month it wouldn’t make a profit until said that “London’s reputation as a world-class city that is
2021. Shares fell almost 6% in premarket trading in New open for business has taken a hammer blow”.
York. Uber has expanded quickly around the world by provid-
Uber’s shares listed in Frankfurt were down over 3% at ing an alternative to traditional taxis with a smartphone
1330 GMT. app linking people to drivers of private cars. But it has also
The Silicon Valley company has run into regulatory bar- faced safety issues and faced accusations that some of its
riers and a backlash in several markets, forcing it to with- drivers have assaulted and raped passengers, as well as liti-
draw completely from places such as Copenhagen and gation alleging that its hiring process and background
Hungary. checks are inadequate.
In London, black cab drivers who see Uber as a threat to [email protected]
ODD LOT
How a hopping desk lamp ended up in Pixar
Luxo Jr., or a small table lamp in place of the letter ‘i’ , is a tribute to the movie
that got the animation studio its first Oscar nomination
I
t was in 1979 when George Lucas recruited Ed Cat-
mull from the New York Institute of Technology to
head Lucasfilm’s computer division, a group
charged with developing state-of-the-art technology
for the film industry. In 1986, Steve Jobs purchased
the division from George Lucas and established the
group as an independent company—Pixar. At that
time, about 40 people were employed at the firm.
Soon, Pixar started a collaboration with Disney on
CAPS—computer animation production system. John
Lasseter’s official directorial debut, Luxo Jr., is com-
pleted soon after and wins an Oscar nomination for
the best short film (animated).
This was just the beginning—Pixar went on to win
15 Oscars, nine golden Golden Globes and 11 Gram-
mys. As a tribute, Pixar decided to use its “good luck
charm”, Luxo Jr., the hopping desk lamp, in its logo.
PLAIN
FACTS
THE LAST NAIL IN THE ENGLISH IS THE LATEST CURE
TUESDAY, NOVEMBER 26, 2019
LIVEMINT.COM
INVESTMENT COFFIN uP2 FOR THE JOB CRISIS uP8
DON’T MISS
Sensex scales new peak, PAWAR PLAY
F
non-executive director on Monday, up 529.82 points, on the back of 25 Nov, 3.30pm
oreign investors contin-
on the company’s board. ued to remain bullish on robust FII inflows, which are at an eight-month RFL fund
See Page 6 high of $2.27 billion in November. scam: Delhi
India with robust foreign HC notice to
inflows driving Indian FII inflows
Malvinder,
stocks to a record high on (in $ mn) Updated till 22 Nov Godhwani
Oyo’s loss widens Monday as expectations around a 40,439.66 7,000 6,148.73 on ED’s plea
to ₹2,385 cr in FY19 25 Nov, 9.15am 6,000
fresh government stimulus gained 5,000 bit.ly/2QVBH8J
Oyo Hotels and Homes’ momentum amid slowing eco- 4,000
losses swelled more than nomic growth. Sensex 3,000 2,266.37
six-fold to ₹2,384.69 Benchmark indices gained more 2,000
crore in the year ended 1,000
than 1% on hopes that the Reserve Shiv Sena chief Uddhav Thackeray and NCP president Sharad
31 March. See Page 5
Bank of India may reduce interest 1.31% 0
-1,000 Pawar with their MLAs at a Mumbai hotel on Monday. The
rates further to infuse fresh liquid- -2,000 political drama over government formation in Maharashtra
ity into the economy over concerns -3,000
Mar Apr May Jun Jul Aug Sep Oct Nov heated up with chief minister Devendra Fadnavis and rival
LVMH acquires that GDP growth could fall below 40,359.41 Source: Bloomberg, NSDL claimant Thackeray both furnishing what they said was evidence
Tiffany for $16 bn 5% in the second quarter. Gaining 22 Nov, 3.30pm
of majority support in the assembly. See Page 20 AP
SARVESH KUMAR SHARMA/MINT
LVMH has bought US 529.82 points or 1.31%, the Sensex
jeweller Tiffany for $16 ended at a record high at South Korea were up nearly 1%. and India is one of the biggest ben- $2.06 billion after a massive sell-off
billion in the largest 40,889.23. The 50-share Nifty Signs of a cooling in rhetoric eficiaries of it,” said Jinesh Gopani, in July to the middle of September.
luxury-goods deal ever. index was just 27 points shy of a between the US and China have head of equities at Axis Mutual “FPI inflows continued to
See Page 3
record closing high. The index rose
1.38% to 12,079 points.
A rally in global stock markets
contributed to a
resumption in foreign
flows into India and
A rally in global
stock markets
Fund.
Foreign institu-
tional investors (FIIs)
improve in October and the first
half of November, aided by improv-
ing global liquidity driven by the
Maruti’s new models
Bill on corp tax cut
introduced in LS
The bill proposes to keep
software producers and
amid optimism about a US-China
trade deal improved sentiments
among investors in India. Shares in
Monday’s market amid optimism inflow into Indian
move was in line with about a US-China equities rose to an
similarly strong senti-
trade deal eight-month high in
beginning of quantitative easing of
$22 billion per month by the Euro-
pean Central Bank from November
to come in premium,
Asia also climbed higher on Mon- ment across Asian November. They and the increase in the US Federal
book printers out of
the 15% corporate tax
slab. See Page 18
day, as investors reacted to Hong
Kong’s district council elections
amid months of civil unrest in the
markets, according to
analysts.
“Indian stock mar-
improved
sentiments
bought Indian equi-
ties worth $2.27 bil-
lion during the month
Reserve’s bond buying programme
to $60 billion per month,” said
Vinod Karki, head of strategy at
mass market variants
city. kets are rallying on while they are net ICICI Securities. Malyaban Ghosh of the competition is also com-
Hong Kong’s Hang Seng index abundant foreign liquidity. Emerg- buyers of $12.49 billion year-to- Mutual funds and insurance [email protected] ing in those segments, which is
Jio, Airtel bid for led gains among major markets. ing markets are seeing strong for- date. NEW DELHI addressed through Nexa,” said
RCom’s assets Stock markets in China, Japan and eign inflow in the last few months In October, they pumped in TURN TO PAGE 6 the first person cited above.
M
Airtel and Bharti Infratel, aruti Suzuki India Ltd Cost savings will be a huge
which had earlier bid is set to rework its benefit under the new
together for RCom, are blueprint for intro- approach, the person said.
likely to have bid jointly BARE TALK THE IMPARTIAL SPECTATOR A VISIBLE HAND ducing new products over the The automaker is likely to
again. See Page 6
V. ANANTHA NAGESWARAN SHRUTI RAJAGOPALAN NARAYAN RAMACHANDRAN next decade as the country’s adopt the new strategy with
See Page 14 See Page 14 See Page 15 largest carmaker strives to the Vitara Brezza compact
maintain its dominant position sport-utility vehicle when the
in the market, said two people product undergoes a full
Thane tops, Greater More flights may be grounded, IndiGo warned with direct knowledge of the model change around 2021,
development. the first person said, adding
The revised strategy would the new model will be sold
I
ndia’s aviation regulator on DGCA issued a directive. P&W engines with modified mium Nexa deal- i c a lly c os t s
Monday warned IndiGo The regulator said that for LPTs on 97 Airbus A320Neo erships as well as The automaker is between ₹900
that the airline’s efforts to every new A320Neo aircraft aircraft by 31 January, follow- the mass market likely to adopt the crore and ₹1,100
Madhurima Nandy answer: prices relative to the modify the glitch-prone older that IndiGo adds to its fleet ing a series of engine inci- Arena show- new strategy with crore to develop a
[email protected] cost in neighbouring areas, Pratt & Whitney (PW) engines henceforth, it would have to dents. rooms, the people the Vitara Brezza new car model in
BENGALURU good infrastructure, and a installed on Airbus A320Neo ground a similar aircraft with Only IndiGo and GoAir said, requesting compact SUV India, whereas a
wide range of homes at various aircraft were not satisfactory. unmodified engines. operate P&W-powered anonymity. variant, even with
A
local train heading out price points. Thane (West) has This means a significant por- “The grounded aircraft can A320Neo family aircraft in The revamp is drastic changes to
of Mumbai’s city centre a weighted average price of tion of IndiGo’s fleet could be be allowed a fresh schedule India. GoAir has 38 Airbus aimed at maintaining a strong the interior and exterior,
reaches suburban ₹9,801 per sq. ft, relatively grounded if the carrier fails to once its engines are A320Neo aircraft on its fleet, pipeline of models developed requires an additional ₹200 to
Thane in an hour. The metro more affordable than units in meet a 31 January deadline. IndiGo has 98 A320Neo family replaced,” DGCA said. “This which are also powered by at lower cost with a faster turn- ₹250 crore.
ride from central Delhi to Mumbai and its other suburbs. “We may find ourselves in a aircraft. RAMESH PATHANIA/MINT process may remain in force P&W engines. around time, the two people A spokesperson for Maruti
Noida Extension or Greater In the backdrop of India’s situation in which we remain till all the engines in the fleet About a fortnight ago, said. The plan is expected to declined to comment.
Noida takes about the same. worst slowdown in the resi- saddled with a large number would be a sub-optimal solu- have been replaced.” DGCA extended the deadline help the automaker as launch- Selling different versions of
However, in terms of home dential sector, it is increasingly of aircraft with unmodified tion. InterGlobe Aviation Ltd, to replace at least one engine ing new products at regular the same model would there-
sales, the two couldn’t be more evident that sales are becom- engines and operating on a IndiGo has 98 A320Neo which operates IndiGo, said it each on 36 Airbus A320Neo intervals will allow it to effec- fore require only an incremen-
different. ing micro-market driven, with schedule approved by us,” the family aircraft, comprising 91 is trying to fix the issue. planes operated by IndiGo tively address demand and tal cost of about 20%, which
Thane (West) topped the certain locations in the top cit- Directorate General of Civil A320Neos and seven “IndiGo is working with P&W and GoAir by 24 November. combat rivals. would be significantly lower
charts among all micro-mar- ies performing better than the Aviation (DGCA) said. A321Neos, which are all pow- and Airbus to adjust inflow of Out of these 23 planes “Maruti is expected to than developing a new model
kets in India in home sales, others. However, DGCA said that ered by P&W engines. Of LPT (low pressure turbine) 3 belonged to IndiGo and 13 to launch one such product with
with 7,755 housing units “Thane and Greater Noida the grounding of aircraft these, one of the two engines modified engines to meet the GoAir. two versions every year. Most TURN TO PAGE 6
changing hands in the 12 are two examples of why one
months ended 30 September, micro-market performs well
according to data collated by and the other doesn’t. What
Liases Foras Real Estate Rat- has worked for Thane (West) is
ing and Research the continuous
Pvt. Ltd. The Raj Nagar infrastructure
number is a 21%
jump from the
previous year,
Extension in
Ghaziabad, a
and commercial
development,
micro-market in c o n n e c t i v i t y ,
‘KEY CHALLENGE IS TO MOTIVATE CHILDREN TO GO TO SCHOOL’
which saw sales large supply and a 2020 is a year that has captured imaginations with its promise of being near enough to set achievable targets
NCR, saw a 39%
of 6,427 homes. wide range of pro-
Thane (West) is drop in sales to jects priced
yet distant enough to envision transformation. As 2019 draws to a close, Mint invites thought leaders to share
part of the larger 2,224 units b e t w e e n their vision for the decade ahead. RPG Group chairman Harsh Goenka talks to Shrija Agrawal about five
Thane district, ₹5,000-15,000 THE FUTURE IS HERE ideas that will impact the way we live in the future.
with a railway per sq. ft. The lack
station cleaving the suburb of these in Greater Noida have ED-TECH INITIATIVES TO TECH FOR ACCESSIBLE MORE INFRA TO MOVE SWIPE RIGHT FOR INNOVATION FOR
into western and eastern sides. worked against it. Real estate CHANGE SCHOOLING HEALTHCARE PEOPLE FASTER EFFICIENCY QUALITY OF LIFE
At the same time, the micro- projects were launched in We produce some of the Government hospitals are Urbanization has been The public sector has been To decongest cities and
market of Noida Extension- Greater Noida in areas which brightest engineers, doctors stretched to capacity, and rapid. Going by the 2011 a catalyst for rapid digitiza- increase efficiency, smart
Greater Noida in the National were still not connected well and scientists, but a vast few patients can afford pri- census, 53 cities have a tion. The government has cities are the answer. Acces-
Capital Region (NCR), which and fully habitable,” said Pan- majority of India lacks vate care. In rural areas, population of over a mil- made the effort to enrol sible government data,
has far more apartments than kaj Kapoor, CEO of Liases access to quality education. front-line workers dis- lion. In the US, highways over 1.2 billion people on transparency in budgeting
Thane (West), saw sales of Foras. There is pressure to score charge responsibilities in transformed the economy; Aadhaar. Banking is now and performance, and a
7,712 units in the year ended There is a reason why nearly marks, leaving little scope difficult conditions with in China, it was ports. India on virtual platforms and strong social media pres-
30 September—1,812 units all top developers in Mumbai for analysis and application. little support. Innovation has seen a three-fold hike fund transfers happen by ence can help city admin-
fewer than the 9,524 units sold are keen to launch projects in One of the biggest challen- and technology show the in infrastructure lending just swiping a phone istrations craft relation-
in the previous year. Raj Nagar Thane, be it the sales factor, ges at the grassroots level is way. One innovation that since 2014, but the ques- screen. We have seen that ships with citizens. An
Extension in Ghaziabad, huge demand and the availa- motivating children to go to comes to mind is Sanket- tion of how we move ahead a thrust on technology can example is the vision
another NCR micro-market, bility of land. school as rote learning is not Life, a card-sized, mobile remains. Perhaps high- increase efficiencies, open for AURIC (Auranga-
saw a 39% drop in sales to Mumbai-based Lodha exciting. A judicious mix of ECG machine, which speed rail and tunnels, like doors to low-cost innova- bad Industrial City), a
2,224 units during the period. Group launched its first practical, on-ground pro- makes ECG affordable for the ones Elon Musk’s Bor- tion, and usher in greater planned industrial city.
So what’s the secret sauce of project, Lodha Crown, under grammes and ed-tech initia- everyone. We need many ing Co. is building, are the transparency. It’s a march The idea of 100 smart
Thane (West) that attracts tives can change this. more such innovations. way forward. we must continue. cities is path-breaking.
buyers and builders? The TURN TO PAGE 6
02 TUESDAY, 26 NOVEMBER 2019
NEW DELHI
PLAIN
FACTS
T
he last remaining would be hit badly and their Capital expenditure (in trillion) 8.12 Private investment Govt investment
5
engine of India’s capex plans will likely be 8
FY14
Andhra Pradesh FY19
capital expenditure trimmed further. 4
cycle, state govern- How important state gov- FY14
Assam FY19
6
ment capex, is los- ernment-funded capex has 3 0.7
State 0.6 FY14
Bihar FY19
ing steam and could slow become in the past few years 0.4
down further as state finances can be understood by compar- government 0.8
4 2 0.7 FY14
Chhattisgarh FY19
come under increasing strain, ing the shares of government- 3.17 0.6 0.6
posing a risk to a capex revival funded capex and privately- Central FY14
Gujarat FY19
1
in the country. funded capex over the years. government 0.2 0.3
2 FY14
Over the past two decades, Five years ago, private invest- 0
Haryana FY19
state governments have led ments accounted for the bulk Sep Dec Mar Jun Sep Dec Mar Jun Sep FY14
Jharkhand FY19
public investments in India. As of investment projects. Now, 0 2017 2018 2019
FY14
private investments dried up the shares have reversed, with Others include combined central and state projects as well as projects Karnataka FY19
FY1980 FY90 FY2000 FY10 FY19
in the past few years, the role government-funded projects (Revised announced by government local bodies FY14
estimates) Kerala FY19
of state governments became dominating investments Chart 4 FY14
even more cen- across states (see Jharkhand, Chhattisgarh, Haryana saw big spikes in stalling rates in the past 5 years Madhya Pradesh FY19
tral to sustain One big reason chart 3). 44 Maharashtra FY19
FY14
investments in for the decline One big reason
the country (see for the decline in 40 FY14
in private NCT of Delhi FY19
chart 1). investments private invest- Stalling rate (in %) FY14
However, with ments relates to Odisha FY19
across states FY14 FY19
state finances the rise in stalled FY14
relates to rise in 30 Punjab FY19
under stress, projects. If pro-
stalled projects FY14
state capex plans jects were getting Rajasthan FY19
have been stalled largely FY14
20 Tamil Nadu FY19
trimmed, further because of lack of
FY14
dampening a subdued capex clearances earlier, now they Telangana FY19
cycle in the country. Rising are stalled because of lack of FY14
expenditure on the revenue finances (bit.ly/2OfuRci). Uttar Pradesh FY19
10
account, including populist Investments have declined FY14
Uttarakhand FY19
spending on farm loan waiv- the most in states such as FY14
ers, has crimped the ability of Jharkhand, Chhattisgarh, West Bengal FY19
0
state governments to drive the West Bengal, Punjab, and Ker- Jharkhand Haryana Kerala Uttarakhand Karnataka MP Gujarat Rajasthan Tamil Nadu Delhi 0 20 40 60 80 100
capex cycle. The past couple of ala and in all of these states Top states by gross state domestic product in 2017-18, arranged in alphabetical order
Chhattisgarh West Bengal Maharashtra Odisha Andhra Telangana Bihar UP Punjab Assam
quarters saw a sharp drop in stalling rates, expressed as a
For top 20 states by gross state domestic product 2017-18. Stalling rate is calculated as a percentage of total projects under implementation so that the values are comparable across time Source: CMIE Economic Outlook, RBI State Finances Reports, CMIE Capex, budget documents
new project announcements, share of projects under imple-
AHMED RAZA KHAN/MINT
data from the project tracking mentation, have shot up con-
database of the Centre for siderably (see chart 4). squeeze. The prime example tor reforms to bring down disappointing. As documented UDAY, as the latest Reserve tinue to impact state finances With state finances being
Monitoring Indian Economy So far, government-funded of this is the Ujwal DISCOM losses and to revise power tar- (bit.ly/2OFO45Y) by Aman- Bank of India study on state on an ongoing basis,” the RBI hit because of UDAY-related
(CMIE) shows (see chart 2). projects kept the capex cycle Assurance Yojana (UDAY) iffs so that power companies deep Kaur and Lekha Chakra- finances points out report said. Future bailouts of as well as other commitments,
The value of new state gov- going, even if at a tepid pace. under which states were turned viable and did not need borty of the National Institute (bit.ly/37CymRw). power firms might strain state room for capex funding is
ernment projects saw a 75% Now with state finances facing allowed to breach their fiscal life support in future. This was of Public Finance and Policy, “Finances of these states in government finances further, likely to remain low. With the
decline from the year-ago rising strain, this channel of deficit targets to facilitate a supposed to have led to a UDAY has not led to an the bond issuance years the report warned. last remaining capex driver in
period in the June-ended investment finance has also one-time bailout of debt-laden revival in the power sector and improvement in either opera- (2015-16 and 2016-17) were sig- Power sector investments, the country being hit, a sus-
quarter of 2019, settling at the been jeopardized. power distribution companies thus paved the way for new tional or financial metrics nificantly impacted; interest too, have dried up across states tained revival in India’s invest-
lowest in 15 years. Policy failures have contrib- (discoms). States were also investments in the sector. across most states. State finan- payments, redemptions and that implemented the scheme, ment cycle is likely to be fur-
If the 15th Finance Commis- uted to the investment supposed to enact power sec- The reality has been pretty ces were hit hard because of discoms’ loss funding con- CMIE data shows. ther delayed.
F
Most retweeted Last Weekly Last Weekly or centuries, caste influ- age ‘take-up’ rate of a task fell
Politician Party topic week change week change enced India’s labour mar- by 23 percentage points if the
ket, but how does it affect task is associated with castes
MEMBERS OF PARLIAMENT - TREASURY
the labour market nowadays? other than the worker’s caste.
NARENDRA MODI Congratulating Fadnavis and Ajit Pawar on taking oath 31 -6.1% 51.42 0.2%
BJP According to a new study by The decline is even greater
@narendramodi
Suanna Oh of Columbia Uni- (47 percentage points) when
AMIT SHAH* Congratulating Fadnavis and Ajit Pawar on taking oath 25 4.2% 16.11 0.5%
BJP versity, caste identity remains the caste associated with
@amitshah
an important factor in the job the task is ranked lower than
RAJNATH SINGH decisions of the worker’s
BJP Criticizing Pakistan for sponsoring terror against India 43 72.0% 14.75 0.3%
@rajnathsingh
workers in rural m SNAP FACT caste.
SMRITI IRANI India. These choices Many workers are averse to taking up jobs associated with castes
BJP PM Modi congratulating Fadnavis and Ajit Pawar 91 -19.5% 10.06 0.2%
@smritiirani Many workers were made in pri- that are ranked lower than their own, shows a new study. BLOOMBERG
SUBRAMANIAN SWAMY are averse to taking up jobs vate and not publicized, sug-
BJP Message to Hindutva parties not to split movement 150 -19.8% 8.33 0.1%
@Swamy39 associated with other castes, gesting that they were moti- castes, even when offered 10 tions due to caste identity, it
MEMBERS OF PARLIAMENT - OPPOSITION and they are especially averse vated by workers’ own con- times their daily wage. could cause significant misal-
RAHUL GANDHI* to working with castes ranked sciousness of caste identity In explaining these rejec- location of talent in the econ-
INC Criticizing the government on electoral bonds 3 -57.1% 11.24 0.4% lower than their own, accord- rather than concerns over tions of work, the workers cite omy.
@RahulGandhi
ing to results from a field social image. reasons such as a personal Also read: Does Identity
SHASHI THAROOR Criticizing protests in BHU against Sanskrit professor 84 -13.4% 7.12 0.1%
INC experiment conducted by Oh Through a separate experi- sense of shame, caste-related Affect Labor Supply?
@ShashiTharoor
in rural Odisha. ment, the author also shows concerns and a lack of will. (bit.ly/33jcG9Y)
KAPIL SIBAL Terming electoral bonds as institutionalized graft 2 -50.0% 2.21 0.1% As part of the experiment, that 43% of workers refuse to Oh concluded that if work- Snap Fact features new and
INC
@KapilSibal
Oh measured the willingness spend 10 minutes working on ers with the same talent and interesting reads from the
SHARAD PAWAR Distancing Ajit Pawar's actions from the party 29 31.8% 1.35 3.1% of 630 casual labourers to take tasks associated with other skill sets avoid certain occupa- world of research.
@PawarSpeaks NCP
DEREK O’ BRIEN TMC Criticizing adjournment of RS during Zero Hour 27 -10.0% 1.21 0.0%
@derekobrienmp
CHIEF MINISTERS
YOGI ADITYANATH Congratulating Fadnavis on taking oath as CM 12 100.0% 5.74 0.8%
@myogiadityanath
BJP m NEWS IN NUMBERS CORRECTIONS AND
NITISH KUMAR*
JD(U) Meeting with Bill Gates 7 -12.5% 5.08 0.1% CLARIFICATIONS
AFP
@NitishKumar
DEVENDRA FADNAVIS
63% 6 The 20
Mint welcomes
November comments,
Long Story,
BJP Sharing pictures from his oath-taking ceremony 51 24.4% 3.82 0.7% What is it?The percentage of votes What is it? The suggestions
“Crop insuranceor complaints
flaws fuel farm
@Dev_Fadnavis
secured by Romania’s incumbent number of Davis about errors.
distress”, should have quoted
MAMATA BANERJEE Birthday wishes to Mulayam Singh Yadav 25 -21.9% 3.68 0.4% President Klaus Iohannis on Sunday, Cup titles Spain ICICI Lombard managing
TMC
@MamataOfficial with most of the votes counted. has won. Readers
director andcan
chiefalert the
executive
newsroom
officer to any
Bhargav errors inasthe
Dasgupta
VIJAY RUPANI PM Modi congratulating Fadnavis and Ajit Pawar 21 -8.7% 2.48 0.1% Why is it important? His decisive victory Why is it
BJP paper by
saying, “Weemailing us, withthat
don’t believe your
@vijayrupanibjp against Viorica Dancila—the former prime important? It full name
the and address
crop business, giventothe
PARTY CHIEFS minister of the left-leaning Social won its sixth title [email protected].
reinsurance terms, can be
ARVIND KEJRIWAL Democratic Party (PSD)—was expected. at the 2019 edition viable. At the end of the day, it
AAP Criticizing Harsh Vardhan for politicking on water 38 15.2% 15.83 0.2% There was growing resentment against the when it beat It is our
is social policy to promptly
insurance.”
@ArvindKejriwal respond to all complaints.
AKHILESH YADAV
PSD government over judicial reforms, the Canada in the finals. Rafael Nadal, who Readers
Mint dissatisfied
welcomes with the
comments,
SP Tributes to martyred soldiers during 1962 China war 12 20.0% 10.20 0.3% arrest of PSD leader Liviu Dragnea in May, hasn’t lost a single Davis Cup match since
@yadavakhilesh response or or
suggestions concerned
complaints about
and the collapse of the PSD govt in October. 2004, sealed Spain’s victory as he Mint’s journalistic
about errors. integrity may
CHANDRABABU NAIDU* Thanking Shah for including Amaravati in India map 31 4.47
TDP 10.7% 0.1% Tell me more: President Iohannis’s powers defeated Canada’s Denis Shapovalov write directly
Readers toalert
can the editor
the by
@ncbn sending an to
newsroom email
anyto errors in the
are limited in Romania’s parliamentary 6-3 7-6 (9-7) in Madrid.
NAVEEN PATNAIK Meeting with Kamal Haasan 8 -50.0% 2.62 0.0% democracy, and he has to work closely Tell me more: The US tops the list with [email protected]
paper by emailing us at
BJD
@Naveen_Odisha [email protected].
with the minority government led by PM 32 title wins, including the very first Mint’s journalistic
Readers dissatisfied Code
withof
KT RAMA RAO** New cable suspension bridge in Hyderabad 24 20.0% 1.91 0.2% Ludovic Orban to push judicial reforms. edition back in 1900.
TRS Conduct
the response that may
governswriteour
directly
@KTRTRS newsroom
to the editor is at
available at
*Appear in multiple categories, included in most relevant role. **Working TRS party president. www.livemint.com
[email protected]
Data for the week to midnight of 23 November Data compiled by howindialives.com Data and text compiled by Howindialives howindialives.com is a search engine for public data
First published in February 2007 to serve as an unbiased and clear-minded chronicler of the Indian Dream.
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DEALS TUESDAY, 26 NOVEMBER 2019
NEW DELHI 03
ANTI-PORTFOLIO
A section where investors talk about missed
LVMH buys Tiffany for $16 bn in
largest luxury-goods deal ever
opportunities in start-up investments.
L
Tim Cook VMH agreed to buy Tiffany embraced acquisitions, spending The revised price tag may reflect
reveals
what Apple
and Co. for more than $16 more than $12 billion across 19 deals the changing fortunes of Tiffany,
does with billion in the largest luxury- since the start of 2016, according to where chief executive officer Aless-
I
was excited when DoubtNut was introduced to us in Android goods deal ever, raising the Bloomberg Intelli- andro Bogliolo has cut
June 2017 as a potential investment by a friend whose phones French conglomerate’s gence. A GEM OF back on entry-priced
judgement I trust. They were looking for seed-stage bit.ly/2XIZJFf profile in jewellery and giving it Yet even with that A DEAL gifting options and
funding, and seemed to fit our sweet spot, given the fact access to a broader swath of shop- spree, LVMH has revamped its marketing
that I have a soft corner for ed-tech companies. Several pers in the US and Asia. lagged behind Richem- LVMH raised its bid to target younger shop-
education startups, including Toppr, Vedantu, Unacad- The owner of the Louis Vuitton ont in luxury jewellery, twice before coming
to an accord,
pers after a difficult
emy, and Eruditus—while serving different use cases— brand agreed to pay $135 a share for a significant area of bolstering its offer to period when the firm
have all managed to achieve some sort of scale and raise the US jeweller, according to a state- growth in emerging $130 just days ago lost track of consumer
capital from investors. This indicates the inherent poten- ment Monday. That values Tiffany markets such as China. trends. The company
tial of ed-tech, also helping Doubtnut’s cause. I liked the 37% above the closing price before LVMH’s last major deal THE all cash deal to gets about 44% of its
acquire jewellery
fact that they had identified an interesting niche. Bloomberg reported an initial $120- Acquiring Tiffany would more than double LVMH’s jewellery scale and in that area was in 2011, brand is expected to revenue from the
Using a clever low-cost solution, they were focused on a-share approach on 26 October. boost its market share to more than 18%. BLOOMBERG when it acquired the close in the middle Americas and 43% from
solving doubts which stump students. Students could Boards of both companies approved Bulgari brand. of 2020 Asia. The rest comes
take a photo of any question , and their app would use AI the proposal on Sunday, capping a nent in jewellery as in fashion or brand appeal in jeweller, the least- Tiffany’s shares have mostly from Europe.
and show them a video-based solution in real time. They month of talks. cosmetics. Acquiring Tiffany would crowded category in the luxury sec- traded steadily above Citigroup Inc. and
were generating revenue, and had already created a huge LVMH chairman Bernard more than double LVMH’s jewel- tor,” wrote Rogerio Fujimori, an the initial offer price since Bloom- JPMorgan Chase and Co. gave
library of video solutions to common math problems. Arnault is challenging Cartier lery scale and boost its market share analyst at RBC Europe. berg News first reported the talks late LVMH financial advice, while Tif-
However, I said no because they were raising a con- owner Richemont for dominance in to more than 18%, according to The all-cash deal is expected to last month. LVMH raised its bid for fany hired Goldman Sachs Group
vertible note, and I prefer participating in a priced round. the global jewellery business. Bloomberg Intelligence analyst close in the middle of 2020. LVMH Tiffany at least twice before coming Inc. LVMH’s legal counsel was
I was also very worried about their lack of competitive While LVMH’s stable of 75 Deborah Aitken. shares rose as much as 2% in morn- to an accord, bolstering its offer to Skadden, Arps, Slate, Meagher and
moat. There are lots of free options available in the brands includes Christian Dior fash- “Tiffany makes sense for LVMH ing trading in Paris, approaching a $130 just days ago, according to peo- Flom Llp, while Tiffany’s was Sulli-
ed-tech space, which is why generating revenue is hard ion and Dom Perignon Champagne, because of the scarcity of acquisi- record. ple with knowledge of the situation. van & Cromwell Llp. BLOOMBERG
for frugal startups. Also, well-funded competitors such the company hasn’t been as promi- tion targets with global scale and The deal cements a successful While the company dwarfs Tif- [email protected]
as Byju’s use strong-arm pressure tactics to get parents
to sign up, which means it becomes hard for other start-
ups to earn mind-share.
I am very pleased that they have grown from strength
to strength, and have raised funds from marquee inves-
tors such as Sequoia’s Surge and impact investor Omid-
yar Network. They have also expanded their offering,
and are well positioned to continue growing. As an inves-
Scooter rental startup Vogo eyes $40 mn from round led by Aspada, Mirae
tor, I have limited bandwidth, and I need to use heuristics
to screen the startups I explore. I realise I can’t be the M. Sriram and investment team led to the which allows it to use debt to such as Vogo and Bounce are
right investor for everyone, and this means there will be [email protected] New York-based firm withdraw buy scooters. This allows Vogo clocking nearly 100,000 rides
many negatives, and I’ll miss winners like DoubtNut. I MUMBAI its offer a few weeks ago. to seek lesser equity funding a day only a year into full opera-
learn from my errors, and I’m happy to become wiser as “Goldman invests in private than rival Bounce, which is tions—a figure that Ola and
S
I know there will be many other opportunities. Also, I am cooter rental startup firms from its balance sheet, as backed by Sequoia Capital and Uber took years to reach.
happy for entrepreneurs who succeed—we need more Vogo is in talks to raise well two other arms—Goldman Accel Partners. It has also raised However, making money on
success stories like DoubtNut for the ecosystem to grow. $40 million in an equity Sachs Asset Management and debt from Alteria Capital. small trips and being sustaina-
funding round led by Light- Goldman Sachs Investment Vogo and Gold- ble without large
stone Aspada, along with Partners. They are consolidat- man S a c h s While Aspada will amounts of ven-
Korean investor Mirae Asset ing the investment team to a declined to com- invest up to $15 mn, ture funding, and
Management, three people single team globally and will ment, while Mirae may invest vehicle mainte-
directly aware of the matter look for more strategic bets. Aspada and Mirae $4 mn, with nance and thefts,
said, requesting anonymity. Because of this, the Vogo deal did not respond to remain an issue.
Stellaris, Matrix
This follows an aborted bid by did not happen,” said a person emails seeking “The business
G
lance, a business unit of
Bengaluru-based
Bharti Airtel Tech startup Tookitaki
advertising tech com-
acqui-hires
pany InMobi Group, on Mon-
day, said it has acquired short-
video platform Roposo for an logistics tech closes $19.2 mn round
undisclosed amount to boost its
vernacular video content capa- firm Quikmile Nandita Mathur
bilities. [email protected]
Roposo, founded by IIT- NEW DELHI
Delhi alumni and operated by Nandita Mathur
E
Gurugram-based Relevant [email protected] nterprise tech startup
E-Solutions Pvt. Ltd, is backed Naveen Tewari, founder and NEW DELHI Tookitaki on Monday said
by investors such as Tiger CEO of InMobi Group. MINT it has raised $11.7 million
B
Global Management and Ber- harti Airtel Ltd on in an extended Series A round
telsmann India Investments. said Roposo has around 10,000 Monday said it has from global investors, expand-
Glance is an artificial intelli- professional influencers. acqui-hired Guru- ing the total size of Series A
gence (AI)-powered platform “Glance is a high-quality gram-based Quikmile, a investment to $19.2 million.
that delivers personalized, platform that has professional startup building technology- The company had raised $7.5
ad-free content to the lock content on it. It is not a user- enabled logistics platforms. million in early 2019 as the first Tookitaki founder
screens of smartphones. It generated content platform. The telco said Quikmile’s part of Series A. Abhishek Chatterjee.
comes pre-installed in many So, having access to profession- team will become part of Air- The latest top-up was co-led
Android smartphones and has ally-generated content is very tel X Labs, the company’s by Viola Fintech and SIG Asia laundering through artificial
more than 60 million daily important to us,” he said. digital innovation lab focus- Investment, followed by Nom- intelligence (AI)-powered
active users. “We will take Roposo global, ing on Internet of Things, ura Holdings as well as existing solutions. Chatterjee, who is
Entrackr first reported on as Glance grows globally, espe- digital engineering, artificial investors, including Illuminate also the chief executive, said
the acquisition on 20 Novem- cially across South East Asia,” intelligence and machine Financial, Jungle Ventures and the extended round will allow
ber, citing people familiar with Tewari said. Glance will use the learning. SEEDs Capital Pte Ltd, an Tookitaki to grow product
the matter, and said the deal platform to build communities Airtel X Labs is building investment arm of the Singa- offerings and drive technologi-
size is less than of professional digital capabilities for the pore government. cal innovation in the anti-
$20 million. Glance will influencers in emerging needs of Digital Founded in 2014 by money laundering and recon-
In a phone con- have access to global markets as India. Started in 2018, Quik- Abhishek Chatterjee, Tookit- ciliation space. The funds will
versation, Naveen Roposo’s network well, he said. mile works to bring effi- aki is based in Singapore, with also be used to expand its pres-
Tewari, founder of vernacular Glance pro- ciency, quality and safety to offices in India and the US and ence in Singapore, the US and
and chief execu- vides content in fleet owners in the logistics helps banks fight illicit money India.
tive officer of
content creators English, Hindi,
sector.
InMobi Group, and over 42 mn Tamil, and Tel- Harmeen Mehta, global
said it was a stock- users in India ugu, and nearly CIO and director–engineer-
and-cash deal. 60% of its users in ing, Bharti Airtel, said: “As we
Glance will India are in Tier 2 scale up our team with world-
now have access to Roposo’s and Tier 3 cities. They spend an class talent, we are thrilled to Business of Life
network of professional, ver- average of 22 minutes a day welcome the Quikmile team
nacular content creators and consuming content in a lan- as part of Airtel X Labs... We
more than 42 million users in guage of their choice, InMobi see a massive opportunity to
India. It will also own Roposo’s said. solve problems for this seg-
video technology, platform and “Most of India wants high- ment through scalable tech-
brand. Roposo’s interface quality video content in ver- nology solutions and work-
allows users to watch videos in nacular as only 10% of India force management platforms
10 languages, across 24 chan- speaks English,” Tewari said. that will make organizations
nels. The acquisition will help “Glance is a disruptive plat- much more efficient.”
Glance tap into Roposo’s net- form and we are very excited to Airtel said it used THE MOST AWESOME BUSINESS DAILY THERE IS.
work of regional influencers be a part of it,” said Mayank Belong.co’s AI Talent Plat-
To get your MINT copy, give a missed call on 7039035039
and create vernacular video Bhangadia, the founder of form to discover, engage and or visit www.mintreaders.com or write to us at
[email protected]
content, InMobi said. Tewari Roposo. close this acqui-hire.
04 TUESDAY, 26 NOVEMBER 2019
NEW DELHI MARK TO MARKET
S&P BSE Sensex Nifty 50 Nifty 500 Nifty Next 50 Nifty 100 S&P BSE Mid-cap S&P BSE Small Cap
CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE CLOSE PERCENT CHANGE
40,889.23 1.31 12,073.75 1.34 9,802.05 1.27 28,443.50 1.37 12,192.65 1.34 14,910.95 1.17 13,462.27 0.81
PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN PREVIOUS CLOSE OPEN
40,359.41 40,439.66 11,914.40 11,922.45 9,679.30 9,688.85 28,059.20 28,090.05 12,031.20 12,039.95 14,738.67 14,767.02 13,353.78 13,379.98
HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW HIGH LOW
40,931.71 40,393.90 12,084.50 11,919.75 9,809.10 9,687.05 28,475.20 28,084.35 12,203.15 12,037.30 14,918.32 14,759.58 13,470.90 13,378.74
m SHORT TAKES
Serenity now
Valuations of parts makers at risk
amid uncertainty in auto industry
Volatility short positions have hit a record as
the fear gauge has fallen silent.
CFTC Cboe Volatility Index non-commercial net futures
positions (No. of contracts in million)
0.15
0.10
0.5
0.002 Vatsala Kamat
0 sales at least till calendar year 2021.
back to 84 million.” Slowdown blues
-0.5 [email protected] A report by Kotak Institutional Indian component exporters’ reve-
Globally, automobile sales are likely to decline by 3.9% in calendar year
-0.10 Equities Research cites IHS Markit’s
nue growth has already started falling 2019 when compared with the previous year.
S
-0.15 hares of leading component cut in the growth forecast for global
in the last couple of quarters. Bharat Auto sales (in million units) Year-on-year
-0.20 makers such as Bharat light vehicles sales in CY19, from flat-
Forge’s Q2 FY20 consolidated reve- 30 -7.4
2018 2019 (estimates) change (in %)
-0.22 How robo Forge Ltd, Motherson Sumi tish growth earlier to a fall of 6-8%
nue fell 17% y-o-y, whereas growth
-0.25
27 Jul 2004 19 Nov 2019 advisers
work and
Systems Ltd and Varroc year-on-year (y-o-y). Barring Japan,
rate slowed to 5% from double-digits 25
Source: Commodity Futures Trading Commission, Bloomberg
compare Engineering Ltd have fallen South Korea and Brazil, all other for Motherson Sumi. Varroc Engi- 20
SATISH KUMAR/MINT with regular 23%, 17% and 36%, respectively in the countries are likely to post a contrac-
neering clocked a 10% decline in rev-
advisers past year. This is sharper than the 10% tion in sales. Light vehicles include
enue. Operating margin of these 15 -1.8
drop in the Nifty Auto firms, too, contracted 1.1
Stocks climb after China’s bit.ly/2XKx3vq
index. UPSIDE CAPPED as a result of negative
10 -5.3
-11.4 -1 -0.7 -3.5
0.5 5.8
IP move, Treasuries dip With auto sales operating leverage. 5
slowing across the IHS MARKIT INDIAN component VALUATION of With the auto sales 0
Stocks climbed globally along with US equity globe, revenues and forecasts CY19 light
passenger vehicle
suppliers’ revenue
has declined year-
global component
manufacturers is at
slowdown unlikely to China Japan India Mexico Spain
US Germany South Korea Brazil France
futures as investors mulled the latest move by profits of parts mak- sales to decline on-year in the past significant discounts reverse in the near
Source: IHS Markit, Kotak Institutional Equities Research
China that may go some way to easing trade ers, which rely on the 6-8% year-on-year couple of quarters to their Indian peers term, cost-reduction
SATISH KUMAR/MINT
tensions. Treasuries and the yen both dipped. export market, have efforts by OEMs will
Mining and automaker shares led the advance taken a beating. Yet, weigh on component son Automotive System Group BV, is Bharat Forge diversified into non-
in the Stoxx Europe 600 Index. Equities rose their one-year forward valuations of passenger plus small commercial makers’ margins. trading at price-to-earnings multiple auto businesses such as oil and gas,
across Asia and outperformed in Hong Kong 20-25 times are by no measure rea- vehicles of up to six-tonne capacity. Meanwhile, the Kotak report said of 20 times, despite its global peers which are also under pressure.
after local council elections brought a land- sonable. In another forecast, Ferdinand valuation of global component peers like Faurecia, Plastic Omnium and Besides, some of the recent overseas
slide victory to pro-democracy candidates. There is uncertainty over near- Dudenhoeffer, director at Centre for is at a significant discount compared Magna International trading at 8-10 acquisitions by Indian component
In the latest twist on foreign trade, China term demand for components given Automotive Research in Germany, to their Indian counterparts. “For times estimated FY2021E earnings, firms would take time to scale up rev-
said over the weekend it will raise penalties on cautious commentary from the man- said, “World sales in 2019 will fall to instance, Motherson Sumi (assuming with superior return ratios,” it said. enue and turn around. These factors
intellectual property (IP) violations as it tries to agements of leading original equip- 79.5 million from 83.7 million last fair multiple of 18 times for standal- That apart, there are risks from the will pose risks to upsides in compo-
smooth over one of the sticking points in talks ment manufacturers (OEMs). And year, and won’t recover to 2018’s lev- one operations) suggests that its over- overall economic downturn too. nent makers’ valuations in the quar-
with the US government. Futures on the main analysts forecast subdued vehicle els until 2022, when sales will rise seas subsidiary, Samvardhan Mother- Some component makers such as ters ahead.
American stock gauges climbed. The dollar
steadied against its major peers. BLOOMBERG
Crypto breakdown
The bitcoin is set to match its longest run of
losses on record.
15000 CHART OF THE DAY THDCIL, Neepco acquisitions will test
Bitcoin (in $)
12000
9000
6000 Loans or bonds, India’s banks are
energy firm NTPC’s execution prowess
3,718 6,719
3000
20
10 1.08
One-day change (in %) going slow on all hues of lending R. Sree Ram
[email protected] Report card Capital work in progress (in crore)
FY17 FY18 FY19
Both THDCIL and 9,386
F T
0 rauds, errant borrowers, stretched Growth rate (in %) he acquisition of THDC India Neepco have
recovery processes and stubborn Non-food bank credit
Ltd (THDCIL) and North several projects 7,993
10 -4.81 Bank investments into commercial papers 7,118
promoters have shaken Indian Eastern Electric Power Corp. under construction,
Investments in shares
20 leading to high
1 Jan 25 Nov banks’ confidence in lending to the Investments in bonds and debentures Ltd (Neepco) will not test NTPC
capital work in
Source: Bitstamp, Bloomberg commercial sector. No wonder bank 40 Ltd’s financial limits. But the com- progress.
loan growth has decelerated sharply pany will have to be careful in inte- 4,557
SATISH KUMAR/MINT 31.9 3,950
over the past six months. grating these new acquisitions to
30 3,035
What should also worry us is the drop generate remunerative returns.
Bitcoin extends decline, in banks’ non-SLR (statutory liquidly Together, the firms will add close
slips to six-month low ratio) investments. Non-SLR invest-
20
15.1 to 3 gigawatts (GW) of operating Source: Antique Stock
ments are the commercial papers, 15.7 power plants to NTPC. Around Broking THDCIL Neepco
10
Bitcoin sank more than 10% to the lowest level bonds, debentures and shares that 12.6 2GW of power plants are under
in six months, extending last week’s slide past banks buy from companies. 9.3 8.6 construction and several more are SATISH KUMAR/MINT
0
the weekend on concerns about a crackdown In the past, companies have found it in the pipeline. This provides good several years now. THDCIL has strated better expertise in running
-7.8
on cryptocurrency operations by China. The cheaper to issue bonds and short-term growth visibility for NTPC. around 1.4GW of power plants its hydropower plant, which should
digital currency plunged as much as 11% from commercial papers to banks instead of -10 But these projects are predomi- under construction. Most of them help it beef up the performance of
Friday’s close and was trading below $6,600 as taking loans. This changed after the col- -22 nantly hydropower plants. NTPC, are expected to be commissioned in THDCIL and Neepco’s operating
of 1.50pm in Hong Kong. It’s the first time lapse of Infrastructure Leasing and -20 on the other hand, has a proven FY23. power plants. But how well NTPC
since May that Bitcoin traded below the key Financial Services Ltd (IL&FS). track record in building and run- With significant amount of funds can execute under-construction
$7,000 psychological level. Non-SLR investments by banks grew -30 ning a large portfolio of thermal in capital work in progress (CWIP), hydropower plants remains a ques-
The world’s largest cryptocurrency is also on by a modest 5.5% as of end September, power plants efficiently. timely execution and commission- tion mark.
track for eight straight days of declines, tying a sharply dropping from the 25.3% growth -40 The company runs an 800 mega- ing is crucial. According to analysts, Of course, NTPC is well placed
28 Sep 2018 27 Sep 2019
record losing streak from 2014, according to a year earlier. watts (MW) hydro- the reported return on financially to purchase THDCIL
Source: RBI
Bitstamp pricing going back to August 2011. To be sure, bond issuances and the power plant efficiently THDCIL’s plants equity (RoE) of Neepco and Neepco. The government is yet
SATISH KUMAR/MINT
“Investors can find more joy in traditional mar- short-term commercial paper market (1,000MW equals are seeing high is impacted by high to finalize the valuation of these
kets without the aggressive volatility and are dominated by non-banking financial investors including banks are asking 1GW). But as demon- operations and CWIP in recent years. firms. Analysts peg the acquisition
opaque markets,” said Jeffrey Halley, senior companies (NBFCs) and the drop in companies to pay higher yields on strated by another maintenance While RoE of THDCIL cost in the range of ₹10,000-14,000
strategist for Asia Pacific at Oanda. BLOOMBERG growth corroborates the credit crunch bonds to compensate for the increase listed hydropower is relatively better, the crore for NTPC.
costs, while
NBFCs are facing. After all, with credit in risk perception. This is on top of the producer NHPC Ltd, firm also has high With debt-to-equity ratio of less
ratings under scanner and several more than ₹9 trillion worth of bad loan hydro projects are sus- Neepco’s are facing CWIP, says analysts. than two times and annual free cash
NBFCs in great stress, banks would stock pile that has made banks tighten ceptible to execution availability issues Further, as SBICAP flow of around ₹16,000 crore in
Debt binge want to be cautious in the near term. their risk assessments. delays. Inordinate Securities Ltd points FY19, the company is well placed to
Chinese issuers have sold dollar-denominated Even after a year from the collapse of Analysts believe that a revival in loan delays in the construc- out, performance of fund the acquisition. “We find both
bonds at a record pace this year. IL&FS, the situation for NBFCs has only growth is likely in the second half of the tion of NHPC’s hydropower pro- the operating power plants of both additions to be earnings accretive
195
Issuance volume (in $ billion)
183 worsened. current year, although initial signs are jects have resulted in sub-optimal the firms is not up to the mark for NTPC at the fair value and with
152
While the growth rate in bond issuan- not encouraging. The non-food credit returns. either. THDCIL’s plants are seeing NTPC’s strong balance sheet and
ces has more than halved, as far as growth continued to be around 8% even THDCIL and Neepco are also fac- high operations and maintenance annual profits of ₹10,000-12,000
short-term commercial papers go, in the first week of November, accord- ing similar problems, though at costs, while Neepco’s plants are fac- crore these are easily funded from
98.6 banks have not been investing at all. ing to data from the Reserve Bank of varying degrees. Neepco’s 600MW ing availability issues, which is 2-3 years of internal accruals,” ana-
89.4 81.1
Credit spreads have widened and India, down from 15.3% a year earlier. Kameng hydropower project in impacting cost recovery. lysts at JM Financial Institutional
55.3 Arunachal Pradesh is delayed for Comparatively, NTPC demon- Securities Ltd said in a note.
17.1 25.7
4.2 14.3
2009 2011 2013 2015 2017 2019
2010 2012 2014 2016 2018
Data includes period between 1 Jan and 25 Nov
Source: Bloomberg
SATISH KUMAR/MINT Trent stock in vogue; managing expansion is key to sustaining valuations
China plans record sale Pallavi Pengonda Indian consumer’s attention is by Trent, although its current con- The company is adding stores
In fashion
with $6 bn bond offering [email protected] making its products available at
Trent’s shares have appreciated sharply so far this year, helped by
tribution to revenues is compara- in the Westside format as well.
attractive price points, particu- the company’s better execution and financial performance. tively small. Strong execution on store addi-
S
China is planning a record sale of sovereign hares of Trent Ltd have larly at Westside and Zudio. In Trent Nifty 500 index
According to Motilal Oswal tions will be a key factor to moni-
bonds in dollars, with a potential $6 billion risen nearly 40% this fiscal FY20 so far, both these formats 165
139.86 Financial Services Ltd’s esti- tor for the stock, although the
offering, according to people familiar with the year. The company is on an have fired on growth. 145 mates, Zudio will see 70/80/100 sharp appreciation in the share
discussions. The ministry of finance is consid- expansion mode and at the same For the six months ended 30 125
store adds in FY20/21/22, taking price does suggest that a good
ering tenors of three years, five years, 10 years time delivering in terms of finan- September, the company’s 101.43 its total store strength to 290 by share of the optimism is baked
105
and 20 years, according to the people, who cial performance. This is helpful, stand-alone revenue increased FY22. The broker expects into the valuations, capping
asked not to be named as the talks aren’t pub- especially at a time when many by 31% to ₹1,585 crore from a year 85 Zudio’s revenue to hit ₹1,450 near-term upsides. Nonetheless,
29 Mar 25 Nov
lic. The ministry didn’t immediately respond to consumer-oriented firms are earlier. Analysts at ICICI Securi- crore by FY22. “Thus, Zudio is if Trent continues to deliver
Base value taken as 100 Source: Bloomberg
a request for comment. feeling the heat from a demand ties Ltd’s retail equity research expected to contribute 26% to strong numbers, valuations
This marks the third straight year for China slowdown. Trent primarily oper- said in a report on 8 November, SATISH KUMAR/MINT
Trent’s overall revenue; contri- could well find support.
to issue dollar debt, and underscores the ates stores across four concepts— “Revenues from the Westside cally comparable stores. “Trent’s relatively smaller base. bution toward Ebitda is also On the flip side, losses in the
nation’s continued interest in building out an Westside, Zudio, Star and Land- format grew 23% year-on-year, value fashion business under the At the end of FY19, Trent had expected at similar level,” the hypermarket format have some
offshore market where its companies and local mark, with Westside as its flag- driven by robust like-to-like sales ‘Zudio’ brand has seen excep- 150 Westside stores and 40 Motilal analysts said in a report analysts worried. “Bloated losses
authorities can tap funding. The 20-year note ship chain. growth of 13% in H1FY20.” Like- tional ramp-up with revenues Zudio stores. on 22 November. Ebitda is earn- in its joint venture (mainly Trent
will fill a gap between 10-year and 30-year One factor that has helped to-like sales is a parameter that growing 2 times in H1FY20,” said Analysts expect Zudio to ings before interest, tax, depreci- Hypermarket) remains a key con-
securities issued in 2018. BLOOMBERG Trent get the price-conscious measures growth from organi- the broker. However, this is on a emerge as a big growth driver for ation and amortization. cern,” said ICICI analysts.
Mark to Market writers do not have positions in the companies they have discussed here
CORPORATE TUESDAY, 26 NOVEMBER 2019
NEW DELHI 05
H
ospitality startup Oyo Hotels
and Homes’ losses swelled
more than sixfold to
₹2,384.69 crore in the fiscal
year ended 31 March 2019,
even as revenue jumped more than four-
fold during the period, signalling that the
six-year-old startup may have a long way
off from an initial share sale.
Revenue climbed to ₹6,457 crore in
FY19 from ₹1,413 crore in the previous year,
according to a valuation report filed with
the Registrar of Companies (RoC) last week
and reviewed by Mint. Total expenditure at
Oyo surged nearly fivefold to ₹9,027.53
crore in FY19 from ₹1,835.38 crore
reported a year ago.
A majority of Oyo’s expenses is attrib-
uted to “operational expenses”, which bal-
looned to ₹6,131.65 crore in FY19, a fivefold
increase from the previous year. Oyo also
spent ₹1,539 crore in employee-related The latest valuation report pegs the startup’s post-money valuation at $5.32 billion as of
expenses in FY19, a sixfold rise from FY18. June 2019, while its enterprise value stood at $755.3 million in the same month.
Mint reported in July that Oyo is prepar-
ing for an initial public offering (IPO) in the tive to computing the value of a firm based lion. The fundraising is the largest for a uni-
next two to three years at a valuation of $18 on the market capitalization of its equity, corn in India since SoftBank invested $2.5
billion. However, as per listing norms in total debt and cash. billion in Flipkart in 2017.
India, a company has to return pre-tax The valuation report was filed along with “The numbers referred to in the story are
operating profit for at least three years for Oyo’s proposed plans to raise $1.5 billion in not yet audited financials. They are based
a direct listing. The other available route a fresh Series F funding round at a valua- on a valuation report prepared by Oyo’s
for listing in India valuers and
is through the LONG WAY TO GO FOR IPO includes certain
Securities and provisional finan-
Exchange Board OYO is currently BUT, as per norms, a THE other available THE mounting cials for FY19. The
of India-regulated preparing for an IPO
in the next two to
firm has to return
pre-tax operating
route for listing is
through the Sebi-
losses signal that the
startup may have a
valuation parame-
I n n o v a t o r ’ s three years at a hefty profit for 3 years for regulated IGP meant long way to go before ters such as share
Growth Platform valuation of $18 bn a direct listing for SMEs and startups it can go public prices are based on
meant for small fair market value
and medium and are not reflect-
enterprises and startups. tion of $10 billion, according to a company ive of the share premium price. The final
The report prepared by Oyo’s valuer also statement in October. audited financials will be issued later by the
pegged its post-money valuation at $5.32 As part of the round, RA Hospitality company along with the annual report that
billion (₹36,658 crore) as of June, while its Holdings will infuse nearly $700 million as we issue every year and filed with the RoC
enterprise value was $755.3 million in the primary capital in the company, with other as well,” an Oyo spokesperson said in an
same month. Enterprise value is an alterna- existing investors contributing $800 mil- emailed statement.
Education Partner State Partners Banking Partner Driven By Luxury Real Estate Partner Tourism Associate
Summit Partner Knowledge Partner Bespoke Partner Writing Instruments Partner Luxury Partner Creative Partner Media Partners Radio Partners
06 TUESDAY, 26 NOVEMBER 2019
NEW DELHI CORPORATE
MINT
F
our days after selling a with the new chairman, will be
stake in India’s largest
listed television network,
Subhash Chandra, who
announced in the coming days.
On 5 November, Mint first
reported that Chandra may lose say
Facial
recognition
at Chaayos
Airtel, Reliance Jio
founded Zee Entertain-
ment Enterprises Ltd (ZEEL) in
1992, has stepped down as chair-
in Zee Entertainment as a clutch of
asset managers, non-bank lenders
and foreign portfolio investors, who
sparks calls
for data
protection
law
submit bids for assets
man of the company, paving the had extended loans to Zee’s pro-
way for the company’s transition to
an institutionally managed entity.
Chandra will, however, continue
moter group companies against
share pledges, planned to put their
pledged shares in an escrow
bit.ly/2OgujTx
of bankrupt RCom
as a non-executive director on the account in preparation for a sale. Dhirendra Tripathi ges as well as the amounts it
company’s board, while his son The lenders had initiated discus- [email protected] has to pay its operational cred-
Punit Goenka will continue as man- sions with potential bidders, includ- NEW DELHI itors.
aging director and chief executive ing strategic investors, to sell the Reliance Communications’
R
officer of ZEEL. The company is yet bulk of the pledged shares. eliance Jio Infocomm assets include spectrum, tow-
to announce who will replace Chan- Mint had reported on 15 October Ltd and Bharti Airtel Ltd ers, fibre, data centres and real
dra as chairman. that VTB Capital Plc, a unit of Rus- on Monday submitted estate housed under its subsid-
On 21 November, a clutch of insti- sia’s state-controlled lender VTB bids for assets of bankrupt iaries Reliance Telecom and
tutional investors bailed out the Post the share sale to several institutional buyers such as GIC and Blackrock, the shareholding of Subhash Group, was in talks with two poten- Reliance Communications Ltd Reliance Infratel.
promoters of ZEEL by buying a Chandra-controlled holding companies stood at about 5%, making ZEEL an institutionally owned company. tial strategic investors to sell a and its two units, two people Reliance Jio, promoted by
15.7% stake in the company, helping 10.71% stake in ZEEL, which was aware of the matter said. Anil’s elder brother Mukesh
Chandra repay lenders more ments of Regulation 17 (lB) of Sebi ment and its MD & CEO.” Over the istry of commerce and industry, pledged by Zee’s promoter group Monday was the last day for Ambani, had last year agreed
than₹11,000 crore of promoter Listing Regulations, which inter alia last three days, three board mem- Surendra Singh, a retired IPS offi- entities. Essel Group was not able to submitting bids, 10 days after to buy the assets of Reliance
debt. Post the share sale to several mandates that the chairperson of bers resigned, including Niharika cer; and Aparajita Jain, executive honour the repayment to VTB Cap- insolvency resolution profes- Communications that
institutional buyers such as GIC and the board shall not be related to the Vora (independent director), Sunil director of Nature Morte Art Ltd, a ital, which forced the latter to sional Anish Niranjan Nanav- included its spectrum, 43,000
Blackrock, the shareholding of Sub- managing director or the secure the right to sell the aty of Deloitte India extended telecom towers and 178,000
hash Chandra-controlled holding chief executive officer of END OF AN ERA pledged Zee shares. the previous deadline. route km of optic fibre. The
companies stood at about 5%, mak- the company,” the com- According to BSE data, at Airtel and Bharti Infratel, deal failed to secure the requi-
ing ZEEL an institutionally owned pany said in its stock mar- THE resignation THE company is ON 21 Nov, a clutch of THE bailout the end of September, the which had earlier bid together site clearance from the DoT.
company. US-based hedge fund ket filing. paves the way for yet to announce institutional investors helped Chandra promoter group held a for RCom, are likely to have The resolution professional
the firm’s transition who will replace bailed out promoters repay lenders over
Invesco Oppenheimer, the largest “While Shri Chandra to an institutionally Subhash Chandra of ZEEL by buying a ₹11,000 crore of 22.37% stake in ZEEL. Of bid jointly again. That bid was had on 13 November received
shareholder in ZEEL, owns 18.74% stepped aside from the managed entity as chairman 15.7% stake promoter debt this, 96% was pledged. If withdrawn in protest against bids from firms including the
stake. “In light of the changes in chair, he also expressed the entire pledged holding the deadline extension made Airtel-Bharti Infratel combine
shareholding, Mr. Subhash Chan- the desire to step aside as a is sold off, Chandra will be on the request of Reliance Jio. and PE firm Varde Partners.
dra has expressed his intention to board member,” the release said. Sharma (independent director), and leading contemporary art gallery. left with 0.89% stake in Zee. Essel Spokespersons for Airtel Anil Ambani had on 16
resign as chairman of the board “However, the entire board Subodh Kumar (nominee of Sub- The reconstituted board consists of Group companies together owe an and Reliance Jio declined to November, along with four
with immediate effect. The board requested him to not only continue hash Chandra’s Essel group). The six independent directors and two additional ₹11,400 crore, according comment on the bids. other directors, resigned from
accepted his resignation and noted as a board member but also to be the incoming directors are R. Gopalan, members from the Essel Group, to a 5 October Mint report. The Economic Times also the company. But the lenders
that this is in line with the require- ‘mentor’ to the executive manage- an IAS officer with stints in the min- Subhash Chandra and Punit [email protected] named private equity (PE) rejected the resignations on
investors I Squared Capital, Sunday, requesting Ambani
Varde Partners and UV Asset and the other officials to coop-
Reconstruction Co. Ltd as bid- erate in the ongoing insol-
ding, but this vency resolution
could not be con- I Squared Capital, proceedings.
m SHORT TAKES Thane (West) tops, Greater Noida takes knock firmed.
“We are bound
by confidentiality
Varde Partners
and UV Asset
Reconstruction
The company
had pioneered
CDMA services in
obligations and the country when
Kartikeya Sharma appointed FROM PAGE 1 residential units as of Septem- are unable to
are also said to Mukesh Ambani
South Asia president at AB InBev ber 2019 in Thane (West), com- comment on cli- have bid for the ran it, before he
its new affordable housing pared to 31,645 unsold units in ent-specific mat- assets handed it to
New Delhi: Anheuser-Busch InBev (AB InBev), the world’s larg- brand in Thane’s Majiwada in Greater Noida and Noida ters,” a Deloitte younger brother
est brewer, has appointed Kartikeya Sharma as president, south October. Spread over 10 acres Extension. India spokesper- Anil after the two
Asia, making him the first Indian to take up the role at the maker comprising 2,800 units—with Kapoor said while the num- son said in an email to Mint. brothers split family assets
of Budweiser and Corona beer. Sharma, currently vice president homes priced at ₹25-50 lakh ber is high for Thane, the large China Development Bank, under a 2005 agreement. As
of sales at AB InBev India, will succeed Ben Verhaert who will (and some units at up to ₹75 supply and fresh launches that Life Insurance Corp. of India, its fortunes dwindled and cut-
become president, east Asia, Budweiser Brewing Company APAC lakh) on an average—it sold are happening alongside sales State Bank of India, Exim Bank throat competition eroded
Ltd, part of AB InBev, said in a statement on Monday. close to 500 units for around should be factored in. “...As of China and Bank of Baroda margins in the sector, the com-
The appointments, effective 1 January 2020, come as part of ₹250 crore. long as sales are healthy, like in are among the 41 creditors to pany considered selling its
management changes at the brewer’s south and east Asia busi- Shapoorji Pallonji Real Thane, I am not so worried. the beleaguered Anil Ambani assets, a process more than five
ness units. Sharma and Verhaert will report to Jan Craps, chief Estate launched its premium However, in Noida, where sales group company. years in the making. The entry
executive officer, Budweiser APAC and president, APAC, AB residential project, Shapoorji are dipping, unsold inventory According to information of Reliance Jio in 2016, which
InBev. SUNEERA TANDON Pallonji Northern Lights, in becomes a concern,” he said. available on the company’s came with free voice services
Thane in March 2019, selling The lack of proper connectivity has hurt apartment sales in Gulam Zia, executive website, it owed financial cred- bundled with ultra cheap data,
over 600 flats during the Greater Noida, feel experts. MINT director at property advisory itors ₹49,193.46 crore at the sounded the death knell for
SpiceJet signs codeshare launch. Raymond Ltd is con- Knight Frank India, said com- time of being taken to bank- the company.
structing its first housing in Thane’s Ghod- But there needs to panies such as Tata Consult- ruptcy court in May last year. The company, unable to
agreement with Emirates project with 3,000 mid-in- bunder Road There were 29,526 be differentiation ancy Services Ltd and Bayer The company’s subsidiaries bear the onslaught of Jio, shut
REUTERS come units in the suburb and nearly 20 years unsold units in in the kind of pro- (India) Ltd taking up signifi- are Reliance Telecom Ltd and its mobile voice operations in
will build premium homes in back, there were Thane (West) jects that are cant office space in Thane has Reliance Infratel Ltd. They December 2017, then choos-
the second phase. In October, only two promi- compared to being built, or else been a game-changer for the owe financial creditors ing to offer only data services.
Raymond also sold a 20-acre nent developers.
31,645 in Greater everyone is offer-
location. ₹24,306.27 crore and Reliance Communications,
land parcel in the area to Virtu- “...Today, there ing the same thing “..Thane has always been a ₹12,687.65 crore, respectively. once part of the National Stock
ous Retail South Asia for ₹700 are around 42 big Noida and Noida to buyers. That’s budget-friendly, residential Reliance Communications Exchange’s Nifty index, is now
crore. developers doing Extension what happened in location. But if it is comple- thus owes debtors ₹86,187.58 reduced to a penny stock. It
Niranjan Hiranandani, projects in Thane Noida and there mented by commercial office crore at a consolidated level. shot up 6.7% on Monday to
co-founder and managing given the kind of was difficulty in developments and companies This is besides ₹28,837 crore it close the session at 80 paise,
director of Hiranandani development and connectivity selling them,” Hiranandani continue to absorb space there, owes to the department of spurred by reports of various
Group, said that when his com- the area has seen. When a mar- said. it will add much more potential telecommunications (DoT) in firms showing interest in its
pany launched its first project ket grows, everyone benefits. There were 29,526 unsold to Thane as a micro-market.” spectrum dues and other char- assets.
expansive network later, opening up multiple international FROM PAGE 1 strong customer interest for expectation with minimal FROM PAGE 1
connections for them. their debut products despite investment. Ertiga and XL6 is
The codeshare agreement follows the signing of a Mem- for sale either through Nexa or the slowdown. an excellent example of the companies have been, how-
orandum of Understanding (MoU) by both airlines in April Arena dealership, the person Maruti has, meanwhile, wit- same.” ever, selling Indian equities.
this year. SpiceJet has also signed an interline agreement said. The costs on research and nessed a 23.2% fall in domestic Maruti in August launched In November, domestic
with Emirates that will allow their passengers, for travel development would also halve passenger vehicle sales in the the XL6 multi-purpose vehi- institutional investors sold
period starting from 15 December, to check-in their bag- if the models are built by re-en- April-to-October period, lead- cle, a reworked version of its shares worth ₹4,752.28 crore,
gage at the first airport for the whole journey, which con- gineering existing vehicle plat- ing its market share to dip to Ertiga. While the XL6 is sold the lowest since March this
sists of flights of both the airlines. PTI forms, the person added. 49.59% in the period from through Nexa showrooms, the year.
Maruti would be following 51.5% a year earlier. Ertiga is retailed through While the recent cut in cor-
its rivals such as Renault SA, “Cross badging of products Arena showrooms. These porate tax rates led to better-
Web inventor Tim Berners-Lee Nissan Motor Co. and Volks- between their helped Maruti than-expected profit and lim-
vows to stop internet abuse wagen Group which have distribution net- Maruti has seen occupy the top ited the pace of earnings
taken similar approaches with work Arena and a 23.2% fall in slot in the seg- downgrades, businesses con- The corporate tax cut led to better-than-expected profit.
their products previously. Nexa looks to be domestic PV sales ment, overtaking tinued to reel under pressure
Berlin: World Wide Web inventor Tim Berners-Lee on Monday Automakers are increasingly an clever strat- in the April to Toyota Kirloskar in the three months ended ber. “It has re-rated by 8% since
AFP unveiled a “Contract for the Web” feeling the need to develop egy. This way
October period, Motors Pvt. Ltd. September. A Mint analysis of “We continue to expect the the announcement of the cor-
to halt “misuse” by governments, new products faster as their life Maruti will be The second 1,462 firms showed net sales in RBI monetary policy commit- porate tax cut. There is a
companies and individuals, bring- cycle shortens due to changes able to capitalize triggering a dip in person cited the September quarter were tee (MPC) to cut policy rates by strong lagged correlation
ing several capitals and tech titans in customer needs. and build more its market share above said that the lowest in at least 27 quar- 25 basis points (bps) on 5 between 10-year government
like Google aboard. Credited with In the current slowdown, volumes on the vehicles smaller ters. Net sales decelerated December and 15 bps in Febru- bond yields and the forward
laying the groundwork for the Maruti’s main rival, Hyundai same platform than the Ignis 2.23% year-on-year, much ary with growth slipping on price to earnings (PE) multi-
web in 1989, he has since last year Motor India Ltd, increased its and thus improvise on profita- hatchback may not be covered lower than the 5.15% growth in rising real lending rates,” Bank ple. After the rally, the scope
been developing the so-called market share to 18.19% in the bility,” said Puneet Gupta, under the new approach. This the preceding three months, of America Merrill Lynch said for further re-rating remains
Contract for the Web. April-October period from associate director, IHS Markit. strategy will help protect Mar- according to data provider in a note on 25 November. limited as yields have largely
His unveiling of the final docu- 16.96% thanks to new products “Consumers will get access to uti’s “50% market share till Capitaline. According to analysts at stabilized. We expect the mar-
ment comes as government, busi- like the Venue compact SUV. better value and multiple 2030 and beyond. The firm There is also widespread Nomura, the Nifty is currently ket to trade at 17-18 times one-
ness and civil society leaders New entrants such as Kia proposition. In a way, Nexa and will need more products and expectation that the RBI will trading at 18.4 times forward year forward PE multiple,”
gather in Berlin for the UN Inter- Motors India Ltd and MG Arena may also address differ- this is an easy way out”, said the cut interest rates in its mone- earnings based on FY21 earn- Nomura said in a note on 19
net Governance Forum. AFP Motor India Pvt. Ltd generated ent needs and consumer second person. tary policy review on 5 Decem- ings. November.
40
ADVERTISEMENT
th
ANNUAL
CONFERENCE
Annual conference themed
CHAMPIONS OF
CHANGE: CHANGING
THE LANDSCAPE OF
MANUFACTURING
Shri Anurag Thakur,
Thakur Hon’ble Minister of State for Finance and Corporate
Affairs, said that India generates 1.85 million tons of e-waste annually; the
CEAMA unveiled a report prepared by Frost & Sullivan titled ‘Impact role of companies does not end when a product is sold. Corporates have a
Analysis of Increased Manufacturing in Select Segments of Appliances responsibility towards tackling the issue of e-waste which is a global challenge.
and Consumer Electronics Industry’ covering ACs, Audio, Refrigerators, He said that industry can approach the government to give their feedback and
TVs, and Washing Machines. As per the report, the overall market size of the
five categories covered in the report for the year FY’19 is INR 76,400 cr and focused and deliberated upon various ideas on how the government can support the industry. He also mentioned that
the government has taken landmark decisions and will continue to support
sectors across spectrum to achieve the target of USD$ 5 trillion economy.
the market is estimated to grow at CAGR of 11.7% till FY’25.
FY 25.
C
onsumer Electronics and Appliances for Finance and Corporate Affairs graced the
Manufacturers Association (CEAMA), occasion as the Chief Guest while Shri Ajay
the apex industry body for the Appliances Prakash Sawhney, Secretary, MeitY, was the
and Consumer Electronics (ACE) Guest of Honour. Over 250+ decision makers
industry concluded its 40th annual function themed and influencers participated in the annual event.
‘Champions of Change: Changing the Mr. Kamal Nandi, President, CEAMA and Business
Landscape of Manufacturing’. Head & EVP-Godrej Appliances presided over the
Shri Anurag g Thakur,, Hon’ble Minister of State function.
a. It bestowed the ‘Man of Electronics Award’ upon Mr. Manish Sharma, President & CEO, Panasonic
CEAMA also felicitated its industry members for their contribution to the durable industry in India.
India nicc India & South Asia and the ‘Man of Appliances Award’ to Mr. Krishan Sachdev, MD, Carrier
Lifetime Achievement Award
Midea. CEAMA also presented the ‘Lifetime Award’ to Mr. Gulu Mirchandani, Chairman & MD, MIRC Electronics for his significan
significant
nt co
contributions to the sector.
A CEO’s panel discussion titled ‘Increase Impact of Manufacturing’ was held to discuss the significance of giving the domestic manufacturing a boost.
ost. Mr. Ki Wan Kim, MD, LG Electronics India, Mr. Pradeep Bakshi, MD & CEO, Voltas Ltd, Mr. Krishan Sachdev, MD, Carrier Media, and
boo
Mr. Jasbir Singh, Chairman & CEO, Amber Enterprises were part of the panel. The panel emphasised on increased need of Government – Private sector partnership and highlighted concerns of the industry including skilled manpower, increasing cost of compliances, rationalisation of GST,
favourable environment for the manufacturing sector amongst others.
SUPPORTED BY
PLATINUM PARTNER
GOLD PARTNER ASSOCIATE PARTNER MEDIA PARTNER KNOWLEDGE PARTNER CONSULTING PARTNER
08 TUESDAY, 26 NOVEMBER 2019
NEW DELHI
Sugata Srinivasaraju minister, Suresh Audimulapu, posed a LESSONS FROM KARNATAKA gious violence. That makes it especially marily from middle class, urban and upper
mint
[email protected]
BENGALURU
question to the critics of his government’s
policy: “Why have the children of affluent
people studied in English medium? But
A nyway, returning to schools, the
Andhra government has offered sta-
tistical evidence to justify its thinking and
SHORT
STORY
attractive to Dalits and OBCs.
The iconography of blue Ambedkar
statues is a study in contrast to that of Gan-
caste backgrounds because they pos-
sessed social capital that the firms desired.
The study led by Professors Carol Upad-
T
he English language has been a when it comes to protecting Telugu lan- policy solution. It has said when 39.2% of dhi. One is with aspirational Western hya and A.R. Vasavi said: “Several HR
great survivor in India. From guage and culture, is it only the responsi- ST students and 49% of SCs study in WHAT attire, while the other is with a stick and a managers made an association between
being labelled as a scheming, bility of the downtrodden and rural English medium schools, the contrasting half dhoti. English is aspirational. The job language and social background, and
rootless tongue of the youth? This is not fair, we have to give figure for the upper caste is 82%. A “wel- Andhra Pradesh has introduced loss fears engulfing governments and the identified the ones from small towns with
oppressor, and served a termi- everyone a level playing field. Most of the fare government” has to endeavour to English as the medium in schools aspirational element in the masses it ‘communication problems’ because of
nation notice after independence, the lan- people from the SC/ST (Scheduled bring this on par and make children from Classes I-VI, while students appears has forged a pragmatic policy. their heavy mother tongue influence. So
guage has not merely survived over 70 Castes/Scheduled Tribes) communities “industry ready”, it has been argued. The are expected to pick one of two It may be recalled that around 2011, a poor communication skills need not nec-
years of the republic, but has, quite are celebrating today.” government will not stop with Classes local languages—Telugu or Urdu— section of Dalits even floated the idea of an essarily mean unfamiliarity with English
strangely, come to acquire an emancipa- The implication here is obvious: the I-VI, but in the next academic year will as compulsory subjects of study. English goddess. A two-feet tall statue was but lack of appropriate skills and cultural
tion role. minister assumes that affluence and begin introduction of English medium modelled after the Statue of Liberty and knowledge.”
English is now like the levitating “great English are natural allies. He also assumes from Classes VII-X. was presented as a symbol of Dalit renais- This study should lend balance and per-
Indian rope trick” that not only unites the that English has the power to pull the The previous Telugu Desam Party gov- WHY sance. Dalit writer and activist Chandra spective to the axiomatic understanding
nation when Hindi faces rancour, but has backward out of their backwardness, and ernment of Chandrababu Naidu, from Bhan Prasad had said then: “Ambedkar that English mitigates social and eco-
also become for millions an aspirational that English is embedded with an egalitar- N.T. Rama Rao’s original party of Telugu The primary push is to rescue the said English was the milk of a lioness and nomic discrimination. However, govern-
symbol and an omnipotent tool to achieve ian intent. pride, had introduced the idea of English schools under state govt’s charge only those who drink it will roar.” ments will continue to argue that this is
the egalitarian promise of the Constitu- The expected counter to the English medium education as a pilot in select as there is the scare of employment precisely why they want to catch them
tion: of modernity and economic prosper- instincts of the Y.S. Jaganmohan Reddy schools, but Jaganmohan Reddy, who jun- erosion. If jobs evaporate, then the EFFECTIVENESS OF ENGLISH young, at Class I. The argument is dotted
backlash on sitting governments
ity. government has been a cautious peddling
The latest to buy into this English magic of Telugu nationalism. Learning English
is the Andhra Pradesh government. It has is packaged as deliverance from a fickle
ked mega infrastructure projects of his
predecessor, has not done so with this
idea. That makes English medium educa-
would be huge. B ut how real can the enthusiasm for
English be? One major query is about
how effectively will English be taught in a
with many ifs and buts, however, govern-
ments, which often function like technoc-
racies, cannot be bothered with deeper
introduced the “global tongue” as the present to the rural lot, other backward tion an imperative for any government non-native setting, and what is the quality cultural questions because they are deter-
medium in schools from Classes I-VI, classes (OBCs) and SCs/STs, who consti- under pressure to generate employment THEN of resources and training that the govern- mined to use English education as a fig leaf
while students are expected to pick one of tute the majority. and dangle symbols of progress. ment can impart? To this a lot of figures to feign progress and development.
the two local languages, Telugu or Urdu, Instead of leaving millions to devices of The English medium debate in AP may While there is a resistance to the are again put on the table. For instance, A lot of research over the years has
as compulsory subjects. This would mean destiny and spirals of hopelessness, which have gathered wings now, but in neigh- imposition of Hindi in the south, the Andhra education minister has said repeatedly asserted the benefits of mother
that English will now principally mediate is what religious ideologies do, they are bouring Karnataka it has been flying English is embraced as it is less MoUs are being signed with language uni- tongue or local language instruction for
the exposure of the child to most knowl- apparently being offered a definite key to around for over a decade. The H.D. threatening with regard to racial versities and institutes to train the nearly children. The model that the experts have
edge, while local languages will be prosperity, not immediately though but in Kumaraswamy led Janata Dal (Secu- and ethnic dominance, and more 98,000 teachers. suggested is actually a reverse of the
restricted to gently adding colour to the a foreseeable tomorrow. Minister Audim- lar)-Congress government made a deci- promising of an economic future. Similarly, Kumaraswamy had said that Andhra model: local language as the
process. ulapu in the interview predictably said, sive intervention in October 2018 to intro- the government had recruited 1,715 new medium with English as compulsory lan-
It is a string of ironies here, but the the government is “getting students ready duce English as a medium in Karnataka’s teachers for the English project and would guage.
unmissable one has to do with the fact that for employment by 2041”. government schools. Kumaraswamy As per government reports, around 26,156 recruit a 1,000 more, besides imparting
after independence it was the Telugu But interestingly, there has been one came under similar pressure as Jaganmo- students had opted for the new English fresh training for the existing ones. But IN CONCLUSION
country that led the demand for linguistic stream of reaction that has attempted to
reorganization of Indian states. It had instigate communal polarization around
sought unflinching primacy to the this policy move. It has accused English of
han Reddy when he put out his original
plan of starting 1,000 English medium
schools in semi-urban and rural pockets.
medium sections.
EMPLOYMENT EROSION
there are questions beyond these practical
aspects of training and recruitment, B ut governments and the oppressed
both dismiss these assertions as elit-
which governments may think is from an ist. The state is engaged in creating an
regional tongue. The
fast unto death of Potti
Sriramulu in 1952 had English medium in
carrying the seeds of a
“hidden agenda”. The
true reason for the intro-
Finally, he tempered his idea to introduc-
ing English medium sections in existing
government schools.
W hen privatization is the norm, and
education does not seem to be the
welfare priority of state governments,
altogether different
realm. Those questions
have got to do with the The massive movement of
interesting splinter
between the head and
heart in a child’s mind. If
forced Jawaharlal Nehru government schools in duction of English, it is The core reasoning for English medium what has primarily pushed them to rescue “many Englishes” and people has pushed us English moves ahead as
to constitute the States being ridiculously in Karnataka was no different from that in schools under their charge is the scare of the differing identities planned, then there will
Reorganisation Com- Andhra Pradesh has been claimed, is to proselytize Andhra but a graver crisis was presented employment erosion in rural, semi-rural they create among their to rethink ideas around be some kind of bipolar
mission in 1953. brought in under the familiar the poor of Andhra Pra- to the people. In an assembly debate in and fringe urban areas. If parents start users. mother tongue education, anguish in the child to
However, in 60 years, desh into Christianity. December 2018, Kumaraswamy said that sending children to private English It is not automatic speak science, com-
by 2014, the Telugu air cover of social justice In his column, the in 3,919 government schools “the enrol- medium schools, then government teach- that the moment a per- local languages and a child’s merce in one language,
country split into two as owner-editor of a Telugu ment rate was less than 10%”. The number ers will be left with dwindling students, son gets acquainted and emotion, heritage in
Telangana and Andhra and a level playing field broadsheet wrote that of Kannada medium schools had dropped which will eventually sink the feasibility of with English, he trans- natural linguistic habitat another.
Pradesh, owing to cul- introduction of English from 47,670 in 2010-11 to 43,895 in 2017. running government schools. gresses the barriers of However, the massive
tural differences. And now in 2019, could bring “religious strife in the state”. On the contrary, English medium schools If jobs evaporate in an already volatile discrimination. Certain kinds of English movement of people within India has
English has been decisively brought in to He argued that this was a cheap move to had gone up from 10,215 to 13,438 in the environment, then the backlash on sitting come with a cultural capital which opens pushed us to rethink ideas around mother
compete with the regional tongue. This counter the Bharatiya Janata Party’s same period. governments would be huge. Therefore, doors to elite institutions and company, tongue education, local languages and a
has, naturally, led to widespread debate Hindu outreach in the Telugu terrain. Therefore, the way to retain govern- willy-nilly, English has become an alibi to while certain kinds of English freezes you child’s natural linguistic habitat. There are
and dissent in the state. The fact that chief minister Jaganmo- ment schools, which perform the basic save jobs. While there is a resistance to the at a particular point in the social ladder. also islands of linguistic diversity that have
han Reddy is a Christian by faith adds grist duty of providing access to education, was imposition of Hindi in the south, there is You may be academically competent, but become drivers of economy, like Benga-
SOCIAL JUSTICE IN AP to this speculation. The recent enhance- to make an attractive offer of English an embrace of English because it is less not so socially. luru and Hyderabad. Then, the idea of the
E nglish medium in schools has been ment of financial package by the govern-
brought in under the familiar air ment to Christians undertaking pilgrim-
cover of social justice and a level playing age to Jerusalem and other places of Bibli-
medium sections. The government intro-
duced the new scheme in 276 public
schools in quasi-rural centres, and in 724
threatening with regard to racial and eth-
nic dominance, and more promising of an
economic future. English, by virtue of
A perceptive study that the National linguistic state may itself be threatened.
Institute of Advanced Studies, Bengaluru, Migration has indeed kicked in a new
had conducted in 2006 had concluded dynamic.
field. In an interview to this paper a few cal interest further emboldens such other government primary schools. The being a foreign language, has claims to that the IT industry had not been inclusive Sugata Srinivasaraju is a senior journal-
days back, Andhra Pradesh education propaganda. results by August 2019 were encouraging. neutrality when it comes to caste and reli- in the sense that its workforce came pri- ist and author.
EXCLUSIVE FROM
T
he Securities and Exchange never defaulted on the exchange at all jit Isaac, chairman and the end of the year.
Board of India (Sebi) on Fri-
day barred Karvy Stock Brok-
ing Ltd from signing up any
and have we defaulted on the exchange,
obviously we wouldn’t have been
allowed to trade on the exchanges.
A managing director of
staffing company
Quess Corp. spoke about his
You said 59,000 for all of
the first six months, the
annual addition would be
new clients after discovering There have been delays right in pay- company’s expected recruit- how much in that case?
alleged fraud of ₹2,000 crore. In an out to clients? ment this year and corporate Last year, we finished with
interview, C. Parthasarathy, chairman of Delays have been small, yes, there hiring across sectors in an about 320,000, and right now,
Karvy Group spoke about the state of have been delays because the focus has interview. Edited excerpts: we are at about 380,000. So,
things at Karvy, its plans to reduce the been on analysing all these securities, Let me begin with overall we have added about
share pledges, client payouts and regu- the delays have been very small, it would hiring and then I will come 59,000-60,000 people in six
latory disclosures, among others. Edited be about ₹20-30 crore as of now and we to IT services where we are months’ time and we expect to
excerpts: hope to clear this by the end of this week. more genuinely interested add another let us say
We have your rejoinder on reports ₹20-30 crore that you owe to clients at the moment. What has 20,000-25,000 in the second
concerning Securities and which is running behind schedule? been the hiring trend, are half at least.
Exchange Board of India (Sebi), but Which is running behind the sched- you noticing any slowdown If you can give us a little
what is the situation right now, I am ule and which will be cleared by the end at all? Quess Corp chairman and more colour. You gave us a
sure you are in the process of reply- of this week. Presently, whatever is It has been a sort of dichoto- managing director Ajit Isaac. broad brush that non IT
ing to Sebi, you will have 21 days to being sold by the clients, automatically mous development in hiring has done better than IT,
do that? it gets delivered on the third day. across Quess when compared think that we will continue to what is the growth in IT
Yes. We have 21 days to reply to Sebi You agreed that you were pledging to the market. This year, in the see at least about a 30% growth itself and the other sectors
but the situation right now is that all ter- clients’ shares and you said that it first half, we hired almost in Ebitda definitely for the that have done well?
minals are working, all our customers was standard practice before the about 59,000 people incre- year. In the IT sector, you have to
and all our branches and all online cus- Karvy Group chairman C. Parthasarathy. TWITTER Sebi circular explicitly barred bro- mentally to our workforce For the second half of the break it down by parts. First
tomers are able to trade freely and there kers from doing it. But if you look at against 56,000 for whole of year, what kind of people there is the Indian IT services
is absolutely no issue as far as the clients would be required? This time that time. the Sebi interim order itself, it says the last 12 months. So, in six addition are you expecting companies, then there are the
are concerned. multiple extensions were given, Why were you not able to do it by the that Karvy Stock Broking did not months, we have actually and the yield per person as product companies and the
It has been business as usual since why wasn’t clarity sought in that deadline, which was the September report a particular DP account added what we have done in well. You mentioned ones that use IT largely in their
morning and we hope it continues to be interim? 30? number into which the securities of the whole of 12 20,000 employ- work.
the same. Which multiple extensions? No, mul- The fact is that we have so many retail clients were allegedly transferred months last year. INTERVIEW ees is what you Third one is those compa-
There are two issues though – you tiple extensions were never given. This investors with us and it was becoming into and you did not report this DP We hire on an have hired, but I nies which are captives and are
cannot get the new clients for the order is an ex-parte interim order. The extremely difficult for us to immediately account. Now that’s something average close to about 20,000 did not get the timeline; for like JPMorgan, Goldman
time being and second is National ex-parte order itself means that we have sell the stocks of these retail investors which is completely against Sebi people in a month now and we the second half what are Sachs, etc. which set up a large
Securities Depository Limited never been given an opportunity to rep- whenever they were partly paid because rules. You are supposed to disclose have reached a workforce size you looking at? campus here to service their
(NSDL) and Central Depository Ser- resent. they used to repeat it again the very next everything, isn’t it? of 380,000 as of November. The second half is usually by international house require-
vices Limited (CDSL) have been In your response the comprehen- day. First of all, where is the question of So, which means we are per- head count it is a slightly lesser ments. Fourth one is e-com-
instructed not to honour your slips. sive rejoinder that you have sent Therefore, it took us a lot of time but not reporting? We have to report all haps India largest domestic period in terms of number of merce and related internet
Is that correct? across, says, “We acknowledge that gradually we are doing this process, it accounts. These DP accounts are availa- employer today with 380,000 people that we ventures.
The order stipulates that we cannot as per prior to Sebi directive, we will take another maybe a couple of ble with depositories and with the people. add because the ‘We hire on an So, if you see
get new clients, we cannot open new used to pledge shares from time to months. exchanges. So where is the question of The trends in non-IT seems large part of the average close to across the four of
accounts and we cannot generate time in full compliance with the You said you have substantially hiding these accounts? to be better than in IT itself. hiring that takes about 20,000 them, IT services
unique client codes. As soon as the new then directives as was the standard reduced, could you tell But that is what the Sebi There is movement into our place is for the people in a month has seen the least
client is acquired, unique client code has practice across broking houses.” So us what is the size of this order says. workforce let us say from two festival season growth in
or three sources.
now, and we employment, the
to be generated. That is the restriction you are acknowledging that you book now? ‘The focus has Based on whatever NSE that ends towards
that has been imposed as far as the order used to pledge client securities, The size of the book will been on analysing has stated in their prelimi- One is we are getting more October-Novem- have reached a largest growth we
is concerned. shares of clients as you say was the be about ₹400-500 crore. securities. nary report, one of our sub- market share from competi- ber, and then workforce size of are seeing is in
The second thing is with practice in the entire And in June, what was missions to NSE, maybe we tion, second is there is a move- December and 380,000 as of captives, followed
The delays have
regards to the delivery ment of employment from the January there is a November.’ by e-commerce
industry but following this?
been very small, have missed out and that is
instruction slips—barring INTERVIEW the issuance or the fresh In September it was what I am checking out
of about ₹20-30 personally, but I just want
informal sector to the formal bit of a slowdown. companies.
those deliveries that will directives of June 2019, about ₹1,100 crore and we sector and in that movement In February and Outside of IT?
facilitate delivery of securities on behalf you have started the process of have reduced it by ₹550 crore. We hope to to add here and make it post demonetization, goods March, it usually picks up Outside of IT, we have
of various customers, we are not allowed reducing the quantum. Can you tell crore. clear them by the very clear that there is no and services tax (GST) and the again. added a lot of people in the
to automatically use power of attorney us what is the size of that client So in June it would be end of the week.’ way that anybody can overall need for compliance, There are certain activities banking and financial services
to transfer any securities on an off-mar- funding book at this point in time even higher, you cease disclosure because we seem to be getting more of in businesses which see peak sector this year.
ket basis. and what was it back in June when reduced it to ₹1,100 we were all available with that because of our nationwide period activity then, for exam- Consumer seems to be
There is a little bit of clarity is still to be the circular came and where are crore and now it stands at about the various regulatory agencies. spread. ple, collections in banks or let again good because as there is
obtained but by and large, this is what you now? ₹500 crore? It will be foolish on the part of a broker Last thing, there is a tend- us say in academics where a slowdown in the economy,
the order stipulates. Right now, I don’t We have substantially reduced the In June it wouldn’t be higher. It would or anybody else to not to disclose it and ency in companies today to go there is more consumption of companies want to variabilize
think we have any issues. pledge of shares and we are in the proc- be approximately the same. if at all it is not disclosed it has been acci- for players that are more com- food and also in terms of cost. So, in this process, they
This particular order hasn’t been a ess of reducing the pledge of shares even In how much time would you wind dental and we have corrected it. If we pliant and have no issues on let attendance in hostels. So, we want to move more of their
long time in the making, there were further. We are in discussions with vari- this down, by the end of the year? would have done that then these details us say regulatory matters. So, tend to see greater Ebitda workforce to flexi staffing
also some extensions that were ous bankers and we believe that we can Maybe in the next two months, we wouldn’t have come out, right. as a result of which our work- improvement in the fourth mode.
given. You still think more clarity reduce it substantially over the period of will wind it down completely. The secu- [email protected] force size is growing up and we quarter. [email protected]
‘Market not concerned with state politics, it is more focused on central govt policies’
Latha Venkatesh, Sonia numbers that have come out about what is happening spe- they usually double up. The of less than 5%. If something of the ability of credit overall has AMC, that has significantly
Shenoy & Anuj Singhal for the Nifty 50 for the second cifically in an individual state. problem is if you look at the that wakes up the market back significantly diminished or re-rated up almost 100% from
quarter results, they have been That is not taking away the top 17 banks in India that have to reality of what is really hap- declined. the bottom that is what we saw
CNBC-TV18 pretty dismal. The topline has importance of Maharashtra in an non-performing loan (NPL) pening on the ground, it would So, if the economy is starved in case of Zee, in case of whole
only grown by 4% and profit the big scheme of things but of more than 10%, which obvi- be a good thing. for funds, it is hard to see how bunch of companies, like Essel
autam Trivedi, before tax has also grown by people are more focused on ously is scary; 16 of the 17 are The other think I want to the economy or corporate Propack, which is up another
Today’s business world is a little like THE MOST AWESOME BUSINESS DAILY THERE IS.
Business of Life
Daily articles on the workplace,
and how it is evolving.
PERSONAL FINANCE
You are important to us. That’s why our dedicated
section on promising investments will help point your
wealth in the right direction–up.
won’t really know when things will accounts as one of the points to income or a large expense. have to fund all through your life. Surya Bhatia the funds in PF and keep getting
get back to a normal. You need to consider when deciding to park a Having adequate funds helps There will always be risks to interest or will I have to with-
be doubly careful about what you portion of the emergency fund in keep debt at bay, particularly in a income and the emergency fund is I am 21 years old and I want to draw the fund?
spend the corpus on so that you can them. The other product that pro- situation where there is stress on an essential safeguard against it. invest for my wedding. My wed- —Atul Karajgi
make it last. You may run out of vides comparable safety and liquid- income. “If the emergency fund is Both Wagh and Rego believe ding expense is expected to be As per the current rules of the
funds soon if you don’t cut back ity is a liquid fund. drained due to a large expense, that if the impact of not having an ₹20 lakh. I am planning to get Employees’ Provident Fund Orga-
and avoid spending on discretion- While returns are not a priority then using low-cost debt can be emergency fund is understood married by 29 or 30 years. I can nisation (EPFO), you can withdraw
ary expenses. while investing for an emergency considered to make up for any well, then people are likely to be invest up to ₹15,000 per month. the entire PF corpus only after you
Naveen Julian Rego, registered fund, Wagh does consider the shortfall, provided the income can disciplined about building, draw- Please suggest a few schemes retire or after your active employ-
investment adviser and certified option of investing some portion of bear repayment obligations,” said ing on and replenishing it. and let me know if I’ll need to ment. The intent of the restriction is
increase my investments later. that PF is meant for long-term
—Tarun Prabhakar retirement planning. The minimum
Investing ₹15,000 per month for retirement age from the perspective
the next nine years will lead to prin- of withdrawal is taken as 55 years. As
cipal accumulation of ₹16.2 lakh. you have completed 58 years of age,
Assuming an average earnings rate you can withdraw the entire corpus.
How robo advisers work and compare with regular advisers at 10%, your corpus will become ₹26
lakh.
ASK MINT
If during your employment, you had
completed five years of continuous
Going forward, if you can m service with the employer, your PF
Neil Borate Robo advisers are RIAs, typically, offer which are unviable for physical increase your savings, you should be FINANCIAL PLANNING would enjoy a tax exemption on
[email protected] used more by mil- direct plans of advisers. doing that as the additional corpus your EPF withdrawal. However, this
lennials and tech mutual funds which Their ability to analyse data can can always be used for some other you can start investing in a short- benefit is restricted for the corpus
WILL CENTRALISED E-ASSESSMENT SCHEME BE A GAME CHANGER FOR THE TAX DEPT?
statements. Three, technical units (TUs) for assistance or advice The first is the time given for making submissions. Very often, explain such nuances. The technical teams need to be properly
on legal, accounting, forensic, information technology, valuation, taxpayers receive a notice on Friday evening, asking for certain trained on real-life commercial realities, so that no additions are
B E YO N D T H E transfer pricing, data analytics or any other technical matter.
Four, review units (RUs) for review of the draft order, checking
details to be furnished by Monday, leaving no time for proper
compliance. Taxpayers need to get at least a week’s time or even
made on account of such lack of understanding.
Today, all assessment orders are uploaded and processed
TA X B O O K whether relevant and material evidence has been brought on longer, if the details sought are voluminous. If the taxpayers through the system, but software errors result in incorrect
record, relevant points of fact and law have been duly incorpo- require more time, provision needs to be made accordingly. demands, leading to rectification applications and follow-ups.
G AU TA M N AYA K rated, issues on which addition or disallowance is made have been Today, there is a restriction of 20MB of data which can be The software needs to be thoroughly tested before the roll-out, so
discussed, whether applicable judicial decisions have been con- uploaded. Sometimes, just one or two that taxpayers are not subjected to multiple proceedings. Impor-
Respond to this column at
[email protected]
sidered and checking for arithmetical correctness, among others. The software 100-page agreements may exhaust the tantly, the system should not be used as an excuse for raising
All communication with the taxpayer would be through NeAC, needs to be limit. The limits need to be realistic, incorrect demands or denying refunds, as is the position today.
which will send the initial notice and allocate the case to any AU considering the type of data sought. Further, currently, it is generally only one or a few officers who
thoroughly
T
he government has announced the launch of the Central- in the ReAC, through an automated allocation system. The AU Taxpayers experience should be easy. may decide to take an extreme view on a particular issue, contrary
ised e Assessment Scheme, to be implemented from assess- will request NeAC for further information or documents, or for tested before Most tax officers today are not able to to the settled legal position, even as taxpayers are able to convince
ment year 2018-19. Steps such as its notification, setting up enquiry by VU or for technical assistance from TU. The AU will the roll-out of view the data uploaded in the system, at a few other officers, backed by a legal case and arguments. Now,
of various units and posting of officers in these units have already send a draft assessment order to NeAC, which will either finalize the new system least for two days, or are unable to if the tax department takes a contrary stand on an issue, it will be
been taken for the launch and implementation of this scheme. So it, or send a show-cause notice to the taxpayer where an addition download it. Thus, often, taxpayers get applied to all taxpayers through the centralized system. Such
how will the scheme work and how will it affect the taxpayers? is proposed or refer it to RU. If a taxpayer wants a personal hear- notices threatening penalty for non- contrary stands should be adopted with care, only after CBDT or
The scheme envisages setting up of a national e assessment ing, it will happen through video-conferencing. The assessment compliance, in spite of due compliance, or receive calls asking for the law ministry concur, and after examining all aspects of the
centre (NeAC), regional e assessment centres (ReACs) and four order will be finalized after receiving the responses. hard copies of online submissions. The tax assessment systems issue, so that the system is not swamped by taxpayer appeals.
types of units. One, assessment units (AUs) for identification of Honest taxpayers will be happy with the objective of this have to be more robust and internet bandwidth adequate, so that If these precautions are taken, then e-assessment will serve the
material points or issues, seeking information or clarification on scheme—to eliminate personal interface with tax officials, and it’s really an e-assessment, and not a part-physical assessment. purpose for which it is being implemented. Otherwise, it may
such points and analysis of the material furnished. Two, verifica- reduce corruption. The scheme certainly is well thought through Often, additions are made on account of the tax officers’ lack result in taxpayer inconvenience and further tarnish the tax
tion units (VUs) for enquiry, cross-verification, examination of on that count. But given the experience of current e-assessments of understanding of the commercial aspects or exigencies of a department’s already damaged reputation.
books of accounts, examination of witnesses and recording of by individual officers, what could be the practical glitches? businesses. Today, through physical attendance, it is possible to Gautam Nayak is a chartered accountant
PERSONAL FINANCE TUESDAY, 26 NOVEMBER 2019
NEW DELHI 13
E
ver since homebuyers were given tion of India (Credai) recently wrote a let- letter, the forum stated, “Ideally, the mat- cessful resolution. According to CARE Rat-
the status of financial creditors ter to the Prime Minister’s Office, request- ter should have been put to rest after the ings, a credit ratings company, “A total of
under the Insolvency and Bank- ing amendments to IBC. Credai believes judgment of Hon’ble Supreme Court, but 2,542 cases were admitted into Corporate
ruptcy Code (IBC), a lot of them the insolvency law is being implemented sadly and unfortunately, the real estate Insolvency Resolution Process (CIRP) till
have moved the National Com- wrongly and steps should be taken to stop developers have preferred otherwise. the end of September 2019. Out of these,
pany Law Tribunal (NCLT) against the its misuse. Developers have demanded Having failed legally these builders are 59% of the cases are still in the resolution
developers of stalled and delayed projects. that the consent of two-thirds of allottees now mounting pressure on government process. 586 have ended into liquidation
“Since June 2018 (after getting the finan- of a project be required to trigger IBC pro- to amend IBC to suit their (i.e. 23% of the total cases
cial creditor status), a total 1,821 cases have ceedings against a promoter. interest by either completely Many insolvency admitted). 6% of the total
been filed by homebuyers against builders Developers also want that the cases barring homebuyers from cases have been cases have ended in approval
under the code,” said minister of state for should first go to the Real Estate (Regula- approaching NCLT or insert filed under IBC of resolution plans. 41% of the
corporate affairs Anurag Singh Thakur tion and Development) Act (RERA), 2016, the requirement of a mini- until now, but overall cases belong to the
last week, in Parliament. and then to NCLT. “Reference to NCLT by mum threshold of number of manufacturing sector, fol-
few have seen
The issue is not going down well with a homebuyer should go through RERA, homebuyers who need to lowed by the real estate (20%),
the developers who are alleging that the whose primary concern is completion of come together for approach- successful construction (11%) and trading
law is being misused by some homebuyers projects and ensuring the interest of ing NCLT. This suggestion of resolution sectors (10%).”
and the frequency of such cases, they larger body of customers and stakehold- builders is not only illogical Once a case is filed, an
claim, is causing delay in the construction ers. There should also be a change in and illegal but also regres- interim resolution profes-
and delivery of projects. They are now But when cases were filed against devel- ceedings, be part of the approval process NCLT law and a single homebuyer should sive.” sional (IRP) is appointed to take charge of
demanding an amendment to IBC. opers by financial institutions, it became of resolution plans or compel liquidation not be allowed to initiate insolvency pro- Homebuyer groups further said that if the defaulting company. The IRP’s task is
clear that categories of creditors such as of a company, if required. According to ceeding against a project,” said Vijay Jin- the developers start functioning in the to take steps to revive the company and
HOMEBUYERS AS CREDITORS homebuyers of under-construction pro- IBC, a financial creditor having a claim of dal, chairman, Credai Ghaziabad. right way, they would not face such cases. raise funds to continue operations. Until
When the Insolvency and Bankruptcy jects are not classified in the straight- more than ₹1 lakh can drag a company to “The main reason behind such demands now, there is hardly any case related to a
Code (IBC), 2016 was enacted, the ambit of jacket formula under IBC. the National Company Law Tribunal HOMEBUYERS’ PLEA of the builders is because they are not real estate company where the IRP has
who constitutes financial and operational After a huge hue and cry, IBC was (NCLT). Once they were given the status Homebuyer groups, however, have inclined to mend their ways and wish to successfully charted a resolution plan.
creditors under IBC and who can initiate amended to give homebuyers the right as of creditors, many homebuyers rejected developers’ contention and have continue with their unethical, illegal and It remains to be seen whether the wheel
insolvency proceedings against a default- financial creditors. This eventually gave approached NCLT to recover their money said that they are unnecessarily creating a wrong practices to cheat and dupe home- turns in favour of the homebuyers or
ing company did not include homebuyers. them the right to initiate insolvency pro- invested in stalled or delayed projects. ruckus. The Forum for People Collective buyers,” said the letter sent to the PMO. developers.
T he demand of develop-
ers that they should not
be made subject to IBC and
C lassifying homebuyers
as financial creditors in
insolvency procedures ad-
W ith the inclusion of
homebuyers as fi-
nancial creditors, the Na-
T here is no need to
amend IBC. In most
cases, homebuyers go to
purpose.
Remittances from NRO accounts
are allowed up to $1 million in a
H1B1 visa and his public Provi- exit from the account just because he
dent Fund (PPF) account is active is an NRI.
till 2022. Is it possible for me to Archit Gupta is founder and chief
should only be regulated by dresses their concerns sub- tional Company Law Tribu- such extremes only after financial year. However, you need to deposit ₹1.5 lakh on his behalf till executive officer, ClearTax. Mail in
Rera has no legal or factual stantially and provides nal (NCLT) has received a years of conversation with submit certain documents and also a maturity? Is it mandatory to take your queries and views at mint-
basis. Rera’s objective is to them with an additional fo- flurry of complaints. This the promoters and things certificate from a chartered account- redemption on maturity or can I [email protected]
regulate real estate pro- rum to seek relief. How- has resulted in significant don’t head anywhere. They
jects, primarily to bring in ever, it also increases the operational stress for devel- would have invested their
transparency and to protect default risk for developers, opers as any buyer claiming lifetime savings in buying
the rights of the homebuy- especially for those having an amount exceeding ₹1 the house, taken a loan,
ers, while IBC’s aim is to re- delayed legacy projects. lakh is eligible to initiate an paid the EMIs while paying
vive stressed assets or com-
panies. One cannot be a
substitute to the other.
The time-bound nature
of the insolvency process
provides a limited window
insolvency proceeding. In
August, the Supreme Court
also upheld the constitu-
rent, and above all, under-
gone the trauma of not
knowing the fate of their
Returns on my investments
Building a portfolio is a complex exercise, and it has to be maintained too. A person’s portfolio holds different
IBC comes into play only for developers to reach set- tional validity of including investment. After years of
types of assets based on her financial goals, and each asset class gives different types of returns, which is why a
when a real estate company tlements with claimants, buyers as financial credit- struggle to get possession portfolio must have an ideal mix of financial products. One must also keep in mind the volatility risk of the asset
defaults in payments to its failing which the interim ors. However, in some of the house and literally at class, liquidity, lock-in rules and taxation. Here's a look at how four commonly used asset types—equity, cash, gold
creditors, while Rera con- resolution professional cases, IBC has indeed been the end of their tether, to be and fixed income—have done in different periods.
tinues to be in operation takes over. Even a single misused by certain buyers granted the status of finan-
Returns (in %)
throughout. If an existing buyer in a project pursuing to coerce developers to se- cial creditors under IBC is
developer is unable to com- such a remedy could put lectively recover their dues. seen as an important ave- Equity (Sensex) Cash (money market mutual fund)
plete a project, and IBC is the company at risk of a de- The government is thus nue available for redress.
15.56th%
Gold Fixed income (fixed deposit)
triggered, a new resolution fault on loan obligations, ir- exploring amendments to Where is the need for a
applicant may come in to respective of its liquidity prevent abuse of IBC, in- majority to initiate pro- at
complete the unfinished position, and this exposes cluding increasing of the ceedings? Do people always The return s 19.44
project and also meet its the law to a possible mis- threshold of buyers to in- come together to buy equity ha
a
obligations towards len- use. An effective solution to voke the Code. In view of apartments in a project? given over d 15.38 15.56
r p e ri o
ders. Rera does not have this involves the stipulation this development, certain Each individual invests his 3-yea
any mechanism to deal of a minimum number of developers have demanded own money to buy a house
with such a situation. homebuyers, either in that the complaints be reg- and, therefore, every indi- 8.17
To check the risk of IBC terms of absolute numbers istered with Rera first. vidual should have the 7.09 6.68 7.33 7.56
5.80 6.25 6.25
being misused by a single or the value of their claims, However, this may not yield right to invoke insolvency 4.50 4.07
aggrieved homebuyer (in relative to the total out- results as the SC verdict has proceedings under IBC.
the process jeopardizing standing debt on a project, clarified that IBC will pre- How many proceedings
0.01 0.14
the interests of other stake- for the initiation of insol- vail over Rera in case of a initiated by individuals so
-0.16
holders), IBC could be vency proceedings. conflict. Such a move is also far have been found to be
amended to increase the Moreover, IBC doesn’t likely to dilute the ambit of frivolous? Data should be
threshold for triggering focus on timely project IBC for the sector as it will made public before any fur- 1 WEEK* 1 YEAR 3 YEARS 5 YEARS
corporate insolvency reso- completion. Referring indefinitely delay the initi- ther discussions. While Data as on 22 November 2019; Look out for returns on various asset classes in this space. Rate of return for fixed deposits is for
lution process under IBC cases to Rera and following ation of insolvency pro- Rera is definitely a God- the future. For other asset classes, returns indicate past performance.
for real estate companies by up with IBC if the issue re- ceedings depriving home- send, it can’t be the only op- Equity is the benchmark index return; Cash refers to the average return for liquid funds category as defined by
specifying a minimum mains unresolved could be buyers of the remedy avail- tion. Buyers need multiple Valueresearchonline; Gold refers to returns from domestic MCX gold prices; and fixed income is SBI fixed
number of homebuyers. a solution. able to them under IBC. redressal options. deposit rate. *Other than fixed deposits all returns are absolute. Returns above one year are annualised.
SANTOSH SHARMA/MINT Source: SBI, Bloomberg, Value Research
14 TUESDAY, 26 NOVEMBER 2019
NEW DELHI VIEWS
decoupled much more from the hap- accounts that yield almost nothing.
penings in the real world than they did Investment research reports put out
in the run-up to the year 2000 and in by major banks strike a positive tone on
the lead-up to 2008. From Hong Kong stock indices and individual stocks.
to Iraq to Lebanon to Italy to Latin Objectivity is more the exception than
America, economies and societies are in the norm. Credit rating agencies arrive
turmoil. Real economic activity has with their downgrades long after inves-
slowed considerably. However, neither tors have lost their shirts, just as the
bond markets nor stock markets betray police in Indian films arrive long after
V. ANANTHA NAGESWARAN any fear or concern. As the Financial the culprit has been apprehended and
is the dean of IFMR Graduate School of Times noted, the fear is the absence of beaten up by the public. By all accounts,
Business, Krea University fear itself (19 November 2019). When the big audit firms are in need of an
asset prices do not reflect underlying audit of their conduct, governance, pro-
fundamentals, the convergence hap- bity and much more. Many investors
E
lizabeth Warren, Bernie Sanders rather than through economic funda- assets. Having done the hard work, if
and James Corbyn must be fancy- mentals improving. Hence, short-sell- they are denied a chance to express
ing their chances in the forthcom- ing bans could delay but not deny the themselves in the market, the very
T
he stock market regulator has The brokerage has said it needs some more short-selling. Korea might do so, and so do not gain anything by withholding that behavioural economists had still
finally plugged a gap in its over- time to set things in order as Sebi barred it last could Europe if Brexit creates market bad news (extreme circumstances such not come up with an alternative model
turbulence. Europe had resorted to as wars or major calamities might be to market efficiency. That is silly
sight that allowed brokers to week from accepting new clients and from banning short-selling between 2008 exceptions), except to lose credibility, because it is impossible to model insan-
pledge their clients’ stocks to trading stocks on the bourses. Reports suggest and 2012 as it battled the fallout of the market participants do not gain by the ity. What bans on short-selling achieve
borrow money for themselves. Karvy may not be an isolated case, although global crisis and then the Greek crisis. withholding of information. It merely is the entrenchment of financial market
Brokerages allow investors to buy its ₹2,000 crore default vis-à-vis its clients is Global economies, advanced and devel- prevents risk from being priced cor- behaviour in the realm of insanity.
securities using margin facilities provided to startling enough. The market regulator has oping, now ride on asset prices. As lev- rectly. In doing so, regulators encour- Whatever little claim that financial mar-
erage ratios have risen relentlessly both age one-way risk-taking. In other kets have had to efficiency has rested on
them by stock exchanges—a facility to settle been receiving similar complaints of some in the public and private sectors, the words, speculation is not bad per se. the simultaneous and free flow of all
the difference of separate buy and sell trades in brokerages delaying payments to clients, only way governments can prevent the Speculation on the long side is wel- information to all participants. The
a single stock at the end of a specified period. and is reported to be considering a further unravelling of balance sheets is to place come. Monetary policy even buttresses monetary policy framework over the
The stocks bought thus are kept in a pool tightening of rules to deny these firms the all policy tools at the service of under- it. However, speculation on the short past quarter century, with its implicit
account and either transferred to the client’s facility to hold stocks or settle trades on behalf pinning asset prices. side is frowned upon. The authorities asset price target, has crowded out
The logic is clear. However, the ques- will come after you. This is almost information that challenges asset pri-
account when payment is received, or sold if of clients. tion is whether its costs would exceed Orwellian. The might of the state sup- ces. Short-selling bans complete the
the broker is so instructed. Despite repeated That could be an overkill. Brokerages, and the benefits, and whether it would post- ports the asset-rich. It’s no surprise, process. If this is capitalism and market
reminders by the Securities and Exchange by extension stock markets, feed off trading pone real price discovery to a later thus, that politicians espousing polices economics, perhaps Western societies
Board of India (Sebi) on keeping the securities volumes, and margin trading is a universally date—only for it to manifest itself more that favour redistribution are finding should not fear the policies of Warren,
of clients apart from their own, it was not acceptable means of amplification. An insist- uncontrollably than now. traction among voters who are not Sanders or Corbyn.
Stock markets around the world have asset-rich but hold their savings in bank These are the author’s personal views
uncommon for brokers to pledge shares held ence on watertight compartments for client
in their pooled accounts to raise money. and broker stocks would curb the use of extra
Finally, Sebi intervened in June with a set of large margins. This, by itself, will add to the
rules asking brokerages to set up specific cost of doing business and could lead to a
accounts for their clients’ unpaid and bought- shakeout in the brokerage business. Moving
on-margin securities. Brokerages had till collateral and clearing of trades to a separate
August to set up these accounts and park set of custodians could affect brokerages that
A major source of objection
New Delhi, Mumbai, Bangalore, Kolkata, Chennai, Chandigarh*, Pune* Thursday, November 26, 2009 Vol.3 No.282 Rs. 3.00 24 PAGES
www.livemint.com + 4 PAGES MARKETS WATCH
shares in them. Stock exchanges, clearing derive a chunk of their income from settle- CORPORATE: CEO
Chenevert
on UTC’s India plans >6
corporations and security depositories are ment services provided to large institutional EXCLUSIVE PARTNER
AUTO: Fiat looks to re-establish
brand in India >8
INSIDER TRADE: Rajaratnam’s brother
drew SEC scrutiny >17
to a free economy is
required to report any delinquency. clients. Sebi has been flagging the issue of seg- precisely that it... gives
SENSEX 17,198.95 Æ 67.87 NIFTY 5,108.15 Æ 17.60 DOLLAR Rs46.20 æ Re0.18 EURO Rs69.529 Æ Re0.09 GOLD Rs17,710 Æ Rs75 OIL $76.85 æ $0.25
What’s inside
Big push for Satyam tanks in face
As long as money was flowing into the regating client and proprietary trades from as
The government has decided to advance the date of join-
of financial concerns
people what they want
ing for the new chairman of the Company Law Board
following the arrest of acting chairman R. Vasudevan for
reforms in
bribery. Dilip Rao Saheb Deshmukh will be joining on
Friday instead of the scheduled date of 1 December,
corporate affairs minister Salman Khursheed says. >P4 B Y L ISON J OSEPH down at Rs90.55 each. The ex-
[email protected] change’s benchmark index
LEADING THE NEWS MONEY MATTERS ························· closed 0.4% up at 17,198.95.
MUMBAI
pooled accounts of brokers from their clients, far back as 1993—with higher frequency since
RBI governor D. The volatility index closed Several brokerages had
Subbarao says
banks must rise
to challenges
at 20.47 points on Tues-
day—its lowest level since
September 2008—another
Budget 2010 S hares of Satyam Computer
Services Ltd fell 13.28%
during the day on the Bombay
stopped tracking the compa-
ny’s shares after the fraud and
analysts at some of them point
nobody had any reason to complain, however 2016—and its latest rules require depositories
Property developers may The capital adequacy of ························· The shares closed 10.9% TURN TO BACK PAGE ®
NEW DELHI
have raised prices too soon foreign banks has slipped a
and by too much, poten-
tially hurting the recovery
in the sector, says a new re-
port. >P6
little, largely on increased
exposure to high-risk busi-
ness such as retail loans
and derivatives. >P15
F inance secretary Ashok
Chawla has been in the
thick of action as the
government has moved to put The remains clinic for the past 10 years. The
exposure to the gas released from
objectionable the idea of pledging somebody to keep watch of brokerages. As long as this is
and, later, chart a revival of weight and pain-
domestic industry. Even as the B Y A KSHAI J AIN fully swollen feet. REMEMBERING
economy has gradually stabi- [email protected] A few kilome-
lized, the finance ministry is ·························· tres away at the
readying for the presentation Optimistic: Chawla expects better BHOPAL
Chingari Trust, a
of the next Union budget and
negotiating the next steps in
seminal tax reforms. Chawla
second quarter GDP numbers.
O ne day in November, pa-
tients start gathering at 7am
outside the Sambhavna Trust
rehabilitation
centre for chil-
dren of gas vic-
CORPORATE NEWS ECONOMY & POLITICS mint INTERVIEW
else’s shares to borrow money. But once a effective, Sebi’s stated objective of averting
A Pakistani court has in-
dicted seven Pakistani sus-
schedule to speak to Mint on
the macroeconomic challeng- Now that we are into the latter
of the areas worst affected by the
Bhopal gas tragedy. After getting
congenital de-
fects, seven-year-
BHOPAL
pects on terror charges in es facing the country, and the half of the third quarter, what is their tokens, they sit in the warm old Kushi Ver-
connection with the attacks government’s plans to push your sense of the growth trajecto- winter morning sun to wait their ma’s twisted frame lies on her
on Mumbai. A former ar- through economic reforms and ry for this fiscal year and the next? turn. mother’s lap. She was born with
myman has also been de- put in place new expenditure So far as the numbers are Shamshen Nisa, a portly, mid- cerebral palsy. Her spine is so
One-fifth of India’s 485 mil- tained for possible links management measures. Edited dle-aged woman who is awaiting
lion mobile connections at with two men held in the excerpts: TURN TO PAGE 11® her turn, has been coming to the TURN TO PAGE 3®
October-end are either sec- US on terror charges. >P21
guillotine was applied, some brokers that had systemic market risk from excessive margin
ond or third phones. >P7 ***
dipped heavily into their clients’ securities to trading will be served. The regulator could
power projects, CEO An- VIEWS [email protected]
drew Brandler says in an On the anniversary ·························
MUMBAI
interview. >P4 of the terror at-
either play the market on their own, or divert wait and see how these rules are enforced, and
HDFC Standard Life. >P10 >P22 his foil, the tip of one of the is-
lands, in one corner of his
large, four-panelled work, be-
gan to take on
the shape of
QUICK EDIT peninsular
freedom itself.
Mumbai, a thick
borrowed money to other ventures, were how market players adjust to the new regime,
wasn’t entirely
26/11
O ne year later: Sandeep
Unnikrishnan, Hemant
Karkare, Ashok Kamte, Vijay
crack down on the terrorist
organization. Prime Minister
Manmohan Singh tells The
intentional,”
ONE YEAR LATER Pullarwar says,
“but it turned
Salaskar, and 11 bravehearts Washington Post, “Every day I out to be very appropriate.”
from Mumbai Police are dead. receive intelligence reports Golden Islands, an acrylic-
Vilasrao Deshmukh is a Union saying that terrorists based in on-wood creation, will be the
cabinet minister and R.R. Patil Pakistan are planning other central piece of art in the Har-
is back as the home minister similar acts.” bour Bar when it reopens in
bound to come up short. Karvy Stock Broking before it turns to stronger measures like
of Maharashtra. The Shiv Sena and the early December after being
The Taj Mahal Palace and Maharashtra Navnirman Sena ravaged—along with the rest of
Tower and the Oberoi Trident are trying to outdo each other. the Taj Mahal Palace and Tow-
are limping back to normal. The citizen protests and er—in last November’s terror-
Leopold Cafe is selling mugs candlelight vigils have been ist attacks. The attacks, or their
with 26/11 motifs to tourists. forgotten as the city embraces memory, were in no way a part
Mohammad Ajmal Kasab’s amnesia. of the brief given to Pullarwar,
trial is dragging on. The This is what Milan Kundera a 34-year-old artist from Mum-
is allegedly finding it difficult to redeem designating a new set of custodians for trade
Lashkar-e-Taiba has grown in meant when he wrote about bai. But they intruded never-
MI LTON F R I E D MA N
power even as the Pakistan the important struggle of theless. “This is a peaceful
government says it wants to memory against forgetting. painting,” he says. “And I
Mint is also available for Rs5.50 with Hindustan Times under a combo offer TURN TO PAGE 2®
A
few days ago, former Prime Minister tem, inherited from the British Raj and sub- tralized, dishonest bureaucracy is one with a blind eye to corruption in India. India wit- ruption scandals under the United Progres-
Manmohan Singh wrote of the “pal- sequently from its socialist Licence-Permit- a rigid, over-centralized, nessed rapid growth under sive Alliance related to telecom spectrum
pable climate of fear in our society Raj era. Despite some deregulation in the honest bureaucracy”. Singh’s leadership, but allocations, mining licences, etc., disgusted
today” as one of the reasons for India’s eco- 1990s, India remains overregulated. Over- As an economist, Man- Economic also had several corruption citizens and led to distrust of the ruling class.
nomic slowdown. This fear is partially caused regulation combined with a weak state fos- mohan Singh likely knows scandals. His silence on These cannot and should not be condoned.
by a crackdown on corruption, which is chok- ters corruption. Cumbersome rules that the difference between growth under a these scandals could be But these must be differentiated from the
ing new projects, investments and bureau- make market entry difficult or impose costs “good” and bad corruption. interpreted as support for good, or at the very least, “necessary” cor-
cratic decisions. The slowdown is partially a on legitimate economic activity, if well-en- The Indian economy, espe-
stiff regulatory corruption and nepotism ruption across India’s informal economy.
turn needlessly ideological dent Trump orchestrated a scheme to extract what he called a “favour” from a for-
eign leader by withholding a White House meeting and hundreds of millions of
dollars in military aid, against his own administration’s policy and the bipartisan
wishes of Congress. And yet the details of the Ukraine story—involving veiled
threats, Latin phrases, less genteel “Trumpspeak” and “irregular channels” of diplo-
macy—don’t map neatly onto some Americans’ idea of obvious wrongdoing. One
Reliable sets of data are invaluable to a country’s broad plan for the future and addressal of fast-evolving policy challenges nagging question for many is whether Mr. Trump was really doing all this for him-
self, rather than in pursuit of the American national interest.
After all, there’s nothing wrong with conditioning foreign aid on compliance
JAYACHANDRAN/MINT with established foreign policy goals. But that’s not what Mr. Trump did... Multiple
impeachment witnesses have testified that Mr. Trump did not care about systemic
corruption in Ukraine, a longstanding focus of American foreign policy... If the
nation’s leaders breach that deal by lining their own pockets and bartering the
interests of their citizens, they break the trust that democracy depends on... The
testimony so far indicates that it’s even worse in this case. It suggests that Mr.
Trump wasn’t simply soliciting a bribe, but doing so to try to rig the next election.
The New York Times
I
t is not just cricket statistics that are changing lic services last week—the biggest hike in current spending in peacetime, said the
in unfamiliar ways. Indian population, birth, Institute for Fiscal Studies (IFS).
death, health, household habits and consump- The Conservative offer is just £3bn a year to Labour’s £83bn. The Tory docu-
tion data are also shifting—steadily in some ment is defined above all by such caution: “The lack of significant policy action is
instances and rapidly in others. remarkable,” concluded Paul Johnson, the IFS’s director... Manifestos are supposed
India’s population statistics are changing to show what’s on offer, but this is not a proper menu and the hefty bill for the inedi-
gradually but steadily. Prime Minister Narendra ble meal you never ordered may be arriving soon. The danger is that Tory tactics
Modi’s campaign phrase of “125 crore Indians” will may prove effective at the polls. It would suit the prime minister if his ideas avoided
no longer be a valid approximation by the next close scrutiny. There is still time for others to deprive him of that privilege.
general election, and will most likely have to be The Guardian, UK
modified to “140 crore”. India’s population now
grows at about 1.02% a year, which is likely to fall
below 1% by the time of the next census in 2021.
The population distribution by age cohorts has A defining moment, for better or worse
moved from a classic “pyramid” in 1950 to a “sail
pattern”. The bulge has moved up the age scale,
with declining birth and death rates and an
increase in how long the average citizen is
A nyone turning up to vote in Hong Kong yesterday having spent the past six
months on a desert island would have thought nothing had changed from the
safe, peaceful and vibrant world city they had left. The sun was shining, families
expected to live. India’s life expectancy is now esti- were out eating dim sum, people were [mostly] smiling and there was a massive
mated at 67.4 years for males and 70.2 for females, sense of optimism in the air. In reality, most people were yearning for the good old
according to the latest National Health Profile days of not so very long ago before the city was torn apart by scenes of appalling
(NHP 2019). While the infant mortality rate, meas- violence and destruction. Voters turned out in record numbers yesterday for what
ured as deaths per 1,000 live births, has fallen to a is a litmus test of support for Chief Executive Carrie Lam ChengYuet-ngor’s admin-
quarter of that at independence; it is still at about istration after the Special Administrative Region was gripped by the anti-govern-
33, placing India in the bottom-quartile of all coun- ment protests for more than five months. In view of the record turnout, it’s only
tries. Together with maternal and neo-natal mor- prudent to suggest that the pan-democratic opposition was on course to achieving
tality, these numbers are still unacceptably high. a breakthrough of some kind because, as has been shown in past elections, the
Looking ahead, India’s population is expected to opposition nearly always benefits from high voter turnouts.
peak around 2060, with a big demographic bulge If the pan-democrats were able to secure a majority of the district council seats,
set to enter the workforce between now and 2040. this would augment their presence on the Election Committee to about one third
Considering that the total fertility rate will con- to become a meaningful minority... Lam has rarely said or done the right things in
tinue to fall and life expectancy will increase, India recent months. But I tend to agree with her observation that a peaceful and orderly
will be confronted by an ageing population in two of-life at risk are child and maternal malnutrition, ernment selectively chooses the data and time of election would make peace more likely in society so long it’s fairly held.
decades, with those over 60 expected to double to air pollution, dietary factors, high blood pressure release. Only last week, five reports due at various The Standard, Hong Kong SAR
over 15% of the population. and high blood glucose. points over the year were released on a single day.
Unlike demographics, India’s household charac- Employment and economic indicators are The survey for household consumer expenditure
teristics are changing rapidly. Literacy has risen to changing even faster. However, national data on for 2017-18 remains withheld.
about 73%, but is still well behind most large coun- household consumption expenditure and employ- A major trend is the significant dispersion in The disparaging remarks of Wells on CPEC
tries. Female literacy, at just 65%, is a cause for con- ment has been withheld or delayed, and this has data between various Indian states on almost every
cern. Also, 15% of India’s households still have a
thatched, bamboo or mud roof and only 46% have
drinking water on their premises. On health, mos-
led to much extrapolation and conjecture. Con-
necting the dots on employment suggests a very
grim picture. A recent paper by Santosh Mehrotra
metric. Navigating this heterogeneity is going to
require nuanced economic and political skills.
Schools will need to be closed and opened across
T here are legitimate concerns about the impact that investments coming into
Pakistan under the China–Pakistan Economic Corridor umbrella will have on
the country’s economy, but the recent intervention of US Assistant Secretary Alice
quitoes pose the biggest menace, with malaria, and Jajati Parida written for Azim Premji Univer- India, and bacteriological problems will have to be Wells in this debate only serves to muddy the waters rather than spark a helpful
Japanese encephalitis, chikungunya and dengue sity says that a decline in employment in agricul- dealt with along with mental health issues and conversation. Her remarks about CPEC, in which she tried to underscore the rising
impairing health around the country. Nearly 70% ture and manufacturing and the slow growth of non-communicable diseases, even as livelihood debt burden that Chinese investments are bringing to this country, can hardly be
of total morbidity from communicable diseases is construction jobs have stalled the process of matters that will dominate some states for decades expected to ensure progress in the Pakistan-US relationship which itself has under-
down to acute respiratory infection. About 2.2% of India’s structural transformation. There is an will have to be juggled with retirement issues in gone a long period of tension...
all Indians, or nearly 30 million, have disabilities; alarming rise in unemployment among the edu- other states. Data will become a most necessary Ms. Wells should be asked what the current US administration is willing to do
of these, about 20% each have disabilities related cated youth that has given rise not only to an input in tackling these issues. We must refrain to help Pakistan meet its needs for infrastructure in a way that does not aggravate
to moving, seeing and hearing, and 8% have multi- increase in number of “disheartened” people in the from turning data ideological. There is plenty of the country’s debt burden. If her response is not convincing, then her words will
ple disabilities. A recent first-ever comprehensive labour force, but also an actual decline in that room for that in analyses and inferences. be overshadowed by the ability and willingness of Chinese capital to acquire long-
national nutrition survey reveals that nearly 450 number—a phenomenon unprecedented in a P.S: “The suppression of essential data is terrible term stakes in this country. There is no doubt that a more detailed conversation is
million women and children have anaemia, 72 mil- growing economy. Real wages in both urban and for accountability and for ensuring that citizens needed within Pakistan around the growing Chinese stakes in the economy. The
lion adults have diabetes and 170 million adults are rural India have stagnated over the last seven years. benefit from official data collection that is paid for repayment obligations are part of this debate... It would be better if the bilateral
either overweight or obese. India’s transition from At a time when data must inform and arm our with their taxes. It is counterproductive for the dialogue between the US and Pakistan were to focus more on the tangible outcomes
an underweight to an overweight population in a response to fast-evolving situations, the govern- government, which may be kept in the dark about that both sides wish to see in Afghanistan, and leave out China and CPEC until such
few decades has come at significant cost to national ment appears to be arbitrarily withholding, chang- actual trends in the economy,” said a recent state- time that the US has something useful to contribute.
health and well-being, and to overburdened health ing statistical methods and redacting data. Instead ment by 200 scholars from around India and the Dawn, Pakistan
systems. The five leading factors that put quality- of following a periodical release pattern, the gov- world demanding that Indian data be released.
MY VIEW | IT MATTERS
I
t is now becoming better accepted that It is also evident that startup founders who they may well “disrupt” or shrink the market houses don’t seem to have responded with via joint go-to-market and sales enablement.
India’s engine of growth for the future will have successfully cashed out of their first share of today’s large firms the same level of urgency as For a startup focused on a business-to-busi-
be driven by its entrepreneurial class, and forays are now reinvesting at least some of a few years later, though. their foreign counterparts. ness (B2B) technology value proposition, a
that the “organized sector”, as generally those proceeds in the startup ecosystem. For There are many ways for They do not Nasscom’s report suggests joint go-to-market offer from a firm like Mic-
defined, will be less of a contributor to future instance, over 20 startups were founded by established companies to that 90% of the corporate rosoft, which has an almost unassailable
growth. This is coupled with the fact that the former members of Zoho’s team and over 10 engage startups. The first seem to have investors who are active in market share for its Windows products, can
country’s other large employer, our govern- startups by the alumni of FreshWorks. is through corporate ven- equity funding are global prove irresistible. The Redmond, Washing-
ment, has realized that privatization of assets Outside India, large organizations are ture funds and accelera-
engaged multinational corpora- ton-based tech behemoth, is willing to pro-
BUSINESS OF LIFE
coalindiatenders.nic.in of Coal India Limited (CIL). All prospective
bidders are advised to visit aforesaid website for participation against
the above tender(s). Full details of above tender(s) are also available on
websites “nclcil.in’’ or “eprocure.gov.in’’ or “tenders.gov.in’’. (R-101)
481 Dharam Pura Ph-I, Kakrola Road, Najafgarh Najafgarh AC 35 18.01.2014 555 Pratap Nagar Hari Nagar AC-28 Before 634 Subhash Park Uttam Nagar AC-32 01-04-2005 713 Nawada Housing Complex, Block 'E' Uttam Uttam Nagar AC-32 15-10-2012
482 Sai Baba Enclave, B-Block (Part-B),Najafgarh Najafgarh AC 35 03.01.2013 01.04.2013 635 Manas Kunj Uttam Nagar AC-32 30-08-2005 Nagar, New Delhi-59
483 New Roshan Pura,E-Block, Najafgarh, New Najafgarh AC 35 04.06.2014 556 Manak Vihar Hari Nagar AC-28 Before 636 Santosh Park Uttam Nagar AC-32 30-08-2005 714 Mohan Garden 'B' Extn. Village Nawada Uttam Nagar AC-32 31-03-2010
Delhi-43 01.04.2013 637 Q-Block Vikas Vihar Uttam Nagar AC-32 04-10-2005 Majra, Uttam Nagar
484 Indra Park, Najafgarh, New Delhi Najafgarh AC 35 15.06.2013 557 Anand Vihar (L Block Hari Nagar) Hari Nagar AC-28 Before 638 East Uttam Nagar Uttam Nagar AC-32 30.08.2005 715 Mohan Garden Phase-I, Uttam Nagar, New Uttam Nagar AC-32 08-06-2011
485 Roshan Mandi, Najafgarh Road, Najafgarh, Najafgarh AC 35 15.06.2013 01.04.2013 639 Sanjay Enclave Uttam Nagar AC-32 30.08.2005 Delhi-59
Delhi-43 558 Hari Nagar Clock Tower Hari Nagar AC-28 Before 640 Anoop Nagar Uttam Nagar AC-32 30-09-2000 716 Subhash Park Extn. Raja Puri Road, Uttam Uttam Nagar AC-32 31-03-2010
486 Deepak Vihar, Najafgarh, Delhi Najafgarh AC 35 17.10.2013 01.04.2013 Nagar
641 Bindapur Extn. Uttam Nagar AC-32 30-09-2000
487 Sai Baba Enclave Najafgarh, Delhi-43 Najafgarh AC 35 03.01.2013 559 A, B, C, M, M/S Block Hari Nagar Hari Nagar AC-28 Before 717 Subhash Park Extn. 'B' Block, Uttam Nagar, Uttam Nagar AC-32 31-03-2010
642 Old R-Block Uttam Nagar Uttam Nagar AC-32 06-11-2005
488 New Roshan Pura Extn., Block P, P-1, P-2, Najafgarh AC 35 04.06.2014 01.04.2013 New Delhi
643 Rama Park Uttam Nagar AC-32 11.06.2005
N-1, B-1, & N Block Najafgarh 560 Nanak Pura Guru Nanak Nagar Hari Nagar AC-28 26-07-2015 718 Sanjay Enclave, Uttam Nagar, Najafgarh, Uttam Nagar AC-32 31-03-2010
644 Mohan Garden Uttam Nagar AC-32 11.06.2005 New Delhi-59
489 Old Roshan Pura, J-Block, Najafgarh, New Najafgarh AC 35 04.06.2014 561 Janak Park and Extn. Hari Nagar AC-28 Before
01.04.2013 645 Kiran Garden Uttam Nagar AC-32 11.06.2005 719 Janki Puri, Uttam Nagar, Hastal Uttam Nagar AC-32 22-06-2015
Delhi-43
562 Janak Park and Extn. (remaining area) Hari Nagar AC-28 Before 646 Gulab Bagh Uttam Nagar AC-32 11.06.2005 720 Kesho Ram Park Near Binda Pur, Village Uttam Nagar AC-32 22-06-2015
490 Old Roshan Pura, J-Block, Najafgarh, New Najafgarh AC 35 04.06.2014
01.04.2013 647 Om Vihar Uttam Nagar AC-32 11.06.2005 721 Vani Vihar, R. Extn., Uttam Nagar Uttam Nagar AC-32 08-06-2011
Delhi-43
563 Lajwanti Garden Hari Nagar AC-28 26-07-2015 648 Sewak Park Uttam Nagar AC-32 11.06.2005 722 Vikas Vihar, R-Extn., Uttam Nagar, New Uttam Nagar AC-32 31-03-2010
491 New Roshanpura A2,B1,A2,N1&P3 Block Najafgarh AC 35 04.06.2014
Najafgarh New Delhi 564 Lajwanti Garden Extn. Hari Nagar AC-28 01.04.2013 649 Bhagwati Garden Uttam Nagar AC-32 11.06.2005 Delhi-59
492 New Roshanpura Colony S- Block Najafgarh Najafgarh AC 35 04.06.2014 565 Tulsi Ram Bagichi (Harijan Colony Nangal Hari Nagar AC-28 01.04.2013 650 Raj Park Sultanpur Mazara Tantatively 723 Vikas Vihar, Q Block, Manaskunj Road, Uttam Uttam Nagar AC-32 14-10-2015
New Delhi-43 Raya) AC-10 2008 Nagar, Delhi
493 New Roshnapura Extn. O- Block Najafgarh, Najafgarh AC 35 04.06.2014 566 Nangal Raya Extn.-II Hari Nagar AC-28 01.04.2013 651 Indra colony Narela AC-1 2008 724 Sanjay Enclave,C-1 Block, Uttam Nagar, Uttam Nagar AC-32 30-08-2005
Delhi 567 Fateh nagar Extn. Hari Nagar AC-28 01.04.2013 652 Narela Mandi Extn. (Part) Narela AC-1 2008 Delhi-59
494 New Roshanpura(KLM Block) Najafgarh AC 35 04.06.2014 568 Hari Nagar J Block Hari Nagar AC-28 01.04.2013 653 Master colony Narela Narela AC-1 2008 725 Bhagwati Garden, Najafgarh Road, Uttam Uttam Nagar AC-32 25-06-2015
Najafgargh,New Delhi 569 Meenakshi Garden Tilak Nagar AC-29 02-04-1987 654 Shivaji Nagar Narela AC-1 2008 Nagar
495 Dharmapura A- I Block Najafgarh,Delhi Najafgarh AC 35 12.03.2009 570 Ugersen Market and Bindra Market Tilak Nagar AC-29 04.06.2013 655 Punjabi colony G-block Narela AC-1 2008 726 Sewak Park, D, E, & F Block, Najafgarh Road, Uttam Nagar AC-32 31-03-2010
496 Dharmapura A- I Block Najafgarh,Delhi Najafgarh AC 35 12.03.2009 571 Ajay Enclave Extn. Tilak Nagar AC-29 04.06.2013 656 Vijay Nagar Narela AC-1 2008 Uttam Nagar, New Delhi-59
497 Dharam Pura J- Block Cly Najafgarh Najafgarh AC 35 12.03.2009 572 Ganesh Nagar Tilak Nagar AC-29 02-04-1987 657 Ambedkar Nagar Extn. Haider Pur Shalimar Bagh AC-14 2000 727 Sewak Park B-1 Extn., New Delhi-59 Uttam Nagar AC-32 31-03-2010
Delhi-43 573 Mahavir Nagar Tilak Nagar AC-29 02-04-1987 658 Dr. Ambedkar Nagar Extn. Haider Pur Shalimar Bagh AC-14 2000 728 Uttam Nagar TA Block New Delhi-59 Uttam Nagar AC-32 30-08-2005
498 Indra Park F- Block Maksudabad, Najafgarh, Najafgarh AC 35 29.06.2015 574 Ganesh Nagar Extn. Tilak Nagar AC-29 04.06.2013 659 Shalimar Village Extn. Shalimar Bagh AC-14 2000 729 Uttam Nagar TA Block (Lop) New Delhi-59 Uttam Nagar AC-32 08-06-2011
N.D 575 Mahavir Nagar Extn. (deleted) Tilak Nagar AC-29 04.06.2013 660 Ambedkar Nagar Vistar Haider Pur Shalimar Bagh AC-14 2000 730 Om Vihar Ph-IA ,Uttam Nagar Uttam Nagar AC-32 31-03-2010
499 Sri Sai Baba Enclave Najafgarh, Delhi Najafgarh AC 35 03.01.2013 576 Krishna Park (Najafgarh Road) Tilak Nagar AC-29 04.06.2013 661 Wazir Pur Village Extn. Wazirpur-AC-17 1989 731 Rama Park Block C Uttam Nagar N.D-59 Uttam Nagar AC-32 31-03-2010
500 Dharam Pura H & I Block Najafgarh, New Najafgarh AC 35 22.06.2009 577 Krishna Puri Tilak Nagar AC-29 04.06.2013 662 Wazir Pur Extended Abbadi Wazirpur-AC-17 1989 732 Old Jankipuri Uttam Nagar, Delhi Uttam Nagar AC-32 07-02-2013
Delhi-43 663 Village Sahipur, Shalimar Bagh Shalimar Bagh AC-14 2000 733 Anoop Nagar( Block C & D) Uttam Nagar, Uttam Nagar AC-32 22-04-2013
578 Ganesh Pura B Mahavir Nagar 'B' Tilak Nagar AC-29 02-04-1987
501 Dharam Pura H & I Block Najafgarh, New Najafgarh AC 35 22.06.2009 664 Village Pitampura, Tri Nagar Wazirpur AC-17 2012 Delhi
579 Krishna Park Extn. 'D' Block Tilak Nagar AC-29 02-04-1987
Delhi-43 734 Adarsh Nagar Near Jeevan Park Uttam Uttam Nagar AC-32 22-04-2013
580 Krishna Puri (deleted portion) Tilak Nagar AC-29 04.02.1987 665 NW Block, Vishnu Garden Rajouri Garden AC-27 11.09.2014
502 Todarmal Block, Prem Nagar, Najafgarh, Najafgarh AC 35 22.06.2009 Nagar, Delhi
581 Mahavir Nagar (deleted portion) Tilak Nagar AC-29 02-04-1987 666 Narsing Garden (LOP) Rajouri Garden AC-27 04.09.2014
Delhi-43 735 Mohan Garden D Block Extn., Uttam Nagar Uttam Nagar AC-32 31-03-2010
582 Mahavir Nagar Extn. D & K Block Tilak Nagar AC-29 04.06.2013 667 Rajori Garden Extn. Tatar Pur, New Delhi Rajouri Garden AC-27 02.04.1987
503 Indra Park, Extn. Guru Nager, Najafgarh Najafgarh AC 35 19.09.2013 Delhi-59
583 L Block Mahavir Nagar Extn. Tilak Nagar AC-29 04.06.2013 668 Ram Pura B-Block Hari Nagar Hari Nagar AC-28 Before
504 Vijay Park Extension, (LOP), Gali No.15, Najafgarh AC 35 24.08.2009 736 Amar Shopping Complex Uttam Nagar, Delhi Uttam Nagar AC-32 06-08-2012
584 Sant Garh Extn. Tilak Nagar AC-29 04.06.2013 01.04.2013
Najafgarh 737 Mohan garden C- Block Uttam Nagar Uttam Nagar AC-32 31-03-2010
585 Major Bhupinder Singh Nagar group of Tilak Nagar AC-29 04.06.2013 669 Nangli Jalib Extn. B-1 Janak Puri New Hari Nagar AC-28 Before
505 Raj Nagar-II Extn. Palam Colony, New Bijwasan AC 36 25.06.2008 Delhi-59
colonies Delhi-58 01.04.2013
Delhi-45 738 Rama Park, C-I Block, Uttam Nagar, New Uttam Nagar AC-32 08-07-2009
586 Uttam Nagar Block A, B, C Janak Puri AC-30 04.06.2013 670 Village Fateh Nagar, New Delhi-58 Hari Nagar AC-28 Before
506 Raj Nagar Part-2 H- Block palam Colony, Bijwasan AC 36 25.06.2008 Delhi-59
New Delhi 587 Ram Datta Enclave Janak Puri AC-30 04.06.2013 01.04.2013
739 Mohan Garden (B&G Block), Uttam Nagar, Uttam Nagar AC-32 08-06-2011
507 Kumhar Basti, Hauz Rani Malviya Nagar, AC 43 18.10.2018 588 Milap Nagar Janak Puri AC-30 04.06.2013 671 Manak Vihar Extn. Hari Nagar AC-28 17.05.2018 New Delhi-59
508 Mohalla Jahanpanah, Hauz Rani Malviya Nagar, AC 43 21-07-2015 589 Indra Park and Extn. Janak Puri AC-30 04.06.2013 672 Sita Puri Extn. Part-I. Janak Puri AC-30 22.05.2014 740 Mohan Garden, D-Block, Uttam Nagar, New Uttam Nagar AC-32 31-03-2010
509 Gautam Nagar Hill block 216, A,B,C,D Khasra Malviya Nagar, AC 43 1995 590 Prem Nagar Janak Puri AC-30 04.06.2013 673 Sita Puri, Pankha Road (LOP) Janak Puri AC-30 22.05.2014 Delhi-59
No. 115/1, 115/2 & 115/3 Gautam Nagar. 591 South Extn. Janak Puri AC-30 04.06.2013 674 Sita Puri Extn., Part-II (block –A, B, F & G, Janak Puri AC-30 22.05.2014 741 Shyam Park, M-Block, Nawada, New Uttam Nagar AC-32 31-03-2010
510 Gautam Nagar Village Yusuf Sarai Malviya Nagar, AC 43 1995 592 M Block, Uttam Nagar Janak Puri AC-30 02-04-1987 near Dabri). Delhi-59
511 Mukhram Park Rajouri Garden AC-27 11.09.2014 593 East Uttam Nagar Janak Puri AC-30 22.06.2015 675 Sita Puri Ext-II , G-1 Block Janak Puri AC-30 22.05.2014 742 Anand Vihar, Gurpreet Nagar, Near R-Block, Uttam Nagar AC-32 31-03-2010
512 Ram Nagar near Tilak Nagar Rajouri Garden AC-27 11.09.2014 594 I, J, K Block Uttam Nagar Janak Puri AC-30 22.06.2015 676 Nand Ram Park near F-blk ME-III Janak Puri AC-30 16.08.2014 New Delhi-59
513 Hind Nagar Rajouri Garden AC-27 11.09.2014 595 Dayal Sar Janak Puri AC-30 22.06.2015 677 Mahavir Enclave Part-II & III Janak Puri AC-30 16.08.2014 743 Shiv Vihar, Najafgarh Road, Uttam Nagar, Uttam Nagar AC-32 15-12-2009
514 Sant Nagar near Tilak Nagar Rajouri Garden AC-27 04.09.2014 596 Jeewan Park Janak Puri AC-30 23-09-2015 678 Panchsheel Colony Janak Puri AC-30 16.08.2014 New Delhi-59
515 Mukhram Garden Rajouri Garden AC-27 04.09.2014 597 Hari Nagar G Block Janak Puri AC-30 26-07-2015 679 Chanakya Place Part-II, Uttam Nagar Janak Puri AC-30 22.06.2015 744 1. Nawada Extension, G Block, Shyam Uttam Nagar AC-32 31-03-2010
680 Chanakya Place Part-II, Uttam Nagar Janak Puri AC-30 22.06.2015 Park, Nawada, Uttam Nagar, Delhi
516 Mukhram Park Extn. Rajouri Garden AC-27 11.09.2014 598 Shiv Nagar Extn. Janak Puri AC-30 22.06.2015
681 Sitapuri Pari-II (G&H block) Dabri Janak Puri AC-30 22.06.2015 745 2. Nawada Extn., G Block Shyam Park Uttam Nagar AC-32 31-03-2010
517 Chowkhandi Extn. Rajouri Garden AC-27 4.09.2014 599 Shiv Nagar Janak Puri AC-30 02-04-1987
682 Mahindra Park-I and II Janak Puri AC-30 04.06.2013 746 Subhash Park Extn. Uttam Nagar AC-32 14-10-2015
518 Ram Nagar Extn. Rajouri Garden AC-27 04.09.2014 600 Virender Nagar Janak Puri AC-30 02-04-1987
683 Mahindra Park (Pankha Road D Block New Janak Puri AC-30 04.06.2013 747 Anand Vihar Gurpreet Nagar, R-Block, Pt-I, Uttam Nagar AC-32 31-03-2010
519 Mukhram Garden Extn. Rajouri Garden AC-27 04.09.2014 601 Virender Nagar Extn. Janak Puri AC-30 22.06.2015
Delhi Uttam Nagar,
520 Vishnu Garden Part-I Rajouri Garden AC-27 11.09.2014 602 Manohar Park Moti Ngar AC-25 01-04-1987
684 D-I, D-II & D-III block Jeevan Park Janak Puri AC-30 04.06.2013 748 Amar Shopping Complex, Jai Bharat Enclave, Uttam Nagar AC-32 25-06-2015
521 Mukharji Park Extn. Rajouri Garden AC-27 04.09.2014 603 Kedar Bagh on Rohtak Road Moti Ngar AC-25 06-07-2016
685 Jeewan Park F Block Uttam Nagar Janak Puri AC-30 04.06.2013 Kakrola More, Uttam Nagar.
522 Sham Nagar Rajouri Garden AC-27 04.09.2014 604 Bhagwan Dass Nagar Extn. Moti Ngar AC-25 01-04-1987
686 Jeewan Park E block Pankha Road Janak Puri AC-30 04.06.2013 749 Friends Enclave East Block, Sultanpuri Sultan pur Majra Tantatively
523 Sham Nagar Extn. Rajouri Garden AC-27 04.09.2014 605 Punjab Garden Moti Ngar AC-25 01-04-1987 extension AC-10 1998
524 Vishnu Garden Rajouri Garden AC-27 11.09.2014 606 Saraswati Garden Extn. I & II Moti Ngar AC-25 01-04-1987 687 Chanakya Place Part-I, Janak Puri Janak Puri AC-30 04.06.2013
750 Rithala Extn. Rithala RITHALA AC-6 BEFORE 2000
525 Vishnu Garden Extn. Rajouri Garden AC-27 11.09.2014 607 Sharda Puri Moti Ngar AC-25 01-04-1987 688 Village Basaidarapur Extn. Madi Pur AC-26 04.01.1987
751 Suraj Park ROHINI AC-13 26-05-2010
526 Vishnu Park Rajouri Garden AC-27 04.09.2014 608 FA Block, Mansarovar Garden Moti Ngar AC-25 01-04-1987 689 Madi Pur Extn. Kh. No. 709, 710, 711, 712, Madi Pur AC-26 04.01.1987
752 Raza Pur Extn. Colony Sec-9 Rohini ROHINI AC-13 BEFORE 2010
712/2 Madi Pur New Delhi 63
527 Chand Nagar Rajouri Garden AC-27 04.09.2014 609 D-Block, Mansarovar Garden Moti Ngar AC-25 01-04-1987 753 Nahar Pur Sector-7,Rohini ROHINI AC-13 BEFORE 2010
690 Raja Garden Extn. Madi Pur AC-26 01-01-2014
528 Ravi nagar Rajouri Garden AC-27 04.09.2014 610 Sudershan Park Moti Ngar AC-25 01-04-1987 754 Suraj Park Samay Pur ROHINI AC-13 26-05-2010
691 Extended Aabadi of village Basaidarapur Madi Pur AC-26 04.01.1987
529 Navyug Block Rajouri Garden AC-27 04.09.2014 611 Sudershan Park Extn. Moti Ngar AC-25 01-04-1987 755 Raja Pur Village Extn. ROHINI AC-13 BEFORE 2010
692 U/A colony of urbanised village Basai Madi Pur AC-26 04.01.1987
530 H Block Vishnu Garden Rajouri Garden AC-27 11.09.2014 612 Ram Garh Madipur AC-26 01-04-1987 756 Mamur Pur Krishna Nagar Singhu Narela AC-1 2008
Darapur
531 F Block Vishnu Garden Rajouri Garden AC-27 11.09.2014 613 Rattan Park Madipur AC-26 01-04-1987 757 Singalpur Extension Shalimar Bagh AC-14 2000
693 Janata colony Raghubir Nagar Madi Pur AC-26 04.01.1987
532 Shyam Nagar K Block Rajouri Garden AC-27 15.10.2013 614 Raja Garden Madipur AC-26 01-04-1987 758 Gobind Mohalla (Haiderpur) Shalimar Bagh AC-14 2000
694 Prem Nagar, Karol Bagh Delhi-8 Patel Nagar AC-24 01-01-2014
533 Shyam Nagar N Block Rajouri Garden AC-27 15.10.2013 615 Raja Garden unauthorized portion Madipur AC-26 01-04-1987 759 Ambedkar Nagar Shalimar Bagh AC-14 2000
695 Ranjeet Nagar ND -008 Patel Nagar AC-24 01-01-2014
534 Vishnu Garden J & N Block Rajouri Garden AC-27 11.09.2014 616 Inder Puri Extn. Rajender Nagar 01-01-2014 760 Village Shalimar Bagh Extn Shalimar Bagh AC-14 2000
696 Village Basai Dara Pur Extn. A & B Laxmi Moti Nagar AC-25 04.01.1987
535 Vishnu Garden Extn.-I Rajouri Garden AC-27 11.09.2014 AC-39 761 Rani Bagh Shakur Basti AC 15 02-04-1987
Garden, Delhi
536 Vishnu Garden E Block Rajouri Garden AC-27 11.09.2014 617 Saraswati Garden Moti Ngar AC-25 01-04-1987 762 Rishi Nagar Shakur Basti AC 15 02-04-1987
697 Ashok Mohalla Ph-II Nangloi,Delhi Nangloi AC-11 21-06-2010
537 Vishnu Garden Extn. no 3 & 4 Block Rajouri Garden AC-27 11.09.2014 618 Prem Nagar Patel Nagar AC-24 01-01-2014 763 Raja Park Tri Nagar AC-16 02-04-1987
698 Kavita Colony Nangloi Extn Delhi 41 Nangloi AC-11 01-04-2015
538 Vishnu Garden I Block Rajouri Garden AC-27 11.09.2014 619 Nehru Nagar Patel Nagar AC-24 01-01-2014 764 Mahindra Park Tri Nagar AC-16 28-08-1995
699 Rajendra Park Ext. Nangloi Mundka AC-08 21-04-2010
539 Vishnu Garden K Block Rajouri Garden AC-27 11.09.2014 620 New Patel Nagar Rajender Nagar 01-01-2014 765 Mahindra Park Tri Nagar AC-16 28-08-1995
AC-39 700 Rajendra Park Block-A ,Nangloi Mundka AC-08 21-04-2010
540 Vishnu Garden Extn. B Block Rajouri Garden AC-27 11.09.2014 766 Kanhaiya Nagar Tri Nagar AC-16 02-04-1987
621 Farid Puri Patel Nagar AC-24 01-01-2014 701 Rajendra Park Ext. No.-5&6 Nangloi Mundka AC-08 06-07-2011
541 Vishnu Garden Extn. no. 5 Rajouri Garden AC-27 11.09.2014 767 Narang Colony near Tri Nagar Tri Nagar AC-16 02-04-1987
622 Nangloi Extn.Ph-II Mundka AC-08 31.03.2014 702 Friends Encl.,Part-2 Rajender Park Nangloi Mundka AC-08 12-07-2007
542 Vishnu Garden West Block Rajouri Garden AC-27 11.09.2014 768 Rampura Extension Tri Nagar AC-16 12-01-1989
623 Nangloi Extn.Ph-III Mundka AC-08 31.03.2014 703 Veena Enclave, Nangloi Mundka AC-08 24-02-2014
543 Vishnu Garden NW, R/Z, W/S Rajouri Garden AC-27 12-09-2014 769 Shanti Nagar near Tri Nagar Tri Nagar AC-16 02-04-1987
624 Dharma Colonie Mundka AC-08 31.03.2014 704 Tyagi Vihar, Near Nangloi Ext. Rohtak Road Mundka AC-08 01-04-2015
544 Vishnu Garden B-1, B-2, C, E, A Rajouri Garden AC-27 11.09.2014 770 Onkar Nagar (A&B) Tri Nagar AC-16 12-02-1988
625 Rajendra Park, Rajindra Park Ext. Extn. & Mundka AC-08 2005 705 Rattan Bagh Veena Encl. Ext. Nangloi Mundka AC-08 24-02-2014
545 Vishnu Garden W&E Rajouri Garden AC-27 11.09.2014 771 Ganeshpura (A&B) Tri Nagar AC-16 04-02-1987
Tyagi Colonie 706 Hastsal Vihar, Uttam Nagar, New Delhi-59 Vikasa Puri AC-31 04-04-2011
546 Vishnu Garden N Block Rajouri Garden AC-27 11.09.2014 772 Deva Ram Park Tri Nagar AC-16 02-04-1987
626 Ratan Bagh,Veena Enclave Mundka AC-08 2009 707 Uttam Nagar, A-1, 2, 3 Block, Hastaal Road, Vikasa Puri AC-31 10-05-2011
547 Vishnu Garden S Blocks Rajouri Garden AC-27 11.09.2014 773 Shambhu Park Tri Nagar AC-16 04-02-1987
627 G1 Block Uttam Nagar Vikas Puri AC-31 01-11-1992 New Delhi
548 Vishnu Garden MJ & L.NA, NA, NS, P Extn. Rajouri Garden AC-27 11.09.2014 774 Shanti Nagar Tri Nagar AC-16 02-04-1987
628 A1,A2,A3 Block Uttam Nagar Vikas Puri AC-31 11.01.1992 708 Uttam Nagar, GI Block Vikasa Puri AC-31 10-05-2011
549 Vishnu Garden Block 2 & 3 Rajouri Garden AC-27 11.09.2014 775 Lekhu Nagar Tri Nagar AC-16 02-04-1987
550 Vishnu Garden West Block Extn.-I & II Rajouri Garden AC-27 11.09.2014 629 Subhash Park Extn. Uttam Nagar AC-32 30.08.2005 709 Uttam Nagar, Block-A-1, A-2, 3 Vikasa Puri AC-31 10-05-2011
776 Shanti Nagar (Remaining portion ) Tri Nagar AC-16 02-04-1987
551 Fateh Nagar Hari Nagar AC-28 26-07-2015 630 Indra Park Extn. Uttam Nagar AC-32 30-08-2005
710 Amrita Puri Ranhola, Nilothi Road Vikasa Puri AC-31 29-05-2014 777 Golden Park Tri Nagar AC-16 01-04-2005
552 Guru Nanak Nagar Hari Nagar AC-28 02-04-1987 631 Nand Ram Park Uttam Nagar AC-32 30.08.2005 Delhi-41 778 Sawan Park Extension Wazirpur AC-17 1989
553 Akal Garh Hari Nagar AC-28 01-04-2013 632 New Uttam Nagar Uttam Nagar AC-32 30-08-2005 711 Amrita Puri Block C RanHaulla Vill Delhi-41 Vikasa Puri AC-31 29-05-2014
ISSUED BY P.R.O. (WATER)
554 Asha Park Hari Nagar AC-28 26-07-2015 633 Shish Ram Park Uttam Nagar AC-32 30-08-2005 712 Rama Park Extn. ( C-Block) Uttam Nagar Uttam Nagar AC-32 08-06-2011
Advt. No. J.S.V. 564/2019-20
18 TUESDAY, 26 NOVEMBER 2019
NEW DELHI POLICY
RAMESH PATHANIA/MINT
A majority of Indians
Bill to cut corporate tax don’t have any health
introduced in Lok Sabha insurance, finds survey
Neetu Chandra Sharma
[email protected]
Bill proposes to keep software producers, book printers out of 15% corporate tax slab NEW DELHI
M
The survey said 0.8% of people ost Indians don’t have
were excluded from key services Gireesh Chandra Prasad any health insurance,
due to Aadhaar-related reasons. [email protected] according to the
NEW DELHI National Statistical Office
Most adults may (NSO) of the ministry of statis-
N
ew mining companies, tics and programme imple-
have an Aadhaar, software producers,
gas bottling plants, and
Qatar plans
to boost
mentation. In a study con-
ducted as part of the 75th round
LNG
but some are still book printers will not
be eligible for the 15%
production
to 126 mn
of National Sample Survey
(NSS) during July 2017-June
denied services corporate tax rate that the govern-
ment announced in September for
tonnes by
2027
2018, the government found
that only 14% of the rural and The period of survey does not
new manufacturing companies, bit.ly/35yL41U 19% of the urban population cover the Ayushman Bharat
Gireesh Chandra Prasad according to the Bill on tax laws that had health cover. scheme launched in September
[email protected] finance minister Nirmala Sithara- The survey report released last year. PRADEEP GAUR/MINT
NEW DELHI man tabled in Lok Sabha on Monday. on Saturday also stated that
The Taxation Laws (Amendment) around 13% of people in rural As health insurance cover-
M
ost people in the Bill, 2019, which will replace the areas and 9% of those in urban age is low, the average medical
country use Aadhaar, ordinance promulgated in Septem- areas said they were covered by expenditure per hospitaliza-
once a month on an ber offering corporate tax cuts, also government-sponsored health tion, excluding childbirth, is
average, leading to improved proposed that if a new manufactur- insurance. A meagre 1% of rural ₹16,676 in rural India and
service delivery, although a ing company failed to become eligi- population and about 6% of ₹26,475 in urban India, accord-
few faced denial of services or ble for the 15% corporate tax rate for urban population said they ing to the survey.
exclusion on account of prob- failing to meet a set of conditions, were covered by health insur- “In government/public hos-
lems related to the unique they could opt for the 22% rate that ance arranged by the govern- pitals, the expenditure was
identification document, is available to domestic companies ment or a public-sector under- about ₹4,452 (about ₹4,290 in
according to a report pub- that do not take advantage of tax Finance minister Nirmala Sitharaman tabled the bill on tax laws in the Lok Sabha on Monday. PTI taking (PSU) as employer/ rural and ₹4,837 in urban
lished on Monday by Dalberg, incentives. This brings flexibility to employer-supported health areas). In private hospitals, the
an advisory group, and Omid- the options available to new compa- down. It also reduced the rate of income of companies getting taxed companies having sales of up to protection expenditure was
yar Network India, an investor. nies. minimum alternate tax (MAT) that either at 22% or at 15%. ₹400 crore and new manufacturing schemes , the sur- Between July 2017 about ₹31,845
The report says that 95% of Besides excluding software pro- businesses which continue to avail There is an urgent need to take companies, which were taxed at vey report said. and June 2018, (about ₹27,347 in
adults and 75% children have duction, mining, conversion of mar- of tax breaks have to pay, from 18.5% fiscal measures to boost investment 25%. Showing an the government rural and ₹38,822
Aadhaar. However, a notable ble blocks into slabs, gas bottling to 15%. The government’s initial and growth in the economy and that The rate cut is aimed at boosting extremely low found only 14% of in urban areas),”
proportion of people, particu- plants, book printing and produc- estimate of revenue loss on account many countries had reduced corpo- investments, but it remains to be coverage of the report said.
rural and 19% of
larly from Assam and Meghal- tion of cinematography film from of the tax rate cut is ₹1.45 trillion. rate income tax to attract invest- seen how many companies are able health insurance, The period of
aya and including the home- the 15% tax rate, the Bill also empow- The bill also brings more clarity to ment and create employment to make big ticket announcements about 4% of the urban population the survey does
less, do not possess the unique ers the government to exclude more the provisions in the ordinance to opportunities, according to a state- in the next few months as the rate urban population had health cover not cover the
identification document. business from this benefit through a eliminate disputes arising from dif- ment by the government explaining reduction came in the middle of the was found to have Union govern-
The survey titled State of notification. “The proposed fiscal and businesses may a private health ment’s ambitious
Aadhaar—a people’s perspec- changes bring clarity and FISCAL STEP TO BOOST INVESTMENT take time to finalise their insurance. The report also health insurance scheme,
tive 2019, which is based on seek to ensure the tax relief plans. It also remains to be showed that the private sector Ayushman Bharat scheme
two national household sur- for new manufacturing THE bill empowers THE House is A govt statement said BEFORE the 15% seen how much risk appetite was catering to a larger propor- launched in September 2018.
veys conducted between May companies is not misused,” the govt to exclude
more businesses
expected to discuss
and pass the bill in
there was an urgent
need to take fiscal
slab, business
income was taxed at
businesses will show during tion of population for medical “Out of pocket expenditure
and September, captures the said Ved Jain, former presi- from this benefit the current session measures to boost 30%, exclusive of an economic slowdown. treatment. has been increasing. As far as
experience of more than dent of the Institute of Char- through a notification of Parliament investment cess and surcharge India’s economic growth The survey found that the the health insurance coverage
167,000 residents and seeks to tered Accountants of India. slowed to a six-year low of healthcare service providers in rural areas is concerned, the
find out how well or poorly the The House is expected to 5% in the June quarter and for treatment of ailments were figures show a grim picture.
biometric identification docu- discuss and pass the Bill in the cur- ferent interpretations. “Foremost the provisions of the Bill. This may have slowed further in the Sep- government hospitals in case of Survey was done before Ayush-
ment is serving people. rent session. The ordinance on taxa- among them is an amendment in necessitated a cut in corporate tember quarter, going by indicators 30% ailments (33% in rural, man Bharat, which is an ambi-
It found 80% of recipients of tion law amendment offered a lower section 115JAA of the Income Tax income tax payable by domestic such as industrial output. This has 26% in urban), while private tious scheme in terms of tack-
state benefits felt that Aadhaar 22% corporate tax rate for compa- Act legislating that MAT credit shall companies to make the domestic also affected the government’s tax hospitals provided treatment ling health expenditure
has made subsidized food nies that do not avail of any tax not be available where the beneficial industry more competitive, it said. receipts. In the first half of this fiscal, in case of 23% ailments (21% in through health insurance,” said
given through fair price shops, incentives and a 15% rate for new rate of tax is claimed,” said Rakesh Before the rate reduction came the Centre collected ₹9.2 trillion as rural, 27% in urban), while pri- Arup Mitra, health economist,
guaranteed rural jobs and manufacturing companies that start Nangia, chairman, Nangia Andersen into force, business income was gross tax revenue, accounting for vate doctors/clinics in case of professor and dean, faculty of
social pensions more reliable. production before March 2023 to Consulting Pvt. Ltd. It also proposes taxed at 30% exclusive of cess and about 37% of its ₹24.6 trillion budget 43% ailments (41% in rural, 44% economics at South Asian Uni-
It also said that by using reverse a deepening economic slow- that a 10% surcharge will apply to surcharge other than in the case of target. in urban). versity, New Delhi.
Aadhaar residents were 40%
more likely to obtain a new
SIM card within a day, com-
pared to using other forms of
identification.
However, problems with
Aadhaar can lead to denial of
welfare services and, at times,
Hand pumps a major source of drinking water in rural areas, shows data
exclusion, it said. MINT
It said 0.8% of people expe- Neetu Chandra Sharma source of drinking water. vey showed that 51.4% of appropriate programmes and asking them on access to
rienced exclusion from key [email protected] About 87.6% of the households households in rural areas and intensified action in areas such latrine.
welfare services such as the NEW DELHI in the rural and about 90.9% in 72.0% in urban areas used as small scale waste water The survey has also high-
public distribution system the urban areas had sufficient improved source of drinking management systems in rural lighted that even after having
H
(PDS), Mahatma Gandhi and pumps continue to drinking water throughout the water, sufficiently available areas,” said Dinesh Agarwal, access to latrines, people are
National Rural Employment be the major source of year from the principal source. throughout the year located in technical health advisor, IPE not using them. “Among the
Guarantee Scheme drinking water for About 58.2% of the households the premises. Global, an international devel- households which had access
(MGNREGS) and social pen- households in rural areas, in the rural and about 80.7% in The ministry conducted the opment consulting company. to latrines, about 3.5% of the
sions that they had earlier while urban India largely gets the urban areas had drinking survey on household social The survey has household mem-
received, because of Aadhaar- piped water supply, according water facilities within the consumption related to drink- revealed that a The NSO survey bers in the rural
related reasons . to a report by the National Sta- household premises,” the ing water, sanitation, hygiene, quarter of rural shows that a areas and about
One in hundred among tistical Office (NSO) of the report said. and housing condition as part households still quarter of 1.7% of the house-
MGNREGS job card holders ministry of statistics and pro- As much as 94.5% of the of the 76th round of National d o n o t h a v e rural households hold members in
did not get work the last time gramme implementation. households in the rural and Sample Survey (NSS). Data was access to sanita- the urban areas
still do not
they tried because of these rea- As much as 42.9% of house- 97.4% in the urban areas used collected from 106,838 house- Around 43% rural households use hand pumps as the principal tion. The report never used
sons and 0.5% of social pen- holds in rural areas use hand “improved source of drinking holds—63,736 in rural areas source of drinking water, finds an NSO survey. MINT said that 71.3% of have access latrine,” the
sion beneficiaries did not pumps as the principal source water” such as bottled water, and 43,102 in urban areas— the households in to sanitation report said.
receive their pension the last of drinking water, while 40.9% piped water into dwelling, from 5,378 villages in rural certain number of Investigator Bigger challenges remain on rural areas and Among house-
time they expected it. of households in the urban piped water to yard/plot, areas and 3,614 sample urban Units (IV Units) which are fur- waste water disposal both in 96.2% in urban holds which had
However, far more people areas use piped water as the piped water from neighbour, frame survey (UFS) blocks in ther divided into UFS blocks rural and urban areas, which areas had access to latrine, but access to latrines, 94.7% of the
were denied these services for principal source, according to public tap/standpipe, tube urban areas following a scien- for surveys. provide breeding grounds for added that there may be males and 95.7% of the females
reasons unrelated to Aadhaar. the survey. well, hand pump, protected tific survey methodology. UFS “It’s encouraging to see a insects. Sewer connections are respondent bias in reporting in the rural areas used latrines
As many as 31% people did not “About 48.6% of the house- well, public tanker truck, pri- block was envisaged to be a significant increase in access still not available in many access to latrine as queries on regularly, while 98.0% of the
receive guaranteed rural jobs holds in the rural and about vate tanker truck, protected compact area unit with to improved water supply urban areas. The report is a benefits received by the males and 98.1% of the females
due to reasons not related to 57.5% in the urban areas had spring and rainwater collec- 80-200 households in gen- sources and use of toilets by wake-up call for undertaking households from government in urban areas did so, the
Aadhaar , the report said. exclusive access to principal tion, the report said. The sur- eral. Each town is divided into families, especially women. design and implementation of schemes were asked prior to report said.
Sep recorded lowest growth in formal employment this fiscal, shows payroll data
Prashant K. Nanda showed. in recent years. A slowing force survey by the statistics Of the total EPFO payroll the EPFO subscriber base.
[email protected] The data , which extrapo- economy has a direct bearing department for the March additions in September, male India’s labour market is
NEW DELHI lates numbers of new on the labour market and pay- quarter. The labour force par- employees were 633,122 and considered vibrant with about
employee provident fund roll data. ticipation rate (LFPR), females 182,216. 12 million people entering the
A
t least 815,355 new (EPF) subscribers in Septem- India’s factory output defined as the To be sure, pay- labour market each year. In
people joined the for- ber, showed that of the total shrank for the second straight share of working FALLING JOB roll data of most contrast, job creation has not
mal workforce in Sep- new payroll additions, about month at 4.3% in September, age population FIGURES recent months matched up to the require-
tember, the lowest monthly 452,000 were in the 18-25 age recording its worst show since (15+) that are may be slightly ments.
addition this financial year, group, generally considered the present series was either employed AT least 815,355 new revised due to data While the fresh payroll data
showed government payroll as fresh job seekers. This is launched in April 2012. or looking for jobs, people joined the
formal workforce
collection and tab- of September showed a slow-
data released on Monday. nearly 55,000 less than in All components of indus- declined to 46.5% in September, the ulation delays in down in formalization of the
This shows that the slug- August in the same age group, trial output—mining, manu- in the March quar- lowest in this fiscal some sectors. workforce, the Centre for
gish pace of job creation may the payroll data showed. facturing and electricity—fell ter from 46.8% in According to the Monitoring of Indian Econ-
have slowed further in recent The Indian economy grew during the month, pointing the December OUT of the total payroll data availa- omy (CMIE), a think-tank that
new payroll
months. at a six-year low of 5% in the towards a deepening eco- quarter. additions, some ble since Septem- tracks labour market and
The September figure is a June quarter amid shrinking nomic downturn. LFPR for the 452,000 were in the ber 2017, 6.11 mil- employment scenario, said in
decline from the 933,681 and private consumption, invest- Contracting factory output With fewer jobs, more working-age urban Indians, especially the urban y o u t h 18-25 age group lion people joined its website that in October,
1.17 million payroll additions ments and exports. for two consecutive months youth, are withdrawing from the labour force, shows data. HT (15-29 years) the formal work- the unemployment rate is
in August and July respec- High unemployment rate signals that the economic declined at a force in 2018-19. In even higher than September.
tively. The figure stood at 1.17 has been a prickly issue in downturn has not bottomed growth rate recorded in the especially the youth, are with- sharper rate to 37.7% in March the seven months ended 31 CMIE data showed that
million, 1 million and 1.04 mil- India in recent times with sev- out and experts believe that June quarter. drawing from the labour quarter from 38.2% in Decem- March 2018, the numbers unemployment rate in India
lion in June, May and April, eral government reports indi- the September quarter GDP With fewer jobs, more force, according to the latest ber quarter, Mint reported on were 1.55 million, the payroll was 8.45% in October, more
respectively, the payroll data cating slowing of job creation may decelerate below the 5% working age urban Indians, quarterly periodic labour Sunday. data showed, extrapolating than 7.16% in September.
POLITICS TUESDAY, 26 NOVEMBER 2019
NEW DELHI 19
Management of Telangana state-run bus service says staff can’t go on strike as they please and then return
BHU PROTESTS ARE
Yunus Y. Lasania ₹2,000 crore that have to be paid
MISGUIDED IN THE
[email protected]
HYDERABAD
immediately. “Diesel dues are also
to be paid. Transport tax dues are
pending for the last two years.
NAME OF RELIGION
T
he unions of the Telan- New buses should be purchased to
I
gana State Road Trans- replace 2,600 old buses. PF (Provi- Shut down ndia is not a country of the Hindus only. It is a country of the
4,774
port Corporation dent fund) dues to the tune of industries in
Muslims, the Christians and the Parsis, too. The country can gain
(TSRTC) called off their ₹65-70 crore are to be paid every residential strength and develop itself only when the people of the different
52-day strike on Mon- month. In total, to run TSRTC as areas communities in India live in mutual goodwill and harmony. It is my
day evening, but the management on date, ₹640 crore is needed per immediately earnest hope and prayer that this centre of life and light which is
, NGT
of the state-run bus service month. Who will bear this finan- directs
coming into existence will produce students who will not only be
refused to allow 48,000-plus cial burden? The TSRTC has no Delhi govt intellectually equal to the best of their fellow students in other parts
employees get back to work, say- financial strength to incur this bit.ly/2rqDlEk
of the world, but will also live a noble life, love their country and be
ing they cannot go on strike as expenditure,” the chief minister loyal to the supreme ruler.”
they please and then return to said. Have students from Banaras Hindu University (BHU) forgotten
work. After the strike began, KCR these lines by Malaviyaji Maharaj? Had it not been so, then assistant
The decision to call off the strike gave an ultimatum to TSRTC professor Firoz Khan wouldn’t have had to spend the first two
was taken by the TSRTC unions, employees to return to work by 5 weeks after his appointment in the department of Sanskrit in the
which had formed a joint action November saying those who did faculty of Vidya Dharma Vigyan mired in an unwanted controversy.
committee (JAC), after a meeting not will be considered as “self-dis- The attempts to incite fury started on 7 November when he
on Monday. missed”. entered the university for his new assignment. A group of students
The strike began on 5 October, Rao also announced earlier this sat in front of the entry gate of the department protesting against
with the JAC listing 26 demands, month that 5,100 private vehicles his appointment. From that day onwards, classes in Vidya Dharma
chiefly the merger of TSRTC with The decision to call off the 52-day strike was taken by a joint action committee formed by TSRTC unions. PTI will be given permits to run on Vigyan Faculty have not been allowed to run smoothly and 2-3
the state government, which chief TSRTC routes, allowing for priva- dozen students had been playing the drums outside the vice-chan-
minister K. Chandrashekar Rao, or angana high court’s directions on “The (TS)RTC employees and and Deepavali and have caused tization of the bus service in Tel- cellor’s residence. Why were these young men creating a ruckus?
KCR, rejected outright. this matter over an ongoing peti- workers have abstained from immense inconvenience to the angana. Explaining the reason, a young man told a “quick” channel, “how
TSRTC managing director tion about the strike. duties on their own and were on an people. The RTC workers and The strike by the TSRTC unions can a non-Aryan teach us religion?” Perhaps they did not know that
Sunil Sharma said strik- employees are on an ille- crippled public transport initially, Khan has been appointed in the department of Sanskrit literature.
ing employees will not be STRICT STANCE gal strike now,” Sharma prompting the state government He will teach literature, not religion. Let me tell you, this faculty has
taken back to work, as said. to hire temporary drivers to run eight departments and a lot is taught in the seven other depart-
their strike is illegal and THE strike by TSRTC STATE had to TSRTC also suffered MD of TSRTC asked The TSRTC managing some of the bus services. ments besides religion. Jain and Bud-
the management will unions had begun on hire temporary
5 October, with the bus drivers after
a loss of more than
₹200 crore in over a
striking workers not
to stop temporary
director added that the The indefinite strike also led to There’s a long dhist philosophies are also taught here.
deploy the required secu- JAC putting forth the strike crippled month as a result of employees at bus state government will not the TSRTC suffering a loss of more list of foreigners Why and how did these religions arise,
rity personnel to ensure 26 demands depots from working tolerate any violation of than ₹200 crore in over a month.
that the employees do not
public transport the indefinite strike
the law. JAC leaders are The strike has increased the our culture and isclear there any need to explain this? It’s
that the students have been mis-
try to prevent temporary yet to react to Sharma’s TSRTC’s daily operation loss from Sanskrit guided in the name of the faculty.
drivers and conductors from Sharma termed the JAC’s deci- illegal strike. They went on an ille- statement. about ₹2 crore a day to ₹5.5-6 language are I don’t know if these students have
working. sion to call off the strike “ridicu- gal strike during important festi- KCR last week said the TSRTC crore a day which has com- indebted to heard about German scholars Goethe
Sharma said he will follow Tel- lous”. vals such as Bathukamma, Dussera has debts and dues amounting to pounded its financial problems. and Max Mueller. Of course, they would
not even know about General Cunning-
ham. We owe a lot to these “non-Aryan” Sanskrit and culture lov-
ers. They not only translated classic Sanskrit texts but also placed
them before the complacent European society. General Cunning-
ham was an engineer in the British Army but he did great work in
Former Andhra CM Naidu to visit Bill to amend SPG Act tabled in LS Indian archaeology. There is a long list of “foreigners” our culture
and Sanskrit language are indebted to.
The people who are opposing Khan perhaps don’t know that
T
back after another. The biggest he Union home ministry one-sided. In the same BHU, many Hindus like Prof. Mahesh
[email protected] one was the World Bank and on Monday tabled the Prasad contributed significantly to strengthening the department
HYDERABAD Asian Infrastructure Invest- Special Protection of Urdu. I myself was taught numismatics by Prof. Nisar Ahmad in
ment Bank withdrawing their Group (Amendment) Bill 2019 the same university. The lecture he gave on the religious symbols
O
pposition Telugu $500 million funding for the in the Lok Sabha, even as a row on coins of Gupta period is still etched in memory. He also occu-
Desam Party (TDP) project, following a request by raged over the Centre’s deci- pied important posts like chief proctor in the university.
president and former the Centre. sion to revoke the Special Pro- It’s important to know a little about Firoz Khan. Khan belongs
Andhra Pradesh chief minister More recently, a proposal for tection Group (SPG) cover to a small village called Bagru near Jaipur, Rajasthan. He com-
N. Chandrababu Naidu will a start-up area, which was to be given to Congress president pleted his MA from the Rashtriya Sanskrit Sansthan, Jaipur, and
undertake a tour of the state’s developed by the Singapore Sonia Gandhi and senior party then did a doctorate. His father, Ramzan Khan, is also a Shastri in
upcoming capital city Amara- Amaravati Investment Hold- leaders Rahul Gandhi and Pri- The proposed amendments come amid protests by Congress over Sanskrit. Ramzan Sa’ab goes to a gaushala to take care of cows and
vati on Thursday and also meet ings (SAIH) in partnership with yanka Gandhi Vadra. the revocation of SPG cover for Sonia, Rahul and Priyanka Gandhi. PTI sings Krishna bhajans in temples. What does Ramzan Khan, don-
farmers who gave up their the state government, was can- Minister of state for home ning a tilak and speaking Sanskrit and Brij impeccably, make us
lands for its development. celled after the latter pulled out affairs G. Kishen Reddy tabled Prime Minister”. SPG, the country’s highest realise by his behaviour and carriage? Needless to say that he inher-
Naidu’s decision to visit TDP president and former of it. the bill in the Lower House The Union home ministry grade of protection, is taken ited all this from his father, Gafoor Khan, who himself was a good
Amaravati, whose develop- Andhra Pradesh chief minister SAIH, a joint venture com- against the backdrop of had earlier this month with- only after a review involving musician and had a great affection for cows. These people are not
ment suffered a series of set- N. Chandrababu Naidu. AFP pany wholly-owned by mounting protests by the Con- drawn the SPG cover of the the cabinet secretariat and the devotees of Arabic or Persian but of Sanskrit. In the past, they
back after the YSR Congress Ascendas-Singbridge Andhra gress over the decision to three Congress leaders, who ministry of home affairs, with would have been honoured with the title of ‘pundit’. A person who
Party (YSRCP) government which made the Centre correct Investment Holdings and revoke the SPG cover for the will now be pro- inputs from vari- has such a family tradition, can he be denied his duties on the basis
came to power in May, is signif- it. The current state govern- Sembcorp Development India, Gandhis. vided Z-plus pro- The new bill ous intelligence of religion? Neither our Constitution nor the guidelines of UGC
icant as it will take place ment is being dismissive about had last year formalized its col- The proposed amendments tection by the proposes to give agencies. followed by BHU nor our traditions says this.
between his ongoing internal Amaravati, but now that Ama- laboration with Amaravati if passed by both the Lok Central Reserve SPG cover only to Following the The protesting students of BHU should also be told that in sev-
party review meetings for ravati is officially Andhra Pra- Development Corp. (ADC), a Sabha and the Rajya Sabha will Police Force the PM and his/ assassination of eral institutes of higher education all over the world, Islam is taught
which he is touring Andhra desh’s upcoming capital, state government agency, to pave the way for the Prime (CRPF). Rajiv Gandhi in by Christians and Jews besides the Muslim maulanas. A teacher is
her family, and
Pradesh. A senior TDP leader YSRCP cannot do anything jointly develop the start-up Minister and his “immediate The decision 1991, the SPG Act known by the knowledge he gives and not by his religion, face or
said the former chief minister about it,” said a senior TDP area over 1,700 acre. family residing with him/her comes just three to former PMs was amended to dress. Examples of such teachers can be found all around us.
will try to raise the issue of leader who did not want to be The state government has at the official residence” to be months after the for five years provide protec- Quite the contrary happened in BHU. This has gravely damaged
Amaravati’s development in a quoted. also cancelled land allotment to given SPG cover. This cover Centre withdrew tion to all former the image of the university. Besides, the vision and sentiments of
big way, given that the idea of Ever since YSRCP president United Arab Emirates will also be given to any former the SPG cover of prime ministers ‘Mahamana’ have also been wounded. Had a little restraint been
building the capital was his. Y.S. Jagan Mohan Reddy (UAE)-based Lulu group, Prime Minister and members former Prime Minister Man- and their families for at least 10 used, the ‘sarv vidya ki rajdhani’ (the capital of all knowledge, a
“Last week, one of our MPs became chief minister with the which had decided to invest of their immediate family mohan Singh. Now, Prime years. In 2002, this was phrase used in the BHU ‘Kulgeet’) would have presented an exam-
in the Lok Sabha, Jaydev Galla, party winning 151 out of 175 ₹2,300 crore in Andhra Pra- “residing with him/her at the Minister Narendra Modi is the amended again to make a pro- ple before the entire world. Alas, it couldn’t happen. Mahamana,
had raised an issue in Parlia- assembly seats in the 2019 state desh to build an international residence allotted for a period only SPG protectee. vision for an annual review of please forgive them, they don’t know what they are doing.
ment that Amaravati was not elections, the development of convention centre, a shopping of five years from the date he/ The decision to withdraw SPG protectees and threat Shashi Shekhar is editor-in-chief, Hindustan. His Twitter handle
present in the political map, Amaravati has suffered one set- mall, and a five-star hotel. she ceases to hold the office of the security provided by the assessments. is @shekarkahin
in four years, says Sitharaman gress. Thousands of BPCL workers have decided to go on strike levels in the atmosphere, the
on Thursday to protest the Centre’s decision.KALPANA PATHAK main driver of climate change,
New Delhi: The Central Bureau of Investigation (CBI) detected hit a record high last year, the
894 shell companies while probing 108 cases in the past four UN said on Monday, calling for
PRADEEP GAUR/MINT years, the government told Pentagon chief fires Navy swift action to safeguard “the
Parliament on Monday. future welfare of mankind.”
The agency also registered
secretary over SEAL controversy “There is no sign of a slow-
30 cases against 104 shell com- down, let alone a decline, in
panies during the period, min- Washington: US President Donald Trump ordered the Penta- greenhouse gases concentra-
ister of corporate affairs Nir- gon to let a Navy SEAL convicted of battlefield misconduct keep tion in the atmosphere despite
mala Sitharaman said, replying his Trident pin designating him as a member of the elite force, all the commitments under the
to a question in the Lok Sabha. AP instead of holding an internal Paris Agreement on Climate Change,” the head of the Meteoro-
Some of the shell companies review, defence secretary Mark logical Organization Petteri Taalas said in a statement. AFP
and persons were involved in Esper said on Monday.
more than one case. PTI He fired Navy Secretary New Delhi: Tech titan Apple has started production of
Richard Spencer on Sunday iPhone XR in India for domestic market and exports, Delhi Police arrests three from
over his handling of the issue of underlining the government’s efforts to bolster mobile
Employee unions of other oil firms Special Operations Chief manufacturing in the country, IT Minister Ravi Shankar
Assam with explosive devices
Edward Gallagher, who had Prasad told the Lok Sabha on Monday.
may join BPCL workers’ protest won Trump’s backing. “I spoke The minister also said that Salcomp, the world’s largest New Delhi: The Delhi Police on Monday said a terror strike was
with the President on Sunday. manufacturer and a major supplier of chargers to Apple averted after it apprehended three persons from Assam with
Mumbai: Employees of Bharat Petroleum Corp. Ltd (BPCL) He gave me the order that for iPhone, has reached agreement to take over closed Improvised Explosive Devices (IEDs).
said on Monday that they may be joined by workers in other Eddie Gallagher will retain his facility of Nokia near Chennai. This will entail an invest- Pramod Singh Kushwah, DCP (Special Cell) said the
domestic oil companies in their nationwide protest, if the Union Trident pin,” Esper told ment of ₹2,000 crore in five years, he added. PTI accused—Mukadir Islam, Ranjeet Ali and Jameel Luit—were
government does not shelve its plan to privatise the oil refiner. reporters. REUTERS arrested after a joint operation with the Assam Police. PTI
NEW DELHI, MUMBAI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE* VOL. 13 NO. 283 Rs 5.00 IN DELHI-NCR; Rs 6.00 OUTSIDE DELHI-NCR. PRICE WITH HINDUSTAN TIMES Rs 9.50 (FOR DELHI & NCR)
-20
0
DELHI
201-300 301
-40
9 cases that have 01 AQI
0
1
242
401
0-100
been closed: ACB
-500
POOR
PM2.5
09:30PM
Shaswati Das Source: System of Air Quality and
[email protected] Weather Forecasting And Research
NEW DELHI
Protests by Congress rock Parliament, SC to deliver order on holding floor test today TWITTERVERSE
T
wo days after Nationalist
Congress Party (NCP)
Bill to amend SPG Japnam K. Bindra & Anuja tions to the governor. leader Ajit Pawar joined
Act tabled in LS NEW DELHI Solicitor general Tushar Mehta hands with the Bharatiya Janata
The Union home ministry submitted a letter dated 22 Novem- Party (BJP) to form government
M
on Monday tabled the ov i ng s wi f t ly ber given by Ajit Pawar to a three- in Maharashtra, the Anti-Cor-
SPG (Amendment) Bill between Parlia- judge bench headed by Justice N.V. ruption Bureau (ACB) on Mon- Dinesh Gundu Rao
2019, in Lok Sabha. Income tax ment, Supreme Ramana. The letter contained 54 day shut nine cases in the state’s @dineshgrao
See Page 17 relief on
regularizati
Court and a 5-star signatures —that’s the total number irrigation scandal but said Pawar The heinous conspiracy
on of hotel in Mumbai, of MLAs the NCP has —and the let- did not figure in any of them. hatched by @BJP4India
unauthorize the political drama over govern- terhead described him as head of Pawar is an accused in the & Maharashtra Gover-
Most Indians don’t d colonies in ment formation in Maharashtra the NCP legislative party. ₹70,000 crore scam where nor will be exposed
have health cover Delhi
heated up on Monday with chief Senior advocates Kapil Sibal and ministers awarded contracts on tomorrow.
Most Indians don’t have bit.ly/2QZSw2n minister Devendra Fadnavis and Abhishek Manu Singhvi, appearing vastly inflated project costs. “In
any health insurance, rival claimant Uddhav Thackeray for the NCP and Congress, claimed the nine inquiries that have Ravi Shankar Prasad
according to a survey by both furnishing what they said was that 48 NCP MLAs, 56 Sena MLAs, been closed today, the name of @rsprasad
the National Statistical
evidence of their majority support and 44 Congress MLAs —a total of Ajit Pawar has not figured. No As promised, delighted
Office. See Page 16
in the state assembly. 148, or three more than the major- irregularities were found in to receive an iPhone XR,
The Bharatiya Janata Party’s ity mark —have given sworn affida- these nine inquiries,” said which reads “Designed
(BJP’s) Fadnavis told the Supreme Shiv Sena chief Uddhav Thackeray and NCP president Sharad Pawar, along vits supporting Uddhav Thackeray. Maharashtra ACB director gen- by Apple in California
Sep sees lowest Court he had the support of 170 leg- with NCP, Congress and Shiv Sena MLAs, in Mumbai on Monday. PTI On Monday, both Houses of Par- eral Parambir Singh. and Assembled in India”.
growth in jobs islators in the 288-member state liament faced repeated adjourn- The Congress, smarting after
At least 815,355 new assembly. Shiv Sena chief Uddhav floor test, the Supreme Court said it the matter of a floor test. He said the ments over protests by the Con- Pawar switched to the rival
people joined the formal Thackeray, meanwhile, paraded will take a decision on the matter on governor Bhagat Singh Koshyari gress led by party president Sonia camp, hit out at the move.
workforce in September, what he claimed were 162 legisla- Tuesday. has given the Fadnavis-Ajit Pawar Gandhi. Both the Houses were “’Contract killing’ of democracy
showed govt payroll tors for a photo-op in a luxury hotel Fadnavis, con- finally adjourned has also become ‘contract kill-
data. See Page 16
in Mumbai in support of the non- troversially sworn GAME OF THRONES for the day and will ing’ of honesty and accountabil-
BJP alliance, the Maha Vikas in as chief minister reconvene on ity in Maharashtra. No wonder, Shashi Tharoor
Aghadi. on Saturday, sub- FADNAVIS told SC A letter submitted 48 NCP MLAs, 56 Tuesday after a the only decision taken in ‘pub- @ShashiTharoor
Nearly 95% have The political deadlock between mitted a letter to he had the support by Ajit Pawar to the Sena MLAs, 44 Cong joint sitting to mark lic interest’ by BJP-Ajit Pawar is
Aadhaar: data of 170 legislators in SC contained MLAs had supported The prolonged deten-
the BJP and its rivals took centre the apex court say- the 288-member signatures of all Uddhav Thackeray, 70 years of the to close all cases of corruption & tion of @PChidam-
Most people in the stage in Delhi, rocking both Houses ing he and Ajit assembly the 54 NCP MLAs claimed Opposition adoption of the malfeasance. The BJP way of
country use Aadhaar,
baram_IN is both
of Parliament, leading to their Pawar have the sup- Constitution. probity in public life,” Congress unnecessary & speaks
but some are still denied adjournment for the day. port of 170 MLAs. japnam.b@live- chief spokesperson Randeep
services, according to a poorly of our system.
With the Shiv Sena, Nationalist Senior advocate Mukul Rohatgi, duo 14 days to prove their majority mint.com Surjewala said in a tweet. PC is showing great
report. See Page 16
Congress Party (NCP) and Congress speaking on behalf of Fadnavis, in a floor test and that the top court Press Trust of India contributed Pawar could not be immedi- dignity under pressure.
combine continuing to press for a argued against the court ruling on cannot issue an order giving direc- to this story. ately reached for comment.
Mutual Fund
MODI LAUNCHES BJP CAMPAIGN IN JHARKHAND
Prime Minister Narendra Modi with Jharkhand chief minister Raghubar Das and other BJP leaders at the launch of the party’s campaign
for the state assembly elections, in Daltonganj of Palamu district on Monday. At the election rally, Modi attacked the Opposition parties
for exploiting the mineral-rich state’s resources while neglecting its people. Jharkhand will vote in five phases, beginning 30 November,
and results will be declared on 23 December. PTI
T
he Supreme Court (SC) burning as an alarming prob- directed to file a report on the
on Monday took suo lem and said not only the state adverse impact on the environ-
motu cognizance of the machinery but farmers were ment from factories in Delhi.
controversy over the supply of also responsible for it. It said it The CPCB along with the Cen-
alleged unsafe drinking water has sympathy for the farmers tre has been directed to form a
in the national capital and but not at the cost high-level com-
asked the Delhi government of their actions SC issued notices mittee in three
and the Centre to come back creating air pollu- to all states and days and file a
with relevant data. tion. UTs, asking them report in three
Hearing the matter over con- Mishra, while to submit reports weeks on how
tinued high levels of air pollu- addressing the technologies can
in six weeks on
tion in the national capital, the The SC also slammed the Punjab chief sec- be utilized in the
apex court issued notice to all Centre and Delhi govt for the retary, said how they are most effective
states and Union territories ‘blame game’ over pollution. PTI “because you are tackling pollution way for a long-
(UTs) in the country directing not able to imple- term solution to
them to submit a report within increase in air pollution despite ment measures to tackle the prob-
six weeks stating how they are the fact that the apex court had curb pollution does not mean lem of rising pollution.
tackling the issues of garbage banned stubble burning and that people in NCR should die SC also slammed the Centre
disposal, air pollution and had said government authori- and suffer from cancer”. and the Delhi government for
water pollution. ties would be held liable in case “Delhi is worse than narak the “blame game” on water and
A division bench of Justices of inaction. The bench ques- (hell),” said Mishra on the state air pollution in Delhi and
Arun Mishra and Deepak tioned them as to what meas- of air pollution in Delhi. The directed them to submit a
Gupta lashed out at the chief ures the states and Centre had top court also sought a report report within six weeks on
secretaries of Punjab, Haryana, taken to combat air pollution. from the Central Pollution steps taken by them to tackle
Uttar Pradesh and Delhi for the It has given them six weeks to Control Board (CPCB) and the pollution.